M A N A G E M E N TCharles Cunningham, CFAChief Investment OfficerB.A. University of the South,M.B.A. Vanderbilt University

A CFA Charterholder, he spent over 12 years in investment management roles with Morgan Stanley, Morgan Keegan, Galleon Group, Schacter Capi-tal and Dunavant Capital Management. Chad combines sell side research

experience, hedge fund trading experience, family office risk management experience, and portfolio management experience, into a broad and deep understanding of securities, the markets, and risk.

The Conductor Global Fund seeks to produce superior long-term risk-adjusted returns for clients by investing in global mid to large cap equities exhibiting superior fundamental attributes such as strong free cash flow generation, sustainable top and bottom line growth, and solid balance sheet metrics. IronHorse incorporates macro-economic and macro-market analysis into the analytical process to complement the fundamental analytical framework and enhance overall performance. Furthermore, Conductor Global utilizes index hedges to offset marketrisk during perceived high-risk periods in order to protect investor capital.

T H E O B J E C T I V E

A N N U A L I Z E D R AT E O F R E T U R N

Altman Z-Score (median)

EV/EBITDA (median)

Price to Book (median)

EV to Sales (median)

4.98

6.88x

1.68x

0.71x

2.92

10.40x

1.86x

2.06x

Conductor Global Portfolio MSCI AC World

B E N C H M A R K S

Disclaimer: There is no assurance that the fund’s investment objective will be achieved or maintained. The MSCI World TR Index performance is not illustrative of the fund’s security performance. The Fund’s maximum sales charge for Class “A” shares is 5.75%. The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until February 28, 2015, to ensure that the net annual fund operating expenses will not exceed 2.20%, 2.95%, and 1.95% attributable to Class A, Class C, and Class I shares, respectively, subject to possible recoupment from the Fund in future years. Without these waivers, the Fund’s total annual operating expenses would be 3.08%, 3.83%, and 2.83% to Class A, Class C, and Class I shares respectively. Please review the fund’s prospectus for more information regarding the fund’s fees and expenses. For performance information current to the most recent month-end, please call toll-free 844-467-2459 or by visiting http://www.conductorfund.com.

Q 3 2 0 1 5

EV/EBITDa - also know as the Enterprise Multiple, it is a ratio used to determine the value of acompany inclusive of the company’s debt.Price to Book - also known as the Price-Equity Ratio, it is a ratio used to compare a stock’s market value to its book value.P/E Trailing 12 mo - also known as the Price-Earnings Ratio, it is a valuation ratio of a company’s current share price compared to its per-share earnings for the prior twelve monthsAltman Z Score - An output of a credit-strength test that gauges publicly traded company’s likelihood of bankruptcy. The lower the score the more likely bankruptcy will occur.

Without Sales Charges

Class I

Class A

With Sales Charges

Class: with 5.75% max sales Charge

Comparison

Morningstar World Stock Median

MSCI World Index Total Return

Share Class QTR YTD 1 Yr 3 Yr Class A

-8.72%-8.74%

-13.97%

-8.66%-8.33%

-2.13%-2.24%

-7.86%

-5.49%-5.63%

-1.53%-1.64%

-7.33%

-4.59%-4.57%

--

-

7.95%9.18%

--2.12%

-4.89%

--0.22%

GLOBAL FINANCIAL STRESS

US EAFE

ECONOMIC OUTLOOK

US EAFEEmerging Markets

INTERMEDIATE TERM PRICE MOMENTUM

US EAFEEmerging Markets

LONG-TERM VALUATION

US EAFEEmerging Markets

The illustrations above are shown for general market comparisonsand are not meant to represent the Fund.

-0.99%-

-

--0.01%

Class IInception

Disclaimer: Any returns presented include dividends reinvested and Investing in the Fund carries certain risks. Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund’s investments. The risk of investing in emerging market securities, primarily increased foreign investment risk. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.

Investments in lesser-known, small and medium capitalization compa-nies may be more vulnerable than larger, more established organizations. There can be a higher portfolio turnover due to active and frequent trading that may result in higher transactional and brokerage costs.

The Adviser from time to time employs various hedging techniques. The success of the Fund’s hedging strategy will be subject to the Adviser’s ability to correctly assess the degree of correlation between the performance of the instruments used in the hedging strategy and the performance of the investments in the portfolio being hedged. The risk on a short sale is the risk of loss if the value of a security sold short increases prior to the delivery date, since the Fund must pay more for the security than it received from the purchaser in the short sale. Therefore, the risk of loss may be unlimited.

G E O G R A P H I C A L L O C AT I O NCintas (US) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.74%Recordati SPA (Italy) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.27% Cap Gemini (France) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.91%VCA (US) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.80% Hanover Insurance (US) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.69% Nissan Chemical (Japan) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.68% Anthem (US) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.66%UnitedHealth (US) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.58% Koito Manufacturing (Japan) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.53% Nexon (Japan) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.52%

TOP STOCK HOLDINGS

1-844-GO-RAILX www.conductorfunds.com

CONTACT

Q 3 2 0 1 5

S E C TO R A L L O C AT I O N

Current Equity Count . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76Median Overall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$5.477Median (US only) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.756Median (rest of world) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5.029Weighted Average . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $28.388Unweighted Average . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25.726

PORTFOLIO MARKETCAP METRICS ($ billions)

Holdings are subject to change and should not be considered investment advice.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Conductor Funds. This and other information about the Funds is contained in the prospectus and should be read carefully before investing. The prospectus for both funds can be obtained by calling toll free 1-844-GO-RAILX or by clicking here. The Conductor Funds are distributed by Northern Lights Distributors, LLC., Member FINRA IronHorse Capital Management and Northern Lights Distributors, LLC are not affiliated.

Inception DateTickerCUSIPFiscal Year EndMin. InvestmentMin. SubsequentBenchmarkNet Expenses

Apr 15,2014RAALX

90213U58610/31

$2,500$500

MSCI World2.23%

Class A InvestorDec 27, 2013

RAILX90213U560

10/31$100,000

$1,000MSCI World

1.98%

Class 1 InstitutionalClassCash 5%

Other 2%

WesternEurope

18%

NorthAmerica

47%

AsiaPacific

28%

Cash5%

BasicMaterials

4%

Csmr Stpls7%

TelecomServices

4% Energy7%

VIX ETF1%

Utilities 1%

Csmr Disc17%

Financials12%

Industrials11%

HealthCare15%

Info Tech16%

Cash 5%

Other 2%

WesternEurope

18%

NorthAmerica

47%

AsiaPacific

28%

Cash5%

BasicMaterials

4%

Csmr Stpls7%

TelecomServices

4% Energy7%

VIX ETF1%

Utilities 1%

Csmr Disc17%

Financials12%

Industrials11%

HealthCare15%

Info Tech16%

4648-NLD-10/5/2015

3102 West End Avenue, Ste 400 • Nashville, TN 37203