Note: Data as of June 30, 2023. The Fund inception date is September 30, 2013. Please refer to the Limited Duration Enhanced Income Fund fact sheet for additional Fund information.

*The total annual fund operating expenses are Class A, 0.87%, Class C, 1.62%, Class I, 0.62% and Class I2, 0.62%. The Fund’s investment advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until October 31, 2023, to ensure that the net annual fund operating expenses will not exceed 0.89%, 1.59%, 0.60% and 0.40% of average daily net assets attributable to Class A, Class C, Class I and Class I2, respectively. Please review the Fund’s Prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower.

**Shown for informational purposes only. As of May 29, 2020, Class I2 Shares are available for purchase to eligible investors.

The Boyd Watterson Fixed Income SMA accounts do not represent the Limited Duration Enhanced Income Fund. 

Performance of the Boyd Watterson SMA accounts does not represent that past or future performance of the Boyd Watterson Limited Duration Enhanced Income Fund and should not be considered indicative of future performance of any strategy account or the Fund.  There is no guarantee that investment in any program or strategy discussed herein will be profitable or will not incur loss. Security values may fluctuate, causing the price of such security to rise or fall and, as a result, investors may receive back less than originally invested.

7591-NLD 07/18/2023

Prospectus Disclosure: Investors should carefully consider the investment objectives, risks, charges and expenses of the Boyd Watterson Limited Duration Enhanced Income Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.boydwattersonfunds.com or by calling 1-877-345-9597. The prospectus should be read carefully before investing. The Boyd Watterson Limited Duration Enhanced Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Boyd Watterson Asset Management, LLC is not affiliated with Northern Lights Distributors, LLC

For more information, please visit www.finra.org and https://www.sipc.org/.

Important Risk Disclosures: Investments in Mutual Funds involve risk including possible loss of principal. The risk that if the Fund’s strategy for allocating assets among different assets classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with the same or similar investment strategy. The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. Longer-term securities may be more sensitive to interest rate changes. Given the recent, historically low interest rates and the potential for increases in those rates, a heightened risk is posed by rising interest rates to a fund whose portfolios include longer-term fixed income securities. The net asset value of the Fund will fluctuate based on changes in the value of the U.S. and/or foreign equity securities held by the Fund. When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Because the Fund’s investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. 

Foreign companies are generally not subject to the same regulatory requirements of U.S. companies thereby resulting in less publicly available information about these companies. The interest rate on hybrid corporate securities can fluctuate from fixed to floating rate, which creates uncertainty regarding the interest rate that maybe received. When the Fund invests in other investment companies (such as ETFs and closed end funds), it will bear additional expenses based on its pro rata share of the other investment company’s operating expenses, including the potential duplication of management fees. The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole. Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The Fund is a new mutual fund and has a limited history of operations for investors to evaluate. The Adviser’s reliance on its strategy and judgments about the attractiveness, value and potential appreciation of particular securities and the tactical allocation among the Fund’s investments may prove to be incorrect and may not produce the desired results. Preferred securities may pay fixed or adjustable rates of return. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics.