Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for up to 5% of the shares outstanding at net asset value.

Volatility is a statistical measure of the dispersion of returns for a given security or market index. Commonly, the higher the volatility, the riskier the security. Volatility is unpredictable and as a result the investments listed above are subject to market fluctuations and risks.

Closed-End Funds involve risk including the possible loss of principal. Alternative Investment Funds, ETFs, mutual funds, and closed-end funds are subject to management and other expenses which will be indirectly paid by the Fund. Issuers of debt securities may not make scheduled interest and principal payments, resulting in losses to the Fund. Typically, a rise in interest rates causes a decline in the value of fixed-income securities. Lower-quality debt securities, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. The use of leverage, such as borrowing money to purchase securities, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses.

There currently is no secondary market for the Fund’s shares, and the Fund expects that no secondary market will develop. Very limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers. Investments in lesser-known, small and medium capitalization companies may be more vulnerable than those in larger, more established organizations. The Fund will not invest in real estate directly, but because the Fund will concentrate its investments in securities of REITs, its portfolio will be significantly impacted by the performance of the real estate market. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund’s NAV. The value of a structured note will be influenced by time to maturity, type of note; market volatility; changes in the issuer’s credit quality rating; and economic, legal, political or geographic events that affect the reference index.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Multi-Strategy Growth & Income Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (855) 601-3841. The prospectus should be read carefully before investing. The Multi-Strategy Growth & Income Fund is distributed by Northern Lights Distributors, LLC member FINRA. 1208-NLD-8/1/2012