For the Quarter Ending December 31, 2016

Total Return
Performance
Marathon Value
Portfolio
S&P 500
1 Year +13.73% +11.96%
Average Annual Return
5 Years
+11.39% +14.66%
Average Annual Return
10 Years
+6.76% +6.95%

Ending January 31, 2017

Total Return
Performance
Marathon Value
Portfolio
S&P 500
Year-To-Date 2017 +2.33% +1.90%
3 Months +9.31% +7.76%
1 Year +21.44% +20.04%
Average Annual Return
3 Years
+8.33% +10.85%
Average Annual Return
5 Years
+10.92% +14.09%
Average Annual Return
10 Years
+6.81% +6.99%
Average Annual Return
Since Inception March 28, 2000
+7.96% +4.49%
Total Return
Since Inception March 28, 2000
+263.38% +109.60%

Ending December 31, 2016

Total Return
Performance
Marathon Value
Portfolio
S&P 500
Year-To-Date 2016 +13.73% +11.96%
3 Months +3.09% +3.82%
1 Year +13.73% +11.96%
Average Annual Return
3 Years
+6.18% +8.87%
Average Annual Return
5 Years
+11.39% +14.66%
Average Annual Return
10 Years
+6.76% +6.95%
Average Annual Return
Since Inception March 28, 2000
+7.85% +4.40%
Total Return
Since Inception March 28, 2000
+255.11% +105.70%
Quarterly
Performance
As of
Marathon Value
Portfolio
S&P 500
12/31/16 +3.09% +3.82%
09/30/16 +3.28% +3.85%
06/30/16 +2.10% +2.46%
03/31/16 +4.62% +1.35%
12/31/15 +3.60% +7.04%
09/30/15 -5.54% -6.44%
06/30/15 -0.69% +0.28%
03/31/15 +0.87% +0.95%
12/31/14 +5.27% +4.93%
09/30/14 -2.60% +1.13%
06/30/14 +3.60% +5.23%
03/31/14 +1.09% +1.81%
12/31/13 +7.76% +10.51%
09/30/13 +5.82% +5.25%
06/30/13 +1.48% +2.91%
03/31/13 +9.66% +10.61%
12/31/12 +1.68% -0.38%
09/30/12 +3.97% +6.35%
06/30/12 -2.99% -2.75%
03/31/12 +10.11% +12.59%
12/31/2011 +10.37% +11.82%
09/30/2011 -12.22% -13.87%
06/31/2011 -0.18% +0.10%
03/31/2011 +5.22% +5.92%
12/31/2010 +9.67% +10.76%
09/30/2010 +9.53% +11.29%
06/30/2010 -7.90% -11.43%
03/31/2010 +4.74% +5.39%
12/31/2009 +5.43% +6.04%
09/30/2009 +13.52% +15.61%
06/30/2009 +11.52% +15.93%
03/31/2009 -9.87% -11.01%
12/31/2008 -16.83% -21.94%
09/30/2008 -1.83% -8.37%
06/30/2008 -1.73% -2.73%
03/31/2008 -4.45% -9.44%
12/31/2007 -2.83% -3.33%
09/30/2007 -0.89% +2.03%
06/30/2007 +4.72% +6.28%
03/31/2007 +2.22% +0.64%
12/31/2006 +7.16% +6.70%
09/30/2006 +1.96% +5.67%
06/30/2006 -3.02% -1.44%
03/31/2006 +5.47% +4.21%
12/31/2005 +1.24% +2.09%
09/30/2005 +6.43% +3.60%
06/30/2005 -0.36% +1.37%
03/31/2005 -1.08% -2.15%
12/31/2004 +7.95% +9.23%
09/30/2004 -1.14% -1.87%
06/30/2004 +3.23% +1.72%
03/31/2004 +3.50% +1.69%
12/31/2003 +10.90% +12.18%
09/30/2003 +2.58% +2.65%
06/30/2003 +14.92% +15.39%
03/31/2003 -3.47% -3.15%
12/31/2002 +6.89% +8.44%
09/30/2002 -12.82% -17.28%
06/30/2002 -6.27% -13.40%
03/31/2002 +1.89% +0.27%
12/31/2001 +7.19% +10.69%
09/30/2001 -5.84% -14.68%
06/30/2001 +5.40% +5.85%
03/31/2001 -1.58% -11.86%
12/31/2000 +7.74% -7.82%
09/30/2000 +2.03% -0.97%
06/30/2000 +5.58% -2.66%

Total Annual Fund Operating Expense 1.10%
Performance quoted is past performance. The Fund’s past performance does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-788-6086.

The high total return of the fund since inception can be attributed to our fund’s outperformance in down markets. These results are not typical and may not continue in the future.

The S&P 500® Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks.The Index’s returns assume reinvestment of all distributions and exclude the effect of taxes and fees. The Fund’s portfolio holdings may differ significantly from the securities in the Index. You cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.

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.