# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-000552
**Filing Date:** 2023-1
**Character Count:** 29409
**Document Hash:** bf292574f693d9978e542329eb6dfc94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000552.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001580642-23-000552

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230131

**EFFECTIVENESS DATE**: 20230131

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 23571463

**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 50 Fund (Series ID: S000071867)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000227420 | Sierra Tactical Risk Spectrum 50 Fund Investor Class |  |
| C000227421 | Sierra Tactical Risk Spectrum 50 Fund Instl Class    |  |
| C000227422 | Sierra Tactical Risk Spectrum 50 Fund CLass C Shares |  |
| C000227423 | Sierra Tactical Risk Spectrum 50 Fund Class A Shares |  |

*Sierra Tactical Risk Spectrum 50 Fund*

---

| | |
|:---|:---|
| **Class A Shares** | **SRFQX** |
| **Class C Shares** | **SRFKX** |
| **Investor Class** | **SRFNX** |
| **Instl Class** | **SRFJX** |

---

**Summary Prospectus**

**January 30, 2023**

Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. The Fund's prospectus and Statement of Additional Information, both dated January 30, 2023, along with the Fund's annual report dated September 30, 2022, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at https://sierramutualfunds.com/documents. You can also obtain these documents at no cost by calling 1-866-738-4363 or by sending an email request to OrderSierra@ultimusfundsolutions.com.

**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, hold and sell 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 15 of the Fund's Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 47 of the Statement of Additional Information.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Shareholder Fees**<br> (fees paid directly from your investment) | **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> | 0.51% | 0.51% | 0.51% | 0.51% |
| Total Annual Fund Operating Expenses | 2.15% | 2.90% | 2.30% | 1.90% |
| 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 | 2.07% | 2.82% | 2.22% | 1.82% |

---

(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, 2024 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>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Class A | $577 | $1015 | $1479 | $2759 |
| Class C | $285 | $890 | $1521 | $3218 |
| Investor Class | $225 | $711 | $1223 | $2630 |
| Instl Class | $185 | $589 | $1019 | $2216 |

---

***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. During the most recent fiscal year, the Fund's portfolio turnover rate was 640% of the average value of its portfolio.

***Principal Investment Strategies:*** The Sierra Tactical Risk Spectrum 50 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 30%-50% 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 positive 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 the 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 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:** The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Instl Class shares of the Fund for each full calendar year since the Fund's inception. The performance table compares the performance of the share classes of the Fund over time to the performance of a broad-based securities market index and a supplement index. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. Updated performance information is available at no cost by calling 1-866-738-4363 or visiting www.SierraMutualFunds.com.

**Instl Class Annual Total Return For Calendar Years Ended December 31<sup>1</sup>**

![](image_002.gif)

<sup>1</sup> The returns are for Instl Class, which would have substantially similar annual returns as the other share classes because the shares are invested in the same portfolio of securities and the returns for each class would differ only to the extent that the classes do not have the same expenses

---

| | |
|:---|:---|
| Best Quarter: | 1.65% |
| Worst Quarter: 2<sup>nd</sup> Quarter 2022 | (6.13)% |

---

**Performance Table**

**Average Annual Total Returns**

(For periods ended December 31, 2022)

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp; **One**<br> **Year** | &nbsp;&nbsp; **Life of Fund**<br> **(inception 5/26/2021)** |
| **Instl Class** | | |
| Return before taxes | (9.69)% | (6.35)% |
| Return after taxes on distributions | (10.19)% | (6.96)% |
| Return after taxes on distributions and sale of Fund shares | (5.60)% | (4.98)% |
| **Class A shares** |  |  |
| Return before taxes with sales load | (15.14)% | (9.99% |
| **Class C shares** |  |  |
| Return before taxes | (10.63)% | (7.26)% |
| **Investor Class** |  |  |
| Return before taxes | (10.08)% | (6.72)% |
| &nbsp;&nbsp;**Morningstar Moderately Conservative Target Risk Index.** | (13.85)% | (7.31)% |
| **Morningstar Allocation 30% - 50% Equity Category Average** | (13.38)% | (6.79)% |

---

The Morningstar Allocation 30%-50% Equity Category Average is the average performance, published by Morningstar, of mutual funds that Morningstar categorizes in its Conservative Allocation group, as published by Morningstar at the end of each calendar quarter, and thus the original reports include funds that have subsequently merged, changed categories or liquidated. These portfolios are dominated by domestic holdings and have equity exposures between 30% and 50%.

The Morningstar US Moderately Conservative Target Risk Index is an index comprised of a diversified mix of equities, bonds and cash. The Morningstar US Moderately Conservative Target Allocation Index seeks 40% exposure to global equity markets.

After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts (IRAs). After tax returns are not shown for Class A, C and Investor shares and would differ from those of Instl Class.

Sierra Mutual Funds are not sponsored, endorsed, sold or promoted by Morningstar, Inc., or any of its affiliated companies (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the Sierra Mutual Funds or any member of the public regarding the advisability of investing in mutual funds generally or in the Sierra Mutual Funds in particular or the ability of the Sierra Mutual Funds to track general market performance. The Morningstar Entities' only relationship to Sierra Investment Management, Inc. is the licensing of certain service marks and service names of Morningstar and of the Morningstar Indexes which is determined, composed and calculated by the Morningstar Entities without regard to Sierra Investment Management, Inc. or the Sierra Mutual Funds. The Morningstar Entities have no obligation to take the needs of Sierra Investment Management, Inc. or the owners of the Sierra Mutual Fund into consideration in determining, composing or calculating the Morningstar Indexes. The Morningstar Entities are not responsible for and has not participated in the determination of the prices and amount of the Sierra Mutual Funds or the timing of the issuance or sale of the Sierra Mutual Funds or in the determination or calculation of the equation by which the Sierra Mutual Funds are converted into cash. The Morningstar Entities have no obligation or liability in connection with the administration, marketing or trading of the Sierra Mutual Funds.

THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE SIERRA MUTUAL FUNDS OR ANY DATA INCLUDED THEREIN AND THE MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THE MORNINGSTAR ENTITIES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY SIERRA MUTUAL FUNDS, OWNERS OR USERS OF THE SIERRA MUTUAL FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MORNINGSTAR INDEXES OR ANY DATA INCLUDED THEREIN. THE MORNINGSTAR ENTITIES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS A LL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE SIERRA MUTUAL FUNDS OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE MORNINGSTAR ENTITIES HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING lOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

**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®, Chief Investment Strategist, Douglas A. Loeffler, CFA®, Executive Vice President and Marshall Quan, Lead Portfolio Analyst are the portfolio managers of the Fund. Dr. Sleeper has served the Fund as portfolio manager since it commenced operations in May 2021. Mr. Loeffler and Mr. Quan have served the Fund as portfolio managers since January 2022. Mr. Harder has served the Fund as portfolio manager since January 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.