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The Giralda Fund is designed to seek long-term capital appreciation. We attempt to provide risk-managed exposure to the equity markets, with the goal of limiting asset depreciation during both protracted and catastrophic market downturns while allowing full asset appreciation in up-trending markets.

Currently, The Giralda Fund has approximately $225 million under management.

Semi-Annual Report – December 31, 2012

Annual Report – June 30, 2012

Performance Update on The Giralda Fund — Second Quarter 2012

Semi-Annual Report – December 31, 2011

The articles below, authored by portfolio managers Jerry Miccolis and Marina Goodman, provide background information on the philosophy and strategies that informed the creation of The Giralda Fund.

“Next Generation Investment Risk Management: Putting the ‘Modern’ Back in Modern Portfolio Theory,” Journal of Financial Planning, January 2012.
“Dynamic Asset Allocation: Using Momentum to Enhance Portfolio Risk Management,” Journal of Financial Planning, February 2012.
“Integrated Tail Risk Hedging: The Last Line of Defense in Investment Risk Management,” Journal of Financial Planning, June 2012.

There is no guarantee that the Fund will achieve its objectives, generate positive returns, or avoid losses.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Giralda Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.thegiraldafund.com or by calling 855‐447‐2532 (855‐GIRALDA). The prospectus should be read carefully before investing. The Giralda Fund is distributed by Northern Lights Distributors, LLC member FINRA. Brinton Eaton Associates Inc. is not affiliated with Northern Lights Distributors, LLC.

Mutual Funds involve risk including the possible loss of principal.

ETFs and mutual funds are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk and sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

Investments in lesser‐known, small and medium capitalization companies may be more vulnerable than larger, more established organizations. Non‐diversification risk, as the Funds are more vulnerable to events affecting a single issuer. Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. Investing in the commodities markets will subject the Fund to potentially greater volatility than traditional securities. Derivative instruments involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Equity market related structured notes involve leverage risk, tracking risk and issuer default risk.

0187-NLD-1/30/2012

© 2012 Giralda Fund. All rights reserved.