0001314414
2013-04-19
2013-04-19
0001314414
nlfun:S000024763Member
2013-04-19
2013-04-19
0001314414
nlfun:S000024763Member
nlfun:C000073579Member
2013-04-19
2013-04-19
0001314414
nlfun:S000024763Member
nlfun:C000073578Member
2013-04-19
2013-04-19
0001314414
nlfun:S000024763Member
nlfun:C000112708Member
2013-04-19
2013-04-19
iso4217:USD
xbrli:pure
Other
2012-09-30
Northern Lights Fund Trust
0001314414
false
nlfun
SSEFX
SSEIX
SSECX
2013-04-19
2013-04-19
2013-04-19
<p style="margin: 0px; font: 14pt Arial,Times New Roman; text-align: center"><b>SouthernSun U.S. Equity Fund</b></p>
<p style="font: 12pt/14pt Arial,Times New Roman; margin: 0px; text-align: center"><b>a series of Northern Lights Fund Trust</b></p>
<p style="line-height: 14pt; margin: 0px; text-align: center"><br /></p>
<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: center"><b>Investor Shares: SSEFX</b></p>
<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: center"><b>Institutional Shares: SSEIX</b></p>
<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: center"><b>Class C Shares: SSECX</b></p>
<p style="line-height: 14pt; margin: 0px; text-align: center"><br /></p>
<p style="font: 11pt/13pt Arial,Times New Roman; margin: 0px; text-align: center"><b>Supplement dated April 19, 2013 to the Prospectus dated January 29, 2013</b></p>
<p style="line-height: 13pt; margin: 0px; text-align: center"><br /></p>
<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: center">The following replaces the “Fees and Expenses of the Fund” portion of the “Fund Summary” section of the Prospectus.</p>
<p style="margin: 0px"> </p>
<table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr style="height: 0px; font-size: 0">
<td style="width: 446.26px"></td>
<td style="width: 73.2px"></td>
<td style="width: 84px"></td>
<td style="width: 84px"></td>
</tr>
<tr><td style="margin-top: 0px; background-color: #D9D9D9; border: #000000 2px solid; width: 446.26px"><p style="margin: 0px; font: 12pt Arial"><b>Shareholder Fees<br />
(fees paid directly from your investment)</b></p>
</td><td style="margin-top: 0px; background-color: #D9D9D9; border-top: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center"><b>Investor</b></p>
<p style="margin: 0px; font-family: Arial; text-align: center"><b>Shares</b></p>
</td><td style="margin-top: 0px; background-color: #D9D9D9; border-top: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; padding-left: -3.66px; padding-right: -6.86px; font-family: Arial; text-align: center"><b>Institutional Shares</b></p>
</td><td style="margin-top: 0px; background-color: #D9D9D9; border-top: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; padding-left: -3.66px; padding-right: -6.86px; font-family: Arial; text-align: center"><b>Class C Shares</b></p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial">Maximum Sales Charge (Load) Imposed on Purchases<br />
(as a % of offering price)</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial">Maximum Deferred Sales Charge (Load) (as a % of the lower of original purchase price or redemption proceeds)</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial">Maximum Sales Charge (Load) Imposed </p>
<p style="margin: 0px; font-family: Arial">on Reinvested Dividends and other Distributions</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial">Redemption Fee (as a percentage of amount redeemed,<br />
on shares held less than 30 days)</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">2.00%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">2.00%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">2.00%</p>
</td></tr>
<tr><td style="margin-top: 0px; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial; text-align: justify"><b>Annual Fund Operating Expenses</b></p>
<p style="margin: 0px; font: 9pt Arial; text-align: justify"><b>(expenses that you pay each year as a </b></p>
<p style="margin: 0px; font: 9pt Arial"><b>percentage of the value of your investment)</b></p>
</td><td style="margin-top: 0px; background-color: #D9D9D9; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center"><b>Investor</b></p>
<p style="margin: 0px; font-family: Arial; text-align: center"><b>Shares</b></p>
</td><td style="margin-top: 0px; background-color: #D9D9D9; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; padding-left: -3.66px; padding-right: -6.86px; font-family: Arial; text-align: center"><b>Institutional Shares</b></p>
</td><td style="margin-top: 0px; background-color: #D9D9D9; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; padding-left: -3.66px; padding-right: -6.86px; font-family: Arial; text-align: center"><b>Class C Shares</b></p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial; text-align: justify">Management Fees</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">0.85%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">0.85%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">0.85%</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial; text-align: justify">Distribution and/or Service (12b-1) Fees</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">0.25%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">None</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: bottom; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">1.00%</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial; text-align: justify">Other Expenses </p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">1.96%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">1.96%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: bottom; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">1.96%</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial; text-align: justify">Acquired Fund Fees and Expenses<sup> (1)</sup></p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center"><u>0.01%</u></p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center"><u>0.01%</u></p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: bottom; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">0.01%</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial; text-align: justify">Total Annual Fund Operating Expenses</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">3.07%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">2.82%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: bottom; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">3.82%</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial; text-align: justify">Fee Waiver and/or Reimbursement<sup>(2)</sup></p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center"><u>(1.72)%</u></p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center"><u>(1.72)%</u></p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center"><u>(1.72)%</u></p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid; vertical-align: top; width: 446.26px"><p style="margin: 0px; font-family: Arial">Total Annual Fund Operating Expenses<br />
After Fee Waiver and/or Reimbursement</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 73.2px"><p style="margin: 0px; font-family: Arial; text-align: center">1.35%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">1.10%</p>
</td><td style="margin-top: 0px; border-right: #000000 2px solid; border-bottom: #000000 2px solid; width: 84px"><p style="margin: 0px; font-family: Arial; text-align: center">2.10%</p>
</td></tr>
</table>
<p style="margin: 0px; font: 8pt Arial,Times New Roman; text-align: justify">(1) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.  The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. </p>
<p style="margin: 0px; font: 8pt Arial,Times New Roman; text-align: justify">(2)  The adviser has contractually agreed to waive its management fees and/or to make payments to limit Fund expenses, until January 31, 2014 so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads, taxes, borrowing costs (such as interest and dividend expense on securities sold short), brokerage fees and commissions, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 1.34%, 1.09% and 2.09% for Investor Shares, Institutional Shares and Class C Shares, respectively.  These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits.  This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser.  </p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin-top: 6.66px; margin-bottom: 0px; font: 12pt Arial,Times New Roman; text-align: justify"><b><i>Example:</i></b>  This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>
<table cellpadding="0" cellspacing="0" align="center" style="margin-top: 0px; font-size: 10pt"><tr style="height: 0px; font-size: 0">
<td style="width: 174.73px"></td>
<td style="width: 78px"></td>
<td style="width: 80.53px"></td>
<td style="width: 78.13px"></td>
<td style="width: 87.33px"></td>
</tr>
<tr><td style="margin-top: 0px; border: #000000 1px solid; vertical-align: top; width: 174.73px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center"><b><u>Class</u></b></p>
</td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center"><b><u>1 Year</u></b></p>
</td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 80.53px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center"><b><u>3 Years</u></b></p>
</td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78.13px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center"><b><u>5 Years</u></b></p>
</td><td style="margin-top: 0px; border-top: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 87.33px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center"><b><u>10 Years</u></b></p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 174.73px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: justify">    Investor Shares</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$137</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 80.53px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$786</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78.13px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$1,460</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 87.33px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$3,263</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 174.73px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: justify">    Institutional Shares</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$112</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 80.53px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$711</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78.13px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$1,336</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 87.33px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$3,023</p>
</td></tr>
<tr><td style="margin-top: 0px; border-left: #000000 1px solid; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 174.73px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: justify">    Class C Shares</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$213</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 80.53px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$1,009</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 78.13px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$1,823</p>
</td><td style="margin-top: 0px; border-right: #000000 1px solid; border-bottom: #000000 1px solid; vertical-align: top; width: 87.33px"><p style="margin-top: 6.13px; margin-bottom: 6.13px; font: 11pt Arial,Times New Roman; text-align: center">$3,944</p>
</td></tr>
</table>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; text-align: justify"><br /></p>
<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: center">************</p>
<p style="margin: 0px; text-align: center"><br /></p>
<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: justify">The section entitled: “<b>Portfolio Holdings Disclosure</b>” located on page 7 of the Prospectus for the SouthernSun U.S. Equity Cap Fund (the “Fund”) is hereby <i><u>amended</u></i><i> </i>to read as follows:</p>
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<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: justify"><b>Portfolio Holdings Disclosure: </b>A description of the Fund's policies regarding the release of portfolio holdings information is available in the Fund's Statement of Additional Information. The Fund will publish a schedule of its 10 largest portfolio holdings, sector weightings, regional weightings, and portfolio characteristics as of the last calendar day of each quarter on its website at www.SouthernSunFunds.com generally within 35 days of the end of each quarter. The Fund will post a complete list of its portfolio holdings as of the last day of each fiscal quarter or semi-annual period 60 days following the end such period on its website at www.SouthernSunFunds.com. The Fund’s portfolio holdings will remain available on its website at least until the next quarterly update. Shareholders may request a copy of these portfolio holdings schedules at no charge by calling 1-866-672-3863.</p>
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<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: justify"><i>You should read this Supplement in conjunction with the Prospectus and Statement of Additional Information, dated January 29, 2013, which provide information that you should know about the Fund before investing.  These documents are available upon request and without charge by calling the Fund toll-free at 1-866-672-3863.</i></p>
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<p style="margin: 0px; font: 12pt Arial,Times New Roman; text-align: center"><i>Please retain this Supplement for future reference.</i></p>
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<p style="margin: 0pt"><b>SouthernSun U.S. Equity Fund</b></p>
<p style="margin: 0px">The following replaces the “Fees and Expenses of the Fund” portion of the “Fund Summary” section of the Prospectus.</p>
<p style="margin: 0px"><b>Shareholder Fees (fees paid directly from your investment)</b></p>
<p style="margin: 0px"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></p>
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
0.0000
-0.0200
-0.0200
-0.0200
0.0085
0.0085
0.0085
0.0025
.0000
0.0100
0.0196
0.0196
0.0196
0.0307
0.0282
0.0382
0.0135
0.0110
0.0210
<p>Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.</p>
2014-01-31
<p style="margin: 0px"><b>Example:</b></p>
<p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p>
<p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p>
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137
112
213
786
711
1009
1460
1336
1823
3263
3023
3944
<div style="display: none">~ http://nlfund.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact nlfun_S000024763Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Funds financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.
The adviser has contractually agreed to waive its management fees and/or to make payments to limit Fund expenses, until January 31, 2014 so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads, taxes, borrowing costs (such as interest and dividend expense on securities sold short), brokerage fees and commissions, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 1.34%, 1.09% and 2.09% for Investor Shares, Institutional Shares and Class C Shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser.