Sierra Strategic Income Fund Reclassified by Morningstar

We think the new category better represents the fund's absolutely flexible investment approach and philosophy.

SANTA MONICA, Calif. Sierra Investment Management today announced that Sierra Strategic Income Fund has been reclassified by Morningstar, Inc., the mutual fund rating service, in the "Nontraditional Bond" category. It had previously been classified in the "Multisector Bond" category.

"We think the new category better represents the fund's absolutely flexible investment approach and philosophy," said Dave Wright, co-portfolio manager of the fund and Managing Director of Sierra Investment Management, Inc. "Evaluating investments is not an easy task, but the fund's new classification should give investors a better basis of comparison when evaluating fixed income investments."

According to Morningstar,"[t]he Nontraditional Bond category contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Many funds in this group describe themselves as "absolute return" portfolios, which seek to avoid losses and produce returns uncorrelated with the overall bond market; they employ a variety of methods to achieve those aims. Another large subset are self-described "unconstrained" portfolios that have more flexibility to invest tactically across a wide swath of individual sectors, including high-yield and foreign debt, and typically with very large allocations. Funds in the latter group typically have broad freedom to manage interest-rate sensitivity, but attempt to tactically manage those exposures in order to minimize volatility. The category is also home to a subset of portfolios that attempt to minimize volatility by maintaining short or ultra-short duration portfolios, but explicitly court significant credit and foreign bond market risk in order to generate high returns. Funds within this category often will use credit default swaps and other fixed income derivatives to a significant level within their portfolios." (The Morningstar Category Classifications, April 30, 2014)

About Sierra Strategic Income Fund

The primary focus of the Fund is to preserve capital while producing total investment returns in excess of a broad, market-weighted bond index. This may be achieved by employing an unusually broad diversification across investment categories and also by preserving capital, thanks to a strict sell discipline and extensive diversification. The portfolio is spread across a wide variety of asset classes including government bonds, corporate credit, sovereign debt, and global stocks. The risk tolerance of any specific investment is subject to strict measures of historical volatility. Managers seek to outperform the Barclay’s Capital Aggregate Bond index.

The Benchmark for the Sierra Strategic Income Fund is the Barclays Capital U.S. Aggregate Bond Index, formerly known as the Lehman Aggregate Bond Index, and is a broad-based index maintained by Barclays Capital that is often used to represent investment-grade bonds traded in the United States.

About the Sierra companies

The Sierra group of companies ("Sierra") comprises Sierra Investment Management, Inc., Ocean Park Asset Management Inc., and Wright Fund Management, LLC, which manages the Sierra Mutual Funds. Since 1987 Sierra has been attempting to help retirees and other conservative investors preserve and grow their wealth. Through the years, Sierra has fine-tuned an investment approach specifically designed to limit downside risk and to provide satisfying returns over a market cycle by reflecting Sierra’s current market and manager views. Using decades of strategic research and our proven risk management disciplines, Sierra helps its clients meet specific investment goals.

Although results cannot be guaranteed, Sierra has been successful in consistently meeting these goals since its inception. As of September 30, 2015, Sierra manages or advises nearly $1.8 billion in assets for conservative clients. Sierra strives to deliver peace of mind through unusually broad diversification, risk mitigation disciplines and exceptional client service.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Sierra Mutual Funds. This and other information about the fund in contained in the prospectus and should be read carefully before investing. The prospectus can be obtained on our website www.sierramutualfunds.com or by calling toll free 1-800-729-1887. The Sierra Mutual Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC.>/p>

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $170 billion in assets under advisement and management as of September 30, 2015. The company has operations in 27 countries.

There is no assurance that the Fund will achieve its investment objective. Underlying fund investments in lower-quality bonds, known as high-yield or junk bonds, present greater risk than bonds of higher quality. Municipal securities are subject to the risk that legislative changes and economic developments may adversely affect the value of the Fund’s investments. REIT risks included declines from deteriorating economic conditions, changes in property value, and defaults by borrower. Underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations to adverse business and economic developments. In some instances it may be less expensive for an investor to invest in the underlying funds directly. Underlying fund may invest in foreign emerging market countries that may have relatively unstable governments, weaker economies, and less-developed legal systems which do not protect investors. In general, the price of a fixed income security falls when interest rates rise. Any strategy that includes inverse securities should cause the Fund to suffer significant losses.

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 2674-NLD-12/30/2015