Important Legal Information

Each investor should consider all investment objectives, risks, charges, and expenses carefully before investing. Please obtain a current prospectus and read it carefully before investing or sending money. For more information about the aforementioned considerations call1-877-25-GRATIO, or visit our Web site at www.gratiofunds.com.

The Gratio Funds are not FDIC or otherwise insured and are subject to market risks. Investment returns and principal value of an investment will fluctuate. You may lose money. Certain fees and expenses will apply to your investment – such fees are described in the Fund prospectus.

Gratio Capital is the Investment Adviser for the Funds. The fund is Distributed by Northern Lights Distributors, LLC, Member NASD, SIPC.  Gratio Capital and Northern Lights Distributors are not affiliated.

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. Small capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.

Holdings

Holdings may be published when deemed in the best interest of a particular Gratio fund. Gratio may publish a list of the securities held in a Gratio Fund as of the most recent calendar-quarter end. By accessing the portfolio holdings you agree to the following:

• You or your affiliated parties will not reproduce, distribute or otherwise disseminate Gratio portfolio holdings in any manner without obtaining prior written consent from Gratio;
• Portfolio holdings may be provided on a delayed basis and as such may not reflect complete holdings in the corresponding Gratio fund;
• All portfolio holdings are supplied on an “as is” basis. Accordingly, Gratio makes no express or implied warranties, guarantees or representations regarding the reliability, correctness or thoroughness of such listings or of any results you may derive from their use;
• Gratio and/or its affiliates shall have no liability.  

Gratio Privacy Policy

GRATIO AND YOUR TRUST

The Gratio Funds recognize that you have invested more than just your money with us – you have invested your trust. Accordingly we aim to meet the privacy expectations of our customers. This notice is set forth to let you know what kinds of information we collect and to whom we disclose this information. Please review it thoroughly and do not hesitate to call us at 1-877-25-GRATIO should you have any questions.

COLLECTING CUSTOMER INFORMATION

Gratio Funds collects nonpublic personal information about our customers from the following sources:

• Account Applications and other forms, which may include a client name, address, phone number, social security number, and information about a customer's investment goals and risk tolerance;
• Account History, including information about the transactions and balances in your account – this includes transactions you conducted directly with Gratio and our affiliates;
• Information and correspondence you provided Gratio and/or our service providers in writing, by telephone or via electronic transmission.  

ONLINE SAFEGUARDING OF CUSTOMER INFORMATION

The Gratio Funds’ Web site, www.gratiofunds.com, allows you to perform a number of functions in order to enhance and streamline your experience with us. Accordingly, our site uses data encryption, user names and passwords, SSL protocol and other technologies. We have enacted these measures to ensure that all online services can be used with confidence.

DISCLOSURE OF CUSTOMER INFORMATION

At no time will Gratio Funds sell any lists containing your information. As permitted by law, we will at times share your information with selected third party partners. This information will be shared in an effort to provide you with complete and efficient service, to ensure that your account remains secure, and possibly to offer you additional products or services we feel may be of value.

Your information may be shared with, including but not limited to, the following types of service providers and affiliates:

• Companies that help us perform essential functions with regards to your accounts including those that process your transactions, such as transfer agents;
• Printers and mailing agents;
• Retirement or defined contribution account custodians;
• Other financial institutions where you may hold accounts – this is so we may execute transactions that you request which involve your other financial service providers;
• As permitted or required by law – to cooperate with regulatory authorities, Government agencies or law enforcement officials or to resolve disputes or to control risk.

INTERNAL AND EXTERNAL SECURITY OF CUSTOMER INFORMATION

Within Gratio, your information will be accessed only by employees on a need to know basis – this means that only employees who are providing you with service will obtain your data. he importance of safeguarding your information is impressed upon all employees and strict guidelines and standards have been enacted to ensure that Gratio employees comply with our stringent privacy standards.

Regarding our partners and service providers, they must similarly maintain rigid policies and controls regarding your personal information – we review their policies on a regular basis. Further, such entities are only authorized to use information about Gratio customers in a manner and for purposes set forth by Gratio unless otherwise permitted or required by law.

This commitment applies whether you are a current or former Gratio client.

UPDATES AND CHANGES TO THIS POLICY

If any changes are enacted that are inconsistent with this policy, rest assured that you will receive advance notice. Regardless of any changes, you will receive periodic notices and updates regarding our privacy standards.

Gratio Business Continuity Plan Summary

Following is a summary of the Business Continuity Plan (hereinafter the “Plan”) for Gratio Capital Partners (hereinafter the “Company”). The Plan is developed to address a significant business disruption that could affect Gratio Capital’s business operations. The Plan lays out the Company’s intentions with regards to safeguarding employees and recovering and restoring operations, protecting documentation and records and enabling communication with Company personnel, investors, service providers and state and federal regulators.

The Company is headquartered at 28 West 44th Street, Suite 1200, New York City, NY and all of its mission critical systems and processes are also conducted or located in New York City except for accounting and bookeeping, which are conducted from an affiliate office at MPOWER Labs in Austin, Texas. 

This Plan represents a commitment by Gratio Capital to plan and be prepared at all times for any business disruption. This Plan addresses both company-specific business disruptions that may occur (such as loss of power to our building) as well as disruptions that could affect commerce on a city and/or regional level.

Should a disruption occur that affects our main headquarters, we have several alternate locations available at which to resume operations. It is expected that in the event of such a disruption, we could resume business operations within six to 24 hours. In addition to periodically copying files onto physical data storage disks which are delivered to safe deposit boxes, we also back our technology up on a duplicate computer system. This system receives data on a real-time basis. As such, client data will be preserved and available in the event of damage to our headquarters. In such an event, our phone lines would be transferred in order to maintain a direct line of communication between the Company and customers. 

Gratio mutual fund investors should note that despite any disruptions in our day-to-day operations, they will have access to funds through our transfer agents and custodians. A possible exception to this rule is if a disruption occurs that is significant in scope as to hamper the operations of the entire industry.

The Gratio Capital Partners Business Continuity plan reflects a commitment to premium client service. In addition to having the aforementioned backup plans in place, we also review the business continuity plans of providers to which we give our business. Our own Plan is reviewed frequently and sometimes modified to better serve our clients. A copy of the most recently updated Plan is available by submitting a written request.  

Secure E-mail Communications

We welcome your correspondence via e-mail; however, Internet and e-mail communications are not confidential. It is possible that information transmitted to us may be read or obtained by other parties.

When you send us e-mail, we keep the e-mail in our mail system for an indefinite period of time in case you have any follow-up questions. If you ask us for account maintenance, such as an address change, we will attach a copy of the e-mail to your correspondence record in our customer accounting system.

Links to Third-Party Content

Our Web site provides links to other sites for your convenience in locating related information and services. Gratio does not maintain these other sites and has no control over the organizations that maintain the sites or the information, products or services these organizations provide. Although we believe that the information from these organizations is reliable, we cannot guarantee its completeness or suitability for any purpose.

Gratio also is not responsible for any content, without limitation, appearing on our Web site where such content is provided by a third party. Third party content is provided for information and education purposes only. Calvert does not guarantee, and will not be liable for, the accuracy, results, completeness, correct sequencing, timeliness, delays, interruptions, or results of third party content and is not obligated to update such content.

Accordingly, Gratio expressly disclaims any responsibility for the content of these other Web sites, the accuracy of the information on these Web sites or the quality of products or services provided by the organizations that maintain them. The existence of such links or content should not be construed as a recommendation, endorsement, approval or verification by Gratio of any content available on third party sites. Gratio reserves the right to require written consent for, or request the removal of, any links to our Web site.  

Intellectual Property

All information and material contained in this Web site is subject to applicable copyright and/or trademark protection laws. No permission is granted to copy, distribute, modify, post or frame any text, graphics, video, audio, software code, or user interface design or logos.