Welcome to the EAS Global Cycle Fund

Investment themes evolve and change over time. Some may materialize over many years while others may begin and fully develop in periods as short as three years. Some are domestic-focused while others are truly global in nature. The Global Cycle strategy aims to find these themes and carefully balance among them over the long-term. Examples of such themes are identified below:

Investment Themes and Globe

Emerald's Global Cycle strategy is a theme-driven, equity-focused style that takes a long-term view of the global economy and financial markets. It pursues a variety of global investment themes that we believe are in the midst of a long, positive business cycle.

Emerald Asset Advisors, the Fund's advisor, has managed the Global Cycle strategy in SMA form for its own clients since 2005. In 2006, the Global Cycle strategy was made available to other advisors through various asset management platforms. The Global Cycle sub-strategy is also one of the three primary components within our flagship asset allocation fund, the EAS Genesis Fund (launched in August 2008).

We are now pleased to make this strategy available as its own mutual fund, the EAS Global Cycle Fund. The EAS Global Cycle Fund follows the same process and objectives that have been used in managing the SMA version of this strategy since 2005 and allows investors the opportunity to access this approach through an SEC-registered, open-end vehicle.

Global Cycle Timeline

The Fund seeks to capitalize on global themes identified by our research team which we believe offer a favorable opportunity over the long-term. The Fund is a multi-theme/multi-manager portfolio which allocates capital among mutual funds and ETFs which are focused on the specific global themes chosen.

The Fund carefully selects and blends together 5 - 25 different equity fund managers and/or ETFs that represent a distinct theme, and it actively rebalances among its underlying holdings depending on market conditions, the investment climate and manager activity.

An investor should consider the Funds’ investment objectives, risks, charges and expenses carefully before investing. This and other information about the EAS Genesis Fund and the EAS Global Cycle Fund is contained in the Funds’ prospectus, which can be obtained by calling 1-877-EAS-0757 (1-877-327-0757). Please read the prospectus carefully before investing. The Funds are distributed by Northern Lights Distributors, LLC, member FINRA. 0410-NLD-2/25/2011

The Fund engages in hedging activities by investing in inverse ETFs. Inverse ETF's may employ leverage, which magnifies the changes in the underlying stock index upon which they are based. Any strategy that includes inverse securities could cause the Fund to suffer significant losses.

The Fund may purchase ETFs and Underlying Funds that invest in "alternative asset" or "specialty" market segments. The risks and volatility of these investments are linked to narrow segments of the economy such as commodities, foreign currencies, or real estate, and may include leverage, which magnifies the changes in the value of the ETF or Underlying Fund.

ETF's are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few.

The Fund may invest in small, less well-known companies, which may be subject to more erratic market movements than large-cap stocks; foreign securities, which are subject to currency fluctuations and political, economic and market uncertainty; These risks may result in greater share price volatility. In addition, the use of leverage in an investment portfolio can magnify any price movements, resulting in high volatility and potentially significant loss of principal.

An investor’s overall cost of investing in the Fund will be higher than the cost of investing directly in Underlying Fund shares and the investor will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund’s direct fees and expenses.

The Fund may invest in derivatives (Option Contracts). Even a small investment in options may give rise to leverage risk, and can have a significant impact on the Fund's performance. Derivatives are subject to credit risk and liquidity risk.

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