Sierra Mutual Funds - Sierra Core Retirement Fund

SHARE CLASS INFORMATION

Objective:

The Sierra Core Fund is geared toward retirees as well as other conservative investors, with two goals:

To protect your capital by attempting to limit volatility and downside risk, and specifically attempting to limit drawdowns (periods of decline in the fund's Net Asset Value) to 4%-5% even during a month or quarter in which the stock market is very negative.
To produce satisfying Total Returns (dividend yield and capital gain distributions, plus-or-minus change in Net Asset Value), with a goal to average 8% to 10% per year Total Return through a market cycle.”

Investment Advisor:

Wright Fund Management, LLC

Fund Name:	Sierra Core Retirement Fund Class A
Inception Date:	12/24/2007
Ticker Symbol:	SIRAX
Cusip:	66537T570
Sales Load:	5.75% *
Minimum Investment:	$10,000
Minimum Subsequent:	$1,000

Fund Name:	Sierra Core Retirement Fund Class C
Inception Date:	2/05/2010
Ticker Symbol:	SIRCX
Cusip:	66537V625
Sales Load:	1% annual 12b-1 fee
Minimum Investment:	$10,000
Minimum Subsequent:	$1,000

Fund Name:	Sierra Core Retirement Fund Class I
Inception Date:	12/24/2007
Ticker Symbol:	SIRIX
Cusip:	66537T562
Sales Load:	No Load **
Minimum Investment:	$10,000
Minimum Subsequent:	$1,000

Fund Name:	Sierra Core Retirement Fund Class R
Inception Date:	12/24/2007
Ticker Symbol:	SIRRX
Cusip:	66537T554
Sales Load:	No Load **
Minimum Investment:	$100,000
Minimum Subsequent:	$1,000

* The Maximum Sales Charge for A shares is 5.75%, with lower sales charges for larger purchases. A-share investors may be eligible for a reduction of sales charges. Other fees and expenses do apply to investments in the fund.

** Other fees and expenses do apply to investments in the fund.