Sierra Mutual Funds Statement of Additional Information

This Statement of Additional Information ("SAI") is not a Prospectus and should be read in conjunction with the Prospectuses of the Sierra Tactical All Asset Fund, Sierra Tactical Bond Fund, Sierra Tactical Core Income Fund, Sierra Tactical Municipal Fund, Sierra Tactical Risk Spectrum 30 Fund, Sierra Tactical Risk Spectrum 50 Fund (each a “Fund” and together the “Funds”) dated January 30, 2023 and Sierra Tactical Risk Spectrum 70 Fund (“Fund” and together the “Funds”) dated March 31, 2023. You can obtain copies of the Funds’ prospectus, annual or semi-annual report without charge by contacting the Funds’ Transfer Agent, Ultimus Fund Solutions, LLC, 4221 North 203Rd Street, Suite 100, Elkhorn, Nebraska 68022-3474 or by calling 1-866-738-4363 or 1-866-RETI-FND.