# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-23-000404
**Filing Date:** 2023-1
**Character Count:** 1326276
**Document Hash:** 5ff6421a51eba4cb5b50b04cc1638f17
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000404.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001580642-23-000404

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 38

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230130

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 23556023

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 23556022

**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 All Asset Fund (Series ID: S000020016)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000056130 | Sierra Tactical All Asset Fund Class A         | SIRAX           |
| C000056131 | Sierra Tactical All Asset Fund Investor Class  | SIRIX           |
| C000056132 | Sierra Tactical All Asset Fund Instl Class     | SIRRX           |
| C000084926 | Sierra Tactical All Asset Fund Class C         | SIRCX           |
| C000115425 | Sierra Tactical All Asset Fund Class A1 shares | SIRZX           |
| C000115426 | Sierra Tactical All Asset Fund Class I1 shares | SIRJX           |

### Sierra Tactical Core Income Fund (Series ID: S000035209)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000108313 | Sierra Tactical Core Income Fund Class A Shares | SSIZX           |
| C000108314 | Sierra Tactical Core Income Fund Class C Shares | SSICX           |
| C000108315 | Sierra Tactical Core Income Fund Investor Class | SSIIX           |
| C000108316 | Sierra Tactical Core Income Fund Instl Class    | SSIRX           |

### Sierra Tactical Municipal Fund (Series ID: S000064014)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000207096 | Sierra Tactical Municipal Fund Class Special Shares  | STMYX           |
| C000207097 | Sierra Tactical Municipal Fund Class A Shares        | STMKX           |
| C000207098 | Sierra Tactical Municipal Fund Instl Class Shares    | STMEX           |
| C000207099 | Sierra Tactical Municipal Fund Investor Class Shares | STMNX           |
| C000214793 | Sierra Tactical Municipal Fund Class C Shares        | STMHX           |

### Sierra Tactical Bond Fund (Series ID: S000066392)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000214242 | Sierra Tactical Bond Fund Investor Class Shares |  |
| C000214243 | Sierra Tactical Bond Fund Instl Class Shares    |  |
| C000214244 | Sierra Tactical Bond Fund Class A Shares        |  |
| C000214245 | Sierra Tactical Bond Fund Class C Shares        |  |

### 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 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 |  |

?xml version='1.0' encoding='ASCII'?

Securities Act File No. 333-122917

ICA No. 811- 21720

**As filed with the Securities and Exchange Commission on January 26, 2023**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

Pre-Effective Amendment No. ☐ <br>Post-Effective Amendment No. 1417 ☒

and/or

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

Amendment No. <u>1419</u> ☒

(Check Appropriate Box or Boxes)

**Northern Lights Fund Trust**

(Exact Name of Registrant as Specified in Charter)

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Attention: Kevin Wolf

(Address of Principal Executive Offices) (Zip Code)

(631)490-4300

(Registrant's Telephone Number, Including Area Code)

The Corporation Trust Company

Corporate Trust Center

251 Little Falls Drive

Wilmington, DE 19808

(Name and Address of Agent for Service)

<u>With a copy to</u>:

<br> JoAnn M. Strasser, Esq. Thompson Hine LLP 41 South High Street, Suite 1700 Columbus, Ohio 43215 614-469-3265 (phone) 513-241-4771 (fax) <u> Eric Kane Ultimus Fund Solutions, LLC 4221 North 203rd Street, Suite 100 Elkhorn, Nebraska 68022-3474 (631) 470-2688</u>

Approximate Date of Proposed Public Offering: As Soon As Practical, After Effectiveness of Registration Statement

It is proposed that this filing will become effective (check appropriate box):

☐ immediately upon filing pursuant to paragraph (b).

☒ on (January 30, 2023) pursuant to paragraph (b).

☐ 60 days after filing pursuant to paragraph (a)(1).

☐ on (date) pursuant to paragraph (a)(1).

☐ 75 days after filing pursuant to paragraph (a)(2).

☐ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Shares of Beneficial Interest

---

| | |
|:---|:---|
| ![](logo_001.jpg) | 1-866-RETI-FND<br> 1-866-738-4363<br>www.sierramutualfunds.com |

---

---

| |
|:---|
| ***<u>Sierra Tactical All Asset Fund</u>*** |
| **PROSPECTUS** |

---

*January 30, 2023*

---

| | | |
|:---|:---|:---|
| *Advised by:* | Class A Shares | SIRAX |
| Wright Fund Management, LLC | Class C Shares | SIRCX |
| 3420 Ocean Park Boulevard |  |  |
| Suite 3060 | Investor Class | SIRIX |
| Santa Monica, CA 90405 |  |  |
|  | Instl Class | SIRRX |
|  | Class A1 Shares | SIRZX |
|  | Class I1 Shares | SIRJX |

---

*The prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.*<br>*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.*<br>*Any representation to the contrary is a criminal offense.*<br>

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

---

| | |
|:---|:---|
| **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 Strategies | 2 |
| &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 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 6 |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Investments | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity | 11 |
| **MANAGEMENT** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 12 |
| **HOW SHARES ARE PRICED** | **15** |
| **HOW TO PURCHASE SHARES** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors to Consider When Choosing a Share Class | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum and Additional Investment Amounts | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Order is Processed | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plans | 20 |
| **HOW TO REDEEM SHARES** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in Kind | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Redemptions are Sent | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When You Need Medallion Signature Guarantees | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plans | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Balances | 23 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **23** |
| **FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES** | **24** |
| **DISTRIBUTION OF SHARES** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | 25 |
| **FINANCIAL HIGHLIGHTS** | **26** |
| **PRIVACY NOTICE** | **34** |

---

i

**<u>FUND SUMMARY</u>**

**Investment Objectives:**

The Fund's two investment objectives are to provide long-term 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 and Class A1 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 16 of the Fund's Prospectus and **Purchase, Redemption and Pricing of Share** on page 21 of the Statement of Additional Information.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees** <br> (fees paid directly from your investment) | **Class<br> A** | **Class<br> A1** | **Class<br> C** | **Investor<br> Class** | **Class<br> I1** | **Instl<br> Class** |
| Maximum Sales Charge (Load) <br> Imposed on Purchases (as a % of offering price) | 3.75% | 3.75% |  |  |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a % of the lower of original purchase price <br> or redemption proceeds) | 1.00% | 1.00% |  |  |  |  |
| Maximum Sales Charge (Load) <br> Imposed on Reinvested Dividends and other Distributions |  |  |  |  |  |  |
| Redemption Fee<br> (as a % of amount redeemed, if applicable) |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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) | **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 | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 0.40% | 1.00% | 0.25% | 0.40% |  |
| Other Expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| Total Annual Fund Operating Expenses | 2.26% | 2.41% | 3.01% | 2.26% | 2.41% | 2.01% |

---

(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.

***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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Class A | $596 | $1055 | $1540 | $2873 |
| Class A1 | $610 | $1098 | $1612 | $3018 |
| Class C | $304 | $930 | $1582 | $3327 |
| Investor Class | $229 | $706 | $1210 | $2595 |
| Class I1 | $244 | $751 | $1285 | $2746 |
| Instl Class R | $204 | $630 | $1083 | $2338 |

---

***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 542% of the average value of its portfolio.

**Principal Investment Strategies:**

The Sierra Tactical All Asset Fund is a "fund of funds". To access a wide variety of underlying asset classes and strategies, the Adviser (defined below) seeks to achieve the Fund's investment objectives by investing in (1) open-end investment companies (mutual funds), (2) exchange-traded funds ("ETFs"), and (3) closed-end investment companies (collectively "Underlying Funds") using the Adviser's multi-asset diversification strategy. The Adviser constructs the Fund's broadly-diversified investment portfolio by investing at various times in a wide range of Underlying Funds that invest in various security and investment categories (each an "Asset Class").

Underlying Funds include those that invest in:

● equity securities (common and preferred stock) of both domestic and foreign companies of various sizes;

● fixed-income securities of domestic and foreign corporate and government issuers, without restriction as to maturity or credit quality, including "high yield" securities;

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

● currencies and the Dollar Index, and its inverse;

● funds that rise in value when interest rates rise; and

● money-market instruments.

The Fund defines high yield securities, also known as "junk bonds," as fixed-income securities rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO)), and if unrated, determined by the Adviser to be of comparable quality.

The Adviser's multi-asset diversification strategy employs unusually broad diversification across Asset Classes (investment categories), markets, industries and issuers in an effort to limit downside risk as well as to seek opportunities to enhance return. The Adviser constructs the Fund's portfolio in the following manner: First, the Adviser selects Asset Classes that it believes will respond differently to a variety of economic forces. 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 fees for those Underlying Funds. Fourth, the Adviser monitors each Underlying Fund daily, and sells or hedges the Underlying Fund whenever it 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 does not employ a passive, "buy and hold," strategy. As part of its integrated risk-management disciplines, the Adviser monitors the Fund's holdings daily and applies a trailing stop discipline to each Underlying Fund within the Fund's portfolio, based on the proprietary approach ("Sell disciplines") which the Adviser's founders have used since 1987 with managed separate accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in a given Asset Class or Underlying Fund.

The Sell disciplines used by the portfolio managers for more than 30 years 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 as distinct from a "predictive" approach. 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 Asset Class.

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 investment markets. 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.***

● *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.

● *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 fluctuate with changes in interest rates, as well as other factors. Defaults by fixed income issuers in which the Underlying Funds invest may also harm performance.

● *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 bond issuers are more sensitive to economic conditions than high quality issuers and more likely to seek bankruptcy protection which will delay resolution of bond holder claims and may eliminate liquidity.

● *Foreign Risk.* Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments 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.

● *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.

● *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.

● *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.

● *Management Risk.* 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 will in some cases prove to be incorrect and have negative impacts on performance.

● *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 current 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.

● *Portfolio Turnover Risk.* As to the portion of the portfolio invested in ETFs and closed-end investment companies, 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.

● *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.

● *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.

● *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 <u>www.SierraMutualFunds.com</u>.

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

![](sirax_001.jpg)

<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: | 4.00% |
| Worst Quarter: 2<sup>nd</sup> Quarter 2022 | (4.33)% |

---

**Performance Table**

**Average Annual Total Returns**

(For periods ended December 31, 2022)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **One**<br> **Year** | **Five**<br> **Year** | **Ten<br> Years** | **Since<br> Inception** |
| **Instl Class shares\*** | **Instl Class shares\*** | **Instl Class shares\*** | **Instl Class shares\*** | **Instl Class shares\*** |
| &nbsp;&nbsp;&nbsp;Return before taxes<sup>\*</sup> | (6.57)% | 0.49% | 1.62% | 3.88% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions<sup>\*</sup> | (7.15)% | (0.28)% | 0.65% | 2.66% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares<sup>\*</sup> | (3.86)% | 0.14% | 0.86% | 2.61% |
| **Class A shares\*** | **Class A shares\*** | **Class A shares\*** | **Class A shares\*** | **Class A shares\*** |
| &nbsp;&nbsp;&nbsp;Return before taxes with sales load<sup>\*</sup> | (12.19)% | (0.93)% | 0.78% | 3.24% |
| **Class C shares\*\*** | **Class C shares\*\*** | **Class C shares\*\*** | **Class C shares\*\*** | **Class C shares\*\*** |
| &nbsp;&nbsp;&nbsp;Return before taxes<sup>\*\*</sup> | (7.48)% | (0.50)% | 0.62% | 1.48% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (6.83)% | 0.24% | 1.37% | 3.64% |
| **Class A1 shares\*\*\*** | **Class A1 shares\*\*\*** | **Class A1 shares\*\*\*** | **Class A1 shares\*\*\*** | **Class A1 shares\*\*\*** |
| &nbsp;&nbsp;&nbsp;Return before taxes with sales load<sup>\*\*\*</sup> | (12.28)% | (1.08)% | 0.63% | 0.93% |
| **Class I1 shares\*\*\*** | **Class I1 shares\*\*\*** | **Class I1 shares\*\*\*** | **Class I1 shares\*\*\*** | **Class I1 shares\*\*\*** |
| &nbsp;&nbsp;&nbsp;Return before taxes<sup>\*\*\*</sup> | (6.97)% | 0.10% | 1.22% | 1.51% |
| **Morningstar Conservative Target Risk Index** | (13.15)% | 1.38% | 2.38% | 3.21% |
| **Morningstar Tactical Allocation Category Average** | (15.57)% | 1.87% | 3.27% | 2.65% |

---

\* Class A, Investor Class and Instl Class shares commenced operations December 24, 2007. <br> \*\* Class C shares commenced operations February 5, 2010. <br> \*\*\* Class A1 and I1 shares commenced operations June 7, 2012.

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, I, A1 and I1 shares and would differ from those of Instl Class shares.

The Fund has selected the Morningstar Conservative Target Risk Index as its new primary benchmark index because it better aligns with the Fund's strategy and portfolio holdings. The Morningstar Conservative Target Risk Index is an index comprised of a diversified mix of equities, bonds and cash. The Morningstar Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

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 is the Fund's investment adviser.

**Investment Adviser Portfolio Managers:** Kenneth L. Sleeper, MBA, PhD, Managing Director, Douglas A. Loeffler, CFA®, Executive Vice President, and Ryan Harder, CFA®, Chief Investment Strategist are the portfolio managers of the Fund. Kenneth L. Sleeper has served the Fund since it commenced operations in December 2007. Douglas A. Loeffler has served the Fund as portfolio manager since January 2022. Ryan 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 ("NYSE") 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 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).

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase Class A, Class C or Investor Class 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 investment objectives are to provide long-term 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:**

To access a wide variety of underlying asset classes and strategies, the Adviser seeks to achieve the Fund's investment objectives by investing primarily in (1) open-end investment companies (mutual funds), (2) exchange-traded funds ("ETFs"), and (3) closed-end investment companies, using the Adviser's multi-asset diversification strategy. The Adviser maintains and updates a broadly diversified investment portfolio for the Fund by investing in a range of Underlying Funds that invest in various security and investment categories. Underlying Funds include those that invest in:

● equity securities (common and preferred stock) of both domestic and foreign companies of various sizes;

● fixed-income securities of domestic and foreign corporate and government issuers, without restriction as to maturity or credit quality, including "high yield" securities;

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

● currencies and the Dollar Index, and its inverse;

● funds that rise in value when interest rates rise; and

● money-market instruments.

The Fund defines high yield securities, also known as "junk bonds," as fixed-income securities rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO)), and if unrated, determined by the Adviser to be of comparable quality.

For all Asset Classes (and subclasses) in which the Fund invests, the Adviser analyzes performance correlation of the Underlying Fund to benchmarks, standard deviation, historic total return, sensitivity to the economic cycle, fundamental valuation and other factors in order to decide how much of a given Asset Class to include in the Fund's investment portfolio from time to time. The Adviser will choose Underlying Funds based on the likely contributions to future total return and to diversification of risk within the overall Fund portfolio. The performance of the Underlying Funds, in terms of total return, price volatility and diversification for the Fund is monitored by the Adviser on a daily basis, and when an Underlying Fund declines more than a normal fluctuation (as determined by the Adviser's criteria) or no longer meets the Adviser's investment criteria, it may be sold and new Underlying Funds may be purchased.

The Adviser invests assets of the Fund in shares of unaffiliated no-load mutual funds, load funds on a load-waived basis and institutional mutual funds, as well as ETFs. The Adviser derives no income or commissions from any Underlying Funds. The Adviser selects Underlying Funds within each Asset Class (investment category) based on analysis of the historical behavior of that Asset Class and whether the managers of the Underlying Funds have a history of adding value, as compared to their peer groups.

*Adviser's Multi-Asset Investment Strategy*

The Adviser's multi-asset diversification strategy employs unusually broad diversification across Asset Classes (investment categories), markets, industries and issuers in an effort to limit downside risk as well as to seek opportunities to enhance return. The Adviser constructs the Fund's portfolio in the following manner: First, the Adviser selects Asset Classes that it believes will respond differently to a variety of economic forces. 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). Fourth, the Adviser monitors each Underlying Fund daily, and sells or hedges the Underlying Fund whenever it 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 does not employ a passive, "buy and hold," strategy. As part of its integrated risk-management disciplines, the Adviser monitors the Fund's holdings daily and applies a trailing stop discipline to each Underlying Fund within the Fund's portfolio, based on the proprietary approach ("Sell disciplines") which the portfolio managers have used since 1987 with their managed separate accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in a given Asset Class or Underlying Fund.

The Sell disciplines used by the portfolio managers for the past 32 years 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 as distinct from a "predictive" approach. 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 Asset Class.

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 investment markets.

**<u>Risk-Management Strategies</u>:**

The Adviser applies an integrated set of risk-management disciplines with the goal of limiting the impact of downside risk of the Fund's portfolio in the following manner: First, the Adviser constructs (and from time to time modifies) the portfolio with a view to Asset Class diversification, in the sense that the Adviser uses Asset Classes that respond to a variety of underlying driving forces, ranging from economic shifts to investor mood; and with a view to the historic average total return and volatility of the individual Asset Classes. Second, the Adviser uses well-diversified Underlying Funds to participate in each chosen Asset Class – and in some cases, Underlying Funds that diversify among two or more Asset Classes. Third, within most Asset Classes, the Adviser attempts to identify Underlying Fund managers whose history demonstrates an ability to add positive Alpha – incremental total return in excess of incremental risk. Fourth, the Adviser monitors each Underlying Fund daily, and the Adviser reacts with a long-tested methodology to sell or hedge the Underlying Fund whenever it declines "substantially", as defined by the Adviser's studies of the historic behavior of that Asset Class.

The Adviser monitors, on a daily basis, the price trend of each Underlying Fund and applies a trailing stop discipline to each holding using banded moving averages. When the value of an Underlying Fund declines below the stop, the Adviser will move the assets from the Underlying Fund temporarily into a money-market fund or other temporary defensive investment. The Adviser's sell disciplines are intended to protect the Fund from any continuation of a downward trend in an Underlying Fund and Asset Class, but are not based on any attempt to predict the future value or trend of an Underlying Fund.

The amount of price fluctuation in an Underlying Fund that the Adviser will tolerate depends upon the historic volatility of the Asset Class in which the Underlying Fund invests. For example, the Adviser will tolerate much larger price swings and price volatility in an equity Underlying Fund than in a fixed-income Underlying Fund.

When the value of an Underlying Fund stabilizes and turns up, the Adviser will move the assets from the money market or other temporary defensive investment back into the original Underlying Fund, unless in the interim the Adviser has identified a more attractive Underlying Fund.

From time to time, the Adviser may sell an Underlying Fund in order to purchase a new Underlying Fund in the same Asset Class or to revise the asset allocation mix among Asset Classes.

**Principal Investment Risks:**

● *Equity Risk.* The net asset value of the Fund will fluctuate based on changes in the value of the Underlying Funds in which the Fund invests. The Fund will invest in some Underlying Funds that invest in equity securities, which are more volatile and carry more risk than some other forms of investment. The price of equity securities may rise or fall because of fluctuations in the economy, specific industries and investor sentiment. Stock prices in general will periodically decline over short and even extended periods of time. Market prices of equity securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or a decline in earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates or investor attitudes, among other factors.

● *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.

● *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 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.

● *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.

● *Emerging Markets Risk.* The Underlying Funds 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 Underlying Funds 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 an Underlying Fund's value or prevent a Fund from being able to meet cash obligations or take advantage of other investment opportunities.

● *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.

● *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 Barclays US 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 Barclays US 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 tend to decrease on a daily basis (if the Bloomberg Barclays US 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 Barclays US 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 Barclays US Aggregate Bond Index goes down 5% then the inverse ETF's value should go up 10%).

● *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.

● *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.

● *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.

● *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.

● *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.

● *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 closed-end 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 and closed-end funds 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 and closed-end fund shares 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, the 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 include: shares of money-market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. When the 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 the 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 Fund and their 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 their service providers, systems, networks, or devices potentially can be breached. The Fund 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 the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate their net asset value ("NAV");; impediments to trading; the inability of the Fund, the Advisor, 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 the Fund invests; counterparties with which the 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 the 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 (the "Adviser"), located at 3420 Ocean Park Boulevard, Suite 3060, Santa Monica, California 90405, serves as investment adviser to the Fund. Subject to the authority of the Board, the Adviser is responsible for management of the Fund's investment portfolio. The Adviser is responsible for selecting the Fund's investments according to the 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 greater than $10 billion.

For the fiscal year ended September 30, 2022 the Adviser received an annual advisory fee equal to 1.25% of the Fund's average daily net assets. The Adviser receives an annual advisory fee of 1.25% of the Fund's average daily net assets up to $1 billion and then 1.00% thereafter. A discussion regarding the basis for the Board of Trustees' renewal of the advisory agreement is available in the Fund's annual shareholder report dated September 30, 2022.

The Adviser has contractually agreed to waive all or part of its management fees and/or to make payments to limit Fund expenses, other than extraordinary or non-recurring expenses, at least until January 31, 2023, to ensure that total annual fund operating expenses after fee waiver and/or reimbursement (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses of underlying funds in which the Fund invests, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short or extraordinary expenses, such as litigation will not exceed 1.75%, 1.90%, 2.50%, 1.75%, 1.90% and 1.50% for Class A, A1, C, Investor, I1 and Instl shares, respectively.

Waivers and expense payments may be recouped by the Adviser from the Fund, to the extent that 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, Douglas A. Loeffler, CFA® and Ryan Harder, CFA® are jointly responsible for the day-to-day management of the Fund. Kenneth L. Sleeper has served the Fund since it commenced operations in December 2007. Douglas A. Loeffler has served the Fund since January 2022. Ryan Harder has served the Fund since January 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 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<sup>®</sup> 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<sup>®</sup> Charterholder. Mr. Loeffler has been affiliated with Sierra and Ocean Park since February 2021.

**Kenneth L. Sleeper**

Dr. Sleeper 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 since 1992 and was a general partner in its predecessor since its formation in 1987; and the Senior Vice President, a Director and 50% shareholder of Ocean Park and its predecessor since its formation in 1988.

**Douglas A. Loeffler, CFA®**

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.

**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.

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.

**Supplemental Fund Performance Information**

**Comparison of the Change in Value of a $10,000 Investment**

The Fund's performance figures compared to its Benchmark

for the period ended September 30, 2022

![](sirax_002.jpg)

As the new Benchmark for the Sierra Tactical All Asset Fund, the Adviser has selected the Morningstar Conservative Target Risk Index.

The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Conservative Target Risk Index seeks approximately 20% exposure to global equity markets. Indices do not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

The inception date of the Fund's Class A, Investor and Instl shares is December 24, 2007. The inception date of the Fund's Class C shares is February 5, 2010. The inception date of the Fund's Class A1 and I1 shares is June 7, 2012.

The performance data quoted here represents past performance. The performance comparison includes reinvestment of all dividends and capital gains and has been adjusted for the Class A maximum applicable sales charge of 5.75%. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance figures for periods greater than one year are annualized.

The Fund's total annual operating expenses, including acquired fund fees and expenses, are currently 2.26% for Class A and Investor Class, 2.01% for Instl Class, 3.01% for Class C shares and 2.41% for Class A1 and 2.41% for Class I1 shares. For performance information current to the most recent month-end, please call toll-free 1-866-738-4363 (1-866-RETI-FND) or visit <u>www.SierraMutualFunds.com</u>.

**<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 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 the Fund less its liabilities divided by the total number of the Fund's shares outstanding ((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 the Fund, including investment advisory, administration, and distribution fees, which are accrued daily. The determination of NAV of the 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 the 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. 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 designated the Adviser as its "Valuation Designee" to execute 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.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities. Although not part of the Adviser's principal investment strategy, since the Fund may invest in foreign securities that are primarily listed on foreign exchanges that may trade on weekends or other days when the Fund does not price its shares, the value of the Fund's portfolio may change on days when you may not be able to buy or sell Fund shares. In computing the NAV of the Fund, the Adviser values foreign securities held by the 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 the Fund's portfolio occur before the 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 the Fund calculates its NAV, the Adviser may need to price the security using the 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 the 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 the Fund's NAV by short-term traders.

With respect to any portion of the 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, as amended (the "1940 Act"), the Fund's net asset value is calculated based upon the net asset values of the mutual funds in which the 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 six classes of shares offered by the Fund: Class A, Class A1, Class C, Investor Class, Class I1 and Instl Class. The Fund offers six 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 and minimum investment amounts. 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 the Fund represents interest in the same portfolio of investments within the Fund. The Fund reserves the right to waive sales charges or permit share class transfers at the Fund's or the Adviser's discretion. All share classes may not be available for purchase in all states.

**Class A Shares and Class A1 Shares:** Class A and Class A1 shares are offered at their public offering price, which is NAV plus the applicable sales charge and is subject to 12b-1 distribution fees of up to 0.25% of the average daily net assets of Class A shares and up to 0.40% of the average daily net assets of the Class A1 shares. The minimum initial investment in the Class A and Class A1 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 and Class A1 shares of each Fund:

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| | | | |
|:---|:---|:---|:---|
| **Amount Invested** | **Sales Charge as a %<br> of Offering Price**<sup>(1)</sup> | **Sales Charge as a %<br> of Amount Invested** | **Dealer<br> Reallowance** |
| Under $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 |

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(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 the Fund in connection with commissions retained by authorized broker-dealers on purchases of Class A and Class A1 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 and Class A1 shares.

As shown, investors that purchase $1,000,000 or more Class A shares or Class A1 shares will not pay any initial sales charge on the purchase. However, purchases of $1,000,000 or more of Class A or Class A1 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.

You may be able to buy Class A and Class A1 shares without a sales charge when you are:

● Current and retired directors and officers of the Fund, their families (*e.g.*, spouse, children, mother or father) and any purchases referred through the Adviser.

● 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).

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisors).

● 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.

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

● Employer-sponsored retirement or benefit plans with total plan assets in excess of $5 million where the plan's investments in the Fund are part of an omnibus account. A minimum initial investment of $1 million in the 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 the Fund will depend on whether you purchase your Class A Shares directly from the 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 below. 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.

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.

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

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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.

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

● 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).

● 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).

● 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.

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● 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.

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

The Funds do 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 32, 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 and Class A1 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:

● an individual,

● an individual and spouse purchasing shares for your own account or trust or custodial accounts for your minor children, or

● 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 and Class A1 shares of the 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 the Fund from discontinuing sales of its Class A or Class A1 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 the 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 the 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 the 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 reimbursement or compensation for service and distribution-related activities with respect to the Fund and/or shareholder services. 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 the Fund are sold at NAV without an initial sales charge and are subject to 12b-1 distribution fees of up to 0.25% of the average daily net assets of Investor Class. This means that 100% of your initial investment is placed into shares of the Fund. Investor Class require a minimum initial investment of $10,000.

**Class I1 Shares:** Class I1 shares of the Fund are sold at NAV without an initial sales charge and are subject to 12b-1 distribution fees of up to 0.40% of the average daily net assets of Class I1 shares. This means that 100% of your initial investment is placed into shares of the Fund. Class I1 shares require a minimum initial investment of $10,000 and the minimum subsequent investment is $1,000.

**Instl Class:** Instl Class of the Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees. This means that 100% of your initial investment is placed into shares of the Fund. Instl Class require a minimum initial investment of $100,000. Instl Class shares have a higher minimum initial investment than Class A, Class C and Investor Class. Registered investment advisers and broker/dealer firms that have omnibus accounts with the 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 the Fund to purchase, you should consider your investment goals, present and future amounts you may invest in the 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 the Fund's expenses over time in the **Fees and Expenses** section for the 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.

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

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| |
|:---|
| ***via Regular Mail:*** |
| **Sierra Tactical All Asset Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical All Asset 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, the Fund may temporarily limit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the 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 All Asset Fund". The Fund will not accept payment in cash, including cashier's checks or money orders. Also, to prevent check fraud, the 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 the 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 the 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 the Fund. The 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 the 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 the Fund. You should carefully read the program materials provided to you by your servicing agent. Such brokers are authorized to designate other financial intermediaries to receive purchase and redemption orders on the fund's behalf.

*Purchase by Wire:* If you wish to wire money to make an investment in the 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.

*<u>Automated Clearing House Purchase</u>:* 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.

*Transactions through <u>www.SierraMutualFunds.com</u>:* You may purchase the Fund's shares and redeem the Fund's shares through the Fund's website **<u>www.SierraMutualFunds.com</u>**. 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, its distributor and its 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 its 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 the 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 the 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. There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from the Fund. The Fund reserves the right to waive any investment minimum.

Redemptions of Shares of the 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 the Fund receives your application or request in good order. All requests received in good order by the 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.

● the name of the Fund and share class,

● the dollar amount of shares to be purchased,

● a completed purchase application or investment stub, and

● check payable to the "Sierra Tactical All Asset Fund"

**Retirement Plans:** You may purchase shares of the 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 All Asset Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical All Asset 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 the 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 the 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 the 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 <u>www.SierraMutualFunds.com</u>:* You may redeem your shares through the Fund's website <u>www.SierraMutualFunds.com</u>. 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 <u>www.SierraMutualFunds.com</u>." 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 the Fund's *Systematic* Withdrawal Plan, and 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. A 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 the 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 redemption, your redemption proceeds will not be sent until the check used for your purchase has cleared your bank.

● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed.

● The request must identify your account number.

● The request should be signed by you and any other person listed on the account, exactly as the shares are registered.

● 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.

**Exchanging Shares:** Shares of the Fund may be exchanged without payment of any exchange fee for shares of 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 value, given that the accounts have the same registration. Minimums to establish or subsequent purchase minimums apply. Shares of the Sierra Tactical Bond Fund, the Sierra Tactical Core Income 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 <u>www.SierraMutualFunds.com</u>.

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 believes 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 the Fund's opinion, engages in excessive trading that would be disadvantageous to the 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.* Class A, Class A1 and Investor Class and Class I1 shares of the Fund may be exchanged for Instl Class shares of the Fund, provided a shareholder has accumulated a sufficient amount of Class A and/or Investor Class shares to meet the investment minimum for Instl Class shares, respectively. An exchange between share classes within the 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 the 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:

● you request a redemption to be made payable to a person not on record with the Fund,

● you request that a redemption be mailed to an address other than that on record with the Fund,

● the proceeds of a requested redemption exceed $100,000,

● any redemption is transmitted by federal wire transfer to a bank other than the bank of record, or

● 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 Plans:** 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 the Fund's Class A, Class A1, Class C, Investor Class and Class I1 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. For Instl Class shares, unless the account is brought up to at least $100,000 within 60 days of the notice; your account could be closed The Fund will not charge any redemption fee on involuntary redemptions.

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

Any sale or exchange of the 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). 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 the 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. Any dividends or capital gain distributions you receive from the 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. IRAs and other qualified retirement plans are exempt from federal income taxation until retirement proceeds are paid out to the participant.

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 the 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 the 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 the Fund can harm all Fund shareholders by disrupting the Fund's investment strategies, increasing 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 commits a 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."

The Fund currently uses 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 the 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 the 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 the 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 the 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 the 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, the 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 the Fund's redemption fee and monitoring trading activity for what might be market timing, the 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, the Fund will ensure that financial intermediaries maintaining omnibus accounts on behalf of the Fund enter into an agreement with the Fund to provide shareholder transaction information, to the extent known to the financial intermediary, to the Fund upon request.

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

**Distributor:** Northern Lights Distributors, LLC, 4221 North 203<sup>rd</sup> Street, Suite 100, 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 ("12b-1 Plans" or "Plans"), pursuant to Rule 12b-1 of the 1940 Act which allows the Fund to pay the Fund's distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund's average daily net assets attributable to Class A and Investor Class shares, 0.40% of the Fund's average daily net assets attributable to Class A1 and Class I1 and 1.00% of the Fund's average daily net assets attributable to Class C shares. With respect to the Fund's Class A1 shares, a portion of the fee payable to financial intermediaries pursuant to the Plan, up to 0.25% of the average daily net assets, 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 the 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 the Fund's Class A1 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.

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 the 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 Fund's 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 the 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 the 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 is 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>**

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment if all dividends and distributions). This information for the Fund has been derived from the financial statements audited by BBD, LLP, whose report, along with the Fund's financial statements, are included in the Fund's September 30, 2022 annual report, which is available upon request.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $23.90 | $23.28 | $23.11 | $22.95 | $23.41 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.16 | 0.64 | 0.34 | 0.42 | 0.59 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.16) | 0.62 | 0.22 | 0.16 | (0.44) |
| Total from investment operations | (2.00) | 1.26 | 0.56 | 0.58 | 0.15 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.64) | (0.35) | (0.42) | (0.61) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.02) | - | (0.00) <sup>(6)</sup> | - | - |
| Total distributions | (0.26) | (0.64) | (0.39) | (0.42) | (0.61) |
| Net asset value, end of year | $21.64 | $23.90 | $23.28 | $23.11 | $22.95 |
| Total return <sup>(2)</sup> | (8.45)% | 5.46% | 2.41% | 2.59% | 0.65% |
| Net assets, at end of year (000s) | $22613 | $28943 | $31880 | $34599 | $36946 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.70% | 1.69% | 1.70% | 1.74% | 1.73% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.70% | 1.69% | 1.70% | 1.74% | 1.73% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 0.70% | 2.66% | 1.48% | 1.83% | 2.52% |
| Portfolio Turnover Rate | 542% | 159% | 310% | 320% | 153% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown exclude the effect of applicable sales charges, and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $24.07 | $23.44 | $23.30 | $23.13 | $23.59 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(1)(4)(5)</sup> | (0.01) | 0.47 | 0.17 | 0.25 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.16) | 0.62 | 0.21 | 0.17 | (0.44) |
| Total from investment operations | (2.17) | 1.09 | 0.38 | 0.42 | (0.02) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.46) | (0.20) | (0.25) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) | - | (0.00) <sup>(6)</sup> | - | - |
| Total distributions | (0.16) | (0.46) | (0.24) | (0.25) | (0.44) |
| Net asset value, end of year | $21.74 | $24.07 | $23.44 | $23.30 | $23.13 |
| Total return <sup>(2)</sup> | (9.10)% | 4.63% | 1.66% | 1.83% | (0.11)% |
| Net assets, at end of year (000s) | $38104 | $47185 | $48432 | $52649 | $61939 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 2.45% | 2.44% | 2.45% | 2.49% | 2.48% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 2.45% | 2.44% | 2.45% | 2.49% | 2.48% |
| Ratio of net investment income (loss) to average net assets <sup>(4)(5)</sup> | (0.05)% | 1.92% | 0.74% | 1.07% | 1.77% |
| Portfolio Turnover Rate | 542% | 159% | 310% | 320% | 153% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $23.85 | $23.22 | $23.08 | $22.91 | $23.38 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.16 | 0.64 | 0.33 | 0.41 | 0.57 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.15) | 0.63 | 0.20 | 0.18 | (0.43) |
| Total from investment operations | (1.99) | 1.27 | 0.53 | 0.59 | 0.14 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.64) | (0.35) | (0.42) | (0.61) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.02) | - | (0.00) <sup>(6)</sup> | - | - |
| Total distributions | (0.26) | (0.64) | (0.39) | (0.42) | (0.61) |
| Net asset value, end of year | $21.60 | $23.85 | $23.22 | $23.08 | $22.91 |
| Total return <sup>(2)</sup> | (8.43)% | 5.47% | 2.33% | 2.63% | 0.60% |
| Net assets, at end of year (000s) | $11267 | $15643 | $16479 | $15425 | $19760 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.70% | 1.69% | 1.70% | 1.74% | 1.73% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.70% | 1.69% | 1.70% | 1.74% | 1.73% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 0.69% | 2.68% | 1.44% | 1.83% | 2.46% |
| Portfolio Turnover Rate | 542% | 159% | 310% | 320% | 153 |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $23.68 | $23.08 | $22.91 | $22.75 | $23.22 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.21 | 0.70 | 0.38 | 0.47 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.13) | 0.60 | 0.24 | 0.17 | (0.44) |
| Total from investment operations | (1.92) | 1.30 | 0.62 | 0.64 | 0.20 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.70) | (0.41) | (0.48) | (0.67) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.04) | - | (0.00) <sup>(6)</sup> | - | - |
| Total distributions | (0.30) | (0.70) | (0.45) | (0.48) | (0.67) |
| Net asset value, end of year | $21.46 | $23.68 | $23.08 | $22.91 | $22.75 |
| Total return <sup>(2)</sup> | (8.18)% | 5.64% | 2.73% | 2.87% | 0.86% |
| Net assets, at end of year (000s) | $783341 | $765643 | $595260 | $486871 | $442358 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.45% | 1.44% | 1.45% | 1.49% | 1.48% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.45% | 1.44% | 1.45% | 1.49% | 1.48% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 0.92% | 2.95% | 1.67% | 2.08% | 2.77% |
| Portfolio Turnover Rate | 542% | 159% | 310% | 320% | 153% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A1 Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $24.15 | $23.52 | $23.35 | $23.18 | $23.65 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.13 | 0.60 | 0.31 | 0.38 | 0.56 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.17) | 0.63 | 0.21 | 0.18 | (0.45) |
| Total from investment operations | (2.04) | 1.23 | 0.52 | 0.56 | 0.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.60) | (0.31) | (0.39) | (0.58) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.02) | - | (0.00) <sup>(6)</sup> | - | - |
| Total distributions | (0.24) | (0.60) | (0.35) | (0.39) | (0.58) |
| Net asset value, end of year | $21.87 | $24.15 | $23.52 | $23.35 | $23.18 |
| Total return <sup>(2)</sup> | (8.54)% | 5.25% | 2.26% | 2.45% | 0.47% |
| Net assets, at end of year (000s) | $3303 | $3400 | $3246 | $3506 | $3802 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.85% | 1.84% | 1.85% | 1.89% | 1.88% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.85% | 1.84% | 1.85% | 1.89% | 1.88% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 0.54% | 2.48% | 1.36% | 1.67% | 2.38% |
| Portfolio Turnover Rate | 542% | 159% | 310% | 320% | 153% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown exclude the effect of applicable sales charges (Class A1) and assume changes in share price and reinvestment of dividends
 and capital gain distributions, if any.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class I1 Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $24.05 | $23.43 | $23.26 | $23.08 | $23.54 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.13 | 0.60 | 0.31 | 0.38 | 0.52 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.18) | 0.63 | 0.21 | 0.19 | (0.41) |
| Total from investment operations | (2.05) | 1.23 | 0.52 | 0.57 | 0.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.61) | (0.31) | (0.39) | (0.57) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) |  | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.02) | - | (0.00) <sup>(6)</sup> | - | - |
| Total distributions | (0.23) | (0.61) | (0.35) | (0.39) | (0.57) |
| Net asset value, end of year | $21.77 | $24.05 | $23.43 | $23.26 | $23.08 |
| Total return <sup>(2)</sup> | (8.59)% | 5.24% | 2.27% | 2.50% | 0.45% |
| Net assets, at end of year (000s) | $7656 | $9170 | $3172 | $3950 | $5899 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.85% | 1.84% | 1.85% | 1.89% | 1.88% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.85% | 1.84% | 1.85% | 1.89% | 1.88% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 0.54% | 2.45% | 1.32% | 1.68% | 2.20% |
| Portfolio Turnover Rate | 542% | 159% | 310% | 320% | 153% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions, if any.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

**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 16 of this Prospectus for information about such waivers and discounts.

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc., & Raymond James affiliates ("Raymond James")**

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.

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.

**Front-end sales load waivers on Class A shares available at Raymond James**

● Shares purchased in an investment advisory program.

● 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).

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● 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).

● A shareholder in the Fund's Class A shares will have their shares converted at net asset value to Class I 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.

**CDSC Waivers on Classes A, B and C shares available at Raymond James**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● 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.

● 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.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

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

● Breakpoints as described in this prospectus.

● 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.

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.

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

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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**

---

| | | | |
|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | 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. | 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. | 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. |
| **What?** | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: |
|  |  | ● | Social Security number and wire transfer instructions |
|  |  | ● | account transactions and transaction history |
|  |  | ● | investment experience and purchase history |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | 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. | 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. | 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. |

---

---

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

---

---

| | |
|:---|:---|
| **QUESTIONS?** | **Call 1-631-490-4300** |

---

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● sharing for affiliates' everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

**SIERRA TACTICAL ALL ASSET FUND**

---

| | |
|:---|:---|
| **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<br> Accounting Firm** | **BBD, LLP**<br> 1835 Market Street, 3<sup>rd</sup> Floor<br> Philadelphia, PA 19103<br>|

---

Additional information about the Fund is included in the Fund's Statement of Additional Information dated January 30, 2022 (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 and 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 <u>www.SierraMutualFunds.com</u>. You may also write to:

**Sierra Tactical All Asset Fund**

c/o Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

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

Investment Company Act File # 811-21720

---

| | |
|:---|:---|
| ![](logo_001.jpg) | 1-866-RETI-FND<br> 1-866-738-4363<br>www.sierramutualfunds.com |

---

---

| |
|:---|
| ***<u>Sierra Tactical Bond Fund</u>*** |
| **PROSPECTUS** |

---

*January 30, 2023*

---

| | | |
|:---|:---|:---|
| *Advised by:* | Class A Shares | STBKX |
| Wright Fund Management, LLC | Class C Shares | STBDX |
| 3420 Ocean Park Boulevard |  |  |
| Suite 3060 | Instl Class | STBJX |
| Santa Monica, CA 90405 |  |  |
|  | Investor Class | STBNX |

---

*The prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.*<br>*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.*<br>*Any representation to the contrary is a criminal offense.*<br>

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

---

| | |
|:---|:---|
| **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 Strategies | 2 |
| &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 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 5 |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Investments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity | 8 |
| **MANAGEMENT** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 9 |
| **HOW SHARES ARE PRICED** | **12** |
| **HOW TO PURCHASE SHARES** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors to Consider When Choosing a Share Class | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum and Additional Investment Amounts | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Order is Processed | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plans | 18 |
| **HOW TO REDEEM SHARES** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in Kind | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Redemptions are Sent | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchanging Shares | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When You Need Medallion Signature Guarantees | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plans | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Balances | 20 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **20** |
| **FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES** | **21** |
| **DISTRIBUTION OF SHARES** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | 22 |
| **FINANCIAL HIGHLIGHTS** | **23** |
| **PRIVACY NOTICE** | **29** |

---

i

**<u>FUND SUMMARY</u>**

**Investment Objectives:**

The Fund's two investment objectives are to provide total return (with income contributing a significant part) 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 13 of this Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 19 of the Statement of Additional Information .

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment) | **Class<br> A** | **Class<br> C** | **Instl<br> Class** | **Investor<br> 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% | 0.00% | 0.40% |
| Other Expenses | 0.18% | 0.18% | 0.18% | 0.18% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.36% | 0.36% | 0.36% | 0.36% |
| Total Annual Fund Operating Expenses | 1.84% | 2.59% | 1.59% | 1.99% |

---

(1) Acquired
Fund Fees and Expenses are the 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.

***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** |
| Class A | $555 | $932 | $1333 | $2453 |
| Class C | $262 | $805 | $1375 | $2925 |
| Instl Class | $162 | $502 | $866 | $1889 |
| Investor Class | $202 | $624 | $1073 | $2317 |

---

***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 955% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund invests in open-end investment companies (mutual funds) and exchange-traded funds ("ETFs") that primarily invest in high-yield corporate bonds, also commonly known as junk bonds ("HYCB Funds") or long-duration U.S. Treasury securities ("Treasury Bond Funds"). For the purposes of this prospectus, HYCB Funds and Treasury Bond Funds are collectively referred to as "Underlying Bond Funds." The Fund considers high-yield corporate 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").

Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in Underlying Bond Funds. The Adviser expects the Fund to be at least 80% invested in HYCB Funds under most market conditions. The Fund does not have maturity or duration limitations with respect to the holdings of the Underlying Bond Funds in which it invests.

The Adviser's investment strategy is a tactical style that includes disciplines that attempt to limit downside risk (drawdown, meaning the magnitude of decline from highest price to the subsequent low) as well as to seek to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly distribution yield will fluctuate.

The Adviser does not employ a passive "buy and hold" strategy. Instead, the Adviser uses proprietary rules to tactically shift the Fund's assets from HYCB Funds to Treasury Bond Funds and the reverse, and on occasion temporarily into money-market funds. As part of its integrated risk-management disciplines, the Adviser monitors each HYCB Fund held in the Fund daily and applies a trailing-stop discipline separately to each HYCB Fund in the Fund's portfolio. The Adviser employs a trailing stop discipline which adjusts the level of trailing stops as the price of a holding rises and is calculated as a percentage or dollar amount below the market price. When the price of a holding decreases by a certain percentage or dollar amount, the Adviser sells the holding in an attempt to protect profits and minimize further impact on the portfolio. When any HYCB Fund declines in price enough to generate a "Sell signal" under the Adviser's trailing-stop discipline, the Fund will sell that HYCB Fund and invest the proceeds in one or more Treasury Bond Funds. Conversely, when prices of HYCB Funds begin trending upward sufficient to give "Buy signals" under that model, the Adviser will sell part or all of its holdings in Treasury Bond Funds and select and purchase one or more HYCB Funds, and will continue to make such purchases with net cash inflows into the Fund.

The same type of buy and sell disciplines (with different parameters) are also applied to the Treasury Bond Funds when they are held. If both types of funds have given Sell signals, the proceeds will temporarily be held in cash (money-market mutual funds and/or ultra-short-term bond funds) until either HYCB Funds or Treasury Bond Funds give Buy signals.

The buy and sell disciplines described above are a proprietary approach ("Buy and Sell Disciplines") that one of the Fund's portfolio managers, Dr. Sleeper has used within related companies' diversified separately managed accounts since 1987, in seeking to limit the impact on the overall Fund portfolio of any sustained decline in the high-yield corporate bond and Treasury bond markets.

The Buy and Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to seek to participate in a substantial part of any sustained uptrend in the HYCB market, as well as to shift into the Treasury bond market during most of any sustained downtrend in the HYCB market, similarly seeking to participate in a substantial part of uptrends in that market. The Adviser employs a "reactive" approach as distinct from a "predictive" approach.

**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.

● *Fixed-Income Risk.* When the Fund invests in Underlying Bond Funds, the value of your investment in the Fund will generally decline when interest rates rise or when other factors cause declines in the high-yield bond market generally or in a specific Underlying Bond Fund. Defaults by high-yield bond issuers in which the Underlying Bond Funds invest may also harm performance.

● *High Yield Bond Risk.* 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 an underlying HYCB Fund's ability to sell its high-yield bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

● *Interest Rate Risk.* Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. For example, if interest rates go up by 1.0%, the price of a 4% coupon bond will decrease by approximately 1.0% for a bond with 1 year to maturity and approximately 4.4% for a bond with 5 years to maturity.

● *Management Risk.* The Adviser's dependence on its high-yield bond strategy and judgments about the attractiveness, value and potential appreciation of particular ETFs and mutual funds in which the Fund invests will in some cases prove to be incorrect and have negative impacts on performance.

● *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.

● *Model Risk.* The Adviser's investment model carries a risk that the model used might be based on one or more incorrect assumptions. Rapidly changing and unforeseen market dynamics could also lead to a decrease in short term effectiveness of the model. No assurance can be given that the Fund will be successful under all or any market conditions.

● *Portfolio Turnover Risk.* As to the portion of the portfolio invested in ETFs and other investment companies, 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.

● *Underlying Fund Risk.* Each Underlying Fund is subject to specific risks, depending on its bond 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 bonds and other assets will be higher than the cost of investing directly in them, and may be higher than other mutual funds that invest directly in bonds.

● *ETF Risk.* Shares of ETFs 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. 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.

**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 supplemental 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 <u>www.SierraMutualFunds.com</u>.

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

![](stbkx_001.jpg)

<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: | 7.03% |
| Worst Quarter: 1<sup>st</sup> Quarter 2022 | (2.16)% |

---

**Performance Table**

**Average Annual Total Returns**

(For periods ended December 31, 2022)

---

| | | |
|:---|:---|:---|
| | **One**<br> **Year** | **Inception<br> Date\*<sup>\*</sup>** |
| **Instl Class shares** | **Instl Class shares** | **Instl Class shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (4.07)% | 4.61% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | (4.69)% | 3.00% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | (2.41)% | 2.88% |
| **Class A shares** | **Class A shares** | **Class A shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes with sales load | (9.83)% | 2.46% |
| **Class C shares\*\*** | **Class C shares\*\*** | **Class C shares\*\*** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (5.04)% | 3.67% |
| **Investor Class** | **Investor Class** | **Investor Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (4.48)% | 4.20% |
| **Bloomberg US Aggregate Index** | (13.01)% | (2.50)% |
| **ICE BofA US High Yield Index** | (11.22%) | 0.60% |

---

\* The Fund commenced operations on October 1, 2019

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 shares.

The Bloomberg US Aggregate Index, an unmanaged, broad-based market capitalization weighted index, has been selected as the Fund's benchmark index. The Bloomberg US Aggregate Index is commonly used as a benchmark by both passive and active investors to measure portfolio performance relative to the U.S. dollar-denominated investment grade fixed-rate taxable bond market. It is also an informational measure of broad market returns commonly applied to fixed income instruments. The index contains approximately 10,100 fixed income issues and is valued at around $20 trillion, representing 43% of the total U.S. bond market. The index does not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

The ICE BofA US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one-year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. In addition, qualifying securities must have risk exposure to countries that are members of the FX-G10, Western Europe or territories of the US and Western Europe. The index does not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

**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®, Executive Vice President, Ryan Harder, CFA®, Chief Investment Strategist 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 October 2019. 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 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 (with income contributing a significant part) 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 invests in open-end investment companies (mutual funds) and exchange-traded funds ("ETFs") that primarily invest in high-yield corporate bonds, also commonly known as junk bonds, ("HYCB Funds") or long-duration U.S. Treasury securities ("Treasury Bond Funds"). For the purposes of this prospectus, HYCB Funds and Treasury Bond Funds are collectively referred to as "Underlying Bond Funds." The Fund considers high-yield corporate 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").

Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in Underlying Bond Funds. The Adviser expects the Fund to be primarily invested in HYCB Funds under most market conditions. The Fund does not have maturity or duration limitations with respect to the holdings of the Underlying Bond Funds in which it invests.

The Adviser's investment strategy is a tactical style that includes disciplines that attempt to limit downside risk (drawdown, meaning the magnitude of decline from highest price to the subsequent low) as well as to seek to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly distribution yield will fluctuate.

The Adviser does not employ a passive "buy and hold" strategy. Instead, the Adviser uses proprietary rules to tactically shift the Fund's assets from HYCB Funds to Treasury Bond Funds and the reverse, and on occasion temporarily into money-market funds.

As part of its integrated risk-management disciplines, the Adviser monitors each HYCB Fund held in the Fund daily and applies a trailing-stop discipline separately to each HYCB Fund in the Fund's portfolio. The same type of buy and sell disciplines (with different parameters) are also applied to the Treasury Bond Funds when they are held. If both types of Underlying Bond funds have given Sell signals, the proceeds will temporarily be held in cash (money-market mutual funds and/or ultra-short-term bond funds) until either HYCB Funds or Treasury Bond Funds give Buy signals.

The buy and sell disciplines described above are a proprietary approach ("Buy and Sell Disciplines") that two of the Adviser's founders (Dr. Sleeper and Mr. Wright) have used within their related companies' diversified separately managed accounts since 1987, in seeking to limit the impact on the overall Fund portfolio of any sustained decline in the high-yield corporate bond and Treasury bond markets.

The Buy and Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to seek to participate in a substantial part of any sustained uptrend in the high-yield corporate bond market, as well as to step aside into the Treasury bond market during most of any sustained downtrend in the HYCB market, similarly seeking to participate in a substantial part of uptrends in that market. The Adviser employs a "reactive" approach as distinct from a "predictive" approach.

***<u>Risk-Management Strategies</u>***

As detailed above, the Adviser does not employ a passive "buy and hold" strategy. The Adviser applies an integrated set of risk-management disciplines with the goal of limiting the impact of downside risk.

First, rather than trying to choose and purchase a limited number of high yield corporate bonds, the Adviser invests in a number of different underlying HYCB Funds, that in total own a very large number of high-yield bonds, thereby limiting the potential impact of price declines or defaults in any bond or limited number of bonds.

Second, rather than selecting one HYCB Fund (thus one portfolio management team and its singular style), the Adviser selects a number of different HYCB Bond Funds, with different management teams and somewhat different styles. Such selections are based in part on the historical performance of such funds relative to their peer groups, which in turn reflects their internal success in selecting productive high-yield corporate bonds as well as avoiding defaults.

Third, as a key part of its integrated risk-management disciplines, the Adviser monitors each HYCB Fund and/or Treasury Bond Fund daily, and applies a trailing-stop discipline (which generates the Sell signals) to each holding of the Fund, based on the proprietary approach ("Sell Disciplines") that two of the Fund's portfolio managers (Dr. Sleeper and Mr. Wright) have used within their related companies' separately-managed accounts since 1987, in order to limit the impact on the overall Fund portfolio of any sustained decline in those markets.

The Sell Disciplines are not designed to attempt to sell at highs, but to step aside early in any sustained downtrend. The Adviser employs a "reactive" approach as distinct from a "predictive" approach. The Adviser does not consider its approach to be a "trading" style in terms of frequency, and does not expect to typically exceed more than two Sell signals alternated with two Buy signals per year for each type of holding.

**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.

● *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.

● *High Yield Bond Risk.* Lower-quality bonds, known as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These bonds 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.

● *Interest Rate Risk.* Interest rate risk is the risk that bond prices overall, including the prices of securities held by the Fund, will decline over short or even long periods of time due to rising interest rates. Bonds with longer maturities tend to be more sensitive to interest rates than bonds with shorter maturities. For example, if interest rates go up by 1.0%, the price of a 4% coupon bond will decrease by approximately 1.0% for a bond with 1 year to maturity and approximately 4.4% for a bond with 5 years to maturity.

● *Management Risk.* The share price of the Fund changes daily based on the performance of the Underlying Bond 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 Bond Funds that have the potential to achieve positive total return, and to create diversity within the total portfolio of the Fund.

● *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.

● *Model Risk.* The Adviser's investment model carries a risk that the model used might be based on one or more incorrect assumptions. Rapidly changing and unforeseen market dynamics could also lead to a decrease in short term effectiveness of the model. No assurance can be given that the Fund will be successful under all or any market conditions.

● *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.

● *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 and 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.

● *ETF Risk.* 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, the Fund may invest up to 100% of its total assets, without limitation, in mutual funds that invest in high-quality ultra-short-term debt securities and money-market instruments. These short-term debt securities and money market instruments include shares of money-market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. When the 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 the 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 Fund 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 Fund 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 the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate their net asset value ("NAV"); impediments to trading; the inability of the 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 the Fund invests; counterparties with which the 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 the 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 ("Board"), the Adviser is responsible for management of the Fund's investment portfolio. The Adviser is responsible for selecting the Fund's investments according to the 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 greater than $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' renewal of the advisory agreement is available in the Fund's annual shareholder report dated September 30, 2022. For the fiscal year ended September 30, 2022 the Adviser received an annual advisory fee equal to 1.05% of the Fund's average daily net assets. The Adviser has subsequently agreed to an annual advisory fee of 1.05% of the Fund's average daily net assets up to $2.5 billion and then 1.02% thereafter.

The Adviser has contractually agreed to ensure that total annual Fund operating expenses 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 the 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, 2024, will not exceed the specified limits below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **Instl** | **Investor** |
| Expense Cap | 1.54% | 2.29% | 1.29% | 1.69% |

---

Waivers and expense payments may be recouped by the Adviser from the Fund, to the extent that 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, Managing Director, Douglas A. Loeffler, CFA®, Executive Vice President, Ryan Harder, CFA®, Chief Investment Strategist, and Marshall Quan, Lead Portfolio Analyst are the portfolio managers of the Fund. Kenneth L. Sleeper has served the Fund since it commenced operations in December 2007. Douglas A. Loeffler and Marshall Quan have served the Fund as portfolio manager since January 2022. Ryan 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.

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. Mr. 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.

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

Dr. Sleeper, Member 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.

**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.

**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.

**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.

**Supplemental Fund Performance Information**

**Comparison of the Change in Value of a $10,000 Investment**

The Fund's performance figures compared to its Benchmarks

for the period ended September 30, 2022

![](stbkx_002.jpg)

As primary Benchmark for the Sierra Tactical Bond Fund, the Adviser has selected the Bloomberg US Aggregate Index as the primary benchmark. In addition, the ICE BofA US High Yield Index has been selected as a secondary index.

The Bloomberg US Aggregate Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond markets. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). The ICE BofA US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Indices do not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

**<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 the Fund less its liabilities divided by the total number of the 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 the Fund, including investment advisory, administration, and distribution fees, which are accrued daily. The determination of NAV of each class of the 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 the 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 designated the Adviser as its "Valuation Designee" to execute 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.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities. Although not part of the Adviser's principal investment strategy, since the Fund may invest in foreign securities that are primarily listed on foreign exchanges that may trade on weekends or other days when the Fund does not price its shares, the value of the Fund's portfolio may change on days when you may not be able to buy or sell Fund shares. In computing the NAV of the Fund, the Adviser values foreign securities held by the 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 the Fund's portfolio occur before the 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 the Fund calculates its NAV, the Adviser may need to price the security using the 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 the 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 the Fund's NAV by short-term traders.

With respect to any portion of the 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), the Fund's net asset value is calculated based upon the net asset values of the mutual funds in which the 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, Instl Class, and Investor 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 the Fund represents interest in the same portfolio of investments within the Fund. The Fund reserves the right to waive sales charges as described below or waive share class minimum investments at the 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 is subject to 12b-1 distribution fees of up to 0.25% 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. Because the 12b-1 fee is paid out of the 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. 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 each Fund:

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| | | | |
|:---|:---|:---|:---|
| **Amount Invested** | **Sales Charge as a %<br> of Offering Price<sup>(1)</sup>** | **Sales Charge as a %<br> of Amount Invested** | **Dealer<br> Reallowance<sup>(2)</sup>** |
| Under $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 |

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(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.

(2) Represents the amount of the sales charge retained by the selling broker-dealer.

The Adviser shall reimburse the 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:

● 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.

● 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).

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisors).

● 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. (Currently, there are currently no such agreements in place for the Fund.)

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

● Employer-sponsored retirement or benefit plans with total plan assets in excess of $5 million where the plan's investments in the Fund are part of an omnibus account. A minimum initial investment of $1 million in the 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 the Fund will depend on whether you purchase your Class A Shares directly from the 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:

● 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).

● 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).

● 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.

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● 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.

● 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 an "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 27 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:

● an individual;

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

● 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 the 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 the 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 the 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 the 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.

As detailed below, shares of the Fund are available in other share classes that have different fees and expenses.

**Instl Class:** Instl Class of the Fund are sold at NAV without an initial sales charge. Instl Class shares do not pay any 12b-1 fees. Instl Class require a minimum initial investment of $10,000. Registered investment advisers and broker/dealer firms that have omnibus accounts with the 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 portfolio management fee and/or other forms of compensation to the broker.

**Class C Shares:** Class C shares of the 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 reimbursement or compensation for service and distribution-related activities with respect to the Funds and/or shareholder services. 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.

Brokers that have entered into selling agreements with the Fund's distributor may receive an annualized commission of up to 1.00% of the purchase price of Class C shares, paid on a monthly basis following the sale of those shares. The minimum initial investment in the Class C shares is $10,000 and the minimum subsequent investment is $1,000.

**Investor Class Shares:** Investor Class shares of the 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. Investor Class shares require a minimum initial investment of $10,000 and the minimum subsequent investment is $1,000. Investor Class shares pay up to 0.40% on an annualized basis of the average daily net assets as reimbursement or compensation for service and distribution-related activities with respect to the Funds and/or shareholder services. Over time, fees paid under this distribution and service plan will increase the cost of an Investor Class shareholder's investment and may cost more than other types of sales charges. Registered investment advisers and broker/dealer firms that have omnibus accounts with the 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.

**Factors to Consider When Choosing a Share Class:** When deciding which class of shares of the Fund to purchase, you should consider your investment goals, present and future amounts you may invest in the 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 the Fund's expenses over time in the **Fees and Expenses** section for the 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:*** | ***or Overnight Mail:*** |
| **Sierra Tactical Bond Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154 | **Sierra Tactical Bond Fund**<br> c/o Ultimus Fund Solutions, LLC<br> 4221 North 203rd 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, the Fund may temporarily limit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the 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 Bond Fund". The Fund will not accept payment in cash, including cashier's checks or money orders. Also, the 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 the 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 the 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 the Fund. The 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 the 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 the 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 the 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.

*Transactions through <u>www.SierraMutualFunds.com</u>:* You may purchase the Fund's shares and redeem the Fund's shares through the Fund's website **<u>www.SierraMutualFunds.com</u>.** 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, its distributor and its 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 its 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 the 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 the 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. There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from the Fund. The Fund reserves the right to waive any investment minimum.

Redemptions of Shares of the 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 the Fund receives your application or request in good order. All requests received in good order by the 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 thereafter 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.

● the name of the Fund and share class,

● the dollar amount of shares to be purchased,

● a completed purchase application or investment stub, and

● check payable to the "Sierra Tactical Bond Fund."

**Retirement Plans:** You may purchase shares of the 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:*** | ***or Overnight Mail:*** |
| **Sierra Tactical Bond Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154 | **Sierra Tactical Bond Fund**<br> c/o Ultimus Fund Solutions, LLC<br> 4221 North 203rd 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 the 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 the 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 the 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 <u>www.SierraMutualFunds.com</u>:* You may redeem your shares through the Fund's website <u>www.SierraMutualFunds.com</u>. 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 <u>www.SierraMutualFunds.com</u>." 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 the 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. To the extent feasible and if in the best interests of all Fund shareholders, redemptions in kind will be paid with a pro rata allocation of the Fund's portfolio securities. 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 the 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.

● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed.

● The request must identify your account number.

● The request should be signed by you and any other person listed on the account, exactly as the shares are registered.

● 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.

**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 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 Municipal Fund, the Sierra Tactical Risk Spectrum 30 Fund, and the Sierra Tactical Risk Spectrum 50 Fund are offered through a separate Prospectuses, which may be obtained by calling 1-866-738-4363 or viewed on <u>www.SierraMutualFunds.com</u>.

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 believes 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 the Fund's opinion, engages in excessive trading that would be disadvantageous to the Funds or their 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.

**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 the 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:

● you request a redemption to be made payable to a person not on record with the Fund,

● you request that a redemption be mailed to an address other than that on record with the Fund,

● the proceeds of a requested redemption exceed $100,000,

● any redemption is transmitted by federal wire transfer to a bank other than the bank of record, or

● 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 Plans:** 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 the 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 the 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 the Fund.)

The Fund intends to distribute substantially all of its net investment income monthly 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 the 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 the 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 the 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 the 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 uses 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 the 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 the 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 the 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 the 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 the 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, the 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 restriction and monitoring trading activity for what might be market timing, the 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, the Fund will ensure that financial intermediaries maintaining omnibus accounts on behalf of the Fund enter into an agreement with the Fund to provide shareholder transaction information, to the extent known to the financial intermediary, to the 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, Class C and Investor Class ("12b-1 Plans" or "Plans"), pursuant to Rule 12b-1 of the 1940 Act which allows the Fund to pay the Fund's distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund's average daily net assets attributable to Class A shares, 1.00% of the Fund's average daily net assets attributable to Class C shares and 0.40% of Investor Class shares. With respect to the Fund's Class A and Investor class shares, a portion of the fee payable to financial intermediaries pursuant to the Plan, up to 0.25% of the average daily net assets, 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 the 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 the Fund's Class C 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.

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 the 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 shares bearing distribution (12b-1) fees 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 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 the 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 the 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 is open for business or contact your financial institution. We will begin sending you individual copies within thirty days after receiving your request.

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

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment if all dividends and distributions). This information for the Fund has been derived from the financial statements audited by BBD, LLP, whose report, along with the Fund's financial statements, are included in the Fund's September 30, 2022 annual report, which is available upon request.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

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| | | | |
|:---|:---|:---|:---|
| <br>**Class A Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Period Ended**<br>**September 30,**<br>**2020 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.74 | $27.83 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.11 | 0.84 | 0.76 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.81) | 1.09 | 2.82 |
| Total from investment operations | (1.70) | 1.93 | 3.58 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.78) | (0.75) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | (1.24) | - |
| Total distributions | (0.14) | (2.02) | (0.75) |
| Net asset value, end of period | $25.90 | $27.74 | $27.83 |
| Total return <sup>(3)</sup> | (6.15)% | 7.15% | 14.50%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $22076 | $12105 | $4721 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.48% | 1.48% | 1.49% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.48% | 1.48% | 1.49% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.40% | 3.02% | 2.72% |
| Portfolio Turnover Rate | 955% | 57% | 956%<sup>(8)</sup> |

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(1) The
 Sierra Tactical Bond Fund Class A shares commenced operations on October 1, 2019.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

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| | | | |
|:---|:---|:---|:---|
| <br>**Class C Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Period Ended**<br>**September 30,**<br>**2020 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.68 | $27.81 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(2)(5)(6)</sup> | (0.09) | 0.63 | 0.53 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.80) | 1.09 | 2.92 |
| Total from investment operations | (1.89) | 1.72 | 3.45 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.61) | (0.64) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | (1.24) | - |
| Total distributions | (0.07) | (1.85) | (0.64) |
| Net asset value, end of period | $25.72 | $27.68 | $27.81 |
| Total return <sup>(3)</sup> | (6.85)% | 6.33% | 13.97%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $21528 | $22977 | $2517 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 2.23% | 2.23% | 2.24% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 2.23% | 2.23% | 2.24% |
| Ratio of net investment income (loss) to average net assets <sup>(5)(6)(7)</sup> | (0.36)% | 2.27% | 1.91% |
| Portfolio Turnover Rate | 955% | 57% | 956%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Bond Fund Class C shares commenced operations on October 1, 2019.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income (loss) by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | |
|:---|:---|:---|:---|
| <br>**Investor Class Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Period Ended**<br>**September 30,**<br>**2020 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.75 | $27.84 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.07 | 0.79 | 0.75 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.81) | 1.10 | 2.79 |
| Total from investment operations | (1.74) | 1.89 | 3.54 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.74) | (0.70) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | (1.24) | - |
| Total distributions | (0.12) | (1.98) | (0.70) |
| Net asset value, end of period | $25.89 | $27.75 | $27.84 |
| Total return <sup>(3)</sup> | (6.29)% | 6.99% | 14.36%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $17598 | $19077 | $11594 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.63% | 1.63% | 1.64% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.63% | 1.63% | 1.64% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.27% | 2.83% | 2.74% |
| Portfolio Turnover Rate | 955% | 57% | 956%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Bond Fund Investor Class shares commenced operations on October 1, 2019.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | |
|:---|:---|:---|:---|
| <br>**Instl Class Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Period Ended**<br>**September 30,**<br>**2020 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.76 | $27.85 | $25.00 |
| Activity from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.18 | 0.91 | 0.83 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.81) | 1.09 | 2.81 |
| Total from investment operations | (1.63) | 2.00 | 3.64 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.85) | (0.79) |
| &nbsp;&nbsp;&nbsp;Net realized gains | - | (1.24) | - |
| Total distributions | (0.17) | (2.09) | (0.79) |
| Net asset value, end of period | $25.96 | $27.76 | $27.85 |
| Total return <sup>(3)</sup> | (5.89)% | 7.40% | 14.78%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $2051793 | $1840643 | $1027880 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.23% | 1.23% | 1.24% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.23% | 1.23% | 1.24% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.66% | 3.26% | 3.05% |
| Portfolio Turnover Rate | 955% | 57% | 956%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Bond Fund Instl Class shares commenced operations on October 1, 2019.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

**<u>Appendix A</u>**

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 13 of this Prospectus for information about such waivers and discounts.

**Raymond James & Associates, Inc., Raymond James Financial Services, Inc., & Raymond James affiliates ("Raymond James")**

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 Prospectus or SAI.

**Front-end sales load waivers on Class A shares available at Raymond James**

● Shares purchased in an investment advisory program.

● 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).

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● 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).

● A shareholder in the Fund's Class A shares will have their shares converted at net asset value to Class I 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.

**CDSC Waivers on Classes A and C shares available at Raymond James**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● 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.

● 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.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

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

● Breakpoints as described in this prospectus.

● 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.

**Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management.**

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.

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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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| | | | |
|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | 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. | 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. | 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. |
| **What?** | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: |
|  |  | ● | Social Security number and wire transfer instructions |
|  |  | ● | account transactions and transaction history |
|  |  | ● | investment experience and purchase history |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | 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. | 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. | 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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| | | |
|:---|:---|:---|
| **Reasons we can share your**<br> **personal information:** | **Does Northern Lights Fund<br> Trust share information?** | **Can you limit<br> this sharing?** |
| **For our everyday business purposes -**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **Yes** | **No** |
| **For our marketing purposes -**<br> 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 -**<br> information about your transactions and records. | **No** | **We don't share** |
| **For our affiliates' everyday business purposes -**<br> information about your credit worthiness. | **No** | **We don't share** |
| **For nonaffiliates to market to you** | **No** | **We don't share** |

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| | |
|:---|:---|
| **QUESTIONS?** | **Call 1-631-490-4300** |

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● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● sharing for affiliates' everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

**SIERRA TACTICAL BOND 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<br> Elkhorn, NE 68022 |
| **Distributor** | **Northern Lights Distributors, LLC**<br> 4221 North 203<sup>rd</sup> Street<br> Elkhorn, NE 68022 |
| **Legal Counsel** | **Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| **Independent<br> Registered Public<br> Accounting Firm** | **BBD, LLP**<br> 1835 Market Street, 3<sup>rd</sup> Floor<br> Philadelphia, PA 19103 |

---

Additional information about the Fund is included in the Fund's Statement of Additional Information dated January 30, 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 <u>www.SierraMutualFunds.com</u>.

You may also write to:

**Sierra Tactical Bond Fund**

c/o Ultimus Fund Solutions, LLC

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

Elkhorn, NE 68022

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

Investment Company Act File # 811-21720

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| | |
|:---|:---|
| ![](logo_001.jpg) | 1-866-RETI-FND<br> 1-866-738-4363<br>www.sierramutualfunds.com |

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| |
|:---|
| ***<u>Sierra Tactical Core Income Fund</u>*** |
| **PROSPECTUS** |

---

*January 30, 2023*

---

| | | |
|:---|:---|:---|
| *Advised by:* | Class A Shares | SSIZX |
| Wright Fund Management, LLC | Class C Shares | SSICX |
| 3420 Ocean Park Boulevard |  |  |
| Suite 3060 | Investor Class | SSIIX |
| Santa Monica, CA 90405 |  |  |
|  | Instl Class | SSIRX |

---

*The prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.*<br>*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.*<br>*Any representation to the contrary is a criminal offense.*<br>

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

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| | |
|:---|:---|
| **FUND SUMMARY** | **1** |
| &nbsp;&nbsp;&nbsp;Investment Objectives | 1 |
| &nbsp;&nbsp;&nbsp;Fees and Expenses of the Fund | 1 |
| &nbsp;&nbsp;&nbsp;Principal Investment Strategies | 2 |
| &nbsp;&nbsp;&nbsp;Principal Investment Risks | 3 |
| &nbsp;&nbsp;&nbsp;Performance | 4 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 5 |
| &nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 5 |
| &nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 5 |
| &nbsp;&nbsp;&nbsp;Tax Information | 5 |
| &nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 5 |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS** | **6** |
| &nbsp;&nbsp;&nbsp;Investment Objectives | 6 |
| &nbsp;&nbsp;&nbsp;Principal Investment Strategies | 6 |
| &nbsp;&nbsp;&nbsp;Principal Investment Risks | 8 |
| &nbsp;&nbsp;&nbsp;Temporary Investments | 10 |
| &nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 10 |
| &nbsp;&nbsp;&nbsp;Cybersecurity | 10 |
| **MANAGEMENT** | **11** |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 11 |
| &nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 11 |
| **HOW SHARES ARE PRICED** | **14** |
| **HOW TO PURCHASE SHARES** | **15** |
| **HOW TO REDEEM SHARES** | **20** |
| &nbsp;&nbsp;&nbsp;Redeeming Shares | 20 |
| &nbsp;&nbsp;&nbsp;Redemptions in Kind | 21 |
| &nbsp;&nbsp;&nbsp;When Redemptions are Sent | 21 |
| &nbsp;&nbsp;&nbsp;Exchanging Shares | 21 |
| &nbsp;&nbsp;&nbsp;When You Need Medallion Signature Guarantees | 22 |
| &nbsp;&nbsp;&nbsp;Retirement Plan | 22 |
| &nbsp;&nbsp;&nbsp;Low Balances | 22 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **23** |
| **FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES** | **24** |
| **DISTRIBUTION OF SHARES** | **25** |
| &nbsp;&nbsp;&nbsp;Distributor | 25 |
| &nbsp;&nbsp;&nbsp;Distribution Fees | 25 |
| &nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 25 |
| &nbsp;&nbsp;&nbsp;Householding | 25 |
| **FINANCIAL HIGHLIGHTS** | **26** |
| **PRIVACY NOTICE** | **32** |

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i

**<u>FUND SUMMARY</u>**

**Investment Objectives:**

The Fund's two investment objectives are to provide total return (with income contributing a significant part) 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 in this Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 20 of the Statement of Additional Information.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment) | **Class<br> A** | **Class<br> C** | **Investor <br> Class** | **Instl<br> 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 |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.40% | 1.00% | 0.40% |  |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.47% | 0.47% | 0.47% | 0.47% |
| Other Expenses | 0.19% | 0.19% | 0.19% | 0.19% |
| Total Annual Fund Operating Expenses | 1.81% | 2.41% | 1.81% | 1.41% |
| Expense Reimbursement | 0.01% | 0.01% | 0.01% | 0.00% |
| Total Annual Fund Operating Expenses After Expense Reimbursement | 1.82% | 2.42% | 1.82% | 1.41% |

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(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.

***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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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Class A | $552 | $925 | $1322 | $2431 |
| Class C | $244 | $754 | $1290 | $2756 |
| Investor Class | $184 | $572 | $984 | $2136 |
| Instl Class | $144 | $446 | $771 | $1691 |

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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 period, the Fund's portfolio turnover rate was 522% of the average value of its portfolio.

**Principal Investment Strategies:**

To access a wide variety of underlying asset classes and special strategies of unaffiliated mutual funds, the Sierra Tactical Core Income Fund invests in (1) open-end investment companies (mutual funds) and (2) exchange-traded funds ("ETFs") (collectively, "Underlying Funds"). The Adviser seeks to achieve the Fund's investment objectives by investing primarily in Underlying Funds that in turn invest in a wide variety of fixed-income instruments of any maturity, including domestic and foreign bonds, some of which are hedged against currency risk, funds that are designed to have returns that are inverse to the 10-year U.S. Treasury note or the 30-year U.S. Treasury bond, as well as real estate investment trusts ("REITs") and other income-generating underlying assets. The Fund invests in Underlying Funds without restriction as to issuer credit quality (including "high-yield" or "junk bonds"), capitalization, country or the individual security maturity of the securities held by the Underlying Funds. The Fund defines high-yield securities, also known as junk bonds, as fixed-income securities rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO)).

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

● Ultra-short-term bonds

● U.S. government bonds and agency instruments

● Floating rate instruments

● Municipal bonds

● High-yield corporate bonds

● High-grade corporate bonds

● Bonds of emerging market countries

● Bonds of European countries

● REIT common and preferred stocks

● Master-Limited partnerships ("MLPs")

● Mutual funds that have their own special strategies, such as combining asset classes and tactical strategies

On occasion, a portion of the Fund's portfolio may be hedged with positions that move inversely to the U.S. Treasury 10-year U.S. Treasury note and/or the 30-year Treasury bond to improve returns when the interest-rate environment is moving adversely to long positions in the major bond markets (that is, when interest rates are in a rising trend) or to hedge other positions, and/or positions that hedge currency risk. Additionally, on occasion, the Fund will use Underlying Funds that are moderately leveraged, although the portfolio as a whole will not use leverage extensively, since one of the goals of the Fund is to limit downside volatility.

The Adviser's investment strategy is a tactical style that includes analysis and use of a wide variety of income-producing investment categories, such as fixed-income securities and dividend-paying REITs of issuers from various markets and industries ("Asset Classes") in an effort to limit overall volatility and downside risk as well as to seek opportunities to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly dividend yield will fluctuate significantly given the Fund's tactical approach of seeking various bond categories from time to time that the Adviser's portfolio managers feel will contribute to total return.

The Adviser constructs the Fund's portfolio in the following manner: First, the Adviser identifies income-producing 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 one of the Fund's portfolio managers, Dr. Sleeper has used with 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. 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 sells or hedges the 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 as distinct from a "predictive" approach. 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 Asset Class.

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:** 

***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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *Management Risk.* The Adviser's dependence on its strategic income 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.

● *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.

● *Master Limited Partnerships Risk.* Investments in MLPs involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's limited call right. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.

● *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.

● *Portfolio Turnover Risk.* As to the portion of the portfolio invested in ETFs and closed-end investment companies, 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.

● *REIT Common and Preferred Stock Risk.* A REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent or poor management. Common and preferred stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

● *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 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. 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 <u>www.SierraMutualFunds.com</u>.

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

![](ssizx_001.jpg)

1 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 have different expenses.

---

| | |
|:---|:---|
| Best Quarter: | 3.56% |
| Worst Quarter: 1<sup>st</sup> Quarter 2020 | (3.04)% |

---

**Performance Table**

**Average Annual Total Returns**

**(For periods ended December 31, 2022)**

---

| | | | |
|:---|:---|:---|:---|
| | **One<br> Year** | **Five<br> Years** | **Ten<br> Years** |
| **Instl Class** | **Instl Class** | **Instl Class** | **Instl Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (4.91)% | 1.50% | 2.59% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | (5.47)% | 0.54% | 1.36% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | (2.86)% | 0.83% | 1.48% |
| **Class A shares** | **Class A shares** | **Class A shares** | **Class A shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes with sales load | (10.73)% | (0.09)% | 1.61% |
| **Class C shares** | **Class C shares** | **Class C shares** | **Class C shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (5.84)% | 0.49% | 1.61% |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (5.29)% | 1.11% | 2.21% |
| **Bloomberg US Aggregate Index**<br> (reflects no deduction for fees, expenses or taxes) | (13.01)% | 0.02% | 1.06% |

---

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.

The Bloomberg US Aggregate Index, an unmanaged, broad-based market capitalization weighted index, has been selected as the Fund's benchmark index. The Bloomberg US Aggregate Bond Index is commonly used as a benchmark by both passive and active investors to measure portfolio performance relative to the U.S. dollar-denominated investment grade fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). The index does not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

**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 and Portfolio Manager of the Adviser, Douglas A. Loeffler, CFA®, Executive Vice President, and Ryan Harder, CFA®, Chief Investment Strategist are the portfolio managers of the Fund. Dr. Sleeper has served the Fund as portfolio manager since it commenced operations in December 2011. Mr. Loeffler has served the Fund as portfolio manager since January 2022. Ryan 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.

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

**Investment Objectives**

The Fund's two investment objectives are to provide total return (with income contributing a significant part) 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**

To access a wide variety of underlying asset classes and special strategies of unaffiliated mutual funds, the Sierra Tactical Core Income Fund invests in (1) open-end investment companies (mutual funds) and (2) exchange-traded funds ("ETFs") (collectively "Underlying Funds"). The Adviser seeks to achieve the Fund's investment objectives by investing primarily in Underlying Funds that in turn invest in a wide variety of fixed-income instruments of any maturity, including domestic and foreign bonds, some of which are hedged against currency risk, funds that are designed to have returns that are inverse to the 10-year U.S. Treasury note or the 30-year U.S. Treasury bond, as well as other income-generating underlying asset classes such as preferred stocks, real estate investment trusts ("REITs") and Master Limited Partnerships (MLPs).

The Fund invests in Underlying Funds without restriction as to issuer credit quality (including "high-yield" or "junk bonds"), capitalization, country or the individual security maturity of the securities held by the Underlying Funds. The Fund defines high-yield securities, also known as junk bonds, as fixed-income securities rated below investment grade (rated BB+ or lower by S&P or comparably rated by another nationally recognized statistical rating organization (NRSRO)).

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

● Ultra-short-term bonds

● U.S. government bonds and agency instruments

● Floating rate instruments

● Municipal bonds

● High-yield corporate bonds

● High-grade corporate bonds

● Bonds of emerging market countries

● Bonds of European countries

● REIT common and preferred stocks

● Master-Limited partnerships ("MLPs")

On occasion, a portion of the Fund's portfolio may be hedged with positions that move inversely to the U.S. Treasury 10-year U.S. Treasury note and/or the 30-year Treasury bond to improve returns when the interest-rate environment is moving adversely to long positions in the major bond markets (that is, when interest rates are in a rising trend) or to hedge other positions, and/or positions that hedge currency risk. Additionally, on occasion, the Fund will use Underlying Funds that are moderately leveraged, although the portfolio as a whole will not use leverage extensively, since one of the goals of the Fund is to limit downside volatility.

The Adviser's investment strategy is a tactical style that includes analysis and use of a wide variety of income-producing investment categories, such as fixed-income securities and dividend-paying REITs of issuers from various markets and industries ("Asset Classes") in an effort to limit overall volatility and downside risk as well as to seek opportunities to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly dividend yield will fluctuate significantly given the Fund's tactical approach of seeking various bond categories from time to time that the Adviser's portfolio managers feel will contribute to total return.

The Adviser constructs the Fund's portfolio in the following manner: First, the Adviser identifies income-producing 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 two of the Adviser's founders (Dr. Sleeper and David Wright) have used with 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. 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 sells or hedges the 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 as distinct from a "predictive" approach. 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 Asset Class.

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.

***<u>Risk-Management Strategies</u>***

The Adviser does not employ a passive "buy and hold" strategy.

The Adviser applies an integrated set of risk-management disciplines with the goal of limiting the impact of downside risk of the Fund's portfolio in the following manner: First, the Adviser constructs (and from time to time modifies) the portfolio with a view to Asset Class diversification, in the sense that the Adviser uses Asset Classes that respond to a variety of underlying driving forces, ranging from economic shifts to investor mood; and with a view to the historic average total return and volatility of the individual Asset Classes. The Adviser defines income-related Asset Classes as income-producing investment categories, such as fixed-income securities and dividend-paying REITs of issuers from various markets and industries. Second, the Adviser uses well-diversified Underlying Funds to participate in each chosen Asset Class – and in some cases, Underlying Funds that diversify among two or more Asset Classes. Third, within most Asset Classes, the Adviser attempts to identify Underlying Fund managers whose history demonstrates an ability to add positive Alpha – incremental total return in excess of incremental risk.

Fourth, the Adviser monitors each Fund holding daily and applies a trailing stop discipline to each Underlying Fund within the Fund's portfolio, based on the proprietary approach ("Sell Disciplines") that Dr. Sleeper has used since 1987 with 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. 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 sells or hedges the Underlying Fund.

The Adviser's sell disciplines are intended to protect the Fund from any continuation of a downward trend in an Underlying Fund and Asset Class, but are not based on any attempt to predict the future value or trend of an Underlying Fund.

The amount of price fluctuation in an Underlying Fund that the Adviser will tolerate depends upon the historic volatility of the Asset Class in which the Underlying Fund invests. For example, the Adviser will tolerate much larger price swings and price volatility in a REIT Underlying Fund than in a fixed-income Underlying Fund.

When the value of an Underlying Fund stabilizes and turns up, the Adviser will move the assets from the money market or other temporary defensive investment back into the original Underlying Fund, unless in the interim the Adviser has identified a more attractive Asset Class or Underlying Fund.

From time to time, the Adviser may sell an Underlying Fund in order to purchase a new Underlying Fund in the same Asset Class or to revise the asset allocation mix among Asset Classes.

**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.

● *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.

● *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.

● *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.

● *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.

● *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 US 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 US 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 US 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 US 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 US Aggregate Bond Index goes down 5% then the inverse ETF's value should go up 10%).

● *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.

● *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.

● *Master Limited Partnerships Risk.* Investments in MLPs involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between an MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's limited call right. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. MLPs, typically, do not pay U.S. federal income tax at the partnership level. Instead, each partner is allocated a share of the partnership's income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation.

● *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.

● *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.

● *REIT Common and Preferred Stock Risk.* REITs may be affected by any changes in the value of the properties owned and other factors, and their prices tend to go up and down. A REIT's performance depends on the types and locations of the properties it owns and on how well it manages those properties. A decline in rental income may occur because of extended vacancies, increased competition from other properties, tenants' failure to pay rent or poor management. A REIT's performance also depends on the company's ability to finance property purchases and renovations and manage its cash flows. Because REITs typically are invested in a limited number of projects or in a particular market segment, they are more susceptible to adverse developments affecting a single project or market segment than more broadly diversified investments. REIT common and preferred stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. Dividend-paying preferred stocks are subject to interest rate risk as well as equity risk.

● *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 ETNs 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 and ETNs 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 and ETNs 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, the 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 include: shares of money-market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. When the 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 the 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 Fund 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 Fund 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 the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate their net asset value ("NAV"); impediments to trading; the inability of the Fund, the Advisor, 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 the Fund invests; counterparties with which the 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 the 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.

**MANAGEMENT**

**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 the Fund's investments according to the 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 billion.

The Adviser, Sierra Investment Management, Inc. ("Sierra") and Ocean Park Asset Management, Inc. ("Ocean Park") are affiliated through indirect common ownership by Dr. Sleeper and David Wright.

For its services, the Adviser receives an annual advisory fee equal to 0.75% of the Fund's average daily net assets. For the fiscal year ended September 30, 2022, the Adviser received fees in the amount equal to 0.75% of the Fund's average daily net assets. A discussion regarding the basis for the Board's approval of the advisory agreement is available in the Fund's annual shareholder report dated September 30, 2022.

The Adviser has contractually agreed to ensure that total annual Fund operating expenses 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 the 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, 2024, will not exceed the specified limits below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **Investor** | **Instl** |
| Expense Cap | 1.35% | 1.95% | 1.35% | 1.00% |

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Waivers and expense payments may be recouped by the Adviser from the Fund, to the extent that 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, Managing Director and Portfolio Manager of the Adviser, Douglas A. Loeffler, CFA®, Executive Vice President, and Ryan Harder, CFA®, Chief Investment Strategist are the portfolio managers of the Fund. Dr. Sleeper has served the Fund as portfolio manager since it commenced operations in December 2011. Mr. Loeffler has served the Fund as portfolio manager since January 2022. Ryan 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.

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.

**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.

**Douglas A. Loeffler, CFA®**

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.

**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.

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.

**Supplemental Fund Performance Information**

**Comparison of the Change in Value of a $10,000 Investment**

The Fund's performance figures compared to the

Bloomberg US Aggregate Bond Index for the period ended September 30, 2022

![](ssizx_002.jpg)

The inception date of operations for the Fund's Class A, C, Investor and Instl shares is December 27, 2011.

The Adviser has selected the Bloomberg US Aggregate Bond Index as its index. The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). The index does not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance figures for periods greater than one year are annualized.

The Fund's total annual operating expenses, including acquired fund fees and expenses, are currently 1.82% for Class A and Investor Class, 1.41% for Instl Class, 2.42% for Class C shares. For performance information current to the most recent month-end, please call toll-free 1-866-738-4363 (1-866-RETI-FND) or visit <u>www.SierraMutualFunds.com</u>.

**HOW SHARES ARE PRICED**

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 the Fund less its liabilities divided by the total number of the 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 the Fund, including investment advisory, administration, and distribution fees, which are accrued daily. The determination of NAV of each class of the 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 the 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" to execute 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.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities. Although not part of the Adviser's principal investment strategy, since the Fund may invest in foreign securities that are primarily listed on foreign exchanges that may trade on weekends or other days when the Fund does not price its shares, the value of the Fund's portfolio may change on days when you may not be able to buy or sell Fund shares. In computing the NAV of the Fund, the Adviser values foreign securities held by the 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 the Fund's portfolio occur before the 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 the Fund calculates its NAV, the Adviser may need to price the security using the 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 the 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 the Fund's NAV by short-term traders.

With respect to any portion of the 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), the Fund's net asset value is calculated based upon the net asset values of the mutual funds in which the 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 the Fund represents interest in the same portfolio of investments within the Fund. The Fund reserves the right to waive sales charges as described below or waive share class minimum investments at the 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 0.50% of the average daily net assets of Class A shares. However, the Fund's Board of Trustees has determined to limit 12b-1 fees to 0.40%. 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 each Fund:

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| | | | |
|:---|:---|:---|:---|
| **Amount Invested** | **Sales Charge as a %<br> of Offering Price<sup>(1)</sup>** | **Sales Charge as a %<br> of Amount Invested** | **Dealer<br> Reallowance** |
| Under $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 |

---

(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 the 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.

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

● 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.

● 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).

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisors).

● 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.

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

● Employer-sponsored retirement or benefit plans with total plan assets in excess of $5 million where the plan's investments in the Fund are part of an omnibus account. A minimum initial investment of $1 million in the 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 the Fund will depend on whether you purchase your Class A Shares directly from the 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 below. 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.

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.

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

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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.

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

● 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).

● 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).

● 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.

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● 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.

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

The Funds do 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 30, 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:

● an individual;

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

● 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 the 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 the 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 the 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 the 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 the 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 the 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 0.50% on an annualized basis of the average daily net assets as 12b-1 fees. However, the Fund's Board of Trustees has determined to limit 12b-1 fees to 0.40%. 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 the 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 and are subject to 12b-1 shareholder servicing and distribution fees of up to 0.15% of the average daily net assets of Instl Class, but have a higher minimum initial investment than Class A, Class C and Investor Class. However as of December 31, 2013, the Fund's Board of Trustees has determined that there will be no 12b-1 fees. Instl Class require a minimum initial investment of $10,000. Registered investment advisers and broker/dealer firms that have omnibus accounts with the 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 the Fund to purchase, you should consider your investment goals, present and future amounts you may invest in the 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 the Fund's expenses over time in the **Fees and Expenses** section for the 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 Core Income Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Core Income 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, the Fund may temporarily limit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the 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". The Fund will not accept payment in cash, including cashier's checks or money orders. Also, to prevent check fraud, the 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 the 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 returned to the transfer agent for insufficient funds.

*Purchase through Brokers:* You may invest in the 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 the Fund. The 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 the 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 the 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 the 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.

*<u>Automated Clearing House (ACH) Purchase</u>:* 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.

*Transactions through <u>www.SierraMutualFunds.com</u>:* You may purchase the Fund's shares and redeem the Fund's shares through the Fund's website **<u>www.SierraMutualFunds.com</u>**. 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, its distributor and its 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 its 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 the 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 the 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 Fund reserves the right to waive any investment minimum.

Redemptions of Shares of the 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 the Fund receives your application or request in good order. All requests received in good order by the 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.

● the name of the Fund and share class,

● the dollar amount of shares to be purchased,

● a completed purchase application or investment stub, and

● check payable to the "Sierra Tactical Core Income Fund."

**Retirement Plans:** You may purchase shares of the 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 Core Income Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Core Income 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 the 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 the 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 the 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 <u>www.SierraMutualFunds.com</u>:* You may redeem your shares through the Fund's website <u>www.SierraMutualFunds.com</u>. 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 <u>www.SierraMutualFunds.com</u>." 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 the 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 the 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.

● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed.

● The request must identify your account number.

● The request should be signed by you and any other person listed on the account, exactly as the shares are registered.

● 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.

**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 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 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 <u>www.SierraMutualFunds.com</u>.

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 believes 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 the Fund's opinion, engages in excessive trading that would be disadvantageous to the Funds or their 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 the Fund may be exchanged for Instl Class of the 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 the 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 the 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:

● you request a redemption to be made payable to a person not on record with the Fund,

● you request that a redemption be mailed to an address other than that on record with the Fund,

● the proceeds of a requested redemption exceed $100,000,

● any redemption is transmitted by federal wire transfer to a bank other than the bank of record, or

● 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 the 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.

**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS**

Any sale or exchange of the 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 the Fund.)

The Fund intends to distribute substantially all of its net investment income monthly 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 the 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 the 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 the Fund's shares.

**FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES**

The Fund discourages and does not accommodate market timing. Frequent trading into and out of the 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 uses 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 the 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 the 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 the 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 the 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 the 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, the 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 the Fund's redemption fee and monitoring trading activity for what might be market timing, the 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, the Fund will ensure that financial intermediaries maintaining omnibus accounts on behalf of the Fund enter into an agreement with the Fund to provide shareholder transaction information, to the extent known to the financial intermediary, to the 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, Class C and Instl Class ("12b-1 Plans" or "Plans"), pursuant to Rule 12b-1 of the 1940 Act which allows the 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 the Fund's average daily net assets attributable to Class C shares and 0.15% of the Fund's average daily net assets attributable to Instl Class. However though, December 31, 2013, the Board has determined that there will be no 12b-1 fees with regard to Instl Class. 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% of the average daily net assets, 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 the 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 the 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.

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 the 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 the 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 the 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 is open for business or contact your financial institution. We will begin sending you individual copies thirty days after receiving your request.

**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment if all dividends and distributions). This information for the Fund has been derived from the financial statements audited by BBD, LLP, whose report, along with the Fund's financial statements, are included in the Fund's September 30, 2022 annual report, which is available upon request.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $21.91 | $21.50 | $21.51 | $20.96 | $21.44 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.24 | 0.58 | 0.53 | 0.51 | 0.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.65) | 0.43 | 0.00<sup>(6)</sup> | 0.56 | (0.51) |
| Total from investment operations | (1.41) | 1.01 | 0.53 | 1.07 | 0.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.60) | (0.54) | (0.52) | (0.59) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.00)<sup>(6)</sup> |  |  |
| Return of capital | (0.03) | - | - | - | - |
| Total distributions | (0.26) | (0.60) | (0.54) | (0.52) | (0.59) |
| Net asset value, end of year | $20.24 | $21.91 | $21.50 | $21.51 | $20.96 |
| Total return <sup>(2)</sup> | (6.50)% | 4.71% | 2.48% | 5.21% | 0.53% |
| Net assets, at end of year (000s) | $49885 | $61843 | $69753 | $64244 | $75143 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.34%<sup>(8)</sup> | 1.34% | 1.36% | 1.36% | 1.35% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.35%<sup>(7)</sup> | 1.34% | 1.35% | 1.35% | 1.35% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 1.16% | 2.65% | 2.47% | 2.45% | 2.91% |
| Portfolio Turnover Rate | 522% | 117% | 294% | 221% | 131% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

(7) Represents the ratio of
 expenses to average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the ratio of
 expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $21.85 | $21.44 | $21.45 | $20.91 | $21.39 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.12 | 0.44 | 0.40 | 0.39 | 0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.66) | 0.44 | 0.00 | 0.55 | (0.50) |
| Total from investment operations | (1.54) | 0.88 | 0.40 | 0.94 | (0.01) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.47) | (0.41) | (0.40) | (0.47) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.00) |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.02) | - | - | - | - |
| Total distributions | (0.17) | (0.47) | (0.41 | (0.40) | (0.47) |
| Net asset value, end of year | $20.14 | $21.85 | $21.44 | $21.45 | $20.91 |
| Total return <sup>(2)</sup> | (7.07)% | 4.12% | 1.90 | 4.56% | (0.06)% |
| Net assets, at end of year (000s) | $149452 | $176858 | $142722 | $130746 | $129749 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.94%<sup>(8)</sup> | 1.94% | 1.96 | 1.96% | 1.96% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.95%<sup>(7)</sup> | 1.94% | 1.95 | 1.95% | 1.95% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 0.54% | 2.00% | 1.87 | 1.84% | 2.34% |
| Portfolio Turnover Rate | 522% | 117% | 294 | 221% | 131% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

(7) Represents the ratio of
 expenses to average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the ratio of
 expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Investor Class** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $21.95 | $21.54 | $21.54 | $20.99 | $21.47 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.24 | 0.58 | 0.53 | 0.51 | 0.63 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.66) | 0.43 | 0.01 | 0.56 | (0.52) |
| Total from investment operations | (1.42) | 1.01 | 0.54 | 1.07 | 0.11 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.60) | (0.54) | (0.52) | (0.59) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.00)<sup>(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.03) | - | - | - | - |
| Total distributions | (0.26) | (0.60) | (0.54) | (0.52) | (0.59) |
| Net asset value, end of year | $20.27 | $21.95 | $21.54 | $21.54 | $20.99 |
| Total return <sup>(2)</sup> | (6.53)% | 4.70% | 2.53% | 5.19% | 0.52% |
| Net assets, at end of year (000s) | $67463 | $80457 | $77540 | $68005 | $85844 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 1.34%<sup>(8)</sup> | 1.34% | 1.36% | 1.36% | 1.35% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 1.35%<sup>(7)</sup> | 1.34% | 1.35% | 1.35% | 1.35% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 1.13% | 2.64% | 2.48% | 2.44% | 2.95% |
| Portfolio Turnover Rate | 522% | 117% | 294% | 221% | 131% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

(7) Represents the ratio of
 expenses to average net assets after adviser recapture of waived fees from the prior period.

(8) Represents the ratio of
 expenses to average net assets before adviser recapture of waived/reimbursed fees from the prior period.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Instl Class** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Year Ended**<br>**September 30,**<br>**2019** | **Year Ended**<br>**September 30,**<br>**2018** |
| Net asset value, beginning of year | $21.81 | $21.40 | $21.41 | $20.87 | $21.35 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(1)(4)(5)</sup> | 0.32 | 0.66 | 0.60 | 0.59 | 0.70 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.64) | 0.43 | 0.01 | 0.56 | (0.50) |
| Total from investment operations | (1.32) | 1.09 | 0.61 | 1.15 | 0.20 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.30) | (0.68) | (0.62) | (0.61) | (0.68) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  | (0.00)<sup>(6)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.04) | - | - | - | - |
| Total distributions | (0.34) | (0.68) | (0.62) | (0.61) | (0.68) |
| Net asset value, end of year | $20.15 | $21.81 | $21.40 | $21.41 | $20.87 |
| Total return <sup>(2)</sup> | (6.12)% | 5.15% | 2.90% | 5.61% | 0.94% |
| Net assets, at end of year (000s) | $1674803 | $1571623 | $1345504 | $1018078 | $828171 |
| Ratio of gross expenses to average net assets <sup>(3)(4)</sup> | 0.94% | 0.94% | 0.96% | 0.96% | 0.96% |
| Ratio of net expenses to average net assets <sup>(4)</sup> | 0.94% | 0.94% | 0.96% | 0.96% | 0.96% |
| Ratio of net investment income to average net assets <sup>(4)(5)</sup> | 1.51% | 3.01% | 2.82% | 2.83% | 3.33% |
| Portfolio Turnover Rate | 522% | 117% | 294% | 221% | 131% |

---

(1) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the year.

(2) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(3) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(4) Does
 not include the expenses of other investment companies in which the Fund invests.

(5) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(6) Less
 than $0.01.

**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 15 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>**

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.

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 Prospectus or SAI.

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

● Shares purchased in an investment advisory program.

● 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).

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● 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).

● 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>**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● 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.

● 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.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

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

● Breakpoints as described in this prospectus.

● 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.

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.

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

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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**

---

| | | | |
|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | 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. | 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. | 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. |
| **What?** | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: |
|  |  | ● | Social Security number and wire transfer instructions |
|  |  | ● | account transactions and transaction history |
|  |  | ● | investment experience and purchase history |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | 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. | 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. | 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. |

---

---

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

---

---

| | |
|:---|:---|
| **Questions?** | **Call 1-631-490-4300** |

---

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

● sharing for affiliates' everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for nonaffiliates to market to you.

● *Northern Lights Fund Trust does not share with its affiliates.* 

● *Northern Lights Fund Trust doesn't jointly market.* 

 

 ****

**SIERRA TACTICAL CORE INCOME FUND**

---

| | |
|:---|:---|
| **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 <br> Accounting Firm** | **BBD, LLP**<br> 1835 Market Street, 3<sup>rd</sup> Floor<br> Philadelphia, PA 19103 |

---

Additional information about the Fund is included in the Fund's Statement of Additional Information dated January 30, 2022 (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 <u>www.SierraMutualFunds.com</u>. You may also write to:

**Sierra Tactical Core Income Fund**

c/o Ultimus Fund Solutions, LLC

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

Elkhorn, NE 68022

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

Investment Company Act File # 811-21720

---

| | |
|:---|:---|
| ![](logo_001.jpg) | 1-866-RETI-FND<br> 1-866-738-4363<br>www.sierramutualfunds.com |

---

---

| |
|:---|
| ***<u>Sierra Tactical Municipal Fund</u>*** |
| **PROSPECTUS** |

---

*January 30, 2023*

---

| | | |
|:---|:---|:---|
| *Advised by:* | Class A Shares | STMKX |
| Wright Fund Management, LLC | Class C Shares | STMHX |
| 3420 Ocean Park Boulevard |  |  |
| Suite 3060 | Special Shares | STMYX |
| Santa Monica, CA 90405 |  |  |
|  | <br> nvestor Class | STMNX |
|  | Instl Class | STMEX |

---

*The prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.*<br>*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.*<br>*Any representation to the contrary is a criminal offense.*<br>

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

---

| | |
|:---|:---|
| **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 Strategies | 2 |
| &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 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 5 |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Investments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 8 |
| &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** | **12** |
| **HOW TO PURCHASE SHARES** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors to Consider When Choosing a Share Class | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum and Additional Investment Amounts | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Order is Processed | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plans | 17 |
| **HOW TO REDEEM SHARES** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in Kind | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Redemptions are Sent | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchanging Shares | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When You Need Medallion Signature Guarantees | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plans | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Balances | 20 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **20** |
| **FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES** | **21** |
| **DISTRIBUTION OF SHARES** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | 22 |
| **FINANCIAL HIGHLIGHTS** | **23** |
| **PRIVACY NOTICE** | **30** |

---

i

**<u>FUND SUMMARY</u>**

**Investment Objectives:** 

The Fund seeks total return, including tax-free income from the dividends of underlying municipal bond funds, while seeking to limit 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 13 the Fund's Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 18 of the Statement of Additional Information.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment) | **Class<br> A** | **Class<br> C** | **Special<br> Shares** | **Investor<br> Class** | **Instl<br> 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) | **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fees | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| Distribution and/or Service (12b-1) Fees | 0.25% | 1.00% | 0.00% | 0.40% | 0.00% |
| Other Expenses | 0.26% | 0.26% | 0.19% | 0.26% | 0.26% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.43% | 0.43% | 0.43% | 0.43% | 0.43% |
| Total Annual Fund Operating Expenses | 1.69% | 2.44% | 1.37% | 1.84% | 1.44% |
| Fee Waiver and Reimbursement<sup>(2)</sup> | (0.03)% | (0.03)% | (0.02)% | (0.03)% | (0.00)% |
| Total Annual Fund Operating Expenses <br> after Fee Waiver and Reimbursement | 1.66% | 2.41% | 1.35% | 1.81% | 1.44% |

---

(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) The Adviser has contractually agreed to waive its management fees and to make payments to limit Fund expenses, until January 31, 2024 so that the total annual operating expenses "(i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap 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)) of the Fund do not exceed 1.23%, 1.98%, 0.92%, 1.38%, and 1.05%, for Class A, Class C, Special Shares, Investor Class and Instl Class, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (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 the Adviser.

***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, and that the Adviser's fee waiver is only in effect for the term of the waiver. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class A | $537 | $885 | $1256 | $2295 |
| Class C | $244 | $758 | $1298 | $2774 |
| Special Shares | $137 | $432 | $748 | $1645 |
| Investor | $184 | $576 | $993 | $2156 |
| Instl | $147 | $456 | $787 | $1724 |

---

***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 668% of the average value of its portfolio.

**Principal Investment Strategies:**

The Fund invests in open-end investment companies (mutual funds) and exchange-traded funds ("ETFs") that primarily invest in tax-exempt municipal bonds ("Underlying Municipal Bond Funds"), as well as municipal money market funds. "Tax exempt" refers to the exemption from federal income taxes of the dividends paid by the Underlying Funds, a benefit that will be passes through to shareholders as to ordinary dividends from the Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in funds that primarily invest in municipal bonds or other municipal debt instruments. The Adviser uses a proprietary model to tactically allocate the Fund's assets. When any Underlying Municipal Bond Fund declines in price enough to generate a "Sell signal" under the Adviser's model, the Fund will sell that Underlying Municipal Bond Fund and move the proceeds temporarily to a tax-free money market fund. Conversely, when prices of an Underlying Municipal Bond Fund begins new uptrends sufficient to give a "Buy signal" under that model, the Adviser will select and purchase an Underlying Municipal Bond Fund, and will continue to make purchases with net cash inflows into the Fund.

The Fund invests in Underlying Municipal Bond Funds that may invest in high-yield municipal bonds (commonly known as "junk" bonds) as well as those that invest in investment-grade municipal bonds. The Fund does not have maturity or duration limitations with respect to holdings of the Underlying Municipal Bond Funds in which it invests. The Fund considers high-yield municipal 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"). From time to time and depending on market conditions, the Fund may be fully invested in Underlying Municipal Bond Funds that primarily invest or are fully invested in high-yield (or junk) municipal bonds.

The Adviser's investment strategy is a tactical style that includes disciplines that attempt to limit downside risk (drawdown, meaning the magnitude of decline from highest price to the subsequent low) as well as to seek to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly distribution yield will fluctuate.

The Adviser does not employ a passive "buy and hold," strategy. As part of its integrated risk-management disciplines, the Adviser monitors each Underlying Municipal Bond Fund daily and applies a trailing-stop discipline (which generates the sell signals) to each Underlying Municipal Bond Fund in the Fund's portfolio. A trailing stop discipline is a discipline is which the stop level rises each day the price of the holding rises – thus the stops "trail" the price trend of the holding. The stop is recalculated daily as a percent or dollar amount below the most recent high price of the holding. When the price of the holding declines below the current stop, the Adviser sells the holding. This sell discipline is a proprietary approach ("Sell Disciplines") that the Fund's portfolio manager (Dr. Sleeper) has used within his related companies' diversified separately managed accounts since 1987, in seeking to limit the impact on the overall Fund portfolio of any sustained decline in the municipal bond markets.

The Sell Disciplines are not designed to attempt to buy at lows or to sell at highs, but to seek to participate in a substantial part of any sustained uptrend in the municipal bond market, as well as to step aside during most of any sustained downtrend. The Adviser employs a "reactive" approach as distinct from a "predictive" approach. The Adviser does not expect to average more than two Sell signals alternated with two Buy signals per year. Thus, the Adviser expects that the Fund's portfolio turnover rate will average approximately 200% per year. This tactical approach has historically meant that most gains to be realized by the Fund upon sales of Underlying Municipal Bond Funds will be taxed as short-term capital gains rather than long-term capital gains.

It should be noted that (1) purchases and sales of municipal bonds by the Underlying Municipal Bond Funds will result in capital gains and losses, as to which net capital gains will be distributed to the Fund (typically at or near the end of each calendar year), distributed by the Fund to shareholders, and will not be tax exempt, and (2) that purchases and sales of Underlying Municipal Bond Funds by the Fund will also result in capital gains and losses, as to which net capital gains will be distributed to shareholders of the Fund at or near the end of each calendar year, and will not be tax exempt.

**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.

● *Fixed-Income Risk.* When the Fund invests in Underlying Municipal Bond Funds, the value of your investment in the Fund will generally decline when interest rates rise or when other factors cause declines in the municipal bond market generally or in a specific Underlying Municipal Bond Fund. Defaults by municipal issuers in which the Underlying Municipal Bond Funds invest may also harm performance.

● *High Yield Bond Risk.* 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 an Underlying Municipal Bond Fund's ability to sell its high-yield municipal bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

● *Management Risk.* The Adviser's dependence on its municipal bond strategy and judgments about the attractiveness, value and potential appreciation of particular ETFs and mutual funds in which the Fund invests will in some cases prove to be incorrect and have negative impacts on performance.

● *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.

● *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. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in Underlying Municipal Bond Funds that invest in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

● *Portfolio Turnover Risk.* As to the portion of the portfolio invested in ETFs and other investment companies, 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.

● *Tax Risk.* Unlike funds that invest on a buy-and-hold basis, the Fund may incur a higher level of capital gains due to the Adviser's tactical strategy of purchasing and selling underlying municipal bond funds. Distributions of the Fund's realized capital gains will not be tax-exempt, and the Fund expects that most of its capital gains will be short-term, rather than long-term gains.

● *Underlying Fund Risk.* Each Underlying Fund is subject to specific risks, depending on its municipal bond 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 municipal bonds and other assets will be higher than the cost of investing directly in them, and may be higher than other mutual funds that invest directly in municipal bonds.

● *ETF Risk.* Shares of ETFs 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. 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.

**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. 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 <u>www.SierraMutualFunds.com</u>.

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

![](stmkx_00.jpg)

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| | |
|:---|:---|
| Best Quarter: | 4.12% |
| Worst Quarter: 1<sup>st</sup> Quarter 2020 | (4.69)% |

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<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 have different expenses.

**Performance Table**

**Average Annual Total Returns**

(For periods ended December 31, 2022)

---

| | | |
|:---|:---|:---|
| | **One**<br> **Year** | **Life of Fund**<br> **(inception 12-27-18)** |
| **Instl Class** | **Instl Class** | **Instl Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (2.98)% | 2.99% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | (3.15)% | 2.47% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | (1.50)% | 2.44% |
| **Class A shares** | **Class A shares** | **Class A shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes with sales load | (8.78)% | 1.31% |
| **Class C shares** | **Class C shares** | **Class C shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (3.89)% | 0.43% |
| **Special Class shares** | **Special Class shares** | **Special Class shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (2.93)% | 3.10% |
| **Investor Class** | **Investor Class** | **Investor Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (3.32)% | 2.60% |
| **Bloomberg Municipal Bond Index** | (8.53)% | 1.26% |

---

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, I, A1 and I1 shares and would differ from those of Instl Class shares.

The Bloomberg Municipal Bond Index, an unmanaged, broad-based market capitalization weighted index, has been selected as the Fund's benchmark index. The Bloomberg Barclays Municipal Bond Index is a market-value-weighted index for the long-term tax-exempt bond market. To be included in the index, bonds must have a minimum credit rating of Baa. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. The index does not take into account charges, fees, and other expenses, and investors cannot invest directly in an index.

**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, and Ryan Harder, CFA<sup>®</sup>, Chief Investment Strategist are portfolio managers of the Fund. Kenneth L. Sleeper, MBA, PhD has served the Fund as portfolio manager since it commenced operations in December 2018. Douglas A. Loeffler has served the Fund as portfolio manager since January 2022. Ryan 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.

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

**Investment Objectives**

The Fund's investment objective is to provide total return, including tax-free income from the dividends of underlying municipal bond funds, while seeking to limit downside risk. The Fund's investment objective is not a fundamental policy and may be changed by the Board of Trustees without shareholder approval upon 60 days written notice.

**Principal Investment Strategies**

***<u>Basic Strategy</u>***

The Fund invests in open-end investment companies (mutual funds) and exchange-traded funds ("ETFs") that primarily invest in tax-exempt municipal bonds ("Underlying Municipal Bond Funds"), as well as municipal money market funds.

"Tax exempt" refers to the exemption from federal income taxes of the dividends paid by the Underlying Municipal Bond Funds, a benefit that will be passes through to shareholders as to ordinary dividends from the Fund.

Under normal circumstances, the Fund invests at least 80% of its net assets (defined as net assets plus the amount of any borrowing for investment purposes) in funds that primarily invest in municipal bonds or other municipal debt instruments. The Adviser uses a proprietary model to tactically allocate the Fund's assets. When any Underlying Municipal Bond Fund declines in price enough to generate a "Sell signal" under the Adviser's model, the Fund will sell that Underlying Municipal Bond Fund and move the proceeds temporarily to a tax-free money market fund. Conversely, when prices of Underlying municipal bond funds begin new uptrends sufficient to give a "Buy signal" under that model, the Adviser will select and purchase Underlying municipal bond funds, and will continue to make purchases with net cash inflows into the Fund.

The Fund invests in Underlying Municipal Bond Funds that may invest in high-yield municipal bonds (commonly known as "junk" bonds) as well as those that invest in investment-grade municipal bonds. The Fund does not have maturity or duration limitations with respect to holdings of the Underlying Municipal Bond Funds in which it invests. The Fund considers high-yield municipal 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's investment strategy is a tactical style that includes disciplines that attempt limit downside risk (drawdown, meaning the magnitude of decline from highest price to the subsequent low) as well as to seek to enhance return through income and capital appreciation (total return). The current yield of the Fund is not a separate goal, and the monthly distribution yield will fluctuate.

It should be noted that (1) purchases and sales of municipal bonds by the Underlying Funds will result in capital gains and losses, as to which net capital gains will be distributed to the Fund (typically at or near the end of each calendar year), distributed by the Fund to shareholders, and will not be tax exempt, and (2) that purchases and sales of Underlying Funds by the Fund will also result in capital gains and losses, as to which net capital gains will be distributed to shareholders of the Fund at or near the end of each calendar year, and will not be tax exempt.

***<u>Risk-Management Strategies</u>***

The Adviser does not employ a passive "buy and hold" strategy. The Adviser applies an integrated set of risk-management disciplines with the goal of limiting the impact of downside risk.

First, rather than trying to choose and purchase a limited number of municipal bonds, the Adviser invests in a number of different Underlying Municipal Bond Funds, that in total own a very large number of municipal bonds, thereby limiting the potential impact of price declines or defaults in any bond or limited number of bonds.

Second, rather than selecting one Underlying Municipal Bond Fund (thus one portfolio management team and its singular style), the Adviser selects a number of different Underlying Municipal Bond Funds, with different management teams and different styles. Such selections are based in part on the historical performance of such funds relative to their peer groups, which in turn reflects their internal success in selecting well-performing municipal bonds as well as avoiding defaults.

Third, as a key part of its integrated risk-management disciplines, the Adviser monitors each Underlying Municipal Bond Fund daily and applies a trailing-stop discipline (which generates the sell signals) to each Underlying Municipal Bond Fund within the Fund's portfolio, based on the proprietary approach ("Sell Disciplines") that the Fund's portfolio manager (Dr. Sleeper) has used within his related companies' diversified separately managed accounts since 1987, in order to limit the impact on the overall Fund portfolio of any sustained decline in the municipal bond markets.

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 the municipal bond market, as well as to step aside during most of any sustained downtrend. The Adviser employs a "reactive" approach as distinct from a "predictive" approach. 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 for any holding. This tactical approach has historically meant that most gains realized by the Fund upon sales of Underlying Municipal Bond Funds will be taxed as short-term capital gains rather than long-term capital gains.

The Adviser monitors each Underlying Municipal Bond Fund holding daily and applies a trailing-stop discipline to each Underlying Fund within the Fund's portfolio, based on the proprietary approach ("Sell Disciplines") that Dr. Sleeper has used since 1987 with his affiliated companies' separately managed accounts, in order to limit the impact on the overall Fund portfolio of any sustained decline in the municipal bond markets. The amount of price fluctuation in an Underlying Municipal Bond Fund that the Adviser will tolerate is based upon the historic volatility of the municipal bond markets.

The Adviser's sell disciplines are intended to protect the Fund from any continuation of a downward trend in the municipal bond markets, but are not based on any attempt to predict the future value or trend of an Underlying Municipal Bond Fund. When the values of Underlying Municipal Bond Funds stabilize and turn up enough to generate Buy signals under the Adviser's discipline, the Adviser moves the assets from the municipal money market fund back into Underlying Municipal Bond Funds.

**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.

● *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.

● *High Yield Bond Risk.* Lower-quality bonds, known as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These bonds 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.

● *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.

● *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 current 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.

● *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. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in Underlying Municipal Bond Funds that invest in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

● *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.

● *Tax Risk.* Unlike funds that invest on a buy-and-hold basis, the Fund may incur a higher level of capital gains due to the Adviser's tactical strategy of purchasing and selling underlying municipal bond funds. Distributions of the Fund's realized capital gains will not be tax-exempt, and the Fund expects that most of its capital gains will be short-term, rather than long-term gains.

● *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 and 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.

● *ETF Risk.* 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, the Fund may invest up to 100% of its total assets, without limitation, in mutual funds that invest in high-quality short-term debt securities and money-market instruments. These short-term debt securities and money market instruments include: shares of money-market mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. When the 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 the 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 Fund 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 Fund 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 the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate their net asset value ("NAV"); impediments to trading; the inability of the Fund, the Advisor, 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 the Fund invests; counterparties with which the 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 the 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 the Fund's investments according to the 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 greater than $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 Dr. Sleeper.

For its services, the Adviser receives an annual advisory fee equal to 0.75% of the Fund's average daily net assets.

For the fiscal year ended September 30, 2022 the Adviser received an annual advisory fee equal to 0.75% of the Fund's average daily net assets. The Adviser has subsequently agreed to an annual advisory fee of 0.75% of the Fund's average daily net assets up to $1.0 billion and then 0.72% thereafter. A discussion regarding the basis for the Boards' approval of the advisory agreement is available in the Fund's annual shareholder report dated September 30, 2022.

The Adviser has contractually agreed to ensure that total annual Fund operating expenses 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 the 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, 2024, will not exceed the specified limits below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **A** | **C** | **Special** | **Investor** | **Instl** |
| Expense Cap | 1.23% | 1.98% | 0.92% | 1.38% | 1.05% |

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Waivers and expense payments may be recouped by the Adviser from the Fund, to the extent that 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, Managing Director and Portfolio Manager of the Adviser, Douglas A. Loeffler, CFA®, Executive Vice President and Ryan Harder, CFA®, Chief Investment Strategist are the portfolio managers of the Fund. Dr. Sleeper has served the Fund as portfolio manager since it commenced operations in December 2018. Mr. Loeffler has served the Fund as portfolio manager since January 2022. Mr. Harder has serrved 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.**

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.

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

Dr. Sleeper, Managing Member 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.

**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.

**Ryan Harder, CFA<sup>®</sup>**

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.

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.

**Supplemental Fund Performance Information**

**Comparison of the Change in Value of a $10,000 Investment**

The Fund's performance figures compared to its Benchmark

for the period ended September 30, 2022

![](stmkx_002.jpg)

The Bloomberg Municipal Bond Index has been selected as the Fund's benchmark index. The Bloomberg Municipal Index covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. The index does not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

**<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 the Fund less its liabilities divided by the total number of the 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 the Fund, including investment advisory, administration, and distribution fees, which are accrued daily. The determination of NAV of each class of the 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 the 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" to execute 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.

The Fund may use independent pricing services to assist in calculating the value of the Fund's securities. Although not part of the Adviser's principal investment strategy, since the Fund may invest in foreign securities that are primarily listed on foreign exchanges that may trade on weekends or other days when the Fund does not price its shares, the value of the Fund's portfolio may change on days when you may not be able to buy or sell Fund shares. In computing the NAV of the Fund, the Adviser values foreign securities held by the 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 the Fund's portfolio occur before the 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 the Fund calculates its NAV, the Adviser may need to price the security using the 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 the 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 the Fund's NAV by short-term traders.

With respect to any portion of the 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), the Fund's net asset value is calculated based upon the net asset values of the mutual funds in which the 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 five classes of shares offered by the Fund: Class A, Class C, Special Shares, Investor Class, and Instl Class. The Fund offers these five classes of shares so that you can choose the class that best suits your investment needs, although not all share classes are available on every brokerage platform. 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, 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 the Fund represents interest in the same portfolio of investments within the Fund. The Fund reserves the right to waive sales charges as described below or waive share class minimum investments at the 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 is subject to 12b-1 distribution fees of up to 0.25% 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. Because the 12b-1 fee is paid out of the 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. 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 each Fund:

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| | | | |
|:---|:---|:---|:---|
| **Amount Invested** | **Sales Charge as a %<br> of Offering Price<sup>(1)</sup>** | **Sales Charge as a %<br> of Amount Invested** | **Dealer<br> Reallowance<sup>(2)</sup>** |
| Under $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 |

---

(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.

(2) Represents the amount of the sales charge retained by the selling broker-dealer.

The Adviser shall reimburse the 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.

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

● 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.

● 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).

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisors).

● 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. (Currently, there are currently no such agreements in place for the Fund.)

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

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

Please see Appendix A, found on pages 28, for more information on Class A Shares Front-End Sales Charge Waivers.

The availability of certain sales charge waivers and discounts to Class A Shares of the Fund will depend on whether you purchase your Class A Shares directly from the 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 below. 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:

● 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).

● 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).

● 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.

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● 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.

● 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 an "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.

*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:

● an individual;

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

● 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 the 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 the 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 the 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 the 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 the 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.

**Special Shares:** Special Shares of the 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. Special Shares do not pay any 12b-1 fees. The minimum initial investment in the Special Shares is $10,000 and the minimum subsequent investment is $1,000. Investors transacting in Special Shares may be subject to brokerage commissions for purchases and redemptions of Special Shares

**Investor Class:** Investor Class shares of the 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 shares pay 0.40% on an annualized basis of the average daily net assets as 12b-1 fees. Because the 12b-1 fee is paid out of the 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. Investor Class shares require a minimum initial investment of $10,000 and the minimum subsequent investment is $1,000.

**Instl Class:** Instl Class shares of the 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 shares do not pay any 12b-1 fees. Instl Class shares require a minimum initial investment of $10,000. Registered investment advisers and broker/dealer firms that have omnibus accounts with the 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 the Fund to purchase, you should consider your investment goals, present and future amounts you may invest in the 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 the Fund's expenses over time in the **Fees and Expenses** section for the 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 Municipal Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Municipal 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, the Fund may temporarily limit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify a shareholder's identity. As required by law, the 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 Strategic Municipal Fund". The Fund will not accept payment in cash, including cashier's checks or money orders. Also, to prevent check fraud, the Fund will not accept third party checks, U.S. Treasury checks, credit card checks or starter checks for the purchase of shares.

*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 the 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 the Fund. The 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 the 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 the 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 the 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.

*<u>Automated Clearing House Purchase</u>:* 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.

*Transactions through <u>www.SierraMutualFunds.com</u>:* You may purchase the Fund's shares and redeem the Fund's shares through the Fund's website <u>www.SierraMutualFunds.com</u>. 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, its distributor and its 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 its 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 the 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 the 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 Fund reserves the right to waive any investment minimum.

Redemptions of Shares of the 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 the Fund receives your application or request in good order. All requests received in good order by the 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.

● the name of the Fund and share class,

● the dollar amount of shares to be purchased,

● a completed purchase application or investment stub, and

● check payable to the "Sierra Tactical Municipal Fund."

**Retirement Plans:** You may purchase shares of the 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 Municipal Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Municipal 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 the 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. The redemption proceeds normally will be sent by mail or electronically within three business days after receipt of your telephone instructions.

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 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 the 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 the 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 <u>www.SierraMutualFunds.com</u>:* You may redeem your shares through the Fund's website <u>www.SierraMutualFunds.com</u>. 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 <u>www.SierraMutualFunds.com</u>." 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 the 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. To the extent feasible and if in the best interests of all Fund shareholders, redemptions in kind will be paid with a pro rata allocation of the Fund's portfolio securities. 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 the 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, 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.

● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed.

● The request must identify your account number.

● The request should be signed by you and any other person listed on the account, exactly as the shares are registered.

● 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.

**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 Core Income Fund, the Sierra Tactical Bond 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 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 <u>www.SierraMutualFunds.com</u>.

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 believes 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 the Fund's opinion, engages in excessive trading that would be disadvantageous to the Funds or their 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.

**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 the 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:

● you request a redemption to be made payable to a person not on record with the Fund,

● you request that a redemption be mailed to an address other than that on record with the Fund,

● the proceeds of a requested redemption exceed $100,000,

● any redemption is transmitted by federal wire transfer to a bank other than the bank of record, or

● 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 Plans:** 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 the 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 the 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 the Fund.)

The Fund intends to distribute substantially all of its net investment income monthly 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 the 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 the 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 the 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 the 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 uses 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 the 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 the 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 the 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 the 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 the 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, the 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 restriction and monitoring trading activity for what might be market timing, the 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, the Fund will ensure that financial intermediaries maintaining omnibus accounts on behalf of the Fund enter into an agreement with the Fund to provide shareholder transaction information, to the extent known to the financial intermediary, to the 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, Class C and Investor Class ("12b-1 Plans" or "Plans"), pursuant to Rule 12b-1 of the 1940 Act which allows the Fund to pay the Fund's distributor an annual fee for distribution and shareholder servicing expenses of up to 0.25% of the Fund's average daily net assets attributable to Class A shares, 1.00% of the Fund's average daily net assets attributable to Class C shares, and 0.40% of the Fund's average daily net assets attributable to Investor Class. With respect to the Fund's Class A, Class C and Investor Class shares, a portion of the fee payable to financial intermediaries pursuant to the Plan, up to 0.25% of the average daily net assets, 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 the 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 the Fund's Class A, Class C and Investor Class 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.

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 the 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 the 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 the 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 is open for business or contact your financial institution. We will begin sending you individual copies within thirty days after receiving your request.

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

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment if all dividends and distributions). This information for the Fund has been derived from the financial statements audited by BBD, LLP, whose report, along with the Fund's financial statements, are included in the Fund's September 30, 2022 annual report, which is available upon request.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Class A Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Period Ended**<br>**September 30,**<br>**2019 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.16 | $25.93 | $26.42 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.20 | 0.55 | 0.58 | 0.48 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.58) | 1.21 | (0.45) | 1.31 |
| Total from investment operations | (1.38) | 1.76 | 0.13 | 1.79 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.53) | (0.59) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.77) | - | (0.03) | - |
| Total distributions | (0.99) | (0.53) | (0.62) | (0.37) |
| Net asset value, end of period | $24.79 | $27.16 | $25.93 | $26.42 |
| Total return <sup>(3)</sup> | (5.27)% | 6.88% | 0.46% | 7.20%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $4582 | $3384 | $2659 | $1616 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.26% | 1.29% | 1.35% | 1.47% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.23% | 1.23% | 1.23% | 1.23% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.78% | 2.04% | 2.23% | 2.42% |
| Portfolio Turnover Rate | 668% | 121% | 186% | 26%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Municipal Fund Class A shares commenced operations on December 27, 2018.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Class C Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Period Ended**<br>**September 30,**<br>**2019 <sup>(1)</sup>** |
| Net asset value, beginning of period | $26.99 | $25.80 | $26.33 | $26.44 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.01 | 0.32 | 0.35 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.56) | 1.22 | (0.39) | (0.13) |
| Total from investment operations | (1.55) | 1.54 | (0.04) | (0.11) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.35) | (0.46) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.77) | - | (0.03) | - |
| Total distributions | (0.89) | (0.35) | (0.49) | - |
| Net asset value, end of period | $24.55 | $26.99 | $25.80 | $26.33 |
| Total return <sup>(3)</sup> | (5.92)% | 6.05% | (0.21)% | (0.42)%<sup>(9)</sup> |
| Net assets, at end of period (000s) | $1529 | $1252 | $386 | $26<sup>(7)</sup> |
| Ratio of gross expenses to average net assets <sup>(4)(5)(8)</sup> | 2.01% | 2.04% | 2.10% | 2.22% |
| Ratio of net expenses to average net assets <sup>(5)(8)</sup> | 1.98% | 1.98% | 1.98% | 1.98% |
| Ratio of net investment income to average net assets <sup>(5)(6)(8)</sup> | 0.04% | 1.19% | 1.36% | 1.37% |
| Portfolio Turnover Rate | 668% | 121% | 186% | 26%<sup>(9)</sup> |

---

(1) The
 Sierra Tactical Municipal Fund Class C shares commenced operations on September 10, 2019.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Not
 truncated.

(8) Annualized
 for periods less than one year.

(9) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Investor Class Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Period Ended**<br>**September 30,**<br>**2019 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.14 | $25.92 | $26.33 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.15 | 0.51 | 0.48 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.57) | 1.21 | (0.40) | 1.28 |
| Total from investment operations | (1.42) | 1.72 | 0.08 | 1.70 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.50) | (0.46) | (0.37) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.77) | - | (0.03) | - |
| Total distributions | (0.96) | (0.50) | (0.49) | (0.37) |
| Net asset value, end of period | $24.76 | $27.14 | $25.92 | $26.33 |
| Total return <sup>(3)</sup> | (5.38)% | 6.66% | 0.30% | 6.85%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $4129 | $4377 | $2465 | $94 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.41% | 1.44% | 1.50% | 1.62% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.38% | 1.38% | 1.38% | 1.38% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.59% | 1.89% | 1.86% | 2.17% |
| Portfolio Turnover Rate | 668% | 121% | 186% | 26%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Municipal Fund Investor Class shares commenced operations on December 27, 2018.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Instl Class Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Period Ended**<br>**September 30,**<br>**2019 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.07 | $25.85 | $26.35 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.25 | 0.60 | 0.64 | 0.49 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.57) | 1.22 | (0.45) | 1.30 |
| Total from investment operations | (1.32) | 1.82 | 0.19 | 1.79 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.25) | (0.60) | (0.66) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.77) | - | (0.03) | - |
| Total distributions | (1.02) | (0.60) | (0.69) | (0.44) |
| Net asset value, end of period | $24.73 | $27.07 | $25.85 | $26.35 |
| Total return <sup>(3)</sup> | (5.04)% | 7.06% | 0.71% | 7.20%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $302954 | $281733 | $196579 | $120105 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.01% | 1.04% | 1.10% | 1.22% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.01% | 1.02% | 0.98% | 0.98% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.96% | 2.23% | 2.47% | 2.52% |
| Portfolio Turnover Rate | 668% | 121% | 186% | 26%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Municipal Fund Instl Class shares commenced operations on December 27, 2018.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Special Class Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Year Ended**<br>**September 30,**<br>**2021** | **Year Ended**<br>**September 30,**<br>**2020** | **Period Ended**<br>**September 30,**<br>**2019 <sup>(1)</sup>** |
| Net asset value, beginning of period | $27.11 | $25.88 | $26.37 | $25.00 |
| Activity from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.27 | 0.64 | 0.71 | 0.53 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.57) | 1.21 | (0.50) | 1.29 |
| Total from investment operations | (1.30) | 1.85 | 0.21 | 1.82 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.62) | (0.67) | (0.45) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.77) | - | (0.03) | - |
| Total distributions | (0.97) | (0.62) | (0.70) | (0.45) |
| Net asset value, end of period | $24.84 | $27.11 | $25.88 | $26.37 |
| Total return <sup>(3)</sup> | (4.96)% | 7.19% | 0.81% | 7.33%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $295 | $443 | $339 | $382 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 0.94% | 0.94% | 1.04% | 1.16% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 0.92% | 0.92% | 0.92% | 0.92% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 1.04% | 2.36% | 2.73% | 2.68% |
| Portfolio Turnover Rate | 668% | 121% | 186% | 26%<sup>(8)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Sierra Tactical Municipal Fund Special shares commenced operations on December 27, 2018.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown assume changes in share price and reinvestment of dividends and capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

**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 13 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>**

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.

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 Prospectus or SAI.

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

● Shares purchased in an investment advisory program.

● 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).

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● 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).

● 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>**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● 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.

● 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.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

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

● Breakpoints as described in this prospectus.

● 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 calculation only if the shareholder notifies his or her financial advisor about such assets.

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.

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

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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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| | | | |
|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | 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. | 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. | 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. |
| **What?** | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: |
|  |  | ● | Social Security number and wire transfer instructions |
|  |  | ● | account transactions and transaction history |
|  |  | ● | investment experience and purchase history |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | 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. | 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. | 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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| | | |
|:---|:---|:---|
| **Reasons we can share your**<br> **personal information:** | **Does Northern Lights Fund<br> Trust share information?** | **Can you limit<br> this sharing?** |
| **For our everyday business purposes -**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **Yes** | **No** |
| **For our marketing purposes -**<br> 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 -**<br> information about your transactions and records. | **No** | **We don't share** |
| **For our affiliates' everyday business purposes -**<br> information about your credit worthiness. | **No** | **We don't share** |
| **For nonaffiliates to market to you** | **No** | **We don't share** |

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| | |
|:---|:---|
| **QUESTIONS?** | **Call 1-631-490-4300** |

---

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● sharing for affiliates' everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

**SIERRA TACTICAL MUNICIPAL FUND**

---

| | |
|:---|:---|
| **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<br> Elkhorn, NE 68022 |
| **Distributor** | **Northern Lights Distributors, LLC**<br> 4221 North 203<sup>rd</sup> Street<br> Elkhorn, NE 68022 |
| **Legal Counsel** | **Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| **Independent<br> Registered Public<br> Accounting Firm** | **BBD, LLP**<br> 1835 Market Street, 3rd Floor<br> Philadelphia, PA 19103 |

---

Additional information about the Fund is included in the Fund's Statement of Additional Information dated January 30, 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 <u>www.SierraMutualFunds.com</u>.

You may also write to:

**Sierra Tactical Municipal Fund**

c/o Ultimus Fund Solutions, LLC

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

Elkhorn, NE 68022

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

Investment Company Act File # 811-21720

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| | |
|:---|:---|
| ![](logo_001.jpg) | 1-866-RETI-FND<br> 1-866-738-4363<br>www.sierramutualfunds.com |

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| |
|:---|
| ***<u>Sierra Tactical Risk Spectrum 30 Fund</u>*** |
| **PROSPECTUS** |

---

*January 30, 2023*

---

| | | |
|:---|:---|:---|
| *Advised by:* | Class A Shares | SRTAX |
| Wright Fund Management, LLC | Class C Shares | SRTKX |
| 3420 Ocean Park Boulevard |  |  |
| Suite 3060 | Investor Class | SRTNX |
| Santa Monica, CA 90405 |  |  |
|  | Instl Class | SRTJX |

---

*The prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.*<br>*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.*<br>*Any representation to the contrary is a criminal offense.*<br>

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

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| | |
|:---|:---|
| **SIERRA TACTICAL RISK SPECTRUM 30 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** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 10 |
| **HOW SHARES ARE PRICED** | **11** |
| **HOW TO PURCHASE SHARES** | **13** |
| **HOW TO REDEEM SHARES** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in Kind | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Redemptions are Sent | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchanging Shares | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When You Need Medallion Signature Guarantees | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plan | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Balances | 20 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **20** |
| **FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES** | **21** |
| **DISTRIBUTION OF SHARES** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | 22 |
| **FINANCIAL HIGHLIGHTS** | **22** |
| **PRIVACY NOTICE** | **25** |

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i

**<u>Sierra Tactical Risk Spectrum 30 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 13 of this Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 18 of the Statement of Additional Information.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment) | **Class<br> A** | **Class<br> C** | **Investor<br> Class** | **Instl<br> 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 |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **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:

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| | | |
|:---|:---|:---|
| **Class** | **1 Year** | **3 Years** |
| Class A | $574 | $1007 |
| Class C | $282 | $881 |
| Investor Class | $222 | $702 |
| Instl Class | $182 | $580 |

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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.

***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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

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

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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 <u>www.SierraMutualFunds.com</u>.

**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.

**<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: 15%-30%.

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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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%).

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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, 2024, will not exceed the specified limits below.

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

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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, Douglas Loeffler, CFA®, and Marshall Quan have served the Fund since it commenced operations in September 2022. Ryan Harder, CFA® has served the Fund since January 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.

**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.

**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.

**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 Funds' 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 Funds.

**<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" to execute 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 0.25% 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 %<br> of Offering Price<sup>(1)</sup>** | **Sales Charge as a %<br> 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 |

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(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:

● 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.

● 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).

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisors).

● 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.

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

● 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:

● 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).

● 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).

● 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.

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● 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.

● 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 23 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:

● an individual;

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

● 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 30 Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Risk Spectrum 30 Fund** c/o<br> 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.

*Transactions through <u>www.SierraMutualFunds.com</u>:* You may purchase a Fund's shares and redeem a Fund's shares through the Fund's website **<u>www.SierraMutualFunds.com</u>**. 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.

● the name of the Fund and share class,

● the dollar amount of shares to be purchased,

● a completed purchase application or investment stub, and

● check payable to the "Sierra Tactical Risk Spectrum 30 Fund"

**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 30 Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Risk Spectrum 30 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 <u>www.SierraMutualFunds.com</u>:* You may redeem your shares through the Fund's website <u>www.SierraMutualFunds.com</u>. 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 <u>www.SierraMutualFunds.com</u>." 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.

● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed.

● The request must identify your account number.

● The request should be signed by you and any other person listed on the account, exactly as the shares are registered.

● 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.

**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 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, 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 <u>www.SierraMutualFunds.com</u>.

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:

● you request a redemption to be made payable to a person not on record with the Fund,

● you request that a redemption be mailed to an address other than that on record with the Fund,

● the proceeds of a requested redemption exceed $100,000,

● any redemption is transmitted by federal wire transfer to a bank other than the bank of record, or

● 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 0.25% 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 13 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>**

● Shares purchased in an investment advisory program.

● 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).

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● 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).

● 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>**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● 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.

● 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.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

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

● Breakpoints as described in this prospectus.

● 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.

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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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|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | 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. | 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. | 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. |
| **What?** | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: |
|  |  | ● | Social Security number and wire transfer instructions |
|  |  | ● | account transactions and transaction history |
|  |  | ● | investment experience and purchase history |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | 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. | 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. | 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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| | | |
|:---|:---|:---|
| **Reasons we can share your**<br> **personal information:** | **Does Northern Lights Fund<br> Trust share information?** | **Can you limit<br> this sharing?** |
| **For our everyday business purposes -**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **Yes** | **No** |
| **For our marketing purposes -**<br> 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 -**<br> information about your transactions and records. | **No** | **We don't share** |
| **For our affiliates' everyday business purposes -**<br> information about your credit worthiness. | **No** | **We don't share** |
| **For nonaffiliates to market to you** | **No** | **We don't share** |

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| | |
|:---|:---|
| **Questions?** | **Call 1-631-490-43003** |

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● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

● sharing for affiliates' everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

**SIERRA TACTICAL RISK SPECTRUM 30 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<br> 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 January 30, 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 <u>www.SierraMutualFunds.com</u>. You may also write to:

**Sierra Tactical Risk Spectrum 30 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 <u>http://www.sec.gov</u>. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

Investment Company Act File # 811-21720

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| | |
|:---|:---|
| ![](logo_001.jpg) | 1-866-RETI-FND<br> 1-866-738-4363<br>www.sierramutualfunds.com |

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| |
|:---|
| ***<u>Sierra Tactical Risk Spectrum 50 Fund</u>*** |
| **PROSPECTUS** |

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*January 30, 2023*

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| | | |
|:---|:---|:---|
| *Advised by:* | Class A Shares | SRFQX |
| Wright Fund Management, LLC | Class C Shares | SRFKX |
| 3420 Ocean Park Boulevard |  |  |
| Suite 3060 | Investor Class | SRFNX |
| Santa Monica, CA 90405 |  |  |
|  | Instl Class | SRFJX |

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*The prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.*<br>*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.*<br>*Any representation to the contrary is a criminal offense.*<br>

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

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| | |
|:---|:---|
| **Sierra Tactical Risk Spectrum 50 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 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase and Sale of Fund Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Information | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments to Broker-Dealers and Other Financial Intermediaries | 6 |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES AND RELATED RISKS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Risks | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Investments | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity | 11 |
| **MANAGEMENT** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | 12 |
| **HOW SHARES ARE PRICED** | **14** |
| **HOW TO PURCHASE SHARES** | **15** |
| **HOW TO REDEEM SHARES** | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeeming Shares | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions in Kind | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When Redemptions are Sent | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchanging Shares | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When You Need Medallion Signature Guarantees | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retirement Plan | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Low Balances | 22 |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **23** |
| **FREQUENT PURCHASES AND REDEMPTION OF FUND SHARES** | **24** |
| **DISTRIBUTION OF SHARES** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation to Financial Intermediaries | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | 25 |
| **FINANCIAL HIGHLIGHTS** | **26** |
| **PRIVACY NOTICE** | **32** |

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i

**<u>Sierra Tactical Risk Spectrum 50 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, 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 ________ of this Prospectus and in **Purchase, Redemption and Pricing of Shares** on page _____ of the Statement of Additional Information.

****

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| | | | | |
|:---|:---|:---|:---|:---|
| **Shareholder Fees**<br> (fees paid directly from your investment)<br>| **Class<br> A** | **Class<br> C** | **Investor<br> Class** | **Instl<br> 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 |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

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

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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 <u>www.SierraMutualFunds.com</u>.

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

![](srfqx_001.jpg)

<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)

---

| | | |
|:---|:---|:---|
| | **One**<br> **Year**<br>| **Life of Fund**<br>**(inception 5/26/2021)**<br>|
| **Instl Class** | **Instl Class** | **Instl Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (9.69)% | (6.35)% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions | (10.19)% | (6.96)% |
| &nbsp;&nbsp;&nbsp;Return after taxes on distributions and sale of Fund shares | (5.60)% | (4.98)% |
| **Class A shares** | **Class A shares** | **Class A shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes with sales load | (15.14)% | (9.99% |
| **Class C shares** | **Class C shares** | **Class C shares** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (10.63)% | (7.26)% |
| **Investor Class** | **Investor Class** | **Investor Class** |
| &nbsp;&nbsp;&nbsp;Return before taxes | (10.08)% | (6.72)% |
| **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 Modeately 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.

**<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 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 the 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: 30%-50%.

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 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 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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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 Barclays 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 Barclays 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 Barclays 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 Barclays 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 Barclays Aggregate Bond Index goes down 5% then the inverse ETF's value should go up 10%).

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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.

● *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, the 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 the 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 Fund 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 Fund 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, the Adviser is responsible for management of the Fund's investment portfolio. The Adviser is responsible for selecting the Fund's investments according to the 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. For the fiscal year ended September 30, 2022, the Adviser received fees in the amount equal to 0.97% of the Fund's average daily net assets. A discussion regarding the basis for the Board approval of the advisory agreement with respect to the Fund is available in the Fund's annual shareholder report dated September 30, 2022.

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, 2024, will not exceed the specified limits below.

---

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

---

Waivers and expense payments may be recouped by the Adviser from the Fund, to the extent that applicable 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 a 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 the Prospectus 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 has served the Fund since it commenced operations in May 2021.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). Douglas A. Loeffler, CFA® and Marshall Quan have been portfolio managers on the Fund since January 2022. Ryan Harder. CFA<sup>®</sup> has been a portfolio manager on the Fund since January 2023. 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. Douglas A. Loeffler CFA® 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. Mr. 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.

**Douglas A. Loeffler, CFA®**

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.

**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.

**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.

**Supplemental Fund Performance Information**

**Comparison of the Change in Value of a $10,000 Investment**

The Fund's performance figures compared to its Benchmark

for the period ended September 30, 2022

![](srfqx_002.jpg)

As the new benchmark for the Sierra Tactical Risk Spectrum 50 Fund, the Adviser has selected the Morningstar Moderately Conservative Target Risk Index. The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Moderately Conservative Target Risk Index seeks approximately 40% exposure to global equity markets. Indices do not take into account charges, fees and other expenses, and investors cannot invest directly in an index.

**<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" to execute 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, 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 0.25% 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 %<br> of Offering Price<sup>(1)</sup>** | **Sales Charge as a %<br> 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 |

---

(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:

● 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.

● 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).

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisors).

● 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.

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

● 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:

● 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).

● 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).

● 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.

● 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.

● 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.

● 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.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● 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.

● 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 ______ 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:

● an individual;

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

● 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 50 Fund**<br>c/o Ultimus Fund Solutions, LLC<br>P.O. Box 541150<br>Omaha, Nebraska 68154<br>**Sierra Tactical Risk Spectrum 50 Fund** <br> c/o Ultimus Fund Solutions, LLC<br>4221 North 203<sup>rd</sup> Street, Suite 100<br>Elkhorn, Nebraska 68022-3474<br>|

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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.

*Transactions through <u>www.SierraMutualFunds.com</u>:* You may purchase a Fund's shares and redeem a Fund's shares through the Fund's website **<u>www.SierraMutualFunds.com</u>**. 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.

● the name of the Fund and share class,

● the dollar amount of shares to be purchased,

● a completed purchase application or investment stub, and

● check payable to the "Sierra Tactical Risk Spectrum 50 Fund".

**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 50 Fund**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154<br> **Sierra Tactical Risk Spectrum 50 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 <u>www.SierraMutualFunds.com</u>*: You may redeem your shares through the Fund's website <u>www.SierraMutualFunds.com</u>. 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 <u>www.SierraMutualFunds.com</u>." 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.

● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed.

● The request must identify your account number.

● The request should be signed by you and any other person listed on the account, exactly as the shares are registered.

● 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.

**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, or the Sierra Tactical Risk Spectrum 30 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, and the Sierra Tactical Risk Spectrum 30 Fund are offered through separate Prospectuses, which may be obtained by calling 1-866-738-4363 or viewed on <u>www.SierraMutualFunds.com</u>.

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:

● you request a redemption to be made payable to a person not on record with the Fund,

● you request that a redemption be mailed to an address other than that on record with the Fund,

● the proceeds of a requested redemption exceed $100,000,

● any redemption is transmitted by federal wire transfer to a bank other than the bank of record, or

● 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 0.25% 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 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 the Prospectus 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>**

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment if all dividends and distributions). This information for the Fund has been derived from the financial statements audited by BBD, LLP, whose report, along with the Fund's financial statements, are included in the Fund's September 30, 2022 annual report, which is available upon request.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

---

| | | |
|:---|:---|:---|
| <br>**Class A Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 <sup>(1)</sup>** |
| Net asset value, beginning of period | $24.61 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.20 | 0.24 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (2.89) | (0.44) |
| Total from investment operations | (2.69) | (0.20) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.19) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) | - |
| Total distributions | (0.23) | (0.19) |
| Net asset value, end of period | $21.69 | $24.61 |
| Total return <sup>(3)</sup> | (10.99)% | (0.82)%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $614 | $339 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.64% | 1.72% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.56% | 1.56% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.85% | 2.72% |
| Portfolio Turnover Rate | 640% | 39%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Risk Spectrum 50 Fund Class A shares commenced operations on May 26, 2021.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

---

| | | |
|:---|:---|:---|
| <br>**Class C Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 <sup>(1)</sup>** |
| Net asset value, beginning of period | $24.55 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.05 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (2.89) | (0.41) |
| Total from investment operations | (2.84) | (0.27) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.00)<sup>(9)</sup> | - |
| Total distributions | (0.08) | (0.18) |
| Net asset value, end of period | $21.63 | $24.55 |
| Total return <sup>(3)</sup> | (11.58)% | (1.09)%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $42 | $29 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 2.39% | 2.47% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 2.31% | 2.31% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.22% | 1.63% |
| Portfolio Turnover Rate | 640% | 39%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Risk Spectrum 50 Fund Class C shares commenced operations on May 26, 2021.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

(9) Less
 than $0.01.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

---

| | | |
|:---|:---|:---|
| <br>**Investor Class Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 <sup>(1)</sup>** |
| Net asset value, beginning of period | $24.61 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (2.91) | (0.39) |
| Total from investment operations | (2.72) | (0.21) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) | - |
| Total distributions | (0.20) | (0.18) |
| Net asset value, end of period | $21.69 | $24.61 |
| Total return <sup>(3)</sup> | (11.07)% | (0.84)%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $1460 | $1457 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.79% | 1.87% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.71% | 1.71% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 0.82% | 2.03% |
| Portfolio Turnover Rate | 640% | 39%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Risk Spectrum 50 Fund Investor Class shares commenced operations on May 26, 2021.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout each Period

---

| | | |
|:---|:---|:---|
| <br>**Instl Class Shares** | **Year Ended**<br>**September 30,**<br>**2022** | **Period Ended**<br>**September 30,**<br>**2021 <sup>(1)</sup>** |
| Net asset value, beginning of period | $24.61 | $25.00 |
| Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income <sup>(2)(5)(6)</sup> | 0.29 | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized loss on investments | (2.92) | (0.40) |
| Total from investment operations | (2.63) | (0.19) |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) | (0.20) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.01) | - |
| Total distributions | (0.29) | (0.20) |
| Net asset value, end of period | $21.69 | $24.61 |
| Total return <sup>(3)</sup> | (10.75)% | (0.76)%<sup>(8)</sup> |
| Net assets, at end of period (000s) | $163155 | $134137 |
| Ratio of gross expenses to average net assets <sup>(4)(5)(7)</sup> | 1.39% | 1.47% |
| Ratio of net expenses to average net assets <sup>(5)(7)</sup> | 1.31% | 1.31% |
| Ratio of net investment income to average net assets <sup>(5)(6)(7)</sup> | 1.21% | 2.32% |
| Portfolio Turnover Rate | 640% | 39%<sup>(8)</sup> |

---

(1) The
 Sierra Tactical Risk Spectrum 50 Fund Institutional Class shares commenced operations on May 26, 2021.

(2) Per
 share amounts calculated using the average shares method, which more appropriately presents the per share data for the period.

(3) Total
 returns shown exclude the effect of applicable sales charges and assume changes in share price and reinvestment of dividends and
 capital gain distributions.

(4) Represents
 the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the adviser.

(5) Does
 not include the expenses of other investment companies in which the Fund invests.

(6) Recognition
 of net investment income by the Fund is affected by the timing of declaration of dividends by the underlying investment companies
 in which the Fund invests.

(7) Annualized
 for periods less than one year.

(8) Not
 annualized.

**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 ______ 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 Prospectus or SAI.

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

● Shares purchased in an investment advisory program.

● 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).

● Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

● 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).

● 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>**

● Death or disability of the shareholder.

● Shares sold as part of a systematic withdrawal plan as described in the fund's prospectus.

● Return of excess contributions from an IRA Account.

● 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.

● 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.

● Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

● Shares acquired through a right of reinstatement.

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

● Breakpoints as described in this prospectus.

● 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.

● 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

● Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

● Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

● Shares purchased through a Morgan Stanley self-directed brokerage account

● 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

● 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**

---

| | | | |
|:---|:---|:---|:---|
| **FACTS** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | 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. | 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. | 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. |
| **What?** | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | The types of personal information we collect and share depends on the product or service that you have with us. This information can include: |
|  |  | ● | Social Security number and wire transfer instructions |
|  |  | ● | account transactions and transaction history |
|  |  | ● | investment experience and purchase history |
|  | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. | <br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | 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. | 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. | 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. |

---

---

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

---

---

| | |
|:---|:---|
| **QUESTIONS?** | **Call 1-631-490-4300** |

---

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● sharing for affiliates' everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

**SIERRA TACTICAL RISK SPECTRUM 50 FUND**

---

| | |
|:---|:---|
| **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<br> Accounting Firm** | **BBD, LLP**<br> 1835 Market Street, 3<sup>rd</sup> Floor<br> Philadelphia, PA 19103 |

---

Additional information about the Fund is included in the Fund's Statement of Additional Information dated January 30, 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 <u>www.SierraMutualFunds.com</u>. You may also write to:

**Sierra Tactical Risk Spectrum 50 Fund**

c/o Ultimus Fund Solutions, LLC

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

Elkhorn, NE 68022

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

Investment Company Act File # 811-21720

---

| | |
|:---|:---|
| *Sierra Tactical All Asset Fund* | *Sierra Tactical All Asset Fund* |
| **Class A Shares** | **SIRAX** |
| **Class C Shares** | **SIRCX** |
| **Investor Class** | **SIRIX** |
| **Instl Class** | **SIRRX** |
| **Class A1 Shares** | **SIRZX** |
| **Class I1 Shares** | **SIRJX** |
| *Sierra Tactical Core Income Fund* | *Sierra Tactical Core Income Fund* |
| **Class A Shares** | **SSIZX** |
| **Class C Shares** | **SSICX** |
| **Investor Class** | **SSIIX** |
| **Instl Class** | **SSIRX** |
| *Sierra Tactical Risk Spectrum 30 Fund* | *Sierra Tactical Risk Spectrum 30 Fund* |
| **Class A Shares** | **SRTAX** |
| **Class C Shares** | **SRTKX** |
| **Investor Class** | **SRTNX** |
| **Instl Class** | **SRTJX** |

---

---

| | |
|:---|:---|
| *Sierra Tactical Bond Fund* | *Sierra Tactical Bond Fund* |
| **Class A Shares** | **STBKX** |
| **Instl Class** | **STBJX** |
| **Class C Shares** | **STBDX** |
| **Investor Class** | **STBNX** |
| *Sierra Tactical Municipal Fund* | *Sierra Tactical Municipal Fund* |
| **Class A Shares** | **STMKX** |
| **Class C Shares** | **STMHX** |
| **Special Shares** | **STMYX** |
| **Investor Shares** | **STMNX** |
| **Instl Shares** | **STMEX** |
| *Sierra Tactical Risk Spectrum 50 Fund* | *Sierra Tactical Risk Spectrum 50 Fund* |
| **Class A Shares** | **SRFQX** |
| **Class C Shares** | **SRFKX** |
| **Investor Class** | **SRFNX** |
| **Instl Class** | **SRFJX** |

---

*each a Series of Northern Lights Fund Trust*

**STATEMENT OF ADDITIONAL INFORMATION**

January 30, 2023

This Statement of Additional Information ("SAI") is not a Prospectus and should be read in conjunction with the Prospectuses of the *Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund, Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund, Sierra Tactical Risk Spectrum 30 Fund and Sierra Tactical Risk Spectrum 50 Fund (each a "Fund" and together the "Funds") dated January 30, 2023. You can obtain copies of the Funds' prospectus, annual or semi-annual report* without charge by contacting the Funds' Transfer Agent, Ultimus Fund Solutions, LLC, 4221 North 203<sup>Rd</sup> Street, Suite 100, Elkhorn, Nebraska 68022-3474 or by calling 1-866-738-4363 or 1-866-ETI-FND. You may also obtain a prospectus by visiting our website at <u>www.SierraMutualFunds.com</u>.

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

---

| | |
|:---|:---|
| **THE FUNDS** | **1** |
| **TYPES OF INVESTMENTS** | **1** |
| **INVESTMENT RESTRICTIONS** | **17** |
| **POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS** | **18** |
| **MANAGEMENT** | **19** |
| **CONTROL PERSONS AND PRINCIPAL HOLDERS** | **25** |
| **INVESTMENT ADVISER** | **31** |
| **DISTRIBUTION OF SHARES** | **34** |
| **PORTFOLIO MANAGERS** | **41** |
| **ALLOCATION OF PORTFOLIO BROKERAGE** | **43** |
| **PORTFOLIO TURNOVER** | **44** |
| **OTHER SERVICE PROVIDERS** | **45** |
| **DESCRIPTION OF SHARES** | **48** |
| **ANTI-MONEY LAUNDERING PROGRAM** | **48** |
| **PURCHASE, REDEMPTION AND PRICING OF SHARES** | **48** |
| **TAX STATUS** | **52** |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **57** |
| **LEGAL COUNSEL** | **57** |
| **FINANCIAL STATEMENTS** | **57** |
| **APPENDIX A – DESCRIPTION OF BOND RATINGS** | **A-1** |
| **APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES OF THE ADVISER** | **B-1** |

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**THE FUNDS**

The Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund*,* Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund, Sierra Tactical Risk Spectrum 30 Fund and Sierra Tactical Risk Spectrum 50 Fund (the "Funds") are each a series of Northern Lights Fund Trust, a Delaware statutory trust organized on January 19, 2005 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees").

The Funds may issue an unlimited number of shares of beneficial interest. All shares of each Fund have equal rights and privileges. Each share of a Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of a Fund is entitled to participate equally with other shares (i) in dividends and distributions declared by the Funds and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of each Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

Each Fund is a diversified investment management company. Wright Fund Management, LLC (the "Adviser") is the investment adviser to the Funds. Each Fund's investment objectives, restrictions and policies are more fully described here and in each Prospectus. The Board may start other series and offer shares of a new fund under the Trust at any time.

The Sierra Tactical All Asset Fund offers six classes of shares: Class A shares, Class C shares, Investor Class, Instl Class, Class A1 shares and Class I1 shares. The Sierra Tactical Bond Fund offers four classes of shares: Class A shares, Class C shares, Instl Class shares and Investor Class shares. The Sierra Tactical Core Income Fund offers four classes of shares: Class A shares, Class C shares, Investor Class and Instl Class shares. The Sierra Tactical Municipal Fund offers five classes of shares: Class A shares, Class C shares, Special Shares, Investor Shares and Instl Shares. The Sierra Tactical Risk Spectrum 30 Fund offers four classes of shares: Class A shares, Class C shares, Investor Class and Instl Class shares. The Sierra Tactical Risk Spectrum 50 Fund offers four classes of shares: Class A shares, Class C shares, Investor Class and Instl Class shares. Each share class represents an interest in the same assets of the Funds, has the same rights and is identical in all material respects except that (i) each class of shares may be subject to different (or no) sales loads, (ii) each class of shares may bear different (or no) distribution fees; (iii) each class of shares may have different shareholder features, such as minimum investment amounts; (iv) certain other class-specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees paid by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees' fees or expenses paid as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares and (v) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements. The Board may classify and reclassify the shares of the Funds into additional classes of shares at a future date.

Under the Trust's Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the Investment Company Act of 1940, as amended (the "1940 Act") and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, normally no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

**TYPES OF INVESTMENTS**

The investment objectives of each Fund and a description of its principal investment strategies are set forth under "Risk/Return Summary" in its Prospectus. Each Fund's investment objectives are not "fundamental" and may be changed without the approval of a majority of its outstanding voting securities.

The Funds intend to purchase shares of exchange traded funds, closed-end and other open-end mutual funds (referred to as "Underlying Funds") in compliance with the requirements of federal law or any applicable exemptive relief received from the Securities and Exchange Commission (the "SEC"). The conditions requested by the SEC were designed to address certain abuses perceived to be associated with funds of funds, including unnecessary costs (such as sales loads, advisory fee and administrative costs), and undue influence by a fund of funds over its Underlying Funds. The Funds' investments in Underlying Funds involve certain additional expenses and certain tax results which would not be present in a direct investment in the Underlying Funds.

Due to legal limitations, the Funds will not be allowed to: (1) purchase more than 3% of an investment company's (including exchange traded funds ("ETFs") outstanding shares; (2) invest more than 5% of its assets in any single such investment company, and (3) invest more than 10% of its assets in investment companies overall; unless: (i) the underlying investment company and/or the Funds have received an order for exemptive relief from such limitations from the SEC; and (ii) the underlying investment company and the Funds take appropriate steps to comply with any conditions in such order.

The following pages contain more detailed information about the types of instruments (Underlying Funds) in which each Fund may invest.

Equity Securities

Equity securities in which an Underlying Fund invests include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

Common Stock

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

Preferred Stock

An Underlying Fund may invest in preferred stock with a minimum credit rating of investment grade. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

The fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed-income securities and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

Convertible Securities

An Underlying Fund may invest in convertible securities and non-investment grade convertible securities. Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

Publicly Traded Partnerships / Master Limited Partnerships

The Fund may invest in publicly traded partnerships, including Master Limited Partnerships. These are limited partnerships the interests in which (known as "units") are traded on public exchanges, just like corporate stock. Such limited partnerships that provide an investor with a direct interest in a group of assets (generally, oil and gas properties). Publicly traded partnership units typically trade publicly, like stock, and thus may provide the investor more liquidity than ordinary limited partnerships. Publicly traded partnerships are also called master limited partnerships and public limited partnerships. A limited partnership has one or more general partners (they may be individuals, corporations, partnerships or another entity) which manage the partnership, and limited partners, which provide capital

to the partnership but have no role in its management. When an investor buys units in a publicly traded partnership, he or she becomes a limited partner. Publicly traded partnerships are formed in several ways. A non-traded partnership may decide to go public. Several non-traded partnerships may "roll up" into a single publicly traded partnership. A corporation may spin off a group of assets or part of its business into a partnership of which it is the general partner, either to realize what it believes to be the assets' full value or as an alternative to issuing debt. A corporation may fully convert to a partnership, although since 1986 the tax consequences have made this an unappealing; or, a newly formed company may operate as a publicly traded partnership from its inception.

There are different types of risks to investing in publicly traded partnerships including regulatory risks and interest rate risks. Currently most partnerships enjoy pass through taxation of their income to partners, which avoids double taxation of earnings. If the government were to change publicly traded partnerships business tax structure, unitholders would not be able to enjoy the relatively high yields in the sector for long. In addition, publicly traded partnerships which charge government-regulated fees for transportation of oil and gas products through their pipelines are subject to unfavorable changes in government-approved rates and fees, which would affect a publicly traded partnerships revenue stream negatively. Publicly traded partnerships also carry some interest rate risks. During increases in interest rates, publicly traded partnerships may not produce decent returns to shareholders.

Warrants

An Underlying Fund may invest in warrants. Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or they may be perpetual. However, most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

Foreign Securities

*General.* An Underlying Fund may invest in ETFs and other investment companies that hold a portfolio of foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Funds by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

To the extent the Underlying Fund's currency exchange transactions do not fully protect the Underlying Fund against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which the Underlying Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Underlying Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Underlying Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Underlying Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

*Emerging Markets Securities.* An Underlying Fund may purchase ETFs and other closed end funds that invest in emerging market securities. Investing in emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Underlying Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause a Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

Depositary Receipts

An Underlying Fund may invest in sponsored and unsponsored American Depositary Receipts ("ADRs"), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Many of the risks described above regarding foreign securities apply to investments in ADRs.

Debt Securities

An Underlying Fund may invest in debt securities, including non-investment grade debt securities. The following describes some of the risks associated with fixed income debt securities:

*Interest Rate Risk.* Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

*Credit Risk.* Fixed income securities have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly rated securities.

*Extension Risk.* An Underlying Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Underlying Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.

*Prepayment Risk.* Certain types of debt securities, such as mortgage-backed securities, have yield and maturity characteristics corresponding to underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal amount comes due, payments on certain mortgage-backed securities may include both interest and a partial payment of principal. Besides the scheduled repayment of principal, payments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.

Securities subject to prepayment are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Underlying Fund.

At times, some of the mortgage-backed securities in which the Funds may invest will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses in securities purchased at a premium, as unscheduled prepayments, which are made at par, will cause the Underlying Fund to experience a loss equal to any unamortized premium.

Certificates of Deposit and Bankers' Acceptances

An Underlying Fund may invest in certificates of deposit and bankers' acceptances, which are considered to be short-term money market instruments.

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Commercial Paper

An Underlying Fund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

Time Deposits and Variable Rate Notes

An Underlying Fund may invest in fixed time deposits, whether or not subject to withdrawal penalties.

Time deposits are issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the depositor on the date specified with respect to the deposit. Time deposits do not trade in the secondary market prior to maturity. However, some time deposits may be redeemable prior to maturity and may be subject to withdrawal penalties.

The commercial paper obligations, which the Underlying Fund may buy are unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit the Underlying Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Underlying Fund as Lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. The Underlying Fund has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct lending arrangements between the Underlying Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Underlying Fund's advisor will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Underlying Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer on demand within seven days.

Insured Bank Obligations

The Underlying Fund may invest in insured bank obligations. The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $250,000. An Underlying Fund may purchase bank obligations that are fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $250,000 per bank; if the principal amount and accrued interest together exceed $250,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

United States Government Obligations

These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis. An Underlying Fund may also invest in Treasury Inflation-Protected Securities ("TIPS"). TIPS are special types of treasury bonds that were created in order to offer bond investors protection from inflation. The values of the TIPS are automatically adjusted to the inflation rate as measured by the Consumer Price Index ("CPI"). If the CPI goes up by half a percent, the value of the bond (the TIPS) would also go up by half a percent. If the CPI falls, the value of the bond does not fall because the government guarantees that the original investment will stay the same. TIPS decline in value when real interest rates rise. However, in certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar duration.

United States Government Agencies

These consist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("Ginnie Mae"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Farm Credit Banks, the Federal National Mortgage Association ("Fannie Mae"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States Treasury (e.g., Ginnie Mae mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (e.g., Fannie Mae Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (e.g., Tennessee Valley Association).

Government-related guarantors (i.e. not backed by the full faith and credit of the United States Government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae but are not backed by the full faith and credit of the United States Government.

Mortgage Pass-Through Securities

Interests in pools of mortgage pass-through securities differ from other forms of debt securities (which normally provide periodic payments of interest in fixed amounts and the payment of principal in a lump sum at maturity or on specified call dates). Instead, mortgage pass-through securities provide monthly payments consisting of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on the underlying residential mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Unscheduled payments of principal may be made if the underlying mortgage loans are repaid or refinanced or the underlying properties are foreclosed, thereby shortening the securities' weighted average life. Some mortgage pass-through securities (such as securities guaranteed by Ginnie Mae) are described as "modified pass-through securities." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, on the scheduled payment dates regardless of whether the mortgagor actually makes the payment.

The principal governmental guarantor of mortgage pass-through securities is Ginnie Mae. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Treasury, the timely payment of principal and interest on securities issued by lending institutions approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgage loans. These mortgage loans are either insured by the Federal Housing Administration or guaranteed by the Veterans Administration. A "pool" or group of such mortgage loans is assembled and after being approved by Ginnie Mae, is offered to investors through securities dealers.

Government-related guarantors of mortgage pass-through securities (i.e., not backed by the full faith and credit of the U.S. Treasury) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved sellers/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Mortgage pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae but are not backed by the full faith and credit of the U.S. Treasury.

On September 7, 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the "FHFA") announced that Fannie Mae and Freddie Mac had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Secured Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing business operations of Fannie Mae or Freddie Mac.

*Resets.* The interest rates paid on the Adjustable Rate Mortgage Securities ("ARMs") in which the Funds may invest generally are readjusted or reset at intervals of one year or less to an increment over some predetermined interest rate index. There are two main categories of indices: those based on U.S. Treasury securities and those derived from a calculated measure, such as a cost of funds index or a moving average of mortgage rates. Commonly utilized indices include the one-year and five-year constant maturity Treasury Note rates, the three-month Treasury Bill rate, the 180-day Treasury Bill rate, rates on longer-term Treasury securities, the National Median Cost of Funds, the one-month or three-month London Interbank Offered Rate (LIBOR), the prime rate of a specific bank, or commercial paper rates. Some indices, such as the one-year constant maturity Treasury Note rate, closely mirror changes in market interest rate levels. Others tend to lag changes in market rate levels and tend to be somewhat less volatile.

*Caps and Floors.* The underlying mortgages which collateralize the ARMs in which the Funds invest will frequently have caps and floors which limit the maximum amount by which the loan rate to the residential borrower may change up or down: (1) per reset or adjustment interval, and (2) over the life of the loan. Some residential mortgage loans restrict periodic adjustments by limiting changes in the borrower's monthly principal and interest payments rather than limiting interest rate changes. These payment caps may result in negative amortization. The value of mortgage securities in which the Fund invests may be affected if market interest rates rise or fall faster and farther than the allowable caps or floors on the underlying residential mortgage loans. Additionally, even though the interest rates on the underlying residential mortgages are adjustable, amortization and prepayments may occur, thereby causing the effective maturities of the mortgage securities in which the Funds invests to be shorter than the maturities stated in the underlying mortgages.

High Yield Securities

An Underlying Fund may invest in high yield securities. High yield, high risk bonds are securities that are generally rated below investment grade by the primary rating agencies (BB+ or lower by S&P and Ba1 or lower by Moody's). Other terms used to describe such securities include "lower rated bonds," "non-investment grade bonds," "below investment grade bonds," and "junk bonds." These securities are considered to be high-risk investments. The risks include the following:

*Greater Risk of Loss.* These securities are regarded as predominately speculative. There is a greater risk that issuers of lower rated securities will default than issuers of higher rated securities. Issuers of lower rated securities generally are less creditworthy and may be highly indebted, financially distressed, or bankrupt. These issuers are more vulnerable to real or perceived economic changes, political changes or adverse industry developments. In addition, high yield securities are frequently subordinated to the prior payment of senior indebtedness. If an issuer fails to pay principal or interest, the Funds would experience a decrease in income and a decline in the market value of its investments.

*Sensitivity to Interest Rate and Economic Changes.* The income and market value of lower-rated securities may fluctuate more than higher rated securities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities, non-investment grade securities are more sensitive to short-term

corporate, economic and market developments. During periods of economic uncertainty and change, the market price of the investments in lower-rated securities may be volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods of economic downturn. For example, in 2000, 2001 and 2002, the default rate for high yield securities was significantly higher than in the prior or subsequent years.

*Valuation Difficulties.* It is often more difficult to value lower rated securities than higher rated securities. If an issuer's financial condition deteriorates, accurate financial and business information may be limited or unavailable. In addition, the lower rated investments may be thinly traded and there may be no established secondary market. Because of the lack of market pricing and current information for investments in lower rated securities, valuation of such investments is much more dependent on judgment than is the case with higher rated securities.

*Liquidity.* There may be no established secondary or public market for investments in lower rated securities. Such securities are frequently traded in markets that may be relatively less liquid than the market for higher rated securities. In addition, relatively few institutional purchasers may hold a major portion of an issue of lower-rated securities at times. As a result, an Underlying Fund may be required to sell investments at substantial losses or retain them indefinitely when an issuer's financial condition is deteriorating.

*Credit Quality.* Credit quality of non-investment grade securities can change suddenly and unexpectedly, and even recently-issued credit ratings may not fully reflect the actual risks posed by a particular high-yield security.

*New Legislation.* Future legislation may have a possible negative impact on the market for high yield, high risk bonds. As an example, in the late 1980's, legislation required federally-insured savings and loan associations to divest their investments in high yield, high risk bonds. New legislation, if enacted, could have a material negative effect on the Funds' investments in lower rated securities.

High yield, high risk investments may include the following:

*Straight fixed-income debt securities.* These include bonds and other debt obligations that bear a fixed or variable rate of interest payable at regular intervals and have a fixed or resettable maturity date. The particular terms of such securities vary and may include features such as call provisions and sinking funds.

*Zero-coupon debt securities.* These bear no interest obligation but are issued at a discount from their value at maturity. When held to maturity, their entire return equals the difference between their issue price and their maturity value.

*Zero-fixed-coupon debt securities.* These are zero-coupon debt securities that convert on a specified date to interest-bearing debt securities.

*Pay-in-kind bonds.* These are bonds which allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds. These are bonds sold without registration under the Securities Act of 1933, as amended (the "Securities Act"), usually to a relatively small number of institutional investors.

*Convertible Securities.* These are bonds or preferred stock that may be converted to common stock.

*Preferred Stock.* These are stocks that generally pay a dividend at a specified rate and have preference over common stock in the payment of dividends and in liquidation.

*Loan Participations and Assignments.* These are participations in, or assignments of all or a portion of loans to corporations or to governments, including governments of less developed countries.

*Securities issued in connection with Reorganizations and Corporate Restructurings.* In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. The Funds may hold such common stock and other securities even if they do not invest in such securities.

Closed-End Investment Companies

Each Fund may invest its assets in "closed-end" investment companies (or "closed-end funds"), subject to the investment restrictions set forth above. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. Such securities are then listed for trading on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System (commonly known as "NASDAQ") or, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as the Funds), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Funds generally will purchase shares of closed-end funds only in the secondary market. The Funds will incur normal brokerage costs on such purchases similar to the expenses the Funds would incur for the purchase of securities of any other type of issuer in the secondary market. The Funds may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser, based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Funds purchased such securities in the secondary market.

The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share that is less than the net asset value per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined net asset value but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their net asset value.

The Funds may invest in shares of closed-end funds that are trading at a discount to net asset value or at a premium to net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Funds will ever decrease. In fact, it is possible that this market discount may increase and the Funds may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Funds' shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Funds at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Funds.

Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. The Funds' investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and net asset value than an investment in shares of investment companies without a leveraged capital structure.

Open-End Investment Companies ("Mutual Funds")

The Fund and any "affiliated persons," as defined by the 1940 Act, may purchase in the aggregate only up to 3% of the total outstanding securities of any Underlying Fund. Accordingly, when affiliated persons hold shares of any of the Underlying Funds, the Funds' ability to invest fully in shares of those funds is restricted, and the Advisor must then, in some instances, select alternative investments that would not have been its first preference. The 1940 Act also provides that an Underlying Fund whose shares are purchased by the Funds will be obligated to redeem shares held by the Funds only in an amount up to 1% of the Underlying Fund's outstanding securities during any period of less than 30 days. Shares held by the Funds in excess of 1% of an Underlying Fund's outstanding securities therefore, will be considered not readily marketable securities, which, together with other such securities, may not exceed 15% of the Funds' total assets.

Under certain circumstances an Underlying Fund may determine to make payment of a redemption by the Funds wholly or partly by a distribution in kind of securities from its portfolio, in lieu of cash, in conformity with the rules of the SEC. In such cases, the Funds may hold securities distributed by an Underlying Fund until the Adviser determines that it is appropriate to dispose of such securities.

Investment decisions by the investment advisors of the Underlying Funds are made independently of the Funds and its Adviser. Therefore, the investment advisor of one Underlying Fund may be purchasing shares of the same issuer whose shares are being sold by the investment advisor of another such funds. The result would be an indirect expense to the Funds without accomplishing any investment purpose.

Exchange Traded Funds

ETFs are passive funds that track their related index and have the flexibility of trading like a security. They are managed by professionals and provide the investor with diversification, cost and tax efficiency, liquidity, marginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some ETFs are unit investment trusts ("UITs"), which are unmanaged portfolios overseen by trustees. ETFs generally have two markets. The primary market is where institutions swap "creation units" in block-multiples of 50,000 shares for in-kind securities and cash in the form of dividends. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from open-ended mutual funds that are traded after hours once the net asset value ("NAV") is calculated. ETFs share many similar risks with open-end and closed-end funds.

There is a risk that an ETFs in which the Funds invest may terminate due to extraordinary events that may cause any of the service providers to the ETFs, such as the trustee or sponsor, to close or otherwise fail to perform their obligations to the ETF. Also, because the ETFs in which the Funds intend to principally invest may be granted licenses by agreement to use the indices as a basis for determining their compositions and/or otherwise to use certain trade names, the ETFs may terminate if such license agreements are terminated. In addition, an ETF may terminate if its entire net asset value falls below a certain amount. Although the Funds believe that, in the event of the termination of an underlying ETF, it will be able to invest instead in shares of an alternate ETF tracking the same market index or another market index with the same general market, there is no guarantee that shares of an alternate ETF would be available for investment at that time. To the extent the Fund invests in a sector product, the Funds are subject to the risks associated with that sector.

REITs

An Underlying Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 95% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs," "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although the Funds can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Internal Revenue Code of 1986, as amended, or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through a Fund, a shareholder bears not only a proportionate share of the expenses of the Funds, but also may indirectly bear similar expenses of some of the REITs in which it invests.

Securities Options

An Underlying Fund may purchase and write (*i.e.,* sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon

the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the NYSE Arca Oil and Gas Index or the Business Equipment Quota Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange and the Philadelphia Stock Exchange.

An Underlying Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Underlying Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Underlying Fund will have paid a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by an Underlying Fund expires unexercised, that Underlying Fund realizes a loss equal to the premium paid. If the Underlying Fund enters into a closing sale transaction on an option purchased by it, the Underlying Fund will realize a gain if the premium received by the Underlying Fund on the closing transaction is more than the premium paid to purchase the option or a loss if it is less. If an option written by an Underlying Fund expires on the stipulated expiration date or if the Underlying Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by an Underlying Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Underlying Fund will realize a gain or loss.

Certain Risks Regarding Options

There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by an Underlying Fund of options on stock indices will be subject to the ability of the advisor to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, the Underlying Fund's ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Underlying Fund. Inasmuch as the Underlying Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Underlying Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and the Underlying Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the Underlying Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by the Underlying Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Underlying Fund is unable to close out a call option on securities that it has written before the option is exercised, the Underlying Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Underlying Fund was unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

Cover for Options Positions

Transactions using options (other than options that an Underlying Fund has purchased) expose the Underlying Fund to an obligation to another party. The Underlying Fund will not enter into any such transactions unless it owns either (i) an offsetting ("covered") position in securities or other options or (ii) cash or liquid securities with a value sufficient at all times to cover its potential obligations not covered as provided in (i) above.

Options on Futures Contracts

An Underlying Fund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

Dealer Options

An Underlying Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Funds might look to a clearing corporation to exercise exchange-traded options, if the Underlying Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Underlying Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, the Underlying Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when the Underlying Fund writes a dealer option, the Fund may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Underlying Fund originally wrote the option. While the Underlying Fund will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Underlying Fund, there can be no assurance that the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless the Underlying Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the Underlying Fund may be unable to liquidate a dealer option. With respect to options written by the Underlying Fund, the inability to enter into a closing transaction may result in material losses to the Underlying Fund.

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Fund will treat dealer options as subject to the Underlying Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, an Underlying Fund will change its treatment of such instruments accordingly.

Spread Transactions

An Underlying Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives the Underlying Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Underlying Fund does not own, but which is used as a benchmark. The risk to the Underlying Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Underlying Fund against adverse changes in prevailing credit quality spreads, *i.e.,* the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

Repurchase Agreements

An Underlying Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Underlying Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to the Underlying Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Underlying Fund on repurchase. In either case, the income to the Underlying Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by the Underlying Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Underlying Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Underlying Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

Futures Contracts

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when an Underlying Fund purchases or sells a security, no price would be paid or received by the Underlying Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Underlying Fund's open positions in futures contracts, the Underlying Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Underlying Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." An Underlying Fund expects to earn interest income on its margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, the Underlying Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Underlying Fund realizes a gain; if it is less, the Underlying Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the Underlying Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Underlying Fund is not able to enter into an offsetting transaction, the Underlying Fund will continue to be required to maintain the margin deposits on the futures contract.

For example, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 pounds sterling multiplied by the level of the UK Financial Times 100 Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures contract expires.

Regulation as a Commodity Pool Operator

The Trust, on behalf of each Fund, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended, and the rules of the Commodity Futures Trading Commission promulgated thereunder, with respect to each Fund's operations. Accordingly, the Funds are not subject to registration or regulation as a commodity pool operator.

When-Issued, Forward Commitments and Delayed Settlements

An Underlying Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis.

An Underlying Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives.

An Underlying Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Underlying Fund may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Underlying Fund on the settlement date. In these cases, the Underlying Fund may realize a taxable capital gain or loss. When the Underlying Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Underlying Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement and any subsequent fluctuations in their market value is taken into account when determining the market value of the Underlying Fund starting on the day the Underlying Fund agrees to purchase the securities. The Underlying Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

Illiquid and Restricted Securities

Each Underlying Fund may invest up to 15% of its net assets in illiquid securities. Illiquid securities include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted and other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. The Underlying Fund might be unable to dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. The Underlying Fund might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by the Financial Industry Regulatory Authority, Inc. ("FINRA").

Under guidelines adopted by the Trust's Board, the adviser of an Underlying Fund may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, the adviser will consider, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser will also determine that the paper (1) is not traded flat or in default as to principal and interest, (2) is rated in one of the two highest rating categories by at least two National Statistical Rating Organization ("NRSRO") or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser determines that it is of equivalent quality, and (3) the Adviser's decision takes into account all relevant factors of the trading market for the specific security.

Rule 144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by the Underlying Fund adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of the Underlying Fund's assets invested in illiquid securities if institutional buyers are unwilling to purchase such securities.

Lending Portfolio Securities

For the purpose of achieving income, each Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3) the Fund will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of the Fund.

Short Sales

The Funds may sell securities short involving the use of derivative instruments and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Funds sell a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline.

When a Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it to the party purchasing the security. The Funds are required to make a margin deposit in connection with such short sales; the Funds may have to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed securities.

If the price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the Fund will incur a loss; conversely, if the price declines, the Funds will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged.

To the extent a Fund sells securities short, it will provide collateral to the broker-dealer.

Swap Agreements

An Underlying Fund may enter into interest rate, index and currency exchange rate swap agreements in an attempt to obtain a particular desired return at a lower cost to the Underlying Fund than if it had invested directly in an instrument that yielded that desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. The Underlying Fund's obligations (or rights) under a swap agreement will generally be equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount").

The net amount of the excess, if any, of the Underlying Fund's obligations over its entitlements with respect to a swap agreement entered into on a net basis will be accrued daily and an amount of cash or liquid asset having an aggregate NAV at least equal to the accrued excess will be maintained in an account with the Fund's custodian that satisfies the 1940 Act. The Underlying Fund also will establish and maintain such accounts with respect to its total obligations under any swaps that are not entered into on a net basis.

Whether the Underlying Fund's use of swap agreements enhance the Underlying Fund's total return will depend on the adviser's ability correctly to predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two-party contracts and may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, the Underlying Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Underlying Fund's adviser will cause the Underlying Fund to enter into swap agreements only with counterparties that would be eligible for consideration as repurchase agreement counterparties under the Underlying Fund's repurchase agreement guidelines. The swap market is a relatively new market and is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Underlying Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Certain swap agreements are exempt from most provisions of the Commodity Exchange Act ("CEA") and, therefore, are not regulated as futures or commodity option transactions under the CEA, pursuant to regulations of the Commodities Futures Trading Commission. To qualify for this exemption, a swap agreement must be entered into by "eligible participants," which include the following, provided the participants' total assets exceed established levels: a bank or trust company, savings association or credit union, insurance company, investment company subject to regulation under the 1940 Act, commodity pool, corporation, partnership, proprietorship, organization, trust or other entity, employee benefit plan, governmental entity, broker-dealer, futures commission merchant, natural person, or regulated foreign person. To be eligible, natural persons and most other entities must have total assets exceeding $10 million; commodity pools and employees benefit plans must have assets exceeding $5 million. In addition, an eligible swap transaction must meet three conditions. First, the swap agreement may not be part of a fungible class of agreements that are standardized as to their material economic terms. Second, the creditworthiness of parties with actual or potential obligations under the swap agreement must be a material consideration in entering into or determining the terms of the swap agreement, including pricing, cost or credit enhancement terms. Third, swap agreements may not be entered into and traded on or through a multilateral transaction execution facility.

Certain Investment Techniques and Derivatives Risk

When the adviser of an Underlying Fund uses investment techniques such as margin, leverage and short sales, and forms of financial derivatives, such as options and futures, an investment in the Underlying Fund may be more volatile than investments in other mutual funds. Although the intention is to use such investment techniques and derivatives to minimize risk to the Underlying Fund, as well as for speculative purposes, there is the possibility that improper implementation of such techniques and derivative strategies or unusual market conditions could result in significant losses to the Underlying Fund. Derivatives are used to limit risk in the Underlying Fund or to enhance investment return and have a return tied to a formula based upon an interest rate, index, price of a security, or other measurement. Derivatives involve special risks, including: (1) the risk that interest rates, securities prices and currency markets will not move in the direction that a portfolio manager anticipates; (2) imperfect correlation between the price of derivative instruments and movements in the prices of the securities, interest rates or currencies being hedged; (3) the fact that skills needed to use these strategies are different than those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in a loss substantially greater than a Fund's initial investment in that instrument (in some cases, the potential loss in unlimited); (6) particularly in the case of privately-negotiated instruments, the risk that the counterparty will not perform its obligations, or that penalties could be paid for positions held less than the required minimum holding period, which could leave the Fund worse off than if it had not entered into the position; and (7) the inability to close out certain hedged positions to avoid adverse tax consequences. In addition, the use of derivatives for non-hedging purposes (that is, to seek to increase total return) is considered a speculative practice and may present an even greater risk of loss than when used for hedging purposes.

**INVESTMENT RESTRICTIONS**

The Funds have each adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Fund which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Borrowing Money</u>. The Fund will not borrow money, except: (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior Securities</u>. The Fund will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is consistent with or permitted by the 1940 Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Underwriting</u>. The Fund will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities); the Fund may be deemed an underwriter under certain federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Real Estate</u>. The Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Commodities</u>. The Fund will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does not preclude the Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies which are engaged in a commodities business or have a significant portion of their assets in commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Loans</u>. The Fund will not make loans to other persons, except: (a) by loaning portfolio securities; (b) by engaging in repurchase agreements; or (c) by purchasing nonpublicly offered debt securities. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Concentration</u>. The Fund will not invest 25% or more of its total assets in a particular industry or group of industries. The Fund will not invest 25% or more of its total assets in any investment company that concentrates. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto.

**THE FOLLOWING ARE ADDITIONAL INVESTMENT LIMITATIONS OF EACH FUND. THE FOLLOWING RESTRICTIONS ARE DESIGNATED AS NON-FUNDAMENTAL AND MAY BE CHANGED BY THE BOARD OF TRUSTEES OF THE TRUST WITHOUT THE APPROVAL OF SHAREHOLDERS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Pledging</u>. The Fund will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets of the Fund except as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits, security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Borrowing</u>. The Fund will not purchase any security while borrowings representing more than one third of its total assets are outstanding. The Fund will generally not borrow for investment purposes. However, the Fund will borrow money if a redemption exceeds available cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Margin Purchases</u>. The Fund will not purchase securities or evidences of interest thereon on "margin." This limitation is not applicable to short-term credit obtained by a Fund for the clearance of purchases and sales or redemption of securities, or to arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investment techniques.

It should be noted that the Fund will from time to time invest in some Underlying Funds which are in effect leveraged, meaning that the values of those investments will fluctuate, for example, twice as fast as an underlying index or asset class – such leverage involving the same kind of risk as investing on margin, but without the interest cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Illiquid Investments</u>. The Fund will not invest 15% or more of its net assets in securities for which there are legal or contractual restrictions on resale and other illiquid securities.

If a restriction on a Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments, or change in average duration of the Fund's investment portfolio, resulting from changes in the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted policies and procedures that govern the disclosure of the Funds' portfolio holdings. These policies and procedures are designed to ensure that such disclosure is in the best interests of Fund shareholders.

It is the Trust's policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Trust shareholders; (2) protect the confidentiality of portfolio holdings information; (3) have procedures in place to guard against personal trading based on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between the interests of the Trust's shareholders and those of the Trust's affiliates.

The Funds disclose their portfolio holdings by mailing their annual and semi-annual reports to shareholders approximately two months after the end of the fiscal year and semi-annual period. The Funds may also disclose its portfolio holdings by mailing a quarterly report to its shareholders. In addition, the Funds will disclose its portfolio holdings reports on Forms N-CSR and Forms N-PORT two months after the end of each quarter/semi-annual period.

The Funds may, from time to time, make available month end portfolio holdings information on the Funds' website at <u>www.SierraMutualFunds.com</u>. The month end portfolio holdings are generally posted to the website within forty-five days of the end of each month and remain available until new information for the next month is posted.

The Funds may choose to make available to rating agencies such as Lipper, Morningstar or Bloomberg earlier and more frequently on a confidential basis.

Under limited circumstances, as described below, the Funds' portfolio holdings may be disclosed to, or known by, certain third parties in advance of their filing with the SEC on Form N-CSR or Form N-Q. In each case, a determination has been made that such advance disclosure is supported by a legitimate business purpose and that the recipient is subject to a duty to keep the information confidential.

● **The Adviser.** Personnel of the Adviser, including personnel responsible for managing the Funds' portfolios, may have full daily access to Fund portfolio holdings because that information is necessary in order for the Adviser to provide its management, administrative, and investment services to the Funds. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as for the assistance of portfolio managers in the trading of such securities, Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers.

● **Ultimus Fund Solutions, LLC.** Ultimus Fund Solutions, LLC is the transfer agent, fund accountant, administrator and custody administrator for the Funds; therefore, its personnel have full daily access to the Funds' portfolio holdings because that information is necessary in order for them to provide the agreed-upon services for the Trust.

● **U.S. Bank, N.A.** U.S. Bank, N.A. is the custodian for each Fund; therefore, its personnel have full daily access to the Funds' portfolio holdings because that information is necessary in order for them to provide the agreed-upon services for the Funds.

● **BBD, LLP** is the Funds' independent registered public accounting firm; therefore, its personnel have access to the Funds' portfolio holdings in connection with auditing of the Funds' annual financial statements and providing assistance and consultation in connection with SEC filings.

● **Thompson Hine LLP.** Thompson Hine LLP is counsel to the Funds; therefore its personnel have access to the Funds' portfolio holdings in connection with the review of the Funds' annual and semi-annual shareholder reports and SEC filings.

● **Counsel to the Trust and Counsel to the Independent Trustees.** Counsel to the Independent Trustees and its respective personnel have access to the Funds' portfolio holdings in connection with the review of the Funds' annual and semi-annual shareholder reports and SEC filings.

● **Derivatives Risk Consultant**. The Trust has engaged a derivatives risk consultant ("Consultant") to consult with the Board, and the Adviser regarding the effectiveness of derivatives risk management. The Consultant therefore may have access to the Fund's portfolio holdings in order to provide such services to the Trust

**Additions to List of Approved Recipients.** The Funds' Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Funds' portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information and must be subject to a duty to keep the information confidential. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Funds, the Adviser or any other party receive any direct or indirect compensation in connection with the disclosure of information about each Fund's portfolio holdings.

**Compliance with Portfolio Holdings Disclosure Procedures.** The Trust's Chief Compliance Officer will report periodically to the Board with respect to compliance with each Fund's portfolio holdings disclosure procedures, and from time to time will provide the Board any updates to the portfolio holdings disclosure policies and procedures.

There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Funds from the potential misuse of holdings information by individuals or firms in possession of that information.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of six (6) individuals all of whom are not "interested persons" (as defined under the 1940 Act) of the Trust, an adviser of a fund in the Trust ("Independent Trustees"). Pursuant to the Governing Documents of the Trust, the Trustees shall elect officers including a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

**Board Leadership Structure**

The Trust is led by Anthony Hertl, an Independent Trustee, who has served as the Chairman of the Board since July 2013. The Board of Trustees is comprised of Mr. Hertl and five (5) additional Independent Trustees. Additionally, under certain 1940 Act governance guidelines that apply to the Trust, the Independent Trustees will meet in executive session, at least quarterly. Under the Trust's Agreement and Declaration of Trust and By-Laws, the Chairman of the Board is responsible for (a) presiding at Board meetings, (b) calling special meetings on an as-needed basis, (c) execution and administration of Trust policies including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and between Board meetings. Generally, the Trust believes it best to have a non-executive Chairman of the Board, who together with the President (principal executive officer), are seen by its shareholders, business partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman, the independent chair of the Audit Committee, and, as an entity, the full Board of Trustees, provide effective leadership that is in the best interests of the Trust, its Funds and each shareholder.

**Board Risk Oversight**

The Board of Trustees has a standing independent Audit Committee with a separate chair, Mark H. Taylor. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from its Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

**Trustee Qualifications**

Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii) qualifications, (iii) attributes and (iv) skills.

Anthony J. Hertl has over 20 years of business experience in the financial services industry and related fields including serving as chair of the finance committee for the Borough of Interlaken, New Jersey and Vice President-Finance and Administration of Marymount College, holds a Certified Public Accountant designation, serves or has served as a member of other mutual fund boards outside of the group of Funds managed by the Adviser (the "Fund Complex") and possesses a strong understanding of the regulatory framework under which investment companies must operate based on his years of service to this Board and other fund boards.

Gary W. Lanzen has over 20 years of business experience in the financial services industry, holds a Master's degree in Education Administration, is a Certified Financial Planner, serves as a member of two other mutual fund boards outside of the Fund Complex and possesses a strong understanding of the regulatory framework under which investment companies must operate based on his years of service to this Board and other mutual fund boards.

Mark H. Taylor holds PhD, Masters and Bachelors degrees in Accountancy, is a licensed Certified Public Accountant and has over 30 years of academic and professional experience in the accounting and auditing fields, all of which make him particularly qualified to chair the Trust's Audit Committee. Dr. Taylor is the Director of the Lynn Pippenger School of Accountancy at the Muma College of Business at the University of South Florida and is serving a three-year term as President of the American Accounting Association (AAA) commencing August 2022 (President-Elect 2022-2023, President 2023-2024; Past President 2024-2025). Dr. Taylor previously served as AAA Vice President-Finance, and as President of the Auditing Section of the AAA. Dr. Taylor serves as a member of three other mutual fund boards within the Northern Lights Fund Complex. He served a three-year term on the AICPA's Auditing Standards Board (2010-2012) and previously completed a fellowship in the Professional Practice Group of the Office of the Chief Accountant at the headquarters of the United States Securities Exchange Commission. Dr. Taylor is a member of two research teams that have received grants from the Center for Audit Quality to study how accounting firms' tone-at-the top messaging impacts audit performance and how auditors manage the process of auditing fair value measurements and other complex estimates in financial statements. Dr. Taylor has published extensively in leading academic accounting journals, has teaching interests in corporate governance and accounting policy as well as auditing and assurance services at the graduate and undergraduate levels, and possesses a strong understanding of the regulatory framework under which investment companies operate.

John V. Palancia has over 30 years of business experience in financial services industry including serving as the Director of Futures Operations for Merrill Lynch, Pierce, Fenner & Smith, Inc. ("Merrill Lynch"). Mr. Palancia holds a Bachelor of Science degree in Economics. He also possesses a strong understanding of risk management, balance sheet analysis and the regulatory framework under which regulated financial entities must operate based on service to Merrill Lynch. Additionally, he is well versed in the regulatory framework under which investment companies must operate and serves as a member of three other fund boards.

Mark D. Gersten has more than 30 years of experience in the financial services industry, having served in executive roles at AllianceBernstein LP and holding key industry positions at Prudential-Bache Securities and PriceWaterhouseCoopers. He also serves as a member of two other mutual fund boards outside of the Fund Complex. Mr. Gersten is a certified public accountant and holds an MBA in accounting. Like other Trustees, his experience has given him a strong understanding of the regulatory framework under which investment companies operate.

Mark S. Garbin has more than 30 years of experience in corporate balance sheet and income statement risk management for large asset managers, serving as Managing Principal of Coherent Capital Management LLC since 2007. Mr. Garbin has extensive derivatives experience and has provided consulting services to alternative asset managers. He is both a Chartered Financial Analyst and Professional Risk Manager charterholder and holds advanced degrees in international business. The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes them each highly qualified.

The Trustees and the executive officers of the Trust are listed below with their present positions with the Trust and principal occupations over at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, Nebraska 68154.

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<br> and Year of Birth** | **Position/Term<br> of Office\*** | **Principal Occupation<br> During the Past Five Years** | **Number of<br> Portfolios in<br> Fund Complex\*\*<br> Overseen by<br> Trustee** | **Other Directorships held by Trustee<br> During the Past Five Years** |
| Mark Garbin<br> Born in 1951 | Trustee<br> Since 2013 | Managing Principal, Coherent Capital Management LLC (since 2007). | 6<br>| Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Two Roads Shared Trust (since 2012); Forethought Variable Insurance Trust (since 2013); Northern Lights Variable Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 - 2017); and Altegris KKR Commitments Master Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018) and Independent Director OHA CLO Enhanced Equity II Genpar LLP (since June 2021). |
| Mark D. Gersten<br> Born in 1950 | Trustee<br> Since 2013 | Independent Consultant<br> (since 2012). | 6 | Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Northern Lights Variable Trust (since 2013); Two Roads Shared Trust (since 2012); Altegris KKR Commitments Master Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017); and Schroder Global Series Trust (2012 to 2017). |
| Anthony J. Hertl<br> Born in 1950 | Trustee<br> Since 2005; Chairman of the Board since 2013 | Retired, previously held several positions in a major Wall Street firm including Capital Markets Controller, Director of Global Taxation, and CFO of the Specialty Finance Group. | 6 | Northern Lights Fund Trust (for series not affiliated with the Funds since 2005); Northern Lights Variable Trust (since 2006); Alternative Strategies Fund (since 2010); and Satuit Capital Management Trust (2007-2019). |

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| | | | | |
|:---|:---|:---|:---|:---|
| Gary W. Lanzen<br> Born in 1954 | Trustee<br> Since 2005 | Retired (since 2012). Formerly, Founder, President, and Chief Investment Officer, Orizon Investment Counsel, Inc. (2000-2012). | 6 | Northern Lights Fund Trust (for series not affiliated with the Funds since 2005) Northern Lights Variable Trust (since 2006); AdvisorOne Funds (since 2003); Alternative Strategies Fund (since 2010); and previously, CLA Strategic Allocation Fund (2014-2015). |
| John V. Palancia<br> Born in 1954 | Trustee<br> Since 2011 | Retired (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011). | 6 | Northern Lights Fund Trust (for series not affiliated with the Funds since 2011); Northern Lights Fund Trust III (since February 2012); Alternative Strategies Fund (since 2012) and Northern Lights Variable Trust (since 2011). |
| Mark H. Taylor<br> Born in 1964 | Trustee<br> Since 2007; Chairman of the Audit Committee since 2013 | Director, Lynn Pippenger School of Accountancy Muma College of Business, University of South Florida, Tampa FL (since 2019); Chair, Department of Accountancy and Andrew D. Braden Professor of Accounting and Auditing, Weatherhead School of Management, Case Western Reserve University (2009-2019); Vice President-Finance, American Accounting Association (2017-2020); President, Auditing Section of the American Accounting Association<br> (2012-15). AICPA Auditing Standards Board Member (2009-2012). | 6 | Northern Lights Fund Trust (for series not affiliated with the Funds since 2007); Alternative Strategies Fund (since 2010); Northern Lights Fund Trust III (since 2012); and Northern Lights Variable Trust (since 2007). |

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***Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<br> and Year of Birth** | **Position/Term**<br> **of Office\*** | **Principal Occupation<br> During the Past Five Years** | **Number of<br> Portfolios in<br> Fund Complex\*\*<br> Overseen by<br> Trustee** | **Other Directorships held by Trustee<br> During the Past Five Years** |
| Kevin E. Wolf<br> Born in 1969 | President<br> Since June 2017 | Executive Vice President, Head of Fund Administration, and Product; Ultimus Fund Solutions, LLC (since 2020); Vice President of The Ultimus Group, LLC (since 2019); Executive Vice President, Gemini Fund Services, LLC (2019-2020); President, Gemini Fund Services, LLC (2012-2019); Treasurer of the Trust (2006-June 2017). | N/A | N/A |
| Eric Kane<br> Born in 1981<br>| Vice President<br> Since December 2022 | Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (since 2022); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2020-2022); Vice President and Counsel, Gemini Fund Services, LLC (2017-2020); Assistant Vice President, Gemini Fund Services, LLC (2014- 2017). | N/A | N/A |
| James Colantino<br> Born in 1969<br>| Treasurer<br> Since June 2017 | Senior Vice President Fund Administration, Ultimus Fund Solutions (since 2020); Senior Vice President Fund Administration, Gemini Fund Services, LLC (2012-2020); Assistant Treasurer of the Trust (2006-June 2017). | N/A | N/A |
| Stephanie Shearer<br> Born in 1979 | Secretary<br> Since February 2017 | Assistant Secretary of the Trust (2012-February 2017); Associate Director, Ultimus Fund Solutions (since 2022); Manager of Legal Administration, Ultimus Fund Solutions (2020-2022); Manager of Legal Administration, Gemini Fund Services, LLC (2018-2020); Senior Paralegal, Gemini Fund Services, LLC (2013 - 2018). | N/A | N/A |
| Michael J. Nanosky<br> Born in 1966 | Chief Compliance Officer<br> Since January 2021 | Chief Compliance Officer, of the Trust (since January 2021); Vice President-Senior Compliance Officer, Ultimus Fund Solutions (since 2020); Vice President, Chief Compliance Officer for Williamsburg Investment Trust (2020-current); Senior Vice President- Chief Compliance Officer, PNC Funds (2014-2019). | N/A | N/A |

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\* The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

\*\* As of December 31, 2022, the Trust was comprised of 67 active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds in the Trust advised by the Fund's Adviser. The Funds do not hold themselves out as related to any other series within the Trust that is not advised by the Fund's Adviser.

Board Committees

Audit Committee

The Board has an Audit Committee that consists of all the Trustees who are not "interested persons" of the Trust within the meaning of the 1940 Act. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit committee operates pursuant to an Audit Committee Charter. The Audit Committee is responsible for seeking and reviewing nominee candidates for consideration as Independent Trustees as is from time to time considered necessary or appropriate. The Audit Committee generally will not consider shareholder nominees. The Audit Committee is also responsible for reviewing and setting Independent Trustee compensation from time to time when considered necessary or appropriate. During the past fiscal year, the Audit Committee held eleven meetings.

Compensation

Effective July 1, 2021, each Trustee who is not affiliated with the Trust or an investment adviser to any series of the Trust will receive a quarterly fee of $48,750, allocated among each of the various portfolios comprising the Trust and Northern Lights Variable Trust (together, the "Trusts"), a separate registrant that shares a common board with the Trust, for his attendance at the regularly scheduled meetings of the Board, to be paid in advance of each calendar quarter, as well as reimbursement for any reasonable expenses incurred. In addition to which, the Chairman of the Board receives a quarterly fee of $13,750 and the Audit Committee Chairman receives a quarterly fee of $10,000.

Prior to July 1, 2021, each Trustee who was not affiliated with the Trusts or an investment adviser to any series of the Trusts received a quarterly fee of $46,250, allocated among each of the various portfolios comprising the Trusts. In addition to the quarterly fees and reimbursements, the Chairman of the Board previously received a quarterly fee of $11,250 and the Audit Committee Chairman receives a quarterly fee of $8,750.

Additionally, in the event a meeting of the Board other than its regularly scheduled meetings (a "Special Meeting") is required, each Independent Trustee will receive a fee of $2,500 per Special Meeting, as well as reimbursement for any reasonable expenses incurred, to be paid by the relevant series of the Trust or its investment adviser depending on the circumstances necessitating the Special Meeting.

The tables below detail the amount of compensation the Trustees received from the Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund*,* Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund and the Sierra Tactical Risk Spectrum 50 Fund during the fiscal year ended September 30, 2022 and expected to receive from the Sierra Tactical Risk Spectrum 30 Fund for its first fiscal year. Each Independent Trustee attended all quarterly meetings during the period. The Trust does not have a bonus, profit sharing, pension or retirement plan.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Position** | **Sierra Tactical**<br> **All Asset Fund** | **Sierra Tactical**<br> **Bond Fund** | **Sierra Tactical**<br> **Municipal Fund** | **Sierra Tactical**<br> **Core Income Fund** |
| Anthony J. Hertl | $2841 | $2841 | $2841 | $2841 |
| Gary Lanzen | $2392 | $2392 | $2392 | $2392 |
| Mark Taylor | $2542 | $2542 | $2542 | $2542 |
| John V. Palancia | $2392 | $2392 | $2392 | $2392 |
| Mark D. Gersten | $2392 | $2392 | $2392 | $2392 |
| Mark Garbin | $2392 | $2392 | $2392 | $2392 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Sierra Tactical<br> Risk Spectrum**<br> **30 Fund** | **Sierra Tactical<br> Risk Spectrum**<br> **50 Fund** | **Pension or<br> Retirement Benefits<br> Accrued as Part of<br> Fund Expenses** | **Estimated Annual<br> Benefits Upon<br> Retirement** | **Total Compensation<br> from Fund Complex\*<br> Paid to Trustees** |
| Anthony J. Hertl | $2841 | $2841 |  |  | $17046 |
| Gary Lanzen | $2392 | $2392 |  |  | $14352 |
| Mark Taylor | $2542 | $2542 |  |  | $15252 |
| John V. Palancia | $2392 | $2392 |  |  | $14352 |
| Mark D. Gersten | $2392 | $2392 |  |  | $14352 |
| Mark Garbin | $2392 | $2392 |  |  | $14352 |

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\* The term "Fund Complex" includes the Northern Lights Fund Trust ("NLFT"), and Northern Lights Variable Trust ("NLVT") funds that are advised by the adviser.

Trustee Ownership

The following table indicates the dollar range of equity securities that each Trustee beneficially owned in the Fund as of December 31, 2022:

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity<br> Securities in the Funds** | **Aggregate Dollar Range of Equity<br> Securities in All Registered Investment<br> Companies Overseen by Trustee in<br> Family of Investment Companies** |
| Anthony J. Hertl |  | $50001-$100000 |
| Gary Lanzen |  |  |
| John V. Palancia |  |  |
| Mark Taylor |  |  |
| Mark D. Gersten |  | $10001-$50000 |
| Mark Garbin |  | $50001-$100000 |

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Management Ownership

As of January 3, 2023, the Trustees and officers, as a group, owned less than 1.00% of each Fund's outstanding shares and less than 1.00% of the Fund Complex's outstanding shares.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the existence of control.

Persons controlling a Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the management agreement with the Adviser.

As of January 3, 2023, the following shareholders of record owned 5% or more of the outstanding shares of each Fund's shares.

**Sierra Tactical All Asset Fund**

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| | | |
|:---|:---|:---|
| **Class A Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 | 388627 | 39.52% |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 122371 | 12.44% |

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| | | |
|:---|:---|:---|
| **Class A1 Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| National Financial Services, LLC<br> 499 Washington Blvd<br> Jersey City, NJ 07310 | 9208 | 5.91% |
| National Financial Services, LLC<br> 499 Washington Blvd<br> Jersey City, NJ 07310 | 37848 | 24.29% |
| Constellation Trust Co Cust FBO/Sandra K<br> Hughes R/O IRA<br> 3126 Tournament Dr<br> Palmdale, CA 93551-5617 | 9937 | 6.38% |
| National Financial Services, LLC<br> 499 Washington Blvd<br> Jersey City, NJ 07310 | 20041 | 12.86% |

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| | | |
|:---|:---|:---|
| **Class C Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 | 412034 | 24.19% |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 371045 | 21.78% |

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| | | |
|:---|:---|:---|
| **Investor Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| Schwab<br> 101 Montgomery St<br> San Francisco, CA 94104 | 222493 | 49.53% |
| Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 | 64113 | 14.27% |
| Ameritrade Inc<br> The/Exclusive Benefit Of<br> Our Clients<br> PO Box 2226<br> Omaha NE 68103-2226 | 29867 | 6.65% |

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| | | |
|:---|:---|:---|
| **Investor1 Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc.<br> PO BOX 2226<br> Omaha, NE 68103-2226 | 253496 | 71.39% |
| Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399-0002 | 19197 | 5.41% |

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| | | |
|:---|:---|:---|
| **Instl Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc for the/Exclusive Benefit of<br> Our Clients<br> PO Box 2226<br> Omaha NE 68103-2226 | 22585720 | 62.83% |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 4813477 | 13.39% |

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**Sierra Tactical Bond Fund**

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| | | |
|:---|:---|:---|
| **Class A Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 597458 | 69.82% |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 142810 | 16.69% |

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| | | |
|:---|:---|:---|
| **Class C Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 469561 | 51.57% |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 147729 | 16.22% |

---

---

| | | |
|:---|:---|:---|
| **Investor Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc. The/Exclusive Benefit Of Our Clients<br> PO Box 2226<br> Omaha NE 68103-2226 | 454905 | 66.63% |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 64275 | 9.41% |

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| | | |
|:---|:---|:---|
| **Instl Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| CHARLES SCHWAB & CO INC/SPECIAL CUSTODY ACCT<br> FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA 94105 | 4059117 | 5.00% |
| TD Ameritrade Inc for the/Exclusive Benefit of<br> Our Clients<br> PO Box 2226<br> Omaha NE 68103-2226 | 39601725 | 48.80% |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 15457331 | 19.05% |

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**Sierra Tactical Core Income Fund**

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| | | |
|:---|:---|:---|
| **Class A Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 544840 | 23.06% |
| National Financial Services, LLC<br> 499 Washington Blvd<br> Jersey City, NJ 07310 | 196485 | 8.32% |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 181763 | 7.69% |

---

---

| | | |
|:---|:---|:---|
| **Class C Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 1339880 | 18.64% |
| Pershing LLC<br> 1 Pershing Plaza<br> Jersey City, NJ 07399 | 1544767 | 21.49% |

---

---

| | | |
|:---|:---|:---|
| **Investor Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 527130 | 16.38% |
| TD Ameritrade Inc.<br> PO BOX 2226<br> Omaha, NE 68103-2226 | 587876 | 18.27% |
| Schwab<br> FBO CUSTOMERS<br> ATTN: MUTUAL FUNDS<br> 211 MAIN STREET<br> SAN FRANCISCO, CA 94105 | 426479 | 13.25% |
| Axos Clearing LLC<br> PO Box 6503<br> Englewood, CO 80155 | 275948 | 8.58% |

---

---

| | | |
|:---|:---|:---|
| **Instl Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc for the/Exclusive Benefit of<br> Our Clients<br> PO Box 2226<br> Omaha NE 68103-2226 | 27024724 | 30.89% |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 16571665 | 18.94% |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 11150749 | 12.75% |

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**Sierra Tactical Municipal Fund**

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| | | |
|:---|:---|:---|
| **Class A Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 107106 | 59.88% |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 60938 | 34.07% |

---

---

| | | |
|:---|:---|:---|
| **Class C Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 70017 | 63.54% |
| LPL Financial<br> 4707 Executive Drive<br> San Diego, CA 92121 | 27592 | 25.04% |

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---

| | | |
|:---|:---|:---|
| **Special Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 8867 | 74.49% |
| Charles Schwab & Co<br> FBO Customers<br> Attn Mutual Funds<br> 211 Main St<br> San Francisco, CA 94105 | 3034 | 25.49% |

---

---

| | | |
|:---|:---|:---|
| **Investor Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 108235 | 61.39% |
| TD Ameritrade Inc.<br> PO BOX 2226<br> Omaha, NE 68103-2226 | 63411 | 35.97% |

---

---

| | | |
|:---|:---|:---|
| **Instl Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc.<br> PO BOX 2226<br> Omaha, NE 68103-2226 | 6158550 | 47.45% |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 2287463 | 17.62% |

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**Sierra Tactical Risk Spectrum 30 Fund**

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| | | |
|:---|:---|:---|
| **Investor Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| WRIGHT FUND MANAGEMENT/ DAVID C WRIGHT &<br> KENNETH L SLEEPER<br> PORTFOLIO MANAGERS<br> 3420 OCEAN PARK BLVD SUITE<br> 3060<br> SANTA MONICA, CA 90405 | 1.0120 | 00.00% |

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---

| | | |
|:---|:---|:---|
| **Instl Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc for the/Exclusive Benefit of<br> Our Clients<br> PO Box 2226<br> Omaha NE 68103-2226 | 1721126 | 99.41% |

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**Sierra Tactical Risk Spectrum 50 Fund**

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| | | |
|:---|:---|:---|
| **Class A Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| International Research SEC/Auth Michael Holland<br> 3010 LBJ Freeway F11200<br> Dallas, TC 75234 | 8546 | 93.46% |

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---

| | | |
|:---|:---|:---|
| **Class C Shares** | **Shares** | **Percentage of Fund<br> Share Class** |
| Equity Trust Co. Custodian<br> FBO/Vernon H Reineking<br> P.O. Box 451249<br> Cleveland OH 44145 | 812 | 40.30% |
| Susan M Nystrom<br> TTEE/Nystrom Family Trust<br> PO Box 273<br> Fulton, CA 95439 | 619 | 30.71% |
| Gross, Louise<br> 6611 Mariner Dr Unit 6<br> Racine, WI 53406 | 364 | 18.08% |
| Michael Filicetti & Victoria Filicetti<br> 4695 Jason Court<br> Lewiston, NY 14092 | 218 | 10.86% |

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---

| | | |
|:---|:---|:---|
| **Investor Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc.<br> PO Box 2226<br> Omaha, NE 68103-2226 | 61333 | 83.40% |

---

---

| | | |
|:---|:---|:---|
| **Instl Class** | **Shares** | **Percentage of Fund<br> Share Class** |
| TD Ameritrade Inc for the/Exclusive Benefit of<br> Our Clients<br> PO Box 2226<br> Omaha NE 68103-2226 | 4372216 | 58.06% |
| Pershing LLC<br> PO BOX 2052<br> JERSEY CITY, NJ 07303 | 1176177 | 15.62% |

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**INVESTMENT ADVISER**

The adviser to each Fund is Wright Fund Management, LLC, located at 3420 Ocean Park Boulevard, Suite 3060, Santa Monica, California. Kenneth L. Sleeper and David C. Wright are the controlling beneficial owners of the Adviser.

Under the Advisory Agreement, the Adviser, under the supervision of the Board, agrees to invest the assets of the Funds in accordance with applicable law and the investment objective, policies and restrictions set forth in each Fund's current Prospectus and Statement of Additional Information, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser shall act as the investment advisor to the Funds and, as such shall (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of the Funds in a manner consistent with its investment objective, policies and restrictions, and (iii) determine from time to time securities to be purchased, sold, retained or lent by the Funds, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers. The Adviser also provides the Funds with all necessary office facilities and personnel for servicing the Funds' investments, compensates all officers, Trustees and employees of the Trust who are officers, directors or employees of the Adviser, and all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities. The Advisory Agreement for the Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund*,* Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund and Sierra Tactical Risk Spectrum 50 Fund was renewed by the Board of the Trust, including by a majority of the Independent Trustees, at a meeting held on September 21-22, 2022. The Advisory Agreement for the Sierra Tactical Risk Spectrum 30 Fund was approved by the Board of the Trust, including by a majority of the Independent Trustees, at a meeting held on March 23-25, 2021.

A discussion regarding the Boards' deliberations on the approval of the renewal of the Advisory Agreements for all the Funds except Sierra Tactical Risk Spectrum 30 Fund are available in the Annual Report to Shareholders dated September 30, 2022. A discussion regarding the Trustees deliberations on the approval of the Sierra Tactical Risk Spectrum 30 Fund Advisory Agreement will be available in the upcoming Semi-Annual Report to Shareholders.

The following table sets forth the annual management fee rate payable by the Funds to the Adviser pursuant to the Advisory Agreement, expressed as a percentage of each Fund's average daily net assets:

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| | |
|:---|:---|
| **FUND** | **TOTAL<br> MANAGEMENT FEE** |
| Sierra Tactical All Asset Fund | 1.25% |
| Sierra Tactical Bond Fund | 1.05% |
| Sierra Tactical Core Income Fund | 0.75% |
| Sierra Tactical Municipal Fund | 0.75% |
| Sierra Tactical Risk Spectrum 30 Fund | 1.05% |
| Sierra Tactical Risk Spectrum 50 Fund | 1.05% |

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The Adviser for Sierra Tactical Bond Fund has subsequently agreed to an annual advisory fee of 1.05% of the Fund's average daily net assets up to $2.5 billion and then 1.02% thereafter and for Sierra Tactical Municipal Fund has subsequently agreed to an annual advisory fee of 0.75% of the Fund's average daily net assets up to $1.0 billion and then 0.72% thereafter.

During the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund accrued $10,857,233 in advisory fees. During the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund accrued $9,910,424, in advisory fees. During the fiscal year ended September 30, 2020, the Sierra Tactical All Asset Fund accrued $7,587,897, in advisory fees

During the fiscal year ended September 30, 2022, the Sierra Tactical Bond Fund accrued $20,844,396 in advisory fees. During the fiscal year ended September 30, 2021, the Sierra Tactical Bond Fund accrued $15,882,640 in advisory fees. During the fiscal year ended September 30, 2020, the Sierra Tactical Bond Fund accrued $5,963,889 in advisory fees.

During the fiscal year ended September 30, 2022, the Sierra Tactical Core Income Fund accrued $14,423,220 in advisory fees, of which $20,338 was recaptured. During the fiscal year ended September 30, 2021, the Sierra Tactical Core Income Fund accrued $13,590,391, During the fiscal year ended September 30, 2020, the Sierra Tactical Core Income Fund accrued $10,949,111 in advisory fees of which $11,999 was waived.

During the fiscal year ended September 30, 2022, the Sierra Tactical Municipal Fund accrued $2,286,735 in advisory fees, of which $3,054 was waived. During the fiscal year ended September 30, 2021, the Sierra Tactical Municipal Fund accrued $1,847,003 in advisory fees, of which $53,674 was waived. During the fiscal year ended September 30, 2020, the Sierra Tactical Municipal Fund accrued $1,284,466 in advisory fees, of which $197,596 was waived.

During the fiscal year ended September 30, 2022, the Sierra Tactical Risk Spectrum 50 Fund accrued $1,576,706 in advisory fees, of which $120,767 was waived. During the fiscal year ended September 30, 2021, the Sierra Tactical Risk Spectrum 50 Fund accrued $326,504 in advisory fees, of which $50,594 was waived.

The Adviser is contractually limiting (capping) total annual operating expenses of each Fund through January 31, 2024 (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, brokerage commissions, expenses of underlying funds in which the applicable fund invests, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, or extraordinary expenses such as litigation) as follows, expressed as a percentage of each Fund's average daily net assets and without regard to internal expenses of the Underlying Funds:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Class<br> C** | **Investor<br> Class** | **Instl<br> Class** | **Class<br> A1** | **Class<br> I1** | **Contractual<br> Period** |
| Sierra Tactical All Asset Fund | 1.75% | 2.50% | 1.75% | 1.50% | 1.90% | 1.90% | January 31, 2024 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Instl<br> Class** | **Class<br> C** | **Investor<br> Class** | **Contractual<br> Period** |
| Sierra Tactical Bond Fund | 1.54% | 1.29% | 2.29% | 1.69% | January 31, 2024 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Class<br> C** | **Investor<br> Class** | **Instl<br> Class** | **Contractual<br> Period** |
| Sierra Tactical Core Income Fund | 1.35% | 1.95% | 1.35% | 1.00% | January 31, 2024 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Instl<br> Class** | **Class<br> C** | **Investor<br> Class** | **Special<br> Shares** | **Contractual<br> Period** |
| Sierra Tactical Municipal Fund | 1.23% | 1.05% | 1.98% | 1.38% | 0.92% | January 31, 2024 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class<br> A** | **Class<br> C** | **Investor<br> Class** | **Instl<br> Class** | **Contractual<br> Period** |
| Sierra Tactical Risk Spectrum 50 Fund | 1.56% | 2.31% | 1.71% | 1.31% | January 31, 2024 |

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Expenses not expressly assumed by the Adviser under each Advisory Agreement are paid by the applicable Fund. Under the terms of the Advisory Agreement, the Funds are each responsible for the payment of the following expenses among others: (a) the fees payable to the Adviser, (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser or Distributor (as defined under the section entitled ("The Distributor") (c) the fees and certain expenses of the Custodian (as defined under the section entitled "Custodian") and Transfer and Dividend Disbursing Agent (as defined under the section entitled "Transfer Agent"), including the cost of maintaining certain required records of the Fund and of pricing the Fund's shares, (d) the charges and expenses of legal counsel and independent accountants for the Fund, (e) brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with its securities transactions, (f) all taxes and corporate fees payable by the Fund to governmental agencies, (g) the fees of any trade association of which the Trust may be a member, (h) the cost of fidelity and liability insurance, (i) the fees and expenses involved in registering and maintaining registration of the Fund and of its shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Fund's registration statements and prospectuses for such purposes, (j) all expenses of shareholders and Trustees' meetings (including travel expenses of trustees and officers of the Funds who are directors, officers or employees of the Adviser) and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to the shareholders and (k) litigation and indemnification expenses and other extraordinary expenses not paid in the ordinary course of the Fund's business.

The Advisory Agreements continued in effect for two (2) years initially and thereafter continues from year to year provided such continuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority of the outstanding shares of the Funds. The Advisory Agreements may be terminated without penalty on 60 days' written notice by a vote of a majority of the Trustees or by the Adviser, or by holders of a majority of that Fund's outstanding shares. The Advisory Agreements shall terminate automatically in the event of its assignment.

Codes of Ethics

The Trust, the Adviser and the Distributor (as defined under the section entitled ("The Distributor")) each have adopted codes of ethics under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under the Trust's Code, the Trustees are permitted to invest in securities that may also be purchased by the Funds.

In addition, the Trust has adopted a separate code of ethics (the "Code") that applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds; iii) compliance with applicable governmental laws, rule and regulations; iv) the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and v) accountability for adherence to the Code.

Proxy Voting Policies

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies of securities held by the Funds to the Adviser and responsibility for voting proxies of securities held by the Funds to the Adviser, subject to the Board's continuing oversight. The Policies require that the Adviser vote proxies received in a manner consistent with the best interests of the Funds and its shareholders. The Policies also require the Adviser to present to the Board, at least annually, the Adviser's Proxy Policies and a record of each proxy voted by the Adviser on behalf of the Funds, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest. A copy of the Adviser's Proxy Voting Policies is attached hereto as Appendix B.

*More information*. Information regarding how the Funds voted proxies relating to portfolio securities held by the Funds during the most recent 12-month period ending June 30 are available (1) without charge, upon request, by calling the Funds at 1-866-738-4363 or 1-866-RETI-FND; and (2) on the SEC's website at http://www.sec.gov. In addition, a copy of the Funds' proxy voting policies and procedures are also available by calling 1-866-738-4363 or 1-866-RETI-FND and will be sent within three business days of receipt of a request.

**DISTRIBUTION OF SHARES**

Northern Lights Distributors, LLC, (the "Distributor") located at 4221 North 203<sup>rd</sup> Street, Elkhorn, NE 68022 serves as the principal underwriter and national distributor for the shares of the Funds pursuant to an Underwriting Agreement with the Trust (the "Underwriting Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of the FINRA. The offering of each Fund's shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use reasonable efforts to facilitate the sale of the Funds' shares.

The Underwriting Agreement provides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

The Underwriting Agreement may be terminated by the Funds at any time, without the payment of any penalty, by vote of a majority of the entire Board of the Trust or by vote of a majority of the outstanding shares of the Fund on 60 days' written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days' written notice to the Funds. The Underwriting Agreement will automatically terminate in the event of its assignment.

The Distributor may enter into selling agreements with broker-dealers that solicit orders for the sale of shares of the Funds and may allow concessions to dealers that sell shares of the Funds. The Distributor receives the portion of the Class A sales charge on all direct initial investments in the Funds and on all investments in accounts with no designed dealer of record.

The Distributor also receives 12b-1 fees from each Fund as described under the following section entitled "Rule 12b-1 Plans".

The following table sets forth the total compensation received by the Distributor from the Funds during the fiscal year ended September 30, 2020:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net Underwriting<br> Discounts and<br> Commissions** | **Compensation on<br> Redemptions and<br> Repurchases** | **Brokerage<br> Commissions** | **Other<br> Compensation** |
| Sierra Tactical All Asset Fund | $15820 | $0 | $0 | $0 |
| Sierra Tactical Bond Fund | $8913 | $0 | $0 | $0 |
| Sierra Tactical Core Income Fund | $23655 | $0 | $0 | $0 |
| Sierra Tactical Municipal Fund | $4480 | $0 | $0 | $0 |

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The Distributor also receives 12b-1 fees from each Fund as described under the following section entitled "Rule 12b-1 Plans".

The following table sets forth the total compensation received by the Distributor from the Funds during the fiscal year ended September 30, 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net Underwriting<br> Discounts and<br> Commissions** | **Compensation on<br> Redemptions and<br> Repurchases** | **Brokerage<br> Commissions** | **Other<br> Compensation** |
| Sierra Tactical All Asset Fund | $4419 | $0 | $0 | $0 |
| Sierra Tactical Bond Fund | $12172 | $0 | $0 | $0 |
| Sierra Tactical Core Income Fund | $10504 | $0 | $0 | $0 |
| Sierra Tactical Municipal Fund | $441 | $0 | $0 | $0 |
| Sierra Tactical Risk Spectrum 50 Fund | $124 | $0 | $0 | $0 |

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The Distributor also receives 12b-1 fees from each Fund as described under the following section entitled "Rule 12b-1 Plans".

The following table sets forth the total compensation received by the Distributor from the Funds during the fiscal year ended September 30, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Net Underwriting<br> Discounts and<br> Commissions** | **Compensation on<br> Redemptions and<br> Repurchases** | **Brokerage<br> Commissions** | **Other<br> Compensation** |
| Sierra Tactical All Asset Fund | $1381 | $0 | $0 | $0 |
| Sierra Tactical Bond Fund | $3428 | $0 | $0 | $0 |
| Sierra Tactical Core Income Fund | $10089 | $0 | $0 | $0 |
| Sierra Tactical Municipal Fund | $38 | $0 | $0 | $0 |
| Sierra Tactical Risk Spectrum 50 Fund | $1334 | $0 | $0 | $0 |

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The Distributor also receives 12b-1 fees from each Fund as described under the following section entitled "Rule 12b-1 Plans".

Rule 12b-1 Plans

The Trust, with respect to the Sierra Tactical All Asset Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act for each of the Sierra Tactical All Asset Fund's Class A, Class C, Investor Class, Class A1 and Class I1 Shares (the "Plans") pursuant to which Class A, Class C, Investor Class, Class A1 and Class I1 shares of the Sierra Tactical All Asset Fund are authorized to pay fees to the Distributor for providing distribution and/or shareholder services to the Sierra Tactical All Asset Fund. Under each Plan, Class A, Class C, Investor Class, Class A1 and Class I1 shares of the Sierra Tactical All Asset Fund may pay distribution and/or shareholder service fees at an annual rate of 0.25%, 1.00%, 0.25%, 0.40%, and 0.40% of each of their average net assets, respectively, and 0% of the Sierra Tactical All Asset Fund's average daily net assets attributable to Instl Class.

The Trust, with respect to the Sierra Tactical Bond Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act for each of the Fund's Class A, Class C and Investor Class shares (the "Plans") pursuant to which Class A, Class C and Investor shares of the Fund are authorized to pay fees to the Distributor for providing distribution and/or shareholder services to the Fund. Under each Plan, Class A, Class C and Investor shares of the Fund may pay distribution and/or shareholder service fees at an annual rate of 0.25%, 1.00% and 0.40% of each of their average net assets, respectively, and the Sierra Tactical Bond Fund's average daily net assets attributable to Instl Class does not pay such a fee. The Plans authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services.

The Trust, with respect to the Sierra Tactical Core Income Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act for each of the Sierra Tactical Core Income Fund's Class A, Class C, Investor Class and Instl Class (the "Plans") pursuant to which Class A, Class C, Investor Class, and Instl Class of the Sierra Tactical Core Income Fund are authorized to pay fees to the Distributor for providing distribution and/or shareholder services to the Sierra Tactical Core Income Fund. Under each Plan, the Sierra Tactical Core Income Fund may pay distribution and/or shareholder service fees at an annual rate of up to 0.40% of the Sierra Tactical Core Income Fund's average daily net assets attributable to Class A and Investor Class, 1.00% of the Sierra Tactical Core Income Fund's average daily net assets attributable to Class C shares, and 0.15% of the Sierra Tactical Core Income Fund's average daily net assets attributable to Instl Class. Such fees are to be paid by the applicable Fund monthly, or at such other intervals, as the Board shall determine. Such fees shall be based upon each share class's average daily net assets during the preceding month, and shall be calculated and accrued daily. The Funds may pay fees to the Distributor at a lesser rate, as agreed upon by the Board of Trustees of the Trust and the Distributor. The Board of Trustees of the Trust has determined to limit 12b-1 fees to 0.40% of the Sierra Tactical Core Income Fund's average daily net assets attributable to Class A and Investor Class and to 0% of the Sierra Tactical Core Income Fund's Instl Class. The Plans authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services.

The Trust, with respect to the Sierra Tactical Municipal Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans pursuant to Rule 12b-1 under the 1940 Act for the Fund's Class A, Class C, and Investor Shares (the "Plans") to pay fees to the Distributor for providing distribution and/or shareholder services to the Fund. Under each Plan, Class A, Class C, and Investor Shares of the Fund may pay distribution and/or shareholder service fees at an annual rate of 0.25%, 1.00%, and 0.40% of each of their average net assets, respectively, and 0% of the Sierra Tactical Municipal Fund's average daily net assets attributable to Instl Class. The Plans authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services.

The Trust, with respect to the Sierra Tactical Risk Spectrum 30 Fund has adopted the Trust's Master Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 under the 1940 Act for the Fund's Class A, Class C, and Investor Shares (the "Plan") to pay fees to the Distributor for providing distribution and/or shareholder services to the Fund. Under the Plan, Class A, Class C, and Investor Shares of the Fund may pay distribution and/or shareholder service fees at an annual rate of 0.25%, 1.00%, and 0.40% respectively, however limited by the Board to 0.25% of the Sierra Tactical Risk Spectrum 30 Fund average daily net assets. The Plan authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services.

The Trust, with respect to the Sierra Tactical Risk Spectrum 50 Fund has adopted the Trust's Master Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 under the 1940 Act for the Fund's Class A, Class C, and Investor Shares (the "Plan") to pay fees to the Distributor for providing distribution and/or shareholder services to the Fund. Under the Plan, Class A, Class C, and Investor Shares of the Fund may pay distribution and/or shareholder service fees at an annual rate of 0.25%, 1.00%, and 0.40% respectively, however limited by the Board to 0.25% of the Sierra Tactical Risk Spectrum 50 Fund average daily net assets. The Plan authorize payments to the Distributor as compensation for providing account maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and others ("Recipients") to provide these services and paying compensation for these services.

The services to be provided by Recipients may include, but are not limited to, the following: assistance in the offering and sale of Fund shares and in other aspects of the marketing of the shares to clients or prospective clients of the respective recipients; answering routine inquiries concerning the Funds; assisting in the establishment and maintenance of accounts or sub-accounts in the Funds and in processing purchase and redemption transactions; making the Funds' investment plan and shareholder services available; and providing such other information and services to investors in shares of the Funds as the Adviser or the Trust, on behalf of the Funds, may reasonably request. The distribution services shall also include any advertising and marketing services provided by or arranged by the Adviser with respect to the Funds. The Distributor may be compensated by the Adviser for its distribution and marketing efforts.

The Distributor is required to provide a written report, at least quarterly to the Board, specifying in reasonable detail the amounts expended pursuant to each Plan and the purposes for which such expenditures were made. Further, the Distributor will inform the Board of any Rule 12b-1 fees to be paid by the Adviser to Recipients.

During the fiscal year ended September 30, 2020, the Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund, Sierra Tactical Core Income Fund and the Sierra Tactical Municipal Fund paid $646,164, $27,411, $1,968,941 and $10,631, respectively, in distribution related fees pursuant to the Plans.

For the fiscal year indicated below, the distribution fees were allocated as follows:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Actual 12b-1 Expenditures Paid by Sierra Tactical All Asset<br> Fund Shares During the Fiscal Year Ended September 30, 2020** | &nbsp;&nbsp;&nbsp;**Actual 12b-1 Expenditures Paid by Sierra Tactical All Asset<br> Fund Shares During the Fiscal Year Ended September 30, 2020** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $72698 |
| Payment to dealers | $306997 |
| Compensation to sales personnel |  |
| Other | $266469 |
| **Total** | **$646164** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Bond<br> Fund Shares During the Fiscal Year Ended September 30, 2020** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Bond<br> Fund Shares During the Fiscal Year Ended September 30, 2020** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $5231 |
| Payment to dealers | $3997 |
| Compensation to sales personnel |  |
| Other | $18183 |
| **Total** | **$27411** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Core Income<br> Fund Shares During the Fiscal Year Ended September 30, 2020** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Core Income<br> Fund Shares During the Fiscal Year Ended September 30, 2020** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $229865 |
| Payment to dealers | $897062 |
| Compensation to sales personnel |  |
| Other | $842014 |
| **Total** | **$1968941** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Municipal<br> Fund Shares During the Fiscal Year Ended September 30, 2020** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Municipal<br> Fund Shares During the Fiscal Year Ended September 30, 2020** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $1749 |
| Payment to dealers | $2598 |
| Compensation to sales personnel |  |
| Other | $6284 |
| **Total** | **$10631** |

---

During the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund, Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund and Sierra Tactical Risk Spectrum 50 Fund paid $646,176, $221,728, $2,186,405, $27,686 and $1,488, respectively, in distribution related fees pursuant to the Plans.

For the fiscal year indicated below, the distribution fees were allocated as follows:

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| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical All Asset<br> Fund Shares During the Fiscal Year Ended September 30, 2021** | **Actual 12b-1 Expenditures Paid by Sierra Tactical All Asset<br> Fund Shares During the Fiscal Year Ended September 30, 2021** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $80107 |
| Payment to dealers | $304382 |
| Compensation to sales personnel |  |
| Other | $261687 |
| **Total** | **$646176** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Bond<br> Fund Shares During the Fiscal Year Ended September 30, 2021** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Bond<br> Fund Shares During the Fiscal Year Ended September 30, 2021** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $36995 |
| Payment to dealers | $64509 |
| Compensation to sales personnel |  |
| Other | $120224 |
| **Total** | **$221728** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Core Income<br> Fund Shares During the Fiscal Year Ended September 30, 2021** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Core Income<br> Fund Shares During the Fiscal Year Ended September 30, 2021** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $283319 |
| Payment to dealers | $984440 |
| Compensation to sales personnel |  |
| Other | $918645 |
| **Total** | **$2186405** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Municipal<br> Fund Shares During the Fiscal Year Ended September 30, 2021** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Municipal<br> Fund Shares During the Fiscal Year Ended September 30, 2021** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $5129 |
| Payment to dealers | $5891 |
| Compensation to sales personnel |  |
| Other | $16666 |
| **Total** | **$27686** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Risk Spectrum 50<br> Fund Shares During the Fiscal Year Ended September 30, 2021** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Risk Spectrum 50<br> Fund Shares During the Fiscal Year Ended September 30, 2021** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $125 |
| Payment to dealers | $939 |
| Compensation to sales personnel |  |
| Other | $424 |
| **Total** | $1488 |

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During the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund, Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund and Sierra Tactical Risk Spectrum 50 Fund paid $576,918, $358,821, $2,205,230, $36,481 and $7,641, respectively, in distribution related fees pursuant to the Plans.

For the fiscal year indicated below, the distribution fees were allocated as follows:

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| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical All Asset<br> Fund Shares During the Fiscal Year Ended September 30, 2022** | **Actual 12b-1 Expenditures Paid by Sierra Tactical All Asset<br> Fund Shares During the Fiscal Year Ended September 30, 2022** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $85088 |
| Payment to dealers | $264789 |
| Compensation to sales personnel |  |
| Other | $227041 |
| **Total** | **$576918** |

---

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| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Bond<br> Fund Shares During the Fiscal Year Ended September 30, 2022** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Bond<br> Fund Shares During the Fiscal Year Ended September 30, 2022** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $68436 |
| Payment to dealers | $109393 |
| Compensation to sales personnel |  |
| Other | $180992 |
| **Total** | **$358821** |

---

---

| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Core Income<br> Fund Shares During the Fiscal Year Ended September 30, 2022** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Core Income<br> Fund Shares During the Fiscal Year Ended September 30, 2022** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $318491 |
| Payment to dealers | $1036546 |
| Compensation to sales personnel |  |
| Other | $850193 |
| **Total** | **$2205230** |

---

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| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Municipal<br> Fund Shares During the Fiscal Year Ended September 30, 2022** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Municipal<br> Fund Shares During the Fiscal Year Ended September 30, 2022** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $8753 |
| Payment to dealers | $7696 |
| Compensation to sales personnel |  |
| Other | $20032 |
| **Total** | **$36481** |

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| | |
|:---|:---|
| **Actual 12b-1 Expenditures Paid by Sierra Tactical Risk Spectrum 50<br> Fund Shares During the Fiscal Year Ended September 30, 2022** | **Actual 12b-1 Expenditures Paid by Sierra Tactical Risk Spectrum 50<br> Fund Shares During the Fiscal Year Ended September 30, 2022** |
|  | **Total Dollars Allocated** |
| Advertising/Marketing |  |
| Printing/Postage |  |
| Payment to distributor | $682 |
| Payment to dealers | $5156 |
| Compensation to sales personnel |  |
| Other | $1802 |
| **Total** | $7640 |

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The initial term of Plans is one year and will continue in effect from year to year thereafter, provided such continuance is specifically approved at least annually by a majority of the Board and a majority of the Trustees who are not "interested persons" of the Trust and do not have a direct or indirect financial interest in the Plans ("Rule 12b-1 Trustees") by votes cast in person at a meeting called for the purpose of voting on the Plans. The Plans may be terminated at any time by the Trust or the Fund by vote of a majority of the Rule 12b-1 Trustees or by vote of a majority of the outstanding voting shares of relevant Fund.

The Plans may not be amended to increase materially the amount of the Distributor's compensation to be paid by the Funds, unless such amendment is approved by the vote of a majority of the outstanding voting securities of the applicable Fund (as defined in the 1940 Act). All material amendments must be approved by a majority of the Board of Trustees of the Trust and a majority of the Rule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on the Plans. During the term of the Plans, the selection and nomination of non-interested Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor will preserve copies of the Plans, any related agreements, and all reports, for a period of not less than six years from the date of such document and for at least the first two years in an easily accessible place.

Any agreement related to the Plans will be in writing and provide that: (a) it may be terminated by the Trust or the Funds at any time upon sixty days' written notice, without the payment of any penalty, by vote of a majority of the respective Rule 12b-1 Trustees, or by vote of a majority of the outstanding voting securities of the Trust or Funds; (b) it will automatically terminate in the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the Rule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on such agreement.

**PORTFOLIO MANAGERS**

**Security selection for the Funds is made by Kenneth L. Sleeper, Ryan Harder, CFA®, Douglas A. Loeffler, CFA® and Marshall Quan. As of September 30, 2022, Kenneth L. Sleeper and Douglas A. Loeffler, CFA® were responsible for the management of the following types of accounts in addition to 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, and the Sierra Tactical Risk Spectrum 50 Fund. As of September 30, 2022, Marshall Quan was responsible for the management of the following types of accounts in addition to the Sierra Tactical Bond Fund, the Sierra Tactical Risk Spectrum 30 Fund, and the Sierra Tactical Risk Spectrum 50 Fund. Ryan Harder, CFA® has served 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, and the Sierra Tactical Risk Spectrum 50 Fund as portfolio manager since January 2023. As of September 30, 2022, Mr. Harder was not responsible for the management of the following types of accounts.**

**Kenneth Sleeper**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of Accounts by Account Type** | **Total Assets by Account Type** | **Number of Accounts by Type Subject to a Performance Fee** | **Total Assets by Account Type Subject to a Performance Fee** |
| *Registered Investment Companies* |  |  |  |  |
| *Other Pooled Investment Vehicles* |  |  |  |  |
| *Other Accounts* | 1885 | $620 million |  |  |

---

**Ryan Harder, CFA®**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of Accounts by Account Type** | **Total Assets by Account Type** | **Number of Accounts by Type Subject to a Performance Fee** | **Total Assets by Account Type Subject to a Performance Fee** |
| *Registered Investment Companies* |  |  |  |  |
| *Other Pooled Investment Vehicles* |  |  |  |  |
| *Other Accounts* |  |  |  |  |

---

**Douglas A. Loeffler CFA®**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of Accounts by Account Type** | **Total Assets by Account Type** | **Number of Accounts by Type Subject to a Performance Fee** | **Total Assets by Account Type Subject to a Performance Fee** |
| *Registered Investment Companies* |  |  |  |  |
| *Other Pooled Investment Vehicles* |  |  |  |  |
| *Other Accounts* | 1885 | $620 million |  |  |

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**Marshall Quan**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Account Type** | **Number of Accounts by Account Type** | **Total Assets by Account Type** | **Number of Accounts by Type Subject to a Performance Fee** | **Total Assets by Account Type Subject to a Performance Fee** |
| *Registered Investment Companies* |  |  |  |  |
| *Other Pooled Investment Vehicles* |  |  |  |  |
| *Other Accounts* | 1885 | $620 million |  |  |

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Conflicts of Interest

As indicated in the table above, a portfolio manager may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). The portfolio manager makes investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that account.

When the portfolio manager has responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts could include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Funds, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio manager may have an incentive to favor the higher and/or performance-based fee accounts over a Fund.

When allocating investments among client accounts, the portfolio manager has the fiduciary obligation to treat each client equally, regardless of account size or fees paid. All clients at the same custodian (or trading desk) receive the same average price for each transaction. When multiple trading desks or custodians are used to execute transactions, the portfolio managers execute the trades in such a fashion as to ensure no client grouping consistently receives preferential treatment. When trades in the same security must be executed over multiple days, the portfolio managers execute the trades in a random order to ensure no client grouping consistently receives preferential treatment.

Compensation

Mr. Sleeper does receive a base salary, but shares equally in the net profits of the Adviser. Messrs. Harder, Loeffler and Quan receive a base salary and a discretionary bonus.

Ownership

The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in the Sierra Tactical All Asset Fund as of September 30, 2022.

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| | |
|:---|:---|
| **Name of Portfolio Manger** | **Dollar Range of Equity<br> Securities in the Fund** |
| Kenneth Sleeper | $100001-$500000 |
| Ryan Harder**,** CFA® | $10001 - $50000 |
| Douglas A. Loeffler, CFA® |  |
| Marshall Quan |  |

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The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in the Sierra Tactical Bond Fund as of September 30, 2022

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| | |
|:---|:---|
| **Name of Portfolio Manger** | **Dollar Range of Equity<br> Securities in the Fund** |
| Kenneth Sleeper | $500001 - $1000000 |
| Ryan Harder**,** CFA® | $10001 - $50000 |
| Douglas A. Loeffler, CFA® |  |
| Marshall Quan |  |

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The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in the Sierra Tactical Core Income Fund as of September 30, 2022.

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| | |
|:---|:---|
| **Name of Portfolio Manger** | **Dollar Range of Equity<br> Securities in the Fund** |
| Kenneth Sleeper | $500001 - $1000000 |
| Ryan Harder**,** CFA® | $10001 - $50000 |
| Douglas A. Loeffler, CFA® |  |
| Marshal Quan |  |

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The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in the Sierra Tactical Municipal Fund as of September 30, 2022.

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| | |
|:---|:---|
| **Name of Portfolio Manger** | **Dollar Range of Equity<br> Securities in the Fund** |
| Kenneth Sleeper | $100001-$500000 |
| Ryan Harder**,** CFA® | $10001 - $50000 |
| Douglas A. Loeffler**,** CFA® |  |
| Marshal Quan |  |

---

The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in the Sierra Tactical Risk Spectrum 30 Fund as of September 30, 2022.

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity<br> Securities in the Fund** |
| Kenneth Sleeper | None |
| Ryan Harder, CFA® | None |
| Douglas Loeffler, CFA® | None |
| Marshall Quan | None |

---

The following table shows the dollar range of equity securities beneficially owned by the portfolio managers in the Sierra Tactical Risk Spectrum 50 Fund: as of September 30, 2022.

---

| | |
|:---|:---|
| **Name of Portfolio Manger** | **Dollar Range of Equity<br> Securities in the Fund** |
| Kenneth Sleeper | $50001-$100000 |
| Ryan Harder, CFA® | $10001-$50000 |
| Douglas A. Loeffler, CFA® | $10001-$50000 |
| Marshall Quan |  |

---

**ALLOCATION OF PORTFOLIO BROKERAGE**

Specific decisions to purchase or sell securities for the Funds are made by the portfolio managers who are employees of the Adviser. The Adviser is authorized by the Trustees to allocate the orders placed by it on behalf of the Funds to brokers or dealers who may, but need not, provide research or statistical material or other services to the Funds or the Adviser for the Funds' use. Such allocation is to be in such amounts and proportions as the Adviser may determine.

In selecting a broker or dealer to execute each particular transaction, the Adviser will take the following into consideration:

● the best net price available,

● the reliability, integrity and financial condition of the broker or dealer,

● the size of and difficulty in executing the order, and

● the value of the expected contribution of the broker or dealer to the investment performance of the Funds on a continuing basis.

Brokers or dealers executing a portfolio transaction on behalf of the Funds may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage, research and other services provided to the Funds. In allocating portfolio brokerage, the Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Funds', while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Funds.

For the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund paid $288,684 in brokerage commissions. For the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund paid $4,748 in brokerage commissions. For the fiscal year ended September 30, 2020, the Sierra Tactical All Asset Fund paid $95,446 in brokerage commissions.

For the fiscal year ended September 30, 2022 the Sierra Tactical Bond Fund paid $613,921 in brokerage commissions For the fiscal year ended September 30, 2021 the Sierra Tactical Bond Fund paid $45,415 in brokerage commissions. For the fiscal year ended September 30, 2020, the Sierra Tactical Bond Fund paid $352,176 in brokerage commissions. The Sierra Tactical Bond Fund commenced investment operations on October 1, 2019.

For the fiscal year ended September 30, 2022, the Sierra Tactical Core Income Fund paid $195,677 in brokerage commissions. For the fiscal year ended September 30, 2021, the Sierra Tactical Core Income Fund paid $20,358 in brokerage commissions. For the fiscal year ended September 30, 2020, the Sierra Tactical Core Income Fund paid $191,770 in brokerage commissions.

For the fiscal year ended September 30, 2022, the Sierra Tactical Municipal Fund paid $0 in brokerage commissions. For the fiscal year ended September 30, 2021, the Sierra Tactical Municipal Fund paid $0 in brokerage commissions. For the fiscal year ended September 30, 2020, the Sierra Tactical Municipal Fund paid $20,295 in brokerage commissions.

For the fiscal year ended September 30, 2022, the Sierra Tactical Risk Spectrum 50 Fund paid $55,274 in brokerage commissions. For the fiscal year ended September 30, 2021, the Sierra Tactical Risk Spectrum 50 Fund paid $864 in brokerage commissions. The Sierra Tactical Risk Spectrum 50 Fund commenced investment operations on May 26, 2021.

**PORTFOLIO TURNOVER**

A Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Funds. A 100% turnover rate would occur if all of a Funds' portfolio securities were replaced once within a one-year period.

For the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund's portfolio turnover rate was 542%. For the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund's portfolio turnover rate was 159%.

For the fiscal year ended September 30, 2022, the Sierra Tactical Bond Fund's portfolio turnover rate was 955%. For the fiscal year ended September 30, 2021, the Sierra Tactical Bond Fund's portfolio turnover rate was 57%.

For the fiscal period ended September 30, 2022, the Sierra Tactical Core Income Fund's portfolio turnover rate was 522%. For the fiscal period ended September 30, 2021, the Sierra Tactical Core Income Fund's portfolio turnover rate was 117%.

For the fiscal year ended September 30, 2022, the Sierra Tactical Municipal Fund's portfolio turnover rate was 668%. For the fiscal year ended September 30, 2021, the Sierra Tactical Municipal Fund's portfolio turnover rate was 121%.

For the fiscal year ended September 30, 2022, the Sierra Tactical Risk Spectrum 50 Fund's portfolio turnover rate was 640%.For the fiscal year ended September 30, 2021, the Sierra Tactical Risk Spectrum 50 Fund's portfolio turnover rate was 39%. Sierra Tactical Risk Spectrum 50 Fund commenced investment operations on May 26, 2021.

During March 2020, virtually all global investment markets encountered exceptional volatility, and the resulting declines in the municipal bond funds and ETFs held in the Fund caused them all to hit their stops, and in the subsequent rally the Fund moved back into municipal bond funds, with that sequence repeating again in April. A shorter period of volatility in August of 2020 led to another series of Sell signals under the risk-mitigation discipline of the Adviser. A short period of volatility in March 2021 led to a series of Sell signals, primarily in Municipal Bonds. Based on the 33 year history of the Adviser applying its risk-mitigation discipline of trailing stops, described in the prospectus, the Advisor expects annual turnover to average 200 percent over periods of multiple years. Portfolio turnover declined in the fiscal year ending September 2021 as volatility was lower in 2021 than in 2020 as the sharp market decline in March 2020 led to increased trading.

Due to market volatility during the past year, the trading model used by the Adviser in managing the portfolios indicated a relatively high level of sell signals, resulting in a higher portfolio turnover rate.

**OTHER SERVICE PROVIDERS**

Fund Administration, Fund Accounting and Transfer Agent Services

Ultimus Fund Solutions, LLC, ("UFS"), which has its principal office at 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, Nebraska 68022-3474, serves as administrator, fund accountant and transfer agent for the Funds pursuant to a Fund Services Agreement (the "Agreement") with the Trust and subject to the supervision of the Board. UFS is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds. UFS is an affiliate of the Distributor. UFS may also provide persons to serve as officers of the Funds. Such officers may be directors, officers or employees of UFS or its affiliates.

Effective February 1, 2019, NorthStar Financial Services Group, LLC, the parent company of Gemini Fund Service, LLC and its affiliated companies including Northern Lights Distributors, LLC and Northern Lights Compliance Services, LLC (collectively, the "Gemini Companies"), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired UFS (an independent mutual fund administration firm) and its affiliates (collectively, the "Ultimus Companies"). As a result of these separate transactions, the Gemini Companies and the Ultimus Companies are now indirectly owned through a common parent entity, The Ultimus Group, LLC.

The Agreement became effective on June 22, 2011 and remained in effect for two years from the applicable effective date for the Funds and will continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Board. The Agreement is terminable by the Board or UFS on 90 days' written notice and may be assigned by either party, provided that the Trust may not assign this agreement without the prior written consent of UFS. The Agreement provides that UFS shall be without liability for any action reasonably taken or omitted pursuant to the Agreement.

Under the Agreement, UFS performs administrative services, including: (1) monitoring the performance of administrative and professional services rendered to the Trust by others service providers; (2) monitoring the Funds' holdings and operations for post-trade compliance with the Funds' registration statements and applicable laws and rules; (3) preparing and coordinating the printing of semi-annual and annual financial statements; (4) preparing selected management reports for performance and compliance analyses; (5) preparing and disseminating materials for and attending and participating in meetings of the Board; (6) determining income and capital gains available for distribution and calculating distributions required to meet regulatory, income, and excise tax requirements; (7) reviewing the Trust's federal, state, and local tax returns as prepared and signed by the Trust's independent public accountants; (8) preparing and maintaining the Trust's operating expense budget to determine proper expense accruals to be charged to each Fund to calculate its daily net asset value; (9) assisting in and monitoring the preparation, filing, printing and where applicable, dissemination to shareholders of amendments to the Trust's Registration Statement on Form N-1A, periodic reports to the Trustees, shareholders and the SEC, notices pursuant to Rule 24f-2, proxy materials and reports to the SEC on Forms N-CEN, N-CSR, N-Q and N-PX; (10) coordinating the Trust's audits and examinations by assisting each Fund's independent public accountants; (11) determining, in consultation with others, the jurisdictions in which shares of the Trust shall be registered or qualified for sale and facilitating such registration or qualification; (12) monitoring sales of shares and ensure that the shares are properly and duly registered with the SEC; (13) monitoring the calculation of performance data for the Funds; (14) preparing, or cause to be prepared, expense and financial reports; (15) preparing authorizations for the payment of Trust expenses and pay, from Trust assets, all bills of the Trust; (16) providing information typically supplied in the investment company industry to companies that track or report price, performance or other information with respect to investment companies; (17) upon request, assisting each Fund in the evaluation and selection of other service providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates of UFS) and (18) performing other services, recordkeeping and assistance relating to the affairs of the Trust as the Trust may, from time to time, reasonably request.

For the administrative services rendered to the Funds by UFS, the Funds pay UFS the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets. The Funds also pay UFS for any out-of-pocket expenses.

For the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund paid $393,157 for administrative fees. For the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund paid $379,887 for administrative fees. For the fiscal year ended September 30, 2020, the Sierra Tactical All Asset Fund paid $308,690 for administrative fees.

For the fiscal year ended September 30, 2022, the Sierra Bond Fund paid $889,540 for administrative fees. For the fiscal year ended September 30, 2021, the Sierra Bond Fund paid $734,861 for administrative fees. For the fiscal year ended September 30, 2020, the Sierra Bond Fund paid $283,905 for administrative fees. The Sierra Tactical Bond Fund commenced investment operations on October 1, 2019.

For the fiscal year ended September 30, 2022, the Sierra Tactical Core Income Fund paid $835,228 for administrative fees. For the fiscal year ended September 30, 2021, the Sierra Tactical Core Income Fund paid $831,205 for administrative fees. For the fiscal year ended September 30, 2020, the Sierra Tactical Core Income Fund paid $776,148 for administrative fees.

For the fiscal year ended September 30, 2022, the Sierra Tactical Municipal Fund paid $134,841 for administrative fees For the fiscal year ended September 30, 2021, the Sierra Tactical Municipal Fund paid $129,440 for administrative fees For the fiscal year ended September 30, 2020, the Sierra Tactical Municipal Fund paid $103,649 for administrative fees.

For the fiscal year ended September 30, 2022, the Sierra Tactical Risk Spectrum 50 Fund paid $81,266 for administrative fees. For the fiscal year ended September 30, 2021, the Sierra Tactical Risk Spectrum 50 Fund paid $18,244 for administrative fees. The Sierra Tactical Risk Spectrum 50 Fund commenced investment operations on May 26, 2021

UFS also provides the Funds with accounting services, including: (i) daily computation of net asset value; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Funds' listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Funds; (vi) maintaining certain books and records described in Rule 31a-1 under the 1940 Act, and reconciling account information and balances among the Funds' custodian and Adviser; and (vii) monitoring and evaluating daily income and expense accruals, and sales and redemptions of shares of the Funds.

For the fund accounting services rendered to the Funds under the Agreement, the Funds pay UFS the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets. Each Fund also pays UFS for any out-of-pocket expenses.

For the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund paid $104,224 for fund accounting services. For the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund paid $98,580 for fund accounting services. For the fiscal year ended September 30, 2020, the Sierra Tactical All Asset Fund paid $76,639 for fund accounting services.

For the fiscal year ended September 30, 2022, the Sierra Tactical Bond Fund paid $198,518 for fund accounting services. For the fiscal year ended September 30, 2021, the Sierra Tactical Bond Fund paid $151,263 for fund accounting services. For the fiscal year ended September 30, 2020, the Sierra Tactical Bond Fund paid $74,826 for fund accounting services. The Sierra Tactical Bond Fund commenced investment operations on October 1, 2019.

For the fiscal year ended September 30, 2022, the Sierra Tactical Core Income Fund paid $204,900 for fund accounting services. For the fiscal year ended September 30, 2021, the Sierra Tactical Core Income Fund paid $225,559 for fund accounting services. For the fiscal year ended September 30, 2020, the Sierra Tactical Core Income Fund paid $200,704 for fund accounting services.

For the fiscal year ended September 30, 2022, the Sierra Tactical Municipal Fund paid $34,370 for accounting services. For the fiscal year ended September 30, 2021, the Sierra Tactical Municipal Fund paid $33,493 for accounting services. For the fiscal year ended September 30, 2020, the Sierra Tactical Municipal Fund paid $23,243 for accounting services.

For the fiscal year ended September 30, 2022, the Sierra Tactical Risk Spectrum 50 Fund paid $14,341 for fund accounting services. For the fiscal year ended September 30, 2021, the Sierra Tactical Risk Spectrum 50 Fund paid $3,110 for fund accounting services. The Sierra Tactical Risk Spectrum 50 Fund commenced investment operations on May 26, 2021.

UFS also acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to the Agreement. Under the Agreement, UFS is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

For the transfer agent, dividend disbursement and shareholder services rendered to the Funds under the Agreement, the Funds pay UFS the greater of an annual minimum fee or an asset-based fee, which scales downward upon net assets. The Funds also pay UFS for any out-of-pocket expenses.

For the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund paid $89,844 for transfer agency services. For the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund paid $72,651 for transfer agency services. For the fiscal year ended September 30, 2020, the Sierra Tactical All Asset Fund paid $66,459 for transfer agency services.

For the fiscal year ended September 30, 2022, the Sierra Tactical Bond Fund paid $136,775 for transfer agency services. For the fiscal year ended September 30, 2021, the Sierra Tactical Bond Fund paid $157,980 for transfer agency services. For the fiscal year ended September 30, 2020, the Sierra Tactical Bond Fund paid $37,343 for transfer agency services. The Sierra Tactical Bond Fund commenced investment operations on October 1, 2019.

For the fiscal year ended September 30, 2022, the Sierra Tactical Core Income Fund paid $447,887 for transfer agency services. For the fiscal year ended September 30, 2021, the Sierra Tactical Core Income Fund paid $398,080 for transfer agency services. For the fiscal year ended September 30, 2020, the Sierra Tactical Core Income Fund paid $364,098 for transfer agency services.

For the fiscal year ended September 30, 2022, the Sierra Tactical Municipal Fund paid $62,749 for transfer agency services. For the fiscal year ended September 30, 2021, the Sierra Tactical Municipal Fund paid $50,495 for transfer agency services. For the fiscal year ended September 30, 2020, the Sierra Tactical Municipal Fund paid $20,317 for transfer agency services.

For the fiscal year ended September 30, 2022, the Sierra Tactical Risk Spectrum 50 Fund paid $46,963 for transfer agency services. For the fiscal year ended September 30, 2021, the Sierra Tactical Risk Spectrum 50 Fund paid $4,294 for transfer agency services. The Sierra Tactical Risk Spectrum 50 Fund commenced investment operations on May 26, 2021.

Custodian

U.S. Bank, National Association, (the "Custodian"), serves as the custodian of the Funds' assets pursuant to a Custody Agreement by and between the Custodian and the Trust on behalf of the Funds. The Custodian's responsibilities include safeguarding and controlling the Funds' cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on each Fund's investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. Either Fund may employ foreign sub-custodians that are approved by the Board to hold foreign assets. The Custodian's principal place of business is 1555 N. River Center Drive, Milwaukee, WI 53212.

Custody Administrator

UFS serves as "Custody Administrator" under the Funds' Custody Agreement with the Custodian and receives a share of the fees paid to the Custodian for performing certain administrative tasks normally performed by the Custodian, as well as certain enhanced reporting in connection with these functions. For these services, UFS receives a share of the asset-based custody fee as well as a portion of certain transaction fees paid under the Custody Agreement.

Compliance Services

Northern Lights Compliance Services, LLC ("NLCS"), 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022-3474, an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. NLCS's compliance services consist primarily of reviewing and assessing the policies and procedures of the Trust and its service providers pertaining to compliance with applicable federal securities laws, including Rule 38a-1 under the 1940 Act. For the compliance services rendered to the Funds, each Fund pays NLCS an annual fixed fee and an asset based fee, which scales downward based upon the Fund's net assets. The Fund also pays NLCS for any out-of-pocket expenses.

For the fiscal year ended September 30, 2022, the Sierra Tactical All Asset Fund paid $34,331 for compliance service fees. For the fiscal year ended September 30, 2021, the Sierra Tactical All Asset Fund paid $28,715 for compliance service fees. For the fiscal year ended September 30, 2020, the Sierra Tactical All Asset Fund paid $20,324 for compliance service fees.

For the fiscal year ended September 30, 2022, the Sierra Tactical Bond Fund paid $52,820 for compliance service fees. For the fiscal year ended September 30, 2021, the Sierra Tactical Bond Fund paid $35,825 for compliance service fees. For the fiscal year ended September 30, 2020, the Sierra Tactical Bond Fund paid $13,679 for compliance service fees. The Sierra Tactical Bond Fund commenced investment operations on October 1, 2019.

For the fiscal period ended September 30, 2022, the Sierra Tactical Core Income Fund paid $51,516 for compliance service fees. For the fiscal period ended September 30, 2021, the Sierra Tactical Core Income Fund paid $44,822 for compliance service fees. For the fiscal period ended September 30, 2020, the Sierra Tactical Core Income Fund paid $36,785 for compliance service fees.

For the fiscal year ended September 30, 2022, the Sierra Tactical Municipal Fund paid $25,377 for compliance service fees. For the fiscal year ended September 30, 2021, the Sierra Tactical Municipal Fund paid $19,618 for compliance service fees. For the fiscal year ended September 30, 2020, the Sierra Tactical Municipal Fund paid $22,351 for compliance service fees.

For the fiscal year ended September 30, 2022, the Sierra Tactical Risk Spectrum 50 Fund paid $17,644 for compliance service fees. For the fiscal year ended September 30, 2021, the Sierra Tactical Risk Spectrum 50 Fund paid $5,054 for compliance service fees. The Sierra Tactical Risk Spectrum 50 Fund commenced investment operations on May 26, 2021.

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series. Matters such as ratification of the independent public accountants and election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal dividend, distribution and liquidation rights. There are no conversion or preemptive rights applicable to any shares of the Funds. All shares issued are fully paid and non-assessable.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by Section 352 the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program is written and has been approved by the' Board. The program provides for the development of policies, procedures and internal controls reasonably designed to prevent money laundering, the designation of an anti-money laundering compliance officers who is responsible for implementing and monitoring the Program, an ongoing anti-money laundering training for appropriate persons and an independent audit function to determine the effectiveness of the Program. The Trust's secretary serves as its Anti-Money Laundering Compliance Officer.

Procedures to implement the Program include, but are not limited to, determining that the Funds' Distributor and Transfer Agent have established reasonable anti-money laundering procedures, have reported suspicious and/or fraudulent activity and have completed thorough reviews of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

Calculation of Share Price

As indicated in the Prospectus under the heading "How Shares are Priced," the net asset value ("NAV") of the Funds' shares is determined by dividing the total value of a Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of the Funds.

Generally, the Funds' domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges 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. 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 as further described below. 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.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board, with reference to other securities or indices. 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. Short-term investments having a maturity of 60 days or less may be generally valued at amortized cost when it is approximate to fair value.

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the exchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Fund shares are not priced, the value of securities held by the Fund can change on days when Fund shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange ("NYSE") is closed and an investor is not able to purchase, redeem or exchange shares.

Fund shares are valued at the close of regular trading on the NYSE (normally 4:00 p.m., Eastern Time) (the "NYSE Close") on each day that the New York Stock Exchange is open. For purposes of calculating the NAV, the Funds normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to the Funds or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

When market quotations are insufficient or not readily available, the Funds may value securities at fair value or estimate their value as determined in good faith by the Board or their designees, pursuant to procedures approved by the Board. Fair valuation may also be used by the Board if extraordinary events occur after the close of the relevant market but prior to the NYSE Close.

A Fund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. The Board designated the Adviser as its "Valuation Designee" to execute 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.

*Valuation Process*. Fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs from the adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the adviser is unable to obtain a current bid from such independent dealers or other independent parties, the Adviser shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Funds' holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

*Standards For Fair Value Determinations.* As a general principle, the fair value of a security is the amount that the Funds might reasonably expect to realize upon its current sale. The Trust has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). In accordance with ASC 820, fair value is defined as the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various inputs are used in determining the value of each Fund's investments relating to ASC 820. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

The Adviser takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of the Funds with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formulae produced by independent third parties and (vii) the liquidity or illiquidity of the market for the security.

*Board Determination*. The Board meets at least quarterly to consider the valuations provided by Adviser and to ratify the valuations made for the applicable securities. The Board considers the reports provided by the Adviser, including follow up studies of subsequent market-provided prices when available, in reviewing and determining in good faith the fair value of the applicable portfolio securities.

The Trust expects that the New York Stock Exchange ("NYSE") will be closed on the following holidays: 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.

Purchase of Shares

Orders for shares received by a Fund in good order prior to the close of business on the NYSE on each day during such periods that the NYSE is open for trading are priced at NAV per share or offering price (NAV plus a sales charge, if applicable) computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the close of the NYSE, or on a day it is not open for trading, are priced at the close of such NYSE on the next day on which it is open for trading at the next determined NAV or offering price per share.

Notice to Texas Shareholders

Under section 72.1021(a) of the Texas Property Code, initial investors in a Fund who are Texas residents may designate a representative to receive notices of abandoned property in connection with Fund shares. Texas shareholders who wish to appoint a representative should notify the Trust's Transfer Agent by writing to the address below to obtain a form for providing written notice to the Trust:

Sierra Tactical All Asset Fund

Sierra Tactical Bond Fund

Sierra Tactical Core Income Fund

Sierra Tactical Municipal Fund

Sierra Tactical Risk Spectrum 30 Fund

Sierra Tactical Risk Spectrum 50 Fund

c/o Ultimus Fund Solutions, LLC

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, Nebraska 68022-3474

Redemption of Shares

A Fund will redeem all or any portion of a shareholder's shares in the Fund when requested in accordance with the procedures set forth in the "Redemptions" section of the Prospectus. Under the 1940 Act, a shareholder's right to redeem shares and to receive payment therefore may be suspended at times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) when the NYSE is closed, other than customary weekend and holiday closings;

b) when trading on that exchange is restricted for any reason;

c) when an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets, provided that applicable rules and regulations of the SEC (or any succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or (c) exist; or

d) when the SEC by order permits a suspension of the right to redemption or a postponement of the date of payment on redemption.

In case of suspension of the right of redemption, payment of a redemption request will be made based on the NAV next determined after the termination of the suspension.

A Fund may purchase shares of Underlying Funds which charge a redemption fee to shareholders (such as the Fund) that redeem shares of the Underlying Fund within a certain period of time (such as one year). The fee is payable to the Underlying Fund. Accordingly, if a Fund were to invest in an Underlying Fund and incur a redemption fee as a result of redeeming shares in such Underlying Fund, the Fund would bear such redemption fee. The Fund will not, however, invest in shares of an Underlying Fund that is sold with a contingent deferred sales load.

Supporting documents in addition to those listed under "Redemptions" in the Prospectus will be required from executors, administrators, Trustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but are not restricted to, stock powers, Trust instruments, certificates of death, appointments as executor, certificates of corporate authority and waiver of tax required in some states when settling estates.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders should consult a qualified tax advisor regarding their investment in the Funds.

The Funds have each qualified and intend to continue to qualify and has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and intends to continue to so qualify, which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Funds should not be subject to federal income or excise tax on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements. Net investment income and net capital gain of the Funds will be computed in accordance with Section 852 of the Code.

Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account any capital loss carryforward of the Funds. Capital losses incurred in tax years beginning after December 22, 2010 may now be carried forward indefinitely and retain the character of the original loss. Under previously enacted laws, capital losses could be carried forward to offset any capital gains for only eight years, and carried forward as short-term capital losses, irrespective of the character of the original loss. Capital loss carryforwards are available to offset future realized capital gains. To the extent that these carryforwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.

At September 30, 2022, the Funds had capital loss carry forwards for federal income tax purposes available to offset future capital gains, utilized capital loss carryforwards and had capital loss carryforwards subject to expiration as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Non-Expiring** | **Non-Expiring** | | | |
| **Portfolio** | **Short-Term** |<br>**Long-Term** |<br>**Total** |<br>**CLCF Utilized** |
| Sierra Tactical All Asset Fund | $1603940 | $- | $1603940 | $- |
| Sierra Tactical Core Income Fund |  |  |  |  |
| Sierra Tactical Municipal Fund |  |  |  |  |
| Sierra Tactical Bond Fund | 940914 |  | 940914 | 98251 |
| Sierra Tactical Risk Spectrum 50 Fund | 1985896 |  | 1985896 |  |

---

The Funds intend to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Code and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income and net capital gain will be made after the end of each fiscal year, and no later than December 31 of each year. Both types of distributions will be in shares of the applicable Fund unless a shareholder elects to receive cash.

To be treated as a regulated investment company under Subchapter M of the Code, each Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holding so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If a Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income tax purposes. As such the Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

The Funds are subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of a Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Funds during the preceding calendar year. Under ordinary circumstances, the Funds expect to time their distributions so as to avoid liability for this tax.

The following discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other qualified retirement plans are exempt from income taxation under the Code.

Distributions of taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income. In most cases the Funds will hold shares in Underlying Funds for less than 12 months, such that its sales of such shares from time to time will not qualify as long-term capital gains for those investors who hold shares of such Fund in taxable accounts.

Distributions from the Funds of dividends or capital gains generally are taxable to shareholders holding taxable accounts regardless of the length of time such shareholders have held shares of such Fund.

Redemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional cash or shares. Shareholders electing to reinvest distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the net asset value of a share on the reinvestment date.

For taxable years beginning after December 31, 2012, certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of shares of the Funds. U.S. Shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in a Fund.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Under the Code, the Funds will be required to report to the Internal Revenue Service all distributions of taxable income and capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Code, distributions of taxable net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if a Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

Other Reporting and Withholding Requirements

Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by a Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2016. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

Options, Futures, Forward Contracts and Swap Agreements

To the extent such investments are permissible for an Underlying Fund, the Underlying Fund's transactions in options, futures contracts, hedging transactions, forward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Underlying Fund, defer losses to the Underlying Fund, cause adjustments in the holding periods of a Fund's securities, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders.

To the extent such investments are permissible, certain of the Underlying Fund's hedging activities (including its transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If the Underlying Fund's book income exceeds its taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend to the extent of the Underlying Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If a Fund's book income is less than taxable income, the Underlying Fund could be required to make distributions exceeding book income to qualify as a regulated investment company that is accorded special tax treatment.

Passive Foreign Investment Companies

Investment by an Underlying Fund in certain "passive foreign investment companies" ("PFICs") could subject the Underlying Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company, which tax cannot be eliminated by making distributions to Fund shareholders. However, the Underlying Fund may elect to treat a PFIC as a "qualified electing fund" ("QEF"), in which case the Underlying Fund will be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company.

The Underlying Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Underlying Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed for the Underlying Fund to avoid taxation. Making either of these elections therefore may require the Underlying Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Underlying Fund's total return.

Foreign Currency Transactions

An Underlying Fund's transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned.

Foreign Taxation

Income received by an Underlying Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Underlying Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Underlying Fund may be able to elect to "pass through" to its shareholders the amount of eligible foreign income and similar taxes paid by the Underlying Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Underlying Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Underlying Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Underlying Fund's income will flow through to shareholders of the Underlying Fund. With respect to the Underlying Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Underlying Fund. The foreign tax credit can be used to offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative minimum taxable income.

Original Issue Discount and Pay-In-Kind Securities

Current federal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities will give rise to income, which is required to be distributed and is taxable even though the Fund holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by an Underlying Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by a Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. An Underlying Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by an Underlying Fund may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Underlying Fund will be required to include the acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. The Underlying Fund may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

If the Underlying Fund holds the foregoing kinds of securities, it may be required to pay out as an income distribution each year an amount that is greater than the total amount of cash interest the Underlying Fund actually received. Such distributions may be made from the cash assets of the Underlying Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Underlying Fund may realize gains or losses from such liquidations. In the event the Underlying Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Shareholders of the Funds may be subject to state and local taxes on distributions received from a Fund and on redemptions of Fund shares.

A brief explanation of the form and character of the distribution accompany each distribution. In January of each year each Fund issues to its shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their tax advisors about the application of federal, state and local and foreign tax law in light of their particular situation.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Funds have selected BBD, LLP, located at 1835 Market Street, 3<sup>rd</sup> Floor, Philadelphia, PA 19103, as their independent registered public accounting firm, for the current fiscal year. The firm provides services including (1) audit of annual financial statements, and (2) assistance and consultation in connection with SEC filings.

**LEGAL COUNSEL**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, Ohio 43215, serves as the Trust's legal counsel.

**FINANCIAL STATEMENTS**

The financial statements and report of the independent registered public accounting firm required to be included in this SAI are hereby incorporated by reference to the Annual Report for the Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund*,* Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund and Sierra Tactical Risk Spectrum 50 Fund for the fiscal year ended September 30, 2022. You can obtain a copy of the Annual Report without charge by calling the Funds at 1-866-738-4363 or 1-866-RETI-FND.

**APPENDIX A**

**DESCRIPTION OF BOND RATINGS**

Standard & Poor's Ratings Group. A Standard & Poor's corporate bond rating is a current assessment of the credit worthiness of an obligor with respect to a specific obligation. This assessment of credit worthiness may take into consideration obligors, such as guarantors, insurers or lessees. The debt rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment as to market price or suitability for a particular investor.

The ratings are based on current information furnished to Standard & Poor's by the issuer or obtained by Standard & Poor's from other sources it considers reliable. Standard & Poor's does not perform any audit in connection with the ratings and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended or withdrawn as a result of changes in, unavailability of such information, or for other circumstances.

The ratings are based, in varying degrees, on the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Likelihood of default-capacity and willingness of the obligor as to the timely payment of interest and repayment of principal in accordance with the terms of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nature of and provisions of the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization or their arrangement under the laws of bankruptcy and other laws affecting creditors' rights.

AAA - This is the highest rating assigned by Standard & Poor's to a debt obligation and indicates an extremely strong capacity to pay interest and repay any principal.

AA - Debt rated AA also qualifies as high quality debt obligations. Capacity to pay interest and repay principal is very strong and in the majority of instances they differ from AAA issues only in small degree.

A - Debt rated A has a strong capacity to pay interest and repay principal although it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than debt in higher rated categories.

BBB - Debt rated BBB is regarded as having an adequate capacity to pay interest and repay principal. Whereas they normally exhibit protection parameters, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal for debt in this category than in higher rated categories.

BB, B, CCC, CC, C - Debt rated BB, B, CCC, CC and C is regarded, on a balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation.

BB indicates the lowest degree of speculation and C the highest degree of speculation. While such debt will likely have some quality and protective characteristics, these are outweighed by large uncertainties or major risk exposures to adverse conditions.

BB - Debt rated BB has less near-term vulnerability to default than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions, which could lead to inadequate capacity to meet timely interest and principal payments. The BB rating category is also used for debt subordinated to senior debt that is assigned an actual or implied BBB rating.

B - Debt rated B has greater vulnerability to default but currently has the capacity to meet interest payments and principal repayments. Adverse business, financial, or economic conditions will likely impair capacity or willingness to pay interest and repay principal. The B rating category is also used for debt subordinated to senior debt that is assigned an actual or implied BB or BB- rating.

CCC - Debt rated CCC has a currently indefinable vulnerability to default, and is dependent upon favorable business, financial and economic conditions to meet timely payment of interest and repayment of principal. In the event of adverse business, financial or economic conditions, it is not likely to have the capacity to pay interest and repay principal. The CCC rating category is also used for debt subordinated to senior debt that is assigned an actual or implied B or B- rating.

CC - The rating CC is typically applied to debt subordinated to senior debt that is assigned an actual or implied CCC rating.

C - The rating C is typically applied to debt subordinated to senior debt, which is assigned an actual or implied CCC- debt rating. The C rating may be used to cover a situation where a bankruptcy petition has been filed, but debt service payments are continued.

C1 - The rating C1 is reserved for income bonds on which no interest is being paid.

D - Debt rated D is in payment default. It is used when interest payments or principal payments are not made on a due date even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made during such grace periods; it will also be used upon a filing of a bankruptcy petition if debt service payments are jeopardized. Plus (+) or Minus (-) - To provide more detailed indications of credit quality, the ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

NR - indicates that no public rating has been requested, that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular type of obligation as a matter of policy. Debt obligations of issuers outside the United States and its territories are rated on the same basis as domestic corporate issues. The ratings measure the credit worthiness of the obligor but do not take into account currency exchange and related uncertainties.

Bond Investment Quality Standards: Under present commercial bank regulations issued by the Comptroller of the Currency, bonds rated in the top four categories (AAA, AA, A, BBB, commonly known as "Investment Grade" ratings) are generally regarded as eligible for bank investment. In addition, the Legal Investment Laws of various states may impose certain rating or other standards for obligations eligible for investment by savings banks, trust companies, insurance companies and fiduciaries generally.

Moody's Investors Service, Inc. A brief description of the applicable Moody's rating symbols and their meanings follows:

Aaa - Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge". Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa - Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuations of protective elements may be of greater amplitude or there may be other elements present which make the long-term risks appear somewhat larger than in Aaa securities.

A - Bonds which are rated A possess many favorable investment attributes and are to be considered as upper medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment sometime in the future.

Baa - Bonds which are rated Baa are considered as medium grade obligations, i.e., they are neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Some bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

NOTE: Bonds within the above categories which possess the strongest investment attributes are designated by the symbol "1" following the rating.

Ba - Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B - Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa - Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

Ca - Bonds which are rated Ca represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C - Bonds which are rated C are the lowest rated class of bonds and issue so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

Duff & Phelps, Inc.: AAA -- highest credit quality, with negligible risk factors; AA -- high credit quality, with strong protection factors and modest risk, which may vary very slightly from time to time because of economic conditions; A -- average credit quality with adequate protection factors, but with greater and more variable risk factors in periods of economic stress. The indicators "+" and "-" to the AA and A categories indicate the relative position of a credit within those rating categories.

Fitch Investors Service LLP.: AAA -- highest credit quality, with an exceptionally strong ability to pay interest and repay principal; AA -- very high credit quality, with very strong ability to pay interest and repay principal; A -- high credit quality, considered strong as regards principal and interest protection, but may be more vulnerable to adverse changes in economic conditions and circumstances. The indicators "+" and "-" to the AA, A and BBB categories indicate the relative position of credit within those rating categories.

**DESCRIPTION OF NOTE RATINGS**

A Standard & Poor's note rating reflects the liquidity concerns and market access risks unique to notes. Notes due in three years or less will likely receive a note rating. Notes maturing beyond three years will most likely receive a long-term debt rating. The following criteria will be used in making that assessment.

Amortization schedule (the larger the final maturity relative to other maturities the more likely it will be treated as a note).

Source of Payment (the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note.) Note rating symbols are as follows:

● SP-1 Very strong or strong capacity to pay principal and interest. Those issues determined to possess overwhelming safety characteristics will be given a plus (+) designation.

● SP-2 Satisfactory capacity to pay principal and interest.

● SP-3 Speculative capacity to pay principal and interest.

Moody's Short-Term Loan Ratings - Moody's ratings for state and municipal short-term obligations will be designated Moody's Investment Grade (MIG). This distinction is in recognition of the differences between short-term credit risk and long-term risk. Factors affecting the liquidity of the borrower are uppermost in importance in short-term borrowing, while various factors of major importance in bond risk are of lesser importance over the short run.

Rating symbols and their meanings follow:

● MIG 1 - This designation denotes best quality. There is present strong protection by established cash flows, superior liquidity support or demonstrated broad-based access to the market for refinancing.

● MIG 2 - This designation denotes high quality. Margins of protection are ample although not so large as in the preceding group.

● MIG 3 - This designation denotes favorable quality. All security elements are accounted for but this is lacking the undeniable strength of the preceding grades. Liquidity and cash flow protection may be narrow and market access for refinancing is likely to be less well established.

● MIG 4 - This designation denotes adequate quality. Protection commonly regarded as required of an investment security is present and although not distinctly or predominantly speculative, there is specific risk.

**COMMERCIAL PAPER RATINGS**

Moody's Investors Service, Inc.: Commercial paper rated "Prime" carries the smallest degree of investment risk. The modifiers 1, 2, and 3 are used to denote relative strength within this highest classification.

Standard & Poor's Ratings Group: "A" is the highest commercial paper rating category utilized by Standard & Poor's Ratings Group which uses the numbers 1+, 1, 2 and 3 to denote relative strength within its "A" classification.

Duff & Phelps Inc.: Duff 1 is the highest commercial paper rating category utilized by Duff & Phelps which uses + or - to denote relative strength within this classification. Duff 2 represents good certainty of timely payment, with minimal risk factors. Duff 3 represents satisfactory protection factors, with risk factors larger and subject to more variation.

Fitch Investors Service LLP.: F-1+ -- denotes exceptionally strong credit quality given to issues regarded as having strongest degree of assurance for timely payment; F-1 -- very strong, with only slightly less degree of assurance for timely payment than F-1+; F-2 -- good credit quality, carrying a satisfactory degree of assurance for timely payment.

**APPENDIX B**

**WRIGHT FUND MANAGEMENT, LLC**

**PROXY VOTING POLICIES & PROCEDURES**

**<u>Policy</u>**

Wright Fund Management, LLC (WFM), is the investment advisor to the Sierra Mutual Funds (the Funds). As a matter of policy and as a fiduciary, WFM has responsibility for voting proxies for the portfolio securities consistent with the best economic interests of the Funds. Wright Fund Management's primary purpose and fiduciary responsibility is to maximize shareholder value, which is defined as share price and dividend appreciation. WFM wishes to be a responsible corporate citizen and as such, will vote all proxies received.

WFM maintains written policies and procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about our firm's proxy policies and practices. These include the responsibility to receive and vote proxies, to disclose any potential conflicts of interest, to make information available about the voting of proxies for the portfolio securities and to maintain relevant and required records. These policies and procedures are effective as of November 5, 2007 and were revised in September 2014.

**<u>Background</u>**

Proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.

Investment advisors registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisors Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, and which indicate how an advisor addresses material conflicts that may arise between an advisor's interests and those of the clients; (b) to disclose how information may be obtained from the advisor with respect to the voting of proxies for the securities; (c) to provide a summary of proxy voting policies and procedures and, upon request, furnish a complete copy; and (d) to maintain certain records relating to proxy voting activities.

The Sierra Mutual Funds are each a "Fund of Funds" and primarily hold shares of other publicly–traded mutual funds, and, occasionally, ETFs. Investments in ETFs at certain levels require "Participation Agreements." One requirement of those agreements (as well as Section 12(d)(1)(E)(iii) of the 1940 Act) is that the Fund must "mirror vote" its shares.

Mirror voting means that the Fund votes its shares in the same proportion that all shares of the ETFs are voted, or in accordance with instructions received from fund shareholders, pursuant to Section 12(d)(1)(F) of the 1940 Act. The Sierra Mutual Funds wish to benefit from the safe harbor of Section 12(d)(1)(F) under the 1940 Act which requires that shares of the underlying investment companies be voted in the same proportion as the vote of all other holders of such security.

**<u>Responsibility</u>**

The Proxy Coordinator has the responsibility for the implementation and monitoring of the proxy voting policy, procedures, disclosures and record keeping.

**<u>Proxy Manager</u>**

The proxy manager is David C. Wright, Managing Member, Wright Fund Management, LLC. The Proxy Committee shall be comprised of David C. Wright and Kenneth L. Sleeper**.** A quorum of the Proxy Committee shall be comprised of at least one member.

**<u>Voting Guideline</u>**

Wright Fund Management, LLC (WFM) serves as investment advisor to the Sierra Mutual Funds which are investment companies under the Northern Lights Fund Trust. These funds invest in other investment companies that are not affiliated ("Underlying Funds") and are required by the Investment Company Act of 1940, as amended (the "1940 Act") to handle proxies received from Underlying Funds in a certain manner. It is the policy of WFM to vote all mutual funds and ETF proxies received from the Underlying Funds in the same proportion that all shares of the Underlying Funds are voted, pursuant to Section 12(d)(1)(F) of the 1940 Act.

**<u>Procedures</u>**

All proxy materials received are given to the Proxy Coordinator. The ticker symbol for the security noted on the proxy is located and a Current Portfolio Holding report is run as of the record date, as stated on the proxy. This report will identify how many shares were owned by Fund(s) as of the record date. Once the Current Holdings report has been run, the number of shares on the report is compared to the number of shares to be voted on the proxy.

If the number of shares between the two reports matches, then the report is attached to the proxy materials with a copy of the Letter of Instruction directing the shares to be voted in the same proportion as the vote of all other holders of such security and forwarded to the Proxy Committee for review and signature.

If the number of shares does not match, then reasonable efforts will be made to resolve the difference, such as:

&nbsp;&nbsp;&nbsp;&nbsp;■ Re-running the Current Portfolio Holdings report for other dates around the record date of the proxy to see if the security transferred into the mutual funds after the record date, even though the Fund owned it as of the record date.

■ Calling the custodian to confirm the number of shares that are included in the proxy count then verifying that information to the report.

If the difference still cannot be resolved, the matter is reviewed with the Proxy Committee as to the next action to be taken. If the difference is determined to be immaterial then the proxy will stand as is.

A copy of the proxy and the Letter of Instruction is made, attached to the proxy materials that support the vote and the Current Portfolio Holdings report and filed in chronological order maintained by year.

**<u>Form N-PX Proxy Voting Record</u>**

The following information is entered in the Form N-PX:

&nbsp;&nbsp;&nbsp;&nbsp;■ Issuer's name as it appears on the ballot

■ Ticker symbol

■ Security ID (CUSIP)

■ Meeting date and type

■ Agenda Item Number and Description

■ Management or Shareholder Proposal

■ Voted? (YES or NO; if the matter is not voted, a footnote is entered identifying why not)

■ Fund vote (mirror vote)

■ Management recommendation (FOR or AGAINST)

**<u>Shareholder Requests</u>**

Should WFM receive any requests from shareholders regarding proxy voting, a record of the requests will be maintained which will include:

&nbsp;&nbsp;&nbsp;&nbsp;■ Name of the shareholder

■ Date that the request was received

■ Whether the request was for a complete or partial record of proxy votes

■ The documents provided

■ Date that the information was sent to the shareholder

A copy of the information sent to the shareholder will be retained in a chronological file, maintained by year.

**<u>Conflicts of Interest</u>**

Since Wright Fund Management will be casting "mirror votes" for all mutual fund and ETF proxies received, there will be no possibility of conflicts of interest.

**<u>Obtaining More Information</u>**

Shareholders may obtain a record of Wright Fund Management's proxy voting, free of charge, by calling (800) 729-1467.

**<u>Disclosure</u>**

In the ADV Part 2, Brochure, Wright Fund Management will provide a statement that shareholders of the Sierra Mutual Funds may request information regarding how WFM voted proxies, and that shareholders may request a copy of these policies and procedures.

**Northern Lights Fund Trust**

**PART C**

**OTHER INFORMATION**

ITEM 28.

<u>EXHIBITS</u>.

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| (a)(1) | [Agreement and Declaration of Trust dated January 19, 2005, as amended December 14, 2009, September 26, 2012 and June 25, 2019 previously filed on August 22, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,207, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003835/ex99a.htm) |
| (a)(2) | [Certificate of Trust as filed with the State of Delaware on January 19, 2005. Previously filed on February 18, 2005 to the Registrant's Registration Statement on Form N-1A, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047205000042/certificateoftrust.htm) |
| (b) | [By-Laws, effective as of January 19, 2005, as amended December 14, 2009, previously filed on March 24, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 133, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000272/bylaws121409.htm) |
| (c) | Instruments Defining Rights of Security Holders. See Article III, "Shares" and Article V "Shareholders' Voting Powers and Meetings" of the Registrant's Agreement and Declaration of Trust. See also, Article II, "Meetings of Shareholders" of the Registrant's By-Laws. |
| (d)(1) | [Investment Advisory Agreement between the Registrant, with respect to the Adaptive Allocation Fund (previously known as Critical Math Fund), and Critical Math Advisors LLC, previously filed on January 30, 2006 to the Registrant's Registration Statement in Post-Effective Amendment No. 8, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047206000027/iaagreement.htm) |
| (d)(2) | [Investment Advisory Agreement between the Registrant, with respect to The Biondo Growth Fund, and Biondo Investment Advisors, LLC, previously filed on April 24, 2006 to the Registrant's Registration Statement in Post-Effective Amendment No. 11, and hereby incorporated by reference. Amended Investment Advisory Agreement to include The Biondo Focus Fund previously filed on January 14, 2010 to the Registrant's Registration Statement in](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000031/biondofocusfundadvisoryagree.htm)<br>[Post-Effective Amendment No. 121, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000031/biondofocusfundadvisoryagree.htm)<br>|
| (d)(3) | [Investment Advisory Agreement between the Registrant, with respect to the Changing Parameters Fund, and Changing Parameters, LLC, previously filed on January 12, 2007 to the Registrant's Registration Statement in Post-Effective Amendment No. 16, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000023/exd11changingparametersadvis.htm) |
| (d)(4) | [Investment Advisory Agreement between the Registrant, with respect to the Pacific Financial Core Equity Fund, the Pacific Financial Explorer Fund, the Pacific Financial International Fund, the Pacific Financial Strategic Conservative Fund and the Pacific Financial Tactical Fund, and The Pacific Financial Group, LLC, previously filed on May 10, 2007 to the Registrant's Registration Statement in Post-Effective Amendment No. 21, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000206/pfgadvisoryagreement.htm) |
| (d)(5) | [Investment Advisory Agreement between the Registrant, with respect to Sierra Core Retirement Fund and Wright Fund Management, LLC, previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd5.htm) |
| (d)(6) | [Investment Advisory Agreement between the Registrant, with respect to EAS Crow Point Alternatives Fund and Crow Point Partners, LLC, previously filed on October 27, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 883, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011715/ex99d.htm) |

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|:---|:---|
| (d)(7) | [Investment Advisory Agreement between the Registrant, with respect to KCM Macro Trends Fund and Kerns Capital Management, Inc., previously filed on October 11, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 542, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004270/exd7advisoryagreement.htm) |
| (d)(8) | [Investment Advisory Agreement between the Registrant, with respect to the Wade Tactical L/S Fund and Wade Financial Group, previously filed on November 28, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 436, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047212003507/wadeadvisoryagreement.htm) |
| (d)(9) | [Investment Advisory Agreement between the Registrant, with respect to the Toews Hedged Core Frontier Fund and Toews Corporation previously filed on May 14, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 87, and hereby incorporated by reference. Amended Investment Advisory Agreement to include Toews Hedged Core W Fund, Toews Hedged High Yield Bond Fund, Toews Hedged Core L Fund and Toews Hedged Core S Fund previously filed on June 4, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 156, and hereby incorporated by reference. Amended Investment Advisory to include Toews Hedged Growth Allocation, Toews Unconstrained Income Fund and Toews Hedged Commodities Fund previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/advisoryagreement.htm) |
| (d)(10) | [Investment Advisory Agreement between the Registrant, with respect to the Leader Short Term Bond Fund and Leader Capital Corp., previously filed on October 20, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated by reference. Amended Investment Advisory Agreement to include Leader Total Return Fund previously filed on June 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 162, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000751/leaderadvisoryagreement.htm) |
| (d)(11) | [Investment Advisory Agreement between Montebello Partners, LLC and the Registrant, with respect to the GMG Defensive Beta Fund previously filed on July 27, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 728, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003137/exd11.htm) |
| (d)(12) | [Investment Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to the BTS Bond Asset Allocation Fund previously filed on July 21, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 94, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000542/btsadvisoryagreement.htm) |
| (d)(13) | [Investment Advisory Agreement between Astor Investment Management, LLC and the Registrant, with respect to the Astor Long/Short ETF Fund, the Astor S.T.A.R. ETF Fund and the Astor Active Income ETF Fund, previously filed on March 9, 2015 to the Registrant's Registration Declaration in Post-Effective Amendment No. 694, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001140/exd13.htm) |
| (d)(14) | [Investment Advisory Agreement between Equinox Fund Management, LLC and the Registrant, with respect to Equinox MutualHedge Futures Strategy Fund previously filed on January 22, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 122, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000041/mhfundsrevisedadvisoryagreem.htm) |
| (d)(15) | [Investment Advisory Agreement between Investment Partners Asset Management, Inc. and the Registrant, with respect to Investment Partners Opportunities Fund previously filed on October 30, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 111, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000924/ipadvisoryagreement.htm) |
| (d)(16) | [Amendment to the Investment Advisory Agreement between Princeton Fund Advisors, LLC and the Registrant, with respect to Princeton Futures Strategy Fund, filed previously filed on July 28, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 847, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009903/ex99d16.htm) |

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|:---|:---|
| (d)(17) | [Sub-Advisory Agreement between Princeton Fund Advisors, LLC and 6800 Capital, LLC, with respect to the Princeton Futures Strategy Fund previously filed on May 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215002419/exd17.htm) |
| (d)(18) | [Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Congress Asset Management Company, LLP, with respect to the Princeton Futures Strategy Fund previously filed on October 9, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004227/exd21subadvisoryagreement.htm) |
| (d)(19) | [Investment Advisory Agreement between Chadwick & D'Amato, LLC and the Registrant, with respect to Chadwick & D'Amato Fund previously filed on June 10, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 157, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000592/chadwickadvisoryagreement520.htm) |
| (d)(20) | [Investment Advisory Agreement between 13D Management, LLC and the Registrant, with respect to 13D Activist Fund previously filed on December 29, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 345, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002819/f13dadvisoryagreement.htm) |
| (d)(21) | [Investment Advisory Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to Altegris Managed Futures Strategy Fund, Altegris Macro Strategy Fund, Altegris Futures Evolution Fund, Altegris Equity Long Short Fund, Altegris Fixed Income Long Short Fund, Altegris Multi-Strategy Alternatives Fund and Altegris GSA Trend Strategy Fund previously filed on April 19, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 960, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002453/ex99d.htm) |
| (d)(22) | [Investment Advisory Agreement between W.E. Donoghue & Co., Inc. and the Registrant, with respect to Power Income Fund previously filed on August 27, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 170, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000852/powerincomeadvisoryagreement.htm) |
| (d)(23) | [Investment Advisory Agreement between Portfolio Strategies, Inc. and the Registrant, with respect to PSI Market Neutral Fund, PSI Total Return Fund, PSI Strategic Growth Fund and PSI Tactical Growth Fund previously filed on August 27, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 170, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000852/portfoliostrategiesadvisorya.htm) |
| (d)(24) | [Investment Advisory Agreement between CWC Advisors, LLC and the Registrant, with respect to CWC Small Cap Aggressive Value Fund previously filed on November 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 186, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210001247/cwcadvisoryagreement.htm) |
| (d)(25) | [Investment Advisory Agreement between Traub Capital Management, LLC and the Registrant, with respect to The FX Strategy Fund previously filed on January 20, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 201, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000076/fxstrategyadvisoryagreement.htm) |
| (d)(26) | [Investment Advisory Agreement between TransWestern Capital Advisors, LLC and the Registrant, with respect to TransWestern Institutional Short Duration Government Bond Fund previously filed on December 2, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 187, and hereby incorporated by reference. Amendment to the Investment Advisory Agreement between TransWestern Capital Advisors, LLC, and the Registrant, with respect to TransWestern Institutional Short Duration Government Bond Fund previously filed on April 25, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 601, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210001255/bbwadvisoryagreement.htm) |
| (d)(27) | [Investment Sub-Advisory Agreement between TransWestern Capital Advisors, LLC and Loomis, Sayles & Company, L.P., with respect to TransWestern Institutional Short Duration Government Bond Fund previously filed on December 2, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 187, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210001255/bbwsubadvisoryagreement.htm) |

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|:---|:---|
| (d)(28) | [Investment Advisory Agreement between Logan Circle Partners, L.P., and the Registrant, with respect to Fortress Long/Short Credit Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd28.htm) |
| (d)(29) | [Investment Advisory Agreement between Beech Hill Advisors, Inc., and the Registrant, with respect to Beech Hill Total Return Fund previously filed on January 5, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 196, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000008/beechhilladvisoryagreement.htm) |
| (d)(30) | [Investment Advisory Agreement between Clark Capital Management Group, Inc., and the Registrant, with respect to Navigator Equity Hedged Fund previously filed on November 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 186, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210001247/navigatoradvisoryagreement.htm) |
| (d)(31) | [Investment Advisory Agreement between Knollwood Investment Advisors, LLC, and the Registrant, with respect to Grant Park Managed Futures Strategy Fund previously filed on March 1, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 226, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000291/grantparkadvisoryagreement.htm) |
| (d)(32) | [Transfer and Assumption Agreement between Knollwood Investment Advisors, LLC, and Dearborn Capital Management, L.L.C., with respect to the Investment Advisory Agreement specific as to the Grant Park Managed Futures Strategy Fund previously filed on May 31, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 491, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213002270/assumption_agreement.htm) |
| (d)(33) | [Investment Advisory Agreement between Risk Paradigm Group, LLC, and the Registrant, with respect to Diversified Risk Parity Fund previously filed on April 21, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 240, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000574/diversifiedadvisoryagreement.htm) |
| (d)(34) | [Investment Advisory Agreement between Genesis Capital LLC, and the Registrant, with respect to Granite Harbor Alternative Fund and Granite Harbor Tactical Fund previously filed on April 21, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 240, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000574/scaadvisoryagreement.htm) |
| (d)(35) | [Investment Advisory Agreement between Zeo Capital Advisors, LLC and the Registrant, with respect to Zeo Short Duration Income Fund previously filed on May 27, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 261, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000817/zeoadvisoryagreementv2.htm) [First Amendment to Investment Advisory Agreement between Zeo Capital Advisors, LLC and the Registrant, with respect to Zeo Short Duration Income Fund previously filed on July 26, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003357/ex99d35.htm) |
| (d)(36) | [Investment Advisory Agreement between Giralda Advisors, LLC, and the Registrant, with respect to The Giralda Fund previously filed on May 4, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 245, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000630/brintoneatonadvisoryagreemen.htm) |
| (d)(37) | [Investment Advisory Agreement between Van Hulzen Asset Management, LLC and the Registrant, with respect to Iron Horse Fund previously filed on March 3, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 595, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000921/ironhorseadvisoryagreement.htm) |
| (d)(38) | [Investment Advisory Agreement between Makefield Capital Management, LLC and the Registrant, with respect to Makefield Managed Futures Strategy Fund, previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/exd42makefieldadvisoryagree.htm) |

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| (d)(39) | [Investment Advisory Agreement between Ascendant Advisors, LLC and the Registrant, with respect to Ascendant Balanced Fund, Ascendant Natural Resources Fund, Ascendant Deep Values Convertible Fund and Patriot Fund previously filed on January 27, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 580, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000229/ascendentadvisoryagreement.htm) |
| (d)(40) | [Investment Advisory Agreement between Winch Advisory Services, LLC and the Registrant, with respect to Ginkgo Multi-Strategy Fund previously filed on July 19, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 282, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211001205/ginkgoadvisoryagreement.htm) |
| (d)(41) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Doubleline Capital LP, with respect to Altegris Futures Evolution Strategy Fund previously filed on October 19, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 318, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002085/altegrissubadv.htm) |
| (d)(42) | [Investment Advisory Agreement between Risk Paradigm Group, LLC and the Registrant, with respect to RPG Emerging Market Sector Rotation Fund previously filed on November 28, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 337, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002383/rpgadvisoryagreement.htm) |
| (d)(43) | [Investment Sub-Advisory Agreement between Risk Paradigm Group, LLC and F-Squared Institutional Advisors, LLC, with respect to RPG Emerging Market Sector Rotation Fund previously filed on October 9, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 540, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004227/exd48subadvisoryagmt.htm) |
| (d)(44) | [Investment Advisory Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Tactical Futures Strategy Fund previously filed on March 12, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 363, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047212000731/ex99_d110.htm) |
| (d)(45) | [Investment Sub-Advisory Agreement between CMG Capital Management Group, Inc. and Scotia Partners, LLC, with respect to the CMG Tactical Futures Strategy Fund previously filed on March 12, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 363, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047212000731/ex99_d111.htm) |
| (d)(46) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Harvest Capital Strategies, LLC, with respect to the Altegris Equity Long Short Fund previously filed on October 15, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 543, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004282/exd52.htm) |
| (d)(47) | [Investment Advisory Agreement between Wright Fund Management, LLC and the Registrant, with respect to the Sierra Tactical Core Income Fund previously filed on December 21, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 343, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002702/advisoryagreement.htm) |
| (d)(48) | [Investment Advisory Agreement between Princeton Fund Advisors, LLC, Eagle Global Advisors, LLC and the Registrant, with respect to the Eagle MLP Strategy Fund previously filed on October 15, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 543, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004282/exd55.htm) |
| (d)(49) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Visium Asset Management LP, with respect to the Altegris Equity Long Short Fund previously filed on October 15, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 543, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004282/exd56.htm) |
| (d)(50) | [Investment Advisory Agreement between Princeton Fund Advisors, LLC and the Registrant, with respect to the Sandalwood Opportunity Fund previously filed on October 15, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 543, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004282/exd57.htm) |

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| (d)(51) | [Investment Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Sandalwood Securities, Inc., with respect to the Sandalwood Opportunity Fund previously filed on October 15, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 543, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004282/exd58.htm) |
| (d)(52) | [Investment Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Deer Park Road Management, LP, with respect to the Sandalwood Opportunity Fund previously filed on January 13, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 658, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000195/ex99d54.htm) |
| (d)(53) | [Investment Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Acuity Capital Management, LLC, with respect to the Sandalwood Opportunity Fund previously filed on November 20, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 561, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004803/exdsubadvisoryagreement.htm) |
| (d)(54) | [Investment Sub-Advisory Agreement between Princeton Fund Advisors, LLC and MidOcean Credit Fund Management, L.P., with respect to the Sandalwood Opportunity Fund previously filed on April 7, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001581/midoceansubadvisoryagreement.htm) |
| (d)(55) | [Interim Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Whippoorwill Capital Management LP, with respect to the Sandalwood Opportunity Fund previously filed on July 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 729, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003154/ex99d55.htm) |
| (d)(56) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and RockView Management, LLC, with respect to the Altegris Fixed Income Long Short Fund previously filed on December 17, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 570, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005339/rockviewaltegrissubadvisorya.htm) |
| (d)(57) | [Investment Advisory Agreement between The Pacific Financial Group, LLC and the Registrant, with respect to the Pacific Financial Alternative Strategies Fund, Pacific Financial Flexible Growth & Income Fund, Pacific Financial Balanced Fund, Pacific Financial Foundational Asset Allocation Fund, Pacific Financial Faith & Values Based Moderate Fund, Pacific Financial Faith & Values Based Conservative Fund and Pacific Financial Faith & Values Based Diversified Growth Fund previously filed on December 17, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 570, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005339/pacific7newadvisory.htm) |
| (d)(58) | [Investment Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to the BTS Hedged Income Fund previously filed on February 12, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 459, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213000474/exhibitd128.htm) |
| (d)(59) | [Investment Advisory Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Global Equity Fund and CMG Managed High Yield Fund previously filed on May 1, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 485, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213001660/exd129advisoryagree.htm) |
| (d)(60) | [Investment Sub-Advisory Agreement between CMG Capital Management Group, Inc. and Alpha Simplex Group, LLC, with respect to the CMG Global Equity Fund previously filed on October 29, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 648, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214004773/ex99d62.htm) |
| (d)(61) | [Investment Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to the BTS Tactical Fixed Income Fund previously filed on December 17, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 570, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005339/btsadvisoryagreement.htm) |

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| (d)(62) | [Assignment and Consent between the Registrant, Emerald Asset Advisors, LLC and Crow Point Partners, LLC previously filed on March 7, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 469, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213000893/exd132.htm) |
| (d)(63) | [Advisory Fee Waiver between Traub Capital Management, LLC. and the Registrant, with respect to The FX Strategy Fund previously filed on April 30, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 480, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213001605/exd135advfeewaiver.htm) |
| (d)(64) | [Investment Advisory Agreement between Giralda Advisors, LLC and the Registrant, with respect to The Giralda Fund previously filed on May 30, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 488, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213002234/finalgiraldaadvisoryagreemen.htm) |
| (d)(65) | [Investment Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator Duration Neutral Bond Fund previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/exd71navigatoradvisoryagree.htm) |
| (d)(66) | [Investment Sub-Advisory Agreement between Clark Capital Management Group, Inc. and Main Point Advisors, Inc., with respect to the Navigator Duration Neutral Bond Fund previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/exd72mainpointsubadvisoryagr.htm) |
| (d)(67) | [Interim Investment Advisory Agreement between Probabilities Fund Management, LLC and Registrant with respect to the Probabilities Fund previously filed on December 31, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215006091/ex99d112.htm) |
| (d)(68) | [Investment Advisory Agreement between W.E. Donoghue & Co., Inc. and the Registrant, with respect to the Power Dividend Index Fund previously filed on October 11, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 542, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004270/exd76advisoryagreement.htm) |
| (d)(69) | [Advisory Fee Waiver Agreement between Van Hulzen Asset Management, LLC and the Registrant, with respect to Iron Horse Fund previously filed on July 25, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 507, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213002853/exd141advfeewaiverletter.htm) |
| (d)(70) | [Investment Advisory Agreement between Portfolio Strategies, Inc. and the Registrant, with respect to the PSI Calendar Effects Fund previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/exd76psiadvisoryagree.htm) |
| (d)(71) | [Investment Advisory Agreement between Dearborn Capital Management L.L.C. and the Registrant, with respect to the Grant Park Multi-Alternative Strategy Fund previously filed on December 17, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 570, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005339/grantparkadvisoryagreement.htm) |
| (d)(72) | [Investment Advisory Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to the Altegris/AACA Real Estate Long Short previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/exd80altegrisadvisoryagmt.htm) |
| (d)(73) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and American Assets Investment Management, LLC, with respect to Altegris/AACA Real Estate Long Short Fund previously filed on March 3, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 595, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000921/aacaaltegrissubadvisoryagree.htm) |
| (d)(74) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and J.P. Morgan Investment Management, Inc., with respect to Altegris Macro Strategy Fund and Altegris Managed Futures Strategy Fund previously filed on October 28, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 551, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004418/exd.htm) |

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| (d)(75) | [Investment Advisory Agreement between Genesis Capital, LLC, with respect to Anchor Alternative Income Fund previously filed on January 24, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 578, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000216/advisoryagreement.htm) |
| (d)(76) | [Investment Sub-Advisory Agreement between Genesis Capital, LLC and Anchor Capital Management, Group, Inc., with respect to Anchor Alternative Income Fund previously filed on January 24, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 578, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000216/subadvisoryagreemenrt.htm) |
| (d)(77) | [Investment Advisory Agreement between Giralda Advisors, LLC and the Registrant, with respect to the Giralda Risk-Managed Growth Fund previously filed on February 24, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 593, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000670/exdadvisoryagreement.htm) |
| (d)(78) | [Investment Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to the Navigator Sentry Managed Volatility Fund previously filed on February 3, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 591, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000361/exdadvisoryagreement.htm) |
| (d)(79) | [Investment Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to the Navigator Tactical Fixed Income Fund previously filed on July 11, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 614, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214002989/ex_d86.htm) [Fifth Amendment to Investment Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator Tactical Fixed Income Fund previously filed on August 9, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1205, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003614/ex99d79.htm) |
| (d)(80) | [Investment Advisory Agreement between Astor Investment Management, LLC and the Registrant, with respect to the Astor Macro Alternative Fund previously filed on April 15, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001690/exd81.htm) |
| (d)(81) | [Investment Sub-Advisory Agreement between Dearborn Capital Management and EMC Capital Management, with respect to Grant Park Multi-Alternative Strategies Fund previously filed on July 28, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 617, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214003148/subadvisoryagreement.htm) |
| (d)(82) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Chilton Investment Company, with respect to the Altegris Equity Long Short Fund previously filed on August 22, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 625, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214003535/ex99dsubadvisoryagmt.htm) |
| (d)(83) | [Investment Advisory Agreement between the Registrant and Leader Capital Corp., with respect to Leader Global Bond Fund previously filed on July 27, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 728, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003137/exd84.htm) |
| (d)(84) | [Investment Advisory Agreement between the Registrant and Genesis Capital LLC, with respect to Anchor Tactical Municipal Fund previously filed on April 15, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001690/exd85.htm) |
| (d)(85) | [Investment Sub-Advisory Agreement between Genesis Capital LLC and Anchor Capital Management Group, Inc., with respect to the Anchor Tactical Municipal Fund previously filed on May 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215002419/exd86.htm) |

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| (d)(86) | [Investment Advisory Agreement between the Registrant and Princeton Fund Advisors, LLC with respect to the Athena Behavioral Tactical Fund previously filed on May 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215002419/exd87.htm) |
| (d)(87) | [Investment Sub-Advisory Agreement between Princeton Fund Advisors, LLC and AthenaInvest Advisors LLC, with respect to the Athena Behavioral Tactical Fund previously filed on October 12, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 881, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011515/ex99d.htm) |
| (d)(88) | [Amendment to the Investment Advisory Agreement between CMG Capital Management Group, Inc., and Registrant with respect to the CMG Tactical Bond Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/0001580642-15-000315-index.htm) |
| (d)(89) | [Amendment to the Investment Advisory Agreement between CMG Capital Management Group, Inc., and Registrant with respect to the CMG Global Equity Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd90.htm) |
| (d)(90) | [Amendment to the Investment Advisory Agreement between BTS Asset Management, Inc. and Registrant with respect to the BTS Hedged Income Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd91.htm) |
| (d)(91) | [Amendment to the Investment Advisory Agreement between Ascendant Advisors, LLC, and Registrant with respect to the Ascendant Deep Value Convertibles Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd92.htm) |
| (d)(92) | [Amendment to the Investment Advisory Agreement between Genesis Capital LLC, and Registrant with respect to the Granite Harbor Alternative Fund and Granite Harbor Tactical Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd93.htm) |
| (d)(93) | [Amendment to the Investment Advisory Agreement between W.E. Donoghue & Co. Inc., and Registrant with respect to the Power Income Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd94.htm) |
| (d)(94) | [Amendment to the Investment Advisory Agreement between Clark Capital Management Group, Inc. and Registrant with respect to the Navigator Duration Neutral Bond Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exd95.htm) |
| (d)(95) | [Amendment to the Investment Advisory Agreement between BTS Asset Management, Inc. and Registrant with respect to the BTS Tactical Fixed Income Fund previously filed on March 9, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 693, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001140/exd96.htm) |
| (d)(96) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and MAST Capital Management, LLC, with respect to the Altegris Fixed Income Long Short Fund previously filed on April 15, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001690/exd99.htm) |
| (d)(97) | [Investment Advisory Agreement between Ladenburg Thalmann Asset Management, Inc. and Registrant with respect to the Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Income & Growth Fund and Ladenburg Income Fund previously filed on September 1, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No, 749, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215004030/exd.htm) |

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| (d)(98) | [Investment Advisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park Total Return Credit Fund previously filed on September 8, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 750, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215004130/exd99.htm) |
| (d)(99) | [Investment Advisory Agreement between Dearborn Capital Management, LLC and Registrant with respect to Grant Park Absolute Return Fund and Grant Park Fixed Income Fund previously filed on April 30, 2015 to the Registrant's Registration Statement and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001934/exd1.htm) |
| (d)(100) | [Investment Sub-Advisory Agreement between Dearborn Capital Management, LLC and Revolution Capital Management, LLC previously filed on August 7, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 734, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003368/exd101.htm) |
| (d)(101) | [Investment Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Deer Park Road Management Company, LP, with respect to Deer Park Total Return Credit Fund previously filed on October 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 762, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215004773/ex99d.htm) |
| (d)(102) | [Investment Sub-Advisory Agreement between Dearborn Capital Management, LLC and Middleton Dickinson Capital Management, LLC, with respect to Grant Park Fixed Income Fund previously filed on July 31, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 737, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003219/exd104.htm) |
| (d)(103) | [Advisory Fee Waiver Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Fixed Income Fund previously filed on January 25, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 923, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217000391/ex99d103.htm) |
| (d)(104) | [Investment Advisory Agreement between Altegris Advisors, L.L.C. and Registrant with respect to AFES Fund Limited, previously filed on October 27, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 768, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215004833/exd105.htm) |
| (d)(105) | [Investment Advisory Agreement between Altegris Advisors, L.L.C. and Registrant with respect to AGMS Fund Limited, previously filed on October 27, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 768, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215004833/exd106.htm) |
| (d)(106) | [Investment Advisory Agreement between Altegris Advisors, L.L.C. and Registrant with respect to AMFS Fund Limited, previously filed on October 27, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 768, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215004833/exd107.htm) |
| (d) (107) | [Amendment to the Investment Advisory Agreement between Dearborn Capital Management, Inc. and Registrant with respect to the Grant Park Managed Futures Strategy previously filed on December 31, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215006091/exd108.htm) |
| (d) (108) | [Amendment to the Investment Advisory Agreement between The Pacific Financial Group, LLC and Registrant with respect to the Pacific Financial Strategic Conservative Fund previously filed on December 31, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215006091/exd109.htm) |
| (d) (109) | [Amendment to the Investment Advisory Agreement between Genesis Capital, LLC and Registrant with respect to the Armor Alternative Fund previously filed on December 31, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215006091/ex99d110.htm) |

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|:---|:---|
| (d) (110) | [Amendment to the Investment Advisory Agreement between Giralda Advisors, LLC and Registrant with respect to the Giralda Risk Managed Fund previously filed on December 31, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215006091/exd111.htm) |
| (d) (111) | [Amendment to the Investment Advisory Agreement between Clark Capital Management Group, Inc. and Registrant with respect to the Navigator Duration Neutral Bond Fund previously filed on January 28, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 791, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006398/advisoryagree.htm) |
| (d) (112) | [Investment Advisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to Princeton Premium Fund previously filed on November 2, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 887, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011818/ex99d112.htm) |
| (d)(113) | [Investment Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Horse Cove Partners, LLC, with respect to Princeton Premium Fund previously filed on November 2, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 887, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011818/ex99d113.htm) |
| (d)(114) | [Investment Advisory Agreement between W.E Donoghue & Co. Inc., and Power Momentum Index Fund previously filed on May 26, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 833, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008940/ex99d.htm) |
| (d)(115) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Convector Capital Management, LP with respect to the Altegris Equity Long Short Fund previously filed on April 29, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 821, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008419/ex99d115.htm) |
| (d)(116) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Cramer Rosenthal McGlynn LLC with respect to the Altegris Equity Long Short Fund previously filed on June 6, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 836, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009214/ex99d116crmategrissub.htm) |
| (d) (117) | [Interim Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Shelton Capital Management, with respect to the Sandalwood Opportunity Fund previously filed on July 28, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 847, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009903/ex99d118.htm) |
| (d)(118) | [Investment Advisory Agreement between Altegris Advisors, L.L.C., and Altegris GSA Trend Strategy Fund previously filed on January 25, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 923, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217000391/ex99d118.htm) |
| (d)(119) | [Investment Advisory Agreement between Princeton Fund Advisors, LLC, and Princeton Long/Short Treasury Fund previously filed on March 10, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 953, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217001644/ex99d119.htm) |
| (d)(120) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Centurion Investment Management, LLC with respect to the Altegris Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d120.htm) |
| (d)(121) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and GSA Capital Partners LLP with respect to the Altegris Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d121.htm) |
| (d)(122)<br>| [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and QMS Capital Management, LP with respect to the Altegris Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d122.htm) |

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|:---|:---|
| (d)(123)<br>| [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Three Rock Capital Management, Limited with respect to the Altegris Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d123.htm) |
| (d)(124) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Millburn Corporation with respect to the Altegris Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d124.htm) |
| (d)(125)<br>| [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and GSA Capital Partners LLP with respect to the Altegris GSA Trend Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d125.htm) |
| (d)(126) | [Investment Advisory Agreement between AlphaCore Capital, and the Registrant with respect to the AlphaCore Absolute Fund previously filed on December 30, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 913, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216012990/ex99d126.htm) |
| (d)(127) | [Investment Advisory Agreement between Leader Capital Corporation, and Leader Floating Rate Fund previously filed on January 3, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 915, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217000018/ex99d.htm) |
| (d)(128)<br>| [Investment Sub-Advisory Agreement between Ascendant Advisors, LLC and AssetOne, LLC with respect to the Ascendant Tactical Yield Fund previously filed on January 25, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 924, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217000395/ex99d.htm) |
| (d)(129) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Crabel Capital Management, LLC with respect to the Altegris Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 965, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d129.htm) |
| (d)(130) | [Investment Sub-Advisory Agreement between Altegris Advisors, L.L.C. and PhaseCapital LP with respect to the Altegris Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 965, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d130.htm) |
| (d)(131) | [Investment Sub-Advisory Agreement between CMG Capital Management Group, Inc. and Mauldin Solutions, LLC with respect to the CMG Mauldin Solutions Core Fund previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 965, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99d131.htm) |
| (d)(132) | [Investment Advisory Agreement between AlphaCore Capital, LLC and AlphaCore Statistical Arbitrage Fund previously filed on August 9, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 984, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217004310/ex99d.htm) |
| (d)(133) | [Investment Advisory Agreement between W.E. Donoghue & Co., LLC, Power Floating Rate Index Fund and Power Dividend Mid-Cap Index Fund previously filed on October 30, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,019, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217005778/ex99d.htm) |
| (d)(134) | [Investment Advisory Agreement between The Pacific Financial Group, LLC and RiskPro® Alternative 0-15 Fund, RiskPro® Dynamic 20-30 Fund, RiskPro® Tactical 0-30 Fund, RiskPro® Alternative 0-15 Fund, RiskPro® Dynamic 0-10 Fund, RiskPro® Dynamic 15-25 Fund, RiskPro® PFG Balanced 20-30 Fund, RiskPro® PFG Aggressive 30+ Fund, RiskPro® PFG Equity 30+ Fund, RiskPro® PFG Global 30+ Fund, RiskPro® PFG 30+ Fund, RiskPro® 30+ Fund and RiskPro® Aggressive 30+ Fund previously filed on September 15, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,008, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217005134/ex99d.htm) |

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| (d)(135) | [Investment Advisory Agreement between Toews Corporation and Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity ETF previously filed on August 10, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,109, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003832/ex99d.htm) |
| (d)(136) | [Investment Advisory Agreement between W.E Donoghue & Co., LLC and Power Global Tactical Allocation/JAFlorines Fund previously filed on June 29, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,099, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003175/ex99d.htm)[Amendment to Investment Advisory Agreement between W.E Donoghue & Co., LLC and Power Global Tactical Allocation/JAFlorines Fund previously filed on October 28, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,234, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219004842/ex99d136.htm) |
| (d)(137) | [Investment Advisory Agreement between BTS Asset Management, Inc. and BTS Managed Income Fund previously filed on March 5, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,072, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218001375/ex99d.htm) |
| (d)(138) | [Investment Advisory Agreement between Altegris Advisors, LLC and Altegris/AACA Opportunistic Real Estate Fund and Altegris/AACA Real Estate Income Fund previously filed on July 27, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,106, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003540/ex99d139.htm) |
| (d)(139) | [Investment Sub-Advisory Agreement between Altegris Advisors, LLC and American Assets Capital Advisers, LLC with respect to the Altegris/AACA Opportunistic Real Estate Fund previously filed on March 24, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,338, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221001368/ex99_d139.htm) |
| (d)(140) | [Investment Sub-Advisory Agreement between Altegris Advisors, LLC and American Assets Capital Advisers, LLC with respect to the Altegris/AACA Real Estate Fund previously filed on July 27, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,106, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003540/ex99d141.htm) |
| (d)(141) | [Investment Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Municipal Fund is previously filed on January 28, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,158, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219000375/ex99d.htm) |
| (d)(142)<br>| [Investment Advisory Agreement between Clark Capital Management Group, LLC and Navigator Ultra Short Term Bond Fund previously filed on March 12, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,175, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219001349/ex99d.htm) |
| (d)(143) | [Investment Advisory Agreement between Zeo Capital Advisors, LLC and Zeo Sustainable Credit Fund previously filed on July 26, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003357/ex99d143.htm) |
| (d)(144) | [Investment Advisory Agreement between P/E Global LLC and The Global Rates Fund previously filed on August 9, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1203, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003614/ex99d144.htm) |
| (d)(145)<br>| [Investment Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Bond Fund previously filed on September 3, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,215, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219004092/ex99d.htm) |
| (d)(146)<br>| [Form of Investment Advisory Agreement between Princeton Fund Advisors, LLC and Princeton Adaptive Premium Fund previously filed on January 8, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,246, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220000131/ex99d146.htm) |
| (d)(147) | [Investment Advisory Agreement between The Pacific Financial Group, LLC and PFG American Funds Growth Strategy Fund, PFG American Funds Conservative Income Strategy Fund, PFG BR Equity ETF Strategy Fund, PFG Sector Equity Business Cycle Strategy Fund, PFG Equity Index focused Strategy Fund and PFG Tactical Income Strategy Fund previously filed on May 1, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,279, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220001888/ex99d.htm) |

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| (d)(148) | [Investment Advisory Agreement between Clark Capital Management Group, Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment Grade Bond Fund previously filed on April 27, 2021 to the Registrant's Registration in Post- Effective Amendment No. 1,342, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064221001867/ex99_d148.htm) |
| (d)(149) | [Investment Advisory Agreement between Wright Fund Management, LLC, Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund and Sierra Tactical Risk Spectrum 70 Fund previously filed on May 14, 2021 to the Registrant's Registration in Post- Effective Amendment No. 1,358, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221002378/ex99_d149.htm) |
| (d)(150) | [Investment Advisory Agreement between AthenaInvest Advisors LLC and Athena Behavioral Tactical Fund previously filed on March 24, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,338, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221001368/ex99_d150.htm) |
| (d)(151) | [Investment Advisory Agreement between Altegris Advisors, L.L.C. and Altegris Futures Evolution Strategy Fund and Altegris/AACA Real Estate Opportunistic Fund previously filed on March 24, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,338, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221001368/ex99_d151.htm) |
| (d)(152) | [First Amendment to Investment Advisory Agreement between Pacific Financial Group, LLC and PFG American Funds Growth Strategy Fund, PFG American Funds Conservative Income Strategy Fund, PFG BR Equity Strategy Fund, PFG Sector Equity Business Cycle Strategy Fund, PFG Equity Index Focused Strategy Fund, PFG Tactical Income Strategy Fund, PFG Fidelity Institutional AM® Bond ESG Strategy Fund, PFG Janus Henderson® Balanced Strategy Fund and PFG Invesco® Thematic ESG Strategy Fund previously filed on January 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No.1386](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000453/ex99d152.htm). |
| (d)(153) | [Investment Advisory Agreement between Altegris Advisors, LLC and Altegris Crabel Multi-Strategy Fund previously filed on December 27, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1415, and hereby incorporated by reference](http://www.sec.gov/Archives/edgar/data/1314414/000158064222006433/ex99d153.htm). |
| (d)(154) | [Investment Advisory Agreement between the Registrant and Osterweis Capital Management, LLC, Zeo Short Duration Income Fund and Zeo Sustainable Credit Fund previously filed on October 24, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1406, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222005332/ex99d154.htm) |
| (d)(155) | [Seventh Amendment to Investment Advisory Agreement between Registrant and CMG Capital Management Group with respect to CMG Mauldin Core Fund previously filed on November 1, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1408, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222005473/ex99d_155.htm) |
| (d)(156) | Second Amendment to the Investment Advisory Agreement between Donoghue Forlines LLC and Registrant previously filed on January 26, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1416, and hereby incorporated by reference.. |
| (e)(1) | [Underwriting Agreement between the Registrant and Northern Lights Distributors LLC previously filed on July 27, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 728, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003137/exe1.htm) |
| (e)(2) | [Underwriting Agreement between the Registrant and Foreside Distribution Services, LP with respect to The Leader Short-Term Bond Fund, previously filed on October 20, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000751/leaderdistributionagreementf.htm) [Amendment to Underwriting Agreement between the Registrant and Foreside Distribution Services, LP with respect to Leader Global Bond Fund, Leader Total Return Fund and Princeton Futures Strategy Fund previously filed on June 3, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 721, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215002514/ex99e.htm) |

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| (e)(3) | [Underwriting Agreement between the Registrant and ALPS Distribution, Inc. with respect to 13D Activist Fund, previously filed on April 7, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001581/distribution_agreement13d.htm) |
| (f) | Bonus or Profit Sharing Contracts - NONE |
| (g)(1) | [Custody Agreement between the Registrant and The Bank of New York Mellon, previously filed on October 3, 2007 to the Registrant's Registration Statement in Post-Effective Amendment No. 29, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000416/custodyagreement.htm) |
| (g)(2) | [Custody Agreement between the Registrant and the First National Bank of Omaha is hereby incorporated by reference to Post-Effective Amendment No. 17 to the Registrant's Registration Statement on Form N-1A, filed on March 2, 2007 and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000075/fnbocustodyagreement.htm) |
| (g)(3) | [Amended and Restated Global Custody Agreement between the Registrant and Union Bank, N.A., previously filed on November 13, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1312, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064220004197/ex99g3.htm) |
| (g)(4) | [Custody Agreement between the Registrant and Fifth Third Bank, previously filed on October 20, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000751/kcm5th3rdcustodyagreement.htm) |
| (g)(5) | [Custody Agreement between the Registrant and JPMorgan Chase Bank, N.A. previously filed on August 29, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 302, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211001609/jpmorgandomesticcustodyagree.htm) |
| (g)(6) | [Custody Agreement between the Registrant and U.S. Bank National Association previously filed on April 17, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1268, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220001652/ex99g6.htm) |
| (h)(1)<br>| [Fund Services Agreement between the Registrant and Gemini Fund Services, LLC, dated June 22, 2011, previously filed on September 27, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 535, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004053/exh36servicesagreement.htm) |
| (h)(2)<br>| [Amended Expense Limitation Agreement between the Registrant, with respect to the Adaptive Allocation Fund and Critical Math Advisors LLC previously filed on April 17, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1268, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220001652/ex99h2.htm) |
| (h)(3) | [Expense Limitation Agreement between the Registrant, with respect to The Biondo Growth Fund, and Biondo Investment Advisors, LLC, previously filed on April 29, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 605, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001858/biondooela2.htm) |
| (h)(4) | [Expense Limitation Agreement between the Registrant, with respect to the Pacific Financial Faith & Values Based Moderate Fund was previously filed on August 26, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 628, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214003627/exh4.htm) |
| (h)(5) | [Revised Expense Limitation Agreement between the Registrant, with respect to Sierra Core Retirement Fund and Wright Fund Management, LLC previously filed on March 9, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 694, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001140/exh5.htm) |
| (h)(6) | [Custody Administration Agreement between Registrant and the Administrator, with respect to certain Funds of the Trust that use First National Bank of Omaha as Custodian, is hereby incorporated by reference to Post-Effective Amendment No. 17 to the Registrant's Registration Statement on Form N-1A, filed on March 2, 2007 and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000075/fnbocustodyagreement.htm) |

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| (h)(7) | [Expense Limitation Agreement between the Registrant, with respect to KCM Macro Trends Fund and Kerns Capital Management, Inc., previously filed on April 18, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 41, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000239/kcmexpenselimitationagreemen.htm) |
| (h)(8) | [Expense Limitation Agreement between the Registrant, with respect to the Wade Tactical Long/Short Fund and Wade Financial Group previously filed on August 21, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 58, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000556/wadeexpenselimitationagreeme.htm) |
| (h)(9) | [Revised Expense Limitation Agreement between Toews Corporation and Toews Tactical Oceana Fund, Toews Tactical Income Fund, Toews Tactical Monument Fund, Toews Tactical Opportunity Fund, Toews Tactical Growth Allocation Fund, Toews Tactical Defensive Alpha Fund, Toews Unconstrained Income Fund previously filed on October 23, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1309, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064220003811/ex99h9.htm) |
| (h)(10) | [Expense Limitation Agreement between the Registrant, with respect to Leader Short-Term Bond Fund and Leader Capital Corp., previously filed on October 20, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000751/leaderexpenselimitationagree.htm) |
| (h)(11)<br>| [Expense Limitation Agreement between the Registrant, with respect to the CMG Absolute Return Strategies Fund and CMG Capital Management Group, Inc. previously filed on March 9, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 80, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000169/cmgexpenselimitationagreemen.htm) [Expense Limitation Agreement between the Registrant, with respect to the CMG SR Tactical Bond Fund and CMG Capital Management Group, Inc. as last updated on June 17, 2013 previously filed on June 17, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 496, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213002472/expenselimitationagreement.htm) |
| (h)(12) | [Expense Limitation Agreement between the Registrant, with respect to the GMG Defensive Beta Fund and Montebello Partners, LLC previously filed on July 27, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 728, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003137/exh12.htm) |
| (h)(13) | [Revised Expense Limitation Agreement between the Registrant, with respect to the Astor Dynamic Allocation Fund and Astor Sector Allocation Fund, and Astor Investment Management, LLC previously filed on March 10, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 953, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217001644/ex99h13.htm) |
| (h)(14) | [Expense Limitation Agreement between the Registrant, with respect to Equinox MutualHedge Futures Strategy Fund and Equinox Fund Management, LLC previously filed on September 1, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No, 749, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215004030/exh.htm) |
| (h)(15) | [Expense Limitation Agreement between the Registrant, with respect to Investment Partners Opportunities Fund and Investment Partners Asset Management, Inc. previously filed on April 29, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 606, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001859/oela.htm) |
| (h)(16) | [Expense Limitation Agreement between the Registrant, with respect to Princeton Futures Strategy Fund and Princeton Fund Advisors, LLC previously filed on June 6, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 836, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009214/ex99h16princetonoela.htm) |
| (h)(17) | [Expense Limitation Agreement between the Registrant, with respect to Leader Total Return Fund and Leader Capital Corp. previously filed on June 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 162, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000672/leaderexpenselimitationagree.htm) |

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| | |
|:---|:---|
| (h)(18) | [Expense Limitation Agreement between the Registrant and Altegris Advisors, L.L.C., with respect to Altegris Managed Futures Strategy Fund and Altegris Advisors, L.L.C. previously filed on March 9, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 811, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216007573/ex99h18oela.htm) |
| (h)(19) | [Expense Limitation Agreement between the Registrant, with respect to Power Income Fund, Power Dividend Index Fund, Power Momentum Index Fund, Power Floating Rate Index Fund, Power Dividend Mid-Cap Index Fund, Power Global Tactical Allocation/JAForlines Fund and W.E. Donoghue & Co., Inc. previously filed on October 28, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,234, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219004842/ex99h19.htm) |
| (h)(20) | [Revised Expense Limitation Agreement between the Registrant, with respect to PSI All Asset Fund, PSI Strategic Growth Fund and PSI Tactical Growth Fund previously filed on October 25, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1233, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219004811/ex99h.htm) |
| (h)(21) | [Expense Limitation Agreement between the Registrant, with respect to CWC Small Cap Aggressive Value Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh23.htm) |
| (h)(22) | [Amended Expense Limitation Agreement between the Registrant, with respect to TransWestern Institutional Short Duration Government Bond Fund previously filed on April 17, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1268, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220001652/ex99h22.htm) |
| (h)(23) | [Expense Limitation Agreement between Logan Circle Partners, L.P. and the Registrant, with respect to Fortress Long/Short Credit Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh25.htm) |
| (h)(24) | [Amended Expense Limitation Agreement between Bee previously filed on April 17, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1268, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220001652/ex99h24.htm) |
| (h)(25) | [Expense Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator Equity Hedged Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh25.htm) [Revised Expense Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator Equity Hedged Fund previously filed on April 27, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1392, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222002295/ex99h25.htm) |
| (h)(26) | [Amended Expense Limitation Agreement between Dearborn Capital Management, L.L.C. and the Registrant, with respect to Grant Park Managed Futures Strategy Fund previously filed on July 11, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 614, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214002989/ex_h30.htm) |
| (h)(27) | [Amended Expense Limitation Agreement between Dearborn Capital Management, LLC and the Registrant with respect to the Grant Park Multi-Alternative Strategies Fund previously filed on January 25, 2022 to the Registrant's Registration Statement in Post- Effective Amendment No. 1382, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000423/ex99h27.htm) |
| (h)(28) | [Expense Limitation Agreement between Genesis Capital LLC and the Registrant, with respect to Granite Harbor Alternative Fund and Granite Harbor Tactical Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh30.htm) |

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|:---|:---|
| (h)(29) | [Expense Limitation Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to Altegris Macro Strategy Fund and Altegris Equity Long Short Fund previously filed on March 9, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 811, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216007573/ex99h29oela.htm) |
| (h)(30) | [Expense Limitation Agreement between Zeo Capital Advisors, LLC and the Registrant, with respect to Zeo Short Duration Income Fund previously filed on July 26, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003357/ex99h30.htm) |
| (h)(31) | [Expense Limitation Agreement between Giralda Advisors, LLC and the Registrant, with respect to The Giralda Fund previously filed on April 15, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001690/exh31.htm) |
| (h)(32) | [Expense Limitation Agreement between Van Hulzen Asset Management, LLC and the Registrant, with respect to Iron Horse Fund previously filed on January 13, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 658, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000195/ex99h34.htm) |
| (h)(33) | [Expense Limitation Agreement between Makefield Capital Management, LLC and the Registrant, with respect to Makefield Managed Futures Strategy Fund, previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/mosaicadvisoryagreement.htm) |
| (h)(34) | [Expense Limitation Agreement between Ascendant Advisors, LLC and the Registrant, with respect to Ascendant Balanced Fund, Ascendant Natural Resources Fund, Ascendant Deep Value Convertibles Fund and Patriot Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh36.htm) |
| (h)(35) | [Expense Limitation Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to Altegris Futures Evolution Strategy Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh38.htm) |
| (h)(36)<br>| [Expense Limitation Agreement between Risk Paradigm Group, LLC and the Registrant, with respect to RPG Emerging Market Sector Rotation Fund previously filed on November 28, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 337, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002383/rpgoelas.htm) |
| (h)(37) | [Expense Limitation Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Tactical Equity Strategy Fund, CMG Global Equity Fund and CMG Managed High Yield Fund previously filed on April 30, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 607, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001875/cmgcombinedexpenselimitation.htm) |
| (h)(38) | [Expense Limitation Agreement between Wright Fund Management and the Registrant, with respect to the Tactical Core Income Fund previously filed on March 10, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 954, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217001647/ex99h38.htm) |
| (h)(39) | [Form of Revised Expense Limitation Agreement between Princeton Fund Advisors, LLC, Eagle Global Advisors, LLC and the Registrant, with respect to the Eagle MLP Strategy previously filed on July 24, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,104, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003486/ex99h.htm) |

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|:---|:---|
| (h)(40) | [Expense Limitation Agreement between Princeton Fund Advisors, LLC, and the Registrant with respect to the Sandalwood Opportunity Fund previously filed on January 28, 2014 to the Registrant's Registration Statement in Amendment No. 586, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000253/sandalwoodexpenselimitationa.htm) |
| (h)(41) | [Expense Limitation Agreement between Altegris Advisors, L.L.C., and the Registrant with respect to the Altegris Fixed Income Long Short Fund and Altegris Multi-Strategy Alternative Fund previously filed on April 30, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 607, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001875/altegrisfixedandmultioela.htm) |
| (h)(42) | [Expense Limitation Agreement between BTS Asset Management, Inc. and the Registrant with respect to the BTS Tactical Fixed Income Fund previously filed on April 22, 2016 to the Registrant's Registration Statement in Amendment No. 815, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008245/ex99h.htm) |
| (h)(43) | [Expense Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant with respect to the Navigator Duration Neutral Bond Fund previously filed on January 28, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 797, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006461/ex99h43.htm) |
| (h)(44) | [Interim Expense Limitation Agreement between Probabilities Fund Management, LLC and the Registrant with respect to the Probabilities Fund previously filed on January 28, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 797, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006461/ex99h44.htm) |
| (h)(45) | [Expense Limitation Agreement between Altegris Advisors, LLC and the Registrant with respect to the Altegris/AACA Real Estate Long Short Fund previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/exh63altegrioela.htm) |
| (h)(46) | [Expense Limitation Agreement between Genesis Capital, LLC and the Registrant with respect to the Anchor Alternative Income Fund previously filed on April 15, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001690/exh49.htm) |
| (h)(47) | [Expense Limitation Agreement between Giralda Advisors, LLC and the Registrant with respect to the Giralda Risk-Managed Growth Fund previously filed on April 15, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001690/exh50.htm) |
| (h)(48) | [Expense Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant with respect to the Navigator Sentry Managed Volatility Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh53.htm) |
| (h)(49) | [Expense Limitation Agreement between Astor Investment Management, LLC and the Registrant with respect to the Astor Macro Alternative Fund previously filed on October 3, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 876, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011391/ex99h.htm)<br>[Revised Expense Limitation Agreement between Astor Investment Management, LLC and the Registrant with respect to the Astor Macro Alternative Fund previously filed on November 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1410, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064222005892/ex99h_49.htm)<br>[Revised Expense Limitation Agreement between Astor Investment Management, LLC and the Registrant with respect to the Astor Macro Alternative Fund is filed herewith.](ex99h49.htm) |

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|:---|:---|
| (h)(50) | [Expense Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant with respect to the Navigator Tactical Fixed Income Fund previously filed on January 23, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215000315/exh55.htm) |
| (h)(51) | [Expense Limitation Agreement between Leader Capital Corp. and the Registrant with respect to the Leader Global Bond Fund previously filed on October 29, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 648, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214004773/ex99h57.htm) |
| (h)(52) | [Expense Limitation Agreement between Genesis Capital LLC and the Registrant with respect to the Anchor Tactical Municipal Fund previously filed on May 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215002419/exh55.htm) |
| (h)(53) | [Expense Limitation Agreement between Princeton Fund Advisors, LLC and the Registrant with respect to the Athena Behavioral Tactical Fund previously filed on May 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215002419/exh56.htm) |
| (h)(54) | [Expense Limitation Agreement between Dearborn Capital Management, LLC and the Registrant with respect to the Grant Park Absolute Return and Grant Park Fixed Income previously filed on January 25, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 923, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217000391/ex99h.htm) |
| (h)(55) | [Revised Expense Limitation Agreement between Ladenburg Thalmann Asset Management, Inc. and Registrant with respect to the Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Income & Growth Fund and Ladenburg Income Fund previously filed on October 23, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1308, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064220003802/ex99h55.htm) |
| (h)(56) | [Expense Limitation Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park Total Return Credit Fund previously filed on March 10, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 954, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217001647/ex99h56.htm) |
| (h)(57) | [Consulting Agreement between Northern Lights Compliance Services, LLC and Registrant previously filed on August 7, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 734, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003368/exh59.htm) |
| (h)(58) | [Expense Limitation Agreement between Probabilities Fund Management and Registrant with respect to the Probabilities Fund is previously filed on December 31, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215006091/ex99h58.htm) |
| (h)(59) | [Expense Limitation Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Princeton Premium Fund previously filed on January 25, 2021to the Registrant's Registration Statement in Post Effective Amendment No. 1322, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009214/ex99h59revprincetonoela.htm) |
| (h)(60) | [Expense Limitation Agreement between Altegris Advisors, LLC and Registrant with respect to the Altegris Multi-Strategy Alternative Fund is previously filed on April 29, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 821, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008419/ex99h60.htm) |
| (h)(61) | [Amended Expense Limitation Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Princeton Futures Strategy Fund previously filed on July 28, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 847, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009903/ex99h61.htm) |

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|:---|:---|
| (h)(62) | [Amendment to the Fund Services Agreement between the Registrant and Gemini Fund Services, LLC previously filed on September 27, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 873, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011219/ex99h.htm) |
| (h)(63) | [Expense Limitation Agreement between Altegris Advisors, LLC and Registrant with respect to the Altegris GSA Trend Strategy Fund previously filed on April 19, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 960, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002453/ex99h.htm) |
| (h)(64) | [Expense Limitation Agreement between Toews Corporation and Registrant with respect to the Toews Tactical Defensive Alpha Fund previously filed on October 12, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 881, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011515/ex99h.htm) |
| (h)(65) | [Expense Limitation Agreement between AlphaCore Absolute, LLC, and Registrant with respect to AlphaCore Absolute Return Fund, previously filed on October 27, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 885, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011718/ex99h.htm) |
| (h)(69) | [Expense Limitation Agreement between Princeton Fund Advisors, LLC, and Registrant with respect to Princeton Long/Short Treasury Fund, previously filed on March 10, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 953, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217001644/ex99h69.htm) |
| (h)(70)<br>| [Expense Limitation Agreement between Leader Capital Corporation, and Registrant with respect to Leader Floating Rate Fund, previously filed on January 3, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 915, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217000018/ex99h.htm) |
| (h)(71) | [Expense Limitation Agreement between AlphaCore Capital, LLC, and Registrant with respect to AlphaCore Statistical Arbitrage Fund, previously filed on August 9, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 984, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217004310/ex99h.htm) |
| (h)(72) | [Expense Limitation Agreement between W.E. Donoghue & CO., LLC, and Registrant with respect to Power Floating Rate Index Fund and Power Dividend Mid-Cap Index Fund, previously filed on October 30, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,019, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217005778/ex99h.htm) |
| (h)(73) | [Expense Limitation Agreement between Toews Corporation and Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity ETF previously filed on August 10, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,109, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003832/ex99h.htm) |
| (h)(74) | [Expense Limitation Agreement between W.E Donoghue & Co., LLC and Power Global Tactical Allocation/JAFlorines Fund previously filed on June 29, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,099, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003175/ex99h.htm) |
| (h)(75) | [Expense Limitation Agreement between BTS Asset Management, Inc. and BTS Managed Income Fund previously filed on March 5, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,072, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218001375/ex99h.htm) |
| (h)(76) | [Expense Limitation Agreement between Altegris Advisors, LLC and Altegris/AACA Real Estate Income Fund previously filed on April 3, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,177, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219001678/ex99h.htm) |
| (h)(77) | [Form of Expense Limitation Agreement between Wright Fund Management, LLC and Sierra Tactical Municipal Fund previously filed on December 26, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,145, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218006054/ex99h.htm) |

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| (h)(78) | [Expense Limitation Agreement between Clark Capital Management Group, LLC and Navigator Ultra Short Bond Fund previously filed on March 14, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,178, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219001349/ex99h.htm) [Revised Expense Limitation Agreement between Clark Capital Management Group, Inc and Registrant with respect to the Navigator Ultra Short Bond Fund previously filed on April 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1390, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222002257/ex99h78.htm) |
| (h)(79) | [Expense Limitation Agreement between Zeo Capital Advisors, LLC and Zeo Sustainable Credit Fund previously filed on July 26, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003357/ex99h79.htm) |
| (h)(80) | [Expense Limitation Agreement between P/E Global, LLC and The Global Rates Fund previously filed on August 22, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1205, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003834/ex99h.htm) |
| (h)(81)<br>| [Expense Limitation Agreement between the Registrant, with respect to The Biondo Growth Fund, and Biondo Investment Advisors, LLC previously filed on August 22, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,206, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003835/ex99h.htm) |
| (h)(82) | [Expense Limitation Agreement between Wright Fund Management, LLC and Sierra Tactical Bond Fund LLC previously filed on October 21, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,230, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219004752/ex99h82.htm) |
| (h)(83)<br>| [Form of Expense Limitation Agreement between Princeton Fund Advisors, LLC and Princeton Adaptive Premium Fund previously filed on January 8, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,246, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220000131/ex99h83.htm) |
| (h)(84) | [Second Amendment to the ETF Fund Services Agreement between the Registrant and Gemini Fund Services dated January 1, 2020 previously filed on October 26, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,310, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220003813/ex99h85.htm) |
| (h)(85) | [Third Amendment to the Fund Services Agreement between the Registrant and Gemini Fund Services dated January 1, 2020 previously filed on October 27, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,311, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064220003855/ex99h86.htm) |
| (h)(86) | [Expense Limitation Agreement between Clark Capital Management Group, Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment Grade Bond Fund previously filed on April 28, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,346, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064221000544/ex99h_87.htm) |
| (h)(87) | [Expense Limitation Agreement between Wright Fund Management, LLC and Registrant with respect to Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund, Sierra Tactical Core Income Fund and Sierra Tactical Municipal Fund previously filed on February 24, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,335, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221000776/ex99_h88.htm) |
| (h)(88) | [Expense Limitation Agreement between Wright Fund Management, LLC and Registrant with respect to Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund and Sierra Tactical Risk Spectrum 70 Fund previously filed on May 14, 2021 to the Registrant's Registration in Post- Effective Amendment No. 1,358, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221002378/ex99_h89.htm) |
| (h)(89) | [Expense Limitation Agreement between AthenaInvest Advisors LLC and Registrant with respect to Athena Behavioral Tactical Fund previously filed on March 24, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,338, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221001368/ex99_h90.htm) |

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| | |
|:---|:---|
| (h)(90) | [Fund of Funds Investment Agreement between The RBB Fund, Inc., Wright Fund Management, LLC and the Registrant with respect to Sierra Tactical All Asset Fund and Sierra Tactical Core Income Fund previously filed on June 4, 2021 to the Registrant's Registration in Post-Effective Amendment No. 1,360, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221002634/ex99h_91.htm) |
| (h)(91) | [Expense Limitation Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Mauldin Core Fund, CMG Tactical All Asset Strategy Fund and CMG Tactical Bond Fund previously filed on July 30, 2021 to the Registrant's Registration in Post-Effective Amendment No. 1,364, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221003382/ex99h.htm) |
| (h)(92) | [Fund of Funds Investment Agreement between Blackrock ETF Trust, Blackrock ETF Trust II and the Registrant previously filed on January 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1382, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000423/ex99h92.htm) |
| (h)(93) | [Fund of Funds Investment Agreement between Direxion Shares ETF Trust and the Registrant previously filed on January 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1382, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000423/ex99h93.htm) |
| (h)(94) | [Form of Fund of Funds Investment Agreement between Fidelity Merrimack Street Trust, Fidelity Covington Trust, Fidelity Commonwealth Trust and the Registrant previously filed on January 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1383, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000424/ex99h94.htm) |
| (h)(95) | [Form of Fund of Funds Investment Agreement between Direxion Funds and the Registrant previously filed on January 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1383, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000424/ex99h95.htm) |
| (h)(96) | [Fund of Funds Investment Agreement between Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Exchange-Traded Self-Indexed Fund Trust and the Registrant previously filed on January 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1383, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064222000424/ex99h96.htm)<br>|
| (h)(97) | [Fund of Funds Investment Agreement between Krane Shares Trust and the Registrant previously filed on January 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1384, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000425/ex99h97.htm) |
| (h)(98) | [Fund of Funds Investment Agreement between ProFunds and the Registrant previously filed on January 25, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1384, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000425/ex99h98.htm) |
| (h)(99) | [Fund of Funds Investment Agreement between ProShares Trust and the Registrant previously filed on January 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1385, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000449/ex99h99.htm) |
| (h)(100) | [Fund of Funds Investment Agreement between Schwab Strategic Trust and the Registrant previously filed on January 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1385, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000449/ex99h100.htm) |
| (h)(101) | [Fund of Funds Investment Agreement between The Select Sector SPDR Trust and the Registrant previously filed on January 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1385, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000449/ex99h101.htm) |
| (h)(102) | [Fund of Funds Investment Agreement between SPDR Series Trust, SPDR Index Shares Funds, SSGA Active Trust and the Registrant previously filed on January 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1386, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000453/ex99h102.htm) |
| (h)(103) | [Fund of Funds Investment Agreement between SPDR S&P 500 ETF Trust, SPDR Dow Jones Industrial Average ETF Trust and the Registrant previously filed on January 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1386, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000453/ex99h103.htm) |

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| | |
|:---|:---|
| (h)(104) | [Fund of Funds Investment Agreement between Vanguard Fund and the Registrant previously filed on January 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1386, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000453/ex99h104.htm) |
| (h)(105) | [Fund Services Agreement between Ultimus Fund Solutions, LLC and the Registrant previously filed on April 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1388, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222002254/ex99h105.htm) |
| (h)(106) | [ETF Fund Services Agreement between Ultimus Fund Solutions, LLC and Registrant previously filed on April 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1388, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222002254/ex99h106.htm) |
| (h)(107) | [Revised Expense Limitation Agreement between Probabilities Fund Management, LLC and Registrant with respect to the Probabilities Fund previously filed on April 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1389, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222002255/ex99h107.htm) |
| (h)(108) | [Expense Limitation Agreement between Clark Capital Management Group, Inc. and Registrant with respect to Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment Grade Bond Fund previously filed on April 27, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1393, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222002296/ex99h_108.htm) |
| (h)(109) | [Expense Limitation Agreement between Altegris Advisors, LLC and Altegris Crabel Multi-Strategy Fund previously filed on December 27, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1415, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222006433/ex99h109.htm) |
| (h)(110) | [Expense Limitation Agreement between Osterweis Capital Management, LLC and Zeo Short Duration Income Fund and Zeo Sustainable Credit Fund previously filed on October 25 2022 to the Registrant's Registration in Post-Effective Amendment No. 1407, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222005337/ex99h110.htm) |
| (i)(1) | [Legal Opinion previously filed on December 27, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1415, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222006433/ex99i.htm) |
| (i)(2) | [Consent of Counsel is filed herewith.](ex99i.htm) |
| (j)(1) | [Consent of Independent Auditor is filed herewith.](ex99j.htm) |
| (j)(2) | [Powers of Attorney of Anthony J. Hertl, Gary W. Lanzen, Mark Taylor, John V. Palancia, Mark D. Gersten, Mark Garbin and Kevin Wolf previously filed on June 30, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 981, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217003738/ex99j.htm) [Powers of Attorney of Andrew Rogers previously filed on September 1, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,001, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217004904/ex99j2.htm) |
| (j)(3) | [Powers of Attorney of Anthony J. Hertl, Gary W. Lanzen, Mark Taylor, John V. Palancia, Andrew Rogers, Mark Garbin and Mark D. Gersten with respect to AMA Fund Ltd. previously filed on April 17, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 599, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001687/poa.htm) |
| (k) | Omitted Financial Statements - Not Applicable. |
| (l) | Initial Capital Agreements - Not Applicable. |
| (m)(1) | [Master Distribution Shareholder Servicing Plan for Class A Shares previously filed on October 10, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 638, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214004549/ex99m.htm) |
| (m)(2) | [Master Distribution Shareholder Servicing Plan for Class A1 Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classa1masterdistributionpla.htm) |

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| | |
|:---|:---|
| (m)(3) | [Master Distribution Shareholder Servicing Plan for Class C Shares previously filed on October 10, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 638, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classcmasterdistributionplan.htm) |
| (m)(4) | [Master Distribution Shareholder Servicing Plan for Class I Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classimasterdistributionplan.htm) |
| (m)(5) | [Master Distribution Shareholder Servicing Plan for Class I1 Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classi1masterdistributionpla.htm) |
| (m)(6) | [Master Distribution Shareholder Servicing Plan for Class N Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classnmasterdistributionplan.htm) |
| (m)(7) | [Master Distribution Shareholder Servicing Plan for Class O Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classomasterdistributionplan.htm) |
| (m)(8) | [Master Distribution Shareholder Servicing Plan for Class R Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classrmasterdistributionplan.htm) |
| (m)(9) | [Master Distribution Shareholder Servicing Plan for Class R-1 Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classr1masterdistributionpla.htm) |
| (m)(10) | [Master Distribution Shareholder Servicing Plan for Class R-2 Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classr2masterdistributionpla.htm) |
| (m)(11) | [Master Distribution Shareholder Servicing Plan for Class W Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classwmasterdistributionplan.htm) |
| (m)(12) | [Master Distribution Shareholder Servicing Plan for Class Y Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/classymasterdistributionplan.htm) |
| (m)(13) | [Master Distribution Shareholder Servicing Plan for Institutional Class Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/institutionalclassmasterdist.htm) |
| (m)(14) | [Revised Master Distribution Shareholder Servicing Plan for Investor Class Shares previously filed on October 21, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,231, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219004754/ex99m.htm) |
| (m)(15) | [Master Distribution Shareholder Servicing Plan for Manager Class Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/managerclassmasterdistributi.htm) |
| (m)(16) | [Master Distribution Shareholder Servicing Plan for Non-designated Class Shares previously filed on May 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/nondesignatedclassmasterdist.htm) |
| (m)(17) | [Master Distribution Shareholder Servicing Plan for Retail Class Shares previously filed on October 4, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004172/retailclassmasterdistributio.htm) |
| (m)(18) | [Distribution Agreement between the Registrant and ALPS Distributors, Inc. with respect to The 13D Activist Fund previously filed on March 3, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 595, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000921/distribution_agreement.htm) |

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| | |
|:---|:---|
| (m)(19) | [Master Distribution Shareholder Servicing Plan for Class T Shares previously filed on May 5, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217002837/ex99m19.htm) |
| (m)(20) | [Master ETF Distribution Shareholders Servicing Plan, previously filed on August 22, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1205, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003834/ex99m.htm) |
| (n) | [Rule 18f-3 Plan to add Altegris Crabel Multi-Strategy Fund previously filed on December 27, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1415, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064222006433/ex99n.htm) |
| (n)(1) | [Revised Rule 18f-3 Plan to add Sierra Tactical Municipal Fund previously filed on December 26, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,145, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218006054/ex99n.htm) |
| (n)(2) | [Form of Revised Rule 18f-3 Plan to add PFG Fidelity Institutional AM® Bond ESG Strategy, PFG Janus Henderson® Balanced Strategy, and PFG Invesco® Thematic Equity ESG Strategy previously filed on October 6, 2021 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,375, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064221004807/ex99n_2.htm) |
| (p)(1) | [Code of Ethics of Northern Lights Distributors, LLC, previously filed on August 10, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,109, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003832/ex99p.htm) |
| (p)(2) | [Code of Ethics of Critical Math Advisors LLC, previously filed on January 30, 2006 to the Registrant's Registration Statement in Post-Effective Amendment No. 8, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047206000027/codeofethics.htm) |
| (p)(3) | [Code of Ethics of Biondo Investment Advisors, LLC, previously filed on October 27, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 882, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011706/ex99p3.htm) |
| (p)(5) | [Code of Ethics of Changing Parameters, LLC previously filed on January 12, 2007 to the Registrant's Registration Statement in Post-Effective Amendment No. 16, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000023/exp12changingparameterscodeo.htm) |
| (p)(6) | [Code of Ethics of The Pacific Financial Group, LLC previously filed on May 10, 2007 to the Registrant's Registration Statement in Post-Effective Amendment No. 21, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000206/pfgcoe.htm) |
| (p)(7) | [Code of Ethics of Wright Fund Management, LLC, previously filed on December 17, 2007 to the Registrant's Registration Statement in Post-Effective Amendment No. 35, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047207000537/wfmcodeofethics1107.htm) |
| (p)(8) | [Code of Ethics of Crow Point Partners, LLC, previously filed on January 23, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 576, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000200/exp8crowpointcoe.htm) |
| (p)(9) | [Code of Ethics of Kerns Capital Management, Inc. previously filed on October 12, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,128, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218004901/ex99p.htm) |
| (p)(10) | [Code of Ethics of Equinox Fund Management, LLC previously filed on September 25, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,126, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218004652/eiam-coe.htm) |
| (p)(11) | [Code of Ethics of Wade Financial Group, previously filed on August 21, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 58, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000556/wadecodeofethics.htm) |
| (p)(12) | [Code of Ethics of Toews Corporation previously filed on August 28, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 631, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214003782/ex_p13toewscoe.htm) |

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|:---|:---|
| (p)(13) | [Code of Ethics of Leader Capital Corp., previously filed on October 20, 2008 to the Registrant's Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000751/leadercoe.htm) |
| (p)(14) | [Code of Ethics of CMG Capital Management Group, Inc. previously filed on April 30, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 84, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000323/cmgcoe.htm) |
| (p)(15) | [Code of Ethics of Traub Capital Management, LLC previously filed on April 30, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 84, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000323/traubcodeofethics.htm) |
| (p)(16) | [Code of Ethics of Bandon Capital Management, LLC previously filed on August 28, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 631, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214003782/ex_p17bandoncoe.htm) |
| (p)(17) | [Code of Ethics of Scotia Partners, Ltd. previously filed on April 30, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 84, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000323/scotiacodeofethics.htm) |
| (p)(18) | [Code of Ethics of Summit Portfolios Advisors, LLC previously filed on June 24, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 91, and hereby incorporated by reference](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000463/spacodeofethics.htm). |
| (p)(19) | [Code of Ethics of Montebello Partners, LLC previously filed on September 14, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 104, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000740/montebellopartnerscodeofethi.htm) |
| (p)(20) | [Code of Ethics of BTS Asset Management, LLC previously filed on October 27, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 882, and hereby incorporated by reference](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011706/ex99p20.htm). |
| (p)(21) | [Code of Ethics of National Asset Management, Inc., previously filed on January 23, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 576, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000200/exp22namcodeofethics.htm) |
| (p)(22) | [Code of Ethics of Investment Partners Asset Management, Inc. previously filed on October 2, 2009 to the Registrant's Registration Statement in Post-Effective Amendment No. 107, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047209000813/ipcoe.htm) |
| (p)(23) | [Code of Ethics of Princeton Fund Advisors, LLC previously filed on April 7, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214001581/princetoncoe.htm) |
| (p)(24) | [Code of Ethics of 6800 Capital, LLC previously filed on June 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 162, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000672/coe6800.htm) |
| (p)(25) | [Code of Ethics of Congress Asset Management Company, LLP previously filed on June 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 162, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000672/coecongress.htm) |
| (p)(26) | [Code of Ethics of Chadwick & D'Amato, LLC previously filed on June 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 162, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000672/chadwickcoe.htm) |
| (p)(27) | [Code of Ethics of 13D Management, LLC previously filed on July 8, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 164, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000694/f13dcodeofethics.htm) |
| (p)(28) | [Code of Ethics of Altegris Advisors, L.L.C. previously filed on August 31, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 171, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000899/altegriscoe.htm) |
| (p)(29) | [Code of Ethics of W.E. Donoghue & Co., Inc. previously filed on October 24, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,129, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218004981/ex99p.htm) |

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| | |
|:---|:---|
| (p)(30) | [Code of Ethics of Portfolio Strategies, Inc. previously filed on August 31, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 171, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210000899/psicoe.htm) |
| (p)(31) | [Code of Ethics of CWC Advisors, LLC previously filed on March 14, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 230, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000360/cwccodeofethics.htm) |
| (p)(32) | [Code of Ethics of TransWestern Capital Advisors, LLC previously filed on October 25, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1130, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218004999/ex99p.htm) |
| (p)(33) | [Code of Ethics of Loomis, Sayles & Company, L.P., previously filed on July 2, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,100, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003203/ex99p33.htm) [Amended Code of Ethics of Loomis, Sayles & Company, L.P. previously filed on April 26, 2022 to the Registrant's Registration Statement in Post-Effective Amendment No. 1391, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222002258/ex99p33.htm) |
| (p)(34) | [Code of Ethics of Beech Hill Advisors, Inc. previously filed on November 30, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 186, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210001247/beechhillcodeofethics.htm) |
| (p)(35) | [Code of Ethics of Clark Capital Management Group, Inc. previously filed on December 2, 2010 to the Registrant's Registration Statement in Post-Effective Amendment No. 187, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047210001255/clarkcodeofethics200912.htm) |
| (p)(36) | [Code of Ethics of Dearborn Capital Management, L.L.C., previously filed on January 23, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 576, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000200/exp37dearborncoe.htm) |
| (p)(37) | [Code of Ethics of Risk Paradigm Group, LLC previously filed on March 14, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 230, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000360/riskparadigmcodeofethics.htm) |
| (p)(38) | [Code of Ethics of Genesis Capital, LLC previously filed on March 29, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 232, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000448/brintoncoe.htm) |
| (p)(39) | [Code of Ethics of CWM, LLC previously filed on May 6, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 246, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000639/codeofethicscwm.htm) |
| (p)(40) | [Code of Ethics of Zeo Capital Advisors, LLC previously filed on December 29, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 345, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002819/zeocodefromthecompliancemanu.htm) |
| (p)(41) | [Code of Ethics of Giralda Advisors, LLC previously filed on March 29, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 232, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000448/scacodeofethics.htm) |
| (p)(42) | [Code of Ethics of Van Hulzen Asset Management, LLC previously filed on May 6, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 246, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211000639/vanhulzencoe.htm) |
| (p)(43) | [Code of Ethics of Ascendant Advisors, LLC previously filed on August 28, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 631, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214003782/ex_p44ascendantcoe.htm) |
| (p)(44) | [Code of Ethics of Winch Advisory Services, LLC previously filed on December 29, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 345, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002819/winchcodeinwordformat.htm) |
| (p)(45) | [Code of Ethics of Absolute Private Wealth Management, LLC previously filed on July 1, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 279, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211001114/absolutecodeofethics.htm) |

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| | |
|:---|:---|
| (p)(46) | [Code of Ethics of Horizon Cash Management LLC previously filed on July 1, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 279, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211001114/horizoncodeofethics.htm) |
| (p)(47) | [Code of Ethics of DoubleLine Capital LP was previously filed on October 19, 2011 to the Registrant's Registration Statement in Post-Effective Amendment No. 318, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047211002085/doubelinecodeofethics.htm) |
| (p)(48) | [Code of Ethics of Eagle Global Advisors, LLC previously filed on June 12, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 386, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047212001794/eaglecoe.htm) |
| (p)(49) | [Code of Ethics of Sandalwood Securities, Inc. previously filed on January 23, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 576, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000200/exp52coesandalwood.htm) |
| (p)(50) | [Code of Ethics of RockView Management, LLC previously filed on December 18, 2012 to the Registrant's Registration Statement in Post-Effective Amendment No. 445, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047212003851/rockviewcoe.htm) |
| (p)(51) | [Code of Ethics of Alpha Simplex Group, LLC previously filed on October 11, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 542, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004270/exp54alphasimplexcodeofethic.htm) |
| (p)(52) | [Code of Ethics of Probabilities Fund Management, LLC previously filed on October 11, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 542, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213004270/exp55probabilitiescodeofethi.htm) |
| (p)(53) | [Code of Ethics of American Assets Investment Management, LLC previously filed on December 23, 2013 to the Registrant's Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047213005433/exp56coe.htm) |
| (p)(54) | [Code of Ethics of Anchor Capital Management Group, Inc. previously filed on January 24, 2014 to the Registrant's Registration Statement in Post-Effective Amendment No. 578, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000091047214000216/anchorcoe.htm) |
| (p)(55) | [Code of Ethics of AthenaInvest Advisors LLC previously filed on April 15, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215001690/exp58.htm) |
| (p)(56) | [Code of Ethics of Ladenburg Thalmann Asset Management, Inc. previously filed on June 26, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 725, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215002788/exp59.htm) |
| (p)(57) | [Code of Ethics of Deer Park Road Management, previously filed on July 2, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,100, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003203/ex99p577.htm) |
| (p)(58) | [Code of Ethics of Whippoorwill Capital Management LP previously filed on July 28, 2015 to the Registrant's Registration Statement in Post-Effective Amendment No. 729, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064215003154/ex99p61.htm) |
| (p)(59) | [Code of Ethics of Main Point Advisers, Inc. previously filed on January 28, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 797, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006461/ex99p.htm) |
| (p)(60) | [Code of Ethics of Asset One, LLC previously filed on February 19, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 807, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006952/ex99p60.htm) |
| (p)(61) | [Code of Ethics of Coe Capital Management, LLC previously filed on February 19, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 807, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006952/ex99p61.htm) |
| (p)(62) | [Code of Ethics of Harvest Capital Strategies, LLC previously filed on February 19, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 807, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006952/ex99p62.htm) |

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| | |
|:---|:---|
| (p)(63) | [Code of Ethics of Critical Math Advisors, LLC previously filed on February 19, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 808, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006956/criticalmathcoe.htm) |
| (p)(64) | [Code of Ethics of Mariner Holdings, LLC previously filed on February 19, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 808, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216006956/marinercoe.htm) |
| (p)(65) | [Code of Ethics of Horse Cove Partners, LLC previously filed on June 6, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 836, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009214/ex99p65horsecovecoe.htm) |
| (p)(66) | [Code of Ethics of MAST Capital Management, LLC previously filed on April 29, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 821, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008419/ex99p66.htm) |
| (p)(67) | [Code of Ethics of Chilton Investment Company, LLC previously filed on April 29, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 821, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008419/ex99p67.htm) |
| (p)(68) | [Code of Ethics of Convector Capital Management, LP previously filed on April 29, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 821, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008419/ex99p68.htm) |
| (p)(69) | [Code of Ethics of Visium Asset Management, LP previously filed on April 29, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 821, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216008419/ex99p69.htm) |
| (p)(70) | [Code of Ethics of Middleton Dickinson Capital Management, LLC previously filed on June 6, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 836, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009214/ex99p70middletoncoe.htm) |
| (p)(71) | [Code of Ethics of Cramer Rosenthal McGlynn LLC previously filed on June 6, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 836, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216009214/ex99p71cramercoe.htm) |
| (p)(72) | [Code of Ethics of Astor Investment Management, LLC previously filed on September 27, 2016 to the Registrant's Registration Statement in Post-Effective Amendment No. 873, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064216011219/ex99p.htm) |
| (p)(73) | [Code of Ethics of AlphaCore, LLC is previously filed on August 21, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,112, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003995/ex99p.htm) |
| (p)(74) | [Code of Ethics of Clinton Retail Investment Management LLC previously filed on August 9, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 984, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064217004310/ex99p.htm) |
| (p)(75) | [Code of Ethics of GSA Capital Partners LLP previously filed on August 17, 2018 to the Registrant's Registration Statement in Post-Effective Amendment No. 1,111, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064218003938/ex99p.htm) |
| (p)(76) | [Code of Ethics of P/E Global LLC is previously filed on August 9, 2019 to the Registrant's Registration Statement in Post-Effective Amendment No. 1203, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064219003614/ex99p.htm) |

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ITEM 29.

<u>PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT</u>.

None.

ITEM 30.

<u>INDEMNIFICATION</u>.

Article VIII, Section 2(a) of the Agreement and Declaration of Trust provides that to the fullest extent that limitations on the liability of Trustees and officers are permitted by the Delaware Statutory Trust Act of 2002, the officers and Trustees shall not be responsible or liable in any event for any act or omission of: any agent or employee of the Trust; any investment adviser or principal underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, is required to indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a person serves as a Trustee or officer of the Trust whether or not such person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing contained in the Agreement and Declaration of Trust indemnifies, holds harmless or protects any officer or Trustee from or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

Article VIII, Section 2(b) provides that every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever issued, executed or done by or on behalf of the Trust, the officers or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in such Person's capacity as Trustee and/or as officer, and such Trustee or officer, as applicable, shall not be personally liable therefore, except as described in the last sentence of the first paragraph of Section 2 of Article VIII.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the provisions of Delaware law and the Agreement and Declaration of the Registrant or the By-Laws of the Registrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The Underwriting Agreement provides that the Registrant agrees to indemnify, defend and hold Northern Lights Distributors (NLD), its several officers and directors, and any person who controls NLD within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which NLD, its officers and directors, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon: (i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement or any Prospectus, (ii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement or any Prospectus or necessary to make the statements in any of them not misleading, (iii) the Registrant's failure to maintain an effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, or (iv) the Registrant's failure to provide NLD with advertising or sales materials to be filed with the FINRA on a timely basis.

The Underwriting Agreement provides that the Registrant agrees to indemnify, defend and hold Foreside Distribution Services, L.P. (Foreside), its several officers and directors, and any person who controls Foreside within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which Foreside, its officers and directors, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon: (i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement or any Prospectus, (ii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement or any Prospectus or necessary to make the statements in any of them not misleading, (iii) the Registrant's failure to maintain an effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, or (iv) the Registrant's failure to provide Foreside with advertising or sales materials to be filed with the FINRA on a timely basis.

The Underwriting Agreement provides that the Registrant agrees to indemnify, defend and hold ALPS Distributors, Inc. (ALPS), its several officers and directors, and any person who controls ALPS within the meaning of Section 15 of the Securities Act free and harmless from and against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which ALPS, its officers and directors, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon: (i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement or any Prospectus, (ii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement or any Prospectus or necessary to make the statements in any of them not misleading, (iii) the Registrant's failure to maintain an effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, or (iv) the Registrant's failure to provide ALPS with advertising or sales materials to be filed with the FINRA on a timely basis.

The Fund Services Agreement and ETF Fund Services Agreement with Ultimus Fund Services (UFS) provides that the Registrant agrees to indemnify and hold UFS harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liability arising out of or attributable to the Registrant's refusal or failure to comply with the terms of the Agreement, or which arise out of the Registrant's lack of good faith, gross negligence or willful misconduct with respect to the Registrant's performance under or in connection with this Agreement.

The Consulting Agreement with Northern Lights Compliance Services, LLC (NLCS) provides that the Registrant agree to indemnify and hold NLCS harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liability arising out of or attributable to the Trust's refusal or failure to comply with the terms of the Agreement, or which arise out of the Trust's lack of good faith, gross negligence or willful misconduct with respect to the Trust's performance under or in connection with the Agreement. NLCS shall not be liable for, and shall be entitled to rely upon, and may act upon information, records and reports generated by the Trust, advice of the Trust, or of counsel for the Trust and upon statements of the Trust's independent accountants, and shall be without liability for any action reasonably taken or omitted pursuant to such records and reports.

ITEM 31.

<u>BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER</u>.

Certain information pertaining to the business and other connections of each Advisor of each series of the Trust is hereby incorporated herein by reference to the section of the respective Prospectus captioned "Investment Advisor" and to the section of the respective Statement of Additional Information captioned "Investment Advisory and Other Services." The information required by this Item 26 with respect to each director, officer or partner of each Advisor is incorporated by reference to the Advisor's Uniform Application for Investment Adviser Registration (Form ADV) on file with the Securities and Exchange Commission ("SEC"). Each Advisor's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov, and may be requested by File No. as follows:

Biondo Investment Advisors, LLC, the Adviser to The Biondo Focus Fund- File No. 801 - 62775

Changing Parameters, LLC, the Adviser to Changing Parameters Fund -- File No. 801-63495

The Pacific Financial Group, LLC, the Adviser to RiskPro® Alternative 0-15 Fund, RiskPro® Dynamic 20-30 Fund, RiskPro® Tactical 0-30 Fund, RiskPro® Alternative 0-15 Fund, RiskPro® Dynamic 0-10 Fund, RiskPro® Dynamic 15-25 Fund, RiskPro® PFG Balanced 20-30 Fund, RiskPro® PFG Aggressive 30+ Fund, RiskPro® PFG Equity 30+ Fund, RiskPro® PFG Global 30+ Fund, RiskPro® PFG 30+ Fund, RiskPro® 30+ Fund, RiskPro® Aggressive 30+ Fund, PFG American Funds Growth Strategy Fund, PFG American Funds Conservative Income Strategy Fund, PFG BR Equity ETF Strategy Fund, PFG Sector Equity Business Cycle Strategy Fund, PFG Equity Index focused Strategy Fund, PFG Tactical Income Strategy Fund PFG Fidelity Institutional AM® Bond ESG Strategy Fund, PFG Janus Henderson® Balanced Strategy Fund and PFG Invesco® Thematic ESG Strategy Fund - File No. 801 - 18151

Wright Fund Management, LLC, the Adviser of Sierra Tactical All Asset Fund, Sierra Tactical Core Fund (formerly Sierra Strategic Income Fund), Sierra Tactical Municipal Fund, Sierra Tactical Bond Fund Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund and Sierra Tactical Risk Spectrum 70 Fund – File No. 801- 68554

Toews Corporation, the Adviser of the Toews Tactical Oceana Fund, Toews Tactical Income Fund, Toews Tactical Monument Fund, Toews Tactical Opportunity Fund, Toews Hedged Commodities Fund, Toews Tactical Growth Allocation Fund, Toews Unconstrained Income Fund, Toews Tactical Defensive Alpha Fund, Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity ETF – File No. 801- 47765

CMG Capital Management Group, Inc., the Adviser of the CMG Mauldin Core Fund– File No. 801-43455

BTS Asset Management, Inc., the Adviser of the BTS Tactical Fixed Income Fund and BTS Managed Income Fund– File No.801-14895.

Astor Investment Management, LLC, Adviser of the Astor Dynamic Allocation Fund, Astor Sector Rotation Fund and Astor Macro Alternative Fund– File No. 801-60150.

13D Management, LLC, the Adviser of 13D Activist Fund – File No. 801-71577.

Altegris Advisors, L.L.C., the Adviser of Altegris Futures Evolution Strategy Fund, Altegris/AACA Opportunistic Real Estate Fund and Altegris Crabel Multi-Strategy Fund – File No. 801- 71496.

Donoghue Forlines LLC, the Adviser of Donoghue Forlines Tactical Income Fund, Donoghue Forlines Dividend Fund, Donoghue Forlines Momentum Fund, Donoghue Forlines Tactical Allocation Fund, Donoghue Forlines Risk Managed Income Fund– File No. 801-27959.

Portfolio Strategies, Inc., the Adviser of PSI Strategic Growth Fund– File No. 801-18475.

Transwestern Capital Advisors, LLC, the Adviser of the TransWestern Institutional Short Duration Government Bond Fund – File No. 801-67113.

Loomis, Sayles & Company, L.P., the Sub-Adviser of the TransWestern Institutional Short Duration Government Bond Fund – File No. 801-170.

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| | | |
|:---|:---|:---|
| **Name and Position with Investment Adviser** | **Name of Principal Business and Connection with Other Company** | **Principal Business Address of Other Company** |
| Kevin P. Charleston<br>Chairman, Chief Executive Officer, President and Director<br>| Loomis Sayles Funds I, Trustee, President, CEO<br> Loomis Sayles Funds II, Trustee<br> Natixis Funds Trust I, Trustee<br> Natixis Funds Trust II, Trustee<br> Natixis Funds Trust IV, Trustee<br> Natixis ETF Trust, Trustee<br> Natixis ETF Trust II, Trustee<br> Gateway Trust, Trustee | 888 Boylston Street, Boston, MA 02199 |
|  | Loomis Sayles Distributors, Inc., Director<br> Loomis Sayles Trust Company, LLC, Manager, President<br> Loomis Sayles Operating Services, LLC, Director, Chairman, President<br> NIM-os, LLC, Director, Chairman, President | One Financial Center, Boston, MA 02111 |
|  | Loomis Sayles Investments Limited, EVP | The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA |
|  | Loomis Sayles Investments Asia Pte. Ltd., Director | 10 Collyer Quay #14-06, Ocean Financial Centre, Singapore 049315 |
| Matthew J. Eagan<br> Executive Vice President and Director |  |  |
| Daniel J. Fuss<br> Vice Chairman, Executive Vice President and Director | Loomis Sayles Funds I, EVP (2003 to 2021)<br> Loomis Sayles Funds II, EVP (2003 to 2021) | 888 Boylston Street, Boston, MA 02199 |
| John R. Gidman<br> Executive Vice President, Chief Operating Officer and Director | Loomis Sayles Solutions, LLC, President (2003-2020)<br> Loomis Sayles Operating Services, LLC, Director, CEO<br> NIM-os, LLC, Director, CEO | One Financial Center, Boston, MA 02111 |
| David L. Giunta<br> Director | Natixis Investment Managers, President, CEO US<br> Natixis Advisors, LLC, President, CEO<br> Compliance, Risk and Internal Control Committee (formerly known as Natixis Distribution Corporation), Chairman, President, CEO<br> Natixis Distribution, LLC, President, CEO<br> Loomis Sayles Funds I, Trustee. EVP<br> Loomis Sayles Funds II, Trustee, CEO<br> Natixis Funds Trust I, Trustee, President, CEO<br> Natixis Funds Trust II, Trustee, President, CEO<br> Natixis Funds Trust IV, Trustee, President, CEO<br> Natixis ETF Trust, Trustee, President, CEO<br> Natixis ETF Trust II, Trustee, President, CEO<br> Gateway Trust, Trustee, President, CEO | 888 Boylston Street, Boston, MA 02199 |

---

---

| | | |
|:---|:---|:---|
| Aziz V. Hamzaogullari<br> Executive Vice President, Chief Investment Officer of the Growth Equity Strategies and Director |  |  |
| Maurice Leger<br> Executive Vice President, Director of Global Institutional Services and Director | Loomis Sayles Trust Company, LLC, Manager | One Financial Center, Boston, MA 02111 |
| Jean S. Loewenberg<br> Executive Vice President, General Counsel, Secretary and Director | Loomis Sayles Distributors, Inc., Director<br> Loomis Sayles Trust Company, LLC, Manager, Secretary<br> Loomis Sayles Operating Services, LLC, Director, General Counsel<br> NIM-os, LLC, Director, General Counsel | One Financial Center, Boston, MA 02111 |
|  | Loomis Sayles Investments Limited, General Counsel, Secretary | The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA |
| Richard G. Raczkowski<br> Executive Vice President and Director |  |  |
| John F. Russell,<br> Executive Vice President and Director |  |  |
| Timothy F. Ryan<br> Director | Natixis Investment Managers, CEO, Head of Asset & Wealth Management | 888 Boylston Street, Boston, MA<br> 02199 |
| Susan Sieker<br> Executive Vice President, Chief Financial Officer and Director (2021) | Loomis Sayles Investments Limited, CFO | The Economist Plaza, 25 St. James's Street, London, England SW1A 1 HA |
|  | Loomis Sayles Trust Company, LLC, Manager, CFO | One Financial Center, Boston, MA 02111 |
|  | NIM-os, LLC, Director | One Financial Center, Boston, MA 02111 |
| Elaine M. Stokes<br> Executive Vice President and Director |  |  |
| David L. Waldman<br> Executive Vice President, Deputy Chief Investment Officer (2013-2021), Chief Investment Officer (2021) and Director |  |  |

---

Beech Hill Advisors, Inc., the Adviser of the Beech Hill Total Return Fund – File No. 801-31503.

Clark Capital Management Group Inc., the Adviser of the Navigator Equity Hedged Fund, Navigator Sentry Managed Volatility Fund, Navigator Tactical Fixed Income Fund, Navigator Ultra Short-Term Bond Fund, Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment Grade Bond – File No. 801-28445.

Dearborn Capital Management, LLC, the Adviser of the Grant Park Multi-Alternative Strategies Fund – File No. 801-72068.

Princeton Fund Advisors, LLC, the Co-Advisor of Eagle MLP Strategy Fund and Adviser to Princeton Futures Strategy Fund, Deer Park Total Return Credit Fund, Princeton Premium Fund, Princeton Long/Short Treasury Fund and Princeton Adaptive Premium Fund – File No. 801-72525.

Eagle Global Advisors, LLC, the Co-Advisor of Eagle MLP Strategy Fund – File No. 801-53294.

Deer Park Road Management, LP, Sub-Adviser of Deer Park Total Return Credit Fund – File No. 801-74577

Probabilities Fund Management, LLC, the Adviser of the Probabilities Fund – File No.801-77947.

American Assets Investment Management, LLC (DBA AACA), the Sub-Adviser of Altegris/AACA Opportunistic Real Estate Fund – File No. 801-65209

AthenaInvest Advisors LLC, the Adviser of Athena Behavioral Tactical Fund – File No. 801-69258.

Ladenburg Thalmann Asset Management, Inc., the Adviser of Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Income & Growth Fund and Ladenburg Income Fund – File No. 801-54909.

Horse Cove Partners LLC, the Sub-Adviser of Princeton Premium Fund – File No. 801-107577.

ITEM 32.

PRINCIPAL UNDERWRITER

&nbsp;&nbsp;&nbsp;&nbsp;(a) Northern Lights Distributors, LLC ("NLD"), the principal underwriter to the Trust also acts as principal underwriter for the following:

Absolute Core Strategy ETF, Advisor One Funds, Arrow ETF Trust, DWA Tactical ETF, Arrow QVM Equity Factor ETF, Arrow Reserve Capital Management ETF, Arrow Dogs of the World ETF, Arrow DWA Country Rotation ETF, Arrow ETF Trust, Ballast Small/Mid Cap ETF, Boyar Value Fund Inc., Copeland Trust, Humankind Benefit Corporation, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, New Age Alpha Trust, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust, PREDEX, Princeton Private Investment Access Fund, The North Country Funds, The Saratoga Advantage Trust, Tributary Funds, Inc., Two Roads Shared Trust, and Uncommon Investment Funds Trust.

Foreside Distribution Services, L.P. (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

1. ABS Long/Short Strategies Fund

2. Absolute Shares Trust

3. Active Weighting Funds ETF Trust

4. AdvisorShares Trust

5. AmericaFirst Quantitative Funds

6. American Century ETF Trust

7. ARK ETF Trust

8. Avenue Mutual Funds Trust

9. BP Capital TwinLine Energy Fund, Series of Professionally Managed Portfolios

10. BP Capital TwinLine MLP Fund, Series of Professionally Managed Portfolios

11. Braddock Multi-Strategy Income Fund, Series of Investment Managers Series Trust

12. Bridgeway Funds, Inc.

13. Brinker Capital Destinations Trust

14. Calvert Ultra-Short Duration Income NextShares, Series of Calvert Management Series

15. Center Coast MLP & Infrastructure Fund

16. Center Coast MLP Focus Fund, Series of Investment Managers Series Trust

17. Context Capital Funds

18. CornerCap Group of Funds

19. Davis Fundamental ETF Trust

20. Direxion Shares ETF Trust

21. Eaton Vance NextShares Trust

22. Eaton Vance NextShares Trust II

23. EIP Investment Trust

24. Elkhorn ETF Trust

25. EntrepreneurShares Series Trust

26. Evanston Alternative Opportunities Fund

27. Exchange Listed Funds Trust *(f/k/a Exchange Traded Concepts Trust II)* 

28. FEG Absolute Access Fund I LLC

29. Fiera Capital Series Trust

30. FlexShares Trust

31. Forum Funds

32. Forum Funds II

33. FQF Trust

34. Friess Small Cap Growth Fund, Series of Managed Portfolio Series

35. GraniteShares ETF Trust

36. Guinness Atkinson Funds

37. Horizons ETF Trust I *(f/k/a Recon Capital Series Trust)* 

38. Infinity Core Alternative Fund

39. Innovator IBD<sup>®</sup> 50 ETF, Series of Innovator ETFs Trust

40. Innovator IBD<sup>®</sup> ETF Leaders ETF, Series of Innovator ETFs Trust

41. Ironwood Institutional Multi-Strategy Fund LLC

42. Ironwood Multi-Strategy Fund LLC

43. John Hancock Exchange-Traded Fund Trust

44. Manor Investment Funds

45. Miller/Howard Funds Trust

46. Miller/Howard High Income Equity Fund

47. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

48. MProved Systematic Long-Short Fund, Series Portfolios Trust

49. Mproved Systematic Merger Arbitrage Fund, Series Portfolios Trust

50. Mproved Systematic Multi-Strategy Fund, Series Portfolios Trust

51. NYSE® Pickens Oil Response™ ETF, Series of ETF Series Solutions

52. OSI ETF Trust

53. Palmer Square Opportunistic Income Fund

54. Partners Group Private Income Opportunities, LLC

55. PENN Capital Funds Trust

56. Performance Trust Mutual Funds, Series of Trust for Professional Managers

57. Pine Grove Alternative Institutional Fund

58. Plan Investment Fund, Inc.

59. PMC Funds, Series of Trust for Professional Managers

60. Point Bridge GOP Stock Tracker ETF, Series of ETF Series Solutions

61. Quaker Investment Trust

62. Ranger Funds Investment Trust

63. Renaissance Capital Greenwich Funds

64. RMB Investors Trust *(f/k/a Burnham Investors Trust)* 

65. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

66. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

67. Salient MF Trust

68. SharesPost 100 Fund

69. Sound Shore Fund, Inc.

70. Steben Alternative Investment Funds

71. Steben Select Multi-Strategy Fund

72. Strategy Shares

73. The 504 Fund *(f/k/a The Pennant 504 Fund)* 

74. The Chartwell Funds

75. The Community Development Fund

76. The Relative Value Fund

77. Third Avenue Trust

78. Third Avenue Variable Series Trust

79. TIFF Investment Program

80. Transamerica ETF Trust

81. U.S. Global Investors Funds

82. VictoryShares Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

83. VictoryShares Dividend Accelerator ETF, Series of Victory Portfolios II

84. VictoryShares Emerging Market High Div Volatility Wtd ETF, Series of Victory Portfolios II

85. VictoryShares Emerging Market Volatility Wtd ETF, Series of Victory Portfolios II

86. VictoryShares International High Div Volatility Wtd ETF, Series of Victory Portfolios II

87. VictoryShares International Volatility Wtd ETF, Series of Victory Portfolios II

88. VictoryShares US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

89. VictoryShares US 500 Volatility Wtd ETF, Series of Victory Portfolios II

90. VictoryShares US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

91. VictoryShares US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

92. VictoryShares US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

93. VictoryShares US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

94. VictoryShares US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

95. VictoryShares US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

96. Vivaldi Opportunities Fund

97. West Loop Realty Fund, Series of Investment Managers Series Trust *(f/k/a Chilton Realty Income & Growth Fund)* 

98. Wintergreen Fund, Inc.

99. WisdomTree Trust

100. WST Investment Trust

ALPS Distributors, Inc. acts as the distributor for the 13D Activist Fund, a series of the Trust and the following investment companies: ALPS Series Trust, Arbitrage Funds, AQR Funds, Babson Capital Funds Trust, BBH Trust, BLDRS Index Funds Trust, BPV Family of Funds, Broadview Funds Trust, Brown Management Funds, Caldwell & Orkin Funds, Inc., Campbell Multi-Strategy Trust, Centaur Mutual Funds Trust, Century Capital Management Trust, Columbia ETF Trust, CornerCap Group of Funds, Cortina Funds, Inc., CRM Mutual Fund Trust, Cullen Funds, DBX ETF TRUST, db-X Exchange-Traded Funds Inc., Centre Funds, EGA Emerging Global Shares Trust, EGA Frontier Diversified Core Fund, Financial Investors Trust, Firsthand Funds, Heartland Group, Inc., Henssler Funds, Inc., Holland Balanced Fund, IndexIQ Trust, Index IQ ETF Trust, James Advantage Funds, Laudus Trust, Laudus Institutional Trust, Mairs & Power Funds Trust, Oak Associates Funds, Pax World Series Trust I, Pax World Funds Trust II, PowerShares QQQ 100 Trust Series 1, RiverNorth Funds, Russell Exchange Traded Funds Trust, SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P 500 ETF Trust, SPDR S&P MidCap 400 ETF Trust, Stadion Investment Trust, Stone Harbor Investment Funds, Transparent Value Trust, Wakefield Alternative Series Trust, Wasatch Funds, WesMark Funds, Westcore Trust, Whitebox Mutual Funds, Williams Capital Liquid Assets Fund, Wilmington Funds and WisdomTree Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(b) NLD
is registered with Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority,
Inc. The principal business address of NLD is 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474. NLD is an affiliate
of Ultimus Fund Services, LLC. To the best of Registrant's knowledge, the following are the members and officers of NLD:

---

| | | |
|:---|:---|:---|
| **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with the Fund** |
| Kevin Guerette | President | None |
| David James | Manager | None |
| Stephen Preston | Chief Compliance Officer, Financial Operations Principal and AML Compliance Officer | None |
| William J. Strait | Manager, Secretary, and General Counsel | None |
| Melvin Van Cleave | Chief Information Securities Officer | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
Applicable. No underwriting commissions are paid in connection with the sale of Registrant's Shares.

Foreside Distribution Services, LP is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101. The following are the Officers of the Distributor:

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Richard J. Berthy | Three Canal Plaza, Suite 100, Portland, ME 04101 | President, Treasurer and Manager |  |
| Mark A. Fairbanks | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Jennifer K. DiValerio | 899 Cassatt Road, 400 Berwyn Park, Suite 110, Berwyn, PA 19312 | Vice President |  |
| Nanette K. Chern | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Jennifer E. Hoopes | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |

---

ALPS Distributors, Inc. is registered with the Securities and Exchange Commission as a broker dealer and is a member of the Financial Industry Regulatory Authority, Inc. The principal address of ALPS is 1290 Broadway, Suite 1100, Denver, Colorado 80203. The directors and executive officers of ALPS Distributors, Inc., are as follows:

---

| | | |
|:---|:---|:---|
| **Name\*** | **Position with Underwriter** | **<u>Positions with Fund</u>** |
| Edmund J. Burke | Director | None |
| Jeremy O. May | President, Director | None |
| Thomas A. Carter | Executive Vice President, Director | None |
| Bradley J. Swenson | Senior Vice President, Chief Compliance Officer | None |
| Robert J. Szydlowski | Senior Vice President, Chief Technology Officer | None |
| Eric Parsons | Vice President, Controller and Assistant Treasurer | None |
| Steven Price | Vice President, Deputy Chief Compliance Officer | None |
| James Stegall | Vice President, Institutional Sales Manager | None |
| Gary Ross | Vice President, Director of Sales | None |
| Erin D. Nelson | Vice President, Assistant General Counsel | None |
| JoEllen Legg | Vice President, Assistant General Counsel | None |
| David T. Buhler | Vice President, Senior Associate Counsel | None |
| Rhonda A. Mills | Vice President, Associate Counsel | None |
| Jennifer T. Welsh | Vice President, Associate Counsel | None |
| Paul F. Leone | Vice President, Associate Counsel | None |
| Randall D. Young | Secretary | None |
| Gregg Wm. Givens | Vice President, Treasurer and Asst. Secretary | None |

---

\* The principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1100, Denver, Colorado 80203.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
Applicable.

ITEM 33.

<u>LOCATION OF ACCOUNTS AND RECORDS</u>.

The following entities prepare, maintain and preserve the records required by Section 31 (a) of the 1940 Act for the Registrant. These services are provided to the Registrant for such periods prescribed by the rules and regulations of the Securities and Exchange Commission under the 1940 Act and such records are the property of the entity required to maintain and preserve such records and will be surrendered promptly on request.

Bank of New York Mellon ("BONY"), located at One Wall Street, New York, New York 10286, provides custodian services to Changing Parameters Fund, Navigator Equity Hedged Fund, Navigator Sentry Managed Volatility Fund, Navigator Tactical Fixed Income Fund, PFG American Funds Conservative Income Strategy Fund, PFG American Funds Growth Strategy Fund, PFG Fidelity Institutional AM® Equity Index Strategy Fund, PFG Fidelity Institutional AM® Equity Sector Strategy Fund, PFG JP Morgan® Tactical Aggressive Strategy Fund, PFG JP Morgan® Tactical Moderate Strategy Fund, PFG BNY Mellon® Diversifier Strategy Fund, PFG MFS® Aggressive Growth Strategy Fund, PFG BR Equity ESG Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG Balanced Strategy Fund, PFG Equity Strategy Fund, PFG Global Strategy Fund, PFG Tactical Income Strategy Fund and PFG Active Core Bond Strategy Fund, Navigator Ultra Short Term Bond Fund, Navigator Tactical U.S. Allocation Fund, Navigator Tactical Investment Grade Bond, PFG Fidelity Institutional AM® Bond ESG Strategy Fund, PFG Janus Henderson® Balanced Strategy Fund and PFG Invesco® Thematic ESG Strategy Fund pursuant to a Custody Agreement between BONY and the Trust.

First National Bank of Omaha ("FNBO"), located at 1620 Dodge Street, Omaha, NE 68197, provides custodian services to the Adaptive Allocation Fund, pursuant to a Custody Agreement between FNBO and the Trust.

MUFG Union Bank, National Association, 400 California Street, San Francisco, California 94104 ("Union"), provides custodian services to the Biondo Focus Fund, Princeton Premium Fund, Donoghue Forlines Tactical Income Fund, Donoghue Forlines Dividend Fund, Donoghue Forlines Momentum Fund, Donoghue Forlines Tactical Allocation Fund, Donoghue Forlines Risk Managed Income Fund and Donoghue Forlines Dividend Mid-Cap Fund, PSI Strategic Growth Fund, PSI Tactical Growth, TransWestern Institutional Short Duration Government Bond Fund, 13D Activist Fund, Beech Hill Total Return Fund, Eagle MLP Strategy Fund, BTS Tactical Fixed Income Fund, Probabilities Fund, Astor Macro Alternative Fund, Astor Dynamic Allocation Fund, Astor Sector Rotation Fund, Athena Behavioral Tactical Fund, Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Income & Growth Fund, Ladenburg Income Fund, Princeton Long/Short Treasury Fund, BTS Managed Income Fund, Sierra Tactical All Asset Fund, Sierra Tactical Core Fund, Sierra Tactical Municipal Fund, Sierra Tactical Bond Fund, Princeton Adaptive Premium Fund, Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund and Sierra Tactical Risk Spectrum 70 Fund pursuant to a Custody Agreement between Union and the Trust.

Fifth Third Bank ("Fifth Third"), 38 Fountain Square Plaza Cincinnati, Ohio 45263, provides custodian services to Toews Tactical Oceana Fund, Toews Tactical Income Fund, Toews Tactical Monument Fund, Toews Tactical Opportunity Fund, Toews Hedged Commodities Fund, Toews Tactical Growth Allocation Fund, Toews Unconstrained Income Fund, Toews Tactical Defensive Alpha Fund, Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity ETF pursuant to a Custody Agreement between Fifth Third and the Trust.

JPMorgan Chase Bank ("JPMorgan"), 270 Park Avenue, New York, NY 10017, provides custodian services to Altegris Futures Evolution Strategy Fund, Altegris/AACA Opportunistic Real Estate Fund and Altegris Crabel Multi-Strategy Fund pursuant to a Custody Agreement between JPMorgan and the Trust.

Brown Brothers Harriman & Co. ("BBH"), 50 Post Office Square, Boston, Massachusetts 02110, provides custodian and transfer agency services to Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity ETF pursuant to a Custody Agreement between BBH and the Trust.

Ultimus Fund Services, LLC ("UFS"), located at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474, provides transfer agent and dividend disbursing services pursuant to a Transfer Agency and Service Agreements between UFS and the Trust. In such capacities, UFS provides pricing for each Fund's portfolio securities, keeps records regarding securities and other assets in custody and in transfer, bank statements, canceled checks, financial books and records, and keeps records of each shareholder's account and all disbursement made to shareholders. UFS also maintains all records required pursuant to Administrative Service Agreements with the Trust.

NLD, located at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474, serves as principal underwriter for all series of Northern Lights Fund Trust, 13D Activist Fund, TransWestern Institutional Short Duration Government Bond Fund and Princeton Futures Strategy Fund. NLD maintains all records required to be maintained pursuant to each Fund's Distribution Plan and Agreement adopted pursuant to Rule 12b-1 under the 1940 Act.

Foreside Distribution Services, LP, located at Three Canal Plaza, Suite 100, Portland, ME 04101, serves as principal underwriter for Princeton Futures Strategy Fund and maintains all records required to be maintained pursuant to the Fund's Master Distribution and Shareholder Servicing Plan and Agreements adopted pursuant to Rule 12b-1 under the 1940 Act.

ALPS Distribution Services, Inc., located at 1209 Broadway, Suite 1100, Denver, CO 80203, serves as principal underwriter for 13D Activist Fund and maintains all records required to be maintained pursuant to the Fund's Master Distribution and Shareholder Servicing Plan and Agreements adopted pursuant to Rule 12b-1 under the 1940 Act.

Biondo Investment Advisors, LLC, located at 544 Routes 6 & 209, PO Box 909, Milford, Pennsylvania 18337, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to The Biondo Focus Fund.

Changing Parameters, LLC, located at 250 Oak Grove Avenue, Suite A, Menlo Park, California 94025, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Changing Parameters Fund.

The Pacific Financial Group, LLC, located at 10900 NE 8<sup>th</sup> Street, Suite 1523, Bellevue, WA 98004, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to PFG American Funds Conservative Income Strategy Fund, PFG American Funds Growth Strategy Fund, PFG Fidelity Institutional AM® Equity Index Strategy Fund, PFG Fidelity Institutional AM® Equity Sector Strategy Fund, PFG JP Morgan® Tactical Aggressive Strategy Fund, PFG JP Morgan® Tactical Moderate Strategy Fund, PFG BNY Mellon® Diversifier Strategy Fund, PFG MFS® Aggressive Growth Strategy Fund, PFG BR Equity ESG Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG Balanced Strategy Fund, PFG Equity Strategy Fund, PFG Global Strategy Fund, PFG Tactical Income Strategy Fund, PFG Active Core Bond Strategy Fund, PFG Fidelity Institutional AM® Bond ESG Strategy Fund, PFG Janus Henderson® Balanced Strategy Fund and PFG Invesco® Thematic ESG Strategy Fund

Wright Fund Management, LLC, located at 3420 Ocean Park Boulevard, Santa Monica, CA 90405, pursuant to the Investment Management Agreement with the Trust, maintains all records required pursuant to such agreement with respect to Sierra Tactical All Asset Fund, Sierra Tactical Core Fund, Sierra Tactical Municipal Fund, Sierra Tactical Bond Fund, Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund and Sierra Tactical Risk Spectrum 70 Fund.

Toews Corporation, Cornerstone Commerce Center, 1201 New Road, Suite 111, Linwood, NJ 08221, pursuant to the Investment Management Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Toews Tactical Oceana Fund, Toews Tactical Income Fund, Toews Tactical Monument Fund, Toews Tactical Opportunity Fund, Toews Hedged Commodities Fund, Toews Tactical Growth Allocation Fund, Toews Unconstrained Income Fund, Toews Tactical Defensive Alpha Fund, Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity ETF.

CMG Capital Management Group, LLC, 1000 Continental Drive, Suite 570, King of Prussia, PA 19406, pursuant to the Investment Management Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the CMG Mauldin Solutions Core Fund.

BTS Asset Management, Inc. located at 420 Bedford Street, Suite 340, Lexington, MA 02420, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the BTS Tactical Fixed Income Fund and BTS Managed Income Fund.

Astor Investment Management LLC., located at 111 S. Wacker Drive, Suite 3950, Chicago, IL 60606, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Astor Dynamic Allocation Fund, Astor Sector Allocation Fund and Astor Macro Alternative Fund.

Princeton Fund Advisors, LLC, 1125 17<sup>th</sup> Street, Suite 1400, Denver, CO 80202, pursuant to certain Investment Advisory Agreements with the Trust, maintains all records required pursuant to such agreement with respect to the Eagle MLP Strategy Fund, Athena Behavioral Tactical Fund, Deer Park Total Return Credit Fund, Princeton Premium Fund, Princeton Long/Short Treasury Fund and Princeton Adaptive Premium Fund.

13D Management, LLC, 200 East 61 Street, Suite 17C, New York, NY 10065, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the 13D Activist Fund.

Altegris Advisors, L.L.C., 1200 Prospect Street, Suite 400, La Jolla, CA 92037, pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Altegris Futures Evolution Strategy Fund, Altegris/AACA Opportunistic Real Estate Fund and Altegris Crabel Multi-Strategy Fund.

Donoghue Forlines LLC, 629 Washington Street, Norwood, MA 02062 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Donoghue Forlines Tactical Income Fund, Donoghue Forlines Dividend Fund, Donoghue Forlines Momentum Fund, Donoghue Forlines Tactical Allocation Fund, Donoghue Forlines Risk Managed Income Fund.

Portfolio Strategies, Inc., 1724 W Union Avenue, Suite 200, Tacoma, WA 98405 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the PSI Strategic Growth Fund and PSI Tactical Growth Fund.

TransWestern Capital Advisors, LLC, 1743 Wazee Street, Suite 250, Denver, CO 80202, pursuant to the Investment Advisory Agreement with the Trust and as the distributor for such fund, maintains all records required pursuant to such agreement and Master Distribution and Shareholder Servicing Agreement adopted pursuant to Rule 12b-1 under the 1940 Act with respect to the TransWestern Institutional Short Duration Government Bond Fund.

Loomis, Sayles & Company, L.P., One Financial Center, Boston, MA 02111, pursuant to a Sub- Advisory Agreement, maintains all records required pursuant to such agreement with respect to the TransWestern Institutional Short Duration Government Bond Fund.

Beech Hill Advisors, Inc., 880 third Ave., 16<sup>th</sup> Floor, New York, NY 10022 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Beech Hill Total Return Fund.

Clark Capital Management Group, Inc., 1650 Market Street, 53<sup>rd</sup> Floor, Philadelphia, Pennsylvania 19103 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Navigator Equity Hedged Fund, Navigator Sentry Managed Volatility Fund, Navigator Tactical Fixed Income Fund, Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment Grade Bond.

Dearborn Capital Management, LLC, 626 W. Jackson Street, Chicago, IL 60661 pursuant to the Investment Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Grant Park Multi-Alternative Strategies Fund.

Eagle Global Advisors, LLC, 5847 San Felipe, Suite 930, Houston TX 77057, pursuant to a Co-Advisory Agreement, maintains all records required pursuant to such agreement with respect to the Eagle MLP Strategy Fund.

Deer Park Road Management, LP, 1865 Ski Time Square, Steamboat Springs, CO 80477 pursuant to certain Sub-Advisory Agreements, maintains all records required pursuant to such agreement with respect to the Deer Park Total Return Credit Fund.

Probabilities Fund Management, LLC, 1665 Union Street, Suite A, San Diego, CA 92101, pursuant to the Advisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Probabilities Fund.

American Assets Investment Management, LLC (dba AACA), 11455 El Camino Real, Suite 140, San Diego, CA 92130, pursuant to the Sub-Advisory Agreement, maintains all records required pursuant to such agreement with respect to the Altegris/AACA Opportunistic Real Estate Long Short Fund.

AthenaInvest Advisors LLC 5340 S. Quebec Street, Suite 365-N, Greenwood Village, CO 80111, pursuant to a Advisory Agreement, maintains all records required pursuant to such agreement with respect to the Athena Behavioral Tactical Fund.

Ladenburg Thalmann Asset Management, Inc. 507 Lexington Avenue, 11<sup>th</sup> Floor, New York, NY 10022, pursuant to an Advisory Agreement, will maintain all records required pursuant to such agreement with respect to the Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Income & Growth Fund and Ladenburg Income Fund.

Horse Cove Partners LLC, 1899 Powers Ferry Road SE, Suite 120, Atlanta, GA 30339, pursuant to a Sub-Advisory Agreement, maintains all records required pursuant to such agreement with respect to the Princeton Premium Fund.

ITEM 34.

<u>MANAGEMENT SERVICES</u>.

Not applicable.

ITEM 35.

<u>UNDERTAKINGS</u>.

One or more of the Registrant's series may invest up to 25% of its respective total assets in a wholly-owned and controlled subsidiary (each a "Subsidiary" and collectively the "Subsidiaries"). Each Subsidiary will operate under the supervision of the Registrant. The Registrant hereby undertakes that the Subsidiaries will submit to inspection by the Securities and Exchange Commission.

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant has met all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and the Registrant has duly caused this Post-Effective Amendment No. 1417 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Hauppauge, State of New York on the 26<sup>th</sup> of January 2023.

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| | |
|:---|:---|
| **NORTHERN LIGHTS FUND TRUST** | **NORTHERN LIGHTS FUND TRUST** |
| (Registrant) | (Registrant) |
| By: | /s/ Kevin Wolf |
|  | Kevin Wolf\*, |
|  | President and Principal Executive Officer |

---

Pursuant to the Securities Act, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

**Northern Lights Fund Trust**

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| | | |
|:---|:---|:---|
| John V. Palancia\* | Trustee | January 26, 2023 |
| Gary Lanzen\* | Trustee | January 26, 2023 |
| Anthony Hertl\* | Trustee & Chairman | January 26, 2023 |
| Mark Taylor\* | Trustee | January 26, 2023 |
| Mark D. Gersten\* | Trustee | January 26, 2023 |
| Mark Garbin\* | Trustee | January 26, 2023 |
| Jim Colantino\* | Treasurer, Chief Accounting Officer and Chief Financial Officer | January 26, 2023 |
| Kevin Wolf | President and Principal Executive Officer | January 26, 2023 |

---

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| | |
|:---|:---|
| By: | <u>Date</u>: |
| /s/ Kevin Wolf | January 26, 2023 |
| Kevin Wolf, President |  |

---

\* Attorney-in-Fact – Pursuant to [Powers of Attorney](http://www.sec.gov/Archives/edgar/data/1314414/000158064217004904/ex99j2.htm) previously filed on April 1, 2011, January 9, 2012, September 27, 2013, September 1, 2016, June 30, 2017 and September 1, 2017 to the Registrant's Registration Statement in Post-Effective Amendment No. 234, No. 346, No. 535, No. 862, No. 981 and No. 1,001 respectively, which are hereby incorporated by reference.

**<u>EXHIBIT INDEX</u>**

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| |
|:---|
| **Exhibit** |
| [Operating Expense Limitation Agreement between Registrant on behalf of Astor Macro Alternative Fund and Astor Investment Management, LL](ex99h49.htm) [(h)(49)](ex99h49.htm) |
| [Consent of Counsel](ex99i.htm) [(i)(2)](ex99i.htm) |
| [Consent of Independent Auditor](ex99j.htm) [(j)(1)](ex99j.htm) |

---

## Ex-99.H

**NORTHERN LIGHTS FUND TRUST**

**<br> OPERATING EXPENSES LIMITATION** 

**AND SECURITY AGREEMENT**

**ASTOR MACRO ALTERNATIVE FUND**

****<br> THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the "Agreement") is effective as of February 25, 2015, and as revised May 17, 2016, November 17, 2016, and November 15, 2022 by and between NORTHERN LIGHTS FUND TRUST, a Delaware statutory trust (the "Trust"), on behalf of Astor Macro Alternative Fund (the "Fund") a series of the Trust, and the advisor of the Fund, Astor Investment Management, LLC (the "Advisor").

**RECITALS:**

<br> **WHEREAS**, the Advisor renders advice and services to the Fund pursuant to the terms and provisions of an Investment Advisory Agreement between the Trust and the Advisor dated as of the February 25, 2015 (the "Advisory Agreement"); and

<br> **WHEREAS**, the Fund is responsible for, and has assumed the obligation for, payment of certain expenses pursuant to the Advisory Agreement that have not been assumed by the Advisor; and

<br> **WHEREAS**, the Advisor desires to limit the Fund's Operating Expenses (as that term is defined in Paragraph 2 of this Agreement) pursuant to the terms and provisions of this Agreement, and the Trust (on behalf of the Fund) desires to allow the Advisor to implement those limits; and

**WHEREAS**, as a condition to the continuation of its contractual relationship with the Advisor, the Trust has required that Advisor grant to the Trust a continuing security interest in and to a designated account of the Advisor established with Ultimus Fund Solutions, LLC, Transfer Agent to the Fund, or its successor and assigns (the "Securities Intermediary"), for so long as Fund assets remain below $15 million;

<br> **NOW THEREFORE**, in consideration of the covenants and the mutual promises hereinafter set forth, the parties, intending to be legally bound hereby, mutually agree as follows:

<br> 1. **<u>Limit on Operating Expenses</u>**. The Advisor hereby agrees to limit the Fund's current Operating Expenses to an annual rate, expressed as a percentage of the Fund's average daily net assets for the month, to the amounts listed in **<u>Appendix A</u>** (the "Annual Limit"). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a "Fund Reimbursement Payment").

2. **<u>Definition</u>**. For purposes of this Agreement, the term "Operating Expenses" with respect to the Fund, is defined to include all expenses necessary or appropriate for the operation of the Fund and including the Advisor's investment advisory or management fee detailed in the Investment Advisory Agreement, any Rule 12b-l fees and other expenses described in the Investment Advisory Agreement, but does not include (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap 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)).

3. **<u>Reimbursement of Fees and Expenses</u>**. The Advisor retains its right to receive in future years on a rolling three year basis, reimbursement of any Fund Reimbursement Payments paid by the Advisor pursuant to this Agreement, if such reimbursement can be achieved within the Operating Expense Limitations listed in **<u>Appendix A</u>**.

4. **<u>Collateral Account and Security Interest</u>**. At any time when Fund's assets are below $15 million, the Advisor, for value received, hereby pledges, assigns, sets over and grants to the Trust a continuing security interest in and to an account to be established and maintained by the Advisor with the Securities Intermediary and designated as a collateral account (the "Collateral Account"), including any replacement account established with any successor, together with all dividends, interest, stock-splits, distributions, profits and all cash and non-cash proceeds thereof and any and all other rights as may now or hereafter derive or accrue therefrom (collectively, the "Collateral") to secure the payment of any required Fund Reimbursement Payment or Liquidation Expenses (as defined in Paragraph 5 of this Agreement). For so long as this Agreement is in effect, any transfers or conveyances of Collateral to any party shall require the approval of the Board of Trustees of the Trust (the "Board"), except as specified in Section 7(a)(ii) of this Agreement, below. In addition, the Trust will not issue entitlement orders, redeem or otherwise take any action with respect to the Collateral or Collateral Account unless a Collateral Event (defined below under Section 5 of this Agreement) has occurred or is continuing.

5. **<u>Collateral Event</u>**. In the event that either (a) the Advisor does not make the Fund Reimbursement Payment due in connection with a particular calendar month by the tenth day of the following calendar month or (b) the Board enacts a resolution calling for the liquidation of the Fund (either (a) or (b), a "Collateral Event"), then, in either event, the Board shall have absolute discretion to redeem any shares or other Collateral held in the Collateral Account and utilize the proceeds from such redemptions or such other Collateral to make any required Fund Reimbursement Payment, or to cover any costs or expenses which the Board, in its sole and absolute discretion, estimates will be required in connection with the liquidation of the Fund (the "Liquidation Expenses"). Pursuant to the terms of Paragraph 6 of this Agreement, upon authorization from the Board, but subject to the provisions of the Control Agreement, no further

instructions shall be required from the Advisor for the Securities Intermediary to transfer any Collateral from the Collateral Account to the Fund. The Advisor acknowledges that in the event the Collateral available in the Collateral Account is insufficient to cover the full cost of any Fund Reimbursement Payment or Liquidation Expenses ("Collateral Shortfall"), the Fund shall retain the right to receive from the Advisor any costs of any Fund Reimbursement Payment or Liquidation Expenses in excess of the value of the Collateral. The Adviser further agrees that the Trust shall be permitted to retain any amounts due to the Adviser pursuant to an investment advisory agreement between the Trust and the Adviser with respect to series in the Trust other than the Fund and to pay such amounts to the Fund to satisfy any Collateral Shortfall.

6. **<u>Control Agreement; Appointment of Attorney-in-Fact</u>**. The Advisor agrees to execute and deliver to the Board, in form and substance satisfactory to the Board, a Control Agreement by, between and among the Trust, the Advisor and the Securities Intermediary (the "Control Agreement") pursuant to and consistent with Section 8-106(c) of the New York Uniform Commercial Code, which shall terminate when the Collateral Account is no longer required under this Agreement. Without limiting the foregoing, for so long as the Collateral Account in required under the Agreement, the Advisor hereby irrevocably constitutes and appoints the Trust, through any officer thereof, with full power of substitution, as Advisor's true and lawful Attorney-in-Fact, with full irrevocable power and authority in place and stead of the Advisor and in the name of the Advisor or in the Trust's own name, from time to time, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate actions and to execute and deliver any and all documents and instruments which the Board deems necessary to accomplish the purpose of this Agreement, which power of attorney is coupled with an interest and shall be irrevocable. Without limiting the generality of the foregoing, the Trust shall have the right and power following any Collateral Event to receive, endorse and collect all checks and other orders for the payment of money made payable to the Advisor representing any interest payment, dividend, or other distribution payable in respect of or to the Collateral, or any part thereof, and to give full discharge for the same. So long as a Collateral Event has occurred and is continuing, the Board, in its discretion, may direct the Advisor or Advisor's agent to transfer the Collateral in certificated or uncertificated form into the name and account of the Trust or its designee.

7. **<u>Covenants</u>**. So long as this Agreement shall remain in effect, the Advisor represents and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 30 days after the Fund becomes operational, the Advisor shall invest at least $30,000 in
the Collateral Account, unless Fund assets have reached $15 million by that time (in which case no Collateral Account is required until
Fund assets fall below $15 million for more than 30 days). Once the Collateral Account is established: (i) the Advisor will maintain at
least $30,000 in said account, such that additional amounts will be deposited by the Advisor where Fund outflows or negative Fund performance
reduce the Collateral Account below $30,000 for a period of more than thirty days; (ii) when the Fund reaches

$15 million or more in net assets, the Advisor may withdraw all assets from said account, less the minimum amount required to maintain the account open; and (iii) the Advisor hereby agrees to deposit and maintain $30,000 in the Collateral Account within 30 days of Fund assets falling below $15 million, where assets have not risen above $15 million at the end of that 30-day period. The Collateral Account may be closed completely upon Fund assets reaching $25 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, the Advisor agrees not to challenge any action taken by the Board
or the Trust in executing the terms of this Agreement; provided that the action does not constitute willful misfeasance, bad faith, gross
negligence, or reckless disregard of the duties of the Board under this Agreement, the Advisory Agreement, or to Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will not issue entitlement orders, redeem or otherwise take any action with respect to the Collateral
or Collateral Account unless a Collateral Event (defined above under Section 5 of this Agreement) has occurred or is continuing.

8. **<u>Term</u>**. This Agreement shall become effective on the date first above written and shall remain in effect until at least November 30, 2023, unless sooner terminated as provided in Paragraph 9 of this Agreement, and shall continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Trustees of the Trust.

<br> 9. **<u>Termination</u>**. This Agreement may be terminated at any time, and without payment of any penalty, by the Board, on behalf of the Fund, upon sixty (60) days' written notice to the Advisor. This Agreement may not be terminated by the Advisor without the consent of the Board. This Agreement and the Control Agreement will automatically terminate, with respect to the Fund listed in **<u>Appendix A</u>** if the Advisory Agreement for the Fund is terminated and the Fund continues to operate under the management of a new investment adviser, with such termination effective upon the effective date of the Advisory Agreement's termination for the Fund.

<br> 10. **<u>Assignment</u>**. This Agreement and all rights and obligations hereunder may not be assigned without the written consent of the other party.

<br> 11. **<u>Severability</u>**. If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid, the remainder of this Agreement shall not be affected thereby.

<br> 12. **<u>Governing Law</u>**. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to the conflict of laws principles thereof; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the Investment Company Act of 1940, as amended, and the

Investment Advisers Act of 1940, as amended, and any rules and regulations promulgated thereunder.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers, all on the day and year first above written.

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| | |
|:---|:---|
| **NORTHERN LIGHTS FUND TRUST** | **Astor Investment Management, LLC** |
| **on behalf of Astor Macro Alternative Fund**<br>|  |

---

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| | |
|:---|:---|
| By: <u>/s/Kevin Wolf</u> | By: <u>/s/Bryan Novak</u> |
| Name: Kevin Wolf | Name: Bryan Novak |
| Title: President | Title: Senior Managing Director__________________________ |

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<br> **<u>Appendix A</u>**

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| | |
|:---|:---|
| **<u>Fund</u>** | **<u>Operating Expense Limit</u>** |
| Astor Macro Alternative Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | 1.65% |

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## Ex-99.I

![](image_012.gif)

January 26, 2023

Northern Lights Fund Trust

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

**Re: <u>Northern Lights Fund Trust - File Nos. 333-122917 and 811-21720</u>**

Dear Sir/Madam:

A legal opinion (the "Legal Opinion") that we prepared was filed with Post-Effective Amendment No. 1,415 under the Securities Act of 1933, as amended to the Northern Lights Fund Trust Registration Statement. We hereby give you our consent to incorporate by reference the Legal Opinion into Post-Effective Amendment No. 1,417 (the "Amendment") and consent to all references to us in the Amendment.

Very truly yours,

<u>/s/THOMPSON HINE LLP</u>

THOMPSON HINE LLP

![](image_013.gif)

## Ex-99.J

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Registration Statement on Form N-1A of the Northern Lights Fund Trust and to the use of our report dated November 28, 2022 on the financial statements and financial highlights of Sierra Tactical All Asset Fund, Sierra Tactical Core Income, Sierra Tactical Municipal Fund, Sierra Tactical Bond Fund, and Sierra Tactical Risk Spectrum 50 Fund, each a series of shares of beneficial interest in Northern Lights Fund Trust. Such financial statements and financial highlights appear in the September 30, 2022 Annual Report to Shareholders which is incorporated by reference into the Statement of Additional Information.

![Text Description automatically generated with medium confidence](image_001.jpg)

**BBD, LLP**

**Philadelphia, Pennsylvania**

**January 25, 2023**