Shape 485APOS Northern Lighting Fund


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Securities Act Record No. 333-122917

ICA No. 811- 21720

 

As filed with the Securities and Alternate Fee
on September 23, 2022

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

  Pre-Efficient Modification No.   [    ]
       
  Submit-Efficient Modification No. 1404   [ X ]

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT
OF 1940

 

  Modification No. 1406   [ X ]

 

(Test Suitable Field or Containers)

Northern Lighting Fund Believe

(Precise Title of Registrant as Laid out in Constitution)

 

225 Pictoria Force, Suite 450

Cincinnati, OH 45246

Consideration:  Kevin Wolf

 (Cope with of Main Govt Places of work) (Zip Code)

 

(631)490-4300

 (Registrant’s Phone Quantity, Together with House Code)

 

The Company Believe Corporate

Company Believe Middle

251 Little Falls Force

Wilmington, DE 19808

(Title and Cope with of Agent for Carrier)

 

With a replica to:

   

JoAnn M. Strasser, Esq.

Thompson Hine LLP

41 South Top Side road, Suite 1700

Columbus, Ohio 43215

614-469-3265 (telephone)

513-241-4771 (fax)

Eric Kane

Ultimus Fund Answers, LLC

4221 North 203rd Side road, Suite 100

Elkhorn, Nebraska 68022-3474

(631) 470-2688

 

 Approximate Date of Proposed Public Providing: As Quickly
As Sensible, After Effectiveness of Registration Observation

 

It’s proposed that this submitting will develop into nice (take a look at suitable field):

()        instantly upon submitting pursuant
to paragraph (b).

( )        on (date)
pursuant to paragraph (b).

( )       60 days after
submitting pursuant to paragraph (a)(1).

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

(X)       75 days after submitting pursuant
to paragraph (a)(2).

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

 

If suitable, take a look at the next field:

( ) this post-effective modification designates a brand new nice date for a up to now
filed post-effective modification.

Name of Securities Being Registered: Stocks of Recommended
Pastime

 

 

 

 

SUBJECT
TO COMPLETION

 

____________, 2022

 

 

Altegris Crabel Multi-Technique
Fund

Elegance A (____) | Elegance I (____)

 

A SERIES OF NORTHERN LIGHTS FUND TRUST

 

 

 _____________________________________________________________________________________________________

 

Prospectus

Suggested by means of:

Altegris Advisors, LLC

1200 Prospect Side road, Suite 400 Los angeles Jolla, CA 92037

 

 

_____________________________________________________________________________________________________

 

 

This
Prospectus supplies vital details about the Fund that you just will have to know sooner than making an investment. Please learn it moderately and stay it for
long run reference.

 

The ideas
on this Prospectus isn’t entire and could also be modified. We would possibly not promote those securities till the registration remark filed with the
Securities and Alternate Fee is valuable. This Prospectus isn’t an be offering to promote those securities and isn’t soliciting an be offering
to shop for those securities in any state the place the be offering or sale isn’t accepted.

 

Those
securities have no longer been licensed or disapproved by means of the Securities and Alternate Fee or the Commodity Futures Buying and selling Fee
nor has the Securities and Alternate Fee or the Commodity Futures Buying and selling Fee handed upon the accuracy or adequacy of this
Prospectus. Any illustration on the contrary is against the law.

 

TABLE OF CONTENTS

 

FUND SUMMARY  

ADDITIONAL INFORMATION
ABOUT

INVESTMENT OBJECTIVES AND
PRINCIPAL INVESTMENT STRATEGIES

 
Funding Purpose  
Main Funding Methods  
Transient Investments  
Description of Main Funding Dangers  
Portfolio Holdings Disclosure  
Cybersecurity  
MANAGEMENT  
Funding Adviser  
Funding Adviser Portfolio Supervisor  
Sub-Adviser
and Sub-Adviser Portfolio Managers
 
HOW FUND SHARES ARE PRICED  
HOW TO PURCHASE SHARES  
HOW TO REDEEM SHARES  
FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES  
TAX STATUS, DIVIDENDS AND DISTRIBUTIONS  
DISTRIBUTION OF SHARES  
Distributor  
Distribution Charges  
Further Repayment to Monetary Intermediaries  
Householding  
CONSOLIDATED FINANCIAL HIGHLIGHTS  
PRIVACY NOTICE  

 

ALTEGRIS CRABEL MULTI-STRATEGY
FUND

Funding Purpose: The
Fund’s funding function is to hunt longer term capital appreciation.

Charges and Bills of
the Fund:
This desk describes the charges and bills you can pay if you are going to buy, keep and promote stocks of the Fund. You might pay different
charges, equivalent to brokerage commissions and different charges to economic intermediaries, which aren’t mirrored within the tables and examples under.
You might qualify for gross sales fee reductions on purchases of Elegance A stocks when you and your circle of relatives make investments, or agree to speculate sooner or later,
no less than $25,000 within the Fund. Extra details about those and different reductions is to be had out of your economic skilled and in How
to Acquire Stocks
on web page 21 of the Fund’s Prospectus and in Acquire, Redemption and Pricing of Stocks on web page 53 of
the Observation of Further Data.

 

SHAREHOLDER FEES

(Charges paid without delay out of your funding)

Elegance A Elegance I
Most Gross sales Rate (Load) Imposed on Purchases (as a % of providing fee) 5.75% None
Most Deferred Gross sales Rate (Load) (as a % of authentic acquire fee) 1.00% None
Most Gross sales Rate (Load) Imposed on Reinvested Dividends and different Distributions None None

Redemption Charge

(as a % of quantity redeemed, if offered inside of 30 days)

None None

ANNUAL FUND OPERATING EXPENSES

(Bills that you just pay every yr as a proportion of
the worth of your funding)

Control Charges [  ]% [  ]%
Distribution and Carrier (12b-1) Charges 0.25% 0.00%
Different Bills (1) [  ]% [  ]%
Overall Annual Fund Running Bills [  ]% [  ]%
Charge Waiver(2) [  ]% [  ]%
Overall Annual Fund Running Bills After Charge Waiver [  ]% [  ]%

1) 
In line with estimated quantities for the present fiscal yr.

2) 
The Fund’s adviser has contractually agreed to scale back its charges and to reimburse bills, no less than till ________, 20__ to
make sure that overall annual Fund working bills (together with organizational and providing prices) after commission waiver and compensation (except for
any front-end or contingent deferred quite a bit, brokerage charges and commissions, got fund charges and bills, charges and bills related
with , borrowing prices (equivalent to curiosity and dividend expense on securities offered quick), taxes, bills incurred in reference to any
merger or reorganization, and strange bills, equivalent to litigation bills (which would possibly come with indemnification of Fund officials
and Trustees and contractual indemnification of Fund carrier suppliers (instead of the adviser)) is not going to exceed ___%, and ___% of moderate
day by day web sources as a result of Elegance A, and Elegance I stocks, respectively. Those commission waivers and expense reimbursements are matter to
imaginable recoupment from the Fund in years to come on a rolling three-year foundation (throughout the 3 years after the charges had been waived
or reimbursed) if such recoupment may also be accomplished throughout the foregoing expense limits. This settlement could also be terminated solely by means of the Fund’s
Board of Trustees, on 60 days written realize to the adviser.

 

Instance: This Instance is meant
that can assist you examine the price of making an investment within the Fund with the price of making an investment in different mutual finances.

The Instance assumes that
you make investments $10,000 within the Fund for the time sessions indicated after which redeem your whole stocks on the finish of the ones sessions. The Instance
additionally assumes that your funding has a 5% go back every yr and that the Fund’s working bills stay the similar. Even if your
exact prices could also be upper or decrease, founded upon those assumptions your prices can be:

 

Elegance 1 12 months 3 Years
A $ $
I $ $

 

For purchases of $one million or extra
of Elegance A stocks, you might pay the next bills when you didn’t redeem your Elegance A Stocks:

 

Elegance 1 12 months 3 Years
A $ $

 

Portfolio Turnover: The
Fund can pay transaction prices, equivalent to commissions, when it buys and sells securities (or “turns over” its portfolio). A better
portfolio turnover would possibly point out upper transaction prices and would possibly lead to upper taxes when Fund stocks are held in a taxable account.
Those prices, which aren’t mirrored in annual fund working bills or within the Instance, have an effect on the Fund’s functionality.

 

PRINCIPAL INVESTMENT STRATEGIES

The Fund seeks to succeed in its funding
function by means of allocating its sources amongst a couple of choice funding methods on a protracted and quick foundation,

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and long-only funding methods,
as described under, with a function of turning in an “all climate” resolution that has the prospective to supply certain returns
in all marketplace environments.

.
Tactical Futures Technique. The Tactical Futures technique is applied as a mix of 2 part methods: the
(i) “Complex Pattern” and (ii) “Contra” methods. The Tactical Futures technique seeks to ship longer term capital
appreciation for the Fund via vogue following publicity with defensive positioning designed to supply fast responses to declines
in fairness markets.

 

· Complex Pattern is a trend-following technique pursued in the course of the software of
systematic buying and selling methods designed to successfully seize long-term vogue following returns throughout a various set of worldwide futures,
forwards and foreign currency tools and marketplace sectors together with commodities, currencies, equities and rates of interest. Complex
Pattern targets to generate larger alpha and ship a extra aggressive risk-adjusted go back than the wider vogue following {industry}. Complex
Pattern employs a couple of price-based methods engineered to spot and take advantage of continuations in fee motion throughout world markets.

 

· Contra implements a various set of momentary, systematic buying and selling methods designed
to show off destructive correlation to world fairness markets. Contra combines device studying, portfolio coverage, opportunistic and systematic
leverage ideas with power momentary alpha drivers to spot and execute various buying and selling methods adapted to prevailing marketplace
stipulations and engineered to benefit from destructive fairness beta relationships around the broader markets. The Contra technique is meant
to ship for the Fund certain returns in all marketplace environments, whilst last opportunistically geared against risky, fairness
endure marketplace environments.

 

In pursuing the Tactical
Futures technique, the Fund trades futures and forwards contracts throughout roughly 200 world contract markets. The collection of world
markets traded would possibly building up or lower every now and then. Explicit asset categories traded throughout world markets will surround equities,
spot currencies and ahead foreign currency contracts, authorities and company debt securities, rate of interest tools, inventory indices,
treasured metals and standard and base commercial commodities. Explicit sorts of tools that the Fund would possibly acquire throughout those
asset categories will come with (i) ahead and futures contracts (as famous above), (ii) lined and exposed choices on futures or securities,
(iii) switch transactions involving fairness securities or different tools, (iv) commodity spot marketplace contracts, (v) contracts for variations,
(vi) rate of interest, volatility and credit score derivatives; and (vii) foreign currency ahead contracts. Those tools could also be indexed or
unlisted and rated or unrated, and spinoff tools could also be exchange-traded or purchased and offered over the counter. The breadth of contracts
traded throughout various asset categories, and the predicted quantity of recognized traits or buying and selling alerts, and corresponding buying and selling methods
applied to capitalize on such traits or alerts, would possibly generate excessive buying and selling and turnover ranges throughout the Tactical Futures technique
portfolio from time to time.

 

The Fund will execute a
portion of the Tactical Futures technique by means of making an investment as much as 25% of its overall sources (measured on the time of acquire) in a wholly-owned
and regulated subsidiary (the “Subsidiary”). The Subsidiary will make investments nearly all of its sources in non-financial commodity
futures contracts, different economic tools offering publicity to pursuits in bodily commodities (in step with the Tactical Futures
technique as described above), and in addition in constant revenue securities (in step with the Mounted Source of revenue technique described under) that can
function margin or collateral for the Subsidiary’s commodities and commodity futures positions. The Fund can even execute a portion
of the Tactical Futures technique portfolio investments without delay, outdoor of the Subsidiary, with this portion being essentially economic
futures contracts and in constant revenue securities (in step with the Mounted Source of revenue technique described under) that can function margin
or collateral for such economic futures positions. The Subsidiary pursues the similar essential funding methods because the Fund, and is
matter to the similar funding dangers and portfolio funding restrictions and boundaries because the Fund on a consolidated foundation. Funding
by means of the Fund via its Subsidiary in non-financial commodity futures contracts, as used in pursuit of the Tactical Futures technique,
permits it to achieve publicity to such contracts throughout the boundaries of the federal tax necessities of Subchapter M of the Inside Income
Code of 1986, as amended (the “Code”).

 

Fairness Technique. The
Fund will allocate a portion of its sources to an Fairness technique supposed to give you the Fund’s portfolio with long-term, strategic
publicity to U.S. and non-U.S., essentially liquid fairness securities of issuers throughout each advanced and rising marketplace international locations, and
applied on a rather passive, long-only, “buy-and-hold” foundation. Throughout the Fairness technique, the Fund would possibly spend money on all
sorts of fairness securities and equity-related tools with out regard to marketplace capitalization, together with with out limitation exchange-traded
and over the counter commonplace and most popular shares, safety futures, warrants, choices, rights, convertible securities, backed and unsponsored
depositary receipts and stocks, accept as true with certificate, participatory notes, restricted partnership pursuits, economic futures contracts, actual
property funding trusts (“REITs”) and stocks of different open- and closed-end funding corporations (together with exchanged-traded
finances (“ETFs”). The Fund may additionally take part as a buyer in preliminary public choices of securities (“IPO”),
an organization’s first providing of inventory to the general public. The Fund usually considers rising marketplace international locations to be the ones designated
as an rising marketplace nation in any well known index of rising marketplace or frontier marketplace securities, such because the MSCI Rising
Markets Index.

 

Mounted Source of revenue Technique.
With admire to sources of the Fund no longer allotted to investments pursuant to the Tactical Futures or Fairness methods, and to generate
attainable further revenue and capital appreciation, which would possibly upload diversification to the returns generated by means of the Fund’s Tactical
Futures and Fairness methods, the Fund will put into effect an extra Mounted Source of revenue technique created from investments in money, money equivalents,
securities issued by means of the U.S. authorities and its companies and instrumentalities, cash marketplace securities and different interest-bearing tools,
or in constant revenue securities of any credit score high quality or adulthood, together with however no longer restricted to: (i) company bonds, (ii) company loans,
(iii) sovereign debt, (iv) convertible bonds, (v) municipal bonds, (vi) inflation-linked bonds and (vii) credit score default related tools.
The Fund may additionally spend money on cash marketplace finances or different funding corporations (together with ETFs) whose sources are comprised essentially of
any of the above-described sorts of constant revenue securities or that search to trace the composition and/or functionality of particular constant
revenue indexes. When the Fund is needed to put aside liquid sources to hide open positions with admire to its investments in futures
contracts and sure different spinoff investments, the Fund’s Mounted Source of revenue technique investments could also be used to assist quilt such
positions.

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Multi-Technique Exposures.
The Adviser, founded upon its research of ancient returns and volatility amongst trend-following commodity buyers and techniques usually,
and particularly the prior functionality and expected long run functionality of the Tactical Futures technique, and in session with the
Fund’s Sub-Adviser, anticipates that fifty% to 100%, normally 75%, of the Fund’s funding publicity can be as a result of investments
enforcing the Tactical Futures technique. The Adviser anticipates that 35% to 65%, normally 50% of the Fund’s funding publicity
can be as a result of investments made pursuant to the Fairness Technique.

 

Multi-Technique Allocations.
The Adviser anticipates that roughly 15% to 30% of the Fund’s sources can be invested in and/or used as collateral for
investments enforcing the Tactical Futures Technique. The Adviser additionally anticipates that roughly 10% to 50% can be invested in
and/or used as collateral for investments made pursuant to the Fairness Technique The rest of Fund sources can be invested pursuant
to the Mounted Source of revenue technique.

 

The Fund is “non-diversified”
for functions of the Funding Corporate Act of 1940, as amended, (the “1940 Act”), which means that that the Fund would possibly spend money on
fewer securities at anybody time than a various fund. The Fund would possibly not make investments greater than 15% of its web sources in illiquid investments.
The Fund’s investments in positive spinoff tools contain using leverage. In pursuing the Fund’s function, the
Adviser would possibly have interaction in widespread buying and selling of the Fund’s portfolio funding, leading to the next portfolio turnover fee.

 

Different
Investments.
Along with the investments particularly described above, the Fund in pursuing its funding function may additionally have interaction
in different sorts of spinoff transactions and different tools of any variety for hedging functions or another way to achieve, or scale back, lengthy
or quick publicity to a number of asset categories or issuers. The Fund may additionally use derivatives transactions with the aim or impact of
developing funding leverage. For instance, the Fund would possibly use futures contracts and choices on futures contracts, to be able to achieve environment friendly
lengthy or quick funding exposures as an alternative choice to money investments or to hedge towards portfolio exposures; rate of interest swaps,
to achieve oblique lengthy or quick exposures to rates of interest, issuers, or currencies, or to hedge towards portfolio exposures; and overall
go back swaps and credit score derivatives (equivalent to credit score default swaps), put and phone choices, and exchange-traded and structured notes, to
take oblique lengthy or quick positions on indexes, securities, currencies, commodities or different signs of price. The Fund would possibly make investments
in different funding corporations, commodity swimming pools, closed-end funding corporations, ETFs, and home or international non-public funding automobiles.

 

Key Technique Phrases

 

A
Pattern-following technique usually seeks to spot the overall course of 1
or extra world marketplace segments (both up or down) the use of signs equivalent to recent marketplace
costs and transferring moderate costs, and purchase or promoting investments in accordance with the review
of those commerce alerts as desperate sooner than a commerce is made.

 

Alpha
is a measure of functionality, indicating when a method’s functionality exceeds a
marketplace index or benchmark that is thought of as to constitute the marketplace’s motion as
an entire.

 

Beta
is a measure of functionality, indicating the volatility of an funding or technique in
comparability with the marketplace as an entire.

 

Device
studying
refers to make use of and construction of pc programs which might be ready to be told and
adapt with out following particular directions, by means of the use of algorithms and statistical fashions
to investigate and draw inferences from patterns in records.  

 

Systematic
buying and selling
is an funding way that emphasizes data-driven insights, medical checking out,
and disciplined portfolio development tactics to hunt various portfolio results.

 

 

Main Funding Dangers:
As with any mutual finances, there may be the chance that it’s essential lose all or a part of your funding within the Fund. The Fund would possibly not succeed in its
funding function and isn’t supposed to be an entire funding program. Many components have an effect on the Fund’s web asset price and
functionality. The next is a abstract description of essential dangers of making an investment within the Fund and observe to the Fund’s direct investments
as smartly the Fund’s oblique investments in the course of the Subsidiary. The essential dangers of making an investment within the Fund, which might adversely have an effect on
its web asset price and overall go back, are:

 

Money or Money Equivalents Possibility.
The Fund would possibly from time to time have important investments in money or money equivalents, and at such instances, there may be the chance that the worth
of the money account, together with curiosity, is not going to stay tempo with inflation, thus decreasing buying energy over the years.

 

Commodity Possibility: Making an investment
within the commodities markets would possibly matter the Fund to bigger volatility than investments in conventional securities. Commodity costs would possibly
be influenced by means of quite a lot of exterior components equivalent to detrimental climate, animal and plant illness, geologic and environmental components as
smartly as adjustments in authorities legislation equivalent to price lists, embargoes or burdensome manufacturing regulations and restrictions.

 

Convertible Securities Possibility:
Convertible securities are hybrid tools that experience traits of each bonds and commonplace shares and are matter to debt safety
dangers and conversion value-related fairness dangers.

 

Counterparty Possibility: The chance that
a celebration upon whom the Fund is dependent upon to consummate a transaction will default.

 

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Credit score Possibility: There’s a menace
that issuers and counterparties is not going to make bills on securities and different investments held by means of the Fund, leading to losses to the
Fund. As well as, the credit score high quality of securities held by means of the Fund could also be diminished if an issuer’s economic situation adjustments.

 

Foreign money Possibility: Foreign money
buying and selling comes to important dangers, together with marketplace menace, rate of interest menace, nation menace, counterparty credit score menace and quick sale menace.
Marketplace menace effects from the associated fee motion of foreign currencies values in accordance with transferring marketplace provide and insist. Rate of interest
menace arises each time a rustic adjustments its mentioned rate of interest goal related to its foreign money. Nation menace arises as a result of nearly
each nation has interfered with global transactions in its foreign money.

 

Defaulted Securities Possibility:
Investments in defaulted securities and duties of distressed issuers are matter to important uncertainties and are thought to be
speculative.

 

Derivatives Possibility: Futures,
choices and swaps contain dangers other from, or most likely more than the hazards related to making an investment without delay in securities together with
leverage menace, monitoring menace and counterparty default menace when it comes to over the counter derivatives. Possibility positions would possibly expire nugatory
exposing the Fund to probably important losses.

 

Rising Marketplace Possibility: International locations
with rising markets could have rather risky governments, social and felony programs that don’t give protection to shareholders, economies founded
on just a few industries, and securities markets that commerce a small collection of problems.

 

Fairness Safety Possibility: Commonplace
shares are at risk of common inventory marketplace fluctuations and to risky will increase and reduces in price as marketplace self assurance in and
perceptions in their issuers exchange. Investor perceptions are in accordance with quite a lot of and unpredictable components, together with expectancies relating to
authorities, financial, financial and monetary insurance policies; inflation and rates of interest; financial growth or contraction and world or regional
political, financial and banking crises.

 

Alternate Traded Fund (“ETF”)
and Closed-Finish Fund (“CEF”) Possibility:
The price of making an investment within the Fund can be upper than the price of making an investment without delay
within the ETFs and CEFs by which it should make investments and could also be upper than different mutual finances that make investments without delay in shares and bonds. Every ETF
and CEF is matter to express dangers, relying at the nature of the ETF or CEF. Stocks of ETFs and indexed CEFs would possibly commerce at a cut price
or top class to their web asset price consistent with proportion.

 

Mounted Source of revenue Possibility: When a
fund invests in constant revenue securities or derivatives, the worth of your funding within the fund will vary with adjustments in curiosity
charges. Generally, a upward push in rates of interest reasons a decline within the price of constant revenue securities or derivatives owned by means of a fund.

 

International
Foreign money Possibility:
Foreign money buying and selling dangers come with marketplace menace, credit score menace and nation menace. Marketplace menace effects from adversarial adjustments
in substitute charges within the currencies the Fund is lengthy or quick. Credit score menace effects as a result of a currency-trade counterparty would possibly default.
Nation menace arises as a result of a central authority would possibly intrude with transactions in its foreign money.

 

International
(Non-US) Exchanges Possibility
: A portion of the derivatives trades made by means of the Fund would possibly happen on international markets. Neither current
Commodity Futures Buying and selling Fee (“CFTC”) rules nor rules of some other U.S. governmental company observe to transactions
on international markets. A few of these international markets, by contrast to U.S. exchanges, are so-called principals’ markets by which functionality
is the accountability solely of the person counterparty with whom the dealer has entered right into a commodity curiosity transaction and no longer
of the substitute or clearing company. In these types of markets, there may be menace of chapter or different failure or refusal to accomplish
by means of the counterparty.

 

International (Non-U.S.) Funding
Possibility:
International making an investment comes to dangers no longer normally related to U.S. investments, together with adversarial fluctuations in foreign currencies
values, adversarial political, social and financial trends, much less liquidity, larger volatility, much less advanced or much less environment friendly buying and selling
markets, political instability and differing auditing and felony requirements. Making an investment in rising markets imposes dangers other from,
or more than, dangers of making an investment in international advanced international locations.

Futures and Forwards Contract Possibility. The main dangers related to using futures and forwards contracts are (a) the imperfect
correlation between the exchange in marketplace price of the tools held by means of the Fund and the cost of the ahead or futures contract; (b)
imaginable loss of a liquid secondary marketplace for a ahead or futures contract and the ensuing incapability to near a ahead or futures
contract when desired; (c) losses brought about by means of unanticipated marketplace actions, that are probably limitless; (d) the portfolio managers’
incapability to are expecting appropriately the course of securities costs, rates of interest, foreign money substitute charges and different financial components;
(e) the chance that the counterparty will default within the functionality of its duties; and (f) if the Fund has inadequate money,
it should need to promote securities from its portfolio to fulfill day by day variation margin necessities, and the Fund could have to promote securities
at a time when it can be disadvantageous to take action.

 

Inflation-Connected Bond Possibility.
Inflation-linked bonds are constant revenue securities whose essential values are periodically adjusted in line with a measure of inflation,
and the adjusted essential price of the bond repaid at adulthood could also be not up to the unique essential. The price of inflation-linked
bonds is predicted to modify in accordance with adjustments in rates of interest, and emerging rates of interest would possibly result in a lower in price of inflation-linked
bonds.

 

Pastime Fee Possibility: Generally,
a upward push in rates of interest reasons a decline within the price of constant revenue securities. The price of constant revenue securities normally falls
when an issuer’s credit score high quality declines and will even develop into nugatory if an issuer defaults.

Issuer-Explicit Possibility: The price of a particular safety may also be extra risky than the marketplace as an entire and will carry out otherwise
from the worth of the

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marketplace as an entire. The price of
securities of smaller issuers may also be extra risky than the ones of bigger issuers. The price of positive sorts of securities may also be extra
risky because of greater sensitivity to adversarial issuer, political, regulatory, marketplace, or financial trends.

 

Junk Bond Possibility: Decrease-quality constant revenue securities,
referred to as “excessive yield” or “junk” bonds, provide larger menace than bonds of upper high quality, together with an greater
menace of default. An financial downturn or length of emerging rates of interest may just adversely have an effect on the marketplace for those bonds and scale back
the Fund’s skill to promote its bonds. The loss of a liquid marketplace for those bonds may just lower the Fund’s proportion fee.

 

Leverage
Possibility:
The use of derivatives to extend the Fund’s mixed lengthy and quick publicity creates leverage, which is able to amplify the Fund’s
attainable for achieve or loss and, subsequently, enlarge the results of marketplace volatility at the Fund’s proportion fee.

 

Restricted
Historical past of Operations
: The Fund has a restricted historical past of operations.

 

Liquidity
Possibility:
Liquidity menace exists when specific investments of the Fund can be tricky to buy or promote, most likely fighting the
Fund from promoting such illiquid securities at an positive time or fee, succeed in its desired point of publicity to a undeniable sector,
or most likely requiring the Fund to get rid of different investments at detrimental instances or costs to be able to fulfill its duties.

 

Mortgage Possibility: Investments in
loans would possibly matter the Fund to heightened credit score dangers as loans have a tendency to be extremely leveraged and probably extra at risk of the hazards
of curiosity deferral, default and/or chapter.

 

Control
Possibility:
Portfolio managers’ judgments in regards to the good looks, price and attainable appreciation of specific asset categories and
securities by which the Fund invests would possibly end up to be wrong and would possibly not produce the specified effects. Moreover, the Adviser’s
judgments in regards to the attainable functionality of a sub-adviser may additionally end up wrong and would possibly not produce the specified effects.

 

Marketplace Possibility: Total
securities and derivatives marketplace dangers would possibly have an effect on the worth of particular person tools by which the Fund invests. Elements equivalent to home
and international financial expansion and marketplace stipulations, rate of interest ranges, and political occasions have an effect on the securities and derivatives markets.
When the worth of the Fund’s investments is going down, your funding within the Fund decreases in price and it’s essential lose cash.

 

Marketplace and Geopolitical Possibility:
The expanding interconnectivity between world economies and monetary markets will increase the chance that occasions or stipulations in
one area or economic marketplace would possibly adversely affect issuers in a unique nation, area or economic marketplace. The Fund’s investments
would possibly underperform because of inflation (or expectancies for inflation), rates of interest, world call for for specific merchandise or assets,
herbal failures, pandemics, epidemics, wars, terrorism, regulatory occasions and governmental or quasi-governmental movements.

 

Municipal Securities Possibility.
The price of municipal bonds is determined by particular earnings resources to fund their price duties, which would possibly vary and purpose the
menace of default or non-payment to extend. As well as, adjustments in tax legal guidelines or the task of an issuer would possibly adversely have an effect on the tax-exempt
standing of municipal bonds.

 

Non-Diversification Possibility: As a non-diversified fund,
the Fund would possibly make investments greater than 5% of its overall sources within the securities of a number of issuers. The Fund’s functionality could also be extra delicate
to any unmarried financial, trade, political or regulatory incidence than the worth of stocks of a various funding corporate.

 

Choices Possibility: There are
dangers related to the sale and buy of name and put choices. As a dealer (creator) of a put possibility, the Fund will have a tendency to lose
cash if the worth of the reference index or safety falls under the strike fee. As the vendor (creator) of a choice possibility, the Fund
will have a tendency to lose cash if the worth of the reference index or safety rises above the strike fee. As the consumer of a put or name possibility,
the Fund dangers shedding all the top class invested within the possibility if the Fund does no longer workout the choice.

 

Different Funding Corporations
Possibility: Different
funding corporations by which the Fund would possibly make investments are matter to their very own bills which can be not directly paid by means of the
Fund, thereby expanding the price of making an investment within the Fund.

 

Portfolio Turnover Possibility: A better
portfolio turnover will lead to upper transactional and brokerage prices.

 

Most well-liked Inventory Possibility: Generally,
a upward push in rates of interest reasons a decline within the price of most popular inventory. Most well-liked shares also are matter to credit score and default menace,
which is the chance that an issuer of most popular inventory will fail to make its dividend bills.

 

REIT Possibility:
The price of securities issued by means of a REIT could also be suffering from adjustments within the price of the underlying assets owned by means of the REITs and the
price of loan REITs could also be suffering from the standard of mortgage sources. Funding in REITs comes to dangers very similar to the ones related
with making an investment in small capitalization corporations, and REITs (particularly loan REITs) are matter to rate of interest dangers. As a result of REITs
incur bills like control charges, investments in REITs additionally upload an extra layer of bills.

 

Quick Place Possibility: The
Fund will incur a loss on account of a quick role if the cost of the quick role tool will increase in price between the date
of the quick role sale and the date on which an offsetting role is bought. Quick positions could also be thought to be speculative transactions
and contain particular dangers, together with larger reliance at the portfolio managers’ skill to as it should be watch for the longer term price
of a safety or tool. The Fund’s losses are probably limitless in a quick role transaction.

 

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Sovereign Debt Possibility. The
issuer of international debt or the international governmental government that regulate the reimbursement of the debt could also be not able or unwilling to pay off
essential or curiosity when due, and a Fund could have restricted recourse within the match of a default.

 

Structured Merchandise Possibility: Structured
merchandise contain monitoring menace, issuer default menace and would possibly contain leverage menace.

 

Taxation Possibility: By means of making an investment
in commodities not directly in the course of the Subsidiary, the Fund will download publicity to the commodities markets throughout the federal tax necessities
that observe to the Fund. Then again, for the reason that Subsidiary is a managed international company, any beneficial properties gained from its investments will
be handed via to the Fund as peculiar revenue, that could be taxed at much less favorable charges than capital beneficial properties.

 

Turnover Fee Possibility. The
Fund could have portfolio turnover charges in way over 100%. Greater portfolio turnover reasons a fund to incur upper transaction prices
which would possibly adversely have an effect on its functionality.

 

Volatility
Possibility:
The Fund could have investments that respect or lower considerably in price of quick sessions of time. This will likely purpose the
Fund’s web asset price consistent with proportion to enjoy important will increase or declines in price over quick sessions of time, on the other hand, all
investments long- or momentary are matter to menace of loss.

 

Wholly-Owned Subsidiary Possibility:
If the Fund makes use of a Subsidiary to make sure portfolio investments, the Subsidiary may not be registered below the 1940 Act and,
except another way famous on this Prospectus, may not be matter to all the investor protections of the 1940 Act. Adjustments within the legal guidelines
of america and/or the Cayman Islands, below which the Fund and its Subsidiary, respectively, are arranged, may just lead to
the lack of the Fund and/or Subsidiary to function as described on this Prospectus and may just negatively have an effect on the Fund and its shareholders.
Your value of making an investment within the Fund can be upper since you would not directly endure the bills of a Subsidiary.

 

Who Will have to Spend money on the Fund?
The Fund is meant to supply potential buyers with a possibility to achieve get admission to to the controlled futures asset category. Moreover,
the Adviser believes the Fund can be suitable for buyers in search of the non-correlation advantages of controlled futures making an investment, relative
to standard inventory and bond portfolios.

 

Efficiency. For the reason that
Fund has not up to a complete calendar yr of funding operations, no functionality knowledge is gifted for the Fund at the moment. In
the longer term, functionality knowledge can be offered on this segment of this Prospectus. Additionally, shareholder studies containing economic
and function knowledge can be mailed to shareholders semi-annually. Up to date functionality knowledge, together with the Fund’s
web asset price for every of its proportion categories, can be to be had without charge by means of visiting www.altegrismutualfunds.com or by means of calling 1-877-772-5838.

 

Funding Adviser: Altegris
Advisors, L.L.C. (“Adviser”)

 

Funding Adviser Portfolio
Supervisor:
Matthew Osborne, a founding father of the Adviser and its Leader Govt Officer and Leader Funding Officer, has been a portfolio
supervisor of the Fund since its inception in [_______, 20__].

 

Sub-Adviser: Crabel
Capital Control, LLC (“Crabel” or “Sub-Adviser”).

 

Sub-Adviser Portfolio Managers: Michael Pomada,
Crabel’s President and Leader Govt Officer, and Grant Jaffarian, a portfolio supervisor at Crabel, had been portfolio managers
of the Fund since its inception in [_______, 20__].

 

Acquire and Sale of Fund Stocks:
You might acquire and redeem stocks of the Fund on any day that the New York Inventory Alternate is open for buying and selling by means of written request, phone,
or via your dealer. The Fund or the Adviser would possibly waive any funding minimal.

 

 

CLASS

MINIMUM INVESTMENT
INITIAL SUBSEQUENT
A $2,500 $250
I [$50,000] $250

 

Tax Data: Dividends
and capital achieve distributions you obtain from the Fund, whether or not you reinvest your distributions in more Fund stocks or obtain
them in money, are taxable to you at both peculiar revenue or capital beneficial properties tax charges except you might be making an investment via a tax-deferred
plan equivalent to an IRA or 401(ok) plan. Then again, those dividend and capital achieve distributions could also be taxable upon their eventual withdrawal
from tax-deferred plans.

 

The Fund is acutely aware of positive
non-public letter rulings from the Inside Income Carrier issued to different mutual finances, which point out that revenue from the Fund’s
funding in a subsidiary will represent “qualifying revenue” for functions of Subchapter M; on the other hand, the Fund has no longer itself
gained or carried out for personal letter ruling from the Inside Income Carrier and does no longer intend to use for this kind of ruling. Personal
letter rulings aren’t precedent and the Inside Income Carrier isn’t sure by means of them. Subsequently, if the Inside Income Carrier demanding situations
the location taken by means of the Fund that the revenue is qualifying revenue, it would possibly not succeed and would lose its standing as a regulated funding
corporate.

 

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Bills to Dealer-Sellers
and Different Monetary Intermediaries:
If you buy the Fund via a broker-dealer or different economic middleman (equivalent to a financial institution),
the Fund and its connected corporations would possibly pay the middleman for the sale of Fund stocks and connected services and products. Those bills would possibly create
a battle of curiosity by means of influencing the broker-dealer or different middleman and your shop clerk to counsel the Fund over some other
funding. Ask your shop clerk or talk over with your economic middleman’s site for more info.

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ADDITIONAL INFORMATION ABOUT

INVESTMENT OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGIES

 

The funding
function and essential process of the Fund are described on this segment. The Fund’s funding function is a non-fundamental
coverage and could also be modified with out shareholder approval by means of the Board of Trustees upon 60 days written realize to shareholders. If the Fund’s
funding function is modified, the prospectus can be supplemented to mirror the brand new funding function. There’s no make sure that
the Fund will succeed in its function. Please see the remark of extra knowledge (“SAI”) for more information
in regards to the securities and funding methods described on this prospectus and about further securities and funding methods
that can be utilized by the Fund.

 

INVESTMENT OBJECTIVES

 

Fund Funding Purpose(s)
Altegris Crabel Multi-Technique Fund (“Fund”) The Fund’s funding function is to hunt longer term capital appreciation.

PRINCIPAL INVESTMENT STRATEGIES

Further Data
Concerning the Tactical Futures Technique

 

In pursuing the 2 part
methods throughout the Tactical Futures technique – Complex Pattern and Contra — the Fund trades futures and forwards contracts throughout
roughly 200 world contract markets. The collection of world markets traded would possibly building up or lower every now and then. Explicit asset
categories traded throughout world markets will surround equities, spot currencies and ahead foreign currency contracts, authorities and company
debt securities, rate of interest tools, inventory indices, treasured metals and standard and base commercial commodities. Explicit varieties
of tools that the Fund would possibly acquire throughout those asset categories will come with (i) ahead and futures contracts (as famous above),
(ii) lined and exposed choices on futures or securities, (iii) switch transactions involving fairness securities or different tools,
(iv) commodity spot marketplace contracts, (v) contracts for variations, (vi) rate of interest, volatility and credit score derivatives; and (vii)
foreign currency ahead contracts. Those tools could also be indexed or unlisted and rated or unrated, and spinoff tools could also be
exchange-traded or purchased and offered over the counter. The breadth of contracts traded throughout various asset categories, and the predicted
quantity of recognized traits or buying and selling alerts, and corresponding buying and selling methods applied to capitalize on such traits or alerts,
would possibly generate excessive buying and selling and turnover ranges throughout the Tactical Futures technique portfolio from time to time.

 

Execution of the Complex Pattern
and Contra part methods inside of Tactical Futures comes to the usage of era centered analysis processes that strictly
adhere to what the Adviser and Sub-Adviser view as a systematic manner. The process comes to deployment of systematic buying and selling methods
designed to seize power marketplace anomalies throughout a variety of tools, whilst in search of to control drawback menace, via technique
analysis, algorithmic execution construction, and era integration. The Fund’s Adviser and Sub-Adviser goal to make use of exact
menace controls as a key function of managing the Tactical Futures technique, together with incorporating position- and portfolio-level menace control
in an automatic style, tracking menace, volatility, and stop-loss goals or limits, and in search of to optimize portfolio and role
sizing.

Implementation
of Main Funding Methods

Altegris
Advisors, LLC (“Adviser”)

The Adviser will pursue the
Fund’s funding targets, partly, by using its funding and menace control procedure consisting of 2 number one elements:
(1) sourcing, diligence, and choice of managers and funding methods to be pursued by means of the Fund via (i) sub-advisers and (ii)
allocations of sources without delay or not directly to chose funding methods; and (2) ongoing funding
supervisor, funding technique, and menace control tracking.

 

Funding
Supervisor and Technique Sourcing, Diligence, and Variety.
The Adviser resources funding managers and techniques via its deep
community of relationships with funding pros, {industry} contacts, in addition to via supportive assets equivalent to proprietary
or public databases and high agents. For potential funding supervisor applicants and techniques, the Adviser plays what it believes
is a rigorous due diligence procedure created from qualitative discussions with the funding managers and their respective portfolio managers,
in addition to quantitative research of the funding methods to be pursued by means of the Adviser or by means of an funding supervisor into consideration
as a sub-adviser candidate, throughout the preliminary overview procedure. The Adviser conducts additional evaluations that come with (1) documentation assortment
and overview, (2) funding due diligence (qualitative and quantitative) and (3) operational due diligence.
After a lot of touch
issues, all funding technique and supervisor knowledge for potential sub-adviser applicants is documented inside of a proper file for
overview and matter to ultimate approval by means of the Adviser’s Funding Committee.

 

Ongoing
Funding Supervisor, Funding Technique, Portfolio Development and Possibility Control Tracking.
Upon engagement of an funding
supervisor as a sub-adviser to the Fund, or an allocation of Fund sources for funding without delay or not directly pursuant to chose funding
methods
, the Adviser’s analysis group of workers and portfolio supervisor carefully track the funding effects for the Fund. In establishing
the Fund’s funding portfolio, the Adviser will talk over with sub-advisers because it deems prudent or important to decide optimum
allocations amongst sub-advisers and funding methods (inside of acceptable funding restrictions and boundaries).

 

From a menace control point of view,
the Adviser will overview underlying day by day portfolio holdings and their related statistical menace at each a complete portfolio

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point and from a person sub-adviser
viewpoint. On an ongoing foundation, the Adviser plays quantitative analyses of functionality towards predefined parameters, in search of
unexplained variations, together with any subject matter funding sub-adviser or technique adjustments in trade or funding technique (taste float),
subject matter adjustments in operations, carrier suppliers and key team of workers in addition to some other piece of knowledge that can purpose the Adviser
to think again a specific funding supervisor or technique. Moreover, the Adviser screens every sub-adviser’s and technique’s
volatility relative to ancient functionality and benchmarks, buying and selling frequency, adjustments in control taste, and adjustments in correlation
measures relative to benchmarks.

 

The Adviser, with approval
of its Funding Committee and to the level required, the Fund’s Board of Trustees, would possibly terminate a sub-adviser or discontinue
an funding technique, or re-allocate or de-allocate invested Fund sources clear of a sub-adviser or technique, as acceptable, in accordance with
marketplace stipulations and an review of quite a lot of quantitative, qualitative, and operational components, or it should opportunistically reallocate
all or a portion of Fund sources to or amongst different sub-advisers or methods in accordance with such components.

 

Sub-Advisers.
The Adviser would possibly make a choice and delegate control of all or a portion of the Fund’s portfolio to a number of sub-advisers. Will have to
the Adviser decide to delegate all or portion of the Fund’s asset for control by means of a sub-adviser(s), it’ll decide the quite a lot of
percentages of the Fund’s sources to be allotted amongst every of the sub-advisers and retain the power to override a sub-adviser’s
choice of securities if it believes an funding or allocation isn’t in step with the Fund’s funding tips. The
Adviser may be answerable for ongoing functionality analysis and tracking of all sub-advisers. The Adviser, on behalf of itself and
on behalf finances it should advise sooner or later which might be a chain of Northern Lighting Fund Believe, such because the Fund, used to be granted an exemptive
order from the SEC that allows the Adviser, with the Board of Trustees’ approval, to go into into or amend sub-advisory agreements
with sub-advisers with out acquiring shareholder approval. Shareholders of the Fund can be notified inside of 90 days of the engagement or
substitute of a sub-adviser to control a portion of the Fund’s portfolio.

 

Whilst a sub-adviser
to the Fund is matter to the oversight of the Adviser, the Adviser is not going to try to coordinate or organize the daily investments
of the sub-adviser(s) made on behalf of the Fund. A sub-adviser is granted discretion to speculate the portion of the Fund’s sources
allotted to it by means of the Adviser because it deems suitable, in accordance with its specific philosophy, taste, methods and perspectives.

 

Crabel Capital Control,
LLC (“Sub-Adviser” or “Crabel”)

 

The Adviser has engaged
Crabel as a sub-adviser to the Fund. The Sub-Adviser is an international choice funding company that specialize in systematic, automatic buying and selling
of globally futures and foreign currency. Crabel has over 3 a long time of institutional asset control enjoy and has advanced
a various array of buying and selling methods designed to systematically seize marketplace anomalies applied via a technologically complex,
low latency infrastructure. World co-location amenities and proprietary execution algorithms permit the company to successfully commerce in
roughly 200 futures and foreign currency markets.

 

Crabel’s systematic
methods are designed to seize power marketplace anomalies throughout a variety of tools whilst moderately managing drawback menace.
Analysis group individuals are thinking about technique analysis, algorithmic execution construction, and era integration. Actual menace controls
are a key function of Crabel’s funding philosophy. As a scientific funding supervisor, menace control is integrated inside of
the portfolio and technique designs and carried out in an automatic style. Portfolios are assigned an annual volatility goal to ascertain
a menace price range with a couple of layers of menace controls on the role and portfolio ranges.

 

Prior Efficiency of
the Tactical Futures and Element Methods

 

The targets and part
methods of the Fund’s Tactical Futures technique are considerably similar to the targets and techniques of the Crabel Tactical
Reaction technique, which Crabel manages for institutional purchasers. The Tactical Reaction technique presented by means of Crabel contains the similar
part methods — Complex Pattern and Contra – as are pursued by means of the Fund’s Tactical Futures technique in a considerably
an identical style.

 

The next tables set forth
functionality records in the case of the ancient functionality of Crabel’s Tactical Reaction technique, and its part Complex Pattern
and Contra methods, in every example representing the real functionality of a consultant Crabel consumer account controlled by means of Crabel
with funding targets, insurance policies, methods and dangers considerably similar to the ones of the Fund’s Tactical Futures technique.
The knowledge, which has been supplied by means of Crabel, is meant for instance the previous functionality of Crabel in managing the Tactical Reaction
technique and its two part methods. The functionality under is measured towards the SG Pattern Index and does no longer constitute functionality
of the Fund.

 

The consultant account functionality
of Crabel’s Tactical Reaction technique, and its two elements – Complex Pattern and Contra – are offered on an adjusted
(i.e., professional forma) foundation to mirror functionality as adjusted for the charges and bills as acceptable to Elegance I stocks of the Fund,
matter to the Charge Waiver, however unique of any got fund charges and bills, somewhat than offered to mirror the charges and bills
as in reality observe to the quite a lot of accounts controlled by means of Crabel that contain the prior functionality. The Crabel Tactical Reaction technique,
and its part methods Complex Pattern and Contra, as controlled for Crabel’s different consumer accounts, aren’t matter to the quite a lot of
diversification necessities, particular tax restrictions and boundaries at the quantity of leverage hired, and different funding boundaries
that are imposed at the Fund by means of the 1940 Act, or Subchapter M of the Code. Because of this, the functionality effects for different accounts controlled
by means of Crabel pursuant to its Tactical Reaction technique, and its part methods, will have been adversely affected if that they had been
operated as a registered funding corporate below the federal securities legal guidelines.

 

As famous above, the adjusted
(i.e., professional forma) functionality offered under displays the functionality of (i) a consultant account traded pursuant to Crabel’s
Complex Pattern technique, (ii) a consultant account traded pursuant to Crabel’s Contra technique, and (iii) a consultant account
traded pursuant to Crabel’s Tactical Reaction technique – in every case as adjusted for charges and bills as a result of Elegance
I stocks of the Fund. If such

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functionality have been offered
in accordance with the estimated charges and bills of Elegance A stocks of the Fund, returns would had been decrease. You will have to no longer imagine the previous
functionality of Crabel’s Tactical Reaction technique, or its part Complex Pattern and Contra methods, as represented within the
tables under, as being indicative of the longer term functionality of the Fund or the Fund’s Tactical Futures technique. The adjusted (i.e.,
professional forma
) functionality tables offered under for different accounts in a similar fashion controlled by means of Crabel pursuant to its Tactical Reaction technique
and its Complex Pattern and Contra technique elements are proven on a web foundation, and the effects come with the reinvestment of dividends
and capital beneficial properties.

 

The charts under display the (a)
web per 30 days ancient returns, (b) web annual ancient returns and (c) and moderate annual ancient functionality, in every example
reflecting exact functionality of a consultant account traded by means of Crabel and pursuing its Tactical Reaction, Complex Pattern and Contra
methods, as described above, and changed to mirror the charges and bills of the Fund as additionally described above. Charges of go back are
calculated taking into consideration any adjustments in capital (i.e., adjusted for subscriptions and redemptions throughout the length) amongst
the consultant accounts mirrored by means of the functionality shows under.


———————————————————————————————————————————————

Internet Annual Returns –
Crabel Complex Pattern Technique

 

Title 20141 2015 2016 2017 2018 2019 2020 2021 20221
Crabel Complex Pattern Technique 53.20% 12.96% -8.45% 6.40% -14.25% 2.60% 23.17% -0.89% 27.55%
SG Pattern Index2 27.19%   0.04% -6.14% 2.20%  -8.11% 9.23%   6.28%  9.09% 28.20%
1 Partial yr functionality. Crabel commenced buying and selling its Complex Pattern technique
in April 2014. Annual go back records via August 2022 for the Crabel Complex Pattern Technique and SG Pattern Index.
2 The Société Common (SG) Pattern Index (f.ok.a. SG Pattern-Sub Index)
is designed to trace the ten greatest (by means of sources below control) vogue following commodity buying and selling advisors and be consultant of the
vogue fans within the controlled futures area. Managers will have to meet the next standards: (i) be open to new funding; (ii) file returns
every day; (iii) be an {industry} known vogue follower as desperate on the discretion of the SG Index Committee; and (iv) show off
important correlation to vogue following friends and the SG Pattern Indicator. The SG Pattern Indicator is a market-based functionality indicator
designed to have a excessive and strong correlation to the returns of vogue following methods. The SG Pattern Index is similarly weighted, rebalanced
and reconstituted yearly.

 

Reasonable Annual Efficiency
– Crabel Complex Pattern Technique

 

For the Length finishing

8/31/2022

Crabel Complex Pattern SG Pattern Index
1 12 months 26.59% 28.89%
Since Inception1 10.45%   7.38%
1 Crabel commenced buying and selling its Complex Pattern technique in April 2014.

 

Internet Per thirty days Returns –
Crabel Complex Pattern Technique

 

  Jan Fed Mar Apr Might Jun Jul Aug Sep Oct Nov Dec YTD
20141, 2       -0.32% 1.58% 1.19% -3.77% 4.86% 8.91% 9.01% 14.56% 8.94% 53.20%
2015 16.26% -1.38% 4.05% -5.11% 1.23% -5.75% 5.97% -1.17% 3.76% -4.23% 1.85% -1.33% 12.96%
2016 8.50% 2.48% -5.90% -5.12% 0.19% 5.92% 1.60% -4.30% -0.29% -5.29% -6.51% 1.23% -8.45%
2017 -3.03% 4.61% -1.60% -3.15% -1.07% -3.02% 3.08% 1.77% -1.73% 5.93% 2.16% 2.82% 6.40%
2018 8.94% -10.36% -0.50% 0.57% -7.16% -0.34% -1.61% 2.97% -1.16% -4.14% -2.32% 1.15% -14.25%
2019 -6.77% 0.25% 6.18% 1.00% 3.47% -0.21% 4.95% 8.81% -5.00% -5.83% 0.84% -3.76% 2.60%
2020 5.44% 4.18% 7.86% -0.36% -4.55% -2.23% 2.38% -1.03% -2.54% -0.45% 4.84% 8.47% 23.17%
2021 -0.85% 3.33% 0.42% 3.15% 2.69% -4.50% -3.32% -0.74% -1.93% 8.39% -7.99% 1.47% -0.89%
20222 2.49% 3.19% 8.75% 6.04% -0.64% 4.20% -4.79% 6.10%         27.55%

1 Crabel commenced buying and selling its Complex
Pattern technique in April 2014.

2 Partial yr functionality.

 

————————————————————————————————————————————-

 

Internet Annual Returns –
Crabel Contra Technique

 

Title 20191 2020 2021 20221
Crabel Contra Technique -5.01% -1.36% -14.47%  8.13%
SG Pattern Index2  1.87%   6.28%    9.09% 28.20%
1 Partial yr functionality. Crabel commenced buying and selling its Contra technique in Might 2019.
Annual go back records via August 2022 for the Crabel Contra Technique and SG Pattern Index.
2 See description of the SG Pattern Index under the primary desk above.

 

 

 

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Reasonable Annual Efficiency
– Crabel Contra Technique

 

For the Length finishing

8/31/2022

Crabel Contra SG Pattern Index
1 12 months   2.91% 28.89%
Since Inception1 -4.20% 13.25%
1 Crabel commenced buying and selling its Contra technique in Might 2019.

 

Internet Per thirty days Returns –
Crabel Contra Technique

 

  Jan Fed Mar Apr Might Jun Jul Aug Sep Oct Nov Dec YTD
20191, 2         3.95% -1.13% -0.41% 3.93% -3.99% -2.48% -1.54% -3.14% -5.01%
2020 3.45% 5.89% 3.72% -1.64% -2.39% -0.01% -2.70% -4.32% 2.32% 1.72% -5.08% -1.69% -1.36%
2021 -0.39% -2.41% -2.18% -1.91% -0.35% -0.78% -1.08% -1.49% 1.25% -3.66% 0.72% -3.13% -14.47%
20222 1.72% 1.50% -2.21% 4.12% -0.24% 4.45% -2.33% 1.07%         8.13%
1 Crabel commenced buying and selling its Contra technique in Might 2019.
2 Partial yr functionality.

——————————————————————————————————————————————-

 

Internet Annual Returns –
Crabel Tactical Reaction Technique

 

Title 20201 2021 20221
Crabel Tactical Reaction Technique 7.50% -8.44% 34.80%
SG Pattern Index2 7.19%  9.09% 28.20%
1 Partial yr functionality. Crabel commenced buying and selling its Tactical Reaction technique in July 2020. Annual
go back records via August 2022 for the Crabel Tactical Reaction technique and SG Pattern Index.
2 See description of the SG Pattern Index under the primary desk above.

 

 

Reasonable Annual Efficiency
– Crabel Tactical Reaction Technique

 

For the Length finishing

12/31/2021

Crabel Tactical Reaction SG Pattern Index
1 12 months 31.84% 28.89%
Since Inception1 13.94% 20.54%

1  
Crabel commenced buying and selling its Tactical Reaction technique in July 2020.

 

Internet Per thirty days Returns –
Crabel Tactical Reaction Technique

 

  Jan Fed Mar Apr Might Jun Jul Aug Sep Oct Nov Dec YTD
20201, 2             1.45% -2.95% -2.06% 0.80% 2.59% 7.80% 7.50%
2021 -1.07% 2.43% -1.21% 1.69% 1.65% -4.64% -3.81% -1.38% -1.46% 4.67% -5.78% 0.64% -8.44%
20222 4.14% 4.05% 8.30% 8.32% -0.64% 4.93% -5.63% 7.77%         34.80%

1 Crabel commenced buying and selling its
Tactical Reaction technique in July 2020.

2 Partial yr functionality.

 

————————————————————————————————————————————

 

DESCRIPTION OF PRINCIPAL INVESTMENT
RISKS

The next dangers would possibly observe
to the Fund’s direct investments as smartly the Fund’s oblique dangers via making an investment in its Subsidiary.

 

Money or Money Equivalents Possibility.
The Fund would possibly from time to time have important investments in money or money equivalents, and at such instances, there may be the chance that the worth
of the money account, together with curiosity, is not going to stay tempo with inflation, thus decreasing buying energy over the years. Moreover, in
emerging markets, maintaining money or money equivalents would possibly adversely have an effect on the Fund’s functionality and the Fund would possibly not succeed in its funding
function.

 

Commodity
Possibility:
The Fund’s publicity to the commodities futures markets would possibly matter the Fund to bigger volatility and no more liquid than
investments in conventional securities. The price of commodity-linked spinoff tools, commodity-based notes, and different derivate
tools that supply

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publicity to the funding returns
of the commodities markets could also be suffering from adjustments in general marketplace actions, commodity index volatility, adjustments in rates of interest,
or sectors affecting a specific {industry} or commodity, equivalent to drought, floods, climate, cattle illness, embargoes, price lists, and
global financial, political and regulatory trends.

 

Convertible Securities Possibility:
Convertible securities are hybrid securities that experience traits of each bonds and commonplace shares and are matter to debt safety
menace and conversion value-related fairness menace. Convertible bonds are very similar to different fixed-income securities as a result of they typically pay
a set rate of interest and are obligated to pay off essential on a given date sooner or later. The marketplace price of fixed-income securities
has a tendency to say no as rates of interest building up. Convertible bonds are in particular delicate to adjustments in rates of interest when their conversion
to fairness function is small relative to the curiosity and essential price of the bond. Convertible bonds can also be matter to prepayment
or redemption menace. If a convertible bond held by means of the Fund is known as for redemption, the Fund can be required to give up the safety
for redemption, convert it into the issuing corporate’s commonplace inventory or money at a time that can be detrimental to the Fund. Convertible
securities have traits very similar to commonplace shares particularly when their conversion price is bigger than the curiosity and essential
price of the bond. The cost of fairness securities would possibly upward push or fall as a result of financial or political adjustments. Inventory costs generally would possibly
decline over quick and even prolonged sessions of time. Marketplace costs of fairness securities in huge marketplace segments could also be adversely affected
by means of a outstanding issuer having skilled losses or by means of the loss of income or such an issuer’s failure to fulfill the marketplace’s expectancies
with admire to new merchandise or services and products, and even by means of components wholly unrelated to the worth or situation of the issuer, equivalent to adjustments
in rates of interest. When a convertible bond’s price is extra carefully tied to its conversion to inventory function, it’s delicate to the underlying
inventory’s fee.

 

Counterparty Possibility: The Fund
would possibly input into quite a lot of sorts of spinoff contracts as described under on this segment below “Derivatives Possibility”. Lots of
those spinoff contracts can be privately negotiated within the over the counter marketplace. Those contracts contain publicity to credit score menace,
since contract functionality relies partly at the economic situation of the counterparty. If a privately negotiated over the counter
contract requires bills by means of the Fund, the Fund will have to be ready to make such bills when due. As well as, if a counterparty’s
creditworthiness declines, the Fund would possibly not obtain bills owed below the contract, or such bills could also be behind schedule below such instances
and the worth of agreements with such counterparty may also be anticipated to say no, probably leading to losses to the Fund.

 

Credit score Possibility: There’s a
menace that issuers and counterparties is not going to make bills on securities and different investments, leading to losses to the Fund. Adjustments
in an issuer’s credit standing or the marketplace’s belief of an issuer’s creditworthiness may additionally have an effect on the worth of
the Fund’s funding in that issuer. As well as, the credit score high quality of securities could also be diminished if an issuer’s economic
situation adjustments. Decrease credit score high quality would possibly result in larger volatility in the cost of a safety and in stocks of the respective Fund.
Decrease credit score high quality additionally would possibly have an effect on liquidity and make it tricky for the Fund to promote the safety. Default, or the marketplace’s
belief that an issuer is more likely to default, may just scale back the worth and liquidity of securities, thereby decreasing the worth of your
funding in Fund stocks. As well as, default would possibly purpose the Fund to incur bills in in search of restoration of essential or curiosity on its
portfolio holdings. Credit score menace additionally exists in foreign currency or spinoff contracts, for the reason that counterparty will not be ready or would possibly
make a selection to not carry out below the contract. Investments in foreign currencies contracts, or different over the counter spinoff tools
(together with choices), contain credit score menace with reference to the celebration with which it trades and in addition the chance of agreement default. Those
dangers would possibly range materially from dangers related to transactions effected on an substitute, which usually are subsidized by means of clearing group
promises, day by day mark-to-market and agreement, segregation and minimal capital necessities acceptable to intermediaries. Transactions
entered into without delay between two counterparties usually don’t have the benefit of such protections. Depending on a counterparty exposes the
Fund to the chance {that a} counterparty is not going to settle a transaction based on its phrases and prerequisites as a result of a dispute over
the phrases of the contract (whether or not or no longer bona fide) or as a result of a credit score or liquidity drawback, thus inflicting the Fund to undergo a loss.
If a counterparty defaults on its price duties, this default will purpose the worth of an funding within the Fund to lower. In
addition, to the level the Fund offers with a restricted collection of counterparties, the Fund can be extra at risk of the credit score dangers
related to the ones counterparties. The Fund is neither limited from coping with any specific counterparties nor from concentrating
all or any of its transactions with one counterparty. The power of the Fund to transact trade with anybody or collection of counterparties
and the absence of a regulated marketplace to facilitate agreement would possibly building up the potential of losses by means of the Fund.

 

Foreign money Possibility: Foreign money
buying and selling comes to important dangers, together with marketplace menace, rate of interest menace, nation menace, counterparty credit score menace and quick sale menace.
Marketplace menace effects from the associated fee motion of foreign currencies values in accordance with transferring marketplace provide and insist. Since substitute
fee adjustments can readily transfer in a single course, a foreign money role carried in a single day or over a lot of days would possibly contain larger menace
than one carried a couple of mins or hours. Rate of interest menace arises each time a rustic adjustments its mentioned rate of interest goal related
with its foreign money. Nation menace arises as a result of nearly each nation has interfered with global transactions in its foreign money.
Interference has taken the type of legislation of the native substitute marketplace, restrictions on international funding by means of citizens or limits
on inflows of funding finances from in another country. Restrictions at the substitute marketplace or on global transactions are supposed to have an effect on
the extent or motion of the substitute fee. This menace may just come with the rustic issuing a brand new foreign money, successfully making the “outdated”
foreign money nugatory.

 

Defaulted Securities Possibility:
Reimbursement of defaulted securities and duties of distressed issuers (together with bancrupt issuers or issuers in price or covenant
default, in exercise or restructuring or in chapter or in solvency lawsuits) is matter to important uncertainties. Investments
in defaulted securities and duties of distressed issuers are thought to be speculative.

 

Derivatives
Possibility:
Futures, choices, choices on futures, swaps and structured notes contain dangers other from, or most likely more than, the
dangers related to making an investment without delay in securities and different conventional investments. Those dangers come with (i) the chance that the counterparty
to a spinoff transaction would possibly not satisfy its contractual duties; (ii) menace of mispricing or incorrect valuation; and (iii) the
menace that adjustments within the price of the spinoff would possibly not correlate completely with the underlying asset, fee or index. By-product costs
are extremely risky and would possibly vary considerably throughout a quick time frame. Such costs are influenced by means of a lot of components that
have an effect on the markets, together with, however no longer restricted to: converting provide and insist relationships; authorities methods and insurance policies; nationwide
and global political and financial occasions, adjustments in rates of interest, inflation

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and deflation and adjustments in provide
and insist relationships. Buying and selling spinoff tools comes to dangers other from, or most likely more than, the hazards related
with making an investment without delay in securities together with:

· Leverage and Volatility Possibility: By-product contracts ordinarily have leverage
inherent of their phrases. The low margin deposits typically required in buying and selling derivatives, if any, together with futures contracts, allow
a excessive level of leverage. As well as, it’s expected that the Fund will make use of nominal futures buying and selling ranges that can exceed the
money deposited within the buying and selling accounts. Accordingly, a rather small fee motion would possibly lead to a right away and considerable loss
to the Fund. The usage of leverage may additionally purpose the Fund to liquidate its portfolio role when it will no longer be positive to take action
to be able to fulfill its switch duties or to fulfill collateral segregation necessities. The usage of leveraged derivatives can amplify
Fund’s attainable for achieve or loss and, subsequently, enlarge the results of marketplace volatility at the Fund’s proportion costs. To
the level that the Fund isn’t ready to near out a leveraged role as a result of marketplace illiquidity, the Fund’s liquidity could also be
impaired to the level that it has a considerable portion of liquid sources segregated or earmarked to hide duties. Moreover, valuation
could also be harder in instances of marketplace turmoil since many buyers and marketplace makers could also be reluctant to buy complicated tools
or quote costs for them.
· Liquidity Possibility: Even if it’s expected that the derivatives traded by means of
the Fund can be actively traded, it’s imaginable that specific investments may well be tricky to buy or promote, most likely fighting
the Fund from executing positions at an positive time or fee, or most likely requiring them to get rid of different investments at detrimental
instances or costs to be able to fulfill their duties. Maximum U.S. commodity futures exchanges impose day by day limits regulating the utmost
quantity above or under the day before today’s agreement fee which a futures contract fee would possibly vary throughout a unmarried day. Throughout
a unmarried buying and selling, day no trades could also be carried out at costs past the day by day prohibit. As soon as the cost of a specific futures contract has
greater or diminished to the prohibit level, it can be tricky, expensive or inconceivable to liquidate a role. It is usually imaginable that
an substitute or the CFTC, which regulates commodity futures exchanges, would possibly droop buying and selling in a specific contract, order instant agreement
of a freelance or order that buying and selling to the liquidation of open positions solely.
· Possibility of Choices: There are dangers related to the sale and buy of
name and put choices. As a dealer (creator) of a put possibility, the Fund will have a tendency to lose cash if the worth of the reference index or safety
falls under the strike fee. As the vendor (creator) of a choice possibility, the Fund will have a tendency to lose cash if the worth of the reference
index or safety rises above the strike fee. As the consumer of a put or name possibility, the Fund dangers shedding all the top class invested
within the possibility if the Fund does no longer workout the choice. As a result of possibility premiums paid or gained by means of the Fund are small on the subject of
the marketplace price of the investments underlying the choices, purchasing and promoting put and phone choices may also be extra speculative than making an investment
without delay in securities. Bought put choices would possibly decline in price because of adjustments in price of the underlying reference asset.
· Possibility of Ahead and Futures Contracts: The a success use of ahead and
futures contracts attracts upon the talent and enjoy of portfolio managers with admire to such tools and are matter to big
menace issues. The main dangers related to using ahead and futures contracts, which would possibly adversely have an effect on the Fund’s
web asset price (“NAV”) and overall go back, are (a) the imperfect correlation between the exchange in marketplace price of the tools
held by means of the Fund and the cost of the ahead or futures contract; (b) imaginable loss of a liquid secondary marketplace for a ahead or futures
contract and the ensuing incapability to near a ahead or futures contract when desired; (c) losses brought about by means of unanticipated marketplace actions,
that are probably limitless; (d) the portfolio supervisor’s incapability to are expecting appropriately the course of securities costs,
rates of interest, foreign money substitute charges and different financial components; (e) the chance that the counterparty will default within the functionality
of its duties; and (f) if the Fund has inadequate money, it should need to promote securities from its portfolio to fulfill day by day variation
margin necessities, and the Fund could have to promote securities at a time when it can be disadvantageous to take action.
· Tax Possibility: The federal revenue tax remedy of a spinoff will not be as
favorable as an immediate funding in an underlying asset and would possibly adversely have an effect on the timing, personality and quantity of revenue the Fund realizes
from its investments. Because of this, a bigger portion of the Fund’s distributions could also be handled as peculiar revenue somewhat than capital
beneficial properties. As well as, positive derivatives are matter to mark-to-market or straddle provisions of the Inside Income Code of 1986, as
amended (the “Code”). If such provisions are acceptable, there might be an building up (or lower) within the quantity of taxable
dividends paid by means of the Fund. As well as, the tax remedy of positive derivatives, equivalent to swaps, is unsettled and be matter to long run
legislature, legislation or administrative pronouncements issued by means of the Code.

 

Fairness Safety Possibility: Commonplace
and most popular shares are at risk of common inventory marketplace fluctuations and to risky will increase and reduces in price as marketplace self assurance
in and perceptions in their issuers exchange. Warrants and rights would possibly expire nugatory if the cost of a commonplace inventory is under the conversion
fee of the warrant or proper. Convertible bonds would possibly decline in price if the cost of a commonplace inventory falls under the conversion fee.
Investor perceptions are in accordance with quite a lot of and unpredictable components, together with expectancies relating to authorities, financial, financial and
fiscal insurance policies; inflation and rates of interest; financial growth or contraction and world or regional political, financial and banking
crises.

 

Rising Marketplace Possibility:
Along with the hazards usually related to making an investment in securities of international corporations, international locations with rising markets additionally
could have rather risky governments, social and felony programs that don’t give protection to shareholders, economies in accordance with just a few industries,
and securities markets that commerce a small collection of problems. As well as, rising securities markets could have other clearance and
agreement procedures, that could be not able to stay tempo with the amount of securities transactions or another way make it tricky to interact
in such transactions.

 

Alternate Traded Fund and Closed-Finish
Fund Possibility:
The Fund would possibly spend money on Alternate Traded Fund (“ETFs”), ETFs are matter to funding advisory and different bills,
which can be not directly paid by means of the Fund. Because of this, your value of making an investment within the Fund can be upper than the price of making an investment without delay
in ETFs and Closed-Finish Price range (“CEFs”) and could also be upper than different mutual finances that make investments without delay in shares and bonds.
ETFs and maximum CEFs are indexed on nationwide inventory exchanges and are traded like shares indexed on an substitute. ETF and CEF stocks would possibly commerce
at a cut price to or a top class above web asset price if there’s a restricted marketplace in such stocks. ETFs and CEFs also are matter to brokerage
and different buying and selling prices, which might lead to larger bills to the Fund. For the reason that price of ETF and CEF stocks is determined by the call for
available in the market, the adviser or

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sub-adviser (as acceptable) would possibly
no longer have the ability to liquidate the Fund’s holdings on the maximum optimum time, adversely affecting functionality. Every ETF and CEF is matter
to express dangers, relying at the nature of its funding technique. Those dangers may just come with liquidity menace, sector menace and rising
marketplace menace. As well as, ETFs that use derivatives could also be matter to counterparty menace, liquidity menace, and different dangers often related
with investments in derivatives. ETFs by which the Fund invests won’t be able to duplicate precisely the functionality of the indices they
monitor, if any, for the reason that overall go back generated by means of the securities can be diminished by means of transaction prices incurred in adjusting the real
stability of the securities. As well as, the ETFs by which the Fund invests will incur bills no longer incurred by means of their acceptable indices.
Positive securities comprising the indices tracked by means of the ETFs would possibly, every now and then, quickly be unavailable, which would possibly additional hinder
the ETFs’ skill to trace their acceptable indices.

Mounted
Source of revenue Possibility:
When the Fund spend money on constant revenue securities or derivatives, the worth of your funding within the Fund will vary
with adjustments in rates of interest. Generally, a upward push in rates of interest reasons a decline within the price of constant revenue securities or derivatives
owned by means of the Fund. Generally, the marketplace fee of debt securities with longer maturities will building up or lower extra in accordance with
adjustments in rates of interest than shorter-term securities. Different menace components come with credit score menace (the debtor would possibly default) and prepayment
menace (the debtor would possibly pay its legal responsibility early, decreasing the volume of curiosity bills). Those dangers may just have an effect on the worth of a specific
funding by means of the Fund most likely inflicting the Fund’s proportion fee and overall go back to be diminished and vary greater than different varieties
of investments.

 

International
Foreign money Possibility:
Foreign money buying and selling dangers come with marketplace menace, credit score menace and nation menace. Marketplace menace effects from adversarial adjustments
in substitute charges within the currencies the Fund is lengthy or quick. Credit score menace effects as a result of a currency-trade counterparty would possibly default.
Nation menace arises as a result of a central authority would possibly intrude with transactions in its foreign money.

 

International (Non-U.S.) Exchanges
Possibility:
A portion of the derivatives trades made by means of the Fund would possibly happen on international markets. Neither current CFTC rules nor
rules of some other U.S. governmental company observe to transactions on international markets. A few of these international markets, by contrast
to U.S. exchanges, are so-called principals’ markets by which functionality is the accountability solely of the person counterparty
with whom the dealer has entered right into a commodity curiosity transaction and no longer of the substitute or clearing company. In those sorts
of markets, there may be menace of chapter or different failure or refusal to accomplish by means of the counterparty.

 

International (Non-U.S.) Funding
Possibility:
International making an investment comes to dangers no longer normally related to U.S. investments, together with adversarial fluctuations in foreign currencies
values, adversarial political, social and financial trends, much less liquidity, larger volatility, much less advanced or much less environment friendly buying and selling
markets, political instability and differing auditing and felony requirements. Making an investment in rising markets imposes dangers other from,
or more than, dangers of making an investment in international advanced international locations.

 

Inflation-Connected Bond Possibility.
Inflation-linked bonds are constant revenue securities whose essential values are periodically adjusted in line with a measure of inflation,
normally an index. If the index measuring inflation falls, the essential price of inflation-linked bonds can be adjusted downward, and
in consequence the curiosity payable on those securities (calculated with admire to a smaller essential quantity) can be diminished. Reimbursement
of the unique bond essential upon adulthood (as adjusted for inflation) is assured when it comes to U.S. Treasury inflation listed
bonds. For bonds that don’t supply a equivalent ensure, the adjusted essential price of the bond repaid at adulthood could also be not up to
the unique essential. In regards to municipal inflation-linked bonds and sure company inflation-linked bonds, the inflation adjustment
is mirrored within the semi-annual coupon price. Because of this, the essential price of municipal inflation-linked bonds and such company
inflation-linked bonds does no longer regulate in line with the speed of inflation. The price of inflation-linked bonds is predicted to modify in
reaction to adjustments in actual rates of interest. Actual rates of interest are tied to the connection between nominal rates of interest and the speed
of inflation. If nominal rates of interest building up at a quicker fee than inflation, actual rates of interest would possibly upward push, resulting in a lower
in price of inflation-linked bonds. Inflation-linked bonds would possibly purpose a possible money drift mismatch to buyers, as a result of an building up
within the essential quantity of an inflation-linked bond can be handled as curiosity revenue these days matter to tax at peculiar revenue charges
although buyers is not going to obtain reimbursement of essential till adulthood. If the Fund invests in such bonds, it’ll be required to
distribute such curiosity revenue to be able to qualify for remedy as a regulated funding corporate and get rid of the Fund-level tax,
and not using a corresponding receipt of money, and subsequently could also be required to get rid of portfolio securities at a time when it will not be
fascinating.

 

Pastime Fee Possibility: Pastime
fee menace refers back to the exchange in price of debt tools related to will increase in rates of interest. Rate of interest adjustments would possibly have an effect on
the worth of a debt safety without delay (particularly when it comes to constant fee securities) and not directly (particularly when it comes to adjustable
fee securities). Generally, rises in rates of interest will negatively affect the worth of constant fee securities and falling rates of interest
could have a good impact on price. Period is a measure of the predicted lifetime of a bond this is used to decide the sensitivity of
a safety’s fee to adjustments in rates of interest. The fund with an extended moderate portfolio period can be extra delicate to will increase
in rates of interest than the fund with a shorter moderate portfolio period. For instance, the cost of a bond fund with a median period
of 8 years would usually be anticipated to fall roughly 8% if rates of interest rose by means of one proportion level. Inverse floaters,
interest-only and principal-only securities are extraordinarily delicate to rate of interest adjustments. Adjustable fee tools additionally react to
rate of interest adjustments in a equivalent means even though usually to a lesser level (relying, on the other hand, at the traits of the reset
phrases, together with the index selected, frequency of reset and reset caps or flooring, amongst different issues).

 

Issuer-Explicit Possibility: The
price of a particular safety may also be extra risky than the marketplace as an entire and will carry out otherwise from the worth of the marketplace
as an entire. The price of securities of smaller issuers may also be extra risky than the ones of bigger issuers. The price of positive sorts of
securities may also be extra risky because of greater sensitivity to adversarial issuer, political, regulatory, marketplace, or financial trends.

 

Junk Bond Possibility: Decrease-quality
constant revenue securities, referred to as “excessive yield” or “junk” bonds, provide an important menace for lack of essential
and curiosity. Those bonds be offering the potential of upper go back, but additionally contain larger menace than bonds of upper high quality, together with
an greater risk that the bond’s issuer, obligor or guarantor would possibly not have the ability to make its bills of curiosity and essential
(credit score high quality menace). If that occurs, the worth of the bond would possibly lower, and the Fund’s proportion fee would possibly lower and its revenue
distribution could also be diminished. An financial downturn or length of emerging

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rates of interest (rate of interest menace)
may just adversely have an effect on the marketplace for those bonds and scale back the Fund’s skill to promote its bonds (liquidity menace). Such securities
may additionally come with “Rule 144A” securities, that are matter to resale restrictions. The loss of a liquid marketplace for those bonds
may just lower the Fund’s proportion fee.

 

Restricted
Historical past of Operations
: The Fund has a restricted historical past of operations.

 

Leverage Possibility: The Fund,
without delay or not directly by way of the Subsidiary’s investments, , will use derivatives to extend its lengthy and quick publicity developing
leverage, which is able to amplify the Fund’s attainable for achieve or loss and, subsequently, enlarge the results of marketplace volatility at the
Fund’s proportion fee. The usage of leverage would possibly purpose the Fund to liquidate portfolio positions when it will no longer be positive to
achieve this to be able to fulfill its duties. The usage of leverage may additionally lead to upper oblique bills of the Fund than the ones of mutual
finances that don’t spend money on securities that use such tactics. The Fund’s use of futures contracts comes to oblique leverage
as a result of contract bills are founded upon notional price somewhat than the volume invested. To the level that the Fund isn’t ready to near
out a leveraged role as a result of marketplace illiquidity, the Fund’s liquidity could also be impaired to the level that it has a considerable
portion of liquid sources segregated or earmarked to hide duties.

 

Liquidity Possibility: Positive Price range
are subject to liquidity menace. Liquidity menace exists when specific investments of the Fund can be tricky to buy or
promote, most likely fighting the Fund from promoting such illiquid securities at an positive time or fee, or most likely requiring the Fund
to get rid of different investments at detrimental instances or costs to be able to fulfill duties. Fund with essential funding methods
that contain securities of businesses with smaller marketplace capitalizations, non-U.S. securities, Rule 144A securities, derivatives or securities
with considerable marketplace and/or credit score menace have a tendency to have the best publicity to liquidity menace.

 

Mortgage Possibility: Investments in
financial institution loans would possibly matter the Fund to heightened credit score dangers as a result of such loans have a tendency to be extremely leveraged and probably extra inclined
to the hazards of curiosity deferral, default and/or chapter. Senior floating fee loans are incessantly rated under funding grade, however would possibly
even be unrated. The dangers related to those loans may also be very similar to the hazards of under funding grade constant revenue tools.
An financial downturn would usually result in the next non-payment fee, and a senior floating fee mortgage would possibly lose important marketplace price
sooner than a default happens. Additionally, any particular collateral used to safe a senior floating fee mortgage would possibly decline in price or develop into illiquid,
which might adversely have an effect on the mortgage’s price. Not like the securities markets, there is not any central clearinghouse for mortgage trades,
and the mortgage marketplace has no longer established enforceable agreement requirements or therapies for failure to settle. Subsequently, portfolio transactions
in loans could have unsure agreement time sessions. Senior floating fee loans are matter to a lot of dangers described in other places in
this Prospectus, together with liquidity menace and the chance of making an investment in below-investment grade constant revenue tools.

 

Control
Possibility:
The online asset price of the Fund adjustments day by day in accordance with the functionality of the securities and derivatives by which it invests.
The portfolio managers’ judgments in regards to the good looks, price and attainable appreciation of specific asset categories and securities
by which the Fund invests would possibly end up to be wrong and would possibly not produce the specified effects. Moreover, the Adviser’s judgments
in regards to the attainable functionality of a sub-adviser may additionally end up wrong and would possibly not produce the specified effects. There may also be no assurance
that both the securities decided on by means of the Adviser, or any sub-adviser, will produce certain returns.

 

Marketplace
Possibility:
The online asset price of the Fund will vary in accordance with adjustments within the price of the securities and spinoff tools in
which the Fund invests. The Fund invests in securities and spinoff tools that could be extra risky and elevate extra menace than
any other varieties of funding. The cost of securities and derivatives held by means of the Fund would possibly upward push or fall as a result of financial or political
adjustments and lead to larger volatility for the Fund. Safety and spinoff costs generally would possibly decline over quick and even prolonged
sessions of time. Marketplace costs of securities and derivatives in huge marketplace segments could also be adversely suffering from fee traits in commodities,
rates of interest, substitute charges or different components wholly unrelated to the worth or situation of an issuer.

 

Marketplace and Geopolitical Possibility:
The expanding interconnectivity between world economies and monetary markets will increase the chance that occasions or stipulations in
one area or economic marketplace would possibly adversely affect issuers in a unique nation, area or economic marketplace. Securities within the Fund
would possibly underperform because of inflation (or expectancies for inflation), rates of interest, world call for for specific merchandise or assets,
herbal failures, pandemics, epidemics, wars, terrorism, regulatory occasions and governmental or quasi-governmental movements. The incidence
of worldwide occasions very similar to the ones in recent times, equivalent to terrorist assaults all over the world, herbal failures, social and political
discord or debt crises and downgrades, amongst others, would possibly lead to marketplace volatility and could have longer term results on each the U.S. and
world economic markets. It’s tricky to are expecting when equivalent occasions affecting the U.S. or world economic markets would possibly happen, the
results that such occasions could have and the period of the ones results. This kind of match(s) will have an important adversarial affect at the
price and menace profile of the Fund. The continuing coronavirus (COVID-19) world pandemic and the competitive responses taken by means of many governments
had destructive affects, and in lots of instances serious destructive affects, on markets international. It’s not recognized how lengthy such affects, or any long run
affects of different important occasions described above, will or would closing, however there can be a extended length of worldwide financial slowdown,
which would possibly affect your funding. Subsequently, the Fund may just lose cash over quick sessions because of momentary marketplace actions and over
longer sessions throughout extra extended marketplace downturns. Throughout a common marketplace downturn, a couple of asset categories could also be negatively affected.
Adjustments in marketplace stipulations and rates of interest may have the similar affect on all sorts of securities and tools. In instances of serious
marketplace disruptions it’s essential lose your whole funding.

 

Municipal Securities Possibility.
The price of municipal bonds that rely on a particular earnings supply or common earnings supply to fund their price duties would possibly
vary on account of adjustments within the money flows generated by means of the earnings supply(s) or adjustments within the precedence of the municipal legal responsibility
to obtain the money flows generated by means of the earnings supply(s). This fluctuation would possibly purpose the chance of default or non-payment to extend.
As well as, tax legal guidelines are matter to modify. Adjustments in federal tax legal guidelines or the task of an issuer would possibly adversely have an effect on the tax-exempt
standing of municipal

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bonds.

 

Non-Diversification Possibility:
As a non-diversified fund, the Fund would possibly make investments greater than 5% of its overall sources within the securities of a number of issuers. The Fund would possibly
additionally make investments mutual finances, ETFs, CEFs or different funding corporations which might be non-diversified. As a result of a rather excessive proportion of the
sources of the Fund could also be invested within the securities of a restricted collection of issuers, the worth of stocks of the Fund could also be extra delicate
to any unmarried financial, trade, political or regulatory incidence than the worth of stocks of a various funding corporate. This
fluctuation, if important, would possibly have an effect on the functionality of the Fund.

 

Choices Possibility: There are
dangers related to the sale and buy of name and put choices. As a dealer (creator) of a put possibility, the Fund will have a tendency to lose
cash if the worth of the reference index or safety falls under the strike fee. As the vendor (creator) of a choice possibility, the Fund
will have a tendency to lose cash if the worth of the reference index or safety rises above the strike fee. As the consumer of a put or name possibility,
the Fund dangers shedding all the top class invested within the possibility if the Fund does no longer workout the choice.

 

Different Funding Corporations
Possibility: Mutual Price range and
different funding corporations by which the Fund invests are matter to their very own bills which can be not directly
paid by means of the Fund, thereby expanding the price of making an investment within the Fund. The price of making an investment within the Fund can be upper than the fee
of making an investment without delay within the different funding corporations and could also be upper than finances that make investments without delay in solely shares and bonds. Different
funding corporations are matter to their very own particular dangers, relying at the nature of the methods they pursue.

 

Portfolio Turnover Possibility:
A better portfolio turnover would possibly lead to upper transactional and brokerage prices related to the turnover which would possibly scale back the Fund’s
go back, except the securities traded may also be purchased and offered with out corresponding fee prices. Lively buying and selling of securities may additionally
building up the Fund’s discovered capital beneficial properties or losses, which would possibly have an effect on the taxes you pay because the Fund shareholder.

 

Most well-liked Inventory Possibility:
The price of most popular shares will vary with adjustments in rates of interest. Generally, a upward push in rates of interest reasons a decline within the
price of most popular inventory. Most well-liked shares also are matter to credit score menace, which is the chance that an issuer of most popular inventory
will fail to make its dividend bills. Most well-liked inventory costs have a tendency to transport extra slowly upwards than commonplace inventory costs.

 

REIT Possibility: Making an investment
in REITs comes to positive distinctive dangers along with the ones dangers related to making an investment in the actual property {industry} generally. REITs
could also be suffering from adjustments within the price of the underlying assets owned by means of the REITs and loan REITs could also be suffering from the standard
of any credit score prolonged. REITs are dependent upon control abilities, aren’t various, and are matter to heavy money drift dependency,
default by means of debtors and self-liquidation. REITs are also matter to the probabilities of failing to qualify for tax loose pass-through
of revenue below the Code and failing to care for their exemption from registration below the 1940 Act. Funding in REITs comes to dangers
very similar to the ones related to making an investment in small capitalization corporations, and REITs (particularly loan REITs) are matter to curiosity
fee dangers. When rates of interest decline, the worth of a REIT’s funding in constant fee duties may also be anticipated to upward push. Conversely,
when rates of interest upward push, the worth of a REIT’s funding in constant fee duties may also be anticipated to say no. As a result of REITs incur
bills like control charges, investments in REITs additionally upload an extra layer of bills.

 

Possibility of Choices: As a result of
possibility premiums paid or gained by means of the Fund are small on the subject of the marketplace price of the investments underlying the choices, purchasing
and promoting put and phone choices may also be extra speculative than making an investment without delay in securities. The price of choices could also be risky and
will depend on the worth of the reference asset or sources.

 

Quick Place Possibility: The
Fund’s lengthy positions may just decline in price on the identical time that the worth of its quick positions building up, thereby expanding
the Fund’s general attainable for loss. The Fund’s direct or oblique quick positions would possibly lead to a loss if the cost of
the quick role tools upward push and it prices extra to switch the quick positions. By contrast to the Fund’s lengthy positions,
for which the chance of loss is normally restricted to the volume invested, the prospective loss on quick positions, whether or not held without delay or
not directly, is theoretically limitless. Marketplace components would possibly save you the Fund from final out a quick role on the maximum fascinating time
or at a positive fee. A lender would possibly request that borrowed securities be returned to it on quick realize, and the Fund could have to shop for
the borrowed securities at an detrimental fee. If this happens on the identical that different quick dealers of the similar safety additionally need to
shut out their positions, it’s much more likely that the Fund must quilt its quick sale at an detrimental fee and probably scale back
or get rid of any achieve, or purpose a loss, on account of the quick sale.

 

Sovereign Debt Possibility. The
issuer of international debt or the international governmental government that regulate the reimbursement of the debt could also be not able or unwilling to pay off
essential or curiosity when due, and a Fund could have restricted recourse within the match of a default. The marketplace costs of sovereign debt, and
the Fund’s web asset price, could also be extra risky than costs of U.S. debt duties and sure rising markets would possibly stumble upon
difficulties in servicing their debt duties.

 

Structured
Merchandise Possibility
: There’s a menace that an funding in a structured product would possibly decline in price because of adjustments within the underlying tools
on which the product is founded. Structured merchandise come with, amongst different issues, fund-or equity-linked name choices, CDOs, mortgage-backed
securities, different sorts of asset-backed securities and sure sorts of structured notes. Structured merchandise contain dangers other
from, or most likely more than, the hazards related to conventional investments. Those dangers come with: (i) the chance that the issuer would possibly
default; (ii) menace of mispricing or incorrect valuation; and (iii) the chance that adjustments within the price of the product would possibly not correlate
completely with the underlying sources, fee or index. Structured product costs could also be extremely risky and would possibly vary considerably
throughout a quick time frame. Such costs are influenced by means of a lot of components that have an effect on the markets, together with, however no longer restricted to:
converting provide and insist relationships; authorities methods and insurance policies; nationwide and global political and financial occasions,
adjustments in rates of interest, inflation and deflation and adjustments in provide and insist relationships.

· Structured merchandise are usually privately presented and offered, and thus, aren’t
registered below the securities legal guidelines. Positive structured

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merchandise could also be thinly traded
or have a restricted buying and selling marketplace and could have the impact of accelerating the Fund’s illiquidity to the level that the Fund, at a
specific time limit, could also be not able to search out certified consumers for those securities. Along with the overall dangers related to
constant revenue securities mentioned herein, structured merchandise elevate further dangers together with, however no longer restricted to: (i) the chance
that distributions from underlying investments may not be ok to make curiosity or different bills; (ii) the standard of the underlying
investments would possibly decline in price or default, (iii) the chance that the safety could also be subordinate to different categories; and (iv) the
complicated construction of the safety will not be totally understood on the time of funding and would possibly produce disputes with the issuer or sudden
funding effects.

· Structured notes are spinoff securities for which the volume of essential reimbursement
and/or curiosity bills is in accordance with the motion of a number of “components.” Those components would possibly come with, however aren’t restricted
to, foreign money substitute charges, rates of interest (such because the Secured In a single day Financing Fee (“SOFR”))), referenced bonds and
inventory indices. A few of these components would possibly or would possibly not correlate to the whole fee of go back on a number of underlying tools referenced
in such notes. In some instances, the affect of the actions of those components would possibly building up or lower via using multipliers or
deflators. Investments in structured notes comes to dangers other from, or most likely more than, the hazards related to making an investment
conventional securities together with:
· Leverage and Volatility Possibility: Structured notes ordinarily have leverage
inherent of their phrases. Accordingly, a rather small motion in an index to which structured be aware is related would possibly lead to a right away
and considerable loss;
· Liquidity Possibility: Even if it’s expected that the structured notes will
be actively traded, it’s imaginable that specific investments may well be tricky to buy or promote, most likely fighting the Fund from
executing positions at an positive time or fee, or most likely requiring them to get rid of different investments at detrimental instances
or costs to be able to fulfill their duties;
· Monitoring Possibility: Structured notes will not be very best substitutes for the securities,
commodities or currencies they’re supposed to trace. Elements equivalent to variations in provide and insist for positive structured note-related
derivatives and indices would possibly purpose structured be aware returns to deviate from the Adviser’s expectancies. Because of this, structured be aware
returns will not be extremely correlated to the securities commodities or currencies they’re supposed to trace; and
· Pastime Fee Possibility, Credit score Possibility and Marketplace Possibility: The place the Fund’s
investments in structured notes are founded upon the motion of a number of components, relying at the issue used and using multipliers
or deflators, adjustments in rates of interest and motion of the issue would possibly purpose important fee fluctuations.

 

Taxation Possibility: By means of making an investment
in commodities not directly in the course of the Subsidiary, the Fund will download publicity to the commodities markets throughout the federal tax necessities
that observe to the Fund. The subsidiary is classed as a managed international company for US tax functions. Generally any beneficial properties/losses
from buying and selling in 1256 futures contracts, equivalent to exchange-traded commodity futures contracts, are taxed 60% as longer term capital beneficial properties/losses
and 40% quick time period capital beneficial properties/losses. Then again, for the reason that Subsidiary is a managed international company, any revenue gained by means of from
its investments, can be handed via to the Fund as peculiar revenue and mirrored on shareholders’ tax Bureaucracy 1099 as such.

 

Turnover Fee Possibility. The
Fund could have portfolio turnover charges in way over 100%. Greater portfolio turnover reasons a fund to incur upper transaction prices
and would possibly lead to upper taxable distributions on Fund stocks held in taxable accounts. Those prices, which aren’t mirrored in annual
fund working bills, would possibly adversely have an effect on Fund functionality.

 

Volatility
Possibility:
The Fund could have investments that respect or lower considerably in price of quick sessions of time. This will likely purpose the
Fund’s web asset price consistent with proportion to enjoy important will increase or declines in price over quick sessions of time, on the other hand, all
investments long- or momentary are matter to menace of loss.

 

Wholly-Owned Subsidiary Possibility:
If the Fund makes use of a Subsidiary to succeed in its investments targets, it’ll no longer be registered below the 1940 Act and, except another way
famous on this Prospectus, may not be matter to all the investor protections of the 1940 Act. The Fund, by means of making an investment in a Subsidiary,
is not going to have all the protections presented to buyers in registered funding corporations. Then again, the Fund will wholly personal and regulate
any Subsidiary it makes use of. The investments of the Fund and its Subsidiary will each be controlled by means of the Fund’s portfolio managers,
making it not likely that the Subsidiary will take motion opposite to the pursuits of the Fund or its shareholders. The Believe’s Board
of Trustees has oversight accountability for the funding actions of the Fund, together with its funding in a Subsidiary, and the
Fund’s function as the only shareholder of a Subsidiary. Additionally, the portfolio managers, in managing a Subsidiary’s portfolio, are
matter to the similar funding restrictions and operational tips that observe to the control of the Fund. Adjustments within the legal guidelines of
america and/or the Cayman Islands, below which the Fund and its Subsidiary, respectively, are arranged, may just outcome within the
incapability of the Fund and/or Subsidiary to function as described on this Prospectus and may just negatively have an effect on the Fund and its shareholders.
For instance, the Cayman Islands does no longer these days impose any revenue, company or capital beneficial properties tax, property accountability, inheritance tax, present
tax or withholding tax on a Subsidiary. If Cayman Islands regulation adjustments such {that a} Subsidiary will have to pay Cayman Islands taxes, Fund shareholders
would most likely undergo diminished funding returns.

 

SUBSIDIARY: The
Fund will make technique investments without delay, and in addition execute its technique, partly, by means of making an investment as much as 25% of its overall sources in a
wholly-owned and regulated Subsidiary of the Fund. Dependent at the technique(ies) being traded by means of its mum or dad Fund, the Subsidiary, will
make investments nearly all of its sources in any mixture of commodities pursuits and each economic and non-financial futures, derivatives,
structured merchandise or different investments supposed to function margin or collateral for derivatives positions, as important. By means of making an investment
in commodity pursuits not directly via its Subsidiary, the Fund will download publicity to the commodities markets throughout the boundaries
of the federal tax necessities of Subchapter M of the Inside Income Code of 1986, as amended (the “Code”). Subchapter
M calls for, amongst different issues, that no less than 90% of a Fund’s revenue be derived from securities or derived with admire to its trade
of making an investment in securities (normally known as “qualifying revenue”). The Fund will invest in positive commodity
pursuits and commodity-linked derivatives via its Subsidiary as a result of revenue from those derivatives would no longer

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be handled as “qualifying
revenue” for functions of the 90% revenue requirement, as it will if the Fund invested in them without delay. With admire to revenue from
the Fund’s funding in its Subsidiary, the Fund will rely on Phase 851(b) of the Code and regulations thereunder to guarantee compliance
with the restrictions of the federal tax necessities of Subchapter M of the Code. For the reason that Fund would possibly make investments a considerable portion of
its sources within the Subsidiary, which would possibly keep probably the most investments described on this Prospectus, the Fund is thought of as to be making an investment
not directly in a few of the ones investments via its Subsidiary. For this reason, references to the Fund and its investments within the Prospectus
additionally come with the investments made by means of the Fund’s Subsidiary. The Subsidiary is matter to the similar funding restrictions and boundaries,
and follows the similar compliance insurance policies and procedures, because the Fund, to the level acceptable.

 

The Fund and its Subsidiary are
every a “commodity pool” below the U.S. Commodity Alternate Act, and the Adviser is a “commodity pool operator”
registered with and controlled by means of the Commodity Futures Buying and selling Fee (“CFTC”).

 

TEMPORARY DEFENSIVE INVESTMENTS:
To answer adversarial marketplace, financial, political or different stipulations, the Fund would possibly make investments 100% of its overall sources, with out limitation,
in high quality momentary debt securities and cash marketplace tools. Such investments could also be inconsistent with the Fund’s essential
funding methods. Those momentary debt securities and cash marketplace tools come with stocks of cash marketplace mutual finances, industrial
paper, certificate of deposit, bankers’ acceptances, U.S. Govt securities and repurchase agreements. Whilst the Fund is in
a defensive line, the Fund would possibly not have the ability to succeed in its funding function.

 

PORTFOLIO
HOLDINGS DISCLOSURE:
An outline of the Fund’s insurance policies in regards to the free up of portfolio holdings knowledge is to be had
within the Fund’s Observation of Further Data. The Fund would possibly, every now and then, make to be had month-end portfolio holdings
knowledge at the site www.altegris.com. If month-end portfolio holdings knowledge is posted
to the site, the guidelines is predicted to be roughly 30 days outdated and stay to be had till new knowledge for the following month
is posted. Shareholders would possibly request publicly to be had portfolio holdings schedules at no fee by means of calling 1-877-772-5838. The Adviser
would possibly make to be had positive details about the Fund’s portfolio previous to the general public dissemination of portfolio holdings, together with,
however no longer restricted to, the Fund’s portfolio traits records; foreign money and sector exposures; the Fund’s asset category and tool
exposures; and the Fund’s functionality attribution, by means of posting such knowledge at the site www.altegris.com
or upon cheap request made to the Fund or the Adviser.

 

CYBERSECURITY:
The pc programs, networks and units utilized by the Fund and its carrier suppliers to hold out regimen trade operations make use of
numerous protections designed to stop injury or interruption from pc viruses, community screw ups, pc and telecommunication
screw ups, infiltration by means of unauthorized individuals and safety breaches. In spite of the quite a lot of protections used by the Fund and its carrier
suppliers, programs, networks, or units probably may also be breached. The Fund and its shareholders might be negatively impacted as a
results of a cybersecurity breach.

 

Cybersecurity breaches can come with
unauthorized get admission to to programs, networks, or units; an infection from pc viruses or different malicious device code; and assaults that
close down, disable, sluggish, or another way disrupt operations, trade processes, or site get admission to or capability. Cybersecurity breaches
would possibly purpose disruptions and affect the Fund’s trade operations, probably leading to economic losses; interference with the
Fund’s skill to calculate its NAV; impediments to buying and selling; the lack of the Fund, the Adviser, a sub-adviser and different carrier
suppliers to transact trade; violations of acceptable privateness and different legal guidelines; regulatory fines, consequences, reputational injury, compensation
or different repayment prices, or further compliance prices; in addition to the inadvertent free up of confidential knowledge.

 

Identical adversarial penalties
may just outcome from cybersecurity breaches affecting issuers of securities by which the Fund invests; counterparties with which the Fund
engages in transactions; governmental and different regulatory government; substitute and different economic marketplace operators, banks, agents,
sellers, insurance coverage corporations, and different economic establishments (together with economic intermediaries and repair suppliers for the Fund’s
shareholders); and different events. As well as, considerable prices could also be incurred by means of those entities to be able to save you any cybersecurity
breaches sooner or later.

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MANAGEMENT

 

INVESTMENT ADVISER:

Altegris Advisors, L.L.C., a Delaware restricted legal responsibility corporate with places of work situated at 1200 Prospect Side road, Suite 400 Los angeles Jolla, CA 92037,
serves as funding adviser to the Fund. Matter to the authority of the Board of Trustees, the Adviser is answerable for control
of the Fund’s funding portfolio, together with via any sub-adviser. The Adviser is answerable for settling on the Fund’s
sub-adviser(s), if any, and assuring that investments are made in line with the Fund’s funding function, insurance policies and restrictions.
The Adviser used to be established in 2010 for the aim of advising mutual finances. As of June 30, 2022, the Adviser had roughly $563
million in sources below control. The Adviser is a CFTC-registered commodity pool operator, Nationwide Futures Affiliation (“NFA”)
member, and SEC registered funding adviser that sponsors and/or manages choice funding merchandise.

 

The Adviser is not directly managed
by means of Continuum Capital Managers, LLC (“Continuum”) and AV5 Acquisition, LLC (“AV5”). Mr. Matthew Osborne, the Adviser’s
CEO and CIO is the only proprietor and member of AV5. Continuum is wholly owned and regulated by means of Messrs. Douglas Grip and Stephen Vanourny.

 

Pursuant to an advisory settlement
between the Fund and the Adviser, the Adviser is entitled to obtain, on a per 30 days foundation, an annual advisory commission equivalent to [ ]% of the
Fund’s moderate day by day web sources The Adviser has contractually agreed to scale back its charges and/or take in bills of the Fund as described
within the Fund Abstract, till at least________, 20__, to make sure the whole Fund working bills after commission waiver and compensation (unique
of (i) any front-end or contingent deferred quite a bit; (ii) brokerage charges and commissions; (iii) got fund charges and bills; (iv) charges
and bills related to spinoff tools; (v) borrowing prices (equivalent to curiosity and dividend expense on securities offered quick);
(vi) taxes; (vii) bills incurred in reference to any merger or reorganization; and (viii) strange bills equivalent to litigation
bills (which would possibly come with indemnification of Fund officials and Trustees, and contractual indemnification of Fund carrier suppliers
(instead of the Adviser)) is not going to exceed positive ranges. Waived charges and absorbed bills are matter to imaginable recoupment from the
Fund in years to come on a rolling three-year foundation (throughout the 3 years after the charges had been waived or reimbursed) if such recoupment
may also be accomplished throughout the foregoing expense limits. This settlement could also be terminated solely by means of the Believe’s Board of Trustees, on
60 days written realize to the Adviser. Charge waiver and compensation preparations can lower the Fund’s bills and spice up its
functionality.

 

A dialogue in regards to the foundation
for the Board of Trustees’ approval of the advisory settlement with admire to the Fund can be to be had within the Fund’s first annual
or semi-annual shareholder file.

 

INVESTMENT ADVISER PORTFOLIO MANAGER:

Matthew Osborne

Founder, Leader Govt Officer
and Leader Funding Officer

 

Mr. Osborne
is a Founding father of the Adviser and because February 2021 has served as its Leader Govt Officer. He has additionally served because the Adviser’s
Leader Funding Officer since January 2016. Mr. Osborne used to be up to now its Govt Vice President from February 2010 to June 2015,
and Co-President from June 2015, to January 2016, and has since 2003 served in senior government roles with quite a lot of different advisory and
brokerage associates of the Adviser. Mr. Osborne brings greater than 30 years of global trade and monetary marketplace enjoy to
his function in directing the controlled futures methods and connected strategic projects for the Adviser and its associates. Mr. Osborne
used to be up to now Director of Analysis for the Controlled Investments Department of Guy Monetary. Previous to his function at Guy Monetary, Mr. Osborne
served as Funding Supervisor for a circle of relatives place of work in his local New Zealand the place he used to be answerable for formulating funding insurance policies
and enforcing an international asset allocation program that specialised in choice funding methods equivalent to hedge finances and controlled
futures.

 

SUB-ADVISER:

 

The Adviser has entered
right into a sub-advisory settlement with Crabel Capital Control, LLC (“Crabel” or “Sub-Adviser”)) and has delegated
components of control of the Fund’s portfolio, together with choice of a portion of the Fund’s portfolio investments, to Crabel.
Crabel, arranged as a Wisconsin restricted legal responsibility corporate, has its major place of work at 1999 Street of the Stars, Suite 2550, Los Angeles,
California 90067. Crabel is registered as a commodity buying and selling guide and commodity pool operator with the CFTC and is a member of the
NFA. Crabel may be registered as an funding adviser with the SEC. As of June 30, 2022, Crabel had over $8 billion (leverage adjusted
sources, together with notional fairness) in consumer sources below control.

 

A dialogue in regards to the foundation for
the Board of Trustees’ approval of the sub-advisory settlement between the Adviser and GSA with admire to the Fund can be to be had in
the Fund’s first annual or semi-annual shareholder file.

 

SUB-ADVISER PORTFOLIO MANAGERS:

 

Michael Pomada

President & Leader Govt
Officer

 

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Michael Pomada is President
and Leader Govt Officer of Crabel and a member of the company’s Management and Govt Committees. Along with his government
function, Mr. Pomada may be a Portfolio Supervisor of Crabel Gemini and Crabel Contra and he advanced Crabel Complex Pattern. He spends his
time on analysis and product construction, in addition to overseeing the entrance place of work groups. Mr. Pomada joined Crabel in April 2008 as a portfolio
supervisor specializing in the company’s fairness methods. In past due 2009, he spearheaded a firmwide initiative to redesign the group’s
buying and selling infrastructure, execution procedure, and microstructure analysis. He went directly to function Crabel’s Leader Running Officer
from June 2011 to July 2016 when he was President and CEO. Previous to becoming a member of Crabel, Mr. Pomada frolicked at UBS and controlled portfolios
at Manchester Buying and selling (Niederhoffer) and Coast Asset Control. He started his occupation in gross sales and trade construction within the interactive
leisure {industry} sooner than transitioning into finance. A graduate of the College of California, Berkeley, Mr. Pomada additionally holds
an MBA with a focus in investments and statistics from the College of Southern California. Mr. Pomada has been registered as
an NFA affiliate member and an related individual of Crabel since Might of 2012 and indexed as a essential of Crabel since January of 2013.

 

Grant Jaffarian

Portfolio Supervisor

 

Grant Jaffarian is the Portfolio Supervisor
of Crabel Complex Pattern and a member of the company’s Govt Committee. Mr. Jaffarian joined Crabel in 2014 as a part of its acquisition
of AlphaTerra the place he used to be the Founder and Leader Funding Officer. Previous to launching AlphaTerra in April 2013, Mr. Jaffarian served
because the Leader Funding Officer at Environment friendly Capital Control. He started his occupation at Belgium-based Analytic Funding Control,
a excessive turnover futures supervisor got by means of Robeco Financial institution. From there, he went directly to discovered Petra Intraday, a momentary systematic funding
supervisor, sooner than becoming a member of Environment friendly. Mr. Jaffarian earned a bachelor’s level from Wheaton School the place he majored in English and
holds an MBA with a focus in economics from the College of Chicago. Mr. Jaffarian has been indexed as a essential and related
individual of Crabel since January 2017.

 

The Fund’s Observation of Further
Data supplies further details about the Adviser and Sub-Adviser Portfolio Managers’ repayment, different accounts controlled
by means of Portfolio Managers, and Portfolio Managers’ possession of stocks of the Fund, if any.

 

INVESTMENT SUBSIDIARY

The Fund would possibly make investments up
to twenty-five% of its overall sources within the Subsidiary. The Subsidiary will make investments nearly all of its sources in derivatives, structured merchandise
and/or different economic tools, or investments supposed to function margin or collateral for derivatives positions as required. The
Subsidiary can be arranged below the legal guidelines of the Cayman Islands, and overseen by means of its personal board of administrators. The Fund is the only shareholder
of any Subsidiary. It’s not these days anticipated that stocks of a Subsidiary can be offered or presented to different buyers. If, at any time,
the Subsidiary proposed to supply or promote its stocks to any investor instead of the Fund, shareholders would obtain 60 days prior realize
of such be offering or sale.

 

The Adviser
is answerable for the Subsidiary’s daily trade pursuant to an funding advisory settlement with the Subsidiary. Below
this settlement, the Adviser supplies the Subsidiary with the similar form of control services and products, below the similar phrases, as are supplied to
the Fund. The advisory settlement with the Subsidiary supplies for its computerized termination upon the termination of the funding advisory
settlement with admire to the Fund. The Subsidiary can even input into separate contracts for the availability of custody, move company,
and audit services and products with the similar carrier suppliers that supply the ones services and products to the Fund.

 

The Fund can pay the Adviser a commission
for its services and products. The Adviser will waive any commission from the Subsidiary, or the Adviser will contractually conform to waive the cost it receives
from the Fund in an quantity equivalent to any commission paid to the Adviser by means of the Subsidiary, which might proceed in impact for as long as the Fund
invests within the Subsidiary, and would no longer be terminated by means of the Adviser except it first obtains the prior approval of the Believe’s
Board of Trustees for such termination. The Subsidiary can even endure the charges and bills incurred in reference to the custody, move
company and audit services and products that it receives. The bills borne by means of the Subsidiary may not be subject matter on the subject of the worth of the
Fund’s sources, and it’s expected that the Fund’s bills could also be diminished to a point on account of the price of
bills on the Subsidiary point. It’s subsequently anticipated that any duplicative charges for equivalent services and products supplied to the Fund and to
its Subsidiary may not be subject matter.

 

The Subsidiary is controlled pursuant
to compliance insurance policies and procedures which might be the similar, in all subject matter respects, because the insurance policies and procedures followed by means of the Fund.
Because of this, the Adviser is matter to the similar funding insurance policies and restrictions in admire of the Subsidiary that observe to the control
of the Fund, and, particularly, to the necessities in the case of portfolio leverage, liquidity, brokerage, and the timing and manner of
the valuation of the Subsidiary’s portfolio investments. Those insurance policies and restrictions are described intimately within the Fund’s
Observation of Further Data (“SAI”). The Believe’s Leader Compliance Officer oversees implementation of the Subsidiary’s
insurance policies and procedures and makes periodic studies to the Believe’s Board in regards to the Subsidiary’s compliance with its insurance policies
and procedures.

 

The economic statements of the
Subsidiary can be consolidated within the Fund’s economic statements, that are incorporated within the Fund’s annual and semi-annual
studies. The Fund’s annual and semi-annual studies are allotted to shareholders, and copies of the studies are supplied with out
fee upon request as indicated at the again quilt of this Prospectus. Please check with the SAI for more information in regards to the
Subsidiary.

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HOW FUND SHARES ARE PRICED

The online asset price and
providing fee (NAV plus any acceptable gross sales fees) of every category of stocks are valued on the shut of standard buying and selling at the New York
Inventory Alternate (“NYSE”) (typically 4:00 p.m. Jap Time) on every day the NYSE is open for trade. NAV is computed by means of figuring out,
on a consistent with category foundation, the mixture marketplace price of all sources of the Fund, much less its liabilities, divided by means of the whole collection of stocks
exceptional ((assets-liabilities)/collection of stocks = NAV). The NYSE is closed on weekends and New 12 months’s Day, Martin Luther King,
Jr. Day, Presidents’ Day, Just right Friday, Memorial Day, Independence Day, Exertions Day, Thanksgiving Day and Christmas Day. The NAV takes
into consideration, on a consistent with category foundation, the bills and charges of the Fund, together with control, management, and distribution charges (if
any), that are amassed day by day. The decision of NAV for a proportion category for a specific day is acceptable to all programs for the
acquire of stocks, in addition to all requests for the redemption of stocks, gained by means of the Fund (or a certified dealer or agent, or its
approved designee) sooner than the shut of buying and selling at the NYSE on that day.

Usually,
the Fund’s investments are valued every day on the closing quoted gross sales fee on every funding’s number one substitute. Investments
traded or dealt in upon a number of exchanges (whether or not home or international) for which marketplace quotations are readily to be had and no longer
matter to restrictions towards resale will be valued on the closing quoted gross sales fee at the number one substitute or, within the absence of a
sale at the number one substitute, on the imply between the present bid and ask costs on such substitute. Investments essentially traded at the
Nationwide Affiliation of Securities Sellers’ Automatic Citation Device (“NASDAQ”) Nationwide Marketplace Device for which marketplace
quotations are readily to be had will be valued the use of the NASDAQ Authentic Last Value. Securities that aren’t traded or dealt in any
securities substitute (whether or not home or international) and for which over the counter marketplace quotations are readily to be had usually shall
be valued on the closing sale fee or, within the absence of a sale, on the imply between the present bid and ask fee on such over-the- counter
marketplace. Debt securities no longer traded on an substitute could also be valued at costs equipped by means of a pricing agent(s) in accordance with dealer or trader equipped
valuations or matrix pricing, a technique of valuing securities by means of connection with the worth of different securities with equivalent traits,
equivalent to ranking, rate of interest and adulthood.

If the funding isn’t traded
on an substitute, investments can be valued at their truthful marketplace price as desperate the use of the “truthful price” procedures licensed
by means of the Board. If marketplace quotations are another way no longer readily to be had, or deemed unreliable for an funding, or if an funding’s
price could have been materially suffering from occasions happening after the shut of a marketplace on which the funding mainly trades, however
sooner than the Fund calculates its NAV, investments can be valued at their truthful marketplace price as desperate in excellent religion by means of the Adviser and/or
related sub-adviser based on such procedures licensed by means of the Board. On this admire, the Adviser and/or sub-adviser take part
within the valuation procedure by means of getting ready the truthful valuation for this type of investments as consistent with licensed procedures and pursuant to a good price
procedure advanced in coordination with the Fund’s administrator, auditors, and in some instances positive carrier suppliers to the issuers
of investments matter to the truthful valuation. This procedure is examined and matter to ongoing and periodic tracking by means of the Adviser and/or
sub-adviser, the Fund’s administrator, and the Board.

Honest price pricing comes to
subjective judgments and it’s imaginable that the truthful price desperate for an funding could also be materially other than the worth that
might be discovered upon the sale of that funding. This truthful price may additionally range from valuations desperate by means of different finances the use of their
personal truthful valuation procedures. The truthful price costs can range from marketplace costs once they develop into to be had or when a value turns into
to be had. The Board has delegated execution of those procedures to a good price committee composed of a number of representatives from
every of the (i) Believe, (ii) administrator, and (iii) Adviser and/or sub-adviser. The committee may additionally enlist 1/3 celebration specialists
equivalent to an audit company or economic officer of an issuer on an as-needed foundation to help in figuring out an investment-specific truthful price.
The Board evaluations and ratifies the execution of this procedure and the ensuing truthful price costs no less than quarterly to guarantee the method
produces dependable effects.

The Fund and the Adviser
would possibly use unbiased pricing services and products to help in calculating the worth of the Fund’s investments. As well as, marketplace costs for
international investments aren’t desperate on the identical time of day because the NAV for the Fund. For the reason that Fund would possibly keep portfolio tools
essentially indexed on international exchanges, and those exchanges would possibly commerce on weekends or different days when Fund does no longer fee its stocks, the
price of probably the most Fund’s portfolio securities would possibly exchange on days whilst you would possibly not have the ability to purchase or promote Fund stocks. In computing
the NAV, the Fund values international investments held by means of the Fund at the most recent final fee at the substitute by which they’re traded instantly
previous to final of the NYSE. Costs of international investments quoted in foreign currency are translated into U.S. bucks at recent charges.
If occasions materially affecting the worth of an funding within the Fund’s portfolio, in particular international investments, happen after
the shut of buying and selling on a international marketplace however sooner than the Fund costs its stocks, the funding can be valued at truthful price. For instance,
if buying and selling in a portfolio funding is halted and does no longer resume sooner than the Fund calculates its NAV, the Adviser and/or sub-adviser
would possibly want to fee the funding the use of the Fund’s truthful price pricing tips. And not using a truthful price fee, momentary buyers
may just benefit from the arbitrage alternative and dilute the NAV of long-term buyers. Honest valuation of the Fund’s portfolio
investments can serve to scale back arbitrage alternatives to be had to momentary buyers, however there is not any assurance that truthful price pricing
insurance policies will save you dilution of the Fund’s NAV by means of quick time period buyers. The decision of truthful price comes to subjective judgments.
Because of this, the use of truthful price to value an funding would possibly lead to a value materially other from the costs utilized by different mutual finances
to decide web asset price, from the associated fee that can be discovered upon the real sale of the funding, or from marketplace costs once they
develop into to be had.

With admire to any portion
of the Fund’s sources which might be invested in a number of open-end control funding corporations registered below the 1940 Act, the
Fund’s web asset price is calculated founded upon the web asset values of the ones open-end control funding corporations, and the
prospectuses for those corporations give an explanation for the instances below which the ones corporations will use truthful price pricing and the results of
the use of truthful price pricing.

Because of investments
by means of the Fund, its Subsidiary, or different funding automobiles accessed by means of the Fund, if any, in international securities or different tools denominated
in currencies instead of the U.S. greenback, the NAV of the Fund’s stocks could also be suffering from adjustments within the price of currencies in
relation to the U.S. greenback. The price of those tools denominated in currencies instead of the U.S. greenback could also be affected considerably
on an afternoon that the NYSE is closed, and an investor isn’t ready to buy, redeem or substitute stocks.

877.772.5838

www.altegris.com  21

HOW TO PURCHASE SHARES

Percentage Categories

This Prospectus describes
the next proportion categories presented by means of the Fund: Elegance A and Elegance I. Below this Prospectus, the Fund provides two categories of stocks so
that you’ll be able to make a selection the category that most closely fits your funding wishes. Check with the guidelines under so to make a selection the category that
most closely fits your funding wishes. The principle variations between the proportion categories are gross sales fees, ongoing charges and minimal preliminary funding.
Elegance A stocks pay an annual distribution commission of 0.25% of moderate day by day web sources as a result of the ones proportion categories – for distribution
and shareholder servicing bills pursuant to the Believe’s Grasp Distribution and Shareholder Servicing Plans followed pursuant
to Rule 12b-1. Elegance I stocks don’t pay such charges. Elegance A stocks are matter to a gross sales load on all purchases of as much as 5.75%; and Elegance
I stocks aren’t matter to a gross sales fee. For info on ongoing distribution charges, see Distribution (12b-1) and Shareholder
Servicing Charges
on web page __ of this Prospectus. Every category of stocks within the Fund represents curiosity in the similar portfolio of investments
throughout the Fund. There’s no funding minimal on reinvested distributions and the Fund would possibly exchange funding minimums at any time. The
Fund reserves the appropriate to waive gross sales fees, as described under, and funding minimums. All proportion categories will not be to be had for
acquire in all states.

 

Elegance A Stocks

Elegance A stocks are presented
at their public providing fee, which is NAV plus the acceptable gross sales fee and are matter to 12b-1 distribution and/or shareholder
servicing charges of 0.25% on an annualized foundation of the common day by day web sources of Elegance A stocks. The 12b-1 charges are amassed and paid
per 30 days. Through the years, charges paid below this distribution and repair plan will building up the price of a Elegance A shareholder’s funding
and would possibly value greater than different sorts of gross sales fees. The minimal preliminary funding in Elegance A stocks of the Fund is $2,500 for all accounts.
The minimal next funding in Elegance A stocks of the Fund is $250 for all accounts. The gross sales fee varies, relying on how a lot
you make investments. There aren’t any gross sales fees on reinvested distributions. The next gross sales fees observe in your purchases of Elegance A stocks
of the Fund, except waived as described below “Gross sales Rate Waivers”:

 

Quantity Invested Gross sales Rate as a % of Providing Value(1) Gross sales Rate as a % of Quantity Invested Broker Reallowance
Below $25,000 5.75% 6.10% 5.00%
$25,000 to $49,999 5.00% 5.26% 4.25%
$50,000 to $99,999 4.75% 4.99% 4.00%
$100,000 to $249,999 3.75% 3.83% 3.25%
$250,000 to $499,999 2.50% 2.56% 2.00%
$500,000 to $999,999 2.00% 2.04% 1.75%
$one million and above 0.00% 0.00% See under

(1) Providing fee contains
the front-end gross sales load. The gross sales fee you pay would possibly range relatively from the volume set forth above as a result of rounding that happens
within the calculation used to decide your gross sales fee.

 

A promoting dealer would possibly obtain commissions
on purchases of Elegance A stocks over $1 million calculated as follows: 1.00% on purchases between $1 million and $3 million, 0.50% on
quantities over $3 million however not up to $5 million, 0.25% on quantities over $5 million. The fee fee is desperate in accordance with the acquisition
quantity mixed with the present marketplace price of current investments in Elegance A stocks.

 

As proven, buyers that acquire
$one million or extra of the Fund’s Elegance A stocks is not going to pay any preliminary gross sales fee at the acquire. Then again, purchases of $one million
or extra of Elegance A stocks could also be matter to a contingent deferred gross sales fee (“CDSC”) on stocks redeemed throughout the primary
18 months after their acquire within the quantity of the commissions paid at the stocks redeemed.

 

The best way to Scale back Your Gross sales Rate

You
could also be eligible to buy Elegance A stocks at a discounted gross sales fee. To qualify for those discounts, you will have to notify the Fund’s
distributor, Northern Lighting Vendors, LLC (the “distributor”), in writing and provide your account quantity on the time
of acquire. You might mix your acquire with the ones of your “instant circle of relatives” (your partner and your kids below the
age of 21) for functions of figuring out eligibility. If acceptable, it is important to give you the account numbers of your partner and your
minor kids in addition to the ages of your minor kids.

 

Rights of Accumulation: To
qualify for the decrease gross sales fee charges that observe to greater purchases of Elegance A stocks, chances are you’ll mix your new purchases of Elegance
A stocks with Elegance A stocks of the Fund that you just already personal. The acceptable preliminary gross sales fee for the brand new acquire is in accordance with the
overall of your recent acquire and the present price of all different Elegance A stocks that you just personal. The diminished gross sales fee will observe solely
to recent purchases and will have to be asked in writing whilst you purchase your stocks.

877.772.5838

www.altegris.com  22

Stocks of the Fund held as follows
can’t be mixed along with your recent acquire for functions of diminished gross sales fees:

·  
Stocks held not directly via economic intermediaries instead of your recent acquire broker-dealer (for instance, a unique
broker-dealer, a financial institution, a separate insurance coverage corporate account or an funding guide),

·  
stocks held via an administrator or trustee/custodian of an Employer Subsidized Retirement Plan (for instance, a 401(ok) plan)
instead of employer-sponsored IRAs, and

· stocks held without delay within the Fund account on which the broker-dealer (economic guide) of report is other than your recent acquire
broker-dealer.

Letter of Intent: Below
a Letter of Intent (LOI), you dedicate to buy a specified greenback quantity of Elegance A stocks of the Fund, with no less than $25,000,
throughout a 13-month length. At your written request, Elegance A stocks purchases made throughout the former 90 days could also be incorporated. The volume
you settle to buy determines the preliminary gross sales fee you pay. If the full-face quantity of the LOI isn’t invested by means of the tip of the
13-month length, your account can be adjusted to the upper preliminary gross sales fee point for the volume in reality invested. You aren’t
legally sure by means of the phrases of your LOI to buy the volume of your stocks mentioned within the LOI. The LOI does, on the other hand, authorize the
Fund to carry in escrow 5% of the whole quantity you plan to buy. If you don’t entire the whole supposed acquire on the finish of
the 13-month length, the Fund’s move agent will redeem the important portion of the escrowed stocks to make up the adaptation
between the diminished fee gross sales fee (in accordance with the volume you supposed to buy) and the gross sales fee that may typically observe (founded
on the real quantity you bought).

Repurchase of Elegance A
Stocks
: In case you have redeemed Elegance A stocks of the Fund throughout the previous 120 days, chances are you’ll repurchase an similar quantity of Elegance
A stocks of the Fund at NAV, with out the standard front-end gross sales fee. In impact, this permits you to reacquire stocks that you will have
needed to redeem, with out repaying the front-end gross sales fee. You might workout this privilege solely as soon as and will have to notify the Fund that you just
intend to take action in writing. The Fund will have to obtain your acquire order inside of 120 days of your redemption. Observe that when you reacquire stocks
via separate installments (e.g., via per 30 days or quarterly repurchases), the gross sales fee waiver will solely observe to these parts
of your repurchase order gained inside of 120 days of your redemption.

Gross sales Rate Waivers

The provision
of positive gross sales fee waivers and reductions to Elegance A Stocks of the Fund relies on whether or not you buy your Elegance A Stocks without delay
from the Fund or via a economic middleman. Intermediaries could have other insurance policies and procedures (from the ones described above
for Elegance A Stocks usually) in regards to the availability of front-end gross sales load waivers or contingent deferred (back-end) gross sales load
(“CDSC”) waivers, that are mentioned under. In all cases, it’s the buyer’s accountability to inform the Fund
or the buyer’s economic middleman on the time of acquire of any courting or different details qualifying the buyer for
gross sales fee waivers or reductions. For waivers and reductions no longer to be had via a specific middleman, shareholders must
acquire Fund stocks without delay from the Fund or via some other middleman to obtain such waivers or reductions.

Efficient April 10, 2017,
shareholders buying Elegance A Stocks of the Fund via a Merrill Lynch platform or account can be eligible just for the next
load waivers (front-end gross sales fee waivers and contingent deferred, or back-end, gross sales fee waivers) and reductions, which would possibly range
from the ones disclosed in other places on this Prospectus.

 

Entrance-end Gross sales Load Waivers on Elegance A Stocks to be had at Merrill Lynch

Employer-sponsored retirement, deferred repayment and
worker get advantages plans (together with well being financial savings accounts) and trusts used to fund

the ones plans, only if the plan is a bunch plan (extra
than one player), the stocks aren’t held in a commission-based brokerage account and stocks are held within the title of the plan via
an omnibus account

Stocks bought by means of or via a 529 Plan
Stocks bought via a Merrill Lynch affiliated funding advisory program
Stocks bought by means of 1/3 celebration funding advisors on behalf in their advisory purchasers via Merrill Lynch’s platform
Stocks of finances bought in the course of the Merrill Edge Self-Directed platform (if acceptable)
Stocks bought via reinvestment of capital beneficial properties distributions and dividend reinvestment when buying stocks of the similar fund (however no longer some other fund throughout the fund circle of relatives)
Stocks exchanged for Elegance C (i.e., level-load) stocks of the similar fund within the month of or following the 10-year anniversary of the acquisition date
Staff and registered representatives of Merrill Lynch or its associates and their members of the family
Administrators or Trustees of the Fund, and workers of the Fund’s funding adviser or any of its associates, as described on this prospectus

Stocks bought from the proceeds of redemptions inside of
the similar fund circle of relatives, supplied (1) the repurchase happens inside of 90 days following the

redemption, (2) the redemption and buy happen within the
identical account, and (3) redeemed stocks had been matter to a front-end or deferred gross sales load (referred to as Rights of Reinstatement)

 
CDSC Waivers on A, B and C Stocks to be had at Merrill Lynch
Dying or incapacity of the shareholder
Stocks offered as a part of a scientific withdrawal plan as described within the Fund’s prospectus
Go back of extra contributions from an IRA Account
Stocks offered as a part of a required minimal distribution for IRA and retirement accounts because of the shareholder achieving age 70½
Stocks offered to pay Merrill Lynch charges however provided that the transaction is initiated by means of Merrill Lynch
There can be no CDSC charged at the sale of Fund stocks got via a proper of reinstatement
Stocks held in retirement brokerage accounts, which might be exchanged for a lower price proportion category because of move to positive commission founded accounts or platforms (acceptable to A and C stocks solely)

877.772.5838

www.altegris.com  23

 

Entrance-end load Reductions To be had at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent
Breakpoints as described on this prospectus.

Rights of Accumulation (ROA) which entitle shareholders
to breakpoint reductions can be mechanically calculated in accordance with the aggregated maintaining

of fund circle of relatives sources held by means of accounts inside of
the buyer’s family at Merrill Lynch. Eligible fund circle of relatives sources no longer held at Merrill Lynch could also be incorporated within the ROA calculation
provided that the shareholder notifies his or her economic guide about such sources

Letters of Intent (LOI) which permit for breakpoint reductions
in accordance with expected purchases inside of a fund circle of relatives, via Merrill Lynch, over a

13-month time frame (if acceptable)

 

Efficient
July 1, 2018, shareholders buying Elegance A Stocks of the Fund via a Morgan Stanley Wealth Control transactional brokerage account
can be eligible just for the next front-end gross sales fee waivers with admire to Elegance A stocks, which would possibly range from and could also be
extra restricted than disclosed in other places on this Prospectus.

 

Entrance-end Gross sales Rate Waivers
on Elegance A Stocks to be had at Morgan Stanley Wealth Control

· Employer-sponsored retirement plans (e.g., 401(ok) plans, 457 plans, employer-sponsored 403(b) plans, cash in sharing and cash acquire
pension plans and outlined get advantages plans). For functions of this provision, employer-sponsored retirement plans don’t come with SEP IRAs,
Easy IRAs, SAR-SEPs or Keogh plans
· Morgan Stanley worker and employee-related accounts in line with Morgan Stanley’s account linking regulations
· Stocks bought via reinvestment of dividends and capital beneficial properties distributions when buying stocks of the similar fund
· Stocks bought via a Morgan Stanley self-directed brokerage account
· Elegance C (i.e., level-load) stocks which might be not matter to a contingent deferred gross sales fee and are transformed to Elegance A
stocks of the similar fund pursuant to Morgan Stanley Wealth Control’s proportion category conversion program
· Stocks bought from the proceeds of redemptions inside of the similar fund circle of relatives, supplied (i) the repurchase happens inside of 90 days
following the redemption, (ii) the redemption and buy happen in the similar account, and (iii) redeemed stocks had been matter to a front-end
or deferred gross sales fee.

 

The gross sales fee on purchases
of Elegance A stocks is waived for positive sorts of buyers, together with:

· Present and retired administrators and officials of the Fund, or the Adviser, or any in their subsidiaries or associates, or their households
(e.g., partner, kids, mom or father).
· Staff of the Adviser and their households, or any full-time worker or registered consultant of the distributor or of broker-dealers
(every a “Promoting Dealer”) and their associates having trader agreements with the distributor and their instant households
(or any accept as true with, pension, profit-sharing or different get advantages plan for the good thing about such individuals).
· Any full-time worker of a financial institution, financial savings and mortgage, credit score union or different economic establishment that makes use of a Promoting Dealer
to transparent purchases of the fund’s stocks and their instant households.
· Individuals in positive “wrap-fee” or asset allocation methods or different fee-based preparations backed by means of broker-dealers
and different economic establishments that experience entered into agreements with the distributor.
· Purchasers of monetary intermediaries that experience entered into an settlement with the distributor offering for the stocks for use
particularly funding merchandise made to be had to such purchasers and for which such registered funding advisers would possibly fee a separate
commission.
· Purchasers of monetary intermediaries that experience entered into an settlement with the distributor to supply stocks to self-directed funding
brokerage accounts, whether or not or no longer such accounts are matter to transaction charges.
· Institutional buyers (which would possibly come with financial institution accept as true with departments and registered funding advisers).
· Any accounts established on behalf of registered funding advisers or their purchasers by means of broker-dealers that fee a transaction
commission and that experience entered into agreements with the distributor.
· Separate accounts used to fund positive unregistered variable annuity contracts or Phase 403(b) or 401(a) or (ok) accounts.

 

The Fund does no longer waive gross sales
fees for the reinvestment of proceeds from the sale of stocks of a unique fund the place the ones stocks had been matter to a front-end gross sales
fee (also known as “NAV move”). Whether or not a gross sales fee waiver is to be had in your retirement plan or charitable
account will depend on the insurance policies and procedures of your middleman. Please seek the advice of your economic adviser for additional knowledge.

877.772.5838

www.altegris.com  24

Elegance I Stocks

Elegance I stocks of every
Fund are offered at NAV with out an preliminary gross sales fee and aren’t matter to 12b-1 distribution charges, however have the next minimal preliminary
funding than Elegance A stocks. Which means that 100% of your preliminary funding is positioned into stocks of the Fund. Until another way waived
by means of the Fund, Elegance I stocks require a minimal preliminary funding of [$50,000] and the minimal next funding is $250. Elegance I stocks
are presented to funding and institutional purchasers of the Fund’s Adviser and its associates, to positive individuals affiliated with
the Adviser, to positive of the Fund’s carrier suppliers, and to purchasers of monetary establishments or intermediaries (i) that fee
such purchasers an ongoing commission for advisory, funding, consulting or equivalent fee-based fees for economic services and products or (ii) that experience
entered into an settlement with the Fund’s distributor to supply Elegance I stocks via a no-load community or platform. Elegance I stocks
can also be to be had on positive brokerage platforms. An investor transacting in Elegance I stocks via a dealer performing as an agent for
the investor could also be required to pay a fee and/or different varieties of repayment to the dealer.

 

Exchanges for Elegance I Stocks

Holders of Elegance A stocks
issued by means of the Fund would possibly substitute their stocks for Elegance I stocks only if they: (1) keep their stocks via a Promoting Dealer or
different economic middleman or establishment that has a distribution settlement with the Fund’s distributor to supply Elegance I stocks
and which authorizes such an substitute; and (2) are another way eligible to spend money on Elegance I stocks based on the phrases of this
Prospectus. This kind of substitute is matter to the Fund’s discretion to simply accept or reject the substitute. Elegance A shareholders who bought
$one million or extra of stocks, and who then substitute them for Elegance I stocks inside of eighteen months of the unique acquire date, will
be matter to a CDSC for such substitute in the similar means as can be acceptable to a redemption of Elegance A stocks bought in an quantity
of $one million or extra and redeemed inside of eighteen months of the date of authentic acquire, except the Fund’s Adviser in its sole
discretion determines to waive the acceptable CDSC. For federal revenue tax functions, an substitute of Elegance A stocks for Elegance I stocks
inside of the similar Fund is not going to outcome within the reputation of a capital achieve or loss.

 

Elements to Imagine When Opting for
a Percentage Elegance:
When deciding which category of stocks of the Fund to buy, you will have to imagine your funding targets, provide and
long run quantities chances are you’ll spend money on the Fund, and the duration of time you plan to carry your stocks. That can assist you make a decision as
to which category of stocks to shop for, please refer again to the examples of the Fund’s bills over the years within the Charges and Bills
of the Fund
segment for the Fund on this Prospectus. You additionally would possibly need to talk over with your economic adviser for recommendation with reference
to which proportion category can be maximum suitable for you.

877.772.5838

www.altegris.com  25

Buying Stocks: You
would possibly acquire stocks of the Fund by means of sending a finished software shape to the next deal with, addressed to the correct Fund:

 

by way of Common Mail:

ALTEGRIS CRABEL MULTI-
STRATEGY FUND

c/o Ultimus Fund Answers, LLC

P.O. Field 541150

Omaha, NE 68154

or In a single day Mail:

ALTEGRIS CRABEL MULTI-STRATEGY
FUND

c/o
Ultimus Fund Answers, LLC 4221 North 203rd Side road, Suite 100

Elkhorn, Nebraska 68022-3474

 

America PATRIOT Act calls for economic
establishments, together with the Fund, to undertake positive insurance policies and methods to stop money-laundering actions, together with procedures
to ensure the id of consumers opening new accounts. As asked at the Utility, you will have to provide your complete title, date of beginning,
social safety quantity and everlasting side road deal with. Mailing addresses containing a P.O. Field may not be approved. This knowledge will
help the Fund in verifying your id. Till such verification is made, the Fund would possibly quickly prohibit further proportion purchases.
As well as, the Fund would possibly prohibit further proportion purchases or shut an account whether it is not able to ensure a shareholder’s id.
As required by means of regulation, the Fund would possibly make use of quite a lot of procedures, equivalent to evaluating the guidelines to fraud databases or asking for further
knowledge or documentation from you, to make sure that the guidelines equipped by means of you is proper.

 

The Fund, on the other hand, reserves the
proper, in its sole discretion, to reject any software to buy stocks. Programs may not be approved except they’re accompanied
by means of a take a look at drawn on a U.S. financial institution, thrift establishments, or credit score union in U.S. finances for the total quantity of the stocks to be bought.
After you open an account, chances are you’ll acquire further stocks by means of sending a take a look at in conjunction with written directions declaring the title(s)
at the account and the account quantity, to the above deal with. Make all exams payable to the Fund. The Fund is not going to settle for price in
money, together with cashier’s exams or cash orders. Additionally, to stop take a look at fraud, the Fund is not going to settle for 1/3 celebration exams, U.S.
Treasury exams, bank card exams or starter exams for the acquisition of stocks.

 

Observe: Ultimus Fund Answers,
LLC, the Fund’s move agent, will fee a $25 commission towards a shareholder’s account, along with any loss sustained by means of
the Fund, for any take a look at returned to the move agent for inadequate finances.

 

Acquire via Agents:
You might spend money on the Fund via agents or brokers who’ve entered into promoting agreements with the Fund’s distributor. The agents
and brokers are approved to obtain acquire and redemption orders on behalf of the Fund. Such agents are approved to designate different
intermediaries to obtain acquire and redemption orders at the Fund’s behalf. The Fund can be deemed to have gained a purchase order
or redemption order when a certified dealer or its designee receives the order. The dealer or agent would possibly set their very own preliminary and next
funding minimums. You’ll be charged a commission when you use a dealer or agent to shop for or redeem stocks of the Fund. In any case, quite a lot of servicing
brokers use procedures and impose restrictions that can be along with, or other from the ones acceptable to buyers buying stocks
without delay from the Fund. You will have to moderately learn this system fabrics supplied to you by means of your servicing agent.

 

Acquire
by means of Twine:
If you want to cord cash to make an funding within the Fund, please name the Fund at 1-877-772-5838 for wiring directions
and to inform the Fund {that a} cord move is coming. Any industrial financial institution can move same-day finances by way of cord. The Fund will typically
settle for stressed out finances for funding at the day gained if they’re gained by means of the Fund’s designated financial institution sooner than the shut of standard
buying and selling at the NYSE. Your financial institution would possibly fee you a commission for wiring same-day finances.

 

Acquire On-line: As soon as the
account is established, further purchases may also be made by way of Automatic Clearing Space (ACH) the use of a pre-established checking account by means of logging
into the web portal. Please name the Fund at 1-877-772-5838 for help setting up your on-line account.

 

Computerized Funding Plan:
You might take part within the Fund’s Computerized Funding Plan, an funding plan that mechanically strikes cash out of your checking account
and invests it within the Fund via using digital finances transfers or computerized financial institution drafts. You might elect to make next investments
by means of transfers of no less than $500 on specified days of every month into your established Fund account. Please touch the Fund at 1-877-772-5838
for more info in regards to the Fund’s Computerized Funding Plan.

 

An preliminary funding within the Fund can’t
be paid by way of ACH.

 

The Fund, on the other hand, reserves
the appropriate, in its sole discretion, to reject any software to buy stocks. Programs may not be approved except they’re accompanied
by means of a take a look at drawn on a U.S. financial institution, thrift establishments, or credit score union in U.S. finances for the total quantity of the stocks to be bought.
After you open an account, chances are you’ll acquire further stocks by means of sending a take a look at in conjunction with written directions declaring the title(s)
at the account and the account quantity, to the above deal with. Make all exams payable to the Fund by which you select to speculate. The Fund
is not going to settle for price in money, together with cashier’s exams or cash orders. Additionally, to stop take a look at fraud, the Fund is not going to settle for
1/3 celebration exams, U.S. Treasury exams, bank card exams or starter exams for the acquisition of stocks. Redemptions of Stocks of the
Fund bought by means of take a look at could also be matter to a keep length till the take a look at has been cleared by means of the issuing financial institution. To steer clear of such maintaining sessions,
Stocks could also be bought via a dealer or by means of cord, as described on this segment.

877.772.5838

www.altegris.com  26

When Order is Processed:
All stocks can be bought on the NAV consistent with proportion (plus acceptable gross sales fees, if any) subsequent desperate after the Fund receives your
software or request in excellent order. All requests gained in excellent order by means of the Fund sooner than the shut of NYSE (usually 4:00 p.m. (Jap
Time)) can be processed on that very same day. Requests gained after the shut can be processed at the subsequent trade day.

 

Just right Order: When making a purchase order request, make
certain your request is in excellent order. “Just right Order” manner your acquire request contains:

· the title of the Fund and proportion category,
· the greenback quantity of stocks to be bought,
· a finished acquire software or funding stub, and
· take a look at payable to the acceptable Fund.

 

Retirement Plans: You might
acquire stocks of the Fund in your particular person retirement plans. Please name the Fund at 1-877-772-5838 for essentially the most recent checklist
and suitable disclosure documentation on the right way to open a retirement account.

 

HOW TO REDEEM SHARES

 

Redeeming Stocks: You might
redeem any or all portion of the stocks credited in your account by means of filing a written request for redemption to the Fund:

 

by way of Common Mail:

ALTEGRIS CRABEL MULTI-STRATEGY
FUND

c/o Ultimus Fund Answers, LLC

P.O. Field 541150

Omaha, NE 68154

or In a single day Mail:

ALTEGRIS CRABEL MULTI-STRATEGY
FUND

c/o
Ultimus Fund Answers, LLC 4221 North 203rd Side road, Suite 100

Elkhorn, Nebraska 68022-3474

 

The Fund normally expects that
it’ll take as much as 7 days following the redemption request to pay out redemption proceeds by means of take a look at or digital move. The Fund normally
expects to pay redemptions from money, money equivalents, proceeds from the sale of fund stocks, any strains of credit score, after which from the
sale of portfolio securities. Those redemption price strategies can be utilized in common and wired marketplace stipulations.

 

Redemptions by means of Phone:
The phone redemption privilege is mechanically to be had to all new accounts. If you do not need the phone redemption privilege,
you will have to point out this in the correct space to your account software otherwise you will have to write to the Fund and instruct it to take away this
privilege out of your account. In case you personal an IRA, you are going to be requested whether or not or no longer the Fund(s) will have to withhold federal revenue tax.

 

The proceeds can be despatched by means of mail
to the deal with designated to your account or stressed out without delay in your current account in a financial institution or brokerage company in america
as designated to your software. To redeem by means of phone, name 1-877-772-5838. The redemption proceeds typically can be despatched by means of mail
or by means of cord inside of 3 trade days after receipt of your phone directions.

 

Throughout sessions of excessive marketplace task,
chances are you’ll stumble upon upper than standard wait instances. Please permit enough time to make sure that you are going to have the ability to entire your phone
transaction previous to marketplace shut. Neither the Fund nor its move agent can be held liable in case you are not able to put your commerce due
to excessive name quantity.

 

The Fund reserve the appropriate to
droop the phone redemption privileges with admire in your account if the title(s) or the deal with at the account has been modified
throughout the earlier 30 days. Neither the Fund, the move agent, nor their respective associates can be answerable for complying with phone
directions they relatively consider to be authentic or for any loss, injury, value or bills in performing on such phone directions
and you are going to be required to endure the chance of this type of loss. The Fund or the move agent, or each, will make use of cheap procedures
to decide that phone directions are authentic. If the Fund and/or the move agent don’t make use of those procedures, they could also be
vulnerable to you for losses because of unauthorized or fraudulent directions. Those procedures would possibly come with, amongst others, requiring varieties of
non-public identity previous to performing upon phone directions, offering written affirmation of the transactions and/or tape recording
phone directions.

 

Redemptions via Dealer:
If stocks of the Fund are held by means of a broker-dealer, economic establishment or different servicing agent, you will have to touch that servicing agent
to redeem stocks of the Fund. The servicing agent would possibly fee a commission for this carrier.

 

Redemptions by means of Twine: You
would possibly request that your redemption proceeds be stressed out without delay in your checking account. The Fund’s move agent imposes a

$15 commission for every cord redemption
and deducts the cost without delay out of your account. Your financial institution may additionally impose a commission for the incoming cord.

 

Systematic Withdrawal Plan: You might take part
within the Price range‘ systematic withdrawal plan, an funding plan that mechanically strikes cash in your checking account from a Fund via
using digital finances transfers. You might elect to make systematic withdrawals by means of move of any quantity on specified days of every
month into your established checking account. Please touch the Price range at 877-772-5838 for more info in regards to the Price range‘ Systematic
Withdrawal Plan.

877.772.5838

www.altegris.com  27

When Redemptions are
Despatched:
As soon as the Fund receives your redemption request in “excellent order” as described under, it’ll factor a take a look at in accordance with
the following desperate NAV following your redemption request. The redemption proceeds typically can be despatched by means of mail or by means of cord inside of 3
trade days after receipt of a request in “excellent order.” If you buy stocks the use of a take a look at and shortly after request a redemption,
your redemption proceeds, that are payable on the subsequent desperate NAV following the receipt your redemption request in “excellent order,”
as described under, may not be despatched till the take a look at used in your acquire has cleared your financial institution.

 

Just right Order: Your redemption request
can be processed whether it is in “excellent order.” To be in “Just right Order”, the next stipulations will have to be happy:

· The request will have to be in writing, except redeeming by means of phone, indicating the
collection of stocks or greenback quantity to be redeemed;
· the request will have to establish your account quantity;
· the request will have to be signed by means of you and some other individual indexed at the account,
precisely because the stocks are registered; and
· when you request that the redemption proceeds be despatched to an individual, financial institution or an deal with
instead of that of report or paid to anyone instead of the report proprietor(s), or if the deal with used to be modified throughout the closing 30 days, or
if the proceeds of a asked redemption exceed $50,000, the signature(s) at the request will have to be medallion signature assured by means of an
eligible signature guarantor.

 

When You Want Medallion
Signature Promises:
If you want to exchange the financial institution or brokerage account that you’ve designated to your account, chances are you’ll achieve this
at any time by means of writing to the Fund along with your signature assured. A medallion signature ensure assures {that a} signature is authentic
and protects you from unauthorized account transfers. You are going to want your signature assured if:

· You request a redemption to be made payable to an individual no longer on report with the Fund,
· you request {that a} redemption be mailed to an deal with instead of that on report with the Fund,
· the proceeds of a asked redemption exceed $50,000,
· any redemption is transmitted by means of federal cord move to a financial institution instead of the financial institution of report, or
· your deal with used to be modified inside of 30 days of your redemption request.

 

Signatures could also be assured
by means of any eligible guarantor establishment (together with banks, agents and sellers, credit score unions, nationwide securities exchanges, registered
securities associations, clearing companies and financial savings associations). Additional documentation can be required to modify the designated
account if stocks are held by means of an organization, fiduciary or different group. A notary public can’t ensure signatures.

 

Retirement Plans: If
you personal an IRA or different retirement plan, you will have to point out to your redemption request whether or not the Fund will have to withhold federal revenue
tax. Until you choose on your redemption request that you do not need to have federal tax withheld, the redemption can be matter to
withholding.

 

Low Balances: If at any time
your account stability within the Fund falls under the next quantities consistent with proportion category:

 

Elegance Minimal A C I N O
  $2,500 N/A [$50,000] N/A N/A

 

The Fund would possibly notify you that,
except the account is introduced as much as no less than the per-class minimal inside of 60 days of the awareness; your account might be closed. After the
realize length, the Fund would possibly redeem your whole stocks and shut your account by means of sending you a take a look at to the deal with of report. Your account
may not be closed if the account stability drops under the per-class minimal because of a decline in NAV.

 

Alternate: Stocks of a
Fund could also be exchanged with out price of any substitute commission for stocks of some other Fund (together with the ones in a unique prospectus) of the
identical category at their respective NAV, for the reason that the accounts have the similar registration. Minimums to ascertain or next acquire minimums
observe

877.772.5838

www.altegris.com  28

FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES

 

The Fund discourages and does
accommodate marketplace timing. Widespread buying and selling into and out of the Fund can hurt all Fund shareholders by means of disrupting the Fund’s funding
methods, expanding Fund bills, reducing tax potency and diluting the worth of stocks held by means of long-term shareholders. The Fund
is designed for long-term buyers and aren’t supposed for marketplace timing or different disruptive buying and selling actions. Accordingly, the Fund’s
Board has licensed insurance policies that search to curb those disruptive actions whilst spotting that shareholders could have a valid want
to regulate their Fund investments as their economic wishes or instances exchange. The Fund these days makes use of a number of find out how to scale back the
menace of marketplace timing. Those strategies come with:

· Committing group of workers to check, on a seamless foundation, contemporary buying and selling task to be able to establish buying and selling task that can be opposite
to the Fund’s “Marketplace Timing Buying and selling Coverage”,
· Rejecting or restricting particular acquire requests, and
· Rejecting acquire requests from positive buyers.

 

Regardless that those strategies contain
judgments which might be inherently subjective and contain some selectivity of their software, the Fund seeks to make judgments and programs
which might be in step with the pursuits of the Fund’s shareholders.

 

In line with the frequency of redemptions
on your account, the Adviser or move agent would possibly in its sole discretion decide that your buying and selling task is unfavorable to the Fund
as described within the Fund’s Marketplace Timing Buying and selling Coverage and elect to reject or prohibit the volume, quantity, frequency or manner for
asking for long run purchases or exchanges into the Fund.

 

The Fund
reserve the appropriate to reject or prohibit acquire requests for any explanation why, in particular when the shareholder’s buying and selling task suggests
that the shareholder could also be engaged in marketplace timing or different disruptive buying and selling actions. Neither the Fund nor the Adviser can be
answerable for any losses as a consequence of rejected acquire orders. The Adviser may additionally bar an investor who has violated those insurance policies (and
the investor’s economic guide) from opening new accounts with the Fund.

 

Even if the Fund makes an attempt to
prohibit disruptive buying and selling actions, some buyers use numerous methods to cover their identities and their buying and selling practices.
There may also be no make sure that the Fund will have the ability to establish or prohibit those actions. Omnibus account preparations are commonplace paperwork
of maintaining stocks of the Fund. Whilst the Fund will inspire economic intermediaries to use the Fund’s Marketplace Timing Buying and selling
Coverage to their consumers who make investments not directly within the Fund, the Fund is restricted in its skill to observe the buying and selling task or put in force
the Fund’s Marketplace Timing Buying and selling Coverage with admire to consumers of monetary intermediaries. For instance, will have to it happen, the
Fund would possibly not have the ability to discover marketplace timing that can be facilitated by means of economic intermediaries or made tricky to spot within the
omnibus accounts utilized by the ones intermediaries for aggregated purchases, exchanges and redemptions on behalf of all their consumers. Extra
particularly, except the economic intermediaries be capable of observe the Fund’s Marketplace Timing Buying and selling Coverage to their consumers
via such strategies as enforcing momentary buying and selling boundaries or restrictions and tracking buying and selling task for what may well be
marketplace timing, the Fund would possibly not have the ability to decide whether or not buying and selling by means of consumers of monetary intermediaries is opposite to the Fund’s
Marketplace Timing Buying and selling Coverage. Agents keeping up omnibus accounts with the Fund have agreed to supply shareholder transaction knowledge
to the level recognized to the dealer to the Fund upon request. If the Fund or its move agent or shareholder servicing agent suspects
there may be marketplace timing task within the account, the Fund will search complete cooperation from the carrier supplier keeping up the account
to spot the underlying player. On the request of the Adviser, the carrier suppliers would possibly take instant motion to forestall any more
momentary buying and selling by means of such members.

877.772.5838

www.altegris.com  29

TAX STATUS, DIVIDENDS AND DISTRIBUTIONS

 

Any sale or substitute of
the Fund’s stocks would possibly generate tax legal responsibility (except you’re a tax-exempt investor or your funding is in a professional retirement
account). Whilst you redeem your stocks, chances are you’ll understand a taxable achieve or loss. That is measured by means of the adaptation between the proceeds
of the sale and the tax foundation for the stocks you offered. (To assist in computing your tax foundation, you usually will have to retain your account statements
for the length that you just keep stocks within the Fund.)

 

The Fund intends to distribute
considerably all of its web funding revenue no less than yearly and web capital beneficial properties yearly. Each distributions can be reinvested
in stocks of the Fund except you choose to obtain money. Dividends from web funding revenue (together with any way over web momentary capital
achieve over web long-term capital loss) are taxable to buyers as peculiar revenue, whilst distributions of web capital achieve (the surplus
of web long-term capital achieve over web momentary capital loss) are usually taxable as long-term capital achieve, without reference to your maintaining
length for the stocks. Any dividends or capital achieve distributions you obtain from the Fund will typically be taxable to you when made,
without reference to whether or not you reinvest dividends or capital achieve distributions or obtain them in money. As well as, you pay taxes at the
distribution whether or not the worth of your funding diminished, greater or remained the similar after you purchased stocks of the Fund. Buying
the Fund’s stocks in a taxable account in a while sooner than a distribution by means of the Fund is also known as “purchasing right into a distribution.”
The Fund would possibly increase capital beneficial properties throughout the length lined by means of a distribution (over the process the yr, for instance) when securities
within the Fund’s portfolio are offered at a cash in. After subtracting any capital losses, the Fund distributes the ones beneficial properties to you and
different shareholders, even though you didn’t personal the stocks when the beneficial properties passed off (when you didn’t keep the Fund previous within the yr, for
instance), and also you incur the total tax legal responsibility at the distribution.

 

Positive dividends or distributions
declared in October, November or December can be taxed to shareholders as though gained in December if they’re paid throughout the next
January. Every yr the Fund will let you know of the volume and form of your distributions. IRAs and different certified retirement plans are
exempt from federal revenue taxation till retirement proceeds are paid out to the player.

 

Your redemptions, together with exchanges,
would possibly lead to a capital achieve or loss for federal tax functions. A capital achieve or loss to your funding is the adaptation between the
value of your stocks, together with any gross sales fees, and the volume you obtain whilst you promote them. The Fund will have to report back to the IRS and furnish
to shareholders the fee foundation knowledge for stocks bought and offered. The Fund has selected moderate value as its status (default) tax
lot identity manner for all shareholders, which means that that is the process the Fund will use to decide which particular stocks are
deemed to be offered when there are a couple of purchases on other dates at differing NAVs, and all the role isn’t offered at one time.
Shareholders would possibly, on the other hand, make a selection a technique instead of the Fund’s status manner on the time in their acquire or upon sale of lined
stocks. Shareholders will have to seek the advice of their tax advisors to decide the most efficient IRS-accepted value foundation manner for his or her tax state of affairs and
to procure extra details about how value foundation reporting applies to them. Shareholders additionally will have to moderately overview the fee foundation knowledge
supplied to them by means of the Fund and make any further foundation, maintaining length or different changes which might be required when reporting those
quantities on their federal revenue tax returns.

 

At the account software,
you are going to be requested to certify that your social safety quantity or taxpayer identity quantity is proper and that you’re not matter
to backup withholding for failing to file revenue to the IRS. In case you are matter to backup withholding otherwise you didn’t certify your taxpayer
identity quantity, the IRS calls for the Fund to withhold a proportion of any dividend, redemption or substitute proceeds. The Fund reserves
the appropriate to reject any software that doesn’t come with an authorized social safety or taxpayer identity quantity. If you don’t
have a social safety quantity, you will have to point out at the acquire shape that your software to procure a host is pending. The Fund
is needed to withhold taxes if a host isn’t brought to the Fund inside of seven days.

 

This abstract isn’t supposed
to be and will have to no longer be construed to be felony or tax recommendation. You will have to seek the advice of your individual tax advisors to decide the tax penalties
of proudly owning the Fund’s stocks.

877.772.5838

www.altegris.com  30

DISTRIBUTION OF SHARES

 

Distributor: Northern
Lighting Vendors, LLC, 4221 North 203rd Side road, Suite 100, Elkhorn, Nebraska 68022-3474, is the distributor for the stocks of the Fund.
Northern Lighting Vendors, LLC is a registered broker-dealer and member of the Monetary Trade Regulatory Authority, Inc. (“FINRA”).
Stocks of the Fund are presented on a continuing foundation.

 

Distribution (12b-1) and
Shareholder Servicing Charges:
The Believe, with admire to the Fund, has followed the Believe’s Grasp Distribution and Shareholder
Servicing Plans for Elegance A stocks (the “Plans”), pursuant to Rule 12b-1 of the 1940 Act, pursuant to which the Fund would possibly pay
the Fund’s distributor an annual commission for distribution and shareholder servicing bills as indicated within the following desk of
the Fund’s moderate day by day web sources as a result of the respective category of stocks. Elegance I does no longer have a Plan.

 

 

The distributor and different entities
are paid below the Plans for services and products supplied and the bills borne by means of the distributor and others within the distribution of the Fund stocks,
together with the price of commissions for gross sales of the stocks and incentive repayment to and bills of sellers and others who have interaction
in or beef up distribution of stocks or who carrier shareholder accounts, together with overhead and phone bills; printing and distribution
of prospectuses and studies utilized in reference to the providing of the Fund’s stocks to instead of recent shareholders; and preparation,
printing and distribution of gross sales literature and promoting fabrics. As well as, the distributor or different entities would possibly make the most of charges
paid pursuant to the Plans to compensate sellers or different entities for his or her alternative prices in advancing such quantities, which repayment
can be within the type of a sporting fee on any un-reimbursed bills.

 

ADDITIONAL
COMPENSATION TO FINANCIAL INTERMEDIARIES:
The distributor, its associates, and the Fund’s adviser and its associates would possibly every,
at its personal expense and out of its personal sources together with their authentic income from Fund-related actions (and no longer as an extra
fee to the Fund), supply more cash bills to economic intermediaries who promote stocks of the Fund. Monetary intermediaries
come with broker-dealers, economic advisers, economic planners, banks, insurance coverage corporations, retirement or 401(ok) plan directors and
others. Those bills could also be along with the Rule 12b-1 charges and any gross sales fees which might be disclosed in other places on this Prospectus.
Those bills are usually made to economic intermediaries that supply shareholder or administrative services and products, or advertising and marketing beef up.
Positive administrative charges, equivalent to sub-transfer company or sub-administrative charges, could also be payable by means of the Fund. Advertising beef up would possibly
come with get admission to to gross sales conferences, gross sales representatives and monetary middleman control representatives, inclusion of the Fund on
a gross sales listing, together with a most popular or make a choice gross sales listing, or different gross sales methods. Those bills additionally could also be made as an expense compensation
in instances the place the economic middleman supplies shareholder services and products to Fund shareholders. The distributor would possibly, every now and then,
supply promotional incentives to positive funding companies. Such incentives would possibly, on the distributor’s discretion, be restricted to
funding companies who permit their particular person promoting representatives to take part in such further repayment.

 

Such bills would possibly supply incentives
for such events to make stocks of the Fund to be had to its consumers, and would possibly permit the Fund larger get admission to to such events and its
consumers than will be the case if no bills had been paid. Such get admission to benefits come with, however aren’t restricted to, placement of the Fund
on a listing of mutual finances presented as funding choices to the economic middleman’s consumers; get admission to to the economic middleman’s
registered representatives and/or skill to help in coaching and teaching the economic middleman’s registered representatives.
Those price preparations is not going to exchange the associated fee an investor can pay for stocks of the Fund or the volume that the Fund receives to speculate
on behalf of the investor.

 

The Adviser does no longer direct the
Fund’s portfolio securities transactions, or another way compensate broker-dealers in reference to the Fund’s portfolio transactions,
in attention of gross sales of Fund stocks.

 

Monetary middleman’s
that obtain all these bills could have a battle of curiosity in recommending or promoting the Fund somewhat than different mutual finances
to their consumer buyers, in particular if those bills exceed the quantities paid by means of different mutual finances.

 

HOUSEHOLDING:
To scale back bills, the Fund mail just one replica of the prospectus and every annual and semi-annual file to these addresses shared by means of
two or extra accounts. If you want to obtain particular person copies of those paperwork, please name the Fund at 1-877-772-5838 on days the
Fund is open for trade or touch your economic establishment. The Fund will start sending you particular person copies thirty (30) days after
receiving your request.

877.772.5838

www.altegris.com  31

FINANCIAL HIGHLIGHTS

 

For the reason that Altegris Crabel
Multi-Technique Fund lately commenced funding operations, no economic highlights are to be had for the Fund at the moment. Within the
long run, economic highlights for the Fund can be offered on this segment of the Prospectus.

 

877.772.5838

www.altegris.com  32

Appendix A

Monetary Middleman Gross sales Rate
Permutations

 

The provision of positive
gross sales fee waivers and reductions relies on whether or not you buy your Elegance A stocks without delay from the Fund or via a economic
middleman. Explicit intermediaries could have other insurance policies and procedures in regards to the availability of front-end gross sales fee
waivers or CDSC waivers. In all cases, it’s the shareholder’s accountability to inform the Fund or the shareholder’s
economic middleman on the time of acquire of any courting or different details qualifying the buyer for gross sales fee waivers or
reductions. This Appendix can be up to date in accordance with knowledge supplied by means of the economic intermediaries. Neither the Fund, the adviser
nor the distributor supervises the implementation of monetary middleman gross sales fee waivers, reductions, insurance policies or procedures nor
do they examine the intermediaries’ management of such waivers, reductions, insurance policies or procedures.

 

For waivers and reductions no longer to be had
via a specific middleman indexed under, shareholders must acquire Elegance A stocks without delay from the Fund or via some other
middleman to obtain Fund imposed waivers or reductions. Please see The best way to Acquire Stocks: Elegance A Stocks beginning on web page 21
of this Prospectus for details about such waivers and reductions.

 

Raymond James & Mates,
Inc., Raymond James Monetary Products and services, Inc., & Raymond James associates (“Raymond James”)

 

Middleman-Outlined Gross sales Rate Waiver
Insurance policies

 

The provision of positive preliminary
or deferred gross sales fee waivers and reductions would possibly rely at the specific economic middleman or form of account in which you
acquire or keep Fund stocks.

 

Intermediaries could have other
insurance policies and procedures in regards to the availability of front-end gross sales load waivers or contingent deferred (back-end) gross sales load (“CDSC”)
waivers, that are mentioned under. In all cases, it’s the buyer’s accountability to inform the fund or the buyer’s
economic middleman on the time of acquire of any courting or different details qualifying the buyer for gross sales fee waivers or
reductions. For waivers and reductions no longer to be had via a specific middleman, shareholders must acquire fund stocks without delay
from the fund or via some other middleman to obtain those waivers or reductions.

 

Efficient March 1, 2019, shareholders
buying fund stocks via a Raymond James platform or account can be eligible just for the next load waivers (front-end gross sales
fee waivers and contingent deferred, or back-end, gross sales fee waivers) and reductions, which would possibly range from the ones disclosed in other places
on this fund’s prospectus or SAI.

 

Entrance-end gross sales load waivers on Elegance A stocks to be had
at Raymond James

· Stocks bought in an funding advisory program.

·        
Stocks bought via reinvestment of capital beneficial properties distributions and dividend reinvestment when buying stocks of the similar
fund (however no longer some other fund throughout the fund circle of relatives).

· Staff and registered representatives of Raymond James or its associates and their members of the family as designated by means of Raymond James.

·        
Stocks bought from the proceeds of redemptions inside of the similar fund circle of relatives, supplied (1) the repurchase happens inside of 90 days
following the redemption, (2) the redemption and buy happen in the similar account, and (3) redeemed stocks had been matter to a front-end
or deferred gross sales load (referred to as Rights of Reinstatement).

·        
A shareholder within the Fund’s Elegance A stocks could have their stocks transformed at web asset price to Elegance I stocks (or the
suitable proportion category) of the Fund if the stocks are not matter to a CDSC and the conversion is consistent with the insurance policies and
procedures of Raymond James.

 

CDSC Waivers on Categories A, B and C stocks to be had
at Raymond James

· Dying or incapacity of the shareholder.
· Stocks offered as a part of a scientific withdrawal plan as described within the fund’s prospectus.
· Go back of extra contributions from an IRA Account.

·        
Stocks offered as a part of a required minimal distribution for IRA and retirement accounts because of the shareholder achieving age 70½
as described within the fund’s prospectus.

· Stocks offered to pay Raymond James charges however provided that the transaction is initiated by means of Raymond James.
· Stocks got via a proper of reinstatement.

 

Entrance-end load reductions to be had at Raymond James:
breakpoints, and/or rights of accumulation

· Breakpoints as described on this prospectus.

 

Rights of accumulation which
entitle shareholders to breakpoint reductions can be mechanically calculated in accordance with the aggregated maintaining of fund circle of relatives sources held
by means of accounts throughout the buyer’s family at Raymond James. Eligible fund circle of relatives sources no longer held at Raymond James could also be incorporated
within the rights of accumulation calculation provided that the shareholder notifies his or her economic guide about such

877.772.5838

www.altegris.com  33

PRIVACY NOTICE

 

 

Rev. April 2021

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

 

Why? Monetary corporations make a selection how they proportion your individual knowledge. Federal regulation provides shoppers the appropriate to restrict some however no longer all sharing. Federal regulation additionally calls for us to inform you how we gather, proportion, and give protection to your individual knowledge. Please learn this realize moderately to grasp what we do.

 

 

The sorts of non-public knowledge we gather and proportion rely at the services or products you might have with us. This knowledge
can come with:

 

·      Social Safety Quantity ·    Acquire Historical past
·      Belongings ·    Account Balances
·      Retirement Belongings ·    Account Transactions
·      Transaction Historical past ·    Twine Switch Directions
·      Checking Account Data  

 

When you find yourself not our buyer, we proceed
to proportion your knowledge as described on this realize.

 

How? All economic corporations want to proportion consumers’ non-public knowledge to run their on a regular basis companies. Within the segment under, we listing the explanations economic corporations can proportion their consumers’ non-public knowledge; the explanations Northern Lighting Fund Believe chooses to proportion; and whether or not you’ll be able to prohibit this sharing.

 

Causes we will proportion your individual knowledge: Does Northern Lighting Fund Believe proportion knowledge? Are you able to prohibit this sharing?

For our on a regular basis trade functions –

Akin to to procedure your transactions, care for your account(s),
reply to court docket orders and felony investigations,

or report back to credit score bureaus

 

YES

 

NO

For our advertising and marketing functions – To supply our services to you NO We don’t proportion
For joint advertising and marketing with different economic corporations NO We don’t proportion

For our associates’ on a regular basis trade functions

Details about your transactions and reports

NO We don’t proportion

For our associates’ on a regular basis trade functions

Details about your creditworthiness

NO We don’t proportion
For nonaffiliates to marketplace to you NO We don’t proportion

 

 QUESTIONS? Name 1-631-490-4300

877.772.5838

www.altegris.com  34

 

Who we’re:

Who’s offering this realize?

Northern Lighting Fund Believe

 
What we do:

How does Northern Lighting
Fund Believe

give protection to my non-public knowledge?

To give protection to your individual knowledge from unauthorized
get admission to and use, we use safety features that agree to federal regulation. Those measures come with pc safeguards and secured information and
constructions.

 

Our carrier suppliers are held in charge of adhering
to strict insurance policies and procedures to stop any misuse of your nonpublic non-public knowledge.

How does Northern Lighting
Fund Believe

gather my non-public knowledge?

We gather your individual knowledge, for instance, when
you

·   
Open an account

·   
Supply account knowledge

·   
Give us your touch knowledge

·   
Make deposits or withdrawals out of your account

·   
Make a cord move

·   
Let us know the place to ship the cash

·   
Tells us who receives the cash

·   
Display your government-issued ID

·   
Display your driving force’s license

We additionally gather your individual knowledge from different
corporations.

Why can’t I prohibit all sharing?

Federal regulation will give you the appropriate to restrict solely

·   
Sharing for associates’ on a regular basis trade functions—details about your creditworthiness

·   
Associates from the use of your knowledge to marketplace to you

·   
Sharing for non-affiliates to marketplace to you

 

State legal guidelines and particular person corporations would possibly come up with further
rights to restrict sharing.

 

Definitions
Associates

Corporations connected by means of commonplace possession or regulate. They
may also be economic and nonfinancial corporations.

·     
Northern Lighting Fund Believe does no longer proportion with our associates.

Nonaffiliates

Corporations no longer connected by means of commonplace possession or regulate.
They are able to be economic and nonfinancial corporations.

·     
Northern Lighting Fund Believe does no longer proportion with nonaffiliates so they may be able to marketplace to you.

Joint advertising and marketing

A proper settlement between nonaffiliated economic
corporations that in combination marketplace economic merchandise or services and products to you.

·     
Northern Lighting Fund Believe doesn’t collectively marketplace.

877.772.5838

www.altegris.com  35

 

 

 

Adviser

Altegris Advisors, L.L.C.

1200 Prospect Side road, Suite 400 Los angeles Jolla, CA 92037

 

Distributor

Northern Lighting Vendors, LLC

4221 North 203rd Side road, Suite 100

Elkhorn, NE 68022-3474

Impartial Registered Public Accountant

Deloitte & Touche LLP

695 The town Middle Force, Suite 1000 Costa Mesa, CA
92626

Criminal Suggest

Thompson Hine LLP

41 South Top Side road, Suite 1700

Columbus, OH 43215

 

Custodian

U.S. Financial institution, N.A.

425 Walnut Side road

Cincinnati, OH 45202

Switch Agent

Ultimus Fund Answers, LLC

4221 North 203rd Side road, Suite 100

Elkhorn, NE 68022-3474

 

Further details about
the Fund is incorporated within the Fund’s Observation of Further Data dated ____________, 20__ (the “SAI”). The SAI
is integrated into this Prospectus by means of reference (i.e., legally made part of this Prospectus). The SAI supplies extra information about
the Fund’s insurance policies and control. Further details about the Fund’s investments may also be to be had within the Fund’s
Annual and Semi-Annual Experiences to Shareholders. Within the Fund’s Annual File, you are going to discover a dialogue of the marketplace stipulations
and funding methods that considerably affected the Fund’s functionality throughout its closing fiscal yr.

 

To procure a loose replica of
the SAI and the Annual and Semi-Annual Experiences to Shareholders, or different details about the Fund, or to make shareholder inquiries
in regards to the Fund, please name 1-877-772-5838 or talk over with www.altegris.com. You may additionally write to:

 

ALTEGRIS CRABEL MULTI-STRATEGY
FUND

c/o Ultimus Fund Answers, LLC

P.O. Field 541150

Omaha, NE 68154

 

or In a single day Mail

 

4221 North 203rd Side road, Suite
100

Elkhorn, NE 68022

 

Please
name 1-202-551-8090 for info in the case of the operation of the Public Reference Room. Experiences and different details about the Fund
are to be had at the EDGAR Database at the SEC’s Web website at Copies of
the guidelines could also be acquired, after paying a duplicating commission, by means of digital request on the following Email deal with: [email protected]

 

Funding Corporate Act Record # _____________

877.772.5838

www.altegris.com  36

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(This Web page Deliberately Left Clean)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

877.772.5838

www.altegris.com  37

 

 

 

 

 

 

 

 

For more information, talk over with altegris.com

 

 

 

877.772.5838

www.altegris.com  38

[ ], 2022

 

 

Altegris Crabel Multi-Technique Fund

Elegance A ( _ ) | Elegance I (___)

 

A SERIES OF NORTHERN LIGHTS FUND TRUST

 

Observation of Further Data

 

Suggested by means of:

Altegris Advisors, LLC

1200 Prospect, Suite 400

Los angeles Jolla, CA 92037

 

Sub-Suggested by means of:

Crabel Capital Control, LLC

10250 Constellation Street, Suite 2650

Los Angeles, CA 90067

 

The ideas
on this Observation of Further Data isn’t entire and could also be modified. We would possibly not promote those securities till the registration
remark filed with the Securities and Alternate Fee is valuable. This Observation of Further Data isn’t an be offering to
promote those securities and isn’t soliciting an be offering to shop for those securities in any state the place the be offering or sale isn’t accepted.

 

This
Observation of Further Data (“SAI”) isn’t a prospectus and will have to be learn along with the Prospectus of the
Altegris Crabel Multi-Technique Fund (the “Fund”) dated [ ], 2022. You’ll download copies of the Fund’s Prospectus, annual
or semi-annual studies at no cost by means of contacting the Fund’s move agent,
Ultimus Fund Answers,
LLC, 4221 North 203rd, Suite 100, Elkhorn, Nebraska 68022 or by means of calling 1.877.772.5838. You may additionally download a Prospectus by means of
visiting the Fund’s site at
www.altegris.com.

 

TABLE OF CONTENTS

 

 

THE FUND
TYPES OF INVESTMENTS
INVESTMENT RESTRICTIONS
POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS
MANAGEMENT
CONTROL PERSONS AND PRINCIPAL HOLDERS
INVESTMENT ADVISER
THE DISTRIBUTOR
PORTFOLIO MANAGERS
ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARY
ALLOCATION OF PORTFOLIO BROKERAGE
PORTFOLIO TURNOVER
OTHER SERVICE PROVIDERS
DESCRIPTION OF SHARES
ANTI-MONEY LAUNDERING PROGRAM
PURCHASE, REDEMPTION AND PRICING OF SHARES
TAX STATUS
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
LEGAL COUNSEL
CONSOLIDATED FINANCIAL STATEMENTS
APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES

THE FUND

 

The Altegris Crabel Multi-
Technique Fund, (the “Fund”) is a chain of Northern Lighting Fund Believe, a Delaware statutory accept as true with arranged on January 19,
2005 (the “Believe”). The Believe is registered as an open-end control funding corporate. The Believe is ruled by means of its Board
of Trustees (the “Board” or “Trustees” or “Board of Trustees”).

 

The Fund would possibly factor a vast
collection of stocks of really helpful curiosity. All stocks of the Fund have equivalent rights and privileges. Every proportion of the Fund is entitled to
one vote on all issues as to which stocks are entitled to vote. As well as, every proportion of the Fund is entitled to take part similarly,
on a class-specific foundation, with different stocks (i) in dividends and distributions declared by means of the Fund and (ii) on liquidation to its proportionate
proportion of the sources last after delight of remarkable liabilities. Stocks of the Fund are totally paid, non-assessable and entirely
transferable when issued and don’t have any pre-emptive, conversion or substitute rights. Fractional stocks have proportionately the similar rights,
together with balloting rights, as are supplied for a complete proportion.

 

The Fund’s funding function,
restrictions and insurance policies are extra totally described right here and within the Prospectus. The Board would possibly upload categories to the Fund, get started different sequence
and be offering stocks of a brand new fund below the Believe at any time.

 

This SAI describes the categories
of stocks presented by means of the Fund: Elegance A stocks and Elegance I stocks. Every proportion category represents an curiosity in the similar sources of the Fund,
has the similar rights and is the same in all subject matter respects excluding that (i) every category of stocks could also be matter to other (or no)
gross sales quite a bit, (ii) every category of stocks would possibly endure other (or no) distribution charges; (iii) every category of stocks could have other shareholder
options, equivalent to minimal funding quantities; (iv) positive different class-specific bills can be borne only by means of the category to which such
bills are attributable, together with move agent charges as a result of a particular category of stocks, printing and postage bills connected
to getting ready and distributing fabrics to recent shareholders of a particular category, registration charges paid by means of a particular category of stocks,
the bills of administrative team of workers and services and products required to beef up the shareholders of a particular category, litigation or different felony
bills in the case of a category of stocks, Trustees’ charges or bills paid on account of problems in the case of a particular category of stocks and
accounting charges and bills in the case of a particular category of stocks and (v) every category has unique balloting rights with admire to issues
in the case of its personal distribution preparations. The Board of Trustees would possibly classify and reclassify the stocks of the Fund into further
categories of stocks at a long run date.

 

Below the Believe’s Settlement
and Declaration of Believe, every Trustee will proceed in place of work till the termination of the Believe or his/her previous demise, disability,
resignation or removing. Shareholders can take away a Trustee to the level supplied by means of the Funding Corporate Act of 1940, as amended (the
“1940 Act”) and the foundations and rules promulgated thereunder. Vacancies could also be stuffed by means of a majority of the rest Trustees,
excluding insofar because the 1940 Act would possibly require the election by means of shareholders. Because of this, typically no annual or common conferences of shareholders
can be held except issues get up requiring a vote of shareholders below the Settlement and Declaration of Believe or the 1940 Act.

 

The usage of economic tools
is matter to acceptable rules of the SEC, the different exchanges upon which they’re traded and the Commodity Futures Buying and selling Fee
(the “CFTC”). As well as, the Fund’s skill to make use of economic tools can be restricted by means of tax issues. The
Fund is a commodity pool matter to legislation below the Commodity Alternate Act. Along with the tools, methods and dangers
described under and, within the Prospectus, the Adviser would possibly uncover further alternatives in reference to economic tools and
different equivalent or connected tactics. Those new alternatives would possibly develop into to be had because the Adviser develops new tactics, as regulatory
government expand the variety of accepted transactions and as new economic tools or different tactics are advanced. The Adviser
would possibly make the most of those alternatives to the level that they’re in step with the Fund’s funding function and accepted by means of the
Fund’s funding boundaries and acceptable regulatory government. The Prospectus or this SAI can be supplemented to the level
that new merchandise or tactics contain materially other dangers than the ones described under or within the Prospectus.

The Fund and its Subsidiary (as outlined under
below “Wholly-Owned Subsidiary”) are “commodity swimming pools” below the U.S. Commodity Alternate Act (“CEA”),
and the adviser is registered as a “commodity pool” operator with the CFTC and is a member of the Nationwide Futures Affiliation
(“NFA”). As a registered commodity pool operator with admire to the Fund and every Subsidiary, the adviser will have to agree to
quite a lot of regulatory necessities below the CEA, and the foundations and rules of the CFTC and the NFA, together with investor coverage necessities,
antifraud prohibitions, disclosure necessities, and reporting and recordkeeping necessities. The adviser may be matter to periodic
inspections and audits by means of the CFTC and NFA.

 

TYPES OF INVESTMENTS

 

The funding function
of the Fund and the descriptions of the Fund’s essential funding methods are set forth below the Fund’s “Fund Abstract”,
“Funding Targets” and “Main Funding Methods” within the Prospectus. The Fund’s funding function
isn’t important and could also be modified with out the approval of a majority of the phenomenal balloting securities of the Believe. To the level
an funding technique or menace isn’t disclosed within the Fund’s prospectus, such technique or menace is a non-principal technique or menace
of the Fund.

 

The next pages comprise
extra detailed details about the sorts of tools by which the Fund would possibly make investments, without delay or not directly, and funding methods
that Altegris Advisors, L.L.C. (the “Adviser” or “Altegris”) and Crabel Capital Control, LLC (the “Sub-Adviser”
or “Crabel”), would possibly make use of in pursuit of the Fund’s funding function(s), and a abstract of connected dangers.

 

Debt Securities

 

United States Govt Responsibilities

 

Those encompass quite a lot of
sorts of marketable securities issued by means of america Treasury, i.e., expenses, notes and bonds. Such securities are direct duties
of america authorities and range principally within the duration in their adulthood. Treasury expenses, essentially the most incessantly issued marketable
authorities safety, have a adulthood of as much as 365 days and are issued on a cut price foundation. The Fund may additionally
spend money on Treasury Inflation-Safe Securities (“TIPS”). TIPS are particular sorts of treasury bonds that had been created in
order to supply bond buyers coverage from inflation. The values of the TIPS are mechanically adjusted to the inflation fee as measured
by means of the Client Value Index (“CPI”). If the CPI is going up by means of part a p.c, the worth of the bond (the TIPS) would additionally pass
up by means of part a p.c. If the CPI falls, the worth of the bond does no longer fall for the reason that authorities promises that the unique funding
will keep the similar. TIPS decline in price when actual rates of interest upward push. Then again, in positive rate of interest environments, equivalent to when
actual rates of interest are emerging quicker than nominal rates of interest, TIPS would possibly enjoy larger losses than different constant revenue securities
with equivalent period.

 

United
States Govt Companies’ Responsibilities

 

Those encompass debt securities
issued by means of companies and instrumentalities of america authorities, together with the quite a lot of sorts of tools these days exceptional
or that could be presented sooner or later. Companies come with, amongst others, the Federal Housing Management, Govt Nationwide Loan
Affiliation (“Ginnie Mae”), Farmer’s House Management, Export-Import Financial institution of america, Maritime Management,
and Common Products and services Management. Instrumentalities come with, for instance, every of the Federal House Mortgage Banks, the Nationwide Financial institution for
Cooperatives, the Federal House Mortgage Loan Company (“Freddie Mac”), the Farm Credit score Banks, the Federal Nationwide Loan
Affiliation (“Fannie Mae”), and america Postal Carrier. Those securities are both: (i) subsidized by means of the total religion
and credit score of america authorities (e.g., United States Treasury Expenses); (ii) assured by means of america Treasury (e.g.,
Ginnie Mae mortgage-backed securities); (iii) supported by means of the issuing

company’s or instrumentality’s proper to borrow from
america Treasury (e.g., Fannie Mae Bargain Notes); or (iv) supported solely by means of the issuing company’s or instrumentality’s personal
credit score (e.g., Tennessee Valley Affiliation).

 

Govt-related guarantors
(i.e. no longer subsidized by means of the total religion and credit score of america Govt) come with Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored
company owned fully by means of non-public stockholders. It’s matter to common legislation by means of the Secretary of Housing and City Construction.
Fannie Mae purchases typical (i.e., no longer insured or assured by means of any authorities company) residential mortgages from a listing of licensed
dealer/servicers which come with state and federally chartered financial savings and mortgage associations, mutual financial savings banks, industrial banks and
credit score unions and loan bankers. Go-through securities issued by means of Fannie Mae are assured as to well timed price of essential and
curiosity by means of Fannie Mae however aren’t subsidized by means of the total religion and credit score of america Govt.

 

Freddie Mac used to be created
by means of Congress in 1970 for the aim of accelerating the supply of loan credit score for residential housing. This can be a government-sponsored
company previously owned by means of the twelve Federal House Mortgage Banks and now owned fully by means of non-public stockholders. Freddie Mac problems PCs,
which constitute pursuits in typical mortgages from Freddie Mac’s nationwide portfolio. Freddie Mac promises the well timed price of
curiosity and supreme choice of essential, however PCs aren’t subsidized by means of the total religion and credit score of america Govt. Industrial
banks, financial savings and mortgage establishments, non-public loan insurance coverage corporations, loan bankers and different secondary marketplace issuers additionally create
pass-through swimming pools of typical residential loan loans. Such issuers would possibly, as well as, be the originators and/or servicers of the
underlying loan loans in addition to the guarantors of the mortgage-related securities. Swimming pools created by means of such nongovernmental issuers
usually be offering the next interest rate than authorities and government-related swimming pools as a result of there aren’t any direct or oblique authorities
or company promises of bills within the former swimming pools. Then again, well timed price of curiosity and essential of those swimming pools could also be supported
by means of quite a lot of varieties of insurance coverage or promises, together with particular person mortgage, identify, pool and danger insurance coverage and letters of credit score. The insurance coverage
and promises are issued by means of governmental entities, non-public insurers and the loan poolers.

 

Pursuits in swimming pools of loan
pass-through securities range from different varieties of debt securities (which typically supply periodic bills of curiosity in constant quantities
and the price of essential in a lump sum at adulthood or on specified name dates). As an alternative, loan pass-through securities supply
per 30 days bills consisting of each curiosity and essential bills. In impact, those bills are a “pass-through” of the
per 30 days bills made by means of the person debtors at the underlying residential loan loans, web of any charges paid to the issuer or
guarantor of such securities. Unscheduled bills of essential could also be made if the underlying loan loans are repaid or refinanced
or the underlying homes are foreclosed, thereby shortening the securities’ weighted moderate lifestyles. Some loan pass-through securities
(equivalent to securities assured by means of Ginnie Mae) are described as “changed pass-through securities”. Those securities entitle
the holder to obtain all curiosity and essential bills owed at the loan pool, web of positive charges, at the scheduled price dates
without reference to whether or not the mortgagor in reality makes the price.

 

The essential governmental
guarantor of loan pass-through securities is Ginnie Mae. Ginnie Mae is permitted to ensure, with the total religion and credit score of
the U.S. Treasury, the well timed price of essential and curiosity on securities issued by means of lending establishments licensed by means of Ginnie Mae (such
as financial savings and mortgage establishments, industrial banks and loan bankers) and subsidized by means of swimming pools of loan loans. Those loan loans are
both insured by means of the Federal Housing Management or assured by means of the Veterans Management. A “pool” or crew of such
loan loans is assembled and after being licensed by means of Ginnie Mae, is obtainable to buyers via securities sellers.

 

Resets.
The rates of interest paid at the Adjustable Fee Loan Securities (“ARMs”) by which the Fund would possibly make investments usually are readjusted
or reset at durations of 1 yr or much less to an increment over some predetermined rate of interest index. There are two major classes of
indices: the ones in accordance with U.S. Treasury securities and the ones derived from a calculated measure, equivalent to a price of finances index or a transferring
moderate of loan charges. Regularly applied

indices come with the one-year and five-year consistent
adulthood Treasury Observe charges, the three-month Treasury Invoice fee, the 180-day Treasury Invoice fee, charges on longer-term Treasury securities,
the Nationwide Median Value of Price range, the one-month or three-month London Interbank Presented Fee (LIBOR), the high fee of a particular financial institution,
or industrial paper charges. Some indices, such because the one-year consistent adulthood Treasury Observe fee, carefully reflect adjustments in marketplace curiosity
fee ranges. Others have a tendency to lag adjustments in marketplace fee ranges and have a tendency to be relatively much less risky.

 

Caps
and Flooring.
The underlying mortgages which collateralize the ARMs by which the Long term Evolution Fund would possibly make investments will incessantly
have caps and flooring which prohibit the utmost quantity in which the mortgage fee to the residential borrower would possibly exchange up or down: (1) consistent with
reset or adjustment period, and (2) over the lifetime of the mortgage. Some residential loan loans prohibit periodic changes by means of restricting
adjustments within the borrower’s per 30 days essential and curiosity bills somewhat than restricting rate of interest adjustments. Those price caps would possibly outcome
in destructive amortization. The price of loan securities by which the Fund invests could also be affected if marketplace rates of interest upward push or
fall quicker and farther than the allowable caps or flooring at the underlying residential loan loans. Moreover, although the
rates of interest at the underlying residential mortgages are adjustable, amortization and prepayments would possibly happen, thereby inflicting the nice
maturities of the loan securities by which the Fund invests to be shorter than the maturities mentioned within the underlying mortgages.

 

Personal
Loan Go-Via Securities.
Personal loan pass-through securities are structured in a similar fashion to the Ginnie Mae, Fannie Mae
and Freddie Mac loan pass-through securities and are issued by means of United States and international non-public issuers equivalent to originators of and
buyers in loan loans, together with financial savings and mortgage associations, loan banks, industrial banks, funding banks and particular goal
subsidiaries of the foregoing. Those securities typically are subsidized by means of a pool of typical constant fee or adjustable fee loan loans.
Since non-public loan pass-through securities normally aren’t assured by means of an entity having the credit score standing of Ginnie Mae, Fannie
Mae and Freddie Mac, such securities usually are structured with a number of sorts of credit score enhancement.

 

Loan sources incessantly consist
of a pool of sources representing the duties of a lot of other events. There are typically fewer homes in a pool of sources
backing industrial mortgage-backed securities than in a pool of sources backing residential mortgage-backed securities therefore they could also be
extra delicate to the functionality of fewer loan sources. To reduce the impact of screw ups by means of obligors on underlying sources to make
bills, the ones securities would possibly comprise components of credit score beef up, which fall into two classes: (1) liquidity coverage and (2) coverage
towards losses as a consequence of final default by means of an obligor at the underlying sources. Liquidity coverage refers back to the provision of
advances, usually by means of the entity administering the pool of sources, to make sure that the receipt of bills at the underlying pool happens
in a well timed style. Coverage towards losses as a consequence of default guarantees final price of the duties on no less than a portion
of the sources within the pool. This coverage could also be supplied via promises, insurance coverage insurance policies or letters of credit score acquired by means of the
issuer or sponsor from 1/3 events, via quite a lot of manner of structuring the transaction or via a mix of such approaches.
The level of credit score beef up supplied for every factor is usually in accordance with ancient knowledge respecting the extent of credit score menace
related to the underlying sources. Delinquencies or losses in way over the ones expected may just adversely have an effect on the go back on an
funding in a safety. The Fund is not going to pay any charges for credit score beef up, even though the life of credit score beef up would possibly building up the
fee of a safety.

 

Stripped
Loan Securities.
Stripped loan securities by which the Fund would possibly make investments could also be issued by means of Federal Companies, or by means of non-public
originators of, or buyers in, loan loans, together with financial savings and mortgage associations, loan banks, industrial banks, funding
banks and particular goal subsidiaries of the foregoing.

 

Stripped loan securities
typically are structured with two categories that obtain other proportions of the curiosity and essential distribution of a pool of loan
sources. A commonplace form of stripped loan safety could have one category receiving probably the most curiosity and lots of the essential from
the loan sources, whilst the opposite category will obtain lots of the curiosity and the rest of the essential. In essentially the most excessive case,
one category will obtain all the curiosity (the interest-only or “IO” category), whilst the opposite category will obtain all the
essential (the principal-only or

“PO” category). PO categories generate revenue
in the course of the accretion of the deep cut price at which such securities are bought, and, whilst PO categories don’t obtain periodic bills
of curiosity, they obtain per 30 days bills related to scheduled amortization and essential prepayment from the loan sources underlying
the PO category. The yield to adulthood on a PO or an IO category safety is terribly delicate to the speed of essential bills (together with
prepayments) at the connected underlying loan sources. A slower than anticipated fee of essential bills could have an adversarial impact on
a PO category safety’s yield to adulthood. If the underlying loan sources enjoy slower than expected essential reimbursement, the
Fund would possibly fail to completely recoup its preliminary funding in those securities. Conversely, a fast fee of essential bills could have a subject matter
adversarial impact on an IO category safety’s yield to adulthood. If the underlying loan sources enjoy more than expected prepayments
or essential, the Fund would possibly fail to completely recoup its preliminary funding in those securities.

 

The Fund would possibly acquire stripped
loan securities for revenue, or for hedging functions to offer protection to the Fund’s portfolio towards rate of interest fluctuations. For instance,
since an IO category will have a tendency to extend in price as rates of interest upward push, it can be applied to hedge towards a lower in price of different
fixed-income securities in a emerging rate of interest surroundings.

 

Inverse
Floaters.
The Fund would possibly spend money on inverse floaters. Inverse floaters represent a category of MBS with a chit fee that strikes inversely
to a delegated index, equivalent to LIBOR (London Interbank Presented Fee) or eleventh District Value of Price range Index (“COFI”). Inverse
floaters have coupon charges that normally exchange at a a couple of of the adjustments of the related index fee. Any upward push within the index fee (as
a result of an building up in rates of interest) reasons a drop within the coupon fee on an inverse floater whilst any drop within the index fee
reasons an building up within the coupon fee of an inverse floater. In some instances, the coupon on an inverse floater may just lower to
0. As well as, like maximum different fixed-income securities, the worth of inverse floaters will lower as rates of interest building up and
their moderate lives will lengthen. Inverse floaters show off larger fee volatility than nearly all of mortgage-backed securities. In
addition, some inverse floaters show excessive sensitivity to adjustments in prepayments. Because of this, the yield to adulthood of an inverse
floater is delicate no longer solely to adjustments in rates of interest but additionally to adjustments in prepayment charges at the connected underlying loan
sources. As described above, inverse floaters could also be used on my own or in tandem with interest-only stripped loan tools.

 

Loan
Greenback Rolls.
The Fund would possibly input into loan greenback rolls with a financial institution or a broker-dealer. A loan greenback roll is a transaction
by which a fund sells mortgage-related securities for instant agreement and concurrently purchases the similar form of securities for
ahead agreement at a cut price. Whilst the Fund starts accruing curiosity at the newly bought securities from the acquisition or commerce
date, it is in a position to make investments the proceeds from the sale of its up to now owned securities, which can be used to pay for the brand new securities,
in cash marketplace investments till long run agreement date. The usage of loan greenback rolls is a speculative methodology involving leverage
and is thought of as to be a type of borrowing by means of the Fund.

 

Collateralized
Loan Responsibilities.
There are specific dangers related particularly with collateralized loan duties (“CMOs”).
The Fund would possibly spend money on such CMOs. CMOs are debt duties collateralized by means of loan loans or loan pass-through securities. The
moderate lifetime of CMOs is desperate the use of mathematical fashions that incorporate prepayment assumptions and different components that contain estimates
of long run financial and marketplace stipulations. Those estimates would possibly range from exact long run effects, in particular throughout sessions of utmost
marketplace volatility. Additional, below positive marketplace stipulations, equivalent to those who passed off in 1994, 2007, 2008 and 2009, the common weighted
lifetime of positive CMOs would possibly not as it should be mirror the associated fee volatility of such securities. For instance, during times of provide and insist
imbalances available in the market for such securities and/or during times of sharp rate of interest actions, the costs of CMOs would possibly vary to a
larger extent than can be anticipated from rate of interest actions on my own. CMOs issued by means of non-public entities aren’t duties issued or
assured by means of america Govt, its companies or instrumentalities and aren’t assured by means of any authorities company, even though
the securities underlying a CMO could also be matter to a ensure. Subsequently, if the collateral securing the CMO, in addition to any 1/3 celebration
credit score beef up or promises, is inadequate to make price, the holder may just maintain a loss.

 

Collateralized
Debt Responsibilities.
Collateralized Debt Responsibilities (“CDOs”) by which the Fund would possibly make investments come with collateralized bond
duties (“CBOs”), collateralized mortgage duties (“CLOs”) and different in a similar fashion structured securities. CBOs
and CLOs are sorts of asset-backed securities. A CBO is a accept as true with which is subsidized by means of a various pool of excessive menace, under funding grade
constant revenue securities. A CLO is a accept as true with normally collateralized by means of a pool of loans, which would possibly come with, amongst others, home and international
senior secured loans, senior unsecured loans and subordinate company loans, together with loans that can be rated under funding grade
or similar unrated loans. CDOs would possibly fee control charges and administrative bills. For each CBOs and CLOs, the money flows from
the accept as true with are break up into two or extra parts, known as tranches, various in menace and yield. The riskiest portion is the fairness tranche
which usually bears losses in reference to the primary defaults, if any, at the bonds or loans within the accept as true with and serves to supply some
measure of coverage to the opposite, extra senior tranches from defaults. A senior tranche from a CBO accept as true with or CLO accept as true with normally has upper
rankings and decrease yields than the underlying securities and may also be rated funding grade. In spite of the safety from the fairness tranche,
CBO or CLO tranches can enjoy considerable losses because of exact defaults, greater sensitivity to defaults because of collateral default
and disappearance of defending tranches, marketplace anticipation of defaults and aversion to CBO or CLO securities as a category. The dangers
of an funding in a CDO rely in large part on the kind of the collateral securities and the category of the CDO by which the Fund invests.
Most often, CBOs, CLOs and different CDOs are privately presented and offered, and thus aren’t registered below the securities legal guidelines. Because of this,
investments in CDOs could also be characterised by means of the Fund as illiquid securities; on the other hand, an lively trader marketplace would possibly exist for CDOs permitting
a CDO to qualify below Rule 144A below the Securities Act. Along with the standard dangers related to debt tools (e.g., curiosity
fee menace and credit score menace), CDOs elevate further dangers together with, however no longer restricted to: (1) the chance that distributions from the
collateral may not be ok to make curiosity or different bills; (2) the standard of the collateral would possibly decline in price or default;
(3) that they could also be subordinate to different categories; and (4) the complicated construction of the safety will not be totally understood on the time
of funding and would possibly produce disputes with the issuer or sudden funding effects.

 

Certificate of Deposit and Bankers’ Acceptances

 

The Fund would possibly spend money on certificate
of deposit and bankers’ acceptances, that are thought to be to be momentary cash marketplace tools.

 

Certificate of deposit
are receipts issued by means of a depository establishment in substitute for the deposit of finances. The issuer has the same opinion to pay the volume deposited plus
curiosity to the bearer of the receipt at the date specified at the certificates. The certificates typically may also be traded within the secondary
marketplace previous to adulthood. Bankers’ acceptances normally get up from momentary credit score preparations designed to permit companies to procure
finances to finance industrial transactions. Usually, an acceptance is a time draft drawn on a financial institution by means of an exporter or an importer to procure
a mentioned quantity of finances to pay for particular products. The draft is then “approved” by means of a financial institution that, in impact, unconditionally
promises to pay the face price of the tool on its adulthood date. The acceptance would possibly then be held by means of the accepting financial institution as an incomes
asset or it can be offered within the secondary marketplace on the going fee of cut price for a particular adulthood. Even if maturities for acceptances
may also be so long as 270 days, maximum acceptances have maturities of six months or much less.

 

Industrial Paper

 

The Fund would possibly acquire industrial
paper. Industrial paper is composed of momentary (typically from 1 to 270 days) unsecured promissory notes issued by means of firms so as
to finance their recent operations. It can be secured by means of letters of credit score, a surety bond or different varieties of collateral.  Industrial
paper is typically repaid at adulthood by means of the issuer from the proceeds of the issuance of recent industrial paper.  Because of this, funding
in industrial paper is matter to the chance the issuer can’t factor sufficient new industrial paper to fulfill its exceptional industrial paper,
often referred to as rollover menace.  Industrial paper would possibly develop into illiquid or would possibly be afflicted by diminished liquidity in positive instances.
Like every constant revenue securities, industrial paper costs are at risk of fluctuations in rates of interest.

If rates of interest upward push, industrial paper costs will
decline. The fast-term nature of a industrial paper funding makes it much less at risk of rate of interest menace than many different constant
revenue securities as a result of rate of interest menace normally will increase as adulthood lengths building up. Industrial paper has a tendency to yield smaller
returns than longer-term company debt as a result of securities with shorter maturities normally have decrease nice yields than the ones with
longer maturities. As with any constant revenue securities, there’s a likelihood that the issuer will default on its industrial paper legal responsibility.

 

Time Deposits and Variable Fee Notes

 

The Fund would possibly spend money on constant
time deposits, whether or not or no longer matter to withdrawal consequences.

 

The industrial paper duties
which the Fund would possibly purchase are unsecured and would possibly come with variable fee notes. The character and phrases of a variable fee be aware (i.e., a “Grasp
Observe”) allow the Fund to speculate fluctuating quantities at various interest rates pursuant to an immediate association between the Fund
as Lender, and the issuer, as borrower. It lets in day by day adjustments within the quantities borrowed. The Fund has the appropriate at any time to extend,
as much as the total quantity mentioned within the be aware settlement, or to lower the volume exceptional below the be aware. The issuer would possibly prepay at any
time and with out penalty any a part of or the total quantity of the be aware. The be aware would possibly or will not be subsidized by means of a number of financial institution letters of
credit score. As a result of those notes are direct lending preparations between the Fund and the issuer, it isn’t usually pondered that they
can be traded; additionally, there may be these days no secondary marketplace for them. Excluding as particularly supplied within the Prospectus, there may be
no limitation on the kind of issuer from whom those notes could also be bought; on the other hand, in reference to such acquire and on an ongoing
foundation, the Adviser or any sub-advisers will imagine the incomes energy, money drift and different liquidity ratios of the issuer, and its skill
to pay essential and curiosity on call for, together with a state of affairs by which all holders of such notes made call for concurrently. Variable
fee notes are matter to the Fund’s funding restriction on illiquid securities except such notes may also be put again to the issuer on
call for inside of seven days.

 

Insured Financial institution Responsibilities

 

The Fund would possibly spend money on insured
financial institution duties. The Federal Deposit Insurance coverage Company (“FDIC”) insures the deposits of federally insured banks and financial savings
and mortgage associations (jointly known as “banks”) as much as $250,000. The Fund would possibly acquire financial institution duties which might be
totally insured as to essential by means of the FDIC. Recently, to stay totally insured as to essential, those investments will have to be restricted to $250,000
consistent with financial institution; if the essential quantity and amassed curiosity in combination exceed $250,000, the surplus essential and amassed curiosity may not be
insured. Insured financial institution duties could have restricted marketability.

 

Repurchase Agreements

 

The Fund would possibly input into
repurchase agreements. In a repurchase settlement, an investor (such because the Fund) purchases a safety (referred to as the “underlying safety”)
from a securities trader or financial institution. This kind of trader or financial institution will have to be deemed creditworthy by means of the Adviser or any sub-adviser. At the moment,
the financial institution or securities trader has the same opinion to repurchase the underlying safety at a mutually agreed upon fee on a delegated long run date.
The repurchase fee could also be upper than the acquisition fee, the adaptation being revenue to the Fund, or the acquisition and repurchase costs
could also be the similar, with curiosity at an agreed upon fee because of the Fund on repurchase. In both case, the revenue to the Fund usually
can be unrelated to the rate of interest at the underlying securities. Repurchase agreements will have to be “totally collateralized,” in
that the marketplace price of the underlying securities (together with amassed curiosity) will have to all the time be equivalent to or more than the repurchase
fee. Subsequently, a repurchase settlement may also be thought to be a mortgage collateralized by means of the underlying securities.

 

Repurchase agreements are
usually for a quick time frame, incessantly not up to per week, and can usually be utilized by the Fund to speculate extra money or as section
of a short lived defensive technique. Repurchase agreements that don’t supply for price inside of seven days can be handled as illiquid
securities. Within the match of a chapter or different

default by means of the vendor of a repurchase settlement, aFund
may just enjoy each delays in liquidating the underlying safety and losses. Those losses may just outcome from: (a) imaginable decline in
the worth of the underlying safety whilst the Fund is looking for to put in force its rights below the repurchase settlement; (b) imaginable diminished
ranges of revenue or loss of get admission to to revenue throughout this era; and (c) bills of implementing its rights.

 

Opposite Repurchase Agreements

 

In a opposite repurchase
settlement, the Fund sells portfolio securities to some other celebration and has the same opinion to repurchase the securities at an agreed-upon fee and date.
Opposite repurchase agreements contain the chance that the opposite celebration will fail to go back the securities in a well timed means, or in any respect,
which would possibly lead to losses to the Fund. The Fund may just lose cash whether it is not able to recuperate the securities and the worth of the collateral
held by means of the Fund is not up to the worth of the securities. Those occasions may just additionally cause adversarial tax penalties to the Fund. Opposite
repurchase agreements additionally contain the chance that the marketplace price of the securities offered will decline under the associated fee at which the Fund
is obligated to repurchase them. Opposite repurchase agreements would possibly building up fluctuations within the Fund’s NAV and could also be considered as
a type of borrowing by means of the Fund.

 

Fairness Securities

 

Fairness securities by which
the Fund invests come with pursuits in pooled funding automobiles, commonplace shares, most popular shares, securities convertible into commonplace
shares, equivalent to convertible bonds, warrants, rights and choices and connected securities. The price of fairness securities varies in reaction
to many components, together with the actions and monetary situation of particular person corporations, the trade marketplace by which particular person corporations
compete and common marketplace and financial stipulations. Fairness securities vary in price, incessantly in accordance with components unrelated to the worth
of the issuer of the securities, and such fluctuations may also be important.

 

Commonplace Inventory

 

Commonplace inventory represents
an fairness (possession) curiosity in an organization, and typically possesses balloting rights and earns dividends. Dividends on commonplace inventory aren’t
constant however are declared on the discretion of the issuer. Commonplace inventory usually represents the riskiest funding in an organization. As well as,
commonplace inventory usually has the best appreciation and depreciation attainable as a result of will increase and reduces in income are typically
mirrored in an organization’s inventory fee.

 

Most well-liked Inventory

 

The Fund
would possibly spend money on most popular inventory and not using a minimal credit standing. Most well-liked inventory is a category of inventory having a choice over commonplace inventory
as to the price of dividends and the restoration of funding will have to an organization be liquidated, even though most popular inventory is typically junior
to the debt securities of the issuer. Most well-liked inventory normally does no longer possess balloting rights and its marketplace price would possibly exchange in accordance with
adjustments in rates of interest.

 

The elemental
menace of making an investment in commonplace and most popular inventory is the chance that the worth of the inventory may lower. Inventory values vary in reaction
to the actions of a person corporate or in accordance with common marketplace and/or financial stipulations. Traditionally, commonplace shares have
supplied larger long-term returns and feature entailed larger momentary dangers than most popular shares, fixed-income securities and cash
marketplace investments. The marketplace price of all securities, together with commonplace and most popular shares, is founded upon the marketplace’s belief
of price and no longer essentially the e-book price of an issuer or different function measures of an organization’s price.

 

Convertible Securities

 

The Fund
would possibly spend money on convertible securities and not using a minimal credit standing. Convertible securities come with constant revenue securities that can be
exchanged or transformed right into a predetermined collection of stocks of the issuer’s underlying commonplace inventory on the possibility of the holder throughout
a specified length. Convertible securities would possibly take the type of convertible most popular inventory, convertible bonds or debentures, gadgets consisting
of “usable” bonds and warrants or a mix of the options of a number of of those securities. Convertible securities are
senior to commonplace shares in an issuer’s capital construction, however are typically subordinated to equivalent non-convertible securities. Whilst offering
a fixed-income flow (usually upper in yield than the revenue derivable from commonplace inventory however less than that afforded by means of a equivalent
nonconvertible safety), a convertible safety additionally provides an investor the chance, via its conversion function, to take part
within the capital appreciation of the issuing corporate relying upon a marketplace fee advance within the convertible safety’s underlying commonplace
inventory.

 

Warrants

 

The Fund
would possibly spend money on warrants. Warrants are choices to buy commonplace inventory at a particular fee (typically at a top class above the marketplace price
of the optioned commonplace inventory at issuance) legitimate for a particular time frame. Warrants could have a lifestyles starting from not up to 365 days
to 20 years, or they could also be perpetual. Then again, maximum warrants have expiration dates and then they’re nugatory. As well as, a
warrant is nugatory if the marketplace fee of the typical inventory does no longer exceed the warrant’s workout fee throughout the lifetime of the warrant.
Warrants don’t have any balloting rights, pay no dividends, and don’t have any rights with admire to the sources of the company issuing them. The share
building up or lower available in the market fee of the warrant would possibly have a tendency to be more than the proportion building up or lower available in the market
fee of the optioned commonplace inventory.

 

Depositary Receipts

 

The Fund
would possibly spend money on backed and unsponsored American Depositary Receipts (“ADRs”), that are receipts issued by means of an American financial institution
or accept as true with corporate evidencing possession of underlying securities issued by means of a international issuer. ADRs, in registered shape, are designed for
use in U.S. securities markets. Unsponsored ADRs could also be created with out the participation of the international issuer. Holders of those ADRs
usually endure the entire prices of the ADR facility, while international issuers normally endure positive prices in a backed ADR. The financial institution or
accept as true with corporate depositary of an unsponsored ADR could also be below no legal responsibility to distribute shareholder communications gained from the international
issuer or to go via balloting rights. Lots of the dangers described under relating to international securities observe to investments in ADRs.

 

Securities of Different Funding Corporations

 

The Fund’s investments
in substitute traded finances (“ETFs”), different mutual finances and closed-end finances contain positive further bills and sure tax
effects, which might no longer be found in an immediate funding within the underlying fund. Because of felony boundaries, the Fund can be averted
from: (1) buying greater than 3% of an funding corporate’s (together with ETFs) exceptional stocks; (2) making an investment greater than 5% of the Fund’s
sources in any unmarried such funding corporate, and (3) making an investment greater than 10% of the Fund’s sources in funding corporations general; except:
(i) the underlying funding corporate and/or the Fund has gained an order for exemptive reduction from such boundaries from the Securities
and Alternate Fee (“SEC”); and (ii) the underlying funding corporate and the Fund take suitable steps to agree to
any stipulations in such order. Within the choice, the Fund would possibly depend on Rule 12d1-3, which permits unaffiliated mutual finances to exceed the
5% limitation and the ten% limitation, supplied the mixture gross sales quite a bit any investor can pay (i.e., the mixed distribution bills of
each the obtaining fund and the got fund) does no longer exceed the bounds on gross sales quite a bit established by means of FINRA for finances of finances. As well as
to ETFs, the Fund would possibly spend money on different funding corporations equivalent to open-end mutual finances or exchange-traded closed-end finances, throughout the
boundaries described above.

 

Closed-Finish Funding Corporations

 

The Fund would possibly make investments its
sources in “closed-end” funding corporations (or “closed-end finances”), matter to the funding restrictions set forth
above. Stocks of closed-end finances are normally presented to the general public in a one-time preliminary public providing by means of a bunch of underwriters
who retain a range or underwriting fee of between 4% or 6% of the preliminary public providing fee. Such securities are then indexed
for buying and selling at the New York Inventory Alternate, the Nationwide Affiliation of Securities Sellers Automatic Citation Device (often recognized
as “NASDAQ”) and, in some instances, could also be traded in different over the counter markets. For the reason that stocks of closed-end finances can’t
be redeemed upon call for to the issuer just like the stocks of an open-end funding corporate (such because the Fund), buyers search to shop for and
promote stocks of closed-end finances within the secondary marketplace.

 

The Fund usually will
acquire stocks of closed-end finances solely within the secondary marketplace. The Fund will incur standard brokerage prices on such purchases equivalent
to the bills the Fund would incur for the acquisition of securities of some other form of issuer within the secondary marketplace. The would possibly, on the other hand,
additionally acquire securities of a closed-end fund in an preliminary public providing when, within the opinion of the Adviser or any sub-adviser, founded
on a attention of the character of the closed-end fund’s proposed investments, the existing marketplace stipulations and the extent of call for
for such securities, they constitute a good looking alternative for expansion of capital. The preliminary providing fee normally will come with
a trader unfold, that could be upper than the acceptable brokerage value if the Fund bought such securities within the secondary marketplace.

 

The stocks of many closed-end
finances, after their preliminary public providing, incessantly commerce at a value consistent with proportion, which is not up to the web asset price consistent with proportion, the
distinction representing the “marketplace cut price” of such stocks. This marketplace cut price could also be due partly to the funding function
of long-term appreciation, which is sought by means of many closed-end finances, in addition to to the truth that the stocks of closed-end finances aren’t
redeemable by means of the holder upon call for to the issuer on the subsequent desperate web asset price however somewhat are matter to the rules of
provide and insist within the secondary marketplace. A relative loss of secondary marketplace clients of closed-end fund stocks additionally would possibly give a contribution
to such stocks buying and selling at a cut price to their web asset price.

 

The Fund would possibly spend money on stocks
of closed-end finances which might be buying and selling at a cut price to web asset price or at a top class to web asset price. There may also be no assurance that
the marketplace cut price on stocks of any closed-end fund bought by means of the Fund will ever lower. In truth, it’s imaginable that this marketplace
cut price would possibly building up and the Fund would possibly undergo discovered or unrealized capital losses because of additional decline available in the market fee of the
securities of such closed-end finances, thereby adversely affecting the web asset price of the Fund’s stocks. In a similar way, there may also be no
assurance that any stocks of a closed-end fund bought by means of the Fund at a top class will proceed to commerce at a top class or that the top class
is not going to lower next to a purchase order of such stocks by means of the Fund.

 

Closed-end finances would possibly factor
senior securities (together with most popular inventory and debt duties) for the aim of leveraging the closed-end fund’s commonplace stocks in
an try to improve the present go back to such closed-end fund’s commonplace shareholders. The Fund’s funding within the commonplace stocks of
closed-end finances which might be financially leveraged would possibly create a possibility for larger overall go back on its funding, however on the identical
time could also be anticipated to show off extra volatility in marketplace fee and web asset price than an funding in stocks of funding corporations
and not using a leveraged capital construction.

 

Open-end Funding Corporations

 

The Fund and any “affiliated
individuals,” as outlined by means of the 1940 Act, would possibly acquire within the mixture solely as much as 3% of the whole exceptional securities of any underlying
fund.  Accordingly, when affiliated individuals keep stocks of any of the underlying fund, the Fund’s skill to speculate totally in stocks
of the ones finances is specific, and the Adviser or any sub-adviser will have to then, in some cases, make a choice choice investments that may
no longer had been its first choice.  The 1940 Act additionally supplies that an underlying fund whose stocks are bought by means of the Fund will
be obligated to redeem stocks held by means of the Fund solely in an quantity as much as 1% of the underlying fund’s exceptional securities

throughout any length of not up to 30 days. Stocks held
by means of the Fund in way over 1% of an underlying fund’s exceptional securities subsequently, can be thought to be no longer readily marketable securities,
which, in conjunction with different such securities, would possibly not exceed 15% of the Fund’s overall sources.

 

Below positive instances
an underlying fund would possibly decide to make price of a redemption by means of the Fund wholly or in part by means of a distribution in more or less securities
from its portfolio, in lieu of money, in conformity with the foundations of the SEC. In such instances, the Fund would possibly keep securities allotted
by means of an underlying fund till the Adviser or any sub-adviser determines that it’s suitable to get rid of such securities.

 

Funding selections by means of
the funding advisers of the underlying fund(s) are made independently of the Fund and the Adviser or any sub-adviser. Subsequently, the
funding adviser of 1 underlying fund could also be buying stocks of the similar issuer whose stocks are being offered by means of the funding adviser
of some other such fund. The outcome can be an oblique expense to the Fund with out engaging in any funding goal.

 

Alternate Traded Price range

 

ETFs are usually passive
finances that monitor their connected index and feature the versatility of buying and selling like a safety. They’re controlled by means of pros and supply
the investor with diversification, value and tax potency, liquidity, marginability, are helpful for hedging, be capable of pass lengthy
and quick, and a few supply quarterly dividends. Moreover, some ETFs are unit funding trusts (“UITs”). ETFs normally
have two markets. The main marketplace is the place establishments switch “introduction gadgets” in block-multiples of, for instance, 50,000
stocks for in-kind securities and money within the type of dividends. The secondary marketplace is the place particular person buyers can commerce as little
as a unmarried proportion throughout buying and selling hours at the substitute. That is other from open-ended mutual finances which might be traded after hours as soon as
the web asset price (“NAV”) is calculated. ETFs proportion many equivalent dangers with open-end and closed-end finances.

 

Top Yield Securities

 

The Fund would possibly spend money on excessive
yield securities. Top yield, excessive menace bonds are securities which might be usually rated under funding grade by means of the main ranking companies
(BB+ or decrease by means of S&P and Ba1 or decrease by means of Moody’s). Different phrases used to explain such securities come with “decrease rated bonds,”
“non-investment grade bonds,” “under funding grade bonds,” and “junk bonds.” Those securities are
thought to be to be high-risk investments. The dangers come with the next:

 

Better
Possibility of Loss.
Those securities are considered predominately speculative. There’s a larger menace that issuers of decrease rated securities
will default than issuers of upper rated securities. Issuers of decrease rated securities usually are much less creditworthy and could also be extremely
indebted, financially distressed, or bankrupt. Those issuers are extra susceptible to actual or perceived financial adjustments, political adjustments
or adversarial {industry} trends. As well as, excessive yield securities are incessantly subordinated to the prior price of senior indebtedness.
If an issuer fails to pay essential or curiosity, the Fund would enjoy a lower in revenue and a decline available in the market price of its
investments.

 

Sensitivity
to Pastime Fee and Financial Adjustments.
The revenue and marketplace price of lower-rated securities would possibly vary greater than upper rated
securities. Even if non-investment grade securities have a tendency to be much less delicate to rate of interest adjustments than funding grade securities,
non-investment grade securities are extra delicate to momentary company, financial and marketplace trends. Throughout sessions of monetary
uncertainty and alter, the marketplace fee of the investments in lower-rated securities could also be risky. The default fee for top yield
bonds has a tendency to be cyclical, with defaults emerging during times of monetary downturn.

 

Valuation
Difficulties.
It’s incessantly harder to worth decrease rated securities than upper rated securities. If an issuer’s economic
situation deteriorates, correct economic and trade knowledge could also be restricted or unavailable. In

addition, the decrease rated investments could also be thinly
traded and there could also be no established secondary marketplace. On account of the loss of marketplace pricing and recent knowledge for investments
in decrease rated securities, valuation of such investments is a lot more depending on judgment than is the case with upper rated securities.

 

Liquidity.
There could also be no established secondary or public marketplace for investments in decrease rated securities. Such securities are incessantly traded
in markets that can be rather much less liquid than the marketplace for upper rated securities. As well as, rather few institutional clients
would possibly keep a big portion of a subject matter of lower-rated securities from time to time. Because of this, the Fund could also be required to promote investments at
considerable losses or retain them indefinitely when an issuer’s economic situation is deteriorating.

 

Credit score
High quality.
Credit score high quality of non-investment grade securities can exchange abruptly and swiftly, or even recently-issued credit score
rankings would possibly not totally mirror the real dangers posed by means of a specific high-yield safety.

 

New
Law.
Long term law could have a imaginable destructive affect available on the market for top yield, excessive menace bonds. For instance,
within the past due Nineteen Eighties, law required federally-insured financial savings and mortgage associations to divest their investments in excessive yield, excessive
menace bonds. New law, if enacted, will have a subject matter destructive impact at the Fund’s investments in decrease rated securities.
Top yield, excessive menace investments would possibly come with the next:

 

Instantly
Mounted-Source of revenue Debt Securities.
Those come with bonds and different debt duties that endure a set or variable interest rate payable
at common durations and feature a set or resettable adulthood date. The precise phrases of such securities range and would possibly come with options
equivalent to name provisions and sinking finances.

 

0-Coupon
Debt Securities.
Those don’t pay periodic curiosity however are issued at a cut price from their price at adulthood. When held to adulthood,
their complete go back equals the adaptation between their factor fee and their adulthood price.

 

0-Mounted-Coupon
Debt Securities.
Those are zero-coupon debt securities that convert on a specified date to periodic interest-paying debt securities.

 

Pay-in-Type
Bonds.
Those are bonds which permit the issuer, at its possibility, to make recent curiosity bills at the bonds both in money or
in more bonds. Those are bonds are normally offered with out registration below the Securities Act of 1933, as amended
(“Securities Act“), typically to a rather small collection of institutional buyers.

 

Convertible
Securities.
Those are bonds or most popular inventory that can be transformed to commonplace inventory.

 

Most well-liked
Inventory.
Those are shares that usually pay a dividend at a specified fee and feature choice over commonplace inventory within the price
of dividends and in liquidation.

 

Mortgage
Participations and Assignments.
Those are participations in, or assignments of all or a portion of loans to firms or to
governments, together with governments of much less advanced international locations (“LDCs”).

 

Securities
Issued in Reference to Reorganizations and Company Restructurings.
In reference to reorganizing or restructuring of an
issuer, an issuer would possibly factor commonplace inventory or different securities to holders of its debt securities. The Fund would possibly keep such commonplace inventory and
different securities even though it does no longer spend money on such securities.

 

Municipal Govt Responsibilities

 

Generally, municipal duties
are debt duties issued by means of or on behalf of states, territories and possessions of america (together with the District of Columbia)
and their political subdivisions, companies and instrumentalities. Municipal duties usually come with debt duties issued to procure
finances for quite a lot of public

functions. Positive sorts of municipal duties are
issued in complete or partly to procure investment for privately operated amenities or tasks. Municipal duties come with common legal responsibility
bonds, earnings bonds, commercial construction bonds, notes and municipal rent duties. Municipal duties additionally come with further
duties, the curiosity on which is exempt from federal revenue tax that can develop into to be had sooner or later so long as the Board of the
Price range determines that an funding in this type of form of legal responsibility is in step with the Fund’s funding targets. Municipal duties
could also be totally or in part subsidized by means of native authorities, the credit score of a personal issuer, recent or expected revenues from a particular
venture or particular sources or home or international entities offering credit score beef up equivalent to letters of credit score, promises or insurance coverage.

 

Bonds and
Notes

 

Common legal responsibility bonds are secured by means of the
issuer’s pledge of its complete religion, credit score and taxing energy for the price of curiosity and essential. Income bonds are payable solely from
the revenues derived from a venture or facility or from the proceeds of a specified earnings supply. Commercial construction bonds are usually
earnings bonds secured by means of bills from and the credit score of personal customers. Municipal notes are issued to fulfill the momentary investment necessities
of state, regional and native governments. Municipal notes come with tax anticipation notes, bond anticipation notes, earnings anticipation
notes, tax and earnings anticipation notes, development mortgage notes, momentary cut price notes, tax-exempt industrial paper, call for notes
and equivalent tools.

 

Municipal
Hire Responsibilities

 

Municipal rent duties would possibly take the shape
of a rent, an installment acquire or a conditional gross sales contract. They’re issued by means of state and native governments and government to
achieve land, apparatus and amenities, equivalent to automobiles, telecommunications and pc apparatus and different capital sources. The Fund
would possibly spend money on finances that acquire those rent duties without delay, or it should acquire participation pursuits in such rent duties.
States have other necessities for issuing municipal debt and issuing municipal rentals. Municipal rentals are usually matter to
larger dangers than common legal responsibility or earnings bonds as a result of they typically comprise a “non-appropriation” clause, which gives
that the issuer isn’t obligated to make bills at the legal responsibility in years to come except finances had been appropriated for this goal
every yr. Such non-appropriation clauses are required to steer clear of the municipal rent duties from being handled as debt for state debt
restriction functions. Accordingly, such duties are matter to “non-appropriation” menace. Municipal rentals could also be secured
by means of the underlying capital asset and it can be tricky to get rid of this type of asset within the match of non-appropriation or different default.

 

International Securities

 

Common

 

The Fund would possibly spend money on international
securities together with ETFs and different funding corporations that keep a portfolio of international securities.  Making an investment in securities of
international corporations and international locations comes to positive issues and dangers that aren’t normally related to making an investment in U.S. authorities
securities and securities of home corporations.  There could also be much less publicly to be had details about a international issuer than a
home one, and international corporations aren’t usually matter to uniform accounting, auditing and monetary requirements and necessities
similar to these acceptable to U.S. corporations.  There can also be much less authorities supervision and legislation of international securities
exchanges, agents and indexed corporations than exists in america. Pastime and dividends paid by means of international issuers could also be matter
to withholding and different international taxes, which would possibly lower the web go back on such investments as in comparison to dividends and curiosity paid
to the Fund by means of home corporations or the U.S. authorities.  There could also be the potential for expropriations, seizure or nationalization
of international deposits, confiscatory taxation, political, financial or social instability or diplomatic trends that would have an effect on sources
of the Fund held in international international locations.  In any case, the status quo of substitute controls or different international governmental legal guidelines or restrictions
may just adversely have an effect on the price of duties.

 

To the level the Fund’s
foreign money substitute transactions don’t totally give protection to the Fund towards adversarial adjustments in foreign money substitute charges, decreases within the price
of currencies of the international international locations by which the Fund will make investments relative to the U.S. greenback will lead to a corresponding lower
within the U.S. greenback price of the Fund’s sources denominated in the ones currencies (and most likely a corresponding building up within the quantity of
securities required to be liquidated to fulfill distribution necessities).  Conversely, will increase within the price of currencies of the
international international locations by which the Fund invests relative to the U.S. greenback will lead to a corresponding building up within the U.S. greenback price
of the Fund’s sources (and most likely a corresponding lower within the quantity of securities to be liquidated).

 

Rising Markets Securities

 

The Fund would possibly acquire securities
of rising marketplace issuers, ETFs and closed-end finances that spend money on rising marketplace securities.  Making an investment in rising marketplace securities
imposes dangers other from, or more than, dangers of making an investment in international advanced international locations.  Those dangers come with: smaller marketplace
capitalization of securities markets, which would possibly undergo sessions of relative illiquidity; important fee volatility; restrictions on
international funding; imaginable repatriation of funding revenue and capital. As well as, international buyers could also be required to sign up
the proceeds of gross sales; long run financial or political crises may just result in fee controls, compelled mergers, expropriation or confiscatory
taxation, seizure, nationalization, or introduction of presidency monopolies. The currencies of rising marketplace international locations would possibly enjoy important
declines towards the U.S. greenback, and devaluation would possibly happen next to investments in those currencies by means of the Fund.  Inflation
and fast fluctuations in inflation charges have had, and would possibly proceed to have, side effects at the economies and securities markets
of positive rising marketplace international locations.

 

Further dangers of rising
markets securities would possibly come with: larger social, financial and political uncertainty and instability; extra considerable governmental involvement
within the economic system; much less governmental supervision and legislation; unavailability of foreign money hedging tactics; corporations which might be newly
arranged and small; variations in auditing and monetary reporting requirements, which would possibly lead to unavailability of subject matter knowledge
about issuers; and no more advanced felony programs. As well as, rising securities markets could have other clearance and agreement
procedures, that could be not able to stay tempo with the amount of securities transactions or another way make it tricky to interact in such
transactions. Agreement issues would possibly purpose the Fund to pass over horny funding alternatives, keep a portion of its sources in money
pending funding, or be behind schedule in taking away a portfolio safety. This sort of extend may just lead to imaginable legal responsibility to a buyer
of the safety.

 

By-product Tools

 

The Fund expects to make use of
a lot of spinoff tools as a part of its funding methods. Usually, derivatives are economic contracts whose price relies
upon, or is derived from, the worth of an underlying asset, reference fee or index, and would possibly relate to shares, bonds, rates of interest,
currencies or foreign money substitute charges, commodities and connected indexes. The Adviser would possibly make a decision to not make use of any of those methods and
there is not any assurance that any derivatives technique utilized by the Fund will be successful. Examples of spinoff tools that the Fund would possibly
use come with (however aren’t restricted to) futures contracts, choices contracts, switch transactions and ahead foreign money contracts. Derivatives
contain particular dangers, together with imaginable default by means of the opposite celebration to the transaction, illiquidity and, to the level the Adviser’s
or sub adviser’s view as to positive marketplace actions is wrong, the chance that using derivatives may just lead to considerably
larger losses than if that they had no longer been used. Not too long ago, a number of broker-dealers and different economic establishments have skilled excessive
economic problem, from time to time ensuing within the chapter of the establishment. There may also be no assurance that the Fund’s counterparties
is not going to enjoy equivalent difficulties, most likely leading to losses to the Fund. Losses as a consequence of using derivatives will
scale back the Fund’s NAV, and most likely revenue, and the losses could also be considerably more than if derivatives had no longer been used. When

used, derivatives would possibly building up the volume and have an effect on
the timing and personality of taxable distributions paid to shareholders.

 

Futures Contracts

 

A futures contract supplies
for the longer term sale by means of one celebration and buy by means of some other celebration of a specified quantity of a particular economic tool (e.g., gadgets of
a inventory index) for a specified fee, date, time and position designated on the time the contract is made. Brokerage charges are paid when a
futures contract is purchased or offered and margin deposits will have to be maintained. Coming into into a freelance to shop for is often known as
purchasing or buying a freelance or maintaining a protracted role. Coming into into a freelance to promote is often known as promoting a freelance
or maintaining a quick role.

 

Not like when the Fund purchases
or sells a safety, no fee can be paid or gained by means of the Fund upon the acquisition or sale of a futures contract. Upon getting into into
a futures contract, and to care for the Fund’s open positions in futures contracts, the Fund can be required to deposit with its custodian
or futures dealer in a segregated account within the title of the futures dealer an amount of money, U.S. authorities securities, appropriate cash
marketplace tools, or different liquid securities, referred to as “preliminary margin.” The margin required for a specific futures contract
is ready by means of the substitute on which the contract is traded, and could also be considerably changed every now and then by means of the substitute throughout the
time period of the contract. Futures contracts are usually bought and offered on margins that can vary upward from not up to 5% of the worth
of the contract being traded.

 

If the cost of an open
futures contract adjustments (by means of building up in underlying tool or index when it comes to a sale or by means of lower when it comes to a purchase order)
in order that the loss at the futures contract reaches some degree at which the margin on deposit does no longer fulfill margin necessities, the dealer
would require an building up within the margin. Then again, if the worth of a role will increase as a result of favorable fee adjustments within the futures
contract in order that the margin deposit exceeds the specified margin, the dealer can pay the surplus to the Fund.

 

Those next bills,
known as “variation margin,” to and from the futures dealer, are made every day as the cost of the underlying sources vary
making the lengthy and quick positions within the futures contract roughly precious, a procedure referred to as “marking to the marketplace.”
The Fund expects to earn curiosity revenue on its margin deposits.

 

Even if positive futures
contracts, by means of their phrases, require exact long run supply of and price for the underlying tools, in follow maximum futures contracts
are typically closed out sooner than the supply date. Last out an open futures contract acquire or sale is effected by means of getting into into an
offsetting futures contract sale or acquire, respectively, for a similar mixture quantity of the an identical underlying tool or index
and the similar supply date. If the offsetting acquire fee is not up to the unique sale fee, the Fund realizes a achieve; whether it is
extra, the Fund realizes a loss. Conversely, if the offsetting sale fee is greater than the unique acquire fee, the Fund realizes a
achieve; whether it is much less, the Fund realizes a loss. The transaction prices will have to even be incorporated in those calculations. There may also be no assurance,
on the other hand, that the Fund will have the ability to input into an offsetting transaction with admire to a specific futures contract at a specific
time. If the Fund isn’t ready to go into into an offsetting transaction, the Fund will proceed to be required to care for the margin deposits
at the futures contract.

 

For instance, one contract
within the Monetary Instances Inventory Alternate 100 Index long run is a freelance to shop for 25 kilos sterling multiplied by means of the extent of the United Kingdom Monetary
Instances 100 Percentage Index on a given long run date. Agreement of a inventory index futures contract would possibly or will not be within the underlying tool
or index. If no longer within the underlying tool or index, then agreement can be made in money, similar over the years to the adaptation between
the contract fee and the real fee of the underlying asset on the time the inventory index futures contract expires.

 

       The
Fund does no longer intend to interact in those transactions for speculative functions however solely in furtherance of its funding function. As a result of
the Fund will segregate liquid sources to fulfill its acquire commitments within the means described, the Fund’s liquidity and the power
of the Adviser or any sub-adviser to control them could also be affected within the match the Fund’s ahead commitments, commitments to buy
when-issued securities and behind schedule settlements ever exceeded 15% of the worth of its web sources.

 

The Fund
will acquire securities on a when-issued, ahead dedication or behind schedule agreement foundation solely with the goal of finishing the transaction.
If deemed really useful as a question of funding technique, on the other hand, the Fund would possibly get rid of or renegotiate a dedication after it’s entered
into, and would possibly promote securities it has dedicated to buy sooner than the ones securities are brought to the Fund at the agreement date.
In those instances the Fund would possibly understand a taxable capital achieve or loss. When the Fund engages in when-issued, ahead dedication and behind schedule
agreement transactions, it is dependent upon the opposite celebration to consummate the commerce. Failure of such celebration to take action would possibly outcome within the Fund
incurring a loss or lacking a possibility to procure a value credited to be positive. The marketplace price of the securities underlying
a when-issued acquire, ahead dedication to buy securities, or a behind schedule agreement and any next fluctuations of their marketplace
price is taken into consideration when figuring out the marketplace price of the Fund beginning at the day the Fund has the same opinion to buy the securities.
The Fund does no longer earn curiosity at the securities it has dedicated to buy till it has paid for and delivered at the agreement
date.

 

Choices on Futures Contracts

 

The Fund would possibly acquire and
promote choices at the identical sorts of futures by which it should make investments. Choices on futures are very similar to choices on underlying tools
excluding that choices on futures give the buyer the appropriate, in go back for the top class paid, to think a role in a futures contract
(a protracted role if the choice is a choice and a quick role if the choice is a put), somewhat than to buy or promote the futures contract,
at a specified workout fee at any time throughout the length of the choice. Upon workout of the choice, the supply of the futures role
by means of the creator of the approach to the holder of the choice can be accompanied by means of the supply of the accrued stability within the creator’s
futures margin account which represents the volume in which the marketplace fee of the futures contract, at workout, exceeds (within the case
of a choice) or is not up to (when it comes to a put) the workout fee of the choice at the futures contract. Shoppers of choices who
fail to workout their choices previous to the workout date undergo a lack of the top class paid.

 

Ahead Buying and selling

 

The Fund would possibly commerce in spot
and ahead contracts on currencies. The buying and selling of over the counter tools, topics the Fund to numerous dangers together with: (1)
counterparty menace; (2) foundation menace; (3) rate of interest menace; (4) agreement menace; (5) felony menace; and (6) operational menace. Counterparty
menace is the chance that the Fund’s counterparties may default on their legal responsibility to pay or carry out usually on their duties.
The over the counter markets and a few international markets are “principals’ markets.” That implies that functionality of the
contract is the accountability solely of the person company or member at the different aspect of the commerce and no longer any substitute or clearing company.
Such “counterparty menace” is accentuated for contracts with longer maturities the place occasions would possibly intrude to stop agreement,
or the place the Fund has concentrated its transactions with a unmarried or small crew of counterparties. Foundation menace is the chance attributable
to the actions within the unfold between the spinoff contract fee and the longer term fee of the underlying tool. Rate of interest
menace is the overall menace related to actions in rates of interest. Agreement menace is the chance {that a} agreement in a move device
does no longer happen as anticipated. Criminal menace is the chance {that a} transaction proves unenforceable in regulation or as a result of it’s been inadequately
documented. Operational menace is the chance of sudden losses coming up from deficiencies in a company’s control knowledge, beef up
and regulate programs and procedures. Transactions in over the counter derivatives would possibly contain different dangers as smartly, as there is not any substitute
marketplace on which to near out an open role. It can be inconceivable to liquidate an current role, to evaluate the worth of a role
or to evaluate the publicity to menace.

 

Change Transactions

 

A switch transaction is an
unregulated, for my part negotiated settlement (normally with a financial institution, a brokerage company or different economic establishment as counterparty)
to interchange two streams of bills (for instance, an substitute of floating fee bills for constant fee bills with admire to a notional
quantity of essential). The Fund would possibly input into rate of interest, foreign money, index, overall go back and different switch transactions. For instance, a
overall go back switch is an settlement to make bills of the whole go back from a specified asset or tool (or a basket of such tools)
throughout the required length, in go back for bills equivalent to a set or floating interest rate or the whole go back from some other specified
asset or tool (such because the go back of a controlled futures portfolio or portfolios). However, a complete go back switch may also be structured
in order that one celebration will make bills to the opposite celebration if the worth of the related asset or tool will increase, however obtain bills
from the opposite celebration if the worth of that asset or tool decreases.

 

Swaps may also be extremely risky
and could have a substantial affect at the Fund’s functionality, as the prospective achieve or loss on any switch transaction isn’t matter
to any constant prohibit. The Fund’s a success use of switch agreements relies on the power to are expecting appropriately whether or not positive
sorts of investments are more likely to produce larger returns than different investments.

 

Securities Choices

 

The Fund would possibly acquire and
write (i.e., promote) put and phone choices. Such choices would possibly relate to specific securities or inventory indices, and would possibly or would possibly not
be indexed on a home or international securities substitute and would possibly or will not be issued by means of the Choices Clearing Company. Choices buying and selling
is a extremely specialised task that involves more than peculiar funding menace. Choices could also be extra risky than the underlying
tools, and subsequently, on a proportion foundation, an funding in choices could also be matter to bigger fluctuation than an funding in
the underlying tools themselves.

 

A choice possibility for a specific
safety provides the buyer of the choice the appropriate to shop for, and the creator (dealer) the duty to promote, the underlying safety at
the mentioned workout fee at any time previous to the expiration of the choice, without reference to the marketplace fee of the safety. The top class
paid to the creator is in attention for enterprise the duty below the choice contract. A put possibility for a specific safety
provides the buyer the appropriate to promote the safety on the mentioned workout fee at any time previous to the expiration date of the choice,
without reference to the marketplace fee of the safety.

 

Inventory index choices are
put choices and phone choices on quite a lot of inventory indices. In maximum respects, they’re similar to indexed choices on commonplace shares. The main
distinction between inventory choices and index choices happens when index choices are exercised. In terms of inventory choices, the underlying
safety, commonplace inventory, is delivered. Then again, upon the workout of an index possibility, agreement does no longer happen by means of supply of the securities
comprising the index. The choice holder who workouts the index possibility receives an amount of money if the final point of the inventory index
upon which the choice is founded is bigger than, when it comes to a choice, or not up to, when it comes to a put, the workout fee of the choice.
This amount of money is the same as the adaptation between the final fee of the inventory index and the workout fee of the choice expressed
in bucks instances a specified a couple of. A inventory index fluctuates with adjustments available in the market price of the shares incorporated within the index.
For instance, some inventory index choices are in accordance with a huge marketplace index, such because the Same old & Deficient’s 500® Index or the Price
Line Composite Index or a narrower marketplace index, such because the Same old & Deficient’s 100®. Indices can also be in accordance with an {industry}
or marketplace phase, such because the AMEX Oil and Gasoline Index or the Pc and Trade Apparatus Index. Choices on inventory indices are these days
traded at the Chicago Board Choices Alternate, the New York Inventory Alternate, the American Inventory Alternate, and NASDAQ PHLX.

 

The Fund’s legal responsibility to
promote an tool matter to a choice possibility written by means of it, or to buy an tool matter to a put possibility written by means of it, could also be
terminated previous to the expiration date of the choice by means of the Fund’s execution of a final acquire transaction, which is effected by means of
buying on an substitute an possibility of the similar sequence (i.e., identical underlying tool, workout fee and expiration date) as
the choice up to now written. A final acquire transaction will ordinarily be effected to understand a cash in on an excellent possibility,
to stop an underlying tool from being known as, to allow the sale of the underlying tool or to allow the writing of a brand new
possibility containing other phrases on such underlying tool. The price of this kind of liquidation acquire plus transactions prices could also be
more than the top class gained upon the unique possibility, by which match the Fund could have paid a loss within the transaction. There may be
no assurance {that a} liquid secondary marketplace will exist for any specific possibility. An possibility creator not able to impact a final acquire
transaction won’t be able to promote the underlying tool or liquidate the sources held in a segregated account, as described under,
till the choice expires or the optioned tool is delivered upon workout. In such instances, the creator can be matter to the
menace of marketplace decline or appreciation within the tool throughout such length.

 

If an possibility bought by means of
the Fund expires unexercised, the Fund realizes a loss equivalent to the top class paid. If the Fund enters right into a final sale transaction on
an possibility bought by means of it, the Fund will understand a achieve if the top class gained by means of the Fund at the final transaction is greater than the
top class paid to buy the choice, or a loss whether it is much less. If an possibility written by means of the Fund expires at the stipulated expiration date
or if the Fund enters right into a final acquire transaction, it’ll understand a achieve (or loss if the price of a final acquire transaction
exceeds the web top class gained when the choice is offered). If an possibility written by means of the Fund is exercised, the proceeds of the sale will
be greater by means of the web top class at the beginning gained and the Fund will understand a achieve or loss.

 

Positive Dangers Relating to Choices

 

There are a number of dangers
related to transactions in choices. For instance, there are important variations between the securities and choices markets that
may just lead to a less than excellent correlation between those markets, inflicting a given transaction no longer to succeed in its targets. As well as,
a liquid secondary marketplace for specific choices, whether or not traded over the counter or on an substitute, could also be absent for causes which come with
the next: there could also be inadequate buying and selling curiosity in positive choices; restrictions could also be imposed by means of an substitute on opening transactions
or final transactions or each; buying and selling halts, suspensions or different restrictions could also be imposed with admire to specific categories or
sequence of choices or underlying securities or currencies; peculiar or unexpected instances would possibly interrupt standard operations on an substitute;
the amenities of an substitute or the Choices Clearing Company would possibly not all the time be ok to care for recent buying and selling price; or
a number of exchanges may just, for financial or different causes, make a decision or be forced at some long run date to discontinue the buying and selling of choices
(or a specific category or sequence of choices), by which match the secondary marketplace on that substitute (or in that category or sequence of choices)
would stop to exist, even though exceptional choices that have been issued by means of the Choices Clearing Company on account of trades on that
substitute would proceed to be exercisable based on their phrases.

 

A hit use by means of the Fund
of choices on inventory indices can be matter to the power of the Adviser or any sub-adviser to appropriately are expecting actions within the instructions
of the inventory marketplace. This calls for other abilities and strategies than predicting adjustments within the costs of particular person securities. In
addition, the Fund’s skill to successfully hedge all or a portion of the securities in its portfolio, in anticipation of or throughout a
marketplace decline, via transactions in put choices on inventory indices, is determined by the level to which fee actions within the underlying
index correlate with the associated fee actions of the securities held by means of the Fund. Inasmuch because the Fund’s securities is not going to replica the
elements of

an index, the correlation may not be very best. Because of this,
the Fund bears the chance that the costs of its securities being hedged is not going to transfer in the same quantity as the costs of its put choices
at the inventory indices. It is usually imaginable that there could also be a destructive correlation between the index and the Fund’s securities that may
lead to a loss on each such securities and the choices on inventory indices got by means of the Fund.

 

The hours of buying and selling for
choices would possibly not comply with the hours throughout which the underlying securities are traded. To the level that the choices markets shut sooner than
the markets for the underlying securities, important fee and fee actions can happen within the underlying markets that can not be
mirrored within the choices markets. The acquisition of choices is a extremely specialised task that comes to funding tactics and dangers
other from the ones related to peculiar portfolio securities transactions. The acquisition of inventory index choices comes to the chance
that the top class and transaction prices paid by means of the Fund in buying an possibility can be misplaced on account of unanticipated actions in
costs of the securities comprising the inventory index on which the choice is founded.

 

There’s no assurance that
a liquid secondary marketplace on an choices substitute will exist for any specific possibility, or at any specific time, and for some choices
no secondary marketplace on an substitute or in other places would possibly exist. If the Fund is not able to near out a choice possibility on securities that it has
written sooner than the choice is exercised, the Fund could also be required to buy the optioned securities to be able to fulfill its legal responsibility
below the approach to ship such securities. If the Fund is not able to impact a final sale transaction with admire to choices on securities
that it has bought, it must workout the choice to be able to understand any cash in and would incur transaction prices upon the
acquire and sale of the underlying securities.

 

Duvet for Choices Positions

 

Transactions the use of choices
(instead of choices that the Fund has bought) divulge the Fund to a duty to some other celebration. The Fund is not going to input into this type of
transactions except it owns both (i) an offsetting (“lined”) role in securities or different choices or (ii) money or liquid
securities with a worth enough all the time to hide its attainable duties no longer lined as supplied in (i) above. The Fund will
agree to SEC tips relating to quilt for those tools and, if the ideas so require, put aside money or liquid securities
in a segregated account with the Fund’s custodian within the prescribed quantity. Below recent SEC tips, the Fund will segregate
sources to hide transactions by which the Fund write or promote choices.

 

Belongings used as quilt or
held in a segregated account can’t be offered whilst the location within the corresponding possibility is open, except they’re changed with equivalent
sources. Because of this, the dedication of a big portion of the Fund’s sources to hide or segregated accounts may just hinder portfolio control
or the Fund’s skill to fulfill redemption requests or different recent duties.

 

Broker Choices

 

The Fund would possibly have interaction in transactions
involving trader choices in addition to exchange-traded choices. Positive further dangers are particular to trader choices. Whilst the Fund may
glance to a clearing company to workout exchange-traded choices, if the Fund had been to buy a trader possibility it will want to depend
at the trader from which it bought the approach to carry out if the choice had been exercised. Failure by means of the trader to take action would outcome
within the lack of the top class paid by means of the Fund in addition to lack of the predicted good thing about the transaction.

 

Alternate-traded choices
usually have a continuing liquid marketplace whilst trader choices would possibly not. Because of this, the Fund would possibly usually have the ability to understand the worth
of a trader possibility it has bought solely by means of exercising or reselling the approach to the trader who issued it. In a similar way, when the Fund writes
a trader possibility, it should usually have the ability to shut out the choice previous to its expiration solely by means of getting into right into a final acquire transaction
with the trader to whom the Fund at the beginning wrote the choice. Whilst the Fund will search to go into into trader choices solely with sellers
who will conform to and that are anticipated to be capable to getting into into final transactions with the Fund, there may also be no assurance
that the Fund will at any time have the ability to liquidate a trader possibility at a positive fee at any time previous to expiration. Until the Fund,
as a lined trader name possibility creator, is in a position to impact a final acquire transaction, it won’t be able to liquidate securities
(or different sources) used as quilt till the choice expires or is exercised. Within the match of insolvency of the opposite celebration, the Fund would possibly
be not able to liquidate a trader possibility. With admire to choices written by means of the Fund, the lack to go into right into a final transaction
would possibly lead to subject matter losses to the Fund. For instance, for the reason that Fund will have to care for a secured role with admire to any name possibility
on a safety it writes, the Fund would possibly not promote the sources, which it has segregated to safe the location whilst it’s obligated below
the choice. This requirement would possibly impair the Fund’s skill to promote portfolio securities at a time when such sale may well be positive.

 

The Group of workers of the SEC has
taken the location that bought trader choices are illiquid securities. The Fund would possibly deal with the quilt used for written trader choices
as liquid if the trader has the same opinion that the Fund would possibly repurchase the trader possibility it has written for a most fee to be calculated by means of a
predetermined components. In such instances, the trader possibility can be thought to be illiquid solely to the level the utmost acquire fee below
the components exceeds the intrinsic price of the choice. Accordingly, the Fund will deal with trader choices as matter to the Fund’s limitation
on illiquid securities. If the SEC adjustments its role at the liquidity of trader choices, the Fund’s remedy of such tools
will exchange accordingly.

 

Unfold Transactions

 

The Fund would possibly acquire lined
unfold choices from securities sellers. Those lined unfold choices aren’t at the moment exchange-listed or exchange-traded. The acquisition
of a range possibility provides the Fund the appropriate to place securities that it owns at a set greenback unfold or constant yield unfold in courting
to some other safety that the Fund does no longer personal, however which is used as a benchmark. The chance to the Fund, along with the hazards of trader
choices described above, is the price of the top class paid in addition to any transaction prices. The acquisition of unfold choices can be used
to offer protection to the Fund towards adversarial adjustments in prevailing credit score high quality spreads, i.e., the yield unfold between prime quality and
decrease high quality securities. This coverage is supplied solely throughout the lifetime of the unfold choices.

 

Credit score
Default Swaps

 

The Fund would possibly input into
credit score default swaps. In a credit score default switch, one celebration makes a flow of bills to some other celebration in substitute for the appropriate to obtain
a specified go back within the match of a default by means of a 3rd celebration, normally an rising nation, on its legal responsibility. The Fund would possibly use credit score
default swaps to supply a measure of coverage towards defaults of sovereign issuers (i.e., to scale back menace the place the Fund owns or has
publicity to the sovereign issuer) and would possibly use credit score default swaps to take an lively lengthy or quick role with admire to the chance
of a specific issuer’s default. In reference to those agreements, money or liquid securities could also be put aside as collateral by means of the
Fund’s custodian based on the phrases of the switch settlement. The Fund earn curiosity on money put aside as collateral. Swaps are
marked to marketplace day by day founded upon quotations from marketplace makers and the exchange in price, if any, is recorded as unrealized achieve or loss.
Those economic tools aren’t actively traded on economic markets. The values assigned to those tools are founded upon the
easiest to be had knowledge and as a result of the uncertainty of the valuation, those values would possibly range considerably from the values that
would had been discovered had a in a position marketplace for those tools existed, and the diversities might be subject matter. Bills gained or
made on the finish of the

size length are recorded as discovered achieve or
loss. Coming into into those agreements comes to, to various levels, components of credit score, marketplace, and documentation menace. Such dangers contain
the chance that there can be no liquid marketplace for those agreements, that the counterparty to the agreements would possibly default on its legal responsibility
to accomplish or disagree as to the which means of contractual phrases within the agreements, and that there could also be detrimental adjustments in curiosity
charges.

 

When-Issued, Ahead Commitments and Not on time
Settlements

 

The Fund would possibly acquire and
promote securities on a when-issued, ahead dedication or behind schedule agreement foundation. On this match, the Custodian (as outlined below the segment
entitled “Custodian”) will segregate liquid sources equivalent to the volume of the dedication in a separate account. Most often, the
Custodian will put aside portfolio securities to fulfill a purchase order dedication. In this kind of case, the Fund could also be required due to this fact
to segregate further sources to be able to guarantee that the worth of the account stays equivalent to the volume of the Fund’s dedication.
It can be anticipated that the Fund’s web sources will vary to a better level when it units apart portfolio securities to hide such
acquire commitments than when it units apart money.

 

The Fund does no longer intend
to interact in those transactions for speculative functions however solely in furtherance of its funding targets. For the reason that Fund will segregate
liquid sources to fulfill its acquire commitments within the means described, the Fund’s liquidity and the power of the Adviser or any
sub-adviser to control them could also be affected within the match the Fund’s ahead commitments, commitments to buy when-issued securities
and behind schedule settlements ever exceeded 15% of the worth of its web sources.

 

The Fund will acquire securities
on a when-issued, ahead dedication or behind schedule agreement foundation solely with the goal of finishing the transaction. If deemed really useful
as a question of funding technique, on the other hand, the Fund would possibly get rid of or renegotiate a dedication after it’s entered into, and would possibly promote
securities it has dedicated to buy sooner than the ones securities are brought to the Fund at the agreement date. In those instances, the
Fund would possibly understand a taxable capital achieve or loss. When the Fund engages in when-issued, ahead dedication and behind schedule agreement transactions,
it is dependent upon the opposite celebration to consummate the commerce. Failure of such celebration to take action would possibly outcome within the Fund incurring a loss or lacking
a possibility to procure a value credited to be positive.

 

The marketplace price of the
securities underlying a when-issued acquire, ahead dedication to buy securities, or a behind schedule agreement and any next fluctuations
of their marketplace price is taken into consideration when figuring out the marketplace price of the Fund beginning at the day the Fund has the same opinion to buy
the securities. The Fund does no longer earn curiosity at the securities it has dedicated to buy till it has paid for and delivered on
the agreement date.

 

Illiquid and Limited Securities

 

The Fund would possibly make investments as much as
15% of its web sources in illiquid securities. Illiquid securities come with securities matter to contractual or felony restrictions on resale
(e.g., as a result of they’ve no longer been registered below the Securities Act of 1933, as amended (the “Securities Act”)) and securities
which might be another way no longer readily marketable (e.g., as a result of buying and selling within the safety is suspended or as a result of marketplace makers don’t exist or
is not going to entertain bids or provides). Securities that experience no longer been registered below the Securities Act are known as non-public placements
or limited securities and are bought without delay from the issuer or within the secondary marketplace. International securities which might be freely tradable
of their essential markets aren’t thought to be to be illiquid.

 

Limited and different illiquid
securities could also be matter to the potential of delays on resale and uncertainty in valuation. The Fund may well be not able to get rid of illiquid
securities promptly or at cheap costs and may thereby enjoy problem in gratifying redemption requests from shareholders.
The Fund may need to sign up limited

securities to be able to get rid of them, ensuing
in more expense and extend. Hostile marketplace stipulations may just hinder this kind of public providing of securities.

 

A big institutional marketplace
exists for positive securities that aren’t registered below the Securities Act, together with international securities. The truth that there are
contractual or felony restrictions on resale to most people or to positive establishments will not be indicative of the liquidity of
such investments. Rule 144A below the Securities Act permits this kind of broader institutional buying and selling marketplace for securities another way matter
to restrictions on resale to most people. Rule 144A establishes a “secure harbor” from the registration necessities of
the Securities Act for resale of positive securities to certified institutional consumers. Rule 144A and the PORTAL Alliance have produced
enhanced liquidity for lots of limited securities. The PORTAL Alliance is an open industry-wide platform to facilitate over-the-counter
buying and selling of 144A fairness securities and is meant to improve the liquidity and transparency of 144A fairness securities by means of making a supply
for indicative quotes, commerce reporting and issuer knowledge for 144A fairness securities.

 

Below tips followed
by means of the Believe’s Board, the Adviser or any sub-adviser would possibly decide that specific Rule 144A securities, and industrial paper issued in
reliance at the non-public placement exemption from registration afforded by means of Phase 4(a)(2) of the Securities Act, are liquid although
they don’t seem to be registered. A decision of whether or not this kind of safety is liquid or no longer is a query of reality. In making this decision,
the Adviser or any sub-adviser will imagine, because it deems suitable below the instances and amongst different components: (1) the frequency
of trades and quotes for the safety; (2) the collection of sellers prepared to buy or promote the safety; (3) the collection of different attainable
clients of the safety; (4) trader undertakings to make a marketplace within the safety; (5) the character of the safety (e.g., debt or fairness,
date of adulthood, phrases of dividend or curiosity bills, and different subject matter phrases) and the character of {the marketplace} trades (e.g., the
time had to get rid of the safety, the process of soliciting provides, and the mechanics of move); and (6) the ranking of the safety
and the economic situation and possibilities of the issuer. In terms of industrial paper, the Adviser or any sub-adviser can even decide
that the paper (1) isn’t traded flat or in default as to essential and curiosity, and (2) is rated in some of the two easiest ranking classes
by means of no less than two Nationwide Statistical Score Organizations (“NRSROs”) or, if just one NRSRO charges the safety, by means of that NRSRO,
or, if the safety is unrated, the Adviser or a sub-adviser determines that it’s of similar high quality.  

 

Rule 144A securities and
Phase 4(a)(2) industrial paper which have been deemed liquid as described above will proceed to be monitored by means of the Adviser or any sub-adviser
to decide if the safety is not liquid as the results of modified stipulations. Making an investment in Rule 144A securities or Phase 4(a)(2)
industrial paper will have the impact of accelerating the volume of the Fund’s sources invested in illiquid securities if institutional
consumers are unwilling to buy such securities.

 

Lending Portfolio Securities

 

For the aim of attaining
revenue, the Fund would possibly lend its portfolio securities, supplied (1) the mortgage is secured frequently by means of collateral consisting of U.S. Govt
securities or money or money equivalents (money, U.S. Govt securities, negotiable certificate of deposit, bankers’ acceptances or
letters of credit score) maintained on a day by day mark-to-market foundation in an quantity no less than equivalent to the present marketplace price of the securities
loaned, (2) the Fund would possibly at any time name the mortgage and acquire the go back of securities loaned, (3) the Fund will obtain any curiosity
or dividends gained at the loaned securities, and (4) the mixture price of the securities loaned is not going to at any time exceed one-third
of the whole sources of the Fund.

 

Quick Gross sales

 

The Fund would possibly promote securities
quick as an outright funding technique and to offset attainable declines in lengthy positions in equivalent securities. A brief sale is a transaction
by which the Fund sells a safety it does no longer personal or have

the appropriate to obtain (or that it owns however does no longer
need to ship) in anticipation that the marketplace fee of that safety will decline.

 

When the Fund makes a quick
sale, the broker-dealer in which the quick sale is made will have to borrow the safety offered quick and ship it to the celebration buying
the safety. The Fund is needed to make a margin deposit in reference to such quick gross sales; the Fund could have to pay a commission to borrow
specific securities and can incessantly be obligated to pay over any dividends and amassed curiosity on borrowed securities.

 

If the cost of the safety
offered quick will increase between the time of the quick sale and the time the Fund covers its quick role, the Fund will incur a loss; conversely,
if the associated fee declines, the Fund will understand a capital achieve. Any achieve can be diminished, and any loss greater, by means of the transaction prices
described above. The a success use of quick promoting could also be adversely suffering from imperfect correlation between actions in the associated fee
of the safety offered quick and the securities being hedged.

 

To the level the Fund sells
securities quick, it’ll supply collateral to the broker-dealer and (excluding when it comes to quick gross sales “towards the field”)
will care for further asset protection within the type of money, U.S. authorities securities or different liquid securities with its custodian
in a segregated account in an quantity no less than equivalent to the adaptation between the present marketplace price of the securities offered quick and
any quantities required to be deposited as collateral with the promoting dealer (no longer together with the proceeds of the quick sale). The Fund do
no longer intend to go into into quick gross sales (instead of quick gross sales “towards the field”) if instantly after such gross sales the mixture
of the worth of all collateral plus the volume in such segregated account exceeds 30% of the worth of the Fund’s web sources. This proportion
could also be various by means of motion of the Board of Trustees. A brief sale is “towards the field” to the level the Fund contemporaneously
owns, or has the appropriate to procure at no added value, securities similar to the ones offered quick.

 

Wholly-Owned Subsidiary

 

The Fund would possibly make investments as much as
25% of its overall sources in a wholly-owned and regulated Cayman Islands subsidiary (the “Subsidiary”), which, if applied, would
be anticipated to speculate via Underlying Swimming pools (as outlined under) or different funding automobiles or tools, essentially in commodity
and monetary futures and possibility contracts and different economic markets globally, in addition to constant revenue securities and different investments
supposed to function margin or collateral for the Subsidiary’s derivatives positions. Because of this, the Fund could also be thought to be to be making an investment
not directly in those investments in the course of the Subsidiary, if applied. For this reason, and for the sake of comfort, references on this
Observation of Further Data to the Fund may additionally come with the Subsidiary.

 

The Subsidiary, if applied,
may not be registered below the 1940 Act however can be matter to positive of the investor protections of that Act, as famous on this Observation
of Further Data. The Fund, as the only shareholder of the Subsidiary, do not need all the protections presented to buyers
in registered funding corporations. Then again, for the reason that Fund would wholly personal and regulate its Subsidiary, and the Fund and Subsidiary would
each be controlled by means of the Adviser, it’s not likely that the Subsidiary would take motion opposite to the pursuits of the Fund or its shareholders.
The Board has oversight accountability for the funding actions of the Fund, together with any funding in a Subsidiary and the Fund’s
function as the only shareholder of a Subsidiary. Additionally, in managing the Subsidiary’s portfolio, the Adviser can be matter to the similar funding
restrictions and operational tips that observe to the control of the Fund, together with any collateral or segregation necessities
in reference to quite a lot of funding methods.

 

Adjustments within the legal guidelines of the
United States and/or the Cayman Islands, below which the Fund and a Subsidiary, respectively, are arranged, may just outcome within the incapability
of the Fund and/or its Subsidiary to function as described on this Observation of Further Data and may just negatively have an effect on the
Fund and its shareholders. For instance, the Cayman Islands does no longer these days impose any revenue, company or capital beneficial properties tax, property
accountability, inheritance tax, present tax or withholding tax at the Subsidiary. If Cayman Islands regulation adjustments such {that a} Subsidiary will have to pay Cayman
Islands taxes, and the Fund at the moment used to be using a Subsidiary, then the Fund’s shareholders would most likely undergo diminished
funding returns.

 

Underlying Swimming pools that Industry Commodity Futures

 

The Fund would possibly make investments a portion
of its sources without delay, or via a Subsidiary, in securities of restricted partnerships, firms (together with international firms),
restricted legal responsibility corporations (together with particular person proportion categories therein) and different sorts of pooled funding automobiles (jointly,
“Underlying Swimming pools”). Every Underlying Pool, or proportion category of an Underlying Pool, is controlled by means of a number of buying and selling advisors,
every pursuant to a proprietary buying and selling technique. Positive of the Underlying Swimming pools by which Fund investments would possibly use a sort commerce commodity
or economic futures the use of a type of leverage incessantly known as “notional investment” – that’s the nominal buying and selling point for
an Underlying Pool will exceed the money deposited in its buying and selling accounts. For instance, if the Underlying Pool supervisor needs the Underlying
Pool to commerce a $200,000,000 commodity futures portfolio (the “nominal buying and selling point”) the Underlying Pool’s margin requirement
could also be $10,000,000. The Underlying Pool can both deposit $200,000,000 to “totally fund” the futures account or can deposit solely
a portion of the $200,000,000, only if the volume deposited meets the account’s ongoing minimal margin necessities. The variation
between the amount of money deposited within the account and the nominal buying and selling point of the account is known as notional investment. The
use of notional investment (i.e., leverage) will building up the volatility of an Underlying Pool. As well as, the leverage would possibly make an Underlying
Pool matter to extra widespread margin calls. Being compelled to lift money at inopportune instances to fulfill margin calls would possibly save you an Underlying
Pool supervisor from making investments it considers optimum. The money and any marketable securities of the Underlying Pool can be to be had
to fulfill the margin necessities for the Underlying Pool. Moreover, sources of the Underlying Pool could also be to be had to fulfill the margin
necessities of different Underlying Swimming pools and vice-versa. Then again, in no circumstance will the sources of the Fund or any Subsidiary no longer already
invested in Underlying Swimming pools be to be had to fulfill the margin necessities of the Underlying Pool. For Underlying Swimming pools that have interaction in
commodity or economic futures buying and selling, control charges could also be in accordance with the nominal buying and selling point and no longer the money deposited within the buying and selling
account. For representation functions solely, think an Underlying Pool has sources of $50 million and has engaged a unmarried Underlying Pool
funding supervisor to commerce futures on its behalf. The Underlying Pool is notionally funded and makes use of a nominal buying and selling point of $200 million.
The Underlying Pool can pay its supervisor an annual control commission of one% of the nominal account dimension, or $2,000,000. Whilst the control commission
represents 1% of the nominal account dimension ($200 million), the control commission represents 4% of the money deposited ($50 million) within the
Underlying Pool’s commodity futures buying and selling account.

 

The Underlying Swimming pools are
normally presented privately and no public marketplace for such securities will exist. Then again, stocks of the Underlying Swimming pools are redeemable
at durations of 1 week or much less. See “Illiquid and Limited Securities.”

 

Possibility of Possible Govt Legislation of
Derivatives

 

It’s imaginable that further
authorities legislation of quite a lot of sorts of spinoff tools, together with futures and switch agreements, would possibly prohibit or save you the Fund
from the use of such tools as a part of its funding technique,

and may just in the end save you the Fund from being ready
to succeed in its funding targets. The legislation of swaps and futures transactions within the U.S. is a swiftly converting space of the regulation and
is matter to amendment by means of authorities and judicial motion. Specifically, the Dodd-Frank Wall Side road Reform and Client Coverage
Act (the “Dodd-Frank Act “) (which used to be handed into regulation in July 2010), and connected regulatory trends, has led to
new legislation of switch agreements, together with margin, clearing, reporting, recordkeeping and registration necessities for particular types
of switch contracts and different derivatives, together with quantity different rate of interest swaps and credit score default swaps. As a result of those necessities
are new and evolving, and sure of the foundations aren’t but ultimate, its final affect stays unclear. New rules may just, amongst different
issues, prohibit or utterly prohibit the power of the Fund to make use of those tools as part of its funding technique, building up the
prices of the use of those tools or lead them to much less nice. New regulations below the Dodd-Frank Act require positive over the counter derivatives,
together with positive rate of interest swaps and sure credit score default swaps, to be carried out on a regulated marketplace and cleared via a central
counterparty, which would possibly lead to greater margin necessities and prices for the Fund. Moreover, limits or restrictions acceptable
to the counterparties with which the Fund engages in spinoff transactions may just additionally save you the Fund from the use of those tools
or have an effect on the pricing or different components in the case of those tools, or would possibly exchange availability of positive investments.

 

Explicit Dangers In the case of Controlled Futures and
Derivatives Buying and selling

 

Futures and Derivatives
Buying and selling Is Speculative. Futures and derivatives, together with commodity curiosity, costs are extremely risky. Value actions for futures
contracts, for instance, which would possibly vary considerably throughout a quick time frame, are influenced by means of a lot of components that have an effect on
the commodities markets, together with, however no longer restricted to: converting provide and insist relationships; authorities methods and insurance policies; nationwide
and global political and financial occasions and adjustments in rates of interest.

 

Futures and Derivatives
Buying and selling Is Extremely Leveraged. The low margin deposits typically required in buying and selling futures and derivatives allow a particularly excessive level
of leverage. Accordingly, a rather small fee motion in a commodity curiosity would possibly lead to a right away and considerable loss to
the investor. For instance, if on the time of acquire 5% of the cost of a futures contract is deposited as margin, a 5% lower within the
fee of the futures contract would, if the contract had been then closed out, lead to a complete lack of the margin deposit (brokerage fee
expense would even be incurred). Like different leveraged investments, any futures and derivatives commerce would possibly lead to losses in way over
the volume invested. The money and any marketable securities of the Underlying Pool can be to be had to fulfill the margin necessities for
the pool. Moreover, sources of the Underlying Pool could also be to be had to fulfill the margin necessities of different Underlying Swimming pools and vice-versa.
Then again, in no circumstance will the sources of the Fund or any Subsidiary no longer already invested in Underlying Swimming pools be to be had to fulfill
the margin necessities of an Underlying Pool.

 

Futures and Derivatives
Buying and selling Might Be Illiquid. Maximum U.S. commodity futures exchanges impose day by day limits regulating the utmost quantity above or under the former
day’s agreement fee which a futures contract fee would possibly vary throughout a unmarried day. Throughout a unmarried buying and selling day no trades could also be
carried out at costs past the day by day prohibit. As soon as the cost of a specific futures contract has greater or diminished to the prohibit level,
it can be tricky, expensive or inconceivable to liquidate a role. Futures costs particularly contracts have sometimes moved the
day by day prohibit for a number of consecutive days with very little buying and selling. If this happens, the Underlying Swimming pools may well be averted from promptly
liquidating detrimental positions which might lead to considerable losses. The ones losses may just considerably exceed the margin to begin with
dedicated to the trades concerned. As well as, even though costs have no longer moved the day by day prohibit, or if there aren’t any limits for the contracts
traded by means of the Underlying Swimming pools, the Underlying Swimming pools would possibly not have the ability to execute trades at favorable costs if little buying and selling within the contracts
is happening. It is usually imaginable that an substitute or the CFTC would possibly

droop buying and selling in a specific contract, order instant
agreement of a freelance or order that buying and selling to the liquidation of open positions solely.

 

Buying and selling Selections Based totally
on Technical Research. Positive Underlying Pool managers use buying and selling methods that use “technical” components in figuring out fee
strikes. The good fortune of technical research will depend on the incidence sooner or later of fee actions. Technical programs may not be winning
and would possibly in reality produce losses if there aren’t any marketplace strikes of the sort the device seeks to observe. Any issue that may make it extra
tricky to execute the trades recognized, equivalent to a discount of liquidity, additionally would cut back profitability. There’s no assurance that
any buying and selling device will make cash below any or all marketplace stipulations.

 

Reliance on Key Staff.
Many Underlying Pool managers rely at the services and products of 1 or two key individuals. In the event that they can’t or is not going to supply the ones services and products, it
may just adversely have an effect on their skill to commerce.

 

Imaginable Results of Speculative
Place Limits and Duty Ranges. The CFTC and U.S. exchanges have established speculative role limits and responsibility
ranges. Place limits regulate the collection of web lengthy or web quick speculative futures or possibility (on futures) positions someone would possibly
keep or regulate in futures or possibility contracts traded on U.S. exchanges. Place responsibility ranges are role ranges established
by means of an substitute that, if reached by means of an individual, purpose such individual to be matter to directions by means of such substitute to scale back or no longer building up
such role. Maximum Underlying Pool managers regulate the commodity buying and selling of different accounts. All positions and accounts owned or managed
the Underlying Pool managers and their principals are mixed for role prohibit and responsibility point functions. To be able to comply
with role limits or substitute boundaries coming up out of getting positions matter to responsibility ranges, it’s imaginable that an
Underlying Pool supervisor must alter its buying and selling directions, and that positions held for the Fund must be liquidated.
That will have a destructive impact at the Fund’s profitability.

 

Building up in Quantity of Price range
Controlled. If any Underlying Pool supervisor manages more cash sooner or later, together with cash raised on this providing, such further finances
may just have an effect on its functionality or buying and selling methods.

 

Adjustments within the Choice of
To be had Futures Contracts and Similar Choices. U.S. and international exchanges have established new futures and choices contracts within the
previous few years. This vogue may just proceed. An Underlying Pool supervisor’s buying and selling technique is probably not a success buying and selling the ones new contracts.

 

Different Purchasers of the Underlying
Pool Managers. The Underlying Pool managers organize different accounts. This will increase the contest for a similar trades which the Underlying
Swimming pools make. There’s no assurance that the Fund’s buying and selling will generate the similar effects as some other accounts controlled by means of the Underlying
Pool managers.

 

Failure of Clearing Agents,
Counterparties, Banks, Custodians and different Monetary Companies. Commodity agents will have to care for the Fund’s sources (instead of sources used
to commerce international futures or choices on international markets) in a segregated account. If a commodity dealer is going bankrupt, the Fund may just lose
cash as it should solely have the ability to recuperate a professional rata proportion of the valuables to be had for distribution to all the dealer’s consumers.
As well as, even though a commodity dealer adequately segregates the Underlying Pool’s sources, the Underlying Swimming pools would possibly nonetheless be matter
to menace of lack of finances on deposit will have to some other buyer of the commodity dealer fail to fulfill deficiencies in such different buyer’s
account.

 

Buying and selling on International Exchanges
and Foreign money Alternate Fee Fluctuations. Buying and selling would possibly happen on international exchanges and different non-U.S. markets. Neither current CFTC rules
nor rules of some other U.S.

governmental company observe to transactions on international
markets. The Fund is in peril for fluctuations within the substitute fee between the currencies by which it trades and U.S. bucks. It additionally
is imaginable that substitute controls might be imposed sooner or later. There’s no restriction on how a lot of the Fund’s buying and selling may well be
on international markets.

 

Buying and selling in Over the Counter
Tools. The buying and selling of over the counter tools, topics the Fund to numerous dangers together with: (1) counterparty menace; (2)
foundation menace; (3) rate of interest menace; (4) agreement menace; (5) felony menace; and (6) operational menace. Counterparty menace is the chance that
the Underlying Pool’s counterparties may default on their legal responsibility to pay or carry out usually on their duties. The over the counter
markets and a few international markets are “principals’ markets.” That implies that functionality of the contract is the accountability
solely of the person company or member at the different aspect of the commerce and no longer any substitute or clearing company. Such “counterparty
menace” is accentuated for contracts with longer maturities the place occasions would possibly intrude to stop agreement, or the place the Underlying
Pool has concentrated its transactions with a unmarried or small crew of counterparties. Foundation menace is the chance as a result of the actions
within the unfold between the spinoff contract fee and the longer term fee of the underlying tool. Rate of interest menace is the overall
menace related to actions in rates of interest. Agreement menace is the chance {that a} agreement in a move device does no longer happen
as anticipated. Criminal menace is the chance {that a} transaction proves unenforceable in regulation or as a result of it’s been inadequately documented. Operational
menace is the chance of sudden losses coming up from deficiencies in a company’s control knowledge, beef up and regulate programs and procedures.
Transactions in over the counter derivatives would possibly contain different dangers as smartly, as there is not any substitute marketplace on which to near out an
open role. It can be inconceivable to liquidate an current role, to evaluate the worth of a role or to evaluate the publicity to
menace.

 

Alternate for Physicals.
The Underlying Swimming pools would possibly substitute a money, ahead or spot marketplace role outdoor of standard buying and selling hours for a similar futures role.
Such transactions are matter to counterparty creditworthiness menace. The CFTC has accepted the futures exchanges to increase the kinds
of over the counter positions that may be a part of an substitute for physicals role.

 

Commodity Pool Operator Legislation

 

The Fund is, and any connected
Subsidiary can be, a “commodity pool” below the CEA, and the Adviser is a “commodity pool operator” registered
with and controlled by means of the Commodity Futures Buying and selling Fee (“CFTC”) and is a member of the Nationwide Futures Affiliation
(“NFA”). As a registered commodity pool operator with admire to the Fund and any Subsidiary, the Adviser will have to agree to
quite a lot of regulatory necessities below the CEA, and the foundations and rules of the CFTC and the NFA, together with investor coverage necessities,
antifraud prohibitions, disclosure necessities, and reporting and recordkeeping necessities. The Adviser may be matter to periodic
inspections and audits by means of the CFTC and NFA.

 

 

INVESTMENT RESTRICTIONS

 

The Fund has followed the
following funding restrictions that will not be modified with out approval by means of a “majority of the phenomenal stocks” of the
Fund which, as used on this SAI, manner the vote of the lesser of (a) 67% or extra of the stocks of the Fund represented at a gathering, if
the holders of greater than 50% of the phenomenal stocks of the Fund are provide or represented by means of proxy, or (b) greater than 50% of the phenomenal
stocks of the Fund.  The Fund would possibly not:

 

1. Factor senior securities.
 This limitation isn’t acceptable to actions that can be deemed to contain the issuance or sale of a senior safety by means of the Fund,
only if the Fund’s engagement in such actions is in step with or accepted by means of the 1940 Act, as amended, the foundations and rules
promulgated thereunder or interpretations of the SEC or its group of workers;

 

2. Borrow cash, excluding
(a) from a financial institution, only if instantly after such borrowing there may be an asset protection of 300% for all borrowings of the Fund; or
(b) from a financial institution or different individuals for brief functions solely, only if such brief borrowings are in an quantity no longer exceeding 5%
of the Fund’s overall sources on the time when the borrowing is made.  This limitation does no longer preclude the Fund from getting into into
opposite repurchase transactions, only if the Fund has an asset protection of 300% for all borrowings and repurchase commitments of
the Fund pursuant to opposite repurchase transactions;

 

3. Acquire securities
on margin, take part on a joint or joint and a number of other foundation in any securities buying and selling account, or underwrite securities. (Does no longer preclude
the Fund from acquiring such momentary repurchase credit score as could also be important for the clearance of purchases and gross sales of its portfolio
securities, and excluding to the level that the Fund could also be deemed an underwriter below the Securities Act, by means of distinctive feature of taking away portfolio
securities);

 

4. Acquire or promote actual
property or pursuits in actual property. This limitation isn’t acceptable to investments in marketable securities which might be secured by means of or constitute
pursuits in actual property.  This limitation does no longer preclude the Fund from making an investment in mortgage-related securities or making an investment
in corporations engaged in the actual property trade or that experience a good portion in their sources in actual property (together with actual property
funding trusts);

 

5.
Make investments 25% or extra of the marketplace price of its sources within the securities of businesses engaged in anybody {industry} or crew of industries.
(Does no longer observe to funding within the securities of the U.S. Govt, its companies or instrumentalities.). The Fund takes the location
that mortgage-backed securities and asset-backed securities, whether or not government-issued or privately issued don’t constitute pursuits
in any specific “{industry}” or crew of industries, and subsequently the 25% focus restrictions famous above don’t observe
to such securities.

 

6. Acquire or promote commodities
(except got on account of possession of securities or different investments) or commodity futures contracts, excluding that the Fund would possibly
acquire and promote futures contracts and choices to the total extent accepted below the 1940 Act, promote foreign currencies contracts according
with any regulations of the CFTC, spend money on securities or different tools subsidized by means of commodities, and spend money on corporations which might be engaged
in a commodities trade or have a good portion in their sources in commodities; or

 

7. Make loans to others,
excluding (a) in the course of the acquire of debt securities based on its funding targets and insurance policies, (b) to the level the access
right into a repurchase settlement is deemed to be a mortgage, and (c) by means of loaning portfolio securities.

 

The Fund observes the
following insurance policies, which aren’t deemed important and that could be modified with out shareholder vote. The Fund would possibly not:

 

1. Spend money on any issuer
for functions of exercising regulate or control;

 

2. Spend money on securities
of different funding corporations excluding as accepted below the 1940 Act;

 

3. Make investments, within the mixture,
greater than 15% of its web sources in securities with felony or contractual restrictions on resale, securities, which aren’t readily marketable
and repurchase agreements with greater than seven days to adulthood. Then again, if greater than 15% of Fund sources (outlined as web sources plus
the volume of any borrowing for funding functions) are illiquid, the Fund’s funding adviser(s) will scale back illiquid sources such that
they don’t constitute greater than 15% of Fund sources, matter to timing and different issues that are in the most efficient pursuits of the
Fund and its shareholders; or

 

4. Loan, pledge, hypothecate
or in any means move, as safety for indebtedness, any sources of the Fund excluding as could also be important in reference to borrowings
described in limitation (2) above describing the basic restrictions.  Margin deposits, safety pursuits, liens and collateral
preparations with admire to transactions involving choices, futures contracts, quick gross sales and different accepted investments and strategies
aren’t deemed to be a loan, pledge or hypothecation of sources for functions of this limitation. Such margin deposits, safety curiosity,
liens and collateral preparations plus any Fund sources mortgaged, pledged, hypothecated or transferred would possibly not exceed 33 1/3% of the Fund’s
overall sources.

 

If a restriction at the
Fund’s investments is adhered to on the time an funding is made, a next exchange within the proportion of Fund sources invested in positive
securities or different tools, or exchange in moderate period of the Fund’s funding portfolio, as a consequence of adjustments within the price
of the Fund’s overall sources, may not be thought to be a contravention of the restriction; supplied, on the other hand, that the asset protection requirement
acceptable to borrowings will be maintained within the means pondered by means of acceptable regulation.

 

A Subsidiary, if applied,
can even observe the Fund’s important and non-fundamental funding restrictions, described above, with admire to its investments.
The Fund will glance via any Subsidiary for functions of compliance with diversification, leverage and focus necessities and
restrictions.

 

With admire
to interpretations of the SEC or its group of workers described in important restriction #1 above, the SEC and its group of workers have recognized
quite a lot of securities buying and selling practices and spinoff tools utilized by mutual finances that give upward push to attainable senior safety problems
below Phase 18(f) of the 1940 Act, which prohibits mutual finances from issuing senior securities. Below the 1940 Act, a mutual fund would possibly
borrow from a financial institution, only if instantly after this type of borrowing there may be an asset protection of no less than 300 p.c for all borrowings;
or from a financial institution or different individuals for brief functions solely, only if such brief borrowings are in an quantity no longer exceeding 5%
of the Fund’s overall sources on the time when the borrowing is made. Then again, somewhat than rigidly deeming all such practices outdoor of
financial institution borrowing as impermissible varieties of issuing a “senior safety” below Phase 18(f), the SEC and its group of workers via interpretive
releases, together with Funding Corporate Act Liberate No. 10666 (April 18, 1979), and no-action letters has advanced an evolving sequence
of strategies in which a fund would possibly deal with senior safety problems. Specifically, the typical theme on this line of steering has been to make use of
strategies of “masking” fund duties that may another way create a senior security-type legal responsibility by means of maintaining enough liquid
sources that allow a fund to fulfill attainable buying and selling and derivative-related duties. Thus, a possible Phase 18(f) senior safety
limitation isn’t acceptable to actions that may well be deemed to contain a type of the issuance or sale of a senior safety by means of the
Fund, only if the Fund’s engagement in such actions is in step with or accepted by means of Phase 18 of the 1940 Act, the foundations
and rules promulgated thereunder or interpretations of the SEC or its group of workers.

 

POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS

 

The Believe has followed insurance policies
and procedures that govern the disclosure of the Fund’s portfolio holdings. Those insurance policies and procedures are designed to make sure
that such disclosure is in the most efficient pursuits of Fund’s shareholders.

 

It’s the Believe’s coverage
to:  (1) make sure that any disclosure of portfolio holdings knowledge is in the most efficient curiosity of Believe shareholders; (2) give protection to
the confidentiality of portfolio holdings knowledge; (3) have procedures in position to protect towards non-public buying and selling in accordance with the guidelines;
and (4) make sure that the disclosure of portfolio holdings knowledge does no longer create conflicts between the pursuits of the Believe’s shareholders
and the ones of the Believe’s associates. The Believe’s Leader Compliance Officer screens any attainable conflicts of curiosity and seeks
to mitigate via cautious overview of such disclosures and requests so as to add licensed recipients.

 

The Fund discloses its portfolio
holdings by means of mailing the yearly and semi-annual studies to shareholders roughly two months after the tip of the fiscal yr and semi-annual
length.  As well as, the Fund discloses its portfolio holdings studies on Bureaucracy N-CSR and Shape N-PORT two months after the tip of
every quarter/semi-annual length.  The Believe’s Leader Compliance Officer is answerable for tracking disclosures of Fund holdings.

 

The Fund would possibly make a selection to make
portfolio holdings knowledge to be had to ranking companies equivalent to Lipper, Morningstar or Bloomberg previous and extra incessantly on a
confidential foundation.

 

Below restricted instances,
as described under, the Fund’s portfolio holdings could also be disclosed to, or recognized by means of, positive 1/3 events upfront in their submitting with
the Securities and Alternate Fee on Shape N-CSR or Shape N-PORT.  In every case, a decision has been made that such advance
disclosure is supported by means of a valid trade goal and that the recipient and its team of workers is matter to an obligation to stay the guidelines
confidential and not to commerce on any subject matter private knowledge.  

 

The Adviser and Sub-Adviser. Staff
of the Adviser and the Sub-Adviser, together with team of workers answerable for managing the Fund’s portfolio, could have complete day by day get admission to to the
Fund’s portfolio holdings as a result of that knowledge is important to ensure that the Adviser and Sub-Adviser to supply their control,
administrative, and funding services and products to the Fund.  As required for functions of inspecting the affect of current and long run marketplace
adjustments at the costs, availability, call for and liquidity of such securities, in addition to for the help of portfolio managers within the
buying and selling of such securities, team of workers of the Adviser and Sub-Adviser may additionally free up and speak about positive portfolio holdings with quite a lot of
broker-dealers.

 

Ultimus Fund Answers, LLC.  Ultimus
Fund Answers, LLC is the move agent, fund accountant, administrator and custody administrator for the Fund; subsequently, its team of workers
have complete day by day get admission to to the Fund’s portfolio holdings as a result of that knowledge is important to ensure that them to give you the agreed-upon
services and products for the Believe.

 

U.S. Financial institution, Nationwide Affiliation. U.S.
Financial institution, Nationwide Affiliation is custodian for the Fund; subsequently, its team of workers have complete day by day get admission to to the Fund’s portfolio holdings
as a result of that knowledge is important to ensure that them to give you the agreed-upon services and products for the Believe.

 

[ ] [ ] is the Fund’s
unbiased registered public accounting company; subsequently, its team of workers have get admission to to the Fund’s portfolio holdings in connection
with auditing of the Fund’s annual consolidated economic statements and offering help and session in reference to SEC
filings. 

 

Thompson Hine LLP.  Thompson Hine
LLP is suggest to the Fund; subsequently, its team of workers have get admission to to the Fund’s portfolio holdings in reference to overview of the
Fund’s annual and semi-annual shareholder studies and SEC filings.

 

Suggest to the Impartial Trustees.
Suggest to the Impartial Trustees and its team of workers have get admission to to the Fund’s portfolio holdings in reference to overview of
the Fund’s annual and semi-annual shareholder studies and SEC filings.

 

Additions to Record of Authorized Recipients

 

The Believe’s Leader
Compliance Officer is the individual accountable, and whose prior approval is needed, for any disclosure of the Fund’s portfolio securities
at any time or to any individuals instead of the ones described above.  In such instances, the recipient will have to have a valid trade want
for the guidelines and will have to be matter to an obligation to stay the guidelines confidential and not to commerce on any subject matter private knowledge.
There aren’t any ongoing preparations in position with admire to the disclosure of portfolio holdings. In no match shall the Fund, the Adviser
or any sub-adviser, or some other celebration obtain any direct or oblique repayment in reference to the disclosure of details about
the Fund’s portfolio holdings.

 

Compliance with Portfolio Holdings Disclosure
Procedures

 

The Believe’s Leader
Compliance Officer will file periodically to the Board with admire to compliance with the Fund’s portfolio holdings disclosure procedures,
and every now and then will give you the Board any updates to the portfolio holdings disclosure insurance policies and procedures.

 

There’s no assurance that
the Believe’s insurance policies on disclosure of portfolio holdings will give protection to the Fund from the prospective misuse of holdings knowledge by means of people
or companies in ownership of that knowledge.

 

MANAGEMENT

 

The trade of the Believe
is controlled below the course of the Board based on the Settlement and Declaration of Believe and the Believe’s By means of-laws (the
“Governing Paperwork”), that have been filed with the Securities and Alternate Fee and are to be had upon request.
The Board is composed of six (6) people (as outlined below the 1940 Act) of the Believe, or any funding adviser to any sequence of the
Believe (“Impartial Trustees”). Pursuant to the Governing Paperwork of the Believe, the Trustees shall elect officials together with
a President, a Secretary, a Treasurer, a Main Govt Officer and a Main Accounting Officer. The Board keeps the ability to
behavior, function and elevate at the trade of the Believe and has the ability to incur and pay any bills, which, within the opinion of the
Board, are important or incidental to hold out any of the Believe’s functions. The Trustees, officials, workers and brokers of the
Believe, when performing in such capacities, shall no longer be matter to any non-public legal responsibility excluding for their personal dangerous religion, willful misfeasance,
gross negligence or reckless put out of your mind of his or her tasks.

 

Board Management Construction

 

The Believe is led by means of Anthony
Hertl, an Impartial Trustee, who has served because the Chairman of the Board since July 2013. The Board of Trustees is created from Mr.
Hertl and 5 (5) further Impartial Trustees. Moreover, below positive 1940 Act governance tips that observe to the Believe,
the Impartial Trustees will meet in government consultation, no less than quarterly. Below the Believe’s Settlement and Declaration of Believe
and By means of-Regulations, the Chairman of the Board is answerable for (a) presiding at Board conferences, (b) calling particular conferences on an as-needed
foundation, (c) execution and management of Believe insurance policies together with (i) atmosphere the agendas for Board conferences and (ii) offering knowledge
to Board individuals upfront of every Board assembly and between Board conferences. Usually, the Believe believes it easiest to have a non-executive
Chairman of the Board, who in conjunction with the President (essential government officer), are observed by means of its

shareholders, trade companions and different stakeholders as offering
sturdy management. The Believe believes that its Chairman, the unbiased chair of the Audit Committee, and, as an entity, the total Board
of Trustees, supply nice management this is in the most efficient pursuits of the Believe, its Price range and every shareholder.

 

Board Possibility Oversight

 

The Board of Trustees has
a status unbiased Audit Committee with a separate chair, Mark H. Taylor. The Board is answerable for overseeing menace control,
and the total Board continuously engages in discussions of menace control and receives compliance studies that tell its oversight of menace
control from its Leader Compliance Officer at quarterly conferences and on an ad hoc foundation, when and if important. The Audit Committee
considers economic and reporting menace inside of its space of obligations. Usually, the Board believes that its oversight of subject matter
dangers is satisfactorily maintained in the course of the compliance-reporting chain the place the Leader Compliance Officer is the main recipient and
communicator of such risk-related knowledge.

 

Trustee {Qualifications}

 

Usually, the Believe believes
that every Trustee is competent to serve as a result of their particular person general deserves together with: (i) enjoy, (ii) {qualifications}, (iii)
attributes and (iv) abilities.

 

Anthony J. Hertl has over
twenty years of industrial enjoy within the economic services and products {industry} and connected fields together with serving as chair of the finance committee
for the Borough of Interlaken, New Jersey and Vice President-Finance and Management of Marymount School, holds a Qualified Public
Accountant designation, serves or has served as a member of different mutual fund forums outdoor of the gang of Price range controlled by means of the Adviser
(the “Fund Complicated”) and possesses a robust figuring out of the regulatory framework below which funding corporations will have to
function in accordance with his years of carrier to this Board and different fund forums.

 

Gary W. Lanzen has over
twenty years of industrial enjoy within the economic services and products {industry}, holds a Grasp’s level in Schooling Management, is a Qualified
Monetary Planner, serves as a member of 2 different mutual fund forums outdoor of the Fund Complicated and possesses a robust figuring out
of the regulatory framework below which funding corporations will have to function in accordance with his years of carrier to this Board and different mutual
fund forums.

 

Mark H. Taylor has over
20 years of educational {and professional} enjoy within the accounting and auditing spaces, has Physician of Philosophy, Grasp’s and
Bachelor’s levels in Accounting, is a Qualified Public Accountant and is a Director of the Lynn Pippenger Faculty of Accountancy,
Muma School of Trade, College of South Florida, Tampa FL. He serves as a member of 2 different mutual fund forums outdoor of the
Fund Complicated, has served a fellowship within the Place of work of the Leader Accountant on the headquarters of america Securities Alternate
Fee, served a three-year time period at the AICPA Auditing Requirements Board (2008-2011), and prefer the opposite Board individuals, possesses a
sturdy figuring out of the regulatory framework below which funding corporations will have to function in accordance with his years of carrier to this Board
and different mutual fund forums.

 

John V. Palancia has over
30 years of industrial enjoy in economic services and products {industry} together with serving because the Director of Futures Operations for Merrill Lynch,
Pierce, Fenner & Smith, Inc. Mr. Palancia holds a Bachelor of Science level in Economics. He additionally possesses a robust figuring out
of menace control, stability sheet research and the regulatory framework below which regulated economic entities will have to function in accordance with
carrier to Merrill Lynch. Moreover, he’s smartly versed within the regulatory framework below which funding corporations will have to function and
serves as a member of 3 different fund forums.

 

Mark D. Gersten has extra
than 30 years of enjoy within the economic services and products {industry}, having served in government roles at AllianceBernstein LP and maintaining key
{industry} positions at Prudential-Bache Securities and PriceWaterhouseCoopers. He additionally serves as a member of 2 different mutual fund forums
outdoor of the Fund Complicated.

Mr. Gersten is an authorized public accountant and holds an MBA in
accounting. Like different Trustees, his enjoy has given him a robust figuring out of the regulatory framework below which funding
corporations function.

 

Mark S. Garbin has extra
than 30 years of enjoy in company stability sheet and revenue remark menace control for enormous asset managers, serving as Managing
Main of Coherent Capital Control LLC since 2007. Mr. Garbin has in depth derivatives enjoy and has supplied consulting services and products
to choice asset managers. He’s each a Chartered Monetary Analyst and Skilled Possibility Supervisor charterholder and holds complex
levels in global trade. The Believe does no longer consider anybody issue is determinative in assessing a Trustee’s {qualifications},
however that the collective enjoy of every Trustee makes them every extremely certified.

 

The Trustees and the chief
officials of the Believe are indexed under with their provide positions with the Believe and essential occupations over no less than the closing 5
years. The trade deal with of every Trustee and Officer is 225 Pictoria Force, Suite 450, Cincinnati, OH 45246. All correspondence to
the Trustees and Officials will have to be directed to c/o Ultimus Fund Answers, LLC, P.O. Field 541150, Omaha, Nebraska 68154.

 

Impartial Trustees

Title, Cope with and 12 months of Start Place/Time period of Place of work* Main Career Throughout the Previous 5 Years Choice of Portfolios in Fund Complicated** Overseen by means of Trustee Different Directorships held by means of Trustee Throughout the Previous 5 Years

Mark Garbin

Born in 1951

Trustee

Since 2013

Managing Main, Coherent Capital Control LLC (since 2007).

2

 

 

Northern Lighting Fund Believe (for sequence no longer affiliated with the Price range since 2013); Two Roads Shared Believe (since 2012); Forethought Variable Insurance coverage Believe (since 2013); Northern Lighting Variable Believe (since 2013); OHA Loan Methods Fund (offshore), Ltd. (2014 – 2017); Altegris KKR Commitments Grasp Fund (since 2014); Carlyle Tactical Personal Credit score Fund (since March 2018) and Impartial Director OHA CLLO Enhanced Fairness II Genpar LLP (since June 2021).
Mark D. Gersten
Born in 1950

Trustee

Since 2013

Impartial Guide (since 2012). 2 Northern Lighting Fund Believe (for sequence no longer affiliated with the Price range since 2013); Northern Lighting Variable Believe (since 2013); Two Roads Shared Believe (since 2012); Altegris KKR Commitments Grasp Fund (since 2014); up to now, Ramius Archview Credit score and Distressed Fund (2015-2017); and Schroder World Sequence Believe (2012 to 2017).

Anthony J. Hertl

Born in 1950

Trustee

Since 2005; Chairman of the Board since 2013

Retired, up to now held a number of positions in a big Wall Side road company together with Capital Markets Controller, Director of World Taxation, and CFO of the Distinctiveness Finance Crew. 2 Northern Lighting Fund Believe (for sequence no longer affiliated with the Price range since 2005); Northern Lighting Variable Believe (since 2006); Selection Methods Fund (since 2010); Satuit Capital Control Believe (2007-2019).

 

Gary W. Lanzen

Born in 1954

Trustee

Since 2005

Retired (since 2012).  Previously, Founder, President, and Leader Funding Officer, Orizon Funding Suggest, Inc. (2000-2012). 2 Northern Lighting Fund Believe (for sequence no longer affiliated with the Price range since 2005) Northern Lighting Variable Believe (since 2006); AdvisorOne Price range (since 2003); Selection Methods Fund (since 2010); and up to now, CLA Strategic Allocation Fund (2014-2015).

John V. Palancia

Born in 1954

Trustee

Since 2011

Retired (since 2011). Previously, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011 2 Northern Lighting Fund Believe (for sequence no longer affiliated with the Price range since 2011); Northern Lighting Fund Believe III (since February 2012); Selection Methods Fund (since 2012) and Northern Lighting Variable Believe (since 2011).

Mark H. Taylor

Born in 1964

Trustee

Since 2007; Chairman of the Audit Committee since 2013

Director, Lynn Pippenger Faculty of Accountancy Muma School of Trade, College of South Florida, Tampa FL (since 2019); Chair, Division of Accountancy and Andrew D. Braden Professor of Accounting and Auditing, Weatherhead Faculty of Control, Case Western Reserve College (2009-2019); Vice President-Finance, American Accounting Affiliation (2017-2020); President, Auditing Phase of the American Accounting Affiliation (2012-15). AICPA Auditing Requirements Board Member (2009-2012).   2 Northern Lighting Fund Believe (for sequence no longer affiliated with the Price range since 2007); Selection Methods Fund (since 2010); Northern Lighting Fund Believe III (since 2012); and Northern Lighting Variable Believe (since 2007).

 

Officials

Title, Cope with and 12 months of Start Place/Time period of Place of work* Main Career Throughout the Previous 5 Years Choice of Portfolios in Fund Complicated** Overseen by means of Trustee Different Directorships held by means of Trustee Throughout the Previous 5 Years

 

Kevin E. Wolf
Born in 1969

President

Since June 2017

 

Govt Vice President, Head of Fund Management and Product; Ultimus
Fund Answers, LLC (since 2020); Vice President of The Ultimus Crew, LLC (since 2019); Govt Vice President, Gemini Fund Products and services,
LLC (2019-2020); President, Gemini Fund Products and services, LLC (2012-2019);

Treasurer of the Believe
(2006-June 2017).

N/A N/A

James Colantino

Born in 1969

Treasurer

Since June 2017

Senior Vice President Fund Management, Ultimus Fund Answers (since
2020); Senior Vice President Fund Management, Gemini Fund Products and services, LLC (2012- 2020); Assistant Treasurer of the Believe (2006-June
2017).

 

N/A N/A
Stephanie Shearer
Born in 1979
Secretary
Since February 2017

Assistant Secretary of the Believe (2012-February 2017); Affiliate Director,
Ultimus Fund Answers (since 2022); Supervisor of Criminal Management, Ultimus Fund Answers (2020-2022); Supervisor of Criminal Management,
Gemini Fund Products and services, LLC (2018-2022); Senior Paralegal, Gemini Fund Products and services, LLC (2013 – 2018).

 

N/A

 

 

 

 

 

 

 

N/A
Michael J. Nanosky Born in 1966

Leader Compliance Officer

Since January 2021

 

Leader Compliance Officer, of the Believe (since January 2021); Vice President-Senior Compliance Officer, Ultimus Fund Answers (since 2020); Vice President, Leader Compliance Officer for Williamsburg Funding Believe (2020-current); Senior Vice President- Leader Compliance Officer, PNC Price range (2014-2019). N/A N/A

 

*The time period of place of work for every Trustee and officer indexed
above will proceed indefinitely till the person resigns or is got rid of.

 

**As of June 30, 2022, the Believe used to be created from 68
lively portfolios controlled by means of unaffiliated funding advisers. The time period “Fund Complicated” applies solely to the Price range within the Believe
urged by means of the Adviser. The Price range don’t keep themselves out as associated with some other sequence throughout the Believe that isn’t urged by means of the
Adviser.

 

Board Committees

 

Audit Committee

 

The Board has an Audit Committee
that is composed of the entire Trustees who aren’t ” individuals” of the Believe throughout the which means of the 1940 Act. The Audit
Committee’s obligations come with: (i) recommending to the Board the choice, retention or termination of the Believe’s unbiased
auditors; (ii) reviewing with the unbiased auditors the scope, functionality and expected value in their audit; (iii) discussing with
the unbiased auditors positive issues in the case of the Believe’s economic statements, together with any adjustment to such economic statements
advisable by means of such unbiased auditors, or some other result of any audit; (iv) reviewing on a periodic foundation a proper written remark
from the unbiased auditors with admire to their independence, discussing with the unbiased auditors any relationships or services and products
disclosed within the remark that can affect the objectivity and independence of the Believe’s unbiased auditors and recommending that
the Board take suitable motion in reaction thereto to fulfill itself of the auditor’s independence; and (v) taking into account the feedback
of the unbiased auditors and control’s responses thereto with admire to the standard and adequacy of the Believe’s accounting and
economic reporting insurance policies and practices and interior controls.   The Audit Committee operates pursuant to an Audit Committee Constitution.
The Audit Committee is answerable for in search of and reviewing nominee applicants for attention as Impartial Trustees as is from time
to time thought to be important or suitable. The Audit Committee usually is not going to imagine shareholder nominees. The Audit Committee
may be answerable for reviewing and atmosphere Impartial Trustee repayment every now and then when thought to be important or suitable.
Throughout the previous fiscal yr, the Audit Committee held ten conferences.

 

Repayment

 

Efficient July 1, 2021,
every Trustee who isn’t affiliated with the Believe or an funding adviser to any sequence of the Believe will obtain a quarterly commission of
$48,750, allotted amongst every of the quite a lot of portfolios comprising the Believe and Northern Lighting Variable Believe (in combination, the “Trusts”),
a separate registrant that stocks a commonplace board with the Believe, for his attendance on the continuously scheduled conferences of the Board,
to be paid upfront of every calendar quarter, in addition to compensation for any cheap bills incurred. Along with which, the
Chairman of the Board receives a quarterly commission of $13,750 and the Audit Committee Chairman receives a quarterly commission of $10,000.

 

Previous to July 1, 2021,
every Trustee who used to be no longer affiliated with the Trusts or an funding adviser to any sequence of the Trusts gained a quarterly commission of $46,250,
allotted amongst every of the quite a lot of portfolios comprising the Trusts. Along with the quarterly charges and reimbursements, the Chairman
of the Board up to now gained a quarterly commission of $11,250 and the Audit Committee Chairman receives a quarterly commission of $8,750.

 

Moreover, within the match
a gathering of the Board of Trustees instead of its continuously scheduled conferences (a “Particular Assembly”) is needed, every Impartial
Trustee will obtain a commission of $2,500 consistent with Particular Assembly, in addition to compensation for any cheap bills incurred, to be paid by means of
the related sequence of the acceptable Believe or its funding adviser relying at the instances necessitating the Particular Assembly.

 

Not one of the government officials obtain repayment
from the Trusts.

 

The desk under main points the volume of repayment
the Trustees gained from the Fund throughout the fiscal yr ended June 30, 2022. Every Impartial Trustee attended all quarterly conferences
throughout the length. The Believe does no longer have an advantage, cash in sharing, pension or retirement plan.

 



Title and Place
Altegris Crabel Multi Technique Fund Pension or Retirement Advantages Accumulated as A part of Fund Bills Estimated Annual Advantages Upon Retirement Overall Repayment from Believe and Fund Complicated* Paid to Administrators
Anthony J. Hertl None None None None
Gary Lanzen None None None None
Mark H. Taylor None None None None
John V. Palancia None None None None
Mark D. Gersten None None None None
Mark Garbin None None None None

_______________

* The time period “Fund Complicated” contains sequence of the Northern Lighting
Fund Believe (“NLFT”) and Northern Lighting Variable Believe (“NLVT”) which might be urged by means of the Adviser.

 

Trustee Possession

 

The next desk signifies
the greenback vary of fairness securities that every Trustee beneficially owned within the Fund as of December 31, 2021.

NAME OF TRUSTEE DOLLAR RANGE OF EQUITY SECURITIES IN THE FUND AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL REGISTERED INVESTMENT COMPANIES OVERSEEN BY TRUSTEE IN FAMILY OF INVESTMENT COMPANIES
Anthony J. Hertl None $50,001-$100,000
Gary Lanzen None None
Mark H. Taylor None None
John V. Palancia None None
Mark D. Gersten None $10,001-$50,000
Mark Garbin None $50,001-$100,000

 

Control Possession

 

As of [ ], 2022, the Trustees and officials,
as a bunch, owned not up to 1.00% of the Fund’s exceptional stocks and no more than 1.00% of the Fund Complicated’s exceptional stocks.

 

CONTROL PERSONS AND PRINCIPAL
HOLDERS

 

A essential shareholder is
someone who owns of report or beneficially 5% or extra of the phenomenal stocks of a fund. A regulate individual is one that owns beneficially
or via managed corporations greater than 25% of the balloting securities of an organization or stated the life of regulate.

 

As of the date of this SAI, no shareholder owned 5% or extra of the
exceptional stocks of any category of the Fund.

 

INVESTMENT ADVISER

 

Funding Adviser
and Advisory Settlement

 

Altegris Advisors, L.L.C.
(the “Adviser”), situated at 1200 Prospect Side road, Suite 400 Los angeles Jolla, CA 92037, used to be established in 2010 and serves as funding
adviser to the Fund. Altegris Advisors is a CFTC-registered commodity pool operator, NFA member, and SEC registered funding adviser
that sponsors and/or manages choice funding merchandise. Matter to the oversight of the Board of Trustees, the Adviser is accountable
for the total control of the Fund’s trade affairs. Pursuant to an funding advisory settlement (the “Advisory Settlement”)
with the Believe, on behalf of the Fund, the Adviser, matter to the supervision of the Board of the Believe, and in conformity with the mentioned
insurance policies of the Fund, manages the portfolio funding operations of the Fund.  

 

The Adviser has general
supervisory obligations for the overall control and funding of the Fund’s securities portfolio in the course of the Sub-Adviser, as
detailed under, that are matter to check and approval by means of the Board of Trustees. The Adviser delegates components of control of the
Fund’s portfolio, together with the choice of the Fund’s investments, to the Sub-Adviser. The
adviser keeps accountability for quite a lot of sides of the Fund’s control together with atmosphere the Fund’s general funding
targets, tracking and comparing the functionality of the sub-adviser, enforcing procedures to make sure the sub-adviser complies with
the Fund’s funding targets, insurance policies and restrictions.

 

The
Sub-Adviser for the Fund, in session with the Adviser, will establish potential portfolio investments consistent with the Fund’s
underlying methods. The Adviser will behavior its personal due diligence to make sure the Sub-Adviser is executing the Fund’s funding
methods throughout the established tips. The Adviser additionally keeps the power to override the Sub-Adviser’s allocation of sources
and its choice of particular investments if it believes an funding or allocation isn’t in step with the Fund’s funding
tips. The Adviser is answerable for ongoing functionality analysis and tracking of the Sub-Adviser.

 

Below the Advisory Settlement,
the Adviser, below the oversight of the Board of Trustees, has the same opinion to speculate the sources of the Fund without delay based on acceptable
regulation and the funding function, insurance policies and restrictions set forth within the Fund’s recent Prospectus and Observation of Further Data,
and matter to such additional boundaries because the Believe would possibly every now and then impose by means of written realize to the Adviser. The Adviser shall
act because the funding adviser to the Fund and, as such shall, without delay, (i) download and review such knowledge in the case of the economic system,
industries, trade, securities markets and securities as it should deem important or helpful in discharging its obligations right here below,
(ii) formulate a seamless program for the funding of the sources of the Fund in a way in step with its funding function,
insurance policies and restrictions, and (iii) decide every now and then securities to be bought, offered, retained or lent by means of the Fund, and put into effect
the ones selections, together with the choice of entities with or in which such purchases, gross sales or loans are to be effected; supplied,
that the Adviser or its designee, without delay, will position orders pursuant to its funding determinations both without delay with the issuer
or with a dealer or trader, and if with a dealer or trader, (a) will try to download the most efficient fee and execution of its orders, and
(b) would possibly nonetheless in its discretion acquire and promote portfolio securities from and to agents who give you the Adviser with analysis,
research, recommendation and equivalent services and products and pay such agents in go back the next fee or unfold than could also be charged by means of different agents.
The Adviser additionally supplies the Fund with all important place of work amenities and team of workers for servicing the Fund’s investments, compensates
all officials, Trustees and workers of the Believe who’re officials,

administrators or workers of the Adviser, and all team of workers
of the Fund or the Adviser appearing services and products in the case of analysis, statistical and funding actions.

 

In
addition, the adviser, without delay matter to the oversight of the Board of Trustees, supplies the control and administrative services and products
important for the operation of the Fund. Those services and products come with offering amenities for keeping up the Believe’s group; supervising
members of the family with custodians, move and pricing brokers, accountants, underwriters and different individuals coping with the Fund; getting ready all
common shareholder communications and engaging in shareholder members of the family; keeping up the Fund’s information and the registration of
the Fund’s stocks below federal securities legal guidelines and making important filings below state securities legal guidelines; growing control
and shareholder services and products for the Fund; and furnishing studies, critiques and analyses on numerous topics to the Trustees.  

 

Pursuant to the Advisory
Settlement between the Believe, on behalf of the Fund, and the Adviser, the Adviser is entitled to obtain, on a per 30 days foundation, an annual
advisory commission equivalent to a proportion of the Fund’s moderate day by day web sources. The Fund can pay the Adviser based on an advisory commission
time table which incorporates breakpoints in line with the desk under.

 

 

. Advisory Charge Breakpoint Desk

 

Portion of Internet Belongings Advisory Charge
$1 billion and no more [   ]%
More than $1 billion and no more than or equivalent to $1.5 billion [    ]%
More than $1.5 billion and no more than or equivalent to $2.0 billion [    ]%
More than $2.0 billion [    ]%

 

The Adviser has contractually
agreed to scale back its charges and reimburse bills of the Fund till no less than [ ], 20__, to make sure the whole Fund working bills after
commission waiver and compensation (unique of any front-end or contingent deferred quite a bit, brokerage charges and commissions, got fund charges
and bills, charges and bills related to investments in in different collective funding automobiles or spinoff tools (together with
for instance choices and switch charges and bills), borrowing prices (equivalent to curiosity and dividend expense on securities offered quick), taxes,
bills incurred in reference to any merger or reorganization, and strange bills, equivalent to litigation bills (which would possibly
come with indemnification of Fund officials and Trustees and contractual indemnification of Fund carrier suppliers (instead of the Adviser))
is not going to exceed positive ranges.

 

Fund Elegance Expense Cap Minimal Period
Elegance A [    ]% [             ], 20__
Elegance I [    ]% [             ], 20__

 

Waived charges and expense
reimbursements are matter to imaginable recoupment from the related Fund in years to come on a rolling 3 yr foundation (throughout the 3
years after the charges had been waived or reimbursed) if such recoupment may also be accomplished throughout the foregoing expense limits.

 

A dialogue in regards to the
foundation for the Board of Trustees’ approval of the Advisory Settlement and Sub-Advisory agreements for the Fund can be to be had in
the Fund’s first annual or semi-annual report back to shareholders. Bills no longer expressly assumed by means of the Adviser below the Advisory
Settlement are paid by means of the Fund.  Below the phrases of the Advisory Settlement, the Fund is answerable for the price of the next
bills amongst others: (a) the charges payable to the Adviser, (b) the charges and bills of Trustees who aren’t affiliated individuals of the
Adviser or Distributor (as outlined below the segment entitled (“The Distributor”) (c) the charges and sure bills of the Custodian
(as outlined below the segment entitled “Custodian”) and Switch and Dividend Disbursing Agent (as outlined below the segment
entitled “Switch Agent”), together with the price of keeping up positive required information of the Fund and of pricing the Fund’s
stocks, (d) the costs and bills of felony suggest and unbiased accountants for the Fund, (e) brokerage commissions and any factor
or move taxes chargeable to the Fund in reference to its securities transactions, (f) all taxes and company charges payable by means of the
Fund to governmental companies, (g) the charges of any commerce affiliation of which the Fund could also be a member, (h) the price of constancy and legal responsibility
insurance coverage, (i) the charges and bills thinking about registering and keeping up registration of the Fund and of stocks with the SEC, qualifying
its stocks below state securities legal guidelines, together with the preparation and printing of the Fund’s registration statements and prospectuses
for such functions, (j) all bills of shareholders and Trustees’ conferences (together with trip bills of trustees and officials of the
Believe who’re administrators, officials or workers of the Adviser) and of getting ready, printing and mailing studies, proxy statements and prospectuses
to shareholders within the quantity important for distribution to the shareholders and (ok) litigation and indemnification bills and different
strange bills no longer incurred within the peculiar process the Fund’s trade.

 

The Advisory Settlement and
Sub-Advisory Settlement (as outlined under) proceed in impact for 2 (2) years to begin with and thereafter shall proceed from yr to yr
supplied such continuance is licensed no less than yearly by means of (a) a vote of nearly all of the Impartial Trustees, solid in individual at a
assembly particularly known as for the aim of balloting on such approval and by means of (b) the bulk vote of both all the Trustees or the
vote of a majority of the phenomenal stocks of the Fund. The Advisory Settlement could also be terminated with out penalty on 60 days written
realize by means of a vote of a majority of the Trustees or by means of the Adviser, or by means of holders of a majority of that Believe’s exceptional stocks. The
Advisory Settlement shall terminate mechanically within the match of its task.

 

Sub-Adviser and
Sub-Advisory Agreements

 

The Adviser has engaged
Crabel Capital Control, LLC, to function Sub-Adviser to the Fund. The Sub-Adviser is arranged as a Wisconsin restricted legal responsibility corporate
and its major place of work is situated at 10250 Constellation Street, Suite 2650, Los Angeles, California. The Sub-Adviser is registered as
a CTA and CPO with the CFTC and is a member of the NFA. The Sub-Adviser may be registered as an funding adviser with the SEC. The
Sub-Adviser is an international choice funding company that specialize in systematic, automatic buying and selling of globally futures and currencies.

 

The Sub-Adviser is accountable
for settling on investments and assuring that investments are made in line with the Fund’s funding function(s), insurance policies and restrictions.

 

The Sub-Advisory Settlement
supplies that the Sub-Adviser will formulate and put into effect a continuing funding program for the related Fund, based on the
Fund’s function(s), insurance policies and boundaries and any funding tips established by means of the Adviser. The Sub-Adviser will, matter
to the supervision and regulate of the Adviser, decide in its discretion which issuers and securities can be bought, held, offered
or exchanged by means of the Fund, and can position orders with and provides instruction to agents and sellers to purpose the execution of such transactions.
The Sub-Adviser is needed to furnish, at its personal expense, all funding amenities important to accomplish its duties below the respective
Sub-Advisory Settlement. Pursuant to the Sub-Advisory Settlement between the Adviser and Sub-Adviser, the Sub-Adviser is entitled to obtain
an annual sub-advisory commission on its portion of the Fund’s moderate day by day web sources. The Sub-Adviser is paid by means of the Adviser, no longer the Fund.

The Sub-Advisory Settlement
shall proceed in impact for 2 (2) years to begin with after which from yr to yr, supplied it’s licensed no less than yearly by means of a vote of
nearly all of the Trustees, who aren’t events to the settlement or individuals of this type of celebration, solid in individual at a gathering
particularly known as for the aim of balloting on such approval. The Sub-Advisory Settlement could also be terminated with out penalty at any time
by means of the Adviser or the Sub-Adviser on 60 days written realize, and can mechanically terminate within the match of its “task”
(as that time period is outlined within the 1940 Act).

 

Codes of Ethics

 

The Believe, the Adviser,
the Sub-Adviser and the Distributor every have followed codes of ethics (every a “Code”) below Rule 17j-1 below the 1940 Act
that governs the non-public securities transactions in their board individuals, officials and workers who could have get admission to to recent buying and selling
knowledge of the Believe. Below the Code, the Trustees are accepted to spend money on securities that can also be bought by means of the Fund.

 

As well as, the Believe has
followed a Code, that applies solely to the Believe’s government officials to make sure that those officials advertise skilled behavior within the
follow of company governance and control. The aim at the back of those tips is to advertise (i) fair and moral behavior, together with
the moral dealing with of tangible or obvious conflicts of curiosity between non-public {and professional} relationships; (ii) complete, truthful, correct,
well timed, and comprehensible disclosure in studies and paperwork {that a} registrant information with, or submits to, the SEC and in different public
communications made by means of the Fund; (iii) compliance with acceptable governmental legal guidelines, rule and rules; (iv) the steered interior reporting
of violations of this Code to an acceptable individual or individuals recognized within the Code; and (v) responsibility for adherence to the Code.

 

Proxy Balloting Insurance policies

 

The Board has followed Proxy
Balloting Insurance policies and Procedures (“Insurance policies”) on behalf of the Believe, which delegate the accountability for balloting proxies to
the Adviser or its designee, matter to the Board’s proceeding oversight. The Insurance policies require that the Adviser or its designee vote proxies
gained in a way in step with the most efficient pursuits of the Fund and its shareholders. The Insurance policies additionally require the Adviser or its
designee to give to the Board, no less than yearly, the Adviser’s Proxy Insurance policies, or the proxy insurance policies of the Adviser’s designee, and
a report of every proxy voted by means of the Adviser or its designee on behalf of the Fund, together with a file at the solution of all proxies
recognized by means of the Adviser as involving a battle of curiosity. Within the match a number of sub-advisers are engaged to commerce all or a portion
of Fund sources, it’s expected that every respective sub-adviser will vote all proxies which might be gained by means of it at the Fund’s behalf.

 

When a proxy proposal raises
a subject matter battle between the Adviser’s or a sub-adviser’s pursuits and the Fund’s pursuits, the Adviser or sub-adviser will unravel
the battle by means of balloting based on the coverage tips or on the consumer’s directive the use of the advice of an unbiased
1/3 celebration.  If the 1/3 celebration’s suggestions aren’t gained in a well timed style, the Adviser or any sub-adviser will abstain
from balloting the securities held by means of that consumer’s account.  A duplicate of the Adviser’s proxy balloting insurance policies is hooked up hereto
as Appendix A.

 

Additional info.
Data relating to how the Fund voted proxies in the case of portfolio securities held by means of the Fund throughout the newest 12-month length
ended June 30 can be to be had (1) at no cost, upon request, by means of calling the Fund at 1-877-772-5838; and (2) at the U.S. Securities
and Alternate Fee’s site at As well as, a replica of the Fund’s proxy balloting insurance policies and procedures also are
to be had by means of calling 1-877-772-5838 and can be despatched inside of 3 trade days of receipt of a request.

 

THE DISTRIBUTOR

 

Northern Lighting Vendors,
LLC, situated at 4221 North 203rd Side road, Suite 100, Elkhorn, NE  68022 (the “Distributor”) serves because the essential
underwriter and nationwide distributor for the stocks of the Believe pursuant to an underwriting settlement with the Believe (the “Underwriting
Settlement”). The Distributor is registered as a broker-dealer below the Securities Alternate Act of 1934 and every state’s securities
legal guidelines and is a member of the Monetary Trade Regulatory Authority, Inc. (“FINRA”). The providing of the Fund’s stocks is
steady. The Underwriting Settlement supplies that the Distributor, as agent in reference to the distribution of the Fund’s
stocks, will use cheap efforts to facilitate the sale of the Fund’s stocks.

 

The Underwriting Settlement
supplies that, except quicker terminated, it’ll proceed in impact for 2 years to begin with and thereafter shall proceed from yr to
yr, matter to annual approval by means of (a) the Board or a vote of a majority of the phenomenal stocks, and (b) by means of a majority of the Trustees
who aren’t individuals of the Believe or of the Distributor by means of vote solid in individual at a gathering known as for the aim of balloting
on such approval.

 

The Underwriting Settlement
could also be terminated by means of the Fund at any time, with out the price of any penalty, by means of vote of a majority of all the Board of the Believe
or by means of vote of a majority of the phenomenal stocks of the Fund on 60 days written realize to the Distributor, or by means of the Distributor at
any time, with out the price of any penalty, on 60 days written realize to the Fund. The Underwriting Settlement will mechanically terminate
within the match of its task.

 

The
Distributor would possibly input into promoting agreements with broker-dealers that solicit orders for the sale of stocks of the Fund and would possibly permit
concessions to sellers that promote stocks of the Fund. The Distributor receives the portion of the gross sales fee on all direct preliminary investments
in a Fund and on all investments in accounts and not using a designated trader of report. The Distributor additionally receives 12b-1 charges from the Fund
as described below the next segment entitled “Rule 12b-1 Plan”.

 

Rule 12b-1 Plans

 

The
Believe has followed a Grasp Distribution and Shareholder Servicing Plan pursuant to Rule 12b-1 below the 1940 Act for of the Fund’s
Elegance A stocks (the “Plan”) pursuant to which the Fund can pay charges to the Distributor for offering distribution and/or shareholder
services and products to the Fund. Below the Plan, Elegance A stocks of the Fund would possibly pay an account repairs commission for account repairs services and products and/or
distribution commission at an annual fee of 0.25% of the Fund’s moderate web sources
as a result of the related category as
repayment for the Distributor offering account repairs and distribution services and products to shareholders. Such charges are to be paid by means of
the Fund per 30 days, or at such different durations, because the Board shall decide. Such charges will be founded upon every proportion category’s moderate day by day
web sources throughout the previous month and will be calculated and amassed day by day. The Fund would possibly pay charges to the Distributor at a lesser
fee, as agreed upon by means of the Board of the Believe and the Distributor. The Plan authorizes bills to the Distributor as repayment for
offering account repairs services and products to the Fund’s shareholders, together with arranging for positive securities sellers or agents,
directors and others (“Recipients”) to supply those services and products and paying repayment for those services and products.

 

The services and products to be supplied
by means of Recipients would possibly come with, however aren’t restricted to, the next: help within the providing and sale of the Fund’s Elegance A stocks
and in different sides of the promoting of the stocks to purchasers or potential purchasers of the respective recipients; answering regimen
inquiries in regards to the Fund; helping within the status quo and upkeep of accounts or sub-accounts within the Fund and in processing
acquire and redemption transactions; making the Fund’s funding plan and shareholder services and products to be had; and offering such different knowledge
and services and products to buyers in stocks of the Fund because the Distributor or the Believe, on behalf of the Fund, would possibly relatively request. The distribution
services and products shall additionally come with any promoting and advertising and marketing services and products supplied by means of or organized by means of the Distributor with admire to the Fund.
The Adviser could also be compensated by means of the Distributor for its distribution and advertising and marketing efforts.

 

The Distributor is needed
to supply a written file, no less than quarterly to the Board of the Believe, specifying in cheap element the quantities expended pursuant
to the Rule 12b-1 Plas and the needs for which such expenditures had been made. Additional, the Distributor will tell the Board of any Rule
12b-1 charges to be paid by means of the Distributor to Recipients.

 

The preliminary time period of the
Plan is 365 days and can proceed in impact from yr to yr thereafter, supplied such continuance is particularly licensed no less than
yearly by means of a majority of the Board of the Believe and a majority of the Trustees who aren’t ” individuals” of the Believe
and shouldn’t have an immediate or oblique economic curiosity in a Rule 12b-1 Plan (“Rule 12b-1 Trustees”) by means of votes solid in individual
at a gathering known as for the aim of balloting at the Plan. The Plans could also be terminated at any time by means of the Believe or the Fund by means of vote of
a majority of the Rule 12b-1 Trustees or by means of vote of a majority of the phenomenal balloting stocks of the Fund.

 

The Plans will not be amended
to extend materially the volume of the Distributor’s repayment to be paid by means of the Fund, except such modification is licensed by means of the vote
of a majority of the phenomenal balloting securities of the affected category of the Fund (as outlined within the 1940 Act). All subject matter amendments
will have to be licensed by means of a majority of the Board of the Believe and a majority of the Rule 12b-1 Trustees by means of votes solid in individual at a gathering
known as for the aim of balloting on a Plan. Throughout the time period of a Plan, the choice and nomination of non-interested Trustees of the
Believe can be dedicated to the discretion of recent non-interested Trustees. The Distributor will keep copies of the Plan, any connected
agreements, and all studies, for a length of no longer not up to six years from the date of such report and for a minimum of the primary two years
in an simply obtainable position.

 

Any settlement associated with
a Plan can be in writing and supply that: (a) it can be terminated by means of the Believe or the acceptable Fund at any time upon sixty days’
written realize, with out the price of any penalty, by means of vote of a majority of the respective Rule 12b-1 Trustees, or by means of vote of a majority
of the phenomenal balloting securities of the Believe or Fund; (b) it’ll mechanically terminate within the match of its task (as outlined
within the 1940 Act); and (c) it’ll proceed in impact for a length of a couple of yr from the date of its execution or adoption solely
as long as such continuance is particularly licensed no less than yearly by means of a majority of the Board and a majority of the Rule 12b-1 Trustees
by means of votes solid in individual at a gathering known as for the aim of balloting on such settlement.

 

Further Repayment
to Monetary Intermediaries

 

The
Distributor, its associates, and the Adviser and their associates would possibly every, at their very own expense and out of their very own expense and out
of their very own sources together with their authentic income from Fund-related actions, supply more cash bills to economic intermediaries
who promote stocks of the Fund. Monetary intermediaries come with agents, economic planners, banks, insurance coverage corporations, retirement or 401(ok)
plan directors and others. Those bills could also be along with the Rule 12b-1 charges and any gross sales fees which might be disclosed in other places
on this prospectus. Those bills are usually made to economic intermediaries that supply shareholder or administrative services and products,
or advertising and marketing beef up. Advertising beef up would possibly come with get admission to to gross sales conferences, gross sales representatives and monetary middleman control
representatives, inclusion of the Fund on a gross sales listing, together with a most popular or make a choice gross sales listing, or different gross sales methods. Those bills
additionally could also be made as an expense compensation in instances the place the economic middleman supplies shareholder services and products to Fund shareholders.
The Distributor would possibly, every now and then, supply promotional incentives to positive funding companies. Such incentives would possibly, on the Distributor’s
discretion, be restricted to funding companies who permit their particular person promoting representatives to take part in such further repayment.

 

PORTFOLIO MANAGERS

 

Matthew Osborne, Michael
Pomada and Grant Jaffarian, function Co-Portfolio Managers of the Fund. As of [ ], 2022, they had been answerable for the portfolio control
of the next sorts of accounts along with the Fund:

 

MATTHEW OSBORNE

Different Accounts By means of Sort

Overall Choice of Accounts by means of Account Sort

Overall Belongings By means of Account Sort

(in tens of millions)

Choice of Accounts by means of Sort Matter to a Efficiency Charge Overall Belongings By means of Account Sort Matter to a Efficiency Charge (in tens of millions)
Registered Funding Corporations 0 $0 0 $0
Different Pooled Funding Cars 0 $0 0 $0
Different Accounts 0 $0 0 $0

 

 

MICHAEL POMADA


Different Accounts By means of Sort

Overall Choice of Accounts by means of Account Sort

Overall Belongings By means of Account Sort

(in tens of millions)

Choice of Accounts by means of Sort  Matter to a Efficiency Charge

Overall Belongings By means of Account Sort Matter to a
Efficiency Charge

(in tens of millions)

Registered Funding Corporations 0 $0 0 $0
Different Pooled Funding Cars 0 $0 0 $0
Different Accounts 0 $0 0 $0

 

 

GRANT JAFFARIAN


Different Accounts By means of Sort

Overall Choice of Accounts by means of Account Sort

Overall Belongings By means of Account Sort

(in tens of millions)

Choice of Accounts by means of Sort  Matter to a Efficiency Charge

Overall Belongings By means of Account Sort Matter to a
Efficiency Charge

(in tens of millions)

Registered Funding Corporations 0 $0 0 $0
Different Pooled Funding Cars 0 $0 0 $0
Different Accounts 0 $0 0 $0

 

Conflicts of Pastime

 

When a Portfolio Supervisor
has accountability for managing a couple of account, attainable conflicts of curiosity would possibly get up. The ones conflicts may just come with preferential
remedy of 1 account over others when it comes to allocation of assets or of funding alternatives. As an example, the Adviser or
Sub-Adviser would possibly obtain charges from positive accounts which might be upper than the cost it receives from the Fund, or it should obtain a performance-based
commission on positive accounts. The procedures to handle conflicts of curiosity are described under with admire to every Portfolio Supervisor.

 

The Adviser will try
to steer clear of conflicts of curiosity that can get up on account of the control of a couple of consumer accounts. Every now and then, the Adviser
would possibly counsel or purpose a shopper to spend money on a safety by which some other consumer of the Adviser has an possession role. The Adviser
has followed positive procedures supposed to regard all consumer accounts in a good and equitable means. To the level that the Adviser seeks
to buy or promote the similar safety for a couple of consumer accounts, the Adviser would possibly mixture, or bunch, those orders the place it deems this
to be suitable and in step with acceptable regulatory necessities. When a bunched order is stuffed in its entirety, every taking part
consumer account will take part on the moderate proportion costs for the bunched order. When a bunched order is solely in part stuffed, the
securities bought can be allotted on a pro-rata foundation to every account taking part within the bunched order

founded upon the preliminary quantity asked for the account,
matter to positive exceptions. Every taking part account will obtain the common proportion fee for the bunched order at the identical trade
day.

 

The Sub-Adviser, can be
reviewed yearly by means of the Adviser for attainable conflicts of curiosity. The Adviser is conscious that the Sub-Adviser would possibly obtain charges from
positive different accounts it manages which might be upper than the cost it receives from the Fund or it should obtain a performance-based commission on
positive accounts. As well as, the Sub-Adviser would possibly organize accounts with equivalent targets and techniques because the Fund. The Sub-Adviser
would possibly obtain extra repayment with admire to accounts with equivalent targets and techniques than that which it gained with admire
to the Fund or it should obtain repayment founded partly at the functionality of the accounts with equivalent targets and techniques. To
the level that the Sub-Adviser seeks to buy or promote the similar safety for a couple of
consumer accounts, the Sub-Adviser would possibly mixture, or bunch, those orders the place it deems this to be suitable and in step with acceptable
regulatory necessities. Moreover, the Sub-Adviser and any of its administrators, companions, officials, brokers or workers would possibly purchase, promote,
or commerce securities for their very own accounts or the proprietary accounts of the Sub-Adviser. The Adviser will continuously track the Sub-Adviser
for those attainable conflicts.

 

Repayment

 

Matthew Osborne, in
addition to being a Co-Portfolio Supervisor to the Fund, is a partial fairness proprietor of the Adviser’s mum or dad corporate and a senior government
of the Adviser. As such, he’s compensated essentially via possession distributions from the Adviser’s mum or dad corporate and would possibly obtain
further repayment dependent at the long run profitability of the Adviser and its associates.

Crabel portfolio managers
are compensated with a aggressive wage and give you the chance for a discretionary bonus. An worker’s particular person functionality
and the functionality of the company are components thought to be when figuring out the bonus quantity. Positive senior executives take part as income
curiosity house owners of the company. Portfolio supervisor repayment associated with particular person technique functionality is variable and usually desperate
in accordance with a proportion of the charges earned from the mixture sources of every technique. Managers aren’t compensated in the event that they meet or exceed
an index or different functionality goal or in accordance with the functionality of a method. Every technique is designed to succeed in a particular volatility
goal, which an investor expects to succeed in. Because of the systematic nature of Crabel’s buying and selling, managers shouldn’t have sole discretion
to switch technique parameters or to go into discretionary trades so that you could affect functionality of the tactic. In any yr that the
company receives performance-based charges, a portfolio supervisor, together with all different company workers, would possibly obtain upper overall repayment
in accordance with the company’s general likelihood in such yr. Repayment is reviewed periodically to make sure all worker repayment
is aggressive and displays the function of the person worker together with accountability, activity complexity, functionality, and activity marketplace
stipulations.

Possession of Securities.

 

The next desk displays
the greenback vary of fairness securities beneficially owned by means of the Portfolio Managers for the Fund as of [ ], 2022:

 

Title of Portfolio Manger Greenback Vary of Fairness Securities within the Fund
Matthew Osborne None
Michael Pomada None
Grant Jaffarian None

 

 

ORGANIZATION AND MANAGEMENT OF WHOLLY-OWNED SUBSIDIARY

 

The Fund would possibly make investments as much as
25% of its overall sources in its Subsidiary.  It’s anticipated that the Subsidiary will make investments essentially in commodities. The Subsidiary
is a corporation arranged below the legal guidelines of the Cayman Islands, whose registered place of work is situated on the place of work of [ ]. The Subsidiary’s
affairs are overseen by means of a board of administrators consisting of the next administrators:

 

Title and 12 months of Start Place/Time period of Place of work Main Career Throughout the Previous 5 Years
     
     

 

The Subsidiary has
entered right into a separate contract with the Adviser for the control of the Subsidiary’s portfolio. The Subsidiary has additionally entered
into preparations with [U.S. Bank, National Association] to function the Subsidiary’s custodian, and with [Ultimus Fund Solutions,
LLC] to function the Subsidiary’s move agent.  The Subsidiary has followed compliance insurance policies and procedures which might be considerably
very similar to the insurance policies and procedures followed by means of the Fund. The Believe’s Leader Compliance Officer oversees implementation of every
Subsidiary’s insurance policies and procedures, and makes periodic studies to the Fund’s Board in regards to the Subsidiary’s compliance
with its insurance policies and procedures.

 

The Fund can pay the Adviser
a commission for its services and products. The Adviser has contractually agreed to waive the control commission it receives from the Fund in an quantity equivalent
to the control commission paid to the Adviser by means of the acceptable Subsidiary.  This enterprise will proceed in impact for as long as
the Fund invests in its Subsidiary, and will not be terminated by means of the Adviser except the Adviser first obtains the prior approval of the
Board of Trustees for such termination.  The Subsidiary will endure the charges and bills incurred in reference to the custody,
move company, and audit services and products that it receives.  The Fund expects that the bills borne by means of its Subsidiary may not be subject matter
on the subject of the worth of the Fund’s sources. It is usually expected that the Fund’s personal expense can be diminished to a few
extent on account of the price of such bills on the Subsidiary point. It’s subsequently anticipated that the Fund’s funding
in its Subsidiary is not going to outcome within the Fund’s paying duplicative charges for equivalent services and products supplied to the Fund and Subsidiary.

 

Please check with the segment
on this Observation of Further Data titled “Tax Standing – Wholly Owned Subsidiary” for details about positive
tax sides of any Fund funding in a Subsidiary.

 

ALLOCATION OF PORTFOLIO BROKERAGE

 

Explicit selections to buy
or promote securities for the Fund are made by means of the Co-Portfolio Managers who’re workers of the Adviser and Sub-Adviser. The Adviser and
Sub-Adviser are approved by means of the Trustees to allocate the orders positioned by means of them on behalf of the Fund to agents or sellers who would possibly,
however needn’t, supply analysis or statistical subject matter or different services and products to the Fund or the Adviser or Sub-Adviser for the Fund’s use.
Such allocation is to be in such quantities and proportions because the Adviser or Sub-Adviser would possibly decide.

 

In settling on a dealer or
trader to execute every specific transaction, the Adviser and Sub-Adviser will take the next under consideration:

 

  • The most productive web fee to be had;
  • The reliability, integrity and monetary situation
    of the dealer or trader;
  • The scale of and problem in executing the
    order; and
  • The price of the predicted contribution of the
    dealer or trader to the funding functionality of the Fund on a seamless foundation.

Agents or sellers executing
a portfolio transaction on behalf of the Fund would possibly obtain a fee in way over the volume of fee some other dealer or trader
would have charged for executing the transaction if the Adviser or Sub-Adviser determines in excellent religion that such fee is affordable
on the subject of the worth of brokerage and analysis services and products supplied to the Fund. In allocating portfolio brokerage, the Adviser or Sub-Adviser
would possibly make a choice agents or sellers who additionally supply brokerage, analysis and different services and products to different accounts over which the Adviser or Sub-Adviser
workouts funding discretion. One of the vital services and products gained as the results of the Fund’s transactions would possibly essentially get advantages accounts
instead of the Fund, whilst services and products gained as the results of portfolio transactions effected on behalf of the ones different accounts would possibly essentially
get advantages the Fund. The mangers of Underlying Swimming pools would possibly make a choice an associate of the Adviser as their futures introducing dealer in connection
with futures trades.

 

 

PORTFOLIO TURNOVER

 

The Fund’s portfolio turnover fee is calculated
by means of dividing the lesser of purchases or gross sales of portfolio securities for the fiscal yr by means of the per 30 days moderate of the worth of the portfolio
securities owned by means of the Fund throughout the fiscal yr. The calculation excludes from each the numerator and the denominator securities with
maturities on the time of acquisition of 1 yr or much less. Top portfolio turnover comes to correspondingly larger brokerage commissions
and different transaction prices, which can be borne without delay by means of the Fund. A 100% turnover fee would happen if all the Fund’s portfolio
securities had been changed as soon as inside of a one-year length.

 

 

OTHER SERVICE PROVIDERS

 

Fund Management, Fund Accounting and
Switch Agent Products and services

 

Ultimus Fund Answers,
LLC, (“UFS”), which has its essential place of work at 80 Arkay Force, Suite 110, Hauppauge, New York 11788, serves as administrator,
fund accountant and move agent for the Fund pursuant to the Fund Products and services Settlement (the “Settlement”) with the Believe and
matter to the supervision of the Board. UFS is essentially within the trade of offering administrative, fund accounting and move agent
services and products to retail and institutional mutual finances. UFS is an associate of the Distributor. UFS may additionally supply individuals to function officials
of the Fund. Such officials could also be administrators, officials or workers of UFS or its associates.

 

Efficient
February 1, 2019, NorthStar Monetary Products and services Crew, LLC, the mum or dad corporate of Gemini Fund Products and services, LLC and its affiliated corporations
together with Northern Lighting Vendors, LLC and Northern Lighting Compliance Products and services, LLC (“NLCS”)(jointly, the “Gemini
Corporations”), offered its curiosity within the Gemini Corporations to a 3rd celebration non-public fairness company that contemporaneously got Ultimus
Fund Answers, LLC (an unbiased mutual fund management company) and its associates (jointly, the “Ultimus Corporations”).
 Because of those separate transactions, the Gemini Corporations and the Ultimus Corporations at the moment are not directly owned via a commonplace
mum or dad entity, The Ultimus Crew, LLC
.

 

The Settlement was nice
on June 22, 2011 and remained in impact for 2 years from the acceptable nice date for the Fund, and can proceed in impact for
successive twelve-month sessions only if such continuance is particularly licensed no less than yearly by means of a majority of the Board.
The Settlement is terminable by means of the Board or UFS on 90 days’ written realize and could also be assigned by means of both celebration, only if the
Believe would possibly not assign

this settlement with out the prior written consent of
UFS. The Settlement supplies that UFS will be with out legal responsibility for any motion relatively taken or neglected pursuant to the Settlement.

 

Below the Settlement, UFS
plays administrative services and products, together with: (1) tracking the functionality of administrative {and professional} services and products rendered to the
Believe by means of others carrier suppliers; (2) tracking the Fund’s holdings and operations for post-trade compliance with the Fund’s
registration remark and acceptable legal guidelines and regulations; (3) getting ready and coordinating the printing of semi-annual and annual economic
statements; (4) getting ready decided on control studies for functionality and compliance analyses; (5) getting ready and disseminating fabrics
for and attending and taking part in conferences of the Board; (6) figuring out revenue and capital beneficial properties to be had for distribution and
calculating distributions required to fulfill regulatory, revenue, and excise tax necessities; (7) reviewing the Believe’s federal, state,
and native tax returns as ready and signed by means of the Believe’s unbiased public accountants; (8) getting ready and keeping up the Believe’s
working expense price range to decide correct expense accruals to be charged to the Fund to calculate its day by day web asset price; (9) helping
in and tracking the preparation, submitting, printing and the place acceptable, dissemination to shareholders of amendments to the Believe’s
Registration Observation on Shape N-1A, periodic studies to the Trustees, shareholders and the SEC, notices pursuant to Rule 24f-2, proxy
fabrics and studies to the SEC on Bureaucracy N-CEN, N-CSR, N-PORT and N-PX; (10) coordinating the Believe’s audits and examinations by means of helping
the Fund’s unbiased public accountants; (11) figuring out, in session with others, the jurisdictions by which stocks of the
Believe will be registered or certified on the market and facilitating such registration or qualification; (12) tracking gross sales of stocks and
make sure that the stocks are correctly and duly registered with the SEC; (13) tracking the calculation of functionality records for the Fund;
(14) getting ready, or purpose to be ready, expense and monetary studies; (15) getting ready authorizations for the price of Believe bills
and pay, from Believe sources, all expenses of the Believe; (16) offering knowledge normally equipped within the funding corporate {industry} to
corporations that monitor or file fee, functionality or different knowledge with admire to funding corporations; (17) upon request, helping
the Fund within the analysis and choice of different carrier suppliers, equivalent to unbiased public accountants, printers, EDGAR suppliers
and proxy solicitors (such events could also be associates of UFS) and (18) appearing different services and products, recordkeeping and help touching on
to the affairs of the Believe because the Believe would possibly, every now and then, relatively request.

 

UFS additionally supplies the Fund
with accounting services and products, together with: (i) day by day computation of web asset price; (ii) repairs of safety ledgers and books and information
as required by means of the 1940 Act; (iii) manufacturing of the Fund’s checklist of portfolio securities and common ledger studies; (iv) reconciliation
of accounting information; (v) calculation of yield and overall go back for the Fund; (vi) repairs of positive books and information described
in Rule 31a-1 below the 1940 Act, and reconciliation of account knowledge and balances some of the Fund’s custodian and Adviser;
and (vii) tracking and analysis of day by day revenue and expense accruals, and gross sales and redemptions of stocks of the Fund.

 

UFS additionally acts as move,
dividend disbursing, and shareholder servicing agent for the Fund pursuant to the Settlement. Below the Settlement, UFS is answerable for
administering and appearing move agent purposes, dividend distribution, shareholder management, and keeping up important information
based on acceptable regulations and rules.

 

Custodian

 

The Fund’s sources are held
for safekeeping by means of an unbiased custodian, U.S. Financial institution, N.A., 425 Walnut Side road, Cincinnati, Ohio 45202 (the “Custodian”),
pursuant to a custody settlement by means of and between the Custodian and the Believe on behalf of the Fund. The Custodian’s obligations on
behalf of the Fund come with safeguarding and controlling the Fund’s money and securities, dealing with the receipt and supply of money and
securities, gathering curiosity and dividends at the Fund’s investments, and keeping up information of purchases and gross sales.

 

Compliance Products and services

 

Northern Lighting Compliance
Products and services, LLC, 4221 North 203rd Side road, Suite 100, Elkhorn, NE 68022, an associate of UFS and the Distributor, supplies a Leader
Compliance Officer to the Believe in addition to connected compliance services and products pursuant to a consulting settlement between NLCS and the Believe.
NLCS’s compliance services and products consist essentially of reviewing and assessing the insurance policies and procedures of the Believe and its carrier
suppliers bearing on compliance with acceptable federal securities legal guidelines, together with Rule 38a-1 below the 1940 Act. For the compliance
services and products rendered to the Fund, the Fund can pay NLCS an annual constant commission and an asset-based commission, which scales downward founded upon the Fund’s
web sources. The Fund additionally pay NLCS for any out-of-pocket bills.

 

DESCRIPTION OF SHARES

 

Every proportion of really helpful
curiosity of the Believe has one vote within the election of Trustees. Cumulative balloting isn’t approved for the Believe. Which means that the
holders of greater than 50% of the stocks balloting for the election of Trustees can elect 100% of the Trustees in the event that they make a selection to take action, and,
in that match, the holders of the rest stocks won’t be able to elect any Trustees.

 

Shareholders of the Believe
and some other long run sequence of the Believe will vote within the mixture and no longer by means of sequence excluding as another way required by means of regulation or when the
Board determines that the subject to be voted upon impacts solely the curiosity of the shareholders of a specific sequence or categories. Issues
equivalent to election of Trustees aren’t matter to split balloting necessities and could also be acted upon by means of shareholders of the Believe balloting
with out regard to sequence.

 

The Believe is permitted
to factor a vast collection of stocks of really helpful curiosity.  Every proportion has equivalent dividend, distribution and liquidation rights.
There aren’t any conversion or preemptive rights acceptable to any stocks of the Fund. All stocks issued are totally paid and non-assessable.

 

ANTI-MONEY LAUNDERING PROGRAM

 

The Believe has established
an Anti-Cash Laundering Compliance Program (the “Program”) as required by means of the Uniting and Strengthening The united states by means of Offering
Suitable Equipment Required to Intercept and Hinder Terrorism Act of 2001 (“USA PATRIOT Act”). To make sure compliance with this
regulation, the Believe’s Program supplies for the advance of interior practices, procedures and controls, designation of anti-money laundering
compliance officials, an ongoing coaching program and an unbiased audit serve as to decide the effectiveness of the Program. The
Believe’s secretary serves as its Anti-Cash Laundering Compliance Officer.

 

Procedures to put into effect
the Program come with, however aren’t restricted to, figuring out that the Fund’s Distributor and Switch Agent have established correct anti-money
laundering procedures, reporting suspicious and/or fraudulent task and a offering an entire and thorough overview of all new opening
account programs. The Believe is not going to transact trade with someone or entity whose id can’t be adequately verified below
the provisions of the US PATRIOT Act.

 

Because of the Program,
the Believe could also be required to “freeze” the account of a shareholder if the shareholder seems to be thinking about suspicious task
or if positive account knowledge fits knowledge on authorities lists of recognized terrorists or different suspicious individuals, or the Believe
could also be required to move the account or proceeds of the account to a governmental company.

 

PURCHASE, REDEMPTION AND PRICING OF SHARES

 

Calculation of Percentage
Value

 

As indicated within the Prospectus
below the heading “Internet Asset Price,” the web asset price (“NAV”) of the Fund’s stocks is desperate by means of dividing the
overall price of the Fund’s portfolio investments and different sources, much less any liabilities, by means of the whole collection of stocks exceptional of the
Fund.

 

Usually, the Fund’s
home securities (together with underlying ETFs which keep portfolio securities essentially indexed on international (non-U.S.) exchanges) are valued
every day on the closing quoted gross sales fee on every safety’s number one substitute. Securities traded or dealt in upon a number of securities
exchanges for which marketplace quotations are readily to be had and no longer matter to restrictions towards resale will be valued on the closing
quoted gross sales fee at the number one substitute or, within the absence of a sale at the number one substitute, on the imply between the present bid and
ask costs on such substitute. Securities essentially traded within the Nationwide Affiliation of Securities Sellers’ Automatic Citation
Device (“NASDAQ”) Nationwide Marketplace Device for which marketplace quotations are readily to be had will be valued the use of the NASDAQ
Authentic Last Value. If marketplace quotations aren’t readily to be had, securities can be valued at their truthful marketplace price as desperate
in excellent religion by means of the Fund’s truthful price committee based on procedures licensed by means of the Board and as additional described under.
Securities that aren’t traded or dealt in any securities substitute (whether or not home or international) and for which over the counter marketplace
quotations are readily to be had usually will be valued on the closing sale fee or, within the absence of a sale, on the imply between the
recent bid and ask fee on such over-the- counter marketplace.

 

Positive securities or investments
for which day by day marketplace quotes aren’t readily to be had could also be valued, pursuant to tips established by means of the Board, with regard
to different securities or indices. Debt securities no longer traded on an substitute could also be valued at costs equipped by means of a pricing agent(s) founded
on dealer or trader equipped valuations or matrix pricing, a technique of valuing securities by means of connection with the worth of different securities
with equivalent traits, equivalent to ranking, rate of interest and adulthood. Quick-term investments having a adulthood of 60 days or much less
could also be usually valued at amortized value when it approximated truthful price.

 

Alternate traded choices
are valued on the closing quoted gross sales fee or, within the absence of a sale, on the imply between the present bid and ask costs at the substitute
on which such choices are traded. Futures and choices on futures are valued on the agreement fee desperate by means of the substitute. Different
securities for which marketplace quotes aren’t readily to be had are valued at truthful price as desperate in excellent religion by means of the Board or individuals
performing at their course. Change agreements and different derivatives are usually valued day by day founded upon quotations from marketplace makers or
by means of a pricing carrier based on the valuation procedures licensed by means of the Board.

 

Below positive instances,
the Fund would possibly use an unbiased pricing carrier to calculate the truthful marketplace price of international fairness securities every day by means of making use of
valuation components to the closing sale fee or the imply fee as famous above. The truthful marketplace values equipped by means of the unbiased pricing
carrier will usually mirror marketplace buying and selling that happens after the shut of the acceptable international markets of similar securities or
the worth of different tools that experience a robust correlation to the fair-valued securities. The unbiased pricing carrier can even
remember the present related foreign money substitute fee. A safety this is truthful valued could also be valued at a value upper or decrease
than exact marketplace quotations or the worth desperate by means of different finances the use of their very own truthful valuation procedures. As a result of international securities
would possibly commerce on days when Fund stocks aren’t priced, the worth of securities held by means of the Fund can exchange on days when Fund stocks can’t
be redeemed or bought. Within the match {that a} international safety’s marketplace quotations aren’t readily to be had or are deemed unreliable
(for causes instead of for the reason that foreign currency on which it trades closed sooner than the Fund’s calculation of NAV), the safety
can be valued at its truthful marketplace price as desperate in excellent religion by means of the Fund’s truthful price committee based on procedures
licensed by means of the Board as mentioned under. With out truthful valuation, it’s imaginable that momentary buyers may just benefit from the arbitrage
alternative and dilute the NAV of long-term buyers. Honest valuation of the Fund’s portfolio securities can serve to scale back arbitrage
alternatives to be had to momentary buyers, however there is not any assurance that it’ll save you dilution of the Fund’s NAV by means of momentary
buyers. As well as, for the reason that Fund would possibly spend money on underlying ETFs which keep portfolio securities essentially indexed on international (non-U.S.)
exchanges, and those exchanges would possibly commerce on weekends or different days

when the underlying ETFs don’t fee their stocks,
the worth of those portfolio securities would possibly exchange on days whilst you would possibly not have the ability to purchase or promote Fund stocks.

 

Investments to begin with valued
in currencies instead of the U.S. greenback are transformed to U.S. bucks the use of substitute charges acquired from pricing services and products. Because of this,
the NAV of the Fund’s stocks could also be suffering from adjustments within the price of currencies on the subject of the U.S. greenback. The price of securities
traded in markets outdoor america or denominated in currencies instead of the U.S. greenback could also be affected considerably on a
day that the New York Inventory Alternate is closed and an investor isn’t ready to buy, redeem or substitute stocks.

 

The Fund’s stocks
are valued on the shut of standard buying and selling at the NYSE (typically 4:00 p.m., Jap Time) (the “NYSE Shut”) on every day that
the NYSE is open. Data that turns into recognized to the Fund or its brokers after the NAV has been calculated on a specific day will
no longer usually be used to retroactively regulate the cost of the safety or the NAV desperate previous that day. Home constant revenue
and international constant revenue securities are typically priced the use of records reflecting the sooner final of the essential markets for the ones securities.

 

The Fund would possibly keep securities,
equivalent to non-public placements, pursuits in commodity swimming pools, different non-traded securities or quickly illiquid securities, for which marketplace
quotations aren’t readily to be had or are desperate to be unreliable. Those securities can be valued at their truthful marketplace price as
desperate the use of the “truthful price” procedures licensed by means of the Board. The Board has delegated execution of those procedures
to a good price committee composed of one in every of extra representatives from every of the (i) Believe, (ii) administrator, and (iii) Adviser (and/or
any sub-adviser). The committee may additionally enlist 1/3 celebration specialists equivalent to an audit company or economic officer of a safety issuer
on an as-needed foundation to help in figuring out a security-specific truthful price. The Board evaluations and ratifies the execution of this procedure
and the ensuing truthful price costs no less than quarterly to guarantee the method produces dependable effects.

 

Honest Price Committee and
Valuation Procedure. The truthful price committee consists of one in every of extra representatives from every of the (i) Believe, (ii) administrator,
and (iii) Adviser (and/or any sub-adviser). The acceptable investments are valued jointly by way of inputs from every of those teams. For
instance, truthful price determinations are required for the next securities: (i) securities for which marketplace quotations are inadequate
or no longer readily to be had on a specific trade day (together with securities for which there’s a quick and brief lapse within the provision
of a value by means of the common pricing supply), (ii) securities for which, within the judgment of the Adviser or any sub-adviser, the costs or
values to be had don’t constitute the truthful price of the tool. Elements which would possibly purpose the Adviser or any sub-adviser to make such
a judgment come with, however aren’t restricted to, the next: just a bid fee or an requested fee is to be had; the unfold between bid and
requested costs is considerable; the frequency of gross sales; the thinness of the marketplace; the dimensions of reported trades; and movements of the securities
markets, such because the suspension or limitation of buying and selling; (iii) securities desperate to be illiquid; (iv) securities with admire to
which an match that can have an effect on the worth thereof has passed off (a “important match”) for the reason that final costs had been established
at the essential substitute on which they’re traded, however previous to the Fund’s calculation of its web asset price. Particularly, pursuits
in commodity swimming pools or controlled futures swimming pools are valued every day by means of connection with the final marketplace costs of every futures contract
or different asset held by means of a pool, as adjusted for pool bills. Limited or illiquid securities, equivalent to non-public placements or non-traded
securities are valued by way of inputs from the Adviser or any sub-adviser valuation founded upon the present bid for the safety from two or
extra unbiased sellers or different events relatively accustomed to the details and instances of the safety (who will have to take into accounts
all related components as could also be suitable below the instances). If the Adviser or any sub-adviser is not able to procure a recent bid
from such unbiased sellers or different unbiased events, the truthful price group shall decide the truthful price of such safety the use of
the next components: (i) the kind of safety; (ii) the fee at date of acquire; (iii) the dimensions and nature of the Fund’s holdings;
(iv) the bargain from marketplace price of unrestricted securities of the similar category on the time of acquire and next thereto; (v) knowledge
as to any transactions or provides with admire to the safety; (vi) the character and period of restrictions on disposition of the safety
and the life of any registration rights; (vii) how the yield of the safety compares to equivalent securities of businesses of equivalent
or equivalent creditworthiness; (viii) the extent of new trades of equivalent or

similar securities; (ix) the liquidity traits
of the safety; (x) recent marketplace stipulations; and (xi) the marketplace price of any securities into which the safety is convertible or
exchangeable.

 

Requirements For Honest Price
Determinations. As a common theory, the truthful price of a safety is the volume that the Fund may relatively be expecting to understand upon
its recent sale. The Believe has followed Monetary Accounting Requirements Board Observation of Monetary Accounting Requirements Codification
Matter 820, Honest Price Measurements and Disclosures (“ASC 820″). In keeping with ASC 820, truthful price is outlined as the associated fee
that the Fund would obtain upon promoting an funding in a well timed transaction to an unbiased purchaser within the essential or maximum positive
marketplace of the funding. ASC 820 establishes a three-tier hierarchy to maximise using observable marketplace records and reduce the use
of unobservable inputs and to ascertain classification of truthful price measurements for disclosure functions. Inputs refer extensively to the
assumptions that marketplace members would use in pricing the asset or legal responsibility, together with assumptions about menace, for instance, the chance
inherent in a specific valuation methodology used to measure truthful price together with this kind of pricing fashion and/or the chance inherent within the
inputs to the valuation methodology. Inputs could also be observable or unobservable. Observable inputs are inputs that mirror the assumptions
marketplace members would use in pricing the asset or legal responsibility advanced in accordance with marketplace records acquired from resources unbiased of the
reporting entity. Unobservable inputs are inputs that mirror the reporting entity’s personal assumptions in regards to the assumptions marketplace members
would use in pricing the asset or legal responsibility advanced in accordance with the most efficient knowledge to be had within the instances.

 

More than a few inputs are used
in figuring out the worth of the Fund’s investments in the case of ASC 820. Those inputs are summarized within the 3 huge ranges indexed under.

 

Stage 1 – quoted costs in lively markets
for an identical securities.

 

Stage 2 – different important observable
inputs (together with quoted costs for equivalent securities, rates of interest, prepayment speeds, credit score menace, and so forth.)

 

Stage 3 – important unobservable inputs
(together with the Fund’s personal assumptions in figuring out the truthful price of investments).

 

The truthful price committee
takes into consideration the related components and surrounding instances, which would possibly come with: (i) the character and pricing historical past (if any)
of the safety; (ii) whether or not any trader quotations for the safety are to be had; (iii) imaginable valuation methodologies that would
be used to decide the truthful price of the safety; (iv) the advice of a portfolio supervisor of the Fund with admire to the valuation
of the safety; (v) whether or not the similar or equivalent securities are held by means of different finances controlled by means of the Adviser (or any sub-adviser) or different
finances and the process used to value the safety in the ones finances; (vi) the level to which the truthful price to be desperate for the safety
will outcome from using records or formulae produced by means of unbiased 1/3 events and (vii) the liquidity or illiquidity of the marketplace
for the safety.

 

Board of Trustees Decision

 

The Board of Trustees meets
no less than quarterly to imagine the valuations supplied by means of the truthful price committee and to ratify the valuations made for the acceptable
securities. The Board of Trustees considers the studies supplied by means of the truthful price committee, together with observe up research of next
market-provided costs when to be had, in reviewing and figuring out in excellent religion the truthful price of the acceptable portfolio securities.

 

The Believe expects that the
vacations upon which the NYSE can be closed are as follows: New 12 months’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Just right Friday,
Memorial Day, Juneteenth Day, Independence Day, Exertions Day, Thanksgiving Day, and Christmas Day.

 

Acquire of Stocks

 

Orders for stocks gained
by means of the Fund in excellent order previous to the shut of industrial at the NYSE on every day throughout such sessions that the NYSE is open for buying and selling
are priced on the public providing fee, which is NAV plus any gross sales fee, or at web asset price consistent with proportion (if no gross sales fees observe)
computed as of the shut of the common consultation of buying and selling at the NYSE. Orders gained in excellent order after the shut of the NYSE, or
on an afternoon it isn’t open for buying and selling, are priced on the shut of such NYSE on the following day on which it’s open for buying and selling on the subsequent
desperate web asset price consistent with proportion plus gross sales fees, if any.

 

Realize to Texas Shareholders

 

Below segment 72.1021(a)
of the Texas Assets Code, preliminary buyers within the Fund who’re Texas citizens would possibly designate a consultant to obtain notices of
deserted assets in reference to Fund stocks. Texas shareholders who need to appoint a consultant will have to notify the Believe’s
Switch Agent by means of writing to the deal with under to procure a sort for offering written realize to the Believe:

 

Altegris Crabel Multi StrategyFund

c/o Ultimus Fund Answers, LLC

4221 North 203rd Side road, Suite 100

Elkhorn, Nebraska 68022-3474

 

Redemption of Stocks

 

The Fund will redeem all
or any portion of a shareholder’s stocks of the Fund when asked based on the procedures set forth within the “The best way to Redeem
Stocks” segment of the Prospectus. Below the 1940 Act, a shareholder’s proper to redeem stocks and to obtain price subsequently would possibly
be suspended from time to time:

 

(a) when the NYSE
is closed, instead of standard weekend and vacation closings;

(b) when buying and selling
on that substitute is specific for any explanation why;

(c) when an emergency
exists on account of which disposal by means of the Fund of securities owned isn’t relatively practicable or it isn’t relatively practicable
for the Fund to moderately to decide the worth of web sources, only if acceptable regulations and rules of the SEC (or any succeeding
governmental authority) will govern as as to whether the stipulations prescribed in (b) or (c) exist; or

(d) when the SEC, by means of
order lets in a suspension of the appropriate to redemption or a postponement of the date of price on redemption.

 

In case of suspension of
the appropriate of redemption, price of a redemption request can be made founded on the web asset price subsequent desperate after the termination
of the suspension.

 

Supporting paperwork in
addition to these indexed below “The best way to Redeem Stocks” within the Prospectus can be required from executors, directors, trustees,
or if redemption is asked by means of anyone instead of the shareholder of report. Such paperwork come with, however aren’t limited to, inventory
powers, accept as true with tools, certificate of demise, appointments as executor, and certificate of company authority and waiver of tax
required in some states when settling estates.

 

Contingent Deferred Gross sales
Rate – Elegance A Stocks

 

A contingent deferred gross sales
fee (“CDSC”) of as much as 1% could also be carried out to Elegance A stocks redeemed inside of 18 months of acquire. The CDSC will equivalent the
quantity of the commissions paid on the ones stocks redeemed.

 

 

The next dialogue
is common in nature and will have to no longer be considered an exhaustive presentation of all imaginable tax ramifications. All shareholders will have to
seek the advice of a professional tax adviser relating to their funding within the Fund.

 

The Fund intends to proceed
to qualify as regulated funding corporate below Subchapter M of the Inside Income Code of 1986, as amended (the “Code”),
which calls for compliance with positive necessities in regards to the resources of its revenue, diversification of its sources, and the volume
and timing of its distributions to shareholders. Such qualification does no longer contain supervision of control or funding practices
or insurance policies by means of any authorities company or bureau. By means of so qualifying, the Fund will have to no longer be matter to federal revenue or excise tax on its
funding corporate taxable revenue or web capital achieve, that are allotted to shareholders based on the acceptable timing
necessities. Funding corporate taxable revenue and web capital achieve of the Fund can be computed based on Phase 852 of the
Code.  

 

Funding
corporate taxable revenue usually contains dividends and curiosity and different revenue, much less positive allowable bills
, and it additionally
contains any way over web momentary capital beneficial properties over web long-term capital losses. Internet capital achieve
(this is, any way over web long-term capital beneficial properties over web momentary losses for a fiscal yr) is computed by means of taking into consideration any
capital loss carryforward of the Fund. Capital losses incurred in tax years starting after December 22, 2010 would possibly now be carried ahead
indefinitely and retain the nature of the unique loss. Below up to now enacted legal guidelines, capital losses might be carried ahead to
offset any capital beneficial properties for solely 8 years, and carried ahead as momentary capital losses, without reference to the nature of the
authentic loss. Capital loss carryforwards are to be had to offset long run discovered capital beneficial properties. To the level that those carryforwards
are used to offset long run capital beneficial properties it’s possible that the volume offset may not be allotted to shareholders.

 

The Fund intends to distribute
all of its web funding corporate taxable revenue and web capital achieve based on the timing necessities imposed by means of the Code and
subsequently will have to no longer be required to pay any federal revenue or excise taxes. Distributions of funding corporate taxable revenue and web
capital achieve can be made after the tip of every fiscal yr, and no later than December 31 of every yr. Each sorts of distributions will
be in stocks of the Fund except a shareholder elects to obtain money. The Fund’s web discovered capital
beneficial properties from securities transactions can be allotted solely after decreasing the beneficial properties by means of the volume of any to be had capital loss elevate
forwards.

 

To be handled as a regulated
funding corporate below Subchapter M of the Code, the Fund will have to additionally (a) derive no less than 90% of its gross revenue from dividends, curiosity,
bills with admire to securities loans, web revenue from positive publicly traded partnerships and beneficial properties from the sale or different disposition
of securities or foreign currency, or different revenue (together with, however no longer restricted to, beneficial properties from choices, futures or ahead contracts)
derived with admire to the trade of making an investment in such securities or currencies, and (b) diversify its holdings in order that, on the finish
of every fiscal quarter, (i) no less than 50% of the marketplace price of the Fund’s sources is represented by means of money, U.S. authorities securities and
securities of different regulated funding corporations, and different securities (for functions of this calculation, usually restricted in admire
of anybody issuer, to an quantity no longer more than 5% of the marketplace price of the Fund’s sources and 10% of the phenomenal balloting securities
of such issuer) and (ii) no more than 25% of the worth of its sources is invested within the securities of (instead of U.S. authorities securities
or the securities of different regulated funding corporations) anybody issuer, two or extra issuers which the Fund controls and that are desperate
to be engaged in the similar or equivalent trades or companies, or the securities of positive publicly traded partnerships.

 

If the Fund fails to qualify
as a regulated funding corporate below Subchapter M in any fiscal yr, it’ll be handled as an organization for federal revenue tax functions.
As such, the Fund can be required to pay revenue taxes on

its revenue on the charges usually acceptable to firms
and distributions to shareholders can be handled as taxable dividends to the level of recent or accrued income and income of
the Fund.

 

Altegris is acutely aware of positive
non-public letter rulings from the Inside Income Carrier issued to different mutual finances, which point out that revenue from the fund’s funding
in a subsidiary will represent “qualifying revenue” for functions of Subchapter M; on the other hand, the Fund has no longer itself gained
or carried out for personal letter ruling from the Inside Income Carrier and does no longer intend to use for this kind of ruling. Personal letter
rulings aren’t precedent and the Inside Income Carrier isn’t sure by means of them. Subsequently, if the Inside Income Carrier demanding situations
the location taken by means of the Fund that the revenue is qualifying revenue, it would possibly not succeed and would lose its standing as a registered funding
corporate.

 

The Fund is matter to a
4% nondeductible excise tax on positive undistributed quantities of peculiar revenue and capital achieve below a prescribed components contained
in Phase 4982 of the Code. The components calls for price to shareholders throughout a calendar yr of distributions representing no less than
98% of the Fund’s peculiar revenue for the calendar yr and no less than 98.2% of its capital achieve web revenue (i.e., the way over its capital
beneficial properties over capital losses) discovered throughout the one-year length finishing October 31 throughout such yr plus 100% of any revenue that used to be neither
allotted nor taxed to the Fund throughout the previous calendar yr. Below peculiar instances, the Fund expects to time its distributions
as a way to steer clear of legal responsibility for this tax.

 

The next dialogue
of tax penalties is for the overall knowledge of shareholders which might be matter to tax. Shareholders which might be IRAs or different certified
retirement plans usually are exempt from revenue taxation below the Code however will have to seek the advice of their very own tax advisors in regards to the tax penalties
of making an investment within the Fund, together with attainable taxation of unrelated trade taxable revenue.

 

Distributions of taxable
web funding revenue and the way over web momentary capital achieve over web long-term capital loss are taxable to shareholders as peculiar
revenue.

 

Distributions of funding corporate taxable revenue
are usually taxable to shareholders as peculiar revenue or “certified dividend revenue” (as described
under).

 

Dividends
paid by means of the Fund to a person shareholder, to the level such dividends are as a result of “certified dividend revenue”
gained by means of the Fund from U.S. firms (and sure international firms), would possibly qualify for taxation on the long-term capital beneficial properties
fee to be had to people on certified dividend revenue. Moreover, dividends paid by means of the Fund to a company shareholder, to the
extent such dividends are as a result of dividends gained by means of the Fund from U.S. firms, would possibly qualify for a dividends gained
deduction.

 

Distributions
of web capital achieve (“capital achieve dividends”) usually are taxable to shareholders as long-term capital achieve, without reference to
the duration of time the stocks of the Fund had been held by means of such shareholders.

 

An extra
3.8% Medicare tax can be imposed on positive web funding revenue (together with peculiar dividends, certified dividend revenue distributions
and capital achieve dividends, in addition to beneficial properties from redemption of the Fund’s stocks) of U.S. people, estates and trusts, to the
extent that the shareholder’s “changed adjusted gross revenue” (when it comes to a person) or “adjusted gross
revenue” (when it comes to an property or accept as true with) exceeds positive threshold quantities. U.S. shareholders are prompt to seek the advice of their very own
tax advisers in regards to the implications of the extra Medicare tax as a consequence of an funding within the Fund.

 

A redemption of the Fund’s
stocks by means of a shareholder will outcome within the reputation of taxable achieve or loss in an quantity equivalent to the adaptation between the volume
discovered and the shareholder’s tax foundation in his or her Fund’s stocks. Such achieve or loss is handled as a capital achieve or loss if
the stocks are held as capital sources. Then again, any loss discovered upon the redemption of stocks inside of six months from the date in their
acquire can be handled as a long-term capital

loss to the level of any quantities handled as capital
achieve dividends throughout such six-month length. All or a portion of any loss discovered upon the redemption of stocks could also be disallowed to
the level stocks are bought (together with stocks got by the use of reinvested dividends) inside of 30 days sooner than or after such redemption.
 

 

Distributions of funding
corporate taxable revenue and web capital achieve can be taxable as described above, whether or not gained in more cash or stocks. Shareholders
electing to obtain distributions within the type of further stocks could have a price foundation for federal revenue tax functions in every proportion
so gained equivalent to the web asset price of a proportion at the reinvestment date.

 

All distributions of taxable
funding corporate taxable revenue and web capital achieve, whether or not gained in stocks or in money, will have to be reported by means of every taxable shareholder
on his or her federal revenue tax go back. Dividends or distributions declared in October, November or December as of a report date in such
a month, if any, can be deemed to had been gained by means of shareholders on December 31, if paid throughout January of the next yr. Redemptions
of stocks would possibly lead to tax penalties (achieve or loss) to the shareholder and also are matter to those reporting necessities.

 

Below the Code, the Fund
can be required to report back to the Inside Income Carrier all distributions of funding corporate taxable revenue and capital beneficial properties as
smartly as gross proceeds from the redemption or substitute of the Fund’s stocks, excluding when it comes to positive exempt shareholders.
Below the backup withholding provisions of Phase 3406 of the Code, distributions of taxable web funding revenue and web capital
achieve and proceeds from the redemption or substitute of the stocks of a regulated funding corporate could also be matter to withholding of federal
revenue tax when it comes to non-exempt shareholders who fail to furnish the funding corporate with their taxpayer identity numbers
and with required certifications relating to their standing below the federal revenue tax regulation, or if the Fund is notified by means of the IRS or a dealer
that withholding is needed because of an wrong TIN or a prior failure to file taxable curiosity or dividends. If the withholding
provisions are acceptable, this type of distributions and proceeds, whether or not taken in money or reinvested in more stocks, can be diminished
by means of the quantities required to be withheld.

 

Different Reporting and Withholding Necessities

 

Bills
to a shareholder this is both a international economic establishment (“FFI”) or a non-financial international entity (“NFFE”)
throughout the which means of the International Account Tax Compliance Act (“FATCA”) could also be matter to a usually nonrefundable 30% withholding
tax on: (a) revenue dividends paid by means of the Fund after June 30, 2014 and (b) positive capital achieve distributions and the proceeds coming up
from the sale of the Fund’s stocks paid by means of the Fund after December 31, 2016. FATCA withholding tax usually may also be have shyed away from: (a)
by means of an FFI, matter to any acceptable intergovernmental settlement or different exemption, if it enters into a sound settlement with the IRS
to, amongst different necessities, file required details about positive direct and oblique possession of international economic accounts held
by means of U.S. individuals with the FFI and (b) by means of an NFFE, if it: (i) certifies that it has no considerable U.S. individuals as house owners or (ii) if it
does have such house owners, studies knowledge in the case of them. The Fund would possibly divulge the guidelines that it receives from its shareholders
to the IRS, non-U.S. taxing government or different events as important to agree to FATCA. Withholding additionally could also be required if a international
entity that could be a shareholder of the Fund fails to give you the Fund with suitable certifications or different documentation relating to its
standing below FATCA.

 

This abstract isn’t supposed
to be and will have to no longer be construed to be felony or tax recommendation. You will have to seek the advice of your individual tax advisors to decide the tax penalties
of proudly owning the Fund’s stocks.

 

Choices, Futures, Ahead
Contracts and Change Agreements

 

To the level such investments
are permissible for the Fund, the Fund’s transactions in choices, futures contracts, hedging transactions, ahead contracts, straddles
and foreign currency can be matter to big tax regulations (together with mark-to-market, positive sale, straddle, wash sale and quick
sale regulations), the impact of that could be to

boost up revenue to the Fund, defer losses to the
Fund, purpose changes within the maintaining sessions of the Fund’s securities, convert long-term capital beneficial properties into momentary capital beneficial properties
and convert momentary capital losses into long-term capital losses. Those regulations may just subsequently have an effect on the volume, timing and personality
of distributions to shareholders.

 

To the level such investments
are permissible, positive of the Fund’s hedging actions (together with its transactions, if any, in foreign currency or international currency-denominated
tools) are more likely to produce a distinction between its e-book revenue and its taxable revenue. If the Fund’s e-book revenue exceeds its
taxable revenue, the distribution (if any) of such extra e-book revenue can be handled as (i) a dividend to the level of the Fund’s last
income and income (together with income and income coming up from tax-exempt revenue), (ii) thereafter, as a go back of capital to the level
of the recipient’s foundation within the stocks, and (iii) thereafter, as achieve from the sale or substitute of a capital asset. If the Fund’s e-book
revenue is not up to taxable revenue, the Fund might be required to make distributions exceeding e-book revenue to qualify as an ordinary funding
corporate this is accorded particular tax remedy.

 

Passive International Funding
Corporations

 

Funding by means of the Fund in
positive “passive international funding corporations” (“PFICs”) may just matter the Fund to a U.S. federal revenue tax (together with
curiosity fees) on distributions gained from the corporate or on proceeds gained from the disposition of stocks within the corporate, which
tax can’t be eradicated by means of making distributions to the Fund’s shareholders. Then again, the Fund would possibly elect to regard a PFIC as a “certified
electing fund” (“QEF election”), by which case the Fund can be required to incorporate its proportion of the corporate’s revenue and
web capital beneficial properties yearly, without reference to whether or not they receives any distribution from the corporate.

 

The Fund additionally would possibly make an
election to mark the beneficial properties (and to a restricted extent losses) in such holdings “to the marketplace” as although it had offered and repurchased
its holdings in the ones PFICs at the closing day of the Fund’s taxable yr. Such beneficial properties and losses are handled as peculiar revenue and loss.
The QEF and mark-to-market elections would possibly boost up the popularity of revenue (with out the receipt of money) and building up the volume required
to be allotted for the Fund to steer clear of taxation. Making both of those elections subsequently would possibly require the Fund to liquidate different investments
(together with when it isn’t positive to take action) to fulfill its distribution requirement, which additionally would possibly boost up the popularity of achieve
and have an effect on the Fund’s overall go back.

 

International Foreign money Transactions

 

The Fund’s transactions
in foreign currency, international currency-denominated debt securities and sure foreign currencies choices, futures contracts and ahead
contracts (and equivalent tools) can provide upward push to peculiar revenue or loss to the level such revenue or loss effects from fluctuations
within the price of the foreign currencies involved.

 

International Taxation

 

Source of revenue gained by means of the Fund
from resources inside of international international locations could also be matter to withholding and different taxes imposed by means of such international locations. Tax treaties and conventions
between positive international locations and the U.S. would possibly scale back or get rid of such taxes. If greater than 50% of the worth of the Fund’s overall sources at
the shut of its taxable yr is composed of securities of international firms, the Fund could possibly elect to “go via”
to the Fund’s shareholders the volume of eligible international revenue and equivalent taxes paid by means of the Fund. If this election is made, a shareholder
usually matter to tax can be required to incorporate in gross revenue (along with taxable dividends in reality gained) his or her professional
rata proportion of the international taxes paid by means of the Fund, and could also be entitled both to deduct (as an itemized deduction) his or her professional rata
proportion of international taxes in computing his or her taxable revenue or to make use of it as a international tax credit score towards his or her U.S. federal revenue
tax legal responsibility, matter to positive boundaries. Specifically, a shareholder will have to keep his or her stocks (with out coverage from menace
of loss) at the ex-dividend date and for a minimum of 15 extra days throughout the 30-day length surrounding the ex-dividend date to be eligible
to assert a international tax credit score with admire to the dividend. No deduction for international taxes could also be claimed by means of a shareholder who does no longer
itemize deductions. Every shareholder

can be notified inside of 60 days after the shut of
the Fund’s taxable yr whether or not the international taxes paid by means of the Fund will “go via” for that yr.

 

Usually, a credit score for
international taxes is matter to the limitation that it would possibly not exceed the shareholder’s U.S. tax as a result of his or her overall international
supply taxable revenue. For this goal, if the pass-through election is made, the supply of the Fund’s revenue will drift via to shareholders
of the Fund. With admire to the Fund, beneficial properties from the sale of securities usually can be handled as derived from U.S. resources and sure
foreign money fluctuation beneficial properties, together with fluctuation beneficial properties from international currency-denominated debt securities, receivables and payables usually
can be handled as peculiar revenue derived from U.S. resources. The limitation at the international tax credit score is carried out one after the other to international
supply passive revenue, and to positive different sorts of revenue. A shareholder could also be not able to assert a credit score for the total quantity of his
or her proportionate proportion of the international taxes paid by means of the Fund. The international tax credit score can be utilized to offset solely 90% of the revised
choice minimal tax imposed on firms and people and international taxes usually aren’t deductible in computing choice
minimal taxable revenue.

 

Unique Factor Bargain
and Pay-In-Type Securities

 

Present federal tax regulation
calls for the holder of a U.S. Treasury or different constant revenue 0 coupon safety to accrue as revenue every yr a portion of the bargain
at which the safety used to be at the beginning issued, although the holder receives no curiosity price in money at the safety throughout the yr.
As well as, different debt tools, equivalent to pay-in-kind securities can provide upward push to revenue below the unique factor cut price regulations, which
revenue is needed to be allotted and is taxable although the Fund maintaining the safety receives no curiosity price in money on
the safety throughout the yr.

 

One of the vital debt securities
(with a set adulthood date of a couple of yr from the date of issuance) that can be got by means of the Fund could also be handled as debt securities
which might be issued at the beginning at a cut price. Usually, the volume of the unique factor cut price (“OID”) is handled as curiosity
revenue and is incorporated in revenue over the time period of the debt safety, although price of that quantity isn’t gained till a later
time, typically when the debt safety matures. A portion of the OID includable in revenue with admire to positive high-yield company debt
securities (together with positive pay-in-kind securities) could also be handled as a dividend for U.S. federal revenue tax functions.

 

One of the vital debt securities
(with a set adulthood date of a couple of yr from the date of issuance) that can be got by means of the Fund within the secondary marketplace
could also be handled as having marketplace cut price. Usually, any achieve known at the disposition of, and any partial price of essential on,
a debt safety having marketplace cut price is handled as peculiar revenue to the level the achieve, or essential price, does no longer exceed the
“amassed marketplace cut price” on such debt safety. Marketplace cut price usually accrues in equivalent day by day installments. The Fund would possibly
make a number of of the elections acceptable to debt securities having marketplace cut price, which might have an effect on the nature and timing of
reputation of revenue.

 

Some debt securities (with
a set adulthood date of 1 yr or much less from the date of issuance) that can be got by means of the Fund could also be handled as having acquisition
cut price, or OID when it comes to positive sorts of debt securities. Usually, the Fund can be required to incorporate the purchase cut price,
or OID, in revenue over the time period of the debt safety, although price of that quantity isn’t gained till a later time, typically when
the debt safety matures. The Fund would possibly make a number of of the elections acceptable to debt securities having acquisition cut price, or
OID, which might have an effect on the nature and timing of popularity of revenue.

 

The Fund that holds the
foregoing types of securities could also be required to pay out as an revenue distribution every yr an quantity, which is bigger than the whole
amount of money curiosity the Fund in reality gained. Such distributions could also be constituted of the money sources of the Fund or by means of liquidation
of portfolio securities, if important (together with when it isn’t positive to take action). The Fund would possibly understand beneficial properties or losses from such
liquidations. Within the

match the Fund realizes web capital beneficial properties from such
transactions, its shareholders would possibly obtain a bigger capital achieve distribution, if any, than they’d within the absence of such transactions.

 

Shareholders of the Fund
could also be matter to state and native taxes on distributions gained from the Fund and on redemptions of the Fund’s stocks.

 

The foregoing dialogue
relates solely to U.S. federal revenue tax regulation as acceptable to U.S. individuals (this is, U.S. voters and citizens, and home firms,
partnerships, trusts and estates). Shareholders who aren’t U.S. individuals will have to seek the advice of their tax advisors in regards to the U.S. and international
tax penalties of an funding within the Fund.

 

A short lived clarification of the
shape and personality of the distribution accompany every distribution. In January of every yr the Fund problems to every shareholder a remark
of the federal revenue tax standing of all distributions.

 

Shareholders will have to seek the advice of
their tax advisers in regards to the software of federal, state and native and international tax regulation in mild in their specific state of affairs.

 

Wholly Owned Subsidiary

 

The Fund intends to speculate
a portion of its sources within the Subsidiary, which can be categorised as an organization for U.S. federal revenue tax functions. A international company,
such because the Subsidiary, will usually no longer be matter to U.S. federal revenue taxation except it’s deemed to be engaged in a U.S. commerce
or trade. It’s anticipated that the Subsidiary would behavior its actions in a way as a way to meet the necessities of a secure harbor
below Phase 864(b)(2) of the Inside Income Code (the “Protected Harbor”) pursuant to which the Subsidiary, supplied it isn’t
a trader in shares, securities or commodities, would possibly have interaction within the following actions with out being deemed to be engaged in a U.S. commerce
or trade: (1) buying and selling in shares or securities (together with contracts or choices to shop for or promote securities) for its personal account; and (2)
buying and selling, for its personal account, in commodities which might be “of a type usually dealt in on an arranged commodity substitute” if
the transaction is of a type usually consummated at such position. Thus, the Subsidiary’s securities and commodities buying and selling actions
will have to no longer represent a U.S. commerce or trade. Then again, if positive of the Subsidiary’s actions had been desperate to not be of the sort
described within the Protected Harbor or if the Subsidiary’s beneficial properties are as a result of investments in securities that represent U.S. actual assets
pursuits (which isn’t anticipated), then the actions of a Subsidiary would possibly represent a U.S. commerce or trade, or be taxed as such.

 

Generally, a international company
that doesn’t behavior a U.S. commerce or trade is nevertheless matter to tax at a flat fee of 30 p.c (or decrease tax treaty fee),
usually payable via withholding, at the gross quantity of positive U.S.-source revenue that isn’t successfully attached with a U.S.
commerce or trade. There may be at the moment no tax treaty in pressure between the U.S. and the Cayman Islands that would cut back this fee of withholding
tax.  Source of revenue matter to this kind of flat tax contains dividends and sure curiosity revenue.  The 30 p.c tax does no longer observe to
U.S.-source capital beneficial properties (whether or not long-term or momentary) or to curiosity paid to a international company on its deposits with U.S. banks.
The 30 p.c tax additionally does no longer observe to curiosity which qualifies as “portfolio curiosity.” The time period “portfolio curiosity”
usually contains curiosity (together with authentic factor cut price) on a duty in registered shape which has been issued after July 18,
1984 and with admire to which the individual, who would another way be required to deduct and withhold the 30 p.c tax, gained the specified
remark that the really helpful proprietor of the duty isn’t a U.S. individual throughout the which means of the Inside Income Code. Below positive
instances, curiosity on bearer duties can also be thought to be portfolio curiosity.

 

The Subsidiary, is wholly-owned
by means of the Fund. A U.S. one that owns (without delay, not directly or constructively) 10 p.c or extra of the whole mixed balloting energy of
all categories of inventory of a international company is a “U.S. Shareholder” for functions of the managed international company (“CFC”)
provisions of the Inside Income Code.  A international company is a CFC if, on any day of its taxable yr, greater than 50 p.c
of the balloting energy or price of its inventory is owned (without delay, not directly or constructively) by means of “U.S. Shareholders.” As a result of
the Fund is a U.S. individual that can personal all the inventory of the Subsidiary, if applied, the Fund can be a “U.S. Shareholder”
and the Subsidiary a CFC. As a “U.S. Shareholder,” the Fund can be required to incorporate in gross revenue for United States federal
revenue tax functions all of its Subsidiary’s “subpart F revenue” (outlined, partly, under), whether or not or no longer such revenue is sent
by means of the Subsidiary. It’s anticipated that all the Subsidiary’s revenue can be “subpart F revenue.”  “Subpart F revenue”
usually contains curiosity, authentic factor cut price, dividends, web beneficial properties from the disposition of shares or securities, receipts with
admire to securities loans and web bills gained with admire to fairness swaps and equivalent derivatives.  “Subpart F revenue”
additionally contains the way over beneficial properties over losses from transactions (together with futures, ahead and equivalent transactions) in any commodities.
The Fund’s reputation of a Subsidiary’s “subpart F revenue” would building up the Fund’s tax foundation within the Subsidiary. Distributions
by means of the Subsidiary to the Fund can be tax-free, to the level of its up to now undistributed “subpart F revenue,” and correspondingly
scale back the Fund’s tax foundation within the Subsidiary. “Subpart F revenue” is usually handled as peculiar revenue, without reference to the
personality of the Subsidiary’s underlying revenue.

 

Generally, every “U.S.
Shareholder” is needed to report IRS Shape 5471 with its U.S. federal revenue tax (or knowledge) returns offering details about
its possession of the CFC and the CFC. As well as, a “U.S. Shareholder” would possibly in positive instances be required to file a
disposition of stocks in a Subsidiary by means of attaching IRS Shape 5471 to its U.S. federal revenue tax (or knowledge) go back that it will
typically report for the taxable yr by which the disposition happens. Generally, those submitting necessities will observe to buyers of the
Fund if the investor is a U.S. one that owns without delay, not directly or constructively (throughout the which means of Sections 958(a) and (b) of
the Inside Income Code) 10 p.c or extra of the whole mixed balloting energy of all categories of balloting inventory of a international company
that could be a CFC for an uninterrupted length of 30 days or extra throughout any tax yr of the international company, and who owned that inventory
at the closing day of that yr.

 

INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

 

The Fund has decided on [
], situated at [ ], as its unbiased registered public accounting company for the present fiscal yr offering services and products together with (1) audit
of annual economic statements, and (2) help and session in reference to SEC filings.

 

LEGAL COUNSEL

 

Thompson Hine LLP, 41 South
Top Side road, Suite 1700, Columbus, Ohio 43215 serves because the Believe’s felony suggest.

 

CONSOLIDATED FINANCIAL STATEMENTS

 

The Fund has no longer but commenced
operations and, subsequently, has no longer produced economic statements. As soon as produced, you’ll be able to download a replica of the Fund’s long run Semi-Annual
Experiences and Annual Experiences at no cost by means of calling the Fund at 1-877-772-5838.

 

 

Appendix A: ADVISER’S
PROXY VOTING POLICIES AND PROCEDURES

 

ALTEGRIS ADVISORS,
L.L.C.

Proxy
balloting Coverage

Pursuant to Rule 206(4)-6 and Rule 204-2
below the Advisers Act, this can be a fraudulent, misleading, or manipulative act, follow or direction of industrial, throughout the which means of Phase
206(4) of the Advisers Act, for an funding adviser to workout balloting authority with admire to consumer securities, except (A) the adviser
has followed and applied written insurance policies and procedures which might be relatively designed to make sure that the adviser votes proxies within the
easiest pursuits of its purchasers, (B) the adviser describes its proxy balloting procedures to its purchasers and offers copies on request, and
(C) the adviser discloses to purchasers how they will download knowledge on how the adviser voted their proxies.

Balloting Proxies

With admire to the Funding Price range,
the Adviser does no longer transact securities transactions on behalf of the Funding Price range excluding for its allocation (and next subscriptions
and redemptions) into every Funding Fund’s respective Underlying Fund(s). Those Underlying Price range are privately presented securities.
As soon as allotted, the Adviser does no longer workout discretion with admire to the underlying investments bought by means of the by means of the non-public funding
fund managers of the Underlying Price range by which the Funding Price range make investments. Subsequently, it’s expected that the managers of the Underlying
Price range will vote all proxies. Then again, will have to an Funding Fund be put able to vote a safety, the Adviser will adhere to this
Proxy Balloting Coverage.

With admire to the Advisory Price range (different
than a Closed-Finish Fund), the Adviser these days conveys all authority to vote proxies on their behalf to sub-advisers, pursuant to the
sub-advisory agreements entered into between the Adviser and every respective sub-adviser. Then again, will have to a sub-adviser no longer be able
to vote a proxy in the case of a safety held by means of an Advisory Fund, the Adviser stands ready, upon realize and based on acceptable
proxy balloting insurance policies, to take the important motion. The Adviser will overview and care for a report of the sub-adviser’s insurance policies,
procedures, and reporting supplied to the NLFT with admire to connected issues, together with the Shape N-PX. The Adviser will overview its operations
no less than yearly to substantiate compliance with its insurance policies and procedures. With admire to a Closed-Finish Fund, the Adviser would possibly decide
to retain authority to vote proxies and can observe the Proxy Balloting Coverage described under.

The Adviser will vote proxies on behalf
of its Purchasers, as required. To be able to satisfy its obligations below the Advisers Act, the Adviser has followed the next insurance policies
and procedures for proxy balloting with reference to corporations within the funding portfolio of Advisory Price range.

  1. All proxies despatched to Purchasers which might be
    in reality gained by means of the Adviser (to vote on behalf of the Consumer) can be supplied to the Govt Officials.
  2. The Govt Officials will usually
    adhere to the next procedures (matter to restricted exception):
1. A written report of every proxy gained
by means of the Adviser (on behalf of its Purchasers) can be saved within the Adviser’s information;
2. The Govt Officials will decide which
of the Adviser’s Purchasers holds the safety to which the proxy relates;
3. Previous to balloting any proxies, the Govt
Officials will decide if there are any conflicts of curiosity associated with the proxy in query based on the overall tips
set forth under. If a battle is

recognized, the Govt Officials will
then make a decision (that could be in session with outdoor felony suggest) as as to whether the battle is subject matter.

4. If no subject matter battle is recognized pursuant
to those procedures, the Govt Officials will vote the proxy based on the ideas set forth under. The Govt Officials
will ship the proxy based on directions associated with such proxy in a well timed and suitable means.
5. If, on account of a lower
within the exceptional balloting securities of an unaffiliated funding corporate or UIT, the Advisory Crew (or a sub-advisory crew), every
within the mixture, turns into a holder of 25 p.c or extra of the phenomenal balloting securities of the unaffiliated funding corporate or
UIT, then the Adviser (or the Adviser will purpose a sub-adviser) will vote its stocks of the unaffiliated funding corporate or UIT in
the similar share because the vote of all different holders of the unaffiliated funding corporate’s or UIT’s stocks.

Conflicts of
Pastime

A. As mentioned above, in comparing the right way to vote
a proxy, the Govt Officials will first decide whether or not there’s a subject matter battle of curiosity associated with the proxy in query
between Adviser and its Purchasers. This exam will come with (however may not be restricted to) an analysis of whether or not the Adviser (or any
associate of the Adviser) has any trade or non-public courting with the corporate (or an associate of the corporate) to which the proxy
relates outdoor of an funding in such corporate by means of a Consumer of the Adviser.
B. If a battle is recognized and deemed
“subject matter” by means of the Govt Officials, the Adviser would possibly unravel such conflicts in numerous techniques. Most often, to the level
that there’s very little discretion to deviate from the Advisory Price range’ insurance policies and procedures at the proposal in query, proxies
can be voted based on such pre-determined tips.  In different eventualities, the Govt Officials would possibly (a) defer
to the balloting advice of both a non-conflicted celebration or an unbiased 1/3 celebration proxy balloting carrier supplier; (b) in session
with felony suggest decide the correct way to unravel the battle of curiosity; or (c) vote pursuant to consumer course. The
manner decided on would possibly range relying upon the details and instances of every state of affairs. Examples of subject matter conflicts of curiosity come with,
however aren’t restricted to: a state of affairs the place the adviser supplies important funding advisory or different services and products to an organization whose control
is soliciting proxies; an officer of the Adviser serves at the board of a charitable group that receives charitable contributions
from the portfolio corporate and the charitable group is a shopper of the Adviser; a portfolio corporate that could be a important promoting
agent of the Adviser’s services solicits proxies; a broker-dealer or insurance coverage corporate that controls 5% or extra of
the Adviser’s sources solicits proxies; the Adviser and the portfolio corporate have a lending courting. In every of those eventualities
balloting towards control would possibly purpose the Adviser a lack of earnings or different get advantages.
C. With admire to ERISA purchasers whose advisory
contract reserves the appropriate to vote proxies when the Adviser has desperate {that a} subject matter battle exists that has effects on its easiest judgment
as a fiduciary to the ERISA consumer, the Adviser will:
1. Give the ERISA consumer the chance to
vote the proxies in query themselves; or
2. Apply designated particular proxy balloting
procedures associated with balloting proxies pursuant to the phrases of the funding control settlement with such ERISA purchasers (if any).

Proxy Balloting
Tips

Proxy proposals gained by means of the Adviser
that relate to issues involving Purchasers’ accounts or investments can be reviewed to decide the relevance of problems offered
by means of the proxies, and the materiality of the ones problems to Purchasers. Such determinations can be made by means of the Govt Officials, or by means of a division
head or different individual (a “Designated Officer”) having delegated authority from the Govt Officials to make such determinations.
The Govt Officials

or a Designated Officer will then: (1) vote
the proxy (or decide to not solid a vote) in step with his, her, or their skilled funding judgment as to what plan of action
easiest serves the economic and financial pursuits of Purchasers suffering from the proxy; or (2) instruct an underlying sub-adviser, supervisor
or custodian of Purchasers’ sources, as acceptable, relating to the right way to vote the proxy (or to not solid a vote) in step with his, her,
or their skilled funding judgment as to what plan of action easiest serves the economic and financial pursuits of Purchasers affected
by means of the proxy.

As a question of common coverage, the Adviser
is more likely to vote towards any control proposals from publicly held corporations that can, if handed, serve to insulate corporations from
the self-discipline of the marketplace, from responsibility to shareholders or from prudent regulatory compliance.
Even if every proxy would possibly
provide distinctive problems requiring particular attention, the Adviser’s insurance policies with admire to conventional classes of proxies gained
every now and then in reference to Purchasers’ investments are set out under.

Operational
Proposals. Proxies that relate to this class of proposals are a regular and important side of industrial operations of businesses in
which the Adviser would possibly make investments, and incessantly would possibly not have an important impact at the price of the funding. Elements that can be thought to be
in reviewing those proposals come with the economic functionality of the corporate, attendance and independence of board individuals and committees,
and enforcement of strict accounting practices. If the Adviser determines to vote such proxies in the case of operational proposals, it usually
have a propensity to beef up corporate control in such issues, except within the skilled judgment of the Govt Officials or a Designated
Officer the precise proposals to be voted on seem to not be in the most efficient pursuits of Purchasers. Operations connected proposals incessantly
relate to issues together with, however no longer restricted to: (1) title adjustments; (2) election of administrators; (3) ratification of auditors; (4) repairs
of administrators and officer’s indemnification and legal responsibility insurance policies; or (5) ratification of worker inventory acquire or possession plans.

Adjustments in Company Construction or Standing.
Proxies in the case of this class of proposals normally contain adjustments in standing, possession or categories of securities of an organization,
equivalent to proposals relating to: (1) mergers, acquisitions, and restructurings; (2) reincorporations; or (3) adjustments in capitalization. Proxies
falling inside of this class for which the Adviser determines to solid a vote can be reviewed by means of the Govt Officials or a Designated
Officer, and voted, on a case-by-case foundation taking into consideration all related details and instances surrounding every such proposal.

Shareholder Democracy. The Adviser usually
have a propensity to beef up proposals that improve shareholder democracy, and vote towards proposals that try to materially prohibit
shareholder democracy or prohibit the power of Purchasers to understand the worth in their investments. Proposals that prohibit shareholder
democracy would possibly come with, for instance, proposals endorsing or facilitating: (1) unreasonable will increase in indemnification or legal responsibility protections
for administrators and officials; (2) supermajorities or different unequal balloting rights proposals; (3) categorised or staggered forums of administrators;
(4) authorization of extra exceptional inflicting unfair dilution to current shareholders’ pursuits; or (5) altered company
construction or exchange in company homestead disadvantageous to the commercial pursuits of shareholders.

Govt Repayment. The Adviser believes
usually that cheap repayment is acceptable for administrators, executives and workers of businesses by which the Adviser invests
on behalf of Purchasers. Repayment will have to be used as an incentive to align the pursuits of the concerned events with the long-term economic
good fortune of an organization however will have to no longer be over the top or used in some way that compromises independence or creates conflicts of curiosity.
The Adviser will overview any proxy proposals in the case of government repayment for which it determines to solid a vote on a case-by-case
foundation in mild of those common ideas and the related details and instances surrounding every such proposal.

Different Issues. Different classes of proxy proposals
come with those who deal with social, environmental, and problems with sense of right and wrong with reference to the trade behavior of an organization. As with any
proxies, the Adviser will overview every factor on a case-by-case foundation based on those Proxy Balloting Insurance policies to decide what’s going to
easiest get advantages the economic and financial pursuits of any Purchasers suffering from every such proposal.

16.4        Disclosure
of Procedures

Purchasers can be supplied with touch
knowledge as to how they may be able to download details about: (1) the Adviser’s proxy balloting procedures (i.e., a replica of those procedures);
and (2) how the Adviser voted proxies which might be related to the affected Consumer.

16.5        File-keeping
Necessities

The Govt Officials can be accountable
for keeping up information in the case of the Adviser’s proxy balloting procedures. Information can be maintained and preserved for 5 years from
the tip of the fiscal yr throughout which the closing access used to be made on a report, with information for the primary two years saved within the places of work
of the Adviser. Information of the next can be incorporated within the information:

  1. Copies of those proxy balloting insurance policies
    and procedures, and any amendments thereto;
  2. A duplicate of every proxy remark that the
    Adviser in reality gained; supplied, on the other hand, that the Adviser would possibly depend on acquiring a replica of proxy statements from the SEC’s EDGAR
    device for the ones proxy statements which might be so to be had;
  3. A report of every vote that the Adviser
    casts;
  4. A duplicate of any report that the Adviser
    created that used to be subject matter to you make a decision on the right way to vote the proxies, or memorializes that call (if any); and
  5. A duplicate of every written request for info
    on how the Adviser voted such Consumer’s proxies and a replica of any written reaction to any request for info on how the Adviser
    voted proxies on behalf of Purchasers.

 

 

 

 

 

 

 

  

 

 

 

For more information, talk over with altegris.com

 

 

 

Northern Lighting
Fund Believe

PART C

OTHER INFORMATION

ITEM 28.

EXHIBITS.

 

(a)(1) Settlement and Declaration of Believe dated January 19, 2005, as amended December 14, 2009, September 26, 2012 and June 25, 2019 up to now filed on August 22, 2019 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 1,207, and hereby integrated by means of reference.
(a)(2) Certificates of Believe as filed with the State of Delaware on January 19, 2005. Up to now filed on February 18, 2005 to the Registrant’s Registration Observation on Shape N-1A, and hereby integrated by means of reference.
(b) By means of-Regulations, nice as of January 19, 2005, as amended December 14, 2009, up to now filed on March 24, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 133, and hereby integrated by means of reference.
(c) Tools Defining Rights of Safety Holders. See Article III, “Stocks” and Article V “Shareholders’ Balloting Powers and Conferences” of the Registrant’s Settlement and Declaration of Believe. See additionally, Article II, “Conferences of Shareholders” of the Registrant’s By means of-Regulations.
(d)(1) Funding Advisory Settlement between the Registrant, with admire to the Adaptive Allocation Fund (up to now referred to as Essential Math Fund), and Essential Math Advisors LLC, up to now filed on January 30, 2006 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 8, and hereby integrated by means of reference.
(d)(2)

Funding
Advisory Settlement between the Registrant, with admire to The Biondo Expansion Fund, and Biondo Funding Advisors, LLC, up to now filed
on April 24, 2006 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 11, and hereby integrated by means of reference.
Amended Funding Advisory Settlement to incorporate The Biondo Focal point Fund up to now filed on January 14, 2010 to the Registrant’s
Registration Observation in

Submit-Efficient
Modification No. 121, and hereby integrated by means of reference.

(d)(3) Funding Advisory Settlement between the Registrant, with admire to the Converting Parameters Fund, and Converting Parameters, LLC, up to now filed on January 12, 2007 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 16, and hereby integrated by means of reference.
(d)(4) Funding Advisory Settlement between the Registrant, with admire to the Pacific Monetary Core Fairness Fund, the Pacific Monetary Explorer Fund, the Pacific Monetary Global Fund, the Pacific Monetary Strategic Conservative Fund and the Pacific Monetary Tactical Fund, and The Pacific Monetary Crew, LLC, up to now filed on Might 10, 2007 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 21, and hereby integrated by means of reference.
(d)(5) Funding Advisory Settlement between the Registrant, with admire to Sierra Core Retirement Fund and Wright Fund Control, LLC, up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(6) Funding Advisory Settlement between the Registrant, with admire to EAS Crow Level Choices Fund and Crow Level Companions, LLC, up to now filed on October 27, 2016 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 883, and hereby integrated by means of reference.

 

(d)(7) Funding Advisory Settlement between the Registrant, with admire to KCM Macro Tendencies Fund and Kerns Capital Control, Inc., up to now filed on October 11, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 542, and hereby integrated by means of reference.
(d)(8) Funding Advisory Settlement between the Registrant, with admire to the Wade Tactical L/S Fund and Wade Monetary Crew, up to now filed on November 28, 2012 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 436, and hereby integrated by means of reference.
(d)(9) Funding Advisory Settlement between the Registrant, with admire to the Toews Hedged Core Frontier Fund and Toews Company up to now filed on Might 14, 2009 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 87, and hereby integrated by means of reference. Amended Funding Advisory Settlement to incorporate Toews Hedged Core W Fund, Toews Hedged Top Yield Bond Fund, Toews Hedged Core L Fund and Toews Hedged Core S Fund up to now filed on June 4, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 156, and hereby integrated by means of reference. Amended Funding Advisory to incorporate Toews Hedged Expansion Allocation, Toews Unconstrained Source of revenue Fund and Toews Hedged Commodities Fund up to now filed on October 4, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 539, and hereby integrated by means of reference.
(d)(10) Funding Advisory Settlement between the Registrant, with admire to the Chief Quick Time period Bond Fund and Chief Capital Corp., up to now filed on October 20, 2008 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 66, and hereby integrated by means of reference. Amended Funding Advisory Settlement to incorporate Chief Overall Go back Fund up to now filed on June 30, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 162, and hereby integrated by means of reference.
(d)(11) Funding Advisory Settlement between Montebello Companions, LLC and the Registrant, with admire to the GMG Defensive Beta Fund up to now filed on July 27, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 728, and hereby integrated by means of reference.
(d)(12) Funding Advisory Settlement between BTS Asset Control, Inc. and the Registrant, with admire to the BTS Bond Asset Allocation Fund up to now filed on July 21, 2009 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 94, and hereby integrated by means of reference.

(d)(13)

 

 

Funding Advisory Settlement between Astor Funding Control, LLC and the Registrant, with admire to the Astor Lengthy/Quick ETF Fund, the Astor S.T.A.R. ETF Fund and the Astor Lively Source of revenue ETF Fund, up to now filed on March 9, 2015 to the Registrant’s Registration Declaration in Submit-Efficient Modification No. 694, and hereby integrated by means of reference.
(d)(14) Funding Advisory Settlement between Equinox Fund Control, LLC and the Registrant, with admire to Equinox MutualHedge Futures Technique Fund up to now filed on January 22, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 122, and hereby integrated by means of reference.
(d)(15) Funding Advisory Settlement between Funding Companions Asset Control, Inc. and the Registrant, with admire to Funding Companions Alternatives Fund up to now filed on October 30, 2009 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 111, and hereby integrated by means of reference.

 

(d)(16) Modification to the Funding Advisory Settlement between Princeton Fund Advisors, LLC and the Registrant, with admire to Princeton Futures Technique Fund, filed up to now filed on July 28, 2016 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 847, and hereby integrated by means of reference.
(d)(17) Sub-Advisory Settlement between Princeton Fund Advisors, LLC and 6800 Capital, LLC, with admire to the Princeton Futures Technique Fund up to now filed on Might 28, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 720, and hereby integrated by means of reference.
(d)(18) Sub-Advisory Settlement between Princeton Fund Advisors, LLC and Congress Asset Control Corporate, LLP, with admire to the Princeton Futures Technique Fund up to now filed on October 9, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 540, and hereby integrated by means of reference.
(d)(19) Funding Advisory Settlement between Chadwick & D’Amato, LLC and the Registrant, with admire to Chadwick & D’Amato Fund up to now filed on June 10, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 157, and hereby integrated by means of reference.
(d)(20) Funding Advisory Settlement between 13D Control, LLC and the Registrant, with admire to 13D Activist Fund up to now filed on December 29, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 345, and hereby integrated by means of reference.
(d)(21) Funding Advisory Settlement between Altegris Advisors, L.L.C. and the Registrant, with admire to Altegris Controlled Futures Technique Fund, Altegris Macro Technique Fund, Altegris Futures Evolution Fund, Altegris Fairness Lengthy Quick Fund, Altegris Mounted Source of revenue Lengthy Quick Fund, Altegris Multi-Technique Choices Fund and Altegris GSA Pattern Technique Fund up to now filed on April 19, 2017 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 960, and hereby integrated by means of reference.
(d)(22) Funding Advisory Settlement between W.E. Donoghue & Co., Inc. and the Registrant, with admire to Energy Source of revenue Fund up to now filed on August 27, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 170, and hereby integrated by means of reference.
(d)(23) Funding Advisory Settlement between Portfolio Methods, Inc. and the Registrant, with admire to PSI Marketplace Impartial Fund, PSI Overall Go back Fund, PSI Strategic Expansion Fund and PSI Tactical Expansion Fund up to now filed on August 27, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 170, and hereby integrated by means of reference.
(d)(24) Funding Advisory Settlement between CWC Advisors, LLC and the Registrant, with admire to CWC Small Cap Competitive Price Fund up to now filed on November 30, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 186, and hereby integrated by means of reference.
(d)(25) Funding Advisory Settlement between Traub Capital Control, LLC and the Registrant, with admire to The FX Technique Fund up to now filed on January 20, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 201, and hereby integrated by means of reference.
(d)(26) Funding Advisory Settlement between TransWestern Capital Advisors, LLC and the Registrant, with admire to TransWestern Institutional Quick Period Govt Bond Fund up to now filed on December 2, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 187, and hereby integrated by means of reference. Modification to the Funding Advisory Settlement between TransWestern Capital Advisors, LLC, and the Registrant, with admire to TransWestern Institutional Quick Period Govt Bond Fund up to now filed on April 25, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 601, and hereby integrated by means of reference.

 

(d)(27) Funding Sub-Advisory Settlement between TransWestern Capital Advisors, LLC and Loomis, Sayles & Corporate, L.P., with admire to TransWestern Institutional Quick Period Govt Bond Fund up to now filed on December 2, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 187, and hereby integrated by means of reference.
(d)(28) Funding Advisory Settlement between Logan Circle Companions, L.P., and the Registrant, with admire to Fort Lengthy/Quick Credit score Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(29) Funding Advisory Settlement between Beech Hill Advisors, Inc., and the Registrant, with admire to Beech Hill Overall Go back Fund up to now filed on January 5, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 196, and hereby integrated by means of reference.
(d)(30) Funding Advisory Settlement between Clark Capital Control Crew, Inc., and the Registrant, with admire to Navigator Fairness Hedged Fund up to now filed on November 30, 2010 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 186, and hereby integrated by means of reference.
(d)(31) Funding Advisory Settlement between Knollwood Funding Advisors, LLC, and the Registrant, with admire to Grant Park Controlled Futures Technique Fund up to now filed on March 1, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 226, and hereby integrated by means of reference.
(d)(32) Switch and Assumption Settlement between Knollwood Funding Advisors, LLC, and Dearborn Capital Control, L.L.C., with admire to the Funding Advisory Settlement particular as to the Grant Park Controlled Futures Technique Fund up to now filed on Might 31, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 491, and hereby integrated by means of reference.
(d)(33) Funding Advisory Settlement between Possibility Paradigm Crew, LLC, and the Registrant, with admire to Diverse Possibility Parity Fund up to now filed on April 21, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 240, and hereby integrated by means of reference.
(d)(34) Funding Advisory Settlement between Genesis Capital LLC, and the Registrant, with admire to Granite Harbor Selection Fund and Granite Harbor Tactical Fund up to now filed on April 21, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 240, and hereby integrated by means of reference.
(d)(35) Funding Advisory Settlement between Zeo Capital Advisors, LLC and the Registrant, with admire to Zeo Quick Period Source of revenue Fund up to now filed on Might 27, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 261, and hereby integrated by means of reference. First Modification to Funding Advisory Settlement between Zeo Capital Advisors, LLC and the Registrant, with admire to Zeo Quick Period Source of revenue Fund up to now filed on July 26, 2019 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 1,201 and hereby integrated by means of reference.
(d)(36) Funding Advisory Settlement between Giralda Advisors, LLC, and the Registrant, with admire to The Giralda Fund up to now filed on Might 4, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 245, and hereby integrated by means of reference.
(d)(37) Funding Advisory Settlement between Van Hulzen Asset Control, LLC and the Registrant, with admire to Iron Horse Fund up to now filed on March 3, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 595, and hereby integrated by means of reference.

 

(d)(38) Funding Advisory Settlement between Makefield Capital Control, LLC and the Registrant, with admire to Makefield Controlled Futures Technique Fund, up to now filed on December 23, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 571, and hereby integrated by means of reference.
(d)(39) Funding Advisory Settlement between Ascendant Advisors, LLC and the Registrant, with admire to Ascendant Balanced Fund, Ascendant Herbal Sources Fund, Ascendant Deep Values Convertible Fund and Patriot Fund up to now filed on January 27, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 580, and hereby integrated by means of reference.
(d)(40) Funding Advisory Settlement between Winch Advisory Products and services, LLC and the Registrant, with admire to Ginkgo Multi-Technique Fund up to now filed on July 19, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 282, and hereby integrated by means of reference.
(d)(41) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and Doubleline Capital LP, with admire to Altegris Futures Evolution Technique Fund up to now filed on October 19, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 318, and hereby integrated by means of reference.
(d)(42) Funding Advisory Settlement between Possibility Paradigm Crew, LLC and the Registrant, with admire to RPG Rising Marketplace Sector Rotation Fund up to now filed on November 28, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 337, and hereby integrated by means of reference.
(d)(43) Funding Sub-Advisory Settlement between Possibility Paradigm Crew, LLC and F-Squared Institutional Advisors, LLC, with admire to RPG Rising Marketplace Sector Rotation Fund up to now filed on October 9, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 540, and hereby integrated by means of reference.
(d)(44) Funding Advisory Settlement between CMG Capital Control Crew, Inc. and the Registrant, with admire to the CMG Tactical Futures Technique Fund up to now filed on March 12, 2012 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 363, and hereby integrated by means of reference.
(d)(45) Funding Sub-Advisory Settlement between CMG Capital Control Crew, Inc. and Scotia Companions, LLC, with admire to the CMG Tactical Futures Technique Fund up to now filed on March 12, 2012 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 363, and hereby integrated by means of reference.
(d)(46) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and Harvest Capital Methods, LLC, with admire to the Altegris Fairness Lengthy Quick Fund up to now filed on October 15, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 543, and hereby integrated by means of reference.
(d)(47) Funding Advisory Settlement between Wright Fund Control, LLC and the Registrant, with admire to the Sierra Tactical Core Source of revenue Fund up to now filed on December 21, 2011 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 343, and hereby integrated by means of reference.
(d)(48) Funding Advisory Settlement between Princeton Fund Advisors, LLC, Eagle World Advisors, LLC and the Registrant, with admire to the Eagle MLP Technique Fund up to now filed on October 15, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 543, and hereby integrated by means of reference.
(d)(49) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and Visium Asset Control LP, with admire to the Altegris Fairness Lengthy Quick Fund up to now filed on October 15, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 543, and hereby integrated by means of reference.

 

(d)(50) Funding Advisory Settlement between Princeton Fund Advisors, LLC and the Registrant, with admire to the Sandalwood Alternative Fund up to now filed on October 15, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 543, and hereby integrated by means of reference.
(d)(51) Funding Sub-Advisory Settlement between Princeton Fund Advisors, LLC and Sandalwood Securities, Inc., with admire to the Sandalwood Alternative Fund up to now filed on October 15, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 543, and hereby integrated by means of reference.
(d)(52) Funding Sub-Advisory Settlement between Princeton Fund Advisors, LLC and Deer Park Street Control, LP, with admire to the Sandalwood Alternative Fund up to now filed on January 13, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 658, and hereby integrated by means of reference.
(d)(53) Funding Sub-Advisory Settlement between Princeton Fund Advisors, LLC and Acuity Capital Control, LLC, with admire to the Sandalwood Alternative Fund up to now filed on November 20, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 561, and hereby integrated by means of reference.
(d)(54) Funding Sub-Advisory Settlement between Princeton Fund Advisors, LLC and MidOcean Credit score Fund Control, L.P., with admire to the Sandalwood Alternative Fund up to now filed on April 7, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 598, and hereby integrated by means of reference.  
(d)(55) Period in-between Sub-Advisory Settlement between Princeton Fund Advisors, LLC and Whippoorwill Capital Control LP, with admire to the Sandalwood Alternative Fund up to now filed on July 28, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 729, and hereby integrated by means of reference.
(d)(56) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and RockView Control, LLC, with admire to the Altegris Mounted Source of revenue Lengthy Quick Fund up to now filed on December 17, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 570, and hereby integrated by means of reference.
(d)(57) Funding Advisory Settlement between The Pacific Monetary Crew, LLC and the Registrant, with admire to the Pacific Monetary Selection Methods Fund, Pacific Monetary Versatile Expansion & Source of revenue Fund, Pacific Monetary Balanced Fund, Pacific Monetary Foundational Asset Allocation Fund, Pacific Monetary Religion & Values Based totally Average Fund, Pacific Monetary Religion & Values Based totally Conservative Fund and Pacific Monetary Religion & Values Based totally Diverse Expansion Fund up to now filed on December 17, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 570, and hereby integrated by means of reference.
(d)(58) Funding Advisory Settlement between BTS Asset Control, Inc. and the Registrant, with admire to the BTS Hedged Source of revenue Fund up to now filed on February 12, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 459, and hereby integrated by means of reference.
(d)(59) Funding Advisory Settlement between CMG Capital Control Crew, Inc. and the Registrant, with admire to the CMG World Fairness Fund and CMG Controlled Top Yield Fund up to now filed on Might 1, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 485, and hereby integrated by means of reference.
(d)(60) Funding Sub-Advisory Settlement between CMG Capital Control Crew, Inc. and Alpha Simplex Crew, LLC, with admire to the CMG World Fairness Fund up to now filed on October 29, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 648, and hereby integrated by means of reference.

 

(d)(61) Funding Advisory Settlement between BTS Asset Control, Inc. and the Registrant, with admire to the BTS Tactical Mounted Source of revenue Fund up to now filed on December 17, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 570, and hereby integrated by means of reference.
(d)(62) Task and Consent between the Registrant, Emerald Asset Advisors, LLC and Crow Level Companions, LLC up to now filed on March 7, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 469, and hereby integrated by means of reference.
(d)(63) Advisory Charge Waiver between Traub Capital Control, LLC. and the Registrant, with admire to The FX Technique Fund up to now filed on April 30, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 480, and hereby integrated by means of reference.
(d)(64) Funding Advisory Settlement between Giralda Advisors, LLC and the Registrant, with admire to The Giralda Fund up to now filed on Might 30, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 488, and hereby integrated by means of reference.
(d)(65) Funding Advisory Settlement between Clark Capital Control Crew, Inc. and the Registrant, with admire to Navigator Period Impartial Bond Fund up to now filed on December 23, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 571, and hereby integrated by means of reference.
(d)(66) Funding Sub-Advisory Settlement between Clark Capital Control Crew, Inc. and Major Level Advisors, Inc., with admire to the Navigator Period Impartial Bond Fund up to now filed on December 23, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 571, and hereby integrated by means of reference.
(d)(67) Period in-between Funding Advisory Settlement between Possibilities Fund Control, LLC and Registrant with admire to the Possibilities Fund up to now filed on December 31, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 789, and hereby integrated by means of reference.
(d)(68) Funding Advisory Settlement between W.E. Donoghue & Co., Inc. and the Registrant, with admire to the Energy Dividend Index Fund up to now filed on October 11, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 542, and hereby integrated by means of reference.
(d)(69) Advisory Charge Waiver Settlement between Van Hulzen Asset Control, LLC and the Registrant, with admire to Iron Horse Fund up to now filed on July 25, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 507, and hereby integrated by means of reference.
(d)(70) Funding Advisory Settlement between Portfolio Methods, Inc. and the Registrant, with admire to the PSI Calendar Results Fund up to now filed on December 23, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 571, and hereby integrated by means of reference.
(d)(71) Funding Advisory Settlement between Dearborn Capital Control L.L.C. and the Registrant, with admire to the Grant Park Multi-Selection Technique Fund up to now filed on December 17, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 570, and hereby integrated by means of reference.
(d)(72) Funding Advisory Settlement between Altegris Advisors, L.L.C. and the Registrant, with admire to the Altegris/AACA Actual Property Lengthy Quick up to now filed on December 23, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 571, and hereby integrated by means of reference.
(d)(73) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and American Belongings Funding Control, LLC, with admire to Altegris/AACA Actual Property Lengthy Quick Fund up to now filed on March 3, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 595, and hereby integrated by means of reference.

 

(d)(74) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and J.P. Morgan Funding Control, Inc., with admire to Altegris Macro Technique Fund and Altegris Controlled Futures Technique Fund up to now filed on October 28, 2013 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 551, and hereby integrated by means of reference.
(d)(75) Funding Advisory Settlement between Genesis Capital, LLC, with admire to Anchor Selection Source of revenue Fund up to now filed on January 24, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 578, and hereby integrated by means of reference.
(d)(76) Funding Sub-Advisory Settlement between Genesis Capital, LLC and Anchor Capital Control, Crew, Inc., with admire to Anchor Selection Source of revenue Fund up to now filed on January 24, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 578, and hereby integrated by means of reference.
(d)(77) Funding Advisory Settlement between Giralda Advisors, LLC and the Registrant, with admire to the Giralda Possibility-Controlled Expansion Fund up to now filed on February 24, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 593, and hereby integrated by means of reference.
(d)(78) Funding Advisory Settlement between Clark Capital Control Crew, Inc. and the Registrant, with admire to the Navigator Sentry Controlled Volatility Fund up to now filed on February 3, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 591, and hereby integrated by means of reference.
(d)(79) Funding Advisory Settlement between Clark Capital Control Crew, Inc. and the Registrant, with admire to the Navigator Tactical Mounted Source of revenue Fund up to now filed on July 11, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 614, and hereby integrated by means of reference. 5th Modification to Funding Advisory Settlement between Clark Capital Control Crew, Inc. and the Registrant, with admire to Navigator Tactical Mounted Source of revenue Fund up to now filed on August 9, 2019 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 1205, and hereby integrated by means of reference.
(d)(80) Funding Advisory Settlement between Astor Funding Control, LLC and the Registrant, with admire to the Astor Macro Selection Fund up to now filed on April 15, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 697, and hereby integrated by means of reference.
(d)(81) Funding Sub-Advisory Settlement between Dearborn Capital Control and EMC Capital Control, with admire to Grant Park Multi-Selection Methods Fund up to now filed on July 28, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 617, and hereby integrated by means of reference.
(d)(82) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and Chilton Funding Corporate, with admire to the Altegris Fairness Lengthy Quick Fund up to now filed on August 22, 2014 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 625, and hereby integrated by means of reference.
(d)(83) Funding Advisory Settlement between the Registrant and Chief Capital Corp., with admire to Chief World Bond Fund up to now filed on July 27, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 728, and hereby integrated by means of reference.
(d)(84) Funding Advisory Settlement between the Registrant and Genesis Capital LLC, with admire to Anchor Tactical Municipal Fund up to now filed on April 15, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 697, and hereby integrated by means of reference.

 

(d)(85) Funding Sub-Advisory Settlement between Genesis Capital LLC and Anchor Capital Control Crew, Inc., with admire to the Anchor Tactical Municipal Fund up to now filed on Might 28, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 720, and hereby integrated by means of reference.
(d)(86) Funding Advisory Settlement between the Registrant and Princeton Fund Advisors, LLC with admire to the Athena Behavioral Tactical Fund up to now filed on Might 28, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 720, and hereby integrated by means of reference.
(d)(87) Funding Sub-Advisory Settlement between Princeton Fund Advisors, LLC and AthenaInvest Advisors LLC, with admire to the Athena Behavioral Tactical Fund up to now filed on October 12, 2016 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 881, and hereby integrated by means of reference.
(d)(88) Modification to the Funding Advisory Settlement between CMG Capital Control Crew, Inc., and Registrant with admire to the CMG Tactical Bond Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(89) Modification to the Funding Advisory Settlement between CMG Capital Control Crew, Inc., and Registrant with admire to the CMG World Fairness Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(90) Modification to the Funding Advisory Settlement between BTS Asset Control, Inc. and Registrant with admire to the BTS Hedged Source of revenue Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(91) Modification to the Funding Advisory Settlement between Ascendant Advisors, LLC, and Registrant with admire to the Ascendant Deep Price Convertibles Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(92) Modification to the Funding Advisory Settlement between Genesis Capital LLC, and Registrant with admire to the Granite Harbor Selection Fund and Granite Harbor Tactical Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(93) Modification to the Funding Advisory Settlement between W.E. Donoghue & Co. Inc., and Registrant with admire to the Energy Source of revenue Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(94) Modification to the Funding Advisory Settlement between Clark Capital Control Crew, Inc. and Registrant with admire to the Navigator Period Impartial Bond Fund up to now filed on January 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 659, and hereby integrated by means of reference.
(d)(95) Modification to the Funding Advisory Settlement between BTS Asset Control, Inc. and Registrant with admire to the BTS Tactical Mounted Source of revenue Fund up to now filed on March 9, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 693, and hereby integrated by means of reference.
(d)(96) Funding Sub-Advisory Settlement between Altegris Advisors, L.L.C. and MAST Capital Control, LLC, with admire to the Altegris Mounted Source of revenue Lengthy Quick Fund up to now filed on April 15, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 697, and hereby integrated by means of reference.

 

(d)(97) Funding Advisory Settlement between Ladenburg Thalmann Asset Control, Inc. and Registrant with admire to the Ladenburg Competitive Expansion Fund, Ladenburg Expansion Fund, Ladenburg Expansion & Source of revenue Fund, Ladenburg Source of revenue & Expansion Fund and Ladenburg Source of revenue Fund up to now filed on September 1, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No, 749, and hereby integrated by means of reference.
(d)(98) Funding Advisory Settlement between Princeton Fund Advisors, LLC and Registrant with admire to the Deer Park Overall Go back Credit score Fund up to now filed on September 8, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 750, and hereby integrated by means of reference.
(d)(99) Funding Advisory Settlement between Dearborn Capital Control, LLC and Registrant with admire to Grant Park Absolute Go back Fund and Grant Park Mounted Source of revenue Fund up to now filed on April 30, 2015 to the Registrant’s Registration Observation and hereby integrated by means of reference.
(d)(100) Funding Sub-Advisory Settlement between Dearborn Capital Control, LLC and Revolution Capital Control, LLC up to now filed on August 7, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 734, and hereby integrated by means of reference.
(d)(101) Funding Sub-Advisory Settlement between Princeton Fund Advisors, LLC and Deer Park Street Control Corporate, LP, with admire to Deer Park Overall Go back Credit score Fund up to now filed on October 23, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 762, and hereby integrated by means of reference.
(d)(102) Funding Sub-Advisory Settlement between Dearborn Capital Control, LLC and Middleton Dickinson Capital Control, LLC, with admire to Grant Park Mounted Source of revenue Fund up to now filed on July 31, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 737, and hereby integrated by means of reference.
(d)(103) Advisory Charge Waiver Settlement between Dearborn Capital Control, LLC and the Registrant, with admire to Grant Park Mounted Source of revenue Fund up to now filed on January 25, 2017 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 923, and hereby integrated by means of reference.
(d)(104) Funding Advisory Settlement between Altegris Advisors, L.L.C. and Registrant with admire to AFES Fund Restricted, up to now filed on October 27, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 768, and hereby integrated by means of reference.
(d)(105) Funding Advisory Settlement between Altegris Advisors, L.L.C. and Registrant with admire to AGMS Fund Restricted, up to now filed on October 27, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 768, and hereby integrated by means of reference.
(d)(106) Funding Advisory Settlement between Altegris Advisors, L.L.C. and Registrant with admire to AMFS Fund Restricted, up to now filed on October 27, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 768, and hereby integrated by means of reference.
(d) (107) Modification to the Funding Advisory Settlement between Dearborn Capital Control, Inc. and Registrant with admire to the Grant Park Controlled Futures Technique up to now filed on December 31, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 789, and hereby integrated by means of reference.
(d) (108) Modification to the Funding Advisory Settlement between The Pacific Monetary Crew, LLC and Registrant with admire to the Pacific Monetary Strategic Conservative Fund up to now filed on December 31, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 789, and hereby integrated by means of reference.
(d) (109) Modification to the Funding Advisory Settlement between Genesis Capital, LLC and Registrant with admire to the Armor Selection Fund up to now filed on December 31, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 789, and hereby integrated by means of reference.

 

(d) (110) Modification to the Funding Advisory Settlement between Giralda Advisors, LLC and Registrant with admire to the Giralda Possibility Controlled Fund up to now filed on December 31, 2015 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 789, and hereby integrated by means of reference.
(d) (111) Modification to the Funding Advisory Settlement between Clark Capital Control Crew, Inc. and Registrant with admire to the Navigator Period Impartial Bond Fund up to now filed on January 28, 2016 to the Registrant’s Registration Observation in Submit-Efficient Modification No. 791, and hereby integrated by means of reference.   
(d) (112) Funding Advisory Settlement between Princeton Fund Advisors, LLC and Registrant with admire to Princeton Top