# EDGAR Filing Document

**Accession Number:** 0001314414
**File Stem:** 0001580642-25-005095
**Filing Date:** 2025-8
**Character Count:** 645119
**Document Hash:** 6386b9272997619f6a962d272717d35b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005095.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001580642-25-005095

**CONFORMED SUBMISSION TYPE**: 485APOS

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20251113

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21720
- **FILM NUMBER:** 251211232

**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

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

**FILING VALUES:**
- **FORM TYPE:** 485APOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-122917
- **FILM NUMBER:** 251211231

**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

Securities Act File No. 333-122917

ICA No. 811- 21720

**As filed with the Securities and Exchange Commission on August 13 , 2025**

**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. <u>14 95</u> ⌧

and/or

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

Amendment No. <u>149 7</u> ⌧

(Check Appropriate Box or Boxes)

<u>Northern Lights Fund Trust</u>

(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)

<u>(631)490-4300</u>

(Registrant's Telephone Number, Including Area Code)

<u>The Corporation Trust Company</u>

<u>Corporate Trust Center</u>

<u>251 Little Falls Drive</u>

<u>Wilmington, DE 19808</u>

(Name and Address of Agent for Service)

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

---

| | |
|:---|:---|
| JoAnn M. Strasser, Esq. <br> Thompson Hine LLP<br> 41 South High Street, Suite 1700<br> Columbus, Ohio 43215 <br> 614-469-3265 (phone) <br> 513-241-4771 (fax) | Timothy Burdick<br> Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, Ohio 45246<br> (631) 470-2649 |

---

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
 (date) 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

**SUBJECT TO COMPLETION**

**THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.**

**[ ], 2025**

**Winton Managed Futures Trend Fund**

Class A (EVOAX) \| Class C (EVOCX) \| Class I (EVOIX)

**A SERIES OF NORTHERN LIGHTS FUND TRUST**

**Prospectus**

Advised by:

Winton Capital Management Limited

One Hooper's Court

Knightsbridge, London SW3 1AF

United Kingdom

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

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**WINTON MANAGED FUTURES TREND FUND** | &nbsp;&nbsp;**1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategy | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES** | &nbsp;&nbsp;**7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Investment Strategies | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Temporary Defensive Investments | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Principal Investment Risks | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Holdings Disclosure | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;**MANAGEMENT** | &nbsp;&nbsp;**14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser Portfolio Managers | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Subsidiary | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;**HOW FUND SHARES ARE PRICED** | &nbsp;&nbsp;**16** |
| &nbsp;&nbsp;**HOW TO PURCHASE SHARES** | &nbsp;&nbsp;**17** |
| &nbsp;&nbsp;**HOW TO REDEEM SHARES** | &nbsp;&nbsp;**23** |
| &nbsp;&nbsp;**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** | &nbsp;&nbsp;**25** |
| &nbsp;&nbsp;**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | &nbsp;&nbsp;**26** |
| &nbsp;&nbsp;**DISTRIBUTION OF SHARES** | &nbsp;&nbsp;**27** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributor | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) and Shareholder Servicing Fees | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Compensation To Financial Intermediaries | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Householding | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;**FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp;**28** |

---

**<br> WINTON MANAGED FUTURES TREND Fund**

**Investment Objective:** The Fund's investment objective is to seek long-term capital appreciation.

**Fees and Expenses of the Fund :** This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial professional and in **How to Purchase Shares** on page 21 of the Fund's Prospectus and in **Purchase, Redemption and Pricing of Shares** on page 52 of the Statement of Additional Information.

---

| | | | |
|:---|:---|:---|:---|
| **SHAREHOLDER FEES**<br> (Fees paid directly from your investment) | **Class<br> A** | **Class<br> C** | **Class<br> I** |
| Maximum Sales Charge (Load) Imposed on Purchases<br> (as a % of offering price) | 5.75% |  |  |
| Maximum Deferred Sales Charge (Load)<br> (as a % of original purchase price) | 1.00% | 1.00% |  |
| Maximum Sales Charge (Load) Imposed on <br> Reinvested Dividends and other Distributions |  |  |  |
| Redemption Fee<br> (as a % of amount redeemed, if sold within 30 days) |  |  |  |
| Management Fees <sup>1</sup> | 1.00% | 1.00% | 1.00% |
| Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 0.00% |
| Acquired Fund Fees and Expenses <sup>(2)</sup> | [●%] | [●%] | [●%] |
| Other Expenses | [●%] | [●%] | [●%] |
| **Total Annual Fund Operating Expenses** | [●%] | [●%] | [●%] |
| Fee Waiver<sup>(3)</sup> | [●%] | [●%] | [●%] |
| **Total Annual Fund Operating Expenses After Fee Waiver** | [●%] | [●%] | [●%] |

---

1) Restated to reflect current management fee.

2) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies and are estimated for the current fiscal period. 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, not the indirect costs of investing in other investment companies.

3) [The Adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2027 to ensure that total annual Fund operating expenses (including organizational and offering costs) after fee waiver and reimbursement (excluding any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short) , taxes, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.59%, 2.34% and 1.34% of average daily net assets attributable to Class A, Class C, and Class I shares 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 after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Adviser, otherwise with the consent of the Fund's Board of Trustees, and upon termination of the Adviser's appointment as adviser of the Fund.] An "Advisory Fee Breakpoint" table can be found in the "Management" section of this Prospectus.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |
| &nbsp;&nbsp;I | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |

---

877.772.5838 **1** 

You would pay the following expenses if you did not redeem your Class C Shares. The Example also assumes that you invest $10,000 in the Fund for the time periods indicated, 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |

---

For purchases of $1,000,000 or more of Class A shares, you would pay the following expenses if you did not redeem your Class A Shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] | &nbsp;&nbsp;$[ ] |

---

**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 ●% of the average value of its portfolio.]

**PRINCIPAL INVESTMENT STRATEGY**

The Fund seeks to achieve its investment objective by pursuing a managed futures (or trend-following) strategy developed and implemented by the Adviser. The strategy is systematic and is applied to a diverse investment universe. The strategy seeks to identify trends in markets (i.e. where future price movements are expected to follow the direction of historical price movements) and take positions to profit from those trends.

The Fund invests globally long and short, using leverage, in a diversified range of markets including equities, commodities, currencies and fixed income. In order to access these markets, the Fund invests in, without limitation, the following instruments: futures (which include futures on equity indices, bonds, interest rates, currencies; commodities); forwards (which include currency forwards) and may also invest in: swaps (which include equity swaps, total return swaps, interest rate swaps and credit default swaps); and equity securities (which include common stocks of companies of any market capitalization, depositary receipts and exchange traded funds ("ETFs")), that the Adviser believes are sufficiently liquid, and for which there is sufficient data available (for example, price history, volume and open interest data). The Fund may invest in money market funds for cash management purposes that provide exposure to fixed income markets and the Fund may invest in securities of U.S. and foreign issuers, including issuers in emerging markets.

The Fund may also seek to gain exposure to certain markets, including commodity markets, in whole or in part, through investments in its wholly-owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity-linked derivative instruments, including swap agreements, derivative instruments, such as futures, options and swaps linked to commodity investments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is also advised by the Adviser. There is no fixed allocation between markets, or between regions or sectors within the markets.

***Investment Process***

The managed futures (or trend-following) strategy of the Fund is implemented predominantly using proprietary computer programs that generate signals, which are applied to instruments traded by the Fund. These programs may be modified over time, including in light of market developments and as the Adviser undertakes further research. Changes to the systems occur as a result of, amongst other things, the discovery of new relationships, changes in market liquidity, the availability of new data or the reinterpretation of existing data.

Certain aspects of the implementation of the investment strategy is not automated, such as which investment signals to use, the weightings of particular signals, the leverage to be applied and the instruments on which to focus. Such aspects involve the Adviser's assessment of matters such as the expected future performance of signals, liquidity of assets, correlation between markets and expected diversification between signals. In addition, the Adviser monitors the behaviour of the investment systems, portfolio composition and market conditions and may make decisions based on factors other than the output of the investment systems, including without limitation, the interests of clients.

In addition to those investments made pursuant to the strategy or for risk management purposes, the Fund directly or through its Subsidiary may invest in other instruments for cash management purposes, to collateralize its derivative investments or to enhance yield. These instruments are expected to be predominantly comprised of U.S. government debt instruments with a maturity of less than two years but may include instruments of any government, corporation or other entity and instruments with longer-dated maturities, and may include other instruments such as money market funds. Fixed income securities may be fixed or floating and investment grade as rated by a recognized rating agency or unrated.

877.772.5838 **2** 

**Principal Investment Risks:** *As with all mutual funds, there is the risk that you could lose all or part of your investment in the Fund. The Fund may not achieve its investment objective and is not intended to be a complete investment program. Many factors affect the Fund's net asset value ("NAV") and performance.*

The following is a summary description of principal risks of investing in the Fund that apply to the Fund's direct or indirect investments in or exposure to securities or commodity interests, including futures, options and swap contracts. The principal risks of investing in the Fund, which could adversely affect its NAV and total return, include those described below.

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

*Counterparty Risk:* The risk that a party upon whom the Fund relies to consummate a transaction will default.

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

*Currency Risk:* Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk and short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency.

*Derivatives Risk:* Futures, forwards, options and swaps involve risks different from, or possibly greater than the risks associated with investing directly in securities including market risk, liquidity risk, leverage risk, tracking risk and counterparty default risk in the case of over the counter derivatives. Option positions may expire worthless exposing the Fund to potentially significant losses.

*Emerging Markets Risk:* Countries with emerging markets may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

*Equity Risk:* The NAV of the Fund will fluctuate based on changes in the value of the equity securities in which it invests. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

*Exchange Traded Fund ("ETF") Risk:* The cost of investing in the Fund will be higher than the cost of investing directly in the ETFs in which it invests and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the ETF. Shares of ETFs and closed end funds may trade at a discount or premium to their NAV per share.

*Fixed Income Risk:* When a fund invests in fixed income securities or derivatives, 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 fixed income securities or derivatives owned by a fund.

*Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

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

*Futures Risk:* The primary risks associated with the use of futures contracts, which may adversely affect the Fund's NAV and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of investment prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell investments from its portfolio to meet daily variation margin requirements, and the Fund may have to sell investments at a time when it may be disadvantageous to do so.

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

877.772.5838 **3** 

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

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

*Liquidity Risk:* Liquidity risk exists when particular investments are difficult to sell. Although most of the Fund's securities must be liquid at the time of investment, the Fund may purchase illiquid investments and securities may become illiquid after purchase by the Fund, particularly during periods of market turmoil. When the Fund holds illiquid investments, the Fund's investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these investments to meet redemptions or for other cash needs, the Fund may suffer a loss. In addition, when there is illiquidity in the market for certain securities, the Fund, due to limitations on investments in illiquid investments, may be unable to achieve its desired level of exposure to a certain sector.

*Management Risk:* The Adviser's judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests may prove to be incorrect and may not produce the desired results. The Fund utilizes the Adviser's investment strategy, which is based on research into historical data and the application of that research to the development of mathematical models that attempt to forecast returns, risk, correlation and transaction costs. This process can be incomplete and/or flawed and there is an inherent risk that any forecasts derived from them may be inaccurate, particularly if the research or models are based on, or incorporate, inaccurate assumptions or data. Assumptions or data could be inaccurate from the outset or may become inaccurate as a result of many factors such as changes in market structure, increased government intervention in markets or growth in assets managed in accordance with similar investment strategies. In particular, such factors may make the investment strategy less effective because they may lessen the prospect of identified trends occurring or continuing in the future. As a result, the investment strategy may not generate profitable signals and the Fund may suffer loss.

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

*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's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, may result in market volatility and may have long term effects on both the U.S. and global financial markets. The COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long any future impacts of the significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund 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.

*Options Risk:* There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option.

*Portfolio Turnover Risk:* The higher portfolio turnover will result in higher transactional and brokerage costs.

*Restricted Securities Risk:* The Fund may hold securities that are restricted as to resale under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may prevent the Fund from disposing of them promptly at reasonable prices or at all. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

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

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

*Volatility Risk:* The Fund may have investments that appreciate or decrease significantly in value of short periods of time. This may cause the Fund's NAV per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

*Wholly-Owned Subsidiary Risk:* If the Fund utilizes a Subsidiary to make certain portfolio investments, the Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and its Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund would be higher because you would indirectly bear the expenses of a Subsidiary.

877.772.5838 **4** 

**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. Performance prior to [ ] is that of the Fund while it was managed by its previous investment adviser. The bar chart shows performance of the Fund's Class I shares for the full calendar years since the Fund's inception. Returns for the Class A and Class C shares, which are not presented, will vary from the returns of the Class I shares. The performance table compares the performance 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 and the Fund's NAV per share for each share class is available at no cost by visiting [____] or by calling 1-877-772-5838.

**Performance Bar Chart For Class I Shares<br> For Calendar Years Ended December 31**

![(BAR CHAT)](wi001_v1.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Best Quarter:** | &nbsp;&nbsp;3/31/2022 | &nbsp;&nbsp;15.24% |
| &nbsp;&nbsp;**Worst Quarter:** | &nbsp;&nbsp;3/31/2020 | &nbsp;&nbsp;(11.64)% |

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The year-to-date return as of the most recent calendar quarter, which ended September 30, 2024 was 5.93%.

**Performance Table<br> Average Annual Total Returns<br> (For the periods ended December 31, 2024)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**One<br> Year** | &nbsp;&nbsp;**Five<br> Years** | &nbsp;&nbsp;**Ten<br> Years** | &nbsp;&nbsp;**Since<br> Inception<br> (10/31/11)** |
| Return before taxes – Class I Shares | &nbsp;&nbsp;5.27% | &nbsp;&nbsp;3.87% | &nbsp;&nbsp;4.63% | &nbsp;&nbsp;3.72% |
| Return after taxes on distributions – Class I Shares | &nbsp;&nbsp;4.44% | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;0.97% |
| Return after taxes on distributions and sale of Fund shares – Class I Shares | &nbsp;&nbsp;3.11% | &nbsp;&nbsp;1.41% | &nbsp;&nbsp;2.11% | &nbsp;&nbsp;1.65% |
| Return before taxes – Class A Shares | &nbsp;&nbsp;(1.09)% | &nbsp;&nbsp;2.41% | &nbsp;&nbsp;3.75% | &nbsp;&nbsp;2.96% |
| Return before taxes – Class C Shares | &nbsp;&nbsp;4.23% | &nbsp;&nbsp;2.86% | &nbsp;&nbsp;3.59% | &nbsp;&nbsp;2.65% |
| BofA Merrill Lynch 3-Month Treasury Bill Index <br> (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;5.04% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;1.26% | &nbsp;&nbsp;1.05% |
| Bloomberg Global Aggregate Index | &nbsp;&nbsp;5.72% | &nbsp;&nbsp;(0.32)% | &nbsp;&nbsp;0.38% | &nbsp;&nbsp;0.35% |

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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 accounts, such as 401(k) plans or individual retirement accounts (IRAs). After tax returns for the share classes which are not presented will vary from the after-tax returns of Class I shares.

BofA Merrill Lynch 3-Month Treasury Bill Index is an unmanaged index that measures returns of three month Treasury Bills. Investors cannot invest directly in an index.

Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from twenty-eight local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.

877.772.5838 **5** 

**Adviser:** Winton Capital Management Limited (also referred to as the Investment Adviser)

**Adviser Portfolio Manager** : Simon Judes and Carston Schmitz have each served the Fund as a Portfolio Manager since [ ] 2025.. Each portfolio manager is primarily and jointly responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares:** You may purchase and redeem shares of the Fund on any day that the New York Stock Exchange ("NYSE") is open for trading by written request, telephone, or through your broker. The Fund or the Adviser may waive any investment minimum.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**CLASS** | &nbsp;&nbsp;**MINIMUM INVESTMENT** | &nbsp;&nbsp;**MINIMUM INVESTMENT** |
| &nbsp;&nbsp;**CLASS** | &nbsp;&nbsp;**INITIAL** | &nbsp;&nbsp;**SUBSEQUENT** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$250 |
| &nbsp;&nbsp;I | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$250 |

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

The Fund is aware of certain private letter rulings from the Internal Revenue Service issued to other mutual funds, which indicate that income from the Fund's investment in a subsidiary will constitute "qualifying income" for purposes of Subchapter M; however, the Fund has not itself received or applied for private letter ruling from the Internal Revenue Service and does not intend to apply for such a ruling. Private letter rulings are not precedent and the Internal Revenue Service is not bound by them. Therefore, if the Internal Revenue Service challenges the position taken by the Fund that the income is qualifying income, it may not prevail and would lose its status as a regulated investment company.

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

877.772.5838 **6** 

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|:---|
| **ADDITIONAL INFORMATION ABOUT** |
| **INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGY** |

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The investment objective and principal strategy of the Fund are described in this section. The Fund's investment objective is a non-fundamental policy and may be changed without shareholder approval by the Board of Trustees upon 60 days' written notice to shareholders. If the Fund's investment objective is changed, the prospectus will be supplemented to reflect the new investment objective. There is no guarantee that the Fund will achieve its objective. Please see the statement of additional information ("SAI") for additional information about the securities and investment strategy described in this prospectus and about additional securities and investment strategy that may be used by the Fund.

**INVESTMENT OBJECTIVES**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Investment Objective(s)** |
| &nbsp;&nbsp;Winton Managed Futures Trend Fund ("Fund") | &nbsp;&nbsp;The Fund's investment objective is to seek long-term capital appreciation. |

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**PRINCIPAL INVESTMENT STRATEGY**

[The Fund seeks to achieve its investment objective by pursuing a managed futures (or trend-following) strategy developed and implemented by the Adviser. The strategy is systematic and is applied to a diverse investment universe. The strategy seeks to identify trends in markets (i.e. where future price movements are expected to follow the direction of historical price movements) and take positions to profit from those trends.

The Fund invests globally long and short, using leverage, in a diversified range of markets including equities, commodities, currencies and fixed income. In order to access these markets, the Fund invests in, without limitation, the following instruments: futures (which include futures on equity indices, bonds, interest rates, currencies; commodities); forwards (which include currency forwards) and may also invest in: swaps (which include equity swaps, total return swaps, interest rate swaps and credit default swaps); and equity securities (which include common stocks of companies of any market capitalization, depositary receipts and ETFs), that the Adviser believes are sufficiently liquid, and for which there is sufficient data available (for example, price history, volume and open interest data). The Fund may invest in money market funds for cash management purposes that provide exposure to fixed income markets and the Fund may invest in securities of U.S. and foreign issuers, including issuers in emerging markets.

The Fund may also seek to gain exposure to certain markets, including commodity markets, in whole or in part, through investments in its wholly-owned subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary, unlike the Fund, may invest to a significant extent in commodities, commodity contracts, commodity-linked derivative instruments, including swap agreements, derivative instruments, such as futures, options and swaps linked to commodity investments. The Subsidiary may also invest in other instruments in which the Fund is permitted to invest, either as investments or to serve as margin or collateral for its derivative positions. The Fund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is also advised by the Adviser.]

The managed futures (or trend-following strategy) of the Fund is implemented using predominantly proprietary computer programs that generate signals which are applied to instruments traded by the Fund. Some examples of investment strategies utilized in the program are momentum (attempting to exploit trends in markets) and value (attempting to identify good stocks at a good price). These programs may be modified over time, including in light of market developments and as the Adviser undertakes further research. Changes to the systems occur as a result of, amongst other things, the discovery of new relationships, changes in market liquidity, the availability of new data or the reinterpretation of existing data.

Certain aspects of the implementation of the investment strategy is not automated, such as which investment signals to use, the weightings of particular signals, the leverage to be applied and the instruments on which to focus. Such aspects involve the Adviser's assessment of matters such as the expected future performance of signals, liquidity of assets, correlation between markets and expected diversification between signals. In addition, the Adviser monitors the behaviour of the investment systems, portfolio composition and market conditions and may make decisions based on factors other than the output of the investment systems, including without limitation, the interests of clients.

In addition to those investments made pursuant to the strategy or for risk management purposes, the Fund directly or through its Subsidiary may invest in other instruments for cash management purposes. These instruments are expected to be predominantly comprised of U.S. government debt instruments with a maturity of less than two years but may include instruments of any government, corporation or other entity and instruments with longer-dated maturities, and may include other instruments such as money market funds. Fixed income securities may be fixed or floating and investment grade as rated by a recognized rating agency or unrated.

877.772.5838 **7** 

**SUBSIDIARY:** Although the Fund will make strategy investments directly, it may, in the discretion of the Adviser, also execute its strategy, in part, by investing up to 25% of its total assets in a wholly-owned and controlled Subsidiary of the Fund. Dependent on the strategy(ies) being traded by its parent Fund, the Subsidiary, if utilized, would invest the majority of its assets in any combination of commodities and both financial and non-financial futures, derivatives, structures products or other investments intended to serve as margin or collateral for derivatives positions, as necessary. By investing in commodities indirectly through its Subsidiary, the Fund would obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. Specifically, each Subsidiary would be expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Subchapter M requires, among other things, that at least 90% of a Fund's income be derived from securities or derived with respect to its business of investing in securities (typically referred to as "qualifying income"). If a Subsidiary is utilized, the Fund would make investments in certain commodity-linked derivatives through its Subsidiary because income from these derivatives would not be treated as "qualifying income" for purposes of the 90% income requirement, as it would if the Fund invested in the derivative directly. With respect to income from the Fund's investment, if any, in its Subsidiary, the Fund would rely upon Section 851(b) of the Code and rules thereunder to assure compliance with the limitations of the federal tax requirements of Subchapter M of the Code. Because the Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus, the Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references to the Fund may also include the Fund's Subsidiary. Each Subsidiary, if utilized, would be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as its related Fund, to the extent applicable.

The Fund is, and any related Subsidiary would be, a "commodity pool" under the U.S. Commodity Exchange Act. The Adviser is a "commodity pool operator" ("CPO") registered with and regulated by the Commodity Futures Trading Commission ("CFTC").

**TEMPORARY DEFENSIVE INVESTMENTS:** To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. Such investments may be inconsistent with the Fund's principal investment strategy. 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. While the Fund is in a defensive position, the Fund may not be able to achieve its investment objective.

**DESCRIPTION OF PRINCIPAL INVESTMENT RISKS**

The following risks may apply to the Fund's direct investments as well the Fund's indirect risks through investing in the Subsidiary and in ETFs.

*Commodity Risk: E*xposure to the commodities markets (including via commodity futures) may subject the Fund to greater volatility than investments in traditional securities. Prices of commodities may fluctuate significantly over short periods for a variety of factors, including: changes in supply and demand relationships, changes in interest or currency exchange rates, population growth and changing demographics and factors affecting a particular industry or commodity, such as drought, floods or other weather conditions, transportation bottlenecks or shortages, competition from substitute products, fiscal, monetary and exchange control programs, disease, pestilence, acts of terrorism, embargoes, tariffs and international economic, political, military, legal and regulatory developments. Additionally, the Fund may gain exposure to the commodities markets through investments in commodity-linked derivative instruments, the value of which may be influenced by, among other things, time to maturity, level of supply and demand for the instrument, interest rates, volatility and lack of liquidity in underlying markets, the performance of the reference commodity or instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference commodity or instrument. Further, a lack of liquidity, participation of speculators and government regulation and intervention, among other factors, may subject commodity markets to temporary distortions or other disruptions, which may, in turn, subject the Fund to losses.

*Counterparty Risk:* The Fund may enter into various types of derivative contracts as described below in this section under "Derivatives Risk". Many of these derivative contracts will be privately negotiated in the over-the-counter market. These contracts involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the Fund may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses to the Fund.

*Credit Risk:* There is a risk that issuers and counterparties will not make payments on securities and other investments, resulting in losses to the Fund. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the respective Fund. Lower credit quality also may affect liquidity and make it difficult for the respective Fund to sell the security. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing the value of your investment in Fund shares. In addition, default may cause the defaulting Fund to incur expenses in seeking recovery of principal or interest on its portfolio holdings. Credit risk also exists in foreign exchange or derivative contracts, because the counterparty may not be able or may choose not to perform under the contract. Investments in foreign currency contracts, or other over-the-counter derivative instruments (including options), involve credit risk with regard to the party with which it trades and also the risk of settlement default. These risks may differ materially from risks associated

877.772.5838 **8** 

with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily mark-to-market and settlement, segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties, the respective Fund will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparties nor from concentrating any or all of its transactions with one counterparty except that the Fund does not invest more than 25% of its assets in derivatives with any one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

*Currency Risk:* Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk and short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Since exchange rate changes can readily move in one direction, a currency position carried overnight or over a number of days may involve greater risk than one carried a few minutes or hours. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency. Interference has taken the form of regulation of the local exchange market, restrictions on foreign investment by residents or limits on inflows of investment funds from abroad. Restrictions on the exchange market or on international transactions are intended to affect the level or movement of the exchange rate. This risk could include the country issuing a new currency, effectively making the "old" currency worthless.

*Derivatives Risk:* Futures, forwards, options, options on futures and swaps involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities including:

*Leverage and Volatility Risk:* Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, if any, including futures contracts, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate its portfolio position when it would not be advantageous to do so in order to satisfy its swap obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share prices. To the extent that the Fund is not able to close out a leveraged position because of market illiquidity, the Fund's liquidity may be impaired to the extent that it has a substantial portion of liquid assets segregated or earmarked to cover obligations. Furthermore, valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them.

*Liquidity Risk:* Although it is anticipated that the derivatives traded by the Fund will be actively traded, it is possible that particular investments might be difficult to purchase or sell, possibly preventing the Fund from executing positions at an advantageous time or price, or possibly requiring them to dispose of other investments at unfavorable times or prices in order to satisfy their obligations. Most U.S. and some non-US commodity futures exchanges impose daily limits regulating the maximum amount above or below the previous day's settlement price which a futures contract price may fluctuate during a single day. During a single trading, day no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased to the limit point, it may be difficult, costly or impossible to liquidate a position. It is also possible that an exchange or the CFTC, which regulates commodity futures exchanges, may suspend trading in a particular contract, order immediate settlement of a contract or order that trading to the liquidation of open positions only.

*Risk of Options:* There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Because option premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying and selling put and call options can be more speculative than investing directly in securities. Purchased put options may decline in value due to changes in value of the underlying reference asset.

*Risk of Forward and Futures Contracts:* The successful use of forward and futures contracts draws upon a Adviser's skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of forward and futures contracts, which may adversely affect the Fund's NAV and total return, are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

877.772.5838 **9** 

*Derivative Tax Risk:* The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion of the Fund's distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Code. If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and be subject to future legislature, regulation or administrative pronouncements issued by the Code.

*Emerging Markets Risk:* In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. 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.

*Equity Risk*: Equity securities, such as common stocks, may decline in value because of changes in the price of a particular holding or a broad stock market decline. Common stock ranks below preferred securities and debt securities in claims for dividends and for assets of the company in a liquidation or bankruptcy. 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.

*Exchange Traded Fund Risk:* The Fund may invest in ETFs, ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs may be higher than other mutual funds that invest directly in stocks and bonds. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. ETF shares may trade at a discount to or a premium above net asset value if there is a limited market in such shares. ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. Because the value of ETF shares depends on the demand in the market, the adviser or sub-adviser (as applicable) may not be able to liquidate the Fund's holdings at the most optimal time, adversely affecting performance. Each ETF is subject to specific risks, depending on the nature of its investment strategy. These risks could include liquidity risk, sector risk and emerging market risk. In addition, ETFs that use derivatives may be subject to counterparty risk, liquidity risk, and other risks commonly associated with investments in derivatives. ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track, if any, 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 the ETFs may, from time to time, temporarily be unavailable, which may further impede the ETFs' ability to track their applicable indices.

*Fixed Income Risk:* When the Fund invest in fixed income securities or derivatives, 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 fixed income securities or derivatives 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 include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). 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.

*Foreign Currency Risk:* Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

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

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

*Interest Rate Risk:* Interest rate risk refers to the change in value of debt instruments associated with increases in interest rates. Interest rate changes may affect the value of a debt security directly (especially in the case of fixed rate securities) and indirectly (especially in the case of adjustable rate securities). In general, rises in interest rates will negatively impact the value of fixed rate securities and falling interest rates will have a positive effect on value. Duration is a measure of the expected life of a bond that is used to determine the sensitivity of a security's price to changes in interest rates. The fund with a longer average portfolio duration will be more sensitive to increases in interest rates than the fund with a shorter average portfolio duration. For example, the price of a bond fund with an average duration of eight years would generally be expected to fall approximately 8% if interest rates rose by one percentage point. Inverse floaters, interest-only and principal-only securities are extremely sensitive to interest rate changes. Adjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the

877.772.5838 **10** 

characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other things).

*Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. Certain managers may be dependent upon a single individual or small group of individuals, the loss of which could adversely affect their success.

*Junk Bond Risk:* 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.

*Leverage Risk:* The Fund, directly or indirectly via the Subsidiary's investments, will use derivatives to increase its long and short exposure creating leverage, which can magnify the Fund's potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund's share price. The use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The Fund's use of swap contracts or futures contracts involves indirect leverage because swap contract payments are based upon notional value rather than the amount invested. To the extent that the Fund is not able to close out a leveraged position because of market illiquidity, the Fund's liquidity may be impaired to the extent that it has a substantial portion of liquid assets segregated or earmarked to cover obligations.

*Liquidity Risk:* Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy obligations. Funds with principal investment strategies that involve securities of companies with smaller market capitalizations, non-U.S. securities, Rule 144A securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk.

*Management Risk:* The NAV of the Fund changes daily based on the performance of the securities and derivatives in which it invests. The Adviser's, and any sub-adviser's or investment manager's judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of any sub-adviser or investment manager may also prove incorrect and may not produce the desired results. There can be no assurance that either the securities selected by the Adviser will produce positive returns.

*Market Risk:* The NAV of the Fund will fluctuate based on changes in the value of the securities and swaps in which the Fund invests. The Fund invests in securities and swaps, which may be more volatile and carry more risk than some other forms of investment. The price of securities and derivatives may rise or fall because of economic or political changes and result in greater volatility for the Fund. Security and derivative prices in general may decline over short or even extended periods of time. Market prices of securities and derivatives in broad market segments may be adversely affected by price trends in commodities, interest rates, exchange rates or other factors wholly unrelated to the value or condition of an issuer.

*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's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. The COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long any future impacts of the significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund 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.

*Options Risk:* There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund will tend to lose money if the value of the reference index or security falls below the strike price. As the seller (writer) of a call option, the Fund will tend to lose money if the value of the reference index or security rises above the strike price. As the buyer of a put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option .The value of options may be volatile and depends on the value of the reference asset(s).

*Portfolio Turnover Risk:* A higher portfolio turnover may result in higher transactional and brokerage costs associated with the turnover which may reduce the Fund's return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase the Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

877.772.5838 **11** 

*Restricted Securities Risk:* The Fund may hold securities that are restricted as to resale under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may prevent the Fund from disposing of them promptly at reasonable prices or at all. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the values of restricted securities may have significant volatility.

*Short Position Risk:* The Fund's long position could decline in value at the same time that the value of short positions held directly or indirectly by the Fund increase, thereby increasing the Fund's overall potential for loss. The Fund's direct or indirect short positions may result in a loss if the price of the short position instruments rise and it costs more to replace the short positions. In contrast to the Fund's long positions, for which the risk of loss is typically limited to the amount invested, the potential loss on short positions, whether held directly or indirectly, is theoretically unlimited. The Fund will be in compliance with Section 18(f) of the 1940 Act, to ensure that the Fund shareholder will not lose more than the amount invested in the Fund. Market factors may prevent the Fund from closing out a short position at the most desirable time or at a favorable price. A lender may request that borrowed securities be returned to it on short notice, and the Fund may have to buy the borrowed securities at an unfavorable price. If this occurs at the same that other short sellers of the same security also want to close out their positions, it is more likely that the Fund will have to cover its short sale at an unfavorable price and potentially reduce or eliminate any gain, or cause a loss, as a result of the short sale.

Swap Risk: Swaps are agreements whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. Total return swaps give the Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure features of a futures contract in a single instrument. Interest rate swap futures are futures contracts on interest rate swaps that enable purchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period. Interest rate swaps can be based on various measures of interest rates, including swap rates, treasury rates and other foreign interest rates. An investment in an interest rate swap could result in losses to the Fund if the underlying asset or reference does not perform as anticipated or if the counterparty fails to meet its obligations.

Credit Default Swaps Risk: A credit default swap is a type of credit derivative which allows one party (the "protection buyer") to transfer credit risk of a reference entity (the "reference entity") to one or more other parties (the "protection seller"). The protection buyer pays a periodic fee to the protection seller in return for protection against the occurrence of a number of events (each a "credit event") which may be experienced by the reference entity. Credit default swaps carry specific risks including, but not limited to, high levels of leverage, the possibility that premiums are paid for credit default swaps which expire worthless, wide bid/offer spreads and documentation risks. In addition, there can be no assurance that the counterparty to a credit default swap will be able to fulfil its obligations to the Fund if a credit event occurs in respect of the reference entity. Further, the counterparty to a credit default swap could seek to avoid payment following an alleged credit event by claiming that there is a lack of clarity in, or an alternative meaning of, language used in the contract, most notably the language specifying what would amount to a credit event.

*Trading Strategy Risk:* There is no assurance that the Adviser's investment strategy or the Fund will provide any return or will not incur substantial losses. The investment system is based on research into historical data and the application of that research to the development of mathematical models that attempt to forecast returns, risk, correlation and transaction costs and that attempt to identify and exploit market trends. This process can be incomplete and/or flawed and there is an inherent risk that any derived forecast may be inaccurate, particularly if the research or models are based on, or incorporate, inaccurate or incomplete assumptions or data. Assumptions or data could be inaccurate from the outset or may become inaccurate as a result of many factors such as changes in market structure, increased government intervention in markets or growth in assets managed in accordance with similar investment strategies. In particular, such factors may make the investment strategy less effective because they may lessen the prospect of identified trends occurring or continuing in the future. As a result, the investment strategy may not generate profitable signals and the Fund may suffer loss.

The Fund utilizes the Adviser's investment strategy, which is based on mathematical models that are implemented as an automated computer-based programs. Issues with the design, development, implementation, maintenance or operation of the program, any component of the system or any processes and procedures related to the system (collectively, "Process Exceptions") can cause losses to the Fund and such losses may be substantial. Process Exceptions may include but are not limited to (a) programming errors (the Adviser may make programming errors in translating its mathematical models into computer code. In addition, as a mathematical model can be expressed in computer code in multiple ways, the choice of code ultimately used may not result in the best representation of the model), (b) failure of technology (the system is reliant on proprietary and third party technology. Such technology may be adversely affected by many issues, some of which may be outside of the Adviser's control, including issues associated with network infrastructure, software updates, bugs, viruses and unauthorized access); and incorporation of data (the Adviser may incorporate inaccurate data, or make errors in incorporating data, into the system). Process Exceptions can be extremely difficult to detect, can go undetected for long periods or could never be detected. The impact of such Process Exceptions can be compounded over time and can result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, the failure to properly allocate trades, the failure to properly gather and organise available data and/or the failure to take certain hedging or risk mitigating actions. The Adviser uses sophisticated information technology systems to send, on the Funds' behalf, electronic trading instructions to brokers. This technology can increase the likelihood of erroneous orders being made,

877.772.5838 **12** 

regulatory requirements not being complied with and/or credit and capital limits being breached due to computer malfunctions, the speed of execution of transactions, human error or a deficiency in algorithm design or implementation. Trading through an electronic trading or order routing system is also subject to risks associated with system or component failure (whether such failure affects the hardware or software of the exchange or person offering the relevant system or the Adviser). In the event of system or component failure, it is possible that, for a certain time period, it might not be possible to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority. Trading venues offering an electronic trading or order routing system typically adopt rules to limit their liability, the liability of member brokers and software and communication system vendors, and the amount that may be collected for system failures and delays, which rules may vary among the venues and may not adequately compensate the Fund for the full extent of any loss.

*Taxation Risk:* By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. The subsidiary is classified as a controlled foreign corporation for US tax purposes. Typically any gains/losses from trading in 1256 futures contracts, such as exchange-traded commodity futures contracts, are taxed 60% as long term capital gains/losses and 40% short term capital gains/losses. However, because the Subsidiary is a controlled foreign corporation, any income received by from its investments, will be passed through to the Fund as ordinary income and reflected on shareholders' tax Forms 1099 as such.

Valuation Risk. The investments held by the Fund may be valued using evaluated prices provided by third-party independent pricing services or, in some cases, using evaluated prices provided by dealers. The evaluated prices used by the Fund may be different from the evaluated prices or fair value used by other mutual funds or from the evaluated prices at which the Fund's investments are actually bought and sold. The evaluated prices and fair value of the Fund's investments may be subject to frequent and significant change and will vary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines the fair value of the investments

*Volatility Risk:* The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund's NAV per share to experience significant increases or declines in value over short periods of time, however, all investments long- or short-term are subject to risk of loss.

*Wholly-Owned Subsidiary Risk:* If the Fund utilizes a Subsidiary to achieve its investments objectives, the Subsidiary will not be registered under the 1940 Act and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. The Fund, by investing in a Subsidiary, will not have all of the protections offered to investors in registered investment companies. However, the Fund will wholly own and control any Subsidiary it utilizes. The investments of the Fund and its Subsidiary will both be managed by the Adviser, making it unlikely that the Subsidiary will take action contrary to the interests of the Fund or its shareholders. The Trust's Board of Trustees has oversight responsibility for the investment activities of the Fund, including its investment in a Subsidiary, and the Fund's role as the sole shareholder of a Subsidiary. Also, the Adviser, in managing a Subsidiary's portfolio, would be subject to the same investment restrictions and operational guidelines that apply to the management of the Fund. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and a Subsidiary, respectively, are organized, could result in the inability of the Fund and/or a Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on a Subsidiary. If Cayman Islands law changes such that a Subsidiary must pay Cayman Islands taxes, and at that time, the Fund is utilizing a Subsidiary to achieve its investment objectives, Fund shareholders would likely suffer decreased investment returns.

**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, including the Adviser, to carry out routine business operations, including the Adviser's investment strategy, 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, the Adviser and the Fund's service providers, systems, networks, or devices potentially can be breached. The Fund and its 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 or Adviser's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate their 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.

877.772.5838 **13** 

**MANAGEMENT**

**ADVISER:** Winton Capital Management Limited serves as investment adviser to the Fund. Subject to the authority of the Board of Trustees, the Adviser is responsible for management of the Fund's investment portfolio. The Adviser was established in 1997 and is an investment management company specializing in applying empirical scientific research to financial markets in an attempt to identify profitable investment opportunities for its clients. The Adviser is a wholly owned subsidiary of Winton Group Limited ("Winton"). As of [June 30, 2025], the Winton group had approximately $13 billion in assets under advisement.

Pursuant to an advisory agreement between the Fund and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 1.00% of the Fund's average daily net assets.

During the fiscal year ended June 30, 2025, the Fund's previous adviser earned $[ ] in advisory fees, of which $[ ] were waived, such that the Adviser earned an annual advisory fee in an amount after waivers equal to [ ]% of the Fund's average daily net assets, but received an annual advisory fee equal to 0.64% of the Fund's average daily net assets.

[The Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund as described in the Fund Summary, until at least October 31, 2027, to ensure the total Fund operating expenses after fee waiver and reimbursement (exclusive of: (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 option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; (vii) expenses incurred in connection with any merger or reorganization; and (viii) extraordinary expenses such as litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed certain levels. Waived fees and absorbed expenses are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Trust's Board of Trustees, on 60 days written notice to the Adviser. Fee waiver and reimbursement arrangements can decrease the Fund's expenses and boost its performance.]

A discussion regarding the basis for the Board of Trustees' approval of the advisory agreement with respect to the Fund is available in the Fund's semi-annual Form N-CSR dated June 30, 2025.

**ADVISER PORTFOLIO MANAGER:**

**Simon Judes**

**Co-Chief Investment Officer**

Mr. Judes leads Winton's investment management and research activities. Mr. Judes is a member of Winton's executive management committee . Joining the Adviser as a researcher in 2008, Mr. Judes has worked on projects ranging from developing new commodity, macro and equity trading strategies, to leading research into portfolio construction methods. Mr. Judes took over responsibility for Winton's core futures and forwards strategies in 2016 and has since led the design of standalone and bespoke implementations of Winton's CTA strategies. Mr. Judes was appointed Co-CIO, alongside Carsten Schmitz, in 2020 and oversees all aspects of Winton's research and investment management. Mr. Judes has a first-class Honours degree in physics and philosophy from the University of Oxford, and a PhD in physics from Columbia University.

**Carsten Schmitz**

**Co-Chief Investment Officer**

Mr. Schmitz leads Winton's investment management and research activities. Mr. Schmitz is a member of Winton's executive management committee. Mr. Schmitz joined the Adviser in 2008 as a researcher focused on the design of quantitative trading strategies. From 2012, he was leading Winton's Zurich research team, before moving back to London and being promoted to Head of Investment Strategy and subsequently Head of Research. Mr. Schmitz was appointed Co-CIO, alongside Simon Judes, in 2020 and oversees all aspects of Winton's research and investment management. Mr. Schmitz earned a Diploma with distinction from RWTH Aachen in Germany and a PhD with distinction from the University of Zurich.

**INVESTMENT SUBSIDIARY**

The Fund may invest up to 25% of its total assets in a Subsidiary. The Subsidiary, if utilized, will invest the majority of its assets in derivatives, structured products and/or other financial instruments, or investments intended to serve as margin or collateral for derivatives positions as required. The Subsidiary will be organized under the laws of the Cayman Islands, and overseen by its own board of directors. The Fund will be the sole shareholder of any Subsidiary. It is not currently expected that shares of a Subsidiary would be sold or offered to other investors. If, at

877.772.5838 **14** 

any time, the Subsidiary proposed to offer or sell its shares to any investor other than the Fund, shareholders would receive 60 days prior notice of such offer or sale.

If utilized, the Adviser would be responsible for the Subsidiary's day-to-day business pursuant to an investment advisory agreement with the Subsidiary. Under this agreement, the Adviser would provide the Subsidiary with the same type of management services, under the same terms, as are provided to the Fund. The advisory agreement with the Subsidiary would provide for automatic termination upon the termination of the investment advisory agreement with respect to the Fund. The Subsidiary would also enter into separate contracts for the provision of custody, transfer agency, and audit services with the same service providers that provide those services to the Fund.

The Fund pays the Adviser a fee for its services. If a Subsidiary is utilized, the Adviser expects to waive any fee from the Subsidiary, and the Adviser would contractually agree to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Adviser by a Subsidiary, which would continue in effect for so long as the Fund invests in the Subsidiary, and would not be terminated by the Adviser unless it first obtains the prior approval of the Trust's Board of Trustees for such termination. The Subsidiary would also bear the fees and expenses incurred in connection with the custody, transfer agency and audit services that it receives. The Fund expects that the expenses borne by any Subsidiary would not be material in relation to the value of the Fund's assets. It is also anticipated that the Fund's own expenses would be reduced to some extent as a result of the payment of such expenses at the Subsidiary level. It is therefore expected that any duplicative fees for similar services provided to the Fund and a Subsidiary would not be material.

Any Subsidiary will be managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and procedures adopted by the Fund. As a result, the Adviser would be subject to the same investment policies and restrictions in respect of the Subsidiary that apply to the management of the Fund, and, in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the valuation of the Subsidiary's portfolio investments. These policies and restrictions are described in detail in the Fund's SAI. The Trust's Chief Compliance Officer would oversee implementation of a Subsidiary's policies and procedures and make periodic reports to the Trust's Board regarding a Subsidiary's compliance with its policies and procedures.

The financial statements of any Subsidiary will be consolidated in the Fund's financial statements which are included in the Fund's annual and semi-annual financial statements. The Fund's annual and semi-annual reports are distributed to shareholders, and copies of the reports are provided without charge upon request as indicated on the back cover of this Prospectus. Please refer to the SAI for additional information regarding a Subsidiary.

877.772.5838 **15** 

**HOW FUND SHARES ARE PRICED**

The NAV and offering price (NAV plus any applicable sales charges) of each class of shares are valued at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. NAV is computed by determining, on a per class basis, the aggregate market value of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding ((assets-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 National Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of the Fund, including management, administration, and distribution fees (if any), which are accrued daily. The determination of NAV for a share class 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, the Fund's investments are valued each day at the last quoted sales price on each investment's primary exchange. Investments traded or dealt in upon one or more 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. Investments primarily traded on 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 the investment is not traded on an exchange, investments will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. Investments made pursuant to the Managed Futures strategy, which include swap contracts and structured notes providing the returns of reference assets such as securities of limited partnerships, corporations, limited liability companies (including individual share classes therein) and other types of pooled investment vehicles, swap contracts, structured notes or other investments or derivatives will be valued according to such fair value procedures. If market quotations are otherwise not readily available, or deemed unreliable for an investment, or if an investment's value may have been materially affected by events occurring after the close of a market on which the investment principally trades, but before the Fund calculates its NAV, [investments will be valued at their fair market value as determined in good faith by the Adviser and/or relevant sub-adviser in accordance with such procedures approved by the Board .] In this respect, the Adviser and/or sub-adviser participate in the valuation process by preparing the fair valuation for any such investments as per approved procedures and pursuant to a fair value process developed in coordination with the Fund's administrator, auditors, and in some cases certain service providers to the issuers of investments subject to the fair valuation. This process is tested and subject to ongoing and periodic monitoring by the Adviser and/or sub-adviser, the Fund's administrator, and the Board.

Fair value pricing involves subjective judgments and it is possible that the fair value determined for an investment may be materially different than the value that could be realized upon the sale of that investment. This fair value may also vary from valuations determined by other funds using their own fair valuation procedures. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has delegated 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 an issuer on an as-needed basis to assist in determining an investment-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Fund and the Adviser may use independent pricing services to assist in calculating the value of the Fund's investments. In addition, market prices for foreign investments are not determined at the same time of day as the NAV for the Fund. In computing the NAV, the Fund values foreign investments 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 investments quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of an investment in the Fund's portfolio, particularly foreign investments, occur after the close of trading on a foreign market but before the Fund prices its shares, the investment will be valued at fair value. For example, if trading in a portfolio investment is halted and does not resume before the Fund calculates its NAV, the Adviser and/or sub-adviser may need to price the investment 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 investments 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. The determination of fair value involves subjective judgments. As a result, using fair value to price an investment may result in a price materially different from the prices used by other mutual funds to determine net asset value, from the price that may be realized upon the actual sale of the investment, or from market prices when they become available.

With respect to any portion of the Fund's assets that are invested in one or more open-end management investment companies registered under the 1940 Act, the Fund's NAV is calculated based upon the net asset values of those open-end management investment companies, 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.

As a result of investments by the Fund or, its Subsidiary in foreign securities or other instruments denominated in currencies other than the U.S. dollar, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of these instruments denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed, and an investor is not able to purchase, redeem or exchange shares.

877.772.5838 **16** 

**HOW TO PURCHASE SHARES**

**Share Classes**

This Prospectus describes the following share classes offered by the Fund: Class A, Class C and Class I. Under this Prospectus, the Fund offers three 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 the share classes are sales charges, ongoing fees and minimum initial investment. Class A shares pay an annual distribution fee of 0.25% of average daily net assets attributable to those share classes, and Class C shares pay an annual distribution fee of up to 1.00% of average daily net assets attributable to that share class – for distribution and shareholder servicing expenses pursuant to the Trust's Master Distribution and Shareholder Servicing Plans adopted pursuant to Rule 12b-1. Class I shares do not pay such fees. Class A shares are subject to a sales load on all purchases of up to 5.75%; Class C shares are subject to a contingent deferred sales load of 1.00%; and Class I shares are not subject to a sales charge. For information on ongoing distribution fees, see **Distribution (12b-1) and Shareholder Servicing Fees** on page 31 of this Prospectus. Each class of shares in the Fund represents interest in the same portfolio of investments within the Fund. There is no investment minimum on reinvested distributions and the Fund may change investment minimums at any time. The Fund reserves the right to waive sales charges, as described below, and investment minimums. 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/or shareholder servicing fees of 0.25% on an annualized basis of the average daily net assets of Class A shares. The 12b-1 fees are accrued and paid monthly. Over time, fees paid under this distribution and service plan will increase the cost of a Class A shareholder's investment and may cost more than other types of sales charges. The minimum initial investment in Class A shares of the Fund is $2,500 for all accounts. The minimum subsequent investment in Class A shares of the Fund is $250 for all accounts. 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, unless waived as described under "Sales Charge Waivers":

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Amount <br> Invested** | &nbsp;&nbsp;**Sales Charge as a % <br> of Offering Price<sup>(1)</sup>** | &nbsp;&nbsp;**Sales Charge as a % <br> of Amount Invested** | &nbsp;&nbsp;**Dealer <br> Reallowance** |
| &nbsp;&nbsp;Under $25,000 | &nbsp;&nbsp;5.75% | &nbsp;&nbsp;6.10% | &nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;$25,000 to $49,999 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;5.26% | &nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;$50,000 to $99,999 | &nbsp;&nbsp;4.75% | &nbsp;&nbsp;4.99% | &nbsp;&nbsp;4.00% |
| &nbsp;&nbsp;$100,000 to $249,999 | &nbsp;&nbsp;3.75% | &nbsp;&nbsp;3.83% | &nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;$250,000 to $499,999 | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;2.56% | &nbsp;&nbsp;2.00% |
| &nbsp;&nbsp;$500,000 to $999,999 | &nbsp;&nbsp;2.00% | &nbsp;&nbsp;2.04% | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;$1,000,000 and above | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;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 calculation used to determine your sales charge.

A selling broker may receive commissions 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, 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 million or more of the Fund's Class A shares will not pay any initial sales charge on the purchase. However, purchases of $1 million or more of Class A shares may be subject to a contingent deferred sales charge ("CDSC") on shares redeemed during the first 18 months after their purchase in the amount of the commissions paid on the shares redeemed.

**How to Reduce Your Sales Charge**

You may be eligible to purchase Class A shares at a reduced sales charge. To qualify for these reductions, you must notify the Fund's distributor, Northern Lights Distributors, LLC (the "distributor"), in writing and supply your account number at the time of purchase. You may combine your purchase with those of your "immediate family" (your spouse and your children under the age of 21) 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.

<u>Rights of Accumulation</u>: To qualify for the lower sales charge rates that apply to larger purchases of Class A shares, you may combine your new purchases of Class A shares with Class A shares of the Fund that you already own. The applicable initial sales charge for the new purchase is based on the total of your current purchase and the current value of all other Class A shares that you own. The reduced sales charge will apply only to current purchases and must be requested in writing when you buy your shares.

877.772.5838 **17** 

Shares of the Fund held as follows cannot be combined with your current purchase for purposes of reduced sales charges:

● Shares held indirectly through financial intermediaries other than your current purchase broker-dealer (for example, a different broker-dealer, a bank, a separate insurance company account or an investment adviser),

● shares held through an administrator or trustee/custodian of an Employer Sponsored Retirement Plan (for example, a 401(k) plan) other than employer-sponsored IRAs, and

● shares held directly in the Fund account on which the broker-dealer (financial adviser) of record is different than your current purchase broker-dealer.

<u>Letter of Intent</u>: Under a Letter of Intent (LOI), you commit to purchase a specified dollar amount of Class A shares of the Fund, with a minimum of $25,000, during a 13-month period. At your written request, Class A shares purchases made during the previous 90 days may be included. The amount you agree to purchase determines the initial sales charge you pay. If the full-face amount of the LOI is not invested by the end of the 13-month period, your account will be adjusted to the higher initial sales charge level for the amount actually invested. You are not legally bound by the terms of your LOI to purchase the amount of your shares stated in the LOI. The LOI does, however, authorize the Fund to hold in escrow 5% of the total amount you intend to purchase. If you do not complete the total intended purchase at the end of the 13-month period, the Fund's transfer agent will redeem the necessary portion of the escrowed shares to make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge that would normally apply (based on the actual amount you purchased).

<u>Repurchase of Class A Shares</u>: If you have redeemed Class A shares of the Fund within the past 120 days, you may repurchase an equivalent amount of Class A shares of the Fund at NAV, without the normal front-end sales charge. In effect, this allows you to reacquire shares that you may have had to redeem, without repaying the front-end sales charge. You may exercise this privilege only once and must notify the Fund that you intend to do so in writing. The Fund must receive your purchase order within 120 days of your redemption. Note that if you reacquire shares through separate installments (e.g., through monthly or quarterly repurchases), the sales charge waiver will only apply to those portions of your repurchase order received within 120 days of your redemption.

**Sales Charge Waivers**

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.

In addition, the Fund and the Adviser may also waive the sales charges for other investor types and under other circumstances at their discretion. 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.

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. Please see below and Appendix A attached to this prospectus regarding variations in sales loads offered by certain intermediaries. 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 such waivers or discounts.

877.772.5838 **18** 

**<u>Sales Charge Waivers or Discounts on Class A Shares available at Merrill Lynch</u>**

Effective April 10, 2017, shareholders purchasing Class A Shares of the Fund through a Merrill Lynch 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.

---

| |
|:---|
| &nbsp;&nbsp;**Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch** |
| &nbsp;&nbsp;Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the plan is a group plan (more than one participant), the shares are not held in a commission-based brokerage account and shares are held in the name of the plan through an omnibus account |
| &nbsp;&nbsp;Shares purchased by or through a 529 Plan |
| &nbsp;&nbsp;Shares purchased through a Merrill Lynch affiliated investment advisory program |
| &nbsp;&nbsp;Shares purchased by third party investment advisers on behalf of their advisory clients through Merrill Lynch's platform |
| &nbsp;&nbsp;Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable) |
| &nbsp;&nbsp;Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
| &nbsp;&nbsp;Shares exchanged for Class C (*i.e.,* level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date |
| &nbsp;&nbsp;Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
| &nbsp;&nbsp;Directors or Trustees of the Fund, and employees of the Fund's investment adviser or any of its affiliates, as described in this prospectus |
| &nbsp;&nbsp;Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) |
| &nbsp;&nbsp;**CDSC Waivers on A and C Shares available at Merrill Lynch** |
| &nbsp;&nbsp;Death or disability of the shareholder |
| &nbsp;&nbsp;Shares sold as part of a systematic withdrawal plan as described in the Fund's prospectus |
| &nbsp;&nbsp;Return of excess contributions from an IRA Account |
| &nbsp;&nbsp;Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ |
| &nbsp;&nbsp;Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
| &nbsp;&nbsp;There will be no CDSC charged on the sale of Fund shares acquired through a right of reinstatement |
| &nbsp;&nbsp;Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only) |
| &nbsp;&nbsp;**Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent** |
| &nbsp;&nbsp;Breakpoints as described in this prospectus. |
| &nbsp;&nbsp;Rights of Accumulation (ROA) 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 Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
| &nbsp;&nbsp;Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |

---

**<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 the 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.

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.

877.772.5838 **19** 

**Class C Shares**

Class C shares of the Fund are offered at its 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 1.00% on an annualized basis of their average daily net assets as reimbursement or compensation for service and distribution-related activities with respect to the Fund and/or shareholder services, which amount is accrued and paid monthly. 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 a commission of up to 1.00% of the purchase price of Class C shares at the time of purchase. Brokers may also receive distribution and/or shareholder service fees for Class C shares held for over a year.

If you redeem Class C shares within one year after purchase, you will be charged a CDSC of up to 1.00%. The charge will apply to the lesser of the original cost of the Class C shares being redeemed or the proceeds of your redemption and will be calculated without regard to any redemption fee. When you redeem Class C shares, the redemption order is processed so that the lowest CDSC is charged. Class C shares that are not subject to a CDSC are redeemed first. In addition, you will not be charged a CDSC when you redeem shares that you acquired through reinvestment of Fund dividends or capital gains. Any CDSC paid on the redemptions of Class C shares expressed as a percentage of the applicable redemption amount may be higher or lower than the charge described due to rounding.

The minimum initial Investment the Class C shares is $2,500 and the minimum subsequent investment is $250.

**Class I Shares**

Class I shares of each Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees, but have a higher minimum initial investment than Class A and Class C shares. This means that 100% of your initial investment is placed into shares of the Fund. Unless otherwise waived by the Fund, Class I shares require a minimum initial investment of $100,000 and the minimum subsequent investment is $250. Class I shares are offered to investment and institutional clients of the Adviser and its affiliates, to certain persons affiliated with the Adviser, to certain of the Fund's service providers, and to clients of financial institutions or intermediaries (i) that charge such clients an ongoing fee for advisory, investment, consulting or similar fee-based charges for financial services or (ii) that have entered into an agreement with the Fund's distributor to offer Class I shares through a no-load network or platform. Class I shares may also be available on certain brokerage platforms. An investor transacting in Class I 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.

***Exchanges for Class I Shares***

Holders of Class A and Class C shares issued by the Fund may exchange their shares for Class I shares provided that they: (1) hold their shares through a Selling Broker or other financial intermediary or institution that has a distribution agreement with the Fund's distributor to offer Class I shares and which authorizes such an exchange; and (2) are otherwise eligible to invest in Class I shares in accordance with the terms of this Prospectus. Any such exchange is subject to the Fund's discretion to accept or reject the exchange. Class A shareholders who purchased $1,000,000 or more of shares, and who then exchange them for Class I shares within eighteen months of the original purchase date, will be subject to a CDSC for such exchange in the same manner as would be applicable to a redemption of Class A shares purchased in an amount of $1,000,000 or more and redeemed within eighteen months of the date of original purchase, unless the Adviser in its sole discretion determines to waive the applicable CDSC. Class C shareholders who exchange them for Class I shares within one year of the original purchase date will be subject to a CDSC for such exchange in the same manner as would be applicable to a redemption of Class C shares made within one year of the date of original purchase, unless the Adviser in its sole discretion determines to waive the applicable CDSC. For federal income tax purposes, an exchange of Class A or Class C shares for Class I shares within the same Fund will not result in the recognition of a capital gain or loss.

**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 of the Fund** 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.

877.772.5838 **20** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**via Regular Mail:<br> WINTON MANAGED FUTURES TREND FUND**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, NE 68154 | &nbsp;&nbsp;**or Overnight Mail:<br> WINTON MANAGED FUTURES TREND FUND**<br> c/o Ultimus Fund Solutions, LLC<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, Nebraska 68022-3474 |

---

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 the 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, counter checks, traveler's checks, and checks drawn on non-U.S. financial institutions. Cashier's checks bank official checks, and bank money orders are reviewed on a case-by-case basis and may be accepted under certain circumstances. 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. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. 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 1-877-772-5838 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.

877.772.5838 **21** 

**Automated Clearing House (ACH) 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.

*Purchase Online:* Once the account is established, additional purchases can be made via Automated Clearing House (ACH) using a pre-established bank account by logging into the online portal. Please call the Fund at 1-877-772-5838 for assistance establishing your online account.

*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 $500 on specified days of each month into your established Fund account. Please contact the Fund at 1-877-772-5838 for more information about the Fund's Automatic Investment Plan.

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 the Fund in which you choose to invest. 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.

*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 the close of NYSE (generally 4:00 p.m. (Eastern Time)) will be processed on that same day. Requests received after the close will be processed on the next business day.

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

**Retirement Plans:** You may purchase shares of the Fund for your individual retirement plans. Please call the Fund at 1-877-772-5838 for the most current listing and appropriate disclosure documentation on how to open a retirement account.

**Inactive Accounts:** If shareholder-initiated contact does not occur on your account within the timeframe specified by the law in your state of record, or if Fund mailings are returned as undeliverable during that timeframe, the assets of your account (shares and/or any uncashed checks) may be transferred to your last known recorded state of residence as unclaimed property, in accordance with specific state law.

NOTE: An account may be turned over as unclaimed property to the investor's last known state of tax residence if the account is deemed "inactive" or "lost" during the time frame specified within the applicable state's unclaimed property laws. Investors who are residents of the state of Texas may designate a representative to receive legislatively required unclaimed property due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

877.772.5838 **22** 

**HOW TO REDEEM SHARES**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**via Regular Mail:<br> WINTON MANAGED FUTURES TREND FUND**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, NE 68154 | &nbsp;&nbsp;**or Overnight Mail:<br> WINTON MANAGED FUTURES TREND FUND**<br> c/o Ultimus Fund Solutions, LLC<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, Nebraska 68022-3474 |

---

The Fund typically expects that it will take up to 7 days following the 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 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. If you own an IRA, you will be asked whether or not the Fund(s) should withhold federal income tax.

The proceeds will be sent by mail to the address designated on your account or wired 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 1-877-772-5838. The redemption proceeds normally will be sent by mail or by wire within three business days after receipt of your telephone instructions.

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 reserve 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 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.

Systematic Withdrawal Plan: You may participate in the Funds' systematic withdrawal plan, an investment plan that automatically moves money to your bank account from a Fund through the use of electronic funds transfers. You may elect to make systematic withdrawals by transfer of any amount on specified days of each month into your established bank account. Please contact the Funds at 877-772-5838 for more information about the Funds' Systematic Withdrawal Plan.

877.772.5838 **23** 

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Good Order:** Your redemption request will be processed if it is in "good order." To be in "Good Order", the following conditions must be satisfied:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The request should be in writing, unless redeeming by telephone, indicating the number of shares or dollar amount to be redeemed;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the request must identify your account number;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the request should be signed by you and any other person listed on the account, exactly as the shares are registered; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if you request that the redemption proceeds be sent to a person, bank or an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within the last 30 days, or if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion signature guaranteed by an eligible signature guarantor.<br>

**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 $50,000,

● any redemption is transmitted 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 $2,500, the Fund may notify you that, unless the account is brought up to at least the per-class minimum 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 the per-class minimum due to a decline in NAV.

877.772.5838 **24** 

**FREQUENT PURCHASES AND REDEMPTIONS 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 strategy, 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 are 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",

● Rejecting or limiting specific purchase requests, and

● Rejecting purchase requests from certain investors.

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 reserve the right to reject or restrict purchase requests for any reason, particularly when the 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 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 the Fund. 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 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. Brokers maintaining omnibus accounts with the Fund have agreed to provide shareholder transaction information to the extent known to the broker to the Fund upon request. If the Fund or its transfer agent or shareholder servicing agent suspects there is market timing activity in the account, the Fund will seek full cooperation from the service provider maintaining the account to identify the underlying participant. At the request of the Adviser, the service providers may take immediate action to stop any further short-term trading by such participants.

877.772.5838 **25** 

**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). When you redeem your shares, 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 at least annually and net capital gains annually. Both 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. In addition, you pay taxes on the distribution whether the value of your investment decreased, increased or remained the same after you bought shares of the Fund. Purchasing the Fund's shares in a taxable account shortly before a distribution by the Fund is sometimes called "buying into a distribution." The Fund may build up capital gains during the period covered by a distribution (over the course of the year, for example) when securities in the Fund's portfolio are sold at a profit. After subtracting any capital losses, the Fund distributes those gains to you and other shareholders, even if you did not own the shares when the gains occurred (if you did not hold the Fund earlier in the year, for example), and you incur the full tax liability on the distribution.

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.

Your redemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them. 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 advisers 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 advisers to determine the tax consequences of owning the Fund's shares.

877.772.5838 **26** 

**DISTRIBUTION OF SHARES**

**Distributor:** Northern Lights Distributors, LLC, 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022-3474, 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 (12b-1) and Shareholder Servicing Fees:** The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plans for each of Class A and Class C shares, respectively (the "Plans"), pursuant to Rule 12b-1 of the 1940 Act, pursuant to which the Fund may pay the Fund's distributor an annual fee for distribution and shareholder servicing expenses as indicated in the following table of the Fund's average daily net assets attributable to the respective class of shares. Class I does not have a Plan.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class** | &nbsp;&nbsp;**A** | &nbsp;&nbsp;**C** |
| &nbsp;&nbsp;12b-1 Fee | &nbsp;&nbsp;0.25% | &nbsp;&nbsp;1.00% |

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The distributor and other entities are paid under the Plans for services provided and the expenses borne by the distributor and others in the distribution of the 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 Plans 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.

**ADDITIONAL COMPENSATION TO FINANCIAL INTERMEDIARIES:** The distributor, its affiliates, and the Adviser and its affiliates may each, at its own expense and out of its own assets including their legitimate profits from Fund-related activities (and not as an additional charge to the Fund), provide additional cash payments to financial intermediaries who sell shares of the Fund. Financial intermediaries include broker-dealers, financial advisers, 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. Certain administrative fees, such as sub-transfer agency or sub-administrative fees, may be payable by the Fund. 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 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 compensation.

Such payments may provide incentives for such parties to make shares of the Fund available to its customers, and may allow the Fund greater access to such parties and its customers than would be the case if no payments were paid. Such access advantages include, but are not limited to, placement of the Fund on a list of mutual funds offered as investment options to the financial intermediary's customers; access to the financial intermediary's registered representatives and/or ability to assist in training and educating the financial intermediary's registered representatives. These payment arrangements will not change the price an investor pays for shares of the Fund or the amount that the Fund receives to invest on behalf of the investor.

The Adviser does not direct the Fund's portfolio securities transactions, or otherwise compensate broker-dealers in connection with the Fund's portfolio transactions, in consideration of sales of Fund shares.

Financial intermediaries that receive these types of payments may have a conflict of interest in recommending or selling the Fund rather than other mutual funds to their client investors, particularly if these payments exceed the amounts paid by other mutual funds.

**HOUSEHOLDING:** To reduce expenses, the Fund mails only one copy of the prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at 1-877-772-5838 on days the Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty (30) days after receiving your request.

877.772.5838 **27** 

**FINANCIAL HIGHLIGHTS**

The financial highlights tables are 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 tables represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information for the Fund has been derived from the financial statements audited by [ ], the Fund's independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's June 30, 2025 annual report, which is available upon request.

[TO BE PROVIDED BY SUBSEQUENT AMENDMENT]

877.772.5838 **28** 

**Appendix A<br> 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 21 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 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 calculation only if the shareholder notifies his or her financial adviser about such

877.772.5838 **29** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Winton Capital Management Limited**<br> One Hooper's Court<br> Knightsbridge, London SW3 1AF, United<br> Kingdom | &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Northern Lights Distributors, LLC**<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022-3474 |
| &nbsp;&nbsp;**Independent<br> Registered Public<br> Accountant** | &nbsp;&nbsp;**[ ]** | &nbsp;&nbsp;**Legal**<br> **Counsel** | &nbsp;&nbsp;**Thompson Hine LLP**<br> 41 South High Street, Suite 1700<br> Columbus, OH 43215 |
| &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**U.S. Bank, N.A.**<br> 60 Livingston Ave.<br> St Paul, MN 55107 | &nbsp;&nbsp;**Transfer**<br> **Agent** | &nbsp;&nbsp;**Ultimus Fund Solutions, LLC**<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022-3474 |

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Additional information about the Fund is included in the Fund's Statement of Additional Information dated [ ], 2025 (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 Fund'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 1-877-772-5838 or visit [______]. You may also write to:

**WINTON MANAGED FUTURES TREND FUND**<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, NE 68154

***or Overnight Mail***<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022

Please call 1-202-551-8090 for information relating to the operation of the Public Reference Room. 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

877.772.5838 **30** 

**The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**[ ], 2025**

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| |
|:---|
| **Winton Managed Futures Trend Fund** |
| Class A (EVOAX) \| Class C (EVOCX) \| Class I (EVOIX) |
| **A SERIES OF NORTHERN LIGHTS FUND TRUST** |
| **Statement of Additional Information** |
| Advised by: |
| Winton Capital Management Limited |
| One Hooper's Court |
| Knightsbridge, London SW3 1AF |
| United Kingdom |
| *This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus of the Winton Managed Futures Trend Fund (the "Fund") dated [ ], 2025. You can obtain copies of the Fund's Prospectus, annual or semi-annual reports without charge by contacting the Fund's transfer agent, Ultimus Fund Solutions, LLC, 4221 North 203<sup>rd</sup>, Suite 100, Elkhorn, Nebraska 68022 or by calling 1.877.772.5838. You may also obtain a Prospectus by visiting the Fund's website at* [ ] |

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| THE FUND | 2 |
| TYPES OF INVESTMENTS | 3 |
| INVESTMENT RESTRICTIONS | 32 |
| POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS | 34 |
| MANAGEMENT | 36 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS | 42 |
| INVESTMENT ADVISER | 42 |
| THE DISTRIBUTOR | 45 |
| PORTFOLIO MANAGERS | 48 |
| ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARY | 50 |
| ALLOCATION OF PORTFOLIO BROKERAGE | 50 |
| PORTFOLIO TURNOVER | 51 |
| OTHER SERVICE PROVIDERS | 51 |
| DESCRIPTION OF SHARES | 53 |
| ANTI-MONEY LAUNDERING PROGRAM | 53 |
| PURCHASE, REDEMPTION AND PRICING OF SHARES | 54 |
| TAX STATUS | 58 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 65 |
| LEGAL COUNSEL | 65 |
| FINANCIAL STATEMENTS | 65 |
| APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES | 66 |

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**THE FUND**

The Winton Managed Futures Trend Fund, (the "Fund") is 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 Fund may issue an unlimited number of shares of beneficial interest. All shares of the Fund have equal rights and privileges. Each share of the Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Fund is entitled to participate equally, on a class-specific basis, with other shares (i) in dividends and distributions declared by the Fund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the 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.

The Fund's investment objective, restrictions and policies are more fully described here and in the Prospectus. The Board may add classes to the Fund, start other series and offer shares of a new fund under the Trust at any time.

This SAI describes the classes of shares offered by the Fund: Class A shares, Class C shares and Class I shares. Each share class represents an interest in the same assets of the Fund, 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 Fund 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.

The use of financial instruments is subject to applicable regulations of the SEC, the several exchanges upon which they are traded and the Commodity Futures Trading Commission (the "CFTC"). In addition, the Fund's ability to use financial instruments will be limited by tax considerations. The Fund is a commodity pool subject to regulation under the Commodity Exchange Act ("CEA"). In addition to the instruments, strategies and risks described below and, in the Prospectus, the Adviser may discover additional opportunities in connection with financial instruments and other similar or related techniques. These new opportunities may become available as the Adviser develops new techniques, as regulatory authorities broaden the range of permitted transactions and as new financial instruments or other techniques are developed. The Adviser may utilize these opportunities to the extent that they are consistent with the Fund's investment objective and permitted by the Fund's investment limitations and applicable regulatory authorities. The Prospectus or this SAI will be supplemented to the extent that new products or techniques involve materially different risks than those described below or in the Prospectus.

**TYPES OF INVESTMENTS**

The investment objective of the Fund and the description of the Fund's principal investment strategy are set forth under the Fund's "Fund Summary", "Investment Objectives" and "Principal Investment Strategy" in the Prospectus. The Fund's investment objective is not fundamental and may be changed without the approval of a majority of the outstanding voting securities of the Trust. To the extent an investment strategy or risk is not disclosed in the Fund's prospectus, such strategy or risk is a non-principal strategy or risk of the Fund.

The following pages contain more detailed information about the types of instruments in which the Fund may invest, <u>directly or indirectly</u>, and investment strategies that the Fund's adviser, and any sub-advisers engaged, or investment managers accessed by the Fund, may employ in pursuit of the Fund's investment objective(s), and a summary of related risks. Winton Capital Management Limited (the "Adviser") is the investment adviser for the Fund.

**Debt Securities**

The Fund may, subject to compliance with the 1940 Act, invest in debt instruments that have speculative characteristics. The issuers of such instruments, including corporate and sovereign issuers, may face significant ongoing uncertainties and exposure to adverse conditions that may undermine the issuer's ability to make timely payment of interest and principal. In addition, evaluating credit risk for debt securities involves uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries difficult. Also, the market for credit spreads is often inefficient and illiquid, making it difficult to accurately calculate discounting spreads for valuing financial instruments.

<u>United States Government Obligations</u>

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. The 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) will 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.

<u>United States Government Agencies' Obligations</u>

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. Fannie Mae 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.

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.

Resets. The interest rates paid on the Adjustable Rate Mortgage Securities ("ARMs") in which the Fund 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 Fund may 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 Fund invests to be shorter than the maturities stated in the underlying mortgages.

Private Mortgage Pass-Through Securities. Private mortgage pass-through securities are structured similarly to the Ginnie Mae, Fannie Mae and Freddie Mac mortgage pass-through securities and are issued by United States and foreign private issuers such as originators of and investors in mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. These securities usually are backed by a pool of conventional fixed rate or adjustable rate mortgage loans. Since private mortgage pass-through securities typically are not guaranteed by an entity having the credit status of Ginnie Mae, Fannie Mae and Freddie Mac, such securities generally are structured with one or more types of credit enhancement.

Mortgage assets often consist of a pool of assets representing the obligations of a number of different parties. There are usually fewer properties in a pool of assets backing commercial mortgage-backed securities than in a pool of assets backing residential mortgage-backed securities hence they may be more sensitive to the performance of fewer mortgage assets. To lessen the effect of failures by obligors on underlying assets to make payments, those securities may contain elements of credit support, which fall into two categories: (1) liquidity protection and (2) protection against losses resulting from ultimate default by an obligor on the underlying assets. Liquidity protection refers to the provision of advances, generally by the entity administering the pool of assets, to ensure that the receipt of payments on the underlying pool occurs in a timely fashion. Protection against losses resulting from default ensures ultimate payment of the obligations on at least a portion of the assets in the pool. This protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor from third parties, through various means of structuring the transaction or through a combination of such approaches. The degree of credit support provided for each issue is generally based on historical information respecting the level of credit risk associated with the underlying assets. Delinquencies or losses in excess of those anticipated could adversely affect the return on an investment in a security. The Fund will not pay any fees for credit support, although the existence of credit support may increase the price of a security.

Stripped Mortgage Securities. Stripped mortgage securities in which the Fund may invest may be issued by Federal Agencies, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing.

Stripped mortgage securities usually are structured with two classes that receive different proportions of the interest and principal distribution of a pool of mortgage assets. A common type of stripped mortgage security will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of

the interest (the interest-only or "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). PO classes generate income through the accretion of the deep discount at which such securities are purchased, and, while PO classes do not receive periodic payments of interest, they receive monthly payments associated with scheduled amortization and principal prepayment from the mortgage assets underlying the PO class. The yield to maturity on a PO or an IO class security is extremely sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A slower than expected rate of principal payments may have an adverse effect on a PO class security's yield to maturity. If the underlying mortgage assets experience slower than anticipated principal repayment, the Fund may fail to fully recoup its initial investment in these securities. Conversely, a rapid rate of principal payments may have a material adverse effect on an IO class security's yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments or principal, the Fund may fail to fully recoup its initial investment in these securities.

The Fund may purchase stripped mortgage securities for income, or for hedging purposes to protect the Fund's portfolio against interest rate fluctuations. For example, since an IO class will tend to increase in value as interest rates rise, it may be utilized to hedge against a decrease in value of other fixed-income securities in a rising interest rate environment.

Inverse Floaters. The Fund may invest in inverse floaters. Inverse floaters constitute a class of MBS with a coupon rate that moves inversely to a designated index, such as LIBOR (London Interbank Offered Rate) or 11th District Cost of Funds Index ("COFI"). Inverse floaters have coupon rates that typically change at a multiple of the changes of the relevant index rate. Any rise in the index rate (as a consequence of an increase in interest rates) causes a drop in the coupon rate on an inverse floater while any drop in the index rate causes an increase in the coupon rate of an inverse floater. In some circumstances, the coupon on an inverse floater could decrease to zero. In addition, like most other fixed-income securities, the value of inverse floaters will decrease as interest rates increase and their average lives will extend. Inverse floaters exhibit greater price volatility than the majority of mortgage-backed securities. In addition, some inverse floaters display extreme sensitivity to changes in prepayments. As a result, the yield to maturity of an inverse floater is sensitive not only to changes in interest rates but also to changes in prepayment rates on the related underlying mortgage assets. As described above, inverse floaters may be used alone or in tandem with interest-only stripped mortgage instruments.

Mortgage Dollar Rolls. The Fund may enter into mortgage dollar rolls with a bank or a broker-dealer. A mortgage dollar roll is a transaction in which a fund sells mortgage-related securities for immediate settlement and simultaneously purchases the same type of securities for forward settlement at a discount. While the Fund begins accruing interest on the newly purchased securities from the purchase or trade date, it is able to invest the proceeds from the sale of its previously owned securities, which will be used to pay for the new securities, in money market investments until future settlement date. The use of mortgage dollar rolls is a speculative technique involving leverage and is considered to be a form of borrowing by the Fund.

Collateralized Mortgage Obligations. There are certain risks associated specifically with collateralized mortgage obligations ("CMOs"). The Fund may invest in such CMOs. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. The average life of CMOs is determined using mathematical models that incorporate prepayment assumptions and other factors that involve estimates of future economic and market conditions. These estimates may vary from actual future results, particularly during periods of extreme market volatility. Further, under certain market conditions, such as those that occurred in 1994, 2007, 2008 and 2009, the average weighted life of certain CMOs may not accurately reflect the price volatility of such securities. For example, in periods of supply and demand imbalances in the market for such securities and/or in periods of sharp interest rate movements, the prices of CMOs may fluctuate to a greater extent than would be expected from interest rate movements alone. CMOs issued by private entities are not obligations issued or guaranteed by the United States Government, its agencies or instrumentalities and are not guaranteed by any government agency, although the securities underlying a

CMO may be subject to a guarantee. Therefore, if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payment, the holder could sustain a loss.

Collateralized Debt Obligations. Collateralized Debt Obligations ("CDOs") in which the Fund may invest include collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses. For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the equity tranche which generally bears losses in connection with the first defaults, if any, on the bonds or loans in the trust and serves to provide some measure of protection to the other, more senior tranches from defaults. A senior tranche from a CBO trust or CLO trust typically has higher ratings and lower yields than the underlying securities and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CBO or CLO securities as a class. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not registered under securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities; however, an active dealer market may exist for CDOs allowing a CDO to qualify under Rule 144A of the Securities Act of 1933, as amended ("Securities Act"). In addition to the normal risks associated with debt instruments (e.g., interest rate risk and credit risk), CDOs carry additional risks including, but not limited to: (1) the possibility that distributions from the collateral will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) that they may be subordinate to other classes; and (4) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

<u>Certificates of Deposit and Bankers' Acceptances</u>

The 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.

<u>Commercial Paper</u>

The 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 that 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.

<u>Time Deposits and Variable Rate Notes</u>

The Fund may invest in fixed time deposits, whether or not subject to withdrawal penalties.

The commercial paper obligations which the 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 Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund as Lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. The 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 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 Adviser or any sub-advisers 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 Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer on demand within 7 days.

<u>Insured Bank Obligations</u>

The 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. The 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.

**Repurchase Agreements** 

The Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the 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 or any sub-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 Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the 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 Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within 7 days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, a 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 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.

<u>Reverse Repurchase Agreements</u>

The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, an investor (such as the Fund) sells portfolio securities to another party and agrees to repurchase the securities at an agreed-upon price and date. Reverse repurchase agreements involve the risk that the other party will fail to return the securities in a timely manner, or at all, which may result in losses to the Fund. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the Fund is less than the value of the securities. These events could also trigger adverse tax consequences to the Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold will decline below the price at which the Fund is obligated to repurchase them. Reverse repurchase agreements may increase fluctuations in the Fund's NAV and may be viewed as a form of borrowing by the Fund.

**Equity Securities** 

Equity securities in which the Fund invests include interests in pooled investment vehicles, common stocks, preferred stocks, securities convertible into common stocks, such as convertible bonds, warrants, rights and options and related securities. 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.

<u>Common Stock</u>

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.

<u>Preferred Stock</u>

The Fund may invest in preferred stock with no minimum credit rating. 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.

<u>Convertible Securities</u>

The Fund may invest in convertible securities with no minimum credit rating. 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.

<u>Warrants</u>

The 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) which are 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 tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

<u>Depositary Receipts</u>

The 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 below regarding foreign securities apply to investments in ADRs.

<u>Securities of Other Investment Companies</u> 

The Fund may invest in investment companies such as open-end funds (mutual funds), closed-end funds, and exchange traded funds (also referred to as "Underlying Funds"). The 1940 Act provides that ETFs and mutual funds may not: (1) purchase more than 3% of an investment company's outstanding shares; (2) invest more than 5% of its assets in any single such investment company (the "5% Limit"), and (3) invest more than 10% of its assets in investment companies overall (the "10% Limit"), unless: (i) the underlying investment company and/or the Fund has received an order for exemptive relief from such limitations from the Securities and Exchange Commission ("SEC"); and (ii) the underlying investment company and the Fund take appropriate steps to comply with any conditions in such order.

The Fund may exceed these statutory limits when permitted by SEC order or other applicable law or regulatory guidance, such as is the case with many ETFs. The SEC recently adopted certain regulatory changes and took other actions related to the ability of an investment company to invest in the securities of another investment company. These changes include, among other things, the rescission of certain SEC exemptive orders permitting investments in excess of the statutory limits and the withdrawal of certain related SEC staff no-action letters, and the adoption of Rule 12d1-4 under the 1940 Act. Rule 12d1-4 permits the Fund to invest in other investment companies beyond the statutory limits, subject to certain conditions. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters is effective on January 19, 2022. After such time, an investment company will no longer be able to rely on the aforementioned exemptive orders and no-action letters, and will be subject instead to Rule 12d1-4 and other applicable rules under Section 12(d)(1).

In addition, Section 12(d)(1)(F) of the Investment Company Act of 1940, as amended provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund has not, and is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1 ½% percent. An investment company that issues shares to the Fund pursuant to paragraph 12(d)(1)(F) shall not be required to redeem its shares in an amount exceeding 1% of such investment company's total outstanding shares in any period of less than thirty days. The Fund (or the Adviser acting on behalf of the Fund) must comply with the following voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to investment companies owned by the Fund, the Fund will either seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

Further, a Fund may rely on Rule 12d1-3, which allows unaffiliated mutual funds to exceed the 5% Limitation and the 10% Limitation, pursuant to Section 12(d)(1)(F) provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) does not exceed the limits on sales loads established by the FINRA for funds of funds.

<u>Closed-End Investment Companies</u>

The 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") and, 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 Fund), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Fund generally will purchase shares of closed-end funds only in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market. The Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser or any sub-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 Fund 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 which 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 Fund 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 Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund 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 Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Fund 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 Fund.

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 Fund's 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.

<u>Open-end Investment Companies</u>

The Fund and any "affiliated persons," as defined by the 1940 Act, may purchase in 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 fund, the Fund's ability to invest fully in shares of those funds is restricted, and the Adviser or any sub-adviser 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 Fund, will only be obligated to redeem shares held by the Fund 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 Fund 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 Fund's total assets.

Under certain circumstances an underlying fund may determine to make payment of a redemption by the Fund 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 Fund may hold securities distributed by an underlying fund until the Adviser or any sub-adviser determines that it is appropriate to dispose of such securities.

Investment decisions by the investment advisers of the underlying fund(s) are made independently of the Fund and the Adviser or any sub-adviser. Therefore, the investment adviser of one underlying fund may be purchasing shares of the same issuer whose shares are being sold by the investment adviser of another such fund. The result would be an indirect expense to the Fund without accomplishing any investment purpose.

<u>Exchange Traded Funds</u>

ETFs are generally 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"). ETFs typically have two markets. The primary market is where institutions swap "creation units" in block-multiples of, for example, 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.

**High Yield Securities**

The 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 predominantly 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 Fund 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.

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, the 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 1980s, 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 Fund's 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 do not pay periodic interest 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 periodic interest-paying 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 that are typically sold without registration under 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 ("LDCs").

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 Fund may hold such common stock and other securities even if it does not invest in such securities.

**Municipal Government Obligations**

In general, municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities. Municipal obligations generally include debt obligations issued to obtain funds for various public purposes. Certain types of municipal obligations are issued in whole or in part to obtain funding for privately operated facilities or projects. Municipal obligations include general obligation bonds, revenue bonds, industrial development bonds, notes and municipal lease obligations. Municipal obligations also include additional obligations, the interest on which is exempt from federal income tax that may become available in the future as long as the Board of the Funds determines that an investment in any such type of obligation is consistent with the Fund's investment objectives. Municipal obligations may be fully or partially backed by local government, the credit of a private issuer, current or anticipated revenues from a specific project or specific assets or domestic or foreign entities providing credit support such as letters of credit, guarantees or insurance.

<u>Bonds and Notes</u>

General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of interest and principal. Revenue bonds are payable only from the revenues derived from a project or facility or from the proceeds of a specified revenue source. Industrial development bonds are generally revenue bonds secured by payments from and the credit of private users. Municipal notes are issued to meet the short-term funding requirements of state, regional and local governments. Municipal notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes, tax and revenue anticipation notes, construction loan notes, short-term discount notes, tax-exempt commercial paper, demand notes and similar instruments.

<u>Municipal Lease Obligations</u>

Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. They are issued by state and local governments and authorities to acquire land, equipment and facilities, such as vehicles, telecommunications and computer equipment and other capital assets. The Fund may invest in funds that purchase these lease obligations directly, or it may purchase participation interests in such lease obligations. States have different requirements for issuing municipal debt and issuing municipal leases. Municipal leases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a "non-appropriation" clause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Such non-appropriation clauses are required to avoid the municipal

lease obligations from being treated as debt for state debt restriction purposes. Accordingly, such obligations are subject to "non-appropriation" risk. Municipal leases may be secured by the underlying capital asset and it may be difficult to dispose of any such asset in the event of non-appropriation or other default.

**Foreign Securities**

*<u>General</u>*

The Fund may invest in foreign securities including 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 Fund 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. While U.S. Dollars and the currencies of relevant countries can generally be successfully exchanged, there can be no assurance that suitable counterparties and rates will be available at all times.

To the extent the Fund's currency exchange transactions do not fully protect the Fund against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the 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 Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

<u>Emerging Markets Securities</u>

The Fund may purchase securities of emerging market issuers, ETFs and 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 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; less favorable tax provisions; 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 the 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.

**Derivative Instruments**

The Fund expects to use a number of derivative instruments as part of its investment strategies. Generally, derivatives are financial contracts whose value depends upon, or is derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds, interest rates, currencies or currency exchange rates, commodities and related indexes. The Adviser may decide not to employ any of these strategies and there is no assurance that any derivatives strategy used by the Fund will succeed. Examples of derivative instruments that the Fund may use include (but are not limited to) futures contracts, options contracts, swap transactions and forward currency contracts. Derivatives involve special risks, including possible default by the other party to the transaction, illiquidity and, to the extent the Adviser's or sub adviser's view as to certain market movements is incorrect, the risk that the use of derivatives could result in significantly greater losses than if they had not been used. Recently, several broker-dealers and other financial institutions have experienced extreme financial difficulty, sometimes resulting in the bankruptcy of the institution. There can be no assurance that the Fund's counterparties will not experience similar difficulties, possibly resulting in losses to the Fund. Losses resulting from the use of derivatives will reduce the Fund's NAV, and possibly income, and the losses may be significantly greater than if derivatives had not been used. When used, derivatives may increase the amount and affect the timing and character of taxable distributions paid to shareholders.

<u>Futures Contracts</u>

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 the Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the 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 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." The 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 Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the Fund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the 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.

The Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objective. Because the Fund will segregate liquid assets to satisfy its purchase commitments in the manner describe, the Fund's liquidity and the ability of the Adviser or any sub-adviser to manage them may be affected

in the event the Fund's forward commitments, commitments to purchase when-issued securities and delayed settlements ever exceeded 15% of the value of its net assets.

Most futures exchanges limit fluctuations in contract prices during a single day by imposing "daily price fluctuation limits" or "daily limits". During a single trading day, no trades may be executed at prices that are either above or below the daily limit. Once the price of a particular futures contract has increased or decreased to the limit point, positions in the contract can be neither established nor liquidated unless traders are willing to effect trades at or within the limit. Futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Similar occurrences could prevent the Adviser from liquidating positions and subject the Fund to losses that could exceed the margins initially committed to such trades.

The 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 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 Fund on the settlement date. In these cases, the Fund may realize a taxable capital gain or loss. When the 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 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 Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until it has paid for and delivered on the settlement date.

<u>Options on Futures Contracts</u>

The 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.

<u>[Foreign Exchange Forward Trading]</u>

The Fund may trade in spot and forward contracts on currencies. The trading of over-the-counter instruments, subjects the Fund to a variety of risks including: (1) counterparty risk; (2) basis risk; (3) interest rate risk; (4) settlement risk; (5) legal risk; and (6) operational risk. Counterparty risk is the risk that the Fund's counterparties might default on their obligation to pay or perform generally on their obligations. The over-the-counter markets and some foreign markets are "principals' markets." That means that performance of the contract is the responsibility only of the individual firm or member on the other side of the trade and not any exchange or clearing corporation. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. Basis risk is the risk attributable to the movements in the spread between the derivative contract price and the future price of the underlying instrument. Interest rate risk is the general risk associated with movements in interest rates. Settlement risk is the risk that a

settlement in a transfer system does not take place as expected. Legal risk is the risk that a transaction proves unenforceable in law or because it has been inadequately documented. Operational risk is the risk of unexpected losses arising from deficiencies in a firm's management information, support and control systems and procedures. Transactions in over-the-counter derivatives may involve other risks as well, as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.

The Fund may enter into foreign exchange forward contracts in respect of the currencies of certain emerging markets. Many emerging markets have underdeveloped capital market structures where the risks associated with holding currency are significantly greater than in other, less inflationary markets. Such currency exchange rates are highly volatile and may be subject to severe event risks arising if, for example, the political situation in such emerging market is volatile.

<u>Swap Transactions</u>

A swap transaction is an unregulated, individually negotiated agreement (typically with a bank, a brokerage firm or other financial institution as counterparty) to exchange two streams of payments (for example, an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal). The Fund may enter into interest rate, currency, index, total return, credit default and other swap transactions. For example, a total return swap is an agreement to make payments of the total return from a specified asset or instrument (or a basket of such instruments) during the specified period, in return for payments equal to a fixed or floating rate of interest or the total return from another specified asset or instrument (such as the return of a managed futures portfolio or portfolios). Alternatively, a total return swap can be structured so that one party will make payments to the other party if the value of the relevant asset or instrument increases, but receive payments from the other party if the value of that asset or instrument decreases.

Swaps can be highly volatile and may have a considerable impact on the Fund's performance, as the potential gain or loss on any swap transaction is not subject to any fixed limit. The Fund's successful use of swap agreements will depend on the ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments.

<u>Securities Options</u>

The 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 AMEX Oil and Gas Index or the Computer and Business Equipment Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange, the American Stock Exchange, and NASDAQ PHLX.

The 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 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 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 or liquidate the assets held in a segregated account, as described below, 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 the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the 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 the Fund expires on the stipulated expiration date or if the 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 the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

<u>Certain Risks Regarding Options</u>

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 the Fund of options on stock indices will be subject to the ability of the Adviser or any sub-adviser 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 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 Fund. Inasmuch as the Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities being hedged will not move by 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 Fund's securities that would result in a loss on both such securities and the options on stock indices acquired by the 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 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 Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Fund is 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.

<u>Cover for Options Positions</u>

Transactions using options (other than options that the Fund has purchased) expose the Fund to an obligation to another party. The 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. The Fund will comply with SEC guidelines regarding cover for these instruments and, if the guidelines so require, set aside cash or liquid securities in a segregated account with the Fund's custodian in the prescribed amount. Under current SEC guidelines, the Fund will segregate assets to cover transactions in which the Fund write or sell options.

Assets used as cover or held in a segregated account cannot be sold while the position in the corresponding option is open, unless they are replaced with similar assets. As a result, the commitment of a large portion of the Fund's assets to cover or segregated accounts could impede portfolio management or the Fund's ability to meet redemption requests or other current obligations.

<u>Dealer Options</u>

The Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the 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 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 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 Fund writes a dealer option, it 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 Fund originally wrote the option. While the 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 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 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 Fund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to the Fund. For example, because the Fund must maintain a secured position with respect to any call option on a security it writes, the Fund may not sell the assets, which it has segregated to secure the position while it is obligated under the option. This requirement may impair the Fund's ability to sell portfolio securities at a time when such sale might be advantageous.

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. The Fund may treat the cover used for written dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price to be calculated by a predetermined formula. 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 Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, the Fund's treatment of such instruments will change accordingly.

<u>Spread Transactions</u>

The 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 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 Fund does not own, but which is used as a benchmark. The risk to the 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 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.

<u>Credit Default Swaps</u>

The Fund may enter into credit default swaps. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation. The Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk where the Fund owns or has exposure to the sovereign issuer) and may use credit default swaps to take an active long or short position with respect to the likelihood of a particular issuer's default. In connection with these agreements, cash or liquid securities may be set aside as collateral by the Fund's custodian in accordance with the terms of the swap agreement. The Fund may earn interest on cash set aside as collateral. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is recorded as unrealized gain or loss. These financial instruments are not actively traded on financial markets. The values assigned to these instruments are based upon the best available information and because of the uncertainty of the valuation, these values may differ significantly from the values that would have been realized had a ready market for these instruments existed, and the differences could be material. Payments received or made at the end of the measurement period are recorded as realized gain or loss. Entering into these agreements involves, to varying degrees, elements of credit, market, and documentation risk. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

<u>When-Issued, Forward Commitments and Delayed Settlements</u>

The Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. In this event, the Custodian (as defined under the section entitled "Custodian") will segregate liquid assets equal to the amount of the commitment in a separate account. Normally, the Custodian will set aside portfolio securities to satisfy a purchase commitment. In such a case, the Fund may be required subsequently to segregate additional assets in order to assure that the value of the account remains equal to the amount of the Fund's commitment. It may be expected that the Fund's net assets will fluctuate to a greater degree when it sets aside portfolio securities to cover such purchase commitments than when it sets aside cash.

The Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives. With the Fund required to segregate liquid assets to satisfy its purchase commitments in the manner described above, should the Fund's forward commitments, commitments to purchase when-issued securities and delayed settlements ever exceed 15% of the value of its net assets, the Fund's liquidity and the ability of the Adviser or any sub-adviser to manage this liquidity may be impacted.

The Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed appropriate in accordance with the its investment strategy, however, the 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 Fund on the settlement date. In these cases, the Fund may realize a taxable capital gain or loss. When the 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 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 Fund starting on the day the Fund agrees to purchase the securities. The 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** 

The 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 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 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 and the PORTAL Alliance have produced enhanced liquidity for many restricted securities. The PORTAL Alliance is an open industry-wide platform to facilitate over the counter trading of 144A equity securities and is intended to enhance the liquidity and transparency of 144A equity securities by creating a source for indicative quotes, trade reporting and issuer information for 144A equity securities.

Under guidelines adopted by the Trust's Board, the Adviser 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, and (2) is rated in one of the two highest rating categories by at least two National Statistical Rating Organizations ("NRSROs") or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser or a determines that it is of equivalent quality.

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 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 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, the 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 Fund may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities. A short sale is a transaction in which the Fund sells 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 the 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 Fund is required to make a margin deposit in connection with such short sales; the Fund 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 Fund 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 the Fund sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales "against the box") will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with its custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities sold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale). The Fund does not intend to enter into short sales (other than short sales "against the box") if immediately after such sales the aggregate of the value of all collateral plus the amount in such segregated account exceeds 30% of the value of the Fund's net assets. This percentage may be varied by action of the Board. A short sale is "against the box" to the extent the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short.

**Wholly-Owned Subsidiary**

The Fund will invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the "Subsidiary"), which, would be expected to invest primarily in commodity futures, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary's derivatives positions. As a result, the Fund may be considered to be investing indirectly in these investments through the Subsidiary. For that reason, and for the sake of convenience, references in this SAI to the Fund may also include the Subsidiary.

The Subsidiary will not be registered under the 1940 Act but would be subject to certain of the investor protections of the 1940 Act, as noted in this SAI. The Fund, as the sole shareholder of the Subsidiary, would not have

all of the protections offered to investors in registered investment companies. However, since the Fund would wholly own and control its Subsidiary, and the Fund and Subsidiary would both be managed by the Adviser, it is unlikely that the Subsidiary would take action contrary to the interests of the Fund or its shareholders. The Board has oversight responsibility for the investment activities of the Fund, including any investment in a Subsidiary and the Fund's role as the sole shareholder of a Subsidiary. Also, in managing the Subsidiary's portfolio, the Adviser would be subject to the same investment restrictions and operational guidelines that apply to the management of the Fund, including any collateral or segregation requirements in connection with various investment strategies.

Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or its Subsidiary to operate as described in this SAI and could negatively affect the Fund and its shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, and the Fund at that time was utilizing the Subsidiary, then the Fund's shareholders would likely suffer decreased investment returns.

**Specific Risks Relating to Managed Futures and Derivatives Trading**

Futures and Derivatives Trading Is Speculative. Futures and derivatives, including commodity interest, prices are highly volatile. Price movements for futures contracts, for example, which may fluctuate substantially during a short period of time, are influenced by numerous factors that affect the commodities markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events and changes in interest rates.

Futures and Derivatives Trading Is Highly Leveraged. The low margin deposits normally required in trading futures and derivatives permit an extremely high degree of leverage. Accordingly, a relatively small price movement in a commodity interest may result in an immediate and substantial loss to the investor. For example, if at the time of purchase 5% of the price of a futures contract is deposited as margin, a 5% decrease in the price of the futures contract would, if the contract were then closed out, result in a total loss of the margin deposit (brokerage commission expense would also be incurred). Like other leveraged investments, any futures and derivatives trade may result in losses in excess of the amount invested.

Futures and Derivatives Trading May Be Illiquid. Most U.S. commodity futures exchanges impose daily limits regulating the maximum amount above or below the previous day's settlement price which a futures contract price may fluctuate during a single day. During a single trading day no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased to the limit point, it may be difficult, costly or impossible to liquidate a position. Futures prices in particular contracts have occasionally moved the daily limit for several consecutive days with little or no trading. If this occurs, the Fund might be prevented from promptly liquidating unfavorable positions which could result in substantial losses. Those losses could significantly exceed the margin initially committed to the trades involved. In addition, even if prices have not moved the daily limit, or if there are no limits for the contracts traded by the Fund, the Fund may not be able to execute trades at favorable prices if little trading in the contracts is taking place. It is also possible that an exchange or the CFTC may suspend trading in a particular contract, order immediate settlement of a contract or order that trading to the liquidation of open positions only.

Trading Decisions Based on Technical Analysis. The Fund may use trading programs that use "technical" factors in identifying price moves. The success of technical analysis depends upon the occurrence in the future of price movements. Technical systems will not be profitable and may in fact produce losses if there are no market moves of the kind the system seeks to follow. Any factor that would make it more difficult to execute the trades identified, such as a reduction of liquidity, also would reduce profitability. There is no assurance that any trading system will generate profits under all or any market conditions.

Possible Effects of Speculative Position Limits and Accountability Levels. The CFTC and U.S. exchanges have established speculative position limits and accountability levels. Position limits control the number of net long or net short speculative futures or option (on futures) positions any person may hold or control in futures or option contracts traded on U.S. exchanges. Position accountability levels are position levels established by an exchange that, if reached by a person, cause such person to be subject to instructions by such exchange to reduce or not increase such position. The Adviser controls the commodity trading of other accounts. All positions and accounts owned or controlled by the Adviser and their principals are combined for position limit and accountability level purposes. In order to comply with position limits or exchange limitations arising out of having positions subject to accountability levels, it is possible that the Adviser will have to modify its trading instructions, and that positions held for the Fund will have to be liquidated. That could have a negative effect on the Fund's profitability.

Increase in Amount of Funds Managed. If the Adviser manages more money in the future, including money raised in this offering, such additional funds could affect its performance or trading strategies.

Changes in the Number of Available Futures Contracts and Related Options. U.S. and foreign exchanges have established new futures and options contracts in the past few years. This trend could continue. The Adviser's trading strategy might not be successful trading those new contracts.

Other Clients of the Adviser. The Adviser manages other accounts. This increases the competition for the same trades which the Adviser. There is no assurance that the Fund's trading will generate the same results as any other accounts managed by the Adviser.

Failure of Clearing Brokers, Counterparties, Banks, Custodians and other Financial Firms. Commodity brokers must maintain the Fund's assets (other than assets used to trade foreign futures or options on foreign markets) in a segregated account. If a commodity broker goes bankrupt, the Fund could lose money as it may only be able to recover a pro rata share of the property available for distribution to all of the broker's customers. In addition, even if a commodity broker adequately segregates the Fund's assets, the Fund may still be subject to risk of loss of funds on deposit should another customer of the commodity broker fail to satisfy deficiencies in such other customer's account.

Trading on Foreign Exchanges and Currency Exchange Rate Fluctuations. Trading may occur on foreign exchanges and other non-U.S. markets. Neither existing CFTC regulations nor regulations of any other U.S. governmental agency apply to transactions on foreign markets. The Fund is at risk for fluctuations in the exchange rate between the currencies in which it trades and U.S. dollars. It also is possible that exchange controls could be imposed in the future. There is no restriction on how much of the Fund's trading might be on foreign markets.

Trading in Over the Counter Instruments. The trading of over-the-counter instruments, subjects the Fund to a variety of risks including: (1) counterparty risk; (2) basis risk; (3) interest rate risk; (4) settlement risk; (5) legal risk; and (6) operational risk. Counterparty risk is the risk that the Fund's counterparties might default on their obligation to pay or perform generally on their obligations. The over-the-counter markets and some foreign markets are "principals' markets." That means that performance of the contract is the responsibility only of the individual firm or member on the other side of the trade and not any exchange or clearing corporation. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. Basis risk is the risk attributable to the movements in the spread between the derivative contract price and the future price of the underlying instrument. Interest rate risk is the general risk associated with movements in interest rates. Settlement risk is the risk that a settlement in a transfer system does not take place as expected. Legal risk is the risk that a transaction proves unenforceable in law or because it has been inadequately documented. Operational risk is the risk of unexpected losses arising from deficiencies in a firm's management information, support and control systems and procedures. Transactions in over-the-counter derivatives may involve other risks as well, as there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.

Exchange for Physicals. The Fund may exchange a cash, forward or spot market position outside of regular trading hours for a comparable futures position. Such transactions are subject to counterparty creditworthiness risk. The CFTC has permitted the futures exchanges to expand the types of over-the-counter positions that can be part of an exchange for physicals position.

**Commodity Pool Operator Regulation**

The Fund is, and any related Subsidiary would be, a "commodity pool" under the CEA, and the Adviser is a "commodity pool operator" registered with and regulated by the CFTC and is a member of the National Futures Association ("NFA"). As a registered commodity pool operator with respect to the Fund and any Subsidiary, the Adviser must comply with various regulatory requirements under the CEA, and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Adviser is also subject to periodic inspections and audits by the CFTC and NFA.

CyberSecurity Risks

The Adviser, the Fund and their service providers may be susceptible to operational and information security risks resulting from cyber-attacks, including the theft or corruption of data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to networks or devices that are used to service operations, and operational disruption or failures in physical infrastructure or operating systems. Cyber-attacks may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses or the inability to transact business if, for example, there is interference with the processing of investor transactions, confidential business or investor information is released, trading is impeded, and/or regulatory fines are imposed on, or reputational damage is caused to the Fund or Adviser. Additional costs may also be incurred in mitigating the risks of, or trying to prevent, cyber-attacks. There can be no assurance that the Fund and shareholders will not suffer loss as a result of cyber-attacks or other information security breaches in the future.

**Investment Program Risks**

<u>Process Exceptions</u>. The Fund utilizes the Adviser's investment strategy, which is based on mathematical models that are implemented as an automated computer-based programs. Issues with the design, development, implementation, maintenance or operation of the program, any component of the relevant investment strategy, or any processes and procedures related to the investment strategies (collectively, "Process Exceptions") can cause losses to the Fund and such losses may be substantial. Any losses or gains arising from Process Exceptions shall be for the account of the Fund (i.e., the Fund will bear any losses and will benefit from any gains) except for any losses that are the responsibility of the Adviser under the Fund's advisory agreement. Process Exceptions may include, but are not limited to:

Programming Errors. The Investment Manager may make programming errors in translating its mathematical models into computer code. In addition, as a mathematical model can be expressed in computer code in multiple ways, the choice of code ultimately used may not result in the best representation of the model.

Failure of Technology. The computer programs are reliant on proprietary and third party technology. Such technology may be adversely affected by many issues, some of which may be outside of the Adviser's control, including issues associated with network infrastructure, software updates, bugs, viruses and unauthorized access.

Incorporation of Data. The Adviser may incorporate inaccurate data, or make errors in incorporating data, into the systems.

Process Exceptions may be extremely difficult to detect, may go undetected for long periods or may never be detected. The impact of such Process Exceptions may be compounded over time and may result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, the failure to properly allocate trades, the failure to properly gather and organise available data and/or the failure to take certain hedging or risk mitigating actions. Although the Adviser evaluates the materiality of any Process Exceptions that it detects, the Adviser may conclude that some are not material and may choose not to address them. Such judgements may prove not to be correct.

Errors in Trade Execution and Settlement. Certain of the investment techniques used on behalf of the Fund require the efficient execution of transactions or the ability to accumulate or liquidate large positions. Inefficient execution can eliminate the market opportunities that such techniques seek to capture. The Fund may incur losses or gains as a result of a "trade error", which is defined as an error in executing specific trading instructions, for example: (i) purchases or sales of an incorrect financial instrument or number of financial instruments; or (ii) purchase or sale transpositions (where an intended purchase is entered as a sale or vice versa); or (iii) purchases or sales of financial instruments for an incorrect account. Any losses or gains arising from trade errors shall be for the account of the relevant Fund except for any losses that are the responsibility of the Adviser under the Fund's advisory agreement. The Fund is also subject to the risk that counterparties will fail to settle a transaction in accordance with its terms and conditions. Losses resulting from settlement failure could have a material adverse effect on the performance of the Fund.

Use of Electronic Trading Instructions. The Adviser uses sophisticated information technology systems to send, on the Fund's behalf, electronic trading instructions to brokers. This technology can increase the likelihood of erroneous orders being made, regulatory requirements not being complied with and/or credit and capital limits being breached due to computer malfunctions, the speed of execution of transactions, human error or a deficiency in

algorithm design or implementation. Trading through an electronic trading or order routing system is also subject to risks associated with system or component failure (whether such failure affects the hardware or software of the exchange or person offering the relevant system or the Adviser). In the event of system or component failure, it is possible that, for a certain time period, it might not be possible to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority. Trading venues offering an electronic trading or order routing system typically adopt rules to limit their liability, the liability of member brokers and software and communication system vendors, and the amount that may be collected for system failures and delays, which rules may vary among the venues and may not adequately compensate the Fund for the full extent of any loss.

Limitations of Statistical Inference. The Adviser's investment system is based on research into historical data and the application of that research to the development of mathematical models that attempt to forecast returns, risk, correlation and transaction costs. This process may be incomplete and/or flawed and there is an inherent risk that any derived forecast may be inaccurate, particularly if the research or models are based on, or incorporate, inaccurate or incomplete assumptions or data. Assumptions or data may be inaccurate from the outset or may become inaccurate as a result of many factors such as changes in market structure, increased government intervention in markets or growth in assets managed in accordance with similar investment strategies. As a result, the investment strategy may not generate profitable signals and the Fund may suffer loss.

Crowding/Convergence. There is significant competition among quantitative investment managers. To the extent that the Adviser is not able to develop sufficiently differentiated investment strategies, the investment objective of a Fund may not be met. The growth in assets managed in accordance with similar investment strategies may result in the relevant Fund and other market participants inadvertently buying and selling the same or similar investments simultaneously, which may reduce liquidity and exacerbate market moves.

Involuntary Disclosure Risk. The Fund's ability to achieve its investment objective is dependent in large part on the Adviser's ability to develop and protect its investment systems, investment strategy and proprietary research. Public disclosure obligations (or disclosure obligations to exchanges or regulators with insufficient privacy safeguards) that require position level disclosure could provide opportunities for competitors to reverse-engineer the relevant strategy, and thereby impair the relative or absolute performance of the Fund.

Risk of Loss of Senior Personnel. The performance of the Fund is substantially dependent on the services of the Adviser's senior professionals who are responsible for developing, monitoring and maintaining the investment strategy of the Fund and in the event of the death, incapacity or departure of such professionals, the performance of the Fund may be adversely affected and the Fund may suffer losses.

**<u>Temporary Defensive Measures</u>**

The Fund may, from time to time, take temporary defensive measures which are inconsistent with the Fund's principal investment strategy in attempting to respond to, or in anticipation of, market, economic, political or other conditions. For example, during such period, all or a significant portion of the Fund's assets may be invested in short-term, high-quality fixed income securities, cash or cash equivalents, or the risk parameters of the relevant investment strategy may be altered. Temporary defensive measures may be initiated by the Adviser when it judges that existing market, economic, political or other conditions may make pursuing the Fund's investment strategy inconsistent with the best interests of its clients. The Adviser then may temporarily use these alternative strategies or parameters that

are mainly designed to limit the Fund's losses, protect the Fund's gains or create liquidity in anticipation of redemptions. When such temporary defensive measures are taken, it may be more difficult for the Fund to achieve its investment objective.

**INVESTMENT RESTRICTIONS**

The Fund has 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. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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, as amended, 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;2. 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. This limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings and repurchase commitments of the Fund pursuant to reverse repurchase transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Purchase securities on margin, participate on a joint or joint and several basis in any securities trading account, or underwrite securities. (Does not preclude the Fund from obtaining such short-term repurchase credit as may be necessary for the clearance of purchases and sales of its portfolio securities, and except to the extent that the Fund may be deemed an underwriter under the Securities Act, by virtue of disposing of portfolio securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Purchase or sell real estate or interests in 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. Invest 25% or more of the market value of its assets in the securities of companies engaged in any one industry or group of industries. (Does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities.). The Fund takes the position that mortgage-backed securities and asset-backed securities, whether government-issued or privately issued do not represent interests in any particular "industry" or group of industries, and therefore the 25% concentration restrictions noted above do not apply to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase or sell commodities (unless acquired as a result of ownership of securities or other investments) or commodity futures contracts, except that the Fund may purchase and sell futures contracts and options to the full extent permitted under the 1940 Act, sell foreign currency contracts in accordance with any rules of the CFTC, invest in securities or other instruments backed by commodities, and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Make loans to others, except (a) through the purchase of debt securities in accordance with its investment objectives and policies, (b) to the extent the entry into a repurchase agreement is deemed to be a loan, and (c) by loaning portfolio securities.

With respect to interpretations of the SEC or its staff described in fundamental restriction number 1 above, the SEC and its staff have identified various securities trading practices and derivative instruments used by mutual funds that give rise to potential senior security issues under Section 18(f) of the 1940 Act, which prohibits mutual funds from issuing senior securities. Under the 1940 Act, a mutual fund may borrow from a bank, provided that immediately after any such borrowing there is an asset coverage of at least 300 percent for all borrowings; or 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. However, rather than rigidly deeming all such practices outside of bank borrowing as impermissible forms of issuing a "senior security" under Section 18(f), the SEC and its staff through interpretive releases, including Investment Company Act Release No. 10666 (April 18, 1979), and no-action letters has developed an evolving series of methods by which a fund may address senior security issues. In particular, the common theme in this line of guidance has been to use methods of "covering" fund obligations that might otherwise create a senior security-type obligation by holding sufficient liquid assets that permit a fund to meet potential trading and derivative-related obligations. Thus, a potential Section 18(f) senior security limitation is not applicable to activities that might be deemed to involve a form of 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 Section 18 of the 1940 Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

The Fund observes the following policies, which are not deemed fundamental and which may be changed without shareholder vote. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Invest in any issuer for purposes of exercising control or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Invest in securities of other investment companies except as permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Invest, in the aggregate, more than 15% of its net assets in securities with legal or contractual restrictions on resale, securities which are not readily marketable and repurchase agreements with more than seven days to maturity. However, if more than 15% of Fund assets (defined as net assets plus the amount of any borrowing for investment purposes) are illiquid, the Fund's investment adviser(s) will reduce illiquid assets such that they do not represent more than 15% of Fund assets, subject to timing and other considerations which are in the best interests of the Fund and its shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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 (2) above describing the fundamental restrictions. 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. Such margin deposits, security interest, liens and collateral arrangements plus any Fund assets mortgaged, pledged, hypothecated or transferred may not exceed 33 1/3% of the Fund's total assets.

If a restriction on the 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.

The Subsidiary will also follow the Fund's fundamental and non-fundamental investment restrictions, described above, with respect to its investments. The Fund will look through the Subsidiary for purposes of compliance with diversification, leverage and concentration requirements and restrictions.

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS** 

The Trust has adopted policies and procedures that govern the disclosure of the Fund's portfolio holdings. These policies and procedures are designed to ensure that such disclosure is in the best interests of the Fund's shareholders.

It is the Trust's policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of the Trust's 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 Trust's Chief Compliance Officer monitors any potential conflicts of interest and seeks to mitigate through careful review of such disclosures and requests to add approved recipients.

The Fund discloses its portfolio holdings by mailing the annual and semi-annual reports to its shareholders approximately two months after the end of the fiscal year and semi-annual period. In addition, the Fund discloses its portfolio holdings reports on Forms N-CSR and Form N-PORT two months after the end of each quarter/semi-annual period. The Trust's Chief Compliance Officer is responsible for monitoring disclosures of Fund holdings.

The Fund may choose to make portfolio holdings information 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 Fund's 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-PORT. In each case, a determination has been made that such advance disclosure is supported by a legitimate business purpose and that the recipient and its personnel are subject to a duty to keep the information confidential and to not trade on any material non-public information.

**The Adviser and Sub-Advisers**. Personnel of the Adviser and any sub-adviser, including personnel responsible for managing the Fund's portfolio, may have full daily access to the Fund's portfolio holdings because that information is necessary in order for the Adviser and any sub-adviser to provide their management, administrative, and investment services to the Fund. 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, personnel of the Adviser and any sub-adviser 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 Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings because that information is necessary in order for them to provide the agreed-upon services for the Trust.

**U.S. Bank.** U.S. Bank, NA is custodian for the Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings because that information is necessary in order for them to provide the agreed-upon services for the Trust.

**[ ]** [ ] ]is the Fund's independent registered public accounting firm; therefore, its personnel have access to the Fund's portfolio holdings in connection with auditing of the Fund's annual consolidated financial statements and providing assistance and consultation in connection with SEC filings.

**Thompson Hine LLP.** Thompson Hine LLP is counsel to the Fund; therefore, its personnel have access to the Fund's portfolio holdings in connection with review of the Fund's annual and semi-annual shareholder reports and SEC filings.

**Counsel to the Independent Trustees.** Counsel to the Independent Trustees and its personnel have access to the Fund's portfolio holdings in connection with review of the Fund's 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 advisers to certain series of the Trust, 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 Trust's Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Fund's 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 and to not trade on any material non-public information. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Fund, the Adviser or any sub-adviser, or any other party receive any direct or indirect compensation in connection with the disclosure of information about the 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 the Fund's portfolio holdings disclosure procedures, and from time to time will provide the Board with 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 Fund 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 (as defined under the 1940 Act) of the Trust, or any investment adviser to any series of 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 Governing Documents, 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, provide effective leadership that is in the best interests of the Trust, its Funds and each shareholder.

**Board Risk Oversight** 

The Board 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 Bachelor's 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) since 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, NE 68154.

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<br> and Year of<br> Birth** | **Position/Term<br> of Office\*** | **Principal Occupation During<br> the Past Five Years** | **Number of<br> Portfolios in<br> Fund<br> Complex\*\*<br> Overseen<br> by 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). | 2 | 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); iDirect Private Markets Fund (since 2014); Carlyle Tactical Private Credit Fund (since March 2018); Independent Director OHA CLO Enhanced Equity II Genpar LLP (since June 2021); and Caryle Credit Income Fund (since July 2023) |
| Mark D. Gersten<br> Born in 1950 | Trustee <br> Since 2013 | Independent Consultant (since 2012). | 2 | 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. | 2 | Northern Lights Fund Trust (for series not affiliated with the Funds since 2005); Northern Lights Variable Trust (since 2006); Alternative Strategies Fund (since 2010); Satuit Capital Management Trust (2007-2019). |
| 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). | 2 | 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). | 2 | 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 | PhD (Accounting), CPA; Professor and Director, Lynn Pippenger School of Accountancy, Muma College of Business, University of South Florida (2019 – present); Professor and Department of Accountancy Chair, Case Western Reserve University (2009-2019); President, American Accounting Association (AAA) since August 2022 (President-Elect 2022-2023, President 2023-2024; Past President 2024-2025). AAA Vice President-Finance (2017-2020); President, Auditing Section of the AAA; Member, AICPA Auditing Standards Board (2009-2012); Academic Fellow, Office of the Chief Accountant, United States Securities Exchange Commission (2005-2006); Center for Audit Quality research grants (2014, 2012). | 2 | 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 of<br> Office\*** | **Principal Occupation During the Past<br> Five Years** | **Number of Portfolios<br> in Fund Complex\*\*<br> Overseen by Trustee** | **Other Directorships<br> held by Trustee<br> During the Past Five<br> Years** |
| Kevin E. Wolf<br> Born in 1969 | President, Principal Executive Officer<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<br> (2006-June 2017). | N/A | N/A |
| Timothy Burdick<br> Born in 1986 | Vice President<br> Since November 2023 | Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (since 2023); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2022-2023); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019-2022). | N/A | N/A |
| James Colantino<br> Born in 1969 | Treasurer, Principal Accounting Officer<br> Since June 2017 | Senior Vice President Fund Administration, Ultimus Fund Solutions, LLC (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); Director, Ultimus Fund Solutions, LLC (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 Born in 1966 | Chief Compliance Officer <br> Since January 2021 | Chief Compliance Officer, of the Trust (since January 2021); Vice President-Senior Compliance Officer, NLCS (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 | &nbsp;&nbsp;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 August 31, 2024, the Trust was comprised of 69 active funds managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Funds in the Trust advised by the Adviser. The Funds do not hold themselves out as related to any other series within the Trust that is not advised by the Adviser.

**Board Committees** 

<u>Audit Committee</u>

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 ten meetings.

**Compensation** 

Effective January 1, 2024, 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 $50,000, 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 January 1, 2024, each Trustee who was not affiliated with the Trusts or an investment adviser to any series of the Trusts received a quarterly fee of $48,750, 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 $13,750 and the Audit Committee Chairman receives a quarterly fee of $10,000.

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 applicable Trust or its investment adviser depending on the circumstances necessitating the Special Meeting.

None of the executive officers receive compensation from the Trusts.

The table below details the amount of compensation the Trustees received from the Funds during the fiscal year ended June 30, 2025. 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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| | |
|:---|:---|
| &nbsp;&nbsp;**<br> Name and Position** | &nbsp;&nbsp;**Fund Compensation** |
| &nbsp;&nbsp;Anthony J. Hertl | &nbsp;&nbsp;$3006 |
| &nbsp;&nbsp;Gary Lanzen | &nbsp;&nbsp;$2532 |
| &nbsp;&nbsp;Mark H. Taylor | &nbsp;&nbsp;$2690 |
| &nbsp;&nbsp;John V. Palancia | &nbsp;&nbsp;$2532 |
| &nbsp;&nbsp;Mark D. Gersten | &nbsp;&nbsp;$2532 |
| &nbsp;&nbsp;Mark Garbin | &nbsp;&nbsp;$2532 |

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\* The term "Fund Complex" includes series of the Northern Lights Fund Trust ("NLFT") and Northern Lights Variable Trust ("NLVT") 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, 2024.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**NAME OF TRUSTEE** | &nbsp;&nbsp;**DOLLAR RANGE OF EQUITY<br> SECURITIES IN THE FUND** | &nbsp;&nbsp;**AGGREGATE DOLLAR RANGE OF EQUITY<br> SECURITIES IN ALL REGISTERED INVESTMENT<br> COMPANIES OVERSEEN BY TRUSTEE IN FAMILY OF<br> INVESTMENT COMPANIES** |
| &nbsp;&nbsp;Anthony J. Hertl |  | &nbsp;&nbsp;$50001-$100000 |
| &nbsp;&nbsp;Gary Lanzen |  |  |
| &nbsp;&nbsp;Mark H. Taylor |  |  |
| &nbsp;&nbsp;John V. Palancia |  |  |
| &nbsp;&nbsp;Mark D. Gersten |  | &nbsp;&nbsp;$10001-$50000 |
| &nbsp;&nbsp;Mark Garbin |  | &nbsp;&nbsp;$50001-$100000 |

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**Management Ownership**

As of [ ], 2025, the Trustees and officers, as a group, owned less than 1.00% of the 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.

As of [ ], 2025, the following shareholders of record owned 5% or more of a Class of the outstanding shares of the Fund:

[to be provided by subsequent amendment]

**INVESTMENT ADVISER**

***<u>Investment Adviser and Advisory Agreement</u>***

Winton Capital Management Limited (the "Adviser"), located at One Hooper's Court, Knightsbridge, London SW3 1AF, United Kingdom was established in 1997 and serves as investment adviser to the Fund. The Adviser is a CFTC-registered commodity pool operator, NFA member, and SEC registered investment adviser that sponsors and/or manages alternative investment products. Subject to the oversight of the Board, the Adviser is responsible for the overall management of the Fund's business affairs. Pursuant to an investment advisory agreement (the "Advisory Agreement") with the Trust, on behalf of the Fund, the Adviser, subject to the supervision of the Board of the Trust, and in conformity with the stated policies of the Fund, manages the portfolio investments and operations of the Fund.

The Adviser has overall supervisory responsibilities for the general management and investment of the Fund's securities portfolio, as detailed below, which are subject to review and approval by the Board. In general, the Adviser's duties include setting the Fund's overall investment strategies and asset allocation.

Under the Advisory Agreement, the Adviser, under the supervision of the Board, agrees to invest the assets of the Fund directly in accordance with applicable law and the investment objective, policies and restrictions set forth in the Fund's current Prospectus and SAI, 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 adviser to the Fund and, as such shall, directly, (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 hereunder, (ii) formulate a continuing program for the investment of the assets of the Fund 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 Fund, 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 or its designee, directly, 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 in accordance with applicable law and the Adviser's compliance policies and procedures, 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 in accordance with applicable law. The Adviser also provides all necessary office facilities and personnel for servicing the Fund's investments, compensates all officers and all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities.

Pursuant to the Advisory Agreement, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 1.00% of the Fund's average daily net assets. The Fund pays the Adviser in accordance with an advisory fee schedule which includes breakpoints according to the table below.

The Adviser has contractually agreed to reduce its fees and reimburse expenses of the Fund until at least October 31, 2027 to ensure the total Fund operating expenses after fee waiver and reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with investments in in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing costs (such as interest and dividend expense on securities sold short), taxes, expenses incurred in connection with any merger or reorganization, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) will not exceed certain levels.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Class** | &nbsp;&nbsp;**Expense Cap** | &nbsp;&nbsp;**Minimum Duration** |
| &nbsp;&nbsp;Class A | &nbsp;&nbsp;1.59% | &nbsp;&nbsp;October 31, 2027 |
| &nbsp;&nbsp;Class C | &nbsp;&nbsp;2.34% | &nbsp;&nbsp;October 31, 2027 |
| &nbsp;&nbsp;Class I | &nbsp;&nbsp;1.34% | &nbsp;&nbsp;October 31, 2027 |

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Waived fees and expense reimbursements are subject to possible recoupment from the relevant Fund in future years on a rolling three year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.

[During the fiscal year ended June 30, 2022, the Fund's previous investment adviser (the "Previous Adviser"), earned $1,628,018 in advisory fees, of which $255,113 were waived, such that the Previous Adviser earned an annual advisory fee in an amount equal to 1.15% of the Fund's average daily net assets, but received an annual advisory fee equal to 0.97% of the Fund's average daily net assets. During the fiscal year ended June 30, 2023, the Previous Adviser earned $1,241,846 in advisory fees, of which $288,278 were waived, such that the Previous Adviser earned an annual advisory fee in an amount equal to 1.15% of the Fund's average daily net assets, but received an annual advisory fee equal to 0.88% of the Fund's average daily net assets. During the fiscal year ended June 30, 2024, the Previous Adviser earned $691,884 in advisory fees, of which $309,353 were waived, such that the Previous Adviser earned an annual advisory fee in an amount equal to 1.15% of the Fund's average daily net assets, but received an annual advisory fee equal to 0.64% of the Fund's average daily net assets.]

A discussion regarding the basis for the Board's approval of the Advisory Agreement for the Fund will be available in the Fund's Form N-CSR for the fiscal year ended June 30, 2025. Expenses not expressly assumed by the Adviser under the Advisory Agreement are paid by the Fund. Under the terms of the Advisory Agreement, the Fund is 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 and exchange membership of which the Fund 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 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 Trust 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, (k) all fees and expenses related to the Fund's data and technology services, including costs for obtaining, processing, and utilizing data (such as research, market, risk, and alternative data), and for technology infrastructure and tools (such as cloud services, hardware, software, and licensing) used in the operation of the Fund and in connection with investment activities and (l) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

The Advisory Agreement continues in effect for two (2) years initially and thereafter shall continue 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 Fund. The Advisory Agreement 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 Trust's outstanding shares. The Advisory Agreement shall terminate automatically in the event of its assignment.

***<u>Codes of Ethics</u>***

The Trust, the Adviser, and the Distributor each have adopted codes of ethics (each a "Code") 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 Code, the Trustees are permitted to invest in securities that may also be purchased by the Fund.

In addition, the Trust has adopted a 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 Fund; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and (v) accountability for adherence to the Code.

***<u>Proxy Voting Policies</u>***

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies to the Adviser or its designee, subject to the Board's continuing oversight. The Policies require that the Adviser or its designee vote proxies received in a manner consistent with the best interests of the Fund and its shareholders. The Policies also require the Adviser or its designee to present to the Board, at least annually, the Adviser's Proxy Policies, or the proxy policies of the Adviser's designee, and a record of each proxy voted by the Adviser or its designee on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest. In the event one or more sub-advisers are engaged to trade all or a portion of Fund assets, it is anticipated that each respective sub-adviser will vote all proxies that are received by it on the Fund's behalf.

When a proxy proposal raises a material conflict between the Adviser's or a sub-adviser's interests and the Fund's interests, the Adviser or sub-adviser will resolve the conflict by voting in accordance with the policy guidelines or at the client's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Adviser or any sub-adviser will abstain from voting the securities held by that client's account. A copy of the Adviser's proxy voting policies is attached hereto as Appendix A.

*More information*. Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling the Fund at 1-844-464-6339 or sending an email to Fulfillment@ultimusfundsolutions.com; (2) on or through the Fund's website at [ ] and (3) on the SEC's website at www.sec.gov

**THE DISTRIBUTOR**

Northern Lights Distributors, LLC, located at 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022 (the "Distributor") serves as the principal underwriter and national distributor for the shares of the Trust 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 Financial Industry Regulatory Authority, Inc. ("FINRA"). The offering of the Fund's shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of the Fund's shares, will use reasonable efforts to facilitate the sale of the Fund's 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 Fund 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 Fund. The Underwriting Agreement will automatically terminate in the event of its assignment.

The following table sets forth the total compensation received by the Distributor from the Fund during the last three fiscal years:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fiscal Period Ended** | &nbsp;&nbsp;**Net Underwriting<br> Discounts and<br> Commissions** | &nbsp;&nbsp;**Compensation on<br> Redemptions and<br> Repurchases** | &nbsp;&nbsp;**Brokerage<br> Commissions** | &nbsp;&nbsp;**Other<br> Compensation\*** |
| &nbsp;&nbsp;June 30, 2022 | &nbsp;&nbsp;$1649 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;June 30, 2023 | &nbsp;&nbsp;$2089 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;$79 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

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\* The Distributor also receives 12b-1 fees from the Fund as described under the following section entitled "Rule 12b-1 Plans".

***<u>Rule 12b-1 Plans</u>***

The Trust has adopted a Master Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 under the 1940 Act for of the Fund's Class A and Class C shares (the "Plans") pursuant to which the Fund pays fees to the Distributor for providing distribution and/or shareholder services to the Fund. Under the Plans, Class A and Class C shares of the Fund may pay an account maintenance fee for account maintenance services and/or distribution fee at an annual rate of 0.25% for Class A shares and 1.00% for Class C shares, respectively, of the Fund's average net assets attributable to the relevant class as compensation for the Distributor providing account maintenance and distribution services to shareholders. Such fees are to be paid by the 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 Fund may pay fees to the Distributor at a lesser rate, as agreed upon by the Board of the Trust and the Distributor. The Plans authorize payments to the Distributor as compensation for providing account maintenance services to the Fund's 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 the Fund's Class A or Class C 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 Fund; assisting in the establishment and maintenance of accounts or sub-accounts in the Fund and in processing purchase and redemption transactions; making the Fund's investment plan and shareholder services available; and providing such other information and services to investors in shares of the Fund as the Distributor or the Trust, on behalf of the Fund, may reasonably request. The distribution services shall also include any advertising and marketing services provided by or arranged by the Distributor with respect to the Fund. The Adviser may be compensated by the Distributor for its distribution and marketing efforts.

The Distributor is required to provide a written report, at least quarterly to the Board of the Trust, specifying in reasonable detail the amounts expended pursuant to the Plans 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 Distributor to Recipients.

During the fiscal period ended June 30, 2022, the Fund paid $16,479 and $41,974 for Class A and C Shares, respectively in distribution related fees pursuant to the Plans. These distribution fees were allocated as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Actual 12b-1 Expenditures Paid<br> During the Fiscal Period Ended June 30, 2022** | &nbsp;&nbsp;**Actual 12b-1 Expenditures Paid<br> During the Fiscal Period Ended June 30, 2022** | &nbsp;&nbsp;**Actual 12b-1 Expenditures Paid<br> During the Fiscal Period Ended June 30, 2022** |
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Advertising/Marketing |  |  |
| &nbsp;&nbsp;Printing/Postage |  |  |
| &nbsp;&nbsp;Payment to distributor | &nbsp;&nbsp;$3157 | &nbsp;&nbsp;$12553 |
| &nbsp;&nbsp;Payment to dealers | &nbsp;&nbsp;$10102 | &nbsp;&nbsp;$16516 |
| &nbsp;&nbsp;Compensation to sales personnel |  |  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;$3220 | &nbsp;&nbsp;$12905 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$16479** | &nbsp;&nbsp;**$41974** |

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During the fiscal period ended June 30, 2023, the Fund paid $11,445, and $56,380 for Class A and C Shares, respectively in distribution related fees pursuant to the Plans. These distribution fees were allocated as follows:

&nbsp;&nbsp;**Actual 12b-1 Expenditures Paid<br> During the Fiscal Period Ended June 30, 2023**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Advertising/Marketing |  |  |
| &nbsp;&nbsp;Printing/Postage |  |  |
| &nbsp;&nbsp;Payment to distributor | &nbsp;&nbsp;$11468 | &nbsp;&nbsp;$23472 |
| &nbsp;&nbsp;Payment to dealers | &nbsp;&nbsp;$8670 | &nbsp;&nbsp;$21887 |
| &nbsp;&nbsp;Compensation to sales personnel |  |  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;$82 | &nbsp;&nbsp;$334 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$20220** | &nbsp;&nbsp;**$45693** |

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During the fiscal period ended June 30, 2024, the Fund paid $20,220, and $45,693 for Class A and C Shares, respectively in distribution related fees pursuant to the Plans. These distribution fees were allocated as follows:

&nbsp;&nbsp;**Actual 12b-1 Expenditures Paid<br> During the Fiscal Period Ended June 30, 2024**

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Class A** | &nbsp;&nbsp;**Class C** |
| &nbsp;&nbsp;Advertising/Marketing |  |  |
| &nbsp;&nbsp;Printing/Postage |  |  |
| &nbsp;&nbsp;Payment to distributor | &nbsp;&nbsp;$11468 | &nbsp;&nbsp;$23472 |
| &nbsp;&nbsp;Payment to dealers | &nbsp;&nbsp;$8670 | &nbsp;&nbsp;$21887 |
| &nbsp;&nbsp;Compensation to sales personnel |  |  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;$82 | &nbsp;&nbsp;$334 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**$20220** | &nbsp;&nbsp;**$45693** |

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The initial term of each Plan 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 of the Trust 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 a Rule 12b-1 Plan ("Rule 12b-1 Trustees") by votes cast in person at a meeting called for the purpose of voting on the Plan. 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 the Fund.

The Plans may not be amended to materially increase the amount of the Distributor's compensation to be paid by the Fund, unless such amendment is approved by the vote of a majority of the outstanding voting securities of the affected class of the Fund (as defined in the 1940 Act). All material amendments must be approved by a majority of the Board 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 a Plan. During the term of a Plan, 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 Plan, 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 a Plan will be in writing and provide that: (a) it may be terminated by the Trust or the applicable Fund 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 Fund; (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.

**Additional Compensation to Financial Intermediaries**

Set forth below is a list of the member firms of the Financial Industry Regulatory Authority ("FINRA") to which the Adviser or certain of its affiliates made payments out of their revenues in connection with the sale and distribution of the Fund's shares or for services to the Fund and its shareholders. Such payments are in addition to any 12b-1 Plan fees paid to such FINRA member firms. The level of additional compensation payments made to these firms will vary, may be limited to specific share classes and can include various initial and on-going payments. The payments are discussed in detail in the Prospectus under the title "Additional Compensation to Financial Intermediaries."

As of the date of this SAI, the Adviser and/or the Fund have entered into arrangements with the following FINRA member firms: [ ]. Inclusion on this list does not imply that the additional compensation paid to such firms necessarily constitutes "special cash compensation" as defined by FINRA Conduct Rule 2830. This list will be updated annually and interim arrangements may not be reflected. The Adviser and the Fund assume no duty to notify any investor whether a firm through which he/she invests should be included on any such listing. Investors are encouraged to review the prospectus for any other compensation arrangements pertaining to the distribution of the Fund's shares. Investors are also encouraged to ask their financial intermediary what compensation that person or the relevant firm may be receiving for the investor's investment in the Fund.

**PORTFOLIO MANAGERS** 

Simon Judes and Carsten Schmitz of the Adviser each serve as a Portfolio Manager of the Fund. As of June 30, 2025, each was responsible for the portfolio management of the following types of accounts in addition to the Fund.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Simon Judes<br> Other Accounts By Type** | &nbsp;&nbsp;**Total Number of<br> Accounts by<br> Account Type** | &nbsp;&nbsp;**Total Assets by<br> Account Type** | &nbsp;&nbsp;**Number of Accounts<br> by Type Subject to a<br> Performance Fee** | &nbsp;&nbsp;**Total Assets by<br> Account Type Subject<br> to a Performance Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;**Carsten Schmitz<br> Other Accounts By Type** | &nbsp;&nbsp;**Total Number of<br> Accounts by<br> Account Type** | &nbsp;&nbsp;**Total Assets by<br> Account Type** | &nbsp;&nbsp;**Number of Accounts<br> by Type Subject to a<br> Performance Fee** | &nbsp;&nbsp;**Total Assets by<br> Account Type Subject<br> to a Performance Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;[ ] | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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*Conflicts of Interest* 

When a 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 or any sub-adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund or the Adviser, respectively, or it may receive a performance-based fee on certain accounts. As the business of the Fund and the Adviser may evolve over time, each of them may be exposed to new conflicts of interest in the future. The procedures to address conflicts of interest are described below with respect to the Adviser.

The Adviser trades actively in the financial markets and engages in investment management and advisory activities on behalf of other investment funds or accounts or clients. Each such fund or account may have different investment goals, objectives, strategies, parameters, and levels of aggressiveness, leverage, and risk. In some cases, it will be appropriate for the Adviser to employ comparable trading approaches for a number of different proprietary or client accounts or funds. In other cases, the Adviser may employ significantly different trading approaches for different accounts or funds. For example, the trading approaches that the Adviser employs in trading certain proprietary or client accounts or funds may include, but are not limited to, (i) employing investment strategies that are more or less speculative, aggressive, or leveraged than those employed on behalf of other accounts or funds, or (ii) engaging in experimental trading or investment strategies for only certain accounts or funds. The Adviser has adopted guidelines and procedures relating to all accounts and funds managed or advised by it that are designed, subject to different trading approaches being employed for different accounts or funds due to differences in investment objectives and risk tolerances, not to favor any account or fund managed or advised by it over any other account. Investment returns experienced by the Fund may be substantially different from investment returns experienced by other accounts or funds managed or advised by the Adviser.

<u>Allocation of Investment Opportunities.</u> The Adviser and any of its affiliates or any person connected with the Adviser will invest in, directly or indirectly, or manage or advise other investment funds or accounts (including the Fund) which invest in assets that may also be purchased or sold by the Fund or to which the Fund is exposed through its investments. Neither the Adviser nor any of its affiliates nor any person connected with them is under any obligation to offer investment opportunities of which any of them becomes aware to the Fund. These persons need not account to the Fund in respect of (or share with the Fund or inform the Fund of) any such transaction or any benefit received by any of them from any such transaction, but will allocate such opportunities on an equitable basis between the Fund and other clients. Additionally, certain of these investment funds or accounts will pay more or less in fees than others and certain of these investment funds or accounts may have allocated significantly larger amounts to trading by the Adviser. While the Adviser might have a financial incentive to favor one account over another in its trading of accounts, it will not knowingly or deliberately do this.

<u>Time and Activity. The Adviser</u> may have conflicts of interest in allocating its time and activity between the Fund and other clients, including other clients in which the Adviser may have a greater financial interest.

<u>Order Aggregation.</u> All accounts managed and controlled by the Adviser are deemed to be aggregated for the purposes of applicable speculative position limits. From time to time, the Adviser's investment systems may have to be modified and the positions it holds or controls may need to be capped or reduced to manage aggregate applicable position limits. If the application of position limits were to materially affect the Adviser's investment decisions, it would attempt to modify its investment decision in such a way so as not to affect disproportionately the performance of any one client account compared with that of any other account managed or controlled by the Adviser or its principals. In

rendering investment advice, the Adviser will never knowingly or deliberately favor the account of one client over another. Where applicable, the Adviser will allocate trades to participating accounts (i) in certain securities, at the average fill price and (ii) otherwise, using a proprietary algorithm. The aim of this algorithm is to achieve an equitable allocation of the filled prices across all participating accounts. However, not all accounts beginning at the same time with the same level of funding will achieve the same rates of return. One reason is that over the short-term, the Adviser's algorithmic allocation system may result in some accounts receiving better fills than others.

*Ownership of Securities*

The following table shows the dollar range of equity securities beneficially owned by the Portfolio Manager for the Fund as of June 30, 2025:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Portfolio Manger** | &nbsp;&nbsp;**Dollar Range of Equity<br> Securities in the Fund** |
| &nbsp;&nbsp;Simon Judes | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Carsten Schmitz | &nbsp;&nbsp;None |

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**ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARY**

The Fund may invest up to 25% of its total assets in the Subsidiary. It is expected that the Subsidiary will invest primarily in commodity and financial futures and option contracts, as well as fixed income securities and other investments intended to serve as margin or collateral for the Subsidiary's derivatives positions. Should a Subsidiary be utilized in the future, this Section of the SAI will provide details regarding its organization, management and advisory agreement with the Adviser and other operational arrangements.

Please refer to the section in this Statement of Additional Information titled "Tax Status – Wholly Owned Subsidiary" for information about certain tax aspects of any Fund investment in a Subsidiary.

**ALLOCATION OF PORTFOLIO BROKERAGE**

The Adviser and any sub-advisers are authorized by the Trustees to allocate the orders placed by them on behalf of the Fund to brokers or dealers who may, but need not, provide research or statistical material or other services to the Fund or the Adviser or any sub-adviser for the Fund's use. Such allocation is to be in such amounts and proportions as the Adviser or any sub-adviser may determine.

Trade execution is automated where possible to provide consistency with the broader principles of systematic investing, robust risk control and facilitating objective performance evaluation. The Adviser exercises discretion in determining the factors required to achieve the Adviser's execution objectives and provide clients with optimal market access. Factors considered include speed, price, size, cost, likelihood of execution, likelihood of settlement and any other factor determined by the order characteristics. The relative importance of these factors will depend on the relevant strategy, the financial instruments that are the subject of the order, the order characteristics and prevailing market conditions.

Brokers or dealers executing a portfolio transaction on behalf of the Fund 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 or any sub-adviser determines in good faith that such commission is reasonable in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage, the Adviser or any sub-adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser or any sub-adviser exercises investment discretion. Some of the services received as the result of the Fund's transactions may primarily benefit accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund.

For the fiscal year ended June 30, 2022, the Fund paid brokerage commissions of $0. For the fiscal year ended June 30, 2023, the Fund paid brokerage commissions of $0. For the fiscal year ended June 30, 2024, the Fund paid brokerage commissions of $0.

**PORTFOLIO TURNOVER**

The 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 Fund. A 100% turnover rate would occur if all of the Fund's portfolio securities were replaced once within a one-year period. For the fiscal year ended June 30, 2023, the Fund's portfolio turnover rate was 42%. For the fiscal year ended June 30, 2024, the Fund's portfolio turnover rate was 63%.

**OTHER SERVICE PROVIDERS**

**<u>Fund Administration, Fund Accounting and Transfer Agent Services</u>**

Ultimus Fund Solutions, LLC, ("UFS"), which has its principal office at 4221 North 203<sup>rd</sup> Street, Elkhorn, NE 68022, serves as administrator, fund accountant and transfer agent for the Fund pursuant to the 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 Fund. 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 Services, LLC and its affiliated companies including Northern Lights Distributors, LLC and Northern Lights Compliance Services, LLC ("NLCS")(collectively, the "Gemini Companies"), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus Fund Solutions, LLC (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 Fund, 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 Fund's holdings and operations for post-trade compliance with the Fund's registration statement 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 the 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-PORT and N-PX; (10) coordinating the Trust's audits and examinations by assisting the 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 Fund; (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 the 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 Fund by UFS, the Fund pays UFS the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets. The Fund also pays UFS for any out-of-pocket expenses. For the fiscal period ended June 30, 2022, the Fund paid $94,916 for administrative fees. For the fiscal year ended June 30, 2023, the Fund paid $100,527 for administrative fees. For the fiscal year ended June 30, 2024, the Fund paid $63,513 for administrative fees.

UFS also provides the Fund 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 Fund's listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintenance of certain books and records described in Rule 31a-1 under the 1940 Act, and reconciliation of account information and balances among the Fund's custodian and Adviser; and (vii) monitoring and evaluation of daily income and expense accruals, and sales and redemptions of shares of the Fund.

For the fund accounting services rendered to the Fund by the Agreement, the Fund pays UFS, the greater of an annual minimum fee or an asset based fee, which scales downward based upon net assets., plus out-of-pocket expenses. For the fiscal year ended June 30, 2022, the Fund paid $28,632 for fund accounting fees. For the fiscal year ended June 30, 2023, the Fund paid $23,146 for fund accounting fees. For the fiscal year ended June 30, 2024, the Fund paid $18,096 for fund accounting fees.

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 transfer agency services rendered to the Fund under the Agreement, the Fund pays UFS an asset-based fee, which scales downward based upon net assets. The Fund also pay the Administrator for any out-of-pocket expenses. For the fiscal year ended June 30, 2022, the Fund paid $56,257 for transfer agency fees. For the fiscal year ended June 30, 2023, the Fund paid $56,300 for transfer agency fees. For the fiscal year ended June 30, 2024, the Fund paid $52,780 for transfer agency fees.

**<u>Custodian</u>**

The Fund's assets are held for safekeeping by an independent custodian, U.S. Bank, N.A., 60 Livingston Ave. St. Paul, MN 55107 (the "Custodian"), pursuant to a custody agreement by and between the Custodian and the Trust on behalf of the Fund. The Custodian's responsibilities on behalf of the Fund include safeguarding and controlling the Fund's cash and securities, handling the receipt and delivery of cash and securities, collecting interest and dividends on the Fund's investments, and maintaining records of purchases and sales.

**<u>Compliance Services</u>**

Northern Lights Compliance Services, LLC, 4221 North 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022, 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 Fund, the 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 pay NLCS for any out-of-pocket expenses. For the fiscal year ended June 30, 2022, the Fund paid $20,000 for compliance service fees. For the fiscal year ended June 30, 2023, the Fund paid $22,442 for compliance service fees. For the fiscal year ended June 30, 2024, the Fund paid $20,483 for compliance service fees.

**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 or classes. Matters such as 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 Fund. 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 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 provides for the

development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and providing a complete and thorough review 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**

<u>Calculation of Share Price</u>

As indicated in the Prospectus under the heading "How Fund Shares are Priced," the NAV of the Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of the Fund.

Generally, the Fund's 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 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 approximated 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 the 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 is closed and an investor is not able to purchase, redeem or exchange shares.

The Fund's 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 NYSE is open. Information that becomes known to the Fund 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. Domestic fixed income and foreign fixed income securities are normally priced using data reflecting the earlier closing of the principal markets for those securities.

The 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 has delegated 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 the 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 or any sub-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, it 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 Fund's 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 Fund 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 Fund 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 in the circumstances.

Various inputs are used in determining the value of the 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 the 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 Fund 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 any sub-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.

<u>Board Determination</u>

The Board meets at least quarterly to consider the valuations provided by the 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 holidays upon which the NYSE will be closed are as follows: 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.

<u>Purchase of Shares</u>

Orders for shares received by the 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 the public offering price, which is NAV plus any sales charge, or at net asset value per share (if no sales charges apply) 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 net asset value per share plus sales charges, if any.

<u>Notice to Texas Shareholders</u>

Under section 72.1021(a) of the Texas Property Code, initial investors in the 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:

Winton Managed Futures Trend Fund<br> c/o Ultimus Fund Solutions, LLC<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, Nebraska 68022-3474

<u>Redemption of Shares</u>

The Fund will redeem all or any portion of a shareholder's shares of the Fund when requested in accordance with the procedures set forth in the "How to Redeem Shares" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when the NYSE is closed, other than customary weekend and holiday closings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when trading on that exchange is restricted for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) when an emergency exists as a result of which disposal by the Fund of securities owned is not reasonably practicable or it is not reasonably practicable for the Fund to fairly to determine the value of 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 net asset value next determined after the termination of the suspension.

Supporting documents in addition to those listed under "How to Redeem Shares" 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, and certificates of corporate authority and waiver of tax required in some states when settling estates.

<u>Deferred Sales Charge – Class A and C Shares</u>

A deferred sales charge of up to 1% may be applied to Class A shares redeemed or exchanged for Class C shares within 18 months of purchase if the initial sales charge has been waived and the Fund's Distributor has paid authorized broker-dealers a commission for selling the Fund's shares. The deferred sales charge will equal the amount of the commissions paid on those shares redeemed. A deferred sales charge of up to 1% may be applied to Class C shares redeemed or exchanges for Class I Shares within one year of purchase.

**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 adviser regarding their investment in the Fund.

The Fund intends to continue to qualify as regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), 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 Fund should not be subject to federal income or excise tax on its investment company taxable income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements. Investment company taxable income and net capital gain of the Fund will be computed in accordance with Section 852 of the Code.

Investment company taxable income generally includes dividends and interest and other income, less certain allowable expenses, and it also includes any excess of net short-term capital gains over net long-term capital losses. Net capital gain (that is, any excess of net long-term capital gains over net short-term losses for a fiscal year) is computed by taking into account any capital loss carryforward of the Fund. 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.

The Fund intends to distribute all of its net investment company taxable income and net capital gain 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 investment company taxable 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 Fund unless a shareholder elects to receive cash. The Fund's net realized capital gains from securities transactions will be distributed only after reducing the gains by the amount of any available capital loss carry forwards.

At June 30, 2025, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $9885495 | $25448528 | $35334023 |

---

To be treated as a regulated investment company under Subchapter M of the Code, the 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 holdings 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 the 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 income at the rates generally applicable to corporations and distributions to shareholders would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

The Fund is aware of certain private letter rulings from the Internal Revenue Service issued to other mutual funds, which indicate that income from the fund's investment in a subsidiary will constitute "qualifying income" for purposes of Subchapter M; however, the Fund has not itself received or applied for private letter ruling from the Internal Revenue Service and does not intend to apply for such a ruling. Private letter rulings are not precedent and the Internal Revenue Service is not bound by them. Therefore, if the Internal Revenue Service challenges the position taken by the Fund that the income is qualifying income, it may not prevail and would lose its status as a registered investment company.

The Fund is 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 the 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 Fund during the preceding calendar year. Under ordinary circumstances, the Fund expects to time its 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 generally are exempt from income taxation under the Code but should consult their own tax advisors about the tax consequences of investing in the Fund, including potential taxation of unrelated business taxable income.

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.

Distributions of investment company taxable income are generally taxable to shareholders as ordinary income or "qualified dividend income" (as described below).

Dividends paid by the Fund to an individual shareholder, to the extent such dividends are attributable to "qualified dividend income" received by the Fund from U.S. corporations (and certain foreign corporations), may qualify for taxation at the long-term capital gains rate available to individuals on qualified dividend income. Furthermore, dividends paid by the Fund to a corporate shareholder, to the extent such dividends are attributable to dividends received by the Fund from U.S. corporations, may qualify for a dividends received deduction.

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain, regardless of the length of time the shares of the Fund have been held by such shareholders.

An additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends, qualified dividend income distributions and capital gain dividends, as well as gains from redemption of the Fund's shares) of U.S. individuals, estates and trusts, to the extent that the shareholder's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts. U.S. shareholders are urged to consult their own tax advisers regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

A redemption of the Fund's 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's 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 investment company taxable income and net capital gain will be taxable as described above, whether received in additional cash or shares. Shareholders electing to receive 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.

All distributions of taxable investment company taxable 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 Fund will be required to report to the Internal Revenue Service all distributions of investment company taxable income and capital gains as well as gross proceeds from the redemption or exchange of the Fund's 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 the 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.

<u>Other Reporting and Withholding Requirements</u>

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 the Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising from the sale of the Fund's 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. The 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 the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

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>Options, Futures, Forward Contracts and Swap Agreements</u>

To the extent such investments are permissible for the Fund, the 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 Fund, defer losses to the Fund, cause adjustments in the holding periods of the 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 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 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 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 the Fund's book income is less than taxable income, the Fund could be required to make distributions exceeding book income to qualify as a regular investment company that is accorded special tax treatment.

<u>Passive Foreign Investment Companies</u>

Investment by the Fund in certain "passive foreign investment companies" ("PFICs") could subject the 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 the Fund's shareholders. However, the Fund may elect to treat a PFIC as a "qualified electing fund" ("QEF election"), in which case the Fund will be required to include its share of the company's income and net capital gains annually, regardless of whether they receives any distribution from the company.

The 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 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 Fund to avoid taxation. Making either of these elections therefore may require the 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 Fund's total return.

<u>Foreign Currency Transactions</u>

The 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.

<u>Foreign Taxation</u>

Income received by the 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 Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to the Fund's shareholders the amount of eligible foreign income and similar taxes paid by the 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 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 the 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 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 Fund's income will flow through to shareholders of the Fund. With respect to the Fund, gains from the sale of securities generally 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 generally 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 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.

<u>Original Issue Discount and Pay-In-Kind Securities</u>

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 originally issued, even though the holder receives no interest payment in cash on the security during the year. In addition, other debt instruments, such as pay-in-kind securities may give rise to income under the original issue discount rules, which income 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 the 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 the 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. The 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 the Fund may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the 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 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.

The Fund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount, which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the 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 Fund may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Fund's shares.

The foregoing discussion relates only to U.S. federal income tax law as applicable to U.S. persons (that is, U.S. citizens and residents, and domestic corporations, partnerships, trusts and estates). Shareholders who are not U.S. persons should consult their tax advisors regarding the U.S. and foreign tax consequences of an investment in the Fund.

A brief explanation of the form and character of the distribution accompany each distribution. In January of each year the Fund issues to each shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their tax advisers about the application of federal, state and local and foreign tax law in light of their particular situation.

<u>Wholly Owned Subsidiary</u>

The Fund may invest a portion of its assets in a Subsidiary which will be classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as a Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. It is expected that any Subsidiary would conduct its activities in a manner so as to meet the requirements of a safe harbor under Section 864(b)(2) of the Internal Revenue Code (the "Safe Harbor") pursuant to which the Subsidiary, provided it is not a dealer in stocks, securities or commodities, may engage in the following activities without being deemed to be engaged in a U.S. trade or business: (1) trading in stocks or securities (including contracts or options to buy or sell securities) for its own account; and (2) trading, for its own account, in commodities that are "of a kind customarily dealt in on an organized commodity

exchange" if the transaction is of a kind customarily consummated at such place. Thus, the Subsidiary's securities and commodities trading activities should not constitute a U.S. trade or business. However, if certain of the Subsidiary's activities were determined not to be of the type described in the Safe Harbor or if the Subsidiary's gains are attributable to investments in securities that constitute U.S. real property interests (which is not expected), then the activities of a Subsidiary may constitute a U.S. trade or business, or be taxed as such.

In general, a foreign corporation that does not conduct a U.S. trade or business is nonetheless subject to tax at a flat rate of 30 percent (or lower tax treaty rate), generally payable through withholding, on the gross amount of certain U.S.-source income that is not effectively connected with a U.S. trade or business. There is presently no tax treaty in force between the U.S. and the Cayman Islands that would reduce this rate of withholding tax. Income subject to such a flat tax includes dividends and certain interest income. The 30 percent tax does not apply to U.S.-source capital gains (whether long-term or short-term) or to interest paid to a foreign corporation on its deposits with U.S. banks. The 30 percent tax also does not apply to interest which qualifies as "portfolio interest." The term "portfolio interest" generally includes interest (including original issue discount) on an obligation in registered form which has been issued after July 18, 1984 and with respect to which the person, who would otherwise be required to deduct and withhold the 30 percent tax, received the required statement that the beneficial owner of the obligation is not a U.S. person within the meaning of the Internal Revenue Code. Under certain circumstances, interest on bearer obligations may also be considered portfolio interest.

The Subsidiary will be wholly-owned by the Fund. A U.S. person who owns (directly, indirectly or constructively) 10 percent or more of the total combined voting power of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the controlled foreign corporation ("CFC") provisions of the Internal Revenue Code. A foreign corporation is a CFC if, on any day of its taxable year, more than 50 percent of the voting power or value of its stock is owned (directly, indirectly or constructively) by "U.S. Shareholders." Because the Fund is a U.S. person that will own all of the stock of the Subsidiary, the Fund would be a "U.S. Shareholder" and the Subsidiary a CFC. As a "U.S. Shareholder," the Fund would be required to include in gross income for United States federal income tax purposes all of its Subsidiary's "subpart F income" (defined, in part, below), whether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary's income would be "subpart F income." "Subpart F income" generally includes interest, original issue discount, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar derivatives. "Subpart F income" also includes the excess of gains over losses from transactions (including futures, forward and similar transactions) in any commodities. The Fund's recognition of a Subsidiary's "subpart F income" would increase the Fund's tax basis in the Subsidiary. Distributions by the Subsidiary to the Fund would be tax-free, to the extent of its previously undistributed "subpart F income," and correspondingly reduce the Fund's tax basis in the Subsidiary. "Subpart F income" is generally treated as ordinary income, regardless of the character of the Subsidiary's underlying income.

In general, each "U.S. Shareholder" is required to file IRS Form 5471 with its U.S. federal income tax (or information) returns providing information about its ownership of the CFC and the CFC. In addition, a "U.S. Shareholder" may in certain circumstances be required to report a disposition of shares in a Subsidiary by attaching IRS Form 5471 to its U.S. federal income tax (or information) return that it would normally file for the taxable year in which the disposition occurs. In general, these filing requirements will apply to investors of the Fund if the investor is a U.S. person who owns directly, indirectly or constructively (within the meaning of Sections 958(a) and (b) of the Internal Revenue Code) 10 percent or more of the total combined voting power of all classes of voting stock of a foreign corporation that is a CFC for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and who owned that stock on the last day of that year.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The Fund has selected [ ], located at [ ], as its independent registered public accounting firm for the current fiscal year providing 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 audited 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 Financial Statements for the Fund for the fiscal period ended June 30, 2025. You can obtain a copy of the Annual Financial Statements without charge by calling the Fund at 1-877-772-5838.

**Appendix A: ADVISER'S PROXY VOTING POLICIES AND PROCEDURES**

[to be provided by subsequent amendment]

**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, March 23, 2016, November 9, 2021 and February 9, 2023 previously filed on April 25, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1425, and hereby incorporated by reference. |
| (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) |
| (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)<br>| [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) |

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|:---|:---|
| (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) |
| (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) |

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| (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) |
| (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](http://www.sec.gov/Archives/edgar/data/1314414/000091047214003148/subadvisoryagreement.htm)filed on January 26. 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1450 and hereby incorporated by reference. |
| (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)<br>| [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)<br> [Amendment to Investment Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Municipal Fund previously filed on January 26, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1419, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064223000422/ex99d141.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)<br> [Amendment to the Investment Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Bond Fund previously filed on January 26, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1419, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064223000422/ex99d145.htm) |

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|:---|:---|
| (d)(146)<br>| [Investment Advisory Agreement between Princeton Fund Advisors, LLC and Princeton Adaptive Premium Fund previously filed on August 28, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1435, 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) |
| (d)(148) | [Investment Advisory Agreement between Clark Capital Management Group, Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment Grade Bond Fund](http://www.sec.gov/Archives/edgar/data/1314414/000158064221000544/ex99d_148.htm) previously filed on April 27, 2021 to the Registrant's Registration in Post- Effective Amendment No. 1,342, and hereby incorporated by reference. |
| (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](http://www.sec.gov/Archives/edgar/data/1314414/000158064223000396/ex99d156.htm). |
| (d)(157) | Investment Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Core Growth Fund previously filed on September 27, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1437, and hereby incorporated by reference. |

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| (d)(158) | [Third Amendment to the Investment Advisory Agreement between Pacific Financial Group, LLC and the Registrant, with respect to PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund previously filed on August 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1468, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224004647/ex99d158.htm) |
| (d)(159) | [Investment Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to BTS Enhanced Equity Income Fund previously filed on June 26, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1462, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003302/ex99d159.htm) |
| (d)(160) | [Investment Advisory Agreement between Ocean Park Asset Management, LLC and the Registrant, with respect to Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF previously filed on July 1, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1463, and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003368/ex99d160.htm). |
| (d)(161) | [Sub Advisory Agreement between Ocean Park Asset Management, LLC and Exchange Traded Concepts, LLC with respect to Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income previously filed on July 1, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1463, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003368/ex99d161.htm) |
| (d)(162) | [First Amendment to the Investment Advisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park Total Return Credit Fund previously filed on July 29, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1464, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003950/ex99d162.htm) |
| (d)(163) | [Investment Advisory Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Dynamic Allocation Fund previously filed on December 16, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1475, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224007579/ex99d163.htm) |
| (d)(164) | [Sub Advisory Agreement between Dearborn Capital Management, LLC and EMC Capital Advisors, LLC with respect to Grant Park Dynamic Allocation Fund previously filed on December 16, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1475, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224007579/ex99d164.htm) |
| (d)(165) | [Sub Advisory Agreement between Dearborn Capital Management, LLC and Richmond Quantitative Advisors, LLC with respect to Grant Park Dynamic Allocation Fund previously filed on December 16, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1475, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224007579/ex99d165.htm) |
| (d)(166) | [Form of Investment Advisory Agreement between Toews Asset Management and the Registrant, with respect to Toews Agility Shares Hedged-Qs ETF and Toews Agility Shares Hedged Equal Weight ETF previously filed on June 30, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 1492 and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064225003939/ex99d166.htm) |
| (d)(167) | [Form of Investment Advisory Agreement between Donoghue Forlines LLC and the Registrant, with respect to DF Tactical 30 ETF previously filed on July 1, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 1493 and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1314414/000158064225003957/ex99d167.htm). |
| (d)(168) | Investment Advisory Agreement between Donoghue Forlines LLC and the Registrant, with respect to DF Innovation ETF to be filed by subsequent amendment. |
| (d)(169) | [Interim Investment Advisory Agreement between Beacon Capital Management, Inc. and the Registrant, with respect to Astor Dynamic Allocation Fund and Astor Sector Allocation Fund previously filed on August 5, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 1494 and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1314414/000158064225004859/ex99d_169.htm). |

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| (d)(170) | Investment Advisory Agreement between Winton Capital Management Limited and the Registrant, with respect to Winton Managed Futures Trend Fund to be filed by subsequent amendment. |
| (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) |
| (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) |
| (e)(4) | [Underwriting Agreement between the Registrant and Ladenburg Thalmann & Co. Inc. with respect to Ladenburg Income Fund, Ladenburg Income & Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund and Ladenburg Aggressive Growth Fund previously filed on January 23, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1446, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224000406/ex_e4.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.,](http://www.sec.gov/Archives/edgar/data/1314414/000091047208000751/mutualhedgecustodyagreement.htm) previously filed on November 13, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1312, and hereby incorporated by reference. |
| (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) |
| (g)(7) | [Custody Agreement between the Registrant and Brown Brothers Harriman & Co., dated March 2, 2020, previously filed on November 21, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1473, and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1314414/000158064224007052/ex99g7.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) |

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| (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) |
| (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](http://www.sec.gov/Archives/edgar/data/1314414/000158064219005308/ex99h.htm)previously filed on October 23, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1309, and hereby incorporated by reference. |
| (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) |

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|:---|:---|
| (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) |
| (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) |

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|:---|:---|
| (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) |
| (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) |

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|:---|:---|
| (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) |
| (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) |

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|:---|:---|
| (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.](http://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 previously filed on January 26, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1417, and hereby incorporated by reference.](http://www.sec.gov/Archives/edgar/data/1314414/000158064223000404/ex99h49.htm) |
| (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](http://www.sec.gov/Archives/edgar/data/1314414/000158064216012697/ex99h.htm) previously filed on October 23, 2020 to the Registrant's Registration Statement in Post-Effective Amendment No. 1308, and hereby incorporated by reference. |
| (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) |

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|:---|:---|
| (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) |
| (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) |

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| (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) |
| (h)(78)<br>| [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>| [Expense Limitation Agreement between Princeton Fund Advisors, LLC and Princeton Adaptive Premium Fund previously filed on April 10, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1453, and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1314414/000158064224002075/ex_h83.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](http://www.sec.gov/Archives/edgar/data/1314414/000158064221000544/ex99h_87.htm)incorporated by reference. |

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| | |
|:---|:---|
| (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, Sierra Tactical Municipal Fund, Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund, Sierra Tactical Risk Spectrum 70 Fund and Sierra Tactical Core Growth Fund previously filed on September 27, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1437, and hereby incorporated by reference. |
| (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) |
| (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,](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000424/ex99h96.htm)<br> [Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust,](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000424/ex99h96.htm)<br> [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.](http://www.sec.gov/Archives/edgar/data/1314414/000158064222000424/ex99h96.htm) |
| (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) |

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| | |
|:---|:---|
| (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) |
| (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) |
| (h)(111) | [Operating Expense Limitation Agreement between Registrant on behalf of PFG American Funds<sup>®</sup> Conservative Income Strategy Fund, PFG American Funds<sup>®</sup> Growth Strategy Fund, PFG Fidelity Institutional AM<sup>®</sup> Equity Index Strategy Fund, PFG Fidelity Institutional AM<sup>®</sup> Equity Sector Strategy Fund, PFG Fidelity Institutional AM<sup>®</sup> Bond ESG Strategy Fund, PFG JP Morgan<sup>®</sup> Tactical Aggressive Strategy Fund, PFG JP Morgan<sup>®</sup> Tactical Moderate Strategy Fund, PFG BNY Mellon<sup>®</sup> Diversifier Strategy Fund, PFG MFS<sup>®</sup> Aggressive Growth Strategy Fund, PFG BR Equity ESG Strategy Fund, PFG Janus Henderson<sup>®</sup> Balanced Strategy Fund, PFG Invesco<sup>®</sup> Thematic ESG Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG Tactical Income Strategy Fund and PFG PIMCO Active Core Bond Strategy Fund](http://www.sec.gov/Archives/edgar/data/1314414/000158064223000417/ex99h.htm)<br> [and Pacific Financial Group, LLC previously filed on January 26, 2023 to the Registrant's Registration Statement in Post-Effective Amendment No. 1418, and hereby incorporated by reference](http://www.sec.gov/Archives/edgar/data/1314414/000158064223000417/ex99h.htm). |

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| | |
|:---|:---|
| (h)(112) | [Expense Limitation Agreement between Pacific Financial Group, LLC and the Registrant, with respect to PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund previously filed on August 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1468, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224004647/ex99h112.htm) |
| (h)(113) | [First Amendment to Administrative Services Agreement between Pacific Financial Group, LLC and the Registrant with respect to all PFG Funds previously filed on February 5, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1451, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224000770/ex99h113.htm) |
| (h)(114) | [Expense Limitation Agreement between BTS Asset Management, Inc. and the Registrant, with respect to BTS Enhanced Equity Income Fund previously filed on June 26, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1462, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003302/ex99h114.htm) |
| (h)(115) | [Expense Limitation Agreement between Ocean Park Asset Management, LLC and the Registrant, with respect to Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF previously filed on July 29, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1464, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003368/ex99h115.htm) |
| (h)(116) | [Administrative Services Agreement between Pacific Financial Group, LLC and the Registrant with respect to all PFG Funds previously filed on June 26, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1462, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003302/ex99h116.htm) |
| (h)(117) | [Expense Limitation Agreement between Princeton Fund Advisers, LLC and the Registrant, with respect to Deer Park Total Return Credit Fund previously filed on July 29, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1464, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003950/ex99h_115.htm) |
| (h)(118) | [Expense Limitation Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Dynamic Allocation Fund previously filed on December 16, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1475, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224007579/ex99h118.htm) |
| (h)(119) | [Form of Expense Limitation Agreement between Toews Corporation and the Registrant, with respect to Toews Agility Shares Hedged Equal Weight ETF and Toews Agility Shares Hedged-Qs ETF previously filed on June 30, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 1492 and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1314414/000158064225003939/ex99h119.htm) . |
| (h)(120) | Expense Limitation Agreement between Donoghue Forlines LLC and the Registrant, with respect to DF Innovation ETF to be filed by subsequent amendment. |
| (h)(121) | Expense Limitation Agreement between Winton Capital Management Limited and the Registrant, with respect to Winton Managed Futures Trend Fund to be filed by subsequent amendment. |
| (i)(1) | Legal Opinion previously filed on July 1, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 1493 and hereby incorporated by reference. |
| (i)(2) | Consent of Counsel to be filed by subsequent amendment |
| (j)(1) | Consent of Independent Auditor to be filed by subsequent amendment. |
| (j)(2)<br>| [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 August 2, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 1494 and hereby incorporated by reference](https://www.sec.gov/Archives/edgar/data/1314414/000158064225004859/ex99j2.htm). |

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|:---|:---|
| (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) |
| (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) |

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|:---|:---|
| (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) |
| (m)(19)<br>| [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 PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund previously filed on August 19, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1468, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064224004647/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) |
| (n)(3) | [Rule 18f-3 Plan to add BTS Enhanced Equity Income Fund, Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF previously filed on July 1, 2024 to the Registrant's Registration Statement in Post-Effective Amendment No. 1463, and hereby incorporated by reference..](https://www.sec.gov/Archives/edgar/data/1314414/000158064224003368/ex99-n3.htm) |
| (n)(4) | [Rule 18f-3 Plan to add Grant Park Dynamic Allocation Fund, previously filed on January 23, 2025 to the Registrant's Registration Statement in Post-Effective Amendment No. 1477, and hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1314414/000158064225000397/ex-99n4.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) |

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| (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) |
| (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)<br>| [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)<br>| [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)<br>| [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)<br>| [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)<br>| [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) |

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| | |
|:---|:---|
| (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) |
| (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)<br>| [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) |

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| | |
|:---|:---|
| (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) |
| (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)<br>| [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) |

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| | |
|:---|:---|
| (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) |
| (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)<br>| [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)<br>| [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)<br>| [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) |

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| | |
|:---|:---|
| (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) |
| (p)(77) | Code of Ethics of Winton Capital Management Limited to be filed by subsequent amendment. |

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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 PFG PIMCO Active Core Bond Strategy Fund, PFG American Funds Conservative Income Strategy, PFG American Funds Growth Strategy Fund, PFG BNY Mellon® Diversifier Strategy Fund, PFG BR Target Allocation Equity Strategy Fund, PFG Fidelity Institutional AM® Equity Index Strategy, PFG Fidelity Institutional AM® Equity Sector Strategy, PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund, PFG Invesco® Equity Factor Rotation Strategy Fund PFG Janus Henderson® Balanced Strategy, PFG JP Morgan® Tactical Aggressive Strategy Fund, PFG JP Morgan® Tactical Moderate Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG MFS® Aggressive Growth Strategy Fund, PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund, PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund File No. 801 - 18151

Ocean Park Asset Management, LLC, the Adviser of Ocean Park Tactical All Asset Fund, Ocean Park Tactical Core Income Fund, Ocean Park Tactical Municipal Fund, Ocean Park Tactical Bond Fund,

Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 50 Fund, Ocean Park Tactical Risk Spectrum 70 Fund, Ocean Park Tactical Core Growth Fund, Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF – 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, Agility Shares Managed Risk Equity ETF – File No. 801- 47765

BTS Asset Management, Inc., the Adviser of the BTS Tactical Fixed Income Fund, BTS Managed Income Fund and BTS Enhanced Equity Income Fund – File No.801-14895.

Astor Investment Management, LLC, Adviser of the Astor Dynamic Allocation Fund and Astor Sector Rotation 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, DF Tactical 30 ETF and DF Innovation ETF – File No. 801-27959.

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position with<br> Investment Adviser** | &nbsp;&nbsp;**Name and Principal Business Address<br> of Other Company** | &nbsp;&nbsp;**Connection with Other Company** |
| &nbsp;&nbsp;Pramila Agrawal<br> Portfolio Manager, Head of Custom Income Strategies and Director<br>| &nbsp;&nbsp;None. | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA<br> 02199 | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Natixis ETF Trust II<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Gateway Trust<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Investments Limited<br> 77 Coleman Street, 6<sup>th</sup> Floor, London, England EC2R 5BJ | &nbsp;&nbsp;Representative of Loomis Sayles as a corporate Director |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager and President |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #05-01/03, Ocean Financial Centre, Singapore 049315 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | &nbsp;&nbsp;Director, Chairman and President (2020 - 2022) |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles (Netherlands) B.V.<br> Stadsplateau 7, Utrecht, Netherlands 3521 AZ | &nbsp;&nbsp;Managing Director |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | &nbsp;&nbsp;Chairman of the Supervisory Board (2022 – 2024) |
| &nbsp;&nbsp;Kevin P. Charleston<br> Chairman, Chief Executive Officer, President and Director | &nbsp;&nbsp;NIM-os, LLC One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position with<br> Investment Adviser** | &nbsp;&nbsp;**Name and Principal Business Address<br> of Other Company** | &nbsp;&nbsp;**Connection with Other Company** |
| &nbsp;&nbsp;Matthew J. Eagan<br> Head of and Portfolio Manager, Full Discretion, and Director | &nbsp;&nbsp;None. | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Daniel J. Fuss<br> Vice Chairman and Director | &nbsp;&nbsp;None. | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;John R. Gidman<br> Chief Operating Officer and Director | &nbsp;&nbsp;Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | &nbsp;&nbsp;Director and Chief Executive Officer (2020 - 2022) |
| &nbsp;&nbsp;John R. Gidman<br> Chief Operating Officer and Director | &nbsp;&nbsp;NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| &nbsp;&nbsp;Director |
| &nbsp;&nbsp;John R. Gidman<br> Chief Operating Officer and Director | &nbsp;&nbsp;NIM-os, LLC One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis Investment Managers, LLC<br> 888 Boylston Street, Boston, MA<br> 02199 | &nbsp;&nbsp;President and Chief Executive Officer, US; Member of the Board of Managers |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis Advisors, LLC<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;President and Chief Executive Officer; Member of the Board of Managers |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis Distribution, LLC<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;President and Chief Executive Officer; Member of the Board of Managers |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;AEW Capital Management, Inc.<br> Two Seaport Lane, Boston, MA 02210 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Gateway Investment Advisers, LLC<br> 312 Walnut Street, Cincinnati, OH 45202 | &nbsp;&nbsp;Member of the Board of Managers |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Harris Associates, Inc.<br> 111 South Wacker Drive, Suite 4600, Chicago IL 60606 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Vaughan Nelson Investment Management, Inc.<br> 600 Travis Street, Suite 3800<br> Houston, TX 77002 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Loomis Sayles Funds I<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee and Executive Vice President |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Loomis Sayles Funds II<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis Funds Trust I<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis Funds Trust II<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis Funds Trust IV<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis ETF Trust<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Natixis ETF Trust II<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;Gateway Trust<br> 888 Boylston Street, Boston, MA 02199 | &nbsp;&nbsp;Trustee, President and Chief Executive Officer |
| &nbsp;&nbsp;David L. Giunta<br> Director | &nbsp;&nbsp;NIM-os, LLC One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position with<br> Investment Adviser** | &nbsp;&nbsp;**Name and Principal Business Address<br> of Other Company** | &nbsp;&nbsp;**Connection with Other Company** |
| &nbsp;&nbsp;Aziz V. Hamzaogullari<br> Chief Investment Officer, Growth Equity Strategies, Portfolio Manager and Director | &nbsp;&nbsp;None. | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Maurice Leger<br> Head of Global Distribution and Director | &nbsp;&nbsp;Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager |
|  | &nbsp;&nbsp;Loomis Sayles Distributors, L.P.<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;President |
|  | &nbsp;&nbsp;Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | &nbsp;&nbsp;Supervisory Board Member (2022 – 2024) |
| &nbsp;&nbsp;Richard G. Raczkowski<br> Co-Head and Portfolio Manager, Relative Return, and Director | &nbsp;&nbsp;None. | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | &nbsp;&nbsp;Loomis Sayles Distributors, Inc.<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | &nbsp;&nbsp;Loomis Sayles Investments Limited<br> 77 Coleman Street, 6<sup>th</sup> Floor, London, England EC2R 5BJ | &nbsp;&nbsp;General Counsel and Secretary |
| &nbsp;&nbsp;Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | &nbsp;&nbsp;Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager and Secretary |
| &nbsp;&nbsp;Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | &nbsp;&nbsp;Loomis Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22) | &nbsp;&nbsp;Director and Secretary (2020 - 2022) |
| &nbsp;&nbsp;Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | &nbsp;&nbsp;Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | &nbsp;&nbsp;Supervisory Board Member (2022 – 2024) |
| &nbsp;&nbsp;Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | &nbsp;&nbsp;NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Rebecca O'Brien Radford<br> General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023) | &nbsp;&nbsp;NIM-os, LLC One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager and General Counsel |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position with<br> Investment Adviser** | &nbsp;&nbsp;**Name and Principal Business Address<br> of Other Company** | &nbsp;&nbsp;**Connection with Other Company** |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;Natixis Investment Managers<br> 59, avenue Pierre Mendès-France, CS 41432, 75648 Paris cedex, France | &nbsp;&nbsp;Chief Executive Officer (*Directeur général*) (2023 – present) |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;Natixis<br> 7 Promenade Germaine Sablon, 75013 Paris, France | &nbsp;&nbsp;Member of Senior Management Committee (2023 – present) |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;Ostrum Asset management<br> 42 avenue Pierre Mendès-France, 75013 Paris, France | &nbsp;&nbsp;Chief Executive Officer (*Directeur général*) (2019 – 2023) |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;Natixis TradEx Solutions<br> 59 avenue Pierre Mendès-France, 75013 Paris, France | &nbsp;&nbsp;Director (2020 – 2024) |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;Harris Associates L.P.<br> 111 South Wacker Drive, Suite 4600<br> Chicago, Illinois 60606 | &nbsp;&nbsp;Director (2024 – present) |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;AEW Europe SA<br> 43 avenue Pierre Mendès-France<br> 75013 Paris, France<br>| &nbsp;&nbsp;Chair of the Board of Directors (Président du conseil d'administration) (2024 – present) |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;DNCA Finance<br> 19 place Vendôme<br> 75001 Paris, France | &nbsp;&nbsp;Chair of Supervisory Board (Président du comité de surveillance) (2024 – present) |
| &nbsp;&nbsp;Philippe Setbon<br> Director | &nbsp;&nbsp;AEW Capital Management, L.P.<br> Two Seaport Lane, Boston Massachusetts 02210 | &nbsp;&nbsp;Director (Jan. 2024 – present) |
| &nbsp;&nbsp;Susan L. Sieker<br> Chief Financial Officer and Director | &nbsp;&nbsp;Loomis Sayles Investments Limited<br> 77 Coleman Street, 6<sup>th</sup> Floor, London, England EC2R 5BJ | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;Susan L. Sieker<br> Chief Financial Officer and Director | &nbsp;&nbsp;Loomis Sayles Trust Company, LLC<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager and Chief Financial Officer |
| &nbsp;&nbsp;Susan L. Sieker<br> Chief Financial Officer and Director | &nbsp;&nbsp;Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | &nbsp;&nbsp;Supervisory Board Member (2022 – 2024) |
| &nbsp;&nbsp;Susan L. Sieker<br> Chief Financial Officer and Director | &nbsp;&nbsp;Loomis Sayles Investments Asia Pte. Ltd.<br> 10 Collyer Quay #05-01/03, Ocean Financial Centre, Singapore 049315 | &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Susan L. Sieker<br> Chief Financial Officer and Director | &nbsp;&nbsp;NIM-os Technologies, Inc.<br> One Financial Center, Boston, MA 02111<br>| &nbsp;&nbsp;Director |
| &nbsp;&nbsp;Susan L. Sieker<br> Chief Financial Officer and Director | &nbsp;&nbsp;NIM-os, LLC<br> One Financial Center, Boston, MA 02111 | &nbsp;&nbsp;Manager and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position with<br> Investment Adviser** | &nbsp;&nbsp;**Name and Principal Business Address<br> of Other Company** | &nbsp;&nbsp;**Connection with Other Company** |
| &nbsp;&nbsp;David L. Waldman<br> Chief Investment Officer and Director | &nbsp;&nbsp;Loomis Sayles Capital Re, SAS<br> 43 avenue Pierre Mendès - France 75013 Paris | &nbsp;&nbsp;Supervisory Board Member (2022 – 2024) |

---

Clark Capital Management Group Inc., the Adviser of the Navigator Tactical Fixed Income Fund, Navigator Ultra Short 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 and Grant Park Dynamic Allocation Fund – File No. 801-72068.

Princeton Fund Advisors, LLC, the Co-Advisor of Eagle Energy Infrastructure Fund, formerly Eagle MLP Strategy Fund, Deer Park Total Return Credit Fund, Princeton Premium Fund and Princeton Adaptive Premium Fund – File No. 801-72525.

Eagle Global Advisors, LLC, the Co-Advisor of Eagle Energy Infrastructure Fund, formerly, 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

American Assets Investment Management, LLC (DBA AACA), the Sub-Adviser of Altegris/AACA Opportunistic Real Estate Fund – File No. 801-65209

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.

Winton Capital Management Limited, the Adviser of Winton Managed Futures Trend Fund –[to be added by subsequent amendment]

ITEM 32. <u>PRINCIPAL UNDERWRITER</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Northern
 Lights Distributors, LLC ("NLD"), the principal underwriter to the Trust also
 acts as principal underwriter for the following:

Atlas U.S. Tactical Income Fund, Boyar Value Fund Inc., Capitol Series Trust, Copeland Trust, DGI Investment Trust, Grandeur Peak Global Trust, Humankind Benefit Corporation, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, North Country Funds, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern Lights Variable Trust, OCM Mutual Fund, CIM Real Assets & Credit

Fund, Princeton Everest Fund, The Saratoga Advantage Trust, Segall Bryant & Hamill Trust, Texas Capital Funds Trust, THOR Financial Technologies Trust, Tributary Funds, Inc., Two Roads Shared Trust, Ultimus Manager's Trust, Unified Series Trust, Valued Advisers Trust, Zacks 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.

(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:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Positions and Offices**<br> **with Underwriter** | &nbsp;&nbsp;**Positions and Offices**<br> **with the Fund** |
| &nbsp;&nbsp;Kevin Guerette | &nbsp;&nbsp;President | &nbsp;&nbsp;None |
| &nbsp;&nbsp;David James | &nbsp;&nbsp;Board of Managers | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Stephen Preston | &nbsp;&nbsp;Chief Compliance Officer, and AML Compliance Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Greg Evans | &nbsp;&nbsp;Financial Operations Principal Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;William J. Strait | &nbsp;&nbsp;Board of Managers, Secretary, and General Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Melvin Van Cleave | &nbsp;&nbsp;Chief Information Securities Officer | &nbsp;&nbsp;None |

---

(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:

<u>Name</u> <u>Address</u> <u>Position with Underwriter</u> <u>Position with Registrant</u> <br> Richard J. Berthy Three Canal Plaza, Suite 100, Portland, ME 04101 President, Treasurer and Manager None

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Name</u> | &nbsp;&nbsp;<u>Address</u> | &nbsp;&nbsp;<u>Position with Underwriter</u> | &nbsp;&nbsp;<u>Position with Registrant</u> |
| &nbsp;&nbsp;Mark A. Fairbanks<br>| &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101<br>| &nbsp;&nbsp;Vice President<br>|  |
| &nbsp;&nbsp;Jennifer K. DiValerio<br>| &nbsp;&nbsp;899 Cassatt Road, 400 Berwyn Park, Suite 110, Berwyn, PA 19312 | &nbsp;&nbsp;Vice President |  |
| &nbsp;&nbsp;Nanette K. Chern | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Vice President and Chief Compliance Officer |  |
| &nbsp;&nbsp;Jennifer E. Hoopes | &nbsp;&nbsp;Three Canal Plaza, Suite 100, Portland, ME 04101 | &nbsp;&nbsp;Secretary |  |

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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:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;**Position with Underwriter** | &nbsp;&nbsp;**<u>Positions with Fund</u>** |
| &nbsp;&nbsp;Edmund J. Burke | &nbsp;&nbsp;Director | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Jeremy O. May | &nbsp;&nbsp;President, Director | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Thomas A. Carter | &nbsp;&nbsp;Executive Vice President, Director | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Bradley J. Swenson | &nbsp;&nbsp;Senior Vice President, Chief Compliance Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Robert J. Szydlowski | &nbsp;&nbsp;Senior Vice President, Chief Technology Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Eric Parsons | &nbsp;&nbsp;Vice President, Controller and Assistant Treasurer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Steven Price | &nbsp;&nbsp;Vice President, Deputy Chief Compliance Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;James Stegall | &nbsp;&nbsp;Vice President, Institutional Sales Manager | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Gary Ross | &nbsp;&nbsp;Vice President, Director of Sales | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Erin D. Nelson | &nbsp;&nbsp;Vice President, Assistant General Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;JoEllen Legg | &nbsp;&nbsp;Vice President, Assistant General Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;David T. Buhler | &nbsp;&nbsp;Vice President, Senior Associate Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Rhonda A. Mills | &nbsp;&nbsp;Vice President, Associate Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Jennifer T. Welsh | &nbsp;&nbsp;Vice President, Associate Counsel | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Paul F. Leone | &nbsp;&nbsp;Vice President, Associate Counsel | &nbsp;&nbsp;None |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;**Position with Underwriter** | &nbsp;&nbsp;**<u>Positions with Fund</u>** |
| &nbsp;&nbsp;Randall D. Young | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Gregg Wm. Givens | &nbsp;&nbsp;Vice President, Treasurer and Asst. Secretary | &nbsp;&nbsp;None |

---

\* The principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1100, Denver, Colorado 80203.

(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 Tactical Fixed Income Fund, Navigator Tactical Investment Grade Bond, Navigator Tactical U.S. Allocation Fund Navigator Ultra Short Bond Fund, PFG PIMCO Active Core Bond Strategy Fund, PFG American Funds Conservative Income Strategy, PFG American Funds Growth Strategy Fund, PFG BNY Mellon® Diversifier Strategy Fund, PFG BR Target Allocation Equity Strategy Fund, PFG Fidelity Institutional AM® Equity Index Strategy, PFG Fidelity Institutional AM® Equity Sector Strategy, PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund, PFG Janus Henderson® Balanced Strategy, PFG Invesco® Equity Factor Rotation Strategy Fund PFG JP Morgan® Tactical Aggressive Strategy Fund, PFG JP Morgan® Tactical Moderate Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG MFS® Aggressive Growth Strategy Fund, PFG Janus Henderson<sup>®</sup>Tactical Income Strategy Fund, PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund pursuant to a Custody Agreement between BONY and the Trust.

U.S. Bank, National Association, 60 Livingston Avenue, St. Paul, Minnesota 55107 ("USB"), 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, DF Tactical 30 ETF, TransWestern Institutional Short Duration Government Bond Fund, 13D Activist Fund, Eagle Energy Infrastructure Fund, formerly Eagle MLP Strategy Fund, BTS Tactical Fixed Income Fund, Astor Dynamic Allocation Fund, Astor Sector Rotation Fund, Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Income & Growth Fund, Ladenburg Income Fund, BTS Managed Income Fund, Ocean Park Tactical All Asset Fund, Ocean Park Tactical Core Income Fund, Ocean Park Tactical Municipal Fund, Ocean Park Tactical Bond Fund, Princeton Adaptive Premium Fund, Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 50 Fund, Ocean Park Tactical Risk Spectrum 70 Fund, Ocean Park Tactical Core Growth Fund, BTS Enhanced Equity Income Fund, Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF, Ocean Park High Income ETF, Grant Park Dynamic Allocation Fund , DF Innovation ETF and Winton Managed Futures Trend Fund pursuant to a Custody Agreement between USB 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, Toews Agility Shares Dynamic Tactical Income ETF and Toews Agility Shares Managed Risk Equity ETF, Toews Agility Shares Hedged-Qs ETF and Toews Agility Shares Hedged Equal Weight 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 Toews Agility Shares Dynamic Tactical Income ETF, Toews Agility Shares Managed Risk Equity ETF, Toews Agility Shares Hedged Equal Weight ETF and Toews Agility Shares Hedged Q-s 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. 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.

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 PIMCO Active Core Bond Strategy Fund, PFG American Funds Conservative Income Strategy, PFG American Funds Growth Strategy Fund, PFG BNY Mellon® Diversifier Strategy Fund, PFG BR Target Allocation Equity Strategy Fund, PFG Fidelity Institutional AM® Equity Index Strategy, PFG Fidelity Institutional AM® Equity Sector Strategy, PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund, PFG Janus Henderson® Balanced Strategy, PFG JP

Morgan® Tactical Aggressive Strategy Fund, PFG Invesco® Equity Factor Rotation Strategy Fund PFG JP Morgan® Tactical Moderate Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG MFS® Aggressive Growth Strategy Fund, PFG Janus Henderson<sup>®</sup> Tactical Income Strategy Fund, PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund.

Ocean Park Asset 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 Ocean Park Tactical All Asset Fund, Ocean Park Tactical Core Growth Fund, Ocean Park Tactical Core Income Fund, Ocean Park Tactical Municipal Fund, Ocean Park Tactical Bond Fund, Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 50 Fund, Ocean Park Tactical Risk Spectrum 70 Fund, Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF.

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, Toews Agility Shares Dynamic Tactical Income ETF, Toews Agility Shares Managed Risk Equity ETF, Toews Agility Shares Hedged-Qs ETF and Toews Agility Shares Hedged Equal Weight ETF

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, BTS Managed Income Fund and BTS Enhanced Equity 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 and Astor Sector Allocation 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 Energy Infrastructure Fund, formerly Eagle MLP Strategy Fund, Athena Behavioral Tactical Fund, Deer Park Total Return Credit Fund, Princeton Premium 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, DF Tactical 30 ETF and DF Innovation ETF.

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.

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 Tactical Fixed Income Fund, Navigator Tactical Investment Grade Bond, Navigator Tactical U.S. Allocation Fund and Navigator Ultra Short Bond Fund.

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 and Grant Park Dynamic Allocation 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 Energy Infrastructure Fund, formerly 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.

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.

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.

Winton Capital Management Limited, One Hooper's Court, Knightsbridge, London, SW3 1AF, United Kingdom, pursuant to a Advisory Agreement, maintains all records required pursuant to such agreement with respect to the Winton Managed Futures Trend 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 duly caused this Post-Effective Amendment No. 149 5 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 13 <sup>th</sup> of August 2025.

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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 | President and Principal Executive Officer |

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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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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;John V. Palancia\* | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;August 13 , 2025 |
| &nbsp;&nbsp;Gary Lanzen\* | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;August 13 , 2025 |
| &nbsp;&nbsp;Anthony Hertl\* | &nbsp;&nbsp;Trustee & Chairman | &nbsp;&nbsp;August 13 , 2025 |
| &nbsp;&nbsp;Mark Taylor\* | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;August 13 , 2025 |
| &nbsp;&nbsp;Mark D. Gersten\* | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;August 13 , 2025 |
| &nbsp;&nbsp;Mark Garbin\* | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;August 13 , 2025 |
| &nbsp;&nbsp;Jim Colantino\* | &nbsp;&nbsp;Treasurer, Chief Accounting Officer and Chief Financial Officer | &nbsp;&nbsp;August 13 , 2025 |
| &nbsp;&nbsp;Kevin Wolf | &nbsp;&nbsp;President and Principal Executive Officer | &nbsp;&nbsp;August 13 , 2025 |

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| | |
|:---|:---|
| By: | Date: |
| /s/ Kevin Wolf | August 13 , 2025 |
| Kevin Wolf, President |  |

---

\* Attorney-in-Fact – Pursuant to Powers of Attorney previously filed on [April 1, 2011](https://www.sec.gov/Archives/edgar/data/1314414/000091047211000504/northernlightspowerofattorne.htm), [January 9, 2012](https://www.sec.gov/Archives/edgar/data/1314414/000091047212000054/exhibitj2.htm), [September 27, 2013](https://www.sec.gov/Archives/edgar/data/1314414/000091047213004053/exj2poa.htm), [September 1, 2016](https://www.sec.gov/Archives/edgar/data/1314414/000158064216010761/ex99j.htm), [September 1, 2017](https://www.sec.gov/Archives/edgar/data/1314414/000158064217004904/ex99j2.htm) and [August 5, 2025](https://www.sec.gov/Archives/edgar/data/1314414/000158064225004859/ex99j2.htm) to the Registrant's Registration Statement in Post-Effective Amendment No. 234, No. 346, No. 535, No. 862, No. 1,001 and No, 1494 respectively, which are hereby incorporated by reference.

## Corresp

![](image_001.gif)

August 13, 2025

**<u>VIA ELECTRONIC TRANSMISSION</u>**

Securities & Exchange Commission

Public Filing Desk

100 F Street, N.E.

Washington, D.C. 20549

**Re: <u>Northern Lights Fund Trust, File Nos. 333-122917 and 811-21720</u>**

Dear SEC Staff:

On behalf of Northern Lights Fund Trust, a registered investment company (the "Trust"), we hereby submit, via electronic filing, Post-Effective Amendment No. 1,495 (the "Amendment") to the Trust's Registration Statement under the Securities Act of 1933 (the "Securities Act"). The Amendment is filed pursuant to Rule 485(a) promulgated under the Securities Act. The main purpose for this filing is to revise certain strategies and risks, rename the fund and provide for new adviser.

If you have any questions, please contact Andrew Davalla at (614) 469-3353.

Very truly yours,

<u>/s/ Andrew Davalla</u> 

Andrew Davalla

![](image_002.gif)