Mutual Funds involve risk including the possible loss of principal. There is no assurance the fund will achieve its investment objective. Closed-end funds are subject to investment advisory and other expenses, which will be indirectly paid by
the Fund. There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. The
Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional
investments. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights.
The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates. Currency trading risks include market risk,
credit risk and country risk. Investments in foreign securities could subject the Fund to greater risks including, currency fluctuation, economic conditions, and different
governmental and accounting standards. The Fund may invest in high yield securities, also known as "junk bonds." High yield securities provide greater income and opportunity
for gain, but entail greater risk of loss of principal. Using derivatives to increase the Fund's combined long and short exposure creates leverage, which can magnify the
Fund's potential for gain or loss. The default rate on underlying mortgage loans or asset loans may be higher than anticipated, potentially reducing payments to the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Bandon Isolated Alpha Fixed Income Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained at www.bandonfunds.com or by calling 503-477-8100. The prospectus should be read carefully before investing. The Bandon Isolated Alpha Fixed Income Fund is distributed by Northern Lights Distributors, LLC member FINRA. Bandon Capital Management, LLC is not affiliated with Northern Lights Distributors, LLC. 0369-NLD-2/16/2011
