The fund may invest in derivatives. Even a small investment in options may give rise to leverage risk, and can have a significant impact on the Fund's performance. Derivatives are subject to credit risk and liquidity risk. The Fund invests in fixed income securities, derivatives on fixed income securities or Underlying Funds that invest in fixed income securities, the value of the Fund will fluctuate with changes in interest rates. Defaults by fixed income issuers in which the Fund invests could also harm performance. Lower-quality bonds known as, "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including, an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the BTS Bond Asset Allocation Fund. This and other information about the Fund is contained in the prospectus and should be read carefully before investing. The prospectus can be obtained by clicking here or by calling toll free 1-877-287-9820 (1-877-BTS-9820). The BTS Bond Asset Allocation Fund is distributed by Northern Lights Distributors, LLC.

1486-NLD-12/17/2009