Fund Description

The Navigator® Equity Hedged Fund provides investors with a dynamic equity asset allocation investment that seeks long-term capital appreciation. The Fund invests in exchange traded funds in an effort to achieve opportunistic exposure to U.S. equity styles, sectors and international countries and regions. The Fund employs a continuous strategic hedge utilizing an allocation to volatility in an effort to minimize volatility and systematic risk. The Fund's primary benchmark is the MSCI World index. The Fund's secondary benchmark is the S&P 500 index.

Investor Benefits

This Fund offers investors the potential for capital appreciation by utilizing a disciplined quantitative relative strength research process. This allows the Fund to adapt to changing global equity themes and not be biased or mandated to a specific asset class, style or market capitalization constraint. The Fund uses a broad set of exchange traded funds with a breadth of global equity asset classes to maximize the opportunity set. The hedging strategy seeks to achieve consistent real returns over a full business and market cycle.

Potential benefits of this Fund include:

• A focus on superior risk adjusted returns over a market cycle
• Access to a broad set of global equity including emerging and frontier markets
• Diversification in contrast to the volatility of equity returns and the potential opportunity to protect principal from a decline in equity markets
• The incorporation of a hedging strategy, to help protect against market declines
• A possible compelling alternative to a conventional asset allocation approach, or as a holistic, externally managed portion of total investable assets
  
  There is no assurance that the Fund will achieve these aims.

The Fund Advantage

The Navigator® Equity Hedged Fund uniquely combines Clark Capital's quantitative relative strength research with a hedging strategy to minimize volatility. The Fund allows for the complete expression of Clark Capital's relative strength research across a global set of opportunistic exposure. This enables investors to take advantage of Clark Capital's research which identifies evolving opportunities and risks amid ongoing transformations in the global economy. The Fund also provides investors with strategies that seek to provide proactive protection against the potentially severe portfolio impact of the inevitable periodic market crisis. The combination of opportunistic asset allocation and "tail-risk" hedging provides investors in the Fund with a unique potential for improved long-term capital appreciation. The Fund employs an institutional strategy that seeks to provide more downside protection in weaker market environments than global stocks and has participated more favorably in stronger markets by providing equity like returns.

The Value of the Fund

An allocation to the Fund may be beneficial as part of a diversified portfolio. The Fund's combination of opportunistic global equity exposure and managed volatility may enhance portfolio diversification and provide customized risk and return outcomes for investors. Over a market cycle, the Fund's goal is to contain equity risk without giving away equity opportunity.

Fact Sheet

Prospectus

Ticker/Cusip

Share Class	Ticker	Cusip
A share	NAVAX	66537x803
I share	NAVIX	66537x878
C share	NAVCX	66537x886

Fund Information

Advisor:
Clark Capital Management Group, Inc.

Inception Date: 12/28/2010

Total Expense Ratio:

A shares	I Shares	C Share
1.80%	1.55%	2.55%

What You Pay:

A shares	I Shares	C Share
1.35%	1.10%	2.10%

"What you pay" reflects Clark Capital's decision to contractually limit expenses through 1/31/13.

Minimum Investment Amount:

A shares	I Shares	C Share
$5000	$25000	$5000

Annual Trail Commission
(12b-1):

A shares (5.50% Load)	I Shares	C Share
0.25%	None	1.00%

Transfer Agent: Gemini Fund Services LLC.

Distributor: Northern Lights Distributors LLC.

Custodian: Union Bank

Registered in all 50 States and DC & PR.

NSCC Participant Number: 5394 (Levels 0-4)