Sierra Investment Management Introduces Strategic Income Fund

Sierra Investment Management, Inc. (“Sierra”), a boutique investment advisor specializing for over 24 years in low volatility “absolute return” investing, today announced the launch of the Sierra Strategic Income Fund that will allocate tactically among a wide range of income-oriented asset classes. Two share classes of the open-end fund (symbols SSIIX and SSIRX) will be available at no load to retail investors with a minimum initial investment of $10,000 and $100,000 respectively and the Class Y institutional shares (symbol SSIYX) are available to institutional investors with an initial minimum of $20 million.

The Sierra Strategic Income Fund will access an unusually wide variety of asset classes by investing in unaffiliated mutual funds and Exchange Traded Funds (ETFS) – collectively, “underlying funds”. The fund will seek to enhance total return and reduce volatility and downside risk of its overall portfolio by investing primarily in selected underlying funds that invest in a wide variety of fixed-income instruments of various maturities and quality, including domestic and foreign bonds (some of which are hedged against currency risk), preferred stocks, and REITS, and on occasion in funds that are designed to have returns that are inverse to the 10-year U.S. Treasury note or the 30-year U.S. Treasury bond or that hedge foreign currency risk.

“The Sierra Strategic Income Fund is a tactical, diversified, Absolute Return fund that shares the low-volatility and downside-protection philosophy that Sierra is known for,” said Kenneth L. Sleeper, MBA, PhD, Managing Director and co-founder of Sierra and lead portfolio manager of the new Sierra Strategic Income Fund, as well as co-portfolio manager of the Sierra Core Retirement Fund, a five-star* rated Fund out of 843 Moderate Allocation Funds by Morningstar for the three years ended December 31, 2011. “By attempting to limit overall volatility and downside risk as well as looking for opportunities to enhance return through income and capital appreciation, the Sierra Strategic Income Fund can play a prominent role in conservative investors' portfolios.” However, there is no assurance that the Fund will achieve its investment objective.

The Sierra Strategic Income Fund will be managed by a team comprised of Dr. Sleeper, Sierra principal and co-founder David C. Wright, and Sierra executive vice president Frank A. Barbera.

About Sierra Investment Management

Founded in 1987, Sierra and its affiliates manage over $1.3 billion in assets for retirees and other conservative investors. Sierra applies an integrated, well-proven set of risk-management disciplines designed to limit the impact of adverse market episodes on its mutual funds and managed accounts. Attuned to the needs of conservative investors who are seeking returns with the potential for limited risk, Sierra provides investment strategies using no-load mutual funds and risk-limiting techniques that have shown the ability to reduce drawdowns from steep market downtrends. For more information on Sierra Investment Management and the firm's funds and separate managed accounts (minimum $2 million per household), please visit www.SierraMutualFunds.com.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Sierra Mutual Funds. This and other information about the Funds is contained in the prospectuses and should be read carefully before investing. The prospectuses can be obtained on our website, www.SierraMutualFunds.com, or by calling toll free 877-275-5080. The Sierra Mutual Funds are distributed by Northern Lights Distributors, LLC, Member, FINRA. Sierra Investment Management, Inc. is not affiliated with Northern Lights Distributors, LLC.

Underlying Funds 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 could cause the Fund to suffer significant losses. 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 legislature changes and economic developments may adversely affect the value of the Fund's investments. REIT risks include 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 or economic developments. In some instances it may be less expensive for an investor to invest in the Underlying Funds directly.

*For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variation in the distribution percentages. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. The Sierra Core Retirement Fund was rated against 843 U.S.-domiciled “Moderate Allocation” mutual funds and share classes over the three years ended December 31, 2011. With respect to these Moderate Allocation funds, the Sierra Core Fund received a Three Year Morningstar Rating of five stars.

© 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of this information. Past performance, ratings and rankings are no guarantee of future results.

0173-NLD-1/27/2012