NAV as of 4/16/2024
1 Day NAV Change as of 4/16/2024
NAV Total Return as of 4/16/2024
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™
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.
OVERVIEW
ASSET ALLOCATIONS
HOLDINGS
RATINGS
PERFORMANCE
DISTRIBUTIONS
RESOURCES
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.
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.
Allocations are subject to change.
Source: Morningstar Direct
Allocations are subject to change.
Portfolio holdings are subject to change, vary over time and should not be considered a recommendation to buy an individual security.
| NAV | |
|---|---|
| NAV DAILY CHANGE | |
| % DAILY CHANGE | |
| % YTD RETURN |
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.
Record Date: The date the distribution amount is declared.
Ex-Date / Pay Date: The date the distribution is paid to investors.
Pivot Party - December 2023