Formulaire 497 Fonds Northern Lights ® assurance santé entreprise

Qu’est-ce que l’assurance professionnelle ?
L’assurance responsabilité civile professionnel (RC Pro) est un type d’assurance qui couvre les préjudices matériels ainsi qu’à corporels provoqués par un acte professionnel, que ce mettons sur votre lieu de travail ou d’une mission.

Elle prend en charge les causés à des tiers, qu’ils soient liés pendant une relation contractuelle (clients, partenaires, fournisseurs) ou non et garantit les dommages :

corporels ;
matériels ;
immatériels.
Cette formule pas mal complète permet aux aa de regrouper différentes foi en une seule. Elle offre des garanties cependant aussi des sélection complémentaires que chacun souscrire selon caractéristiques de sa profession. En effet, chauffeur de taxi, boulanger ou pharmacien ne sont pas soumis aux mêmes risques et n’ont ainsi pas mêmes besoins.

Qui est concernée parmi l’assurance professionnelle ?
L’assurance professionnelle n’est pas obligatoire sauf pour les maîtrise réglementées et pourquoi pas libérales telles que :
les avocats ;
les huissiers ;
agents immobiliers ;
les architectes ;
expérience médicales ;
comptables ;
agents généraux d’assurance ;
salarié du bâtiment.
Que couvre l’assurance professionnelle ?
L’assurance responsabilité civile professionnelle prend en charge l’indemnisation des troisième en cas d’accident causé en :

une erreur ;
une faute ;
une intrépidité ;
une négligence ;
l’un de vos employés ainsi qu’à sous-traitants ;
vos locaux ;
un animal vous appartenant ;
votre matériel professionnel.
Notez que l’assurance professionnelle couvre aussi votre activité et vos biens professionnels en d’incendie, de dégât des eaux, de catastrophe naturelle, de vol ou encore de vandalisme.


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Se calmer
Groupe financier

MUNICIPALITÉ
Fonds

LE PROSPECTUS

2019 28 août

RiskPro® Fonds PFG Agressif 30+ Actions de catégorie R PFSUX
RiskPro® Fondation PFG 30+ Actions de catégorie R PFSMX
RiskPro® Fondation 30+ Actions de catégorie R PFSEX
RiskPro® Fonds agressif 30 ans et plus Actions de catégorie R PFLWX
RiskPro® Fondation dynamique 0-10 Actions de catégorie R PFDOX
RiskPro® Fondation dynamique 15-25 Actions de catégorie R PFDPX
RiskPro® Fonds Dynamique 20-30 Actions de catégorie R PFJDX
RiskPro® Fonds équilibré 20-30 de PFG Actions de catégorie R PFDBX
RiskPro® Fonds PFG Actions 30+ Actions de catégorie R PFDEX
RiskPro® Fonds mondial PFG 30+ Actions de catégorie R PFDGX
RiskPro® Fonds tactique 0-30 Actions de catégorie R PFTEX
RiskPro® Fondation PFG 0-15 Actions de catégorie R PFADX
RiskPro® Fonds alternatif 0-15 Actions de catégorie R PFAOX

Conseiller en placement

Pacific Financial Group, LLC

2077 Autoroute de la côte ouest

Newport Beach, CA 92663

www.TPFG.com 1-888-451-TPFG

Ce prospectus contient des informations importantes sur
fonds que vous devriez connaître avant d’investir. Lisez-le attentivement et conservez-le pour référence future.

Ces titres n'ont pas été confirmés ou confirmés
équité ou adéquation non transmise par la Securities and Exchange Commission et la Securities and Exchange Commission
ce prospectus. Toute affirmation contraire est une infraction pénale.

Conformément à la réglementation, à partir de 2021. 1er janvier
les copies papier des rapports des actionnaires du Fonds, telles qu'adoptées par la Securities and Exchange Commission, ne seront plus utilisées
être envoyé par la poste, à moins que vous ne demandiez spécifiquement des copies papier. Au lieu de cela, les rapports seront disponibles
Fonds de fonds www.TPFG.com et vous serez averti par courrier chaque fois qu'un rapport est publié et qu'un lien vers le site est fourni
pour accéder au rapport.

Si vous avez déjà choisi d'accepter un actionnaire
notifications électroniques, vous ne serez pas concerné par ce changement et aucune action n’est requise. Vous pouvez choisir un actionnaire
Les rapports et autres notifications de fonds peuvent être contactés électroniquement à tout moment par votre intermédiaire financier (par exemple, un courtier).
banque ou banque) ou, si vous êtes un investisseur direct, suivez les instructions fournies avec les documents papier du Fonds qui ont été envoyés.
pour toi. Vous pouvez également choisir de recevoir gratuitement tous les futurs rapports papier.

TABLE DES MATIERES

SOMMAIRE DU FONDS: Fonds RiskPro® PFG Aggressive 30+ 1
SOMMAIRE DU FONDS: Fonds RiskPro® PFG 30+ 5
SOMMAIRE DU FONDS: Fonds RiskPro® 30+ 9ème
SOMMAIRE DU FONDS: Fonds RiskPro® Aggressive 30+ 13ème
SOMMAIRE DU FONDS: Fonds RiskPro® Dynamique 0-10 17ème
SOMMAIRE DU FONDS: Fonds RiskPro® Dynamique 15-25 21ème
SOMMAIRE DU FONDS: Fonds RiskPro® Dynamique 20-30 25ème
SOMMAIRE DU FONDS: Fonds équilibré 20-30 RiskPro® PFG 28ème
SOMMAIRE DU FONDS: Fonds d’actions 30+ RiskPro® PFG 32
SOMMAIRE DU FONDS: RiskPro® PFG Global 30+ Fund 36
SOMMAIRE DU FONDS: Fonds RiskPro® Tactical 0-30 40
SOMMAIRE DU FONDS: Fonds RiskPro® PFG 0-15 44
SOMMAIRE DU FONDS: Fonds RiskPro® Alternative 0-15 48
INFORMATIONS COMPLEMENTAIRES SUR
PRINCIPALES STRATEGIES D'INVESTISSEMENT ET RISQUES
52
But de l'investissement 52
Stratégies d'investissement de base 52
Risque d'investissement principal 53
Investissement temporaire 55
Publication des actions du portefeuille 55
GOUVERNANCE 56
Conseiller en placement 56
Gestionnaires de portefeuille 56
COMMENT PARTAGER LES PRIX 57
COMMENT ACHETER DES ACTIONS 58
COMMENT METTRE À JOUR LES ACTIONS 60
ACHATS COMMUNS ET PAIEMENTS D'ACTIONS DE FONDS 62
ÉTAT FISCAL, DIVIDENDES ET RÉPARTITION 63
DISTRIBUTION D'ACTIONS 64
Distributeur 64
Frais de distribution 64
Compensation supplémentaire aux intermédiaires financiers 64
Ménage 64
CADRE FINANCIER 65
AVIS DE CONFIDENTIALITÉ 78

SOMMAIRE DU FONDS – RiskPro®

PFG Fonds AGRESSIVE 30+

Objectif d'investissement: La Fondation cherche l'agression
la croissance.

Frais du fonds: Le tableau suivant décrit
les frais que vous pouvez encourir lors de l’achat et de la détention d’actions du Fonds. Plus d'informations sur ces frais et coûts sont disponibles
vous pouvez obtenir de votre spécialiste financier et Comment acheter des actions | Voir page 58 du prospectus du fonds.

Frais d'actionnaire

(taxes payées directement de votre investissement)

Classe R
La taxe de vente maximale (charge) appliquée à l'achat
(en pourcentage de l'offre)
Aucun
Taxe de vente différée maximale (charge)
(en% du prix d'achat initial)
Aucun
Taxe de vente maximale (charge) distribuée sur les dividendes réinvestis et autres distributions Aucun
Frais de rachat
(en pourcentage du montant racheté)
Aucun
Frais de fonctionnement annuels du fonds
(le coût que vous payez chaque année en pourcentage de la valeur de votre investissement)
Frais de gestion 1,25%
Frais de distribution (12b-1) 0,25%
Autres dépenses 0,50%
Frais de service aux actionnaires 0,25%
Autres dépenses restantes 0,25%
Contributions achetées et dépenses du fonds (1) 0,85%
Total des coûts de fonctionnement annuels du fonds 2,85%

(1)
Les primes et les charges des fonds souscrits sont des coûts indirects d’un placement dans
d'autres sociétés d'investissement, y compris des fonds négociés en bourse.

Exemple: Cet exemple est pour
vous aider à comparer le coût d'un placement dans le Fonds avec celui d'autres fonds communs de placement.

L’exemple suppose que vous investissez 10 000 $ dans
Le Fonds rachète toutes vos actions au cours des périodes spécifiées et après ces périodes. L'exemple suppose également que
votre investissement revient à 5% par an et les frais d'exploitation du fonds restent les mêmes. Alors que vos coûts réels
peut être supérieur ou inférieur en fonction de ces hypothèses, vos coûts seraient:

Classe 1 an 3 ans 5 ans 10 ans
R 288 $ 883 $ 1 504 $ 3 176 $

Chiffre d'affaires du portefeuille: Le fonds paie pour l'opération
des coûts, tels que des commissions, lorsqu’il achète et vend des titres (ou «renverse» son portefeuille). Augmentation du taux de rotation du portefeuille
peut indiquer des coûts de transaction plus élevés et peut entraîner des frais plus élevés lorsque les actions du Fonds sont dans un compte imposable. Ces coûts,
qui ne sont pas reflétés dans les charges d'exploitation annuelles du Fonds ou dans l'échantillon, ont une incidence sur la performance du Fonds. Trop
Au cours du dernier exercice, le taux de rotation du portefeuille du Fonds correspond à 40% de la valeur moyenne de son portefeuille.

Stratégies d'investissement clés: La Fondation cherche
pour atteindre son objectif de placement en investissant dans des fonds négociés en bourse et des fonds négociés en bourse (les «fonds maîtres»). Tout le monde
Le fonds maître investit principalement dans des actions américaines et internationales ayant différentes capitalisations boursières.
impact sur le vaste marché boursier mondial. Le fonds al’intention d’investir une partie importante de son actif dans de grands fonds
géré par Wilshire Funds Management. Le fonds investira également dans des fonds maîtres gérés
autres conseillers en investissement.

Le fonds décrit les actions comme des actions et des actions
Fonds investissant principalement en actions. Les investissements du Fonds sont réalisés quel que soit le style ou le secteur. L'océan pacifique
Le Groupe financier, LLC (le «conseiller») peut également investir une partie de l’actif du Fonds dans les fonds maîtres.
investir dans des titres à revenu fixe de toute échéance ou crédit auprès de sociétés nationales et étrangères et d'entités gouvernementales
qualité, y compris les obligations à haut rendement (également appelées obligations à haut risque), les titres liquides alternatifs / spécialisés ou les équivalents de trésorerie.
La quote-part du Fonds dans l’actif net affecté aux actions, aux titres à revenu fixe, aux titres alternatifs / spécialisés liquides,
et les équivalents de trésorerie varieront.

Choisir Wilshire Master Funds et plus
Pour les fonds principaux cherchant à acheter ou à vendre pour le compte du Fonds, le conseiller a recours à une analyse des
Analyse. «L’approche« analyse rationnelle »du conseiller repose sur une analyse de base technique
Analyse et recherche quantitative dans le choix des positions.

  • Analyse technique: cette méthode tente de prédire
    l'évolution future des prix dans l'analyse des modèles de prix historiques.
  • Analyse de base: cette méthode est utilisée pour l'évaluation
    quelle devrait être la juste valeur du titre, après avoir examiné les aspects économiques, financiers et autres aspects qualitatifs et quantitatifs pertinents
    facteurs. Le résultat de cette analyse peut être comparé à la valeur de protection actuelle pour déterminer si elle a été dépassée ou non.
    trop petit
  • Analyse quantitative: Cette méthode analyse
    les modèles de prix historiques et la relation entre les titres dans le but de constituer un portefeuille optimal et de grande taille
    le taux de rendement attendu pour chaque niveau de risque.

Au lieu d’utiliser une seule des méthodes énumérées ci-dessus,
le conseiller cherche à intégrer les éléments optimaux de chaque approche dans un modèle décisionnel «rationnel».

Dans la gestion du niveau de risque du fonds,
conseiller utilise RiskPro®, une technologie logicielle développée par une filiale de consultants de ProTools, LLC. Raisonnable
sur des algorithmes propriétaires, RiskPro® fournit la gamme maximale de gains ou de pertes de portefeuille
titres au cours des douze prochains mois. Le plus grand RiskPro® plus l'estimation est élevée
le niveau de volatilité que le Fonds pourrait subir sur une période de douze mois. Par conséquent, les investisseurs devraient envisager des investissements
qui sont à la mesure de leur niveau de commodité et du risque d’investissement. Algorithmes RiskPro® prends le
prendre en compte, entre autres facteurs, la volatilité du portefeuille au cours des douze derniers mois; comparaison de portefeuille
La volatilité de l'indice S & P 500 au cours des douze derniers mois; et volatilité à long terme
Indice S & P 500.

Il n'y a pas de limite à la limite annuelle maximale du Fonds
la volatilité. Comment RiskPro a calculé®, le rendement total du fonds peut dépasser 12 mois
perte ou gain de plus de 30%. Le fonds est destiné aux investisseurs qui souhaitent encourir des risques de placement similaires.
volatilité du S & P 500 ou supérieure à celle-ci, les rendements du Fonds pouvant aller de pertes supérieures à 30% à
une augmentation supérieure à 30%. En fonction des conditions du marché, le bénéfice ou la perte potentiel du Fonds, calculé par RiskPro®,
peut parfois être inférieur à 30%.

Le conseiller adopte une approche stratégique en matière de placement
et a l'intention de maintenir des allocations d'investissement raisonnablement agressives dans des conditions de marché normales.

Principaux risques d'investissement: Comme tout le monde réciproque
Fonds, vous risquez de perdre de l'argent en investissant dans un fonds. Le fonds n'a pas besoin d'être complet
programme d'investissement. La valeur liquidative et la performance du fonds sont affectées par de nombreux facteurs. Le fonds est soumis aux risques suivants
principalement par le biais de leurs investissements dans des fonds maîtres Wilshire et d’autres fonds sous-jacents et des titres détenus par ces fonds maîtres
Les fonds.

· Risque de stratégie agressif. La Fondation profite
stratégie agressive pour atteindre votre objectif d'investissement. Par conséquent, le rendement du Fonds peut être plus volatil qu’un
un fonds poursuivant une stratégie plus conservatrice.
· Risque sur actions. Les cours des actions peuvent chuter rapidement
en réponse à des changements affectant une entreprise ou un secteur particulier, ou à des conditions économiques, politiques ou de marché changeantes.
· Risque lié aux titres à revenu fixe. Habituellement
la hausse des taux d’intérêt entraîne une baisse de la valeur des titres à revenu fixe. En général, le prix du marché des revenus fixes
Les titres à long terme diminueront davantage en raison de la hausse des taux d’intérêt que les titres à court terme. Autres risques
les facteurs incluent le risque de crédit (le débiteur peut faire défaut), le risque d'extension (l'émetteur peut exercer son droit de rembourser le principal)
obligations à intérêt fixe détenues par le Fonds plus tard que prévu et risque de remboursement anticipé (le débiteur peut rembourser son obligation par anticipation en réduisant
le montant des paiements d'intérêts). Dernièrement, les taux d'intérêt ont été historiquement bas. Les conditions actuelles peuvent causer une hausse
les taux d'intérêt, qui peuvent à leur tour déterminer la valeur des investissements à revenu fixe que Wilshire considère comme un investissement de base
Fonds et autres fonds importants. En conséquence, le risque de taux d’intérêt peut être augmenté.
· Risque étranger. Investir dans des titres étrangers
des fluctuations monétaires défavorables, des développements politiques, sociaux et économiques négatifs, une liquidité moindre,
une plus grande volatilité, des marchés commerciaux moins développés ou moins efficaces, une instabilité politique et des normes d'audit et juridiques divergentes.
· Risque de liens indésirables. Obligations de qualité inférieure connues
Les obligations "à haut rendement" ou "non désirées" présentent un risque plus élevé que les obligations de qualité supérieure, y compris une
risque de défaut. Un ralentissement économique ou une hausse des taux d’intérêt pourraient avoir une incidence défavorable sur ces obligations.
réduire la capacité des fonds de base Wilshire et d’autres fonds importants à vendre leurs obligations. Manque de liquide
Le marché de ces obligations pourrait faire baisser le cours des actions des fonds sous-jacents de Wilshire et d’autres fonds importants.
à son tour, réduire le prix de l'action du Fonds.
· Historique de risque opérationnel limité. Le fonds est un nouveau fonds commun de placement ayant une histoire d’investisseur limité.

· Risque de titres alternatifs liquides. Ces types de titres sont
est décrit comme montrant peu ou pas de lien avec les investissements traditionnels en actions et en obligations. Ce type de risque d'investissement
comprennent: des corrélations émergentes au cours de périodes de forte volatilité, ce qui limiterait leur capacité à atténuer la volatilité; utilisation de l'effet de levier
certaines stratégies peuvent augmenter les profits ou les pertes; des périodes de pertes soudaines sur les marchés peuvent réduire la liquidité de ces investissements
être limité, augmentant ainsi potentiellement les pertes.
· Risque de gestion. Gestionnaires de portefeuille
décisions concernant l'attractivité, la valeur et l'augmentation potentielle de certaines actions ou autres titres dans lesquels le Fonds est placé
les investissements peuvent s'avérer erronés et rien ne garantit que les décisions des gestionnaires de portefeuille produiront les résultats souhaités
ou que le Fonds atteindra son objectif d'investissement.
· Risque de marché. Il peut aussi y avoir un risque de marché général
affecter la valeur du fonds. Des facteurs tels que la croissance économique intérieure et les conditions du marché, les taux d’intérêt et la situation politique
les événements affectent les marchés boursiers.
· Risque de rotation du portefeuille. Parce que le fonds investit
une partie importante de l'actif du fonds dans Wilshire Master Funds et un taux de rotation du portefeuille plus élevé dans Wilshire Master Funds
cela entraînera des coûts de transaction et de courtage plus élevés pour les fonds maîtres de Wilshire.
· RiskPro® Prendre le risque Bien que
conseiller utilise RiskPro® gérer la volatilité maximale du Fonds au cours des douze prochains mois
prévisions de période ou autres informations générées par RiskPro® sur la probabilité de diverses conséquences
sont de nature hypothétique, ne reflètent pas les résultats de placement réels et ne garantissent pas les résultats futurs. Il n'y a pas de certitude
que RiskPro® La fourchette du rendement annuel maximal du fonds sera exacte. Comment
Un fonds qui investit dans des fonds maîtres Wilshire et d'autres fonds maîtres est déterminé par la volatilité réelle du portefeuille.
fonds maîtres disponibles de Vilshire et d’autres fonds de base. Parce que le conseiller ne saura pas le stock actuel dans le portefeuille
La volatilité réelle du fonds peut être supérieure ou inférieure à son RiskPro.
volatilité attendue. Cela peut entraîner de piètres résultats absolus ou relatifs, y compris de lourdes pertes.
· Risque de secteur. Le fonds peut concentrer ses investissements
titres d'un secteur particulier. Des développements économiques, législatifs ou réglementaires peuvent avoir un impact significatif
secteur. Par conséquent, la valeur liquidative du fonds peut fluctuer davantage que celle d’un fonds non concentré.
secteur.
· Faible risque de couverture. Actions à faible capitalisation
les entreprises sont exposées à un risque élevé. Ces entreprises peuvent avoir une gamme de produits, des marchés ou des ressources financières limités, et
dépendent d'un groupe de gestion limité.

Risque lié au fonds. Wilshire
Les fonds maîtres et les autres fonds maîtres dans lesquels le fonds investit encourent des frais de conseil et autres
seront payés indirectement par le Fonds. En conséquence, le coût d'investissement dans le Fonds sera supérieur au coût d'investissement direct
Fonds de fonds Vilshire et d’autres fonds maîtres et peuvent être plus importants que d’autres fonds communs de placement investissant directement dans des actions
et des liens. Chacun des fonds de base Wilshire et des autres fonds maîtres est soumis au risque de placement sous-jacent décrit ci-dessus
cette section ainsi que les risques associés à la stratégie de placement de chaque fonds stratégique. En outre, la concentration du fonds
investir une partie importante de l'actif du Fonds dans Wilshire Master Funds dans des conditions de marché normales,
augmente le risque de placement du Fonds.

Performance: Diagramme à barres et tableau d'activité
La volatilité du rendement du Fonds est indiquée ci-dessous, ce qui indique légèrement le risque d'un investissement dans le Fonds. Bar
Le graphique montre la performance des actions R du Fonds chaque année civile depuis la création du Fonds. Apparence
Le tableau compare la performance du Fonds au fil du temps avec la performance d'un indice boursier général. Vous devriez être
sachez que le rendement passé du Fonds (avant et après impôt) peut ne pas expliquer son fonctionnement
le futur. Des informations actualisées sur les performances sont disponibles gratuitement sur www.TPFG.com ou en appelant le 1-888-451-TPFG.



Meilleur quartier: 3rd Trimestre 2018 3,45%
Pire trimestre: 4des milliers Trimestre 2018 (13,75)%

Derniers calendriers par année
le trimestre s'est terminé en 2019. Au 30 juin, il représentait 14,47%.

Tableau de performance

Rendement annuel moyen

(Pour les périodes se terminant le 31 décembre 2018)

Actions de classe R Un an Depuis le début
(12/11/2017)
Remboursements avant impôt (11,67)% (10,73)%
Retour sur paiement des frais de distribution (1) (12,04)% (11,40)%
Rendement après impôts sur la distribution et la vente des actions du Fonds (1) (6,64)% (8,30)%
Indice de risque cible agressif Morningstar (rendement total) (2) (8,17)% (6,51)%
(1) Après la déclaration d'impôt était
sont calculés en utilisant les taux d’impôt sur le revenu marginal fédéraux individuels les plus élevés et ne reflètent pas l’état et
taxes locales. La déclaration fiscale dépend de la situation fiscale de l’investisseur et peut différer de la déclaration fiscale.
Le rendement indiqué n’est pas pertinent pour les investisseurs détenant des actions du Fonds en vertu d’arrangements d’impôts différés tels que les régimes 401 (k)
ou des comptes de retraite individuels.
(2) Morningstar est agressif
L’indice de risque cible (rendement brut) est un indice conçu pour répondre aux besoins comparatifs des investisseurs présentant un risque cible en offrant:
repère de performance. L'indice investit dans 95% des actions mondiales et 5% de la position des obligations mondiales. Les investisseurs ne peuvent pas
investir directement dans l'indice.

Conseiller en investissement: Pacific Financial Group,
LLC

Gestionnaires de portefeuille: Jennifer Enstad, CFA®,
Directeur des investissements et Eric Neufeld, CFA®, Chaque gestionnaire de portefeuille a servi le fonds en tant que gestionnaire de portefeuille
depuis son lancement en 2017

Achat et vente d’actions du Fonds: Actions du fonds
tous les investisseurs peuvent acheter, bien que la plupart des investisseurs devraient acheter les actions du Fonds à la retraite
des programmes tels que (i) des régimes de retraite ou d’autres avantages sociaux; (ii) régimes de retraite admissibles (y compris les régimes KEOGH); (iii)
comptes de pension individuels (collectivement dénommés "investisseurs à la retraite"). De plus, les investisseurs à la retraite, ainsi que tout le monde
Les autres investisseurs ne peuvent acheter des actions du Fonds que par l’intermédiaire de courtiers, de conseillers en placement et d’autres conseillers financiers (le «Conseiller financier»).
Intermédiaires "). L’investissement initial minimum pour ouvrir un compte est de 1 000 $ pour tous les types de comptes et le minimum est tardif
Le placement s’élève à 250 $, bien que le Fonds se réserve le droit de renoncer à tout placement minimal. Les actions du fonds peuvent être achetées et rachetées
chaque jour où la Bourse de New York est ouverte aux fins de négociation. Les demandes de rachat peuvent être faites par écrit, par téléphone ou par
intermédiaire financier et vous serez payé par ACH, chèque ou virement bancaire.

Informations fiscales: Dividendes pour les investisseurs retraités
Revenu habituellement distribué du Fonds, qu’il soit réinvesti dans des actions supplémentaires du Fonds ou en espèces
n'est pas imposable à la réception. Toutefois, ces dividendes et bénéfices distribués peuvent être imposés à compter du moment où ils sont payés
Retraite retraite des investisseurs à partir de régimes d’impôt différé. Pour tous les autres investisseurs, dividendes et revenus distribués
reçus du Fonds, qu’ils soient réinvestis dans des actions supplémentaires du Fonds ou reçus en espèces, sont imposables pour l’investisseur
taux ordinaires d’impôt sur le revenu ou les plus-values.

Paiements aux intermédiaires marchands et autres intermédiaires financiers:
Si vous achetez un fonds par l’intermédiaire d’un courtier, d’un conseiller en placement ou d’un autre intermédiaire financier (une banque, par exemple),
Le Fonds et ses sociétés affiliées peuvent payer l’intermédiaire pour la vente des actions du Fonds et des services connexes. Ces paiements peuvent être créés
conflit d'intérêts affectant un courtier, un conseiller en investissement ou un autre intermédiaire financier et votre vendeur
recommander un autre investissement au Fonds. Contactez le vendeur ou visitez le site Web de votre intermédiaire financier
l'information.

SOMMAIRE DU FONDS – RiskPro®
Fondation PFG 30+

Objectif d'investissement: La Fondation cherche l'agression
la croissance.

Frais du fonds: Le tableau suivant décrit
les frais que vous pouvez encourir lors de l’achat et de la détention d’actions du Fonds. Plus d'informations sur ces frais et coûts sont disponibles
vous pouvez obtenir de votre spécialiste financier et Comment acheter des actions | Voir page 58 du prospectus du fonds.



Frais d'actionnaire

(taxes payées directement de votre investissement)
Classe R
La taxe de vente maximale (charge) appliquée à l'achat
(en pourcentage de l'offre)
Aucun
Taxe de vente différée maximale (charge)
(en% du prix d'achat initial)
Aucun
Taxe de vente maximale (charge) distribuée sur les dividendes réinvestis et autres distributions Aucun
Frais de rachat
(en pourcentage du montant racheté)
Aucun
Frais de fonctionnement annuels du fonds
(le coût que vous payez chaque année en pourcentage de la valeur de votre investissement)
Frais de gestion 1,25%
Frais de distribution (12b-1) 0,25%
Autres dépenses 0,55%
Frais de service aux actionnaires 0,25%
Autres dépenses restantes 0,30%
Contributions achetées et dépenses du fonds (1) 0,69%
Total des coûts de fonctionnement annuels du fonds 2,74%

(1)
Les primes et les charges des fonds souscrits sont des coûts indirects d’un placement dans
d'autres sociétés d'investissement, y compris des fonds négociés en bourse.

Exemple: Cet exemple est pour
vous aider à comparer le coût d'un placement dans le Fonds avec celui d'autres fonds communs de placement.

L’exemple suppose que vous investissez 10 000 $ dans
Le Fonds rachète toutes vos actions au cours des périodes spécifiées et après ces périodes. L'exemple suppose également que
votre investissement revient à 5% par an et les frais d'exploitation du fonds restent les mêmes. Alors que vos coûts réels
peut être supérieur ou inférieur en fonction de ces hypothèses, vos coûts seraient:

Classe 1 an 3 ans 5 ans 10 ans
R 277 $ 850 $ 1450 $ 3 070 $

Chiffre d'affaires du portefeuille: Le fonds paie pour l'opération
des coûts, tels que des commissions, lorsqu’il achète et vend des titres (ou «renverse» son portefeuille). Augmentation du taux de rotation du portefeuille
peut indiquer des coûts de transaction plus élevés et peut entraîner des frais plus élevés lorsque les actions du Fonds sont dans un compte imposable. Ces coûts,
qui ne sont pas reflétés dans les charges d'exploitation annuelles du Fonds ou dans l'échantillon, ont une incidence sur la performance du Fonds. Trop
Au cours du dernier exercice, le taux de rotation du portefeuille du Fonds correspond à 26% de la valeur moyenne de son portefeuille.

Stratégies d'investissement clés: La Fondation cherche
atteindre son objectif d'investissement en investissant plus de 80% de l'actif du Fonds dans des actions et des titres d'OPC
fonds gérés par la Massachusetts Financial Services Company (DFS / MFS Investment Management) («MFS»), dans des conditions normales
conditions de marché ("MFS Master Funds").

Lorsque vous choisissez d'acheter ou de vendre des fonds maîtres MFS,
Pacific Financial Group, LLC (le «conseiller») utilise, pour le compte du Fonds, les services de recherche fournis par MFS et
Analyse des actions du conseiller. Les services de recherche MFS incluent des informations et des analyses sur MFS
approche pour choisir les valeurs des principaux fonds MFS.

Dans l'examen et la mise en œuvre de l'information
, fourni par MFS, utilise une analyse d’investissement exclusive appelée "Analyse rationnelle" par le conseiller. Conseiller
La méthode d'investissement "analyse rationnelle" est basée sur l'analyse de base, l'analyse technique et la recherche quantitative
lors du choix des positions.

· Analyse technique: cette méthode tente de prédire
l'évolution future des prix dans l'analyse des modèles de prix historiques.
· Analyse de base: cette méthode est utilisée pour l'évaluation
quelle devrait être la juste valeur du titre, après avoir examiné les aspects économiques, financiers et autres aspects qualitatifs et quantitatifs pertinents
facteurs. Le résultat de cette analyse peut être comparé à la valeur de protection actuelle pour déterminer si elle a été dépassée ou non.
trop petit
· Analyse quantitative: Cette méthode analyse l'historique
– Modèles de prix et ratios d’actions pour constituer le portefeuille optimal au plus haut niveau
rendement attendu pour chaque niveau de risque.

Au lieu d’utiliser une seule des méthodes énumérées ci-dessus,
le conseiller cherche à intégrer les éléments optimaux de chaque approche dans un modèle décisionnel «rationnel».

Le conseiller investit dans des fonds maîtres MFS, qui investissent
les capitaux propres, quels que soient la capitalisation boursière, le style, le secteur ou le pays d'exposition; et titres à revenu fixe émis
les sociétés nationales et étrangères et les entités gouvernementales de toute duration ou qualité de crédit, y compris les obligations à rendement élevé (également
connu sous le nom de liens de spam). Le conseiller peut également investir dans des fonds maîtres MFS qui investissent dans des fonds alternatifs liquides / spéciaux
ou des équivalents de trésorerie. Pourcentage de l'actif net du Fonds distribué sous forme d'actions, de titres à revenu fixe, de titres alternatifs / spécialisés liquides
les valeurs mobilières et les équivalents de trésorerie diffèrent.

De plus, gérer le niveau du fonds
Risque d’investissement, le conseiller utilise RiskPro®, une technologie logicielle développée par ProTools, LLC
conseiller. RiskPro, basé sur des algorithmes propriétaires® fournit une estimation de la plage de gain ou de perte maximum
portefeuille de titres au cours des douze prochains mois. Le plus grand RiskPro® estimation,
plus la volatilité à laquelle le Fonds peut être exposé sur une période de douze mois est élevée. Par conséquent, les investisseurs peuvent choisir
des investissements en rapport avec leur niveau de commodité et leur risque d’investissement. RiskPro® algorithmes
prendre en compte, entre autres facteurs, la volatilité du portefeuille au cours des douze derniers mois; comparaison de portefeuille
La volatilité de l'indice S & P 500 au cours des douze derniers mois; et volatilité à long terme du S & P
Indice 500.

Il n'y a pas de restrictions sur ce fonds
volatilité annuelle maximale. C’est ainsi que RiskPro l’a évalué®, le rendement total du fonds sur une période de douze mois
peut dépasser plus de 30% de perte ou de profit. Le fonds est conçu pour les investisseurs qui veulent supporter les 50%
risque de placement égal ou supérieur à la volatilité de l'indice S & P 500, le rendement du fonds pouvant aller de
pertes supérieures à 30% et gains supérieurs à 30%. Le bénéfice ou la perte potentiel du Fonds a été calculé en fonction des conditions du marché.
par RiskPro®peut parfois être inférieur à 30%.

Le conseiller adopte une approche stratégique en matière de placement
et a l'intention de maintenir des allocations d'investissement raisonnablement agressives dans des conditions de marché normales.

Principaux risques d'investissement: Comme avec tout le monde
fonds communs de placement, vous risquez de perdre de l'argent en investissant dans un fonds. Le fonds n'est pas destiné à:
l'ensemble du programme d'investissement. De nombreux facteurs affectent la valeur liquidative et la performance du Fonds. Les risques suivants s'appliquent aux
le Fonds par ses placements dans les fonds sous-jacents de la SFM et les titres détenus par les fonds sous-jacents de la FSM

· Risque de stratégie agressive. Le fonds utilise
une stratégie agressive dans la poursuite de son objectif d'investissement. Par conséquent, les rendements du fonds peuvent être plus volatils qu’un
fonds qui poursuit une stratégie plus conservatrice.
· Risque sur actions. Les prix des actions peuvent chuter rapidement
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the MFS Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease
the MFS Underlying Funds’ share price.

· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results. Research utilized by the Adviser from the research provider may not prove accurate with respect to economic and market
forecasts. To the extent that the Adviser utilizes research regarding asset allocation models comprised of Underlying Funds, research
regarding such models may fail to take into account changes in market and economic conditions in a timely manner. Accordingly,
as a result of this delay and the Adviser’s inability to potentially consider implementing changes to the Fund’s portfolio,
the Fund may suffer losses. Additionally, the failure of the Adviser to receive asset allocation model research from a research
provider in a timely manner may cause the Fund to suffer losses.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in MFS Underlying Funds, higher portfolio turnover within the MFS Underlying Funds will result in higher transactional
and brokerage costs for the MFS Underlying Funds.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the Underlying Funds.
Because the Adviser will not know the current portfolio holdings of the Underlying Funds, it is possible that that the actual volatility
of the Fund may be more or less than the Fund’s RiskPro® estimated volatility. This could result in poor absolute
or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. MFS Underlying Funds
in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Kaip
a result, the cost of investing in the Fund will be higher than the cost of investing directly in the MFS Underlying Funds and
may be higher than other mutual funds that invest directly in stocks and bonds. Each of the MFS Underlying Funds is subject to
its own investment strategy-specific risks. Further, the Fund’s concentration in investing at least 80% of the Fund’s
assets in MFS Underlying Funds, under normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 3.74%
Worst Quarter: 4th Quarter 2018 (13.44)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 18.53%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (8.21)% (7.71)%
Return after taxes on distributions (1) (8.58)% (8.37)%
Return after taxes on distributions and sale of Fund shares (1) (4.60)% (6.01)%
Morningstar Aggressive Target Risk Index (Total Return) (2) (8.17)% (6.51)%
(1) After-tax returns were calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown
are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
(2) The Morningstar Aggressive
Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective
yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot
invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii)
individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well as all
other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers (“Financial
Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and the minimum subsequent
investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may be purchased and redeemed
on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing, by telephone, or through
a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
30+ Fund

Investment Objective: The Fund seeks aggressive
growth.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.



Shareholder Fees

(fees paid directly from your investment)
Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None
Redemption Fee
(as a percentage of amount redeemed)
None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.53%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.28%
Acquired Fund Fees and Expenses (1) 0.77%
Total Annual Fund Operating Expenses 2.80%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $283 $868 $1,479 $3,128

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 116% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 80% of the Fund’s assets in shares of mutual funds and exchange-traded
funds advised by J.P. Morgan Investment Management Inc. (“J.P. Morgan Underlying Funds”), with each by J.P. Morgan
Underlying Fund investing primarily in U.S. equity securities of varying market capitalizations, in order to obtain exposure to
the broad U.S. equity market.

The Fund defines equity securities as stocks and by
J.P. Morgan Underlying Funds that invest primarily in stocks. The Fund’s investments are made without regard to style or
sector exposure. Pacific Financial Group, LLC (the “Adviser”) may also invest a portion of the Fund’s assets
in by J.P. Morgan Underlying Funds that invest in international equities, fixed-income securities issued by domestic and foreign
corporations and government entities of any maturity or credit quality including high yield bonds (also known as junk bonds), liquid
alternative/specialty securities, or cash equivalents. The percentage of the Fund’s net assets allocated to equities, fixed-income
securities, liquid alternative/specialty securities, and cash equivalents will vary.

In selecting J.P. Morgan Underlying Funds to
purchase or sell, on behalf of the Fund, the Adviser uses a proprietary investment analysis called “Rational Analysis.”
The Adviser’s “Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and
Quantitative Studies in selecting positions.

  • Technical Analysis: This method attempts to
    forecast future price movement by analyzing historical price patterns.
  • Fundamental Analysis: This method is used to
    evaluate what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and
    quantitative factors. The outcome of this analysis can then be compared to the security’s current value to determine if it
    is over or underpriced.
  • Quantitative Analysis: This method analyzes
    historical price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest
    level of expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro® provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

For this Fund, there is no limit on the Fund’s
maximum annual volatility. That is, as estimated by RiskPro®, the Fund’s total return, over a twelve-month
period, can exceed a loss or gain of more than 30%. The Fund is designed for investors that are willing to endure an amount of
investment risk comparable to, or greater than, the volatility of the S&P 500, as the Fund’s returns can range from a
loss in excess of 30% to a gain in excess of 30%. Depending on market conditions, the Fund’s potential gain or loss, as estimated
by RiskPro®, may be below 30% from time to time.

The Adviser takes a strategic approach to investing
and intends to maintain a reasonably aggressive approach to investing, under normal market circumstances. In pursuing the Fund’s
investment objective, the Adviser may engage in frequent trading of the Fund’s portfolio, resulting in a high portfolio turnover
rate.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in by J.P. Morgan Underlying Funds and the securities held by J.P. Morgan Underlying Funds.

· Aggressive Strategy Risk. The Fund utilizes
an aggressive strategy in pursuing its investment objective. Accordingly, the Fund’s returns may be more volatile than a
fund that pursues a more conservative strategy.
· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce a by J.P. Morgan Underlying Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease
a by J.P. Morgan Underlying Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in by J.P. Morgan Underlying Funds, higher portfolio turnover within the by J.P. Morgan Underlying Funds will result
in higher transactional and brokerage costs for the by J.P. Morgan Underlying Funds. Similarly, a higher portfolio turnover rate
for the Fund itself will result in higher transactional and brokerage costs. Active trading may also increase the Fund’s
realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in by J.P. Morgan Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the
J. P. Morgan Underlying Funds. Because the Adviser will not know the current portfolio holdings of the by J.P. Morgan Underlying
Funds, it is possible that that the actual volatility of the Fund may be more or less than the Fund’s RiskPro®
estimated volatility. This could result in poor absolute or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. by J.P. Morgan Underlying Funds in which the Fund invests are subject to investment advisory and other expenses, which will be
indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly
in the by J.P. Morgan Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each
of the by J.P. Morgan Underlying Funds is subject to the principal investment risks described in this section, as well as investment
strategy-specific risks of each Underlying Fund. Further, the Fund’s concentration in investing at least 80% of the Fund’s
assets in J.P. Morgan Underlying Funds, under normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 4.14%
Worst Quarter: 4th Quarter 2018 (14.70)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 14.45%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (10.38)% (9.44)%
Return after taxes on distributions (1) (11.13)% (10.16)%
Return after taxes on distributions and sale of Fund shares (1) (5.74)% (7.27)%
Morningstar Aggressive Target Risk Index (Total Return) (2) (8.17)% (6.51)%
(1) After-tax returns were
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
(2) The Morningstar Aggressive
Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective
yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot
invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii)
individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well as all
other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers (“Financial
Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and the minimum subsequent
investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may be purchased and redeemed
on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing, by telephone, or through
a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
aGGRESSIVE 30+ Fund

Investment Objective: The Fund seeks aggressive
growth.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.



Shareholder Fees
(fees paid directly from your investment)
Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None
Redemption Fee
(as a percentage of amount redeemed)
None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.58%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.33%
Acquired Fund Fees and Expenses (1) 0.79%
Total Annual Fund Operating Expenses 2.87%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $290 $889 $1,513 $3,195

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 42% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 50% of the Fund’s assets in the SA Funds – Investment Trust
(“Loring Ward Underlying Funds”), a family of mutual funds managed by BAM Advisor Services, LLC (“Loring Ward”).

In selecting Loring Ward Underlying Funds to purchase
or sell, on behalf of the Fund, Pacific Financial Group, LLC (“the Adviser”) utilizes research services provided by
Loring Ward. The research provided by Loring Ward includes information and analysis that focuses on asset class investing. Asset
classes are groups of securities with similar risk characteristics, like small company stocks, large company stocks and international
bonds. Asset class investing attempts to capture the performance of a specific market segment, unlike index investing that attempts
to replicate the performance of an index. Loring Ward’s research may exclude certain types of securities, such as highly
regulated utilities, REITs, or recent IPOs where Loring Ward believes such securities are not likely to perform consistent with
the broad factors driving those asset classes.

In reviewing and implementing the information
provided by Loring Ward, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

  • Technical Analysis: This method attempts to
    forecast future price movement by analyzing historical price patterns.
  • Fundamental Analysis: This method is used to
    evaluate what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and
    quantitative factors. The outcome of this analysis can then be compared to the security’s current value to determine if it
    is over or underpriced.
  • Quantitative Analysis: This method analyzes
    historical price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest
    level of expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

In addition to Loring Ward Underlying Funds, the Adviser
may also invest in Underlying Funds managed by other investment advisers. With respect to the overall asset allocation of the Fund,
the Adviser invests in Loring Ward Underlying Funds and other Underlying Funds without regard to market capitalization, style,
sector, or country exposure; and fixed-income securities, issued by domestic and foreign corporations and government entities,
of any maturity or credit quality including high yield bonds (also known as junk bonds). The Adviser may also invest in Loring
Ward Underlying Funds and other Underlying Funds that invest in liquid alternative/specialty securities or cash equivalents.
percentage of the Fund’s net assets allocated to equities, fixed-income securities, liquid alternative/specialty securities,
and cash equivalents will vary.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser, and unaffiliated with Loring Ward. Based on proprietary algorithms, RiskPro® provides an estimate of
the maximum range of gain or loss of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher
the RiskPro® estimate, the greater the level of volatility that the Fund may experience over a twelve-month period.
As a result, investors may select investments that are designed to be aligned with their level of comfort with investment risk.
RiskPro’s® algorithms take into account, among other factors, the volatility of the portfolio over the prior
twelve months; a comparison of the portfolio’s volatility over the prior twelve-month period to the volatility of the S&P
500 Index; and the long-term volatility of the S&P 500 Index.

Loring Ward Underlying Funds’ investment philosophies
are not considered aggressive growth, however the Adviser’s investment management overlay intends to pursue an aggressive
growth strategy. As a result, there is no limit on the Fund’s maximum annual volatility. That is, as estimated by RiskPro®,
the Fund’s total return, over a twelve-month period, can exceed a loss or gain of more than 30%. The Fund is designed for
investors that are willing to endure an amount of investment risk comparable to, or greater than, the volatility of the S&P
500, as the Fund’s returns can range from a loss in excess of 30% to a gain in excess of 30%. Depending on market conditions,
the Fund’s potential gain or loss, as estimated by RiskPro®, may be below 30% from time to time.

The Adviser takes a strategic approach to investing
and intends to maintain a reasonably aggressive allocation of investments, under normal market circumstances.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in Loring Ward Underlying Funds and other Underlying Funds and the securities held by Loring Ward
Underlying Funds and other Underlying Funds.

· Aggressive Strategy Risk. The Fund utilizes
an aggressive strategy in pursuing its investment objective. Accordingly, the Fund’s returns may be more volatile than a
fund which pursues a more conservative strategy.
· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.

· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the Loring Ward Underlying Funds’ and other Underlying Funds’ ability to sell their bonds. The lack of a liquid
market for these bonds could decrease a Loring Ward Underlying Fund’s or other Underlying Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results. Research utilized by the Adviser from the research provider may not prove accurate with respect to economic and market
forecasts. To the extent that the Adviser utilizes research regarding asset allocation models comprised of Loring Ward Underlying
Funds, research regarding such models may fail to take into account changes in market and economic conditions in a timely manner.
Accordingly, as a result of this delay and the Adviser’s inability to potentially consider implementing changes to the Fund’s
portfolio, the Fund may suffer losses. Additionally, the failure of the Adviser to receive asset allocation model research from
a research provider in a timely manner may cause the Fund to suffer losses.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund primarily
investing in Loring Ward Underlying Funds, higher portfolio turnover within the Loring Ward Underlying Funds will result in higher
transactional and brokerage costs for the Loring Ward Underlying Funds.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in primarily in Loring Ward Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings
of the Loring Ward Underlying Funds. Because the Adviser will not know the current portfolio holdings of the Loring Ward Underlying
Funds, it is possible that that the actual volatility of the Fund may be more or less than the Fund’s RiskPro estimated volatility.
This could result in poor absolute or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. The Loring Ward
Underlying Funds and other Underlying Funds in which the Fund invests are subject to investment advisory and other expenses, which
will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly
in the Loring Ward Underlying Funds and other Underlying Funds and may be higher than other mutual funds that invest directly in
stocks and bonds. Each of the Loring Ward Underlying Funds and other Underlying Funds is subject to the principal investment risks
described in this section, as well as investment strategy-specific risks of each Underlying Loring Ward Fund and each other Underlying
Funds. Further, the Fund’s concentration in investing at least 50% of the Fund’s assets in Loring Ward Underlying Funds,
under normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 3.08%
Worst Quarter: 4th Quarter 2018 (14.48)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 12.46%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (13.35)% (12.33)%
Return after taxes on distributions (1) (13.91)% (13.38)%
Return after taxes on distributions and sale of Fund shares (1) (7.53)% (9.61)%
Morningstar Aggressive Target Risk Index (Total Return) (2) (8.17)% (6.51)%
(1) After-tax returns were calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown
are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
(2) The Morningstar Aggressive
Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective
yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot
invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii)
individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well as all
other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers (“Financial
Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and the minimum subsequent
investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may be purchased and redeemed
on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing, by telephone, or through
a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
Dynamic 0-10 Fund

Investment Objective: The Fund seeks to limit
the maximum range of total returns to a gain or loss of less than 10%, over a forward-looking rolling 12-month period.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.



Shareholder Fees
(fees paid directly from your investment)
Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None
Redemption Fee
(as a percentage of amount redeemed)
None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.48%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.23%
Acquired Fund Fees and Expenses (1) 0.46%
Total Annual Fund Operating Expenses 2.44%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $247 $761 $1,301 $2,776

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 80% of the Fund’s assets in shares of mutual funds and exchange-traded
funds managed by Pacific Investment Management Company LLC (“PIMCO”), under normal circumstances (“PIMCO Underlying
Funds”).

In selecting PIMCO Underlying Funds to purchase or
sell, on behalf of the Fund, Pacific Financial Group, LLC (the “Adviser”) utilizes research services provided by PIMCO.
The research services will include information and analysis about the PIMCO Underlying Funds, near-term and medium-term projections
of market and economic trends and the relative attractiveness of fixed income and equity market sectors. These inputs are driven
by PIMCO’s investment process in which top-down views informed by the firm’s cyclical and secular investment forums
are complemented by bottom-up perspectives from sector specialists and analytic research.

In reviewing and implementing the information
provided by PIMCO, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

· Technical Analysis: This method attempts to forecast
future price movement by analyzing historical price patterns.
· Fundamental Analysis: This method is used to evaluate
what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and quantitative
factors. The outcome of this analysis can then be compared to the security’s current value to determine if it is over or
underpriced.
· Quantitative Analysis: This method analyzes historical
price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

The Adviser invests in PIMCO Underlying Funds that
invest primarily in fixed-income securities, issued by domestic and foreign corporations and government entities, of any maturity
or credit quality including high yield bonds (also known as junk bonds). The Adviser may also invest in PIMCO Underlying Funds
that invest in equity securities of varying market capitalization, style, sector, and country exposure; liquid alternative/specialty
securities; and cash equivalents. The percentage of the Fund’s net assets allocated to equities, fixed-income securities,
liquid alternative/specialty securities, and cash equivalents will vary. In selecting PIMCO Underlying Funds, the Adviser may also
utilize information regarding a model portfolio of PIMCO Funds provided at no charge by PIMCO, although the Adviser is solely responsible
for selecting the PIMCO Funds and other securities in which the Fund invests. PIMCO is not the adviser or sub-adviser to the Fund.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro® provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro estimate, the greater
the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select investments
that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algorithms take
into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

The Adviser utilizes RiskPro® valdyti
the Fund’s volatility, with the goal of limiting the Fund’s maximum range of total returns, over a twelve month period,
to a gain or loss of less than 10%. The Fund is designed for investors that are not willing to endure an amount of investment risk
comparable to, or greater than, the volatility of the S&P 500.

The Adviser takes a dynamic approach to investing,
moderately changing the Fund’s investments and/or asset allocation, based on market circumstances.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in PIMCO Underlying Funds and the securities held by PIMCO Underlying Funds.

· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the PIMCO Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease
a PIMCO Underlying Fund’s share price.

· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results. Research utilized by the Adviser from the research provider may not prove accurate with respect to economic and market
forecasts. To the extent that the Adviser utilizes research regarding asset allocation models comprised of PIMCO Underlying Funds,
research regarding such models may fail to take into account changes in market and economic conditions in a timely manner. Accordingly,
as a result of this delay and the Adviser’s inability to potentially consider implementing changes to the Fund’s portfolio,
the Fund may suffer losses. Additionally, the failure of the Adviser to receive asset allocation model research from a research
provider in a timely manner may cause the Fund to suffer losses.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in PIMCO Underlying Funds, higher portfolio turnover within the PIMCO Underlying Funds will result in higher transactional
and brokerage costs for the PIMCO Underlying Funds.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in PIMCO Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the PIMCO Underlying
Funds. Because the Adviser will not know the current portfolio holdings of the PIMCO Underlying Funds, it is possible that that
the actual volatility of the Fund may be more or less than the Fund’s RiskPro® estimated volatility. Tai
could result in poor absolute or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. The PIMCO Underlying
Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.
As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the PIMCO Underlying Funds
and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the PIMCO Underlying Funds is subject
to the principal investment risks described in this section, as well as investment strategy-specific risks of each PIMCO Underlying
La fondation. Further, the Fund’s concentration in investing at least 80% of the Fund’s assets in PIMCO Underlying Funds, under
normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 4th Quarter 2018 (0.01)%
Worst Quarter: 1st Quarter 2018 (1.01)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 4.97%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (1.92)% (2.21)%
Return after taxes on distributions (1) (2.29)% (2.63)%
Return after taxes on distributions and sale of Fund shares (1) (1.14)% (1.86)%
Bloomberg Barclays U.S. Aggregate Bond Index (2) 0.01% 0.21%
(1) After-tax returns were
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
(2) The Bloomberg Barclays
U.S. Aggregate Bond Index is an unmanaged index which represents the U.S. investment-grade fixed-rate bond market (including government
and corporate securities, mortgage pass-through securities, and asset-backed securities). Investors cannot invest directly in an
index or benchmark.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans)
(iii) individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well
as all other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers
(“Financial Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and
the minimum subsequent investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may
be purchased and redeemed on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing,
by telephone, or through a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
Dynamic 15-25 Fund

Investment Objective: The Fund seeks to limit
the maximum range of total returns to a gain or loss of less than 25%, over a forward-looking rolling 12-month period.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.



Shareholder Fees
(fees paid directly from your investment)
Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None
Redemption Fee
(as a percentage of amount redeemed)
None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.53%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.28%
Acquired Fund Fees and Expenses (1) 0.58%
Total Annual Fund Operating Expenses 2.61%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $264 $811 $1,385 $2,944

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 60% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 80% of the Fund’s assets in shares of mutual funds and exchange-traded
funds managed by Pacific Investment Management Company LLC (“PIMCO”), under normal circumstances (“PIMCO Underlying
Funds”).

In selecting PIMCO Underlying Funds to purchase or
sell, on behalf of the Fund, Pacific Financial Group, LLC (the “Adviser”) utilizes research services provided by PIMCO.
The research services include information and analysis about the PIMCO Underlying Funds, near-term and medium-term projections
of market and economic trends and the relative attractiveness of fixed income and equity market sectors. These inputs are driven
by PIMCO’s investment process in which top-down views informed by the firm’s cyclical and secular investment forums
are complemented by bottom-up perspectives from sector specialists and analytic research.

In reviewing and implementing the information
provided by PIMCO, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

· Technical Analysis: This method attempts to forecast
future price movement by analyzing historical price patterns.
· Fundamental Analysis: This method is used to evaluate
what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and quantitative
factors. The outcome of this analysis can then be compared to the security’s current value to determine if it is over or
underpriced.
· Quantitative Analysis: This method analyzes historical
price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

The Adviser invests in PIMCO Underlying Funds that
invest primarily in equity securities without regard to market capitalization, style, sector, or country exposure; and fixed-income
securities issued by domestic and foreign corporations and government entities of any maturity or credit quality including high
yield bonds (also known as junk bonds). The Adviser may also invest in PIMCO Underlying Funds that invest in liquid alternative/specialty
securities and cash equivalents. The percentage of the Fund’s net assets allocated to equities, fixed-income securities,
liquid alternative/specialty securities, and cash equivalents will vary. In selecting PIMCO Underlying Funds, the Adviser may also
utilize information regarding a model portfolio of PIMCO Funds provided at no charge by PIMCO, although the Adviser is solely responsible
for selecting the PIMCO Funds and other securities in which the Fund invests. PIMCO is not the adviser or sub-adviser to the Fund.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro® provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

The Adviser utilizes RiskPro® valdyti
the Fund’s volatility, with the goal of limiting the Fund’s maximum range of total returns, over a twelve month period,
to a gain or loss of less than 25%. The Fund is designed for investors that are not willing to endure an amount of investment risk
comparable to, or greater than, the volatility of the S&P 500. Depending on market conditions, the Fund’s potential gain
or loss, as estimated by RiskPro®, may be below 15% from time to time.

The Adviser takes a dynamic approach to investing,
moderately changing the Fund’s investments and/or asset allocation, based on market circumstances.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in PIMCO Underlying Funds and the securities held by PIMCO Underlying Funds.

· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the PIMCO Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease
a PIMCO Underlying Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results. Research utilized by the Adviser from the research provider may not prove accurate with respect to economic and market
forecasts. To the extent that the Adviser utilizes research regarding asset allocation models comprised of PIMCO Underlying Funds,
research regarding such models may fail to take into account changes in market and economic conditions in a timely manner. Accordingly,
as a result of this delay and the Adviser’s inability to potentially consider implementing changes to the Fund’s portfolio,
the Fund may suffer losses. Additionally, the failure of the Adviser to receive asset allocation model research from a research
provider in a timely manner may cause the Fund to suffer losses.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in PIMCO Underlying Funds, higher portfolio turnover within the PIMCO Underlying Funds will result in higher transactional
and brokerage costs for the PIMCO Underlying Funds.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the Underlying Funds.
Because the Adviser will not know the current portfolio holdings of the Underlying Funds, it is possible that that the actual volatility
of the Fund may be more or less than the Fund’s RiskPro® estimated volatility. This could result in poor absolute
or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. The PIMCO Underlying
Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.
As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the PIMCO Underlying Funds
and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the PIMCO Underlying Funds is subject
to the principal investment risks described in this section, as well as investment strategy-specific risks of each PIMCO Underlying
La fondation. Further, the Fund’s concentration in investing at least 80% of the Fund’s assets in PIMCO Underlying Funds, under
normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 1.87%
Worst Quarter: 4th Quarter 2018 (7.55)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 9.77%.

Performance Table

Average Annual Total Returns

(For period ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (7.55)% (7.83)%
Return after taxes on distributions (1) (7.69)% (8.41)%
Return after taxes on distributions and sale of Fund shares (1) (4.36)% (6.15)%
Morningstar Moderate Target Risk Index (Total Return) (2) (4.76)% (3.65)%
(1) After-tax returns were
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
(2) The Morningstar Moderate
Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective
yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot
invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager, have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans)
(iii) individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well
as all other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers
(“Financial Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and
the minimum subsequent investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may
be purchased and redeemed on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing,
by telephone, or through a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
Dynamic 20-30 Fund

Investment Objective: The Fund seeks to limit
the maximum range of total returns to a gain or loss of less than 30%, over a forward-looking rolling 12-month period.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None

Redemption Fee

(as a percentage of amount redeemed)

None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.56%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.31%
Acquired Fund Fees and Expenses (1) 0.70%
Total Annual Fund Operating Expenses 2.76%
(1) Acquired Fund Fees and Expenses,
which are estimated for the current fiscal year, are the indirect costs of investing in other investment companies, including exchange-traded
funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $279 $856 $1,459 $3,090

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 112% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 80% of the Fund’s assets in shares of mutual funds and exchange-traded
funds advised by J.P. Morgan Investment Management Inc. (“J.P. Morgan Underlying Funds”), with each J.P. Morgan Underlying
Fund investing primarily in U.S. equity and/or fixed-income securities, to obtain exposure to the U.S. broad equity and fixed income
markets.

The Fund defines equity securities as stocks and J.P.
Morgan Underlying Funds that invest primarily in stocks; and the Fund defines fixed-income securities as debt instruments of any
type and J.P. Morgan Underlying Funds that invest primarily in debt instruments. The J.P. Morgan Underlying Funds invest in equity
securities without regard to market capitalization, style, sector, or country exposure; and in fixed-income securities issued by
domestic and foreign corporations and government entities of any maturity or credit quality including high yield bonds (also known
as junk bonds). Pacific Financial Group, LLC (the “Adviser”) may also invest a portion of the Fund’s assets in
J.P. Morgan Underlying Funds that invest in international securities, liquid alternative/specialty securities, or cash equivalents.
The percentage of the Fund’s net assets allocated to equities, fixed-income securities, liquid alternative/specialty securities,
and cash equivalents will vary.

In selecting J.P. Morgan Underlying Funds to
purchase or sell, on behalf of the Fund, the Adviser uses a proprietary investment analysis called “Rational Analysis.”
The Adviser’s “Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and
Quantitative Studies in selecting positions.

  • Technical Analysis: This method attempts to
    forecast future price movement by analyzing historical price patterns.
  • Fundamental Analysis: This method is used to
    evaluate what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and
    quantitative factors. The outcome of this analysis can then be compared to the security’s current value to determine if it
    is over or underpriced.
  • Quantitative Analysis: This method analyzes
    historical price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest
    level of expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro® provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

The Adviser utilizes RiskPro® valdyti
the Fund’s volatility, with the goal of limiting the Fund’s maximum range of total returns, over a twelve month period,
to a gain or loss of less than 30%. The Fund is designed for investors that are not willing to endure an amount of investment risk
comparable to, or greater than, the volatility of the S&P 500. Depending on market conditions, the Fund’s potential gain
or loss, as estimated by RiskPro®, may be below 20% from time to time.

The Adviser takes a dynamic approach to investing,
moderately changing the Fund’s investments and/or asset allocation, based on market circumstances. In pursuing the Fund’s
investment objective, the Adviser may engage in frequent trading of the Fund’s portfolio, resulting in a high portfolio turnover
rate.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in J.P. Morgan Underlying Funds and the securities held by J.P. Morgan Underlying Funds.

· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the J.P. Morgan Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease
a J.P. Morgan Underlying Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.

· Management Risk. The portfolio manager’s
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio manager’s judgment will produce the desired
results.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in J.P. Morgan Underlying Funds, higher portfolio turnover within the J.P. Morgan Underlying Funds will result in higher
transactional and brokerage costs for the J.P. Morgan Underlying Funds. Similarly, a higher portfolio turnover rate for the Fund
itself will result in higher transactional and brokerage costs. Active trading may also increase the Fund’s realized capital
gains or losses, which may affect the taxes you pay as a Fund shareholder.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in J.P. Morgan Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the J.P.
Morgan Underlying Funds. Because the Adviser will not know the current portfolio holdings of the J.P. Morgan Underlying Funds,
it is possible that that the actual volatility of the Fund may be more or less than the Fund’s RiskPro estimated volatility.
This could result in poor absolute or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. The J.P. Morgan
Underlying Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid
by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the J.P. Morgan
Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the J.P. Morgan Underlying
Funds is subject to the principal investment risks described in this section, as well as investment strategy-specific risks of
each J.P. Morgan Underlying Fund. Further, the Fund’s concentration in investing at least 80% of the Fund’s assets
in J.P. Morgan Underlying Funds, under normal market circumstances, increases the Fund’s investment risk.

Performance: Because the Fund has only recently
commenced investment operations, no performance information is presented for the Fund at this time. In the future, performance
information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance
information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by visiting
www.TPFG.com or by calling 1-888-451-TPFG.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans)
(iii) individual retirement accounts (collectively, “Retirement Investors“). Further, Retirement Investors, as well
as all other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers
(“Financial Intermediaries“). The minimum initial investment to open an account is $1,000 for all account types and
the minimum subsequent investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may
be purchased and redeemed on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing,
by telephone, or through a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
PFG Balanced 20-30 Fund

Investment Objective: The Fund seeks to limit
the maximum range of total returns to a gain or loss of less than 30%, over a forward-looking rolling twelve-month period.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund‘s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None

Redemption Fee

(as a percentage of amount redeemed)

None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.51%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.26%
Acquired Fund Fees and Expenses (1) 0.38%
Total Annual Fund Operating Expenses 2.39%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund‘s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $242 $745 $1,275 $2,726

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over“ its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund‘s performance. During the most
recent fiscal period, the Fund‘s portfolio turnover rate was 69% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing primarily in shares of mutual funds and exchange-traded funds (“Underlying
Funds“), with each Underlying Fund investing primarily in U.S. equity and/or fixed-income securities, to obtain exposure
to the U.S. broad equity and fixed income markets.

Under normal circumstances, Pacific Financial Group,
LLC (the “Adviser”) intends to invest at least 25% of the Fund‘s assets in domestic equity securities without
regard to market capitalization, style or sector, and at least 25% of the Fund‘s assets in fixed income securities issued
by domestic and foreign corporations and government entities of any maturity or credit quality including high yield bonds (also
known as junk bonds). The Fund defines equity securities as stocks and Underlying Funds that invest primarily in stocks; et
Fund defines fixed-income securities as debt instruments of any type and Underlying Funds that invest primarily in debt instruments.
The Adviser may also invest a portion of the Fund‘s assets in Underlying Funds that invest in international securities, liquid
alternative/specialty securities, or cash equivalents. The percentage of the Fund’s net assets allocated to equities, fixed-income
securities, liquid alternative/specialty securities, and cash equivalents will vary.

In selecting Underlying Funds to purchase or
sell, on behalf of the Fund, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

· Technical Analysis: This method attempts to forecast
future price movement by analyzing historical price patterns.
· Fundamental Analysis: This method is used to evaluate
what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and quantitative
factors. The outcome of this analysis can then be compared to the security’s current value to determine if it is over or
underpriced.
· Quantitative Analysis: This method analyzes historical
price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser integrates the optimal elements of each method into a “Rational” decision-making model.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro® provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio‘s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

The Adviser utilizes RiskPro® valdyti
the Fund‘s volatility, with the goal of limiting the Fund‘s maximum range of total returns, over a twelve month period,
to a gain or loss of less than 30%. The Fund is designed for investors that are not willing to endure an amount of investment risk
comparable to, or greater than, the volatility of the S&P 500. Depending on market conditions, the Fund’s potential gain
or loss, as estimated by RiskPro®, may be below 20% from time to time.

The Adviser takes a dynamic approach to investing,
moderately changing the Fund‘s investments and/or asset allocation, based on market circumstances.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund‘s net asset value and performance. The following risks apply to
the Fund through its investments in Underlying Funds and the securities held by Underlying Funds.

· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield“ or “junk“ bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the Underlying Funds‘ ability to sell their bonds. The lack of a liquid market for these bonds could decrease an Underlying
Fund‘s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.

· Management Risk. The portfolio manager‘s
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio manager‘s judgment will produce the desired
results.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in Underlying Funds, higher portfolio turnover within the Underlying Funds will result in higher transactional and brokerage
costs for the Underlying Funds. Similarly, a higher portfolio turnover rate for the Fund itself will result in higher transactional
and brokerage costs. Active trading may also increase the Fund’s realized capital gains or losses, which may affect the taxes
you pay as a Fund shareholder.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund‘s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro‘s® estimate of the Fund‘s maximum annual range of total returns will be accurate. As a
Fund investing in Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the Underlying Funds.
Because the Adviser will not know the current portfolio holdings of the Underlying Funds, it is possible that that the actual volatility
of the Fund may be more or less than the Fund’s RiskPro® estimated volatility. This could result in poor absolute
or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund‘s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. Underlying Funds
in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Kaip
a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may
be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own
investment strategy-specific risks.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 4.14%
Worst Quarter: 4th Quarter 2018 (11.13)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 12.25%.

Performance Table

Average Annual Total Returns

(For period ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (7.54)% (7.46)%
Return after taxes on distributions (1) (7.87)% (7.95)%
Return after taxes on distributions and sale of Fund shares (1) (4.33)% (5.81)%
Morningstar Moderately Aggressive Target Risk TR Index (2) (6.74)% (5.29)%
(1) After-tax returns were
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
(2) The Morningstar Moderate
Aggressive Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering
an objective yardstick for performance comparison. The index invests in 80% global equity exposure and 20% global bond exposure.
Investors cannot invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii)
individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well as all
other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers (“Financial
Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and the minimum subsequent
investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may be purchased and redeemed
on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing, by telephone, or through
a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
PFG Equity 30+ Fund

Investment Objective: The Fund seeks aggressive
growth.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None

Redemption Fee

(as a percentage of amount redeemed)

None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.56%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.31%
Acquired Fund Fees and Expenses (1) 0.32%
Total Annual Fund Operating Expenses 2.38%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $241 $742 $1,270 $2,716

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 29% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing primarily in shares of mutual funds and exchange-traded funds (“Underlying
Funds”), with each Underlying Fund investing primarily in U.S. equity securities of varying market capitalizations, in order
to obtain exposure to the U.S. broad equity market.

Under normal circumstances, Pacific Financial Group,
LLC (the “Adviser”) invests at least 80% of the Fund’s net assets plus any amounts of borrowing in equity securities.
The Fund defines equity securities as stocks and Underlying Funds that invest primarily in stocks. The Fund’s investments
made without regard to style or sector exposure. The Adviser may also invest a portion of the Fund’s assets in Underlying
Funds that invest in international securities, fixed-income securities, liquid alternative/specialty securities, or cash equivalents.
The percentage of the Fund’s net assets allocated to equities, fixed-income securities, liquid alternative/specialty securities,
and cash equivalents will vary.

In selecting Underlying Funds to purchase or
sell, on behalf of the Fund, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

· Technical Analysis: This method attempts to forecast
future price movement by analyzing historical price patterns.
· Fundamental Analysis: This method is used to evaluate
what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and quantitative
factors. The outcome of this analysis can then be compared to the security’s current value to determine if it is over or
underpriced.
· Quantitative Analysis: This method analyzes historical
price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPr®o provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

For this Fund, there is no limit on the Fund’s
maximum annual volatility. That is, as estimated by RiskPro®, the Fund’s total return, over a twelve-month
period, can exceed a loss or gain of more than 30%. The Fund is designed for investors that are willing to endure an amount of
investment risk comparable to, or greater than, the volatility of the S&P 500, as the Fund’s returns can range from a
loss in excess of 30% to a gain in excess of 30%. Depending on market conditions, the Fund’s potential gain or loss, as estimated
by RiskPro®, may be below 30% from time to time.

The Adviser takes a strategic approach to investing
and intends to maintain a reasonably aggressive allocation of investments, under normal market circumstances.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in Underlying Funds and the securities held by Underlying Funds.

· Aggressive Strategy Risk. The Fund utilizes
an aggressive strategy in pursuing its investment objective. Accordingly, the Fund’s returns may be more volatile than a
fund which pursues a more conservative strategy.
· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the Underlying Funds; ability to sell their bonds. The lack of a liquid market for these bonds could decrease an Underlying
Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in Underlying Funds, higher portfolio turnover within the Underlying Funds will result in higher transactional and brokerage
costs for the Underlying Funds.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the Underlying Funds.
Because the Adviser will not know the current portfolio holdings of the Underlying Funds, it is possible that that the actual volatility
of the Fund may be more or less than the Fund’s RiskPro® estimated volatility. This could result in poor absolute
or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. Underlying Funds
in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Kaip
a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may
be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own
investment strategy-specific risks.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 6.17%
Worst Quarter: 4th Quarter 2018 (14.76)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 16.88%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (6.76)% (6.99)%
Return after taxes on distributions (1) (6.76)% (7.09)%
Return after taxes on distributions and sale of Fund shares (1) (4.00)% (5.37)%
Morningstar Aggressive Target Risk TR Index (2) (8.17)% (6.51)%
(1) After-tax returns were
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
(2) The Morningstar Aggressive
Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective
yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot
invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii)
individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well as all
other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers (“Financial
Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and the minimum subsequent
investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may be purchased and redeemed
on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing, by telephone, or through
a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
PFG Global 30+ Fund

Investment Objective: The Fund seeks aggressive
growth.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None

Redemption Fee

(as a percentage of amount redeemed)

None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.58%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.33%
Acquired Fund Fees and Expenses (1) 0.53%
Total Annual Fund Operating Expenses 2.61%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $264 $811 $1,385 $2,944

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 180% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing primarily in shares of mutual funds and exchange-traded funds (“Underlying
Funds”), with each Underlying Fund investing primarily in global equity securities in order to obtain exposure to the global
broad equity market, as defined by the MSCI All Country World Index.

Under normal circumstances, Pacific Financial Group,
LLC (the “Adviser”) intends to invest at least 40% (or 30% if conditions are not favorable) of the Fund’s net
assets plus any amounts of borrowing in securities of non-U.S. issuers. The Fund defines global equity securities as stocks of
foreign entities and Underlying Funds that invest primarily in stocks of foreign entities. The Fund’s investments in the
preceding securities are made without regard to country, style, or sector exposure. The Adviser may also invest a portion of the
Fund’s assets in Underlying Funds that invest in fixed-income securities, liquid alternative/specialty securities, or cash
equivalents. The percentage of the Fund’s net assets allocated to equities, fixed-income securities, liquid alternative/specialty
securities, and cash equivalents will vary.

In selecting Underlying Funds to purchase or
sell, on behalf of the Fund, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

· Technical Analysis: This method attempts to forecast
future price movement by analyzing historical price patterns.
· Fundamental Analysis: This method is used to evaluate
what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and quantitative
factors. The outcome of this analysis can then be compared to the security’s current value to determine if it is over or
underpriced.
· Quantitative Analysis: This method analyzes historical
price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro, a software technology developed by ProTools, LLC, an affiliate of the Adviser. Based
on proprietary algorithms, RiskPro provides an estimate of the maximum range of gain or loss of a portfolio of securities, over
a forward-looking rolling twelve-month period. The higher the RiskPro estimate, the greater the level of volatility that the Fund
may experience over a twelve-month period. As a result, investors may select investments that are designed to be aligned with their
level of comfort with investment risk. RiskPro’s® algorithms take into account, among other factors, the volatility
of the portfolio over the prior twelve months; a comparison of the portfolio’s volatility over the prior twelve-month period
to the volatility of the S&P 500 Index; and the long-term volatility of the S&P 500 Index.

For this Fund, there is no limit on the Fund’s
maximum annual volatility. That is, as estimated by RiskPro®, the Fund’s total return, over a twelve-month
period, can exceed a loss or gain of more than 30%. The Fund is designed for investors that are willing to endure an amount of
investment risk comparable to, or greater than, the volatility of the S&P 500, as the Fund’s returns can range from a
loss in excess of 30% to a gain in excess of 30%. Depending on market conditions, the Fund’s potential gain or loss, as estimated
by RiskPro, may be below 30% from time to time.

The Adviser takes a strategic approach to investing,
and under normal market circumstances, does not intend to adjust the Fund’s investments and/or asset allocation, in any substantial
manner, in response to changes in the market. In pursuing the Fund’s investment objective, the Adviser may engage in frequent
trading of the Fund’s portfolio, resulting in a high portfolio turnover rate.

Principal Investment Risks: As with all mutual
funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a complete
investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to the Fund
through its investments in Underlying Funds and the securities held by Underlying Funds.

· Aggressive Strategy Risk. The Fund utilizes
an aggressive strategy in pursuing its investment objective. Accordingly, the Fund’s returns may be more volatile than a
fund which pursues a more conservative strategy.
· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease an Underlying
Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests or sells short may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce
the desired results.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in Underlying Funds, higher portfolio turnover within the Underlying Funds will result in higher transactional and brokerage
costs for the Underlying Funds. Similarly, a higher portfolio turnover rate for the Fund itself will result in higher transactional
and brokerage costs. Active trading may also increase the Fund’s realized capital gains or losses, which may affect the taxes
you pay as a Fund shareholder.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the Underlying Funds.
Because the Adviser will not know the current portfolio holdings of the Underlying Funds, it is possible that that the actual volatility
of the Fund may be more or less than the Fund’s RiskPro estimated volatility. This could result in poor absolute or relative
performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. Underlying Funds
in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Kaip
a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may
be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own
investment strategy-specific risks.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 2.69%
Worst Quarter: 4th Quarter 2018 (16.40)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 17.32%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (17.24)% (16.04)%
Return after taxes on distributions (1) (17.46)% (16.35)%
Return after taxes on distributions and sale of Fund shares (1) (10.05)% (12.24)%
Morningstar Aggressive Target Risk TR Index (2) (8.17)% (6.51)%
(1) After-tax returns were
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
(2) The Morningstar Aggressive
Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective
yardstick for performance comparison. The index invests in 95% global equity exposure and 5% global bond exposure. Investors cannot
invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii)
individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well as all
other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers (“Financial
Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and the minimum subsequent
investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may be purchased and redeemed
on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing, by telephone, or through
a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
Tactical 0-30 Fund

Investment Objective: The Fund seeks to limit
the maximum range of total returns to a gain or loss of less than 30%, over a forward-looking rolling 12-month period.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None
Redemption Fee
(as a percentage of amount redeemed)
None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.54%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.29%
Acquired Fund Fees and Expenses (1) 0.93%
Total Annual Fund Operating Expenses 2.97%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $300 $918 $1,562 $3,290

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 23% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 80% of the Fund’s assets in shares of mutual funds and exchange-traded
funds managed by Meeder Investment Management (“Meeder”), under normal circumstances (“Meeder Underlying Funds”).

In selecting Meeder Funds to purchase or sell, on behalf
of the Fund, Pacific Financial Group, LLC (the “Adviser”) utilizes research services provided by Meeder. The research
provided by Meeder will include information and analysis about the Meeder Tactical Strategy, an investment strategy that assesses
the risk-reward relationship of the stock market and the changing interest rate and credit environments on various asset classes,
including stocks, bonds and cash equivalents.

In reviewing and implementing the information
provided by Meeder, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

  • Technical Analysis: This method attempts to
    forecast future price movement by analyzing historical price patterns.
  • Fundamental Analysis: This method is used to
    evaluate what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and
    quantitative factors. The outcome of this analysis can then be compared to the security’s current value to determine if it
    is over or underpriced.
  • Quantitative Analysis: This method analyzes historical
    price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
    expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

The Adviser invests in Meeder Underlying Funds that
invest primarily in equity securities without regard to market capitalization, style, sector, or country exposure; and fixed-income
securities issued by domestic and foreign corporations and government entities of any maturity or credit quality including high-yield
bonds (also known as junk bonds). The Fund may also invest in Meeder Underlying Funds that invest in liquid alternative/specialty
securities and cash equivalents. The percentage of the Fund’s net assets allocated to equities, fixed-income securities,
liquid alternative/specialty securities, and cash equivalents will vary. The Fund may also invest in mutual funds other than Meeder
Underlying Funds.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro@ provides an estimate of the maximum range of gain or loss of
a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

The Adviser utilizes RiskPro® valdyti
the Fund’s volatility, with the goal of limiting the Fund’s maximum range of total returns, over a twelve month period,
to a gain or loss of less than 30%. The Fund is designed for investors that are not willing to endure an amount of investment risk
comparable to, or greater than, the volatility of the S&P 500.

The Adviser intends to take a tactical approach to
investing, actively changing the Fund’s investments and/or asset allocations, in an effort to take advantage of changes in
the market.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in Meeder Underlying Funds and the securities held by Meeder Underlying Funds.

· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the Meeder Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease
a Meeder Underlying Fund’s share price.

· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results. Research utilized by the Adviser from the research provider may not prove accurate with respect to economic and market
forecasts. To the extent that the Adviser utilizes research regarding asset allocation models comprised of Meeder Underlying Funds,
research regarding such models may fail to take into account changes in market and economic conditions in a timely manner. Accordingly,
as a result of this delay and the Adviser’s inability to potentially consider implementing changes to the Fund’s portfolio,
the Fund may suffer losses. Additionally, the failure of the Adviser to receive asset allocation model research from a research
provider in a timely manner may cause the Fund to suffer losses.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in Meeder Underlying Funds, higher portfolio turnover within the Meeder Underlying Funds will result in higher transactional
and brokerage costs for the Meeder Underlying Funds.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in Meeder Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the Meeder
Underlying Funds. Because the Adviser will not know the current portfolio holdings of the Underlying Funds, it is possible that
that the actual volatility of the Fund may be more or less than the Fund’s RiskPro® estimated volatility.
This could result in poor absolute or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. The Meeder Underlying
Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.
As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Meeder Underlying Funds
and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Meeder Underlying Funds is subject
to the principal investment risks described in this section, as well as investment strategy-specific risks of each Meeder Underlying
La fondation. Further, the Fund’s concentration in investing at least 80% of the Fund’s assets in Meeder Underlying Funds,
under normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 3.74%
Worst Quarter: 4th Quarter 2018 (7.24)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 4.53%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (5.02)% (4.47)%
Return after taxes on distributions (1) (5.09)% (4.58)%
Return after taxes on distributions and sale of Fund shares (1) (2.97)% (3.45)%
Morningstar Moderate Target Risk TR Index (2) (4.76)% (3.65)%
(1) After-tax returns were calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown
are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
(2) The Morningstar Moderate
Target Risk Index (Total Return) is an index designed to meet the benchmarking needs of target risk investors by offering an objective
yardstick for performance comparison. The index invests in 60% global equity exposure and 40% global bond exposure. Investors cannot
invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®, Chief Investment
Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager since it commenced
operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans)
(iii) individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well
as all other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers
(“Financial Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and
the minimum subsequent investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may
be purchased and redeemed on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing,
by telephone, or through a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
PFG 0-15 FUND

Investment Objective: The Fund seeks to limit
the maximum range of total returns to a gain or loss of less than 15%, over a forward-looking rolling 12-month period.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None

Redemption Fee

(as a percentage of amount redeemed)

None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.59%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.34%
Acquired Fund Fees and Expenses (1) 0.81%
Total Annual Fund Operating Expenses 2.90%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $293 $898 $1,528 $3,223

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 203% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 80% of the Fund’s assets in shares of mutual funds and exchange-traded
funds managed by The BNY Investment Strategy & Solutions Group (“ISSG Underlying Funds”), with each ISSG Underlying
Fund investing primarily in fixed-income securities, issued by domestic and foreign corporations and government entities, of any
maturity or credit quality including high yield bonds (also known as junk bonds) and/or liquid alternative/specialty securities.

Pacific Financial Group, LLC (the “Adviser”)
may also invest in ISSG Underlying Funds that invest in equity securities of varying market capitalization, style, sector, and
country exposure; liquid alternative/specialty securities; and cash equivalents. The percentage of the Fund’s net assets
allocated to equities, fixed-income securities, liquid alternative/specialty securities, and cash equivalents will vary.

In selecting Underlying Funds to purchase or
sell, on behalf of the Fund, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

· Technical Analysis: This method attempts to forecast
future price movement by analyzing historical price patterns.
· Fundamental Analysis: This method is used to evaluate
what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and quantitative
factors. The outcome of this analysis can then be compared to the security’s current value to determine if it is over or
underpriced.
· Quantitative Analysis: This method analyzes historical
price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro® provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

The Adviser utilizes RiskPro® valdyti
the Fund’s volatility, with the goal of limiting the Fund’s maximum range of total returns, over a twelve month period,
to a gain or loss of less than 15%. The Fund is designed for investors that are not willing to endure an amount of investment risk
comparable to, or greater than, the volatility of the S&P 500.

The Adviser intends to take a dynamic approach to investing,
moderately changing the Fund’s investments and/or asset allocation, based on market circumstances. In pursuing the Fund’s
investment objective, the Adviser may engage in frequent trading of the Fund’s portfolio, resulting in a high portfolio turnover
rate.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in ISSG Underlying Funds and the securities held by ISSG Underlying Funds.

· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.
· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the ISSG Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease
an ISSG Underlying Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers’ judgments will produce the desired
results.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in ISSG Underlying Funds, higher portfolio turnover within the Underlying Funds will result in higher transactional and
brokerage costs for the ISSG Underlying Funds. Similarly, a higher portfolio turnover rate for the Fund itself will result in higher
transactional and brokerage costs. Active trading may also increase the Fund’s realized capital gains or losses, which may
affect the taxes you pay as a Fund shareholder.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in ISSG Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the ISSG Underlying
Funds. Because the Adviser will not know the current portfolio holdings of the ISSG Underlying Funds, it is possible that that
the actual volatility of the Fund may be more or less than the Fund’s RiskPro® estimated volatility. Tai
could result in poor absolute or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. The ISSG Underlying
Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.
As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ISSG Underlying Funds
and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the ISSG Underlying Funds is subject
to the principal investment risks described in this section, as well as investment strategy-specific risks of each ISSG Underlying
La fondation. Further, the Fund’s concentration in investing at least 80% of the Fund’s assets in ISSG Underlying Funds, under
normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 0.31%
Worst Quarter: 4th Quarter 2018 (2.55)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 6.13%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (5.20)% (5.38)%
Return after taxes on distributions (1) (5.55)% (5.90)%
Return after taxes on distributions and sale of Fund shares (1) (3.07)% (4.32)%
Bloomberg Barclays 1-2 Month T-Bill (2) 1.82% 1.79%
(1) After-tax returns were calculated
using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown
are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual
retirement accounts.
(2) The Bloomberg Barclays Capital
1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity
of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value.
Investors cannot invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii)
individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well as all
other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers (“Financial
Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and the minimum subsequent
investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may be purchased and redeemed
on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing, by telephone, or through
a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

FUND SUMMARY – RiskPro®
Alternative 0-15 FUND

Investment Objective: The Fund seeks to limit
the maximum range of total returns to a gain or loss of less than 15%, over a forward-looking rolling twelve-month period.

Fees and Expenses of the Fund: This table describes
the fees and expenses that you may pay if you buy and hold shares of the Fund. More information about these fees and expenses is
available from your financial professional and in How to Purchase Shares on page 58 of the Fund’s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Class R
Maximum Sales Charge (Load) Imposed on purchases
(as a percentage of offering price)
None
Maximum Deferred Sales Charge (Load)
(as a % of the original purchase price)
None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions None

Redemption Fee

(as a percentage of amount redeemed)

None
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Management Fees 1.25%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.58%
Shareholder Servicing Fee 0.25%
Remaining Other Expenses 0.33%
Acquired Fund Fees and Expenses (1) 1.05%
Total Annual Fund Operating Expenses 3.13%
(1) Acquired Fund Fees and Expenses
are the indirect costs of investing in other investment companies, including exchange-traded funds.

Exemple: This Example is intended to
help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the
Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that
your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs
may be higher or lower, based upon these assumptions your costs would be:

Class 1 an 3 Years 5 ans 10 ans
R $316 $966 $1,640 $3,439

Portfolio Turnover: The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal period, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies: The Fund seeks
to achieve its investment objective by investing more than 80% of the Fund’s assets in shares of mutual funds and exchange-traded
funds managed by Pacific Investment Management Company LLC (“PIMCO”), under normal market circumstances (“PIMCO
Underlying Funds”).

In selecting PIMCO Underlying Funds to purchase or
sell, on behalf of the Fund, Pacific Financial Group, LLC (the “Adviser”) utilizes research services provided by PIMCO.
The research services include information and analysis about the PIMCO Underlying Funds, near-term and medium-term projections
of market and economic trends and the relative attractiveness of absolute return fixed income, equity long/short, equity market
neutral, and managed futures strategies as well as the general fixed income and equity market sectors. These inputs are driven
by PIMCO’s investment process in which top-down views informed by the firm’s cyclical and secular investment forums
are complemented by bottom-up perspectives from sector specialists and analytic research.

In reviewing and implementing the information
provided by PIMCO, the Adviser uses a proprietary investment analysis called “Rational Analysis.” The Adviser’s
“Rational Analysis” investment approach relies on Fundamental Analysis, Technical Analysis, and Quantitative Studies
in selecting positions.

· Technical Analysis: This method attempts to forecast
future price movement by analyzing historical price patterns.
· Fundamental Analysis: This method is used to evaluate
what a security’s intrinsic value should be by examining related economic, financial, and other qualitative and quantitative
factors. The outcome of this analysis can then be compared to the security’s current value to determine if it is over or
underpriced.
· Quantitative Analysis: This method analyzes historical
price patterns and relationships between securities in an effort to create an optimal portfolio, which is the highest level of
expected return for each level of risk.

Rather than using one of the above methods exclusively,
the Adviser seeks to integrate the optimal elements of each method into a “Rational” decision-making model.

In addition to investing in PIMCO Underlying Funds
that use liquid alternative strategies, the Adviser may also invest in PIMCO Underlying Funds that invest in equity securities
of varying market capitalization, style, sector, and country exposure; fixed-income securities issued by domestic and foreign
corporations and government entities of any maturity or credit quality including high yield bonds (also known as junk bonds); et
cash equivalents. The percentage of the Fund’s net assets allocated to equities, fixed-income securities, liquid alternative/specialty
securities, and cash equivalents will vary. In selecting PIMCO Underlying Funds, the Adviser may also use a model portfolio of
PIMCO Funds provided at no charge by PIMCO, although the Adviser is solely responsible for determining the extent to which it uses
this portfolio and for selecting the PIMCO Underlying Funds and other securities in which the Fund invests.

In addition, in managing the Fund’s level of
investment risk, the Adviser utilizes RiskPro®, a software technology developed by ProTools, LLC, an affiliate of
the Adviser. Based on proprietary algorithms, RiskPro® provides an estimate of the maximum range of gain or loss
of a portfolio of securities, over a forward-looking rolling twelve-month period. The higher the RiskPro® estimate,
the greater the level of volatility that the Fund may experience over a twelve-month period. As a result, investors may select
investments that are designed to be aligned with their level of comfort with investment risk. RiskPro’s® algoritmai
take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s
volatility over the prior twelve-month period to the volatility of the S&P 500 Index; and the long-term volatility of the S&P
500 Index.

The Adviser utilizes RiskPro® valdyti
the Fund’s volatility, with the goal of limiting the Fund’s maximum range of total returns, over a twelve month period,
to a gain or loss of less than 15%. The Fund is designed for investors that are not willing to endure an amount of investment risk
comparable to, or greater than, the volatility of the S&P 500.

The Adviser takes a dynamic approach to investing,
moderately changing the Fund’s investments and/or asset allocation, based on market circumstances.

Principal Investment Risks: As with all
mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is not intended to be a
complete investment program. Many factors affect the Fund’s net asset value and performance. The following risks apply to
the Fund through its investments in PIMCO Underlying Funds and the securities held by PIMCO Underlying Funds.

· Equity Risk. Equity prices can fall rapidly
in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.
· Fixed Income Securities Risk. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of fixed income
securities with longer maturities will decrease more in response to rising interest rates than shorter-term securities. Other risk
factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a
fixed rate obligation held by the Fund later than expected), and prepayment risk (the debtor may pay its obligation early, reducing
the amount of interest payments). Recently, interest rates have been historically low. Current conditions may result in a rise
in interest rates, which in turn may result in a decline in the value of the fixed income investments held by the Fund. En conséquence,
for the present, interest rate risk may be heightened.
· Foreign Risk. Investing in foreign securities
involves risks of adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity,
greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

· Junk Bond Risk. Lower-quality bonds, known
as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased
risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and
reduce the PIMCO Underlying Funds’ ability to sell their bonds. The lack of a liquid market for these bonds could decrease
the PIMCO Underlying Fund’s share price.
· Limited History of Operations Risk. Fund is a new mutual fund and has a limited history of operations for investors to evaluate.
· Liquid Alternative Securities Risk. These
types of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within
these types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen
volatility; use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity
of these investment may be limited, thereby potentially magnifying losses.
· Management Risk. The portfolio managers’
judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund
invests may prove to be incorrect and there is no guarantee that the portfolio managers judgments will produce the desired results.
Research utilized by the Adviser from the research provider may not prove accurate with respect to economic and market forecasts.
To the extent that the Adviser utilizes research regarding asset allocation models comprised of Underlying Funds, research regarding
such models may fail to take into account changes in market and economic conditions in a timely manner. Accordingly, as a result
of this delay and the Adviser’s inability to potentially consider implementing changes to the Fund’s portfolio, the
Fund may suffer losses. Additionally, the failure of the Adviser to receive asset allocation model research from a research provider
in a timely manner may cause the Fund to suffer losses.
· Risque de marché. Overall market risks may also
affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political
events affect the securities markets.
· Portfolio Turnover Risk. As a Fund principally
investing in PIMCO Underlying Funds, higher portfolio turnover within the PIMCO Underlying Funds will result in higher transactional
and brokerage costs for the PIMCO Underlying Funds.
· RiskPro® Risk. Bien que
the Adviser utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month
period, the projections or other information generated by RiskPro® regarding the likelihood of various outcomes
are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty
that RiskPro’s® estimate of the Fund’s maximum annual range of total returns will be accurate. As a
Fund investing in Underlying Funds, the actual volatility of the Fund is driven by the portfolio holdings of the Underlying Funds.
Because the Adviser will not know the current portfolio holdings of the Underlying Funds, it is possible that that the actual volatility
of the Fund may be more or less than the Fund’s RiskPro® estimated volatility. This could result in poor absolute
or relative performance, including significant losses.
· Sector Risk. The Fund may focus its investments
in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the
sector. This may cause the Fund’s net asset value to fluctuate more than that of a fund that does not focus in a particular
sector.
· Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group.
· Underlying Funds Risk. The PIMCO Underlying
Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.
As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the PIMCO Underlying Funds
and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the PIMCO Underlying Funds is subject
to the principal investment risks described in this section, as well as investment strategy-specific risks of each PIMCO Underlying
La fondation. Further, the Fund’s concentration in investing at least 80% of the Fund’s assets in PIMCO Underlying Funds, under
normal market circumstances, increases the Fund’s investment risk.

Performance: The bar chart and performance table
below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar
chart shows performance of the Fund’s Class R shares for each full calendar year since the Fund’s inception. The performance
table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be
aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in
the future. Updated performance information is available at no cost by visiting www.TPFG.com or by calling 1-888-451-TPFG.

Best Quarter: 3rd Quarter 2018 0,83%
Worst Quarter: 1st Quarter 2018 (1.23)%

The year-to-date return as of the most recent calendar
quarter, which ended June 30, 2019, was 1.78%.

Performance Table

Average Annual Total Returns

(For periods ended December 31, 2018)

Class R shares One Year Since Inception
(12/11/2017)
Return before taxes (1.22)% (1.86)%
Return after taxes on distributions (1) (1.52)% (2.93)%
Return after taxes on distributions and sale of Fund shares (1) (0.72)% (1.89)%
Bloomberg Barclays 1-3 Month T-Bill (2) 1.82% 1.79%
(1) After-tax returns were
calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and
local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax
returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans
or individual retirement accounts.
(2) The Bloomberg Barclays
Capital 1-3 Month U.S. Treasury Bill Index includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity
of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value.
Investors cannot invest directly in an index.

Investment Adviser: Pacific Financial Group,
LLC

Portfolio Managers: Jennifer Enstad, CFA®,
Chief Investment Officer and Eric Neufeld, CFA®, Portfolio Manager have each served the Fund as a portfolio manager
since it commenced operations in 2017.

Purchase and Sale of Fund Shares: Fund shares
are available for purchase by all investors, though it is anticipated that most investors will purchase Fund shares through retirement
programs, such as (i) pensions or other employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans)
(iii) individual retirement accounts (collectively, “Retirement Investors”). Further, Retirement Investors, as well
as all other investors, may only purchase Fund shares through broker/dealers, investment advisers and other financial advisers
(“Financial Intermediaries”). The minimum initial investment to open an account is $1,000 for all account types and
the minimum subsequent investment is $250, though the Fund reserves the right to waive any investment minimum. Fund shares may
be purchased and redeemed on any day that the New York Stock Exchange is open for trading. Redemption requests may be made in writing,
by telephone, or through a Financial Intermediary, and will be paid by ACH, check or wire transfer.

Tax Information: For Retirement Investors, dividends
and capital gain distributions received from the Fund, whether reinvested in additional Fund shares or received in cash, are typically
not taxable at the time of receipt. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal
by Retirement Investors from tax-deferred plans.

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

ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED
RISKS

Investment Objective:

Pacific Financial Fund Investment Objective
RiskPro® PFG Aggressive 30+ Fund The Fund seeks aggressive growth.
RiskPro® PFG 30+ Fund The Fund seeks aggressive growth.
RiskPro® 30+ Fund The Fund seeks aggressive growth.
RiskPro® Aggressive 30+ Fund The Fund seeks aggressive growth.
RiskPro® Dynamic 0-10 Fund The Fund seeks to limit the maximum range of total returns to a gain or loss of less than 10% over a forward-looking rolling twelve-month period.
RiskPro® Dynamic 15-25 Fund The Fund seeks to limit the maximum range of total returns to a gain or loss of less than 25% over a forward-looking rolling twelve-month period.
RiskPro® Dynamic 20-30 Fund The Fund seeks to limit the maximum range of total returns to a gain or loss of less than 30% over a forward-looking rolling twelve-month period.
RiskPro® PFG Balanced 20-30 Fund The Fund seeks to limit the maximum range of total returns to a gain or loss of less than 30% over a forward-looking rolling twelve-month period.
RiskPro® PFG Equity 30+ Fund The Fund seeks aggressive growth.
RiskPro® PFG Global 30+ Fund The Fund seeks aggressive growth.
RiskPro® Tactical 0-30 Fund The Fund seeks to limit the maximum range of total returns to a gain or loss of less than 30%, over a forward-looking rolling twelve-month period.
RiskPro® PFG 0-15 Fund The Fund seeks to limit the maximum range of total returns to a gain or loss of less than 15%, over a forward-looking rolling twelve-month period.
RiskPro® Alternative 0-15 Fund The Fund seeks to limit the maximum range of total returns to a gain or loss of less than 15%, over a forward-looking rolling twelve-month period.

Each Fund’s investment objective may be changed
by the Trust’s Board of Trustees upon 60 days written notice to shareholders. The PFG Balanced 20-30 Fund’s 25% investment
policies, the PFG Equity 30+ Fund’s 80% investment policy and the PFG Global 30+ Fund’s 40%/30% investment policy are
each non-fundamental policies and may be changed by the Trust’s Board of Trustees upon 60 days’ written notice to shareholders.

Principal Investment Strategies:

Each Fund pursues its investment objective by implementing
the strategies as described above and supplemented, with respect to some Funds, as described below. The following provides additional
information about the investment strategies employed by the Adviser.

Risk Management Using RiskPro®

Applies to All Funds

“RiskPro®” is a software
technology developed by ProTools, LLC, an affiliate of the Adviser, to estimate the forward-looking, maximum annual range of total
returns of a portfolio of securities. RiskPro® considers, among other factors, the volatility of the portfolio,
over the prior twelve months; a comparison of the portfolio’s volatility, over that twelve-month period, to the volatility
of the S&P 500 Index; and the long-term volatility of the S&P 500 Index. Based on proprietary algorithms, RiskPro®
provides an estimate of the maximum range of gain or loss of a portfolio of securities, over a forward-looking rolling twelve-month
period. IMPORTANT: The projections or other information generated by RiskPro® regarding the likelihood of various
outcomes are hypothetical in nature, do not reflect actual investment results and are not a guarantee of future results. Further,
RiskPro® does not consider the fees and expenses of the Fund, or the potential impact of extreme market conditions.
There is no certainty that the Fund’s maximum range of annual total returns, as estimated by RiskPro®, will
be accurate or that the Adviser will succeed in managing each Fund’s maximum annual volatility. In addition, RiskPro’s®
proprietary algorithms may lack predictive validity.

Underlying Fund Selection Using Rational Analysis
Strategy

“Rational Analysis” is the Adviser’s
proprietary investment research process whereby the Adviser integrates the optimal elements of Fundamental Analysis, Technical
Analysis and Quantitative Studies into a “Rational” decision-making model, in selecting securities for the Fund.

·
Technical Analysis is a method of evaluating securities by analyzing statistics
generated by market activity, such as past prices and volume. Technical analysts do not attempt to measure a security’s intrinsic
value, but instead use charts and other tools to identify patterns that can suggest future activity. Such analysis enables the
Adviser to identify relational situations and opportunities that are key considerations in buying and, even more importantly, in
selling positions.

·
Fundamental Analysis is a method of evaluating a security by attempting
to measure its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. Fundamental
analysts attempt to study everything that can affect the security’s value, including macroeconomic factors (like the overall
economy and industry conditions) and individually specific factors (like the financial condition and management of companies).
The Adviser uses information from various sources to evaluate the fundamental position of the market, sectors, mutual funds, and
stocks. Such analysis is essential in making decisions to buy particular positions, as it can reveal weaknesses or flaws in investment
positions that might appear positive in technical analyses or quantitative studies.

·
Quantitative Studies: The Adviser uses mathematic analytics and modeling
of portfolios. Such studies are useful in removing the emotion from the decision-making process, in furthering understanding of
portfolio trends, and in developing decisive information for buying and selling positions. The mathematical and statistical calculations
involved in such studies include analysis of Beta, standard deviation, Sharpe ratios, among others.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money
through your investment in the Funds. Although the Funds will seek to meet their investment objectives, there is no assurance that
they will do so.

The risk descriptions below provide a more detailed
explanation of the principal investment risks that correspond to the risk of the Funds, as described in the Fund Summary sections
of this Prospectus. The following risks apply to all Funds (except as noted) principally through their investments in Underlying
Funds and the securities held by the Underlying Funds.

Aggressive Strategy Risk. (RiskPro®
PFG Aggressive 30+ Fund, RiskPro® PFG 30+ Fund, RiskPro® 30+ Fund, RiskPro® Aggressive
30+ Fund, RiskPro® PFG Equity 30+ Fund and RiskPro® PFG Global 30+ Fund only)
The Fund utilizes
an aggressive strategy in pursuing its investment objective. Accordingly, the Fund’s returns may be more volatile than a
fund which pursues a more conservative strategy.

Equity Risk. Equity securities are susceptible
to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by an Underlying
Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors
affecting securities markets generally, the equity securities of a specific sector, or a specific company.

Fixed Income Risk. Fixed income risk factors
include credit risk. A debtor’s credit quality may decline, which increases the risk of default and prepayment risk (the
debtor may pay its obligation earlier or later than expected, potentially reducing the amount of interest payments or extending
time to principal repayment). These risks could affect the value of a specific investment held by an Underlying Fund, possibly
causing the share price and total return of an Underlying Fund to be reduced and fluctuate more than other types of investments,
which in turn would have the same adverse impact on a Fund’s share price. When an Underlying Fund invests in fixed income
securities, the value of a Fund’s investment in the Underlying Fund will fluctuate with changes in interest rates. Typically,
a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities
with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. If
the U.S. Federal Reserve’s Federal Open Market Committee (“FOMC”) raises the federal funds interest rate target,
interest rates across the U.S. financial system may rise. However, the magnitude of rate changes across maturities and borrower
sectors is uncertain. Rising rates may decrease liquidity and increase volatility, which may make portfolio management more difficult
and costly to the Underlying Funds, which in turn may make portfolio management more difficult and costly to a Fund and its shareholders.
Additionally, default risk increases if issuers must borrow at higher rates. Foreign markets may offer less protection to debt
holders.

Foreign Risk. To the extent an Underlying Fund
invests in foreign securities, the Underlying Fund could be subject to greater risks because the Underlying Fund’s performance
may depend on issues other than the performance of a specific company or U.S. market sector. These greater risks would be borne
by the Funds, in turn. For example, changes in foreign economies and political climates are more likely to affect an Underlying
Fund that invests in foreign securities, as compared to a mutual fund that invests exclusively in U.S. companies. The value of
foreign securities is also affected by the value of the local currency relative to the U.S. -dollar. There may also be less government
supervision of foreign markets, resulting in non-uniform accounting practices and less publicly

available information. The values of foreign
investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding
tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances
in dealings between nations. In addition, foreign brokerage commissions, custody fees and other costs of investing in foreign securities
are generally higher than in the United States. Investments in foreign issues could be affected by other factors not present in
the United States, including expropriation, armed conflict, confiscatory taxation, and potential difficulties in enforcing contractual
obligations. As a result, an Underlying Fund that invests in foreign securities may be exposed to greater risk and will be more
dependent on the ability of the adviser of the Underlying Fund to assess such risk than if the Underlying Fund invested solely
in more developed countries. To the extent that the Funds invest in Underlying Funds that invest in foreign securities, then the
Funds are subject to these additional risks.

Junk Bond Risk. Lower-quality bonds, known as
“high yield” or “junk” bonds, present a significant risk for loss of principal and interest. These bonds
offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility
that the bond’s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality
risk). If that happens, the value of the bond may decrease, and an Underlying Fund’s share price may decrease and its income
distribution may be reduced, resulting in a comparable impact in a Fund that invested in that Underlying Fund. An economic downturn
or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce an Underlying
Fund’s ability to sell its bonds (liquidity risk). Such securities may also include “Rule 144A” securities, which
are subject to resale restrictions. These restrictions on Underlying Funds will, in turn, impact the Funds that invest in such
Underlying Funds.

Limited History of Operations. Each Fund is
a new mutual fund and has a limited history of operations for investors to evaluate. Investors in a Fund bear the risk that the
Fund may not be successful in implementing its investment strategies, may be unable to implement certain of its investment strategies
or may fail to attract sufficient assets, any of which could result in a Fund being liquidated and terminated at any time without
shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences
for shareholders and will cause shareholders to incur expenses of liquidation. The Funds and the Adviser are subject to restrictions
and limitations imposed by the Investment Company Act of 1940, as amended, (the “1940 Act”) and the Internal Revenue
Code. These restrictions do not apply to the Adviser’s management of individual and institutional accounts, and may be one
potential reason that a Fund may not achieve its investment objective.

Liquid Alternative Securities Risk. These types
of securities are defined as exhibiting low to modest correlation with traditional stock and bond investments. Risks within these
types of investment include: rising correlations during periods of high volatility, which would limit their ability to dampen volatility;
use of leverage within certain strategies may magnify gains or losses; during periods of sudden market losses, liquidity of these
investment may be limited, thereby potentially magnifying losses.

Management Risk. The Adviser’s reliance
on its investment strategies and the Adviser’s judgments about the value and potential appreciation of Underlying Funds in
which a Fund invests may prove to be incorrect. The ability of a Fund to meet its investment objective is directly related to the
Adviser’s proprietary investment process, the research provided by the research providers and the accuracy of the estimates
produced by RiskPro®. Research utilized by the Adviser from the research providers may not prove accurate with respect
to economic and market forecasts. The Adviser’s assessment of the relative value of Underlying Funds, or the securities held
by Underlying Funds, along with the Adviser’s assessment of the attractiveness and potential appreciation of Underlying Funds,
or the specific securities held by Underlying Funds, may prove to be incorrect and there is no guarantee that the Adviser’s
investment strategies will produce the desired results. To the extent that the Adviser utilizes research regarding asset allocation
models comprised of Underlying Funds, research regarding such models may fail to take into account changes in market and economic
conditions in a timely manner. Accordingly, as a result of this delay and the Adviser’s inability to potentially consider
implementing changes to the Fund’s portfolio, the Fund may suffer losses. Additionally, the failure of the Adviser to receive
asset allocation model research from a research provider in a timely manner may cause the Fund to suffer losses.

Risque de marché. Overall stock and bond market risks
may also affect the value of Underlying Funds and the Funds that invest in those Underlying Funds. For example, factors such as
domestic economic growth and market conditions, interest rate levels and political events, all affect the securities markets. Stocks
and bonds involve the risk that they may never reach what the Adviser believes is their full market value, either because the market
fails to recognize the security’s intrinsic worth or the Adviser misgauged that worth. Securities may also decline in price,
even though, in theory, they are already undervalued.

Portfolio Turnover Risk. A higher portfolio
turnover within Underlying Funds will result in higher transactional and brokerage costs, which will be borne, indirectly, by the
Funds. In addition, where Funds invest in ETFs or individual securities, as opposed to mutual funds, a higher portfolio turnover
will result in higher transactional and brokerage costs incurred directly by the Funds. High portfolio turnover may also result
in adverse tax consequences. Similarly, a higher portfolio turnover rate for the Fund itself will result in higher transactional
and brokerage costs. Active trading may also increase the Fund’s realized capital gains or losses, which may affect the taxes
you pay as a Fund shareholder

RiskPro® Risk. While the Adviser
utilizes RiskPro® to manage the Fund’s maximum volatility over a forward-looking rolling twelve-month period,
the projections or other information generated by RiskPro® regarding the likelihood of various outcomes are hypothetical
in nature, do not reflect actual investment results and are not a guarantee of future results. There is no certainty that RiskPro’s®
estimate of a Fund’s maximum annual range of total returns will be accurate. As Funds investing in Underlying Funds,
the actual volatility of a Fund is driven by the portfolio holdings of the Underlying Funds. Because the Adviser will not know
the current portfolio holdings of the Underlying Funds, it is possible that that the actual volatility of the Fund may be more
or less than the Fund’s RiskPro® estimated volatility. This could result in poor absolute or relative performance,
including significant losses.

Sector Risk. Sector risk is the possibility
that securities within the same sector will decline in price due to sector-specific market or economic developments. If an Underlying
Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks
that specifically affect that sector. As a result, a Fund’s share price may fluctuate more widely than the value of shares
of a mutual fund that invests in a broader range of sectors. Additionally, some sectors could be subject to greater government
regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the value
of securities issued by companies in those sectors.

Small Cap Risk. The stocks of small capitalization
companies involve substantial risk. These companies may have limited product lines, markets or financial resources, and they may
be dependent on a limited management group. Stocks of these companies may be subject to more abrupt or erratic market movements
than those of larger, more established companies or the market averages in general.

Underlying Funds Risk. Other investment
companies in which a Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.
As a result, the cost of investing in a Fund will be higher than the cost of investing directly in the Underlying Funds and may
be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own
specific risks. Additional risks of investing in ETFs and mutual funds are described below:

· ETF Tracking Risk. Investment in a Fund should be made with the understanding
that the passive ETFs in which the Fund invests will not be able to replicate exactly the performance of the indices they track
because the total return generated by the securities will be reduced by transaction costs incurred in adjusting the actual balance
of the securities. In addition, the passive ETFs in which a Fund invests will incur expenses not incurred by their applicable indices.
Certain securities comprising the indices tracked by the passive ETFs may, from time to time, temporarily be unavailable, which
may further impede the passive ETFs’ ability to track their applicable indices.
· Mutual Funds and Management Risk: When a Fund invests in Underlying Funds,
there is a risk that the investment advisers of those Underlying Funds: (i) may make investment decisions that are detrimental
to the performance of the Fund; (ii) may be unsuccessful in meeting the Underlying Fund’s investment objective; and (iii)
may temporarily pursue strategies which are inconsistent with a Fund’s investment objective. These risks are increased for
Funds that invest at least 80% of the Fund’s assets, under normal market circumstances, in Underlying Funds managed by a
single investment adviser.
· Net Asset Value and Market Price Risk: The market value of ETF shares may
differ from their net asset value. This difference in price may be reflect that the supply and demand in the market for shares
of the ETF at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities.
Accordingly, there may be times when ETF shares trade at a premium or discount to net asset value.
· Strategies Risk: Each Underlying Fund is subject
to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk, and foreign currency
risk, as well as risks associated with fixed income securities and commodities.

Temporary Investments: To respond to adverse
market, economic, political or other conditions, the Funds may invest 100% of their total assets, without limitation, in high-quality
short-term debt securities and money market instruments. These short-term debt securities and money market instruments include:
shares of money market mutual funds, commercial paper, certificates of deposit, bankers’ acceptances, U.S. Government securities
and repurchase agreements. While a Fund is in a defensive position, the its ability to achieve its investment objective will be
limited. Furthermore, to the extent that the Funds invest in money market mutual funds for cash positions, there will be some duplication
of expenses because the Funds pay their pro-rata portion of such money market funds’ advisory fees and operational fees.
Each Fund may also invest a substantial portion of its assets in such instruments at any time to maintain liquidity or pending
selection of investments in accordance with its policies.

Portfolio Holdings Disclosure: A description
of the Funds’ policies regarding the release of portfolio holdings information is available in the Funds’ Statement
of Additional Information.

MANAGEMENT

Investment Adviser: Pacific Financial Group,
LLC (“Adviser”), 2077 West Coast Highway, Newport Beach, CA 92663, serves as investment adviser to the Funds. Subject
to the oversight of the Board of Trustees, the Adviser is responsible for management of the Funds’ investment portfolios.
The Adviser is responsible for selecting the Funds’ investments according to the Funds’ investment objectives, policies
and restrictions. The Adviser provides asset allocation portfolios which utilize the Funds as underlying investments to retirement
plan participants. As of April 30, 2019, the Adviser had approximately $2 billion in assets under management.

Pursuant to the Advisory Agreement, each Fund pays
the Adviser, on a monthly basis, an annual advisory fee equal to 1.25% of that Fund’s average daily net assets. Under the
Advisory Agreement, the amount of the annual advisory fee paid by each Fund to the Adviser is reduced, based on the total assets
under management (“AUM”) of all Funds. The annual advisory fee is paid monthly and is equal to 1.25% of each Fund’s
average daily assets, so long as total AUM of all Funds is less than $3 billion; the annual advisory fee is equal to 1.20% on that
portion of each Fund’s average daily net assets, to the extent that total AUM of all Funds is greater than $3 billion. Funds are primarily used by The Pacific Financial Group, Inc. (“TPFG”), an affiliate of the Adviser, to build model
portfolios comprised of the Funds (“Model Portfolios”) for TPFG’s clients, who are also investors of the Funds.
Fund investors are introduced to TPFG through their investment adviser, and the investment adviser is compensated for the introduction.
The sources of the compensation paid to the investment adviser include (i) the Funds, and (ii) TPFG and the Adviser’s resources,
which may include profits from the fees paid to the Adviser by the Funds, which are indirectly paid by investors. Investors
should review their TPFG client agreement, which provides details regarding the fees paid by the Funds to TPFG and its affiliate,
as well as by the Funds to investment advisers.

For the fiscal year ended April 30, 2019, the Adviser
received an advisory fee from each Fund in amounts below (as a percentage of each Fund’s average daily net assets):

FUND FEE RECEIVED
RiskPro® PFG Aggressive 30+ Fund 1.25%
RiskPro® PFG 30+ Fund 1.25%
RiskPro® 30+ Fund 1.25%
RiskPro® Aggressive 30+ Fund 1.25%
RiskPro® Dynamic 0-10 Fund 1.25%
RiskPro® Dynamic 15-25 Fund 1.25%
RiskPro® Dynamic 20-30 Fund 1.25%
RiskPro® PFG Balanced 20-30 Fund 1.25%
RiskPro® PFG Equity 30+ Fund 1.25%
RiskPro® PFG Global 30+ Fund 1.25%
RiskPro® Tactical 0-30 Fund 1.25%
RiskPro® PFG 0-15 Fund 1.25%
RiskPro® Alternative 0-15 Fund 1.25%

A discussion regarding the basis for the Board of Trustees’
approval of the Advisory Agreement is available in the Funds’ annual shareholder report dated April 30, 2018.

Portfolio Managers:

Jennifer Enstad

Ms. Enstad began her career with the Adviser’s
affiliate, The Pacific Financial Group, Inc., a Washington State investment adviser (“Pacific”) in 1990 and has served
in a number of capacities for Pacific, including performing operational duties (1990-1995), as the Head Trader (1995-2002), as
the Director of Operations (1998-2002), as an Analyst (2002-2004), as an Assistant Portfolio Manager (2004-2006), as a Portfolio
Manager (2006-2017), as Senior Portfolio Manager (2017-2018) and as Chief Investment Officer (2018-present). Ms. Enstad has a B.A.
in Business from the University of Washington and is a Chartered Financial Analyst.

Eric Neufeld

Mr. Neufeld is a Portfolio Manager with the Adviser’s
affiliate, Pacific, where he started as an Investment Analyst in 2013, began working as an Associate Portfolio Manager in 2014,
and as a Portfolio Manager in 2015. Prior to Pacific, for seven years, from 1998 – 2005, Mr. Neufeld worked with institutional
retirement plans at Fidelity Investments. Mr. Neufeld has an M.B.A. in Finance from Suffolk University, a B.B.A. in Finance from
James Madison University and is a Chartered Financial Analyst.

HOW SHARES ARE PRICED

The net asset value (“NAV”) and offering
price of each Fund’s shares is determined as of the close of the New York Stock Exchange (“NYSE”) (generally
4 p.m. Eastern Time) on each day the NYSE is open for business. NAV is computed by determining the aggregate market value of all
assets of a Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares
= NAV). The NYSE is closed on weekends and New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday,
Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account the expenses and fees
of the Funds, including management, administration, and distribution fees, which are accrued daily. The determination of NAV for
a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the
redemption of shares, received by the Funds (or an authorized broker or agent, or its authorized designee) before the close of
trading on the NYSE on that day.

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

If market quotations are not readily available, securities
will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures approved by
the Board and evaluated by the Board as to the reliability of the fair value method used. In these cases, each Fund’s NAV
will reflect certain portfolio securities’ fair value rather than their market price. Fair value pricing involves subjective
judgments and it is possible that the fair value determined for a security is materially different than the value that could be
realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when
a price becomes available. The Board has delegated execution of these procedures to a fair value team composed of one or more representatives
from each of the (i) Trust, (ii) administrator, and (iii) Adviser. The team may also enlist third party consultants such as an
audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.
The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the
process produces reliable results.

The Funds may use independent pricing services to assist
in calculating the value of the Funds’ securities. In addition, market prices for foreign securities are not determined at
the same time of day as the NAV for the Funds. Because the Funds may invest in underlying ETFs which hold portfolio securities
primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not
price their shares, the value of some of the Funds’ portfolio securities may change on days when you may not be able to buy
or sell the Funds’ shares. In computing the NAV, the Funds value foreign securities held by the Funds at the latest closing
price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in
foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in
the Funds’ portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the
Funds price its shares, the security will be valued at fair value. For example, if trading in a portfolio security is halted and
does not resume before the Funds calculate their NAVs, the Adviser may need to price the security using the Funds’ fair value
pricing guidelines. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute
the NAV of long-term investors. Fair valuation of the Funds’ portfolio securities can serve to reduce arbitrage opportunities
available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the Funds’
NAV by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price
a security may result in a price materially different from the prices used by other mutual funds to determine net asset value,
or from the price that may be realized upon the actual sale of the security.

With respect to any portion of the Funds’ assets
that are invested in one or more open-end management investment companies registered under the 1940 Act, each Fund’s net
asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses
for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using
fair value pricing.

HOW TO PURCHASE SHARES

Choosing a Fund

Fund shares are available for purchase by all investors,
though it is anticipated that most investors will purchase Fund shares through retirement programs, such as (i) pensions or other
employee benefit plans (ii) tax-qualified retirement plans (including KEOGH plans) (iii) individual retirement accounts (collectively,
“Retirement Investors”). Further, Retirement Investors, as well as all other investors, may only purchase Fund shares
through broker/dealers, investment advisers and other financial advisers (“Financial Intermediaries”). The minimum
initial investment to open an account is $1,000 for all account types and the minimum subsequent investment is $250, though the
Fund reserves the right to waive any investment minimum.

It is anticipated that Fund shareholders will be clients
of The Pacific Financial Group, Inc. (“Pacific”), an investment adviser that is affiliated with the Adviser. Pacific
provides clients with discretionary investment management services. You may purchase shares of the Fund by sending a completed
application form to the following address:

Regular Mail

Pacific Financial Funds

c/o Gemini Fund Services, LLC

P.O. Box 541150

Omaha, NE 68154-1150

1-888-451-TPFG

Express/Overnight Mail

Pacific Financial Funds

c/o Gemini Fund Services, LLC

17645 Wright Street, Suite 200

Omaha, NE 68130-2095

1-888-451-TPFG

The USA PATRIOT Act requires financial institutions,
including the Funds, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify
the identity of customers opening new accounts. As requested on the Application, you should supply your full name, date of birth,
social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information
will assist the Funds in verifying your identity. Until such verification is made, the Funds may temporarily reject additional
share purchases. In addition, the Funds may reject additional share purchases or close an account if it is unable to verify a shareholder’s
identity. As required by law, the Funds may employ various procedures, such as comparing the information to fraud databases or
requesting additional information or documentation from you, to ensure that the information supplied by you is correct.

Automatic Investment Plan: You may participate
in the Funds’ Automatic Investment Plan, an investment plan that automatically takes money from your bank account and invests
it in the Funds through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments
by transfers of a minimum of $100 on specified days of each month into your established Fund account. Please contact the Funds
at 1-888-451-TPFG for more information about the Funds’ Automatic Investment Plan.

Purchase through Brokers: You may invest in
the Funds through brokers or agents who have entered into selling agreements with the Funds’ distributor. The brokers and
agents are authorized to receive purchase and redemption orders on behalf of the Funds. Such brokers are authorized to designate
other intermediaries to receive purchase and redemption orders on the Funds’ behalf. The Funds will be deemed to have received
a purchase or redemption order when an authorized broker or, if applicable, a brokers authorized designee, receives the order.
The broker or agent may set their own initial and subsequent investment minimums. You may be charged a fee if you use a broker
or agent to buy or redeem shares of the Funds. Finally, various servicing agents use procedures and impose restrictions that may
be in addition to, or different from those applicable to investors purchasing shares directly from the Funds. You should carefully
read the program materials provided to you by your servicing agent.

Purchase by Wire: If you wish to wire money
to make an investment in the Funds, please call the Funds at 1-888-451-TPFG for wiring instructions and to notify the Funds that
a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Funds will normally accept wired funds
for investment on the day received if they are received by the Funds’ designated bank before the close of regular trading
on the NYSE. Your bank may charge you a fee for wiring same-day funds.

The Funds, however, reserve the right, in their sole
discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by a check
drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased. After
you open an account, you may purchase additional shares by sending a check together with written instructions stating the name(s)
on the account and the account number, to the above address. Make all checks payable to “Pacific Financial Funds.”
The Funds will not accept payment in cash, including cashier’s checks or money orders. Also, to prevent check fraud, the
Funds will not accept third party checks, U.S. Treasury checks, credit card checks or starter checks for the purchase of shares.

Note: Gemini Fund Services, LLC, the Funds’
transfer agent, will charge a $25 fee against a shareholder’s account, in addition to any loss sustained by the Fund, for
any check returned to the transfer agent for insufficient funds.

When Order is Processed: All shares will be
purchased at the NAV per share (plus applicable sales charges, if any) next determined after the Funds receive your application
or request in good order. All requests received in good order by the Funds before 4:00 p.m. (Eastern Time) will be processed on
that same day. Requests received after 4:00 p.m. will be processed on the next business day.

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

·
the name of the Fund and share class;

·
the dollar amount of shares to be purchased; et

·
a completed purchase application or investment stub; et

·
a check payable to the “__________________________”

Self-Directed Brokerage Accounts: Participants
in retirement plans, such as 401(k) plans, may be provided with the option to open a self-directed brokerage account through the
retirement plan’s administrator or record keeper. The Funds, including Model Portfolios constructed by the Adviser or its
affiliate, Pacific, may be available for purchase through a retirement plan’s self-directed brokerage account. Retirement
plan participants may contact their Financial Intermediary, or may contact the Funds at 1-888-451-TPFG, for more information about
investing in the Funds through self-directed brokerage accounts.

HOW TO REDEEM SHARES

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

Regular Mail

Pacific Financial Funds

c/o Gemini Fund Services, LLC
P.O. Box 541150

Omaha, NE 68154-1150

1-888-451-TPFG

Express/Overnight Mail

Pacific Financial Funds

c/o Gemini Fund Services, LLC

17645 Wright Street, Suite 200

Omaha, NE 68130-2095

1-888-451-TPFG

Redemptions by Telephone: The telephone redemption
privilege is automatically available to all new accounts except retirement accounts. If you do not want the telephone redemption
privilege, you must indicate this in the appropriate area on your account application or you must write to the Funds and instruct
it to remove this privilege from your account.

The proceeds will be sent by mail to the address designated
on your account or wired directly to your existing account in a bank or brokerage firm in the United States as designated on your
application. To redeem by telephone, call 1-888-451-TPFG. The redemption proceeds normally will be sent by mail or by wire within
three business days after receipt of your telephone instructions. IRA accounts are not redeemable by telephone.

The Funds reserve the right to suspend the telephone
redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous
30 days. Neither the Funds, the transfer agent, nor their respective affiliates will be liable for complying with telephone instructions
they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you
will be required to bear the risk of any such loss. The Funds or the transfer agent, or both, will employ reasonable procedures
to determine that telephone instructions are genuine. If the Funds and/or the transfer agent do not employ these procedures, they
may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring
forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions
and/or tape recording telephone instructions.

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

Redemptions by Wire: You may request that your
redemption proceeds be wired directly to your bank account. The Funds’ transfer agent imposes a $15 fee for each wire redemption
and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

Automatic Withdrawal Plan: If your individual
accounts, IRA or other qualified plan account have a current account value of at least $10,000, you may participate in the Funds’
Automatic Withdrawal Plan, an investment plan that automatically moves money to your bank account from the Fund through the use
of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $1,000 on specified days
of each month into your established bank account. Please contact the Fund at 1-888-451-TPFG for more information about the Funds’
Automatic Withdrawal Plan.

The Funds typically expect that it will take up to
seven days following the receipt of your redemption request to pay out redemption proceeds by check or electronic transfer, except
as noted above. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of fund shares,
and then from the sale of portfolio securities. These redemption payment methods will be used in regular and stressed market conditions.

Self-Directed Brokerage Accounts: If you
invested in the Funds through a self-directed brokerage account available through your retirement plan, you should contact
your Financial Intermediary, your plan administrator or record keeper, or the Funds at 1-888-451-TPFG, for information about
redeeming your shares.

Redemptions in Kind: The Funds reserve the right
to honor requests for redemption or repurchase orders by making payment in whole or in part in readily marketable securities (“redemption
in kind”) if the amount is greater than the lesser of $250,000 or 1% of the Funds’ assets. The securities will be chosen
by the Funds and valued under the Funds’ net asset value procedures. To the extent feasible, redemptions in kind will be
paid with a pro rata allocation of the Fund’s portfolio. A shareholder will be exposed to market risk until these securities
are converted to cash and may incur transaction expenses in converting these securities to cash.

When Redemptions are Sent: Once the Funds receive
your redemption request in “good order” as described below, it will issue a check based on the next determined NAV
following your redemption request. The redemption proceeds normally will be sent by mail or by wire within three business days
after receipt of a request in “good order.” If you purchase shares using a check and soon after request a redemption,
your redemption proceeds will not be sent until the check used for your purchase has cleared your bank (usually within 10 days
of the purchase date).

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

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

·
The request must identify your account number;

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

·
If you request that the redemption proceeds be sent to a person, bank or
        an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within the
        last 30 days, or if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion signature
        guaranteed by an eligible signature guarantor.

Suspension of Redemptions: Under the 1940 Act,
a shareholder’s right to redeem shares and to receive payment therefore may be suspended at times: (a) when the NYSE is closed,
other than customary weekend and holiday closings; (b) when trading on that exchange is restricted for any reason; (c) when an
emergency exists as a result of which disposal by the Funds of securities owned is not reasonably practicable or it is not reasonably
practicable for the Funds to fairly determine the value of net assets, provided that applicable rules and regulations of the Securities
and Exchange Commission (or any succeeding governmental authority) will govern as to whether the conditions prescribed in (b) or
(c) exist; or (d) when the Securities and Exchange Commission by order permits a suspension of the right to redemption or a postponement
of the date of payment on redemption. In case of suspension of the right of redemption, payment of a redemption request will be
made based on the net asset value next determined after the termination of the suspension.

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

· you request a redemption to be made payable to
a person not on record with the Funds;
· you request that a redemption be mailed to an
address other than that on record with the Funds;
· the proceeds of a requested redemption exceed
$50,000;
· any redemption is transmitted by federal wire
transfer to a bank other than the bank of record; ou
· your address was changed within 30 days of your
redemption request.

Signatures may be guaranteed by any eligible guarantor
institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities associations,
clearing agencies and savings associations). Further documentation will be required to change the designated account if shares
are held by a corporation, fiduciary or other organization. A notary public cannot guarantee signatures.

Retirement Plans: If you own an IRA or other
retirement plan, you must indicate on your redemption request whether the Funds should withhold federal income tax. Unless you
elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding.

Low Balances: If at any time your account balance
in the Funds falls below $1,000, the Funds may notify you that, unless the account is brought up to at least $1,000 within 10 days
of the notice; your account could be closed. After the notice period, the Funds may redeem all of your shares and close your account
by sending you a check to the address of record. Your account will not be closed if the account balance drops below required minimums
due to a decline in NAV. The Funds will not charge any redemption fee on involuntary redemptions.

FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES

The Funds discourage and do not accommodate market
timing. Frequent trading into and out of the Funds can harm all Fund shareholders by disrupting the Funds’ investment strategies,
increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. The Funds
are designed for long-term investors and are not intended for market timing or other disruptive trading activities. Accordingly,
the Trust’s Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders
may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. The Funds currently
use several methods to reduce the risk of market timing. These methods include, but are not limited to, committing staff to review,
on a continuing basis, recent trading activity in order to identify trading activity that may be contrary to the Funds’ Market
Timing Trading Policy. Though these methods involve judgments that are inherently subjective and involve some selectivity in their
application, the Funds seek to make judgments and applications that are consistent with the interests of the Funds’ shareholders.

Based on the frequency of redemptions in your account,
the Adviser or transfer agent may in its sole discretion determine that your trading activity is detrimental to the Funds as described
in the Funds’ Market Timing Trading Policy and elect to reject or limit the amount, number, frequency or method for requesting
future purchases or exchanges into the Funds.

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

Although the Funds attempt to limit disruptive trading
activities, some investors use a variety of strategies to hide their identities and their trading practices. There can be no guarantee
that the Funds will be able to identify or limit these activities. Omnibus account arrangements are common forms of holding shares
of the Funds. While the Funds will encourage financial intermediaries to apply the Funds’ Market Timing Trading Policy to
their customers who invest indirectly in the Funds, the Funds are limited in its ability to monitor the trading activity or enforce
the Funds’ Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur,
the Funds may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify
in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their
customers. More specifically, unless the financial intermediaries have the ability to apply the Funds’ Market Timing Trading
Policy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring trading
activity for what might be market timing, the Funds may not be able to determine whether trading by customers of financial intermediaries
is contrary to the Funds’ Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Funds have agreed to
provide shareholder transaction information to the extent known to the broker to the Funds upon request. If the Funds or their
transfer agent or shareholder servicing agent suspects there is market timing activity in the account, the Funds will seek full
cooperation from the service provider maintaining the account to identify the underlying participant. At the request of the Adviser,
the service providers may take immediate action to stop any further short-term trading by such participants.

TAX STATUS, DIVIDENDS AND DISTRIBUTIONS

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

The Funds intend to distribute substantially all of
their net investment income and net capital gains annually. Both distributions will be reinvested in shares of the Funds unless
you elect to receive cash. Dividends from net investment income (including any excess of net short-term capital gain over net long-term
capital loss) are taxable to investors as ordinary income, while distributions of net capital gain (the excess of net long-term
capital gain over net short-term capital loss) are generally taxable as long-term capital gain, regardless of your holding period
for the shares. Any dividends or capital gain distributions you receive from the Funds will normally be taxable to you when made,
regardless of whether you reinvest dividends or capital gain distributions or receive them in cash. Certain dividends or distributions
declared in October, November or December will be taxed to shareholders as if received in December if they are paid during the
following January. Each year the Funds will inform you of the amount and type of your distributions. IRAs and other qualified retirement
plans are exempt from federal income taxation until retirement proceeds are paid out to the participant.

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

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

This summary is not intended to be and should not be
construed to be legal or tax advice. You should consult your own tax advisors to determine the tax consequences of owning the Funds’
shares.

DISTRIBUTION OF SHARES

Distributor: Northern Lights Distributors, LLC,
17645 Wright Street, Suite 200, Omaha, NE 68130, is the distributor for the shares of the Funds. Northern Lights Distributors,
LLC is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares
of the Funds are offered on a continuous basis.

Distribution Fees: The Trust, on behalf of the
Funds, has adopted a Distribution Plan for Class R shares pursuant to Rule 12b-1 (the “Plan”), pursuant to which a
Fund pays the Fund’s distributor an annual fee for distribution expenses of 0.25% of the Fund’s average daily net assets
attributable to the Class R shares.

The Funds’ distributor and other entities are
paid under the Plan for services provided and the expenses borne by the distributor and others in the distribution of Fund shares,
including the payment of commissions for sales of the shares and incentive compensation to and expenses of dealers and others who
engage in or support distribution of shares, including overhead and telephone expenses; printing and distribution of prospectuses
and reports used in connection with the offering of the Funds’ shares to other than current shareholders; and preparation,
printing and distribution of sales literature and advertising materials. In addition, the distributor or other entities may utilize
fees paid pursuant to the Plan to compensate dealers or other entities for their opportunity costs in advancing such amounts, which
compensation would be in the form of a carrying charge on any un-reimbursed expenses. If you work with a Financial Intermediary
in investing in the Funds, and the Financial Intermediary is affiliated with a broker/dealer firm, then the broker/dealer firm
is likely to receive 12b-1 fees from the Fund’s distributor, for distribution services provided by the Financial Intermediary.

Shareholder Servicing Fees: The Funds may pay
Shareholder Services Fees up to 0.25% of the average daily net assets attributable to Class R shares to Financial Intermediaries
for providing shareholder assistance, maintaining shareholder accounts and communicating or facilitating purchases and redemptions
of Shares. Typically, if you work with a Financial Intermediary in investing in the Funds, and the Financial Intermediary assists
you in setting up and maintaining your account in which shares of the Funds are held, the Funds are likely to pay that Financial
Professional a Shareholder Serving Fee. The Adviser’s affiliate TPFG. may also receive a Shareholder Servicing Fee for services
provided to the Funds’ shareholders, who are also clients of TPFG.

Additional Compensation to Financial Intermediaries:
The Funds’ Adviser and its affiliates may, at their own expense and out of their own assets including their legitimate
profits from Fund-related activities, provide additional cash payments to Financial Intermediaries who sell shares of the Funds,
assist in the marketing of the Funds or provide services to the Funds’ shareholders. Financial Intermediaries include brokers,
investment advisers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others. These
payments may be in addition to the Rule 12b-1 fees and Shareholder Servicing Fees that are disclosed elsewhere in this Prospectus.
These payments are generally made to Financial Intermediaries that provide shareholder or administrative services, including assistance
in opening accounts in which Fund shares are held, help in identifying a shareholder’s risk profile, education about the
Funds and Model Portfolios comprised of the Funds that are consistent with a shareholder’s risk profile, and ongoing monitoring
of a shareholder’s investments in the Funds and Model Portfolios, and any changes in the shareholder’s risk profile.

Financial Intermediaries may also receive payments
from the Adviser and its affiliates for marketing support. Marketing support may include access to sales meetings, sales representatives
and financial intermediary management representatives, inclusion of the Funds on a sales list, including a preferred or select
sales list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the Financial Intermediary
provides distribution or shareholder services to Fund shareholders.

Householding: To reduce expenses, the Funds
mail only one copy of a Prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If
you wish to receive individual copies of these documents, please call the Funds at 1-888-451-TPFG on days the Funds are open for
business or contact your financial institution. The Funds will begin sending you individual copies thirty days after receiving
your request.

FINANCIAL HIGHLIGHTS

The financial highlights tables below are intended
to help you understand each Fund’s financial performance for the period of each Fund’s operations. Certain information
reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have
earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information for the
Funds has been derived from the financial statements audited by Cohen & Company, Ltd., independent registered public accounting
firm, whose report, along with the Funds’ financial statements, are included in the Funds’ April 30, 2019 annual report,
which is available upon request.

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

RiskPro® PFG Aggressive 30+ Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $                                9.94 $                           10.00
Income/(loss) from investment operations:
Net investment loss (1,2) (0.07) (0.01)
Net realized and unrealized gain on investments 0.20 0.03 (3)
Total income from investment operations 0.13 0.02
Less distributions from:
Net investment income ____ (0.08)
Net realized gain (0.14) ____
Return of capital (0.01) ____
Total distributions from net investment income and
net realized gains
(0.15) (0.08)
Net asset value, end of period $                               9.92 $                               9.94
Total Return(4) 1.62% 0.23%
Ratios/Supplemental Data
Net assets, end of period (in 000’s) $                        219,062 $                        229,921
Ratio of expenses to average net assets(5) 2.00% 2.17% (6)
Ratio of net investment loss to average net assets(2,5) (0.70)% (0.17)% (6)
Portfolio turnover rate 40% 106% (7)

* RiskPro® PFG Aggressive 30+ Fund commencement operations on December
11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income/(loss) has been calculated using the average shares
method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income/(loss) by the Fund is affected by the
timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Realized and unrealized gains and losses per share in this caption are balancing
amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate
gains and losses in the Statement of Operations due to share transactions for the period.
(4) Total returns are historical and assume changes in share price, reinvestment
of dividends and capital gains distributions. Total return does not reflect the deduction of taxes that a shareholder may pay on
Fund distributions or on the redemption of Fund shares. Total returns for periods of less than one year are not annualized.
(5) Does not include the expenses of the investment companies in which the Fund
invests.

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

RiskPro® PFG 30+ Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.97 $ 10.00
Income/(loss) from investment operations:
Net investment income/(loss) (1,2) (0.01)
Net realized and unrealized gain on investments 0.70 0.06
Total income from investment operations 0.70 0.05
Less distributions from:
Net investment income (0.08)
Net realized gain (0.15)
Total distributions from net investment income and
net realized gain
(0.15) (0.08)
Net asset value, end of period $ 10.52 $ 9.97
Total Return(3) 7.34% 0.50%
Ratios/Supplemental Data
Net assets, end of period (in 000’s) $ 118,749 $ 113,953
Ratio of expenses to average net assets(4) 2.05% 2.23% (5)
Ratio of net investment income/(loss) to average net assets(2,4) 0,00% (0.37)% (5)
Portfolio turnover rate 26% 0% (6)

* RiskPro® PFG 30+ Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.

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

RiskPro® 30+ Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.97 $ 10.00
Income/(loss) from investment operations:
Net investment loss (1,2) (0.04) (0.09)
Net realized and unrealized gain on investments 0.34 0.06 (3)
Total income/(loss) from investment operations 0.30 (0.03)
Less distributions from:
Net realized gain (0.25)
Return of capital (0.04)

Total distributions from net investment income

and net realized gains

(0.29)
Net asset value, end of period $ 9.98 $ 9.97
Total Return(4) 3.40% (8) (0.30) %
Ratios/Supplemental Data
Net assets, end of period (in 000’s) $ 89,498 $ 86,033
Ratio of expenses to average net assets (5) 2.03 % 2.34 %(6)
Ratio of net investment loss to average net assets (2,5) (0.40) % (2.22) %(6)
Portfolio turnover rate 116 % 38 %(7)

* RiskPro® 30+ Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(5) Does not include the expenses of the investment companies in which the Fund invests.
(6) Annualized.
(7) Not annualized.
(8) For the year ended April 30, 2019, the Fund received a reimbursement from affiliates.  This reimbursement had no impact on the Fund’s total return.

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

RiskPro® Aggressive 30+ Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.78 $ 10.00
Income/(loss) from investment operations:
Net investment income/(loss) (1,2) (0.04) 0.04
Net realized and unrealized loss on investments (0.03) (0.11)
Total loss from investment operations (0.07) (0.07)
Less distributions from:
Net investment income (0.15)
Net realized gain (0.23)
Total distributions from net investment income and
net realized gains
(0.23) (0.15)
Net asset value, end of period $ 9.48 $ 9.78
Total return (3) (0.42) % (0.77) %
Ratios and Supplemental Data
Net assets, end of period (in 000’s) $ 128,940 $ 130,122
Ratio of expenses to average net assets (4) 2.08 % 2.19 % (5)
Ratio of net investment income/(loss) to average
net assets (2,4)
(0.38) % 1,17 % (5)
Portfolio turnover rate 42 % 9ème % (6)

* RiskPro® Aggressive 30+ Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.

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

RiskPro® Dynamic 0-10 Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.77 $ 10.00
Income/(loss) from investment operations:
Net investment income (1,2) 0.15 0.02
Net realized and unrealized gain/(loss) on investments 0.12 (0.23)
Total income/(loss) from investment operations 0.27 (0.21)
Less distributions from:
Net investment income (0.09) (0.02)
Net realized gain (0.00) (7) _______
Total distributions from net investment income and
net realized gains
(0.09) (0.02)
Net asset value, end of period $ 9.95 $ 9.77
Total return(3) 2.78% (2.12) %
Ratios and Supplemental Data
Net assets, end of period (in 000’s) $ 68,594 $ 54,225
Ratio of expenses to average net assets(4) 1.98 % 2.67 %(5)
Ratio of net investment income to average net assets (2,4) 1.50 % 0.41 %(5)
Portfolio turnover rate 38 % 43 % (6)

* RiskPro® Dynamic 0-10 Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.
(7) Amount represents less than $0.005.

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

RiskPro® Dynamic 15-25 Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.72 $ 10.00
Income/(loss) from investment operations:
Net investment income (1,2) 0.10 0.05
Net realized and unrealized gain/(loss)
on investments

0.06

(0.22)
Total income/(loss) from investment operations 0.16 (0.17)
Less distributions from:
Net investment income (0.06) (0.11)
Net asset value, end of period $ 9.82 $ 9.72
Total Return(3) 1.70 % (1.67) %
Ratios/Supplemental Data
Net assets, end of period (in 000’s) $ 197,175 $ 211,587
Ratio of expenses to average net assets(4) 2.03 % 2.12 %(5)
Ratio of net investment income to
average net assets (2,4)
1.09 % 1.41 %(5)
Portfolio turnover rate 60 % 13ème %(6)

* RiskPro® Dynamic 15-25 Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.

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

RiskPro® Dynamic 20-30 Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.80 $ 10.00
Income/(loss) from investment operations:
Net investment loss (1,2) (0.02) (0.01)
Net realized and unrealized gain/(loss)
on investments
0.18 (0.19)
Total income/(loss) from investment operations 0.16 (0.20)
Less distributions from:
Return of capital (0.00) (7) _________
Net asset value, end of period $ 9.96 $ 9.80
Total Return(3) 1.68% % (2.00) %
Ratios/Supplemental Data
Net assets, end of period (in 000’s) $ 148,742 $ 153,858
Ratio of  expenses to average net assets(4) 2.06 % 2.26 %(5)
Ratio of net investment loss to average
net assets (2,4)
(0.16) % (0.80) %(5)
Portfolio turnover rate 112 % 0 %(6)

* RiskPro® Dynamic 20-30 Fund commenced operations and trading on March 15, 2018.
(1) Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.
(7) Amount represents less than $0.005.

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

RiskPro® PFG Balanced 20-30 Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.77 $ 10.00
Income/(loss) from investment operations:
Net investment income (1,2) 0.03 0.00 (7)
Net realized and unrealized gain/(loss) on investments 0.49 (0.18)
Total income/(loss) from investment operations 0.52 (0.18)
Less distributions from:
Net investment income (0.05) (0.05)
Net realized gain (0.06) _________
Total distributions from net investment income and
net realized gains
(0.11) (0.05)
Net asset value, end of period $ 10.18 $ 9.77
Total Return(3) 5.48 % (1.84) %
Ratios/Supplemental Data:
Net assets, end of period (in 000’s) $ 361,134 $ 224,029
Ratio of expenses to average net assets(4) 2.01 % 2.00 %(5)
Ratio of net investment income to average net assets (2,4) 0.32 % 0.10 %(5)
Portfolio turnover rate 69 % 63 %(6)

* RiskPro® PFG Balanced 20-30 Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.
(7) Amount represents less than $0.005.

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

RiskPro® PFG Equity 30+ Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.79 $ 10.00
Income/(loss) from investment operations:
Net investment loss (1,2) (0.04) (0.02)
Net realized and unrealized gain/(loss)
on investments
1.10 (0.16)
Total income/(loss) from investment operations 1.06 (0.18)
Less distributions from:
Net investment income ______ (0.03)
Net asset value, end of period $ 10.85 $ 9.79
Total Return(3) 10.83 % (1.85) %
Ratios/Supplemental Data
Net assets, end of period (in 000’s) $ 396,469 $ 300,808
Ratio of expenses to average net assets(4) 2.06 % 1.96 %(5)
Ratio of net investment loss to average net assets (2,4) (0.43) % (0.41) %(5)
Portfolio turnover rate 29ème % 63 %(6)

* RiskPro® PFG Equity 30+ Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.

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

RiskPro® PFG Global 30+ Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.86 $ 10.00
Income/(loss) from investment operations:
Net investment loss (1,2) (0.04) (0.05)
Net realized and unrealized loss on investments (0.08) (0.06) (3)
Total loss from investment operations (0.12) (0.11)
Less distributions from:
Net investment income _______ (0.03)
Net realized gains (0.09) _______
Total distributions from net investment income and net realized gains (0.09) (0.03)
Net asset value, end of period $ 9.65 $ 9.86
Total Return(4) (1.02) % (1.12) %
Ratios/Supplemental Data:
Net assets, end of period (in 000’s) $ 129,513 $ 134,265
Ratio of expenses to average net assets(5) 2.08 % 2.06 % (6)
Ratio of net investment loss to average net assets (2,5) (0.47) % (1.22) % (6)
Portfolio turnover rate 180 % 57 % (7)

* RiskPro® PFG Global 30+ Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
(4) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(5) Does not include the expenses of the investment companies in which the Fund invests.
(6) Annualized.
(7) Not annualized.

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

RiskPro® Tactical 0-30 Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.83 $ 10.00
Income/(loss) from investment operations:
Net investment loss (1,2) (0.03) (0.05)
Net realized and unrealized gain/(loss) on investments 0.15 (0.11)
Total income/(loss) from investment operations 0.12 (0.16)
Less distributions from:
Net investment income (0.02) (0.01)
Net asset value, end of period $ 9.93 $ 9.83
Total Return (3) 1.20 % (1.57) %
Ratios/Supplemental Data:
Net assets, end of period (in 000’s) $ 103,481 $ 100,881
Ratio of expenses to average net assets (4) 2.04 % 2.28 % (5)
Ratio of net investment loss to average net assets (2,4) (0.27) % (1.25) % (5)
Portfolio turnover rate 23ème % 8ème % (6)

* RiskPro® Tactical 0-30 Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income/(loss) has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income/(loss) by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.

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

RiskPro® PFG 0-15 Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.67 $ 10.00
Income/(loss) from investment operations:
Net investment income (1,2) 0.14 0.02
Net realized and unrealized loss
on investments
(0.09 ) (0.30)
Total income/(loss) from investment operations 0.05 (0.28)
Less distributions from:
Net investment income (0.08) (0.05)
Net asset value, end of period $ 9.64 $ 9.67
Total Return(3) 0.60 % (2.80) %
Ratios/Supplemental Data:
Net assets, end of period (in 000’s) $ 61,653 $ 58,744
Ratio of expenses to average net assets(4) 2.09 % 2.44% (5)
Ratio of net investment income to average
net assets (2,4)
1.49 % 0.50% (5)
Portfolio turnover rate 203 % 1% (6)

* RiskPro® PFG 0-15 Fund commencement operations on December 11, 2017 and commenced trading on December 14, 2017.
(1) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.

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

RiskPro® Alternative 0-15 Fund

Class R Shares

Year Ended Period Ended
April 30, 2019 April 30, 2018*
Net asset value, beginning of period $ 9.63 $ 10.00
Income/(loss) from investment operations:
Net investment income (1,2) 0.11 0.11
Net realized and unrealized gain/(loss) on investments 0.03 (0.28)
Total income/(loss) from investment operations 0.14 (0.17)
Less distributions from:
Net investment income (0.07) (0.20)
Net realized gain (0.00) (7) __________
Total distributions from net investment income and net realized gains (0.07) (0.20)
Net asset value, end of period $ 9.70 $ 9.63
Total Return(3) 1.48 % (1.77) %
Ratios/Supplemental Data
Net assets, end of period (in 000’s) $ 69,890 $ 50,179
Ratio of expenses to average net assets(4) 2.08 % 2.47 %(5)
Ratio of net investment income to average net assets (2,4) 1.19 % 3.06 %(5)
Portfolio turnover rate 28ème % 2 %(6)

* RiskPro® Alternative 0-15 Fund commencement operations on December 11, 2017  and commenced trading on December 14, 2017.
(1) Net investment income has been calculated using the average shares method, which more appropriately presents the per share data for the period.
(2) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(3) Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions.  Total return does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares.  Total returns for periods of less than one year are not annualized.
(4) Does not include the expenses of the investment companies in which the Fund invests.
(5) Annualized.
(6) Not annualized.
(7) Amount represents less than $0.005.

PRIVACY NOTICE

Rev. February, 2014

FACTS WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?

Kodėl? Financial companies choose how they share your personal information.  Federal law gives consumers the right to limit some, but not all sharing.  Federal law also requires us to tell you how we collect, share, and protect your personal information.  Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends
        on the product or service that you have with us. This information can include:

· Social
        Security number and wire transfer instructions

· sąskaitą
        transactions and transaction history

· investicijos
        experience and purchase history

When you are nebe our customer, we continue to share
        your information as described in this notice.

Kaip? All financial companies need to share customers’ personal information to run their everyday business.  In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information: Does Northern Lights Fund Trust share information? Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. YES NE
For our marketing purposes – to offer our products and services to you. NE We don’t share
For joint marketing with other financial companies. NE We don’t share
For our affiliates’ everyday business purposes – information about your transactions and records. NE We don’t share
For our affiliates’ everyday business purposes – information about your credit worthiness. NE We don’t share
For nonaffiliates to market to you NE We don’t share

QUESTIONS? Call 1-402-493-4603

What we do:

How does Northern
        Lights Fund Trust protect my personal information?

To protect your personal information from unauthorized
        access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files
        and buildings.

Our service providers are held accountable
        for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Northern
        Lights Fund Trust collect my personal information?

We collect your personal information,
        for example, when you

· atviras
        an account or deposit money

· tiesiogiai
        us to buy securities or direct us to sell your securities

· Ieškoti
        advice about your investments

We also collect your personal information
        from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit
        only:

· dalijimasis
        for affiliates’ everyday business purposes – information about your creditworthiness.

· filialai
        from using your information to market to you.

· dalijimasis
        for nonaffiliates to market to you.

State laws and individual companies may give you additional rights
        to limit sharing.

Definitions
Affiliates

Companies related by common ownership or control. They can be
        financial and nonfinancial companies.

· Northern
        Lights Fund Trust does not share with our affiliates.

Nonaffiliates

Companies not related by common ownership or control. They can
        be financial and nonfinancial companies.

· Northern
        Lights Fund Trust does not share with nonaffiliates so they can market to you.

Joint marketing

A formal agreement between nonaffiliated financial companies

that together market financial products or services to you.

· Northern
        Lights Fund Trust doesn’t jointly market
.

PACIFIC FINANCIAL FUNDS


Adviser

Pacific Financial Group, LLC

2077 West Coast Highway

Newport Beach, CA 92663

Distributor

Northern Lights Distributors, LLC

17645 Wright Street, Suite 200

Omaha, NE 68130

Legal Counsel

Thompson Hine LLP
41 South High Street, Suite 1700

Columbus, OH 43215

Transfer Agent

Gemini Fund Services, LLC

17625 Wright Street, Suite 200

Omaha, NE 68130

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

Additional information about the Funds is included
in the Funds’ Statement of Additional Information dated August 28, 2019 (the “SAI”). The SAI is incorporated
into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Funds’
policies and management. Additional information about the Funds’ investments is available in the Funds’ Annual and
Semi-Annual Reports to Shareholders. In the Funds’ Annual Report, you will find a discussion of the market conditions and
investment strategies that significantly affected the Funds’ performance during its last fiscal year or fiscal period.

To obtain a free copy of the SAI and, when issued,
the Annual and Semi-Annual Reports to Shareholders, or other information about the Funds, or to make shareholder inquiries about
the Fund, please call 1-888-451-TPFG or visit www.TPFG.com. You may also write to:

Pacific Financial

c/o Gemini Fund Services, LLC
P.O. Box 541150

Omaha, NE 68154-1150

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

Investment Company Act File # 811-21720


PACIFIC FINANCIAL GROUP FUNDS

RiskPro® PFG Aggressive 30+ Fund Class R Shares PFSUX
RiskPro® PFG 30+ Fund Class R Shares PFMSX
RiskPro® 30+ Fund Class R Shares PFSEX
RiskPro® Aggressive 30+ Fund Class R Shares PFLWX

RiskPro® Dynamic 0-10 Fund Class R Shares PFDOX

RiskPro® Dynamic 15-25 Fund Class R Shares PFDPX
RiskPro® Dynamic 20-30 Fund Class R Shares PFJDX
RiskPro® PFG Balanced 20-30 Fund Class R Shares PFDBX
RiskPro® PFG Equity 30+Fund Class R Shares PFDEX
RiskPro® PFG Global 30+Fund Class R Shares PFDGX
RiskPro® Tactical 0-30 Fund Class R Shares PFTEX
RiskPro® PFG 0-15 Fund Class R Shares PFADX
RiskPro® Alternative 0-15 Fund Class R Shares PFAOX

Each a Series of Northern Lights
Fund Trust


STATEMENT OF ADDITIONAL INFORMATION

August 28, 2019


This Statement of Additional Information
("SAI") is not a prospectus and should be read in conjunction with the prospectus of the Pacific Financial Group Mutual
Funds dated August 28, 2019 and the annual and semi-annual reports, copies of which may be obtained without charge by contacting
the Funds’ Transfer Agent, Gemini Fund Services, LLC, 17645 Wright Street, Suite 200, Omaha, Nebraska 68130, by calling 1-888-451-TPFG
or at www.TPFG.com.

TABLE OF CONTENTS

THE FUNDS 1
TYPES OF INVESTMENTS 1
INVESTMENT RESTRICTIONS 21ème
POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS 23ème
MANAGEMENT 24ème
Control persons and principal holders 30ème
INVESTMENT ADVISER 35
THE DISTRIBUTOR 37
portfolio managers 40
ALLOCATION OF PORTFOLIO BROKERAGE 42
PORTFOLIO TURNOVER 43
other service providers 44
Custodian 46
Compliance Officer 47
DESCRIPTION OF SHARES 47
ANTI-MONEY LAUNDERING PROGRAM 48
PURCHASE, REDEMPTION AND PRICING OF SHARES 48
TAX STATUS 52
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 57
LEGAL COUNSEL 57
APPENDIX A 58

THE FUNDS

The Pacific Financial Group
Mutual Funds (each a "Fund," collectively the "Funds") is comprised of thirteen different, actively managed
funds. The Funds are:

· RiskPro® PFG Aggressive
30+ Fund
· RiskPro® Aggressive 30+
Fund
· RiskPro® Dynamic 0-10 Fund
· RiskPro® Dynamic 15-25 Fund
· RiskPro® Dynamic 20-30 Fund
· RiskPro® PFG Balanced 20-30
Fund
· RiskPro® PFG Equity 30+
Fund
· RiskPro® PFG Global 30+
Fund
· RiskPro® Tactical 0-30 Fund
· RiskPro® PFG 0-15 Fund
· RiskPro® Alternative 0-15
Fund

Each Fund is a series of
the Northern Lights Fund Trust, a Delaware statutory trust organized on January 19, 2005 (the "Trust"). Pacific Financial
Group, LLC, (the "Adviser") serves as investment adviser to the Funds. The Trust is registered as an open-end management
investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). Each Fund may
issue an unlimited number of shares of beneficial interest. All shares of a Fund have equal rights and privileges. Each share of
a Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of a Fund is entitled
to participate equally with other shares (i) in dividends and distributions declared by that Fund and (ii) on liquidation to its
proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of a Fund are fully paid, non-assessable
and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately
the same rights, including voting rights, as are provided for a full share.

Each Fund is a diversified
series consisting of one class of shares, Class R shares. Each Fund’s investment objective, restrictions and policies are
more fully described here and in the Prospectus. The Board may start other series and offer shares of a new fund under the Trust
at any time.

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

TYPES OF INVESTMENTS

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

The following pages contain
more detailed information about the strategies the Adviser may employ in pursuit of a Fund’s investment objective and a summary
of related risks. As each Fund is a fund of funds, the investment risks to each Fund is typically incurred through the securities
held by the mutual funds and exchange traded funds in which each Fund invests (the “Underlying Funds”).

Asset-Backed Securities and Collateralized
Debt Obligations

Asset-backed securities
and collateralized debt obligations ("CDOs") are created by the grouping of certain governmental, government related
and private loans, receivables and other non-mortgage lender assets/collateral into pools. A sponsoring organization establishes
a special purpose vehicle to hold the assets/collateral and issue securities. Interests in these pools are sold as individual securities.
Payments of principal and interest are passed through to investors and are typically supported by some form of credit enhancement,
such as a letter of credit, surety bond, limited guaranty or senior/subordination. Payments from the asset pools may be divided
into several different tranches of debt securities, offering investors various maturity and credit risk characteristics. Some tranches
are entitled to receive regular installments of principal and interest, other tranches are entitled to receive regular installments
of interest, with principal payable at maturity or upon specified call dates, and other tranches are only entitled to receive payments
of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear different
interest rates, which may be fixed or floating.

Investors in asset-backed
securities and CDOs bear the credit risk of the assets/collateral. Tranches are categorized as senior, mezzanine, and subordinated/equity,
according to their degree of credit risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments
to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence
over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving ratings
of A to AAA and the latter receiving ratings of B to BBB. The ratings reflect both the credit quality of underlying collateral
as well as how much protection a given tranch is afforded by tranches that are subordinate to it.

Because the loans
held in the pool often may be prepaid without penalty or premium, asset-backed securities and CDOs can be subject to higher prepayment
risks than most other types of debt instruments. Prepayments may result in a capital loss to an Underlying Fund to the extent that
the prepaid securities purchased at a market discount from their stated principal amount will accelerate the recognition of interest
income by that Underlying Fund, which would be taxed as ordinary income when distributed to the Underlying Fund’s shareholders,
which would include Funds investing in that Underlying Fund.

The credit characteristics
of asset-backed securities and CDOs also differ in a number of respects from those of traditional debt securities. The credit quality
of most asset-backed securities and CDOs depends primarily upon the credit quality of the assets/collateral underlying such securities,
how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities,
and the amount and quality of any credit enhancement to such securities.

Brady Bonds

Brady bonds are securities
created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new
bonds in connection with debt restructurings. Brady bonds have been issued since 1989 and do not have a long payment history. À
light of the history of defaults of countries issuing Brady bonds on their commercial bank loans, investments in Brady bonds may
be viewed as speculative. Brady bonds may be fully or partially collateralized or uncollateralized, are issued in various currencies
(but primarily the dollar) and are actively traded in over-the-counter secondary markets. Incomplete collateralization of interest
or principal payment obligations results in increased credit risk. Dollar-denominated collateralized Brady bonds, which may be
fixed-rate bonds or floating-rate bonds, are generally collateralized by U.S. Treasury zero coupon bonds having the same maturity
as the Brady bonds.

Certificates of
Deposit and Bankers’ Acceptances

Certificates of deposit
are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited
plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the
secondary market prior to maturity. Bankers’ acceptances typically arise from short-term credit arrangements designed to
enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank
by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then “accepted”
by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance
may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount

for a specific maturity. Although maturities
for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Closed-End Investment
Les entreprises

Each Fund or an Underlying
Fund may invest in closed-end investment companies. Shares of closed-end funds are typically offered to the public in a one-time
initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial
public offering price. Such securities are then listed for trading on the New York Stock Exchange or the National Association of
Securities Dealers Automated Quotation System (commonly known as "NASDAQ") and, in some cases, may be traded in other
over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of
an open-end investment company (such as any of the Funds), investors seek to buy and sell shares of closed-end funds in the secondary
market.

Each Fund or an Underlying
Fund generally will purchase shares of closed-end funds only in the secondary market. A Fund or an Underlying Fund will incur normal
brokerage costs on such purchases similar to the expenses that Fund would incur for the purchase of securities of any other type
of issuer in the secondary market. A Fund or an Underlying Fund may, however, also purchase securities of a closed-end fund in
an initial public offering when, in the opinion of the Adviser, or in the opinion of an Underlying fund’s investment adviser,
based on a consideration of the nature of that closed-end fund's proposed investments, the prevailing market conditions and the
level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price
typically will include a dealer spread, which may be higher than the applicable brokerage cost if that Fund or an Underlying Fund
purchased such securities in the secondary market.

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

Each Fund or an Underlying
Fund may invest in shares of closed-end funds that are trading at a discount to net asset value or at a premium to net asset value.
There can be no assurance that the market discount on shares of any closed-end fund purchased by that Fund or an Underlying Fund
will ever decrease. In fact, it is possible that this market discount may increase and that Fund or an Underlying Fund may suffer
realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby
adversely affecting the net asset value of that Fund's or an Underlying Fund’s shares. Similarly, there can be no assurance
that any shares of a closed-end fund purchased by that Fund or an Underlying Fund at a premium will continue to trade at a premium
or that the premium will not decrease subsequent to a purchase of such shares by that Fund or an Underlying Fund.

Closed-end funds
may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging each closed-end fund's
common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. Each Fund's or an Underlying
Fund’s investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater
total return on its investment, but at the same time may be expected to exhibit more volatility in market price and net asset value
than an investment in shares of investment companies without a leveraged capital structure.

Commercial Paper

Each Fund or an Underlying
Fund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes
issued by corporations in order to finance current operations.

Convertible Securities

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

Corporate Debt

Corporate debt securities
are long and short-term debt obligations issued by companies (such as publicly issued and privately placed bonds, notes and commercial
paper). The Adviser considers corporate debt securities to be of investment grade quality if they are rated BBB or higher by S&P
or Baa or higher by Moody's, or if unrated, determined by the Adviser to be of comparable quality. Investment grade debt securities
generally have adequate to strong protection of principal and interest payments. In the lower end of this category, adverse economic
conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal than in
higher rated categories. Each Fund, and in most instances each Underlying Fund, may invest in both secured and unsecured corporate
bonds. A secured bond is backed by collateral and an unsecured bond is not. Therefore an unsecured bond may have a lower recovery
value than a secured bond in the event of a default by its issuer. The Adviser or an Underlying Fund’s investment adviser
may incorrectly analyze the risks inherent in corporate bonds, such as the issuer's ability to meet interest and principal payments,
resulting in a loss to that Fund or that Underlying Fund.

Depositary Receipts

American Depositary
Receipts ("ADRs") are receipts issued by an American bank or trust company evidencing ownership of underlying securities
issued by a foreign issuer. ADRs, in sponsored form, are designed for use in U.S. securities markets. A sponsoring company provides
financial information to the bank and may subsidize administration of the ADR. Unsponsored ADRs may be created by a broker-dealer
or depository bank without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR
facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored
ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting
rights. Unsponsored ADRs may carry more risk than sponsored ADRs because of the absence of financial information provided by the
underlying company. Many of the risks described below regarding foreign securities apply to investments in ADRs.

Emerging Markets
Securities

Each Fund and in
most instances each Underlying Fund, may invest directly in and purchase ADRs and other investment companies that invest in emerging
market securities. Investing in emerging market securities imposes risks different from, or greater than, risks of investing in
foreign developed countries. These risks include (i) the smaller market capitalization of securities markets, which may suffer
periods of relative illiquidity, (ii) significant price volatility, (iii) restrictions on foreign investment, and (iv) possible
repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales,
and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure,
nationalization, or the creation of government monopolies. The currencies of emerging market countries may experience significant
declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by that Fund or by an
Underlying Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the
economies and securities markets of certain emerging market countries.

Certain emerging
markets limit, or require governmental approval prior to, investments by foreign persons. Repatriation of investment income and
capital from certain emerging markets is subject to certain governmental consents. Even where there is no outright restriction
on repatriation of capital, the mechanics of repatriation may affect the operation of a Fund or an Underlying Fund.

Additional risks
of emerging markets securities may include (i) greater social, economic and political uncertainty and instability, (ii) more substantial
governmental involvement in the economy, (iii) less governmental supervision and regulation, (iv) the unavailability of currency
hedging technique, (v) companies that are newly organized and small, (vi) differences in auditing and financial reporting standards,
which may result in unavailability of material information about issuers, and (vii) less developed legal systems. In addition,
emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume
of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause a Fund
or an Underlying Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or
be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

Equity Securities

Each Fund or an Underlying
Fund may invest in equity securities, with a particular emphasis upon investments in common stock. Equity securities consist of
common stock, convertible preferred stock, rights and warrants. Common stocks, the most familiar type, represent an equity (ownership)
interest in a corporation. Warrants are options to purchase equity securities at a specified price for a specific time period.
Rights are similar to warrants, but normally have a short duration and are distributed by the issuer to its shareholders. Although
equity securities have a history of long term growth in value, their prices fluctuate based on changes in a company’s financial
condition and on overall market and economic conditions.

Investments in equity securities
are subject to inherent market risks and fluctuations in value due to earnings, economic conditions and other factors beyond the
control of the Adviser or an Underlying fund’s investment adviser. As a result, the return and net asset value of a Fund
or an Underlying Fund will fluctuate. Securities in that Fund's portfolio, or in an Underlying Fund’s portfolio, may not
increase as much as the market as a whole and some undervalued securities may continue to be undervalued for long periods of time.
Although profits in some Fund or Underlying Fund holdings may be realized quickly, it is not expected that most investments will
appreciate rapidly.

Exchange Traded Funds

As noted in the Prospectus,
the Funds and the Underlying Funds may invest in exchange-traded funds (“ETFs”).

The shares of an
ETF may be assembled in a block (typically 50,000 shares) known as a creation unit and redeemed in-kind for a portfolio of the
underlying securities (based on the ETF's net asset value) together with a cash payment generally equal to accumulated dividends
as of the date of redemption. Conversely, a creation unit may be purchased from the ETF by depositing a specified portfolio of
the ETF's underlying securities, as well as a cash payment generally equal to accumulated dividends of the securities (net of expenses)
up to the time of deposit. A fund may redeem creation units for the underlying securities (and any applicable cash), and may assemble
a portfolio of the underlying securities and use it (and any required cash) to purchase creation units, if a fund's adviser believes
it is in the fund's interest to do so. A fund's ability to redeem creation units may be limited by the 1940 Act, which provides
that the ETFs will not be obligated to redeem shares held by a fund in an amount exceeding one percent of their total outstanding
securities during any period of less than 30 days.

There is a risk that
the underlying ETFs in which a Fund or an Underlying Fund invests may terminate due to extraordinary events that may cause any
of the service providers to the ETFs, such as the trustee or sponsor, to close or otherwise fail to perform their obligations to
the ETF. Also, because the ETFs in which a Fund or an Underlying Fund intends to invest may be granted licenses by agreement to
use the indices as a basis for determining their compositions and/or otherwise to use certain trade names, the ETFs may terminate
if such license agreements are terminated. In addition, an ETF may terminate if its entire net asset value falls below a certain
amount. Although each Fund believes that, in the event of the termination of an underlying ETF, they will be able to invest instead
in shares of an alternate ETF tracking the same market index or another market index with the same general market, there is no
guarantee that shares of an alternate ETF would be available for investment at that time.

When a Fund or an
Underlying Fund invests in sector ETFs, there is a risk that securities within the same group of industries will decline in price
due to sector-specific market or economic developments. If a Fund or an Underlying Fund invests more heavily in a particular sector,
the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. En conséquence,
that Fund's or an Underlying Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that
invests in a broader range of industries.

Additionally, some sectors could be
subject to greater government regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have
a material effect on the value of securities issued by companies in those sectors. The sectors in which each Fund or an Underlying
Fund may be more heavily invested will vary

Foreign Currency Exchange Transactions

Each Fund may, directly
or through investments in other Underlying Funds, engage in foreign currency exchange transactions. A Fund or an Underlying Fund
enters into these transactions either on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange
market or uses forward contracts to purchase or sell foreign currencies. The cost of the spot currency exchange transactions is
generally the difference between the bid and offer spot rate of the currency being purchased or sold.

A forward foreign
currency exchange contract is an obligation by a Fund or an Underlying Fund to purchase or sell a specific currency at a future
date, which may be any fixed number of days from the date of the contract. Forward foreign currency exchange contracts establish
an exchange rate at a future date. These contracts are derivative instruments, as their value derives from the spot exchange rates
of the currencies underlying the contract. These contracts are entered into in the interbank market directly between currency traders
(usually large commercial banks) and their customers. A forward foreign currency exchange contract generally has no deposit requirement
and is traded at a net price without commission. Neither spot transactions nor forward foreign currency exchange contracts eliminate
fluctuations in the prices of a Fund's or an Underlying Fund's securities or in foreign exchange rates, or prevent loss if the
prices of these securities should decline.

A Fund or an Underlying
Fund may enter into foreign currency exchange transactions in an attempt to protect against changes in foreign currency exchange
rates between the trade and settlement dates of specific securities transactions or anticipated securities transactions. A Fund
or an Underlying Fund also may enter into forward contracts to hedge against a change in foreign currency exchange rates that would
cause a decline in the value of existing investments denominated or principally traded in a foreign currency. To do this, a Fund
or an Underlying Fund would enter into a forward contract to sell the foreign currency in which the investment is denominated or
principally traded in exchange for U.S. dollars or in exchange for another foreign currency.

Although these transactions
are intended to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they limit any
potential gain that might be realized should the value of the hedged currency increase. In addition, forward contracts that convert
a foreign currency into another foreign currency will cause a Fund or an Underlying Fund to assume the risk of fluctuations in
the value of the currency purchased against the hedged currency and the U.S. dollar. The precise matching of the forward contract
amounts and the value of the securities involved will not generally be possible because the future value of such securities in
foreign currencies will change as a consequence of market movements in the value of such securities between the date the forward
contract is entered into and the date it matures. The projection of currency market movements is extremely difficult, and the successful
execution of a hedging strategy is highly uncertain.

Foreign Securities

Each Fund may invest
directly in foreign securities, in ADRs, and in Underlying Funds that hold a portfolio of foreign securities. Investing in securities
of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in
U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign
issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards
and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation
of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by
foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as
compared to dividends and interest paid to a Fund or Underlying Fund by domestic companies or the U.S. government. There may be
the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or
social instability or diplomatic developments that could affect assets of a Fund or an Underlying Fund held in foreign countries.
Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment
of obligations.

To the extent each
Fund’s or an Underlying Fund’s currency exchange transactions do not fully protect that Fund or an Underlying Fund
against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which that
Fund or an Underlying Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value
of that Fund’s or an Underlying Fund’s assets denominated in those currencies (and possibly a corresponding increase
in the amount of securities required to be liquidated to meet

distribution requirements). Conversely,
increases in the value of currencies of the foreign countries in which that Fund or an Underlying Fund invests relative to the
U.S. dollar will result in a corresponding increase in the U.S. dollar value of that Fund’s or an Underlying Fund’s
assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Futures Contracts

Futures contracts provide
for the future sale by one party and purchase by another party of a specified amount of a specific security, class of securities,
or an index at a specified future time and at a specified price. Futures contracts may be issued with respect to fixed-income securities,
foreign currencies, single stocks or financial indices, including indices of U.S. government securities, foreign government securities,
and equity or fixed-income securities. U.S. futures contracts are traded on exchanges that have been designated "contract
markets" by the Commodity Futures Trading Commission (the "CFTC") and must be executed through a futures commission
merchant ("FCM"), or brokerage firm, which is a member of the relevant contract market. Through their clearing corporations,
the exchanges guarantee performance of the contracts between the clearing members of the exchange. A Fund and Underlying Funds
may invest in futures contracts only to the extent it could invest in the underlying instrument directly.

Each Fund and in
most instances an Underlying Fund may engage in futures transactions. Typically, a fund’s primary purpose in entering into
futures contracts is to protect that fund from fluctuations in the value of securities or interest rates without actually buying
or selling the underlying debt or equity security. For example, if a fund anticipates an increase in the price of stocks, and it
intends to purchase stocks at a later time, that fund could enter into a futures contract to purchase a stock index as a temporary
substitute for stock purchases. If an increase in the market occurs that influences the stock index as anticipated, the value of
the futures contracts will increase, thereby serving as a hedge against that fund not participating in a market advance. This technique
is sometimes known as an anticipatory hedge. Conversely, if a fund holds stocks and seeks to protect itself from a decrease in
stock prices, that fund might sell stock index futures contracts, thereby hoping to offset the potential decline in the value of
its portfolio securities by a corresponding increase in the value of the futures contract position. A fund could protect against
a decline in stock prices by selling portfolio securities and investing in money market instruments, but the use of futures contracts
enables it to maintain a defensive position without having to sell portfolio securities.

If a Fund or an Underlying
Fund owns Treasury bonds and the portfolio manager expects interest rates to increase, that Fund or an Underlying Fund may take
a short position in interest rate futures contracts. Taking such a position would have much the same effect as a Fund or an Underlying
Fund selling Treasury bonds in its portfolio. If interest rates increase as anticipated, the value of the Treasury bonds would
decline, but the value of that Fund's or an Underlying Fund’s interest rate futures contract will increase, thereby keeping
the net asset value of that Fund or an Underlying Fund from declining as much as it may have otherwise. If, on the other hand,
a portfolio manager expects interest rates to decline, a Fund or an Underlying Fund may take a long position in interest rate futures
contracts in anticipation of later closing out the futures position and purchasing the bonds. Although a Fund or an Underlying
Fund can accomplish similar results by buying securities with long maturities and selling securities with short maturities, given
the greater liquidity of the futures market than the cash market, it may be possible to accomplish the same result more easily
and more quickly by using futures contracts as an investment tool to reduce risk.

Risk Factors in Futures Transactions

Liquidity Risk. Because futures
contracts are generally settled within a day from the date they are closed out, compared with a settlement period of three days
for some types of securities, the futures markets can provide superior liquidity to the securities markets. Nevertheless, there
is no assurance that a liquid secondary market will exist for any particular futures contract at any particular time. In addition,
futures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract's price
moves upward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached,
it may be impossible for a Fund or an Underlying Fund to enter into new positions or close out existing positions. If the secondary
market for a futures contract is not liquid because of price fluctuation limits or otherwise, that Fund or an Underlying Fund may
not be able to promptly liquidate unfavorable futures positions and potentially could be required to continue to hold a futures
position until the delivery date, regardless of changes in its value. As a result, that Fund's or an Underlying Fund’s access
to other assets held to cover its futures positions also could be impaired.

Risk of Loss. Although a
Fund may believe that the use of such contracts will benefit that Fund or an Underlying Fund, a Fund's or an Underlying Fund’s
overall performance could be worse than if that Fund or an Underlying Fund had not entered into futures contracts if the Adviser's
investment judgment, or the investment judgment of the Underlying fund’s investment adviser, proves incorrect. Par exemple
if a fund has hedged against the effects of a possible decrease in prices of securities held in its portfolio and prices increase
instead, that fund will lose part or all of the benefit of the increased value of these securities because of offsetting losses
in its futures positions. In addition, if a fund has insufficient cash, it may have to sell securities from its portfolio to meet
daily variation margin requirements. Those sales may be, but will not necessarily be, at increased prices that reflect the rising
market and may occur at a time when the sales are disadvantageous to that fund.

The risk of loss in trading futures
contracts in some strategies can be substantial, due both to the low margin deposits required, and the extremely high degree of
leverage involved in futures pricing. Because the deposit requirements in the futures markets are less onerous than margin requirements
in the securities market, there may be increased participation by speculators in the futures market that may also cause temporary
price distortions. A relatively small price movement in a futures contract may result in immediate and substantial loss (as well
as gain) to the investor. For example, if at the time of purchase, 10% of the value of the futures contract is deposited as margin,
a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before any deduction
for the transaction costs, if the account were then closed out. Thus, a purchase or sale of a futures contract may result in losses
in excess of the amount invested in the contract. A Fund, and the Adviser expects that an Underlying Fund, will only engage in
futures transactions when it is believed these risks are justified and will engage in futures transactions primarily for hedging
purposes.

Correlation
Risk
. The prices of futures contracts depend primarily on the value of their underlying instruments. Because there are a limited
number of types of futures contracts, it is possible that the standardized futures contracts available to a Fund or an Underlying
Fund will not match exactly that Fund's or an Underlying Fund’s current or potential investments. A Fund or an Underlying
Fund may buy and sell futures contracts based on underlying instruments with different characteristics from the securities in which
it typically invests for example, by hedging investments in portfolio securities with a futures contract based on a broad index
of securities, which involves a risk that the futures position will not correlate precisely with the performance of that Fund's
or an Underlying Fund’s investments.

Futures prices can also diverge
from the prices of their underlying instruments, even if the underlying instruments closely correlate with a Fund's or an Underlying
Fund’s investments. Futures prices are affected by factors such as current and anticipated short-term interest rates, changes
in volatility of the underlying instruments and the time remaining until expiration of the contract. Those factors may affect securities
prices differently from futures prices. Imperfect correlations between a Fund's or an Underlying Fund’s investments and its
futures positions also may result from differing levels of demand in the futures markets and the securities markets, from structural
differences in how futures and securities are traded, and from imposition of daily price fluctuation limits for futures contracts.
A Fund or an Underlying Fund may buy or sell futures contracts with a greater or lesser value than the securities it wishes to
hedge or is considering purchasing in order to attempt to compensate for differences in historical volatility between the futures
contract and the securities, although this may not be successful in all cases. If price changes in a Fund's or an Underlying Fund’s
futures positions are poorly correlated with its other investments, its futures positions may fail to produce desired gains or
result in losses that are not offset by the gains in that Fund's or an Underlying Fund’s other investments.

Margin Requirements

The buyer or seller
of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery
date. However, both the buyer and seller are required to deposit "initial margin" for the benefit of the FCM when the
contract is entered into. Initial margin deposits:

· Are equal to a percentage of the contract's
value, as set by the exchange on which the contract is traded; et
· Are similar to good faith deposits or performance
bonds.

Unlike margin extended
by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of a Fund's or an
Underlying Fund’s investment limitations. If the value of either party's position declines, that party will be required to
make additional "variation margin" payments for the benefit of the FCM to settle the change in value on a daily basis.
The party that has a gain may be entitled to receive all or a portion of this amount. In the event of the bankruptcy of the FCM
that holds margin on behalf of a Fund or an Underlying Fund, that may be entitled to return of margin owed to that Fund or an Underlying
Fund only in proportion to the amount received by the FCM's other customers. The Trust or an Underlying Fund will attempt to minimize
this risk by careful monitoring of the creditworthiness of the FCMs with which it does business and by depositing margin payments
in a segregated account with the Trust's custodian.

SEC Segregation Requirements

In addition to the
margin restrictions discussed above, transactions in futures contracts may involve the segregation of funds pursuant to requirements
imposed by the Securities and Exchange Commission (the "SEC"). Under those requirements, where a Fund or an Underlying
Fund has a long position in a futures contract, it may be required to establish a segregated account (not with a futures commission
merchant or broker) containing cash or certain liquid assets equal to the purchase price of the contract (less any margin on deposit).
For a short position in futures or forward contracts held by a Fund or an Underlying Fund, those requirements may mandate the establishment
of a segregated account (not with a futures commission merchant or broker) with cash or certain liquid assets that, when added
to the amounts deposited as margin, equal the market value of the instruments underlying the futures contracts.

Liquidity Impact of Margin and SEC
Segregation Requirements

Although a Fund or
an Underlying Fund will segregate cash and liquid assets in an amount sufficient to cover its open futures obligations, the segregated
assets will be available to that Fund or an Underlying Fund immediately upon closing out the futures position, while settlement
of securities transactions could take several days. However, because a Fund’s or an Underlying Fund's cash that may otherwise
be invested would be held uninvested or invested in other liquid assets so long as the futures position remains open, that Fund’s
or an Underlying Fund's return could be diminished due to the opportunity losses of foregoing other potential investments.

Regulation as a Commodity Pool Operator

The Trust, on behalf
of each Fund, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term "commodity
pool operator" under the Commodity Exchange Act, as amended, and the rules of the CFTC promulgated thereunder, with respect
to each Fund's operations. Accordingly, each such Fund is not subject to registration or regulation as a commodity pool operator.

High Yield Securities

Each Fund and the
Underlying Funds may invest in high yield securities. High yield, high risk bonds are securities that are generally rated below
investment grade by the primary rating agencies (BB+ or lower by S&P and Ba1 or lower by Moody’s). Other terms used to
describe such securities include “lower rated bonds,” “non-investment grade bonds,” “below investment
grade bonds,” and “junk bonds.” These securities are considered to be high-risk investments. The risks include
the following:

Greater Risk of
Loss.
These securities are regarded as predominately speculative. There is a greater risk that issuers of lower rated securities
will default than issuers of higher rated securities. Issuers of lower rated securities generally are less creditworthy and may
be highly indebted, financially distressed, or bankrupt. These issuers are more vulnerable to real or perceived economic changes,
political changes or adverse industry developments. In addition, high yield securities are frequently subordinated to the prior
payment of senior indebtedness. If an issuer fails to pay principal or interest, a Fund or an Underlying Fund would experience
a decrease in income and a decline in the market value of its investments. An Underlying Fund also may incur additional expenses
in seeking recovery from the issuer.

Sensitivity to
Interest Rate and Economic Changes.
The income and market value of lower-rated securities may fluctuate more than higher rated
securities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities,
non-investment grade securities are more sensitive to short-

term corporate, economic and market
developments. During periods of economic uncertainty and change, the market price of the investments in lower-rated securities
may be volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods of economic downturn.
For example, in 2000, 2001 and 2002, the default rate for high yield securities was significantly higher than in the prior or subsequent
années

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

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

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

New Legislation.
Future legislation may have a possible negative impact on the market for high yield, high risk bonds. As an example, in the late
1980’s, legislation required federally-insured savings and loan associations to divest their investments in high yield, high
risk bonds. New legislation, if enacted, could have a material negative effect on an Underlying Fund’s investments in lower
rated securities.

High yield, high
risk investments may include the following:

Straight fixed-income
debt securities.
These include bonds and other debt obligations that bear a fixed or variable rate of interest payable at regular
intervals and have a fixed or resettable maturity date. The particular terms of such securities vary and may include features such
as call provisions and sinking funds.

Zero-coupon debt
securities.
These bear no interest obligation but are issued at a discount from their value at maturity. When held to maturity,
their entire return equals the difference between their issue price and their maturity value.

Zero-fixed-coupon
debt securities.
These are zero-coupon debt securities that convert on a specified date to interest-bearing debt securities.

Pay-in-kind bonds.
These are bonds which allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional
bonds. These are bonds sold without registration under the Securities Act of 1933, as amended (the “Securities Act”),
usually to a relatively small number of institutional investors.

Convertible Securities.
These are bonds or preferred stock that may be converted to common stock.

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

Loan Participations
and Assignments.
These are participations in, or assignments of all or a portion of loans to corporations or to governments,
including governments of less developed countries.

Securities issued
in connection with Reorganizations and Corporate Restructurings.
In connection with reorganizing or restructuring of an issuer,
an issuer may issue common stock or other securities to holders of its debt securities. An Underlying Fund may hold such common
stock and other securities even if they do not invest in such securities.

Illiquid and Restricted Securities

Each Fund and in
most instances an Underlying Fund may invest up to 15% of its net assets in illiquid securities, including limited partnerships.
Illiquid securities include securities subject to contractual or legal restrictions on resale (e.g., because they have not been
registered under the Securities Act and securities that are otherwise not readily marketable (e.g., because trading in the security
is suspended or because market makers do not exist or will not entertain bids or offers). Securities that have not been registered
under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer
or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

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

A large institutional
market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that
there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of
the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities
otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration
requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced
liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation
and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered
securities of domestic and foreign issuers.

Under guidelines
adopted by the Trust's Board, the Funds' Adviser may determine that particular Rule 144A securities, and commercial paper issued
in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid
even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making
this determination, the Adviser will consider, as it deems appropriate under the circumstances and among other factors: (1) the
frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number
of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the
security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature
of the marketplace trades, e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics
of transfer; and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial
paper, the Adviser will also determine that the paper (1) is not traded flat or in default as to principal and interest, and (2)
is rated in one of the two highest rating categories by at least two National Statistical Rating Organization (“NRSRO”)
or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser determines that it is of equivalent
quality.

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

Indexed Securities

Each Fund or an Underlying
Fund may purchase indexed securities consistent with their investment objectives. Indexed securities are those, the value of which
varies positively or negatively in relation to the value of other securities, securities indices or other financial indicators.
Indexed securities may be debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific
instrument or statistic. Recent issuers of indexed securities have included banks, corporations and certain U.S. Government agencies.

The performance of
indexed securities depends to a great extent on the performance of the security or other instrument to which they are indexed and
also may be influenced by interest rate changes in the United States and abroad. Indexed securities are subject to the credit risks
associated with the issuer of the security, and their values

may decline substantially if the issuer’s
creditworthiness deteriorates. Indexed securities may be more volatile than the underlying instruments. Certain indexed securities
that are not traded on an established market may be deemed illiquid.

Insured Bank Obligations

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

Investment Company Securities

The Funds will invest
in the securities of other investment companies to the extent that such an investment would be consistent with the requirements
of the 1940 Act, and that Fund's investment objectives. Investments in the securities of other investment companies may involve
duplication of advisory fees and certain other expenses. By investing in another investment company, a Fund becomes a shareholder
of that investment company. As a result, a Fund's shareholders indirectly will bear that Fund's proportionate share of the fees
and expenses paid by shareholders of the other investment company, in addition to the fees and expenses that Fund's shareholders
directly bear in connection with that Fund's own operations.

Under Section 12(d)(1)
of the 1940 Act, a Fund may invest only up to 5% of its total assets in the securities of any one investment company (ETF or other
mutual funds), but may not own more than 3% of the outstanding voting stock of any one investment company (the "3% Limitation")
or invest more than 10% of its total assets in the securities of other investment companies. However, Section 12(d)(1)(F) of the
1940 Act, as amended provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired
by a Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered
investment company is owned by a Fund and all affiliated persons of that Fund; and (ii) a Fund has not offered or sold after January
1, 1971, and is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public
or offering price which includes a sales load of more than 1 ½% percent. An investment company that issues shares to a Fund
pursuant to paragraph 12(d)(1)(F) shall not be required to redeem its shares in an amount exceeding 1% of such investment company’s
total outstanding shares in any period of less than thirty days. A Fund (or the Adviser acting on behalf of that Fund) must comply
with the following voting restrictions: when a Fund exercises voting rights, by proxy or otherwise, with respect to investment
companies owned by that Fund, that Fund will either seek instruction from that Fund's shareholders with regard to the voting of
all proxies and vote in accordance with such instructions, or vote the shares held by that Fund in the same proportion as the vote
of all other holders of such security. Because other investment companies employ an investment adviser, such investments by that
Fund may cause shareholders to bear duplicate fees.

In addition, each
Fund is subject to the 3% Limitation unless (i) the ETF or that Fund has received an order for exemptive relief from the 3% limitation
from the SEC that is applicable to that Fund; and (ii) the ETF and that Fund take appropriate steps to comply with any conditions
in such order. In the alternative, a Fund may rely on Rule 12d1-3, which allows unaffiliated mutual funds to exceed the 5% Limitation
and the 10% Limitation, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both
the acquiring fund and the acquired funds) does not exceed the limits on sales loads established by the FINRA for funds of funds.

Mortgage-Backed Securities

Each Fund and in
most instances an Underlying Fund may invest in mortgage-backed securities. Mortgage-backed securities represent participation
interests in pools of one-to-four family residential mortgage loans originated by private mortgage originators. Traditionally,
residential mortgage-backed securities have been issued by governmental agencies such as the Government National Mortgage Association
(“Ginnie Mae”), Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation
(“Freddie Mac”). Each does not intend to invest in commercial mortgage-backed securities. Non-governmental entities
that have issued or sponsored residential mortgage-backed securities offerings include savings and loan associations, mortgage
banks, insurance companies, investment banks and special purpose subsidiaries of the foregoing.

While residential
loans do not typically have prepayment penalties or restrictions, they are often structured so that subordinated classes may be
locked out of prepayments for a period of time. However, in a period of extremely rapid prepayments, during which senior classes
may be retired faster than expected, the subordinated classes may receive unscheduled payments of principal and would have average
lives that, while longer than the average lives of the senior classes, would be shorter than originally expected. The types of
residential mortgage-backed securities in which each Fund or an Underlying Fund may invest may include the following:

Guaranteed Mortgage
Pass-Through Securities
. Each Fund or an Underlying Fund may invest in mortgage pass-through securities representing participation
interests in pools of residential mortgage loans originated by the U.S. government and guaranteed, to the extent provided in such
securities, by the U.S. government or one of its agencies or instrumentalities. Such securities, which are ownership interests
in the underlying mortgage loans, differ from conventional debt securities, which provide for periodic payment of interest in fixed
amounts (usually semi-annually) and principal payments at maturity or on specified call dates. Mortgage pass-through securities
provide for monthly payments that are a “pass-through” of the monthly interest and principal payments (including any
prepayments) made by the individual borrowers on the pooled mortgage loans, net of any fees paid to the guarantor of such securities
and the servicer of the underlying mortgage loans. The guaranteed mortgage pass-through securities in which a Fund or an Underlying
Fund may invest are those issued or guaranteed by Ginnie Mae, Fannie Mae and Freddie Mac.

Private Mortgage
Pass-Through Securities
. Private mortgage pass-through securities (“Private Pass-Throughs”) are structured similarly
to the Ginnie Mae, Fannie Mae and Freddie Mac mortgage pass-through securities described above and are issued by originators of
and investors in mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and
special purpose subsidiaries of the foregoing. Private Pass-Throughs are usually backed by a pool of conventional fixed rate or
adjustable rate mortgage loans.

Nuo
Private Pass-Throughs typically are not guaranteed by an entity having the credit status of Ginnie Mae, Fannie Mae or Freddie Mac,
such securities generally are structured with one or more types of credit enhancement.
On September 7, 2008, the U.S. Treasury
Department and the Federal Housing Finance Authority (the “FHFA”) announced that Fannie Mae and Freddie Mac had been
placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the
entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending
facility and a Secured Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability
to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing
business operations of Fannie Mae or Freddie Mac.

Collateralized
Mortgage Obligations
. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities. Typically,
CMOs are collateralized by Ginnie Mae, Fannie Mae or Freddie Mac Certificates, but also may be collateralized by whole loans or
Private Pass-Throughs (such collateral collectively hereinafter referred to as “Mortgage Assets”).

Multi-class pass-through
securities are equity interests in a pool of Mortgage Assets. Unless the context indicates otherwise, all references herein to
CMOs include multi-class pass-through securities. Payments of principal of and interest on the Mortgage Assets, and any reinvestment
income thereon, provide a Fund or an Underlying Fund to pay debt service on the CMOs or make scheduled distributions on the multi-class
pass-through securities. CMOs may be sponsored by agencies or instrumentalities of the U.S. government, or by private originators
of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks
and special purpose subsidiaries of the foregoing. Under current law, every newly created CMO issuer must elect to be treated for
federal income tax purposes as a Real Estate Mortgage Investment Conduit (a “REMIC”).

In a CMO, a series
of bonds or certificates is issued in multiple classes. Each class of CMOs, often referred to as a “tranche,” is issued
at a specific fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on the
Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates.
Interest is paid or accrues on all classes of the CMOs on a monthly, quarterly or semi-annual basis. The principal of and interest
on the Mortgage Assets may be allocated among the several classes of a series of a CMO in innumerable ways. In one structure, payments
of principal, including any principal prepayments, on the Mortgage Assets are applied to the classes of a CMO in the order of their
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stated maturities or final distribution
dates, so that no payment of principal will be made on any class of CMOs until all other classes having an earlier stated maturity
or final distribution date have been paid in full.

Each Fund or an Underlying
Fund may also invest in, among others, parallel pay CMOs and Planned Amortization Class CMOs (PAC Bonds). Parallel pay CMOs are
structured to provide payments of principal on each payment date to more than one class. These simultaneous payments are taken
into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO structures,
must be retired by its payments of a specified amount of principal on each payment date.

Ginnie Mae Certificates.
Ginnie Mae is a wholly-owned corporate instrumentality of the U.S. government within the Department of Housing and Urban Development.
The National Housing Act of 1934, as amended (the “Housing Act”), authorizes Ginnie Mae to guarantee the timely payment
of the principal of and interest on certificates that are based on and backed by a pool of mortgage loans insured by the Federal
Housing Administration under the Housing Act, or Title V of the Housing Act of 1949 (“FHA Loans”), or guaranteed by
the Veterans’ Administration under the Servicemen’s Readjustment Act of 1944, as amended (“VA Loans”),
or by pools of other eligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. government is
pledged to the payment of all amounts that may be required to be paid under any guarantee.

The Ginnie Mae Certificates
will represent a pro rata interest in one or more pools of the following types of mortgage loans: (i) fixed rate level payment
mortgage loans; (ii) fixed rate graduated payment mortgage loans; (iii) fixed rate growing equity mortgage loans; (iv) fixed rate
mortgage loans secured by manufactured (mobile) homes; (v) mortgage loans on multifamily residential properties under construction;
(vi) mortgage loans on completed multifamily projects; (vii) fixed rate mortgage loans as to which escrowed funds are used to reduce
the borrower’s monthly payments during the early years of the mortgage loans (“buydown” mortgage loans); (viii)
mortgage loans that provide for adjustments in payments based on periodic changes in interest rates or in other payment terms of
the mortgage loans; and (ix) mortgage-backed serial notes. All of these mortgage loans will be FHA Loans or VA Loans and, except
as otherwise specified above, will be fully-amortizing loans secured by first liens on one-to-four family housing units.

Fannie Mae Certificates.
Fannie Mae is a federally chartered and privately owned corporation organized and existing under the Federal National Mortgage
Association Charter Act. Fannie Mae was originally established in 1938 as a U.S. government agency to provide supplemental liquidity
to the mortgage market and was transformed into a stockholder owned and privately managed corporation by legislation enacted in
1968. Fannie Mae provides funds to the mortgage market primarily by purchasing home mortgage loans from local lenders, thereby
replenishing their funds for additional lending. Fannie Mae acquires funds to purchase home mortgage loans from many capital market
investors that may not ordinarily invest in mortgage loans directly, thereby expanding the total amount of funds available for
housing.

Each Fannie Mae Certificate
entitles the registered holder thereof to receive amounts representing such holder’s pro rata interest in scheduled principal
payments and interest payments (at such Fannie Mae Certificate’s pass-through rate, which is net of any servicing and guarantee
fees on the underlying mortgage loans), and any principal prepayments on the mortgage loans in the pool represented by such Fannie
Mae Certificate and such holder’s proportionate interest in the full principal amount of any foreclosed or otherwise finally
liquidated mortgage loan. The full and timely payment of principal of and interest on each Fannie Mae Certificate will be guaranteed
by Fannie Mae, which guarantee is not backed by the full faith and credit of the U.S. government. In order to meet its obligations
under such guarantee, Ginnie Mae is authorized to borrow from the U.S. Treasury with no limitations as to amount.

Each Fannie Mae Certificate
will represent a pro rata interest in one or more pools of FHA Loans, VA Loans or conventional mortgage loans (i.e., mortgage loans
that are not insured or guaranteed by any governmental agency) of the following types: (i) fixed rate level payment mortgage loans;
(ii) fixed rate growing equity mortgage loans; (iii) fixed rate graduated payment mortgage loans; (iv) variable rate California
mortgage loans; (v) other adjustable rate mortgage loans; and (vi) fixed rate mortgage loans secured by multifamily projects.

Freddie Mac Certificates.
Freddie Mac is a corporate instrumentality of the U.S. government created pursuant to the Emergency Home Finance Act of 1970, as
amended (the “FHLMC Act”). Freddie Mac was established primarily for the purpose of increasing the availability of
mortgage credit for the financing of needed housing. The principal activity of Freddie Mac currently consists of the purchase of
first lien, conventional, residential mortgage loans and participation interests in such mortgage loans and the resale of the mortgage
loans so purchased in the form of mortgage securities, primarily Freddie Mac Certificates.

Freddie Mac guarantees
to each registered holder of a Freddie Mac Certificate the timely payment of interest at the rate provided for by such Freddie
Mac Certificate, whether or not received. Freddie Mac also guarantees to each registered holder of a Freddie Mac Certificate ultimate
collection of all principal of the related mortgage loans, without any offset or deduction, but does not generally guarantee the
timely payment of scheduled principal. Freddie Mac may remit the amount due on account of its guarantee of collection of principal
at any time after default on an underlying mortgage loan, but not later than 30 days following (i) foreclosure sale, (ii) payment
of a claim by any mortgage insurer, or (iii) the expiration of any right of redemption, whichever occurs later, but in any event
no later than one year after demand has been made upon the mortgagor for acceleration of payment of principal. The obligations
of Freddie Mac under its guarantee are obligations solely of Freddie Mac and are not backed by the full faith and credit of the
U.S. government.

Freddie Mac Certificates
represent a pro rata interest in a group of mortgage loans (a “Freddie Mac Certificate group”) purchased by Freddie
Mac. The mortgage loans underlying the Freddie Mac Certificates will consist of fixed rate or adjustable rate mortgage loans with
original terms to maturity of between ten and thirty years, substantially all of which are secured by first liens on one-to-four
family residential properties or multifamily projects. Each mortgage loan must meet the applicable standards set forth in the FHLMC
Act. A Freddie Mac Certificate group may include whole loans, participation interests in whole loans and undivided interests in
whole loans and participations comprising another Freddie Mac Certificate group.

Federal Home Loan
Bank Securities.
The Federal Home Loan Bank system (“FHLB”) was created in 1932 pursuant to the Federal Home Loan
Bank Act. The FHLB was created to support residential mortgage lending and community investment. The FHLB consists of 12 member
banks which are owned by over 8,000 member community financial institutions. The FHLB provides liquidity for housing finance and
community development by making direct loans to these community financial institutions, and through two FHLB mortgage programs,
which help expand home ownership by giving lenders an alternative option for mortgage funding. Each member financial institution
(typically a bank or savings and loan) is a shareholder in one or more of 12 regional FHLB banks, which are privately capitalized,
separate corporate entities. Federal oversight, in conjunction with normal bank regulation and shareholder vigilance, assures that
the 12 regional Banks will remain conservatively managed and well capitalized. The FHLB banks are among the largest providers of
mortgage credit in the U.S.

The FHLB is also
one of the world’s largest private issuers of fixed-income debt securities, and the Office of Finance serves as the FHLB’s
central debt issuance facility. Debt is issued in the global capital markets and a Fund or an Underlying Fund is channeled to member
financial institutions to fund mortgages, community development, and affordable housing.

Securities issued
by the FHLB are not obligations of the U.S. government and are not guaranteed by the U. S. government.  The FHLB may issue
either bonds or discount notes. The securities, issued pursuant to the Act, are joint and several unsecured general obligations
of the FHLB banks. The bonds or discount notes will not limit other indebtedness that the FHLB banks may incur and they will not
contain any financial or similar restrictions on the FHLB banks or any restrictions on their ability to secure other indebtedness.
Under the Federal Home Loan Bank Act, the FHLB banks may incur other indebtedness such as secured joint and several obligations
of the FHLB banks and unsecured joint and several obligations of the FHL Banks, as well as obligations of individual FHLB banks
(although current Federal Housing Finance Board rules prohibit their issuance).

Municipal Securities

Each Fund and in
most instances an Underlying may invest in securities issued by states, municipalities and other political subdivisions, agencies,
authorities and instrumentalities of states and multi-state agencies or authorities. Although the interest earned on many municipal
securities is exempt from federal income tax, each Fund may invest in taxable municipal securities.

Municipal securities
share the attributes of a debt/fixed income securities in general, but are generally issued by states, municipalities and other
political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies or authorities. The municipal
securities which a Fund or an Underlying Fund may purchase include general obligation bonds and limited obligation bonds (or revenue
bonds), including industrial development bonds issued pursuant to former federal tax law. General obligation bonds are obligations
involving the credit of an issuer possessing taxing power and are payable from such issuer's general revenues and not from any
particular source. Limited obligation bonds are payable only from the revenues derived from a particular facility or class of

facilities or, in some cases, from the
proceeds of a special excise or other specific revenue source. Tax-exempt private activity bonds and industrial development bonds
generally are also revenue bonds and thus are not payable from the issuer's general revenues. The credit and quality of private
activity bonds and industrial development bonds are usually related to the credit of the corporate user of the facilities. Payment
of interest on and repayment of principal of such bonds is the responsibility of the corporate user (and/or any guarantor).

Under the Code, certain
limited obligation bonds are considered “private activity bonds” and interest paid on such bonds is treated as an item
of tax preference for purposes of calculating federal alternative minimum tax liability.

Obligations of Supranational Entities
(Underlying Funds Only)

Each Fund may invest
in an Underlying Fund that invests in obligations of supranational entities designated or supported by governmental entities to
promote economic reconstruction or development and of international banking institutions and related government agencies. Examples
include the International Bank for Reconstruction and Development (the "World Bank"), the European Coal and Steel Community,
the Asian Development Bank and the Inter-American Development Bank. Each supranational entity's lending activities are limited
to a percentage of its total capital (including "callable capital" contributed by its governmental members at the entity's
call), reserves and net income. There is no assurance that participating governments will be able or willing to honor their commitments
to make capital contributions to a supranational entity.

Options

Each Fund and in
most instances an Underlying Fund may utilize call and put options to attempt to protect against possible changes in the market
value of securities held in or to be purchased for that Fund’s or an Underlying Fund's portfolio and to generate income or
gain for that Fund or an Underlying Fund. The ability of a Fund or an Underlying Fund to successfully utilize options will depend
on the Adviser’s ability, or the ability of the Underlying fund’s investment adviser, to predict pertinent market movements,
which cannot be assured. A Fund or an Underlying Fund will comply with applicable regulatory requirements when implementing these
techniques and instruments.

Each Fund or an Underlying
Fund may write (sell) covered call options and covered put options and purchase call and put options. The purpose of engaging in
options transactions is to reduce the effect of price fluctuations of the securities owned by that Fund or an Underlying Fund (and
involved in the options) on that Fund’s or an Underlying Fund's net asset value per share and to generate additional revenues.

A covered call option
is an option sold on a security owned by the seller of the option in exchange for a premium. A call option gives the purchaser
of the option the right to buy the underlying securities at the exercise price during the option period. If the option is exercised
by the purchaser during the option period, the seller is required to deliver the underlying security against payment of the exercise
price. The seller's obligation terminates upon expiration of the option period or when the seller executes a closing purchase transaction
with respect to such option. Call options on securities which a Fund or an Underlying Fund writes (sells) will be covered or secured,
which means that that Fund or an Underlying Fund will own the underlying security or, to the extent it does not hold such a security,
will maintain a segregated account with that Fund or an Underlying Fund’s custodian consisting of liquid debt obligations
equal to the market value of the option, marked to market daily. When a Fund or an Underlying Fund writes a covered call option,
it profits from the premium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying
security above the exercise price. At the same time, the seller retains the risk of loss from a decline in the value of the underlying
security during the option period. Although the seller may terminate its obligation by executing a closing purchase transaction,
the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the seller.
If such an option expires unexercised, the seller realizes a gain equal to the premium received. Such a gain may be offset or exceeded
by a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise price,
the premium received and the market value of the underlying security determine the gain or loss realized by the seller.

When a Fund or an
Underlying Fund sells a covered put option, it has the obligation to buy, and the purchaser of the put the right to sell, the underlying
security at the exercise price during the option period. To cover a put option, a Fund or an Underlying Fund deposits U. S. government
securities (or other high-grade debt obligations) in a segregated account at its custodian. The value of the deposited securities
is equal to or greater than the exercise price of the underlying security. The value of the deposited securities is marked to market
daily and, if necessary, additional assets are placed in the segregated account to maintain a value equal to or greater than the
exercise price.

A Fund or an Underlying Fund maintains
the segregated account so long as it is obligated as the seller. The obligation of a Fund or an Underlying Fund is terminated when
the purchaser exercises the put option, when the option expires or when a closing purchase transaction is effected by that Fund
or an Underlying Fund. A Fund’s or an Underlying Fund's gain on the sale of a put option is limited to the premium received
plus interest earned on its segregated account. A Fund’s or an Underlying Fund's potential loss on a put option is determined
by taking into consideration the exercise price of the option, the market price of the underlying security when the put is exercised,
the premium received and the interest earned on its segregated account. Although a Fund or an Underlying Fund risks a substantial
loss if the price of the security on which it has sold a put option drops suddenly, it can protect itself against serious loss
by entering into a closing purchase transaction. The degree of loss will depend upon a Fund’s or an Underlying Fund's ability
to detect the movement in the security's price and to execute a closing transaction at the appropriate time.

A fund will write
options on such portion of its portfolio as management determines is appropriate in seeking to attain that fund’s objective.
A fund will write options when management believes that a liquid secondary market will exist on a national securities exchange
for options of the same series so that that fund can effect a closing purchase transaction if it desires to close out its position.
Consistent with the investment policies of each fund, a closing purchase transaction will ordinarily be effected to realize a profit
on an outstanding option, to prevent an underlying security from being called or to permit the sale of the underlying security.
Effecting a closing purchase transaction will permit a fund to write another option on the underlying security with either a different
exercise price or expiration date or both.

Each Fund or an Underlying
Fund may purchase put options to protect against declines in the market value of portfolio securities or to attempt to retain unrealized
gains in the value of portfolio securities. Put options might also be purchased to facilitate the sale of portfolio securities.
A Fund or an Underlying Fund may purchase call options as a temporary substitute for the purchase of individual securities, which
then could be purchased in orderly fashion. Upon the purchase of the securities, a Fund or an Underlying Fund would normally terminate
the call position. The purchase of both put and call options involves the risk of loss of all or part of the premium paid. If the
price of the underlying security does not rise (in the case of a call) or drop (in the case of a put) by an amount at least equal
to the premium paid for the option contract, a Fund or an Underlying Fund will experience a loss on the option contract equal to
the deficiency.

Preferred Stock

Preferred stocks
are securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends but
payment is not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in
a high dividend yield or yield to maturity. The risks of preferred stocks are a lack of voting rights and the Adviser may incorrectly
analyze the security, resulting in a loss to a Fund or an Underlying Fund. Furthermore, preferred stock dividends are not guaranteed
and management can elect to forego the preferred dividend, resulting in a loss to that Fund or an Underlying Fund.

Real Estate Investment Trusts ("REITs")

Each Fund and in
most instances an Underlying Fund may invest in equity interests or debt obligations issued by REITs. REITs are pooled investment
vehicles which invest primarily in income producing real estate or real estate related loans or interest. REITs are generally classified
as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets
directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains
by selling property that has appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages
and derive income from the collection of interest payments. Similar to investment companies, REITs are not taxed on income distributed
to shareholders provided they comply with several requirements of the Code. A Fund or an Underlying Fund will indirectly bear its
proportionate share of expenses incurred by REITs in which that Fund or an Underlying Fund invests in addition to the expenses
incurred directly by that Fund or an Underlying Fund.

Investing in REITs
involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity
REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected
by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, are subject to heavy cash
flow dependency, default by borrowers and self-

liquidation. REITs are also subject
to the possibilities of failing to qualify for tax free pass-through of income under the Code and failing to maintain their exemption
from registration under the 1940 Act.

REITs (especially
mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in
fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in
fixed rate obligations can be expected to decline. In contrast, as interest rates on adjustable rate mortgage loans are reset periodically,
yields on a REIT’s investment in such loans will gradually align themselves to fluctuate less dramatically in response to
interest rate fluctuations than would investments in fixed rate obligations.

Investment in REITs
involves risks similar to those associated with investing in small capitalization companies. These risks include:

· limited financial resources;
· infrequent or limited trading; et
· more abrupt or erratic price movements
than larger company securities.

In addition, small
capitalization stocks, such as REITs, historically have been more volatile in price than the larger capitalization stocks included
in the S&P 500 Index.

Repurchase Agreements

Each Fund may invest
up to 25% of that Fund's net assets in fully collateralized repurchase agreements. A repurchase agreement is a short term investment
in which the purchaser (i.e., a Fund) acquires ownership of a security and the seller agrees to repurchase the obligation at a
future time at a set price, thereby determining the yield during the purchaser’s holding period (usually not more than 7
days from the date of purchase). Any repurchase transaction in which a Fund engages will require full collateralization of the
seller’s obligation during the entire term of the repurchase agreement. In the event of a bankruptcy or other default of
the seller, a Fund could experience both delays in liquidating the underlying security and losses in value. However, each Fund
intends to enter into repurchase agreements only with its custodian, other banks with assets of $1 billion or more and registered
securities dealers determined by the Adviser to be creditworthy. The Adviser monitors the creditworthiness of the banks and securities
dealers with which a Fund engages in repurchase transactions. A Fund may not enter into a repurchase agreement with a term of more
than seven days if, as a result, more than 15% of the value of its net assets would then be invested in such repurchase agreements
and other illiquid investments.

Reverse Repurchase Transactions

Each Fund and in
most instances an Underlying Fund may enter into reverse repurchase transactions. In a reverse repurchase transaction, a Fund or
an Underlying Fund concurrently agrees to sell portfolio securities to financial institutions such as banks and broker-dealers,
and to repurchase the same securities at a later date at a mutually agreed upon price. The repurchase price generally is equal
to the original sales price plus interest. A Fund or an Underlying Fund retains record ownership of the securities and the right
to receive interest and principal payments. A Fund or an Underlying Fund may enter into a reverse repurchase transaction in order
to obtain funds to pursue additional investment opportunities with a return in excess of the cost of the reverse repurchase transaction.
Such transactions may increase fluctuations in the market value of a Fund’s or an Underlying Fund's assets and may be viewed
as a form of leverage. Reverse purchase transactions also involve the risk that the market value of the securities sold by a Fund
or an Underlying Fund may decline below the price at which that Fund or an Underlying Fund is obligated to repurchase the securities.
In the event of bankruptcy or other default by the purchaser, a Fund or an Underlying Fund could experience both delays in repurchasing
the portfolio securities and losses. A Fund will enter into reverse purchase transactions only with parties whose creditworthiness
has been reviewed and found satisfactory by the Adviser.

Reverse purchase transactions
are considered by the SEC to be borrowings by a Fund or an Underlying Fund under the 1940 Act. At the time a Fund or an Underlying
Fund enters into a reverse purchase transaction, it will direct its custodian to place in a segregated account assets (such as
cash or liquid securities consistent with that Fund’s or an Underlying Fund's investment restrictions) having a value equal
to the repurchase price (including accrued interest). A Fund or an Underlying Fund will monitor the account to ensure that the
market value of the account equals the amount of that Fund’s or an Underlying Fund's commitments to repurchase securities.

Rights

Rights are usually
granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued to
the public. The right entitles its holder to buy common stock at a specified price. Rights have similar features to warrants, except
that the life of a right is typically much shorter, usually a few weeks. The Adviser believes rights may become underpriced if
they are sold without regard to value and if analysts do not include them in their research. The risk in investing in rights is
that the Adviser might miscalculate their value resulting in a loss to a Fund. Another risk is the underlying common stock may
not reach the Adviser's anticipated price within the life of the right.

Securities Lending

For the purpose of
achieving income, a Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral consisting
of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit,
bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current
market value of the securities loaned, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3)
the Fund will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities
loaned will not at any time exceed one-third of the total assets of the Fund.

Sovereign Obligations

Each Fund and in
most instances an Underlying Fund may invest in sovereign debt obligations. Investment in sovereign debt obligations involves special
risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control
the repayment of the debt may be unable or unwilling to repay principal or interest when due, and a Fund or an Underlying Fund
may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt,
and a Fund’s or an Underlying Fund's net asset value, may be more volatile than prices of U.S. debt obligations. In the past,
certain emerging markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and
interest and declared moratoria on the payment of principal and interest on their sovereign debts.

A sovereign debtor's
willingness or ability to repay principal and pay interest in a timely manner may be affected by, among other factors, its cash
flow situation, the extent of its foreign currency reserves, the availability of sufficient foreign exchange, the relative size
of the debt service burden, the sovereign debtor's policy toward principal international lenders and local political constraints.
Sovereign debtors may also be dependent on expected disbursements from foreign governments, multilateral agencies and other entities
to reduce principal and interest arrearages on their debt. The failure of a sovereign debtor to implement economic reforms, achieve
specified levels of economic performance or repay principal or interest when due may result in the cancellation of third-party
commitments to lend funds to the sovereign debtor, which may further impair such debtor's ability or willingness to service its
debts.

STRIPS

The Federal Reserve
creates STRIPS (Separate Trading of Registered Interest and Principal of Securities) by separating the coupon payments and the
principal payment from an outstanding Treasury security and selling them as individual securities. To the extent a Fund or an Underlying
Fund purchases the principal portion of the STRIP, that Fund or an Underlying Fund will not receive regular interest payments.
Instead they are sold at a deep discount from their face value. A Fund or an Underlying Fund will accrue income on such STRIPS
for tax and accounting purposes, in accordance with applicable law, which income is distributable to shareholders. Because no cash
is received at the time such income is accrued, a Fund or an Underlying Fund may be required to liquidate other Fund or an Underlying
Fund securities to satisfy its distribution obligations. Because the principal portion of the STRIP does not pay current income,
its price can be very volatile when interest rates change. In calculating its dividend, a Fund or an Underlying Fund takes into
account as income a portion of the difference between the principal portion of the STRIP’s purchase price and its face value.

Time Deposits and
Variable Rate Notes

Each Fund and in
most instances an Underlying Fund may invest in fixed time deposits, whether or not subject to withdrawal penalties.

The commercial paper
obligations that a Fund or an Underlying Fund may buy are unsecured and may include variable rate notes. The nature and terms of
a variable rate note (i.e., a “Master Note”) permit a Fund or an Underlying Fund to invest fluctuating amounts at varying
rates of interest pursuant to a direct arrangement between that Fund or an Underlying Fund as Lender, and the issuer, as borrower.
It permits daily changes in the amounts borrowed. Each Fund or an Underlying Fund has the right at any time to increase, up to
the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any
time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters
of credit. Because these notes are direct lending arrangements between a Fund or an Underlying Fund and the issuer, it is not generally
contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided
in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection
with such purchase and on an ongoing basis, the Adviser will consider the earning power, cash flow and other liquidity ratios of
the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made
demand simultaneously. Variable rate notes are subject to a Fund’s or an Underlying Fund's investment restriction on illiquid
securities unless such notes can be put back to the issuer on demand within seven days.

U.S. Government Securities

Each Fund or an Underlying
Fund may invest in U.S. government securities. These securities may be backed by the credit of the government as a whole or only
by the issuing agency. U.S. Treasury bonds, notes, and bills and some agency securities, such as those issued by the Federal Housing
Administration and Ginnie Mae, are backed by the full faith and credit of the U.S. government as to payment of principal and interest
and are the highest quality government securities. Other securities issued by U.S. government agencies or instrumentalities, such
as securities issued by the FHLB and the Freddie Mac, are supported only by the credit of the agency that issued them, and not
by the U.S. government. Securities issued by the Federal Farm Credit System, the Federal Land Banks, and the Fannie Mae are supported
by the agency’s right to borrow money from the U.S. Treasury under certain circumstances, but are not backed by the full
faith and credit of the U.S. government.

A Fund’s or
an Underlying Fund's investments in U.S. Government securities may include agency step-up obligations. These obligations are structured
with a coupon rate that "steps-up" periodically over the life of the obligation. Step-up obligations typically contain
a call option, permitting the issuer to buy back the obligation upon exercise of the option. Step-up obligations are designed for
investors who are unwilling to invest in a long-term security in a low interest rate environment. Step-up obligations are used
in an attempt to reduce the risk of a price decline should interest rates rise significantly at any time during the life of the
obligation. However, step-up obligations also carry the risk that market interest rates may be significantly below the new, stepped-up
coupon rate. If this occurs, the issuer of the obligation likely will exercise the call option, leaving investors with cash to
reinvest. As a result, these obligations may expose a Fund or an Underlying Fund to the risk that proceeds from a called security
may be reinvested in another security paying a lower rate of interest.

Warrants

Warrants are securities
that are usually issued with a bond or preferred stock but may trade separately in the market. A warrant allows its holder to purchase
a specified amount of common stock at a specified price for a specified time. The risk in investing in warrants is the Adviser
might miscalculate their value, resulting in a loss to a Fund. Another risk is the warrants will not realize their value because
the underlying common stock does reach the Adviser's anticipated price within the life of the warrant.

When-Issued, Forward Commitments and
Delayed Settlements

Each Fund or an Underlying
Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. In this event, the Fund’s
or an Underlying Funds' custodian will segregate liquid assets equal to the amount of the commitment in a separate account. Normally,
the custodian will set aside portfolio securities to satisfy a purchase commitment. In such a case, a Fund or an Underlying Fund
subsequently may be

required to segregate additional assets
in order to assure that the value of the account remains equal to the amount of that Fund’s or an Underlying Fund's commitment.
It may be expected that a Fund’s or an Underlying Fund's net assets will fluctuate to a greater degree when it sets aside
portfolio securities to cover such purchase commitments than when it sets aside cash.

The Funds do not
intend to engage in these transactions for speculative purposes but only in furtherance of their investment objectives. Because
each Fund will segregate liquid assets to satisfy its purchase commitments in the manner described, each Fund's liquidity and the
ability of the Adviser to manage them may be affected in the event a Fund's forward commitments, commitments to purchase when-issued
securities and delayed settlements ever exceeded 15% of the value of its net assets.

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

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

INVESTMENT RESTRICTIONS

The Funds have adopted the
following investment restrictions that may not be changed without approval by a "majority of the outstanding shares"
of each Fund which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of that Fund represented
at a meeting, if the holders of more than 50% of the outstanding shares of that Fund are present or represented by proxy, or (b)
more than 50% of the outstanding shares of that Fund.

1. Borrowing Money.
The Funds will not borrow money, except: (a) from a bank, provided that immediately after such borrowing there is an asset coverage
of 300% for all borrowings of the Funds; or (b) from a bank or other persons for temporary purposes only, provided that such temporary
borrowings are in an amount not exceeding 5% of the Funds’ total assets at the time when the borrowing is made.

2. Senior Securities.
The Funds will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance
or sale of a senior security by the Funds, provided that the Funds’ engagement in such activities is consistent with or permitted
by the 1940 Act, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

3. Underwriting.
The Funds will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that,
in connection with the disposition of portfolio securities (including restricted securities), the Funds may be deemed an underwriter
under certain federal securities laws.

4. Real Estate.
Funds will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are
secured by or represent interests in real estate. This limitation does not preclude the Funds from investing in mortgage-related
securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in
real estate (including real estate investment trusts).

5. Commodities.
Funds will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation
does not preclude the Funds from purchasing or selling options or futures contracts, from investing in securities or other instruments
backed by commodities or from investing in companies, which are engaged in a commodities business or have a significant portion
of their assets in commodities.

6. Loans. The Funds
will not make loans to other persons, except: (a) by loaning portfolio securities; (b) by engaging in repurchase agreements; ou
(c) by purchasing nonpublicly offered debt securities. For purposes of this

limitation, the term "loans" shall
not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

7. Concentration.
The Funds will not invest 25% or more of its total assets in a particular industry or group of industries. The Funds will not invest
25% or more of its total assets in any investment company that concentrates. This limitation is not applicable to investments in
obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect
thereto.

8. Diversification.
The Funds will invest in the securities of any issuer only if, immediately after such investment, at least 75% of the value of
the total assets of the Funds will be invested in cash and cash items (including receivables), Government securities, securities
of other investment companies, and other securities for the purposes of this calculation limited in respect of any one issuer to
an amount (determined immediately after the latest acquisition of securities of the issuer) not greater in value than 5% of the
value of the total assets of the Funds and to not more than 10% of the outstanding voting securities of such issuer.

THE FOLLOWING ARE ADDITIONAL INVESTMENT LIMITATIONS
OF THE FUNDS. THE FOLLOWING RESTRICTIONS ARE DESIGNATED AS NON-FUNDAMENTAL AND MAY BE CHANGED BY THE BOARD OF TRUSTEES OF THE TRUST
WITHOUT THE APPROVAL OF SHAREHOLDERS.

1. Pledging.
Funds will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets of the Funds except
as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits, security interests, liens
and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted
investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

2. Borrowing.
Funds will not purchase any security while borrowings representing more than one third of its total assets are outstanding.

3. Margin Purchases.
The Funds will not purchase securities or evidences of interest thereon on "margin." This limitation is not applicable
to short-term credit obtained by the Funds for the clearance of purchases and sales or redemption of securities, or to arrangements
with respect to transactions involving options, or futures contracts, short sales and other permitted investment techniques.

4. Illiquid Investments.
No Fund will invest more than 15% or more of its net assets in securities for which there are legal or contractual restrictions
on resale and other illiquid securities.

5. 80% Investment Policy.

RiskPro®
PFG Equity 30+ Fund
has adopted a policy to invest at least 80% of its assets (defined as net assets plus the amount of any
borrowing for investment purposes) in equity securities.

6. 25% Investment Policy.
The RiskPro® PFG Balanced 20-30 Fund has adopted a policy to invest at least 25% of its assets (defined as net assets
plus the amount of any borrowing for investment purposes) in equity securities and at least 25% of its assets in fixed-income securities.

7. 40%/30% Investment
La politique
. The RiskPro® PFG Global 30+ Fund has adopted a policy to invest at least 40% (or 30% if conditions are
not favorable) of the Fund's net assets plus any amounts of borrowing in securities of non-U.S. issuers.

Shareholders of the Fund
will be provided with at least 60 days’ prior notice of any change in a Fund’s policy.

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

POLICIES AND PROCEDURES FOR
DISCLOSURE OF PORTFOLIO HOLDINGS

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

It is the Trust’s
policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Trust shareholders; (2)
protect the confidentiality of portfolio holdings information; (3) have procedures in place to guard against personal trading based
on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between the
interests of the Trust’s shareholders and those of the Trust’s affiliates.

The Funds disclose their
portfolio holdings by mailing its annual and semi-annual reports to shareholders approximately two months after the end of the
fiscal year and semi-annual period. In addition, the Funds disclose their portfolio holdings reports on Forms N-CSR and Form N-Q
two months after the end of each quarter/semi-annual period.

The quarterly portfolio
holdings for each Fund will be posted on the Funds’ website, www.TPFG.com, within two weeks after the end of a quarter.
Funds may also choose to make portfolio holdings information available to rating agencies such as Lipper, Morningstar or Bloomberg
earlier and more frequently than quarterly on a confidential basis.

Under limited circumstances,
as described below, the Funds’ portfolio holdings may be disclosed to, or known by, certain third parties in advance of their
filing with the Securities and Exchange Commission on Form N-CSR or Form N-Q. In each case, a determination has been made that
such advance disclosure is supported by a legitimate business purpose and that the recipient is subject to a duty to keep the information
confidential and not to trade on any material non-public infomration.

· The Adviser. Personnel of the Adviser,
including personnel responsible for managing the Funds’ portfolios, may have full daily access to the Funds’ portfolio
holdings because that information is necessary in order for the Adviser to provide their management, administrative, and investment
services to the Funds. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability,
demand and liquidity of such securities, as well as for the assistance of portfolio managers in the trading of such securities,
Adviser personnel may also release and discuss certain portfolio holdings with various broker-dealers.
· Gemini Fund Services, LLC. Gemini
Fund Services, LLC is the transfer agent, fund accountant and administrator for the Funds; therefore, its personnel have full daily
access to the Funds’ portfolio holdings because that information is necessary in order for them to provide the agreed-upon
services for the Trust.
· The Bank of New York Mellon. Bank of New York Mellon is the custodian for the Funds; therefore, its personnel have full daily access to the Funds’ portfolio
holdings because that information is necessary in order for them to provide the agreed-upon services for the Trust.

· Cohen & Company, Ltd. Cohen
& Company, Ltd. is the Funds’ independent registered public accounting firm; therefore, its personnel have access to
the Funds’ portfolio holdings in connection with auditing of the Funds’ annual financial statements and providing assistance
and consultation in connection with SEC filings.
· Thompson Hine LLP. Thompson Hine
LLP is counsel to the Funds; therefore, its personnel have access to the Funds’ portfolio holdings in connection with the
review of the Funds’ annual and semi-annual shareholder reports and SEC filings.
· Counsel to the Independent Trustees.
Counsel to the Funds’ Independent Trustees and its personnel have access to the Funds’ portfolio holdings in connection
with review of the Funds’ annual and semi-annual shareholder reports and SEC filings.

Additions to List of Approved Recipients

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

Compliance With Portfolio Holdings Disclosure
Procedures

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

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

MANAGEMENT

The business of the Trust
is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust’s By-laws
(the "Governing Documents"), which have been filed with the Securities and Exchange Commission and are available upon
request. The Board consists of six (6) individuals, all of whom are not "interested persons" (as defined under the 1940
Act) of the Trust or any investment adviser to any series of the Trust ("Independent Trustees"). Pursuant to the Governing
Documents of the Trust, the Trustees shall elect officers including a President, a Secretary, a Treasurer, a Principal Executive
Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust
and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any
of the Trust’s purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall
not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless
disregard of his or her duties. Following is a list of the Trustees and executive officers of the Trust and their principal occupation
over the last five years. Unless otherwise noted, the address of each Trustee and Officer is 17645 Wright Street, Suite 200, Omaha,
Nebraska 68130.

Board Leadership Structure

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

Board Risk Oversight

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

Trustee Qualifications

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

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

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

Mark H. Taylor has over
two decades of academic and professional experience in the accounting and auditing areas, has Doctor of Philosophy, Master’s
and Bachelor’s degrees in Accounting, is a Certified Public Accountant and is a Director of the Lynn Pippenger School of
Accountancy at the Muma College of Business at the University of South Florida. He serves as a member of two other mutual fund
boards outside of the Fund Complex, has served a fellowship in the Office of the Chief Accountant at the headquarters of the United
States Securities Exchange Commission, served a three-year term on the AICPA Auditing Standards Board (2008-2011), and like the
other Board members, possesses a strong understanding of the regulatory framework under which investment companies must operate
based on his years of service to this Board and other mutual fund boards.

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

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

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

The following is a list
of the Trustees and executive officers of the Trust and each person’s principal occupation over the last five years. Unless
otherwise noted, the address of each Trustee and Officer is 17645 Wright Street, Suite 200, Omaha, Nebraska 68130.

Independent Trustees

Name, Address and Year of Birth Position/Term of Office* Principal Occupation During the Past Five Years Number of Portfolios in Fund Complex** Overseen by Trustee Other Directorships held by Trustee During the Past Five Years

Mark Garbin

Born in 1951

Trustee

Since 2013

Managing Principal, Coherent Capital Management LLC (since 2007).

13ème

Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Two Roads Shared Trust (since 2012); Forethought Variable Insurance Trust (since 2013); Northern Lights Variable Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 – 2017); and Altegris KKR Commitments Master Fund (since 2014); and OFI Carlyle Private Credit Fund (since March 2018)
Mark D. Gersten
Born in 1950

Trustee

Since 2013

Independent Consultant (since 2012). 13ème Northern Lights Fund Trust (for series not affiliated with the Funds since 2013); Northern Lights Variable Trust (since 2013); Two Roads Shared Trust (since 2012); Altegris KKR Commitments Master Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017); and Schroder Global Series Trust (2012 to 2017)

Anthony J. Hertl

Born in 1950

Trustee

Since 2005; Chairman of the Board since 2013

Retired, previously held several positions in a major Wall Street
        firm including Capital Markets Controller, Director of Global Taxation, and CFO of the Specialty Finance Group.

13ème Northern Lights Fund Trust (for series not affiliated with the Funds since 2005); Northern Lights Variable Trust (since 2006); Alternative Strategies Fund (since 2010); Satuit Capital Management Trust (2007-2019); previously, AdvisorOne Funds (2004-2013); and The World Funds Trust (2010-2013)

Gary W. Lanzen

Born in 1954

Trustee

Since 2005

Retired (since 2012).  Formerly, Founder, President, and Chief Investment Officer, Orizon Investment Counsel, Inc. (2000-2012). 13ème Northern Lights Fund Trust  (for series not affiliated with the Funds since 2005) Northern Lights Variable Trust (since 2006); AdvisorOne Funds (since 2003); Alternative Strategies Fund (since 2010); and previously, CLA Strategic Allocation Fund (2014-2015)

John V. Palancia

Born in 1954

Trustee

Since 2011

Retired (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011). 13ème Northern Lights Fund Trust (for series not affiliated with the Funds since 2011); Northern Lights Fund Trust III (since February 2012); Alternative Strategies Fund (since 2012) and Northern Lights Variable Trust (since 2011)

Mark H. Taylor

Born in 1964

Trustee

Since 2007; Chairman of the Audit Committee since 2013

Director, Lynn Pippenger School of Accountancy Muma College of Business (since 2019); Chair, Department of Accountancy and Andrew D. Braden Professor of Accounting and Auditing, Weatherhead School of Management, Case Western Reserve University (2009-2019); Vice President-Finance, American Accounting Association (2017-2020); President, Auditing Section of the American Accounting Association (2012-15). AICPA Auditing Standards Board Member (2009-2012). 13ème Northern Lights Fund Trust (for series not affiliated with the Funds since 2007); Alternative Strategies Fund (since 2010); Northern Lights Fund Trust III (since 2012); and Northern Lights Variable Trust (since 2007)


Officers

Name, Address and Year of Birth Position/Term of Office* Principal Occupation During the Past Five Years Number of Portfolios in Fund Complex** Overseen by Trustee Other Directorships held by Trustee During the Past Five Years
Kevin E. Wolf
80 Arkay Drive
Hauppauge, NY  11788
Born in 1969

President

Since June 2017

Vice President, The Ultimus Group, LLC and Executive Vice President,
        Gemini Fund Services, LLC (since 2019); President, Gemini Fund Services, LLC (2012-2019)

Treasurer of the Trust
(2006-June 2017); Director of Fund Administration, Gemini Fund Services, LLC (2006 – 2012); and Vice-President, Blu Giant, LLC,
        (2004 -2013).

Non applicable Non applicable

Richard Malinowski

80 Arkay Drive

Hauppauge, NY

11788

Born in 1983

Vice President

Since March 2018

Senior Vice President (since 2017);
        Vice President and Counsel (2016-2017) and Assistant V
ice President, Gemini Fund Services,
        LLC (2012-2016)

Non applicable Non applicable

James Colantino

80 Arkay Drive

Hauppauge, NY

11788

Born in 1969

Treasurer

Since June 2017

Assistant Treasurer of the Trust (2006-June 2017); Senior Vice President
        – Fund Administration, Gemini Fund Services, LLC (since 2012).

Non applicable Non applicable

Stephanie Shearer
80 Arkay Drive
Hauppauge, NY  11788
Born in 1979
Secretary
Since February 2017

Assistant Secretary of the Trust (2012-February 2017); Manager of
        Legal Administration, Gemini Fund Services, LLC (since 2018); Senior Paralegal, Gemini Fund Services, LLC (from 2013 – 2018); Paralegal,
        Gemini Fund Services, LLC (2010-2013).

Non applicable Non applicable

Lynn Bowley

Born in 1958

Chief Compliance Officer

Since 2017

Senior Compliance Officer of Northern Lights Compliance Services,
        LLC (since 2007).

Non applicable Non applicable

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

**As of June 30, 2019, the Trust was
comprised of 79 active portfolios managed by unaffiliated investment advisers. The term “Fund Complex” applies only
to the Funds in the Trust advised by the Fund’s adviser. The Funds do not hold themselves out as related to any other series
within the Trust that is not advised by the Fund’s adviser.

Board Committees

Audit Committee

The Board has an Audit Committee
that consists of all the Trustees who are not “interested persons” of the Trust within the meaning of the 1940 Act.
The Audit Committee’s responsibilities include: (i) recommending to the Board the selection, retention or termination of
the Trust’s independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost
of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust’s financial statements,
including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit;
(iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence,
discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity
and independence of the Trust’s independent auditors and recommending that the Board take appropriate action in response
thereto to satisfy itself of the auditor’s independence; and (v) considering the comments of the independent auditors and
management’s responses thereto with respect to the quality and adequacy of the Trust’s accounting and financial reporting
policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter and will meet
at least annually. During the past fiscal year, the Audit Committee held thirteen meetings.

Compensation

Effective January 1, 2019,
each Trustee who is not affiliated with the Trust or an investment adviser to any series of the Trust will receive a quarterly
fee of $46,250, allocated among each of the various portfolios comprising the Trust and Northern Lights Variable Trust (together,
the “Trusts”), a separate registrant that shares a common board with the Trust (the “Board”), for his attendance
at the regularly scheduled meetings of the Board, to be paid in advance of each calendar quarter, as well as reimbursement for
any reasonable expenses incurred. In addition to which, the Chairman of the Board receives a quarterly fee of $11,250 and the Audit
Committee Chairman receives a quarterly fee of $8,750.

Prior to January 1, 2019,
each Trustee who was not affiliated with the Trusts or an investment adviser to any series of the Trusts received a quarterly fee
of $43,750, allocated among each of the various portfolios comprising the Trusts. In addition to the quarterly fees and reimbursements,
the Chairman of the Board previously received a quarterly fee of $10,000 and the Audit Committee Chairman receives a quarterly
fee of $7,500.

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

The “interested persons”
who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive
compensation from the Trust.

The table below details
the amount of compensation the Trustees received from the Trust during the fiscal year ended April 30, 2019.  Each Independent
Trustee attended all quarterly meetings during the period.  The Trust does not have a bonus, profit sharing, pension or retirement
plan.



Name and Position
RiskPro® PFG Aggressive 30+ Fund RiskPro® PFG 30+ Fund RiskPro® 30+ Fund RiskPro® Aggressive 30+ Fund Pension or Retirement Benefits Accrued as Part of Fund Expenses Estimated Annual Benefits Upon Retirement Total Compensation From Fund Complex* Paid to Trustees
Anthony J. Hertl $2,201 $2,201 $2,201 $2,201 None None $8,804
Gary Lanzen $1,853 $1,853 $1,853 $1,853 None None $7,412
Mark Taylor $1,969 $1,969 $1,969 $1,969 None None $7,876
John V. Palancia $1,853 $1,853 $1,853 $1,853 None None $7,412
Mark D. Gersten $1,853 $1,853 $1,853 $1,853 None None $7,412
Mark Garbin $1,853 $1,853 $1,853 $1,853 None None $7,412



Name and Position
RiskPro® Dynamic 0-10 Fund RiskPro® Dynamic 15-25 Fund RiskPro® Dynamic 20-30 Fund RiskPro® PFG Balanced 20-30 Fund Pension or Retirement Benefits Accrued as Part of Fund Expenses Estimated Annual Benefits Upon Retirement Total Compensation From Fund Complex* Paid to Trustees
Anthony J. Hertl $2,201 $2,201 $2,201 $2,201 None None $8,804
Gary Lanzen $1,853 $1,853 $1,853 $1,853 None None $7,412
Mark Taylor $1,969 $1,969 $1,969 $1,969 None None $7,876
John V. Palancia $1,853 $1,853 $1,853 $1,853 None None $7,412
Mark D. Gersten $1,853