Epiphany FFV Strategic Income Fund

Portfolio Information- Class N Shares

FUND INVESTMENT STRATEGY

The goal of the Fund is to attain an attractive portfolio yield in a diversified manner with an emphasis on preserving capital. The process is designed to be consistent over the entire market cycle-building a portfolio which is suitable for a variety of investor styles in all stages of the economy. The Fund aims to pick up yield where it is reasonably offered, credit risk where it is appropriate, and interest rate sensitivity when it is sensible. To achieve this, a relative value approach to different income producing sectors is used. The approach also offers some diversification benefits, avoiding speculation on either credit or the direction of interest rates.

Mutual Funds involve risk, including possible loss of principal. The fund may invest in REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. The Fund may invest in ETFs and other investment companies. As a result, your cost of investing in the Fund may be higher than the cost of investing directly in Underlying Fund shares and may be higher than other mutual funds that invest directly in equities. Stocks of mid-cap and small-cap companies are more risky than stocks of larger companies. The Adviser invests in equity securities only if they meet both the Fund’s investment and moral requirements, and as such, the return may be lower than if the Adviser made decisions based solely on invest-ment considerations. The Portfolio’s investments in convertible securities subject the Portfolio to the risks associated with both fixed-income securities and common stocks. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. Foreign investing involves risks not typically associated with U.S. investments. Countries with emerging markets may have relatively unstable governments, social and legal systems that do not pro-tect shareholders. The Fund may invest in high yield securities, also known as “junk bonds.” High yield securities provide greater income and opportunity for gain, but entail greater risk of loss of principal. The Fund applies a redemption fee of 2.0% for shares held less than 60 days.

 

1) The Adviser has contractually agreed to waive fees and/or reimburse expenses, but only to the extent necessary to limit Total Annual Operating Expenses, excluding brokerage fees and commissions; borrowing costs, such as interest; taxes; indirect expenses incurred by the underlying funds in which the Fund invests, and extraordinary expenses to 1.75% of the average daily net assets for Class A and N shares, 1.50% of the average daily net assets of Class I shares and 2.50% of the average daily net assets of Class C shares through February 28, 2013. The Board of Trustees may terminate the fee waiver and expense reimbursement agreement upon 60 days notice to shareholders.

Before investing you should carefully consider the investment objectives, risks, charges and expenses of the Epiphany Funds. This and other important information about the Fund is contained in the prospectus, which can be obtained by visiting www.epiphanyfunds.com or by calling 1-800-320-2185. The prospectus should be read carefully before investing.
The Epiphany funds are distributed by Northern Lights Distributors, LLC. Trinity Fiduciary Partners, LLC and Dana Investment Advisors are not affiliated with Northern Lights Distributors, LLC.
0146-NLD-1/20/2011

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