David C. Wright, Managing Director Sierra Investment Management, Inc. and the Sierra Core Retirement Fund

1. David C. Wright, Managing DirectorSierra Investment Management, Inc.and the Sierra Core Retirement Fund �UNCHARTED WATERS III � The �New Normal?� Plus � �Trends and Outlook� January 2010

31. Chapter One � What caused these huge problems? Chapter Two � The �Great Unwinding� Chapter Four (yup!) � The �New Normal� economy � How should we invest THEN? Chapter Three � a long & painful transition � How should we invest NOW? UNCHARTED WATERS:

32. Growth of debt since the early 1980�s Wall Street securitized new products � mostly not transparent or regulated Derivatives went rampant � to over $700 trillion in notional value (BIS) The world leveraged up CHAPTER ONE � What caused these huge problems?

56. INVESTORS, PROFESSIONALS AND ACADEMICS ARE STARTING TO RE-THINK INVESTMENT THEORIES

58. Unemployment may have passed the �tipping point� � 18 million now want jobs � and there is no credible thesis to cure that The consumer remains the key to our economy � and trends there are negative The global bubbles in debt and leverage have not been resolved � �big casino� lives on A new down cycle in stocks looks likely REASONS FOR CAUTIONduring 2010

60. UPDATE ON THE SIERRA CORE RETIREMENT FUND

61. THE SIERRA CORE RETIREMENT FUND The Sierra Core Fund is managed in the same style as our larger separate accounts for the past 15 years Our Core Fund is an unusually well-diversified �fund of funds�, with proven risk-management disciplines For the two years ended 12/31/09, the Core Fund is up +20.2% � versus a loss of -25.3% for the S&P 500

62. THE SIERRA CORE RETIREMENT FUND In 2008, the S&P fell 37%, even after dividends. The Sierra Core Fund gave up only 2.8% � we �played defense� very well indeed � just as we did in our separate accounts in 1987, and 2000-02. In 2009, the S&P gained 26.5%, including dividends. The Sierra Core Fund gained 30.8%. We played offense quite well.

64. FOOTNOTES & DISCLAIMERS 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 (other than expenses of Underlying Funds) 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 866-738-4363. 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.

65. SIERRA CORE RETIREMENT FUNDDecember 31, 2009

67. THE SIERRA CORE RETIREMENT FUND 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, SierraCoreFund.com, or by calling toll free 877-275-5080. The Sierra Core Retirement Fund is distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC.

68. Five minute break �Feel like you need it??And then � Dr. Sleeper! 

69. Thanks! For information about our managed separate accounts, give us a call or see  www.SierraInvestment.com  For information about the Sierra Core Fund see www.SierraCoreFund.com