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MUTUAL FUNDS

RADY CONTRARIAN LONG/SHORT FUND

SAI (Statement of Additional Information)

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Fund Overview

The Rady Contrarian Long/Short Fund invests in publicly traded securities, primarily mid- to large-capitalization U.S. companies, and seeks to achieve positive and consistent returns while limiting exposure to general stock market downside risk.

Rady invests in “best of breed” dominant companies with profitable, sustainable business models:

Strong balance sheets
Trading at or near their 52-week lows
Exceptional management with proven track record
Minimal Goodwill
Quality earnings stream that is void of one time events (i.e. accounting gimmicks)
Asymmetric risk/reward profiles

Rady shorts companies that have the opposite characteristics:

Large Amounts of goodwill (Empire builders)
Companies with heavy union exposure
2nd and 3rd tier companies
Low quality balance sheets
Unsustainable business models in low margin competitive industries
Self-promoting management
Trading at or near 52-week highs
Low quality earnings stream
Companies that use aggressive accounting (i.e. off balance sheet liabilities)

The Fund invests primarily in equity securities, which are subject to price fluctuations in the stock market. The Fund may not achieve its objectives.

Harry Rady
Portfolio Manager
CEO

Ramu Singh
Director of Research

Jordan Greenhouse
Chief Operating Officer

08-27-2010 Why Chesapeake Should Regain Its Energy
07-30-2010 The Next Big Short
06-10-2010 Looking For The Best Of Breed Companies
05-26-2010 TIP SHEET: Rady Opportunistic Value Fund Eyes Power Recovery
05-19-2010 Stocks Give Up All of 2010's Gains
05-11-2010 After wild week in markets, experts split on what to do next
05-03-2010 Shorting Profits Fade as Bets Against Banks Backfire
04-26-2010 SEC's civil suit against Goldman Sachs hits funds
04-16-2010 Tip Sheet: Rady Contrarian Long/Short Remains Focused On Risk
03-30-2010 Electronic Arts Reboots

03-30-2010 Rady Contrarian Long/Short Fund Named Lipper Leader
03-16-2010 RAM anounces the launch of its Mutual Funds
03-01-2010 Q4 2009 - Annual Letter to Partners
06-01-2009 Green Shoots or Brown Shoots?
06-01-2009 A No-Win Situation
04-01-2009 What is the real value of the Bank Stress Test?
03-01-2009 The Conflict of Interest: Are Investors & Managers Fully Aligned?
02-01-2009 US Treasuries: Why We Should Be Terrified

1 DOW 10,447.93

+127.83 (1.24%)

2 S&P 1,104.51

+14.41 (1.32%)

3 NASDAQ 2,233.75

+33.74 (1.53%)

4 RADIX $9.53

+0.13 (1.38%)

5 ROVIX $9.63

+0.17 (1.80%)

Please Call Us At:
Support Phone Number

Or Email Us At:
info@radyassets.com

Mutual Funds involve risk including possible loss of principal. Investors should carefully consider the investment objectives, risks, charges and expenses of the Rady Contrarian Long-Short and Rady Opportunistic Value Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 877 302 7239. The prospectus should be read carefully before investing. The Rady Contrarian Long-Short and Rady Opportunistic Value Funds are distributed by Northern Lights Distributors, LLC member FINRA/SIPC.

Rady Asset Management offers investment options for Accredited Investors. Please contact the firm to obtain a username and password, which may be entered to obtain information about Rady Asset Management, LLC. Rady Asset Management, LLC requires that you provide current and accurate financial information and will protect the information you have provided in a manner that is safe, secure and professional.

The Contrarian Value Long Short Fund has the same management practices and is in all material respects identical to the predecessor Limited Partnership and is managed by the same portfolio manager since the predecessor limited partnership’s inception on February 2007. The Fund’s investment goals, policies, guidelines and restrictions are, in all material respects, equivalent to the predecessor limited partnership. From its inception date, the predecessor limited partnership was not subject to certain investment restrictions, diversification requirements and other restrictions of the 1940 Act of the Code, if they had been applicable, it might have adversely affected its performance. In addition, the predecessor limited partnership was not subject to sales loads that would have adversely affect performance. Performance of the predecessor fund is not an indicator of future results.

Mutual Funds involve risk including possible loss of principal. ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds.

When the Fund invests in foreign securities through ADRs, the Fund could be subject to greater risks because the Fund’s performance may depend on issues other than the performance of a particular company or U.S. market sector. Stocks of mid-cap companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. 1495 - NLD - 12/21/2009

Radix selected as a Lipper Leader as of 2/28/2010. For definition and explanation of the terms ‘Lipper Leader’, ‘Overall Total Return’, ‘Preservation’ and ‘Tax Efficiency’, please visit lipperleaders.com. Lipper Leaders is a copy right of Lipper, a Thomson Reuters company.