Every asset class has its own set of investment characteristics and risks.  Investors should carefully consider these risks before investing.  

Mutual Funds involve risk including the possible loss of principal.

ABS and MBS are subject to credit risk because underlying loan borrowers may default. These securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. Commodity prices may be influenced by various external factors such as unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to debt security risks and conversion value- related equity risk.

There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund. Futures, options and swaps involve risks possibly greater than the risks associated with investing directly in securities including leverage risk, tracking risk and counterparty default risk. 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. The cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

Foreign currency trading risks include market risk, credit risk and country risk. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards.

The Fund may invest in lower-quality bonds, known as "high yield" or "junk" bonds which present greater risk than bonds of higher quality, including an increased risk of default. Repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or in solvency proceedings) is subject to significant uncertainties and are considered speculative.

Typically, a rise in interest rates causes a decline in the value of fixed income securities. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the Fund's potential for loss. Mid-cap companies may have limited product lines, markets or finanical

resources, and they may be dependent on a limited management group. The Commodity Futures Trading Commission ("CFTC") has proposed changes to Rule 4.5 under the Commodity Exchange Act which, if adopted, could require the Fund and the Subsidiary to register with the CFTC. Such changes could potentially limit or restrict the ability of the Fund to pursue its investment strategy, and/or increase the costs of implementing its strategy.

The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the adviser's ability to accurately anticipate the future value of a security or instrument. Smaller companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund. A higher portfolio turnover will result in higher transactional and brokerage costs.

Underlying Funds 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 an Underlying Fund and may be higher than other mutual funds that invest directly in stocks and bonds. The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.

Investors should carefully consider the investment objectives, risks, charges and expenses of the PTA Comprehensive Alternatives Fund. This and other important information about the Fund is contained in the prospectus,  or by calling 888-899-2726. The prospectus should be read carefully before investing. The PTA Comprehensive Alternatives Fund is distributed by Northern Lights Distributors, LLC, member FINRA. Preservation Trust Advisors and Northern Lights Distributors, LLC are not affiliated.                                                 FR2012-0726-0102/E   0543-NLD-2/28/2013