Q&A with Kelli Hueler: - Napfa

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Invest wisely. PERFORMANCE SUMMARY (SIRRX) SIERRA CORE RETIREMENT FUND FROM INCEPTION 12/24/07 TO 8/31/12 Successful portfolio management involves both profiting from sustained uptrends — the past three years have all been part of the current rising cycle — and limiting drawdown during the adverse part of the cycle — which Sierra has also done very well for many years. Year-to-Date One Year As of 6/30/2012 Latest Four Years Since Inception 12/24/2007 Cumulative* Annualized Cumulative* Annualized Sierra Core Retirement Fund Class R +3.19% +2.66% +44.95% +9.73 +45.61% +8.67% S & P 500* +9.49% +5.45% +16.36 +3.86% +0.60 +0.13% “Cumulative” performance from inception is the total increase in value of an investment in the Class R shares assuming reinvestment of dividends and capital gains distributions. The S&P 500 Index, a registered trademark of McGraw-Hill Co., Inc., is a market-capitalization-weighted index of 500 widely-held common stocks. Data here for the S&P includes dividends. The performance data quoted here represents past performance for Class R shares (symbol SIRRX), and are net of the total annual operating expenses of the Class R shares (see below). For performance numbers current to the most recent month end, please call toll-free 855-879-4075 or visit our website, SierraMutualFunds.com. 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 in the Fund will fluctuate, so that investors’ shares, when redeemed, may be worth more or less than their original cost. The total annual operating expenses including expenses of the underlying funds (estimated at 0.69% per year) are 2.34% for Class A and Class I, 2.49% for Class A1 and Class I1, 3.09% for Class C, and 2.09% for Class R. Please review the Fund’s prospectus for more information regarding the Fund’s fees and expenses. 12 Napfa Advisor October 2012
ASSET ALLOCATION AS OF AUGUST 31, 2012* Currency 4% Other Low-Volatility Funds 4% Temporary Havens** 11% High Yield Corporate Bond Funds 10% Other Bond Funds 71% *NOTE: Holdings can change at any time without notice. **Money Market & ultra short bond funds. PERFORMANCE BY QUARTER (SIRRX) Year Q1 Q2 Q3 Q4 Calendar Year S&P 500 w/divs 2008 -0.88% +1.27% -3.51% +0.34% -2.82% -37.02% 2009 -2.01% +20.12% +9.14% +1.82% +30.81% +26.49% 2010 +3.61% +0.33% +3.89% +0.07% +8.07% +14.91% 2011 +2.34% +0.88% -0.69% +0.18% +2.63% +1.97% 2012 +1.94% +1.14% The Sierra Core Fund pays a quarterly dividend. Shares are available through TD Ameritrade, Charles Schwab & Co. Inc., Fidelity, Pershing and directly from the Fund. The Net Expense Ratio is the Total Annual Fund Operating expenses less fees and expenses, of the underlying funds, which are estimated at 0.69% per year. The Fund’s investment adviser has voluntarily contracted to reduce its fees and/or absorb expenses until at least February 28, 2013 under certain circumstances. The Fund invests in mutual funds and ETFs (“underlying funds”). The Fund indirectly bears investment management fees of the underlying funds in addition to the investment management fees and expenses of the Fund – all of which however are fully reflected in the above performance information. In some instances it may be less expensive for an investor to invest in the underlying funds directly. There is also a risk that investment advisers of those underlying funds may make investment decisions that are detrimental to the performance of the Fund. Investments in underlying funds that own small- and mid-capitalization companies may be more vulnerable than larger, more established organizations to adverse business or economic developments. Investments in underlying funds that invest in foreign equity and debt securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different governmental and accounting standards. 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 on our website, SierraMutualFunds.com, or by calling toll free 1-855-879-4075. The Sierra Core Retirement Fund is distributed by Northern Lights Distributors, LLC, Member FINRA. 1375-NLD-9/7/2012 Napfa Advisor SEPTEMBER 2012 13
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