The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the fund, at least until May 27, 2013, to ensure that the net annual fund operating expenses will not exceed 1.19% for Class A, and 1.95% for Class C, subject to possible recoupment from the Fund in future years.  Please review the Fund’s prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could 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 toll-free 559-375-7500.

S&P 500- an unmanaged composite of 500 large capitalization companies.  This index is widely used by professional investors as a performance benchmark for large-cap stocks.  You cannot invest directly in an index.

FTSE NAREIT ALL EQUITY- Index designed to present investors with a comprehensive family of REIT performance indexes that span the commercial real estate space across the US economy, offering exposure to all investment and property sectors.

BARCLAYS CAPITAL BOND COMPOSITE-covers the USD-denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The index includes bonds from the Treasury, Government-Related, Corporate, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS, and CMBS sectors. The U.S. Aggregate Index is a component of the U.S. Universal Index in its entirety.  Unmanaged index returns do not reflect any fees, expenses or sales charges.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Two Oaks Diversified Growth and Income Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 559-375-7500. The prospectus should be read carefully before investing. The Two Oaks Diversified Growth and Income Fund is distributed by Northern Lights Distributors, LLC, member FINRA.

Two Oaks Investment Management, LLC. is not affiliated with Northern Lights Distributors, LLC.

2495-NLD-11/21/2011