Class A Class A w/Load Class C Class I
Ticker LDVAX LDVAX LDVCX LDVIX
CUSIP 66538G387 66538G387 66538G379 66538G361
Benchmark Thomson Reuters Venture Capital Index Thomson Reuters Venture Capital Index Thomson Reuters Venture Capital Index Thomson Reuters Venture Capital Index
Inception Date October 2, 2014 October 2, 2014 September 23, 2015 October 2, 2014

SUMMARY

Investment Philosophy

  • Venture capital investing has been historically been used by accredited investors and endowments as a potential medium to lower equity correlations and increase returns.
  • Seeks to replicate the Thomson Reuters Venture Capital Index through the weighting of 7 investment sectors
  • The Index seeks to track the aggregate gross performance of U.S. venture capital-backed companies
  • The Fund is comprised of liquid public equities and derivatives and offers investors daily liquidity

PERFORMANCE

Performance (net of fees)

As of: September 30, 2017

QTD YTD 1-Year Inception
LDVAX Class A 10.00% 38.66% 33.29% 19.60%
LDVAX Class A w/Sales Load 3.66% 30.67% 25.65% 17.48%
LDVCX* 9.83% 37.73% 32.25% 22.73%
LDVIX 10.04% 38.74% 33.63% 19.78%

*LDVCX inception is September 23, 2015. Inception for LDVAX and LDVIX is October 2, 2014.

2251-NLD-10/20/2017

EXPENSES & MINIMUMS

Minimum Investment(s)

Initial Investment Subsequent Investment(s) IRA Initial Investment IRA Subsequent Investment(s)
Class A $2,500 $250 $1,000 $100
Class A w/ Load $2,500 $250 $1,000 $100
Class C $2,500 $250 $1,000 $100
Class I $5,000,000 $10,000 $5,000,000 $10,000

Expense Ratios

Total Expense Ratio What you pay1
Class A 1.85% 1.75%
Class A w/ Load 1.85% 1.75%
Class C 2.60% 2.50%
Class I 1.60% 1.50%

The Fund’s expense ratio is taken from the most recent prospectus and is subject to change.
1) What you pay represents Good Harbor’s agreement to contractually limit the Fund’s expenses until January 31, 2018.

Shareholder Fee(s)

Class A Class A w/ Load Class C Class I
Maximum Sales Charge (Load) Imposed on Purchases
(as a % offering price)
5.75% 5.75% n/a n/a
Maximum Deferred Sales Charge (Load)
(as a % of original purchase price)
n/a n/a 1.00% n/a
Maximum Sales Charge (Load) Imposed on Reinvested Dividends
and other Distributions
n/a n/a n/a n/a
Redemption Fee
(as a % of amount redeemed if held less than 30 days)
1.00% 1.00% 1.00% 1.00%

Sales Charge Schedule

Class A Class A w/ Load Class C Class I
Sales Charge Dealer Concession Sales Charge Dealer Concession Sales Charge Dealer Concession Sales Charge Dealer Concession
Under $25,000 5.75% 5.00% 5.75% 5.00% n/a n/a n/a n/a
$25,000 to $49,999 5.00% 4.25% 5.00% 4.25% n/a n/a n/a n/a
$50,000 to $99,999 4.75% 4.00% 4.75% 4.00% n/a n/a n/a n/a
$100,000 to $249.999 3.75% 3.25% 3.75% 3.25% n/a n/a n/a n/a
$250,000 to $499,999 2.50% 2.00% 2.50% 2.00% n/a n/a n/a n/a
$500,000 to $999,999 2.00% 1.75% 2.00% 1.75% n/a n/a n/a n/a
$1,000,000 and above 1.00% 1.00% 1.00% 1.00% n/a n/a n/a n/a

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results.

The maximum sales charge (load) for Class A is 5.75%. The Fund’s investment adviser has contractually agreed to reduce its fee and/or absorb expenses until January 31, 2018 to ensure that net annual operating expenses of the Class A, C and I shares will not exceed 1.75%, 2.50%, and 1.50% respectively, subject to possible recoupment from the Fund in future years. Without these waivers, the Class A, C, and I shares total annual operating expenses would be 1.85%, 2.60%, and 1.60%. 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. For performance information current to the most recent month-end, please call toll-free 855-535-2631 (855-LELAND1).

There is no guarantee that any investment will achieve its objectives, generate positive returns or avoid losses.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Leland Funds prior to investing. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 855-535-2631 (855-LELAND1). The prospectus should be read carefully before investing. The Leland Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Good Harbor Financial, LLC is the investment adviser to the Leland Funds. Good Harbor Financial, LLC and Thomson Reuters are not affiliated with Northern Lights Distributors, LLC.

Mutual Funds involve risks including the possible loss of principal. The Fund may invest in ETFs, ETNs and mutual funds, which are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. ETFs, ETNs and mutual funds are subject to issuer, fixed income and risks specific to the fund.

Venture capital investments involve a greater degree of risk; as a result, the Fund’s returns may experience greater volatility than the overall market. The Fund does not invest in venture capital funds nor does it invest directly in the companies funded by venture capital funds.

The Fund seeks to generate returns that mimic the aggregate returns of U.S. venture capital-backed companies as measured by the Thomson Reuters Venture Capital Index (“TR VC Index”). There is a risk that the Fund’s return may not match or achieve a high degree of correlation with the return of the TR VC Index.  Additionally, the TR VC Index’s return may not match or achieve a high degree of correlation with the return of U.S. venture capital-backed companies.

The Fund relies on licenses that permit the Fund to use the applicable Index and certain related intellectual property in connection with the name and investment strategies of the Fund. In the event that such licenses are terminated, the Fund may lose its ability to use the intellectual property which may have a significant impact on the operation of the Fund and could potentially result in a change in investment policy or closure of the Fund.

Investments in equity securities are subject to overall market risks. To the extent that the Fund’s investments are concentrated in or significantly exposed to a particular sector, the Fund will be susceptible to loss due to adverse occurrences affecting that sector.

Loss may result from the Fund’s investments in derivatives. These instruments may be illiquid, difficult to value and leveraged so that small changes may produce disproportionate losses to the Fund. Over the counter derivatives, such as swaps, are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. In certain circumstances, it may be difficult for the Fund to purchase and sell particular derivative investments within a reasonable time at a fair price.

Investors cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.

Thomson Reuters Venture Capital Index – the Thomson Reuters Venture Capital Index (“TR VC Index”) seeks to replicate the performance of the Thomson Reuters Venture Capital Research Index (“TR VC Research Index”) using liquid public securities across the sectors in which U.S. venture capital invests.

Thomson Reuters Disclosure

Thomson Reuters is a registered trademark of Thomson Reuters and its affiliates.

THE LELAND THOMSON REUTERS VENTURE CAPITAL INDEX FUND (THE “PRODUCT”) IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY THOMSON REUTERS (MARKETS) LLC OR ANY OF ITS SUBSIDIARIES OR AFFILIATES (“THOMSON REUTERS”). THOMSON REUTERS MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THE PRODUCT(S) OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE PRODUCT(S) PARTICULARLY OR THE ABILITY OF THE  THOMSON REUTERS VENTURE CAPITAL INDEX (THE “INDEX”) TO TRACK GENERAL MARKET PERFORMANCE. THOMSON REUTERS ONLY RELATIONSHIP TO THE PRODUCTS(S) AND CEDAR CAPITAL, LLC (THE “LICENSEE”) IS THE LICENSING OF THE INDEX, WHICH IS DETERMINED, COMPOSED AND CALCULATED BY THOMSON REUTERS OR ITS LICENSORS  WITHOUT REGARD TO THE LICENSEE OR THE PRODUCT(S). THOMSON REUTERS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE LICENSEE OR THE OWNERS OF THE PRODUCT(S) INTO CONSIDERATION IN CONNECTION WITH THE FOREGOING. THOMSON REUTERS IS NOT RESPONSIBLE FOR AND HAS NOT PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THE PRODUCT(S) TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY WHICH THE PRODUCT(S) IS TO BE CONVERTED INTO CASH. THOMSON REUTERS HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THE PRODUCT(S).

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