Forma 497 Fondo de la aurora boreal


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El Fondo Global de Tarifas

(anteriormente The FX Strategy Fund)

FOLLETO

9 de agosto de 2019

www.globalratesfund.com 1-855-397-8728

Este Folleto proporciona información importante.
sobre el Fondo que debe conocer antes de invertir. Léalo detenidamente y guárdelo para futuras referencias.

Estos valores no han sido aprobados o desaprobados
por la Comisión de Bolsa y Valores ni la Comisión de Bolsa y Valores ha transmitido la exactitud o adecuación de
Este Folleto. Cualquier representación en contrario es un delito penal.

A partir del 1 de enero de 2021, según lo permitido por
regulaciones adoptadas por la Comisión de Bolsa y Valores, las copias en papel de los informes de los accionistas del Fondo ya no serán
se enviará por correo, a menos que solicite específicamente copias en papel de los informes. En cambio, los informes estarán disponibles en el
El sitio web del Fondo www.globalratesfund.com, y se le notificará por correo cada vez que se publique un informe y se le proporcione un
Enlace al sitio web para acceder al informe.

Si ya ha elegido recibir accionista
informa electrónicamente, no se verá afectado por este cambio y no necesita tomar ninguna medida. Puede elegir recibir accionista
informes y otras comunicaciones del Fondo electrónicamente en cualquier momento contactando a su intermediario financiero (como un corredor de bolsa
o banco) o, si es un inversor directo, siguiendo las instrucciones incluidas con los documentos en papel del Fondo que se han enviado por correo
para ti. También puede optar por recibir todos los informes futuros en papel de forma gratuita.

Puede elegir recibir todos los informes futuros
en papel sin cargo. Puede informar al Fondo que desea continuar recibiendo copias en papel de sus informes de accionistas llamando
el Fondo al 1-855-397-8728. Si posee estas acciones a través de un intermediario financiero, comuníquese con el intermediario financiero para solicitar
copias en papel Su elección de recibir informes en papel se aplicará a todos los fondos mantenidos con el complejo de fondos o su intermediario financiero.

TABLA DE CONTENIDO

RESUMEN DEL FONDO 1
Objetivo de inversión 1
Honorarios y gastos del fondo 1
Principales estrategias de inversión 2
Principales riesgos de inversión 2
Actuación 3
Asesor de inversiones 4 4
Administrador de portafolio 4 4
Compra y venta de acciones del fondo 4 4
Información sobre los impuestos 4 4
Pagos a intermediarios y otros intermediarios financieros 4 4
INFORMACIÓN ADICIONAL SOBRE LAS PRINCIPALES ESTRATEGIAS DE INVERSIÓN Y RIESGOS RELACIONADOS 5 5
Objetivo de inversión 5 5
Principales estrategias de inversión 5 5
Principales riesgos de inversión 6 6
Inversiones temporales 8
Divulgación de participaciones de cartera 8
La seguridad cibernética 8
ADMINISTRACIÓN 9 9
Asesor de inversiones 9 9
Administrador de portafolio 9 9
CÓMO SE VALORAN LAS ACCIONES 10
CÓMO COMPRAR ACCIONES 11
CÓMO CANJEAR ACCIONES 12
COMPRAS Y CANCELACIONES FRECUENTES DE ACCIONES DE FONDO 14
ESTADO FISCAL, DIVIDENDOS Y DISTRIBUCIONES 15
DISTRIBUCIÓN DE ACCIONES dieciséis
Distribuidor dieciséis
Distribución (12b-1) y tarifas de servicio al accionista dieciséis
Compensación adicional a intermediarios financieros dieciséis
Hogar dieciséis
ASPECTOS FINANCIEROS MÁS DESTACADOS 17
AVISO DE PRIVACIDAD 18 años

RESUMEN DEL FONDO

Objetivo de inversión:
El Global Rates Fund (el "Fondo") busca la revalorización de ingresos y capital.

Honorarios y gastos del fondo:
Esta tabla describe los honorarios y gastos que puede pagar si compra y mantiene acciones
del fondo. Más información sobre estos y otros descuentos está disponible de su profesional financiero y en Como comprar
Comparte
en la página 11 del Folleto del Fondo.

Honorarios de accionistas

(honorarios pagados directamente de su inversión)

Clase I
Cargo máximo de venta (carga) impuesto a las compras
(como% del precio de oferta)
Ninguna
Cargo máximo por ventas diferidas (carga)
(como% del precio de compra original)
Ninguna
Cargo máximo de venta (carga) impuesto
sobre dividendos reinvertidos y otras distribuciones
Ninguna
Tarifa de canje
(como% del importe canjeado)
Ninguna
Gastos operativos anuales del fondo
(gastos que paga cada año como porcentaje del valor de su inversión)
Los gastos de gestión 1,00%
Distribución y servicio (12b-1) Tarifas 0.00%
Otros gastos 1,27%
Honorarios y gastos del fondo adquirido (1) 0,13%
Gastos operativos totales del fondo anual (3) 2,40%
Exención de tarifas (2) (1,02)%
Gastos operativos totales del fondo anual después de la exención de tarifas (3) 1,38%
(1) Los honorarios y gastos del fondo adquirido son indirectos
costos de invertir en otras compañías de inversión. Los gastos operativos en esta tabla de tarifas no se correlacionarán con la relación de gastos
en los aspectos financieros destacados del Fondo porque los estados financieros incluyen solo los gastos operativos directos incurridos por
el fondo.
(2) El asesor del Fondo ha acordado contractualmente
para reducir sus tarifas y reembolsar los gastos, al menos hasta el 30 de abril de 2021, para asegurar que los gastos operativos anuales totales del Fondo
después de la exención de tarifas y / o reembolso (excluyendo cualquier carga diferida anticipada o contingente, tarifas de corretaje y comisiones adquiridas
comisiones y gastos de fondos, comisiones y gastos asociados con instrumentos en otros vehículos de inversión colectiva o instrumentos derivados
(incluidas, por ejemplo, opciones y comisiones y gastos de canje), costos por préstamos (como intereses y gastos por dividendos en valores)
vendido en corto), impuestos, gastos incurridos en relación con cualquier fusión o reorganización, y gastos extraordinarios, como litigios
gastos (que pueden incluir la indemnización de los funcionarios y Fideicomisarios del Fondo y la indemnización contractual de los proveedores de servicios del Fondo
(que no sea el asesor)) (no excederá el 1.25% del activo neto diario promedio atribuible a la Clase I). Estas exenciones de tarifas y gastos
los reembolsos están sujetos a posibles recuperaciones del Fondo en años futuros en forma continua de tres años (dentro de los tres
años después de la fecha en que se han eximido o reembolsado las tarifas) si dicha recuperación se puede lograr dentro de los gastos anteriores
límites al momento de la exención y recuperación. Este acuerdo solo puede ser rescindido por la Junta de Síndicos en un plazo de 60 días por escrito.
aviso al asesor del Fondo.
(3) Reexpresado para reflejar los gastos corrientes.

Ejemplo: Este ejemplo está destinado
para ayudarlo a comparar el costo de invertir en el Fondo con el costo de invertir en otros fondos mutuos.

El ejemplo supone que invierte $ 10,000
en el Fondo por los períodos de tiempo indicados y luego canjear todas sus acciones al final de esos períodos. El ejemplo también supone
que su inversión tiene un rendimiento del 5% cada año y que los gastos operativos del Fondo siguen siendo los mismos. Aunque tu real
los costos pueden ser mayores o menores, según estos supuestos, sus costos serían:

1 año 3 años 5 años 10 años
Clase I $ 140 $ 651 $ 1,188 $ 2,658

Volumen de negocios de la cartera: El fondo paga
costos de transacción, como comisiones, cuando compra y vende valores (o "entrega" su cartera). Una mayor
la rotación de la cartera puede indicar costos de transacción más altos y puede generar impuestos más altos cuando las acciones del Fondo se mantienen en una base imponible
cuenta. Estos costos, que no se reflejan en los gastos operativos anuales del fondo o en el Ejemplo, afectan el rendimiento del Fondo.
Durante el año fiscal más reciente, la tasa de rotación de la cartera del Fondo fue del 39% del valor promedio de su cartera.

Principales estrategias de inversión:
El asesor del Fondo busca lograr la inversión del Fondo.
objetivo principalmente a través de dos estrategias complementarias:

§ invertir en divisas vinculadas
valores y / o derivados, y
§ invertir en inversión
Grado de renta y / o derivados.

Estas dos estrategias primarias complementarias son
destinado a generar rendimientos de (1) revalorización del capital de valores y / o derivados vinculados a moneda extranjera y fijo
derivados de ingresos; y (2) ingresos por intereses sobre valores de renta fija. El Fondo invertirá en valores vinculados a divisas.
y / o derivados de moneda extranjera y derivados de renta fija, incluidos futuros de bonos. Estas inversiones se basan en un modelo.
desarrollado por el asesor del Fondo (el "Modelo"). La estrategia del modelo está diseñada para capturar los rendimientos relacionados con las tendencias.
en los tipos de cambio de divisas y en los mercados internacionales de bonos gubernamentales invirtiendo principalmente en futuros negociados en bolsa, incluyendo
divisas y futuros de tasas de interés, así como valores de renta fija. El Fondo también puede invertir en divisas a plazo y
intercambiar contratos. La estrategia Modelo utiliza múltiples factores y técnicas cuantitativas para analizar indicadores macroeconómicos y financieros.
para determinar posiciones largas y cortas en monedas y bonos globales. El asesor espera que al utilizar el Modelo, que analiza
factores macroeconómicos y financieros que incluyen tasas de interés e inflación relativas, esta estrategia buscará identificar inversiones
eso generará retornos absolutos positivos consistentes. El Fondo invierte al menos el 40% de sus activos netos en valores u otros
inversiones que crean exposición a tres o más monedas extranjeras.

El Fondo define "grado de inversión"
valores de renta fija como los clasificados como Baa3 o superior por Moody’s Investors Service o BBB- o superior por Standard and Poor’s
Grupo de Calificación, o si no está calificado, determinado por el asesor de calidad similar. Los valores de renta fija incluyen facturas, pagarés, bonos,
obligaciones y otras evidencias de endeudamiento emitidas por corporaciones nacionales o extranjeras, gobiernos y sus agencias o instrumentos
así como fondos cotizados en bolsa ("ETF") y fondos mutuos que cada uno invierte principalmente en renta fija de grado de inversión
valores. En promedio, la porción de renta fija de la cartera del Fondo tendrá un vencimiento promedio de 10 años o menos,
aunque el Fondo invertirá en instrumentos individuales de cualquier vencimiento.

El asesor compra instrumentos que cree
generará ingresos o apreciación del capital y los venderá cuando los fundamentos se hayan separado de la inversión del asesor
modelo. El Fondo está "no diversificado" a los efectos de la Ley de Sociedades de Inversión de 1940, según enmendada, (el "1940
Act "), lo que significa que el Fondo puede invertir en menos valores en cualquier momento que un fondo diversificado.

Principales riesgos de inversión:
Al igual que con todos los fondos mutuos, existe el riesgo de que pueda perder dinero a través de su inversión en el Fondo. Muchos factores afectan
El valor del activo neto y el rendimiento del Fondo.

Los siguientes riesgos se aplican al Fondo
inversión directa en valores y derivados, así como los riesgos indirectos del Fondo a través de la inversión en ETF y fondos mutuos
fondos.

  • Riesgo crediticio: Emisores y contrapartes
    no realizará pagos de valores y otras inversiones, lo que resultará en pérdidas para el Fondo. Además, la calidad crediticia de
    los valores en poder del Fondo pueden reducirse si cambia la condición financiera del emisor.
  • Riesgo de derivados: Intercambio negociado
    Los contratos de futuros, así como los contratos a plazo, futuros y swap, implican apalancamiento y riesgo de volatilidad, riesgo de liquidez, seguimiento
    riesgo y riesgo de incumplimiento de la contraparte. La capacidad del Fondo para utilizar estos contratos de derivados con éxito depende de un número
    de factores, incluidas las transacciones disponibles a precios atractivos, la disponibilidad de mercados líquidos y el éxito
    del Modelo para predecir con precisión la dirección de los cambios en los tipos de cambio y las tasas de interés globales. El fondo puede
    incurrir en pérdidas en estos contratos de derivados causadas por movimientos imprevistos del mercado, que son potencialmente ilimitados.
  • ETF y riesgo de fondos mutuos: ETF
    y los fondos mutuos están sujetos a tarifas de asesoramiento de inversión y otros gastos, que serán pagados indirectamente por el Fondo. Comparte
    de los ETF pueden negociarse con un descuento o prima sobre su NAV. Como resultado, el costo de invertir en el Fondo será mayor que el
    El costo de invertir directamente en ETF y fondos mutuos puede ser más alto que otros fondos mutuos que invierten directamente en valores.
  • Riesgo de renta fija: Típicamente,
    un aumento en las tasas de interés provoca una disminución en el valor de los valores de renta fija.
  • Riesgo de moneda extranjera: Moneda
    Los riesgos de inversión y comercialización incluyen el riesgo de mercado, el riesgo de volatilidad, el riesgo de crédito y el riesgo país. Los resultados del riesgo de mercado son adversos
    cambios en las tasas de cambio. Los tipos de cambio de divisas pueden ser volátiles y se ven afectados por factores como las condiciones económicas generales,
    las acciones de los gobiernos estadounidenses o extranjeros o los bancos centrales, la imposición de controles de divisas y la especulación. Riesgo crediticio
    resultados porque una contraparte de comercio de divisas puede incumplir. El riesgo país surge porque un gobierno puede interferir con las transacciones
    en su moneda

  • Riesgo de inversión extranjera: Exterior
    la inversión implica fluctuaciones adversas en los valores de moneda extranjera, desarrollos políticos, sociales y económicos adversos, menos liquidez,
    mayor volatilidad, mercados comerciales menos desarrollados o menos eficientes, inestabilidad política y diferentes normas legales y de auditoría.
  • Riesgo específico del emisor: El valor
    de un valor específico puede ser más volátil que el mercado en su conjunto y puede funcionar de manera diferente al valor del mercado
    como un todo.
  • Riesgo de apalancamiento: Usando derivados
    aumentar la exposición combinada larga y corta del Fondo crea un apalancamiento que puede aumentar el potencial del Fondo para
    ganancia o pérdida y, por lo tanto, amplificar los efectos de la volatilidad del mercado en el precio de las acciones del Fondo.
  • Riesgo de gestión: El asesor
    confianza en la estrategia del Modelo y sus predicciones sobre el atractivo, el valor y la apreciación potencial de monedas particulares
    y los valores en los que invierte el Fondo pueden resultar incorrectos y no producir los resultados deseados.
  • Riesgo modelo: Como todos los cuantitativos
    análisis, el modelo de inversión del asesor conlleva el riesgo de que el modelo matemático utilizado se base en uno o más incorrectos
    Suposiciones La dinámica del mercado rápidamente cambiante e imprevista también podría conducir a una disminución en la efectividad a corto plazo del asesor
    modelo matemático. No se puede garantizar que el Fondo tendrá éxito en todas o en cualquier condición del mercado.
  • Riesgo de mercado: Valores generales,
    La renta fija y los riesgos del mercado de divisas pueden afectar el valor de los instrumentos individuales en los que invierte el Fondo. Factores como
    El crecimiento económico nacional y extranjero y las condiciones del mercado, los niveles de tasa de interés y los eventos políticos afectan los valores, fijos
    mercados de ingresos y divisas. Cuando el valor de las inversiones del Fondo disminuye, su inversión en el Fondo disminuye en
    valor y podrías perder dinero.
  • Riesgo de no diversificación: Como un
    fondo no diversificado, el Fondo puede invertir sus activos totales en menos emisores que un Fondo diversificado. El rendimiento del fondo
    puede ser más sensible a cualquier ocurrencia económica, comercial, política o regulatoria que el valor de las acciones de una empresa diversificada
    Financiar.
  • Riesgo de posición corta: El fondo
    incurrirá en una pérdida como resultado de una posición corta directa si el precio del instrumento de posición corta aumenta en valor entre
    la fecha de venta de la posición corta y la fecha en que se compra una posición de compensación.

Actuación:
El gráfico de barras y la tabla de rendimiento a continuación muestran la variabilidad
de los rendimientos del Fondo, que es una indicación de los riesgos de invertir en el Fondo. El gráfico de barras muestra el rendimiento de
las acciones de Clase I del Fondo para cada año calendario completo desde el inicio del Fondo. Debe tener en cuenta que el Fondo
La rentabilidad histórica (antes y después de impuestos) puede no ser una indicación de cómo funcionará el Fondo en el futuro. Rendimiento actualizado
la información está disponible sin costo visitando www.globalratesfund.com o llamando al 1-855-397-8728.

Rentabilidad total anual de clase I para años calendario
Finalizado el 31 de diciembre de 2018

Mejor barrio Cuarto Trimestre 2016 26,86%
Peor trimestre Primer trimestre de 2016 (12,16)%

El retorno del año hasta la fecha del más reciente
El trimestre calendario, que finalizó el 30 de junio de 2019, fue de 3.59%.

Tabla de rendimiento

Rendimientos totales anuales promedio

(Para períodos terminados el 31 de diciembre de 2018)

Uno
Año
Cinco
Años
Desde el inicio
(25/02/11)
Declaración de acciones clase I antes de impuestos 16,46% 8.09% 3,07%
Declaración de acciones de clase I después de impuestos sobre distribuciones 16,46% 6.68% 2,16%
Declaración de acciones de clase I después de impuestos sobre distribuciones
y venta de acciones del Fondo
9,75% 5.99% 2,15%
S&P 500® Índice (1) (4,38)% 8,49% 10,82%
Índice de letras del Tesoro a 3 meses de Citigroup (2) 1,86% 0,60% 0,41%
(1) los
S&P 500® El índice es un índice ponderado de capitalización de mercado no administrado de 500 de los mayores domiciliados capitalizados en los EE. UU.
compañías. Los rendimientos del índice suponen la reinversión de dividendos. Sin embargo, a diferencia de los rendimientos del Fondo, no reflejan ninguna comisión
o gastos. Un inversor no puede invertir directamente en un índice.
(2) los
El índice de letras del Tesoro de 3 meses de Citigroup mide los equivalentes de rendimiento mensual de los promedios de rendimiento que no están marcados para el mercado. los
El índice de letras del Tesoro a tres meses consta de las últimas tres emisiones de letras del Tesoro a tres meses. Los rendimientos del índice suponen reinversión
de dividendos. Sin embargo, a diferencia de los rendimientos del Fondo, no reflejan comisiones ni gastos. Un inversor no puede invertir directamente
en un índice

Las declaraciones después de impuestos se calcularon utilizando el
las tasas de impuesto a la renta marginal federal más altas históricas individuales y no reflejan el impacto de los impuestos estatales y locales. Real
las declaraciones después de impuestos dependen de la situación fiscal de un inversor y pueden diferir de las mostradas, y las declaraciones después de impuestos que se muestran son
no es relevante para los inversores que poseen acciones del Fondo a través de acuerdos con impuestos diferidos, como planes 401 (k) o Retiro Individual
Cuentas (IRA).

Asesor de inversiones:
P / E Global LLC.

Administrador de portafolio:
Warren Naphtal ha servido al Fondo como su administrador de cartera desde julio de 2019.

Compra y venta de acciones del fondo:
Las acciones de Clase I requieren una inversión inicial mínima de $ 5,000
y no hay un monto mínimo requerido de inversión posterior. Puede comprar y canjear acciones del Fondo en cualquier día que
La Bolsa de Nueva York está abierta. Las solicitudes de reembolso se pueden hacer por escrito, por teléfono, sitio web o mediante
intermediario y será pagado por ACH, cheque o transferencia bancaria.

Información sobre los impuestos:
Dividendos y distribuciones de ganancias de capital que recibe del Fondo, ya sea que reinvierta
sus distribuciones en acciones adicionales del Fondo o recibirlas en efectivo están sujetas a impuestos ya sea en ingresos ordinarios o ganancias de capital
tasas impositivas, a menos que esté invirtiendo a través de un plan con impuestos diferidos, como un plan IRA o 401 (k).

Pagos a agentes de bolsa y otros servicios financieros
Intermediarios:
Si compra el Fondo a través de un corredor de bolsa
u otro intermediario financiero (como un banco), el Fondo y sus empresas relacionadas pueden pagar al intermediario por la venta del Fondo
acciones y servicios relacionados. Estos pagos pueden crear un conflicto de intereses al influir en el corredor de bolsa u otro intermediario
y su vendedor para recomendar el Fondo sobre otra inversión. Pregúntele a su vendedor o visite a su intermediario financiero
sitio web para más información.

INFORMACIÓN ADICIONAL SOBRE PRINCIPAL
ESTRATEGIAS DE INVERSIÓN Y RIESGOS RELACIONADOS

Objetivo de inversión

El Fondo busca ingresos y revalorización del capital.
La Junta de Fideicomisarios del Fondo (la "Junta") puede cambiar el objetivo de inversión del Fondo después de 60 días "
aviso por escrito a los accionistas.

Principales estrategias de inversión

El asesor del Fondo busca lograr
El objetivo de inversión del Fondo principalmente a través de dos estrategias complementarias:

§ invertir en divisas vinculadas
valores y / o derivados.
§ invertir en inversión
Grado de renta fija y / o derivados.

Estas dos estrategias primarias complementarias son
destinado a generar rendimientos de ingresos por intereses sobre valores de renta fija y apreciación del capital de derivados de renta fija
y valores y / o derivados vinculados a divisas. El Fondo invierte al menos el 40% de su patrimonio neto en valores u otras inversiones.
que crean exposición a monedas extranjeras. El Fondo define los valores de renta fija de "grado de inversión" como aquellos calificados
Baa3 o superior por Moody’s Investors Service o BBB- o superior por Standard and Poor’s Ratings Group, o si no está calificado,
determinado por el asesor de calidad similar. Los valores de renta fija incluyen facturas, pagarés, bonos, obligaciones y otras evidencias.
de endeudamiento emitido por corporaciones nacionales o extranjeras, gobiernos y sus agencias o instrumentos, así como ETF
y fondos mutuos que cada uno invierte principalmente en valores de renta fija de grado de inversión. En promedio, la porción de renta fija de
la cartera del Fondo tendrá un vencimiento promedio de 10 años o menos, aunque el Fondo invertirá en instrumentos individuales
de cualquier madurez. El Fondo también invertirá en derivados de renta fija, incluidos futuros de bonos y valores vinculados a divisas.
y / o derivados en moneda extranjera. Estas inversiones se seleccionan utilizando el Modelo desarrollado por el asesor.

La estrategia del modelo está diseñada para capturar retornos
relacionado con las tendencias en los tipos de cambio de divisas y los mercados internacionales de bonos del gobierno al invertir principalmente en divisas negociadas
futuros, incluyendo divisas y futuros de tasas de interés, así como valores de renta fija. El Fondo también puede invertir en
reenviar y cambiar contratos. La estrategia del Modelo utiliza múltiples factores y técnicas cuantitativas para analizar los aspectos macroeconómicos y
Indicadores financieros para determinar posiciones largas y cortas en las principales monedas y bonos globales. El asesor espera que al utilizar
el Modelo, que analiza los factores macroeconómicos y financieros, incluidas las tasas de interés e inflación relativas, esta estrategia
Identificar inversiones que generarán retornos absolutos positivos consistentes.

El modelo

La estrategia del modelo utiliza múltiples factores y
técnicas cuantitativas para analizar indicadores macroeconómicos y financieros para determinar posiciones largas y cortas en las principales monedas.
La estrategia predice retornos y volatilidades para las monedas en mercados desarrollados y bonos globales identificados, luego optimiza
inversiones potenciales basadas en compensaciones de riesgo / recompensa para producir posiciones objetivo.

El modelo multifactor rastrea los siguientes factores macroeconómicos y
factores financieros:

§ Tasas de interés a corto y largo plazo en mercados desarrollados
§ Movimiento de tasa de interés y aceleración
§ Características de la curva de rendimiento
§ Inversiones transfronterizas
§ Relaciones cruzadas de precios de mercado

Además, el modelo es adaptativo, de modo que
Los factores de peso en el modelo pueden actualizarse con el tiempo. La estrategia Modelo seleccionará posiciones de inversión (largas o cortas) en
varias monedas y bonos globales, incluidos, entre otros, con respecto a las monedas: el dólar australiano, el canadiense
Dólar, Euro, Dólar neozelandés, Corona noruega, Corona sueca, Franco suizo, Libra esterlina y Reino Unido.
Yen japonés; así como con respecto a los bonos globales: gobierno australiano, canadiense, alemán, británico, italiano, francés y estadounidense
cautiverio.

El Fondo está "no diversificado" para
propósitos de la Ley de 1940, según enmendada, lo que significa que el Fondo puede invertir en menos inversiones en un momento dado que una inversión diversificada
financiar. El asesor compra instrumentos que cree que generarán ingresos o apreciación del capital y los vende cuando los fundamentos
han divergido del modelo de inversión del asesor.

Principales riesgos de inversión:

Los siguientes riesgos se aplican a la inversión directa del Fondo en
valores y derivados, así como los riesgos indirectos del Fondo a través de la inversión en ETF o fondos mutuos del "Subyacente
Fondos".

· Riesgo crediticio: Ahí
existe el riesgo de que los emisores y las contrapartes no realicen pagos por contratos de derivados, lo que provocará pérdidas para el Fondo. Adicionalmente,
la calidad crediticia de los valores de renta fija puede reducirse si la condición financiera de un emisor cambia o el emisor puede
defecto. Una calidad crediticia más baja puede conducir a una mayor volatilidad en el precio de un título y en las acciones del Fondo. Menor crédito
la calidad también puede afectar la liquidez y dificultar la venta del valor. Por defecto, o la percepción del mercado de que un
es probable que el emisor incumpla, podría reducir el valor y la liquidez de los valores en poder del Fondo, reduciendo así el valor de
su inversión en acciones del Fondo. Además, el incumplimiento puede hacer que el Fondo incurra en gastos, directa o indirectamente, en la búsqueda de recuperación
de capital o intereses sobre sus tenencias de cartera. El riesgo de crédito también existe porque una contraparte del fondo puede no ser capaz o puede
elige no realizar bajo el contrato. Cuando el Fondo invierte en instrumentos derivados extrabursátiles, está asumiendo un crédito
riesgo con respecto a la parte con la que comercia y también asume el riesgo de incumplimiento de liquidación. Estos riesgos pueden diferir materialmente
de los riesgos asociados con las transacciones efectuadas en un intercambio, que generalmente están respaldadas por garantías de la organización de compensación,
marca diaria al mercado y requisitos de liquidación, segregación y capital mínimo aplicables a los intermediarios. Transacciones ingresadas
en directamente entre dos contrapartes generalmente no se benefician de tales protecciones. Además, en la medida en que el Fondo
trata con un número limitado de contrapartes, será más susceptible a los riesgos de crédito asociados con esas contrapartes.
· Riesgo de derivados: Derivado
los instrumentos (como los contratos de futuros negociados en bolsa, así como los contratos a plazo y swap) implican riesgos diferentes o
posiblemente mayor que los riesgos asociados con la inversión directa en valores y otras inversiones tradicionales. Estos riesgos
incluir (i) el riesgo de que la contraparte de una transacción de derivados no cumpla con sus obligaciones contractuales; (ii) riesgo de
fijación de precios o valoración incorrecta; y (iii) el riesgo de que los cambios en el valor del derivado no se correlacionen perfectamente con
El activo subyacente, tasa o índice. Los precios de los derivados son altamente volátiles y pueden fluctuar sustancialmente durante un período corto.
de tiempo. Dichos precios están influenciados por numerosos factores que afectan los mercados, que incluyen, entre otros: cambio de oferta
y exigir relaciones; programas y políticas gubernamentales; eventos políticos y económicos nacionales e internacionales, cambios en
tasas de interés, inflación y deflación y cambios en las relaciones de oferta y demanda. El comercio de instrumentos derivados implica
riesgos diferentes o posiblemente mayores que los riesgos asociados con la inversión directa en valores que incluyen:
o Apalancamiento y volatilidad
Riesgo:
Los contratos derivados generalmente tienen un apalancamiento inherente a sus términos. Los depósitos de bajo margen normalmente requeridos en el comercio
Los derivados, incluidos los contratos de futuros, permiten un alto grado de apalancamiento. En consecuencia, un movimiento de precios relativamente pequeño puede
resultar en una pérdida inmediata y sustancial. El uso del apalancamiento también puede hacer que el Fondo liquide las posiciones de cartera cuando
no sería ventajoso hacerlo para cumplir con sus obligaciones o cumplir con los requisitos de segregación de garantías. El uso
de los derivados apalancados puede amplificar los efectos de la volatilidad del mercado en el precio de las acciones del Fondo.
o Riesgo de liquidez: Aunque se anticipa que los derivados
el comercio se negociará activamente, es posible que inversiones particulares puedan ser difíciles de comprar o vender, posiblemente evitando
que el Fondo ejecute posiciones en un momento o precio ventajoso, o posiblemente requiera que dispongan de otras inversiones
en tiempos o precios desfavorables para cumplir con sus obligaciones. La mayoría de las bolsas de futuros de EE. UU. Imponen límites diarios que regulan
la cantidad máxima por encima o por debajo del precio de liquidación del día anterior que el precio de un contrato de futuros puede fluctuar durante
Un solo día. Durante un solo día de negociación, no se pueden realizar intercambios a precios que superen el límite diario. Una vez que el precio de un particular
El contrato de futuros ha aumentado o disminuido hasta el punto límite, puede ser difícil, costoso o imposible liquidar una posición.
También es posible que un intercambio o la Comisión de Comercio de Futuros de Productos Básicos ("CFTC"), que regula los futuros
intercambios, pueden suspender la negociación de un contrato en particular, ordenar la liquidación inmediata de un contrato u ordenar que la negociación a
liquidación de posiciones abiertas solamente.
o Seguimiento de riesgo: Los contratos de swap, forward y futuros no pueden
ser sustitutos perfectos de las monedas o bonos globales que están destinados a rastrear. Factores como las diferencias en el interés extranjero.
las tasas y la oferta y la demanda de ciertas monedas o derivados pueden hacer que sus ganancias se desvíen de las expectativas del asesor.
En consecuencia, los rendimientos derivados pueden no estar altamente correlacionados con los bonos globales de monedas para los cuales son un sustituto.
  • ETF y riesgo de fondos mutuos: ETF
    y los fondos mutuos están sujetos a tarifas de asesoramiento de inversión y otros gastos, que serán pagados indirectamente por el Fondo. Como resultado,
    el costo de invertir en el Fondo será mayor que el costo de invertir directamente en ETF y los fondos mutuos pueden ser mayores que
    otros fondos mutuos que invierten directamente en valores. Las acciones de ETF pueden negociarse con un descuento o prima sobre su NAV. Cada ETF
    y el fondo mutuo puede estar sujeto a riesgos de gestión, crédito e ingresos fijos.

  • Riesgo de renta fija: Cuando el fondo
    invierte en valores de renta fija o derivados, el valor de su inversión en el Fondo fluctuará con los cambios en los intereses
    tarifas. Por lo general, un aumento en las tasas de interés provoca una disminución en el valor de los instrumentos de renta fija. Recientemente, tasas de interés
    han sido históricamente bajos Las condiciones actuales pueden dar lugar a un aumento de las tasas de interés, que a su vez puede dar lugar a una disminución de
    El valor de las inversiones de renta fija mantenidas por el fondo. Como resultado, por el momento, el riesgo de tasa de interés puede aumentar.
    En general, el precio de mercado de los títulos de deuda con vencimientos más largos aumentará o disminuirá más en respuesta a los cambios en
    tasas de interés que los valores a corto plazo. Otros factores de riesgo incluyen el riesgo de crédito (el deudor puede incumplir) y el riesgo de prepago
    (el deudor puede pagar su obligación anticipadamente, reduciendo el monto de los pagos de intereses). Estos riesgos podrían afectar el valor de un determinado
    inversión, posiblemente causando que el precio de las acciones del Fondo y el rendimiento total se reduzcan y fluctúen más que otros tipos de
    inversiones.
  • Riesgo de moneda extranjera: Moneda
    la negociación implica riesgos significativos, incluidos el riesgo de mercado, el riesgo de tasa de interés, el riesgo país, el riesgo de crédito de contraparte y el riesgo de corto
    riesgo de venta El riesgo de mercado resulta del movimiento de precios de los valores de moneda extranjera en respuesta al cambio en la oferta y la demanda del mercado.
    Dado que los cambios en el tipo de cambio pueden moverse fácilmente en una dirección, una posición monetaria mantenida durante la noche o durante varios días puede
    implican un mayor riesgo que uno llevado unos minutos u horas. El riesgo de tasa de interés surge cada vez que un país cambia su interés declarado
    objetivo de tasa asociado con su moneda. El riesgo país surge porque prácticamente todos los países han interferido con
    transacciones en su moneda. La interferencia ha tomado la forma de regulación del mercado cambiario local, restricciones en el extranjero
    inversión por residentes o límites a las entradas de fondos de inversión del exterior. Restrictions on the exchange market or on international
    transactions are intended to affect the level or movement of the exchange rate. This risk could include the country issuing a new
    currency, effectively making the “old” currency worthless. The Fund may also take short positions, through derivatives,
    if its manager or the adviser believes the value of a currency is likely to depreciate in value. A “short” position
    is, in effect, similar to a sale in which the Fund sells a currency it does not own but, has borrowed in anticipation that the
    market price of the currency will decline. The Fund must replace a short currency position by purchasing it at the market price
    at the time of replacement, which may be more or less than the price at which the Fund took a short position in the currency.
  • Foreign Investment Risk: Exterior
    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. Investing in emerging markets imposes risks different
    from, or greater than, risks of investing in foreign developed countries.
o Foreign Exchanges Risk:
A portion of the derivatives trades made by the Fund may take place on foreign markets. Neither existing CFTC regulations nor
regulations of any other U.S. governmental agency apply to transactions on foreign markets. Some of these foreign markets, in contrast
to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty
with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these
kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.
  • Issuer-Specific Risk:
    The value of a specific security can be more volatile than the market as a whole and can perform differently from the value
    of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value
    of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market,
    or economic developments. Additionally, the value of each Underlying Fund will be dependent on the success of the strategy used
    by its manager. Certain managers may be dependent upon a single individual or small group of individuals, the loss of which could
    adversely affect their success.
  • Leverage Risk: Utilizando
    derivatives to increase the Fund’s combined long and short position exposure creates leverage, which can amplify the effects
    of market volatility on the Fund’s share price and make the Fund’s returns more volatile. The use of leverage may cause
    the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use
    of leverage may also result in higher expenses than those of mutual funds that do not use such techniques.
  • Management Risk: The net asset
    value of the Fund changes daily based on the performance of the securities, currencies, and derivatives in which it invests. los
    adviser’s reliance on the Model and its judgments about the attractiveness, value and potential appreciation of particular
    currencies, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results.
    There can be no assurance that investments selected by the adviser will produce positive returns.

  • Market Risk: The net asset value of the
    Fund will fluctuate based on changes in the value of the securities, currencies and derivatives in which the Fund invests. los
    Fund invests in securities, currencies and derivatives, which may be more volatile and carry more risk than some other forms of
    investment. The price of securities, currencies and derivatives may rise or fall because of economic or political changes. Security,
    currency and derivative prices, in general, may decline over short or even extended periods of time. Market prices of securities,
    currencies and derivatives in broad market segments may be adversely affected by price trends in commodities, interest rates, exchange
    rates or other factors wholly unrelated to the value or condition of an issuer.
  • Model Risk: Like all quantitative analysis,
    the adviser’s investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions.
    Rapidly changing and unforeseen market dynamics could also lead to a decrease in short term effectiveness of the adviser’s
    modelo. No assurance can be given that the Fund will be successful under all or any market conditions.
  • Non-Diversification Risk: As a non-diversified
    fund, the Fund may invest total assets fewer issuers than a diversified fund. Because a relatively high percentage of the assets
    of the Fund may be invested in the securities of a limited number of issuers, the value of shares of the Fund may be more sensitive
    to any single economic, business, political or regulatory occurrence than the value of shares of a diversified fund. This fluctuation,
    if significant, may affect the performance of the Fund.
  • Short Position Risk: Long positions could
    decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential
    for loss. Short positions may result in a loss if the price of the short position instruments rise and it costs more to replace
    the short positions. In contrast to long positions, for which the risk of loss is typically limited to the amount invested, the
    potential loss on short positions is unlimited. Market factors may prevent the Fund from closing out a short position at the most
    desirable time or at a favorable price.

Temporary Investments:
To respond to adverse market, economic, political or other conditions, the Fund may invest
100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. These short-term
debt securities and money market instruments include: shares of money market mutual funds, commercial paper, certificates of deposit,
bankers’ acceptances, U.S. Government securities and repurchase agreements. While the Fund is in a defensive position, the
opportunity to achieve its investment objective will be limited. Furthermore, to the extent that the Fund invests in money market
mutual funds for cash positions, there will be some duplication of expenses because the Fund pays its pro-rata portion of such
money market funds’ advisory fees and operational fees. The Fund may also invest a substantial portion of its assets in such
instruments at any time to maintain liquidity or pending selection of investments in accordance with its policies.

Portfolio Holdings Disclosure:
A description of the Fund’s policies regarding the release of portfolio holdings
information is available in the Fund’s Statement of Additional Information.

La seguridad cibernética:
The computer systems, networks and devices used by the Fund and its
service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption
from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security
breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices potentially
can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized
access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut
down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches
may cause disruptions and impact the Fund’s business operations, potentially resulting in financial losses; interferencia
with the Fund’s ability to calculate its NAV; impediments to trading; the inability of the Fund, the adviser, and other service
providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage,
reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

MANAGEMENT

Investment Adviser

P/E Global LLC, located at 75 State Street,
31st Floor, Boston, MA 02109, serves as the investment adviser for the Fund as of July 1, 2019. The adviser was formed in 2000
and serves individuals and institutions. Subject to the supervision of the Fund’s, the adviser is responsible for managing
the Fund’s investments, executing transactions and providing related administrative services and facilities under an Investment
Advisory Agreement between the Fund and the adviser. As of March 31, 2019, it had approximately $7.1 billion in assets under management.

The management fee set forth in the Fund’s
Investment Advisory Agreement is 1.00% annually, to be paid on a monthly basis. For the fiscal year ended December 31, 2018, the
Fund’s former adviser earned management fees equivalent to 0.39% of the average net assets of the Fund. Traub Capital Management,
LLC served as adviser to Fund from its inception until June 30, 2019. A discussion regarding the basis for the Board of Trustee’s
approval of the Investment Advisory Agreement will be available in the Fund’s semi-annual shareholder report dated August
31, 2019. The Fund’s adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until April
30, 2021, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (excluding any front-end or
contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, fees and expenses associated with instruments
in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses), borrowing
costs (such as interest and dividend expense on securities sold short), taxes, expenses incurred in connection with any merger
or reorganization, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers
and Trustees and contractual indemnification of Fund service providers (other than the adviser)) (will not exceed 1.25% of average
daily net assets attributable to Class I. These fee waivers and expense reimbursements are subject to possible recoupment from
the Fund in future years on a rolling three year basis (within the three years after the particular date fees have been waived
or reimbursed) if such recoupment can be achieved within the foregoing expense limits at the time of waiver and recoupment. Esta
agreement may be terminated only by the Board of Trustees on 60 days’ written notice to the Fund’s adviser. Fee waiver
and reimbursement arrangements can decrease the Fund’s expenses and boost its performance.

Portfolio Manager

Warren Naphtal, Chief Investment
Officer

Mr. Naphtal is the co-founder of
the P/E Investments group, which includes P/E Global LLC, and serves as Chief Investment Officer. The P/E Investments group commenced
operations in 1995. Mr. Naphtal is a graduate of both the Sloan School of Management at M.I.T., where he was a COGME Scholar and
received a S.M. in Management, and the University of California, Berkeley, where he received a B.S. in Civil Engineering.

The Fund’s Statement of Additional Information
provides additional information about the portfolio manager’s compensation structure, other accounts managed by the portfolio
manager, and the portfolio manager’s ownership of shares of the Fund.

HOW SHARES ARE PRICED

The net asset value (“NAV”) and
offering price (NAV plus any applicable sales charges) of each class of shares is determined as of the close of business of the
New York Stock Exchange (“NYSE”) (generally 4:00 p.m. (Eastern Time)) on each day the NYSE is open for business. NAV
is computed by determining, on a per class basis, the aggregate market value of all assets of the Fund, less its liabilities, divided
by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The NYSE is closed on weekends and New
Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving
Day and Christmas Day. The NAV takes into account, on a per class basis, the expenses and fees of the Fund, including management,
administration, and distribution fees, which are accrued daily. The determination of NAV for a share class for a particular day
is applicable to all applications for the purchase of shares, as well as all requests for the redemption of shares, received by
the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading on the NYSE on that day.

Generally, the Fund’s
securities are valued each day at the last quoted sales price on each security’s primary exchange. Securities traded or dealt
in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not
subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence
of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded
in the National Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) National Market System
for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are
not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are
readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current
bid and ask price on such over-the- counter market. Debt securities not traded on an exchange may be valued at prices supplied
by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference
to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not
readily available, securities will be valued at their fair market value as determined in good faith in accordance with procedures
approved by the Board. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a
security may be materially different than the value that could be realized upon the sale of that security. The fair value prices
can differ from market prices when they become available or when a price becomes available. The Board has delegated execution of
these procedures to a fair value team composed of one or more representatives from each of the (i) Trust, (ii) administrator, and
(iii) adviser. The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer
on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of
this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

The Fund may use independent pricing services
to assist in calculating the value of the Fund’s securities. In addition, market prices for foreign securities are not determined
at the same time of day as the NAV for the Fund. Because the Fund may invest in underlying ETFs which hold portfolio securities
primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not
price their shares, the value of some of the Fund’s portfolio securities may change on days when you may not be able to buy
or sell Fund shares. In computing the NAV, the Fund values foreign securities held by the Fund at the latest closing price on the
exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies
are translated into U.S. dollars at current rates. If events materially affecting the value of a security in the Fund’s portfolio,
particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the
security will be valued at fair value. For example, if trading in a portfolio security is halted and does not resume before the
Fund calculates its NAV, the adviser may need to price the security using the Fund’s fair value pricing guidelines. Without
a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors.
Fair valuation of the Fund’s portfolio securities can serve to reduce arbitrage opportunities available to short-term traders,
but there is no assurance that fair value pricing policies will prevent dilution of the Fund’s NAV by short term traders.
The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in
a price materially different from the prices used by other mutual funds to determine net asset value, or from the price that may
be realized upon the actual sale of the security.

With respect to any portion of the Fund’s
assets that are invested in one or more open-end management investment companies registered under the 1940 Act, each Fund’s
net asset value is calculated based upon the net asset values of those open-end management investment companies, and the prospectuses
for these companies explain the circumstances under which those companies will use fair value pricing and the effects of using
fair value pricing.

HOW TO PURCHASE SHARES

Class I Shares: Class I shares of the
Fund are sold at NAV without an initial sales charge. This means that 100% of your initial investment is placed into shares of
the Fund.

Purchasing Shares: The Fund may not be
available for purchase in all states. You may purchase shares of the Fund by sending a completed application form to the following
address:

via Regular Mail or Overnight Mail

The Global Rates Fund

c/o Gemini Fund Services, LLC

P.O. Box 541150

Omaha, Nebraska 68154

The Global Rates Fund

c/o Gemini Fund Services, LLC

17645 Wright Street, Suite 200

Omaha, Nebraska 68130

The USA PATRIOT Act requires financial institutions,
including the Fund, to adopt certain policies and programs to prevent money-laundering activities, including procedures to verify
the identity of customers opening new accounts. As requested on the Application, you should supply your full name, date of birth,
social security number and permanent street address. Mailing addresses containing a P.O. Box will not be accepted. This information
will assist the Fund in verifying your identity. Until such verification is made, the Fund may temporarily limit additional share
purchases. In addition, the Fund may limit additional share purchases or close an account if it is unable to verify a shareholder’s
identity. As required by law, the Fund may employ various procedures, such as comparing the information to fraud databases or requesting
additional information or documentation from you, to ensure that the information supplied by you is correct.

Purchase through Brokers: You may invest
in the Fund through brokers or agents who have entered into selling agreements with the Fund’s distributor. The brokers and
agents are authorized to receive purchase and redemption orders on behalf of the Fund. Such brokers are authorized to designate
other intermediaries to receive purchase and redemption orders on the fund’s behalf. The Fund will be deemed to have received
a purchase or redemption order when an authorized broker or its designee receives the order. The broker or agent may set their
own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares of
the Fund. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from
those applicable to investors purchasing shares directly from the Fund. You should carefully read the program materials provided
to you by your servicing agent.

Purchase by Wire: If you wish to wire
money to make an investment in the Fund, please call the Fund at 1-855-397-8728 for wiring instructions and to notify the Fund
that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. The Fund will normally accept wired funds
for investment on the day received if they are received by the Fund’s designated bank before the close of regular trading
on the NYSE. Your bank may charge you a fee for wiring same-day funds.

Automatic Investment Plan: You may participate
in the Fund’s Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests
it in the Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments
by transfers of a minimum of $100 on specified days of each month into your established Fund account. Please contact the Fund at
1-855-397-8728 for more information about the Fund’s Automatic Investment Plan.

Minimum and Additional Investment Amounts:
Class I shares require a minimum initial investment of $5,000 and there is no minimum subsequent investment requirement amount.
There is no minimum investment requirement when you are buying shares by reinvesting dividends and distributions from the Fund.
The Fund reserves the right to waive any investment minimum requirement.

The Fund, however, reserves the right, in its
sole discretion, to reject any application to purchase shares. Applications will not be accepted unless they are accompanied by
a check drawn on a U.S. bank, thrift institutions, or credit union in U.S. funds for the full amount of the shares to be purchased.
After you open an account, you may purchase additional shares by sending a check together with written instructions stating the
name(s) on the account and the account number, to the above address. Make all checks payable to the Fund. The Fund will not accept
payment in cash, including cashier’s checks or money orders. Also, to prevent check fraud, the Fund will not accept third
party checks, U.S. Treasury checks, credit card checks or starter checks for the purchase of shares.

Nota: Gemini Fund Services, LLC, the
Fund’s transfer agent, will charge a $25 fee against a shareholder’s account, in addition to any loss sustained by
the Fund, for any check returned to the transfer agent for insufficient funds.

When Order is Processed: All shares will
be purchased at the NAV per share (plus applicable sales charges, if any) next determined after the Fund receives your application
or request in good order. All requests received in good order by the Fund before 4:00 p.m. (Eastern Time) will be processed on
that same day. Requests received after 4:00 p.m. will be processed on the next business day.

Good Order: When making a purchase request,
make sure your request is in good order.

“Good order” means your purchase
request includes:

· the dollar amount of shares to be purchased,
· a completed purchase application or investment stub, and
· check payable to the “The Global Rates Fund.”

Retirement Plans: You may purchase shares
of the Fund for your individual retirement plans. Please call the Fund at
1-855-397-8728 for the most current listing and appropriate disclosure documentation on how to open a retirement account.

HOW TO REDEEM SHARES

Redeeming Shares: You may redeem all
or any portion of the shares credited to your account by submitting a written request for redemption to:

via Regular Mail or Overnight Mail

The Global Rates Fund

c/o Gemini Fund Services, LLC

P.O. Box 541150

Omaha, Nebraska 68154

The Global Rates Fund

c/o Gemini Fund Services, LLC

17645 Wright Street, Suite 200

Omaha, Nebraska 68130

The Fund typically expects that it will take
up to 7 days following the receipt of your redemption request to pay out redemption proceeds by check or electronic transfer. los
Fund typically expects to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit,
and then from the sale of portfolio securities. These redemption payments methods will be used in regular and stressed market conditions.

Redemptions by Telephone: The telephone
redemption privilege is automatically available to all new accounts except retirement accounts. If you do not want the telephone
redemption privilege, you must indicate this in the appropriate area on your account application or you must write to the Fund
and instruct it to remove this privilege from your account. The proceeds, which are equal to number of shares times NAV less any
applicable deferred sales charges or redemption fees, will be sent by mail to the address designated on your account or sent electronically,
via ACH or wire, directly to your existing account in a bank or brokerage firm in the United States as designated on your application.
To redeem by telephone, call 1-855-397-8728. The redemption proceeds normally will be sent by mail or electronically within three
business days after receipt of your telephone instructions. IRA accounts are not redeemable by telephone.

The Fund reserves the right to suspend the telephone
redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous
30 days. Neither the Fund, the transfer agent, nor their respective affiliates will be liable for complying with telephone instructions
they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you
will be required to bear the risk of any such loss. The Fund or the transfer agent, or both, will employ reasonable procedures
to determine that telephone instructions are genuine. If the Fund and/or the transfer agent do not employ these procedures, they
may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring
forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions
and/or tape recording telephone instructions.

Redemptions through Broker: If shares
of the Fund are held by a broker-dealer, financial institution or other servicing agent, you must contact that servicing agent
to redeem shares of the Fund. The servicing agent may charge a fee for this service.

Redemptions by Wire: usted
may request that your redemption proceeds be wired directly to your bank account. The Fund’s transfer agent imposes a $15
fee for each wire redemption and deducts the fee directly from your account. Your bank may also impose a fee for the incoming wire.

Automatic Withdrawal Plan: If your individual
account, IRA or other qualified plan account has a current account value of at least $50,000, you may participate in the Fund’s
Automatic Withdrawal Plan, an investment plan that automatically moves money to your bank account from the Fund through the use
of electronic funds transfers. You may elect to make subsequent withdrawals by transfers of a minimum of $500 on specified days
of each month into your established bank account. Please contact the Fund at 1-855-397-8728 for more information about the Fund’s
Automatic Withdrawal Plan.

Redemptions in Kind: The Fund reserves
the right to honor requests for redemption or repurchase orders made by a shareholder during any 90-day period by making payment
in whole or in part in portfolio securities (“redemption in kind”) if the amount of such a request is large enough
to affect operations (if the request is greater than the lesser of $250,000 or 1% of the Fund’s net assets at the beginning
of the 90-day period). The securities will be chosen by the Fund and valued using the same procedures as used in calculating the
Fund’s NAV. A shareholder may incur transaction expenses in converting these securities to cash.

When Redemptions are Sent: Once the Fund
receives your redemption request in “good order” as described below, it will issue a check based on the next determined
NAV following your redemption request. The redemption proceeds normally will be sent by mail or by wire within three business days
after receipt of a request in “good order.” If you purchase shares using a check and soon after request a redemption,
your redemption proceeds will not be sent until the check used for your purchase has cleared your bank.

Good Order: Your redemption request
will be processed if it is in “good order.” To be in good order, the following conditions must be satisfied:

· The request should be in writing, unless redeeming by telephone,
indicating the number of shares or dollar amount to be redeemed;
· the request must identify your account number;
· the request should be signed by you and any other person listed on
the account, exactly as the shares are registered; y
· if you request that the redemption proceeds be sent to a person,
bank or an address other than that of record or paid to someone other than the record owner(s), or if the address was changed within
the last 30 days, or if the proceeds of a requested redemption exceed $50,000, the signature(s) on the request must be medallion
signature guaranteed by an eligible signature guarantor.

When You Need Medallion Signature Guarantees:
If you wish to change the bank or brokerage account that you have designated on your account, you may do so at any time by
writing to the Fund with your signature guaranteed. A medallion signature guarantee assures that a signature is genuine and protects
you from unauthorized account transfers. You will need your signature guaranteed if:

· you request a redemption to be made payable to a person not on record
with the Fund,
· you request that a redemption be mailed to an address other than
that on record with the Fund,
· the proceeds of a requested redemption exceed $50,000,
· any redemption is transmitted by federal wire transfer to a bank
other than the bank of record, or
· your address was changed within 30 days of your redemption request.

Signatures may be guaranteed by any eligible
guarantor institution (including banks, brokers and dealers, credit unions, national securities exchanges, registered securities
associations, clearing agencies and savings associations). Further documentation will be required to change the designated account
if shares are held by a corporation, fiduciary or other organization. A notary public cannot guarantee signatures.

Retirement Plans: If you own an IRA or
other retirement plan, you must indicate on your redemption request whether the Fund should withhold federal income tax. Unless
you elect in your redemption request that you do not want to have federal tax withheld, the redemption will be subject to withholding.

Low Balances: If at any time your account
balance falls below $5,000 for Class I Shares, the Fund may notify you that, unless the account is brought up to at least $2,000
($1,000 for retirement accounts) within 30 days of the notice, your account could be closed. After the notice period, the Fund
may redeem all of your shares and close your account by sending you a check to the address of record. Your account will not be
closed if the account balance drops below the minimum due to a decline in NAV.

FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES

The Fund discourages and does not accommodate
market timing. Frequent trading into and out of the Fund can harm all Fund shareholders by disrupting the Fund’s investment
strategies, increasing Fund expenses, decreasing tax efficiency and diluting the value of shares held by long-term shareholders.
The Fund is designed for long-term investors and is not intended for market timing or other disruptive trading activities. Accordingly,
the Fund’s Board has approved policies that seek to curb these disruptive activities while recognizing that shareholders
may have a legitimate need to adjust their Fund investments as their financial needs or circumstances change. The Fund currently
uses several methods to reduce the risk of market timing. These methods include:

  • Committing staff to review, on a continuing
    basis, recent trading activity in order to identify trading activity that may be contrary to the Fund’s “Market Timing
    Trading Policy”,
  • Rejecting or limiting specific purchase
    requests, and
  • Rejecting purchase requests from certain investors.

While these methods involve judgments that are
inherently subjective and involve some selectivity in their application, the Fund seeks to make judgments and applications that
are consistent with the interests of the Fund’s shareholders.

Based on the frequency of redemptions in your
account, the adviser or transfer agent may in its sole discretion determine that your trading activity is detrimental to the Fund
as described in the Fund’s Market Timing Trading Policy and elect to reject or limit the amount, number, frequency or method
for requesting future purchases or exchanges into the Fund.

The Fund reserves the right to reject or restrict
purchase requests for any reason, particularly when the shareholder’s trading activity suggests that the shareholder may
be engaged in market timing or other disruptive trading activities. Neither the Fund nor the adviser will be liable for any losses
resulting from rejected purchase orders. The adviser may also bar an investor who has violated these policies (and the investor’s
financial advisor) from opening new accounts with the Fund.

Although the Fund attempts to limit disruptive
trading activities, some investors use a variety of strategies to hide their identities and their trading practices. There can
be no guarantee that the Fund will be able to identify or limit these activities. Omnibus account arrangements are common forms
of holding shares of the Fund. While the Fund will encourage financial intermediaries to apply the Fund’s Market Timing Trading
Policy to their customers who invest indirectly in the Fund, the Fund is limited in its ability to monitor the trading activity
or enforce the Fund’s Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should
it occur, the Fund may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult
to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges and redemptions on behalf
of all their customers. More specifically, unless the financial intermediaries have the ability to apply the Fund’s Market
Timing Trading Policy to their customers through such methods as implementing short-term trading limitations or restrictions and
monitoring trading activity for what might be market timing, the Fund may not be able to determine whether trading by customers
of financial intermediaries is contrary to the Fund’s Market Timing Trading Policy. Brokers maintaining omnibus accounts
with the Fund have agreed to provide shareholder transaction information to the extent known to the broker to the Fund upon request.
If the Fund or its transfer agent or shareholder servicing agent suspects there is market timing activity in the account, the Fund
will seek full cooperation from the service provider maintaining the account to identify the underlying participant. At the request
of the adviser, the service providers may take immediate action to stop any further short-term trading by such participants.

TAX STATUS, DIVIDENDS AND DISTRIBUTIONS

Any sale or exchange of a Fund’s shares
may generate tax liability (unless you are a tax-exempt investor or your investment is in a qualified retirement account). When
you redeem your shares you may realize a taxable gain or loss. This is measured by the difference between the proceeds of the sale
and the tax basis for the shares you sold. (To aid in computing your tax basis, you generally should retain your account statements
for the period that you hold shares in the Fund.)

The Fund intends to distribute substantially
all of its net investment income and net capital gains annually or more frequently in December. Both types of distributions will
be reinvested in shares of the Fund unless you elect to receive cash. Dividends from net investment income (including any excess
of net short-term capital gain over net long-term capital loss) are taxable to investors as ordinary income, while distributions
of net capital gain (the excess of net long-term capital gain over net short-term capital loss) are generally taxable as long-term
capital gain, regardless of your holding period for the shares. Any dividends or capital gain distributions you receive from the
Fund will normally be taxable to you when made, regardless of whether you reinvest dividends or capital gain distributions or receive
them in cash. Certain dividends or distributions declared in October, November or December will be taxed to shareholders as if
received in December if they are paid during the following January. Each year the Fund will inform you of the amount and type of
your distributions. IRAs and other qualified retirement plans are exempt from federal income taxation until retirement proceeds
are paid out to the participant.

Your redemptions, including exchanges, may result
in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is the difference between the cost
of your shares, including any sales charges, and the amount you receive when you sell them.

On the account application, you will be asked
to certify that your social security number or taxpayer identification number is correct and that you are not subject to backup
withholding for failing to report income to the IRS. If you are subject to backup withholding or you did not certify your taxpayer
identification number, the IRS requires the Fund to withhold a percentage of any dividend, redemption or exchange proceeds. los
Fund reserves the right to reject any application that does not include a certified social security or taxpayer identification
number. If you do not have a social security number, you should indicate on the purchase form that your application to obtain a
number is pending. The Fund is required to withhold taxes if a number is not delivered to the Fund within seven days.

This summary is not intended to be and should
not be construed to be legal or tax advice. You should consult your own tax advisers to determine the tax consequences of owning
the Fund’s shares.

DISTRIBUTION OF SHARES

Distributor:
Northern Lights Distributors, LLC, 17645 Wright Street, Suite
200, Omaha, Nebraska 68130, is the distributor for the shares of the Fund. Northern Lights Distributors, LLC is a registered broker-dealer
and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of the Fund are offered on a continuous
basis.

Distribution (12b-1) and Shareholder Servicing
Fees:
los
Trust, with respect to the Fund has adopted the Trust’s Master Distribution and Shareholder Servicing Plans for the Fund’s
Class I shares (the “Plan”), pursuant to Rule 12b-1 of the 1940 Act which allows the Fund to pay the Fund’s distributor
an annual fee for distribution and shareholder servicing expenses of 0.25% of the Fund’s average daily net assets attributable
to Class I shares. As of the date of this Prospectus and until further notice, the Board of Trustees have authorized only up to
0.00% per year of the average daily net assets attributable to Class I shares for such distribution and shareholder services activities
under the Plan. Because these fees are paid out of the Fund’s assets on an on-going basis, over time these fees will increase
the cost of your investment and may cost you more than paying other types of sales charges.

The Fund’s distributor and other entities
may be paid pursuant to the Plans for distribution and shareholder servicing provided and the expenses borne by the distributor
and others in the distribution of Fund shares, including the payment of commissions for sales of the shares and incentive compensation
to and expenses of dealers and others who engage in or support distribution of shares or who service shareholder accounts, including
overhead and telephone expenses; printing and distribution of prospectuses and reports used in connection with the offering of
the Fund’s shares to other than current shareholders; and preparation, printing and distribution of sales literature and
advertising materials. In addition, the distributor or other entities may utilize fees paid pursuant to the Plans to compensate
dealers or other entities for their opportunity costs in advancing such amounts, which compensation would be in the form of a carrying
charge on any un-reimbursed expenses.

You should be aware that if you hold your shares
for a substantial period of time, you may indirectly pay more than the economic equivalent of the maximum front-end sales charge
allowed by the FINRA due to the recurring nature of distribution (12b-1) fees.

Additional Compensation to Financial Intermediaries:
The Distributor, its affiliates, and the Adviser and their affiliates
may each, at their own expense and out of their own legitimate profits, provide additional cash payments to financial intermediaries
who sell shares of the Fund. Financial intermediaries include brokers, financial planners, banks, insurance companies, retirement
or 401(k) plan administrators and others. These payments may be in addition to the Rule 12b-1 fees and any sales charges that are
disclosed elsewhere in this Prospectus. These payments are generally made to financial intermediaries that provide shareholder
or administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives
and financial intermediary management representatives, inclusion of the Fund on a sales list, including a preferred or select sales
list, or other sales programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary
provides shareholder services to Fund shareholders. The distributor may, from time to time, provide promotional incentives, including
reallowance and/or payment of up to the entire sales charge, to certain investment firms. Such incentives may, at the distributor’s
discretion, be limited to investment firms who allow their individual selling representatives to participate in such additional
commissions.

Householding:
To reduce expenses, the Fund mails only one copy of the prospectus
and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies
of these documents, please call the Fund at 1-855-397-8728 on days the Fund is open for business or contact your financial institution.
The Fund will begin sending you individual copies thirty days after receiving your request.

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to
help you understand the Fund’s financial performance for the period of the Fund’s operations. Certain information reflects
financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned
(or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The financial highlights for
the year ended December 31, 2018 has been derived from the financial statements audited by the Independent Registered Public Accounting
Firm, BBD, LLP whose report, along with the Fund’s financial statements, are included in the Fund’s December 31, 2018
annual report, which is available upon request. The financial highlights for each of the years in the four-year period ended December
31, 2017 were audited by the Fund’s prior Independent Registered Public Accounting Firm.

The table below sets forth financial data for one share of capital
stock outstanding throughout the years presented.

Para el Para el Para el Year Ended Year Ended
Year Ended Year Ended Year Ended December 31, 2015 December 31, 2014
December 31, 2018 December 31, 2017 December 31, 2016 Consolidated Consolidated
Class I
Net Asset Value, Beginning of Year PS 8.14 PS 10.78 PS 9.87 PS 11.04 PS 8.43
Increase (decrease) From Operations:
Net investment loss (a) (0.04 ) (0.09 ) (0.09 ) (0.56 ) (0.25 )
Net gain (loss) from securities
(both realized and unrealized)
1.38 (1.94 ) 1.00 1.57 2.86
Total from operations 1.34 (2.03 ) 0.91 1.01 2.61
Distributions to shareholders from:
Net investment income (0.55 )
Return of capital (0.52 )
Net realized gains (0.06 ) (1.66 )
Total distributions (0.61 ) (2.18 )
Net Asset Value, End of Year PS 9.48 PS 8.14 PS 10.78 PS 9.87 PS 11.04
Total Return (b) 16.46 % (19.04 )% 9.22 % 9.41 % 30.96 %
Ratios/Supplemental Data
Net assets, end of year
(in 000’s)
PS 11,859 PS 23,864 PS 28,087 PS 25,803 PS 27,494
Ratio to average net assets:
Expenses, Gross (c) 2.52 % 2.38 % 2.33 % 5.89 % (e) 3.89 % (e)
Expenses, Net of Waiver/Reimbursement (c) 1.63 % 1.63 % 1.54 % 5.14 % (e) 3.14 % (e)
Net investment loss, Net of Waiver/Reimbursement (c)(d) (0.52 )% (0.98 )% (1.01 )% (4.69 )% (e) (2.81 )% (e)
Portfolio turnover rate 39 % 19 % 32 % 62 % 29 %

(a) Per share amounts are calculated using the average shares method, which more appropriately presents the per share data for the year.
(b) Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any.  Had the Adviser not absorbed a portion of the expenses, total returns would have been lower.
(c) Does not include income and expenses of investment companies or private investments in which the Fund invests, which could be significant.
(d) Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.
(e) Ratios include the income and expenses of Global Aggressive Strategy LLC, which was consolidated.

PRIVACY
AVISO

Rev. February
2014

FACTS WHAT DOES NORTHERN LIGHTS FUND TRUST DO WITH YOUR PERSONAL INFORMATION?

¿Por qué? Financial companies choose how they share your personal information.  Federal law gives consumers the right to limit some, but not all sharing.  Federal law also requires us to tell you how we collect, share, and protect your personal information.  Please read this notice carefully to understand what we do.

¿Qué?

The types of personal information we collect and share depends
        on the product or service that you have with us. This information can include:

  • Social Security number and wire transfer instructions
  • account transactions and transaction history
  • investment experience and purchase history

When you are no más our customer, we continue to share
        your information as described in this notice.

¿Cómo? All financial companies need to share customers’ personal information to run their everyday business.  In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Fund Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information: Does Northern Lights Fund Trust share information? Can you limit this sharing?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. YES NO
For our marketing purposes – to offer our products and services to you. NO We don’t share
For joint marketing with other financial companies. NO We don’t share
For our affiliates’ everyday business purposes – information about your transactions and records. NO We don’t share
For our affiliates’ everyday business purposes – information about your credit worthiness. NO We don’t share
For nonaffiliates to market to you NO We don’t share

QUESTIONS? Call 1-402-493-4603

What we do:

How does Northern
        Lights Fund Trust protect my personal information?

To protect your personal information from unauthorized
        access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files
        and buildings.

Our service providers are held accountable
        for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Northern
        Lights Fund Trust collect my personal information?

We collect your personal information,
        for example, when you

·
open an account or deposit money

·
direct us to buy securities or direct us to sell your securities

·
seek advice about your investments

We also collect your personal information from
        others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit
        only:

·
sharing for affiliates’ everyday business purposes – information about your creditworthiness.

·
affiliates from using your information to market to you.

·
sharing for nonaffiliates to market to you.

State laws and individual companies may give you additional rights
        to limit sharing.

Definitions
Affiliates

Companies related by common ownership or control. They can
        be financial and nonfinancial companies.

·
Northern Lights Fund Trust does not share with our affiliates.

Nonaffiliates

Companies not related by common ownership or control. Ellos
        can be financial and nonfinancial companies.

·
Northern Lights Fund Trust does not share with nonaffiliates so they can market to you.

Joint marketing

A formal agreement between nonaffiliated financial companies
        that together market financial products or services to you.

·
Northern Lights Fund Trust doesn’t jointly market.

The Global Rates Fund

Adviser P/E Global LLC
75 State Street, 31st Floor
Boston, MA  02109
Distributor Northern Lights Distributors, LLC
17645 Wright Street, Suite 200
Omaha, NE  68130
Custodian The Bank of New York Mellon
240 Greenwich Street
New York, NY  10286
Legal
Counsel
Thompson Hine LLP
41 South High Street, Suite 1700
Columbus, OH  43215
Transfer
Agent
Gemini Fund Services, LLC
17645 Wright Street, Suite 200
Omaha, NE  68130
Independent
Registered Public
Accounting Firm
BBD, LLP
1835 Market Street, 3rd Floor
Philadelphia, PA 19103

Additional information about the Fund is included
in the Fund’s Statement of Additional Information dated August 9, 2019 (the “SAI”). The SAI is incorporated into
this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details about the Fund’s
policies and management. Additional information about the Fund’s investments is available in the Fund’s Annual and
Semi-Annual Reports to Shareholders. In the Fund’s Annual Report, you will find a discussion of the market conditions and
investment strategies that significantly affected the Fund’s performance during its last fiscal year.

To obtain a free copy of the SAI and the Annual
and Semi-Annual Reports to Shareholders, or other information about the Fund, or to make shareholder inquiries about the Fund,
please call 1-855-397-8728. Information relating to the Fund can be found at www.globalratesfund.com. You may also write to:

The Global Rates Fund

c/o Gemini Fund Services, LLC

17645 Wright Street, Suite 200

Omaha, Nebraska 68130

You may review and obtain copies of the Fund’s
information at the SEC Public Reference Room in Washington, D.C. Please call 1-202-551-8090 for information relating to the operation
of the Public Reference Room. Reports and other information about the Fund are available on the EDGAR Database on the SEC’s
Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request
at the following
E-mail address: publicinfo@sec.gov, or by writing the Public Reference Section, Securities and Exchange Commission, Washington,
D.C. 20549-0102.

Investment Company Act File # 811-21720

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