# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-001729
**Filing Date:** 2023-3
**Character Count:** 133532
**Document Hash:** b13ae74bd926edc54966f1d8a44c7cf6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001729.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001580642-23-001729

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**EFFECTIVENESS DATE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414
- **IRS NUMBER:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 23765038

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17605 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Strategy Shares
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mutual Fund & Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20160223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Northern Lights Fund Trust
- **DATE OF NAME CHANGE:** 20050121

## Series and Classes Contracts Data

### Sierra Tactical Risk Spectrum 70 Fund (Series ID: S000071868)

---

|  |  |
|:---|:---|
| Class Name                                           | Class ID   |
| Sierra Tactical Risk Spectrum 70 Fund Class C Shares | C000227424 |
| Sierra Tactical Risk Spectrum 70 Fund Investor Class | C000227425 |
| Sierra Tactical Risk Spectrum 70 Fund Instl Class    | C000227426 |
| Sierra Tactical Risk Spectrum 70 Fund Class A Shares | C000227427 |

---

## Series and Classes Contracts Data

### Sierra Tactical Risk Spectrum 70 Fund (Series ID: S000071868)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000227424 | Sierra Tactical Risk Spectrum 70 Fund Class C Shares |  |
| C000227425 | Sierra Tactical Risk Spectrum 70 Fund Investor Class |  |
| C000227426 | Sierra Tactical Risk Spectrum 70 Fund Instl Class    |  |
| C000227427 | Sierra Tactical Risk Spectrum 70 Fund Class A Shares |  |

?xml version="1.0" encoding="utf-8"?

![](image_019.gif)

![](image_020.gif)

*March 31, 2023*

 

 

 

*Advised by:*

 

---

| | | |
|:---|:---|:---|
| Wright Fund Management, LLC | Class A Shares | SRSBX |
| 3420 Ocean Park Boulevard | Class C Shares | SRSKX |
| Suite 3060 | Investor Class | SRSNX |
| Santa Monica, CA 90405 | Instl Class | SRSJX |

---

 

*The prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.*

 

*These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.*

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 70 FUND - FUND SUMMARY** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 4 |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Investments | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity | 9 |
| **MANAGEMENT** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 10 |
| **HOW SHARES ARE PRICED** | **11** |
| **HOW TO PURCHASE SHARES** | **12** |
| **HOW TO REDEEM SHARES** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in Kind | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Redemptions are Sent | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchanging Shares | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When You Need Medallion Signature Guarantees | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plan | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Balances | 19 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **19** |
| **FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES** | **20** |
| **DISTRIBUTION OF SHARES** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | 21 |
| **FINANCIAL HIGHLIGHTS** | **21** |
| **PRIVACY NOTICE** | **24** |

---

**<u>Sierra Tactical Risk Spectrum 70 Fund</u>** <u>- FUND SUMMARY</u>**

**Investment Objectives:** The Fund's two investment objectives are to provide total return (the combination of yield and net price gains from the underlying funds) and to limit volatility and downside risk.

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in **How to Purchase Shares** on page 12 of this Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 48 of the Statement of Additional Information.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Shareholder Fees** <br> (fees paid directly from your investment)<br>| **Class<br> A** | **Class<br> C** | **Investor Class** | **Instl Class** |
| Maximum Sales Charge (Load) <br> Imposed on Purchases (as a % of offering price) | 3.75% |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a % of the lower of purchase price or redemption proceeds) | 1.00% |  |  |  |
| Maximum Sales Charge (Load) <br> Imposed on Reinvested Dividends and other Distributions |  |  |  |  |
| Redemption Fee |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Annual Fund Operating Expenses** <br> (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** <br> (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** <br> (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** <br> (expenses that you pay each year as a percentage of the value of your investment) | **Annual Fund Operating Expenses** <br> (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fees | 1.05% | 1.05% | 1.05% | 1.05% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.40% |  |
| Other Expenses | 0.34% | 0.34% | 0.34% | 0.34% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.43% | 0.43% | 0.43% | 0.43% |
| Total Annual Fund Operating Expenses | 2.07% | 2.82% | 2.22% | 1.82% |
| Fee Waiver and/or Expense Reimbursement<sup>(2)</sup> | (0.08)% | (0.08)% | (0.08)% | (0.08)% |
| Total Annual Fund Operating Expenses <br> After Fee Waiver and/or Expenses Reimbursement | 1.99% | 2.74% | 2.14% | 1.74% |

---

(1) Acquired Fund Fees and Expenses are the estimated average indirect costs
of investing in other investment companies (the "Underlying Funds"). The operating expenses in this fee table will not correlate
to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses
incurred by the Fund.

(2) Wright Fund Management, LLC, has contractually agreed to waive management fees and to make payments
to limit Fund expenses, until at least January 31, 2025 so that the total annual operating expenses (exclusive of any (i) front end or
contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) fees and expenses
associated with investments including investments in other collective investment vehicles or derivative instruments (for example options
fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary
expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of
Fund service providers (other than the Adviser))) do not exceed 1.56%, 2.31%, 1.71% and 1.31% of average daily net assets attributable
to Class A, Class C, Investor Class and Instl Class, respectively. These fee waivers and expense reimbursements are subject to possible
recoupment from the Fund in future years on a rolling three-year basis (within the three years from the date when the amount is waived
or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the then-current expense limits.
This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to Wright Fund Management, LLC.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example assumes the impact of the fee waiver in 1 Year example. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | |
|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** |
| Class A | $569 | $992 |
| Class C | $277 | $866 |
| Investor Class | $217 | $687 |
| Instl Class | $177 | $565 |

---

***Portfolio Turnover:*** The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.

***Principal Investment Strategies:*** The Sierra Tactical Risk Spectrum 70 Fund (the "Fund") is a "fund of funds". Wright Fund Management, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing in a combination of unaffiliated mutual funds and exchange traded funds ("ETFs"), (collectively, "Underlying Funds").

Among the types of underlying instruments in which this Fund will invest, through Underlying Funds, are the following:

* U.S. common stocks

* Foreign common stocks, including from emerging markets

* U.S. fixed income securities

* Foreign fixed income securities, including from emerging markets

* High yield (or "junk) corporate bonds

* Preferred stock

* Municipal bonds

* Physical commodities, such as crude oil, copper and wheat, through mutual funds and ETFs that invest in commodity-linked
derivatives

Under normal market conditions, the Fund's target exposure over a three-year period to equity securities, of any market capitalization, through the Underlying Funds will average between 50%-70% of the Fund's assets. The Fund does not have a target allocation for non-equity securities exposure and may invest in underlying fixed income funds without constraint as to maturity or credit quality. The Adviser may make changes in the target allocations across asset classes and fund categories, and the specific Underlying Funds in the Fund's portfolio that in its view would be in the best interest of the Fund. The Fund considers high-yield corporate bonds ("junk bonds") to be those that are rated lower than Baa3 by Moody's Investors Service ("Moody's") or lower than BBB- by Standard and Poor's Rating Group ("S&P").

The Adviser constructs the Fund's portfolio by quantitatively analyzing all Underlying Funds to identify those that exhibit the most attractive trends and have been given a "buy" signal under the Adviser's proprietary investment process.

The Adviser does not employ a passive "buy and hold," strategy. As part of its integrated risk-management disciplines, the Adviser monitors each Fund holding daily and applies a trailing stop discipline (a form of sell signal) to each Underlying Fund within the Fund's portfolio, based on the proprietary approach ("Sell Disciplines") that the Adviser has used with their separately managed accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in a given asset class or Underlying Fund. A "trailing stop loss" is a type of stop loss calculation that rises each day as the price of the underlying security rises, and thus "trails" the price movement. Thus, whenever an Underlying Fund declines "substantially", as defined by the Adviser's proprietary studies of the historic behavior of the asset class represented by the Underlying Fund, the Adviser either sells the Underlying Fund or hedges by purchasing an inverse Underlying Fund.

The Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to participate in a substantial part of any sustained uptrend in a selected asset class, as well as to step aside during most of any sustained downtrend. The Adviser employs a "reactive" approach, meaning it reacts with discipline to actual reversals in price trends, as distinct from a "predictive" approach to market movements. The Adviser does not consider its approach to be a "trading" style in terms of frequency, and does not expect to average more than two sell signals per year in each Underlying Fund.

The Adviser may engage in frequent buying and selling of portfolio securities to achieve the Fund's investment objectives.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.***

Performance of the Fund during future periods will definitely vary. Some months and some quarters will result in negative performance; indeed, some future years may have negative performance.

&nbsp;&nbsp;&nbsp;&nbsp;· *Commodity-Linked Derivative Risk.* When the Fund invests in commodities through Underlying Funds
that invest in commodity-linked derivative instruments the Fund is exposed to risks affecting a particular industry or commodity, such
as drought, floods, and adverse regulatory developments. Commodity-linked derivatives may also have leverage risk, which amplifies the
effect of a small movement in commodity prices on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Emerging Markets Risk.* Underlying Funds may invest in emerging market countries. Investing in emerging
markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure
to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an
investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries.
The market for the securities of issuers in emerging market typically is small, and a low or nonexistent trading volume in those securities
may result in a lack of liquidity and price volatility.

&nbsp;&nbsp;&nbsp;&nbsp;· *Equity Risk.* The net asset value of the Fund will fluctuate based on changes in the value of the
equity securities held by those Underlying Funds that invest in U.S. and/or foreign stocks. Equity prices can fall rapidly in response
to developments affecting a specific company or industry, or to changing economic, political or market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed-Income Risk.* When the Fund invests in Underlying Funds that invest in fixed-income
securities, the value of your investment in the Fund will generally decline when interest rates rise. Defaults by fixed income issuers
in which the Underlying Funds invest may also harm performance.

&nbsp;&nbsp;&nbsp;&nbsp;· *Foreign Risk.* Foreign markets can be more volatile than the U.S. market due to increased risks
of adverse issuer, political, regulatory, market, economic developments or currency exchange rates and can perform differently from the
U.S. market. The net asset value of the Fund will fluctuate based on changes in the value of the foreign securities held by any Underlying
Funds that invest in such securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Government Securities Risk.* It is possible that the U.S. Government would not provide financial
support to its agencies or instrumentalities if it is not required to do so by law. The ability of foreign governments to repay their
obligations is adversely impacted by default, insolvency, bankruptcy or by political instability, including authoritarian and/or military
involvement in governmental decision-making, armed conflict, civil war, social instability and the impact of these events and circumstances
on a country's economy and its government's revenues.

&nbsp;&nbsp;&nbsp;&nbsp;· *High Yield (Junk Bond) Risk.* Underlying Fund investments in lower-quality bonds, known as high-yield
or junk bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period
of rising interest rates could adversely affect the market for these bonds and reduce liquidity in these bonds. Junk bonds are considered
speculative and issuers are more sensitive to economic conditions than high quality issuers and more likely to seek bankruptcy protection
which, will delay resolution of bondholder claims and may eliminate liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;· *Inverse Risk.* The Fund engages in hedging or declining-market strategies by investing in inverse
Underlying Funds. Any strategy that includes inverse securities could cause the Fund to suffer significant losses. The Fund will not participate
in market gains to the extent it holds inverse Underlying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· *Limited History of Operations Risk.* The Fund is a new mutual fund and has a limited history of
operations for investors to evaluate.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk.* The Adviser's dependence on its investment strategy and judgments about
the attractiveness, value and potential appreciation of particular asset classes in which the Fund invests will in some cases prove to
be incorrect and have negative impacts on performance.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market and Geopolitical Risk.* The increasing interconnectivity between global economies and
 financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers
 in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for
 inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, climate
 change or climate change related events, terrorism, international conflicts, regulatory events and governmental or
 quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around
 the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market
 volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar
 events affecting the U.S. or global financial

markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;· *Municipal Risk.* Municipal securities are subject to the risk that legislative changes and local
and business developments may adversely affect the yield or value of the Fund's investments in such securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Turnover Risk.* As to the portion of the portfolio invested in Underlying Funds, turnover
may result in higher brokerage commissions, dealer mark-ups and other transaction costs. The Fund's investment style will result
in most capital gains within the portfolio being realized as short-term capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;· *Preferred Stock Risk.* The value of preferred stocks will fluctuate with changes in interest rates.
Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk,
which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

&nbsp;&nbsp;&nbsp;&nbsp;· *Small and Mid-Capitalization Company Risk.* Investments in Underlying Funds that own securities
of small- and mid-capitalization companies may be more vulnerable than larger, more established organizations to adverse business
or economic developments. These companies often have narrower markets, fewer products, or services to offer and more limited managerial
and financial resources than do larger, more established companies.

&nbsp;&nbsp;&nbsp;&nbsp;· *Underlying Fund Risk.* Each Underlying Fund is subject to specific risks, depending on its investments.
Underlying Funds are also subject to investment advisory fees and other expenses, which are indirectly borne by the Fund. As a result,
your overall cost of investing in the underlying stocks, bonds and other basic assets will be higher than the cost of investing directly
in them, and may be higher than other mutual funds that invest directly in stocks and bonds.

**Performance:** Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by calling 1-866-738-4363 or visiting www.SierraMutualFunds.com.

**Investment Adviser:** Wright Fund Management, LLC (the "Adviser") is the Fund's investment adviser.

**Investment Adviser Portfolio Managers:** Kenneth L. Sleeper, MBA, PhD, Managing Director, Ryan Harder, CFA<sup>®,</sup>, Chief Investment Strategist, Douglas A Loeffler, CFA<sup>®,</sup>, Executive Vice President, and Marshall Quan, Lead Portfolio Analyst are the portfolio managers of the Fund. Dr. Sleeper, Mr. Harder, Mr. Loeffler and Mr. Quan have served the Fund as portfolio managers since it commenced operations in March 2023. Each portfolio manager is jointly and primarily responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares:** For all Classes, the minimum initial investment is $10,000 and the minimum subsequent investment is $1,000. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone, or through a financial intermediary and will be paid by Automatic Clearing House ("ACH"), check or wire transfer. The Fund reserves the right to waive any investment minimum.

**Tax Information:** Dividends and capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive them in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred account such as an IRA or 401(k). However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal from tax-deferred plans.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**<u>ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS</u>**

**Investment Objectives**

The Fund's two investment objectives are to provide total return (the combination of yield and net price gains from the underlying funds) and to limit volatility and downside risk. The Fund's investment objectives are not a fundamental policy and may be changed by the Board of Trustees (the "Board") without shareholder approval upon 60 days written notice.

**Principal Investment Strategies**

The Fund is a "fund of funds". Wright Fund Management, LLC (the "Adviser") seeks to achieve each Fund's investment objective by investing in a combination of unaffiliated mutual funds and exchange traded funds ("ETFs"), (collectively, "Underlying Funds").

Among the types of underlying instruments in which each Fund will invest, through Underlying Funds, are the following:

* U.S. common stocks,

* Foreign common stocks, including from emerging markets,

* U.S. fixed income securities,

* Foreign fixed income securities, including from emerging markets,

* High yield (or "junk) corporate bonds,

* Preferred stock, or

* Municipal bonds.

Under normal market conditions, the Fund's target exposure over a three-year period to equity securities through the Underlying Funds will average between 50%-70%.

The Fund does not have a target allocation for non-equity securities exposure. The Adviser may make changes in the target allocations across asset classes and fund categories, and the specific Underlying Funds in a Fund's portfolio that in its view would be in the best interest of a Fund.

The Adviser constructs the Fund's portfolio in the following manner: First, the Adviser identifies asset classes that it believes will respond differently to a variety of economic forces, and identifies those asset classes that are currently in a rising trend. Second, the Adviser identifies diversified Underlying Funds through which the Fund can participate in each chosen asset class. Third, within many asset classes, the Adviser attempts to identify Underlying Funds with managers whose history demonstrates an ability to add positive Alpha (above-peer-group-average total return after adjusting for volatility). Where available, the Fund invests in institutional share classes (those with the lowest internal expenses) for those Underlying Funds.

 ****

The Adviser does not employ a passive "buy and hold," strategy. As part of its integrated risk-management disciplines, the Adviser monitors each Fund holding daily and applies a trailing stop discipline (a form of sell signal) to each Underlying Fund within the Fund's portfolio, based on the proprietary approach ("Sell Disciplines") that the Fund's portfolio managers have used with their separately managed accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in a given Asset Class or Underlying Fund. A "trailing stop loss" is a type of stop loss calculation that rises each day as the price of the underlying security rises, and thus "trails" the price movement. Thus, whenever an Underlying Fund declines "substantially", as defined by the Adviser's proprietary studies of the historic behavior of the Asset Class represented by the Underlying Fund, the Adviser either sells the Underlying Fund or hedges by purchasing an inverse Underlying Fund.

The Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to participate in a substantial part of any sustained uptrend in a selected Asset Class, as well as to step aside during most of any sustained downtrend. The Adviser employs a "reactive" approach, meaning it reacts with discipline to actual reversals in price trends, as distinct from a "predictive" approach to market movements. The Adviser does not consider its approach to be a "trading" style in terms of frequency, and does not expect to average more than two Sell signals per year in each Underlying Fund.

The overall asset allocation of the Fund is not fixed. It can and does change significantly over time as the Adviser decides to re-allocate portions of the portfolio in response to trend changes in the U.S. and global economy and in various fixed income investment markets using the tactical style described above.

**Principal Investment Risks:**

Performance of the Fund during future periods will definitely vary. Some months and some quarters will result in negative performance; indeed, some future years may have negative performance. The following risks apply to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Commodity-Linked Derivative Risk.* The Fund may seek exposure to the commodity markets through Underlying
Funds which invest in leveraged or unleveraged commodity-linked or index-linked notes, which are derivative debt instruments with principal
and/or coupon payments linked to the value of commodities, commodities futures contracts or the performance of commodity indices. These
notes are sometimes referred to as "structured notes" because the terms of these notes may be structured by the issuer and
the purchaser of the note. The value of a commodity-linked derivative generally is based upon the price movements of a physical commodity.
The Fund's occasional and partial allocations to the commodities markets may subject the Fund to greater volatility for those positions
than investments in traditional securities. The value of commodity-linked derivative instruments, commodity based exchange traded trusts
and commodity based ETFs may be affected by changes in overall market movements, commodity index volatility, changes in interest rates,
or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international
economic, political and regulatory developments, and investor sentiment.

&nbsp;&nbsp;&nbsp;&nbsp;· *Emerging Markets Risk.* The Underlying Funds in which the Fund invests may invest in countries with
newly organized or less developed securities markets. Investments in emerging markets typically involves greater risks than investing
in more developed markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries
and their political systems tend to be less stable. Emerging market countries may have different regulatory, accounting, auditing, and
financial reporting and record keeping standards and may have material limitations on Public Company Accounting Oversight Board inspection,
investigation, and enforcement. Therefore, the availability and reliability of information, particularly financial information, material
to an investment decision in emerging market companies may be limited in scope and reliability as compared to information provided by
U.S. companies. Emerging market economies may be based on only a few industries. As a result, security issuers, including governments,
may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments,
weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be
affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of securities
markets in emerging market countries and lower trading volumes can make investments relatively illiquid and potentially more volatile
than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative
lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell
a portfolio position can adversely affect a Fund's value or prevent a Fund from being able to meet cash obligations or take advantage
of other investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Equity Risk.* Equity securities are susceptible to general stock market fluctuations and to volatile
increases and decreases in value. The equity securities held by the Underlying Funds may experience sudden, unpredictable drops in value
or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of
a particular sector, or a particular company.

&nbsp;&nbsp;&nbsp;&nbsp;· *Fixed Income Risk.* When the Fund invests in fixed income Underlying Funds, the value of your investment
in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of the Underlying
Funds owned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response
to changes in interest rates than shorter-term securities. Other risk factors impacting fixed income securities include credit risk,
maturity risk, market risk, extension risk, illiquid security risks, foreign securities risk and prepayment risk. These risks could affect
the value of a particular investment by the Fund possibly causing the Fund's share price and total return to be reduced and fluctuate
more than other types of investments. In addition, some of the Underlying Funds in which the Fund will invest from time to time invest
in what are sometimes referred to as high-yield or junk bonds. Such securities are considered speculative investments that carry greater
risk of default and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality
debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Foreign Risk.* The Fund will make frequent use of Underlying Funds that invest in foreign securities
in order to seek diversification. Investments in Underlying Funds that invest in foreign equity and debt securities could subject the
Fund to greater risks because the Fund's performance may depend on issues other than the performance of a particular company or
U.S. market sector. Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests
exclusively in U.S. securities. The values of foreign securities are also affected by the value of the local currency relative to the
U.S. dollar. There may also be less government

supervision of foreign markets, resulting in non-uniform accounting practices and less publicly available information. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities are generally higher than in the United States. Investments in foreign issues could be affected by other factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual obligations and foreign securities may be more illiquid that domestic securities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Government Securities Risk.* It is possible that the U.S. Government would not provide financial
support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in
which the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund's share price or yield could
fall. Securities of U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S.
Government. The U.S. Government's guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government
securities owned by the Fund does not imply that the Fund's shares are guaranteed by the Federal Deposit Insurance Corporation or
any other government agency, or that the price of the Fund's shares will not fluctuate. The ability of foreign governments to repay
their obligations is adversely impacted by default, insolvency, bankruptcy or by political instability, including authoritarian and/or
military involvement in governmental decision-making, armed conflict, civil war, social instability and the impact of these events
and circumstances on a country's economy and its government's revenues. Therefore, foreign government bonds can present a
significant risk. Foreign governments may also repudiate their debts in spite of their ability to pay. The ability to recover from a defaulting
government is limited because that same government may block access to court-mandated legal remedies or other means of recovery.

&nbsp;&nbsp;&nbsp;&nbsp;· *High Yield (Junk Bond) Risk.* Fund investments in Underlying Funds that invest in lower-quality
fixed income securities, known as high-yield or junk bonds, present a significant risk for loss of principal and interest. These bonds
are considered speculative and offer the potential for higher return, but also involve greater risk than bonds of higher quality, including
an increased possibility that the bond's issuer, obligor or guarantor may not be able to make its payments of interest and principal
(credit quality risk). If that happens, the value of the bond may decrease, and the Fund's share price may decrease and its income
distribution may be reduced. An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market
for these bonds and reduce the Fund's ability to sell its bonds (liquidity risk). Such securities may also include "Rule 144A"
securities, which are subject to resale restrictions. The lack of a liquid market for these bonds could decrease the Fund's share
price.

&nbsp;&nbsp;&nbsp;&nbsp;· *Inverse Risk.* Under certain circumstances, Adviser engages in hedging or declining-market strategies
by investing in inverse Underlying Funds. Inverse Underlying Funds seek daily investment results, before fees and expenses, which correspond
to the inverse (opposite) of the daily performance of a specific benchmark. For example, inverse ETFs are funds designed to rise in price
when stock prices are falling. Inverse ETF index funds seek to provide investment results that will match a certain percentage of the
inverse of the performance of a specific benchmark on a daily basis. For example, if a fund's current benchmark is 100% of the inverse
of the Bloomberg Aggregate Bond Index and the fund meets its objective, the value of the fund will tend to increase on a daily basis when
the value of the underlying index decreases (if the Bloomberg Aggregate Bond Index goes down 5% then the fund's value should go
up 5%). Conversely, when the value of the underlying index increases, the value of the fund's shares tends to decrease on a daily
basis (if the Bloomberg Aggregate Bond Index goes up 5% then the fund's value should go down 5%). Additionally, inverse ETFs may
employ leverage, which magnifies the changes in the underlying stock index upon which they are based. For example, if an inverse ETF's
current benchmark is 200% of the inverse of the Bloomberg Aggregate Bond Index and the ETF meets its objective, the value of the ETF will
tend to increase on a daily basis when the value of the underlying index decreases (e.g., if the Bloomberg Aggregate Bond Index goes down
5% then the inverse ETF's value should go up 10%).

&nbsp;&nbsp;&nbsp;&nbsp;· *Limited History of Operations Risk.* The Fund is a new mutual fund and has a limited history of
operations for investors to evaluate. Investors in the Fund bear the risk that the Fund may not be successful in implementing its investment
strategies, may be unable to implement certain of its investment strategies or may fail to attract sufficient assets, any of which could
result in the Fund being liquidated and terminated at any time without shareholder approval and at a time that may not be favorable for
all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses
of liquidation. Mutual funds and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940,
as amended, and the Internal Revenue Code that do not apply to the Adviser's management of individual and institutional accounts.
As a result, the Adviser may not achieve its intended result in managing the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;· *Management Risk.* The share price of the Fund changes daily based on the performance of the Underlying
Funds in which it invests. The ability of the Fund to meet its investment objective is directly related to the Adviser's ability
to identify Underlying Funds that have the potential to achieve positive total return, and to create diversity within the total portfolio
of the Fund. The Adviser's dependence on multi-asset diversification and judgments about the attractiveness, value and potential
appreciation of particular asset classes in which the Fund invests may prove to be incorrect and may not produce the desired results.
There is no guarantee that the Adviser's investment strategy with respect to asset classes or Underlying Funds will produce positive
long-term results.

&nbsp;&nbsp;&nbsp;&nbsp;· *Market and Geopolitical Risk.* The increasing interconnectivity between global economies and
 financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers
 in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for
 inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism,
 international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events
 similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or
 debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global
 financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the
 effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on
 the value and risk profile of the Fund. The novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by
 many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged
 quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other
 businesses, had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such
 impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged
 period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to
 short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn,
 multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all
 types of securities and instruments. In times of severe market disruptions you could lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;· *Municipal Risk.* Municipal securities are subject to the risk that legislative changes and local
and business developments may adversely affect the yield or value of the Fund's investments in such securities. Municipal general
obligation debt issuers may not be able to levy or collect enough taxes as necessary to make full and timely payments to investors. Municipal
revenue obligation debt issuers may experience shortfalls in revenues, such as sales taxes, fuel taxes, or hotel occupancy taxes, generated
by the particular project being financed.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Turnover Risk.* Increased portfolio turnover may result in higher brokerage commissions,
dealer mark-ups and other transaction costs and may result in taxable capital gains. Portfolio turnover refers to the rate at which
the Underlying Funds held by the Fund are bought and sold. The higher the rate, the higher the transactional and brokerage costs associated
with turnover, which may reduce the Fund's returns, unless the securities traded can be bought and sold without significant transaction
or commission costs or redemption fees. Because the Fund will seldom hold an Underlying Fund for 12 months or more, investors who own
the Fund in taxable accounts will be subject to federal income tax at short-term rates.

&nbsp;&nbsp;&nbsp;&nbsp;· *Preferred Stock Risk.* The Underlying Funds in which the Fund invests may invest in preferred stocks.
The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the
value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock
will fail to make its dividend payments. Preferred stock prices tend to move more slowly upwards than common stock prices.

&nbsp;&nbsp;&nbsp;&nbsp;· *Small and Mid-Capitalization Company Risk.* Investments in Underlying Funds that own securities
of small- and mid-capitalization companies may be more vulnerable than larger, more established organizations to adverse business
or economic developments. Companies with small and medium size market capitalization often have narrower markets, fewer products or services
to offer and more limited managerial and financial resources than do larger, more established companies. Investing in lesser-known, small
and medium capitalization companies involves greater risk of volatility of the Fund's net asset value than is customarily associated
with larger, more established companies. Often smaller and medium capitalization companies and the industries in which they are focused
are still evolving and, while this may offer better growth potential than larger, more established companies, it also may make them more
sensitive to changing market conditions. Small and mid-cap companies may have returns that can vary, occasionally significantly, from
the market in general.

&nbsp;&nbsp;&nbsp;&nbsp;· *Underlying Fund Risk.* Underlying Funds are subject to investment advisory fees and other expenses,
which are indirectly borne by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly
in ETFs, mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each Underlying Fund is subject
to specific risks, depending on its investments. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange.
Their shares may trade at a discount or a premium in market price if there is a limited market in such shares and are also subject to
brokerage and other trading costs, which could result in greater expenses to the Fund. Because the value of ETFs depends on the demand
in the market, the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, adversely affecting performance.
Each Underlying Fund is subject to specific risks, depending on the nature of its investment objective and strategies, including liquidity
risk, sector risk, foreign and emerging market risk, as well as risks associated with fixed-income securities, real estate investments,
and commodities. The index-tracking ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices
they track because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual
balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses not incurred by their applicable indices.
Certain securities comprising the indices tracked by an ETF may, from time to time, temporarily be unavailable, which may further impede
the ETF's ability to track its applicable indices.

**Temporary Investments:** To respond to adverse market, economic, political or other conditions, each Fund may invest up to 100% of its total assets, without limitation, in high-quality short-term debt securities and money-market instruments. These short-term debt securities and money market instruments including: shares of money-market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. When a Fund is partly or fully in a defensive position, the opportunity to achieve its performance objective will be limited.

**Portfolio Holdings Disclosure:** A description of each Fund's policies regarding the release of portfolio holdings information is available in the Fund's Statement of Additional Information.

**Cybersecurity:** The computer systems, networks and devices used by the Funds and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact a Fund's business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate their net asset value ("NAV"); impediments to trading; the inability of a Fund, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which a Fund invests; counterparties with which a Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for a Fund's shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**<u>MANAGEMENT</u>**

**Investment Adviser:** Wright Fund Management, LLC, located at 3420 Ocean Park Boulevard, Suite 3060, Santa Monica, California 90405, serves as investment adviser to the Fund and is referred to in this Prospectus as the "Adviser."

Subject to the authority of the Board of Trustees (the "Board"), the Adviser is responsible for management of the Fund's investment portfolio. The Adviser is responsible for selecting each Fund's investments according to each Fund's investment objective, policies and restrictions. The Adviser was established in 2007. As of September 30, 2022, the Adviser and its affiliated advisory firms had total assets under management and advisement of $10.0 billion. The Adviser, Sierra Investment Management, Inc. ("Sierra") and Ocean Park Asset Management, Inc. ("Ocean Park") are affiliated through indirect common ownership by David Wright and Dr. Sleeper.

For its services, the Adviser receives an annual advisory fee equal to 1.05% of the Fund's average daily net assets. A discussion regarding the basis for the Boards' approval of the advisory agreement with respect to the Fund will be available in the Fund's upcoming semi-annual shareholder report.

The Adviser has contractually agreed to ensure that total annual operating expenses of the Fund after fee waiver and reimbursement (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses of underlying funds in which a Fund invests, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short) and extraordinary expenses, such as litigation at least until January 31, 2025, will not exceed the specified limits below.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**A** | &nbsp;&nbsp;**C** | &nbsp;&nbsp;**Investor** | &nbsp;&nbsp;**Instl** |
| &nbsp;&nbsp;Expense Cap | &nbsp;&nbsp;1.56% | &nbsp;&nbsp;2.31% | &nbsp;&nbsp;1.71% | &nbsp;&nbsp;1.31% |

---

Waivers and expense payments may be recouped by the Adviser from the Fund, to the extent that the Fund's overall expenses fall below the specified limits, within three years of when the amounts were waived or recouped. Fee waiver and reimbursement arrangements can decrease the Fund's expenses and thereby increase its net performance to shareholders.

In addition to investment advisory fees, the Fund pays other expenses including costs incurred in connection with the maintenance of its securities law registration, printing and mailing Prospectuses and Statements of Additional Information to shareholders, certain financial accounting services, taxes or governmental fees, custodial, transfer and shareholder servicing agent costs, expenses of outside counsel and independent accountants, preparation of shareholder reports and expenses of trustee and shareholder meetings.

**Investment Adviser Portfolio Managers:** Kenneth L. Sleeper, MBA, PhD, Ryan Harder, CFA<sup>®</sup>, Douglas A. Loeffler, CFA<sup>®,</sup> and Marshall Quan have served the Fund since it commenced operations in March 2023.

Dr. Sleeper has been one of the principals of two affiliated Registered Investment Advisory firms – Sierra and Ocean Park (see below) – for more than thirty years, specializing in developing and implementing managed-risk, low-volatility portfolio management disciplines for separate accounts for clients who are primarily retirees and other conservative investors. He and each of the other portfolio managers currently manage $620 million in such separate accounts as of the date of this prospectus, as well as $4.0 billion in strategies available on various Turnkey Asset Management Platforms (TAMPs). Mr. Harder has more than twenty years of investment experience in portfolio management, equity research, and as a managing director. Mr. Harder is a CFA® Charterholder, He has been affiliated with Sierra and Ocean Park since July 2022. Mr. Loeffler has over thirty years of investment experience managing international equity and asset allocation funds and leading investments for multi-asset fund platforms. Mr. Loeffler is a CFA® Charterholder. Mr. Loeffler has been affiliated with Sierra and Ocean Park since February 2021. Marshall Quan has been affiliated with Sierra and Ocean Park for more than twenty years. He is responsible for investment monitoring and analysis, technical analysis and portfolio construction, among other investment and operational duties. Each portfolio manager is jointly and primarily responsible for the day-to-day management of the Fund.

**Kenneth L. Sleeper, MBA, PhD**

Dr. Sleeper, Managing Director and Portfolio Manager of the Adviser, has been a 50% beneficial owner of the Adviser since its formation in 2007. He and trusts formed by him own 50% of the profit interest of the Adviser. He has been the Senior Vice President, a Director and 50% shareholder of Sierra, an affiliate of the Adviser, since 1992 and was a general partner of Sierra's predecessor since its formation in 1987. Dr. Sleeper has also been the Vice President, Managing Director and 50% shareholder of Ocean Park, another affiliate of the Adviser, since its formation in 1988.

**Ryan Harder, CFA®**

Mr. Harder is Chief Investment Strategist at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management. He joined Sierra in July 2022. He oversees research, trading, and portfolio management for the firm. His career of more than 20 years includes roles as portfolio manager, equity research analyst and managing director. Mr. Harder earned a BA in Economics, with honors, from Brock University in Ontario, Canada and a M.Sc. in International Securities, Investment and Banking from the ICMA Centre, University of Reading, in the United Kingdom. He is a CFA® Charterholder.

**Douglas A. Loeffler, CFA<sup>®</sup>**

Mr. Loeffler is Executive Vice President of Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park. He joined Sierra in 2021. He was Vice President at AIG Retirement from 2007 to 2015, managing the investment team overseeing the variable annuity subaccounts. He was Senior Vice President of AIG Funds from 2015 to 2021, managing asset allocation funds-of-funds for AIG Funds and AIG's variable annuity platforms. Prior to joining, AIG Mr. Loeffler was Head of Manager Research and Portfolio Manager at Principal Financial Group, overseeing the insurance company's retirement fund platform. Mr. Loeffler served as portfolio manager of international and global equity funds at Founders Asset Management from 1995 to 2002 and was an international equity analyst at Scudder, Stevens & Clark from 1991 to 1995. He has earned the right to the Chartered Financial Analyst designation by the CFA Institute and is also a Certified Alternative Investment Analyst. Mr. Loeffler earned his MBA from the University of Chicago.

**Marshall Quan**

Mr. Quan is Lead Portfolio Analyst at Sierra Investment Management, the parent company of the Sierra Mutual Funds and Ocean Park Asset Management. He joined Sierra in 1999 and is responsible for investment monitoring & analysis, securities screening execution & reporting, technical analysis and portfolio construction among other investment management and operational duties. Marshall earned his BS degree in Business Administration: Classical Management – Finance from Cal State University at Dominguez Hills.

The Fund's Statement of Additional Information provides additional information about the portfolio managers' compensation structure, other accounts managed by the portfolio managers, and the portfolio managers' ownership of shares of the Fund.

**<u>HOW SHARES ARE PRICED</u>**

The NAV and offering price (NAV plus any applicable sales charges) of each class of shares is determined as of the close of the New York Stock Exchange ("NYSE") (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. NAV is computed by determining the aggregate market value of all assets of a Fund less its liabilities divided by the total number of a Fund's shares outstanding on a class-specific basis ((Assets minus liabilities)/number of shares=NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account the expenses and fees of a Fund, including investment advisory, administration, and distribution fees, which are accrued daily. The determination of NAV of each class of a Fund for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by a Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, ETFs and other traded securities are valued each day at the last quoted sales price on each security's principal exchange. Securities traded or dealt in on one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board, and evaluated by the Board quarterly as to the reliability of the fair value method used. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its "Valuation Designee" execute of these procedures. The Adviser may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

A Fund may use independent pricing services to assist in calculating the value of a Fund's securities. Although not part of the Adviser's principal investment strategy, since a Fund may invest in foreign securities that are primarily listed on foreign exchanges that may trade on weekends or other days when a Fund does not price its shares, the value of a Fund's portfolio may change on days when you may not be able to buy or sell Fund shares. In computing the NAV of a Fund, the Adviser values foreign securities held by a Fund at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in a Fund's portfolio occur before a Fund prices its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, the Adviser may need to price the security using a Fund's fair value pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of a Fund's NAV by short-term traders.

With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies that are registered under the Investment Company Act of 1940 Act, as amended ("1940 Act") (mutual funds), a Fund's net asset value is calculated based upon the net asset values of the mutual funds in which a Fund invests, and the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using fair value pricing.

**<u>HOW TO PURCHASE SHARES</u>**

**Share Classes:** This Prospectus describes four classes of shares offered by the Fund: Class A, Class C, Investor Class and Instl Class. The Fund offers these four classes of shares so that you can choose the class that best suits your investment needs. Refer to the information below so that you can choose the class that best suits your investment needs. The main differences between each class are sales charges, ongoing fees, minimum investment and the distribution channel through which shares are available. In choosing which class of shares to purchase, you should consider which will be most beneficial to you, given the amount of your purchase and the length of time you expect to hold the shares. Each class of shares in a Fund represents interest in the same portfolio of investments within that Fund. The Fund reserves the right to waive sales charges as described below or waive share class minimum investments at the applicable Fund's or the Adviser's discretion. All share classes may not be available for purchase in all states.

**Class A Shares:** Class A shares are offered at their public offering price, which is NAV plus the applicable sales charge and are subject to 12b-1 distribution and shareholder servicing fees of up to 0.40% of the average daily net assets of Class A shares. The Fund may pay up to 0.25% of the average daily net assets of Class A shares in 12b-1 fees for compensation for shareholder servicing and the balance of 12b-1 fees for distribution related activities. The minimum initial investment in the Class A shares is $10,000 and the minimum subsequent investment is $1,000. The sales charge varies, depending on how much you invest. There are no sales charges on reinvested distributions. The following sales charges apply to your purchases of Class A shares of the Fund:

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| | | | |
|:---|:---|:---|:---|
| **Amount Invested** | **Sales Charge as a % of Offering Price<sup>(1)</sup>** | **Sales Charge as a % of Amount Invested** | **Dealer <br> Reallowance** |
| Less than $250,000 | 3.75% | 3.90% | 3.50% |
| $250,000 to $499,999 | 3.00% | 3.09% | 2.75% |
| $500,000 to $999,999 | 2.00% | 2.04% | 1.75% |
| $1,000,000 and above |  |  | See Below |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Offering price includes the front-end sales load. The sales charge you pay may
differ slightly from the amount set forth above because of rounding that occurs in the calculations used to determine your sales charge.

The Adviser shall reimburse a Fund in connection with commissions retained by authorized broker-dealers on purchases of Class A shares over $1 million calculated as follows: 1.00% on purchases between $1 million and $3 million, 0.50% on amounts over $3 million but less than $5 million, and 0.25% on amounts over $5 million. The commission rate is determined based on the purchase amount combined with the current market value of existing investments in Class A shares.

As shown, investors that purchase $1,000,000 or more Class A shares will not pay any initial sales charge on the purchase. However, purchases of $1,000,000 or more of Class A shares may be subject to a Contingent Deferred Sales Charge ("CDSC") on shares redeemed within the first 12 months after their purchase in the amount of the commissions paid on those shares redeemed. Shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last. Shares held for 12 months or more are not subject to the CDSC.

Different intermediaries may impose different sales loads. These variations are described in Appendix A

Intermediary-Defined Sales Charge Waiver Policies

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed below. In all instances, it is the purchaser's responsibility to notify the fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund or through another intermediary to receive these waivers or discounts.

You may be able to buy Class A shares without a sales charge when you are:

&nbsp;&nbsp;&nbsp;&nbsp;· Current and retired Trustees and officers of the Fund, their families (*e.g.*, spouse, children,
mother or father) and any purchases referred through the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees of the Adviser and their families, or any full-time employee or registered representative
of the distributor or of broker-dealers having dealer agreements with the Adviser (a "Selling Broker") and their immediate
families (or any trust, pension, profit sharing or other benefit plan for the benefit of such persons).

&nbsp;&nbsp;&nbsp;&nbsp;· Any full-time employee of a bank, savings and loan, credit union or other financial institution that
utilizes a Selling Broker to clear purchases of a Fund's shares and their immediate families.

&nbsp;&nbsp;&nbsp;&nbsp;· Participants in certain "wrap-fee" or asset allocation programs or other fee-based
arrangements sponsored by broker-dealers and other financial institutions that have entered into agreements with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;· Clients of registered investment advisors that have entered into arrangements with the Adviser providing
for the shares to be used in particular investment products made available to such clients and for which such registered investment advisors
may charge a separate fee, including third party administrators.

&nbsp;&nbsp;&nbsp;&nbsp;· Institutional investors (which may include bank trust departments and registered investment advisors).

&nbsp;&nbsp;&nbsp;&nbsp;· Any accounts established on behalf of registered investment advisers or their clients by broker-dealers
that charge a transaction fee and that have entered into agreements with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;· Separate accounts used to fund certain unregistered variable annuity contracts or Section 403(b) or 401(a)
or (k) accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· Employer-sponsored retirement or benefit plans with total plan assets in excess of $5 million where
the plan's investments in a Fund are part of an omnibus account. A minimum initial investment of $1 million in a Fund is required.
The Adviser, in its sole discretion, may waive these minimum dollar requirements.

The availability of certain sales charge waivers and discounts to Class A Shares of a Fund will depend on whether you purchase your Class A Shares directly from a Fund or through a financial intermediary. Intermediaries may have different policies and procedures (from those described above for Class A Shares generally) regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load ("CDSC") waivers, which are discussed in Appendix A. In all instances, it is the purchaser's responsibility to notify a Fund or the purchaser's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase a Fund shares directly from the Fund or through another intermediary to receive such waivers or discounts.

The sales charge on purchases of Class A shares is waived for certain types of investors, including:

&nbsp;&nbsp;&nbsp;&nbsp;· Current and retired directors and officers of the Fund, or the Adviser, or any of their subsidiaries or
affiliates, or their families (e.g., spouse, children, mother or father).

&nbsp;&nbsp;&nbsp;&nbsp;· Employees of the Adviser and their families, or any full-time employee or registered representative
of the distributor or of broker-dealers (each a "Selling Broker") and their affiliates having dealer agreements with the
distributor and their immediate families (or any trust, pension, profit-sharing or other benefit plan for the benefit of such persons).

&nbsp;&nbsp;&nbsp;&nbsp;· Any full-time employee of a bank, savings and loan, credit union or other financial institution that
utilizes a Selling Broker to clear purchases of the fund's shares and their immediate families.

&nbsp;&nbsp;&nbsp;&nbsp;· Participants in certain "wrap-fee" or asset allocation programs or other fee-based
arrangements sponsored by broker-dealers and other financial institutions that have entered into agreements with the distributor.

&nbsp;&nbsp;&nbsp;&nbsp;· Clients of financial intermediaries that have entered into an agreement with the distributor providing
for the shares to be used in particular investment products made available to such clients and for which such registered investment advisers
may charge a separate fee.

&nbsp;&nbsp;&nbsp;&nbsp;· Clients of financial intermediaries that have entered into an agreement with the distributor to offer
shares to self-directed investment brokerage accounts, whether or not such accounts are subject to transaction fees.

&nbsp;&nbsp;&nbsp;&nbsp;· Institutional investors (which may include bank trust departments and registered investment advisers).

&nbsp;&nbsp;&nbsp;&nbsp;· Any accounts established on behalf of registered investment advisers or their clients by broker-dealers
that charge a transaction fee and that have entered into agreements with the distributor.

&nbsp;&nbsp;&nbsp;&nbsp;· Separate accounts used to fund certain unregistered variable annuity contracts or Section 403(b) or 401(a)
or (k) accounts.

The Fund does not waive sales charges for the reinvestment of proceeds from the sale of shares of a different fund where those shares were subject to a front-end sales charge (sometimes called "NAV transfer"). Whether a sales charge waiver is available for your retirement plan or charitable account depends upon the policies and procedures of your intermediary. Please consult your financial adviser for further information.

Please see Appendix A, found on page 22 for more information on Class A Shares Front-End Sales Charge Waivers for clients of Raymond James and Morgan Stanley.

*Right of Accumulation:* For the purposes of determining the applicable reduced sales charge on the Class A shares, the right of accumulation allows you to include prior purchases of Fund shares as part of your current investment as well as reinvested dividends. To qualify for this option, you must be either:

&nbsp;&nbsp;&nbsp;&nbsp;· an individual;

&nbsp;&nbsp;&nbsp;&nbsp;· an individual and spouse purchasing shares for your own account or trust or custodial accounts for your
minor children; or

&nbsp;&nbsp;&nbsp;&nbsp;· a fiduciary purchasing for any one trust, estate or fiduciary account, including employee benefit plans
created under Sections 401, 403 or 457 of the Internal Revenue Code, including related plans of the same employer.

If you plan to rely on this right of accumulation, you must notify the Fund's distributor, Northern Lights Distributors, LLC, at the time of your purchase. You will need to give the distributor your account numbers. Existing holdings of family members or other related accounts of a shareholder may be combined for purposes of determining eligibility. If applicable, you will need to provide the account numbers of your spouse and your minor children as well as the ages of your minor children.

*Letter of Intent:* The letter of intent allows you to count all investments within a 13-month period in Class A shares of a Fund as if you were making them all at once for the purposes of calculating the applicable reduced sales charges. The minimum initial investment under a letter of intent is 5% of the total letter of intent amount. The letter of intent does not preclude a Fund from discontinuing sales of its Class A shares. You may include a purchase not originally made pursuant to a letter of intent under a letter of intent entered into within 90 days of the original purchase. To determine the applicable sales charge reduction, you may also include the cost of shares of a Fund that were previously purchased at a price including a front-end sales charge during the 90-day period prior to the distributor receiving the letter of intent. You may combine purchases by family members (limited to spouse and children, under the age of 21, living in the same household). You should retain any records necessary to substantiate historical costs because a Fund, the transfer agent and any financial intermediaries may not maintain this information. Shares acquired through reinvestment of dividends are not aggregated to achieve the stated investment goal.

**Class C Shares:** Class C shares of a Fund are offered at their NAV without an initial sales charge. This means that 100% of your initial investment is placed into shares of the Fund. Class C shares pay up to 1.00% on an annualized basis of the average daily net assets as 12b-1 fees. Class C shares may pay up to 0.25% of the average daily net assets of Class C shares in 12b-1 fees for compensation for shareholder servicing and the balance of 12b-1 fees for distribution related activities. Over time, fees paid under this distribution and service plan will increase the cost of a Class C shareholder's investment and may cost more than other types of sales charges. The minimum initial investment in the Class C shares is $10,000 and the minimum subsequent investment is $1,000.

**Investor Class:** Investor Class of a Fund are offered at their NAV without an initial sales charge. This means that 100% of your initial investment is placed into shares of the Fund. Investor Class pay up to 0.40% on an annualized basis of the average daily net assets as 12b-1 fees. Investor Class may pay up to 0.25% of the average daily net assets of Investor Class in 12b-1 fees for compensation for shareholder servicing and the balance of 12b-1 fees for distribution related activities. Investor Class require a minimum initial investment of $10,000.

**Instl Class:** Instl Class of a Fund are sold at NAV without an initial sales charge. This means that 100% of your initial investment is placed into shares of the Fund. Instl Class require a minimum initial investment of $10,000. Registered investment advisers and broker/dealer firms that have omnibus accounts with a Fund may achieve the required initial minimum by aggregating an initial purchase on behalf of multiple clients and may thereafter make purchases in lesser amounts. Instl Class shares may also be available on certain brokerage platforms. An investor transacting in Instl Class shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

**Factors to Consider When Choosing a Share Class:** When deciding which class of shares of a Fund to purchase, you should consider your investment goals, present and future amounts you may invest in a Fund, and the length of time you intend to hold your shares. To help you make a determination as to which class of shares to buy, please refer back to the examples of a Fund's expenses over time in the **Fees and Expenses** section for the applicable Fund in this Prospectus. You also may wish to consult with your financial adviser for advice with regard to which share class would be most appropriate for you. Not all share classes are distributed through the same channels and may not be available to all prospective shareholders.

**Purchasing Shares:** You may purchase shares of the Fund by sending a completed application form to the following address:

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|:---|
| ***via Regular Mail:*** |
| **Sierra Tactical Risk Spectrum 70 Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Risk Spectrum 70 Fund**<br> c/o Ultimus Fund Solutions, LLC<br> 4221 North 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, Nebraska 68022-3474 |

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The USA PATRIOT Act requires financial institutions, including the Fund, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify the identity of customers opening new accounts. As requested on the Application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information will assist the Fund in verifying your identity. Until such verification is made, a Fund may temporarily limit additional share purchases. In addition, a Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, a Fund may employ various procedures, such as comparing the information to fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

The Fund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After you open an account, you may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and the account number, to the above address. Make all checks payable to "Sierra Tactical Core Income Fund". A Fund will not accept payment in cash, including cashier's checks or money orders. Also, to prevent check fraud, a Fund will not accept third party checks, U.S. Treasury checks, credit card checks or starter checks for the purchase of shares. Redemptions of Shares of a Fund purchased by check may be subject to a hold period until the check has been cleared by the issuing bank. To avoid such holding periods, Shares may be purchased through a broker or by wire, as described in this section.

*Note:* Ultimus Fund Solutions, LLC, the Fund's transfer agent, will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Fund, for any check or electronic payment returned to the transfer agent for insufficient funds.

*Purchase through Brokers:* You may invest in a Fund through brokers or agents who have entered into selling agreements with the Fund's distributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of a Fund. A Fund will be deemed to have received a purchase or redemption order when an authorized broker or its designee receives the order. The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of a Fund. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from those applicable to investors purchasing shares directly from a Fund. You should carefully read the program materials provided to you by your servicing agent.

*Purchase by Wire:* If you wish to wire money to make an investment in a Fund, please call the Fund at 1-800-738-4363 for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally accept wired funds for investment on the day received if they are received by the Fund's designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

*Automated Clearing House Purchase:* Current shareholders may purchase additional shares via Automated Clearing House ("ACH"). To have this option added to your account, please send a letter to the Fund requesting this option and supply a voided check for the bank account. Only bank accounts held at domestic institutions that are ACH members may be used for these transactions.

You may not use ACH transactions for your initial purchase of Fund shares. ACH purchases will be effective at the closing price per share on the business day after the order is placed. The Fund may alter, modify or terminate this purchase option at any time.

Shares purchased by ACH will not be available for redemption until the transactions have cleared. Shares purchased via ACH transfer may take up to 15 days to clear.

**&nbsp;&nbsp;&nbsp;&nbsp;** *Transactions through www.SierraMutualFunds.com:* You may purchase a Fund's shares and redeem a Fund's shares through the Fund's website **www.SierraMutualFunds.com**. To establish Internet transaction privileges, you must enroll through the website. You automatically have the ability to establish Internet transaction privileges unless you decline the privileges on your New Account Application or IRA Application. You will be required to enter into a user's agreement through the website in order to enroll in these privileges. In order to conduct Internet transactions, you must have telephone transaction privileges. To purchase shares through the website you must also have ACH instructions on your account.

Redemption proceeds may be sent to you by check to the address of record, or if your account has existing bank information, by wire or ACH. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions through the Fund's website. Transactions through the website are subject to the same minimums as other transaction methods.

You should be aware that the Internet is an unsecured, unstable, unregulated and unpredictable environment. Your ability to use the website for transactions is dependent upon the Internet and equipment, software, systems, data and services provided by various vendors and third parties. While the Fund and its service providers have established certain security procedures, the Fund, their distributor and their transfer agent cannot assure you that trading information will be completely secure.

There may also be delays, malfunctions, or other inconveniences generally associated with this medium. There also may be times when the web site is unavailable for Fund transactions or other purposes. Should this happen, you should consider purchasing or redeeming shares by another method. Neither the Fund nor their transfer agent, distributor nor Adviser will be liable for any such delays or malfunctions or unauthorized interception or access to communications or account information.

*Automatic Investment Plan:* You may participate in a Fund's Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in the Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $100 on specified days of each month into your established Fund account. Please contact the Fund at 1-866-738-4363 for more information about a Fund's Automatic Investment Plan.

**Minimum and Additional Investment Amounts:** For all Classes, the minimum initial investment is $10,000 and the minimum subsequent investment is $1,000. You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open. Redemption requests may be made in writing, by telephone, or through a financial intermediary and will be paid by ACH, check or wire transfer. The Adviser, in its sole discretion, may waive these minimum dollar requirements.

Redemptions of Shares of a Fund purchased by check may be subject to a hold period until the check has been cleared by the issuing bank. To avoid such holding periods, Shares may be purchased through a broker or by wire, as described in this section.

**When Order is Processed:** All shares will be purchased at the NAV per share (plus applicable sales charges, if any) next determined after a Fund receives your application or request in good order. All requests received in good order by a Fund before 4:00 p.m. (Eastern Time) will be processed on that same day. Requests received after 4:00 p.m. will be processed on the next business day. If you purchase shares using a check and soon after request a redemption, your redemption proceeds, which are payable at the next determined NAV following the receipt your redemption request in "good order", as described below, will not be sent until the check used for your purchase has cleared your bank.

 **Good Order:** When making a purchase request, make sure your request is in good order. "Good order" means your purchase request includes:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the name of the Fund and share class,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the dollar amount of shares to be purchased,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a completed purchase application or investment stub, and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; check payable to the "Sierra Tactical Risk Spectrum 70 Fund".<br>

**Retirement Plans:** You may purchase shares of a Fund for your individual retirement plans. Please call the Fund at 1-866-738-4363 for the most current listing and appropriate disclosure documentation on how to open a retirement account.

**<u>HOW TO REDEEM SHARES</u>**

**Redeeming Shares:** You may redeem all or any portion of the shares credited to your account by submitting a written request for redemption to:

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| |
|:---|
| ***via Regular Mail:*** |
| **Sierra Tactical Risk Spectrum 70 Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Risk Spectrum 70 Fund**<br> c/o Ultimus Fund Solutions, LLC<br> 4221 North 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, Nebraska 68022-3474 |

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*Redemptions by Telephone:* The telephone redemption privilege is automatically available to all new accounts. If you do not want the telephone redemption privilege, you must indicate this in the appropriate area on your account application or you must write to a Fund and instruct it to remove this privilege from your account.

The proceeds, which are equal to number of shares times NAV less any applicable deferred sales charges or redemption fees, will be sent by mail to the address designated on your account or sent electronically, via ACH or wire, directly to your existing account in a bank or brokerage firm in the United States as designated on your application. To redeem by telephone, call 1-866-738-4363. If you own an IRA account and wish to redeem by telephone, you will be asked whether or not the Fund should withhold federal income tax.

During periods of high market activity, you may encounter higher than usual wait times. Please allow sufficient time to ensure that you will be able to complete your telephone transaction prior to market close. Neither the Fund nor its transfer agent will be held liable if you are unable to place your trade due to high call volume.

The redemption proceeds normally will be sent by mail or electronically within three business days after receipt of your telephone instructions.

The Fund reserves the right to suspend the telephone redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. Neither a Fund, the transfer agent, nor their respective affiliates will be liable for complying with telephone instructions they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you will be required to bear the risk of any such loss. The Fund or the transfer agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Fund and/or the transfer agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or tape recording telephone instructions.

*Redemptions through Broker:* If shares of a Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent to redeem shares of the Fund. The servicing agent may charge a fee for this service.

*Redemptions by Wire:* You may request that your redemption proceeds be wired directly to your bank account. The Fund's transfer agent imposes a $15 fee for each wire redemption and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

*Redemptions through www.SierraMutualFunds.com:* You may redeem your shares through the Fund's website www.SierraMutualFunds.com. Shares from a tax-sheltered retirement account cannot be redeemed through the Fund's website. For complete information regarding Internet transactions, please see the section above entitled "Transactions Through www.SierraMutualFunds.com." A redemption request through the website will not be honored if a medallion signature guarantee is required as described below.

*Systematic Withdrawal Plan:* If your individual account, IRA or other qualified plan account has a current account value of at least $10,000, you may participate in a Fund's Systematic Withdrawal Plan, an investment plan that automatically moves money to your bank account from the Fund through the use of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $100 on specified days of each month into your established bank account. Please contact the Fund at 1-866-738-4363 for more information about the Fund's Systematic Withdrawal Plan.

*Additional Information:* The Fund typically expects that it will take up to 3 business days following the receipt of your redemption request to pay out redemption proceeds by check or electronic transfer. The Fund typically expects to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in regular and stressed market conditions.

**Redemptions in Kind:** The Fund reserves the right to honor requests for redemption or repurchase orders by making payment in whole or in part in readily marketable securities ("redemption in kind") if the amount is greater than $250,000 or 1% of the Fund's assets. The securities will be chosen by the Fund and valued at the Fund's net asset value. In the event of a redemption in kind, a redeeming shareholder will be exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities to cash.

**When Redemptions are Sent:** Once a Fund receives your redemption request in "good order" as described below, it will issue a check based on the next determined NAV following your redemption request. The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of a request in "good order." If you purchase shares using a check and soon after request a redemption, your redemption proceeds will not be sent until the check used for your purchase has cleared your bank.

**Good Order:** Your redemption request will be processed if it is in "good order." To be in good order, the following conditions must be satisfied:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The request must identify your account number.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The request should be signed by you and any other person listed on the account, exactly as the shares are registered.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If you request that the redemption proceeds be sent to a person, bank or an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within the last 30 days, or if the proceeds of a requested redemption exceed $100,000, the signature(s) on the request must be medallion signature guaranteed by an eligible signature guarantor.<br>

**Exchanging Shares:** Shares of the Fund may be exchanged without payment of any exchange fee for shares of the Sierra Tactical All Asset Fund, the Sierra Tactical Bond Fund, the Sierra Tactical Core Income Fund, the Sierra Tactical Municipal Fund, the Sierra Tactical Risk Spectrum 30 Fund or the Sierra Tactical Risk Spectrum 50 Fund of the same class at their respective net asset values, given that the accounts have the same registration. Minimums to establish or subsequent purchase minimums apply. Shares of the Sierra Tactical All Asset Fund, the Sierra Tactical Core Income Fund, the Sierra Tactical Bond Fund, the Sierra Tactical Municipal Fund, the Sierra Tactical Risk Spectrum 30 Fund, and the Sierra Tactical Risk Spectrum 50 Fund are offered through separate Prospectuses, which may be obtained by calling 1-866-738-4363 or viewed on www.SierraMutualFunds.com.

An exchange of shares is treated for federal income tax purposes as a redemption (sale) of shares given in exchange by the shareholder, and an exchanging shareholder may, therefore, realize a taxable gain or loss in connection with the exchange.

With regard to redemptions and exchanges made by telephone, the Fund's Transfer Agent will request personal or other identifying information to confirm that the instructions received from shareholders or their account representatives are genuine. Calls may be recorded. For your protection, we may delay a transaction or not implement one if we are not reasonably satisfied that the instructions are genuine. If this occurs, we will not be liable for any loss. The Fund's distributor and the transfer agent also will not be liable for any losses if they follow instruction by phone that they reasonably believe are genuine or if an investor is unable to execute a transaction by phone.

*Limitations on Exchanges.* The Fund believe that use of the exchange privilege by investors utilizing market-timing strategies adversely affects the Fund and its Shareholders. Therefore, the Fund generally will not honor requests for exchanges by shareholders who identify themselves or are identified as "market timers." Market timers are investors who repeatedly make exchanges within a short period of time. The Fund reserves the right to suspend, limit or terminate the exchange privilege of an investor who uses the exchange privilege more than six times during any twelve month period, or in a Fund's opinion, engages in excessive trading that would be disadvantageous to a Fund or its shareholders. In those emergency circumstances wherein the SEC authorizes funds to do so, the Fund reserves the right to change or temporarily suspend the exchange privilege.

 

*Exchanges Between Share Classes of this Fund.* Class A and Investor Class of a Fund may be exchanged for Instl Class of that Fund, provided a shareholder has accumulated a sufficient amount of Class A and/or Investor Class to meet the investment minimum for Instl Class, respectively. An exchange between share classes within a Fund is not treated as a redemption or sale for federal income tax purposes and therefore is not a taxable event.

**When You Need Medallion Signature Guarantees:** If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by writing to a Fund with your signature guaranteed. A medallion signature guarantee assures that a signature is genuine and protects you from unauthorized account transfers. You will need your signature guaranteed if:

&nbsp;&nbsp;&nbsp;&nbsp;· you request a redemption to be made payable to a person not on record with the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;· you request that a redemption be mailed to an address other than that on record with the Fund,

&nbsp;&nbsp;&nbsp;&nbsp;· the proceeds of a requested redemption exceed $100,000,

&nbsp;&nbsp;&nbsp;&nbsp;· any redemption is transmitted by federal wire transfer to a bank other than the bank of record, or

&nbsp;&nbsp;&nbsp;&nbsp;· your address was changed within 30 days of your redemption request.

Signatures may be guaranteed by any eligible guarantor institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations). Further documentation will be required to change the designated account if shares are held by a corporation, fiduciary or other organization. *A notary public cannot guarantee signatures.* 

**Retirement Plan:** If you own an IRA or other retirement plan, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding.

**Low Balances:** If at any time your account balance in a Fund falls below $5,000, the Fund may notify you that, unless the account is brought up to at least $10,000 within 60 days of the notice; your account could be closed. After the notice period, the Fund may redeem all of your shares and close your account by sending you a check to the address of record. Your account will not be closed if the account balance drops below $5,000 due to a decline in NAV. The Fund will not charge any redemption fee on involuntary redemptions.

**<u>TAX STATUS, DIVIDENDS AND DISTRIBUTIONS</u>**

Any sale or exchange of a Fund's shares may generate tax liability, unless you are a tax-exempt investor or your investment is in a qualified retirement account such as an IRA or a 401(k). Transactions and gains within such accounts are not taxed, but when proceeds are paid out to the participant those amounts are taxable. When you redeem your shares in a taxable account, you may realize a taxable gain or loss. This is measured by the difference between the proceeds of the sale and the tax basis for the shares you sold. (To aid in computing your tax basis, you generally should retain your account statements for the period that you hold shares in a Fund.)

The Fund intends to distribute substantially all of its net investment income quarterly and net capital gains annually in December. All such distributions will be reinvested in shares of the Fund unless you elect to receive cash. Dividends from net investment income (including any excess of net short-term capital gain over net long-term capital loss) are taxable to investors as ordinary income, while distributions of net capital gain (the excess of net long-term capital gain over net short-term capital loss) are generally taxable as long-term capital gain, regardless of your holding period for the shares, unless you are a tax-exempt investor or your investment is in a qualified retirement account such as an IRA or a 401(k). Any dividends or capital gain distributions you receive from a Fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash. Certain dividends or distributions declared in October, November or December will be taxed to shareholders as if received in December if they are paid during the following January. Each year the Fund will inform you of the amount and type of your distributions.

The Fund very seldom holds portfolio positions for 12 months or longer, and thus typically realizes net short-term capital gains by selling shares of Underlying Funds that have appreciated in value. Therefore, for taxable accounts, investing in a Fund rather than directly in the Underlying Funds (and for long-term holding periods) will result in increased tax liability to you since the Fund must distribute its realized gains annually in accordance with certain rules under the Internal Revenue Code.

The Fund must report to the IRS and furnish to shareholders the cost basis information for shares purchased and sold. The Fund has chosen average cost as its standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position is not sold at one time. Shareholders may, however, choose a method other than the Fund's standing method at the time of their purchase or upon sale of covered shares. Shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

On the account application, you will be asked to certify that your social security number or taxpayer identification number is correct and that you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding or you did not certify your taxpayer identification number, the IRS requires the Fund to withhold a percentage of any dividend, redemption or exchange proceeds. The Fund reserves the right to reject any application that does not include a certified social security or taxpayer identification number. If you do not have a social security number, you should indicate on the purchase form that your application to obtain a number is pending. The Fund is required to withhold taxes if a number is not delivered to the Fund within seven days.

This summary is not intended to be and should not be construed to be legal or tax advice. You should consult your own tax advisors to determine the tax consequences of owning a Fund's shares.

**<u>FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES</u>**

The Fund discourages and does not accommodate market timing. Frequent trading into and out of a Fund can harm all Fund shareholders by disrupting the Fund's investment strategies, increasing trading costs and other Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. The Fund is designed for long-term investors and is not intended for market timing or other disruptive trading activities. Accordingly, the Fund's Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change.

The Fund currently use several methods to reduce the risk of market timing. These methods include committing staff to review, on a continuing basis, recent trading activity in order to identify trading activity that may be contrary to the Fund's "Market Timing Trading Policy". Though these methods involve judgments that are inherently subjective and involve some selectivity in their application, the Fund seeks to make judgments and applications that are consistent with the interests of the Fund's shareholders.

Based on the frequency of redemptions in your account, the Adviser or transfer agent may in its sole discretion determine that your trading activity is detrimental to a Fund as described in the Fund's Market Timing Trading Policy and elect to reject or limit the amount, number, frequency or method for requesting future purchases or exchanges into the Fund.

The Fund reserves the right to reject or restrict purchase or exchange requests for any reason, particularly when a shareholder's trading activity suggests that the shareholder may be engaged in market timing or other disruptive trading activities. Neither a Fund nor the Adviser will be liable for any losses resulting from rejected purchase or exchange orders. The Adviser may also bar an investor who has violated these policies (and the investor's financial adviser) from opening new accounts with a Fund.

Although the Fund attempts to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee that a Fund will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares of funds. While the Fund will encourage financial intermediaries to apply the Fund's Market Timing Trading Policy to their customers who invest indirectly in a Fund, the Fund is limited in its ability to monitor the trading activity or enforce the Fund's Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur, a Fund may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their customers. More specifically, unless the financial intermediaries have the ability to apply the Fund's Market Timing Trading Policy to their customers through such methods as implementing short-term trading limitations or restrictions, assessing a Fund's redemption fee and monitoring trading activity for what might be market timing, a Fund may not be able to determine whether trading by customers of financial intermediaries is contrary to the Fund's Market Timing Trading Policy. However, a Fund will ensure that financial intermediaries maintaining omnibus accounts on behalf of a Fund enter into an agreement with a Fund to provide shareholder transaction information, to the extent known to the financial intermediary, to a Fund upon request.

**<u>DISTRIBUTION OF SHARES</u>**

**Distributor:** Northern Lights Distributors, LLC, 4221 North 203<sup>rd</sup> Street, Elkhorn, NE 68022, is the distributor for the shares of the Fund. Northern Lights Distributors, LLC is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of the Fund are offered on a continuous basis.

**Distribution Fees:** The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans with respect to each of Class A, Investor Class, and Class C ("12b-1 Plans" or "Plans"), pursuant to Rule 12b-1 of the 1940 Act which allows a Fund to pay the Fund's distributor an annual fee for distribution and shareholder servicing expenses of up to 0.40% of the Fund's average daily net assets attributable to Class A shares, 0.40% of Investor Class, 1.00% of a Fund's average daily net assets attributable to Class C shares. With respect to the Fund's Class A shares, a portion of the fee payable to financial intermediaries pursuant to the Plan, up to 0.25% is currently characterized as a service fee as such term is defined under Rule 2830 of the FINRA Conduct Rules and it may be paid directly to entities for providing support services. A service fee is a payment made for personal service and/or the maintenance of shareholder accounts. The fee is treated by the Fund as an expense in the year it is accrued. Because the fee is paid out of a Fund's assets on an ongoing basis, over time the fee may increase the costs of your investment and may cost you more than paying other types of service charges. Any service fee paid by a Fund's Class A shares on an ongoing basis to financial intermediaries for shareholder support services shall be limited to no more than 0.25% of the average daily net assets, as described above. As of the date of this Prospectus and until further notice, the Board of Trustees have authorized only up to 0.25% per year of the Fund's average daily net assets attributable to Investor Class shares for such distribution and shareholder services activities under the Plan.

The Fund's distributor, the Adviser, financial intermediaries and other entities are paid pursuant to the Plans for distribution and shareholder servicing provided and the expenses borne by the distributor and others in the distribution of Fund shares, including the payment of commissions for sales of the shares and incentive compensation to and expenses of dealers and others who engage in or support distribution of shares or who service shareholder accounts, including overhead and telephone expenses; printing and distribution of Prospectuses and reports used in connection with the offering of a Fund's shares to other than current shareholders; and preparation, printing and distribution of sales literature and advertising materials. In addition, the distributor or other entities may utilize fees paid pursuant to the Plan to compensate dealers or other entities for their opportunity costs in advancing such amounts, which compensation would be in the form of a carrying charge on any un-reimbursed expenses.

You should be aware that if you hold your shares for a substantial period of time, you may indirectly pay more than the economic equivalent of the maximum front-end sales charge allowed by FINRA due to the recurring nature of distribution (12b-1) fees.

**Additional Compensation to Financial Intermediaries:** The Fund's distributor, its affiliates, and the Adviser may each, at its own expense and out of its own legitimate profits, provide additional cash payments to financial intermediaries who sell shares of a Fund. Financial intermediaries include brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others. These payments may be in addition to the Rule 12b-1 fees and any sales charges that are disclosed elsewhere in this Prospectus. These payments are generally made to financial intermediaries that provide shareholder or administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of a Fund on a sales list, including a preferred or select sales list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder services to Fund shareholders. The distributor may, from time to time, provide promotional incentives, including reallowance and/or payment of up to the entire sales charge, to certain investment firms. Such incentives may, at the distributor's discretion, be limited to investment firms who allow their individual selling representatives to participate in such additional commissions.

**Householding:** To reduce expenses, we mail only one copy of the Prospectus and each annual and semi-annual report to those addresses share by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at 1-866-738-4363 between the hours of 8:30 a.m. and 6:00 p.m. Eastern Time on days the Fund are open for business or contact your financial institution. We will begin sending you individual copies thirty days after receiving your request.

**<u>FINANCIAL HIGHLIGHTS</u>**

Because each Fund has only recently commenced investment operations, no financial highlights are available for each Fund at this time. In the future, financial highlights will be presented in this section of the Prospectus.

**Appendix A**

**Financial Intermediary Sales Charge Variations**

The availability of certain sales charge waivers and discounts will depend on whether you purchase your Class A shares directly from the Fund or through a financial intermediary. Specific intermediaries may have different policies and procedures regarding the availability of front-end sales charge waivers or CDSC waivers. In all instances, it is the shareholder's responsibility to notify the Fund or the shareholder's financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. This Appendix will be updated based on information provided by the financial intermediaries. Neither the Fund, the adviser nor the distributor supervises the implementation of financial intermediary sales charge waivers, discounts, policies or procedures nor do they verify the intermediaries' administration of such waivers, discounts, policies or procedures.

For waivers and discounts not available through a particular intermediary listed below, shareholders will have to purchase Class A shares directly from the Fund or through another intermediary to receive Fund imposed waivers or discounts. Please see **How to Purchase Shares: Class A Shares** starting on page 12 of this Prospectus for information about such waivers and discounts.

**<u>Raymond James & Associates, Inc., Raymond James Financial Services, Inc., & Raymond James affiliates ("Raymond James")</u>**

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this fund's prospectus or SAI.

**<u>Front-end sales load waivers on Class A shares available at Raymond James</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased in an investment advisory program.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing
shares of the same fund (but not any other fund within the fund family).

&nbsp;&nbsp;&nbsp;&nbsp;· Employees and registered representatives of Raymond James or its affiliates and their family members as
designated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase
occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were
subject to a front-end or deferred sales load (known as Rights of Reinstatement).

&nbsp;&nbsp;&nbsp;&nbsp;· A shareholder in the Fund's Class A shares will have their shares converted at net asset value to
Investor Class shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is
in line with the policies and procedures of Raymond James.

**<u>CDSC Waivers on Classes A, B and C shares available at Raymond James</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Death or disability of the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· Return of excess contributions from an IRA Account.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder
reaching the qualified age based on applicable IRS regulations as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder
reaching age 70½ as described in the fund's prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

&nbsp;&nbsp;&nbsp;&nbsp;· Shares acquired through a right of reinstatement.

**<u>Front-end load discounts available at Raymond James: breakpoints, and/or rights of accumulation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;· Breakpoints as described in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated
based on the aggregated holding of fund family assets held by accounts within the purchaser's household at Raymond James. Eligible
fund family assets not held at Raymond James may be included in the rights of accumulation only if the shareholder notifies his or her
financial advisor about such assets.

**<u>Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management</u>**

Effective July 1, 2018, shareholders purchasing Class A Shares of a Fund through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than disclosed elsewhere in this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)
plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

&nbsp;&nbsp;&nbsp;&nbsp;· Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account
linking rules

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares
of the same fund

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased through a Morgan Stanley self-directed brokerage account

&nbsp;&nbsp;&nbsp;&nbsp;· Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge
and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management's share class conversion program

&nbsp;&nbsp;&nbsp;&nbsp;· Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase
occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

***PRIVACY NOTICE***

**Rev. April 2021**

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| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| &nbsp;&nbsp;**What?** | &nbsp;&nbsp; The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br> Social Security number and wire transfer instructions account transactions and transaction history &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investment experience and purchase history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |

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|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing. |

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| &nbsp;&nbsp;**Reasons we can share your personal information:** | &nbsp;&nbsp;**Does Northern Lights Fund Trust share information?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| **For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| **For joint marketing with other financial companies.** | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -** information about your <br> credit worthiness. | **NO** | **We don't share** |
| **For nonaffiliates to market to you** | **NO** | **We don't share** |

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|:---|:---|
| &nbsp;&nbsp;<br> **QUESTIONS?** | &nbsp;&nbsp;**Call 1-631-490-4300** |

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|:---|:---|
| &nbsp;&nbsp;<br> **What we do:** | &nbsp;&nbsp;<br> **What we do:** |
| &nbsp;&nbsp;**How does Northern Lights Fund Trust protect my personal information?** | &nbsp;&nbsp; To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Northern Lights Fund Trust collect my personal information?** | &nbsp;&nbsp; We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;· open an account or deposit money<br> &nbsp;&nbsp;&nbsp;&nbsp;· direct us to buy securities or direct us to sell your securities<br> &nbsp;&nbsp;&nbsp;&nbsp;· seek advice about your investments<br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp; Federal law gives you the right to limit only:<br> &nbsp;&nbsp;&nbsp;&nbsp;· sharing for affiliates' everyday business purposes – information about your creditworthiness.<br> &nbsp;&nbsp;&nbsp;&nbsp;· affiliates from using your information to market to you.<br> &nbsp;&nbsp;&nbsp;&nbsp;· sharing for nonaffiliates to market to you. <br> State laws and individual companies may give you additional rights to<br> limit sharing. |

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| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp; Companies related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;· *Northern Lights Fund Trust does not share with its affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp; Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br> &nbsp;&nbsp;&nbsp;&nbsp;· *Northern Lights Fund Trust does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp; A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> &nbsp;&nbsp;&nbsp;&nbsp;· *Northern Lights Fund Trust doesn't jointly market*. |

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**SIERRA TACTICAL RISK SPECTRUM 70 FUND**

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|:---|:---|
| **Adviser** | **Wright Fund Management, LLC**<br> 3420 Ocean Park Boulevard<br> Santa Monica, CA 90405 |
| **Custodian** | **U.S. Bank, N.A.**<br> 60 Livingston Avenue<br> St. Paul, MN 55107-14 |
| **Transfer Agent** | **Ultimus Fund Solutions, LLC**<br> 4221 North 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |
| **Distributor** | **Northern Lights Distributors, LLC**<br> 4221 North 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |
| **Legal Counsel** | **Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| **Independent**<br> **Registered Public Accounting Firm** | **BBD, LLP**<br> 1835 Market Street, 3<sup>rd</sup> Floor<br> Philadelphia, PA 19103 |

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Additional information about the Fund is included in the Fund's Statement of Additional Information dated March 31, 2023 (the "SAI"). The SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Trust's policies and management. Additional information about the Fund's investments will also be available in the Fund's Annual and Semi-Annual Reports to Shareholders. In the Fund's Annual Report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.

To obtain a free copy of the SAI, the Annual and Semi-Annual Reports to Shareholders, or other information about the Fund, or to make shareholder inquiries about the Fund, please call 1-866-738-4363 or visit www.SierraMutualFunds.com. You may also write to:

**Sierra Tactical Risk Spectrum 70 Fund**

c/o Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street

Elkhorn, NE 68022

Reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Investment Company Act File # 811-21720