Southernsun Small Cap Fund Performance

Historical Annual Returns
  2011 2010 2009* 2008 2007 2006 2005 2004 2003*
SouthernSun Small Cap Fund – Investor Class 5.76% 48.35% 32.21% -34.21% 7.48% 11.36% 0.63% 24.28% 14.30%
SouthernSun Small Cap Fund – Institutional Class 6.09% 48.84% 6.37% N/A N/A N/A N/A N/A N/A
Russell 2000 Total Return (4) -4.18% 26.86% 27.17% -33.79% -1.57% 18.37% 4.55% 18.33% 14.52%

* Investor class performance is from inception date of 10/1/2003; Institutional class performance is from inception date of 10/1/2009.

The above performance data is historical. Total returns for periods greater than one year are annualized. Past performance does not guarantee future results and current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that 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 31, 2013, to ensure that the net annual fund operating expenses will not exceed 1.50% for the Investor share class and 1.25% for the Institutional share class, subject to possible recoupment from the Fund in future years. Without these waivers, the Fund's total annual operating expenses would be 1.35% for the Investor share class and 1.10% for the Institutional share class. Please review the Fund's prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results would have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month-end, please call 866-672-3863. The Fund charges a 2% redemption fee for shares held less than 30 days. The above performance does not reflect the deduction of this fee. If reflected, the fee will reduce the performance quoted.

(1) Represents the percentage increase/decrease in the net asset value from the prior trading day.

(2) Performance for periods less than one year is not annualized.

(3) The inception date of the Predecessor Fund, New River Small Cap Fund, was October 1, 2003. The inception date of the Institutional share class of the SouthernSun Small Cap Fund was October 1, 2009.

(4) The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the index, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features.

Small Cap securities involve greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be subject to more-erratic and more-abrupt market movements. There is no guarantee the fund will meet or maintain its objective.

Disclaimer

SouthernSun Funds are offered only to citizens and residents of the U.S., and the information on this Internet site is intended only for such persons. Nothing on this Internet site should be considered a solicitation to buy or an offer to sell shares of any SouthernSun Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Investments are not FDIC-insured nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money.

Investors should carefully consider the investment objectives, risks, charges and expenses of the SouthernSun Funds. This and other information about the Funds is contained in the prospectus and should be read carefully before investing. The prospectus for both funds can be obtained by calling toll free 1-866-672-3863 or by clicking here. The SouthernSun Funds are distributed by Northern Lights Distributors, LLC. SouthernSun Asset Management and Northern Lights Distributors, LLC are not affiliated.

© 2012 SouthernSun Asset Management. All rights reserved.

0238-NLD-2/8/2012