# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-000548
**Filing Date:** 2023-1
**Character Count:** 23614
**Document Hash:** dc29320fa52e492da3b18ba5a5ea3204
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000548.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001580642-23-000548

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**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:** 23571257

**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 30 Fund (Series ID: S000071866)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000227416 | Sierra Tactical Risk Spectrum 30 Fund Class C Shares |  |
| C000227417 | Sierra Tactical Risk Spectrum 30 Fund Instl Class    |  |
| C000227418 | Sierra Tactical Risk Spectrum 30 Fund Investor Class |  |
| C000227419 | Sierra Tactical Risk Spectrum 30 Fund Class A Shares |  |

*Sierra Tactical Risk Spectrum 30 Fund*

---

| | |
|:---|:---|
| **Class A Shares** | **SRTAX** |
| **Class C Shares** | **SRTKX** |
| **Investor Class** | **SRTNX** |
| **Instl Class** | **SRTJX** |

---

**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, 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 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 13 of the Fund's Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 37 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> | 0.48% | 0.48% | 0.48% | 0.48% |
| Total Annual Fund Operating Expenses | 2.12% | 2.87% | 2.27% | 1.87% |
| 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 | 2.04% | 2.79% | 2.19% | 1.79% |

---

(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>** |
| Class A | $574 | $1007 |
| Class C | $282 | $881 |
| Investor Class | $222 | $702 |
| Instl Class | $182 | $580 |

---

***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 30 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 15%-30% 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, Douglas A. Loeffler, CFA<sup>®,</sup>, Executive Vice President, Ryan Harder, CFA, Chief Investment Strategist, and Marshall Quan, Lead Portfolio Analyst are the portfolio managers of the Fund. Dr. Sleeper, Mr. Loeffler and Mr. Quan have served the Fund as portfolio managers since it commenced operations in September, 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.