Security Holdings

Mutual Funds involve risk including possible loss of principal. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. An investor should consider each individual Fund's investment objective, risks, charges, and expenses carefully before investing.

The Fund may invest more than 5% of its assets in the securities of one or more issuers and the resulting performance may be more sensitive to any single economic, business, political or regulatory occurrence than that of a diversified investment company. Equity prices can fall rapidly. Additionally, smaller companies may trade less frequently and in smaller volumes, experience higher failure rates and disproportionate price fluctuations.

The Fund's use of derivatives and futures contracts involves hedging, leverage risk and tracking risk. Leverage through futures can magnify the Fund's gains or losses. The Fund may invest in short futures positions which could prevent the Fund from participating in market gains. Derivative instruments may be used to hedge against losses, however these positions can potentially offset gains. The Fund may be required to segregates assets or enter into offsetting positions in connections with investments in derivatives but these may not limit exposure to loss.

The Fund's investment in foreign securities may be affected by changes in exchange control regulations, application of foreign tax laws, changes in governmental administration, economic, or monetary policy, currency fluctuations relative to the U.S. dollar and changed circumstances between nations. In addition to these risks, countries with emerging markets 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

Changes in foreign currency exchange rates will affect the value of what the Fund owns and the price of the Fund's shares. Generally, when the U.S. dollar rises in value against a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Derivative instruments involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investments in gold-related securities, such as ETFs and forward and futures contracts, may subject the Fund to greater volatility than investments in traditional securities.

When the Fund invests in fixed income, the value of your investment will fluctuate with changes in interest rates. Lower-quality bonds, known as "high yield" or "junk" bonds, present a greater risk than bonds of higher quality, including an increase of default, maturity length, prepayment, and credit risk. The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs and may result in taxable capital gains. The Fund's investments in a sector bear the risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown. Debit issuers may not make interest and principal payments on securities held by the Fund, resulting in losses. Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. For a Fund using a sub-advisor, the sub-advisor’s methodology may produce incorrect judgements about the attractiveness, relative value and potential appreciation of an investment.

This and other information about the CMG Family of Funds is contained in each fund's prospectus, which can be obtained by calling 1-866-CMG-9456 (1-866-264-9456). Please read the prospectus carefully before investing. The CMG Mauldin Core Fund™, the CMG Tactical All Asset Strategy Fund™, and the CMG Tactical Bond Fund™ are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. CMG Capital Management Group, Inc. is not affiliated with Northern Lights Distributors, Inc.

3647-NLD-7/10/2018