Performance Through 9/7/2010Average Annual Returns
 NAVNAV Daily Change% Daily Change(1)% YTD Return(2)One Year Through 6/30/2010Five Year Through 6/30/2010Inception Through 6/30/2010(3)
Sierra Core Retirement Fund Class A$24.16$0.050.21%6.69%15.27%N/A11.60%
Sierra Core Retirement Fund Class I$24.15$0.050.21%6.70%15.25%N/A11.51%
Sierra Core Retirement Fund Class R$24.06$0.050.21%6.88%15.52%N/A11.74%
Sierra Core Retirement Fund Class C$24.34$0.050.21%N/AN/AN/A2.14%
Class R (SIRRX) Total Annual Operating Expenses are 2.27%; no Sales Charge (commission or "load") or 12b-1 Fee
Class A (SIRAX) Total Annual Operating Expenses are 2.52%; Front-End Sales Charge (commission or "load") of 5.75%, with lower rates for accounts over $50,000; 12b-1 distribution fee which can be up to 0.25% per year
Class I (SIRIX) Total Annual Operating Expenses are 2.52%; no Sales Charge (commission or "load"); 12b-1 distribution fee which can be up to 0.25% per year
Class C (SIRCX) Total Annual Operating Expenses are 3.27%; no Sales Charge (commission or "load"); 12b-1 distribution fee which can be up to 1.00% per year
The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until January 31st, 2010, to ensure that the net annual fund operating expenses will not exceed 1.75% for Class A and Class I shares and 1.50% for Class R shares, subject to possible recoupment from the Fund in future years. For performance information current to the most recent month-end, please call toll-free 1-866-738-4363 (1-866-RETI-FND).
(1) Represents the percentage increase/decrease in the net asset value from the prior trading day.
(2) Performance for periods less than one year is not annualized.
(3) The inception date of the Sierra Core Fund is December 24, 2007. The inception date of the Sierra Core Fund Class C, is February 5, 2010.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Sierra Core Retirement Fund. This and other information about the Fund is contained in the prospectus and should be read carefully before investing. The prospectus can be obtained by clicking here or by calling toll free 1-866-738-4363 (1-866-RETI-FND). The Sierra Core Retirement Fund is distributed by Northern Lights Distributors, LLC.
0240-AFD-03/06/2008