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Securities\nAct File No. 333-122917

ICA\nNo. 811- 21720

As\nfiled with the Securities and Exchange Commission on October 26, 2026

SECURITIES\nAND EXCHANGE COMMISSION

Washington,\nD.C. 20549

FORM\nN-1A

REGISTRATION\nSTATEMENT UNDER THE SECURITIES ACT OF 1933

\n \n \n \n \n \n \n \n \n \n \n \n \n

	Pre-Effective\n Amendment No.	o

	Post-Effective\n Amendment No. 1559	x

and/or

REGISTRATION\nSTATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

\n \n \n \n \n

Amendment\n No. 1560

(Check\nAppropriate Box or Boxes)

Northern\nLights Fund Trust

(Exact\nName of Registrant as Specified in Charter)

225\nPictoria Drive, Suite 450

Cincinnati,\nOH 45246

Attention:\n Kevin Wolf

(Address\nof Principal Executive Offices) (Zip Code)

(631)490-4300

(Registrant’s\nTelephone Number, Including Area Code)

The\nCorporation Trust Company

Corporate\nTrust Center

251\nLittle Falls Drive

Wilmington,\nDE 19808

(Name\nand Address of Agent for Service)

With\na copy to:

\n \n \n \n

Andrew Davalla

Thompson\n Hine LLP

3900 Key Center, 127 Public Square

Columbus, Ohio 44114

216-566-5706 (phone)

614-469-3361 (fax)

Timothy\n Burdick

Ultimus\n Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

(631)\n 470-2649

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

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

\n\n

immediately\n upon filing pursuant to paragraph (b).

\n\n

on\n October 28, 2026 pursuant to paragraph (b).

\n\n

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

\n\n

on\n (date) pursuant to paragraph (a)(1).

\n\n

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

\n\n

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

If\nappropriate, check the following box:

\n\n

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

Title\nof Securities Being Registered: Shares of Beneficial Interest

October\n28, 2026

Winton\nManaged Futures Trend Fund

Class\nA (EVOAX) | Class I (EVOIX)

A\nSERIES OF NORTHERN LIGHTS FUND TRUST

Prospectus

Advised\nby:

Winton\nCapital Management Limited

One\nHooper’s Court

Knightsbridge,\nLondon SW3 1AF

United\nKingdom

This\nProspectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it\nfor future reference.

These\nsecurities have not been approved or disapproved by the Securities and Exchange Commission or the Commodity Futures Trading Commission\nnor has the Securities and Exchange Commission or the Commodity Futures Trading Commission passed upon the accuracy or adequacy of this\nProspectus. Any representation to the contrary is a criminal offense.

TABLE\nOF CONTENTS

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

WINTON\n MANAGED FUTURES TREND Fund	1
PRINCIPAL\n INVESTMENT STRATEGY	2
ADDITIONAL\n INFORMATION ABOUT INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGY	7
INVESTMENT\n OBJECTIVES	7
PRINCIPAL\n INVESTMENT STRATEGY	7
TEMPORARY\n DEFENSIVE INVESTMENTS	8
DESCRIPTION\n OF PRINCIPAL INVESTMENT RISKS	8
PORTFOLIO\n HOLDINGS DISCLOSURE	13
CYBERSECURITY	13
MANAGEMENT	14
ADVISER	14
ADVISER\n PORTFOLIO MANAGER	14
INVESTMENT\n SUBSIDIARY	14
HOW\n FUND SHARES ARE PRICED	16
HOW\n TO PURCHASE SHARES	17
HOW\n TO REDEEM SHARES	22
FREQUENT\n PURCHASES AND REDEMPTIONS OF FUND SHARES	24
TAX\n STATUS, DIVIDENDS AND DISTRIBUTIONS	25
DISTRIBUTION\n OF SHARES	26
DISTRIBUTOR	26
DISTRIBUTION\n (12B-1) AND SHAREHOLDER SERVICING FEES	26
ADDITIONAL\n COMPENSATION TO FINANCIAL INTERMEDIARIES	26
HOUSEHOLDING	26
FINANCIAL\n HIGHLIGHTS	27

WINTON\nMANAGED FUTURES TREND Fund

Investment\nObjective:

The Fund’s investment objective is to seek long-term capital appreciation.

Fees\nand 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.\nYou may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables\nand examples below. You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree\nto invest in the future, at least $25,000 in the Fund. More information about these and other discounts is available from your financial\nprofessional and in How to Purchase Shares on page 17 of the Fund’s Prospectus and in Purchase, Redemption and Pricing\nof Shares on page 55 of the Statement of Additional Information.

Shareholder Fees (fees paid directly from your investment)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

SHAREHOLDER\n FEES \n (Fees paid directly from your investment)	Class \n A	Class \n I
Maximum\n Sales Charge (Load) Imposed on Purchases \n (as a % of offering price)	5.75%	None
Maximum\n Deferred Sales Charge (Load) \n (as a % of original purchase price)	1.00%	None
Maximum\n Sales Charge (Load) Imposed on \n Reinvested Dividends and other Distributions	None	None
Redemption\n Fee \n (as a % of amount redeemed, if sold within 30 days)	None	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


Management\n Fees	1.00%	1.00%
Distribution\n and Service (12b-1) Fees	0.25%	0.00%
Other\n Expenses	1.70%	1.64%
Acquired\n Fund Fees and Expenses⁽¹⁾	0.07%	0.07%
Total\n Annual Fund Operating Expenses	3.02%	2.71%
Fee\n Waiver⁽²⁾	(1.36)%	(1.30)%
Total\n Annual Fund Operating Expenses After Fee Waiver	1.66%	1.41%

\n\n

(1)

Acquired\n Fund Fees and Expenses, which are estimated for the Fund’s current fiscal year, are\n the indirect costs of investing in other investment companies. The operating expenses in\n this fee table will not correlate to the expense ratio in the Fund’s financial highlights\n because the financial statements include only the direct operating expenses incurred by the\n Fund.

\n\n

(2)

Winton\n Capital Management Limited (the “Adviser”) has contractually agreed to limit\n the Fund’s operating expenses by reducing its fees and/or absorbing expenses of the\n Fund as described in the Fund Summary, until at least October 31, 2027 (unless terminated\n earlier by the Trust’s Board of Trustees or as a result of the termination of the Adviser’s\n appointment as adviser to the Fund), to ensure the total Fund operating expenses after fee\n waiver and reimbursement (exclusive of: (i) any front-end or contingent deferred loads; (ii)\n brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses\n associated with investments in other collective investment vehicles or derivative instruments\n (including for example option and swap fees and expenses); (v) borrowing costs (such as interest\n and dividend expense on securities sold short); (vi) taxes; (vii) expenses incurred in connection\n with any Fund merger or reorganization; and (viii) extraordinary expenses such as litigation\n expenses (which may include indemnification of Fund officers and Trustees, and contractual\n indemnification of Fund service providers (other than the Adviser)) will not exceed 1.59%\n and 1.34% of average daily net assets attributable to Class A and Class I shares respectively.\n All waived fees and absorbed/reimbursed expenses are subject to possible recoupment from\n the Fund in future years on a rolling three-year basis (within the three years after the\n fees or expenses have been waived or reimbursed, as applicable) if such recoupment can be\n achieved within the foregoing expense limits. This agreement may be terminated only by the\n Trust’s Board of Trustees, on 60 days written notice to the Adviser.

Example:

This\nExample is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The\nExample 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\nperiods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain\nthe same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Class	1\n Year	3\n Years	5\n Years	10\n Years
A	$734	$1,334	$1,958	$3,629
I	$144	$718	$1,319	$2,946

For\npurchases 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:

\n \n \n \n \n \n \n \n \n \n \n \n \n

Class	1\n Year	3\n Years	5\n Years	10\n Years
A	$269	$805	$1,467	$3,241

Portfolio\nTurnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).\nA higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable\naccount. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.\nDuring the most recent fiscal year, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Principal\nInvestment Strategy

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

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

The\nFund may also seek to gain exposure to certain markets, including commodity markets, in whole or in part, through investments in its\nwholly-owned subsidiary organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary, unlike the Fund,\nmay invest to a significant extent in commodities, commodity contracts, commodity-linked derivative instruments, including swap agreements,\nderivative instruments, such as futures, options and swaps linked to commodity investments. The Subsidiary may also invest in other instruments\nin which the Fund is permitted to invest for cash management purposes. The Fund may invest up to 25% of its total assets in the Subsidiary.\nThe Subsidiary is also advised by the Adviser.

Investment\nProcess

The\nmanaged futures (or trend-following) strategy of the Fund is implemented predominantly using computer programs that generate signals,\nwhich are applied to instruments traded by the Fund. These programs are expected to be modified over time, including considering market\ndevelopments and as the Adviser undertakes further research. Changes occur as a result of, amongst other things, the discovery of new\nrelationships, changes in market liquidity, the availability of new data or the reinterpretation of existing data.

The\nimplementation of the investment strategy incorporates certain subjective elements, such as the decision as to which investment signals\nto use, the weightings of particular signals, the leverage to be applied and the instruments on which to focus. In addition, the Adviser\nmonitors the behavior of the investment systems, portfolio composition and market conditions and may make decisions based on factors\nother than the output of the investment systems.

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

Principal\nInvestment Risks:

As with all mutual funds, there is the risk that you could lose all or part of your investment in the Fund. The\nFund may not achieve its investment objective and is not intended to be a complete investment program. Many factors affect the Fund’s\nnet asset value (“NAV”) and performance.

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

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

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

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

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

Derivatives\nTax Risk: The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset\nand may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger\nportion of the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain\nderivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the\n“Code”). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends\npaid by the Fund. Further, the Fund’s derivative strategy may limit its ability to distribute dividends eligible for treatment\nas qualified dividend income and to distribute dividends eligible for the dividends-received deduction for corporate shareholders.\nIn addition, the tax treatment of certain derivatives, such as swaps, is unsettled and can be subject to future legislation,\nregulation or administrative pronouncements issued by the Internal Revenue Service (the\n“Service”).”

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

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

Exchange\nTraded Fund Risk: The cost of investing in the Fund will be higher than the cost of investing directly in the ETFs in which it invests\nand may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending\non 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\nIncome Risk: When the Fund invests in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate\nwith changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives\nowned by the Fund.

Foreign\n(Non-US) Currency Risk: Currency trading risks include market risk, credit risk and country risk. Market risk results from adverse\nchanges in exchange rates in the currencies the Fund is long or short. Credit risk results because a currency-trade counterparty may\ndefault. Country risk arises because a government may interfere with transactions in its currency.

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

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

Forward\nContracts Risk: There are no limits on daily price fluctuations of forward contracts. Changes in foreign exchange regulations by governmental\nauthorities might limit the trading of forward contracts on currencies. There have been periods during which certain counterparties have\nrefused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread (i.e., the difference between\nthe price at which the counterparty is prepared to buy and the price at which it is prepared to sell).

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

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

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

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

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

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

Market\nand Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that\nevents or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.\nInvestments in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand\nfor particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental\nactions. The occurrence of global events similar to those in recent years, such as worldwide pandemic, terrorist attacks, natural\ndisasters, social and political discord or debt crises and downgrades, among others may result in market volatility and may have long\nterm effects on both the U.S. and global financial markets. For example, the COVID-19 global pandemic had negative impacts, and in many\ncases severe negative impacts, on markets worldwide. It is not known how long any future impacts of the significant events described\nabove would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment. Therefore,\nthe Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market\ndownturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest\nrates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your\nentire investment.

Portfolio\nTurnover Risk: The higher portfolio turnover will result in higher transactional and brokerage costs.

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

Swap\nRisk: The risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated\nto make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to\nreceive. If the Fund sells a credit default swap, however, the risk of loss may be the entire notional amount of the swap.

Some\nswaps are now executed through an organized exchange or regulated facility and cleared through a regulated clearing organization. The\nabsence of an organized exchange or market for swap transactions may result in difficulties in trading and valuation, especially in the\nevent of market disruptions. The use of an organized exchange or market for swap transactions is expected to result in swaps being easier\nto trade or value, but this may not always be the case

Taxation\nRisk: By investing in commodities indirectly through the Subsidiary, the Fund obtains exposure to the commodities markets while complying\nwith the federal tax requirements that apply to the Fund. The Subsidiary is classified as a controlled foreign corporation for U.S. federal\nincome tax purposes. Typically, any gains/losses from trading in certain futures contracts subject to Section 1256 of the Code, such\nas exchange-traded commodity futures contracts, are taxed 60% as long-term capital gains/losses and 40% as short-term capital gains/losses.\nHowever, because the Subsidiary is a controlled foreign corporation, any income derived from its investments will be included in the\nFund’s income as ordinary income and reflected on shareholders’ applicable Forms 1099.

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

Wholly-Owned\nSubsidiary Risk: For so long as the Fund utilizes a Subsidiary to make certain portfolio investments, the Subsidiary will not be\nregistered under the Investment Company Act of 1940 (“1940 Act”) and, unless otherwise noted in this Prospectus, will not\nbe 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\nwhich the Fund and its Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate\nas described in this Prospectus and could negatively affect the Fund and its shareholders. Your cost of investing in the Fund would be\nhigher because you would indirectly bear the expenses of a Subsidiary.

Performance:

The\nbar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing\nin the Fund. The performance shown below before October 28, 2025, is that of the Fund while it was managed by its previous investment\nadviser, Altegris Advisors, LLC. The bar chart shows performance of the Fund’s Class I shares for the full calendar years since\nthe Fund’s inception. Returns for the Class A shares, which are not presented, will vary from the returns of the Class I shares.\nThe performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You\nshould be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform\nin the future. Updated performance information and the Fund’s NAV per share for each share class is available at no cost by visiting\nwww.wintonfunds.com or by calling 1-877-772-5838.

Performance\nBar Chart For Class I Shares

For\nCalendar Years Ended December 31

\n\n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
	-1.18%	8.99%	-7.48%	4.22%	-12.95%	12.19%	12.84%	5.27%	3.82%	4.85%

$\"(BAR$

\n \n \n \n \n \n \n \n \n

Best Quarter:	3/31/2022	15.24%
Worst /Quarter:	3/31/2020	(11.64)%

The\nyear-to-date return as of the most recent calendar quarter, which ended September 30, 2026 was 14.63%.

Performance\nTable

Average\nAnnual Total Returns

(For\nthe periods ended December 31, 2025)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	One \n Year	Five \n Years	Ten \n Years
Return\n before taxes – Class I Shares	4.85%	7.72%	2.75%
Return\n after taxes on distributions – Class I Shares	0.42%	2.61%	(0.46)%
Return\n after taxes on distributions and sale of Fund shares – Class I Shares	2.80%	3.75%	0.68%
Return\n before taxes with load – Class A Shares	(1.50)%	6.19%	1.87%
Return\n before taxes without load – Class A Shares	4.54%	7.44%	2.48%
ICE\n BofA US 3-Month Treasury Bill Index \n (reflects no deductions for fees, expenses or taxes)	4.18%	3.17%	2.18%
Bloomberg\n Global Aggregate Index	8.17%	(2.15)%	1.26%

After-tax\nreturns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state\nand local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax\nreturns shown are not relevant to investors who hold shares of the Fund through tax-deferred accounts, such as 401(k) plans or individual\nretirement accounts (IRAs). After tax returns for the share classes which are not presented will vary from the after-tax returns of Class\nI shares.

ICE\nBofA US 3-Month Treasury Bill Index is an unmanaged index that measures returns of three month Treasury Bills. Investors cannot invest\ndirectly in the index.

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

Adviser:\nWinton Capital Management Limited

Adviser\nPortfolio Manager: Simon Judes has served the Fund as a Portfolio Manager since October 28, 2025.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

CLASS	MINIMUM\n INVESTMENT
INITIAL	SUBSEQUENT
A	$2,500	$250
I	$2,500	$250

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

The\nFund is aware of certain private letter rulings issued by the Service issued to other funds, which indicate that income that a regulated\ninvestment company (‘RIC”) derives with respect to an investment in a subsidiary will constitute “qualifying income”\nfor purposes of the qualifying income requirement; however, the Fund has neither received nor requested a private letter ruling from\nthe Service and does not intend to request such a ruling. Private letter rulings are not precedent and the Service is not bound to apply\nsuch rulings to other taxpayers. Therefore, if the Service challenges the position taken by the Fund that the income it derives from\nthe Subsidiary is qualifying income, the Fund may not prevail and could lose its status as a RIC.

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

ADDITIONAL\nINFORMATION ABOUT
\nINVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGY

The\ninvestment objective and principal strategy of the Fund are described in this section. The Fund’s investment objective is a non-fundamental\npolicy and may be changed without shareholder approval by the Trust’s Board of Trustees (the “Board”) upon\n60 days’ written notice to shareholders. If the Fund’s investment objective is changed, the prospectus will be supplemented\nto reflect the new investment objective. There is no guarantee that the Fund will achieve its objective. Please see the Statement\nof Additional Information (“SAI”) for additional information about the investments and investment strategy\ndescribed in this prospectus and about additional investments and investment strategy that may be used by the Fund.

Investment\nObjective

\n \n \n \n \n \n \n

Fund	Investment\n Objective
Winton\n Managed Futures Trend Fund (the “Fund”)	The\n Fund’s investment objective is to seek long-term capital appreciation.

Principal\nInvestment Strategies

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

The\nFund will also seek to gain exposure to certain markets, including commodity markets, in whole or in part, through investments\nin its wholly-owned subsidiary organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary, unlike\nthe Fund, may invest to a significant extent in commodities, commodity contracts, commodity-linked derivative instruments, including\nswap agreements, derivative instruments, such as futures, options and swaps linked to commodity investments. The Subsidiary may also\ninvest in other instruments in which the Fund is permitted to invest for cash management purposes. The Fund may invest up to 25%\nof its total assets in the Subsidiary. The Subsidiary is also advised by the Adviser.

Investment\nProcess

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

The\nimplementation of the investment strategy incorporates certain subjective elements, such as the decision as to which investment\nsignals to use, the weightings of particular signals, the leverage to be applied and the instruments on which to focus. In addition,\nthe Adviser monitors the behaviour of the investment systems, portfolio composition and market conditions and may make decisions\nbased on factors other than the output of the investment systems.

SUBSIDIARY:\nAlthough the Fund will make investments directly, it may, in the discretion of the Adviser, also execute its strategy, in part, by\ninvesting up to 25% of its total assets in a wholly-owned and controlled Subsidiary of the Fund. The Subsidiary is expected to invest\nthe majority of its assets in commodity contracts, commodity-linked derivative instruments, including swap agreements, derivative instruments\nsuch as futures, options and swaps linked to commodity investments and may also invest in other instruments in which the Fund is permitted\nto invest for cash management purposes. By investing in commodities indirectly through its Subsidiary, the Fund would obtain exposure\nto the commodities markets while complying with the federal tax requirements that apply to the Fund. Specifically, the Subsidiary\nwould be expected to provide the Fund with exposure to the commodities markets within the limitations of the federal tax requirements\nof Subchapter M of the Code. In general, Subchapter M requires, among other requirements, that at least 90% of the\nFund’s gross income be derived from securities or derived with respect to its business of investing in securities (typically\nreferred to as “qualifying income”). The Fund intends to make investments in certain commodity-linked derivatives through\nits Subsidiary because income from these derivatives is not expected to be treated as “qualifying income” for\npurposes of the 90% income requirement, as it would be if the Fund invested in such derivatives directly. Because\nthe Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus,\nthe Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references\nto the Fund may also include the Fund’s Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations,\nand follows the same compliance policies and procedures, as the Fund, to the extent applicable.

The\nFund treats obligations of the Subsidiary as its own and, on an aggregate basis with the Subsidiary, complies with the requirements of\nSection 18 of the 1940 Act regarding capital structure and leverage. The advisory agreement with respect to the Subsidiary meets the\nrequirements for advisory agreements under Section 15 of the 1940 Act. The Subsidiary complies with the affiliated transaction and custody\nprovisions under Section 17 of the 1940 Act. The Fund does not intend to create or invest to gain primary control in an entity primarily\nengaged in investment activities other than the Subsidiary.

The\nFund is and the Subsidiary will be, a “commodity pool” under the U.S. Commodity Exchange Act. The Adviser is a “commodity\npool operator” (“CPO”) registered with and regulated by the Commodity Futures Trading Commission (“CFTC”).

Temporary\nDefensive Investments: To\nrespond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation,\nin high-quality short-term debt securities and money market instruments. Such investments may be inconsistent with the Fund’s principal\ninvestment strategy. These short-term debt securities and money market instruments include shares of money market mutual funds, commercial\npaper, certificates of deposit, bankers’ acceptances, U.S. Government securities and repurchase agreements. While the Fund\nis in a defensive position, the Fund may not be able to achieve its investment objective.

Principal\nInvestment Risks

The\nfollowing risks may apply to the Fund’s direct investments as well as to the Fund’s indirect risks through investing\nin the Subsidiary.

Commodity\nRisk: Exposure to the commodities markets (including via commodity futures) may subject the Fund to greater volatility than investments\nin traditional securities. Prices of commodities may fluctuate significantly over short periods for a variety of factors, including:\nchanges in supply and demand relationships, changes in interest or currency exchange rates, population growth and changing demographics\nand factors affecting a particular industry or commodity, such as drought, floods or other weather conditions, transportation bottlenecks\nor shortages, competition from substitute products, fiscal, monetary and exchange control programs, disease, pestilence, acts of terrorism,\nembargoes, tariffs and international economic, political, military, legal and regulatory developments. Additionally, the Fund may gain\nexposure to the commodities markets through investments in commodity-linked derivative instruments, the value of which may be influenced\nby, among other things, time to maturity, level of supply and demand for the instrument, interest rates, volatility and lack of liquidity\nin underlying markets, the performance of the reference commodity or instrument, changes in the issuer’s credit rating and economic,\nlegal, political or geographic events that affect the reference commodity or instrument. Further, a lack of liquidity, participation\nof speculators and government regulation and intervention, among other factors, may subject commodity markets to temporary distortions\nor other disruptions, which may, in turn, subject the Fund to losses.

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

Credit\nRisk: There is a risk that issuers and counterparties will not make payments on securities and other investments, resulting in losses\nto the Fund. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also\naffect the value of the Fund’s investment in that issuer. In addition, the credit quality of securities may be lowered if an issuer’s\nfinancial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the respective\nFund. Lower credit quality also may affect liquidity and make it difficult for the respective Fund to sell the security. Default, or\nthe market’s perception that an issuer is likely to default, could reduce the value and liquidity of securities, thereby reducing\nthe value of your investment in Fund shares. In addition, default may cause the defaulting Fund to incur expenses in seeking recovery\nof principal or interest on its portfolio holdings. Credit risk also exists in foreign exchange or derivative

contracts,\nbecause the counterparty may not be able or may choose not to perform under the contract. Investments in foreign currency contracts,\nor other over-the-counter derivative instruments (including options), involve credit risk with regard to the party with which it trades\nand also the risk of settlement default. These risks may differ materially from risks associated with transactions effected on an exchange,\nwhich generally are backed by clearing organization guarantees, daily mark-to-market and settlement, segregation and minimum capital\nrequirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from\nsuch protections. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance\nwith 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\nliquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations, this default will cause\nthe value of an investment in the Fund to decrease. In addition, to the extent the Fund deals with a limited number of counterparties,\nthe respective Fund will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted\nfrom dealing with any particular counterparties nor from concentrating any or all of its transactions with one counterparty except that\nthe Fund does not invest more than 25% of its assets in derivatives with any one counterparty. The ability of the Fund to transact\nbusiness with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential\nfor losses by the Fund.

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

Currency\nRisk: Currency trading involves significant risks, including market risk, interest rate risk, country risk, counterparty credit risk\nand short sale risk. Market risk results from the price movement of foreign currency values in response to shifting market supply and\ndemand. Since exchange rate changes can readily move in one direction, a currency position carried overnight or over a number of days\nmay involve greater risk than one carried a few minutes or hours. Interest rate risk arises whenever a country changes its stated interest\nrate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions\nin its currency. Interference has taken the form of regulation of the local exchange market, restrictions on foreign investment by residents\nor limits on inflows of investment funds from abroad. Restrictions on the exchange market or on international transactions are intended\nto affect the level or movement of the exchange rate. This risk could include the country issuing a new currency, effectively making\nthe “old” currency worthless.

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

Derivative\nTax Risk: The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset\nand may adversely affect the timing, character and amount of income the Fund realizes from its investments. As a result, a larger portion\nof the Fund’s distributions may be treated as ordinary income rather than capital gains. In addition, certain derivatives are subject\nto mark-to-market or straddle provisions of the Code. If such provisions are applicable, there could be an increase (or decrease) in\nthe amount of taxable dividends paid by the Fund. Further , the Fund’s derivative strategy may limit its ability to distribute\ndividends eligible for treatment as qualified dividend income and to distribute dividends eligible for the dividends-received deduction\nfor corporate shareholders. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and may be\nsubject to future legislation, regulation or administrative pronouncements issued by the Service.

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

Equity\nRisk: Equity securities, such as common stocks, may decline in value because of changes in the price of a particular holding or a\nbroad stock market decline. Common stock ranks below preferred securities and debt securities in claims for dividends and for assets\nof the company in a liquidation or bankruptcy. Equity securities are susceptible to general stock market fluctuations and to volatile\nincreases and decreases in value. The equity securities held by the Underlying Funds may experience sudden, unpredictable drops\nin value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities\nof a particular sector, or a particular company.

Exchange\nTraded Fund Risk: The Fund may invest in ETFs, ETFs are subject to investment advisory and other expenses, which will be indirectly\npaid 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\nthan other mutual funds that invest directly in stocks and bonds. ETFs are listed on national stock exchanges and are traded like stocks\nlisted on an exchange. ETF

shares\nmay 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\nand other trading costs, which could result in greater expenses to the Fund. Because the value of ETF shares depends on the demand in\nthe market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, adversely affecting performance.\nEach ETF is subject to specific risks, depending on the nature of its investment strategy. These risks could include liquidity risk,\nsector risk and emerging market risk. In addition, ETFs that use derivatives may be subject to counterparty risk, liquidity risk, and\nother risks commonly associated with investments in derivatives. ETFs in which the Fund invests will not be able to replicate exactly\nthe performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction\ncosts incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Fund invests will incur expenses\nnot incurred by their applicable indices. Certain securities comprising the indices tracked by the ETFs may, from time to time, temporarily\nbe unavailable, which may further impede the ETFs’ ability to track their applicable indices.

Fixed\nIncome Risk: When the Fund invest in fixed income securities or derivatives, the value of your investment in the Fund will fluctuate\nwith changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities or derivatives\nowned by the Fund. In general, the market price of debt securities with longer maturities will increase or decrease more in response\nto changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment\nrisk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular\ninvestment by the Fund possibly causing the Fund’s share price and total return to be reduced and fluctuate more than other types\nof investments.

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

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

Forward\nContracts Risk: There are no limits on daily price fluctuations of forward contracts. Changes in foreign exchange regulations by\ngovernmental authorities might limit the trading of forward contracts on currencies. There have been periods during which certain counterparties\nhave refused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread (i.e., the difference\nbetween the price at which the counterparty is prepared to buy and the price at which it is prepared to sell).

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

Interest\nRate Risk: Interest rate risk refers to the change in value of debt instruments associated with increases in interest rates. Interest\nrate changes may affect the value of a debt security directly (especially in the case of fixed rate securities) and indirectly (especially\nin the case of adjustable rate securities). In general, rises in interest rates will negatively impact the value of fixed rate securities\nand 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\ndetermine the sensitivity of a security’s price to changes in interest rates. The fund with a longer average portfolio duration\nwill be more sensitive to increases in interest rates than the fund with a shorter average portfolio duration. For example, the price\nof a bond fund with an average duration of eight years would generally be expected to fall approximately 8% if interest rates rose by\none percentage point. Inverse floaters, interest-only and principal-only securities are extremely sensitive to interest rate changes.\nAdjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending,\nhowever, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other\nthings).

Leverage\nRisk: The low margin deposits normally required in trading derivatives, if any, including futures contracts, permit a high degree\nof leverage. The Fund, directly or indirectly via the Subsidiary’s investments, will use derivatives to increase its long and\nshort exposure creating leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of\nmarket volatility on the Fund’s share price. The use of leverage may cause the Fund to liquidate portfolio positions when\nit would not be advantageous to do so in order to satisfy its obligations. The Fund’s use of swap contracts or futures contracts\ninvolves indirect leverage because swap contract payments are based upon notional value rather than the amount invested. To the extent\nthat the Fund is not able to close out a leveraged position because of market illiquidity, the Fund’s liquidity may be impaired\nto the extent that it has a substantial portion of liquid assets segregated or earmarked to cover obligations.

Liquidity\nRisk: Low trading volume, a lack of a market maker, or contractual or legal restrictions may limit or prevent the Fund\nfrom selling investments or closing derivative positions at desirable times or prices. During times of significant market or economic\nturmoil, usually liquid markets for certain of the Fund’s investments may experience extreme reductions in buy-side demand, which\nmay result in values of the Fund’s portfolio securities declining significantly over short or extended periods of time. These reductions\nin value may occur regardless of whether there has been a change in interest rates or a change in the credit rating of the issuer of\nthe security. Under certain adverse market or economic conditions, Fund investments previously determined to be liquid may be deemed\nto be illiquid, and, because of regulatory limitations on investments in illiquid securities, the Fund may not be able to make or gain\nthe desired level of exposure to certain investments that it otherwise would.

Management\nRisk: The Fund is actively managed and its performance therefore will reflect in part the ability of the Adviser to select investments\nand to make investment decisions that are suited to achieving the Fund’s investment objective. . The Adviser’s judgments\nabout the attractiveness, value and potential appreciation of particular investments in which the Fund invests may prove incorrect and\nmay not produce the desired results. The Fund utilizes the Adviser’s investment strategy, which is based on research into historical\ndata and the application of that research to the development of mathematical models that attempt to forecast returns, risk, correlation\nand transaction costs. This process can be incomplete and/or flawed and there is an inherent risk that any forecasts derived from them\nmay be inaccurate, particularly if the research or models are based on, or incorporate, inaccurate assumptions or data. Assumptions or\ndata could be inaccurate from the outset or may become inaccurate as a result of many factors such as changes in market structure, increased\ngovernment intervention in markets or growth in assets managed in accordance with similar investment strategies. In particular, such\nfactors may make the investment strategy less effective because they may lessen the prospect of identified trends occurring or continuing\nin the future. As a result, the investment strategy may not generate profitable signals and the Fund may suffer loss.

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

Market\nand Geopolitical Risk: The increasing interconnectivity between global economies and financial markets increases the likelihood that\nevents or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.\nInvestments in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global\ndemand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or\nquasi-governmental actions. The occurrence of global events similar to those in recent years such as worldwide pandemic, terrorist\nattacks, natural disasters, social and political discord or debt crises and downgrades, among others may result in market volatility\nand may have long term effects on both the U.S. and global financial markets. For example, the COVID-19 global pandemic had negative\nimpacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long any future impacts of the significant\nevents described above, would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.\nTherefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged\nmarket downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and\ninterest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose\nyour entire investment.

Options\nRisk: There are risks associated with the sale and purchase of call and put options. As a seller (writer) of a put option, the Fund\nwill 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\noption, 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\na put or call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Because\noption premiums paid or received by the Fund are small in relation to the market value of the investments underlying the options, buying\nand selling put and call options can be more speculative than investing directly in securities. Purchased put options may decline in\nvalue due to changes in the value of the underlying reference asset.

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

Short\nPosition Risk: The Fund’s long position could decline in value at the same time that the value of short positions held directly\nor indirectly by the Fund increase, thereby increasing the Fund’s overall potential for loss. The Fund’s direct or indirect\nshort positions may result in a loss if the price of the short position instruments rise and it costs more to replace the short positions.\nIn contrast to the Fund’s long positions, for which the risk of loss is typically limited to the amount invested, the potential\nloss on short positions, whether held directly or indirectly, is theoretically unlimited. Market factors may prevent the Fund from closing\nout a short position at the most desirable time or at a favorable price. A lender may request that borrowed securities be returned to\nit on short notice, and the Fund may have to buy the borrowed securities at an unfavorable price. If this occurs at the same time\nthat other short sellers of the same security also want to close out their positions, it is more likely that the Fund will have to\ncover its short sale at an unfavorable price and potentially reduce or eliminate any gain, or cause a loss, as a result of the short\nsale.

Swap\nRisk: Swaps are agreements whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument\nor certain securities and a predetermined amount. Total return swaps are contracts that obligate a party to pay or receive interest in\nexchange for payment by the other party of the total return generated by a security, a basket of securities, an index or an index component.\nTotal return swaps give the Fund the right to receive the appreciation in the value of a specified security, index or other instrument\nin return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total\nreturn 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\ncounterparty. Interest rate swaps are an agreement between two parties where one stream of future interest rate payments is exchanged\nfor another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is\nlinked to a particular interest rate. Interest rate swap futures are instruments that provide a way to gain swap exposure and the structure\nfeatures of a futures contract in a single instrument. Interest rate swap futures are futures contracts on interest rate swaps that enable\npurchasers to cash settle at a future date at the price determined by the benchmark rate at the end of a fixed period. Interest rate\nswaps can be based on various measures of interest rates, including swap rates, treasury rates and other foreign interest rates. An investment\nin an interest rate swap could result in losses to the Fund if the underlying asset or reference does not perform as anticipated or if\nthe counterparty fails to meet its obligations.

Taxation\nRisk: By investing in commodities indirectly through the Subsidiary, the Fund intends to obtain exposure to the commodities markets\nwhile complying with the federal tax requirements that apply to the Fund. The Subsidiary is expected to be classified as a controlled\nforeign corporation for U.S. federal income tax purposes. Typically, any gains/losses from trading in certain futures contracts subject\nto Section 1256 of the Code, such as exchange-traded commodity futures contracts, are taxed 60% as long-term capital gains/losses and\n40% as short-term capital gains/losses. However, because the Subsidiary is expected to be a controlled foreign corporation, any income\nderived from its investments, is expected to be included in the Fund’s income as ordinary income and reflected on shareholders’\napplicable Forms 1099.

Trading\nStrategy Risk: There is no assurance that the Adviser’s investment strategy or the Fund will provide any return or will not\nincur substantial losses. The investment system is based on research into historical data and the application of that research to the\ndevelopment of mathematical models that attempt to forecast returns, risk, correlation and transaction costs and that attempt to identify\nand exploit market trends. This process can be incomplete and/or flawed and there is an inherent risk that any derived forecast may be\ninaccurate, particularly if the research or models are based on, or incorporate, inaccurate or incomplete assumptions or data. Assumptions\nor data could be inaccurate from the outset or may become inaccurate as a result of many factors such as changes in market structure,\nincreased government intervention in markets or growth in assets managed in accordance with similar investment strategies. In particular,\nsuch factors may make the investment strategy less effective because they may lessen the prospect of identified trends occurring or continuing\nin the future. As a result, the investment strategy may not generate profitable signals and the Fund may suffer loss.

The\nFund utilizes the Adviser’s investment strategy, which is based on mathematical models that are implemented as an automated computer-based\nprograms. Issues with the design, development, implementation, maintenance or operation of the program, any component of the system or\nany processes and procedures related to the system (collectively, “Process Exceptions”) can cause losses to the Fund and\nsuch losses may be substantial. Process Exceptions may include but are not limited to (a) programming errors (the Adviser may make programming\nerrors in translating its mathematical models into computer code. In addition, as a mathematical model can be expressed in computer code\nin multiple ways, the choice of code ultimately used may not result in the best representation of the model), (b) failure of technology\n(the system is reliant on proprietary and third party technology. Such technology may be adversely affected by many issues, some of which\nmay be outside of the Adviser’s control, including issues associated with network infrastructure, software updates, bugs, viruses\nand unauthorized access); and incorporation of data (the Adviser may incorporate inaccurate data, or make errors in incorporating data,\ninto the system). Process Exceptions can be extremely difficult to detect, can go undetected for long periods or could never be detected.\nThe impact of such Process Exceptions can be compounded over time and can result in, among other things, the execution of unanticipated\ntrades, the failure to execute anticipated trades, the failure to properly allocate trades, the failure to properly gather and organize\navailable data and/or the failure to take certain hedging or risk mitigating actions. The Adviser uses sophisticated information technology\nsystems to send, on the Fund’s behalf, electronic trading instructions to brokers. This technology can increase the likelihood\nof erroneous orders being made, regulatory requirements not being complied with and/or credit and capital limits being breached due to\ncomputer malfunctions, the speed of execution of transactions, human error or a deficiency in algorithm design or implementation. Trading\nthrough an electronic trading or order routing system is also subject to risks associated with system or component failure (whether such\nfailure affects the hardware or software of the exchange or person offering the relevant system or the Adviser). In the event of system\nor component failure, it is possible that, for a certain time period, it might not be possible to enter new orders, execute existing\norders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order\npriority. Trading venues offering an electronic trading or order routing system typically adopt rules to limit their liability, the liability\nof member brokers and software and communication system vendors, and the amount that may be collected for system failures and delays,\nwhich rules may vary among the venues and may not adequately compensate the Fund for the full extent of any loss.

Valuation\nRisk. The investments held by the Fund may be valued using evaluated prices provided by third-party independent pricing services\nor, in some cases, using evaluated prices provided by dealers. The evaluated prices used by the Fund may be different from the evaluated\nprices or fair value used by other mutual funds or from the evaluated prices at which the Fund’s investments are actually bought\nand sold. The evaluated prices and fair value of the Fund’s investments may be subject to frequent and significant change and will\nvary depending on the information that is available to the pricing services providing the evaluated prices and the Adviser when it determines\nthe fair value of the investments.

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

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

Portfolio\nHoldings Disclosure: A\ndescription of the Fund’s policies regarding the release of portfolio holdings information is available in the Fund’s Statement\nof Additional Information.

Cybersecurity:\nThe computer systems, networks and devices used by\nthe Fund and its service providers, including the Adviser, to carry out routine business operations, including the Adviser’s investment\nstrategy, employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer\nand telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized\nby the Fund, the Adviser and the Fund’s service providers, systems, networks, or devices potentially can be breached. The Fund\nand its shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity\nbreaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software\ncode; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality.\nCybersecurity breaches may cause disruptions and impact the Fund’s or Adviser’s business operations, potentially resulting\nin financial losses; interference with the Fund’s ability to calculate their NAV; impediments to trading; the inability of the\nFund, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines,\npenalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent\nrelease of confidential information.

Similar\nadverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties\nwith which the Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators,\nbanks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers\nfor the Fund’s shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent\nany cybersecurity breaches in the future.

MANAGEMENT

Adviser:\nWinton Capital Management Limited serves as investment\nadviser to the Fund. Subject to the authority of the Board, the Adviser is responsible for management of the Fund’s investment\nportfolio. The Adviser was established in 1997 and is an investment management company specializing in applying empirical scientific\nresearch to financial markets in an attempt to identify profitable investment opportunities for its clients. The Adviser is a wholly\nowned subsidiary of Winton Group Limited (“Winton”) and is registered as an investment adviser under the Investment Advisers\nAct of 1940. As of June 30, 2026, Winton had approximately $17.4 billion in assets under advisement.

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

During\nthe fiscal year ended June 30, 2026, Altegris Advisors, LLC (the “Previous Adviser”), earned $104,024 in advisory\nfees, of which $102,069 were waived, such that the Previous Adviser earned an annual advisory fee in an amount fees before waivers equal\nto 1.15% of the Fund’s average daily net assets. During the fiscal year ended June 30, 2026 the Adviser earned $163,105\nin advisory fees, of which $163,105 were waived, such that the Adviser earned an annual advisory fee in an amount of\nfees before waivers equal to 1.00% of the Fund’s average daily net assets, but after waivers received an annual advisory\nfee equal to 0.00% of the Fund’s average daily net assets.

The\nAdviser has contractually agreed to limit the Fund’s operating expenses by reducing its fees and/or absorbing expenses of the Fund\nas described in the Fund Summary, until at least October 31, 2027 (unless terminated earlier by the Board or as a result of the termination\nof the Adviser’s appointment as adviser to the Fund), to ensure the total Fund operating expenses after fee waiver and reimbursement\n(exclusive of: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses;\n(iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example\noption and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes;\n(vii) expenses incurred in connection with any merger or reorganization; and (viii) extraordinary expenses such as litigation expenses\n(which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service providers (other than\nthe Adviser)) will not exceed certain levels 1.59% and 1.34% of average daily net assets attributable to Class A, and Class I shares\nrespectively. All waived fees and absorbed/reimbursed expenses are subject to possible recoupment from the Fund in future years on a\nrolling three-year basis (within the three years after the fees or expenses have been waived or reimbursed, as applicable) if such recoupment\ncan be achieved within the foregoing expense limits. This agreement may be terminated only by the Board, on 60 days written notice to\nthe Adviser. Fee waiver and reimbursement arrangements can decrease the Fund’s expenses and boost its performance.

A\ndiscussion regarding the basis for the Board’s approval of the advisory agreement with respect to the Fund and Subsidiary\nis available in the Fund’s semi-annual Form N-CSR dated December 31, 2025.

Adviser\nPortfolio Manager:

Simon\nJudes

Chief\nInvestment Officer

Mr.\nJudes leads Winton’s investment management and research activities. Mr. Judes is a member of Winton’s executive management\ncommittee. Joining the Adviser as a researcher in 2008, Mr. Judes has worked on projects ranging from developing new commodity, macro\nand equity trading strategies, to leading research into portfolio construction methods. Mr. Judes took over responsibility for Winton’s\ncore futures and forwards strategies in 2016 and has since led the design of standalone and bespoke implementations of Winton’s CTA strategies.\nMr. Judes is the CIO, and oversees all aspects of Winton’s research and investment management. Mr. Judes has a first-class Honours\ndegree in physics and philosophy from the University of Oxford, and a PhD in physics from Columbia University.

Investment\nSubsidiary

The\nFund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary will invest the majority of its assets in commodity derivatives,\ncommodity contracts, commodity-linked derivative instruments, including swap agreements, derivative instruments such as futures, options\nand swaps linked to commodity investments and may also invest in other instruments in which the Fund is permitted to invest for cash\nmanagement purposes. The Subsidiary is organized under the laws of the Cayman Islands and overseen by its own board of directors. The\nFund is the sole shareholder of the Subsidiary. It is not currently expected that shares of the Subsidiary would be sold or offered to\nother investors. If, at any time, the Subsidiary proposes to offer or sell its shares to any investor other than the Fund, shareholders\nwould receive 60 days prior notice of such offer or sale.

The\nAdviser is responsible for the Subsidiary’s day-to-day business pursuant to an investment advisory agreement with the Subsidiary.\nUnder this agreement, the Adviser provides the Subsidiary with the same type of management services, under the same terms, as are provided\nto the Fund. The advisory agreement with the Subsidiary provides for automatic termination upon the termination of the investment advisory\nagreement with respect to the Fund. The Subsidiary has also entered into separate contracts for the provision of custody, transfer agency,\nand audit services with the same service providers that provide those services to the Fund.

The\nFund pays the Adviser a fee for its services. The Adviser is not entitled to a separate fee from the Subsidiary. The Subsidiary also\nbears the fees and expenses incurred in connection with the custody, transfer agency and audit services that it receives. The Fund expects\nthat the expenses borne by the Subsidiary will not be material in relation to the value of the Fund’s assets. It is also anticipated\nthat the Fund’s own expenses will be reduced to some extent as a result of the payment of such expenses at the Subsidiary level.\nIt is therefore expected that any duplicative fees for similar services provided to the Fund and the Subsidiary will not be material.

The\nSubsidiary is being managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies\nand procedures adopted by the Fund. As a result, the Adviser is subject to the same investment policies and restrictions in respect of\nthe Subsidiary that apply to the management of the Fund, and, in particular, to the requirements relating to portfolio leverage, liquidity,\nbrokerage, and the timing and method of the valuation of the Subsidiary’s portfolio investments. These policies and restrictions\nare described in detail in the SAI. The Trust’s Chief Compliance Officer oversees implementation of the Subsidiary’s policies\nand procedures and makes periodic reports to the Board regarding the Subsidiary’s compliance with its policies and procedures.

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

HOW\nFUND SHARES ARE PRICED

The\nNAV and offering price (NAV plus any applicable sales charges) of each class of shares are valued at the close of regular trading on\nthe 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\nbasis, the aggregate market value of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding\n((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year’s Day, Martin Luther King, Jr. Day,\nPresidents’ Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day\nand Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of the Fund, including management, administration,\nand distribution fees (if any), which are accrued daily. The determination of NAV for a share class for a particular day is applicable\nto all applications for the purchase of shares, as well as all requests for the redemption of shares, received by the Fund (or an authorized\nbroker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally,\nthe Fund’s investments are valued each day at the last quoted sales price on each investment’s primary exchange. Investments\ntraded or dealt in upon one or more exchanges (whether domestic or foreign) for which market quotations are readily available and not\nsubject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a\nsale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Investments primarily traded on the\nNational Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) National Market System for which\nmarket quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt\nin any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally\nshall 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-\ncounter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer\nsupplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics,\nsuch as rating, interest rate and maturity.

If\nthe investment is not traded on an exchange, investments will be valued at their fair market value as determined using the “fair\nvalue” procedures approved by the Board. Investments made pursuant to the managed futures strategy, which include\nswap contracts and structured notes providing the returns of reference assets such as securities of limited partnerships, corporations,\nlimited liability companies (including individual share classes therein) and other types of pooled investment vehicles, swap contracts,\nstructured notes or other investments or derivatives will be valued according to such fair value procedures. If market quotations are\notherwise not readily available, or deemed unreliable for an investment, or if an investment’s value may have been materially affected\nby events occurring after the close of a market on which the investment principally trades, but before the Fund calculates its NAV, investments\nwill be valued at their fair market value as determined in good faith by the Adviser in accordance with such procedures approved by the\nBoard. In this respect, the Adviser participates in the valuation process by preparing the fair valuation for any such investments\nas per approved procedures and pursuant to a fair value process developed in coordination with the Fund’s administrator, auditors,\nand in some cases certain service providers to the issuers of investments subject to the fair valuation. This process is tested and subject\nto ongoing and periodic monitoring by the Adviser, the Fund’s administrator, and the Board.

Fair\nvalue pricing involves subjective judgments and it is possible that the fair value determined for an investment may be materially different\nthan the value that could be realized upon the sale of that investment. This fair value may also vary from valuations determined by other\nfunds using their own fair valuation procedures. The fair value prices can differ from market prices when they become available or when\na price becomes available. The Board has delegated the Adviser as its “Valuation Designee” to execute these procedures. The\nAdviser may also enlist third party consultants such as an audit firm or financial officer of an issuer on an as-needed basis to assist\nin determining an investment-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair\nvalue prices at least quarterly to assure the process produces reliable results.

The\nFund and the Adviser may use independent pricing services to assist in calculating the value of the Fund’s investments. In addition,\nmarket 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\nvalues foreign investments held by the Fund at the latest closing price on the exchange in which they are traded immediately prior to\nclosing of the NYSE. Prices of foreign investments quoted in foreign currencies are translated into U.S. dollars at current rates. If\nevents materially affecting the value of an investment in the Fund’s portfolio, particularly foreign investments, occur after the\nclose of trading on a foreign market but before the Fund prices its shares, the investment will be valued at fair value. For example,\nif trading in a portfolio investment is halted and does not resume before the Fund calculates its NAV, the Adviser may need to price\nthe investment using the Fund’s fair value pricing guidelines. Without a fair value price, short-term traders could take advantage\nof the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund’s portfolio investments can\nserve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will\nprevent dilution of the Fund’s NAV by short term traders. The determination of fair value involves subjective judgments. As a result,\nusing fair value to price an investment may result in a price materially different from the prices used by other mutual funds to determine\nnet 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\nrespect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies registered\nunder the 1940 Act, the Fund’s NAV is calculated based upon the net asset values of those open-end management investment companies,\nand the prospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects\nof using fair value pricing.

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

HOW\nTO PURCHASE SHARES

Share\nClasses

This\nProspectus describes the following share classes offered by the Fund: Class A and Class I. Under this Prospectus, the Fund offers two\nclasses of shares so that you can choose the class that best suits your investment needs. The main differences between the share classes\nare sales charges, ongoing fees and minimum initial investment. Class A shares pay an annual distribution fee of 0.25% of average daily\nnet assets attributable to that share class. Class I shares do not pay such fees. Class A shares are subject to a sales\nload on all purchases of up to 5.75%; and Class I shares are not subject to a sales charge. For information on ongoing distribution fees,\nsee Distribution (12b-1) and Shareholder Servicing Fees on page 26 of this Prospectus. Each class of shares in the Fund represents\ninterest in the same portfolio of investments within the Fund. There is no investment minimum on reinvested distributions and the Fund\nmay change investment minimums at any time. The Fund reserves the right to waive sales charges, as described below, and investment minimums.\nAll share classes may not be available for purchase in all states.

Class\nA Shares

Class\nA shares are offered at their public offering price, which is NAV plus the applicable sales charge and are subject to 12b-1 distribution\nand/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\naccrued and paid monthly. Over time, fees paid under this distribution and service plan will increase the cost of a Class A shareholder’s\ninvestment and may cost more than other types of sales charges. The minimum initial investment in Class A shares of the Fund is $2,500\nfor all accounts. The minimum subsequent investment in Class A shares of the Fund is $250 for all accounts. The sales charge varies,\ndepending on how much you invest. There are no sales charges on reinvested distributions. The following sales charges apply to your purchases\nof Class A shares of the Fund, unless waived as described under “Sales Charge Waivers”:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Amount \n Invested	Sales\n Charge as a % \n of Offering Price⁽¹⁾	Sales\n Charge as a % \n of Amount Invested	Dealer\n \n Reallowance
Under\n $25,000	5.75%	6.10%	5.00%
$25,000\n to $49,999	5.00%	5.26%	4.25%
$50,000\n to $99,999	4.75%	4.99%	4.00%
$100,000\n to $249,999	3.75%	3.90%	3.25%
$250,000\n to $499,999	2.50%	2.56%	2.00%
$500,000\n to $999,999	2.00%	2.04%	1.75%
$1,000,000\n and above	0.00%	0.00%	See\n below

\n\n

(1)

Offering\n price includes the front-end sales load. The sales charge you pay may differ slightly from\n the amount set forth above because of rounding that occurs in the calculation used to determine\n your sales charge.

A\nselling broker may receive commissions on purchases of Class A shares over $1 million calculated as follows: 1.00% on purchases between\n$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\nrate is determined based on the purchase amount combined with the current market value of existing investments in Class A shares.

As\nshown, investors that purchase $1 million or more of the Fund’s Class A shares will not pay any initial sales charge on the purchase.\nHowever, purchases of $1 million or more of Class A shares may be subject to a contingent deferred sales charge (“CDSC”)\non shares redeemed during the first 18 months after their purchase in the amount of the commissions paid on the shares redeemed.

How\nto Reduce Your Sales Charge

You\nmay be eligible to purchase Class A shares at a reduced sales charge. To qualify for these reductions, you must notify your financial\nintermediary or the Fund’s transfer agent in writing and supply your account number at the time of purchase. You may combine\nyour purchase with those of your “immediate family” (your spouse and your children under the age of 21) for purposes of determining\neligibility. If applicable, you will need to provide the account numbers of your spouse and your children under the age of 21, as\nwell as the ages of those children.

Rights\nof Accumulation: To qualify for the lower sales charge rates that apply to larger purchases of Class A shares, you may combine your\nnew purchases of Class A shares with Class A shares of the Fund that you already own. The applicable initial sales charge for the new\npurchase 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\ncharge will apply only to current purchases and must be requested in writing when you buy your shares.

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

●

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

●

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

●

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

Letter\nof Intent: Under a Letter of Intent (LOI), you commit to purchase a specified dollar amount of Class A shares of the Fund, with a\nminimum of $25,000, during a 13-month period. At your written request, Class A shares purchases made during the previous 90 days may\nbe included. The amount you agree to purchase determines the initial sales charge you pay. If the full-face amount of the LOI is\nnot invested by the end of the 13-month period, your account will be adjusted to the higher initial sales charge level for the amount\nactually 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\ndoes, 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\npurchase at the end of the 13-month period, the Fund’s transfer agent will redeem the necessary portion of the escrowed shares\nto make up the difference between the reduced rate sales charge (based on the amount you intended to purchase) and the sales charge\nthat would normally apply (based on the actual amount you purchased).

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

Sales\nCharge Waivers

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

●

Current\n and retired directors and officers of the Fund, or the Adviser, or any of their subsidiaries\n or affiliates, or their families (e.g., spouse, children, mother or father).

●

Employees\n of the Adviser and their families, or any full-time employee or registered representative\n of the Distributor or of broker-dealers (each a “Selling Broker”) and\n their affiliates having dealer agreements with the Distributor and their immediate\n families (or any trust, pension, profit-sharing or other benefit plan for the benefit of\n such persons).

●

Any\n full-time employee of a bank, savings and loan, credit union or other financial institution\n that utilizes a Selling Broker to clear purchases of the fund’s shares and their immediate\n families.

●

Participants\n in certain “wrap-fee” or asset allocation programs or other fee-based arrangements\n sponsored by broker-dealers and other financial institutions that have entered into agreements\n with the Distributor.

●

Clients\n of financial intermediaries that have entered into an agreement with the Distributor\n providing for the shares to be used in particular investment products made available to such\n clients and for which such registered investment advisers may charge a separate fee.

●

Clients\n of financial intermediaries that have entered into an agreement with the Distributor\n to offer shares to self-directed investment brokerage accounts, whether or not such accounts\n are subject to transaction fees.

●

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

●

Any\n accounts established on behalf of registered investment advisers or their clients by broker-dealers\n that charge a transaction fee and that have entered into agreements with the Distributor.

●

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

In\naddition, the Fund and the Adviser may also waive the sales charges for other investor types and under other circumstances at their discretion.\nThe Fund does not waive sales charges for the reinvestment of proceeds from the sale of shares of a different fund where those shares\nwere subject to a front-end sales charge (sometimes called “NAV transfer”). Whether a sales charge waiver is available for\nyour retirement plan or charitable account depends upon the policies and procedures of your intermediary. Please consult your financial\nadviser for further information.

The\navailability of certain sales charge waivers and discounts to Class A Shares of the Fund will depend on whether you purchase your Class\nA Shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures (from\nthose described above for Class A Shares generally) regarding the availability of front-end sales load waivers or contingent deferred\n(back-end) sales load (“CDSC”) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility\nto notify the Fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying\nthe purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders\nwill have to purchase Fund shares directly from the Fund or through another intermediary to receive such waivers or discounts.

Class\nI Shares

Class\nI shares of the Fund are sold at NAV without an initial sales charge and are not subject to 12b-1 distribution fees. \nThis means that 100% of your initial investment is placed into shares of the Fund. Unless otherwise waived by the Fund, Class I shares\nrequire a minimum initial investment of $2,500 and the minimum subsequent investment is $250. Class I shares are offered to investment\nand institutional clients of the Adviser and its affiliates, to certain persons affiliated with the Adviser, to certain of the Fund’s\nservice providers, and to clients of financial institutions or intermediaries (i) that charge such clients an ongoing fee for advisory,\ninvestment, consulting or similar fee-based charges for financial services or (ii) that have entered into an agreement with the Distributor\nto offer Class I shares through a no-load network or platform. Class I shares may also be available on certain brokerage platforms. An\ninvestor transacting in Class I shares through a broker acting as an agent for the investor may be required to pay a commission and/or\nother forms of compensation to the broker.

Exchanges\nfor Class I Shares

Holders\nof Class A shares issued by the Fund may exchange their shares for Class I shares provided that they: (1) hold their shares through a\nSelling Broker or other financial intermediary or institution that has a distribution agreement with the Distributor to offer\nClass I shares and which authorizes such an exchange; and (2) are otherwise eligible to invest in Class I shares in accordance with the\nterms of this Prospectus. Any such exchange is subject to the Fund’s discretion to accept or reject the exchange. Class A shareholders\nwho purchased $1,000,000 or more of shares, and who then exchange them for Class I shares within eighteen months of the original purchase\ndate, 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\nin 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\ndiscretion determines to waive the applicable CDSC. For federal income tax purposes, an exchange of Class A shares for Class I shares\nwithin the same Fund will not result in the recognition of a capital gain or loss.

Factors\nto Consider When Choosing a Share Class: When deciding which class of shares of the Fund to purchase, you should consider your investment\ngoals, 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\na 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\nand Expenses of the Fund section for the Fund in this Prospectus. You also may wish to consult with your financial adviser for advice\nwith regard to which share class would be most appropriate for you.

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

\n \n \n \n

via\n Regular Mail:
\n WINTON MANAGED FUTURES TREND FUND
\n c/o Ultimus Fund Solutions, LLC
\n P.O. Box 46707
\n Cincinnati, OH 45246

or\n Overnight Mail:
\n WINTON MANAGED FUTURES TREND FUND
\n c/o Ultimus Fund Solutions, LLC
\n 225 Pictoria Drive, Suite 450
\n Cincinnati, OH 45246

The\nUSA PATRIOT Act requires financial institutions, including the Fund, to adopt certain policies and programs to prevent money-laundering\nactivities, including procedures to verify the identity of customers opening new accounts. As requested on the Application, you should\nsupply your full name, date of birth, Social Security number or other taxpayer identification number, and permanent street address. A\nP.O. Box is not sufficient and will not be accepted as a primary residential or business street address, although it may be used as a\nmailing address. This information will assist the Fund in verifying your identity. Until such verification is made, the Fund may\ntemporarily limit additional share purchases. In addition, the Fund may limit additional share purchases or close an account if it is\nunable to verify a shareholder’s identity. As required by law, the Fund may employ various procedures, such as comparing the information\nto fraud databases or requesting additional information or documentation from you, to ensure that the information supplied by you is\ncorrect. For legal entities, the Fund may require documentation verifying the legal existence of the entity and, as required by applicable\nlaw, identifying and verifying the identity of beneficial owners and/or control persons. If an account is closed because identity cannot\nbe verified, shares will be redeemed at the next calculated NAV following the closure, or as otherwise permitted by applicable law.

The\nFund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications will not be\naccepted unless they are accompanied by payment in U.S. dollars for the full amount of the shares to be purchased, by check drawn on\na U.S. bank, thrift institution, or credit union, by wire, or by ACH. After you open an account, you may purchase additional shares\nby sending a check together with written instructions stating the name(s) on the account and the account number, to the above address.\nMake all checks payable to the Fund. The Fund generally does not accept cash or cash equivalents for the purchase of shares, including,\nbut not limited to: cash, cashier’s checks, bank official checks, certified checks, bank money orders, money orders, third-party\nchecks (except for properly endorsed IRA transfer and rollover checks), counter checks, starter checks, traveler’s checks, post-dated\nchecks, U.S. Treasury checks, credit card checks, cryptocurrency, or checks or payments drawn on non-U.S. financial institutions.\nRedemptions of Shares of the Fund purchased by check may be subject to a hold period until the\ncheck has been cleared by the issuing bank. To avoid such holding periods, Shares may be purchased through a broker or by wire, as described\nin this section.

Note:\nUltimus Fund Solutions, LLC, the Fund’s transfer agent (the “Transfer Agent”), will charge a $25 fee against\na shareholder’s account, in addition to any loss sustained by the Fund, for any check or electronic payment returned to the Transfer\nAgent for insufficient funds.

Purchase\nthrough Brokers: You may invest in the Fund through brokers or agents who have entered into selling agreements with the Distributor.\nThe brokers and agents are authorized to receive purchase and redemption orders on behalf of the Fund. Such brokers are authorized to\ndesignate other intermediaries to receive purchase and redemption orders on the Fund’s behalf. The Fund will be deemed to have\nreceived a purchase or redemption order when an authorized broker or its designee receives the order. The broker or agent may set their\nown 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\nFund. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from those applicable\nto investors purchasing shares directly from the Fund. You should carefully read the program materials provided to you by your servicing\nagent.

Purchase\nby 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\nand to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally\naccept wired funds for investment on the day received if they are received by the Fund’s designated bank before the close of regular\ntrading on the NYSE. Your bank may charge you a fee for wiring same-day funds.

Automated\nClearing House (ACH) Purchase

Shareholders\nmay purchase shares of the Fund through the Automated Clearing House (“ACH”) network from a U.S. bank or other U.S. financial\ninstitution. All payments must be made in U.S. dollars.

Initial\nand Subsequent Purchases by ACH: ACH may be used for both initial and subsequent investments. To establish ACH instructions, shareholders\nmust provide the required banking information on the Account Application or other documentation acceptable to the Fund or the Transfer\nAgent. A voided check or other form of bank account verification acceptable to the Fund or the Transfer Agent is required to verify the\ndesignated bank account and its ownership.

Bank\nAccount Requirements: The designated bank account must be maintained at a U.S. financial institution. At least one registered owner of\nthe Fund account must be an owner of the designated bank account, and the ownership information on the bank account must be sufficiently\nconsistent with the registration of the Fund account. ACH transfers initiated from a bank account for which no registered owner of the\nFund account is an owner will not be accepted.

Right\nto Reject; Good Order: The Fund and the Transfer Agent reserve the right to reject any ACH purchase request that is not received in “good\norder.” A request is in “good order” when all required information, authorizations, bank account verification, and\nother documentation reasonably required by the Fund or the Transfer Agent have been received in proper form and are acceptable to the\nFund or the Transfer Agent. An incomplete, unclear, unauthorized, or insufficiently documented request may be delayed or rejected. Neither\nthe Fund nor the Transfer Agent will be responsible for delays or losses resulting from a request that is not received in good order.\n

ACH\npurchases will be effective at the closing price per share on the business day after the order is placed. The Fund may alter, modify\nor terminate this purchase option at any time.

Shares\npurchased by ACH will not be available for redemption until the transactions have cleared. For redemptions of shares purchased by\ncheck or ACH, including through the Fund’s Automatic Investment Plan, the Fund may delay sending the redemption proceeds for up\nto 10 business days, or longer if necessary, to allow the purchase payment to clear. This collection period does not apply to purchases\nmade by wire, which are generally considered good funds upon receipt. If a check or ACH payment does not clear, the purchase may be cancelled,\nand you will be responsible for any resulting loss or expense incurred by the Fund or the Transfer Agent.

Online\nTransactions: Once an account has been established, shareholders who accept the applicable online user agreement may access account\ninformation and conduct certain transactions through the Fund’s online portal. New accounts may not be opened online. Additional\npurchases may be made online by ACH using a pre-established bank account and are priced as described under Automated Clearing House (ACH)\nPurchase. Online redemption requests received in good order before the close of regular trading on the NYSE (generally 4:00 p.m. Eastern\nTime) are processed at that day’s NAV, and the proceeds are sent only to the bank account of record. Online redemptions are limited\nto $50,000 per account per day; requests above this amount must be submitted in writing with a medallion signature guarantee. Redemptions\nfrom retirement accounts may not be made online. The Fund and the Transfer Agent do not guarantee uninterrupted availability of the online\nportal, and you should maintain another method for placing transactions, such as by telephone or mail. Please call the Fund at 1-877-772-5838\nfor assistance establishing your online account.

Automatic\nInvestment Plan: You may participate in the Fund’s Automatic Investment Plan, an investment plan that automatically moves money\nfrom your bank account and invests it in the Fund through the use of electronic funds transfers or automatic bank drafts. You may\nelect to make subsequent investments in the amount and at the frequency you select by transfers into your established Fund account. There\nis no minimum investment amount required to participate in the Automatic Investment Plan. Only bank accounts held at U.S. financial institutions\nthat are ACH members may be used. You may change or terminate your Automatic Investment Plan instructions at any time by contacting the\nTransfer Agent. The Fund and the Transfer

Agent\nmay modify, suspend, or terminate the Automatic Investment Plan at any time.\nPlease contact the Fund at 1-877-772-5838 for more information about the Fund’s Automatic Investment Plan.

When\nOrder is Processed: All shares will be purchased at the NAV per share (plus applicable sales charges, if any) next determined after\nthe Fund receives your application or request in good order. All requests received in good order by the Fund before the close of NYSE\n(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\nbusiness day.

\n \n \n

Good\n Order: When making a purchase request, make sure your request is in good order. “Good\n Order” means your purchase request includes:

\n \n

● the\n name of the Fund and share class,

\n \n

● the\n dollar amount of shares to be purchased,

\n \n

● a completed and signed purchase application for a new account, or an investment stub for an existing account; payment in U.S.\n dollars, by check payable to the Fund or by wire or ACH as described in this section; and any documentation reasonably required by\n the Fund or the Transfer Agent to verify the identity or authority of the person(s) making the purchase.

\n \n\n

Purchase\nrequests that are incomplete, unclear, or submitted without the required documentation may be delayed or rejected.

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

Inactive\nAccounts: If shareholder-initiated contact does not occur on your account within the timeframe specified by the law in your state\nof record, or if Fund mailings are returned as undeliverable during that timeframe, the assets of your account (shares and/or any uncashed\nchecks) may be transferred to your last known recorded state of residence as unclaimed property, in accordance with specific state law.\nBefore any transfer to the state is made, the Fund or the Transfer Agent will send a due diligence notice to the shareholder, if legislatively\nrequired. Some states may also require the liquidation of shares prior to escheatment, and shareholders may only be entitled to receive\nthe cash value at the time of sale. For retirement accounts, escheatment may be treated as a taxable distribution, and federal and/or\nstate income tax withholding may apply. To help avoid escheatment, shareholders should keep their contact information current and periodically\ncontact the Fund or the Transfer Agent.

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

Rights\nReserved by the Fund: The Fund and its agents reserve the right at any time to: (i) reject or cancel all or any part of any purchase\nor exchange order; (ii) modify any terms or conditions related to the purchase, redemption or exchange of shares of the Fund; (iii) reject\nor cancel any request to establish an Automatic Investment Plan or Systematic Withdrawal Plan; (iv) modify or terminate any sales charge\nwaivers; and (v) suspend, change or withdraw all or any part of the offering made by this Prospectus.

HOW\nTO REDEEM SHARES

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

\n \n \n \n

via\n Regular Mail:
\n WINTON MANAGED FUTURES TREND FUND
\n c/o Ultimus Fund Solutions, LLC
\n P.O. Box 46707
\n Cincinnati, OH 45246

or\n Overnight Mail:
\n WINTON MANAGED FUTURES TREND FUND
\n c/o Ultimus Fund Solutions, LLC
\n 225 Pictoria Drive, Suite 450
\n Cincinnati, OH 45246

The\nFund typically expects to send redemption proceeds by check or electronic transfer on the next business day after the redemption request\nis received in good order. As permitted by federal law, the Fund may delay payment for up to seven calendar days.\nThe Fund typically expects to pay redemptions from cash, cash equivalents, proceeds from the sale of fund shares, any lines of credit,\nand then from the sale of portfolio securities. These redemption payment methods will be used in regular and stressed market conditions.

Redemptions\nby Telephone: The telephone redemption privilege is automatically available to all new accounts. If you do not want the telephone\nredemption privilege, you must indicate this in the appropriate area on your account application or you must write to the Fund and instruct\nit to remove this privilege from your account. If you own an IRA, you will be asked whether or not the Fund should withhold federal\nand any applicable state income tax.

The\nproceeds will be sent by mail to the address designated on your account or wired directly to your existing account in a bank or brokerage\nfirm in the United States as designated on your application. To redeem by telephone, call 1-877-772-5838. The redemption proceeds\nnormally will be sent by mail or by wire on the next business day after receipt of your telephone instructions.

During\nperiods of high market activity, you may encounter higher than usual wait times. Please allow sufficient time to ensure that you will\nbe able to complete your telephone transaction prior to market close. Neither the Fund nor the Transfer Agent will be held\nliable if you are unable to place your trade due to high call volume.

The\nFund reserves the right to suspend the telephone redemption privilege with respect to your account if the name(s), the address, or the\nbank instructions on the account have been changed or added within the previous 30 calendar days. Telephone redemptions are limited to\n$50,000 per account; requests above this amount must be submitted in writing with a medallion signature guarantee. The Fund reserves\nthe right to modify, suspend, or terminate the telephone redemption privilege at any time. \nNeither the Fund, the Transfer Agent, nor their respective affiliates will be liable for complying with telephone instructions\nthey reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you will\nbe required to bear the risk of any such loss. The Fund or the Transfer Agent, or both, will employ reasonable procedures\nto determine that telephone instructions are genuine. If the Fund and/or the Transfer Agent do not employ these procedures,\nthey may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring\nforms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and\nrecording telephone instructions.

Redemptions\nthrough Broker: If shares of the Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact\nthat servicing agent to redeem shares of the Fund. The servicing agent may charge a fee for this service.

Redemptions\nby Wire: You may request that your redemption proceeds be wired directly to your bank account. The Transfer Agent imposes\na $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\nWithdrawal Plan: You may participate in the Fund’s systematic withdrawal plan, an investment plan that automatically moves\nmoney to your bank account from the Fund through the use of electronic funds transfers. You may elect to make systematic withdrawals\nof any amount, at the frequency you select, into your established bank account. There is no minimum account value required to establish\na Systematic Withdrawal Plan. You may change or terminate your Systematic Withdrawal Plan instructions at any time by contacting the\nTransfer Agent. The Fund and the Transfer Agent may modify, suspend, or terminate the Systematic Withdrawal Plan at any time. Please\ncontact the Fund at 1-877-772-5838 for more information about the Fund’s Systematic Withdrawal Plan.

When\nRedemptions are Sent: Once the Fund receives your redemption request in “good order” as described below, your shares\nwill be redeemed at the next determined NAV following your redemption request, and the redemption proceeds normally will be sent by mail\nor by wire on the next business day. If you purchased shares by check or ACH and soon after request a redemption, the Fund may delay\nsending the redemption proceeds for up to 10 business days, or longer if necessary, to allow the purchase payment to clear.

\n \n \n

Good\n Order: Your redemption request will be processed if it is in “good order.”
\n To be in “Good Order”, the following conditions must be satisfied:

\n \n

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

\n \n

● the\n request must identify your account number;

\n \n

● the\n request must identify the name of the Fund and share class; any documentation reasonably required by the Fund or the Transfer Agent\n to verify the identity or authority of the person(s) requesting the redemption must be provided;

\n \n

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

\n \n

● if\n 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\n than the record owner(s), or if the address or bank account of record was changed or added within the last 30 calendar\n days, or if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion signature\n guaranteed by an eligible signature guarantor.

\n \n

Written\nredemption requests that are incomplete, unclear, unsigned, or submitted without the required documentation or signature guarantees may\nbe delayed or rejected.

When\nYou Need Medallion Signature Guarantees: If you wish to change the bank or brokerage account that you have designated on your account,\nyou may do so at any time by writing to the Fund with your signature guaranteed. A medallion signature guarantee assures that a signature\nis genuine and protects you from unauthorized account transfers. You will need your signature guaranteed if:

●

You\n request a redemption to be made payable to a person not on record with the Fund,

●

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

●

the\n proceeds of a requested redemption exceed $50,000,

●

any\n redemption is transmitted to a bank other than the bank of record, or

\n\n

●

your\naddress or bank account of record was changed or added within 30 calendar days of your redemption request, or the account registration\nor ownership is being changed.

Signatures\nmay be guaranteed by any eligible guarantor institution (including banks, brokers and dealers, credit unions, national securities exchanges,\nregistered securities associations, clearing agencies and savings associations) that participates in a recognized medallion program (STAMP,\nSEMP or MSP). The Fund and the Transfer Agent reserve the right to require or waive a signature guarantee and to reject any signature\nguarantee they deem unacceptable. Further documentation\nwill be required to change the designated account if shares are held by a corporation, fiduciary or other organization. A notary public\ncannot guarantee signatures.

Retirement\nPlans: If you own an IRA or other retirement plan, you must indicate on your redemption request whether the Fund should withhold\nfederal income tax. Unless you elect in your redemption request that you do not want to have federal tax withheld, the redemption will\nbe subject to withholding. State income tax withholding may also apply depending on your state of residence and applicable state law.\nWithholding is not a determination of your actual tax liability.

Low\nBalances: If at any time your account balance in the Fund falls below $2,500, the Fund may notify you that, unless the account is\nbrought up to at least the per-class minimum within 60 days of the notice; your account could be closed. After the notice period, the\nFund 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\nif the account balance drops below the per-class minimum due to a decline in NAV.

Account\nStatements and Transaction Confirmations: You will receive periodic account statements summarizing all account activity, including\npurchases, redemptions, exchanges, and reinvested dividends and capital gains. A confirmation will be sent for each financial transaction\nin your account, except for recurring transactions such as Automatic Investment Plan purchases, Systematic Withdrawal Plan redemptions,\nand dividend and capital gain distributions, which will appear on your periodic account statement. You should review each confirmation\nand statement promptly and notify the Fund or the Transfer Agent in writing or by telephone within 60 days of the date of the statement\nor confirmation that first reflects any disputed item. If you do not notify the Fund within this 60-day period, you will be deemed to\nhave ratified all account activity shown, and the Fund and its agents will not be liable for any resulting losses.

FREQUENT\nPURCHASES AND REDEMPTIONS OF FUND SHARES

The\nFund discourages and does not accommodate market timing. Frequent trading into and out of the Fund can harm all Fund shareholders by\ndisrupting the Fund’s investment strategy, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares\nheld by long-term shareholders. The Fund is designed for long-term investors and is not intended for market timing or other disruptive\ntrading activities. Accordingly, the Board has approved policies that seek to curb these disruptive activities while recognizing that\nshareholders may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. The Fund currently\nuses several methods to reduce the risk of market timing. These methods include:

●

Committing\n staff to review, on a continuing basis, recent trading activity in order to identify trading\n activity that may be contrary to the Fund’s “Market Timing Trading Policy”,

●

Rejecting\n or limiting specific purchase requests, and

●

Rejecting\n purchase requests from certain investors.

Though\nthese methods involve judgments that are inherently subjective and involve some selectivity in their application, the Fund seeks to make\njudgments and applications that are consistent with the interests of the Fund’s shareholders.

Based\non the frequency of redemptions in your account, the Adviser or the Transfer Agent may in its sole discretion determine\nthat your trading activity is detrimental to the Fund as described in the Fund’s Market Timing Trading Policy and elect to reject\nor limit the amount, number, frequency or method for requesting future purchases or exchanges into the Fund.

The\nFund reserves the right to reject or restrict purchase requests for any reason, particularly when the shareholder’s trading activity\nsuggests that the shareholder may be engaged in market timing or other disruptive trading activities. Neither the Fund nor the Adviser\nwill be liable for any losses resulting from rejected purchase orders. The Adviser may also bar an investor who has violated these policies\n(and the investor’s financial adviser) from opening new accounts with the Fund.

Although\nthe Fund attempts to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their\ntrading practices. There can be no guarantee that the Fund will be able to identify or limit these activities. Omnibus account arrangements\nare common forms of holding shares of the Fund. While the Fund will encourage financial intermediaries to apply the Fund’s Market\nTiming Trading Policy to their customers who invest indirectly in the Fund, the Fund is limited in its ability to monitor the trading\nactivity or enforce the Fund’s Market Timing Trading Policy with respect to customers of financial intermediaries. For example,\nshould it occur, the Fund may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult\nto identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all\ntheir customers. More specifically, unless the financial intermediaries have the ability to apply the Fund’s Market Timing Trading\nPolicy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading\nactivity for what might be market timing, the Fund may not be able to determine whether trading by customers of financial intermediaries\nis contrary to the Fund’s Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Fund have agreed to provide\nshareholder transaction information to the extent known to the broker, to the Fund upon request. If the Fund or its Transfer Agent\nor shareholder servicing agent suspects there is market timing activity in the account, the Fund will seek full cooperation from the\nservice provider maintaining the account to identify the underlying participant. At the request of the Adviser, the service providers\nmay take immediate action to stop any further short-term trading by such participants.

TAX\nSTATUS, DIVIDENDS AND DISTRIBUTIONS

Any\nsale or exchange of the Fund’s shares may generate tax liability (unless you are a tax-exempt investor or your investment is in\na qualified retirement account). When you redeem your shares, you may realize a taxable gain or loss. This is measured by the difference\nbetween the proceeds of the sale and the tax basis for the shares you sold. (To aid in computing your tax basis, you generally should\nretain your account statements for the period that you hold shares in the Fund.)

The\nFund intends to distribute substantially all of its net investment income at least annually and net capital gains annually. Both distributions\nwill be reinvested in shares of the Fund unless you elect to receive cash. Dividends from net investment income (including any excess\nof net short-term capital gain over net long-term capital loss) are taxable to investors as ordinary income, while distributions of net\ncapital gain (the excess of net long-term capital gain over net short-term capital loss) are generally taxable as long-term capital gain,\nregardless of your holding period for the shares. Any dividends or capital gain distributions you receive from the Fund will normally\nbe taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash. In addition,\nyou pay taxes on the distribution whether the value of your investment decreased, increased or remained the same after you bought shares\nof the Fund. Purchasing the Fund’s shares in a taxable account shortly before a distribution by the Fund is sometimes called “buying\ninto a distribution.” The Fund may build up capital gains during the period covered by a distribution (over the course of the year,\nfor example) when securities in the Fund’s portfolio are sold at a profit. After subtracting any capital losses, the Fund distributes\nthose 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\nearlier in the year, for example), and you incur the full tax liability on the distribution.

Uncashed\nChecks and Automatic Dividend and Capital Gain Reinvestment: If you elect to receive your dividend and capital gain distributions via\ncheck, ACH, or wire, and the distribution amount is $50 or less, then the amount will be automatically reinvested as additional shares\ninto your account. For non-retirement and non-educational accounts, any dividend and capital gain distributions sent by check which are\nnot cashed within 180 days will be reinvested into your account at the current day’s NAV. When reinvested, those amounts are subject\nto market risk like any other investment. Your distribution option will automatically be converted to having all dividends and capital\ngain distributions reinvested into your account as additional shares if any of the following occur:

1.\nPostal or other delivery service is unable to deliver mail or checks to the address of record thereby designating your account as “lost”;

2.\nDividend and capital gain distribution checks are not cashed within 180 days; or

3.\nBank account of record is no longer valid.

For\nnon-retirement and non-educational accounts, redemption proceeds sent by check which are not cashed within 180 days will be reinvested\ninto your account at the current day’s NAV. When reinvested, redemption proceeds are subject to market risk like any other investment.

Certain\ndividends or distributions declared in October, November or December will be taxed to shareholders as if received in December if they\nare paid during the following January. Each year the Fund will inform you of the amount and type of your distributions. IRAs and other\nqualified retirement plans are exempt from federal income taxation until retirement proceeds are paid out to the participant.

Your\nredemptions, including exchanges, may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment\nis the difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them. The Fund\nmust report to the IRS and furnish to shareholders the cost basis information for shares purchased and sold. The Fund has chosen average\ncost as its standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to\ndetermine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the\nentire position is not sold at one time. Shareholders may, however, choose a method other than the Fund’s standing method at the\ntime of their purchase or upon sale of covered shares. Covered shares are generally shares acquired on or after January 1, 2012.\nYou may elect a different IRS-accepted method, such as first-in, first-out or specific share identification, by providing written instructions\nor by calling the Fund at 1-877-772-5838. The cost basis method elected or applied by default for a redemption of covered shares cannot\nbe changed after the redemption settles. Shareholders should consult their tax advisers to determine the best IRS-accepted cost basis\nmethod for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should\ncarefully review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments\nthat are required when reporting these amounts on their federal income tax returns.

On\nthe account application, you will be asked to certify that your social security number or taxpayer identification number is correct and\nthat you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding or you\ndid not certify your taxpayer identification number, the IRS requires the Fund to withhold a percentage of any dividend, redemption or\nexchange proceeds. The Fund reserves the right to reject any application that does not include a certified social security or taxpayer\nidentification number. If you do not have a social security number, you should indicate on the purchase form that your application to\nobtain a number is pending. The Fund is required to withhold taxes if a number is not delivered to the Fund within seven days.

If\na shareholder purchases shares after the Fund has realized but not yet distributed income or capital gains, the purchase price may include\nthe amount of the upcoming distribution, and the shareholder may pay full price for the shares and later receive a portion of the purchase\nprice back as a taxable distribution. In such case, the shareholder will be taxed upon receipt of such distribution, even though the\ndistribution effectively represents a return of a portion of the purchase price. This is known as “buying a dividend.”

This\nsummary 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\nthe tax consequences of owning the Fund’s shares.

DISTRIBUTION\nOF SHARES

Distributor:\nNorthern Lights Distributors, LLC, 4221 North 203rd Street, Suite 100, Elkhorn, NE 68022-3474, is the distributor for the shares\nof the Fund. The Distributor is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc.. Shares\nof the Fund are offered on a continuous basis.

Distribution\n(12b-1) and Shareholder Servicing Fees: The Trust, with respect to the Fund, has adopted the Trust’s Master Distribution and\nShareholder Servicing Plan for Class A shares (the “Plan”), pursuant to Rule 12b-1 of the 1940 Act, pursuant to which\nthe Fund may pay the Distributor an annual fee for distribution and shareholder servicing expenses of 0.25% of the Fund’s\naverage daily net assets attributable to Class A shares. Class I does not have a Plan.

The\nDistributor and other entities are paid under the Plan for services provided and the expenses borne by the Distributor\nand others in the distribution of Fund shares, including the payment of commissions for sales of the shares and incentive compensation\nto and expenses of dealers and others who engage in or support distribution of shares or who service shareholder accounts, including\noverhead and telephone expenses; printing and distribution of prospectuses and reports used in connection with the offering of the Fund’s\nshares to other than current shareholders; and preparation, printing and distribution of sales literature and advertising materials.\nIn addition, the Distributor or other entities may utilize fees paid pursuant to the Plan to compensate dealers or other entities\nfor their opportunity costs in advancing such amounts, which compensation would be in the form of a carrying charge on any un-reimbursed\nexpenses.

Additional\nCompensation to Financial Intermediaries: The Distributor, its affiliates, and the Adviser and its affiliates may each,\nat its own expense and out of its own assets including their legitimate profits from Fund-related activities (and not as an additional\ncharge to the Fund), provide additional cash payments to financial intermediaries who sell shares of the Fund. Financial intermediaries\ninclude broker-dealers, financial advisers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators\nand others. These payments may be in addition to the Rule 12b-1 fees and any sales charges that are disclosed elsewhere in this Prospectus.\nThese payments are generally made to financial intermediaries that provide shareholder or administrative services, or marketing support.\nCertain administrative fees, such as sub-transfer agency or sub-administrative fees, may be payable by the Fund. Marketing support may\ninclude access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of the Fund\non a sales list, including a preferred or select sales list, or other sales programs. These payments also may be made as an expense reimbursement\nin cases where the financial intermediary provides shareholder services to Fund shareholders. The Distributor may, from time to\ntime, provide promotional incentives to certain investment firms. Such incentives may, at the Distributor’s discretion,\nbe limited to investment firms who allow their individual selling representatives to participate in such additional compensation.

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

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

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

Householding:\nTo reduce expenses, the Fund mails only one copy of the prospectus and each annual and semi-annual report to those addresses shared\nby 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\nthe Fund is open for business or contact your financial institution. The Fund will begin sending you individual copies thirty (30) days\nafter receiving your request.

FINANCIAL\nHIGHLIGHTS

The\nfinancial highlights tables are intended to help you understand the Fund’s financial performance for the period of the\nFund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the tables\nrepresent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends\nand distributions). This information for the Fund has been derived from the financial statements audited by Deloitte & Touche\nLLP, the Fund’s independent registered public accounting firm, whose report, along with the Fund’s financial statements,\nis included in the Fund’s June 30, 2026 annual report, which is available upon request.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Class\n A
	Year\n Ended			Year\n Ended			Year\n Ended		Year\n Ended		Year\n Ended
	June\n 30,			June\n 30,			June\n 30,		June\n 30,		June\n 30,
	2026			2025			2024		2023		2022
Net\n asset value, at beginning of year	$	6.10			$	7.70		$	7.25		$	9.71		$	8.64

Income/(loss)\n from investment operations:
Net\n investment income/(loss)⁽¹⁾		0.11				0.16			0.17			0.07			(0.04	)
Net\n realized and unrealized gain/(loss) on investments		1.03				(1.12	)		0.44			(0.14	)		1.85
Total\n from investment operations		1.14				(0.96	)		0.61			(0.07	)		1.81

Less\n distributions from:
Net\n investment income		(0.61	)			(0.64	)		(0.16	)		(2.39	)		(0.74	)
Total\n distributions		(0.61	)			(0.64	)		(0.16	)		(2.39	)		(0.74	)

Redemption\n fees collected		—				—			—			0.00	(2)		0.00	⁽²⁾

Net\n asset value, at end of year	$	6.63			$	6.10		$	7.70		$	7.25		$	9.71

Total\n return⁽³⁾		19.44	%			(13.14	)%		8.51	%		0.35	%		22.48	%

Net\n assets, at end of year (000s)	$	4,494			$	3,644		$	7,143		$	4,296		$	6,752

Ratios\n to average net assets
Ratio\n of gross expenses to \n average net assets^(4,5)		3.00	%			2.34	%		2.10	%		1.87	%		1.77	%
Ratio\n of net expenses to average net assets⁽⁵⁾		1.59	%			1.59	%		1.59	%		1.59	%		1.59	%
Ratio\n of net investment income/(loss) to average net assets^(5,6)		1.64	%			2.33	%		2.29	%		0.92	%		(0.42	)%

Portfolio\n Turnover Rate		0	%			4	%		63	%		42	%		70	%

(1)

Per\n share amounts calculated using the average shares method, which more appropriately presents\n the per share data for the year.

(2)

Represents\n less than $0.01 per share.

(3)

Total\n returns shown exclude the effect of applicable sales charges and redemption fees and assumes\n reinvestment of all distributions.

(4)

Represents\n the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements\n by the advisor.

(5)

The\n ratios of expenses to average net assets and net investment income (loss) to average net\n assets do not reflect the expenses of the underlying investment companies in which the Fund\n invests.

(6)

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

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

	Class\n I
	Year\n Ended			Year\n Ended			Year\n Ended		Year\n Ended		Year\n Ended
	June\n 30,			June\n 30,			June\n 30,		June\n 30,		June\n 30,
	2026			2025			2024		2023		2022
Net\n asset value, at beginning of year	$	6.04			$	7.64		$	7.20		$	9.65		$	8.60

Income/(loss)\n from investment operations:
Net\n investment income/(loss)⁽¹⁾		0.12				0.18			0.17			0.09			(0.02	)
Net\n realized and unrealized gain/(loss) on investments		1.03				(1.12	)		0.45			(0.13	)		1.84
Total\n from investment operations		1.15				(0.94	)		0.62			(0.04	)		1.82

Less\n distributions from:
Net\n investment income		(0.62	)			(0.66	)		(0.18	)		(2.41	)		(0.77	)
Total\n distributions		(0.62	)			(0.66	)		(0.18	)		(2.41	)		(0.77	)

Redemption\n fees collected		—				—			—			0.00	²⁾		0.00	⁽²⁾

Net\n asset value, at end of year	$	6.57			$	6.04		$	7.64		$	7.20		$	9.65

Total\n return⁽³⁾		19.81	%⁽⁴⁾			(13.03	⁾%⁽⁴⁾		8.69	%		0.68	%		22.83	%

Net\n assets, at end of year (000s)	$	17,531			$	23,183		$	36,346		$	66,529		$	131,217

Ratios\n to average net assets
Ratio\n of gross expenses to \n average net assets^(5,6)		2.69	%			2.09	%		1.85	%		1.62	%		1.52	%
Ratio\n of net expenses to \n average net assets⁽⁶⁾		1.34	%			1.34	%		1.34	%		1.34	%		1.34	%
Ratio\n of net investment income/(loss) to average net assets^(6,7)		1.89	%			2.61	%		2.32	%		1.09	%		(0.19	)%

Portfolio\n Turnover Rate		0	%			4	%		63	%		42	%		70	%

(1)

Per\n share amounts calculated using the average shares method, which more appropriately presents\n the per share data for the year.

(2)

Represents\n less than $0.01 per share.

(3)

Total\n returns shown exclude the effect of applicable sales charges and redemption fees and assumes\n reinvestment of all distributions.

(4)

Includes\n adjustments in accordance with accounting principles generally accepted in the United States\n and consequently the net asset value for financial reporting purposes and the returns based\n upon those net asset values may differ from the for shareholder transactions.

(5)

Represents\n the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements\n by the advisor.

(6)

The\n ratios of expenses to average net assets and net investment income (loss) to average net\n assets do not reflect the expenses of the underlying investment companies in which the Fund\n invests.

(7)

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Adviser	Winton\n Capital Management Limited \n One Hooper’s Court \n Knightsbridge, London SW3 1AF, \n United Kingdom	Distributor	Northern\n Lights Distributors, LLC \n 4221 North 203rd Street, Suite 100 \n Elkhorn, NE 68022-3474
Independent \n Registered Public \n Accounting Firm	Deloitte\n & Touche LLP \n 695 Town Center Drive, Suite 1000 \n Costa Mesa, CA 92626	Legal \n Counsel	Thompson\n Hine LLP \n 41 South High Street, Suite 1700 \n Columbus, OH 43215
Custodian	U.S.\n Bank, N.A. \n 60 Livingston Ave. \n St Paul, MN 55107	Transfer \n Agent	Ultimus\n Fund Solutions, LLC \n 225 Pictoria Drive, Suite 450 \n Cincinnati, OH 45246

Additional\ninformation about the Fund is included in the Fund’s Statement of Additional Information dated October 28, 2026 (the “SAI”).\nThe SAI is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details\nabout the Fund’s policies and management. Additional information about the Fund’s investments will also be available in the\nFund’s Annual and Semi-Annual Reports to Shareholders. In the Fund’s Annual Report, you will find a discussion of the market\nconditions and investment strategies that significantly affected the Fund’s performance during its last fiscal year.

To\nobtain a free copy of the SAI and the Annual and Semi-Annual Reports to Shareholders, or other information about the Fund, or to make\nshareholder inquiries about the Fund, please call 1-877-772-5838 or visit www.wintonfunds.com. You may also write to:

WINTON\nMANAGED FUTURES TREND FUND
\nc/o Ultimus Fund Solutions, LLC
\nP.O. Box 46707
\nCincinnati, OH 45246

or\nOvernight Mail
\n225 Pictoria Drive, Suite 450
\nCincinnati, OH 45246

Please\ncall 1-202-551-8090 for information relating to the operation of the Public Reference Room. Reports and other information about the Fund\nare available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov. Copies of the information may be obtained,\nafter paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Investment\nCompany Act File # 811-21720

October\n 28, 2026

Winton\n Managed Futures Trend Fund

Class\n A (EVOAX) | Class I (EVOIX)

A\n SERIES OF NORTHERN LIGHTS FUND TRUST

Statement\n of Additional Information

Advised\n by:

Winton\n Capital Management Limited

One\n Hooper’s Court

Knightsbridge,\n London SW3 1AF

United\n Kingdom

This\n Statement of Additional Information (“SAI”) is not a prospectus and should be read in conjunction with the Prospectus of\n the Winton Managed Futures Trend Fund (the “Fund”) dated October 28, 2026. You can obtain copies of the Fund’s\n Prospectus, annual or semi-annual reports without charge by contacting the Fund’s transfer agent, Ultimus Fund Solutions, LLC,\n 4221 North 203^rd, Suite 100, Elkhorn, Nebraska 68022 or by calling 1.877.772.5838. You may also obtain a Prospectus by\n visiting the Fund’s website at www.wintonfunds.com.

TABLE\nOF CONTENTS

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

THE\n FUND\t	2
TYPES\n OF INVESTMENTS\t	3
INVESTMENT\n RESTRICTIONS \t	31
POLICIES\n AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS\t	33
MANAGEMENT\t	34
CONTROL\n PERSONS AND PRINCIPAL HOLDERS\t	40
INVESTMENT\n ADVISER\t	41
THE\n DISTRIBUTOR\t	44
PORTFOLIO\n MANAGERS\t	47
ORGANIZATION\n AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARY	48
ALLOCATION\n OF PORTFOLIO BROKERAGE\t	48
PORTFOLIO\n TURNOVER\t	49
OTHER\n SERVICE PROVIDERS\t	49
DESCRIPTION\n OF SHARES\t	51
ANTI-MONEY\n LAUNDERING PROGRAM\t	52
PURCHASE,\n REDEMPTION AND PRICING OF SHARES\t	52
TAX\n STATUS\t	56
INDEPENDENT\n REGISTERED PUBLIC ACCOUNTING FIRM\t	63
LEGAL\n COUNSEL\t	63
FINANCIAL\n STATEMENTS\t	63
APPENDIX\n A – PROXY VOTING POLICIES AND PROCEDURES	64

\n \n \n \n \n

THE\n FUND

The\nWinton Managed Futures Trend Fund, (the “Fund”) is a diversified series of Northern Lights Fund Trust, a Delaware\nstatutory trust organized on January 19, 2005 (the “Trust”). The Trust is registered as an open-end management investment company.\nThe Trust is governed by its Board of Trustees (the “Board” or “Trustees”).

The\nFund may issue an unlimited number of shares of beneficial interest. All shares of the Fund have equal rights and privileges. Each share\nof 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\nto participate equally, on a class-specific basis, with other shares (i) in dividends and distributions declared by the Fund and (ii)\non liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are\nfully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares\nhave proportionately the same rights, including voting rights, as are provided for a full share.

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

This\nSAI describes the classes of shares offered by the Fund: Class A shares and Class I shares. Each share class represents an interest in\nthe 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\nsubject to different (or no) sales loads, (ii) each class of shares may bear different (or no) distribution fees; (iii) each class of\nshares may have different shareholder features, such as minimum investment amounts; (iv) certain other class-specific expenses will be\nborne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of\nshares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration\nfees paid by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of\na specific class, litigation or other legal expenses relating to a class of shares, Trustees’ fees or expenses paid as a result of issues\nrelating to a specific class of shares and accounting fees and expenses relating to a specific class of shares and (v) each class has\nexclusive voting rights with respect to matters relating to its own distribution arrangements. The Board may classify and reclassify\nthe shares of the Fund into additional classes of shares at a future date.

Under\nthe Trust’s Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier\ndeath, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the Investment Company Act of\n1940, as amended (the “1940 Act”) and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority\nof the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, normally no annual or\nregular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration\nof Trust or the 1940 Act.

The\nuse of financial instruments is subject to applicable regulations of the SEC, the several exchanges upon which they are traded and the\nCommodity Futures Trading Commission (the “CFTC”). In addition, the Fund’s ability to use financial instruments will\nbe limited by tax considerations. The Fund is a commodity pool subject to regulation under the Commodity Exchange Act (“CEA”).\nIn addition to the instruments, strategies and risks described below and, in the Prospectus, the Adviser may discover additional opportunities\nin connection with financial instruments and other similar or related techniques. These new opportunities may become available as the\nAdviser develops new techniques, as regulatory authorities broaden the range of permitted transactions and as new financial instruments\nor other techniques are developed. The Adviser may utilize these opportunities to the extent that they are consistent with the Fund’s\ninvestment objective and permitted by the Fund’s investment limitations and applicable regulatory authorities. The Prospectus or\nthis SAI will be supplemented to the extent that new products or techniques involve materially different risks than those described below\nor in the Prospectus.

\n \n \n \n \n

TYPES\n OF INVESTMENTS

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

The\nfollowing pages contain more detailed information about the types of instruments in which the Fund may invest, directly or indirectly,\nand investment strategies that the Adviser, and any sub-advisers engaged, or investment managers accessed by the Fund, may employ\nin pursuit of the Fund’s investment objective(s), and a summary of related risks. Winton Capital Management Limited (the “Adviser”)\nis the investment adviser for the Fund.

Debt\nSecurities

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

United\nStates Government Obligations

These\nconsist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities\nare direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently\nissued marketable government security, have a maturity of up to one year and are issued on a discount basis. The\nFund may also invest in Treasury Inflation-Protected Securities (“TIPS”). TIPS are special types of treasury bonds that were\ncreated in order to offer bond investors protection from inflation. The values of the TIPS are automatically adjusted to the inflation\nrate as measured by the Consumer Price Index (“CPI”). If the CPI goes up by half a percent, the value of the bond (the TIPS)\nwill 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\ninvestment will stay the same. TIPS decline in value when real interest rates rise. However, in certain interest rate environments, such\nas when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income\nsecurities with similar duration.

United\nStates Government Agencies’ Obligations

These\nconsist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments\ncurrently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government\nNational Mortgage Association (“Ginnie Mae”), Farmer’s Home Administration, Export-Import Bank of the United States, Maritime\nAdministration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the\nNational Bank for Cooperatives, the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Farm Credit Banks, the Federal\nNational Mortgage Association (“Fannie Mae”), and the United States Postal Service. These securities are either: (i) backed\nby the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States\nTreasury (e.g., Ginnie Mae mortgage-backed securities); (iii) supported by the issuing

agency’s or instrumentality’s right to borrow\nfrom the United States Treasury (e.g., Fannie Mae Discount Notes); or (iv) supported only by the issuing agency’s or instrumentality’s\nown credit (e.g., Tennessee Valley Authority).

Government-related\nguarantors (i.e. not backed by the full faith and credit of the United States Government) include Fannie Mae and Freddie Mac. Fannie\nMae is a government-sponsored corporation owned entirely by private stockholders. It is subject to general regulation by the Secretary\nof Housing and Urban Development. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential\nmortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual\nsavings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as\nto timely payment of principal and interest by Fannie Mae but are not backed by the full faith and credit of the United States Government.

Freddie\nMac was created by Congress in 1970 for the purpose of increasing the availability of mortgage credit for residential housing. It is\na government-sponsored corporation formerly owned by the twelve Federal Home Loan Banks and now owned entirely by private stockholders.\nFreddie Mac issues participation certificates (“PCs”), which represent interests in conventional mortgages\nfrom Freddie Mac’s national portfolio. Freddie Mac guarantees the timely payment of interest and ultimate collection of principal, but\nPCs are not backed by the full faith and credit of the United States Government. Commercial banks, savings and loan institutions, private\nmortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional residential\nmortgage loans. Such issuers may, in addition, be the originators and/or servicers of the underlying mortgage loans as well as the guarantors\nof the mortgage-related securities. Pools created by such nongovernmental issuers generally offer a higher rate of interest than government\nand government-related pools because there are no direct or indirect government or agency guarantees of payments in the former pools.\nHowever, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including\nindividual loan, title, pool and hazard insurance and letters of credit. The insurance and guarantees are issued by governmental entities,\nprivate insurers and the mortgage poolers.

Interests\nin pools of mortgage pass-through securities differ from other forms of debt securities (which normally provide periodic payments of\ninterest in fixed amounts and the payment of principal in a lump sum at maturity or on specified call dates). Instead, mortgage pass-through\nsecurities provide monthly payments consisting of both interest and principal payments. In effect, these payments are a “pass-through”\nof the monthly payments made by the individual borrowers on the underlying residential mortgage loans, net of any fees paid to the issuer\nor guarantor of such securities. Unscheduled payments of principal may be made if the underlying mortgage loans are repaid or refinanced\nor the underlying properties are foreclosed, thereby shortening the securities’ weighted average life. Some mortgage pass-through securities\n(such as securities guaranteed by Ginnie Mae) are described as “modified pass-through securities”. These securities entitle\nthe holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, on the scheduled payment dates\nregardless of whether the mortgagor actually makes the payment.

The\nprincipal governmental guarantor of mortgage pass-through securities is Ginnie Mae. Ginnie Mae is authorized to guarantee, with the full\nfaith and credit of the U.S. Treasury, the timely payment of principal and interest on securities issued by lending institutions approved\nby Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgage loans. These\nmortgage loans are either insured by the Federal Housing Administration or guaranteed by the Veterans Administration. A “pool”\nor group of such mortgage loans is assembled and after being approved by Ginnie Mae, is offered to investors through securities dealers.

Resets.\nThe interest rates paid on the Adjustable Rate Mortgage Securities\n(“ARMs”) in which the Fund may invest generally are readjusted or reset at intervals of one year or less to an increment\nover some predetermined interest rate index. There are two main categories of indices: those based on U.S. Treasury securities and those\nderived from a calculated measure, such as a cost of funds index or a moving average of mortgage rates. Commonly utilized

indices include\nthe one-year and five-year constant maturity Treasury Note rates, the three-month Treasury Bill rate, the 180-day Treasury Bill rate,\nrates on longer-term Treasury securities, the National Median Cost of Funds, the Secured Overnight Financing Rate (“SOFR”),\nthe prime rate of a specific bank, or commercial paper rates. Some indices, such as the one-year constant maturity Treasury Note\nrate, closely mirror changes in market interest rate levels. Others tend to lag changes in market rate levels and tend to be somewhat\nless volatile.

Caps\nand Floors. The underlying mortgages which collateralize\nthe 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\nresidential borrower may change up or down: (1) per reset or adjustment interval, and (2) over the life of the loan. Some residential\nmortgage loans restrict periodic adjustments by limiting changes in the borrower’s monthly principal and interest payments rather than\nlimiting interest rate changes. These payment caps may result in negative amortization. The value of mortgage securities in which the\nFund invests may be affected if market interest rates rise or fall faster and farther than the allowable caps or floors on the underlying\nresidential mortgage loans. Additionally, even though the interest rates on the underlying residential mortgages are adjustable, amortization\nand prepayments may occur, thereby causing the effective maturities of the mortgage securities in which the Fund invests to be shorter\nthan the maturities stated in the underlying mortgages.

Private\nMortgage Pass-Through Securities. Private mortgage pass-through\nsecurities are structured similarly to the Ginnie Mae, Fannie Mae and Freddie Mac mortgage pass-through securities and are issued by\nUnited States and foreign private issuers such as originators of and investors in mortgage loans, including savings and loan associations,\nmortgage banks, commercial banks, investment banks and special purpose subsidiaries of the foregoing. These securities usually are backed\nby a pool of conventional fixed rate or adjustable rate mortgage loans. Since private mortgage pass-through securities typically are\nnot guaranteed by an entity having the credit status of Ginnie Mae, Fannie Mae and Freddie Mac, such securities generally are structured\nwith one or more types of credit enhancement.

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

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

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

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

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

Inverse\nFloaters. The Fund may invest in inverse floaters. Inverse\nfloaters constitute a class of MBS with a coupon rate that moves inversely to a designated index, such as SOFR Secured Overnight Financing\nRate or 11th District Cost of Funds Index (“COFI”). Inverse floaters have coupon rates that typically change at a multiple\nof 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\nin 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.\nIn some circumstances, the coupon on an inverse floater could decrease to zero. In addition, like most other fixed-income securities,\nthe value of inverse floaters will decrease as interest rates increase and their average lives will extend. Inverse floaters exhibit\ngreater price volatility than the majority of mortgage-backed securities. In addition, some inverse floaters display extreme sensitivity\nto changes in prepayments. As a result, the yield to maturity of an inverse floater is sensitive not only to changes in interest rates\nbut also to changes in prepayment rates on the related underlying mortgage assets. As described above, inverse floaters may be used alone\nor in tandem with interest-only stripped mortgage instruments.

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

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

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

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

Certificates\nof Deposit and Bankers’ Acceptances

The\nFund may invest in certificates of deposit and bankers’ acceptances, which are considered to be short-term money market instruments.

Certificates\nof deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount\ndeposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded\nin the secondary market prior to maturity. Bankers’ acceptances typically arise from short-term credit arrangements designed to enable\nbusinesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter\nor an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then “accepted” by a bank that,\nin effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by\nthe 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.\nAlthough maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Commercial\nPaper

The\nFund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued\nby corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of\ncollateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As\na result, investment in commercial paper is subject to the risk that the issuer cannot issue enough new commercial paper to satisfy its\noutstanding commercial

paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity\nin certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates.\nIf interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible\nto interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase.\nCommercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically\nhave lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer\nwill default on its commercial paper obligation.

Time\nDeposits and Variable Rate Notes

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

The\ncommercial paper obligations which the Fund may buy are unsecured and may include variable rate notes. The nature and terms of a variable\nrate note (i.e., a “Master Note”) permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a\ndirect arrangement between the Fund as Lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. The Fund\nhas the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under\nthe 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\nbacked by one or more bank letters of credit. Because these notes are direct lending arrangements between the Fund and the issuer, it\nis not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically\nprovided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection\nwith such purchase and on an ongoing basis, the Adviser will consider the earning power, cash flow and other liquidity ratios of the\nissuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand\nsimultaneously. Variable rate notes are subject to the Fund’s investment restriction on illiquid securities unless such notes can be\nput back to the issuer on demand within 7 days.

Insured\nBank Obligations

The\nFund may invest in insured bank obligations. The Federal Deposit Insurance Corporation (“FDIC”) insures the deposits of federally\ninsured banks and savings and loan associations (collectively referred to as “banks”) up to $250,000. The Fund may purchase\nbank obligations that are fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments\nmust be limited to $250,000 per bank; if the principal amount and accrued interest together exceed $250,000, the excess principal and\naccrued interest will not be insured. Insured bank obligations may have limited marketability.

Repurchase\nAgreements

The\nFund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Fund) purchases a security (known as the\n“underlying security”) from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by the Adviser.\nAt that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated\nfuture date. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and\nrepurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to\nthe Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be “fully collateralized,”\nin that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the\nrepurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase\nagreements are generally for a short period of time, often less than a week, and will generally be used by the Fund to invest excess\ncash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within 7 days will be treated\nas illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could\nexperience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the\nvalue of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced\nlevels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

Reverse\nRepurchase Agreements

The\nFund may enter into reverse repurchase agreements. In a reverse repurchase agreement, an investor (such as the Fund) sells portfolio\nsecurities to another party and agrees to repurchase the securities at an agreed-upon price and date. Reverse repurchase agreements involve\nthe 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.\nThe 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\nvalue of the securities. These events could also trigger adverse tax consequences to the Fund. Reverse repurchase agreements also involve\nthe risk that the market value of the securities sold will decline below the price at which the Fund is obligated to repurchase them.\nReverse repurchase agreements may increase fluctuations in the Fund’s NAV and may be viewed as a form of borrowing by the Fund.

Equity\nSecurities

Equity\nsecurities in which the Fund invests include interests in pooled investment vehicles, common stocks, preferred stocks, securities convertible\ninto common stocks, such as convertible bonds, warrants, rights and options and related securities. The value of equity securities varies\nin response to many factors, including the activities and financial condition of individual companies, the business market in which individual\ncompanies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated\nto the value of the issuer of the securities, and such fluctuations can be significant.

Common\nStock

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

Preferred\nStock

The\nFund may invest in preferred stock with no minimum credit rating. Preferred stock is a class of stock having a preference over common\nstock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually\njunior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change\nbased on changes in interest rates.

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

Convertible\nSecurities

The\nFund may invest in convertible securities with no minimum credit rating. Convertible securities include fixed income securities that\nmay be exchanged or converted into a predetermined number of shares of the issuer’s underlying common stock at the option of the holder\nduring a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures,\nunits consisting of “usable” bonds and warrants or a combination of the features of several of these securities. Convertible\nsecurities are senior to common stocks in an issuer’s capital structure, but are usually subordinated to similar non-convertible securities.\nWhile providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded\nby a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature,\nto participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security’s\nunderlying common stock.

Warrants

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

Depositary\nReceipts

The\nFund may invest in sponsored and unsponsored American Depositary Receipts (“ADRs”), which are receipts issued by an American\nbank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed\nfor use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these\nADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank\nor trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the\nforeign issuer or to pass through voting rights. Many of the risks described below regarding foreign securities apply to investments\nin ADRs.

Securities\nof Other Investment Companies

The

Fund\nmay invest in the securities of other investment companies, including money market funds and ETFs, subject to applicable limitations\nunder Section 12(d)(1) of the 1940 Act. Investing in another pooled vehicle exposes the Fund to all the risks of that pooled vehicle.\nIf the Fund invests in and, thus, is a shareholder of, another investment company, the Fund’s shareholders will indirectly bear\nthe Fund’s proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition\nto both the management fees payable directly by the Fund to the Adviser and the other expenses that the Fund bears directly in connection\nwith its own operations.

Pursuant\nto Section 12(d)(1), the Fund may invest in the securities of another investment company (the “acquired company”) provided\nthat the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (1) more than 3% of the total outstanding\nvoting stock of the acquired company; (2) securities issued by the acquired company having an aggregate value in excess of 5% of the\nvalue of the total assets of the Fund; or (3) securities issued by the acquired company and all other investment companies (other than\ntreasury stock of the Fund)

having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed\nby law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the\nlimits discussed above as permitted by Rule 12d1-1.

However,\nthe Fund is permitted to invest in other investment companies beyond the limits set forth in Section 12(d)(1), subject to certain conditions.\nThe Fund may rely on Rule 12d1-4 under the 1940 Act, which provides an exemption from Section 12(d)(1) that allows the Fund to invest\nbeyond the stated limits in other registered funds, including ETFs, if the Fund satisfies certain conditions specified in the Rule, including,\namong other conditions, that the Fund and its advisory group will not control (individually or in the aggregate) an acquired fund (e.g.,\nhold more than 25% of the outstanding voting securities of an unaffiliated acquired fund that is a registered open-end management investment\ncompany).

Closed-End\nInvestment Companies

The\nFund may invest its assets in “closed-end” investment companies (or “closed-end funds”), subject to the investment\nrestrictions set forth above. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by\na group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. Such\nsecurities are then listed for trading on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation\nSystem (commonly known as “NASDAQ”) and, in some cases, may be traded in other over-the-counter markets. Because the shares\nof closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as the Fund),\ninvestors seek to buy and sell shares of closed-end funds in the secondary market.

The\nFund generally will purchase shares of closed-end funds only in the secondary market. The Fund will incur normal brokerage costs on such\npurchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market.\nThe Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser\nor any sub-adviser, based on a consideration of the nature of the closed-end fund’s proposed investments, the prevailing market conditions\nand the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price\ntypically will include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities\nin the secondary market.

The\nshares of many closed-end funds, after their initial public offering, frequently trade at a price per share which is less than the net\nasset value per share, the difference representing the “market discount” of such shares. This market discount may be due in\npart to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the\nshares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined net asset value but rather\nare subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end\nfund shares also may contribute to such shares trading at a discount to their net asset value.

The\nFund 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\ncan 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\npossible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline\nin the market price of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Fund’s shares.\nSimilarly, 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\na premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

Closed-end\nfunds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund’s\ncommon shares in an attempt to enhance the current return to such closed-end fund’s common shareholders. The Fund’s investment in the\ncommon shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment,\nbut 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\ncompanies without a leveraged capital structure.

Open-End\nInvestment Companies

The\nFund and any “affiliated persons,” as defined by the 1940 Act, may purchase in aggregate only up to 3% of the total outstanding\nsecurities of any underlying fund, subject to certain exceptions. Accordingly, when affiliated persons hold shares of any of the\nunderlying fund, the Fund’s ability to invest fully in shares of those funds is restricted, and the Adviser must then, in some instances,\nselect alternative investments that would not have been its first preference. The 1940 Act also provides that an underlying fund, whose\nshares 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\noutstanding securities during any period of less than 30 days. Shares held by the Fund in excess of 1% of an underlying fund’s outstanding\nsecurities therefore, will be considered not readily marketable securities, which, together with other such securities, may not exceed\n15% of the Fund’s total assets.

Under\ncertain circumstances an underlying fund may determine to make payment of a redemption by the Fund wholly or partly by a distribution\nin 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\nsecurities distributed by an underlying fund until the Adviser determines that it is appropriate to dispose of such securities.

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

Exchange\nTraded Funds

ETFs\nmay be passive or active funds. Active ETFs are managed by portfolio managers who pick specific investments to beat\na market index, rather than just tracking it. ETFs that are passive funds track their related index and have the flexibility of trading\nlike a security. They are managed by professionals and provide the investor with diversification, cost and tax efficiency, liquidity,\nmarginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some\nETFs are unit investment trusts (“UITs”). ETFs typically have two markets. The primary market is where institutions swap\n“creation units” in block-multiples of, for example, 50,000 shares for in-kind securities and cash in the form of dividends.\nThe secondary market is where individual investors can trade as little as a single share during trading hours on an exchange.\nThis is different from open-ended mutual funds that are traded after hours once the net asset value (“NAV”) is calculated.\nETFs can also have unique compounding, daily reset and leverage features that may significantly amplify risk, particularly in periods\nof high market volatility. The value of an ETF may be affected by market values, interest rates, exchange rates, volatility, dividend\nyields and issuer credit ratings. ETFs share many similar risks with open-end and closed-end funds.

High\nYield Securities

The\nFund may invest in high yield securities. High yield, high risk bonds are securities that are generally rated below investment grade\nby 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\n“lower rated bonds,” “non-investment grade bonds,” “below investment grade bonds,” and “junk\nbonds.” These securities are considered to be high-risk investments. The risks include the following:

Greater\nRisk of Loss. These securities are regarded as predominantly\nspeculative. There is a greater risk that issuers of lower rated securities will default than issuers of higher rated securities. Issuers\nof lower rated securities generally are less creditworthy and may be highly indebted, financially distressed, or bankrupt. These issuers\nare more vulnerable to real or perceived economic changes, political changes or adverse industry developments. In addition, high yield\nsecurities are frequently subordinated to the prior payment of senior indebtedness. If an issuer fails to pay principal or interest,\nthe Fund would experience a decrease in income and a decline in the market value of its investments.

Sensitivity\nto Interest Rate and Economic Changes. The income and\nmarket value of lower-rated securities may fluctuate more than higher rated securities. Although non-investment grade securities tend\nto be less sensitive to interest rate changes than investment grade securities, non-investment grade securities are more sensitive to\nshort-term corporate, economic and market developments. During periods of economic uncertainty and change, the market price of the investments\nin lower-rated securities may be volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods\nof economic downturn.

Valuation\nDifficulties. It is often more difficult to value lower\nrated securities than higher rated securities. If an issuer’s financial condition deteriorates, accurate financial and business information\nmay be limited or unavailable. In addition, the lower rated investments may be thinly traded and there may be no established secondary\nmarket. Because of the lack of market pricing and current information for investments in lower rated securities, valuation of such investments\nis much more dependent on judgment than is the case with higher rated securities.

Liquidity.\nThere may be no established secondary or public market for investments\nin lower rated securities. Such securities are frequently traded in markets that may be relatively less liquid than the market for higher\nrated securities. In addition, relatively few institutional purchasers may hold a major portion of an issue of lower-rated securities\nat times. As a result, the Fund may be required to sell investments at substantial losses or retain them indefinitely when an issuer’s\nfinancial condition is deteriorating.

Credit\nQuality. Credit quality of non-investment grade securities\ncan change suddenly and unexpectedly, and even recently-issued credit ratings may not fully reflect the actual risks posed by a particular\nhigh-yield security.

New\nLegislation. Future legislation may have a possible negative\nimpact on the market for high yield, high risk bonds. As an example, in the late 1980s, legislation required federally-insured savings\nand loan associations to divest their investments in high yield, high risk bonds. New legislation, if enacted, could have a material\nnegative effect on the Fund’s investments in lower rated securities. High yield, high risk investments may include the following:

Straight\nFixed-Income Debt Securities. These include bonds and\nother debt obligations that bear a fixed or variable rate of interest payable at regular intervals and have a fixed or resettable maturity\ndate. The particular terms of such securities vary and may include features such as call provisions and sinking funds.

Zero-Coupon\nDebt Securities. These do not pay periodic interest but\nare issued at a discount from their value at maturity. When held to maturity, their entire return equals the difference between their\nissue price and their maturity value.

Zero-Fixed-Coupon\nDebt Securities. These are zero-coupon debt securities\nthat convert on a specified date to periodic interest-paying debt securities.

Pay-in-Kind\nBonds. These are bonds which allow the issuer, at its\noption, to make current interest payments on the bonds either in cash or in additional bonds. These are bonds that are typically sold\nwithout registration under the Securities Act, usually to a relatively small number of institutional investors.

Convertible\nSecurities. These are bonds or preferred stock that may\nbe converted to common stock.

Preferred\nStock. These are stocks that generally pay a dividend\nat a specified rate and have preference over common stock in the payment of dividends and in liquidation.

Loan\nParticipations and Assignments. These are participations\nin, or assignments of all or a portion of loans to corporations or to governments, including governments of less developed countries\n(“LDCs”).

Securities\nIssued in Connection with Reorganizations and Corporate Restructurings. In\nconnection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt\nsecurities. The Fund may hold such common stock and other securities even if it does not invest in such securities.

Municipal\nGovernment Obligations

In\ngeneral, municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States\n(including the District of Columbia) and their political subdivisions, agencies and instrumentalities. Municipal obligations generally\ninclude debt obligations issued to obtain funds for various public purposes. Certain types of municipal obligations are issued in whole\nor in part to obtain funding for privately operated facilities or projects. Municipal obligations include general obligation bonds, revenue\nbonds, industrial development bonds, notes and municipal lease obligations. Municipal obligations also include additional obligations,\nthe 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\nthat an investment in any such type of obligation is consistent with the Fund’s investment objectives. Municipal obligations may be fully\nor partially backed by local government, the credit of a private issuer, current or anticipated revenues from a specific project or specific\nassets or domestic or foreign entities providing credit support such as letters of credit, guarantees or insurance.

Bonds\nand Notes

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

Municipal\nLease Obligations

Municipal\nlease obligations may take the form of a lease, an installment purchase or a conditional sales contract. They are issued by state and\nlocal governments and authorities to acquire land, equipment and facilities, such as vehicles, telecommunications and computer equipment\nand other capital assets. The Fund may invest in funds that purchase these lease obligations directly, or it may purchase participation\ninterests in such lease obligations. States have different requirements for issuing municipal debt and issuing municipal leases. Municipal\nleases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a “non-appropriation”\nclause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated\nfor this purpose each year. Such non-appropriation clauses are required to avoid the municipal lease obligations from being treated as\ndebt for state debt restriction purposes. Accordingly, such obligations are subject to “non-appropriation” risk. Municipal\nleases 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\nor other default.

Foreign\nSecurities

General

The\nFund may invest in foreign securities including ETFs and other investment companies that hold a portfolio of foreign securities. Investing\nin securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing\nin U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign\nissuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and\nrequirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign\nsecurities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may\nbe subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and\ninterest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization\nof foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets\nof the Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions\ncould adversely affect the payment of obligations. While U.S. Dollars and the currencies of relevant countries can generally be successfully\nexchanged, there can be no assurance that suitable counterparties and rates will be available at all times.

To\nthe extent the Fund’s currency exchange transactions do not fully protect the Fund against adverse changes in currency exchange rates,\ndecreases in the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in\na corresponding decrease in the U.S. dollar value of the Fund’s assets denominated in those currencies (and possibly a corresponding\nincrease in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value\nof currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase\nin the U.S. dollar value of the Fund’s assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Emerging\nMarkets Securities

The\nFund may purchase securities of emerging market issuers, ETFs and closed-end funds that invest in emerging market securities. Investing\nin emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These\nrisks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price\nvolatility; restrictions on foreign investment; possible repatriation of investment income and capital. In addition, foreign investors\nmay be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers,\nexpropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market\ncountries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies\nby the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies\nand securities markets of certain emerging market countries.

Additional\nrisks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial\ngovernmental involvement in the economy; less governmental supervision and regulation; less favorable tax provisions; unavailability\nof currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards,\nwhich may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities\nmarkets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions\nor otherwise make it difficult to engage in such transactions. Settlement problems may cause the Fund to miss attractive investment opportunities,\nhold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result\nin possible liability to a purchaser of the security. In addition,

jurisdiction-specific insolvency regimes may negatively impact\nborrowers’ or issuers’ ability to make payments to the Fund.

Derivative\nInstruments

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

Derivatives\nRisk Management Program

Rule\n18f-4 under the 1940 Act regulates the use of derivatives, including futures contracts and options thereon, and certain other transactions.\nAmong other things, Rule 18f-4 requires funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk\n(“VaR”) based limit to their use of certain derivative instruments and financing transactions and to adopt and implement\na derivatives risk management program. Consequently, the Fund has established a derivatives risk management program to comply with a\nVaR based leverage limit and appointed a derivatives risk manager. The Fund will also provide additional disclosure both publicly and\nto the SEC regarding its derivatives positions. In connection with the adoption of Rule 18f-4, the SEC eliminated the asset segregation\nframework for covering derivatives arising from SEC guidance prior to the adoption of Rule 18f-4.

Futures\nContracts

A\nfutures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial\ninstrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage\nfees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly\nreferred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as\nselling a contract or holding a short position.

Unlike\nwhen 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.\nUpon entering into a futures contract, and to maintain the Fund’s open positions in futures contracts, the Fund would be required to\ndeposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government\nsecurities, suitable money market instruments, or other liquid securities, known as “initial margin.” The margin required for\na particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to\ntime by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range\nupward from less than 5% of the value of the contract being traded.

If\nthe price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in\nthe 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\nrequirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price\nchanges in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These\nsubsequent payments, called “variation margin,” to and from the futures broker, are made on a daily basis as the price of the\nunderlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as “marking\nto the market.” The Fund expects to earn interest income on its margin deposits.

Although\ncertain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice\nmost futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected\nby entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying\ninstrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes\na gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, the\nFund realizes a gain; if it is less, the Fund realizes a loss. The transaction costs must also be included in these calculations. There\ncan be no assurance, however, that the Fund will be able to enter into an offsetting transaction with respect to a particular futures\ncontract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required\nto maintain the margin deposits on the futures contract.

For\nexample, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 pounds sterling multiplied by the\nlevel 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\nin the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent\nover time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures\ncontract expires.

The\nFund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objective. Because\nthe Fund will segregate liquid assets to satisfy its purchase commitments in the manner describe, the Fund’s liquidity and the ability\nof the Adviser or any sub-adviser to manage them may be affected in the event the Fund’s forward commitments, commitments to purchase\nwhen-issued securities and delayed settlements ever exceeded 15% of the value of its net assets.

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

The\nFund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing\nthe transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment\nafter it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the\nsettlement date. In these cases, the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment\nand delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result\nin the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The\nmarket value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement\nand any subsequent fluctuations in their market value is taken into account when determining the market value of the Fund starting on\nthe day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchase until\nit has paid for and delivered on the settlement date.

Options\non Futures Contracts

The\nFund may purchase and sell options on the same types of futures in which it may invest. Options on futures are similar to options on\nunderlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position\nin 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\nor sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option,\nthe 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\naccumulated balance in the writer’s futures margin account which represents the amount by which the market price of the futures contract,\nat 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.\nPurchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

Foreign\nExchange Forward Trading

The\nFund may trade in spot and forward contracts on currencies. The trading of over-the-counter instruments, subjects the Fund to a variety\nof risks including: (1) counterparty risk; (2) basis risk; (3) interest rate risk; (4) settlement risk; (5) legal risk; and (6) operational\nrisk. Counterparty risk is the risk that the Fund’s counterparties might default on their obligation to pay or perform generally\non their obligations. The over-the-counter markets and some foreign markets are “principals’ markets.” That means that\nperformance of the contract is the responsibility only of the individual firm or member on the other side of the trade and not any exchange\nor clearing corporation. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene\nto prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. Basis risk\nis the risk attributable to the movements in the spread between the derivative contract price and the future price of the underlying\ninstrument. Interest rate risk is the general risk associated with movements in interest rates. Settlement risk is the risk that a settlement\nin a transfer system does not take place as expected. Legal risk is the risk that a transaction proves unenforceable in law or because\nit has been inadequately documented. Operational risk is the risk of unexpected losses arising from deficiencies in a firm’s management\ninformation, support and control systems and procedures. Transactions in over-the-counter derivatives may involve other risks as well,\nas there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess\nthe value of a position or to assess the exposure to risk.

There\nare no limits on daily price fluctuations of forward contracts. Changes in foreign exchange regulations by governmental authorities might\nlimit the trading of forward contracts on currencies. There have been periods during which certain counterparties have refused to continue\nto quote prices for forward contracts or have quoted prices with an unusually wide spread (i.e., the difference between the price at\nwhich the counterparty is prepared to buy and the price at which it is prepared to sell).

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

Swap\nTransactions

A\nswap transaction is an unregulated, individually negotiated agreement (typically with a bank, a brokerage firm or other financial institution\nas counterparty) to exchange two streams of payments (for example, an exchange of floating rate payments for fixed rate payments with\nrespect to a notional amount of principal). The Fund may enter into interest rate, currency, index, total return, credit default and\nother swap transactions. For example, a total return swap is an agreement to make payments of the total return from a specified asset\nor instrument (or a basket of such instruments) during the specified period, in return for payments equal to a fixed or floating rate\nof interest or the total return from another specified asset or instrument (such as the return of a managed futures portfolio or portfolios).\nAlternatively, a total return swap can be structured so that one party will make payments to the other party if the value of the relevant\nasset or instrument increases, but receive payments from the other party if the value of that asset or instrument decreases.

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

Securities\nOptions

The\nFund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices,\nand 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.\nOptions trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than\nthe underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than\nan investment in the underlying instruments themselves.

A\ncall option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell,\nthe underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price\nof the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option\nfor a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration\ndate of the option, regardless of the market price of the security.

Stock\nindex options are put options and call options on various stock indices. In most respects, they are identical to listed options on common\nstocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock\noptions, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur\nby delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the\nclosing 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\na put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index\nand the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market\nvalue of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard\n& Poor’s 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor’s 100®.\nIndices may also be based on an industry or market segment, such as the AMEX Oil and Gas Index or the Computer and Business Equipment\nIndex. Options on stock indices are currently

traded on the Chicago Board Options Exchange, the New York Stock Exchange, the American\nStock Exchange, and NASDAQ PHLX.

The\nFund’s obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option\nwritten by it, may be terminated prior to the expiration date of the option by the Fund’s execution of a closing purchase transaction,\nwhich is effected by purchasing on an exchange an option of the same series (i.e., same underlying instrument, exercise price\nand expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit\non an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to\npermit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase\nplus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have paid a loss\nin the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable\nto effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated\naccount, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the\nwriter will be subject to the risk of market decline or appreciation in the instrument during such period.

If\nan option purchased by the Fund expires unexercised, the Fund realizes a loss equal to the premium paid. If the Fund enters into a closing\nsale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction\nis 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\nexpiration 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\ntransaction exceeds the net premium received when the option is sold). If an option written by the Fund is exercised, the proceeds of\nthe sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

Certain\nRisks Regarding Options

There\nare several risks associated with transactions in options. For example, there are significant differences between the securities and\noptions markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives.\nIn addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons\nwhich include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange\non opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect\nto particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt\nnormal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate\nto handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future\ndate to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that\nexchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options\nClearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful\nuse by the Fund of options on stock indices will be subject to the ability of the Adviser to correctly predict movements in the directions\nof the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In\naddition, the Fund’s ability to effectively hedge all or a portion of the securities in its portfolio, in anticipation of or during a\nmarket decline, through transactions in put options on stock

indices, depends on the degree to which price movements in the underlying\nindex correlate with the price movements of the securities held by the Fund. Inasmuch as the Fund’s securities will not duplicate the\ncomponents of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities\nbeing 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\nbe a negative correlation between the index and the Fund’s securities that would result in a loss on both such securities and the options\non stock indices acquired by the Fund.

The\nhours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options\nmarkets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying\nmarkets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment\ntechniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options\ninvolves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated\nmovements in prices of the securities comprising the stock index on which the option is based.

There\nis no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time,\nand 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\nthat it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy\nits obligation under the option to deliver such securities. If the Fund is unable to effect a closing sale transaction with respect to\noptions on securities that it has purchased, it would have to exercise the option in order to realize any profit and would incur transaction\ncosts upon the purchase and sale of the underlying securities.

Dealer\nOptions

The\nFund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to\ndealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase\na dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure\nby 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\noptions generally have a continuous liquid market while dealer options may not. Consequently, the Fund may generally be able to realize\nthe value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when\nthe 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\npurchase transaction with the dealer to whom the Fund originally wrote the option. While the Fund will seek to enter into dealer options\nonly with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Fund, there can\nbe 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.\nUnless the Fund, as a covered dealer call option writer, is able to effect a closing purchase transaction, it will not be able to liquidate\nsecurities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the\nFund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction\nmay result in material losses to the Fund. For example, because the Fund must maintain a secured position with respect to any call option\non a security it writes, the Fund may not sell the assets, which it has segregated to secure the position while it is obligated under\nthe option. This requirement may impair the Fund’s ability to sell portfolio securities at a time when such sale might be advantageous.

The\nStaff of the SEC has taken the position that purchased dealer options are illiquid securities. The Fund may treat the cover used for\nwritten dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price\nto be calculated by a predetermined formula. In such cases, the dealer option would be considered illiquid only to the extent the maximum\npurchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Fund will treat dealer options as subject\nto the Fund’s limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, the Fund’s\ntreatment of such instruments will change accordingly.

Spread\nTransactions

The\nFund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded.\nThe 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\nin 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\nthe risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread\noptions will be used to protect the Fund against adverse changes in prevailing credit quality spreads, i.e., the yield spread\nbetween high quality and lower quality securities. This protection is provided only during the life of the spread options.

Credit\nDefault Swaps and Credit Default Indices

The\nFund may enter into credit default swaps. In a credit default swap, one party makes a stream of payments to another party in exchange\nfor the right to receive a specified return in the event of a default by a third party, typically an emerging country, on its obligation.\nThe Fund may use credit default swaps to provide a measure of protection against defaults of sovereign issuers (i.e., to reduce risk\nwhere the Fund owns or has exposure to the sovereign issuer) and may use credit default swaps to take an active long or short position\nwith respect to the likelihood of a particular issuer’s default. In connection with these agreements, cash or liquid securities may be\nset aside as collateral by the Fund’s custodian in accordance with the terms of the swap agreement. The Fund may earn interest on cash\nset aside as collateral. Swaps are marked to market daily based upon quotations from market makers and the change in value, if any, is\nrecorded as unrealized gain or loss. These financial instruments are not actively traded on financial markets. The values assigned to\nthese instruments are based upon the best available information and because of the uncertainty of the valuation, these values may differ\nsignificantly from the values that would have been realized had a ready market for these instruments existed, and the differences could\nbe material. Payments received or made at the end of the measurement period are recorded as realized gain or loss. Entering into these\nagreements involves, to varying degrees, elements of credit, market, and documentation risk. Such risks involve the possibility that\nthere will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform\nor disagree as to the meaning of contractual terms in the agreements, and that there may be unfavorable changes in interest rates.

The\nFund may use credit default swaps to gain long or short exposure to groups of particular issuers, sovereign debt and other markets through\ninvestments in index portfolios of credit default. By investing in indices or baskets of credit default swaps, the Fund may take long\nor short views on the credit risk with respect to groups of issuers and each issuer within the group and buy or sell credit protection\nto the swap counterparties. Like other credit default swaps, swaps on credit indices are generally considered illiquid and are subject\nto the risk of counterparty default or inability or unwillingness to perform. The pricing relationships between credit indices and the\ninstruments underlying such credit indices may not correlate with historical patterns, potentially resulting in unexpected losses.

When-Issued,\nForward Commitments and Delayed Settlements

The\nFund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. In this event, the Custodian\n(as defined under the section entitled “Custodian”) will segregate liquid assets equal to the amount of the commitment in a\nseparate account. Normally, the Custodian will set aside portfolio securities to satisfy a purchase commitment. In such a case, the Fund\nmay be required subsequently to segregate additional assets in order to assure that the value of the account remains equal to the amount\nof 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\nsecurities to cover such purchase commitments than when it sets aside cash.

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

The\nFund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing\nthe transaction. If deemed appropriate in accordance with its investment strategy, however, the Fund may dispose of or renegotiate a\ncommitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the\nFund on the settlement date. In these cases, the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued,\nforward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to\ndo so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

Illiquid\nand Restricted Securities

The\nFund may invest up to 15% of its net assets in illiquid securities. Illiquid securities include securities subject to contractual or\nlegal restrictions on resale (e.g., because they have not been registered under the Securities Act) and securities that are otherwise\nnot readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain\nbids or offers). Securities that have not been registered under the Securities Act are referred to as private placements or restricted\nsecurities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their\nprincipal markets are not considered to be illiquid.

Restricted\nand other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. The Fund might be unable\nto dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests\nfrom shareholders. The Fund might have to register restricted securities in order to dispose of them, resulting in additional expense\nand delay. Adverse market conditions could impede such a public offering of securities.

A\nlarge institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities.\nThe fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative\nof the liquidity of such investments. Rule 144A under the Securities Act allows

such a broader institutional trading market for securities\notherwise subject to restrictions on resale to the general public. Rule 144A establishes a “safe harbor” from the registration\nrequirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A and the PORTAL Alliance\nhave produced enhanced liquidity for many restricted securities. The PORTAL Alliance is an open industry-wide platform to facilitate\nover the counter trading of 144A equity securities and is intended to enhance the liquidity and transparency of 144A equity securities\nby creating a source for indicative quotes, trade reporting and issuer information for 144A equity securities.

Under\nguidelines adopted by the Trust’s Board, the Adviser may determine that particular Rule 144A securities, and commercial paper issued\nin reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid even though\nthey are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination,\nthe Adviser will consider, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes\nfor the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of\nthe security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of\nmaturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time\nneeded to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security\nand the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser will also determine that the paper\n(1) is not traded flat or in default as to principal and interest, and (2) either (a) is rated in one of the two highest rating categories\nby at least two National Statistical Rating Organizations (“NRSROs”) or, if only one NRSRO rates the security, by that NRSRO,\nor, (b) if the paper is unrated, the Adviser determines that the paper is of equivalent quality, provided that, in making such determination,\nthe Adviser takes into account all relevant factors of the trading market for the relevant paper.

Rule\n144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by\nthe Adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or\nSection 4(a)(2) commercial paper could have the effect of increasing the amount of the Fund’s assets invested in illiquid securities\nif institutional buyers are unwilling to purchase such securities.

Lending\nPortfolio Securities

For\nthe purpose of achieving income, the Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral\nconsisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit,\nbankers’ acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market\nvalue 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\nreceive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at\nany time exceed one-third of the total assets of the Fund.

Short\nSales

The\nFund may sell securities short as an outright investment strategy and to offset potential declines in long positions in similar securities.\nA 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\nnot wish to deliver) in anticipation that the market price of that security will decline.

When\nthe Fund makes a short sale, the broker-dealer through which the short sale is made must borrow the security sold short and deliver it\nto the party purchasing the security. The Fund is required to make a margin deposit in connection with such short sales; the Fund may\nhave to pay a fee to borrow particular securities and will often be obligated to pay over any dividends and accrued interest on borrowed\nsecurities.

If\nthe price of the security sold short increases between the time of the short sale and the time the Fund covers its short position, the\nFund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any\nloss increased, by the transaction costs described above. The successful use of short selling may be adversely affected by imperfect\ncorrelation between movements in the price of the security sold short and the securities being hedged.

To\nthe extent the Fund sells securities short, it will provide collateral to the broker-dealer and (except in the case of short sales “against\nthe box”) will maintain additional asset coverage in the form of cash, U.S. government securities or other liquid securities with\nits custodian in a segregated account in an amount at least equal to the difference between the current market value of the securities\nsold short and any amounts required to be deposited as collateral with the selling broker (not including the proceeds of the short sale).\nThe Fund does not intend to enter into short sales (other than short sales “against the box”) if immediately after such sales\nthe 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.\nThis percentage may be varied by action of the Board. A short sale is “against the box” to the extent the Fund contemporaneously\nowns, or has the right to obtain at no added cost, securities identical to those sold short.

Wholly-Owned\nSubsidiary

The\nFund will invest up to 25% of its total assets in a wholly-owned and controlled Cayman Islands subsidiary (the “Subsidiary”),\nwhich is expected to invest primarily in commodity derivatives, commodity contracts, commodity-linked derivative instruments, including\nswap agreements, derivative instruments such as futures, options and swaps linked to commodity investments and may also invest in other\ninstruments in which the Fund is permitted to invest for cash management purposes. As a result, the Fund may be considered to be investing\nindirectly in these investments through the Subsidiary. For that reason, and for the sake of convenience, references in this SAI to the\nFund may also include the Subsidiary.

The\nSubsidiary will not be registered under the 1940 Act but will be subject to certain of the investor protections of the 1940 Act, as noted\nin this SAI. The Fund, as the sole shareholder of the Subsidiary, will not have all of the protections offered to investors in registered\ninvestment companies. However, since the Fund will wholly own and control its Subsidiary, and the Fund and Subsidiary will both be managed\nby the Adviser, it is unlikely that the Subsidiary will take action contrary to the interests of the Fund or its shareholders. The Board\nhas oversight responsibility for the investment activities of the Fund, including any investment in the Subsidiary and the Fund’s role\nas the sole shareholder of the Subsidiary. Also, in managing the Subsidiary’s portfolio, the Adviser would be subject to the same investment\nrestrictions and limitations and operational guidelines that apply to the management of the Fund, including any collateral or segregation\nrequirements in connection with various investment strategies, to the extent applicable.

Changes\nin the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could\nresult in the inability of the Fund and/or its Subsidiary to operate as described in this SAI and could negatively affect the Fund and\nits shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty,\ninheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman\nIslands taxes, and

the Fund at that time was utilizing the Subsidiary, then the Fund’s shareholders would likely suffer decreased\ninvestment returns.

Specific\nRisks Relating to Managed Futures and Derivatives Trading

Futures\nand Derivatives Trading Is Speculative. Futures and derivatives, including commodity interest, prices are highly volatile. Price movements\nfor futures contracts, for example, which may fluctuate substantially during a short period of time, are influenced by numerous factors\nthat affect the commodities markets, including, but not limited to: changing supply and demand relationships; the availability of\ncredit, inflation rates, changes in law, government programs and policies , including trade barriers and currency exchange controls;\nnational and international political and economic events and changes in interest rates.

Futures\nand Derivatives Trading Is Highly Leveraged. The low margin deposits normally required in trading futures and derivatives permit an extremely\nhigh degree of leverage. Accordingly, a relatively small price movement in a commodity interest may result in an immediate and substantial\nloss 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\nin the price of the futures contract would, if the contract were then closed out, result in a total loss of the margin deposit (brokerage\ncommission expense would also be incurred). Like other leveraged investments, any futures and derivatives trade may result in losses\nin excess of the amount invested. Changes in overall market leverage, deleveraging as a consequence of a decision by any of the Fund’s\ncounterparties with which the Fund enters into derivative transactions, to reduce the level of leverage available, or the liquidation\nby other market participants of the same or similar positions, may also adversely affect the Fund’s portfolio.

Futures\nand Derivatives Trading May Be Illiquid. Most U.S. commodity futures exchanges impose daily limits regulating the maximum amount above\nor below the previous day’s settlement price which a futures contract price may fluctuate during a single day. During a single trading\nday no trades may be executed at prices beyond the daily limit. Once the price of a particular futures contract has increased or decreased\nto the limit point, it may be difficult, costly or impossible to liquidate a position. Futures prices in particular contracts have occasionally\nmoved the daily limit for several consecutive days with little or no trading. If this occurs, the Fund might be prevented from promptly\nliquidating unfavorable positions which could result in substantial losses. Those losses could significantly exceed the margin initially\ncommitted to the trades involved. It is also possible that an exchange or the CFTC may suspend trading in a particular contract, order\nimmediate settlement of a contract or order that trading to the liquidation of open positions only.

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

Possible\nEffects of Speculative Position Limits and Accountability Levels. The CFTC and U.S. exchanges have established speculative position limits\nand accountability levels. Position limits control the number of net long or net short speculative futures or option (on futures) positions\nany person may hold or control in futures or option contracts traded on U.S. exchanges. The CFTC also imposes limits on the size of\npositions that can be held by market

participants in certain over-the-counter (“OTC”) derivatives on certain physical commodities.\nPosition accountability levels are position levels established by an exchange that, if reached by a person, cause such person to be subject\nto instructions by such exchange to reduce or not increase such position. The Adviser controls the commodity trading of other accounts.\nAll positions and accounts owned or controlled by the Adviser and their principals are combined for position limit and accountability\nlevel purposes. In order to comply with position limits or exchange limitations arising out of having positions subject to accountability\nlevels, it is possible that the Adviser will have to modify its trading instructions, and that positions held for the Fund (for investment\nor hedging purposes) will have to be liquidated in whole or in part or may not be entered into or maintained. That could have\na negative effect on the Fund’s profitability.

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

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

Other\nClients of the Adviser. The Adviser manages other accounts. There is no assurance that the Fund’s trading will generate the same results\nas any other accounts managed by the Adviser.

Failure\nof Clearing Brokers, Counterparties, Banks, Custodians and other Financial Firms. Commodity brokers must maintain the Fund’s assets (other\nthan assets used to trade foreign futures or options on foreign markets) in a segregated account. If a commodity broker goes bankrupt,\nthe 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\nbroker’s customers. In addition, even if a commodity broker adequately segregates the Fund’s assets, the Fund may still be subject\nto risk of loss of funds on deposit should another customer of the commodity broker fail to satisfy deficiencies in such other customer’s\naccount.

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

Trading\nin Over the Counter Instruments. The trading of over-the-counter instruments, subjects the Fund to a variety of risks including: (1)\ncounterparty risk; (2) basis risk; (3) interest rate risk; (4) settlement risk; (5) legal risk; and (6) operational risk. Counterparty\nrisk is the risk that the Fund’s counterparties might default on their obligation to pay or perform generally on their obligations.\nThe over-the-counter markets and some foreign markets are “principals’ markets.” That means that performance of the contract\nis the responsibility only of the individual firm or member on the other side of the trade and not any exchange or clearing corporation.\nSuch “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement,\nor where the Fund has concentrated its transactions with a single or small group of counterparties. Basis risk is the risk attributable\nto the movements in the spread between the derivative contract price and the future price of the underlying instrument. Interest rate\nrisk is the general risk associated with movements in interest rates. Settlement risk is the risk that a settlement in a transfer system\ndoes not take place as expected. Legal risk is the risk that a transaction proves unenforceable in law or because it has been inadequately\ndocumented. Transactions in over-the-counter derivatives may involve other risks as well, as

there is no exchange market on which to\nclose out an open position. It may be impossible to liquidate an existing position, to assess the value of a position or to assess the\nexposure to risk.

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

Commodity\nPool Operator Regulation

The\nFund is, and its related Subsidiary is a “commodity pool” under the CEA, and the Adviser is a “commodity\npool operator” registered with and regulated by the CFTC and is a member of the National Futures Association (“NFA”).\nAs a registered commodity pool operator with respect to the Fund and any Subsidiary, the Adviser must comply with various regulatory\nrequirements under the CEA, and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud\nprohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Adviser is also subject to periodic inspections\nand audits by the CFTC and NFA.

Cybersecurity\nRisks

The\nAdviser, the Fund and their service providers may be susceptible to operational and information security risks resulting from cyber-attacks,\nincluding the theft or corruption of data maintained online or digitally, denial of service attacks on websites, the unauthorized monitoring,\nrelease, misuse, loss, destruction or corruption of confidential information, unauthorized access to relevant systems, compromises to\nnetworks or devices that are used to service operations, and operational disruption or failures in physical infrastructure or operating\nsystems. Cyber-attacks may adversely impact the Fund and its shareholders, potentially resulting in, among other things, financial losses\nor the inability to transact business if, for example, there is interference with the processing of investor transactions, confidential\nbusiness or investor information is released, trading is impeded, and/or regulatory fines are imposed on, or reputational damage is caused\nto the Fund or Adviser. Additional costs may also be incurred in mitigating the risks of, or trying to prevent, cyber-attacks. There\ncan be no assurance that the Fund and its shareholders will not suffer loss as a result of cyber-attacks or other information\nsecurity breaches in the future.

Systemic\nRisks

Credit\nrisk may arise through a default by one of several financial institutions that are dependent on one another to meet their liquidity or\noperational needs, so that a default by one institution causes a series of defaults by the other institutions. This is sometimes referred\nto as a “systemic risk” and may adversely affect intermediaries with which the Fund interacts.

Investment\nProgram Risks

Process\nExceptions. The Fund utilizes the Adviser’s investment strategy, which is based on mathematical models that are implemented\nas automated computer-based programs. Issues with the design, development, implementation, maintenance or operation of the program, any\ncomponent of the relevant investment strategy, or any processes and procedures related to the investment strategies (collectively, “Process\nExceptions”) can cause losses to the Fund and such losses may be substantial. Any losses or gains arising from Process Exceptions\nshall 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\nare the responsibility of the Adviser under the Fund’s advisory agreement. Process Exceptions may include, but are not limited\nto:

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

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

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

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

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

Use\nof Electronic Trading Instructions. The Adviser uses sophisticated information technology systems to send, on the Fund’s behalf,\nelectronic trading instructions to brokers. This technology can increase the likelihood of erroneous orders being made, regulatory requirements\nnot being complied with and/or credit and capital limits being breached due to computer malfunctions, the speed of execution of transactions,\nhuman error or a deficiency in algorithm design or implementation. Trading through an electronic trading or order routing system is also\nsubject to risks associated with system or component failure (whether such failure affects the hardware or software of the exchange or\nperson offering the relevant system or the Adviser). In the event of system or component failure, it is possible that, for a certain\ntime period, it might not be possible to enter new orders, execute existing orders, or modify or cancel orders that were previously entered.\nSystem or component failure may also result in loss of orders or order priority. Trading venues offering an electronic trading or order\nrouting system typically adopt rules to limit their liability, the liability of member brokers and software and communication system\nvendors, and the amount that may be collected

for system failures and delays, which rules may vary among the venues and may not adequately\ncompensate the Fund for the full extent of any loss.

Limitations\nof Statistical Inference. The Adviser’s investment system is based on research into historical data and the application of that\nresearch to the development of mathematical models that attempt to forecast returns, risk, correlation and transaction costs. This process\nmay be incomplete and/or flawed and there is an inherent risk that any derived forecast may be inaccurate, particularly if the research\nor models are based on, or incorporate, inaccurate or incomplete assumptions or data. Assumptions or data may be inaccurate from the\noutset or may become inaccurate as a result of many factors such as changes in market structure, increased government intervention in\nmarkets or growth in assets managed in accordance with similar investment strategies. As a result, the investment strategy may not generate\nprofitable signals and the Fund may suffer loss.

Correlation.\nA Fund’s investment strategy may be highly correlated to certain markets. Accordingly, a price fall\nin a particular sector, such as equities or fixed income, may result in a significant decline in the value of the Fund.

Crowding/Convergence.\nThere is significant competition among quantitative investment managers. To the extent that the Adviser is not able to develop sufficiently\ndifferentiated investment strategies, the investment objective of the Fund may not be met. The growth in assets managed in accordance\nwith similar investment strategies may result in the relevant Fund and other market participants inadvertently buying and selling the\nsame or similar investments simultaneously, which may reduce liquidity and exacerbate market moves. The success of the Fund’s\ninvestment activities depends on the Adviser’s ability to identify overvalued and undervalued investment opportunities and to exploit\nprice discrepancies in the financial markets, as well as to assess the import of news and events that may affect the financial markets.\nIdentification and exploitation of the investment strategies to be pursued by the Fund involves a high degree of uncertainty.

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

Risk\nof Loss of Senior Personnel. The performance of the Fund is substantially dependent on the services of the Adviser’s senior professionals\nwho are responsible for developing, monitoring and maintaining the investment strategy of the Fund and in the event of the death, incapacity\nor departure of such professionals, the performance of the Fund may be adversely affected and the Fund may suffer losses.

Temporary\nDefensive Measures

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

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

\n \n \n \n \n

INVESTMENT\n RESTRICTIONS

The\nFund has adopted the following investment restrictions that may not be changed without approval by a “majority of the outstanding\nshares” 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\nat 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\nthan 50% of the outstanding shares of the Fund. The Fund may not:

1.\nIssue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior\nsecurity by the Fund, provided that the Fund’s engagement in such activities is consistent with or permitted by the 1940 Act, as amended,\nthe rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

2.\nBorrow money, except (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings\nof the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount\nnot 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\ninto reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings and repurchase commitments\nof the Fund pursuant to reverse repurchase transactions;

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

4.\nPurchase or sell real estate or interests in real estate. This limitation is not applicable to investments in marketable securities that\nare secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities\nor investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including\nreal estate investment trusts);

5.\nInvest 25% or more of the market value of its assets in the securities of companies engaged in any one industry or group of industries.\n(Does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities.). The Fund takes the position\nthat mortgage-backed securities and asset-backed securities, whether government-issued or privately issued do not represent interests\nin any particular “industry” or group of industries, and therefore the 25% concentration restrictions noted above do not\napply to such securities.

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

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

With\nrespect to interpretations of the SEC or its staff described in fundamental restriction number 1 above, the SEC and its staff have identified\nvarious securities trading practices and derivative instruments used by mutual funds that give rise to potential senior security issues\nunder Section 18(f) of the 1940 Act, which prohibits mutual funds from issuing senior securities. Under the 1940 Act, a mutual fund may\nborrow from a bank, provided that immediately after any such borrowing there is an asset coverage of at least 300 percent for all borrowings;\nor from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5%\nof the Fund’s total assets at the time when the borrowing is made. However, rather than rigidly deeming all such practices outside of\nbank borrowing as impermissible forms of issuing a “senior security” under Section 18(f), the SEC and its staff through interpretive\nreleases, including Investment Company Act Release No. 10666 (April 18, 1979), and no-action letters has developed an evolving series\nof methods by which a fund may address senior security issues. In particular, the common theme in this line of guidance has been to use\nmethods of “covering” fund obligations that might otherwise create a senior security-type obligation by holding sufficient\nliquid assets that permit a fund to meet potential trading and derivative-related obligations. Thus, a potential Section 18(f) senior\nsecurity limitation is not applicable to activities that might be deemed to involve a form of the issuance or sale of a senior security\nby the Fund, provided that the Fund’s engagement in such activities is consistent with or permitted by Section 18 of the 1940 Act, the\nrules and regulations promulgated thereunder or interpretations of the SEC or its staff.

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

1.\nInvest in any issuer for purposes of exercising control or management;

2.\nInvest in securities of other investment companies except as permitted under the 1940 Act;

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

4.\nMortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets of the Fund except as may be necessary\nin connection with borrowings described in limitation (2) above describing the fundamental restrictions. Margin deposits, security interests,\nliens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted\ninvestments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation. Such margin\ndeposits, security interest, liens and collateral arrangements plus any Fund assets mortgaged, pledged, hypothecated or transferred may\nnot exceed 33 1/3% of the Fund’s total assets.

If\na restriction on the Fund’s investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund\nassets invested in certain securities or other instruments, or change in average duration of the Fund’s investment portfolio, resulting\nfrom changes in the value of the Fund’s total assets, will not be considered a violation of the restriction; provided, however, that\nthe asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

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

\n \n \n \n \n

POLICIES\n AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS

The\nTrust has adopted policies and procedures that govern the disclosure of the Fund’s portfolio holdings. These policies and procedures\nare designed to ensure that such disclosure is in the best interests of the Fund’s shareholders.

It\nis the Trust’s policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of the Trust’s\nshareholders; (2) protect the confidentiality of portfolio holdings information; (3) have procedures in place to guard against personal\ntrading based on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between\nthe interests of the Trust’s shareholders and those of the Trust’s affiliates. The Trust’s Chief Compliance Officer monitors any\npotential conflicts of interest and seeks to mitigate through careful review of such disclosures and requests to add approved recipients.

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

The\nFund may choose to make portfolio holdings information available to rating agencies such as Lipper, Morningstar or Bloomberg earlier\nand more frequently on a confidential basis.

Under\nlimited circumstances, as described below, the Fund’s portfolio holdings may be disclosed to, or known by, certain third parties in advance\nof their filing with the SEC on Form N-CSR or Form N-PORT. In each case, such determination will be made on the basis\nthat such advance disclosure is supported by a legitimate business purpose and that the recipient and its personnel are subject to a\nduty to keep the information confidential and to not trade on any material non-public information.

The\nAdviser. Personnel of the Adviser, including personnel responsible for managing the Fund’s portfolio, may have full daily access\nto the Fund’s portfolio holdings because that information is necessary in order for the Adviser to provide their management, administrative,\nand investment services to the Fund. As required for purposes of analyzing the impact of existing and future market changes on the prices,\navailability, demand and liquidity of such securities, as well as for the assistance of portfolio managers in the trading of such securities,\npersonnel of the Adviser may also release and discuss certain portfolio holdings with various broker-dealers.

Ultimus\nFund Solutions, LLC. Ultimus Fund Solutions, LLC is the transfer agent, fund accountant, administrator and custody administrator\nfor the Fund; therefore, its personnel have full daily access to the Fund’s portfolio holdings because that information is necessary\nin order for them to provide the agreed-upon services for the Trust.

U.S.\nBank, N.A. U.S. Bank, NA is custodian for the Fund; therefore, its personnel have full daily access to the Fund’s portfolio\nholdings because that information is necessary in order for them to provide the agreed-upon services for the Trust.

Deloitte\n& Touche LLP. Deloitte & Touche LLP is the Fund’s independent registered public accounting firm; therefore, its personnel\nhave access to the Fund’s portfolio holdings in connection with auditing of the Fund’s annual consolidated financial statements\nand providing assistance and consultation in connection with SEC filings.

Thompson\nHine LLP. Thompson Hine LLP is counsel to the Fund; therefore, its personnel have access to the Fund’s portfolio holdings in\nconnection with review of the Fund’s annual and semi-annual financial statements and SEC filings.

Counsel\nto the Independent Trustees. Counsel to the Independent Trustees and its personnel have access to the Fund’s portfolio holdings\nin connection with review of the Fund’s annual and semi-annual shareholder reports and SEC filings.

Derivatives\nRisk Consultant. The Trust has engaged a derivatives risk consultant (“Consultant”) to consult with the Board, and the\nadvisers to certain series of the Trust, regarding the effectiveness of derivatives risk management. The Consultant therefore may have\naccess to the Fund’s portfolio holdings in order to provide such services to the Trust.

Additions\nto List of Approved Recipients

The\nTrust’s Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Fund’s\nportfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate\nbusiness need for the information and must be subject to a duty to keep the information confidential and to not trade on any material\nnon-public information. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event\nshall the Fund, the Adviser or any other party receive any direct or indirect compensation in connection with the disclosure of information\nabout the Fund’s portfolio holdings.

Compliance\nwith Portfolio Holdings Disclosure Procedures

The\nTrust’s Chief Compliance Officer will report periodically to the Board with respect to compliance with the Fund’s portfolio holdings\ndisclosure procedures, and from time to time will provide the Board with any updates to the portfolio holdings disclosure policies and\nprocedures.

There\nis no assurance that the Trust’s policies on disclosure of portfolio holdings will protect the Fund from the potential misuse of holdings\ninformation by individuals or firms in possession of that information.

\n \n \n \n \n

MANAGEMENT

The\nbusiness of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust’s\nBy-laws (the “Governing Documents”), which have been filed with the SEC and are available upon request. The Board consists\nof six (6) individuals all of whom are not “interested persons” (as defined under the 1940 Act) of the Trust or an\nadviser of a fund in the Trust (“Independent Trustees”). Pursuant to the Governing Documents of the Trust, the Trustees shall\nelect officers including a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The\nBoard 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,\nin the opinion of the Board, are necessary or incidental to carry out any of the Trust’s purposes. The Trustees, officers, employees\nand agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad\nfaith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

Board\nLeadership Structure

The\nTrust is led by Anthony Hertl, an Independent Trustee, who has served as the Chairman of the Board since July 2013. The Board is comprised\nof Mr. Hertl and five (5) additional Independent Trustees. Additionally, under certain 1940 Act governance guidelines that apply to the\nTrust, the Independent Trustees will meet in executive session, at least quarterly. Under the Governing Documents, the Chairman of the\nBoard is responsible for (a) presiding at Board meetings, (b) calling special meetings on an as-needed basis, (c) execution and administration\nof Trust policies including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of\neach Board meeting and between Board meetings. Generally, the Trust believes it best to have a non-executive Chairman of the Board, who\ntogether with the President (principal executive officer), are seen by its shareholders, business partners and other stakeholders as\nproviding strong leadership. The Trust believes that its Chairman, the independent chair of the Audit Committee, and, as an entity, the\nfull Board, provide effective leadership that is in the best interests of the Trust, its funds and each shareholder.

Board\nRisk Oversight

The\nBoard has a standing independent Audit Committee with a separate chair, Mark H. Taylor. The Board is responsible for overseeing risk\nmanagement, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight\nof risk management from the Trust’s Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary.\nThe Audit Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its\noversight of material risks is adequately maintained through the compliance-reporting chain where the Trust’s Chief Compliance\nOfficer is the primary recipient and communicator of such risk-related information.

Trustee\nQualifications

Generally,\nthe Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii)\nqualifications, (iii) attributes and (iv) skills.

Anthony\nJ. Hertl has over 20 years of business experience in the financial services industry and related fields including serving as chair of\nthe finance committee for the Borough of Interlaken, New Jersey and Vice President-Finance and Administration of Marymount College, holds\na Certified Public Accountant designation, serves or has served as a member of other mutual fund boards outside of the group of Funds\nmanaged by the Adviser (the “Fund Complex”) and possesses a strong understanding of the regulatory framework under which\ninvestment companies must operate based on his years of service to this Board and other fund boards.

Gary\nW. Lanzen has over 20 years of business experience in the financial services industry, holds a Master’s degree in Education Administration,\nis a Certified Financial Planner, serves as a member of two other mutual fund boards outside of the Fund Complex and possesses a strong\nunderstanding of the regulatory framework under which investment companies must operate based on his years of service to this Board and\nother mutual fund boards.

Mark\nH. Taylor holds PhD, Masters and Bachelors degrees in Accountancy, is a licensed Certified Public Accountant and has over 30 years of\nacademic and professional experience in the accounting and auditing fields, all of which make him particularly qualified to chair the\nTrust’s Audit Committee. Dr. Taylor is the Director of the Lynn Pippenger School of Accountancy at the Muma College of Business\nat the University of South Florida and served a three-year term as President of the American Accounting Association (AAA) beginning\nAugust 2022 (President-Elect 2022-2023, President 2023-2024; Past President 2024-2025). Dr. Taylor previously served as AAA Vice\nPresident-Finance, and as President of the Auditing Section of the AAA. Dr. Taylor serves as a member of three other mutual fund boards\nwithin the Northern Lights Fund Complex. He served a three-year term on the AICPA’s Auditing Standards Board (2010-2012) and previously\ncompleted a fellowship in the Professional Practice Group of the Office of the Chief

Accountant at the headquarters of the SEC.\nDr. Taylor is a member of two research teams that have received grants from the Center for Audit Quality to study how accounting firms’\ntone-at-the top messaging impacts audit performance and how auditors manage the process of auditing fair value measurements and other\ncomplex estimates in financial statements. Dr. Taylor has published extensively in leading academic accounting journals, has teaching\ninterests in corporate governance and accounting policy as well as auditing and assurance services at the graduate and undergraduate\nlevels, and possesses a strong understanding of the regulatory framework under which investment companies operate.

John\nV. Palancia has over 30 years of business experience in financial services industry including serving as the Director of Futures Operations\nfor Merrill Lynch, Pierce, Fenner & Smith, Inc. (“Merrill Lynch”). Mr. Palancia holds a Bachelor of Science degree in\nEconomics. He also possesses a strong understanding of risk management, balance sheet analysis and the regulatory framework under which\nregulated financial entities must operate based on service to Merrill Lynch. Additionally, he is well versed in the regulatory framework\nunder which investment companies must operate and serves as a member of three other fund boards.

Mark\nD. Gersten has more than 30 years of experience in the financial services industry, having served in executive roles at AllianceBernstein\nLP and holding key industry positions at Prudential-Bache Securities and PriceWaterhouseCoopers. He also serves as a member of two other\nmutual fund boards outside of the Fund Complex. Mr. Gersten is a certified public accountant and holds an MBA in accounting. Like other\nTrustees, his experience has given him a strong understanding of the regulatory framework under which investment companies operate.

Mark\nS. Garbin has more than 30 years of experience in corporate balance sheet and income statement risk management for large asset managers,\nserving as Managing Principal of Coherent Capital Management LLC since 2007. Mr. Garbin has extensive derivatives experience and has\nprovided consulting services to alternative asset managers. He is both a Chartered Financial Analyst and Professional Risk Manager charterholder\nand holds advanced degrees in international business. The Trust does not believe any one factor is determinative in assessing a Trustee’s\nqualifications, but that the collective experience of each Trustee makes them each highly qualified.

The\nTrustees and the executive officers of the Trust are listed below with their present positions with the Trust and principal occupations\nover at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH\n45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLC, P.O Box 46707, Cincinnati,\nOhio 45246.

Independent\nTrustees

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name,\n Address \n and Year of \n Birth	Position/Term\n \n of Office*	Principal\n Occupation During \n the Past Five Years	Number\n of \n Portfolios in \n Fund \n Complex** \n Overseen \n by Trustee	Other\n Directorships held by Trustee \n During the Past Five Years
Mark\n Garbin \n Born in 1951	Trustee\n Since 2013	Managing\n Principal, Coherent Capital Management LLC (since 2007).	1	Northern\n Lights Fund Trust (for series not affiliated with the Funds since 2013); Two Roads Shared Trust (since 2012); Forethought Variable\n Insurance Trust (since 2013); Northern Lights Variable Trust (since 2013); iDirect Private Markets Fund (since 2014); Carlyle Tactical\n Private Credit Fund (since March 2018); Independent Director OHA CLO Enhanced Equity II Genpar LLP (since\n June 2021); and Carlyle Credit Income Fund (since July 2023)
Mark\n D. Gersten \n Born in 1950	Trustee\n Since 2013	Independent\n Consultant (since 2012).	1	Northern\n Lights Fund Trust (for series not affiliated with the Funds since 2013); Northern Lights Variable Trust (since 2013); Two Roads Shared\n Trust (since 2012); Altegris KKR Commitments Master Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017);\n and Schroder Global Series Trust (2012 to 2017).
Anthony\n J. Hertl \n Born in 1950	Trustee\n Since 2005; Chairman of the Board since 2013	Retired,\n previously held several positions in a major Wall Street firm including Capital Markets Controller, Director of Global Taxation,\n and CFO of the Specialty Finance Group.	1	Northern\n Lights Fund Trust (for series not affiliated with the Funds since 2005); Northern Lights Variable Trust (since 2006); Alternative\n Strategies Fund (since 2010); Satuit Capital Management Trust (2007-2019).
Gary\n W. Lanzen \n Born in 1954	Trustee\n Since 2005	Retired\n (since 2012). Formerly, Founder, President, and Chief Investment Officer, Orizon Investment Counsel, Inc. (2000-2012).	1	Northern\n Lights Fund Trust (for series not affiliated with the Funds since 2005) Northern Lights Variable Trust (since 2006); AdvisorOne Funds\n (since 2003); Alternative Strategies Fund (since 2010); and previously, CLA Strategic Allocation Fund (2014-2015).
John\n V. Palancia \n Born in 1954	Trustee\n Since 2011	Retired\n (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011).	1	Northern\n Lights Fund Trust (for series not affiliated with the Funds since 2011); Northern Lights Fund Trust III (since February 2012); Alternative\n Strategies Fund (since 2012) and Northern Lights Variable Trust (since 2011).
Mark\n H. Taylor \n Born in 1964	Trustee\n Since 2007; Chairman of the Audit Committee since 2013	PhD\n (Accounting), CPA; Professor and Director, Lynn Pippenger School of Accountancy, Muma College of Business, University of South Florida\n (2019 – present); Professor and Department of Accountancy Chair, Case Western Reserve University (2009-2019); President, American\n Accounting Association (AAA) (President-Elect 2022-2023, President 2023-2024; Past President 2024-2025). AAA Vice President-Finance\n (2017-2020); President, Auditing Section of the AAA; Member, AICPA Auditing Standards Board (2009-2012); Academic Fellow, Office\n of the Chief Accountant, United States Securities Exchange Commission (2005-2006); Center for Audit Quality research grants (2014,\n 2012).	1	Northern\n Lights Fund Trust (for series not affiliated with the Funds since 2007); Alternative Strategies Fund (since 2010); Northern Lights\n Fund Trust III (since 2012); and Northern Lights Variable Trust (since 2007).

Officers

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name,\n Address \n and Year of Birth	Position/Term\n of \n Office*	Principal\n Occupation During \n the Past Five Years	Number\n of Portfolios in \n Fund Complex** \n Overseen by Trustee	Other\n Directorships \n held by Trustee During \n the Past Five Years
Kevin\n E. Wolf \n Born in 1969	President,\n Principal Executive Officer Since June 2017	Executive\n Vice President, Head of Client Strategies (since 2025); Executive Vice President, Head of Fund Administration, and Product; Ultimus\n Fund Solutions, LLC (2020-April 2025);Vice President of The Ultimus Group, LLC (since 2019); Executive Vice President, Gemini Fund\n Services, LLC (2019-2020); President, Gemini Fund Services, LLC (2012-2019);Treasurer of the Trust (2006-June 2017).	N/A	N/A
Timothy\n Burdick \n Born in 1986	Vice\n President Since November 2023	Vice\n President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (since 2023); Vice President and Managing Counsel, Ultimus Fund\n Solutions, LLC (2022-2023); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019-2022).	N/A	N/A
James\n Colantino \n Born in 1969	Treasurer,\n Principal Accounting Officer Since June 2017	Senior\n Vice President Fund Administration, Ultimus Fund Solutions, LLC (since 2020); Senior Vice President Fund Administration, Gemini Fund\n Services, LLC (2012-2020); Assistant Treasurer of the Trust (2006-June 2017).	N/A	N/A
Stephanie\n Shearer \n Born in 1979	Secretary\n Since February 2017	Assistant\n Secretary of the Trust (2012-February 2017); Director, Ultimus Fund Solutions, LLC (since 2024); Associate Director, Ultimus Fund\n Solutions, LLC (2022- 2024); Manager of Legal Administration, Ultimus Fund Solutions (2020-2022); Manager of Legal Administration,\n Gemini Fund Services, LLC (2018-2020); Senior Paralegal, Gemini Fund Services, LLC (2013 - 2018).	N/A\n	N/A
Michael\n J. Nanosky \n Born in 1966	Chief\n Compliance Officer Since January 2021	Chief\nCompliance Officer, of the Trust (since January 2021); Vice President-Senior Compliance Officer, NLCS (since 2020); Vice President, Chief\nCompliance Officer for Williamsburg Investment Trust (2020-current); Senior Vice President-Chief Compliance Officer, PNC Funds (2014-2019).	N/A	N/A

\n\n

The\nterm of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

\n\n

As\nof September 30, 2026, the Trust was comprised of 67 active funds managed by unaffiliated investment advisers.\nThe term “Fund Complex” applies only to the Funds in the Trust advised by the Adviser. The Fund does not hold itself\nout as related to any other series within the Trust that is not advised by the Adviser.

Board\nCommittees

Audit\nCommittee

The\nBoard has an Audit Committee that consists of all the Trustees who are not “interested persons” of the Trust within the meaning\nof the 1940 Act. The Audit Committee’s responsibilities include: (i) recommending to the Board the selection, retention or termination\nof the Trust’s independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their\naudit; (iii) discussing with the independent auditors certain matters relating to the Trust’s financial statements, including any adjustment\nto such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic\nbasis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors\nany relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust’s independent\nauditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor’s independence;\nand (v) considering the comments of the independent auditors and management’s responses thereto with respect to the quality and adequacy\nof the Trust’s accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant\nto an Audit Committee Charter. The Audit Committee is responsible for seeking and reviewing nominee candidates for consideration as Independent\nTrustees as is from time to time considered necessary or appropriate. The Audit Committee generally will not consider shareholder nominees.\nThe Audit Committee is also responsible for reviewing and setting Independent Trustee compensation from time to time when considered\nnecessary or appropriate. During the past fiscal year, the Audit Committee held eleven meetings.

Nominating\nand Governance Committee

The\nNominating and Governance Committee nominates persons to serve as members of the Board, including Independent Trustees and “interested”\nTrustees, and assists in reviewing the Trust’s governance practices and standards. Messrs. Lanzen, Palancia and Taylor are the\nmembers of the Nominating and Governance Committee. Mr. Lanzen is the Chairperson of the Nominating and Governance Committee and presides\nat its meetings.

The\nNominating and Governance Committee reviews the experience, qualifications, attributes and skills of potential candidates for nomination\nor election by the Board. In evaluating a candidate for nomination or election as a Trustee, the Nominating and Governance Committee\ntakes into account the contribution that the candidate would be expected to make to

the diverse mix of experience, qualifications, attributes\nand skills that the Nominating and Governance Committee believes contribute to the oversight of the Trust’s affairs.

Compensation

As\nof January 1, 2025, each Trustee who is not affiliated\nwith the Trust or an investment adviser to any series of the Trust will receive a quarterly fee of $51,250, allocated among each of the\nvarious portfolios comprising the Trust and Northern Lights Variable Trust (together, the “Trusts”), a separate registrant\nthat shares a common board with the Trust, for his attendance at the regularly scheduled meetings of the Board, to be paid in advance\nof each calendar quarter, as well as reimbursement for any reasonable expenses incurred. In addition to which, the Chairman of the Board\nreceives a quarterly fee of $13,750 and the Audit Committee Chairman receives a quarterly fee of $10,000.

Prior\nto January 1, 2025, each Trustee who was not affiliated with the Trusts or an investment adviser to any series of the Trusts received\na quarterly fee of $50,000, allocated among each of the various portfolios comprising the Trusts. In addition to the quarterly fees and\nreimbursements, the Chairman of the Board previously received a quarterly fee of $13,750 and the Audit Committee Chairman receives a\nquarterly fee of $10,000.

Additionally,\nin the event a meeting of the Board other than its regularly scheduled meetings (a “Special Meeting”) is required, each Independent\nTrustee will receive a fee of $2,500 per Special Meeting, as well as reimbursement for any reasonable expenses incurred, to be paid by\nthe relevant series of the applicable Trust or its investment adviser depending on the circumstances necessitating the Special Meeting.

The\ntable below details the amount of compensation the Trustees received from the Fund during the fiscal year ended June 30, 2026.\nEach Independent Trustee attended all quarterly meetings during the period. The Trust does not have a bonus, profit sharing, pension\nor retirement plan.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n of the Trustee	Winton\n Managed \n Futures Trend \n Fund	Pension\n or \n Retirement Benefits \n Accrued as Part of \n Fund Expenses	Estimated\n \n Annual \n Benefits Upon \n Retirement	Total\n Compensation \n from Trust and Fund \n Complex* Paid to \n Directors
Anthony\n J. Hertl	$2,960	None	None	$2,960
Gary\n Lanzen	$2,493	None	None	$2,493
Mark\n H. Taylor	$2,648	None	None	$2,648
John\n V. Palancia	$2,493	None	None	$2,493
Mark\n D. Gersten	$2,493	None	None	$2,493
Mark\n Garbin*	$2,493	None	None	$2,493

\n\n

The\nterm “Fund Complex” includes the series of the Trust that are advised by the Adviser.

Trustee\nOwnership

The\nfollowing table indicates the dollar range of equity securities that each Trustee beneficially owned in the Fund as of December 31, 2025.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

NAME\n OF TRUSTEE	DOLLAR\n RANGE OF EQUITY \n SECURITIES IN THE FUND	AGGREGATE\n DOLLAR RANGE OF EQUITY \nSECURITIES IN ALL REGISTERED INVESTMENT \nCOMPANIES OVERSEEN BY TRUSTEE IN FAMILY OF \nINVESTMENT COMPANIES
Anthony\n J. Hertl	None	None
Gary\n Lanzen	None	None
Mark\n H. Taylor	None	None
John\n V. Palancia	None	None
Mark\n D. Gersten	None	None
Mark\n Garbin	None	$50,001-$100,000

Management\nOwnership

As\nof October 2, 2026, the Trustees and officers, as a group, owned less than 1.00% of the Fund’s outstanding shares and less\nthan 1.00% of the Fund Complex’s outstanding shares.

\n \n \n

CONTROL PERSONS AND PRINCIPAL\n HOLDERS

A\nprincipal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a fund. A control person\nis one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the\nexistence of control.

As\nof October 2, 2026, the following shareholders of record owned 5% or more of a Class of the outstanding shares of the Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

NAME\n & ADDRESS	SHARES	PERCENTAGE\n OF FUND
*Class\n A Shares*
UBS\n WM USA \n 1000 Harbor Blvd \n Weehawken, NJ 07086	122,018	18.72%
LPL\n Financial \n 4707 Executive Dr. \n San Diego, CA 94105	98,492	15.11%
Pershing\n LLC \n 1 Pershing Plaza \n Jersey City, NJ 07399	92,266	14.16%
Charles\n Schwab \n Special Custody A/C \n FBO Customers \n Attn Mutual Funds \n 211 Main Street \n San Francisco, CA 94105	46,253	7.10%
\n
*Class\n I Shares*
Charles\n Schwab \n 211 Main Street \n San Francisco, CA 94105	1,173,990	46.39%
NFS\n LLC FEBO \n 499 Washington Blvd \n Jersey City, NJ 07310	381,979	15.10%
LPL\n Financial \n 4707 Executive Drive \n San Diego, CA 92121	299,202	11.82%
UBS\n WM USA \n 1000 Harbor Blvd, 5^th Floor \n Weehawken, NJ 07086	156,931	6.20%

\n \n \n

INVESTMENT ADVISER

Investment\nAdviser and Advisory Agreement

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

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

Under\nthe Advisory Agreement, the Adviser, under the supervision of the Board, agrees to invest the assets of the Fund directly in accordance\nwith applicable law and the investment objective, policies and restrictions set forth in the Fund’s current Prospectus and SAI, and subject\nto such further limitations as the Trust may from time to time impose by reasonable written notice to the Adviser. The Adviser shall\nact as the investment adviser to the Fund and, as such shall, directly, (i) conduct statistical analysis of a variety of data inputs,\nincluding technical, i.e. data intrinsic to markets such as price, volume and open interest; and fundamental, i.e. data external to markets\nsuch as economic statistics, industrial and commodity data and public company financial data as it may deem necessary or useful in discharging\nits responsibilities hereunder, (ii) formulate a continuing program for the investment of the assets of the Fund in a manner consistent\nwith its investment objective, policies and restrictions, and (iii) determine from time to time instruments to be purchased, sold, retained\nor lent by the Fund, and implement those decisions, including the selection of entities with or through which such purchases, sales or\nloans are to be effected; provided, that the Adviser will place orders pursuant to its investment determinations either directly with\nthe issuer or with a broker or dealer and (a) will attempt to obtain the best price and execution of its orders in accordance with applicable\nlaw and the Adviser’s compliance policies and procedures, and (b) may nevertheless in its discretion purchase and sell portfolio\nsecurities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return\na higher commission or spread than may be charged by other brokers in accordance with applicable law.

Pursuant\nto 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\naverage daily net assets.

The\nAdviser has contractually agreed to limit the Fund’s operating expenses by reducing its fees and/or absorbing expenses of the Fund\nas described in the Fund Summary, until at least October 31, 2027 (unless terminated earlier by the Board of Trustees or as a result\nof the termination of the Adviser’s appointment as adviser to the Fund), to ensure the total Fund operating expenses after fee\nwaiver and reimbursement (exclusive of: (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired\nfund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments\n(including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold\nshort); (vi) taxes; (vii) expenses incurred in connection with any Fund merger or reorganization; and (viii) extraordinary expenses such\nas litigation expenses (which may include indemnification of Fund officers and Trustees, and contractual indemnification of Fund service\nproviders (other than the Adviser))) will not exceed 1.59% and 1.34% of average daily net assets attributable to Class A, and\nClass I shares respectively. All waived fees and absorbed/reimbursed expenses are subject to possible recoupment from the Fund in future\nyears on a rolling three-year basis (within the three years after the fees or expenses have been waived or reimbursed, as applicable)\nif such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Board, on 60 days\nwritten notice to the Adviser.

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

During\nthe fiscal year ended June 30, 2024, the Fund’s previous investment adviser (the “Previous Adviser”)\nearned $691,884 in advisory fees, of which $309,353 were waived, such that the Previous Adviser earned an annual advisory fee in an amount\nequal 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\ndaily net assets. During the fiscal year ended June 30, 2025, the Previous Adviser earned $441,499 in advisory fees, of which $287,923\nwere waived, such that the Previous Adviser earned an annual advisory fee in an amount equal to 1.15% of the Fund’s average daily\nnet assets, but received an annual advisory fee equal to 0.40% of the Fund’s average daily net assets. During the fiscal year\nended June 30, 2026, the Previous Adviser, earned $104,024 in advisory fees, of which $102,069 were waived, such that the Previous Adviser\nearned an annual advisory fee in an amount fees before waivers equal to 1.15% of the Fund’s average daily net assets. During the\nfiscal year ended June 30, 2026, the Adviser earned $163,105 in advisory fees, of which $163,105 were waived, such that the Adviser earned\nan annual advisory fee in an amount of fees before waivers equal to 1.00% of the Fund’s average daily net assets, but after waivers\nreceived an annual advisory fee equal to 0% of the Fund’s average daily net assets.

A\ndiscussion regarding the basis for the Board’s approval of the Advisory Agreement for the Fund will be available in the Fund’s\nForm N-CSR for the fiscal year ended December 31, 2025. Expenses not expressly assumed by the Adviser under the Advisory\nAgreement are paid by the Fund. Under the terms of the Advisory Agreement, the Fund is responsible for the payment of the following expenses\namong others: (a) the fees payable to the Adviser, (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser\nor Distributor (as defined under the section entitled “The Distributor”) (c) the fees and certain expenses of the Custodian\n(as defined under the section entitled “Custodian”) and Transfer and Dividend Disbursing Agent (as defined under the section\nentitled “Transfer Agent”), including the cost of maintaining certain required records of the Fund and of pricing the Fund’s\nshares, (d) the charges and expenses of legal counsel and independent accountants for the Fund, (e) brokerage commissions and any issue\nor transfer taxes chargeable to the Fund in connection with its securities transactions, (f) all taxes and corporate fees payable by\nthe Fund to governmental agencies, (g) the fees of any trade association and exchange membership of which the Fund may be a member, (h)\nthe cost of fidelity and liability insurance, (i) the fees and expenses involved in registering and maintaining registration of the Fund\nand of shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Fund’s registration\nstatements and

prospectuses for such purposes, (j) all expenses of shareholders and Trustees’ meetings (including travel expenses of\ntrustees and officers of the Trust who are directors, officers or employees of the Adviser) and of preparing, printing and mailing reports,\nproxy statements and prospectuses to shareholders in the amount necessary for distribution to the shareholders, (k) all fees and expenses\nrelated to the Fund’s data and technology services, including costs for obtaining, processing, and utilizing data (such as research,\nmarket, risk, and alternative data), and for technology infrastructure and tools (such as cloud services, hardware, software, and licensing)\nused in the operation of the Fund and in connection with investment activities and (l) litigation and indemnification expenses and other\nextraordinary expenses not incurred in the ordinary course of the Fund’s business.

The\nAdvisory Agreement continues in effect for two (2) years initially and thereafter shall continue from year to year provided such continuance\nis approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called\nfor 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\noutstanding shares of the Fund. The Advisory Agreement may be terminated without penalty on 60 days’ written notice by a vote of\na majority of the Trustees or by the Adviser, or by holders of a majority of that Fund’s outstanding shares. The Advisory Agreement\nshall terminate automatically in the event of its assignment.

Codes\nof Ethics

The\nTrust, the Adviser, and the Distributor each have adopted codes of ethics (each a “Code”) under Rule 17j-1 under the 1940\nAct that governs the personal securities transactions of their board members, officers and employees who may have access to current trading\ninformation of the Trust. Under the Code, the Trustees are permitted to invest in securities that may also be purchased by the Fund.

In\naddition, the Trust has adopted a Code, that applies only to the Trust’s executive officers to ensure that these officers promote professional\nconduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote (i) honest and ethical\nconduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;\n(ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to,\nthe SEC and in other public communications made by the Fund; (iii) compliance with applicable governmental laws, rule and regulations;\n(iv) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and (v) accountability\nfor adherence to the Code.

Proxy\nVoting Policies

The\nBoard has adopted Proxy Voting Policies and Procedures (“Policies”) on behalf of the Trust, which delegate the responsibility\nfor voting proxies to the Adviser or its designee, subject to the Board’s continuing oversight. The Policies require that the Adviser\nor its designee vote proxies received in a manner consistent with the Adviser’s proxy voting policy The Policies also require the\nAdviser or its designee to present to the Board, at least annually, the Adviser’s proxy policy or the proxy policies of the Adviser’s\ndesignee, and a record of each proxy voted by the Adviser or its designee on behalf of the Fund, including a report on the resolution\nof all proxies identified by the Adviser as involving a conflict of interest.

When\na proxy proposal raises a material conflict between the Adviser’s and the Fund’s interests, the Adviser will resolve the conflict by\nvoting in accordance with its policy guidelines. A copy of the Adviser’s proxy voting policy is attached hereto as Appendix A.

More\ninformation. Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent\n12-month period ended June 30 will be available (1) without charge, upon request, by calling the Fund at 1-877-772-5838 or sending an\nemail to Fulfillment@ultimusfundsolutions.com; (2) on or through the Fund’s website at www.wintonfunds.com and (3) on the SEC’s\nwebsite at www.sec.gov.

\n \n \n

THE DISTRIBUTOR

Northern\nLights Distributors, LLC, located at 4221 North 203^rd Street, Suite 100, Elkhorn, NE 68022 (the “Distributor”) serves\nas the principal underwriter and national distributor for the shares of the Trust pursuant to an underwriting agreement with the Trust\n(the “Underwriting Agreement”). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934\nand each state’s securities laws and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The offering\nof the Fund’s shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution\nof the Fund’s shares, will use reasonable efforts to facilitate the sale of the Fund’s shares.

The\nUnderwriting Agreement provides that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall\ncontinue 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\na 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\nfor the purpose of voting on such approval.

The\nUnderwriting Agreement may be terminated by the Fund at any time, without the payment of any penalty, by vote of a majority of the entire\nBoard 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\nthe Distributor at any time, without the payment of any penalty, on 60 days written notice to the Fund. The Underwriting Agreement will\nautomatically terminate in the event of its assignment.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fiscal\n Year Ended	Net\n Underwriting \n Discounts and \n Commissions	Compensation\n on \n Redemptions and \n Repurchases	Brokerage\n \n Commissions	Other\n \n Compensation*

June\n 30, 2024	$79	$0	$0	$0
June\n 30, 2025	$24	$0	$0	$0
June\n 30, 2026	$0	$0	$0	$0

\n\n

The\nDistributor received $10,807 ⁵ from the Adviser as compensation for its distribution services to the Fund.

The\nDistributor also receives 12b-1 fees from the Fund as described under the following section entitled “Rule 12b-1 Plan”.

Rule\n12b-1 Plans

The\nTrust has adopted a Master Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 under the 1940 Act for of the Fund’s\nClass A shares (the “Plan”) pursuant to which the Fund pays fees to the Distributor for providing distribution and/or shareholder\nservices to the Fund. Under the Plan, Class A shares of the Fund may pay an account maintenance fee for account maintenance services\nand/or distribution fee at an annual rate of 0.25% of the Fund’s average net assets attributable\nto the Class A shares as compensation for the Distributor providing account maintenance and distribution\nservices to shareholders. Such fees are to be paid by the Fund monthly, or at such other intervals, as the Board shall determine. Such\nfees shall be based upon the Class A share’s average daily net assets during the preceding month and shall be calculated\nand accrued daily. The Fund may pay fees to the Distributor at a lesser rate, as agreed upon by the Board and the Distributor. The Plan\nauthorizes payments to the Distributor as

compensation for providing account maintenance services to the Fund’s shareholders,\nincluding arranging for certain securities dealers or brokers, administrators and others (“Recipients”) to provide these services\nand paying compensation for these services.

The\nservices to be provided by Recipients may include, but are not limited to, the following: assistance in the offering and sale of the\nFund’s Class A shares and in other aspects of the marketing of the shares to clients or prospective clients of the Recipients;\nanswering routine inquiries concerning the Fund; assisting in the establishment and maintenance of accounts or sub-accounts in the\nFund and in processing purchase and redemption transactions; making the Fund’s investment plan and shareholder services available;\nand providing such other information and services to investors in shares of the Fund as the Distributor or the Trust, on behalf of\nthe Fund, may reasonably request. The distribution services shall also include any advertising and marketing services provided by or ⁵\nTBC arranged by the Distributor with respect to the Fund. The Adviser may be compensated by the Distributor for its distribution\nand marketing efforts.

The\nDistributor is required to provide a written report, at least quarterly to the Board, specifying in reasonable detail the amounts expended\npursuant to the Plan and the purposes for which such expenditures were made. Further, the Distributor will inform the Board of any Rule\n12b-1 fees to be paid by the Distributor to Recipients.

During\nthe fiscal year ended June 30, 2024, the Fund paid $20,220 for Class A shares, in distribution related fees pursuant to\nthe Plans. These distribution fees were allocated as follows:

\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Actual\n 12b-1 Expenditures Paid \n During the Fiscal Period Ended June 30, 2024
	Class\n A
Advertising/Marketing	None
Printing/Postage	None
Payment\n to distributor	$11,468
Payment\n to dealers	$8,670
Compensation\n to sales personnel	None
Other	$82
Total	$20,220

During\nthe fiscal year ended June 30, 2025, the Fund paid $13,610 for Class A shares in distribution related fees pursuant to\nthe Plans. These distribution fees were allocated as follows:

\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Actual\n 12b-1 Expenditures Paid \n During the Fiscal Period Ended June 30, 2025
	Class\n A
Advertising/Marketing	None
Printing/Postage	None
Payment\n to distributor	$8,122
Payment\n to dealers	$5,488
Compensation\n to sales personnel	None
Other	$0
Total	$13,610

During the fiscal year ended\nJune 30, 2026, the Fund paid $9,221 for Class A shares in distribution related fees pursuant to the Plans. These distribution fees were\nallocated as follows:

\n \n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Actual\n 12b-1 Expenditures Paid \n During the Fiscal Period Ended June 30, 2026
	Class\n A
Advertising/Marketing	None
Printing/Postage	None
Payment\n to distributor	$3,397
Payment\n to dealers	$3,426
Compensation\n to sales personnel	None
Other	$2,398
Total	$9,221

The\ninitial term of the Plan is one year and will continue in effect from year to year thereafter, provided such continuance is specifically\napproved at least annually by a majority of the Board of the Trust and a majority of the Trustees who are not “interested persons”\nof the Trust and do not have a direct or indirect financial interest in a Rule 12b-1 Plan (“Rule 12b-1 Trustees”) by votes\ncast in person at a meeting called for the purpose of voting on the Plan. The Plan may be terminated at any time by the Trust or the\nFund 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\nPlan may not be amended to materially increase the amount of the Distributor’s compensation to be paid by the Fund, unless such amendment\nis approved by the vote of a majority of the outstanding voting securities of the affected class of the Fund (as defined in the 1940\nAct). 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\ncast in person at a meeting called for the purpose of voting on the Plan. During the term of the Plan, the selection and\nnomination of Independent Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor\nwill 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\ndocument and for at least the first two years in an easily accessible place.

Any\nagreement related to the Plan will be in writing and provide that: (a) it may be terminated by the Trust or the Fund at any time\nupon sixty days’ written notice, without the payment of any penalty, by vote of a majority of the Rule 12b-1 Trustees, or by vote of\na majority of the outstanding voting securities of the Trust or Fund; (b) it will automatically terminate in the event of its assignment\n(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\nadoption only so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the\nRule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on such agreement.

\n \n \n \n \n

PORTFOLIO\n MANAGERS

Simon\nJudes of the Adviser serves as the Portfolio Manager of the Fund. As of June 30, 2026, Mr. Judes was responsible for the portfolio\nmanagement of the following types of accounts in addition to the Fund.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Simon\n Judes \n Other Accounts By \n Type	Total\n \n Number of \n Accounts \n by Account \n Type	Total\n Assets by Account Type	Number\n of \n Accounts by \n Type Subject to \n a Performance \n Fee	Total\n Assets by Account Type \n Subject to a Performance Fee
Registered\n Investment Companies	4	$473,984,382	0	$0
Other\n Pooled Investment Vehicles	46	$14,864,243,821	25	$7,449,569,478
Other\n Accounts	3	$1,069,341,682	3	$1,069,341,682

Conflicts\nof Interest

When\na Portfolio Manager has responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts\ncould include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For\ninstance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund or the Adviser, respectively,\nor it may receive a performance-based fee on certain accounts. As the business of the Fund and the Adviser may evolve over time, each\nof them may be exposed to new conflicts of interest in the future. The procedures to address conflicts of interest are described below\nwith respect to the Adviser.

The\nAdviser trades actively in the financial markets and engages in investment management and advisory activities on behalf of other investment\nfunds or accounts or clients. Each such fund or account may have different investment goals, objectives, strategies, parameters, and\nlevels of aggressiveness, leverage, and risk. In some cases, it will be appropriate for the Adviser to employ comparable trading approaches\nfor a number of different proprietary or client accounts or funds. In other cases, the Adviser may employ significantly different trading\napproaches for different accounts or funds. For example, the trading approaches that the Adviser employs in trading certain proprietary\nor client accounts or funds may include, but are not limited to, (i) employing investment strategies that are more or less speculative,\naggressive, or leveraged than those employed on behalf of other accounts or funds, or (ii) engaging in experimental trading or investment\nstrategies for only certain accounts or funds. The Adviser has adopted guidelines and procedures relating to all accounts and funds managed\nor advised by it that are designed, subject to different trading approaches being employed for different accounts or funds due to differences\nin investment objectives and risk tolerances, not to favor any account or fund managed or advised by it over any other account. Investment\nreturns experienced by the Fund may be substantially different from investment returns experienced by other accounts or funds managed\nor advised by the Adviser.

Allocation\nof Investment Opportunities. The Adviser and any of its affiliates or any person connected with the Adviser will invest in, directly\nor indirectly, or manage or advise other investment funds or accounts (including the Fund) which invest in assets that may also be purchased\nor 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\nconnected with them is under any obligation to offer investment opportunities of which any of them becomes aware to the Fund. These persons\nneed 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\nby any of them from any such transaction, but will allocate such opportunities on an equitable basis between the Fund and other clients.\nAdditionally, certain of these investment funds or accounts will pay more or less in fees than others and certain of these investment\nfunds or accounts may have allocated significantly larger amounts to trading by the

Adviser.\nWhile the Adviser might have a financial incentive to favor one account over an¹ other in its trading of accounts, it will\nnot knowingly or deliberately do this.

Time\nand Activity. The Adviser may have conflicts of interest in allocating its time and activity between the Fund and other clients,\nincluding other clients in which the Adviser may have a greater financial interest.

Order\nAggregation. All accounts managed and controlled by the Adviser are deemed to be aggregated for the purposes of applicable speculative\nposition limits. From time to time, the Adviser’s investment systems may have to be modified and the positions it holds or controls\nmay need to be capped or reduced to manage aggregate applicable position limits. If the application of position limits were to materially\naffect the Adviser’s investment decisions, it would attempt to modify its investment decision in such a way so as not to affect\ndisproportionately the performance of any one client account compared with that of any other account managed or controlled by the Adviser\nor its principals. In rendering investment advice, the Adviser will never knowingly or deliberately favor the account of one client over\nanother. Where applicable, the Adviser will allocate trades to participating accounts (i) in certain securities, at the average fill\nprice and (ii) otherwise, using a proprietary algorithm. The aim of this algorithm is to achieve an equitable allocation of the filled\nprices across all participating accounts. However, not all accounts beginning at the same time with the same level of funding will achieve\nthe same rates of return. One reason is that over the short-term, the Adviser’s algorithmic allocation system may result in some\naccounts receiving better fills than others.

Ownership\nof Securities

The\nfollowing table shows the dollar range of equity securities beneficially owned by the Portfolio Manager for the Fund as of June 30, 2026:

\n \n \n \n \n \n \n

Name\n of Portfolio Manger	Dollar\n Range of Equity \n Securities in the Fund
Simon\n Judes	None

\n \n \n \n \n

ORGANIZATION\n AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARY

The\nFund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is expected to invest the majority of its assets in commodities,\ncommodity contracts, commodity-linked derivative instruments, including swap agreements, derivative instruments such as futures, options\nand swaps linked to commodity investments and may also invest in other instruments in which the Fund is permitted to invest for cash\nmanagement purposes.

Please\nrefer to the section in this Statement of Additional Information titled “Tax Status – Wholly Owned Subsidiary” for information\nabout certain tax aspects of any Fund investment in a Subsidiary.

\n \n \n \n \n

ALLOCATION\n OF PORTFOLIO BROKERAGE

The\nAdviser are authorized by the Trustees to allocate the orders placed by them on behalf of the Fund to brokers or dealers who may, but\nneed not, provide research or statistical material or other services to the Fund or the Adviser for the Fund’s use. Such allocation is\nto be in such amounts and proportions as the Adviser may determine.

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

Brokers\nor dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another\nbroker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission is reasonable\nin relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage, the Adviser may\nselect brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser exercises\ninvestment discretion. Some of the services received as the result of the Fund’s transactions may primarily benefit accounts other\nthan the Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily\nbenefit the Fund.

For\nthe fiscal year ended June 30, 2024, the Fund paid brokerage commissions of $0. For the fiscal year ended June 30, 2025, the Fund paid\nbrokerage commissions of $0. For the fiscal year ended June 30, 2026, the Fund paid brokerage commissions of $23,280.

\n \n \n \n \n

PORTFOLIO\n TURNOVER

The\nFund’s portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year\nby the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from\nboth the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover\ninvolves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund. A 100%\nturnover rate would occur if all of the Fund’s portfolio securities were replaced once within a one-year period.\nFor the fiscal year ended June 30, 2025, the Fund’s portfolio turnover rate was 4%. For the fiscal year ended June 30, 2026,\nthe Fund’s portfolio turnover rate was 0%.

\n \n \n \n \n

OTHER\n SERVICE PROVIDERS

Fund\nAdministration, Fund Accounting and Transfer Agent Services

Ultimus\nFund Solutions, LLC, (“UFS”), which has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati,\nOH 45246, serves as administrator, fund accountant and transfer agent for the Fund pursuant to the Fund Services Agreement (the\n“Agreement”) with the Trust and subject to the supervision of the Board. UFS is primarily in the business of providing administrative,\nfund accounting and transfer agent services to retail and institutional mutual funds. UFS is an affiliate of the Distributor. UFS may\nalso provide persons to serve as officers of the Fund. Such officers may be directors, officers or employees of UFS or its affiliates.

Effective\nFebruary 1, 2019, NorthStar Financial Services Group, LLC, the parent company of Gemini Fund Services, LLC and its affiliated companies\nincluding Northern Lights Distributors, LLC and Northern Lights Compliance Services, LLC (“NLCS”)(collectively, the “Gemini\nCompanies”), sold its interest in the Gemini Companies to a third party private equity firm that contemporaneously acquired Ultimus\nFund Solutions, LLC (an independent mutual fund administration firm) and its affiliates (collectively, the “Ultimus Companies”).\nAs a result of these separate transactions,

the Gemini Companies and the Ultimus Companies are now indirectly owned through a common\nparent entity, The Ultimus Group, LLC.

The\nAgreement became effective on June 22, 2011 and remained in effect for two years from the applicable effective date for the Fund, and\nwill continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually\nby 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\nparty, provided that the Trust may not assign this agreement without the prior written consent of UFS. The Agreement provides that UFS\nshall be without liability for any action reasonably taken or omitted pursuant to the Agreement.

Under\nthe Agreement, UFS performs administrative services, including: (1) monitoring the performance of administrative and professional services\nrendered to the Trust by others service providers; (2) monitoring the Fund’s holdings and operations for post-trade compliance\nwith the Fund’s registration statement and applicable laws and rules; (3) preparing and coordinating the printing of semi-annual\nand annual financial statements; (4) preparing selected management reports for performance and compliance analyses; (5) preparing and\ndisseminating materials for and attending and participating in meetings of the Board; (6) determining income and capital gains available\nfor distribution and calculating distributions required to meet regulatory, income, and excise tax requirements; (7) reviewing the Trust’s\nfederal, state, and local tax returns as prepared and signed by the Trust’s independent public accountants; (8) preparing and maintaining\nthe Trust’s operating expense budget to determine proper expense accruals to be charged to the Fund to calculate its daily net asset\nvalue; (9) assisting in and monitoring the preparation, filing, printing and where applicable, dissemination to shareholders of amendments\nto the Trust’s Registration Statement on Form N-1A, periodic reports to the Trustees, shareholders and the SEC, notices pursuant\nto 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\nexaminations by assisting the Fund’s independent public accountants; (11) determining, in consultation with others, the jurisdictions\nin which shares of the Trust shall be registered or qualified for sale and facilitating such registration or qualification; (12) monitoring\nsales of shares and ensure that the shares are properly and duly registered with the SEC; (13) monitoring the calculation of performance\ndata for the Fund; (14) preparing, or cause to be prepared, expense and financial reports; (15) preparing authorizations for the payment\nof Trust expenses and pay, from Trust assets, all bills of the Trust; (16) providing information typically supplied in the investment\ncompany industry to companies that track or report price, performance or other information with respect to investment companies; (17)\nupon request, assisting the Fund in the evaluation and selection of other service providers, such as independent public accountants,\nprinters, EDGAR providers and proxy solicitors (such parties may be affiliates of UFS) and (18) performing other services, recordkeeping\nand assistance relating to the affairs of the Trust as the Trust may, from time to time, reasonably request.\t

For\nthe administrative services rendered to the Fund by UFS, the Fund pays UFS the greater of an annual minimum fee or an asset-based fee,\nwhich scales downward based upon net assets. The Fund also pays UFS for any out-of-pocket expenses. For\nthe fiscal year ended June 30, 2024, the Fund paid $63,513 for administrative fees. For the fiscal year ended June 30, 2025, the Fund\npaid $53,784 for administrative fees. For the fiscal year ended June 30, 2026, the Fund paid $65,281 for administrative fees.

UFS\nalso provides the Fund with accounting services, including: (i) daily computation of net asset value; (ii) maintenance of security ledgers\nand books and records as required by the 1940 Act; (iii) production of the Fund’s listing of portfolio securities and general ledger\nreports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintenance of certain\nbooks and records described in Rule 31a-1 under the 1940 Act, and reconciliation of account information and balances among the Fund’s\ncustodian and Adviser; and (vii) monitoring and evaluation of daily income and expense accruals, and sales and redemptions of shares\nof the Fund.

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

ended June 30, 2025, the Fund paid $19,619 for\nfund accounting fees. For the fiscal year ended June 30, 2026, the Fund paid $19,370 for fund accounting fees.

UFS\nalso acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to the Agreement. Under the Agreement,\nUFS is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and\nmaintaining necessary records in accordance with applicable rules and regulations.

For\ntransfer agency services rendered to the Fund under the Agreement, the Fund pays UFS an asset-based fee, which scales downward based\nupon net assets. The Fund also pay the Administrator for any out-of-pocket expenses. For the fiscal year\nended June 30, 2024, the Fund paid $52,780 for transfer agency fees. For the fiscal year ended June 30, 2025, the Fund paid $51,484 for\ntransfer agency fees. For the fiscal year ended June 30, 2026, the Fund paid $50,675 for transfer agency fees.

Custodian

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

Compliance\nServices

Northern\nLights Compliance Services, LLC, 4221 North 203^rd Street, Suite 100, Elkhorn, NE 68022, an affiliate of UFS and the Distributor,\nprovides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between NLCS\nand the Trust. NLCS’s compliance services consist primarily of reviewing and assessing the policies and procedures of the Trust\nand its service providers pertaining to compliance with applicable federal securities laws, including Rule 38a-1 under the 1940 Act.\nFor the compliance services rendered to the Fund, the Fund pays NLCS an annual fixed fee and an asset-based fee, which scales downward\nbased upon the Fund’s net assets. The Fund also pays NLCS for any out-of-pocket expenses. For\nthe fiscal year ended June 30, 2024, the Fund paid $20,483 for compliance service fees. For the fiscal year ended June 30, 2025, the\nFund paid $14,469 for compliance service fees. For the fiscal year ended June 30, 2026, the Fund paid $18,797 for compliance service\nfees.

\n \n \n

DESCRIPTION\n OF SHARES

Each\nshare of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust.\nThis 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\nchoose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders\nof 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\nor when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series or\nclasses. Matters such as election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of\nthe Trust voting without regard to series.

The\nTrust is authorized to issue an unlimited number of shares of beneficial interest. Each share has equal dividend, distribution and liquidation\nrights. There are no conversion or preemptive rights applicable to any shares of the Fund. All shares issued are fully paid and non-assessable.

\n \n \n \n \n

ANTI-MONEY\n LAUNDERING PROGRAM

The\nTrust has established an Anti-Money Laundering Compliance Program (the “Program”) as required by the Uniting and Strengthening\nAmerica by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”). To ensure\ncompliance with this law, the Trust’s Program provides for the development of internal practices, procedures and controls, designation\nof anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness\nof the Program.

Procedures\nto implement the Program include, but are not limited to, determining that the Fund’s Distributor and Transfer Agent have established\nproper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and providing a complete and thorough review\nof all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately\nverified under the provisions of the USA PATRIOT Act.

As\na result of the Program, the Trust may be required to “freeze” the account of a shareholder if the shareholder appears to be\ninvolved in suspicious activity or if certain account information matches information on government lists of known terrorists or other\nsuspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

\n \n \n \n \n

PURCHASE,\n REDEMPTION AND PRICING OF SHARES

Calculation\nof Share Price

As\nindicated in the Prospectus under the heading “How Fund Shares are Priced,” the NAV of the Fund’s shares is determined by dividing\nthe total value of the Fund’s portfolio investments and other assets, less any liabilities, by the total number of shares outstanding\nof the Fund.

Generally,\nthe Fund’s domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.)\nexchanges) are valued each day at the last quoted sales price on each security’s primary exchange. Securities traded or dealt in\nupon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale\nshall 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\nbetween the current bid and ask prices on such exchange. Securities primarily traded in the NASDAQ National Market System for which market\nquotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available,\nsecurities will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures approved\nby the Board and as further described below. Securities that are not traded or dealt in any securities exchange (whether domestic or\nforeign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or,\nin the absence of a sale, at the mean between the current bid and ask price on such over-the- counter market.

Certain\nsecurities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by\nthe Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied\nby a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to\nthe value of other securities with similar characteristics,

such as rating, interest rate and maturity. Short-term investments having\na maturity of 60 days or less may be generally valued at amortized cost when it approximated fair value.

Exchange\ntraded 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\non the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the\nexchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by\nthe Board or persons acting at their direction. Swap agreements and other derivatives are generally valued daily based upon quotations\nfrom market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under\ncertain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities\non a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied\nby the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets\nof comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent\npricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued\nat a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures.\nBecause foreign securities may trade on days when Fund shares are not priced, the value of securities held by the Fund can change on\ndays when Fund shares cannot be redeemed or purchased. In the event that a foreign security’s market quotations are not readily\navailable or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund’s\ncalculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with\nprocedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage\nof the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund’s portfolio securities can serve\nto reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund’s\nNAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed\non foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their\nshares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments\ninitially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.\nAs 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\nof securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly\non a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

The\nFund’s shares are valued at the close of regular trading on the NYSE (normally 4:00 p.m., Eastern Time) (the “NYSE Close”)\non 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\nday will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day. Domestic fixed\nincome and foreign fixed income securities are normally priced using data reflecting the earlier closing of the principal markets for\nthose securities.

The\nFund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid\nsecurities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued\nat their fair market value as determined using the “fair value” procedures approved by the Board. The Board has delegated\nthe Adviser as its “Valuation Designee” to execute these procedures. The Adviser may also enlist third party consultants\nsuch as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair\nvalue. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces\nreliable results.

Valuation\nProcess. Fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient\nor not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision\nof a price by the regular pricing source), (ii) securities for which, in the judgment of the Adviser the prices or values available do\nnot represent the fair value of the instrument. Factors which may cause the Adviser to make such a judgment include, but are not limited\nto, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency\nof sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation\nof trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof\nhas occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are\ntraded, but prior to the Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures\npools 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\nadjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded securities are valued via inputs\nfrom the Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably\nfamiliar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate\nunder the circumstances). If the Adviser is unable to obtain a current bid from such independent dealers or other independent parties,\nit shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase;\n(iii) the size and nature of the Fund’s holdings; (iv) the discount from market value of unrestricted securities of the same class\nat the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the\nnature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield\nof the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of\nsimilar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market\nvalue of any securities into which the security is convertible or exchangeable.

Standards\nFor Fair Value Determinations. As a general principle, the fair value of a security is the amount that the Fund might reasonably expect\nto realize upon its current sale. The Trust has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards\nCodification Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). In accordance with ASC 820, fair value is defined\nas the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal\nor most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data\nand minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs\nrefer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk,\nfor example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the\nrisk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect\nthe assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources\nindependent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the\nassumptions market participants would use in pricing the asset or liability developed based on the best information available in the\ncircumstances.

Various\ninputs are used in determining the value of the Fund’s investments relating to ASC 820. These inputs are summarized in the three\nbroad levels listed below.

Level\n1 – quoted prices in active markets for identical securities.

Level\n2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit\nrisk, etc.)

Level\n3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The\nAdviser takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history\n(if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that\ncould be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of the Fund with respect to\nthe valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds\nand 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\nresult from the use of data or formulae produced by independent third parties and (vii) the liquidity or illiquidity of the market for\nthe security.

Board\nDetermination

The\nBoard meets at least quarterly to consider the valuations provided by the Adviser and to ratify the valuations made for the applicable\nsecurities. The Board considers the reports provided by the Adviser, including follow up studies of subsequent market-provided prices\nwhen available, in reviewing and determining in good faith the fair value of the applicable portfolio securities.

The\nTrust expects that the holidays upon which the NYSE will be closed are as follows: New Year’s Day, Martin Luther King, Jr. Day, Presidents’\nDay, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Purchase\nof Shares

Orders\nfor 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\nis 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\nno sales charges apply) computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the\nclose 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\ntrading at the next determined net asset value per share plus sales charges, if any.

Notice\nto Texas Shareholders

Under\nsection 72.1021(a) of the Texas Property Code, initial investors in the Fund who are Texas residents may designate a representative to\nreceive notices of abandoned property in connection with Fund shares. Texas shareholders who wish to appoint a representative should\nnotify the Trust’s Transfer Agent by writing to the address below to obtain a form for providing written notice to the Trust:

Winton\nManaged Futures Trend Fund
\nc/o Ultimus Fund Solutions, LLC
\n225 Pictoria Drive, Suite 450
\nCincinnati, OH 45246

Redemption\nof Shares

The\nFund will redeem all or any portion of a shareholder’s shares of the Fund when requested in accordance with the procedures set forth\nin the “How to Redeem Shares” section of the Prospectus. Under the 1940 Act, a shareholder’s right to redeem shares and to\nreceive payment therefore may be suspended at times:

(a) when\nthe NYSE is closed, other than customary weekend and holiday closings;

(b) when\ntrading on that exchange is restricted for any reason;

(c) when\nan emergency exists as a result of which disposal by the Fund of securities owned is not reasonably practicable or it is not reasonably\npracticable for the Fund to fairly to determine the value of net assets,

provided that applicable rules and regulations of the SEC (or\nany succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or (c) exist; or

(d) when\nthe SEC, by order permits a suspension of the right to redemption or a postponement of the date of payment on redemption.

In\ncase of suspension of the right of redemption, payment of a redemption request will be made based on the net asset value next determined\nafter the termination of the suspension.

Supporting\ndocuments in addition to those listed under “How to Redeem Shares” in the Prospectus will be required from executors, administrators,\ntrustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but are not restricted\nto, stock powers, trust instruments, certificates of death, appointments as executor, and certificates of corporate authority and waiver\nof tax required in some states when settling estates.

\n \n \n \n \n

TAX\n STATUS

The\nfollowing discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications.\nAll shareholders should consult a qualified tax adviser regarding their investment in the Fund.

The\nFund intends to continue to qualify as regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended\n(the “Code”), which requires compliance with certain requirements concerning the sources of its income, diversification of\nits assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management\nor investment practices or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income\nor excise tax on its investment company taxable income or net capital gain, which are distributed to shareholders in accordance with\nthe applicable timing requirements. Investment company taxable income and net capital gain of the Fund will be computed in accordance\nwith Section 852 of the Code.

Investment\ncompany taxable income generally includes dividends and interest and other income, less certain allowable expenses, and it also includes\nany excess of net short-term capital gains over net long-term capital losses. Net capital gain (that is, any excess of net long-term\ncapital gains over net short-term losses for a fiscal year) is computed by taking into account any capital loss carryforward of the Fund.\nCapital losses incurred in tax years beginning after December 22, 2010 may now be carried forward indefinitely and retain the character\nof the original loss. Under previously enacted laws, capital losses could be carried forward to offset any capital gains for only eight\nyears, and carried forward as short-term capital losses, irrespective of the character of the original loss. Capital loss carryforwards\nare available to offset future realized capital gains. To the extent that these carryforwards are used to offset future capital gains\nit is probable that the amount offset will not be distributed to shareholders.

The\nFund intends to distribute all of its net investment company taxable income and net capital gain in accordance with the timing requirements\nimposed by the Code and therefore should not be required to pay any federal income or excise taxes. Distributions of investment company\ntaxable 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\ntypes of distributions will be in shares of the Fund unless a shareholder elects to receive cash. The Fund’s\nnet realized capital gains from securities transactions will be distributed only after reducing the gains by the amount of any available\ncapital loss carry forwards.

At\nJune 30, 2026, the Fund had capital loss carry forwards for federal income tax purposes available to offset future capital gains\nas follows:

\n \n \n \n \n \n \n \n \n \n \n

Short-Term			Long-Term			Total			CLCF Utilized
$	9,369,808			$	25,935,873			$	35,332,681			$	631,966

To\nbe treated as a regulated investment company under Subchapter M of the Code, the Fund must also (a) derive at least 90% of its gross\nincome from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and\ngains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from\noptions, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify\nits 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\ncash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation,\ngenerally 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\nthe outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities\nof (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers\nwhich the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities of certain\npublicly traded partnerships.

If\nthe Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation\nfor federal income tax purposes. As such, the Fund would be required to pay income taxes on its income at the rates generally applicable\nto corporations and distributions to shareholders would be treated as taxable dividends to the extent of current or accumulated earnings\nand profits of the Fund.

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

The\nFund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed\nformula contained in Section 4982 of the Code. The formula requires payment to shareholders during a calendar year of distributions representing\nat 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\nof its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income\nthat was neither distributed nor taxed to the Fund during the preceding calendar year. Under ordinary circumstances, the Fund expects\nto time its distributions so as to avoid liability for this tax.

The\nfollowing discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are\nIRAs or other qualified retirement plans generally are exempt from income taxation under the Code but should consult their own tax advisors\nabout the tax consequences of investing in the Fund, including potential taxation of unrelated business taxable income.

Distributions\nof taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders\nas ordinary income.

Distributions\nof investment company taxable income are generally taxable to shareholders as ordinary income or “qualified\ndividend income” (as described below).

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

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

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

A\nredemption of the Fund’s shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the\ndifference between the amount realized and the shareholder’s tax basis in his or her Fund’s shares. Such gain or loss is treated\nas a capital gain or loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six\nmonths 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\ndividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the\nextent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions\nof investment company taxable income and net capital gain will be taxable as described above, whether received in additional cash or\nshares. Shareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax\npurposes in each share so received equal to the net asset value of a share on the reinvestment date.

All\ndistributions of taxable investment company taxable income and net capital gain, whether received in shares or in cash, must be reported\nby each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December\nas 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\nof the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to\nthese reporting requirements.

Under\nthe Code, the Fund will be required to report to the Internal Revenue Service all distributions of investment company taxable income\nand capital gains as well as gross proceeds from the redemption or exchange of the Fund’s shares, except in the case of certain\nexempt shareholders. Under the backup withholding provisions of Section 3406 of the Code, distributions of taxable net investment\nincome and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject\nto withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer\nidentification numbers and with required certifications regarding their status under the federal income tax law, or if the Fund is notified\nby the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends.\nIf the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional\nshares, will be reduced by the amounts required to be withheld.

Other\nReporting and Withholding Requirements

Payments\nto a shareholder that is either a foreign financial institution (“FFI”) or a non-financial foreign entity (“NFFE”)\nwithin the meaning of the Foreign Account Tax Compliance Act (“FATCA”) may be subject to a generally nonrefundable 30% withholding\ntax on: (a) income dividends paid by the Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising\nfrom the sale of the Fund’s shares paid by the Fund after December 31, 2016. FATCA withholding tax generally can be avoided: (a)\nby an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS\nto, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held\nby 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\ndoes have such owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders\nto the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign\nentity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning\nits status under FATCA.

This\nsummary 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\nthe tax consequences of owning the Fund’s shares.

Options,\nFutures, Forward Contracts and Swap Agreements

To\nthe extent such investments are permissible for the Fund, the Fund’s transactions in options, futures contracts, hedging transactions,\nforward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale,\nstraddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause\nadjustments in the holding periods of the Fund’s securities, convert long-term capital gains into short-term capital gains and convert\nshort-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions\nto shareholders.

To\nthe extent such investments are permissible, certain of the Fund’s hedging activities (including its transactions, if any, in foreign\ncurrencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income.\nIf 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\nto the extent of the Fund’s remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter,\nas 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\nof a capital asset. If the Fund’s book income is less than taxable income, the Fund could be required to make distributions exceeding\nbook income to qualify as a regular investment company that is accorded special tax treatment.

Passive\nForeign Investment Companies

Investment\nby the Fund in certain “passive foreign investment companies” (“PFICs”) could subject the Fund to a U.S. federal\nincome tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares\nin the company, which tax cannot be eliminated by making distributions to the Fund’s shareholders. However, the Fund may elect\nto treat a PFIC as a “qualified electing fund” (“QEF election”), in which case the Fund will be required to include\nits share of the company’s income and net capital gains annually, regardless of whether they receives any distribution from the company.

The\nFund also may make an election to mark the gains (and to a limited extent losses) in such holdings “to the market” as though\nit 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\nas ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash)\nand increase the amount required to be distributed

for the Fund to avoid taxation. Making either of these elections therefore may require\nthe Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which\nalso may accelerate the recognition of gain and affect the Fund’s total return.

Foreign\nCurrency Transactions

The\nFund’s transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures\ncontracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss\nresults from fluctuations in the value of the foreign currency concerned.

Foreign\nTaxation

Income\nreceived by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax\ntreaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of\nthe Fund’s total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect\nto “pass through” to the Fund’s shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this\nelection is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends\nactually 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\ndeduction) 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\nhis or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares\n(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\nex-dividend date to be eligible to claim a foreign tax credit with respect to the dividend. No deduction for foreign taxes may be claimed\nby a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund’s taxable\nyear whether the foreign taxes paid by the Fund will “pass through” for that year.

Generally,\na 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\ntotal foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund’s income will flow\nthrough to shareholders of the Fund. With respect to the Fund, gains from the sale of securities generally will be treated as derived\nfrom U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities,\nreceivables and payables generally will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit\nis applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a\ncredit 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\nto offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not\ndeductible in computing alternative minimum taxable income.

Original\nIssue Discount and Pay-In-Kind Securities

Current\nfederal 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\nof the discount at which the security was originally issued, even though the holder receives no interest payment in cash on the security\nduring the year. In addition, other debt instruments, such as pay-in-kind securities may give rise to income under the original issue\ndiscount rules, which income is required to be distributed and is taxable even though the Fund holding the security receives no interest\npayment in cash on the security during the year.

Some\nof 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\nmay be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount (“OID”)\nis treated as interest income and is included in income over the term of

the debt security, even though payment of that amount is not\nreceived until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain\nhigh-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income\ntax purposes.

Some\nof 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\nin the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial\npayment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment,\ndoes not exceed the “accrued market discount” on such debt security. Market discount generally accrues in equal daily installments.\nThe Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character\nand timing of recognition of income.

Some\ndebt 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\nas having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Fund will be required to include\nthe acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until\na later time, usually when the debt security matures. The Fund may make one or more of the elections applicable to debt securities having\nacquisition discount, or OID, which could affect the character and timing of recognition of income.

The\nFund that holds the foregoing kinds of securities may be required to pay out as an income distribution each year an amount, which is\ngreater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the\nFund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains\nor losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive\na larger capital gain distribution, if any, than they would in the absence of such transactions.

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

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

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

Wholly\nOwned Subsidiary

The\nFund will invest a portion of its assets in the Subsidiary which will be classified as a corporation for U.S. federal income tax purposes.\nForeign corporations, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be\nengaged in a U.S. trade or business. It is expected that the Subsidiary will conduct its activities in a manner so as to meet the requirements\nof a safe harbor under Section 864(b)(2) of the Internal Revenue Code (the “Safe Harbor”) pursuant to which the Subsidiary,\nprovided it is not a dealer in stocks, securities or commodities, may engage in the following activities without being deemed to be engaged\nin a U.S. trade or business: (1) trading in stocks or securities (including contracts or options to buy or sell securities) for its own\naccount; and (2)

trading, for its own account, in commodities that are “of a kind customarily dealt in on an organized commodity\nexchange” if the transaction is of a kind customarily consummated at such place. Thus, the Subsidiary’s securities and commodities\ntrading activities should not constitute a U.S. trade or business. However, if certain of the Subsidiary’s activities were determined\nnot to be of the type described in the Safe Harbor or if the Subsidiary’s gains are attributable to investments in securities that constitute\nU.S. real property interests (which is not expected), then the activities of the Subsidiary may constitute a U.S. trade or business,\nor be taxed as such.

In\ngeneral, 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\n(or lower tax treaty rate), generally payable through withholding, on the gross amount of certain U.S.-source income that is not effectively\nconnected 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\nreduce this rate of withholding tax. Income subject to such a flat tax includes dividends and certain interest income. The 30 percent\ntax 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\ndeposits with U.S. banks. The 30 percent tax also does not apply to interest which qualifies as “portfolio interest.” The term\n“portfolio interest” generally includes interest (including original issue discount) on an obligation in registered form which\nhas been issued after July 18, 1984 and with respect to which the person, who would otherwise be required to deduct and withhold the\n30 percent tax, received the required statement that the beneficial owner of the obligation is not a U.S. person within the meaning of\nthe Internal Revenue Code. Under certain circumstances, interest on bearer obligations may also be considered portfolio interest.

The\nSubsidiary will be wholly-owned by the Fund. A U.S. person who owns (directly, indirectly or constructively) 10 percent or more of the\ntotal combined voting power of all classes of stock of a foreign corporation is a “U.S. Shareholder” for purposes of the controlled\nforeign corporation (“CFC”) provisions of the Internal Revenue Code. A foreign corporation is a CFC if, on any day of its taxable\nyear, more than 50 percent of the voting power or value of its stock is owned (directly, indirectly or constructively) by “U.S.\nShareholders.” 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.\nShareholder” and the Subsidiary a CFC. As a “U.S. Shareholder,” the Fund would be required to include in gross income\nfor United States federal income tax purposes all of its Subsidiary’s “subpart F income” (defined, in part, below), whether\nor not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary’s income would be “subpart F income.”\n“Subpart F income” generally includes interest, original issue discount, dividends, net gains from the disposition of stocks\nor securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar derivatives.\n“Subpart F income” also includes the excess of gains over losses from transactions (including futures, forward and similar\ntransactions) in any commodities. The Fund’s recognition of a Subsidiary’s “subpart F income” would increase the Fund’s tax\nbasis in the Subsidiary. Distributions by the Subsidiary to the Fund would be tax-free, to the extent of its previously undistributed\n“subpart F income,” and correspondingly reduce the Fund’s tax basis in the Subsidiary. “Subpart F income” is generally\ntreated as ordinary income, regardless of the character of the Subsidiary’s underlying income.

In\ngeneral, each “U.S. Shareholder” is required to file IRS Form 5471 with its U.S. federal income tax (or information) returns\nproviding information about its ownership of the CFC and the CFC. In addition, a “U.S. Shareholder” may in certain circumstances\nbe required to report a disposition of shares in a Subsidiary by attaching IRS Form 5471 to its U.S. federal income tax (or information)\nreturn that it would normally file for the taxable year in which the disposition occurs. In general, these filing requirements will apply\nto investors of the Fund if the investor is a U.S. person who owns directly, indirectly or constructively (within the meaning of Sections\n958(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\na foreign

corporation that is a CFC for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and\nwho owned that stock on the last day of that year.

\n \n \n \n \n

INDEPENDENT\n REGISTERED PUBLIC ACCOUNTING FIRM

The\nFund has selected Deloitte & Touche LLP, located at 695 Town Center Drive, Suite 1000, Costa Mesa, CA 92626, as its independent registered\npublic accounting firm for the current fiscal year providing services including (1) audit of annual financial statements, and (2) assistance\nand consultation in connection with SEC filings.

\n \n \n \n \n

LEGAL\n COUNSEL

Thompson\nHine LLP, 41 South High Street, Suite 1700, Columbus, Ohio 43215 serves as the Trust’s legal counsel.

\n \n \n \n \n

FINANCIAL\n STATEMENTS

The\naudited financial statements and report of the independent registered public accounting firm required to be included in this SAI are\nhereby incorporated by reference to the\nAnnual Financial Statements for the Fund for the fiscal year ended June 30, 2026. You can obtain a copy\nof the Annual Financial Statements without charge by calling the Fund at 1-877-772-5838.

\n \n \n \n \n

Appendix\n A: ADVISER’S PROXY VOTING POLICIES AND PROCEDURES

\n\n

Objective

\n\n

1.1

This\npolicy describes the proxy voting arrangements for Winton Capital Management Limited (“Winton” or the “Firm”).

\n\n

Policy\nStatement

\n\n

2.1

Winton\nhas authority to vote proxies on behalf of certain clients, including Winton titled funds and managed accounts (“Clients”),\nwhich have delegated voting authority to the Firm.

\n\n

Delegation\nof proxy voting authority

\n\n

3.1

When\nvoting proxies for Clients that have delegated such authority, Winton has engaged Institutional Shareholder Services (“ISS”),\nan unaffiliated service provider, to assist in the proxy voting process. Winton has instructed ISS to vote Client proxies consistent\nwith pre-set voting guidelines, specifically, the ISS Sustainability Policy. With respect to environmental, social and governance matters,\nthe ISS Sustainability Policy seeks to promote support for recognized global governing bodies promoting sustainable business practices\nadvocating for stewardship of environment, fair labour practices, non-discrimination, and the protection of human rights. Further information\non the ISS Sustainability Policy is available on request.

\n\n

3.2

Although\nWinton will generally rely on the recommendations of ISS, the Firm reserves the right to exercise its discretion in voting proxies and\nmay vote proxies in a manner other than that specifically set out by ISS if Winton determines that to do so is in clients’ best\ninterests.

\n\n

3.3

Winton\ndoes not anticipate any conflicts in its proxy voting practices. However, should such conflicts arise, Winton will seek to resolve them\nequitably. In the event that the Firm does exercise discretion in voting proxies, Winton’s Compliance Department will evaluate\nthe matter to be voted upon for any potential conflict of interest with Firm clients and maintain documentation related to the voting\ndecision.

\n\n

Situations\nwhere Winton does not vote proxies

\n\n

4.1

There\nmay be situations where Winton does not vote proxies, including but not limited to:

\n\n

●

The\ncost of voting a proxy outweighs the benefit of voting the proxy.

\n\n

●

There\nare legal encumbrances to voting, including blocking restrictions that preclude the ability to dispose of a security if Winton votes\na proxy, laws requiring the appointment of a local power of attorney to facilitate voting instructions, laws requiring Winton to obtain\nadditional consents from clients or beneficial owners to vote a proxy, or other cases where Winton is prohibited from voting by applicable\nlegal or market requirements.

\n\n

●

Winton\nhas not been provided sufficient time to process the voting of a proxy.

\n\n

●

Winton\nhas outstanding sell orders on a company’s shares, or otherwise intends to sell a company’s shares, prior to the company’s\nmeeting date.

\n\n

●

\nClients hold shares on a company’s record date but sells those shares prior to the company’s meeting date.

\n\n

4.2

Investors\nor clients may contact Winton to request the Firm’s proxy voting policy and procedures, information about ISS’ policy formulation\nprocess and a quarterly record of all proxy votes cast on behalf of clients.

\n\n

Due\nDiligence

\n\n

5.1

Compliance\nwill undertake annual due diligence of the services provided by ISS. This review will include, for example:

\n\n

●

Reviewing\nISS policies and procedures concerning potential conflicts of interest, independence and impartiality.

\n\n

●

Assess\ncapacity and competence to provide the service per Winton’s instructions.

\n\n

●

Consider\nany material changes to ISS which may impact the services provided.

\n\n

●

Review\nISS voting guidelines to ensure they remain designed to vote in Winton’s client’s best interests.

\n\n

●

Review\na sample of votes cast to ensure it has voted in compliance with its published and agreed guidelines.

Northern\nLights Fund Trust

PART\nC

OTHER\nINFORMATION

ITEM\n28. EXHIBITS.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(a)(1)	Agreement\n and Declaration of Trust dated January 19, 2005, as amended December 14, 2009, September 26, 2012 and June 25, 2019 previously filed\n on August 22, 2019 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,207, and hereby incorporated\n by reference.
(a)(2)	Certificate\n of Trust as filed with the State of Delaware on January 19, 2005. Previously filed on February 18, 2005 to the Registrant’s Registration\n Statement on Form N-1A, and hereby incorporated by reference.
(b)	By-Laws,\n effective as of January 19, 2005, as amended December 14, 2009, March 23, 2016, November 9, 2021 and February 9, 2023 previously\n filed on April 25, 2023 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1425, and hereby incorporated\n by reference.
(c)	Instruments\n Defining Rights of Security Holders. See Article III, “Shares” and Article V “Shareholders’ Voting Powers\n and Meetings” of the Registrant’s Agreement and Declaration of Trust. See also, Article II, “Meetings of Shareholders”\n of the Registrant’s By-Laws.
(d)(1)	Investment\n Advisory Agreement between the Registrant, with respect to the Adaptive Allocation Fund (previously known as Critical Math Fund),\n and Critical Math Advisors LLC, previously filed on January 30, 2006 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 8, and hereby incorporated by reference.
(d)(2)	Investment\n Advisory Agreement between the Registrant, with respect to The Biondo Growth Fund, and Biondo Investment Advisors, LLC, previously\n filed on April 24, 2006 to the Registrant’s Registration Statement in Post-Effective Amendment No. 11, and hereby incorporated\n by reference. Amended Investment Advisory Agreement to include The Biondo Focus Fund previously filed on January 14, 2010 to the\n Registrant’s Registration Statement in \n Post-Effective Amendment No. 121, and hereby incorporated by reference.
(d)(3)	Investment\n Advisory Agreement between the Registrant, with respect to the Changing Parameters Fund, and Changing Parameters, LLC, previously\n filed on January 12, 2007 to the Registrant’s Registration Statement in Post-Effective Amendment No. 16, and hereby incorporated\n by reference.
(d)(4)	Investment\n Advisory Agreement between the Registrant, with respect to the Pacific Financial Core Equity Fund, the Pacific Financial Explorer\n Fund, the Pacific Financial International Fund, the Pacific Financial Strategic Conservative Fund and the Pacific Financial Tactical\n Fund, and The Pacific Financial Group, LLC, previously filed on May 10, 2007 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 21, and hereby incorporated by reference.
(d)(5)	Investment\n Advisory Agreement between the Registrant, with respect to Sierra Core Retirement Fund and Wright Fund Management, LLC, previously\n filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated\n by reference.
(d)(6)	Investment\n Advisory Agreement between the Registrant, with respect to EAS Crow Point Alternatives Fund and Crow Point Partners, LLC, previously\n filed on October 27, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 883, and hereby incorporated\n by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(7)	Investment\n Advisory Agreement between the Registrant, with respect to KCM Macro Trends Fund and Kerns Capital Management, Inc., previously filed\n on October 11, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 542, and hereby incorporated\n by reference.
(d)(8)	Investment\n Advisory Agreement between the Registrant, with respect to the Wade Tactical L/S Fund and Wade Financial Group, previously filed\n on November 28, 2012 to the Registrant’s Registration Statement in Post-Effective Amendment No. 436, and hereby incorporated\n by reference.
(d)(9)	Investment\n Advisory Agreement between the Registrant, with respect to the Toews Hedged Core Frontier Fund and Toews Corporation previously filed\n on May 14, 2009 to the Registrant’s Registration Statement in Post-Effective Amendment No. 87, and hereby incorporated by reference.\n Amended Investment Advisory Agreement to include Toews Hedged Core W Fund, Toews Hedged High Yield Bond Fund, Toews Hedged Core L\n Fund and Toews Hedged Core S Fund previously filed on June 4, 2010 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 156, and hereby incorporated by reference. Amended Investment Advisory to include Toews Hedged Growth Allocation, Toews\n Unconstrained Income Fund and Toews Hedged Commodities Fund previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(d)(10)	Investment\n Advisory Agreement between the Registrant, with respect to the Leader Short Term Bond Fund and Leader Capital Corp., previously filed\n on October 20, 2008 to the Registrant’s Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated\n by reference. Amended Investment Advisory Agreement to include Leader Total Return Fund previously filed on June 30, 2010 to the\n Registrant’s Registration Statement in Post-Effective Amendment No. 162, and hereby incorporated by reference.
(d)(11)	Investment\n Advisory Agreement between Montebello Partners, LLC and the Registrant, with respect to the GMG Defensive Beta Fund previously filed\n on July 27, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 728, and hereby incorporated by\n reference.
(d)(12)	Investment\n Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to the BTS Bond Asset Allocation Fund previously\n filed on July 21, 2009 to the Registrant’s Registration Statement in Post-Effective Amendment No. 94, and hereby incorporated\n by reference.
(d)(13)	Investment\n Advisory Agreement between Astor Investment Management, LLC and the Registrant, with respect to the Astor Long/Short ETF Fund, the\n 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\n Declaration in Post-Effective Amendment No. 694, and hereby incorporated by reference.
(d)(14)	Investment\n Advisory Agreement between Equinox Fund Management, LLC and the Registrant, with respect to Equinox MutualHedge Futures Strategy\n Fund previously filed on January 22, 2010 to the Registrant’s Registration Statement in Post-Effective Amendment No. 122, and\n hereby incorporated by reference.
(d)(15)	Investment\n Advisory Agreement between Investment Partners Asset Management, Inc. and the Registrant, with respect to Investment Partners Opportunities\n Fund previously filed on October 30, 2009 to the Registrant’s Registration Statement in Post-Effective Amendment No. 111, and\n hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(16)	Amendment\n to the Investment Advisory Agreement between Princeton Fund Advisors, LLC and the Registrant, with respect to Princeton Futures Strategy\n Fund, filed previously filed on July 28, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 847,\n and hereby incorporated by reference.
(d)(17)	Sub-Advisory\n Agreement between Princeton Fund Advisors, LLC and 6800 Capital, LLC, with respect to the Princeton Futures Strategy Fund previously\n filed on May 28, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated\n by reference.
(d)(18)	Sub-Advisory\n Agreement between Princeton Fund Advisors, LLC and Congress Asset Management Company, LLP, with respect to the Princeton Futures\n Strategy Fund previously filed on October 9, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 540, and hereby incorporated by reference.
(d)(19)	Investment\n Advisory Agreement between Chadwick & D’Amato, LLC and the Registrant, with respect to Chadwick & D’Amato Fund\n previously filed on June 10, 2010 to the Registrant’s Registration Statement in Post-Effective Amendment No. 157, and hereby\n incorporated by reference.
(d)(20)	Investment\n Advisory Agreement between 13D Management, LLC and the Registrant, with respect to 13D Activist Fund previously filed on December\n 29, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 345, and hereby incorporated by reference.
(d)(21)	Investment\n Advisory Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to Altegris Managed Futures Strategy Fund,\n Altegris Macro Strategy Fund, Altegris Futures Evolution Fund, Altegris Equity Long Short Fund, Altegris Fixed Income Long Short\n Fund, Altegris Multi-Strategy Alternatives Fund and Altegris GSA Trend Strategy Fund previously filed on April 19, 2017 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 960, and hereby incorporated by reference.
(d)(22)	Investment\n Advisory Agreement between W.E. Donoghue & Co., Inc. and the Registrant, with respect to Power Income Fund previously filed on\n August 27, 2010 to the Registrant’s Registration Statement in Post-Effective Amendment No. 170, and hereby incorporated by\n reference.
(d)(23)	Investment\n Advisory Agreement between Portfolio Strategies, Inc. and the Registrant, with respect to PSI Market Neutral Fund, PSI Total Return\n Fund, PSI Strategic Growth Fund and PSI Tactical Growth Fund previously filed on August 27, 2010 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 170, and hereby incorporated by reference.
(d)(24)	Investment\n Advisory Agreement between CWC Advisors, LLC and the Registrant, with respect to CWC Small Cap Aggressive Value Fund previously filed\n on November 30, 2010 to the Registrant’s Registration Statement in Post-Effective Amendment No. 186, and hereby incorporated\n by reference.
(d)(25)	Investment\n Advisory Agreement between Traub Capital Management, LLC and the Registrant, with respect to The FX Strategy Fund previously filed\n on January 20, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 201, and hereby incorporated\n by reference.
(d)(26)	Investment\n Advisory Agreement between TransWestern Capital Advisors, LLC and the Registrant, with respect to TransWestern Institutional Short\n Duration Government Bond Fund previously filed on December 2, 2010 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 187, and hereby incorporated by reference. Amendment to the Investment Advisory Agreement between TransWestern Capital\n Advisors, LLC, and the Registrant, with respect to TransWestern Institutional Short Duration Government Bond Fund previously filed\n on April 25, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 601, and hereby incorporated by\n reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(27)	Investment\n Sub-Advisory Agreement between TransWestern Capital Advisors, LLC and Loomis, Sayles & Company, L.P., with respect to TransWestern\n Institutional Short Duration Government Bond Fund previously filed on December 2, 2010 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 187, and hereby incorporated by reference.
(d)(28)	Investment\n Advisory Agreement between Logan Circle Partners, L.P., and the Registrant, with respect to Fortress Long/Short Credit Fund previously\n filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated\n by reference.
(d)(29)	Investment\n Advisory Agreement between Beech Hill Advisors, Inc., and the Registrant, with respect to Beech Hill Total Return Fund previously\n filed on January 5, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 196, and hereby incorporated\n by reference.
(d)(30)	Investment\n Advisory Agreement between Clark Capital Management Group, Inc., and the Registrant, with respect to Navigator Equity Hedged Fund\n previously filed on November 30, 2010 to the Registrant’s Registration Statement in Post-Effective Amendment No. 186, and hereby\n incorporated by reference.
(d)(31)	Investment\n Advisory Agreement between Knollwood Investment Advisors, LLC, and the Registrant, with respect to Grant Park Managed Futures Strategy\n Fund previously filed on March 1, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 226, and\n hereby incorporated by reference.
(d)(32)	Transfer\n and Assumption Agreement between Knollwood Investment Advisors, LLC, and Dearborn Capital Management, L.L.C., with respect to the\n Investment Advisory Agreement specific as to the Grant Park Managed Futures Strategy Fund previously filed on May 31, 2013 to the\n Registrant’s Registration Statement in Post-Effective Amendment No. 491, and hereby incorporated by reference.
(d)(33)	Investment\n Advisory Agreement between Risk Paradigm Group, LLC, and the Registrant, with respect to Diversified Risk Parity Fund previously\n filed on April 21, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 240, and hereby incorporated\n by reference.
(d)(34)	Investment\n Advisory Agreement between Genesis Capital LLC, and the Registrant, with respect to Granite Harbor Alternative Fund and Granite Harbor\n Tactical Fund previously filed on April 21, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 240, and hereby incorporated by reference.
(d)(35)	Investment\n Advisory Agreement between Zeo Capital Advisors, LLC and the Registrant, with respect to Zeo Short Duration Income Fund previously\n filed on May 27, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 261, and hereby incorporated\n by reference. First Amendment to Investment\n Advisory Agreement between Zeo Capital Advisors, LLC and the Registrant, with respect to Zeo Short Duration Income Fund previously\n filed on July 26, 2019 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated\n by reference.
(d)(36)	Investment\n Advisory Agreement between Giralda Advisors, LLC, and the Registrant, with respect to The Giralda Fund previously filed on May 4,\n 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 245, and hereby incorporated by reference.
(d)(37)	Investment\n Advisory Agreement between Van Hulzen Asset Management, LLC and the Registrant, with respect to Iron Horse Fund previously filed\n on March 3, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 595, and hereby incorporated by\n reference.
(d)(38)	Investment\n Advisory Agreement between Makefield Capital Management, LLC and the Registrant, with respect to Makefield Managed Futures Strategy\n Fund, previously filed on December 23, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 571,\n and hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(39)	Investment\n Advisory Agreement between Ascendant Advisors, LLC and the Registrant, with respect to Ascendant Balanced Fund, Ascendant Natural\n Resources Fund, Ascendant Deep Values Convertible Fund and Patriot Fund previously filed on January 27, 2014 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 580, and hereby incorporated by reference.
(d)(40)	Investment\n Advisory Agreement between Winch Advisory Services, LLC and the Registrant, with respect to Ginkgo Multi-Strategy Fund previously\n filed on July 19, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 282, and hereby incorporated\n by reference.
(d)(41)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Doubleline Capital LP, with respect to Altegris Futures Evolution Strategy\n Fund previously filed on October 19, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 318, and\n hereby incorporated by reference.
(d)(42)	Investment\n Advisory Agreement between Risk Paradigm Group, LLC and the Registrant, with respect to RPG Emerging Market Sector Rotation Fund\n previously filed on November 28, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 337, and hereby\n incorporated by reference.
(d)(43)	Investment\n Sub-Advisory Agreement between Risk Paradigm Group, LLC and F-Squared Institutional Advisors, LLC, with respect to RPG Emerging Market\n Sector Rotation Fund previously filed on October 9, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 540, and hereby incorporated by reference.
(d)(44)	Investment\n Advisory Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Tactical Futures Strategy\n Fund previously filed on March 12, 2012 to the Registrant’s Registration Statement in Post-Effective Amendment No. 363, and\n hereby incorporated by reference.
(d)(45)	Investment\n Sub-Advisory Agreement between CMG Capital Management Group, Inc. and Scotia Partners, LLC, with respect to the CMG Tactical Futures\n Strategy Fund previously filed on March 12, 2012 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 363, and hereby incorporated by reference.
(d)(46)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Harvest Capital Strategies, LLC, with respect to the Altegris Equity\n Long Short Fund previously filed on October 15, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 543, and hereby incorporated by reference.
(d)(47)	Investment\n Advisory Agreement between Wright Fund Management, LLC and the Registrant, with respect to the Sierra Tactical Core Income Fund previously\n filed on December 21, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 343, and hereby incorporated\n by reference.
(d)(48)	Investment\n Advisory Agreement between Princeton Fund Advisors, LLC, Eagle Global Advisors, LLC and the Registrant, with respect to the Eagle\n Energy Infrastructure Fund previously filed on October 15, 2013 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 543, and hereby incorporated by reference.
(d)(49)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Visium Asset Management LP, with respect to the Altegris Equity Long\n Short Fund previously filed on October 15, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 543, and hereby incorporated by reference.
(d)(50)	Investment\n Advisory Agreement between Princeton Fund Advisors, LLC and the Registrant, with respect to the Sandalwood Opportunity Fund previously\n filed on October 15, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 543, and hereby incorporated\n by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(51)	Investment\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Sandalwood Securities, Inc., with respect to the Sandalwood Opportunity\n Fund previously filed on October 15, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 543, and\n hereby incorporated by reference.
(d)(52)	Investment\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Deer Park Road Management, LP, with respect to the Sandalwood Opportunity\n Fund previously filed on January 13, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 658, and\n hereby incorporated by reference.
(d)(53)	Investment\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Acuity Capital Management, LLC, with respect to the Sandalwood Opportunity\n Fund previously filed on November 20, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 561,\n and hereby incorporated by reference.
(d)(54)	Investment\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and MidOcean Credit Fund Management, L.P., with respect to the Sandalwood\n Opportunity Fund previously filed on April 7, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 598, and hereby incorporated by reference.
(d)(55)	Interim\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Whippoorwill Capital Management LP, with respect to the Sandalwood\n Opportunity Fund previously filed on July 28, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 729, and hereby incorporated by reference.
(d)(56)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and RockView Management, LLC, with respect to the Altegris Fixed Income\n Long Short Fund previously filed on December 17, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 570, and hereby incorporated by reference.
(d)(57)	Investment\n Advisory Agreement between The Pacific Financial Group, LLC and the Registrant, with respect to the Pacific Financial Alternative\n Strategies Fund, Pacific Financial Flexible Growth & Income Fund, Pacific Financial Balanced Fund, Pacific Financial Foundational\n Asset Allocation Fund, Pacific Financial Faith & Values Based Moderate Fund, Pacific Financial Faith & Values Based Conservative\n Fund and Pacific Financial Faith & Values Based Diversified Growth Fund previously filed on December 17, 2013 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 570, and hereby incorporated by reference.
(d)(58)	Investment\n Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to the BTS Hedged Income Fund previously filed\n on February 12, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 459, and hereby incorporated\n by reference.
(d)(59)	Investment\n Advisory Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Global Equity Fund and\n CMG Managed High Yield Fund previously filed on May 1, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 485, and hereby incorporated by reference.
(d)(60)	Investment\n Sub-Advisory Agreement between CMG Capital Management Group, Inc. and Alpha Simplex Group, LLC, with respect to the CMG Global Equity\n Fund previously filed on October 29, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 648, and\n hereby incorporated by reference.
(d)(61)	Investment\n Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to the BTS Tactical Fixed Income Fund previously\n filed on December 17, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 570, and hereby incorporated\n by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(62)	Assignment\n and Consent between the Registrant, Emerald Asset Advisors, LLC and Crow Point Partners, LLC previously filed on March 7, 2013 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 469, and hereby incorporated by reference.
(d)(63)	Advisory\n Fee Waiver between Traub Capital Management, LLC. and the Registrant, with respect to The FX Strategy Fund previously filed on April\n 30, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 480, and hereby incorporated by reference.
(d)(64)	Investment\n Advisory Agreement between Giralda Advisors, LLC and the Registrant, with respect to The Giralda Fund previously filed on May 30,\n 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 488, and hereby incorporated by reference.
(d)(65)	Investment\n Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator Duration Neutral Bond\n Fund previously filed on December 23, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 571,\n and hereby incorporated by reference.
(d)(66)	Investment\n Sub-Advisory Agreement between Clark Capital Management Group, Inc. and Main Point Advisors, Inc., with respect to the Navigator\n Duration Neutral Bond Fund previously filed on December 23, 2013 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 571, and hereby incorporated by reference.
(d)(67)	Interim\n Investment Advisory Agreement between Probabilities Fund Management, LLC and Registrant with respect to the Probabilities Fund previously\n filed on December 31, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated\n by reference.
(d)(68)	Investment\n Advisory Agreement between W.E. Donoghue & Co., Inc. and the Registrant, with respect to the Power Dividend Index Fund previously\n filed on October 11, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 542, and hereby incorporated\n by reference.
(d)(69)	Advisory\n Fee Waiver Agreement between Van Hulzen Asset Management, LLC and the Registrant, with respect to Iron Horse Fund previously filed\n on July 25, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 507, and hereby incorporated by\n reference.
(d)(70)	Investment\n Advisory Agreement between Portfolio Strategies, Inc. and the Registrant, with respect to the PSI Calendar Effects Fund previously\n filed on December 23, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 571, and hereby incorporated\n by reference.
(d)(71)	Investment\n Advisory Agreement between Dearborn Capital Management L.L.C. and the Registrant, with respect to the Grant Park Multi-Alternative\n Strategy Fund previously filed on December 17, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 570, and hereby incorporated by reference.
(d)(72)	Investment\n Advisory Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to the Altegris/AACA Real Estate Long Short\n previously filed on December 23, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 571, and hereby\n incorporated by reference.
(d)(73)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and American Assets Investment Management, LLC, with respect to Altegris/AACA\n Real Estate Long Short Fund previously filed on March 3, 2014 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 595, and hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(d)(74)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and J.P. Morgan Investment Management, Inc., with respect to Altegris Macro\n Strategy Fund and Altegris Managed Futures Strategy Fund previously filed on October 28, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 551, and hereby incorporated by reference.
(d)(75)	Investment\n Advisory Agreement between Genesis Capital, LLC, with respect to Anchor Alternative Income Fund previously filed on January 24, 2014\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 578, and hereby incorporated by reference.
(d)(76)	Investment\n Sub-Advisory Agreement between Genesis Capital, LLC and Anchor Capital Management, Group, Inc., with respect to Anchor Alternative\n Income Fund previously filed on January 24, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 578, and hereby incorporated by reference.
(d)(77)	Investment\n Advisory Agreement between Giralda Advisors, LLC and the Registrant, with respect to the Giralda Risk-Managed Growth Fund previously\n filed on February 24, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 593, and hereby incorporated\n by reference.
(d)(78)	Investment\n Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to the Navigator Sentry Managed\n Volatility Fund previously filed on February 3, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 591, and hereby incorporated by reference.
(d)(79)\n	Investment\n Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to the Navigator Tactical Fixed\n Income Fund previously filed on July 11, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 614,\n and hereby incorporated by reference. Fifth\n Amendment to Investment Advisory Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator\n Tactical Fixed Income Fund previously filed on August 9, 2019 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1205, and hereby incorporated by reference.
(d)(80)	Investment\n Advisory Agreement between Astor Investment Management, LLC and the Registrant, with respect to the Astor Macro Alternative Fund\n previously filed on April 15, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 697, and hereby\n incorporated by reference.
(d)(81)	Investment\n Sub-Advisory Agreement between Dearborn Capital Management and EMC Capital Management, with respect to Grant Park Multi-Alternative\n Strategies Fund filed on January 26. 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1450\n and hereby incorporated by reference.
(d)(82)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Chilton Investment Company, with respect to the Altegris Equity Long\n Short Fund previously filed on August 22, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 625,\n and hereby incorporated by reference.
(d)(83)	Investment\n Advisory Agreement between the Registrant and Leader Capital Corp., with respect to Leader Global Bond Fund previously filed on July\n 27, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 728, and hereby incorporated by reference.
(d)(84)	Investment\n Advisory Agreement between the Registrant and Genesis Capital LLC, with respect to Anchor Tactical Municipal Fund previously filed\n on April 15, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by\n reference.
(d)(85)	Investment\n Sub-Advisory Agreement between Genesis Capital LLC and Anchor Capital Management Group, Inc., with respect to the Anchor Tactical\n Municipal Fund previously filed on May 28, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 720, and hereby incorporated by reference.

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(d)(86)	Investment\n Advisory Agreement between the Registrant and Princeton Fund Advisors, LLC with respect to the Athena Behavioral Tactical Fund previously\n filed on May 28, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated\n by reference.
(d)(87)	Investment\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and AthenaInvest Advisors LLC, with respect to the Athena Behavioral\n Tactical Fund previously filed on October 12, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 881, and hereby incorporated by reference.
(d)(88)\n	Amendment\n to the Investment Advisory Agreement between CMG Capital Management Group, Inc., and Registrant with respect to the CMG Tactical\n Bond Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659,\n and hereby incorporated by reference.
(d)(89)\n	Amendment\n to the Investment Advisory Agreement between CMG Capital Management Group, Inc., and Registrant with respect to the CMG Global Equity\n Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and\n hereby incorporated by reference.
(d)(90)\n	Amendment\n to the Investment Advisory Agreement between BTS Asset Management, Inc. and Registrant with respect to the BTS Hedged Income Fund\n previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby\n incorporated by reference.
(d)(91)\n	Amendment\n to the Investment Advisory Agreement between Ascendant Advisors, LLC, and Registrant with respect to the Ascendant Deep Value Convertibles\n Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and\n hereby incorporated by reference.
(d)(92)\n	Amendment\n to the Investment Advisory Agreement between Genesis Capital LLC, and Registrant with respect to the Granite Harbor Alternative Fund\n and Granite Harbor Tactical Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 659, and hereby incorporated by reference.
(d)(93)\n	Amendment\n to the Investment Advisory Agreement between W.E. Donoghue & Co. Inc., and Registrant with respect to the Power Income Fund previously\n filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated\n by reference.
(d)(94)\n	Amendment\n to the Investment Advisory Agreement between Clark Capital Management Group, Inc. and Registrant with respect to the Navigator Duration\n Neutral Bond Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 659, and hereby incorporated by reference.
(d)(95)	Amendment\n to the Investment Advisory Agreement between BTS Asset Management, Inc. and Registrant with respect to the BTS Tactical Fixed Income\n Fund previously filed on March 9, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 693, and\n hereby incorporated by reference.
(d)(96)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and MAST Capital Management, LLC, with respect to the Altegris Fixed Income\n Long Short Fund previously filed on April 15, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 697, and hereby incorporated by reference.
(d)(97)\n	Investment\n Advisory Agreement between Ladenburg Thalmann Asset Management, Inc. and Registrant with respect to the Ladenburg Aggressive Growth\n Fund, Ladenburg Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Income & Growth Fund and Ladenburg Income Fund previously\n filed on September 1, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No, 749, and hereby incorporated\n by reference.

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(d)(98)\n	Investment\n Advisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park Total Return Credit Fund previously\n filed on September 8, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 750, and hereby incorporated\n by reference.
(d)(99)\n	Investment\n Advisory Agreement between Dearborn Capital Management, LLC and Registrant with respect to Grant Park Absolute Return Fund and Grant\n Park Fixed Income Fund previously filed on April 30, 2015 to the Registrant’s Registration Statement and hereby incorporated\n by reference.
(d)(100)\n	Investment\n Sub-Advisory Agreement between Dearborn Capital Management, LLC and Revolution Capital Management, LLC previously filed on August\n 7, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 734, and hereby incorporated by reference.
(d)(101)	Investment\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Deer Park Road Management Company, LP, with respect to Deer Park\n Total Return Credit Fund previously filed on October 23, 2015 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 762, and hereby incorporated by reference.
(d)(102)\n	Investment\n Sub-Advisory Agreement between Dearborn Capital Management, LLC and Middleton Dickinson Capital Management, LLC, with respect to\n Grant Park Fixed Income Fund previously filed on July 31, 2015 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 737, and hereby incorporated by reference.
(d)(103)\n	Advisory\n Fee Waiver Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Fixed Income Fund previously\n filed on January 25, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 923, and hereby incorporated\n by reference.
(d)(104)	Investment\n Advisory Agreement between Altegris Advisors, L.L.C. and Registrant with respect to AFES Fund Limited, previously filed on October\n 27, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 768, and hereby incorporated by reference.
(d)(105)	Investment\n Advisory Agreement between Altegris Advisors, L.L.C. and Registrant with respect to AGMS Fund Limited, previously filed on October\n 27, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 768, and hereby incorporated by reference.
(d)(106)	Investment\n Advisory Agreement between Altegris Advisors, L.L.C. and Registrant with respect to AMFS Fund Limited, previously filed on October\n 27, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 768, and hereby incorporated by reference.
(d)\n (107)	Amendment\n to the Investment Advisory Agreement between Dearborn Capital Management, Inc. and Registrant with respect to the Grant Park Managed\n Futures Strategy previously filed on December 31, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 789, and hereby incorporated by reference.
(d)\n (108)	Amendment\n to the Investment Advisory Agreement between The Pacific Financial Group, LLC and Registrant with respect to the Pacific Financial\n Strategic Conservative Fund previously filed on December 31, 2015 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 789, and hereby incorporated by reference.
(d)\n (109)	Amendment\n to the Investment Advisory Agreement between Genesis Capital, LLC and Registrant with respect to the Armor Alternative Fund previously\n filed on December 31, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated\n by reference.

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(d)\n (110)	Amendment\n to the Investment Advisory Agreement between Giralda Advisors, LLC and Registrant with respect to the Giralda Risk Managed Fund previously\n filed on December 31, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated\n by reference.
(d)\n (111)	Amendment\n to the Investment Advisory Agreement between Clark Capital Management Group, Inc. and Registrant with respect to the Navigator Duration\n Neutral Bond Fund previously filed on January 28, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 791, and hereby incorporated by reference.
(d)\n (112)	Investment\n Advisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to Princeton Premium Fund previously filed on\n November 2, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 887, and hereby incorporated by\n reference.
(d)(113)	Investment\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Horse Cove Partners, LLC, with respect to Princeton Premium Fund\n previously filed on November 2, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 887, and hereby\n incorporated by reference.
(d)(114)	Investment\n Advisory Agreement between W.E Donoghue & Co. Inc., and Power Momentum Index Fund previously filed on May 26, 2016 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 833, and hereby incorporated by reference.
(d)(115)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Convector Capital Management, LP with respect to the Altegris Equity\n Long Short Fund previously filed on April 29, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 821, and hereby incorporated by reference.
(d)(116)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Cramer Rosenthal McGlynn LLC with respect to the Altegris Equity Long\n Short Fund previously filed on June 6, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 836,\n and hereby incorporated by reference.
(d)\n (117)	Interim\n Sub-Advisory Agreement between Princeton Fund Advisors, LLC and Shelton Capital Management, with respect to the Sandalwood Opportunity\n Fund previously filed on July 28, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 847, and\n hereby incorporated by reference.
(d)(118)	Investment\n Advisory Agreement between Altegris Advisors, L.L.C., and Altegris GSA Trend Strategy Fund previously filed on January 25, 2017 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 923, and hereby incorporated by reference.
(d)(119)	Investment\n Advisory Agreement between Princeton Fund Advisors, LLC, and Princeton Long/Short Treasury Fund previously filed on March 10, 2017\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 953, and hereby incorporated by reference.
(d)(120)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Centurion Investment Management, LLC with respect to the Altegris Managed\n Futures Strategy Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 968, and hereby incorporated by reference.
(d)(121)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and GSA Capital Partners LLP with respect to the Altegris Managed Futures\n Strategy Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 968,\n and hereby incorporated by reference.
(d)(122)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and QMS Capital Management, LP with respect to the Altegris Managed Futures\n Strategy Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 968,\n and hereby incorporated by reference.

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(d)(123)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Three Rock Capital Management, Limited with respect to the Altegris\n Managed Futures Strategy Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 968, and hereby incorporated by reference.
(d)(124)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Millburn Corporation with respect to the Altegris Managed Futures Strategy\n Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 968, and hereby\n incorporated by reference.
(d)(125)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and GSA Capital Partners LLP with respect to the Altegris GSA Trend Strategy\n Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 968, and hereby\n incorporated by reference.
(d)(126)	Investment\n Advisory Agreement between AlphaCore Capital, and the Registrant with respect to the AlphaCore Absolute Fund previously filed on\n December 30, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 913, and hereby incorporated by\n reference.
(d)(127)	Investment\n Advisory Agreement between Leader Capital Corporation, and Leader Floating Rate Fund previously filed on January 3, 2017 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 915, and hereby incorporated by reference.
(d)(128)	Investment\n Sub-Advisory Agreement between Ascendant Advisors, LLC and AssetOne, LLC with respect to the Ascendant Tactical Yield Fund previously\n filed on January 25, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 924, and hereby incorporated\n by reference.
(d)(129)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and Crabel Capital Management, LLC with respect to the Altegris Managed\n Futures Strategy Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 965, and hereby incorporated by reference.
(d)(130)	Investment\n Sub-Advisory Agreement between Altegris Advisors, L.L.C. and PhaseCapital LP with respect to the Altegris Managed Futures Strategy\n Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 965, and hereby\n incorporated by reference.
(d)(131)	Investment\n Sub-Advisory Agreement between CMG Capital Management Group, Inc. and Mauldin Solutions, LLC with respect to the CMG Mauldin Solutions\n Core Fund previously filed on May 5, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 965, and\n hereby incorporated by reference.
(d)(132)	Investment\n Advisory Agreement between AlphaCore Capital, LLC and AlphaCore Statistical Arbitrage Fund previously filed on August 9, 2017 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 984, and hereby incorporated by reference.
(d)(133)	Investment\n Advisory Agreement between W.E. Donoghue & Co., LLC, Power Floating Rate Index Fund and Power Dividend Mid-Cap Index Fund previously\n filed on October 30, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,019, and hereby incorporated\n by reference.
(d)(134)	Investment\n Advisory Agreement between The Pacific Financial Group, LLC and RiskPro® Alternative 0-15 Fund, RiskPro® Dynamic 20-30 Fund,\n RiskPro® Tactical 0-30 Fund, RiskPro® Alternative 0-15 Fund, RiskPro® Dynamic 0-10 Fund, RiskPro® Dynamic 15-25 Fund,\n RiskPro® PFG Balanced 20-30 Fund, RiskPro® PFG Aggressive 30+ Fund, RiskPro® PFG Equity 30+ Fund, RiskPro® PFG Global\n 30+ Fund, RiskPro® PFG 30+ Fund, RiskPro® 30+ Fund and RiskPro® Aggressive 30+ Fund previously filed on September 15,\n 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,008, and hereby incorporated by reference.

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(d)(135)	Investment\n Advisory Agreement between Toews Corporation and Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity\n ETF previously filed on August 10, 2018 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,109, and\n hereby incorporated by reference.
(d)(136)\n	Investment\n Advisory Agreement between W.E Donoghue & Co., LLC and Power Global Tactical Allocation/JAFlorines Fund previously filed on June\n 29, 2018 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,099, and hereby incorporated by reference. Amendment\n to Investment Advisory Agreement between W.E Donoghue & Co., LLC and Power Global Tactical Allocation/JAFlorines Fund previously\n filed on October 28, 2019 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,234, and hereby incorporated\n by reference.
(d)(137)	Investment\n Advisory Agreement between BTS Asset Management, Inc. and BTS Managed Income Fund previously filed on March 5, 2018 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1,072, and hereby incorporated by reference.
(d)(138)	Investment\n Advisory Agreement between Altegris Advisors, LLC and Altegris/AACA Opportunistic Real Estate Fund and Altegris/AACA Real Estate\n Income Fund previously filed on July 27, 2018 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,106,\n and hereby incorporated by reference.
(d)(139)	Investment\n Sub-Advisory Agreement between Altegris Advisors, LLC and American Assets Capital Advisers, LLC with respect to the Altegris/AACA\n Opportunistic Real Estate Fund previously filed on March 24, 2021 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1,338, and hereby incorporated by reference.
(d)(140)	Investment\n Sub-Advisory Agreement between Altegris Advisors, LLC and American Assets Capital Advisers, LLC with respect to the Altegris/AACA\n Real Estate Fund previously filed on July 27, 2018 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 1,106, and hereby incorporated by reference.
(d)(141)	Investment\n Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Municipal Fund is previously filed on January 28, 2019\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,158, and hereby incorporated by reference. \n Amendment to Investment Advisory Agreement\n between Wright Fund Management, LLC and Sierra Tactical Municipal Fund previously filed on January 26, 2023 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1419, and hereby incorporated by reference.
(d)(142)	Investment\n Advisory Agreement between Clark Capital Management Group, LLC and Navigator Ultra Short Term Bond Fund previously filed on March\n 12, 2019 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,175, and hereby incorporated by reference.
(d)(143)	Investment\n Advisory Agreement between Zeo Capital Advisors, LLC and Zeo Sustainable Credit Fund previously filed on July 26, 2019 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated by reference.
(d)(144)	Investment\n Advisory Agreement between P/E Global LLC and The Global Rates Fund previously filed on August 9, 2019 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1203, and hereby incorporated by reference.
(d)(145)	Investment\n Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Bond Fund previously filed on September 3, 2019 to the\n Registrant’s Registration Statement in Post-Effective Amendment No. 1,215, and hereby incorporated by reference. \n Amendment to the Investment Advisory Agreement\n between Wright Fund Management, LLC and Sierra Tactical Bond Fund previously filed on January 26, 2023 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1419, and hereby incorporated by reference.

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(d)(146)	Investment\n Advisory Agreement between Princeton Fund Advisors, LLC and Princeton Adaptive Premium Fund previously filed on August 28, 2023 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 1435, and hereby incorporated by reference.
(d)(147)	Investment\n Advisory Agreement between The Pacific Financial Group, LLC and PFG American Funds Growth Strategy Fund, PFG American Funds Conservative\n Income Strategy Fund, PFG BR Equity ETF Strategy Fund, PFG Sector Equity Business Cycle Strategy Fund, PFG Equity Index focused Strategy\n Fund and PFG Tactical Income Strategy Fund previously filed on May 1, 2020 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1,279, and hereby incorporated by reference.
(d)(148)	Investment\n Advisory Agreement between Clark Capital Management Group, Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment\n Grade Bond Fund previously filed on April 27, 2021 to the Registrant’s Registration in Post- Effective Amendment\n No. 1,342, and hereby incorporated by reference.
(d)(149)	Investment\n Advisory Agreement between Wright Fund Management, LLC, Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund\n and Sierra Tactical Risk Spectrum 70 Fund previously filed on May 14, 2021 to the Registrant’s Registration in Post- Effective\n Amendment No. 1,358, and hereby incorporated by reference.
(d)(150)	Investment\n Advisory Agreement between AthenaInvest Advisors LLC and Athena Behavioral Tactical Fund previously filed on March 24, 2021 to the\n Registrant’s Registration Statement in Post-Effective Amendment No. 1,338, and hereby incorporated by reference.
(d)(151)	Investment\n Advisory Agreement between Altegris Advisors, L.L.C. and Altegris Futures Evolution Strategy Fund and Altegris/AACA Real Estate Opportunistic\n Fund previously filed on March 24, 2021 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,338, and\n hereby incorporated by reference.
(d)(152)	First\n Amendment to Investment Advisory Agreement between Pacific Financial Group, LLC and PFG American Funds Growth Strategy Fund, PFG\n American Funds Conservative Income Strategy Fund, PFG BR Equity Strategy Fund, PFG Sector Equity Business Cycle Strategy Fund, PFG\n Equity Index Focused Strategy Fund, PFG Tactical Income Strategy Fund, PFG Fidelity Institutional AM® Bond ESG Strategy Fund,\n PFG Janus Henderson® Balanced Strategy Fund and PFG Invesco® Thematic ESG Strategy Fund previously filed on January\n 26, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No.1386.
(d)(153)	Investment\n Advisory Agreement between Altegris Advisors, LLC and Altegris Crabel Multi-Strategy Fund previously filed on December 27, 2022 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 1415, and hereby incorporated by reference.
(d)(154)	Investment\n Advisory Agreement between the Registrant and Osterweis Capital Management, LLC, Zeo Short Duration Income Fund and Zeo Sustainable\n Credit Fund previously filed on October 24, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 1406, and hereby incorporated by reference.
(d)(155)	Seventh\n Amendment to Investment Advisory Agreement between Registrant and CMG Capital Management Group with respect to CMG Mauldin Core Fund\n previously filed on November 1, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1408, and hereby\n incorporated by reference.
(d)(156)	Second\n Amendment to the Investment Advisory Agreement between Donoghue Forlines LLC and Registrant previously filed on January 26, 2023\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 1416, and hereby incorporated by reference.
(d)(157)	Investment\n Advisory Agreement between Wright Fund Management, LLC and Sierra Tactical Core Growth Fund previously filed on September 27, 2023\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 1437, and hereby incorporated by reference.

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(d)(158)	Third\n Amendment to the Investment Advisory Agreement between Pacific Financial Group, LLC and the Registrant, with respect to PFG Global\n Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund previously filed on August 19, 2024 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 1468, and hereby incorporated by reference.
(d)(159)	Investment\n Advisory Agreement between BTS Asset Management, Inc. and the Registrant, with respect to BTS Enhanced Equity Income Fund previously\n filed on June 26, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1462, and hereby incorporated\n by reference.
(d)(160)	Investment\n Advisory Agreement between Ocean Park Asset Management, LLC and the Registrant, with respect to Ocean Park Domestic ETF, Ocean Park\n International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF previously filed on July 1, 2024 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1463, and hereby incorporated by reference.
(d)(161)	Sub\n Advisory Agreement between Ocean Park Asset Management, LLC and Exchange Traded Concepts, LLC with respect to Ocean Park Domestic\n ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income previously filed on July 1, 2024\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 1463, and hereby incorporated by reference.
(d)(162)	First\n Amendment to the Investment Advisory Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park\n Total Return Credit Fund previously filed on July 29, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 1464, and hereby incorporated by reference.
(d)(163)	Investment\n Advisory Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Dynamic Allocation Fund\n previously filed on December 16, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1475, and\n hereby incorporated by reference.
(d)(164)	Sub\n Advisory Agreement between Dearborn Capital Management, LLC and EMC Capital Advisors, LLC with respect to Grant Park Dynamic Allocation\n Fund previously filed on December 16, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1475,\n and hereby incorporated by reference.
(d)(165)	Sub\n Advisory Agreement between Dearborn Capital Management, LLC and Richmond Quantitative Advisors, LLC with respect to Grant Park Dynamic\n Allocation Fund previously filed on December 16, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 1475, and hereby incorporated by reference.
(d)(166)	Investment\n Advisory Agreement between Toews Asset Management and the Registrant, with respect to Toews Agility Shares Hedged-Qs ETF and Toews\n Agility Shares Hedged Equal Weight ETF previously filed on January 26, 2026 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1518 and hereby incorporated by reference.
(d)(167)	Investment\n Advisory Agreement between Donoghue Forlines LLC and the Registrant, with respect to DF Tactical 30 ETF previously filed on November\n 24, 2025 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1509 and hereby incorporated by reference.
(d)(168)	Investment\n Advisory Agreement between Donoghue Forlines LLC and the Registrant, with respect to DF Innovation ETF to be filed by subsequent\n amendment.
(d)(169)	Interim\n Investment Advisory Agreement between Beacon Capital Management, Inc. and the Registrant, with respect to Astor Dynamic Allocation\n Fund and Astor Sector Allocation Fund previously filed on August 5, 2025 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1494 and hereby incorporated by reference.

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(d)(170)	Investment\n Advisory Agreement between Winton Capital Management Limited and the Registrant, with respect to Winton Managed Futures Trend Fund\n previously filed on November 24, 2025 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1509 and hereby\n incorporated by reference.
(d)(171)	Investment\n Advisory Agreement between Toews Corporation and the Registrant, with respect to Toews Agility Shares Gold ETF to be filed by subsequent\n amendment.
(d)(172)	Investment\n Advisory Agreement between Winton Capital Management Limited and the Registrant, with respect to Winton Managed Futures ETF and Winton\n US Equities & Managed Futures ETF to be filed by subsequent amendment.
(d)(173)	Investment\n Advisory Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Core Income ETF to be\n filed by subsequent amendment.
(d)(174)	Sub\n Advisory Agreement between Dearborn Capital Management, LLC and Richmond Quantitative Advisors, LLC with respect to Grant Park Core\n Income ETF to be filed by subsequent amendment.
(e)(1)	Underwriting\n Agreement between the Registrant and Northern Lights Distributors LLC previously filed on October 24, 2025 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1502, and hereby incorporated by reference.
(e)(2)\n	Underwriting\n Agreement between the Registrant and Foreside Distribution Services, LP with respect to The Leader Short-Term Bond Fund, previously\n filed on October 20, 2008 to the Registrant’s Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated\n by reference. Amendment to Underwriting\n Agreement between the Registrant and Foreside Distribution Services, LP with respect to Leader Global Bond Fund, Leader Total Return\n Fund and Princeton Futures Strategy Fund previously filed on June 3, 2015 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 721, and hereby incorporated by reference.
(e)(3)	Underwriting\n Agreement between the Registrant and ALPS Distribution, Inc. with respect to 13D Activist Fund, previously filed on April 7, 2014\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 598, and hereby incorporated by reference.
(e)(4)	Underwriting\n Agreement between the Registrant and Ladenburg Thalmann & Co. Inc. with respect to Ladenburg Income Fund, Ladenburg Income &\n Growth Fund, Ladenburg Growth & Income Fund, Ladenburg Growth Fund and Ladenburg Aggressive Growth Fund previously filed on January\n 23, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1446, and hereby incorporated by reference.
(f)	Bonus\n or Profit Sharing Contracts - NONE
(g)(1)	Custody\n Agreement between the Registrant and The Bank of New York Mellon, previously filed on October 3, 2007 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 29, and hereby incorporated by reference.
(g)(2)	Custody\n Agreement between the Registrant and the First National Bank of Omaha is hereby incorporated by reference to Post-Effective Amendment\n No. 17 to the Registrant’s Registration Statement on Form N-1A, filed on March 2, 2007 and hereby incorporated by reference.\n
(g)(3)	Amended\n and Restated Global Custody\n Agreement between the Registrant and Union Bank, N.A., previously filed on November 13, 2020 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1312, and hereby incorporated by reference.
(g)(4)	Custody\n Agreement between the Registrant and Fifth Third Bank, previously filed on October 20, 2008 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 66, and hereby incorporated by reference.

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(g)(5)	Custody\n Agreement between the Registrant and JPMorgan Chase Bank, N.A. previously filed on August 29, 2011 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 302, and hereby incorporated by reference.
(g)(6)	Custody\n Agreement between the Registrant and U.S. Bank National Association previously filed on April 17, 2020 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1268, and hereby incorporated by reference.
(g)(7)	Custody\n Agreement between the Registrant and Brown Brothers Harriman & Co., dated March 2, 2020, previously filed on November 21,\n 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1473, and hereby incorporated by reference.\n
(h)(1)	Fund\n Services Agreement between the Registrant and Gemini Fund Services, LLC, dated June 22, 2011, previously filed on September 27, 2013\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 535, and hereby incorporated by reference.
(h)(2)	Amended\n Expense Limitation Agreement between the Registrant, with respect to the Adaptive Allocation Fund and Critical Math Advisors LLC\n previously filed on April 17, 2020 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1268, and hereby\n incorporated by reference.
(h)(3)	Expense\n Limitation Agreement between the Registrant, with respect to The Biondo Growth Fund, and Biondo Investment Advisors, LLC, previously\n filed on April 29, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 605, and hereby incorporated\n by reference.
(h)(4)	Expense\n Limitation Agreement between the Registrant, with respect to the Pacific Financial Faith & Values Based Moderate Fund was previously\n filed on August 26, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 628, and hereby incorporated\n by reference.
(h)(5)	Revised\n Expense Limitation Agreement between the Registrant, with respect to Sierra Core Retirement Fund and Wright Fund Management, LLC\n previously filed on March 9, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 694, and hereby\n incorporated by reference.
(h)(6)	Custody\n Administration Agreement between Registrant and the Administrator, with respect to certain Funds of the Trust that use First National\n Bank of Omaha as Custodian, is hereby incorporated by reference to Post-Effective Amendment No. 17 to the Registrant’s Registration\n Statement on Form N-1A, filed on March 2, 2007 and hereby incorporated by reference.
(h)(7)	Expense\n Limitation Agreement between the Registrant, with respect to KCM Macro Trends Fund and Kerns Capital Management, Inc., previously\n filed on April 18, 2008 to the Registrant’s Registration Statement in Post-Effective Amendment No. 41, and hereby incorporated\n by reference.
(h)(8)	Expense\n Limitation Agreement between the Registrant, with respect to the Wade Tactical Long/Short Fund and Wade Financial Group previously\n filed on August 21, 2008 to the Registrant’s Registration Statement in Post-Effective Amendment No. 58, and hereby incorporated\n by reference.
(h)(9)	Revised\n Expense Limitation Agreement between Toews\n Corporation and Toews Tactical Oceana Fund, Toews Tactical Income Fund, Toews Tactical Monument Fund, Toews Tactical Opportunity\n Fund, Toews Tactical Growth Allocation Fund, Toews Tactical Defensive Alpha Fund, Toews Unconstrained Income Fund previously\n filed on October 23, 2020 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1309, and hereby incorporated\n by reference.
(h)(10)	Expense\n Limitation Agreement between the Registrant, with respect to Leader Short-Term Bond Fund and Leader Capital Corp., previously filed\n on October 20, 2008 to the Registrant’s Registration Statement in Post-Effective Amendment No. 66, and hereby incorporated\n by reference.

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(h)(11)\n	Expense\n Limitation Agreement between the Registrant, with respect to the CMG Absolute Return Strategies Fund and CMG Capital Management Group,\n Inc. previously filed on March 9, 2009 to the Registrant’s Registration Statement in Post-Effective Amendment No. 80, and hereby\n incorporated by reference. Expense\n Limitation Agreement between the Registrant, with respect to the CMG SR Tactical Bond Fund and CMG Capital Management Group, Inc.\n as last updated on June 17, 2013 previously filed on June 17, 2013 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 496, and hereby incorporated by reference.
(h)(12)	Expense\n Limitation Agreement between the Registrant, with respect to the GMG Defensive Beta Fund and Montebello Partners, LLC previously\n filed on July 27, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 728, and hereby incorporated\n by reference.
(h)(13)	Revised\n Expense Limitation Agreement between the Registrant, with respect to the Astor Dynamic Allocation Fund and Astor Sector Allocation\n Fund, and Astor Investment Management, LLC previously filed on March 10, 2017 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 953, and hereby incorporated by reference.
(h)(14)	Expense\n Limitation Agreement between the Registrant, with respect to Equinox MutualHedge Futures Strategy Fund and Equinox Fund Management,\n LLC previously filed on September 1, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No, 749, and\n hereby incorporated by reference.
(h)(15)	Expense\n Limitation Agreement between the Registrant, with respect to Investment Partners Opportunities Fund and Investment Partners Asset\n Management, Inc. previously filed on April 29, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 606, and hereby incorporated by reference.
(h)(16)	Expense\n Limitation Agreement between the Registrant, with respect to Princeton Futures Strategy Fund and Princeton Fund Advisors, LLC previously\n filed on June 6, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 836, and hereby incorporated\n by reference.
(h)(17)	Expense\n Limitation Agreement between the Registrant, with respect to Leader Total Return Fund and Leader Capital Corp. previously filed on\n June 30, 2010 to the Registrant’s Registration Statement in Post-Effective Amendment No. 162, and hereby incorporated by reference.
(h)(18)	Expense\n Limitation Agreement between the Registrant and Altegris Advisors, L.L.C., with respect to Altegris Managed Futures Strategy Fund\n and Altegris Advisors, L.L.C. previously filed on March 9, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 811, and hereby incorporated by reference.
(h)(19)	Expense\n Limitation Agreement between the Registrant, with respect to Power Income Fund, Power Dividend Index Fund, Power Momentum\n Index Fund, Power Floating Rate Index Fund, Power Dividend Mid-Cap Index Fund, Power Global Tactical Allocation/JAForlines Fund and\n W.E. Donoghue & Co., Inc. previously filed on October 28, 2019 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1,234, and hereby incorporated by reference.
(h)(20)	Revised\n Expense Limitation Agreement between the Registrant, with respect to PSI All Asset Fund, PSI Strategic Growth Fund and PSI Tactical\n Growth Fund previously filed on October 25, 2019 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 1233, and hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(h)(21)	Expense\n Limitation Agreement between the Registrant, with respect to CWC Small Cap Aggressive Value Fund previously filed on January 23,\n 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.
(h)(22)	Amended\n Expense Limitation Agreement between the Registrant, with respect to TransWestern Institutional Short Duration Government Bond Fund\n previously filed on April 17, 2020 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1268, and hereby\n incorporated by reference.
(h)(23)	Expense\n Limitation Agreement between Logan Circle Partners, L.P. and the Registrant, with respect to Fortress Long/Short Credit Fund previously\n filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated\n by reference.
(h)(24)	Amended\n Expense Limitation Agreement between Bee previously filed on April 17, 2020 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1268, and hereby incorporated by reference.
(h)(25)	Expense\n Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator Equity Hedged Fund\n previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby\n incorporated by reference. Revised\n Expense Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant, with respect to Navigator Equity Hedged\n Fund previously filed on April 27, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1392, and\n hereby incorporated by reference.
(h)(26)	Amended\n Expense Limitation Agreement between Dearborn Capital Management, L.L.C. and the Registrant, with respect to Grant Park Managed Futures\n Strategy Fund previously filed on July 11, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 614, and hereby incorporated by reference.
(h)(27)	Amended\n Expense Limitation Agreement between Dearborn Capital Management, LLC and the Registrant with respect to the Grant Park Multi-Alternative\n Strategies Fund previously filed on January 25, 2022 to the Registrant’s Registration Statement in Post- Effective Amendment\n No. 1382, and hereby incorporated by reference.
(h)(28)	Expense\n Limitation Agreement between Genesis Capital LLC and the Registrant, with respect to Granite Harbor Alternative Fund and Granite\n Harbor Tactical Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 659, and hereby incorporated by reference.
(h)(29)	Expense\n Limitation Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to Altegris Macro Strategy Fund and Altegris\n Equity Long Short Fund previously filed on March 9, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 811, and hereby incorporated by reference.
(h)(30)	Expense\n Limitation Agreement between Zeo Capital Advisors, LLC and the Registrant, with respect to Zeo Short Duration Income Fund previously\n filed on July 26, 2019 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated\n by reference.
(h)(31)	Expense\n Limitation Agreement between Giralda Advisors, LLC and the Registrant, with respect to The Giralda Fund previously filed on April\n 15, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated by reference.
(h)(32)	Expense\n Limitation Agreement between Van Hulzen Asset Management, LLC and the Registrant, with respect to Iron Horse Fund previously filed\n on January 13, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 658, and hereby incorporated\n by reference.
(h)(33)	Expense\n Limitation Agreement between Makefield Capital Management, LLC and the Registrant, with respect to Makefield Managed Futures Strategy\n Fund, previously filed on December 23, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 571,\n and hereby incorporated by reference.

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(h)(34)	Expense\n Limitation Agreement between Ascendant Advisors, LLC and the Registrant, with respect to Ascendant Balanced Fund, Ascendant Natural\n Resources Fund, Ascendant Deep Value Convertibles Fund and Patriot Fund previously filed on January 23, 2015 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 659, and hereby incorporated by reference.
(h)(35)	Expense\n Limitation Agreement between Altegris Advisors, L.L.C. and the Registrant, with respect to Altegris Futures Evolution Strategy Fund\n previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 659, and hereby\n incorporated by reference.
(h)(36)	Expense\n Limitation Agreement between Risk Paradigm Group, LLC and the Registrant, with respect to RPG Emerging Market Sector Rotation Fund\n previously filed on November 28, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 337, and hereby\n incorporated by reference.
(h)(37)	Expense\n Limitation Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Tactical Equity Strategy\n Fund, CMG Global Equity Fund and CMG Managed High Yield Fund previously filed on April 30, 2014 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 607, and hereby incorporated by reference.
(h)(38)	Expense\n Limitation Agreement between Wright Fund Management and the Registrant, with respect to the Tactical Core Income Fund previously\n filed on March 10, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 954, and hereby incorporated\n by reference.
(h)(39)	Revised\n Expense Limitation Agreement between Princeton Fund Advisors, LLC, Eagle Global Advisors, LLC and the Registrant, with respect to\n the Eagle Energy Infrastructure Fund previously filed on August 25, 2026 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 1547 and hereby incorporated by reference.
(h)(40)	Expense\n Limitation Agreement between Princeton Fund Advisors, LLC, and the Registrant with respect to the Sandalwood Opportunity Fund previously\n filed on January 28, 2014 to the Registrant’s Registration Statement in Amendment No. 586, and hereby incorporated by reference.
(h)(41)	Expense\n Limitation Agreement between Altegris Advisors, L.L.C., and the Registrant with respect to the Altegris Fixed Income Long Short Fund\n and Altegris Multi-Strategy Alternative Fund previously filed on April 30, 2014 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 607, and hereby incorporated by reference.
(h)(42)	Expense\n Limitation Agreement between BTS Asset Management, Inc. and the Registrant with respect to the BTS Tactical Fixed Income Fund previously\n filed on April 22, 2016 to the Registrant’s Registration Statement in Amendment No. 815, and hereby incorporated by reference.
(h)(43)	Expense\n Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant with respect to the Navigator Duration Neutral\n Bond Fund previously filed on January 28, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 797,\n and hereby incorporated by reference.
(h)(44)	Interim\n Expense Limitation Agreement between Probabilities Fund Management, LLC and the Registrant with respect to the Probabilities Fund\n previously filed on January 28, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 797, and hereby\n incorporated by reference.

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(h)(45)	Expense\n Limitation Agreement between Altegris Advisors, LLC and the Registrant with respect to the Altegris/AACA Real Estate Long Short Fund\n previously filed on December 23, 2013 to the Registrant’s Registration Statement in Post-Effective Amendment No. 571, and hereby\n incorporated by reference.
(h)(46)	Expense\n Limitation Agreement between Genesis Capital, LLC and the Registrant with respect to the Anchor Alternative Income Fund previously\n filed on April 15, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated\n by reference.
(h)(47)	Expense\n Limitation Agreement between Giralda Advisors, LLC and the Registrant with respect to the Giralda Risk-Managed Growth Fund previously\n filed on April 15, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 697, and hereby incorporated\n by reference.
(h)(48)	Expense\n Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant with respect to the Navigator Sentry Managed\n Volatility Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 659, and hereby incorporated by reference.
(h)(49)	Expense\n Limitation Agreement between Astor Investment Management, LLC and the Registrant with respect to the Astor Macro Alternative Fund\n previously filed on October 3, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 876, and hereby\n incorporated by reference. \n \n Revised Expense Limitation Agreement between\n Astor Investment Management, LLC and the Registrant with respect to the Astor Macro Alternative Fund previously filed on November\n 25, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1410, and hereby incorporated by reference. \n \n Revised Expense Limitation Agreement between\n Astor Investment Management, LLC and the Registrant with respect to the Astor Macro Alternative Fund previously filed on January\n 26, 2023 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1417, and hereby incorporated by reference.
(h)(50)	Expense\n Limitation Agreement between Clark Capital Management Group, Inc. and the Registrant with respect to the Navigator Tactical Fixed\n Income Fund previously filed on January 23, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 659, and hereby incorporated by reference.
(h)(51)	Expense\n Limitation Agreement between Leader Capital Corp. and the Registrant with respect to the Leader Global Bond Fund previously filed\n on October 29, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment No. 648, and hereby incorporated\n by reference.
(h)(52)	Expense\n Limitation Agreement between Genesis Capital LLC and the Registrant with respect to the Anchor Tactical Municipal Fund previously\n filed on May 28, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated\n by reference.
(h)(53)	Expense\n Limitation Agreement between Princeton Fund Advisors, LLC and the Registrant with respect to the Athena Behavioral Tactical Fund\n previously filed on May 28, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 720, and hereby\n incorporated by reference.
(h)(54)	Expense\n Limitation Agreement between Dearborn Capital Management, LLC and the Registrant with respect to the Grant Park Absolute Return and\n Grant Park Fixed Income previously filed on January 25, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 923, and hereby incorporated by reference.

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(h)(55)	Revised\n Expense Limitation Agreement between Ladenburg\n Thalmann Asset Management, Inc. and Registrant with respect to the Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg\n Growth & Income Fund, Ladenburg Income & Growth Fund and Ladenburg Income Fund previously filed on October 23,\n 2020 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1308, and hereby incorporated by reference.
(h)(56)	Expense\n Limitation Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Deer Park Total Return Credit Fund previously\n filed on March 10, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 954, and hereby incorporated\n by reference.
(h)(57)	Consulting\n Agreement between Northern Lights Compliance Services, LLC and Registrant previously filed on August 7, 2015 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 734, and hereby incorporated by reference.
(h)(58)	Expense\n Limitation Agreement between Probabilities Fund Management and Registrant with respect to the Probabilities Fund is previously filed\n on December 31, 2015 to the Registrant’s Registration Statement in Post-Effective Amendment No. 789, and hereby incorporated\n by reference.
(h)(59)	Expense\n Limitation Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Princeton Premium Fund previously filed\n on January 25, 2021to the Registrant’s Registration Statement in Post Effective Amendment No. 1322, and hereby incorporated\n by reference.
(h)(60)	Expense\n Limitation Agreement between Altegris Advisors, LLC and Registrant with respect to the Altegris Multi-Strategy Alternative Fund is\n previously filed on April 29, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 821, and hereby\n incorporated by reference.
(h)(61)	Amended\n Expense Limitation Agreement between Princeton Fund Advisors, LLC and Registrant with respect to the Princeton Futures Strategy Fund\n previously filed on July 28, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 847, and hereby\n incorporated by reference.
(h)(62)	Amendment\n to the Fund Services Agreement between the Registrant and Gemini Fund Services, LLC previously filed on September 27, 2016 to the\n Registrant’s Registration Statement in Post-Effective Amendment No. 873, and hereby incorporated by reference.
(h)(63)	Expense\n Limitation Agreement between Altegris Advisors, LLC and Registrant with respect to the Altegris GSA Trend Strategy Fund previously\n filed on April 19, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 960, and hereby incorporated\n by reference.
(h)(64)	Expense\n Limitation Agreement between Toews Corporation and Registrant with respect to the Toews Tactical Defensive Alpha Fund previously\n filed on October 12, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 881, and hereby incorporated\n by reference.
(h)(65)	Expense\n Limitation Agreement between AlphaCore Absolute, LLC, and Registrant with respect to AlphaCore Absolute Return Fund, previously filed\n on October 27, 2016 to the Registrant’s Registration Statement in Post-Effective Amendment No. 885, and hereby incorporated\n by reference.
(h)(69)	Expense\n Limitation Agreement between Princeton Fund Advisors, LLC, and Registrant with respect to Princeton Long/Short Treasury Fund, previously\n filed on March 10, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 953, and hereby incorporated\n by reference.
(h)(70)	Expense\n Limitation Agreement between Leader Capital Corporation, and Registrant with respect to Leader Floating Rate Fund, previously filed\n on January 3, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 915, and hereby incorporated\n by reference.

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(h)(71)	Expense\n Limitation Agreement between AlphaCore Capital, LLC, and Registrant with respect to AlphaCore Statistical Arbitrage Fund, previously\n filed on August 9, 2017 to the Registrant’s Registration Statement in Post-Effective Amendment No. 984, and hereby incorporated\n by reference.
(h)(72)	Expense\n Limitation Agreement between W.E. Donoghue & CO., LLC, and Registrant with respect to Power Floating Rate Index Fund and Power\n Dividend Mid-Cap Index Fund, previously filed on October 30, 2017 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1,019, and hereby incorporated by reference.
(h)(73)	Expense\n Limitation Agreement between Toews Corporation and Agility Shares Dynamic Tactical Income ETF and Agility Shares Managed Risk Equity\n ETF previously filed on August 10, 2018 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,109, and\n hereby incorporated by reference.
(h)(74)	Expense\n Limitation Agreement between W.E Donoghue & Co., LLC and Power Global Tactical Allocation/JAFlorines Fund previously filed on\n June 29, 2018 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,099, and hereby incorporated by\n reference.
(h)(75)	Expense\n Limitation Agreement between BTS Asset Management, Inc. and BTS Managed Income Fund previously filed on March 5, 2018 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1,072, and hereby incorporated by reference.
(h)(76)	Expense\n Limitation Agreement between Altegris Advisors, LLC and Altegris/AACA Real Estate Income Fund previously filed on April 3, 2019 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 1,177, and hereby incorporated by reference.
(h)(77)	Form\n of Expense Limitation Agreement between Wright Fund Management, LLC and Sierra Tactical Municipal Fund previously filed on December\n 26, 2018 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,145, and hereby incorporated by reference.
(h)(78)	Expense\n Limitation Agreement between Clark Capital Management Group, LLC and Navigator Ultra Short Bond Fund previously filed on March 14,\n 2019 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,178, and hereby incorporated by reference. Revised\n Expense Limitation Agreement between Clark Capital Management Group, Inc and Registrant with respect to the Navigator Ultra Short\n Bond Fund previously filed on April 26, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1390,\n and hereby incorporated by reference.
(h)(79)	Expense\n Limitation Agreement between Zeo Capital Advisors, LLC and Zeo Sustainable Credit Fund previously filed on July 26, 2019 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1,201 and hereby incorporated by reference.
(h)(80)	Expense\n Limitation Agreement between P/E Global, LLC and The Global Rates Fund previously filed on August 22, 2019 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1205, and hereby incorporated by reference.
(h)(81)\n	Expense\n Limitation Agreement between the Registrant, with respect to The Biondo Growth Fund, and Biondo Investment Advisors, LLC previously\n filed on August 22, 2019 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,206, and hereby incorporated\n by reference.
(h)(82)	Expense\n Limitation Agreement between Wright Fund Management, LLC and Sierra Tactical Bond Fund LLC previously filed on October 21, 2019 to\n the Registrant’s Registration Statement in Post-Effective Amendment No. 1,230, and hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(h)(83)	Expense\n Limitation Agreement between Princeton Fund Advisors, LLC and Princeton Adaptive Premium Fund previously filed on April 10, 2024\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 1453, and hereby incorporated by reference
(h)(84)	Second\n Amendment to the ETF Fund Services Agreement between the Registrant and Gemini Fund Services dated January 1, 2020 previously filed\n on October 26, 2020 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,310, and hereby incorporated\n by reference.
(h)(85)	Third\n Amendment to the Fund Services Agreement between the Registrant and Gemini Fund Services dated January 1, 2020 previously filed on\n October 27, 2020 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,311, and hereby incorporated\n by reference.
(h)(86)	Expense\n Limitation Agreement between Clark Capital Management Group, Navigator Tactical U.S. Allocation Fund and Navigator Tactical Investment\n Grade Bond Fund previously filed on April 28, 2021 to the Registrant’s Registration Statement in Post-Effective Amendment No.\n 1,346, and hereby incorporated by reference.
(h)(87)	Expense\n Limitation Agreement between Wright Fund Management, LLC and Registrant with respect to Sierra Tactical All Asset Fund, Sierra Tactical\n Bond Fund, Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund, Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical\n Risk Spectrum 50 Fund, Sierra Tactical Risk Spectrum 70 Fund and Sierra Tactical Core Growth Fund previously filed on September 27,\n 2023 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1437, and hereby incorporated by reference.
(h)(88)	Expense\n Limitation Agreement between Wright Fund Management, LLC and Registrant with respect to Sierra Tactical Risk Spectrum 30 Fund, Sierra\n Tactical Risk Spectrum 50 Fund and Sierra Tactical Risk Spectrum 70 Fund previously filed on May 14, 2021 to the Registrant’s\n Registration in Post- Effective Amendment No. 1,358, and hereby incorporated by reference.
(h)(89)	Expense\n Limitation Agreement between AthenaInvest Advisors LLC and Registrant with respect to Athena Behavioral Tactical Fund previously\n filed on March 24, 2021 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1,338, and hereby incorporated\n by reference.
(h)(90)	Fund\n of Funds Investment Agreement between The RBB Fund, Inc., Wright Fund Management, LLC and the Registrant with respect to Sierra Tactical\n All Asset Fund and Sierra Tactical Core Income Fund previously filed on June 4, 2021 to the Registrant’s Registration in Post-Effective\n Amendment No. 1,360, and hereby incorporated by reference.
(h)(91)	Expense\n Limitation Agreement between CMG Capital Management Group, Inc. and the Registrant, with respect to the CMG Mauldin Core Fund, CMG\n Tactical All Asset Strategy Fund and CMG Tactical Bond Fund previously filed on July 30, 2021 to the Registrant’s Registration\n in Post-Effective Amendment No. 1,364, and hereby incorporated by reference.
(h)(92)	Fund\n of Funds Investment Agreement between Blackrock ETF Trust, Blackrock ETF Trust II and the Registrant previously filed on January\n 25, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1382, and hereby incorporated by reference.
(h)(93)	Fund\n of Funds Investment Agreement between Direxion Shares ETF Trust and the Registrant previously filed on January 25, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1382, and hereby incorporated by reference.
(h)(94)	Form\n of Fund of Funds Investment Agreement between Fidelity Merrimack Street Trust, Fidelity Covington Trust, Fidelity Commonwealth Trust\n and the Registrant previously filed on January 25, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 1383, and hereby incorporated by reference.
(h)(95)	Form\n of Fund of Funds Investment Agreement between Direxion Funds and the Registrant previously filed on January 25, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1383, and hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(h)(96)	Fund\n of Funds Investment Agreement between Invesco Exchange-Traded Fund Trust, \n Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, \n Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Exchange-Traded\n Self-Indexed Fund Trust and the Registrant previously filed on January 25, 2022 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1383, and hereby incorporated by reference.
(h)(97)	Fund\n of Funds Investment Agreement between Krane Shares Trust and the Registrant previously filed on January 25, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1384, and hereby incorporated by reference.
(h)(98)	Fund\n of Funds Investment Agreement between ProFunds and the Registrant previously filed on January 25, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1384, and hereby incorporated by reference.
(h)(99)	Fund\n of Funds Investment Agreement between ProShares Trust and the Registrant previously filed on January 26, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1385, and hereby incorporated by reference.
(h)(100)	Fund\n of Funds Investment Agreement between Schwab Strategic Trust and the Registrant previously filed on January 26, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1385, and hereby incorporated by reference.
(h)(101)	Fund\n of Funds Investment Agreement between The Select Sector SPDR Trust and the Registrant previously filed on January 26, 2022 to the\n Registrant’s Registration Statement in Post-Effective Amendment No. 1385, and hereby incorporated by reference.
(h)(102)	Fund\n of Funds Investment Agreement between SPDR Series Trust, SPDR Index Shares Funds, SSGA Active Trust and the Registrant previously\n filed on January 26, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1386, and hereby incorporated\n by reference.
(h)(103)	Fund\n of Funds Investment Agreement between SPDR S&P 500 ETF Trust, SPDR Dow Jones Industrial Average ETF Trust and the Registrant\n previously filed on January 26, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1386, and hereby\n incorporated by reference.
(h)(104)	Fund\n of Funds Investment Agreement between Vanguard Fund and the Registrant previously filed on January 26, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1386, and hereby incorporated by reference.
(h)(105)	Fund\n Services Agreement between Ultimus Fund Solutions, LLC and the Registrant previously filed on April 26, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1388, and hereby incorporated by reference.
(h)(106)	ETF\n Fund Services Agreement between Ultimus Fund Solutions, LLC and Registrant previously filed on April 26, 2022 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1388, and hereby incorporated by reference.
(h)(107)	Revised\n Expense Limitation Agreement between Probabilities Fund Management, LLC and Registrant with respect to the Probabilities Fund previously\n filed on April 26, 2022 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1389, and hereby incorporated\n by reference.
(h)(108)	Expense\n Limitation Agreement between Clark Capital Management Group, Inc. and Registrant with respect to Navigator Tactical U.S. Allocation\n Fund and Navigator Tactical Investment Grade Bond Fund previously filed on April 27, 2022 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 1393, and hereby incorporated by reference.
(h)(109)	Expense\n Limitation Agreement between Altegris Advisors, LLC and Altegris Crabel Multi-Strategy Fund previously filed on December 27, 2022\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 1415, and hereby incorporated by reference.

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(h)(110)	Expense\n Limitation Agreement between Osterweis Capital Management, LLC and Zeo Short Duration Income Fund and Zeo Sustainable Credit Fund\n previously filed on October 25 2022 to the Registrant’s Registration in Post-Effective Amendment No. 1407, and hereby incorporated\n by reference.
(h)(111)	Operating\n Expense Limitation Agreement between Registrant on behalf of PFG American Funds^® Conservative Income Strategy Fund,\n PFG American Funds^® Growth Strategy Fund, PFG Fidelity Institutional AM^® Equity Index Strategy Fund,\n PFG Fidelity Institutional AM^® Equity Sector Strategy Fund, PFG Fidelity Institutional AM^® Bond ESG\n Strategy Fund, PFG JP Morgan^®Tactical Aggressive Strategy Fund, PFG JP Morgan^® Tactical Moderate Strategy\n Fund, PFG BNY Mellon^® Diversifier Strategy Fund, PFG MFS^® Aggressive Growth Strategy Fund, PFG BR Equity\n ESG Strategy Fund, PFG Janus Henderson^® Balanced Strategy Fund, PFG Invesco^® Thematic ESG Strategy\n Fund, PFG Meeder Tactical Strategy Fund, PFG Tactical Income Strategy Fund and PFG PIMCO Active Core Bond Strategy Fund\n \n and Pacific Financial Group, LLC previously filed on January 26, 2023 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1418, and hereby incorporated by reference.
(h)(112)	Expense\n Limitation Agreement between Pacific Financial Group, LLC and the Registrant, with respect to PFG Global Equity Index Strategy Fund,\n PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund previously filed on August 19, 2024 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 1468, and hereby incorporated by reference.
(h)(113)	First\n Amendment to Administrative Services Agreement between Pacific Financial Group, LLC and the Registrant with respect to all PFG Funds\n previously filed on February 5, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1451, and hereby\n incorporated by reference.
(h)(114)	Expense\n Limitation Agreement between BTS Asset Management, Inc. and the Registrant, with respect to BTS Enhanced Equity Income Fund previously\n filed on June 26, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1462, and hereby incorporated\n by reference.
(h)(115)	Expense\n Limitation Agreement between Ocean Park Asset Management, LLC and the Registrant, with respect to Ocean Park Domestic ETF, Ocean\n Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF previously filed on July 29, 2024 to the\n Registrant’s Registration Statement in Post-Effective Amendment No. 1464, and hereby incorporated by reference.
(h)(116)	Administrative\n Services Agreement between Pacific Financial Group, LLC and the Registrant with respect to all PFG Funds previously filed on June\n 26, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1462, and hereby incorporated by reference.
(h)(117)	Expense\n Limitation Agreement between Princeton Fund Advisers, LLC and the Registrant, with respect to Deer Park Total Return Credit Fund\n previously filed on July 29, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1464, and hereby\n incorporated by reference.
(h)(118)	Expense\n Limitation Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Dynamic Allocation Fund\n previously filed on December 16, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1475, and\n hereby incorporated by reference.
(h)(119)	Expense\n Limitation Agreement between Toews Corporation and the Registrant, with respect to Toews Agility Shares Hedged Equal Weight ETF and\n Toews Agility Shares Hedged-Qs ETF previously filed on January 26, 2026 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1518 and hereby incorporated by reference.

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(h)(120)	Expense\n Limitation Agreement between Donoghue Forlines LLC and the Registrant, with respect to DF Innovation ETF to be filed by subsequent\n amendment.
(h)(121)	Expense\n Limitation Agreement between Winton Capital Management Limited and the Registrant, with respect to Winton Managed Futures Trend Fund\n previously filed on November 24, 2025 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1509 and hereby\n incorporated by reference.
(h)(122)	Expense\n Limitation Agreement between Toews Corporation and the Registrant, with respect to Toews Agility Shares Gold ETF to be filed by subsequent\n amendment.
(h)(123)	Expense\n Limitation Agreement between Winton Capital Management Limited and the Registrant, with respect to Winton Managed Futures ETF and\n Winton US Equities & Managed Futures ETF to be filed by subsequent amendment.
(h)(124)	Expense\n Limitation Agreement between Dearborn Capital Management, LLC and the Registrant, with respect to Grant Park Core Income ETF to be\n filed by subsequent amendment.
(i)(1)	Legal\n Opinion previously filed on January 26, 2026 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1518\n and hereby incorporated by reference.
(i)(2)	Consent of Counsel is filed herewith.
(j)(1)	Consent of Independent Auditor is filed herewith.
(j)(2)	Powers\n of Attorney of Anthony J. Hertl, Gary W. Lanzen, Mark Taylor, John V. Palancia, Mark D. Gersten, Mark Garbin and Kevin Wolf previously\n filed on August 2, 2025 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1494 and hereby incorporated\n by reference.
(j)(3)	Powers\n of Attorney of Anthony J. Hertl, Gary W. Lanzen, Mark Taylor, John V. Palancia, Andrew Rogers, Mark Garbin and Mark D. Gersten with\n respect to AMA Fund Ltd. previously filed on April 17, 2014 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 599, and hereby incorporated by reference.
(k)	Omitted\n Financial Statements - Not Applicable.
(l)	Initial\n Capital Agreements - Not Applicable.
(m)(1)	Master\n Distribution Shareholder Servicing Plan for Class A Shares previously filed on October 10, 2014 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 638, and hereby incorporated by reference.
(m)(2)	Master\n Distribution Shareholder Servicing Plan for Class A1 Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(3)	Master\n Distribution Shareholder Servicing Plan for Class C Shares previously filed on October 10, 2014 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 638, and hereby incorporated by reference.
(m)(4)	Master\n Distribution Shareholder Servicing Plan for Class I Shares previously filed on August 26, 2025, to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 1499 and hereby incorporated by reference.
(m)(5)	Master\n Distribution Shareholder Servicing Plan for Class I1 Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(6)	Master\n Distribution Shareholder Servicing Plan for Class N Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(7)	Master\n Distribution Shareholder Servicing Plan for Class O Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.

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(m)(8)	Master\n Distribution Shareholder Servicing Plan for Class R Shares previously filed on August 26, 2025 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 1499 and hereby incorporated by reference.
(m)(9)	Master\n Distribution Shareholder Servicing Plan for Class R-1 Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(10)	Master\n Distribution Shareholder Servicing Plan for Class R-2 Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(11)	Master\n Distribution Shareholder Servicing Plan for Class W Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(12)	Master\n Distribution Shareholder Servicing Plan for Class Y Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(13)	Master\n Distribution Shareholder Servicing Plan for Institutional Class Shares previously filed on October 4, 2013 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(14)	Revised\n Master Distribution Shareholder Servicing Plan for Investor Class Shares previously filed on October 21, 2019 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 1,231, and hereby incorporated by reference.
(m)(15)	Master\n Distribution Shareholder Servicing Plan for Manager Class Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(16)	Master\n Distribution Shareholder Servicing Plan for Non-designated Class Shares previously filed on May 28, 2015 to the Registrant’s\n Registration Statement in Post-Effective Amendment No. 720, and hereby incorporated by reference.
(m)(17)	Master\n Distribution Shareholder Servicing Plan for Retail Class Shares previously filed on October 4, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 539, and hereby incorporated by reference.
(m)(18)	Distribution\n Agreement between the Registrant and ALPS Distributors, Inc. with respect to The 13D Activist Fund previously filed on March 3, 2014\n to the Registrant’s Registration Statement in Post-Effective Amendment No. 595, and hereby incorporated by reference.
(m)(19)	Master\n Distribution Shareholder Servicing Plan for Class T Shares previously filed on May 5, 2017 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 968, and hereby incorporated by reference.
(m)(20)\n	Master\n ETF Distribution Agreement previously filed on October 24, 2025 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1502, and hereby incorporated by reference.
(n)	Rule\n 18f-3 Plan to add PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund previously\n filed on August 19, 2024 to the Registrant’s Registration Statement in Post-Effective Amendment No. 1468, and hereby incorporated\n by reference.
(n)(1)	Revised\n Rule 18f-3 Plan to add Sierra Tactical Municipal Fund previously filed on December 26, 2018 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 1,145, and hereby incorporated by reference.
(n)(2)	Form\n of Revised Rule 18f-3 Plan to add PFG Fidelity Institutional AM® Bond ESG Strategy, PFG Janus Henderson® Balanced Strategy,\n and PFG Invesco® Thematic Equity ESG Strategy previously filed on October 6, 2021 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1,375, and hereby incorporated by reference.

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(n)(3)	Rule\n 18f-3 Plan to add BTS Enhanced Equity Income Fund, Ocean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified\n Income ETF and Ocean Park High Income ETF previously filed on July 1, 2024 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1463, and hereby incorporated by reference..
(n)(4)	Rule\n 18f-3 Plan to add Grant Park Dynamic Allocation Fund, previously filed on January 23, 2025 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 1477, and hereby incorporated by reference.
(p)(1)	Code\n of Ethics of Northern Lights Distributors, LLC, previously filed on August 10, 2018 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1,109, and hereby incorporated by reference.
(p)(2)	Code\n of Ethics of Critical Math Advisors LLC, previously filed on January 30, 2006 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 8, and hereby incorporated by reference.
(p)(3)	Code\n of Ethics of Biondo Investment Advisors, LLC, previously filed on October 27, 2016 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 882, and hereby incorporated by reference.
(p)(5)	Code\n of Ethics of Changing Parameters, LLC previously filed on January 12, 2007 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 16, and hereby incorporated by reference.
(p)(6)	Code\n of Ethics of The Pacific Financial Group, LLC previously filed on May 10, 2007 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 21, and hereby incorporated by reference.
(p)(7)	Code\n of Ethics of Wright Fund Management, LLC, previously filed on December 17, 2007 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 35, and hereby incorporated by reference.
(p)(8)	Code\n of Ethics of Crow Point Partners, LLC, previously filed on January 23, 2014 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 576, and hereby incorporated by reference.
(p)(9)	Code\n of Ethics of Kerns Capital Management, Inc. previously filed on October 12, 2018 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1,128, and hereby incorporated by reference.
(p)(10)	Code\n of Ethics of Equinox Fund Management, LLC previously filed on September 25, 2018 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1,126, and hereby incorporated by reference.
(p)(11)	Code\n of Ethics of Wade Financial Group, previously filed on August 21, 2008 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 58, and hereby incorporated by reference.
(p)(12)	Code\n of Ethics of Toews Corporation previously filed on August 28, 2014 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 631, and hereby incorporated by reference.
(p)(13)	Code\n of Ethics of Leader Capital Corp., previously filed on October 20, 2008 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 66, and hereby incorporated by reference.
(p)(14)	Code\n of Ethics of CMG Capital Management Group, Inc. previously filed on April 30, 2009 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 84, and hereby incorporated by reference.
(p)(15)	Code\n of Ethics of Traub Capital Management, LLC previously filed on April 30, 2009 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 84, and hereby incorporated by reference.

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(p)(16)	Code\n of Ethics of Bandon Capital Management, LLC previously filed on August 28, 2014 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 631, and hereby incorporated by reference.
(p)(17)	Code\n of Ethics of Scotia Partners, Ltd. previously filed on April 30, 2009 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 84, and hereby incorporated by reference.
(p)(18)	Code\n of Ethics of Summit Portfolios Advisors, LLC previously filed on June 24, 2009 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 91, and hereby incorporated by reference.
(p)(19)	Code\n of Ethics of Montebello Partners, LLC previously filed on September 14, 2009 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 104, and hereby incorporated by reference.
(p)(20)	Code\n of Ethics of BTS Asset Management, LLC previously filed on October 27, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 882, and hereby incorporated by reference.
(p)(21)	Code\n of Ethics of National Asset Management, Inc., previously filed on January 23, 2014 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 576, and hereby incorporated by reference.
(p)(22)	Code\n of Ethics of Investment Partners Asset Management, Inc. previously filed on October 2, 2009 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 107, and hereby incorporated by reference.
(p)(23)	Code\n of Ethics of Princeton Fund Advisors, LLC previously filed on April 7, 2014 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 598, and hereby incorporated by reference.
(p)(24)	Code\n of Ethics of 6800 Capital, LLC previously filed on June 30, 2010 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 162, and hereby incorporated by reference.
(p)(25)	Code\n of Ethics of Congress Asset Management Company, LLP previously filed on June 30, 2010 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 162, and hereby incorporated by reference.
(p)(26)	Code\n of Ethics of Chadwick & D’Amato, LLC previously filed on June 30, 2010 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 162, and hereby incorporated by reference.
(p)(27)	Code\n of Ethics of 13D Management, LLC previously filed on July 8, 2010 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 164, and hereby incorporated by reference.
(p)(28)	Code\n of Ethics of Altegris Advisors, L.L.C. previously filed on August 31, 2010 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 171, and hereby incorporated by reference.
(p)(29)	Code\n of Ethics of W.E. Donoghue & Co., Inc. previously filed on October 24, 2018 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1,129, and hereby incorporated by reference.
(p)(30)	Code\n of Ethics of Portfolio Strategies, Inc. previously filed on August 31, 2010 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 171, and hereby incorporated by reference.
(p)(31)	Code\n of Ethics of CWC Advisors, LLC previously filed on March 14, 2011 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 230, and hereby incorporated by reference.

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(p)(32)	Code\n of Ethics of TransWestern Capital Advisors, LLC previously filed on October 25, 2018 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1130, and hereby incorporated by reference.
(p)(33)	Code\n of Ethics of Loomis, Sayles & Company, L.P., previously filed on July 2, 2018 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1,100, and hereby incorporated by reference. Amended\n Code of Ethics of Loomis, Sayles & Company, L.P. previously filed on April 26, 2022 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 1391, and hereby incorporated by reference.
(p)(34)	Code\n of Ethics of Beech Hill Advisors, Inc. previously filed on November 30, 2010 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 186, and hereby incorporated by reference.
(p)(35)	Code\n of Ethics of Clark Capital Management Group, Inc. previously filed on December 2, 2010 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 187, and hereby incorporated by reference.
(p)(36)	Code\n of Ethics of Dearborn Capital Management, L.L.C., previously filed on January 23, 2014 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 576, and hereby incorporated by reference.
(p)(37)	Code\n of Ethics of Risk Paradigm Group, LLC previously filed on March 14, 2011 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 230, and hereby incorporated by reference.
(p)(38)	Code\n of Ethics of Genesis Capital, LLC previously filed on March 29, 2011 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 232, and hereby incorporated by reference.
(p)(39)	Code\n of Ethics of CWM, LLC previously filed on May 6, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment\n No. 246, and hereby incorporated by reference.
(p)(40)	Code\n of Ethics of Zeo Capital Advisors, LLC previously filed on December 29, 2011 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 345, and hereby incorporated by reference.
(p)(41)	Code\n of Ethics of Giralda Advisors, LLC previously filed on March 29, 2011 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 232, and hereby incorporated by reference.
(p)(42)	Code\n of Ethics of Van Hulzen Asset Management, LLC previously filed on May 6, 2011 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 246, and hereby incorporated by reference.
(p)(43)	Code\n of Ethics of Ascendant Advisors, LLC previously filed on August 28, 2014 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 631, and hereby incorporated by reference.
(p)(44)	Code\n of Ethics of Winch Advisory Services, LLC previously filed on December 29, 2011 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 345, and hereby incorporated by reference.
(p)(45)	Code\n of Ethics of Absolute Private Wealth Management, LLC previously filed on July 1, 2011 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 279, and hereby incorporated by reference.
(p)(46)	Code\n of Ethics of Horizon Cash Management LLC previously filed on July 1, 2011 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 279, and hereby incorporated by reference.
(p)(47)	Code\n of Ethics of DoubleLine Capital LP was previously filed on October 19, 2011 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 318, and hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(p)(48)	Code\n of Ethics of Eagle Global Advisors, LLC previously filed on June 12, 2012 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 386, and hereby incorporated by reference.
(p)(49)	Code\n of Ethics of Sandalwood Securities, Inc. previously filed on January 23, 2014 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 576, and hereby incorporated by reference.
(p)(50)	Code\n of Ethics of RockView Management, LLC previously filed on December 18, 2012 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 445, and hereby incorporated by reference.
(p)(51)	Code\n of Ethics of Alpha Simplex Group, LLC previously filed on October 11, 2013 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 542, and hereby incorporated by reference.
(p)(52)	Code\n of Ethics of Probabilities Fund Management, LLC previously filed on October 11, 2013 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 542, and hereby incorporated by reference.
(p)(53)	Code\n of Ethics of American Assets Investment Management, LLC previously filed on December 23, 2013 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 571, and hereby incorporated by reference.
(p)(54)	Code\n of Ethics of Anchor Capital Management Group, Inc. previously filed on January 24, 2014 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 578, and hereby incorporated by reference.
(p)(55)	Code\n of Ethics of AthenaInvest Advisors LLC previously filed on April 15, 2015 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 697, and hereby incorporated by reference.
(p)(56)	Code\n of Ethics of Ladenburg Thalmann Asset Management, Inc. previously filed on June 26, 2015 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 725, and hereby incorporated by reference.
(p)(57)	Code\n of Ethics of Deer Park Road Management, previously filed on July 2, 2018 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1,100, and hereby incorporated by reference.
(p)(58)	Code\n of Ethics of Whippoorwill Capital Management LP previously filed on July 28, 2015 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 729, and hereby incorporated by reference.
(p)(59)	Code\n of Ethics of Main Point Advisers, Inc. previously filed on January 28, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 797, and hereby incorporated by reference.
(p)(60)	Code\n of Ethics of Asset One, LLC previously filed on February 19, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 807, and hereby incorporated by reference.
(p)(61)	Code\n of Ethics of Coe Capital Management, LLC previously filed on February 19, 2016 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 807, and hereby incorporated by reference.
(p)(62)	Code\n of Ethics of Harvest Capital Strategies, LLC previously filed on February 19, 2016 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 807, and hereby incorporated by reference.
(p)(63)	Code\n of Ethics of Critical Math Advisors, LLC previously filed on February 19, 2016 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 808, and hereby incorporated by reference.
(p)(64)	Code\n of Ethics of Mariner Holdings, LLC previously filed on February 19, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 808, and hereby incorporated by reference.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(p)(65)	Code\n of Ethics of Horse Cove Partners, LLC previously filed on June 6, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 836, and hereby incorporated by reference.
(p)(66)	Code\n of Ethics of MAST Capital Management, LLC previously filed on April 29, 2016 to the Registrant’s Registration Statement in\n Post-Effective Amendment No. 821, and hereby incorporated by reference.
(p)(67)	Code\n of Ethics of Chilton Investment Company, LLC previously filed on April 29, 2016 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 821, and hereby incorporated by reference.
(p)(68)	Code\n of Ethics of Convector Capital Management, LP previously filed on April 29, 2016 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 821, and hereby incorporated by reference.
(p)(69)	Code\n of Ethics of Visium Asset Management, LP previously filed on April 29, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 821, and hereby incorporated by reference.
(p)(70)	Code\n of Ethics of Middleton Dickinson Capital Management, LLC previously filed on June 6, 2016 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 836, and hereby incorporated by reference.
(p)(71)\n	Code\n of Ethics of Cramer Rosenthal McGlynn LLC previously filed on June 6, 2016 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 836, and hereby incorporated by reference.
(p)(72)	Code\n of Ethics of Astor Investment Management, LLC previously filed on September 27, 2016 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 873, and hereby incorporated by reference.
(p)(73)	Code\n of Ethics of AlphaCore, LLC is previously filed on August 21, 2018 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1,112, and hereby incorporated by reference.
(p)(74)	Code\n of Ethics of Clinton Retail Investment Management LLC previously filed on August 9, 2017 to the Registrant’s Registration Statement\n in Post-Effective Amendment No. 984, and hereby incorporated by reference.
(p)(75)	Code\n of Ethics of GSA Capital Partners LLP previously filed on August 17, 2018 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1,111, and hereby incorporated by reference.
(p)(76)	Code\n of Ethics of P/E Global LLC is previously filed on August 9, 2019 to the Registrant’s Registration Statement in Post-Effective\n Amendment No. 1203, and hereby incorporated by reference.
(p)(77)	Code\n of Ethics of Winton Capital Management Limited is previously filed on March 6^th, 2026 to the Registrant’s Registration\n Statement in Post-Effective Amendment No. 1533, and hereby incorporated by reference.

ITEM\n29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE REGISTRANT.

None.

ITEM\n30. INDEMNIFICATION.

Article\nVIII, Section 2(a) of the Agreement and Declaration of Trust provides that to the fullest extent that limitations on the liability of\nTrustees and officers are permitted by the Delaware Statutory Trust Act of

2002, the officers and Trustees shall not be responsible or\nliable in any event for any act or omission of: any agent or employee of the Trust; any investment adviser or principal underwriter\nof the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The\nTrust, out of the Trust Property, is required to indemnify and hold harmless each and every officer and Trustee from and against any\nand all claims and demands whatsoever arising out of or related to such officer’s or Trustee’s performance of his or her\nduties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a person serves\nas 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\nis asserted. Nothing contained in the Agreement and Declaration of Trust indemnifies, holds harmless or protects any officer or\nTrustee from or against any liability to the Trust or any shareholder to which such person would otherwise be subject by reason of willful\nmisfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person’s office.

Article\nVIII, Section 2(b) provides that every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever\nissued, 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\nbe conclusively deemed to have been issued, executed or done only in such Person’s capacity as Trustee and/or as officer, and such\nTrustee or officer, as applicable, shall not be personally liable therefore, except as described in the last sentence of the first paragraph\nof Section 2 of Article VIII.

Insofar\nas indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons\nof the Registrant pursuant to the provisions of Delaware law and the Agreement and Declaration of the Registrant or the By-Laws of the\nRegistrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification\nis against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against\nsuch liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of\nthe Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in\nconnection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled\nby controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public\npolicy as expressed in the Act and will be governed by the final adjudication of such issue.

The\nUnderwriting Agreement provides that the Registrant agrees to indemnify, defend and hold Northern Lights Distributors (NLD), its several\nofficers and directors, and any person who controls NLD within the meaning of Section 15 of the Securities Act free and harmless from\nand against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims,\ndemands or liabilities and any reasonable counsel fees incurred in connection therewith) which NLD, its officers and directors, or any\nsuch controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon:\n(i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement\nor any Prospectus, (ii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement\nor any Prospectus or necessary to make the statements in any of them not misleading, (iii) the Registrant’s failure to maintain\nan effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, or\n(iv) the Registrant’s failure to provide NLD with advertising or sales materials to be filed with the FINRA on a timely basis.

The\nUnderwriting Agreement provides that the Registrant agrees to indemnify, defend and hold Foreside Distribution Services, L.P. (Foreside),\nits several officers and directors, and any person who controls Foreside within the meaning of Section 15 of the Securities Act free\nand harmless from and against any

and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or\ndefending such claims, demands or liabilities and any reasonable counsel fees incurred in connection therewith) which Foreside, its officers\nand directors, or any such controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising\nout of or based upon: (i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration\nStatement or any Prospectus, (ii) any omission, or alleged omission, to state a material fact required to be stated in any Registration\nStatement or any Prospectus or necessary to make the statements in any of them not misleading, (iii) the Registrant’s failure\nto maintain an effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim\nor demand, or (iv) the Registrant’s failure to provide Foreside with advertising or sales materials to be filed with the\nFINRA on a timely basis.

The\nUnderwriting Agreement provides that the Registrant agrees to indemnify, defend and hold ALPS Distributors, Inc. (ALPS), its several\nofficers and directors, and any person who controls ALPS within the meaning of Section 15 of the Securities Act free and harmless from\nand against any and all claims, demands, liabilities and expenses (including the reasonable cost of investigating or defending such claims,\ndemands or liabilities and any reasonable counsel fees incurred in connection therewith) which ALPS, its officers and directors, or any\nsuch controlling persons, may incur under the Securities Act, the 1940 Act, or common law or otherwise, arising out of or based upon:\n(i) any untrue statement, or alleged untrue statement, of a material fact required to be stated in either any Registration Statement\nor any Prospectus, (ii) any omission, or alleged omission, to state a material fact required to be stated in any Registration Statement\nor any Prospectus or necessary to make the statements in any of them not misleading, (iii) the Registrant’s failure to maintain\nan effective Registration statement and Prospectus with respect to Shares of the Funds that are the subject of the claim or demand, or\n(iv) the Registrant’s failure to provide ALPS with advertising or sales materials to be filed with the FINRA on a timely\nbasis.

The\nFund Services Agreement and ETF Fund Services Agreement with Ultimus Fund Services (UFS) provides that the Registrant agrees to indemnify\nand hold UFS harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liability\narising out of or attributable to the Registrant’s refusal or failure to comply with the terms of the Agreement, or which arise\nout of the Registrant’s lack of good faith, gross negligence or willful misconduct with respect to the Registrant’s performance\nunder or in connection with this Agreement.

The\nConsulting Agreement with Northern Lights Compliance Services, LLC (NLCS) provides that the Registrant agree to indemnify and hold NLCS\nharmless from and against any and all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liability arising\nout 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\nlack of good faith, gross negligence or willful misconduct with respect to the Trust’s performance under or in connection with\nthe Agreement. NLCS shall not be liable for, and shall be entitled to rely upon, and may act upon information, records and reports\ngenerated by the Trust, advice of the Trust, or of counsel for the Trust and upon statements of the Trust’s independent accountants,\nand shall be without liability for any action reasonably taken or omitted pursuant to such records and reports.

ITEM\n31. BUSINESS AND OTHER CONNECTIONS OF THE INVESTMENT ADVISER.

Certain\ninformation pertaining to the business and other connections of each Advisor of each series of the Trust is hereby incorporated herein\nby reference to the section of the respective Prospectus captioned “Investment Advisor” and to the section of the respective\nStatement of Additional Information captioned

“Investment Advisory and Other Services.” The information required by\nthis Item 26 with respect to each director, officer or partner of each Advisor is incorporated by reference to the Advisor’s Uniform\nApplication for Investment Adviser Registration (Form ADV) on file with the Securities and Exchange Commission (“SEC”). Each\nAdvisor’s Form ADV may be obtained, free of charge, at the SEC’s website at www.adviserinfo.sec.gov, and may be requested\nby File No. as follows:

Biondo\nInvestment Advisors, LLC, the Adviser to The Biondo Focus Fund- File No. 801 - 62775

Changing\nParameters, LLC, the Adviser to Changing Parameters Fund -- File No. 801-63495

The\nPacific Financial Group, LLC, the Adviser to PFG PIMCO Active Core Bond Strategy Fund, PFG American Funds Conservative Income Strategy,\nPFG American Funds Growth Strategy Fund, PFG BNY Mellon® Diversifier Strategy Fund, PFG BR Target Allocation Equity Strategy Fund,\nPFG Fidelity Institutional AM® Equity Index Strategy, PFG Fidelity Institutional AM® Equity Sector Strategy, PFG Fidelity Institutional\nAM® Core Plus Bond Strategy Fund, PFG Invesco® Equity Factor Rotation Strategy Fund PFG Janus Henderson® Balanced Strategy,\nPFG JP Morgan® Tactical Aggressive Strategy Fund, PFG JP Morgan® Tactical Moderate Strategy Fund, PFG Meeder Tactical Strategy\nFund, PFG MFS® Aggressive Growth Strategy Fund, PFG Janus Henderson^® Tactical Income Strategy Fund, PFG Global Equity\nIndex Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund File No. 801 - 18151

Ocean\nPark Asset Management, LLC, the Adviser of Ocean Park Tactical All Asset Fund, Ocean Park Tactical Core Income Fund, Ocean Park Tactical\nMunicipal Fund, Ocean Park Tactical Bond Fund, Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 50 Fund,\nOcean Park Tactical Risk Spectrum 70 Fund, Ocean Park Tactical Core Growth Fund, Ocean Park Domestic ETF, Ocean Park International ETF,\nOcean Park Diversified Income ETF and Ocean Park High Income ETF – File No. 801- 68554

Toews\nCorporation, the Adviser of the Toews Tactical Income Fund, Toews Hedged U.S. Fund, Toews Hedged Opportunity Fund, Toews Unconstrained\nIncome Fund, Toews Managed Risk Equity Fund, Toews Agility Shares Dynamic Tactical Income ETF, Toews Agility Shares Managed Risk ETF,\nToews Agility Shares Hedged Risk ETF, Toews Agility Shares Hedged Nasdaq-100 ETF and Toews Agility Shares Gold ETF – File No. 801-\n47765

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

13D\nManagement, LLC, the Adviser of 13D Activist Fund – File No. 801-71577.

Donoghue\nForlines LLC, the Adviser of DF Tactical Income Fund, DF Tactical Dividend Fund, DF Tactical Momentum Fund, DF Tactical Allocation Fund,\nDF Tactical Yield Fund, DF Tactical 30 ETF and DF Innovation ETF – File No. 801-27959.

Transwestern\nCapital Advisors, LLC, the Adviser of the TransWestern Institutional Short Duration Government Bond Fund – File No. 801-67113.

Loomis,\nSayles & Company, L.P., the Sub-Adviser of the TransWestern Institutional Short Duration Government Bond Fund – File No. 801-170.

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

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n and Position with \nInvestment Adviser	Name\n and Principal Business Address \nof Other Company	Connection\n with Other Company
David\n L. Giunta \n Director	Natixis\n Investment Managers, LLC \n 888 Boylston Street, Boston, MA \n 02199	President\n and Chief Executive Officer, US; Member of the Board of Managers
Natixis\n Advisors, LLC \n 888 Boylston Street, Boston, MA 02199	President\n and Chief Executive Officer; Member of the Board of Managers
Natixis\n Distribution, LLC \n 888 Boylston Street, Boston, MA 02199	President\n and Chief Executive Officer; Member of the Board of Managers
AEW\n Capital Management, Inc. \n Two Seaport Lane, Boston, MA 02210	Director
Gateway\n Investment Advisers, LLC \n 312 Walnut Street, Cincinnati, OH 45202	Member\n of the Board of Managers
Harris\n Associates, Inc. \n 111 South Wacker Drive, Suite 4600, Chicago IL 60606	Director
Vaughan\n Nelson Investment Management, Inc. \n 600 Travis Street, Suite 3800 \n Houston, TX 77002	Director
Loomis\n Sayles Funds I \n 888 Boylston Street, Boston, MA 02199	Trustee\n and Executive Vice President
Loomis\n Sayles Funds II \n 888 Boylston Street, Boston, MA 02199	Trustee,\n President and Chief Executive Officer
Natixis\n Funds Trust I \n 888 Boylston Street, Boston, MA 02199	Trustee,\n President and Chief Executive Officer
Natixis\n Funds Trust II \n 888 Boylston Street, Boston, MA 02199	Trustee,\n President and Chief Executive Officer
Natixis\n Funds Trust IV \n 888 Boylston Street, Boston, MA 02199	Trustee,\n President and Chief Executive Officer
Natixis\n ETF Trust \n 888 Boylston Street, Boston, MA 02199	Trustee,\n President and Chief Executive Officer
Natixis\n ETF Trust II \n 888 Boylston Street, Boston, MA 02199	Trustee,\n President and Chief Executive Officer
Gateway\n Trust \n 888 Boylston Street, Boston, MA 02199	Trustee,\n President and Chief Executive Officer
NIM-os,\n LLC \n One Financial Center, Boston, MA 02111	Manager
Aziz\n V. Hamzaogullari \n Chief Investment Officer, Growth Equity Strategies, Portfolio Manager and Director	None.	None.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n and Position with \nInvestment Adviser	Name\n and Principal Business Address \nof Other Company	Connection\n with Other Company
Maurice\n Leger \n Head of Global Distribution and Director	Loomis\n Sayles Trust Company, LLC \n One Financial Center, Boston, MA 02111	Manager
	Loomis\n Sayles Distributors, L.P. \n One Financial Center, Boston, MA 02111	President
	Loomis\n Sayles Capital Re, SAS \n 43 avenue Pierre Mendès -France 75013 Paris	Supervisory\n Board Member (2022 – 2024)
Richard\n G. Raczkowski \n Co-Head and Portfolio Manager, Relative Return, and Director	None.	None.
Rebecca\n O’Brien Radford \n General Counsel, Secretary and Director (1/1/23 to present); Deputy General Counsel (2021 to 2023)	Loomis\n Sayles Distributors, Inc. \n One Financial Center, Boston, MA 02111	Director
Loomis\n Sayles Investments Limited \n 77 Coleman Street, 6^th Floor, London, England EC2R 5BJ	General\n Counsel and Secretary
Loomis\n Sayles Trust Company, LLC \n One Financial Center, Boston, MA 02111	Manager\n and Secretary
Loomis\n Sayles Operating Services, LLC, One Financial Center, Boston, MA 02111 (dissolved 12/20/22)	Director\n and Secretary (2020 - 2022)
Loomis\n Sayles Capital Re, SAS \n 43 avenue Pierre Mendès -France 75013 Paris	Supervisory\n Board Member (2022 – 2024)
NIM-os\n Technologies, Inc. \n One Financial Center, Boston, MA 02111	Director
NIM-os,\n LLC \n One Financial Center, Boston, MA 02111	Manager\n and General Counsel
Philippe\n Setbon \n Director	Natixis\n Investment Managers \n 59, avenue Pierre Mendès-France, CS 41432, 75648 Paris cedex, France	Chief\n Executive Officer (Directeur général) (2023 – present)
Natixis \n 7 Promenade Germaine Sablon, 75013 Paris, France	Member\n of Senior Management Committee (2023 – present)
Ostrum\n Asset management \n 42 avenue Pierre Mendès-France, 75013 Paris, France	Chief\n Executive Officer (Directeur général) (2019 – 2023)
Natixis\n TradEx Solutions \n 59 avenue Pierre Mendès-France, 75013 Paris, France	Director\n (2020 – 2024)
Harris\n Associates L.P. \n 111 South Wacker Drive, Suite 4600 \n Chicago, Illinois 60606	Director\n (2024 – present)
AEW\n Europe SA \n 43 avenue Pierre Mendès-France \n 75013 Paris, France	Chair\n of the Board of Directors (Président du conseil d’administration) (2024 – present)
DNCA\n Finance \n 19 place Vendôme \n 75001 Paris, France	Chair\n of Supervisory Board (Président du comité de surveillance) (2024 – present)
AEW\n Capital Management, L.P. \n Two Seaport Lane, Boston Massachusetts 02210	Director\n (Jan. 2024 – present)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n and Position with \nInvestment Adviser	Name\n and Principal Business Address \nof Other Company	Connection\n with Other Company
Susan\n L. Sieker \n Chief Financial Officer and Director	Loomis\n Sayles Investments Limited \n 77 Coleman Street, 6^th Floor, London, England EC2R 5BJ	Chief\n Financial Officer
Loomis\n Sayles Trust Company, LLC \n One Financial Center, Boston, MA 02111	Manager\n and Chief Financial Officer
Loomis\n Sayles Capital Re, SAS \n 43 avenue Pierre Mendès -France 75013 Paris	Supervisory\n Board Member (2022 – 2024)
Loomis\n Sayles Investments Asia Pte. Ltd. \n 10 Collyer Quay #05-01/03, Ocean Financial Centre, Singapore 049315	Director
NIM-os\n Technologies, Inc. \n One Financial Center, Boston, MA 02111	Director
NIM-os,\n LLC \n One Financial Center, Boston, MA 02111	Manager\n and Chief Financial Officer
David\n L. Waldman \n Chief Investment Officer and Director	Loomis\n Sayles Capital Re, SAS \n 43 avenue Pierre Mendès -France 75013 Paris	Supervisory\n Board Member (2022 – 2024)

Clark\nCapital Management Group Inc., the Adviser of the Navigator Tactical Fixed Income Fund, Navigator Ultra Short Bond Fund, Navigator Tactical\nU.S. Allocation Fund and Navigator Tactical Investment Grade Bond – File No. 801-28445.

Dearborn\nCapital Management, LLC, the Adviser of the Grant Park Multi-Alternative Strategies Fund, Grant Park Dynamic Allocation Fund and Grant\nPark Core Income ETF – File No. 801-72068.

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

Eagle\nGlobal Advisors, LLC, the Co-Advisor of Eagle Energy Infrastructure Fund – File No. 801-53294.

Deer\nPark Road Management, LP, Sub-Adviser of Deer Park Total Return Credit Fund – File No. 801-74577

Ladenburg\nThalmann Asset Management, Inc., the Adviser of Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund, Ladenburg Growth & Income\nFund, Ladenburg Income & Growth Fund and Ladenburg Income Fund – File No. 801-54909.

Winton\nCapital Management Limited, the Adviser of Winton Managed Futures Trend Fund, Winton Managed Futures ETF and Winton US Equities &\nManaged Futures ETF – File No. 801-73223

ITEM\n32. PRINCIPAL UNDERWRITER

\n\n

(a)

Northern\nLights Distributors, LLC (“NLD”), the principal underwriter to the Trust also acts as principal underwriter for the following:

Atlas\nU.S. Tactical Income Fund, Boyar Value Fund Inc., Capitol Series Trust, Copeland Trust, DGI Investment Trust, Grandeur Peak Global Trust,\nHumankind Benefit Corporation, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, North Country\nFunds, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Northern Lights Fund Trust IV, Northern\nLights Variable Trust, OCM Mutual Fund, CIM Real Assets & Credit Fund, Princeton Everest Fund, The Saratoga Advantage Trust, Segall\nBryant & Hamill Trust, Texas Capital Funds Trust, THOR Financial Technologies Trust, Tributary Funds, Inc., Two Roads Shared Trust,\nUltimus Manager’s Trust, Unified Series Trust, Valued Advisers Trust, Zacks Trust.

Foreside\nDistribution Services, L.P. (the “Distributor”) serves as principal underwriter for the following investment companies registered\nunder the Investment Company Act of 1940, as amended:

ABS\n Long/Short Strategies Fund

Absolute\n Shares Trust

Active\n Weighting Funds ETF Trust

AdvisorShares\n Trust

AmericaFirst\n Quantitative Funds

American\n Century ETF Trust

ARK\n ETF Trust

Avenue\n Mutual Funds Trust

BP\n Capital TwinLine Energy Fund, Series of Professionally Managed Portfolios

10.

BP\n Capital TwinLine MLP Fund, Series of Professionally Managed Portfolios

11.

Braddock\n Multi-Strategy Income Fund, Series of Investment Managers Series Trust

12.

Bridgeway\n Funds, Inc.

13.

Brinker\n Capital Destinations Trust

14.

Calvert\n Ultra-Short Duration Income NextShares, Series of Calvert Management Series

15.

Center\n Coast MLP & Infrastructure Fund

16.

Center\n Coast MLP Focus Fund, Series of Investment Managers Series Trust

17.

Context\n Capital Funds

18.

CornerCap\n Group of Funds

19.

Davis\n Fundamental ETF Trust

20.

Direxion\n Shares ETF Trust

21.

Eaton\n Vance NextShares Trust

22.

Eaton\n Vance NextShares Trust II

23.

EIP\n Investment Trust

24.

Elkhorn\n ETF Trust

25.

EntrepreneurShares\n Series Trust

26.

Evanston\n Alternative Opportunities Fund

27.

Exchange\n Listed Funds Trust (f/k/a Exchange Traded Concepts Trust II)

28.

FEG\n Absolute Access Fund I LLC

29.

Fiera\n Capital Series Trust

30.

FlexShares\n Trust

31.

Forum\n Funds

32.

Forum\n Funds II

33.

FQF\n Trust

34.

Friess\n Small Cap Growth Fund, Series of Managed Portfolio Series

35.

GraniteShares\n ETF Trust

36.

Guinness\n Atkinson Funds

37.

Horizons\n ETF Trust I (f/k/a Recon Capital Series Trust)

38.

Infinity\n Core Alternative Fund

39.

Innovator\n IBD^® 50 ETF, Series of Innovator ETFs Trust

40.

Innovator\n IBD^® ETF Leaders ETF, Series of Innovator ETFs Trust

41.

Ironwood\n Institutional Multi-Strategy Fund LLC

42.

Ironwood\n Multi-Strategy Fund LLC

43.

John\n Hancock Exchange-Traded Fund Trust

44.

Manor\n Investment Funds

45.

Miller/Howard\n Funds Trust

46.

Miller/Howard\n High Income Equity Fund

47.

Moerus\n Worldwide Value Fund, Series of Northern Lights Fund Trust IV

48.

MProved\n Systematic Long-Short Fund, Series Portfolios Trust

49.

Mproved\n Systematic Merger Arbitrage Fund, Series Portfolios Trust

50.

Mproved\n Systematic Multi-Strategy Fund, Series Portfolios Trust

51.

NYSE®\n Pickens Oil Response™ ETF, Series of ETF Series Solutions

52.

OSI\n ETF Trust

53.

Palmer\n Square Opportunistic Income Fund

54.

Partners\n Group Private Income Opportunities, LLC

55.

PENN\n Capital Funds Trust

56.

Performance\n Trust Mutual Funds, Series of Trust for Professional Managers

57.

Pine\n Grove Alternative Institutional Fund

58.

Plan\n Investment Fund, Inc.

59.

PMC\n Funds, Series of Trust for Professional Managers

60.

Point\n Bridge GOP Stock Tracker ETF, Series of ETF Series Solutions

61.

Quaker\n Investment Trust

62.

Ranger\n Funds Investment Trust

63.

Renaissance\n Capital Greenwich Funds

64.

RMB\n Investors Trust (f/k/a Burnham Investors Trust)

65.

Robinson\n Opportunistic Income Fund, Series of Investment Managers Series Trust

66.

Robinson\n Tax Advantaged Income Fund, Series of Investment Managers Series Trust

67.

Salient\n MF Trust

68.

SharesPost\n 100 Fund

69.

Sound\n Shore Fund, Inc.

70.

Steben\n Alternative Investment Funds

71.

Steben\n Select Multi-Strategy Fund

72.

Strategy\n Shares

73.

The\n 504 Fund (f/k/a The Pennant 504 Fund)

74.

The\n Chartwell Funds

75.

The\n Community Development Fund

76.

The\n Relative Value Fund

77.

Third\n Avenue Trust

78.

Third\n Avenue Variable Series Trust

79.

TIFF\n Investment Program

80.

Transamerica\n ETF Trust

81.

U.S.\n Global Investors Funds

82.

VictoryShares\n Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

83.

VictoryShares\n Dividend Accelerator ETF, Series of Victory Portfolios II

84.

VictoryShares\n Emerging Market High Div Volatility Wtd ETF, Series of Victory Portfolios II

85.

VictoryShares\n Emerging Market Volatility Wtd ETF, Series of Victory Portfolios II

86.

VictoryShares\n International High Div Volatility Wtd ETF, Series of Victory Portfolios II

87.

VictoryShares\n International Volatility Wtd ETF, Series of Victory Portfolios II

88.

VictoryShares\n US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

89.

VictoryShares\n US 500 Volatility Wtd ETF, Series of Victory Portfolios II

90.

VictoryShares\n US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

91.

VictoryShares\n US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

92.

VictoryShares\n US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

93.

VictoryShares\n US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

94.

VictoryShares\n US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

95.

VictoryShares\n US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

96.

Vivaldi\n Opportunities Fund

97.

West\n Loop Realty Fund, Series of Investment Managers Series Trust (f/k/a Chilton Realty Income\n & Growth Fund)

98.

Wintergreen\n Fund, Inc.

99.

WisdomTree\n Trust

100.

WST\n Investment Trust

ALPS\nDistributors, Inc. acts as the distributor for the 13D Activist Fund, a series of the Trust and the following investment companies: ALPS\nSeries Trust, Arbitrage Funds, AQR Funds, Babson Capital Funds Trust, BBH Trust, BLDRS Index Funds Trust, BPV Family of Funds, Broadview\nFunds Trust, Brown Management Funds, Caldwell & Orkin Funds, Inc., Campbell Multi-Strategy Trust, Centaur Mutual Funds Trust, Century\nCapital Management Trust, Columbia ETF Trust, CornerCap Group of Funds, Cortina Funds, Inc., CRM Mutual Fund Trust, Cullen Funds, DBX\nETF TRUST, db-X Exchange-Traded Funds Inc., Centre Funds, EGA Emerging Global Shares Trust, EGA Frontier Diversified Core Fund, Financial\nInvestors Trust, Firsthand Funds, Heartland Group, Inc., Henssler Funds, Inc., Holland Balanced Fund, IndexIQ Trust, Index IQ ETF Trust,\nJames Advantage Funds, Laudus Trust, Laudus Institutional Trust, Mairs & Power Funds Trust, Oak Associates Funds, Pax World Series\nTrust I, Pax World Funds Trust II, PowerShares QQQ 100 Trust Series 1, RiverNorth Funds, Russell Exchange Traded Funds Trust, SPDR Dow\nJones Industrial Average ETF Trust, SPDR S&P 500 ETF Trust, SPDR S&P MidCap 400 ETF Trust, Stadion Investment Trust, Stone Harbor\nInvestment Funds, Transparent Value Trust, Wakefield Alternative Series Trust, Wasatch Funds, WesMark Funds, Westcore Trust, Whitebox\nMutual Funds, Williams Capital Liquid Assets Fund, Wilmington Funds and WisdomTree Trust.

(b)\nNLD is registered with Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority,\nInc. The principal business address of NLD is 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474. NLD is an affiliate\nof Ultimus Fund Solutions, LLC. To the best of Registrant’s knowledge, the following are the members and officers of NLD:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name	Positions\n and Offices \n with Underwriter	Positions\n and Offices \n with the Fund
Kevin\n Guerette	President	None
David\n James	Board\n of Managers	None
Stephen\n Preston	Chief\n Compliance Officer, and AML Compliance Officer	None
Greg\n Evans	Financial\n Operations Principal Officer	None
William\n J. Strait	Board\n of Managers, Secretary, and General Counsel	None
Melvin\n Van Cleave	Chief\n Information Securities Officer	None

(c)\nNot Applicable. No underwriting commissions are paid in connection with the sale of Registrant’s Shares.

Foreside\nDistribution Services, LP is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member of the Financial\nIndustry Regulatory Authority, Inc. The Distributor’s main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.\nThe following are the Officers of the Distributor:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n	Address	Position\n with Underwriter	Position\n with Registrant
Richard\n J. Berthy	Three\n Canal Plaza, Suite 100, Portland, ME 04101	President,\n Treasurer and Manager	None
Mark\n A. Fairbanks	Three\n Canal Plaza, Suite 100, Portland, ME 04101	Vice\n President	None
Jennifer\n K. DiValerio	899\n Cassatt Road, 400 Berwyn Park, Suite 110, Berwyn, PA 19312	Vice\n President	None
Nanette\n K. Chern	Three\n Canal Plaza, Suite 100, Portland, ME 04101	Vice\n President and Chief Compliance Officer	None
Jennifer\n E. Hoopes	Three\n Canal Plaza, Suite 100, Portland, ME 04101	Secretary	None

ALPS\nDistributors, Inc. is registered with the Securities and Exchange Commission as a broker dealer and is a member of the Financial Industry\nRegulatory Authority, Inc. The principal address of ALPS is 1290 Broadway, Suite 1100, Denver, Colorado 80203. The directors and executive\nofficers of ALPS Distributors, Inc., are as follows:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name*	Position\n with Underwriter	Positions\n with Fund
Edmund\n J. Burke	Director	None
Jeremy\n O. May	President,\n Director	None
Thomas\n A. Carter	Executive\n Vice President, Director	None
Bradley\n J. Swenson	Senior\n Vice President, Chief Compliance Officer	None
Robert\n J. Szydlowski	Senior\n Vice President, Chief Technology Officer	None
Eric\n Parsons	Vice\n President, Controller and Assistant Treasurer	None
Steven\n Price	Vice\n President, Deputy Chief Compliance Officer	None
James\n Stegall	Vice\n President, Institutional Sales Manager	None
Gary\n Ross	Vice\n President, Director of Sales	None

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Erin\n D. Nelson	Vice\n President, Assistant General Counsel	None
JoEllen\n Legg	Vice\n President, Assistant General Counsel	None
David\n T. Buhler	Vice\n President, Senior Associate Counsel	None
Rhonda\n A. Mills	Vice\n President, Associate Counsel	None
Jennifer\n T. Welsh	Vice\n President, Associate Counsel	None
Paul\n F. Leone	Vice\n President, Associate Counsel	None
Randall\n D. Young	Secretary	None
Gregg\n Wm. Givens	Vice\n President, Treasurer and Asst. Secretary	None

\n\n

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

(c)\nNot Applicable.

ITEM\n33. LOCATION OF ACCOUNTS AND RECORDS.

The\nfollowing entities prepare, maintain and preserve the records required by Section 31 (a) of the 1940 Act for the Registrant. These\nservices are provided to the Registrant for such periods prescribed by the rules and regulations of the Securities and Exchange Commission\nunder the 1940 Act and such records are the property of the entity required to maintain and preserve such records and will be surrendered\npromptly on request.

Bank\nof New York Mellon (“BONY”), located at One Wall Street, New York, New York 10286, provides custodian services to Changing\nParameters Fund, Navigator Tactical Fixed Income Fund, Navigator Tactical Investment Grade Bond, Navigator Tactical U.S. Allocation Fund\nNavigator Ultra Short Bond Fund, PFG PIMCO Active Core Bond Strategy Fund, PFG American Funds Conservative Income Strategy, PFG American\nFunds Growth Strategy Fund, PFG BNY Mellon® Diversifier Strategy Fund, PFG BR Target Allocation Equity Strategy Fund, PFG Fidelity\nInstitutional AM® Equity Index Strategy, PFG Fidelity Institutional AM® Equity Sector Strategy, PFG Fidelity Institutional AM®\nCore Plus Bond Strategy Fund, PFG Janus Henderson® Balanced Strategy, PFG Invesco® Equity Factor Rotation Strategy Fund PFG JP\nMorgan® Tactical Aggressive Strategy Fund, PFG JP Morgan® Tactical Moderate Strategy Fund, PFG Meeder Tactical Strategy Fund,\nPFG MFS® Aggressive Growth Strategy Fund, PFG Janus Henderson^®Tactical Income Strategy Fund, PFG Global Equity Index\nStrategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy Fund pursuant to a Custody Agreement between BONY and the Trust.\n

U.S.\nBank, National Association, 60 Livingston Avenue, St. Paul, Minnesota 55107 (“USB”), provides custodian services to the Biondo\nFocus Fund, Princeton Premium Fund, DF Tactical Income Fund, DF Dividend Fund, DF Momentum Fund, DF Tactical Allocation Fund, DF Tactical\nYield Fund, DF Tactical 30 ETF, TransWestern Institutional Short Duration Government Bond Fund, 13D Activist Fund, Eagle Energy Infrastructure\nFund, BTS Tactical Fixed Income Fund, Astor Dynamic Allocation Fund, Astor Sector Rotation Fund, Ladenburg Aggressive Growth Fund, Ladenburg\nGrowth Fund, Ladenburg Growth

&\nIncome Fund, Ladenburg Income & Growth Fund, Ladenburg Income Fund, BTS Managed Income Fund, Ocean Park Tactical All Asset Fund,\nOcean Park Tactical Core Income Fund, Ocean Park Tactical Municipal Fund, Ocean Park Tactical Bond Fund, Princeton Adaptive Premium\nFund, Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 50 Fund, Ocean Park Tactical Risk Spectrum 70\nFund, Ocean Park Tactical Core Growth Fund, BTS Enhanced Equity Income Fund, Ocean Park Domestic ETF, Ocean Park International ETF,\nOcean Park Diversified Income ETF, Ocean Park High Income ETF, Grant Park Dynamic Allocation Fund, DF Innovation ETF, Winton Managed\nFutures Trend Fund, Winton US Equities & Managed Futures ETF, Winton Managed Futures ETF and Grant Park Core Income ETF pursuant\nto a Custody Agreement between USB and the Trust.

Fifth\nThird Bank (“Fifth Third”), 38 Fountain Square Plaza Cincinnati, Ohio 45263, provides custodian services to Toews Tactical\nIncome Fund, Toews Hedged Opportunity Fund, Toews Unconstrained Income Fund, Toews Managed Risk Equity Fund, Toews Agility Shares Dynamic\nTactical Income ETF and Toews Agility Shares Managed Risk Equity ETF, Toews Agility Shares Hedged Nasdaq-100 ETF and Toews Agility Shares\nHedged Equal Weight ETF pursuant to a Custody Agreement between Fifth Third and the Trust.

Brown\nBrothers Harriman & Co. (“BBH”), 50 Post Office Square, Boston, Massachusetts 02110, provides custodian and transfer\nagency services to Toews Agility Shares Dynamic Tactical Income ETF, Toews Agility Shares Managed Risk Equity ETF, Toews Agility Shares\nHedged Equal Weight ETF. Toews Agility Shares Hedged Nasdaq-100 ETF and Toews Agility Shares Gold ETF pursuant to a Custody Agreement\nbetween BBH and the Trust.

Ultimus\nFund Services, LLC (“UFS”), located at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474, provides transfer\nagent and dividend disbursing services pursuant to a Transfer Agency and Service Agreements between UFS and the Trust. In such\ncapacities, UFS provides pricing for each Fund’s portfolio securities, keeps records regarding securities and other assets in custody\nand in transfer, bank statements, canceled checks, financial books and records, and keeps records of each shareholder’s account\nand all disbursement made to shareholders. UFS also maintains all records required pursuant to Administrative Service Agreements\nwith the Trust.

NLD,\nlocated at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474, serves as principal underwriter for all series of Northern\nLights Fund Trust, 13D Activist Fund, TransWestern Institutional Short Duration Government Bond Fund. NLD maintains all records required\nto be maintained pursuant to each Fund’s Distribution Plan and Agreement adopted pursuant to Rule 12b-1 under the 1940 Act.

ALPS\nDistribution Services, Inc., located at 1209 Broadway, Suite 1100, Denver, CO 80203, serves as principal underwriter for 13D Activist\nFund and maintains all records required to be maintained pursuant to the Fund’s Master Distribution and Shareholder Servicing Plan\nand Agreements adopted pursuant to Rule 12b-1 under the 1940 Act.

Biondo\nInvestment Advisors, LLC, located at 544 Routes 6 & 209, PO Box 909, Milford, Pennsylvania 18337, pursuant to the Investment Advisory\nAgreement with the Trust, maintains all records required pursuant to such agreement with respect to The Biondo Focus Fund.

Changing\nParameters, LLC, located at 250 Oak Grove Avenue, Suite A, Menlo Park, California 94025, pursuant to the Investment Advisory Agreement\nwith the Trust, maintains all records required pursuant to such agreement with respect to the Changing Parameters Fund.

The\nPacific Financial Group, LLC, located at 10900 NE 8^th Street, Suite 1523, Bellevue, WA 98004, pursuant to the Investment Advisory\nAgreement with the Trust, maintains all records required pursuant to

such agreement with respect to PFG PIMCO Active Core Bond Strategy\nFund, PFG American Funds Conservative Income Strategy, PFG American Funds Growth Strategy Fund, PFG BNY Mellon® Diversifier Strategy\nFund, PFG BR Target Allocation Equity Strategy Fund, PFG Fidelity Institutional AM® Equity Index Strategy, PFG Fidelity Institutional\nAM® Equity Sector Strategy, PFG Fidelity Institutional AM® Core Plus Bond Strategy Fund, PFG Janus Henderson® Balanced Strategy,\nPFG JP Morgan® Tactical Aggressive Strategy Fund, PFG Invesco® Equity Factor Rotation Strategy Fund PFG JP Morgan® Tactical\nModerate Strategy Fund, PFG Meeder Tactical Strategy Fund, PFG MFS® Aggressive Growth Strategy Fund, PFG Janus Henderson^®\nTactical Income Strategy Fund, PFG Global Equity Index Strategy Fund, PFG US Equity Index Strategy Fund, and PFG Growth Strategy\nFund.

Ocean Park Asset Management, LLC, located at 3420 Ocean Park Boulevard, Santa Monica, CA 90405, pursuant to the Investment Management\nAgreement with the Trust, maintains all records required pursuant to such agreement with respect to Ocean Park Tactical All Asset Fund,\nOcean Park Tactical Core Growth Fund, Ocean Park Tactical Core Income Fund, Ocean Park Tactical Municipal Fund, Ocean Park Tactical Bond\nFund, Ocean Park Tactical Risk Spectrum 30 Fund, Ocean Park Tactical Risk Spectrum 50 Fund, Ocean Park Tactical Risk Spectrum 70 Fund,\nOcean Park Domestic ETF, Ocean Park International ETF, Ocean Park Diversified Income ETF and Ocean Park High Income ETF.

Toews\nCorporation, Cornerstone Commerce Center, 1201 New Road, Suite 111, Linwood, NJ 08221, pursuant to the Investment Management Agreement\nwith the Trust, maintains all records required pursuant to such agreement with respect to the Toews Tactical Income Fund, Toews Hedged\nOpportunity Fund, Toews Unconstrained Income Fund, Toews Managed Risk Equity Fund, Toews Agility Shares Dynamic Tactical Income ETF,\nToews Agility Shares Managed Risk Equity ETF, Toews Agility Shares Hedged Nasdaq-100 ETF, Toews Agility Shares Hedged Equal Weight ETF\nand Toews Agility Shares Gold ETF.

BTS\nAsset Management, Inc. located at 420 Bedford Street, Suite 340, Lexington, MA 02420, pursuant to the Investment\nAdvisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the BTS Tactical Fixed Income\nFund, BTS Managed Income Fund and BTS Enhanced Equity Income Fund.

Princeton\nFund Advisors, LLC, 1125 17^th Street, Suite 1400, Denver, CO 80202, pursuant to certain Investment Advisory Agreements with\nthe Trust, maintains all records required pursuant to such agreement with respect to the Eagle Energy Infrastructure Fund, Deer Park\nTotal Return Credit Fund, Princeton Premium Fund and Princeton Adaptive Premium Fund.

13D\nManagement, LLC, 200 East 61 Street, Suite 17C, New York, NY 10065, pursuant to the Investment Advisory Agreement with the Trust, maintains\nall records required pursuant to such agreement with respect to the 13D Activist Fund.

Donoghue\nForlines LLC, 629 Washington Street, Norwood, MA 02062 pursuant to the Investment Advisory Agreement with the Trust, maintains all records\nrequired pursuant to such agreement with respect to the DF Tactical Income Fund, DF Dividend Fund, DF Momentum Fund, DF Tactical Allocation\nFund, DF Tactical Yield Income Fund, DF Tactical 30 ETF and DF Innovation ETF.

TransWestern\nCapital Advisors, LLC, 1743 Wazee Street, Suite 250, Denver, CO 80202, pursuant to the Investment Advisory Agreement with the Trust and\nas the distributor for such fund, maintains all records required pursuant to such agreement and Master Distribution and Shareholder Servicing\nAgreement adopted pursuant to Rule 12b-1 under the 1940 Act with respect to the TransWestern Institutional Short Duration Government\nBond Fund.

Loomis,\nSayles & Company, L.P., One Financial Center, Boston, MA 02111, pursuant to a Sub- Advisory Agreement, maintains all records required\npursuant to such agreement with respect to the TransWestern Institutional Short Duration Government Bond Fund.

Clark\nCapital Management Group, Inc., 1650 Market Street, 53^rd Floor, Philadelphia, Pennsylvania 19103 pursuant to the Investment\nAdvisory Agreement with the Trust, maintains all records required pursuant to such agreement with respect to the Navigator Tactical Fixed\nIncome Fund, Navigator Tactical Investment Grade Bond, Navigator Tactical U.S. Allocation Fund and Navigator Ultra Short Bond Fund.

Dearborn\nCapital Management, LLC, 626 W. Jackson Street, Chicago, IL 60661 pursuant to the Investment Advisory Agreement with the Trust, maintains\nall records required pursuant to such agreement with respect to the Grant Park Multi-Alternative Strategies Fund, Grant Park Dynamic\nAllocation Fund and Grant Park Core Income ETF.

Eagle\nGlobal Advisors, LLC, 5847 San Felipe, Suite 930, Houston TX 77057, pursuant to a Co-Advisory Agreement, maintains all records required\npursuant to such agreement with respect to the Eagle Energy Infrastructure Fund.

Deer\nPark Road Management, LP, 1865 Ski Time Square, Steamboat Springs, CO 80477 pursuant to certain Sub-Advisory Agreements, maintains all\nrecords required pursuant to such agreement with respect to the Deer Park Total Return Credit Fund.

Ladenburg\nThalmann Asset Management, Inc. 507 Lexington Avenue, 11^th Floor, New York, NY 10022, pursuant to an Advisory Agreement, will\nmaintain all records required pursuant to such agreement with respect to the Ladenburg Aggressive Growth Fund, Ladenburg Growth Fund,\nLadenburg Growth & Income Fund, Ladenburg Income & Growth Fund and Ladenburg Income Fund.

Winton\nCapital Management Limited, One Hooper’s Court, Knightsbridge, London, SW3 1AF, United Kingdom, pursuant to a Advisory Agreement,\nmaintains all records required pursuant to such agreement with respect to the Winton Managed Futures Trend Fund, Winton Managed Futures\nETF, and Winton US Equities & Managed Futures ETF.

ITEM\n34. MANAGEMENT SERVICES.

Not\napplicable.

ITEM\n35. UNDERTAKINGS.

One\nor more of the Registrant’s series may invest up to 25% of its respective total assets in a wholly-owned and controlled subsidiary\n(each a “Subsidiary” and collectively the “Subsidiaries”). Each Subsidiary will operate under the supervision\nof the Registrant. The Registrant hereby undertakes that the Subsidiaries will submit to inspection by the Securities and Exchange\nCommission.

Signatures

Pursuant\nto the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant has met\nall of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act, and the Registrant\nhas duly caused this Post-Effective Amendment No. 1559 to the Registration Statement on Form N-1A to be signed on its behalf by\nthe undersigned, duly authorized in the City of Hauppauge, State of New York on the 26^th of October 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \n \n \n

	NORTHERN LIGHTS FUND TRUST
	(Registrant)

	By:	/s/ Kevin Wolf
		Kevin Wolf*
		President and Principal Executive Officer

Pursuant\nto the Securities Act, as amended, this Registration Statement has been signed below by the following persons in the capacities and on\nthe dates indicated.

Northern\nLights Fund Trust

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

John\n V. Palancia*	Trustee	October\n 26, 2026
Gary\n Lanzen*	Trustee	October\n 26, 2026
Anthony\n Hertl*	Trustee\n & Chairman	October\n 26, 2026
Mark\n Taylor*	Trustee	October\n 26, 2026
Mark\n D. Gersten*	Trustee	October\n 26, 2026
Mark\n Garbin*	Trustee	October\n 26, 2026
Jim\n Colantino*	Treasurer,\n Chief Accounting Officer and Chief Financial Officer	October\n 26, 2026
Kevin\n Wolf	President\n and Principal Executive Officer	October\n 26, 2026

\n \n \n \n \n \n \n \n \n \n \n

By:	Date:
/s/ Kevin Wolf		October 26, 2026
Kevin Wolf, President

\n\n

Attorney-in-Fact\n– Pursuant to Powers of Attorney previously filed on April\n1, 2011, January 9, 2012, September\n27, 2013, September 1, 2016, \nSeptember 1, 2017 and August 5, 2025\nto the Registrant’s Registration Statement in Post-Effective Amendment No. 234, No. 346, No. 535, No. 862, No. 1,001 and No, 1494\nrespectively, which are hereby incorporated by reference.

EXHIBIT\nINDEX

\n \n \n \n \n \n \n \n \n \n

Exhibit	Exhibit\n No.
Consent of Counsel	(i)(2)
Consent of Independent Auditor	(j)(1)

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