Free Enterprise Action Fund
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Pricing [Symbol: FEAOX]

  Net Asset Value (NAV) as of 03-30-09: 6.66


  As of 1-31-09 As of 12-31-08
  One Month (6.84%) 0.78%
  Three Months (11.97%) (19.76%)
  Year-to-date (8.05%) (34.76%)
  Annualized, Since Inception (3-1-05) (8.43%) (6.58%)
  Annualized, 1-year (35.38%) (34.76%)

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and net asset value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, visit or call 1-800-766-3960.

Performance represents share value at NAV, which includes a gross expense ratio of 5.79% (as of 12-31-06). These total return figures reflect the contractual waiver of a portion of the Fund's advisory fees for the period ending 12-31-06. Without such a waiver of fees, the total returns would have been lower. The net expenses paid by investors (after the contractual waiver)for the period ending 12-31-06 is 1.82%. Net expenses are currently capped at 1.75%. The advisory fee waiver will remain in effect until gross expense ratio declines to below the net expense ratio.

An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the Free Enterprise Action Fund can be found in the fund's prospectus. To obtain a prospectus, please call 1-800-766-3960 or click here. Please read the prospectus carefully before investing.

Mutual fund investing involves risk, including loss of principal.

The Free Enterprise Action Fund is advised by Action Fund Management, LLC., which receives a fee for its services, and is distributed by Northern Lights Distributors LLC, which is not affiliated with Action Fund Management, LLC.

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Copyright 2005-2008 Free Enterprise Action Fund