*Portfolio holdings are subject to change and should not be considered investment advice.

Mutual Funds involve risk including possible loss of principal. There is no assurance that the Fund will achieve its investment objectives.

ETF’s are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations.

Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

Purchased put options may decline in value or expire worthless and may have imperfect correlation to the value of the Fund’s portfolio securities. Written call and put options may limit the Fund’s participation in equity market gains and may amplify losses in market declines. The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. The Fund’s losses are potentially large in a short position, written put or call transaction. If unhedged, written calls expose the Fund to potentially unlimited losses.

Investors should carefully consider the investment objectives, risks, charges and expenses of the ACM Dynamic Opportunity Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-844- 798-3833. The prospectus should be read carefully before investing. The ACM Dynamic Opportunity Fund is distributed by Northern Lights Distributors, LLC, member.”http://www.finra.org/” FINRA. “http://www.sipc.org/” SIPC. Northern Lights Distributors, LLC and Ascendant Capital Management, LLC are not affiliated.

* Avg. Market Cap – The average market capitalization of a fund’s equity portfolio gives you a measure of the size of the companies in which the fund invests. Market capitalization is calculated by multiplying the number of a company’s shares outstanding by its price per share. Avg. P/E – Price to Earnings (P/E) is a valuation ratio of a company’s current share price compared to its per share earnings. Avg. ROE – A measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders’ equity. Gross Long exposure – The percentage of the holdings in securities that are expected to rise. Gross Short exposure – The percentage of the holdings in securities that are expected to decline. Net exposure – The total exposure after calculating the difference between the Gross Long and Gross Short Exposure. Beta Adj. Exposure – Beta is a measure of systemic risk. The beta-adjusted exposure is a modified measure of exposure that is used for investment funds or portfolios. It is computed as a weighted average exposure of the securities in the portfolio, where the weights are each security’s own beta.