|Funds||Prospectus||Statement of Additional Information||Fact Sheet|
|Tactical Yield Fund|
Investors should carefully consider the investment objectives, risks, charges and expenses of the Ascendant Tactical Yield 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 Tactical Yield Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.
Mutual Funds involve risks including the possible loss of principal. An increase in credit risk or a default will likely cause the value of the Fund’s fixed income securities to decline. Issuers with lower credit quality, such as junk bond issuers, are more susceptible to economic or industry downturns and are more likely to default. The issuer of a debt security may fail to pay interest or principal when due and changes in market interest rates may reduce the value of debt securities or reduce the Fund’s return. Typically, the price of a fixed income security falls when interest rates rise. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to debt security risks and conversion value related equity risk. Changes in the financial condition of one or more municipal issuers may affect the overall municipal securities market and make it difficult to make interest and principal payments. The value of foreign issuer securities and ADR’s may be affected by changes in exchange control regulations, application of foreign tax laws, changes in governmental administration, economic or monetary policy. Swap agreements may involve fees, commissions or other costs that will reduce the Fund’s gains from a swap agreement, cause the Fund to lose money, or create leverage magnifying the gain or loss. The Fund’s high portfolio turnover may increase its transaction costs resulting in increased realization of net short-term capital gains, higher taxable distributions and lower after-tax performance. The Advisor and Sub-Advisor’s judgment about the attractiveness of an investment may prove to be inaccurate and the Fund may underperform other fixed income funds. Investments in other Funds are subject to expenses which will be indirectly paid by the Fund, thereby increasing the costs.
There is no assurance that the Fund will achieve its objectives, generate positive returns, or avoid losses.