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Rational/ReSolve Adaptive Asset Allocation Fund

Tickers: RDMAX | RDMCX | RDMIX

Awards

2022

Rational/ReSolve Adaptive Asset Allocation Fund (RDMIX)
Rated 5-stars by Morningstar for the period ending 06/30/2022, based on 3-year risk adjusted returns, out of 84 funds in the US Fund Macro Trading category.

2020

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Rational/ReSolve Adaptive Asset Allocation Fund (RDMIX)
Best Managed Futures ‘40 Act Fund

2020

lipper

Rational/ReSolve Adaptive Asset Allocation Fund (RDMIX)
Best Fund over 3 Years
Alternative Managed Futures Funds

Overview

Fund Objective

The Fund’s investment objective is to seek long-term capital appreciation.

Investment Strategy

The Fund invests in futures contracts to gain dynamic exposure to global market opportunities across country equity indexes, fixed income, currencies, and commodities.

Portfolios are formed using proprietary quantitative innovations that emphasize characteristics such as, but not limited to: total return momentum, trends, seasonal patterns, carry measures, mean reversion and others, while simultaneously maximizing diversification based on changing estimates of volatility and correlations across global asset classes.

As portfolio weights and estimates of volatility and correlations change through time, the Fund will increase and decrease the gross exposure in an effort to maintain its target level of 12% annualized portfolio volatility.

Portfolio Manager Insights

Risk Allocation (Scaled to 100%)

Data as of: 9/30/2022

Fund Management

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ReSolve’s management team are considered thought leaders in the space of quantitative finance with extensive experience in asset management for private clients and institutions. The team’s approach to investing blends the rigor of academic research methods with the hard-nosed practicality required to implement functional investment strategies in risky markets. Passionate educators, Adam, Mike and Rodrigo have authored the book Adaptive Asset Allocation – Dynamic Global Portfolios Designed to Profit in Good Time and Bad, as well as several whitepapers that rank in the top 1% of most downloaded research on the academically renowned SSRN network.* The team is also responsible for the popular GestaltU.com investment blog.

President & Portfolio Manager
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Rodrigo Gordillo
Rodrigo is a Co-Founder, Managing Partner & Portfolio Manager of ReSolve Asset Management and has over 15 years of experience in investment management.

Chief Investment Officer
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Adam Butler
Adam has 15 years of experience in investment management, including 12 years as a Portfolio Manager, and holds both CFA and CAIA charters.

CEO & Portfolio Manager
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Michael Philbrick CIM®, AIFP®
CEO of ReSolve Global since 2020
Co-Founder, President, Secretary, and Portfolio Manager of ReSolve Canada from 2015 to 2020

Fund Overview

Data as of: 2022-10-04T00:00:00

Ticker RDMAX RDMCX RDMIX RDMAX
Share Class Class A Class C Class I Class A w/ Sales Load
CUSIP 628255747 628255739 628255721 628255747
Inception Date 1994-02-28T00:00:00 1994-02-28T00:00:00 1994-02-28T00:00:00 1994-02-28T00:00:00
As of Date 2022-10-04T00:00:00 2022-10-04T00:00:00 2022-10-04T00:00:00 2022-10-04T00:00:00
Daily NAV 22.93 22.14 23.16 22.93
NAV Change 0.32 0.3 0.33 0.32
% NAV Change 1.42% 1.37% 1.45% 1.42%

Current Fund Performance

Data as of: 2022-10-04T00:00:00

Prior to 2/28/2018, the Rational/ReSolve Adaptive Asset Allocation Fund implemented a different investment strategy and used a different sub-advisor.

Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class A -1.33% -6.90% -5.52% 1.78% 3.37% 3.56% 5.57% N/A 5.79%
Class C -1.42% -7.09% -5.91% 1.19% 2.58% 2.80% 4.79% N/A 5.01%
Class I -1.32% -6.84% -5.39% 1.98% 3.63% 3.84% 5.84% N/A 6.06%
Class A w/Sales Load -7.02% -12.25% -10.95% -4.06% -2.56% 1.54% 4.33% N/A 5.79%

Time periods with missing data for current performance are due to the pre-converted hedge fund only reporting returns on a monthly basis.

*Inception: Institutional 02/01/1994, Class A & C 09/30/2016. Performance from 09/30/2016 to 02/28/2018 is attributable to the previous sub-advisor Chesapeake Capital Corporation and performance from 03/01/18 to present is attributable to the current Sub-Advisor ReSolve Asset Management.

The maximum sales charge for Class “A” Shares is 5.75%. Class “C” Shares held for less than one year are subject to a 1% CDSC. Performance is historic and does not guarantee future results. Investment return and principal value will fluctuate with changing market conditions so that when redeemed, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month end performance information or the fund’s prospectus please call 800-253-0412 or visit www.RationalMF.com.

Quarterly Fund Performance

Data as of Quarter End: 2022-09-30T00:00:00

Share Class 1 Month 3 Months 6 Months YTD 1 Year 3 Years Annualized 5 Years Annualized 10 Years Annualized Since Inception Annualized
Class A -4.52% -8.51% -7.14% -0.71% 1.79% 2.20% 5.14% 4.82% 5.70%
Class C -4.55% -8.63% -7.45% -1.23% 1.06% 1.46% 4.38% 4.06% 4.93%
Class I -4.52% -8.43% -7.00% -0.53% 2.02% 2.47% 5.41% 5.09% 5.97%
Class A w/Sales Load -10.02% -13.76% -12.48% -6.40% -4.06% 0.20% 3.90% 4.82% 5.70%

*Inception: Institutional 02/01/1994, Class A & C 09/30/2016. Performance from 09/30/2016 to 02/28/2018 is attributable to the previous sub-advisor Chesapeake Capital Corporation and performance from 03/01/18 to present is attributable to the current Sub-Advisor ReSolve Asset Management.

Fund Expenses

Data as of: 2022-10-04T00:00:00

Share Class Class I Class A Class C Class A w/ Sales Load
Prospectus Gross Expense Ratio (May 1, 2022) 2.26% 2.45% 3.27% 2.45%
Prospectus Net Expense Ratio* (May 1, 2022) 2.07% 2.32% 3.07% 2.32%

* Rational Advisors, Inc. has contractually agreed to waive all or a portion of its management fee and/or reimburse certain operating expenses of the Fund to the extent necessary in order to limit the Fund’s total annual fund operating expenses (excluding (i) acquired fund fees and expenses; (ii) brokerage commissions and trading costs; (iii) interest (including borrowing costs and overdraft charges), (iv) taxes, (v) short sale dividends and interest expenses, and (vi) non-routine or extraordinary expenses, such as regulatory inquiry and litigation expenses) to not more than 1.97%, 2.22%, 2.97%, of the average daily net assets of the Fund’s Institutional, Class A, and Class C shares, respectively, through April 30, 2023.

Past performance is not a guarantee of future results.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Rational Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling (800) 253-0412 or at www.RationalMF.com. The prospectus should be read carefully before investing. The Rational Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC. Rational Advisors, Inc. and ReSolve Asset Management Inc. are not affiliated with Northern Lights Distributors, LLC.

Investing in the Fund carries certain risks. The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund's portfolio. Investing in the commodities markets (directly or indirectly) may subject the Fund to greater volatility than investments in traditional securities. Commodity prices may be influenced by 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. Derivatives are investments in which the value is "derived" from the value of an underlying asset, reference rate, or index. The value of derivatives may rise or fall more rapidly than other investments. For some derivatives, it is possible to lose more than the amount invested in the derivative. Emerging market securities tend to be more volatile and less liquid than securities traded in developed countries. The Fund is diversified and may invest a greater percentage of its assets in a particular issue and may own fewer securities than other mutual funds.

The Fund acquired all of the assets and liabilities of Chesapeake Fund, LLC (the “Predecessor Fund”) in a tax-free reorganization on December 31, 2016. In connection with this acquisition, shares of the Predecessor Fund were exchanged for Institutional Shares of the Fund. At the time of the reorganization, the Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. Effective February 27, 2018, the Fund’s investment strategy changed and a new Sub-Advisor replaced the prior subadvisor. Consequently, prior performance may not reflect the Fund’s current operations.

As of 6/30/2022, based on risk adjusted returns, RMDAX received 4-stars, 5-stars and 4-stars, for the Overall, 3-year and 5-year periods, out of 84, 84 and 84 funds respectively, in the Macro Trading Category. As of 6/30/2022, based on risk adjusted returns, RMDCX received 4-stars, 4-stars and 4-stars, for the Overall, 3-year and 5-year periods, out of 84, 84 and 84 funds respectively, in the Macro Trading Category. As of 6/30/2022, based on risk adjusted returns, RMDIX received 4-stars and 4-stars, for the Overall and 5-year periods, out of 84 and 84 funds respectively, in the Macro Trading Category. © 2022 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life sub-accounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

Disclosure: Lipper Fund Classification Awards
The currency for the calculation corresponds to the currency of the country for which the awards are calculated and relies on monthly data. Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or 10 years. For a detailed explanation, please review the Lipper Leaders methodology document on www.lipperalpha.financial.thomsonreuters.com.

The HFM US Performance Awards showcase and reward those hedge funds and FoHFs that have outperformed their peers over the past 12 months and provide a platform to demonstrate these achievements in front of investors.

The HFM Us Quant Awards honor service providers that have demonstrated exceptiopnal client service and innovation as well as rewarding the best performing Quant funds within the US.

5532-NLD-0617-2022

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