# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-26-000838
**Filing Date:** 2026-2
**Character Count:** 35740
**Document Hash:** 1269e3ed4de8a2b1ff4b85f431ce330e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000838.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001580642-26-000838

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Fund Trust
- **CENTRAL INDEX KEY:** 0001314414

**ORGANIZATION NAME:**
- **EIN:** 043023766
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 26603912

**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

### Grant Park Multi Alternative Strategies Fund (Series ID: S000043473)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000134834 | Grant Park Multi Alternative Strategies Fund Class A | GPAAX           |
| C000134835 | Grant Park Multi Alternative Strategies Fund Class C | GPACX           |
| C000134836 | Grant Park Multi Alternative Strategies Fund Class I | GPAIX           |
| C000134837 | Grant Park Multi Alternative Strategies Fund Class N | GPANX           |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Grant Park Multi Alternative Strategies Fund** | &nbsp;&nbsp;**Grant Park Multi Alternative Strategies Fund** | &nbsp;&nbsp;**Grant Park Multi Alternative Strategies Fund** |
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**A** | &nbsp;&nbsp;**GPAAX** |
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**C** | &nbsp;&nbsp;**GPACX** |
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**I** | &nbsp;&nbsp;**GPAIX** |
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**N** | &nbsp;&nbsp;**GPANX** |

---

**855.501.4758** **grantparkfunds.com**

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| | |
|:---|:---|
| **Summary Prospectus** | **January 28, 2026** |

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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 28, 2026 along with the Fund's financial statements dated September 30, 2025, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Fund online at grantparkfunds.com. You can also obtain these documents at no cost by calling 855.501.4758 or by sending an email request to OrderGrantPark@ultimusfundsolutions.com.

**Fund Summary**

**Investment Objective**

The Fund seeks to provide positive absolute returns.

**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 $25,000 in the Fund. More information about these and other discounts is available from your financial intermediary and in the section of the Fund's Prospectus titled, "How to Purchase Shares".

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment) | **Class<br> A** | **Class<br> C** | **Class<br> I** | **Class<br> N** |
| Maximum Sales Charge (Load) Imposed on Purchases <br> (as a % of offering price) | &nbsp;&nbsp;5.75% |  |  |  |
| Maximum Deferred Sales Charge (Load) <br> (as a % of original purchase price) | &nbsp;&nbsp;1.00% |  |  |  |
| Redemption Fee as a % of amount redeemed if sold within 60 days | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% |
| **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 | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;1.18% | &nbsp;&nbsp;1.18% |
| Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.25% |
| Other Expenses | &nbsp;&nbsp;0.33% | &nbsp;&nbsp;0.33% | &nbsp;&nbsp;0.33% | &nbsp;&nbsp;0.33% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | &nbsp;&nbsp;0.07% | &nbsp;&nbsp;0.07% | &nbsp;&nbsp;0.07% | &nbsp;&nbsp;0.07% |
| **Total Annual Fund Operating Expenses** | &nbsp;&nbsp;**1.83%** | &nbsp;&nbsp;**2.58%** | &nbsp;&nbsp;**1.58%** | &nbsp;&nbsp;**1.83%** |

---

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

 ****

***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. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| A | $750 | $1117 | $1508 | $2599 |
| C | $261 | $802 | $1370 | $2915 |
| I | $161 | $499 | $860 | $1878 |
| N | $186 | $576 | $990 | $2148 |

---

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***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 24% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to achieve its investment objectives by allocating its assets among four independent, underlying strategies. Each strategy seeks to identify profitable opportunities across multiple, liquid foreign and domestic markets. The Fund seeks to achieve its investment objective by implementing aggressive diversification across these markets, coupled with risk management and position hedging strategies, which allows the Fund to seek positive returns while seeking to protect the Fund from unnecessary market risk exposure.

The Fund's investment adviser, Dearborn Capital Management, LLC (the "Adviser") seeks to achieve the Fund's investment objective by investing primarily in (1) derivatives (including options, futures, forwards, spot contracts and swaps), (2) US equities, (3) open- and closed-end funds and exchange traded funds ("ETFs") (collectively, "Underlying Funds"), (4) American Depository Receipts ("ADRs"), (5) currencies and (6) domestic and foreign investment grade fixed income instruments of any maturity (including US government bonds and/or other sovereign government bonds). The Fund will invest using futures and/or forwards in combination with ETFs. The Fund may also employ hedging. The Fund invests in all securities without restriction as to issuer capitalization, country or currency in seeking to fulfill the Fund's investment objective, the Adviser may engage in frequent trading of the Fund's portfolio securities.

The Adviser believes that each of the following strategies will contribute to the Fund's long-term capital appreciation and absolute positive returns. The Fund expects to allocate a portion of its assets to each of these strategies; however, the allocation among the strategies will vary and there is no maximum that will be allocated to any particular strategy.

● **Commodities Strategy** invests in a limited number of global commodity markets on a long or short basis.

● **Global Financials Strategy** invests in global currency, equity and fixed income markets and may take long or short positions.

● **Short-Term Interest Rates Strategy** focuses on financial instruments of durations of three years or less and may take long or short positions.

● **Upside Capture Strategy** is a long-biased strategy investing in a basket of investments across multiple asset classes.

The Fund may execute the commodities portion of its investment strategy, primarily, by investing up to 25% of its total assets in a wholly-owned and controlled Subsidiary (the "Subsidiary"); however, the Fund may also make these investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.

Separately, the Adviser will manage the assets not otherwise needed to execute the principal investment strategies in a manner designed to provide the Fund liquidity, to preserve capital and to generate interest income without creating duration-related or liquidity risks. The Fund will primarily invest in investment grade fixed income securities that meet the following criteria: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, (2) securities issued by foreign governments, their political subdivisions or agencies or instrumentalities, (3) money market funds, certificates of deposit and time deposits issued by domestic banks, foreign branches of domestic banks, foreign subsidiaries of domestic banks, and domestic and foreign branches of foreign banks, (4) participation interests in loans extended by banks to companies, (5) corporate bonds, notes, commercial paper or similar debt obligations, (6) mortgage backed securities, or (7) ETFs that each invests primarily in the preceding types of fixed income securities. The Fund defines investment grade fixed income securities as those that are rated, at the time purchased, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Group ("S&P"), or, if unrated, determined by the adviser to be of comparable quality. The fixed income portion of the Fund's portfolio will be invested without restriction as to issuer country, type of entity, or capitalization.

**Adviser's Investment Process**

The Adviser, in concert with the sub-adviser, will pursue the Fund's investment objective, in part, by utilizing its core investment and risk management process. The Adviser's research team combines quantitative and qualitative research in the development of the overall fund strategies to be tactically executed by the sub-adviser. The Adviser monitors the overall fund performance to ensure the underlying investment processes are executed within pre-established investment and risk management objectives. The Adviser has overall supervisory responsibilities for the general management and investment of the Fund's portfolio.

In implementing the Fund's strategy, the Adviser, through the sub-adviser, will use extensive quantitative and economic analysis amongst other forms of analysis to assess securities and investments that span the global market place. The sub-adviser's quantitative analysis utilizes historical market price data to identify potentially profitable trading opportunities.

**Delegation of Portfolio Management to Sub-Adviser**

The Adviser delegates elements of management of the Fund's portfolio, including the selection of a portion of the Fund's investments, to the sub-adviser. The Adviser retains responsibility for various aspects of the Fund's management including setting the Fund's overall investment strategies, monitoring and evaluating the performance of the sub-adviser, implementing procedures to ensure the sub-adviser complies with the Fund's investment policies and restrictions. The Adviser is responsible for ongoing performance evaluation and monitoring of the sub-adviser.

**Risk Management**

The Adviser performs extensive, daily due diligence to ensure the sub-adviser is executing the agreed-upon investment strategies within the established guidelines, which allows the Adviser to remain vigilant in its defense against the risks inherent in the Fund. The Adviser and sub-adviser have implemented a multi-tiered risk management overlay within each strategy and across the collection of strategies.

**Principal Investment Risks**

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's net asset value ("NAV") and performance.

The following risks apply to the Fund's direct investment in securities and derivatives as well as the Fund's indirect risks through investing in Underlying Funds.

***Commodity Risk:*** Investing in the commodities markets may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions.

***Counterparty Risk:*** The Fund's investments in derivatives and other financial instruments that involve counterparties subject the Fund to the risk that the counterparty could default on its obligations under the agreement, either through the counterparty's failure or inability to perform its obligations or bankruptcy. In the event of default, the Fund could experience delays in recovering some or all of its assets as a result of bankruptcy or other reorganization proceedings. The Fund could also experience limited recoveries or no recovery at all, and the value of an investment in the Fund could decline as a result. In addition, the Fund may default under an agreement with a counterparty which could adversely affect the Fund's investing activities.

 ****

***Credit Risk:*** There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.

***Currency Risk (Domestic and Foreign):*** The risk that material changes in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign and domestic currencies. Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade issuer may default. Country risk arises because a government may interfere with transactions in its currency.

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***Derivatives Risk:*** The Fund's direct and indirect use of derivative instruments, including futures, options, options on futures and swaps, involves risks different from, or possibly greater than, the risks associated with investing directly in securities including leverage risk, issuer default risk and tracking risk. Option positions may expire worthless exposing the Fund to potentially significant losses.

***Emerging Markets Risk:*** 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.

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***Equity Market Risk:*** Common stocks are subject to greater fluctuations in market value than certain other asset classes as a result of such factors as a company's business performance, investor perceptions, stock market trends and general economic conditions.

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***Fixed Income Risk:*** Typically, a rise in interest rates causes a decline in the value of fixed income securities. The value of fixed income securities typically falls when an issuer's credit quality declines and may even become worthless if an issuer defaults.

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***Foreign Exchanges Risk:*** A portion of the derivatives trades made by the Fund may take place on foreign markets. Neither existing Commodity Futures Trading Commission (the "CFTC") regulations nor regulations of any other U.S. governmental agency apply to transactions on foreign markets. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals' markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

***Foreign Investment Risk:*** Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

***Futures and Forward Contract Risk:*** There could be an imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract. Also, if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

***Hedging Transactions Risk:*** The Adviser and sub-adviser, from time to time, employ various hedging techniques. The success of the Fund's hedging strategy will be subject to the Adviser's or sub-adviser's ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. The Adviser or sub-adviser may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. In addition, it is not possible to hedge fully or perfectly against any risk, and hedging entails its own costs.

***Issuer-Specific Risk:*** The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

***Leverage Risk:*** Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price.

***Liquidity Risk:*** Certain Fund investments may be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

***Management Risk:*** The Adviser's and sub-adviser's judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests may prove to be incorrect and may not produce the desired results.

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***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 a worldwide pandemic, terrorist attacks, 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 COVID-19 global pandemic 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.

***Market Risk:*** Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

***Model and Data Risk:*** Given the complexity of the investments and strategies of the Fund, the Adviser and the sub-adviser rely heavily on quantitative models (both proprietary models developed by the Adviser and the sub-adviser, and those supplied by third parties) and information and data supplied by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments.

All models rely on correct market data inputs. If incorrect market data is entered into even a well-founded model, the resulting information will be incorrect. However, even if market data is input correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments.

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***Momentum Style Risk:*** Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. These securities may be more volatile than a broad cross-section of securities. In addition, there may be periods when the momentum style is out of favor, and during which the investment performance of a Fund using a momentum strategy may suffer.

***Short Position Risk:*** The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the Adviser's ability to accurately anticipate the future value of a security or instrument. The Fund's losses are potentially unlimited in a short position transaction.

***Sovereign Debt Risk:*** These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

***Swap Risk:*** Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap.

***Taxation Risk:*** By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income received from its investments in the Underlying Funds or derivatives will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains.

***Underlying Funds Risk:*** Investments in other investment companies, including ETFs ("Underlying Funds"), are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in stocks and bonds. Underlying Funds are subject to specific risks, depending on the nature of the fund.

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***U.S. Government Securities Risk:*** Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Certain government agency securities the Fund may purchase are backed only by the credit of the government agency and not by full faith and credit of the United States.

***Volatility Risk:*** The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund's NAV per share to experience significant increases or declines in value over short periods of time.

***Wholly Owned Subsidiary Risk:*** The Fund may execute the commodities portion of its investment strategy, primarily, by investing up to 25% of its total assets (measured at the time of purchase) in a wholly-owned and controlled Subsidiary. The Subsidiary may invest primarily in commodities. However, the Fund may also make these investments outside of the Subsidiary. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis. The principal investment strategies and principal investment risks of the Subsidiary are also principal investment strategies and principal risks of the Fund and are reflected in this Prospectus. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Unlike the Fund, the Subsidiary will not seek to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus and the Statement of Additional Information (the "SAI") and could adversely affect the Fund. Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary.

Because the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus, the Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references to the Fund may also include the Subsidiary.

**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 the Fund's Class I shares for each full calendar year since the Fund's inception. Returns for Class A, C, and N, which are not presented, will vary from the returns of Class I shares. The performance table compares the performance of the Fund's Class I, Class A, Class C, and Class N shares 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 and daily NAV per share information is available at no cost by visiting www.grantparkfunds.com or by calling 855.501.4758.

**Grant Park Multi Alternative Strategies Fund**

**Class I Annual Total Return**

**For Calendar Years Ended December 31**

![](image_002.gif)

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| | | |
|:---|:---|:---|
| Best Quarter | Fourth Quarter 2017 | 7.95% |
| Worst Quarter | Fourth Quarter 2016 | (6.93)% |

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**Grant Park Multi Alternative Strategies Fund** 

**Average Annual Total Returns**

**For periods ended December 31, 2025** 

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| | | | |
|:---|:---|:---|:---|
|  | **One <br> Year** | **Five <br> Years** | **Ten** <br> **Years** |
| Class I shares Return before taxes | 12.24% | 4.22% | 4.97% |
| Class I Return after taxes on distributions | 10.74% | 2.64% | 3.49% |
| Class I Return after taxes on distributions and sale of Fund shares | 7.28% | 2.61% | 3.30% |
| Class A shares Return before taxes | 5.61% | 2.72% | 4.08% |
| Class C shares Return before taxes | 11.20% | 3.17% | 3.92% |
| Class N shares Return before taxes | 11.99% | 3.97% | 4.71% |
| Bloomberg 1-3 Year U.S. Treasury Bond Index<sup>(1)</sup> | 5.17% | 1.76% | 1.83% |
| Bloomberg U.S. Government/Corporate Long Bond Index<sup>(2)</sup> | 6.41% | (5.06)% | 1.91% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Bloomberg 1-3 Year U.S. Treasury Bond Index measures
the performance of U.S. Treasury securities that have a remaining maturity of at least one year and less than three years. The Adviser
believes that the Bloomberg 1-3 Year U.S. Treasury Bond Index is a more appropriate benchmark index for the Fund given the average weighted
duration of the Fund's portfolio. Investors cannot invest directly into the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Government/Corporate Long Bond Index
measures the performance of all medium and larger public issues of U.S. Treasury, agency, investment-grade corporate bonds with maturities
longer than 10 years. Investors cannot invest directly in an index.

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 for Class A, C, and N shares will vary from Class I shares.

**Investment Adviser**

Dearborn Capital Management, LLC.

**Investment Adviser and Portfolio Manager**

David M. Kavanagh, President of the Adviser, has served the Fund as a Portfolio Manager since it commenced operations in December 2013.

**Sub-Adviser**

EMC Capital Advisors, LLC.

**Sub-Adviser and Portfolio Managers**

John Krautsack, Chairman of the sub-adviser, has served the Fund as a Portfolio Manager since it commenced operations in December 2013 and Brian Proctor, Managing Director of the sub-adviser, has served the Fund as a Portfolio Manager since October 2022.

**Purchase and Sale of Fund Shares**

You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange is open for trading by written request, telephone, website, or through your broker. The minimum initial investment and subsequent investment for all share classes is set forth in the table below:

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| | | |
|:---|:---|:---|
| **GPMAS** | **Minimum Investment** | **Minimum Investment** |
| **Class** | **Initial** | **Subsequent** |
| A | $2500 | $100 |
| C | $2500 | $100 |
| I | $100000 | $1000 |
| N | $2500 | $100 |

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**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 plan such as an IRA or 401(k) plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase 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.