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.


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For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. The Sierra Strategic Income Fund – Class R Shares was rated against the following numbers of U.S.-domiciled Nontraditional Bond funds over the following time periods: 248 funds in the last three years and 164 funds in the last five years. With respect to these Nontraditional Bond funds, the Sierra Strategic Income Fund received a Morningstar Rating™ of 4 stars for the three-year period, 5 stars for the five-year period, respectively. Past performance is no guarantee of future results.

©2017 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.

PERFORMANCE

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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.