SIERRA TACTICAL MUNICIPAL FUND
OBJECTIVES & STRATEGY
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 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.
The Sierra Tactical Municipal Fund seeks to pay a monthly dividend to its shareholders.
Past performance does not guarantee future results and there is no assurance that the Fund will achieve its investment objective.
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.
PERFORMANCE AND COMPOSITION
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The date the distribution amount is declared.
|Ex-Date / Pay Date:||The date the distribution is paid to investors.|
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Asset Allocation as of
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).
Class A (STMKX)
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.
Class N (STMNX)
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.
Investor Class (STMEX)
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.
Instl Class (STMYX)
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.
Note: The Total Annual Operating Expenses include expenses of the underlying funds, which are estimated at 0.55% 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.
(1) Represents the percentage increase/decrease in the net asset value from the prior trading day.
(2) Performance for periods less than one year is not annualized.
(3) The inception date of the Sierra Tactical Municipal Fund is December 26, 2018.
Portfolio holdings are subject to change, vary over time and should not be considered a recommendation to buy any individual security.
Portfolio holdings are subject to change, vary over time and should not be considered a recommendation to buy and individual security.