Volatility Flex Fund

We believe VFF is a unique investment strategy that functions as a standalone asset class. The philosophy of the Fund is to preserve principal while generating upside return regardless of market direction.The Fund seeks return generation through a strategy that places it alongside a traditional asset allocation approach. Simple in concept, the VFF is an unleveraged strategy that seeks to produce absolute returns by capturing the characteristic volatility of a daily market environment. The VFF holds simultaneous long and short positions potentially allowing investors to capture performance throughout all market cycles.

Participation in the VFF allows investors to further diversify their traditional investment portfolio through what we believe is a  low-risk, uncorrelated approach. The global economic and capital environment of the past few years has revealed correlations both within and across sectors and asset classes that were heretofore unexpected. As such, during a period of high volatility, most asset classes behaved similarly, revealing minimum benefit from a standard portfolio diversification structure. Because the VFF trades off volatility — market movement both upwards and downwards — the Fund’s performance is neither positively correlated nor inversely correlated to other asset classes. Potentially functioning as a stabilizing investment throughout all market cycles, it can generate returns in rising and falling markets. The Volatility Flex Fund may be a prudent alpha-generation overlay for any investment portfolio.

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Alpha is a risk-adjusted measure of the active return on an investment. It is a measure of the manager’s contribution to performance.  A positive annual Alpha indicates the portfolio outperformed the market on a risk-adjusted basis, and a negative Alpha indicates the portfolio underperformed in relation to the market.
The S&P 500 Index is an unmanaged composite of 500 large capitalization companies.  This index is widely used by professional investors as a performance benchmark for large-cap stocks.  You cannot invest directly in an index.

Mutual Funds involve risk including the possible loss of principal.  When the Fund purchases a call option or put option on a security or index it may lose the entire premium paid if the underlying security or index does not increase or decrease in value respectively.  The Fund is also exposed to default by the option writer who may be unwilling or unable to perform its contractual obligations to the Fund.  ETFs linked to the S&P 500 are subject to investment advisory and other expenses, which will cause their performance to lag the S&P 500 Index.  The use of leverage, such as that embedded in options, will magnify the Fund's gains or losses.  A higher portfolio turnover will result in higher transactional and brokerage costs.  The Fund will incur a loss as a result of a written options (also referred to as a short position) if the price of the written option instrument increases in value between the date when the Fund writes the option and the date on which the Fund purchases an offsetting position.

Investors should carefully consider the investment objectives, risks, charges and expenses of The Bishop Volatility Flex Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 877-705-1115. The prospectus should be read carefully before investing. The Bishop Volatility Flex Fund is distributed by Northern Lights Distributors, LLC, member FINRA.  Bishop Asset Management, LLC is not affiliated with Northern Lights Distributors, LLC.