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Sierra Tactical
ALL ASSET FUND

The Sierra Tactical All Asset Fund is a low-volatility, highly diversified mutual fund that is best suited for investors with a conservative risk tolerance and/or in or approaching retirement.

Investment Objectives: The Fund's two investment objectives are to provide long-term total return (the combination of yield and net price gains from underlying funds) and to limit volatility and downside risk.

This may be achieved by employing an unusually broad diversification across investment categories and also by limiting downside risk, thanks to a strict sell discipline and extensive diversification. The portfolio is spread across a wide variety of asset classes including corporate credit, alternative strategies, sovereign debt, commodities, currencies and global stocks.

On a daily basis, the price movements of all portfolio holdings are monitored and measured versus their normal fluctuations. The risk tolerance of any specific investment is subject to strict measures of historical volatility. Deviations outside of defined bands of risk result in an exit from the investment and into more defensive alternatives.

Managers seek to outperform the Morningstar Tactical Allocation Category.

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The benchmark for the Sierra Tactical All Asset Fund has changed to the Morningstar Tactical Allocation Category, which seeks to provide capital appreciation and income by actively shifting allocations across investments. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

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Sierra Tactical
CORE INCOME FUND

The Sierra Tactical Core Income Fund is a highly diversified mutual fund best suited for conservative investors who seek to preserve capital.

Investment Objectives: The Fund's two investment objectives are to provide total return (with income contributing a significant part) and to limit volatility and downside risk.

This may be achieved by employing an unusually broad diversification across investment categories and also by preserving capital, thanks to a strict sell discipline and extensive diversification.

The portfolio is spread across a wide variety of asset classes including government bonds, corporate credit, and sovereign debt.

On a daily basis, the price movements of all portfolio holdings are monitored and measured versus their normal fluctuations. The risk tolerance of any specific investment is subject to strict measures of historical volatility. Deviations outside of defined bands of risk result in an exit from the investment and into more defensive alternatives. 

Managers seek to outperform the Bloomberg Barclays U.S. Aggregate Bond index. 

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The benchmark for the Sierra Tactical Core Income Fund is the Bloomberg Barclays U.S. Aggregate Bond Index, which is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

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Sierra Tactical
MUNICIPAL FUND

The Sierra Tactical Municipal Fund is a highly diversified mutual fund best suited for conservative investors who seek to preserve capital and provide benefits to high-income investors.

Investment Objectives: The Fund's two investment objectives are to provide total return (with income contributing a significant part) and to limit volatility and downside risk.

The interest income from muni bonds is tax-free at the federal level, a valuable benefit that is passed on to shareholders as to the monthly dividends from the Fund.

The Portfolio Managers typically diversify the Fund among ten or more underlying muni bond mutual funds and/or ETFs, and each holding is monitored daily. The Fund will typically be fully invested when the muni market is in a rising trend. During price declines in the muni bond market a proprietary stop-loss discipline is implemented, with the goal of limiting drawdowns in the price of the Fund. During such episodes, the Fund may be partly or fully in a tax-free money market fund until the muni bond market turns up again.

Managers seek to outperform the Bloomberg Barclays Municipal Bond Index.

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The benchmark for the Sierra Tactical Municipal Fund is the Bloomberg Barclays Municipal Bond Index, which is an unmanaged index that is considered representative of the broad market for investment grade tax exempt bonds with a maturity of less than a year. Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

5288-NLD-3/28/2019

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SIERRA

If you have additional questions or are looking for more specific information, we would be happy to speak with you directly.

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