|Funds||Prospectus||Statement of Additional Information||Fact Sheet|
|Deep Value Convertibles Fund|
Investors should carefully consider the investment objectives, risks, charges and expenses of the Ascendant Deep Value Convertibles Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at http://www.ascendantfunds.com or by calling 855-527-2363. The prospectus should be read carefully before investing. The Ascendant Deep Value Convertibles Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Ascendant Advisors, LLC. is not affiliated with Northern Lights Distributors, LLC.
Mutual Funds involve risk including the possible loss of principal. Convertible bonds are hybrid securities that have characteristics of both fixed income securities and common stocks and are subject to risk associated with both debt and equity securities. Issuers of fixed income securities may suffer from a reduced ability to repay their interest and principal obligations and may default on interest and/or principal payments owed to the Fund. Increased credit risk or default will likely cause the value of the Funds fixed income securities to decline. Investments in high yield or ‘junk’ debt securities, rated below investment grade, may be subject to greater risk of loss of principal, interest, default and liquidity, than investments in higher rated debt securities. Fixed income securities have varying levels of sensitivity to changes in interest rates, but generally the price of a fixed income security falls when interest rates rise. The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. Risks associated with derivative investments could be greater than investing directly in the underlying security or other traditional investments. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. Investments in lesser-known, small and medium capitalization companies may be more vulnerable than larger, more established organizations. A higher turnover may indicate higher transaction costs and could result in higher taxes when Fund shares are held in a taxable account. Short positions may be considered speculative and involve special risks, including greater reliance on the adviser's ability to accurately anticipate future values of security. The Fund's losses are potentially unlimited in a short positions. The adviser's assessment of a convertible bond's intrinsic value may never be realized by the market and a security judged to be undervalued may actually be appropriately priced or its price may move n the wrong direction.
There is no assurance that the Fund will achieve its objectives, generate positive returns, or avoid losses.