(As Of January 31, 2017)

Company Name % of Port
Valspar Corporation (VAL) 3.62%
Graco Inc.(GGG) 3.20%
3M Company (MMM) 2.88%
Alleghany Corp.(Y) 2.84%
PPG Industries Inc. (PPG) 2.78%
Alphabet Inc. (GOOGL)***class A & C Shares 2.30%
Edwards Lifesciences (EW) 2.17%
Linear Technologies Corp.  (LLTC) 2.09%
Equifax Inc.  (EFX) 1.77%
Global Payments  (GPN) 1.75%

Portfolio holdings are subject to change. These holdings may not be representative of the fund’s current or future investments and should not be considered investment advice.

NOTE: Click on the ticker symbol for any particular holding to open up a quote page from SmartMoney for that company.

For a complete list of fund holdings, please see the Fund’s most recent annual or semi-annual shareholder report.

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.