NAV as of 4/20/2024

1 Day NAV Change as of 4/20/2024

NAV Total Return as of 4/20/2024

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.

Morningstar Rating

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Overall rating out of 187 High Yield Muni investments as of December 31, 2023. An investment's overall Morningstar Rating™, based on risk-adjusted return, is a weighted average of its applicable three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity, and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

 

The Tactical Municipal Fund – Class A was rated against the following numbers of U.S.-domiciled High Yield Muni funds over the following time periods: 187 funds in the last three years and 176 funds in the last 5 years.  With respect to these High Yield Muni funds, the Tactical Municipal Fund received a Morningstar Rating™ of 5 stars for the three-year period and 3 stars for the five-year period.

 

The Tactical Municipal Fund – Inst Class was rated against the following numbers of U.S.-domiciled High Yield Muni funds over the following time periods: 187 funds in the last three years and 176 funds in the last 5 years.  With respect to these High Yield Muni funds, the Tactical Municipal Fund received a Morningstar Rating™ of 5 stars for the three-year period and 4 stars for the five-year period.  

 

1222-NLD-03262024

 

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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.

Overall rating out of 187 High Yield Muni investments as of December 31, 2023. An investment's overall Morningstar Rating™, based on risk-adjusted return, is a weighted average of its applicable three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity, and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

 

The Tactical Municipal Fund – Class A was rated against the following numbers of U.S.-domiciled High Yield Muni funds over the following time periods: 187 funds in the last three years and 176 funds in the last 5 years.  With respect to these High Yield Muni funds, the Tactical Municipal Fund received a Morningstar Rating™ of 5 stars for the three-year period and 3 stars for the five-year period.

 

The Tactical Municipal Fund – Inst Class was rated against the following numbers of U.S.-domiciled High Yield Muni funds over the following time periods: 187 funds in the last three years and 176 funds in the last 5 years.  With respect to these High Yield Muni funds, the Tactical Municipal Fund received a Morningstar Rating™ of 5 stars for the three-year period and 4 stars for the five-year period.  

 

1222-NLD-03262024

 

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

OVERVIEW

ASSET ALLOCATIONS

HOLDINGS

RATINGS

PERFORMANCE

DISTRIBUTIONS

RESOURCES

OverviewBack To Top

INVESTMENT OBJECTIVES

The Fund seeks total return, including tax-free income from the dividends of underlying municipal bond funds, while seeking 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

Disciplined Risk Management

We believe in disciplined risk management. This includes a tactical approach, rules-based decisions, consistency, and a focus on limiting drawdowns.

 

Rules-Based Investment Process

We focus on trend following, broad asset class diversification, securities exhibiting strong risk-adjusted returns, a Trailing Stop Discipline seeking to limit drawdowns, and the ability to move to 100% cash.

 

Team-Based Portfolio Management

Our investment management team has a combined 160 years of experience. All of our managers convene every day to review every asset class and every holding.

Asset AllocationsBack To Top

MONTHLY ALLOCATION POSITIONS

Allocations are subject to change.


Source: Morningstar Direct

HISTORICAL ALLOCATION POSITIONS

to

Allocations are subject to change.

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.

RatingsBack To Top

Morningstar Rating

Overall rating out of 187 High Yield Muni investments as of December 31, 2023. An investment's overall Morningstar Rating™, based on risk-adjusted return, is a weighted average of its applicable three-, five- and ten-year (if applicable) Morningstar Rating™ metrics.

PerformanceBack To Top

PERFORMANCE THROUGH 4/20/2024

NAV
NAV DAILY CHANGE
% DAILY CHANGE
% YTD RETURN

ANNUAL RETURN THROUGH

Total Annual Operating Expenses are 1.69%, Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.69%; Front-End Sales Charge (commission or "load") of 3.75%, with lower rates for accounts over $250,000; 12b-1 distribution fee which can be up to 0.25% per year.

Total Annual Operating Expenses are 2.45% Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 2.44%; no Sales Charge (commission or "load"); 12b-1 distribution fee which can be up to 1.00% per year.

Total Annual Operating Expenses are 1.38% Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.37%; no Sales Charge (commission or "load"); 12b-1 distribution fee which can be up to 0.40% per year.

Total Annual Operating Expenses are 1.84%, Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.84%; no Sales Charge (commission or "load") or 12b-1 distribution fee.

Total Annual Operating Expenses are 1.48%, Total Annual Fund Operating Expenses after Fee Waiver and Reimbursement are 1.44%; 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 of less than one year is not annualized.

(3) The inception date of the Sierra Tactical Municipal Fund Class A is December 2018.

NOTE: The Total Annual Operating Expenses include expenses of the underlying funds, which are currently 1.69% for Class A, 2.45% for Class C, 1.38% for Special Shares, 1.84% for Investor Class, and 1.48% for Instl Class.

The Fund's investment adviser has voluntarily contracted to reduce its fees and/or absorb expenses until at least January 31, 2025 to limit expenses borne by the shareholder.

DistributionsBack To Top

Distribution Data Not Available.

Record Date: The date the distribution amount is declared.

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

ResourcesBack To Top

Rules-Based Investment Process in Motion Synopsis: Funds Through February 29, 2024

Risk Matters: The Importance to Managing the Sequence of Returns

Are Consumers Running on Fumes? March 2024

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