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Semi-Annual Shareholder Letter & Management Discussion

03/31/17 Semi-Annual Reports

Marathon Value Portfolio Semiannual Shareholder Letter 03-31-2017

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2021 (1) 2020 (3) 2019 (1) 2018 (2)

Mutual Funds involve risk including possible loss of principal. There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses.

Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers or their prospects for growth. Typically, their valuation levels are lower than those of growth stocks. Growth-oriented securities purchased by the Fund may involve large price swings and potential for loss.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Marathon Value Portfolio (the "Fund"). This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 1-800-788-6086 or going to http://www.marathonvalue.com. The prospectus should be read carefully before investing. The Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.

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