© 2011 Gratio Funds and Gratio Capital, 1235 Howard Street, Suite D, San Francisco, CA 94103    See important legal disclosure and information. 

Mutual Funds involve risk including possible loss of principal. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. The Fund will adhere to its formula for selecting securities, despite any adverse developments that may arise as a result of using that formula.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Gratio Values Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 877-25-GRATIO. The prospectus should be read carefully before investing. The Gratio Values Fund is distributed by Northern Lights Distributors, LLC member FINRA. Gratio Capital is not affiliated with Northern Lights Distributors, LLC.