NAV as of 8/18/2019

1 Day NAV Change as of 8/18/2019

NAV Total Return as of 8/18/2019

SHOW NAV TOTAL RETURN INFO +

YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.

YTD (year to date) is a period, starting from the beginning of the current calendar year, and continuing up to the prior day's close.

OVERVIEW

ASSET ALLOCATIONS

HOLDINGS

PERFORMANCE

DISTRIBUTIONS

OverviewBack To Top

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.

PROFILE

Experienced Investment Team

Managed by an investment team with more than 115 years of collective experience managing private accounts in the same investment style.

Well-Proven Risk Limiting Discipline

Trailing stops are manually implemented under every individual holding, and are manually reviewed daily, in order to moderate any sustained losses to the portfolio.

Access to Institutional Money Managers

By utilizing multiple leading institutional money managers, Sierra provides another level of broad diversification and expertise in their investment styles.

Asset AllocationsBack To Top

Portfolio holdings are subject to change, vary over time and should not be considered a recommendation to buy any individual security.

MONTHLY ALLOCATION BREAKDOWN


HISTORICAL ALLOCATION BREAKDOWN

to

Top 10 HoldingsBack To Top

AS OF

Portfolio holdings are subject to change, vary over time and should not be considered a recommendation to buy an individual security.

PerformanceBack To Top

PERFORMANCE THROUGH 8/18/2019

NAV
NAV DAILY CHANGE
% DAILY CHANGE
% YTD RETURN

ANNUAL RETURN THROUGH

Total Annual Operating Expenses are 2.40%, Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.78%; Front-End Sales Charge (commission or "load") of 5.75%, with lower rates for accounts over $50,000; 12b-1 distribution fee which can be up to 0.25% per year.

Total Annual Operating Expenses are 2.55% Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.93%; no Sales Charge (commission or "load"); 12b-1 distribution fee which can be up to 0.40% per year.

Total Annual Operating Expenses are 2.15%, Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.53%; no Sales Charge (commission or "load") or 12b-1 distribution fee.

Total Annual Operating Expenses are 2.09%, Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.47%; no Sales Charge (commission or "load") or 12b-1 distribution fee.

The performance presented above is net of the maximum sales charge ("load") for the respective share class.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information current to the most recent month-end, please call toll-free 1-866-738-4363 (1-866-RETI-FND).

(1) Represents the percentage increase/decrease in the net asset value from the prior trading day.

(2) Performance for periods less than one year are not annualized.

(3) The inception date of the Sierra Tactical Municipal Fund Class A is December 24.

Note: The Total Annual Operating Expenses include expenses of the underlying funds, which are estimated at 0.84% per year.

The Fund's investment adviser has voluntarily contracted to reduce its fees and/or absorb expenses until at least January 31. 2020 to limit expenses borne by the shareholder.

DistributionsBack To Top

Record Date: The date the distribution amount is declared.

Ex-Date / Pay Date: The date the distribution is paid to investors.