Investment Committee

William E. Donoghue
Mr. Donoghue has served as the adviser's Chief Executive Officer since 1986. Mr. Donoghue is also a www.marketwatch.com contributing columnist. In addition, he is a bestselling financial author and former FNN TV host. Mr. Donoghue brings 44 years of experience as an independent expert on investment management.

Jeffrey R. Thompson
Mr. Thompson has served as the adviser's Senior Vice President since 1999. Mr. Thompson is also a Registered Representative of SummitAlliance Securities, LLC. He currently holds a Series 7, 63, 65, and Massachusetts Life, Accident, and Health Insurance Brokerage Licenses. Previously, Mr. Thompson worked as an Account Executive for national and super regional firms Lehman Brothers, Gruntal & Co., and Cowen & Co. from 1992-1996. There he worked with individual investors as well as institutional investors recommending and trading individual securities. Additionally, BTS Asset Management employed Mr. Thompson from 1996-1998 as a Regional Vice President providing investment advisory services to institutional clients. Mr. Thompson has more than 18 years experience in the financial services industry.

William B. Dowler
Mr. Dowler has served as the adviser's Vice President and Chief Compliance Officer since 2002. Mr. Dowler is a corporate officer as well as a member of the adviser's Investment Policy Committee. In addition, Mr. Dowler is a Registered Representative of SummitAlliance Securities LLC, holding a Series 7, 6, 63, 65, as well as Life, Accident and Health Insurance Brokerage Licenses. Previously, Mr. Dowler worked as an investment professional with independent and national firms, such as Advisory Group Equity Services, Jefferson Pilot Securities and Franklin Securities. Also, Mr. Dowler was Vice President and a member of the Investment Policy Committee with W. E. Donoghue prior to working as an independent investment professional. In addition, Mr. Dowler was an assistant manager of mutual fund operations with State Street Bank and Trust, Co. Mr. Dowler has more than 21 years experience in the financial services industry.

Mutual Funds involve risk including the possible loss of principal. Derivatives are subject to credit risk and liquidity risk. Additionally, even a small investment in derivatives may give rise to leverage risk, and can have a significant impact on the Fund's performance. In general, the price of a fixed income security falls when interest rates rise. The Fund will invest in high yield securities, also known as "junk bonds." High yield securities provide greater income and opportunity for gain, but entail greater risk of loss of principal. Mutual funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in other mutual funds and ETFs and may be higher than other mutual funds that invest directly in fixed income securities. The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. A higher portfolio turnover will result in higher transactional and brokerage costs. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Power Income Fund. This and other information about the Fund is contained in the prospectus and should be read carefully before investing. The prospectus can be obtained by clicking here or by calling toll free 1-877-779-7462 (1-877-7-PWRINC). The Power Income Fund is distributed by Northern Lights Distributors, LLC. W. E. Donoghue & Co., Inc. is not affiliated with Northern Lights Distributors, LLC. Member FINRA