*“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.

**”Benchmark” is the average of the mutual funds in Morningstar’s Conservative Allocation category. Conservative-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold smaller positions in stocks than moderate-allocation portfolios.

***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 represent past performance for Class R shares (symbol SIRRX), and are net of the total annual operating expenses of the Class R shares (see table and footnote on page 3). For performance numbers current to the most recent month end, please call toll-free 866-738-4363 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.

As of 3/31/2013

Year-to-Date One Year Annualized Cumulative* Cumulative*

Sierra Core Retirement Fund Class R +1.01% +5.94% +8.97% +53.63% +8.32% +52.38%

Benchmark** +3.28% +7.46% +4.92% +27.16% +4.04% +23.19%

S & P 500*** +10.61% +13.96% +5.81% +32.64% +3.17% +17.89%

Annualized

Latest Five Years Since Inception 12/24/2007

PeRFoRmanCe SummaRy, ClaSS R ShaReS (SiRRx)

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.

SieRRa CoRe RetiRement Fund FRom inCePtion 12/24/07 to 3/31/2013

SieRRa CoRe Fund

S & P 500

$150 -

$125 -

$100 -

$75 -

$50 -

- 150

-125

- 100

- 75

- 50

2008 2009 2010 2011 2012 2013

to 3/31/13

Invest wisely.

*NOTE: Holdings can change at any time without notice. **Money Market & ultra-short bond funds.

aSSet alloCation aS oF maRCh 31, 2013*

High GradeU.S. Bonds

33%

Temporary Havens**

10%

Floating RateSecurities

1%International

Bonds5%

Municipal Bonds8%

High Yield CorporateBonds

10%

Other Low-Volatility

Funds5%

U.S. Gov’t/Agency Bonds

12%

ManagedMulti-SectorBond Funds

Intermediate-TermBonds

4%

*NOTE: Holdings can change at any time without notice.

Goldman Sachs Financial Square Prime Obligations Fund 9.5% Nuveen High Yield Municipal Bond I 8.0%PIMCo Long-Term Credit Institutional 8.0% JPMorgan Mortgage-Backed Securities Select 6.8%PIMCo Fundamental Advantage Total Return 6.0%TCW Total Return Bond I 5.9%PIMCo Foreign Bond (USD Hedged) institutional 5.5% PIMCo Income Institutional 5.3%Neuberger Berman High Income Bond Institutional 5.0%Columbia U.S. Government Mortgage Z 5.0% Subtotal 64.9%

toP ten holdingS — maRCh 31, 2013*

PeRFoRmanCe By QuaRteR (SiRRx)

Year Q1 Q2 Q3 Q4 CalendarYear

S&P 500w/divs

2008 -0.88% +1.27% -3.51% +0.34% -2.82% -37.00%

2009 -2.01% +20.12% +9.14% +1.82% +30.81% +26.46%

2010 +3.61% +0.33% +3.89% +0.07% +8.07% +15.06%

2011 +2.34% +0.80% -0.69% +0.18% +2.63% +2.11%

2012 +1.94% +1.23% +2.57% +1.01% +6.91% +16.00%

2013 +1.01%

Invest wisely.

Drawdown: The peak-to-trough decline during a specific period of an investment, fund or commodity. A drawdown is usually quoted as the percentage drop between an interim high and the subsequent trough.

Standard Deviation: Measures the degree of variation of monthly or annual returns around the mean (average) return. The higher the volatility of the investment returns, the higher the standard deviation will be.

Sharpe Ratio: The Sharpe ratio is used to characterize how well the return of an asset compensates the investor for the risk taken. The higher the Sharpe ratio number the better.

Correlation: Is a measure of the degree to which the value of different investment types move in the same direction; if they perform independently of one another, they are non-correlated.

Beta: Beta is a measure of the volatility, or systematic risk of a security or a portfolio in a comparison to the market as a whole.

*Upside Capture: A statistical measure of a fund’s overall performance in up-markets relative to Barclays US Aggregate Bond Trust for the period 3/31/10 - 3/31/13.

*Downside Capture: A statistical measure of a fund’s overall performance in down-markets relative to Barclays US Aggregate Bond Trust for the period 3/31/10 - 3/31/13.

Note: Although Morningstar has recently moved the Core Fund to its “Multisector Bond” category, Sierra considers Morningstar’s “Conservative Allocation” category a better benchmark, since Sierra uses a wide variety of non-bond asset classes from time to time and shares a low-volatility goal with that category.

The Net Expense Ratio shown is the Total Annual Fund Operating Expenses excluding fees and expenses of the underlying funds, which are estimated at 0.69% per year. The total annual operating expenses including expenses of the underlying funds are 2.30% for Class A and Class I, 2.58% for Class A1 and Class I1, 3.05% for Class C, and 2.05% for Class R. The Fund’s investment adviser has voluntarily contracted to reduce its fees and/or absorb expenses until at least until January 31, 2014 under certain circumstances. Please review the Fund’s prospectus for more information regarding the Fund’s fees and expenses.

The Fund accesses a wide variety of Asset Classes through 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.

ShaRe ClaSSeS net min. 12b-1 exPenSe max initial ClaSS SymBol Fee Ratio load inVeStment

A SIRAX 0.25% 1.71% 5.75% $10,000 A1 SIRZX 0.40% 1.99% 5.25% $10,000 C SIRCX 1.00% 2.46% NONE $10,000 I SIRIX 0.25% 1.71% NONE $10,000 I1 SIRJX 0.40% 1.99% NONE $10,000 R SIRRX NONE 1.46% NONE $100,000Inception Date: December 24, 2007, for Class A, I and R; February 1, 2010 for Class C; and June 1, 2012 for Class A1 and I1.

SiRRx S&P 500

Cumulative Return +52.38% +17.89%

Average Annual Return +8.32% +3.17%

Worst Drawdown -7.78% -52.56%

Monthly Standard Deviation 1.49% 7.45%

Annualized Standard Deviation 6.20% 30.98%

Sharpe Ratio 1.19% 0.05%

Average Correlation to S&P 32.75% 100%

Average Beta to S&P 0.07 1.00

Best year +30.81% +26.46%

Worst year -2.82% -37.02%

Best quarter +20.12% +15.93%

Worst quarter -3.51% -21.94%

Best month +11.09% +10.93%

Worst month -2.40% -16.79%

3-Year Upside Capture* 84.04%

3-Year Downside Capture* -56.97%

StatiStiCS FoR the PeRiod 12/31/07 to 3/31/13

Invest wisely.

This Fact Sheet is updated at least quarterly on SierraMutualFunds.com.

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 1-866-738-4363. The Sierra Core Retirement Fund is distributed by Northern Lights Distributors, LLC, Member FINRA.

0832-NLD-4/8/2013

PoRtFolio manageRS

david C. Wright holds degrees in civil engineering and law. After 13 years with major Los Angeles law firms, Mr. Wright served several years as Director of Technical Research for Bateman Eichler, Hill Richards, Inc. the largest investment banking firm west of Chicago, before co-founding Sierra Investment Management, Inc. in 1987. Kenneth l. Sleeper earned his MBA in Finance and his PhD from the University of Southern California. Since 1987, Dr. Sleeper has managed investment capital with Mr. Wright as co-founders and principals of Sierra Investment Management, presently managing over $1.8 billion for retirees and other conservative investors.

Frank Barbera Jr. Cmt, is co-manager of the Sierra Core Retirement Fund and the Sierra Strategic Income Fund, and has managed equity and fixed income capital professionally since 2000. A global macro strategist employing both technical and fundamental analysis, Mr. Barbera managed all or portions of the Caruso USA LLC hedge fund from 2003 to Januay 2011.

Fund SiZe:$802 million as of 3/31/13inVeStment oBJeCtiVeS and StRategy

The Core Fund has been designed to meet the needs of retirees and Boomers approaching retirement. The Fund’s twin goals of limiting downside risk, even during dangerous market episodes, and providing satisfying long-term returns makes the Fund a good fit for most retirees and other conservative investors. Although there can be no assurance that the Fund will succeed in achieving these two key goals, especially in the short term, the Portfolio Managers have an extended history of applying the same strategy to separate accounts with very good success. (See page 15 of the Prospectus.)

In seeking to reduce volatility and downside risk, the Portfolio Managers broadly diversify among Asset Classes (investment categories). Next, within most Asset Classes they seek to identify mutual funds whose managers have outperformed their peers consistently over time. Then, each holding is monitored daily, and during significant declines the Portfolio Managers implement a defensive stop-loss discipline, with the goal being to limit drawdowns during difficult market episodes. Finally, from time to time the Portfolio Managers implement reallocations among Asset Classes.

CommentaRy By daVid C. WRight, lead PoRtFolio manageR

The first quarter was a positive one in the U.S. stock and bond markets, but the global economy is continuing to slow. This is evidenced in reports by the various developed countries, as well as most of the developing nations, including China. Declining prices of copper, oil and other industrial commodities also confirm slowing global demand.

Europe remains very troubled, with Cyprus recently the focus of the global financial press, because of the broader implications of the way in which its bailout has been handled so far. Clearly, the German population is tired of putting taxpayer money on the line to help economies that have been managed imprudently.

In the U.S., housing prices and inventory levels show continued improvement, which is important if the economy is finally to achieve a new cycle of self-sustaining growth. However, despite unprecedented Fed stimulus, most of the other recent monthly economic data indicates more “muddling through,” and some possibility of recession later in the year.

Job creation continues at a modest level, barely equivalent to the growth rate of the U.S. labor force. The Fed continues its stimulative policies, with one visible impact being the extraordinarily-low mortgage rates available to those households who can qualify. This in turn has been hugely supportive of the price levels of existing homes. As the inventory of homes for sale has dwindled, the homebuilder industry has revived, with beneficial impact on other industries related to new household formation.

As you can see in the pie chart and Top Ten table, we remain very conservatively allocated, primarily in a variety of high-grade bond categories.

For more detailed Commentary including graphs, see the ”Recent Trends and Outlook” link on our website, www. SierraMutualFunds.com

maRCh 5, 2013

Invest wisely.