SIERRA STRATEGIC INCOME FUND OBJECTIVES & STRATEGY

The Sierra Strategic Income Fund has two investment goals:

  1. Protect investment capital by using a sophisticated sell discipline to limit drawdowns, even in a month or quarter where the broader global markets are extremely volatile.
  2. To produce satisfying returns for the client.

The Portfolio Managers analyze and allocate portions of the fund’s portfolio to a wide range of income-oriented asset classes. Each decision must serve one or both of the fund’s two goals: to enhance total return and/or to reduce the overall volatility and downside risk of the portfolio.

The Sierra Strategic Income 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 Strategic 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.

PERFORMANCE

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Record Date:

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


Class A (SSIZX)

The Total Annual Operating Expenses are 2.06%; Front-End Sales Charge (SSIZX) (commission or “load”) of 5.75%, with lower rates for accounts over $50,000; 12b-1 distribution fee which can be up to .40% per year.

Class C (SSICX)

Total Annual Operating Expenses are 2.66%; no Sales Charge (commission or (SSICX) “load”); 12b-1 distribution fee which can be up to 1.0% per year.

Class I (SSIIX)

Total Annual Operating Expenses are 2.06%; no Sales Charge (commission or “load”); (SSIIX) 12b-1 distribution fee which can be up to .40% per year.

Class R (SSIRX)

Total Annual Operating Expenses are 1.66%, no Sales Charge (commission or (SSIRX) “load”) or 12b-1 fee.

Class Y (SSIYX)

Total Annual Operating Expenses are 1.58%; No Sales Charge (commission or “load”) (SSIYX) or 12b-1 fee.

Note: The Total Annual Operating Expenses include expenses of the underlying funds, which are estimated at 0.61% per year.

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. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until January 31, 2018, to ensure that the net annual fund operating expenses (excluding expenses of the Underlying Funds and certain other expenses) will not exceed 1.35% for Class A and Class I shares, 1.95% for Class C shares, 1.00% for Class R shares and 0.95% for Class Y shares, subject to possible recoupment from the Fund in future years. 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 is not annualized.
  3. The Sierra Strategic Income Fund commenced operations on December 21, 2011.

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.