TACTICAL ALL ASSET FUND As of March 31, 2021

RETAIL SHARES | CLASS A: SIRAX | CLASS C: SIRCX

INVESTMENT OBJECTIVES The Fund’s two investment objectives are to Fund Profile provide long-term total return (the combination of yield and net price gains from the Underlying Experienced Investment Team: Well-Proven Limiting Discipline: Access to Institutional Money Funds) and to limit and downside risk. Managed by an investment team with Trailing stops are manually implemented Managers: By utilizing multiple leading more than 70 years of collective under every individual holding, and are institutional money managers, Sierra BENCHMARK experience managing private accounts manually reviewed daily, in order to provides another level of broad in the same investment style. moderate any sustained losses to the diversification and expertise in their Morningstar Tactical Allocation Category . investment styles.

BENCHMARK DEFINITION The Morningstar Tactical Allocation Category seeks to provide capital appreciation and income Allocations by actively shifting allocations across investments. Cash and Equivalents 21.2% Preferred Stock 19.0% MORNINGSTAR CATEGORY Temporary Havens 18.4% Multisector Bond Multisector Bond Funds 8.0% International Bonds 7.1% PORTFOLIO CHARACTERISTICS Inception Date (Class A): December 24, 2007 Domestic Equities 7.0% Inception Date (Class C): February 5, 2010 Alternative Strategies 6.9% Total assets (all classes): $783.5 M Master Limited Partnerships 3.0% Total number of holdings: 38 Commodity Funds 2.4% International Equities 2.0% MINIMUM INITIAL INVESTMENT Floating Rate Funds 2.0% Class A $10,000 High Yield Corp. Bonds 2.0% Class C $10,000 Convertibles 1.0%

PORTFOLIO MANAGEMENT David C. Wright, JD Top Holdings Co-Founder & Managing Director Education: JD, University of Chicago; Goldman Sachs Financial Square Government Fund 21.1% BS, Civil Engineering, Swarthmore College DoubleLine Low Duration Bond Fund 7.5% Kenneth L. Sleeper, MBA, PhD PIMCO International Bond Fund (USD-Hedged) 7.1% Co-Founder & Managing Director PIMCO Short Asset Investment Fund 6.5% Education: PhD, University of Southern California; MBA, Business Administration, University of Nuveen Preferred Securities and Income Fund 5.6% Southern California Cohen & Steers Preferred Securities and Income Fund 4.6% Principal Spectrum Preferred and Capital Securities Income Fund 4.6% Putnam Ultra Short Duration Income Fund 4.5% Voya Securitized Credit Fund 4.5% JPMorgan Hedged Equity Fund 4.0% Subtotal 70.0%

Fund Risk Disclosures

The Sierra Tactical All Asset Fund invests in underlying fund investments including mutual funds, closed-end-funds and ETFs. In some instances it may be less expensive for an investor to invest in the Underlying Funds directly. There is also a risk that investment advisers of those underlying funds may make investment decisions that are detrimental to the performance of the Fund. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations to adverse business or economic developments. Investments in underlying funds that invest in foreign equity and debt securities could subject the Fund to greater including currency fluctuation, economic conditions, and different governmental and accounting standards.

Past performance does not guarantee future results and there is no assurance that the Fund will achieve its investment objectives. Current and future portfolio holdings are subject to risk.

Unless otherwise noted, all information is from Morningstar as of March 31, 2021. Allocations, top holdings and fund performance are subject to change without notice.

MARCH 31, 2021 SIERRA TACTICAL ALL ASSET FUND | RETAIL SHARES | CLASS A: SIRAX | CLASS C: SIRCX

TERMS & DEFINITIONS Performance Metrics Since Inception Max is an indicator of the risk of Cumulative Standard Sharpe Downside Sortino Maximum a portfolio chosen based on a certain strategy. Return Return Deviation Ratio Deviation Ratio Drawdown It measures the largest single drop from peak Class A (SIRAX)* 82.87% 4.65% 5.18 0.71 2.31 1.77 -7.78% to bottom in the value of a portfolio (before a new peak is achieved) using month-end data. Benchmark 61.10% 3.66% 9.71 0.15 7.09 0.49 -34.82% Category 81.06% 4.58% 6.04 0.53 4.55 0.89 -20.43% is a statistical concept used in to measure risk for the Class C (SIRCX)** 30.76% 2.43% 3.41 0.55 2.32 0.81 -7.05% variability of return of a fund’s performance. A high Benchmark 83.70% 5.61% 8.42 0.60 5.73 0.89 -21.38% standard deviation represents greater risk. Category 32.38% 2.55% 4.76 0.61 3.48 0.79 -14.22%

Sharpe Ratio uses standard deviation to measure *The inception date for the Sierra Tactical All Asset Fund, Class A shares, is December 24, 2007. a fund’s risk-adjusted returns. The higher a fund’s **The inception date for the Sierra Tactical All Asset Fund, Class C shares, is February 5, 2010. , the better a fund’s returns have been relative to the risk it has taken on. Historical Returns Downside Deviation is a risk statistic measuring YTD 2020 2019 2018 2017 2016 2015 volatility. It is a variation of Standard Deviation Class A (SIRAX) -0.09% 4.75% 7.79% -4.19% 7.44% 3.96% -2.67% that focuses only upon the “bad” volatility. Class C (SIRCX) -0.27% 3.98% 7.01% -4.96% 6.66% 3.19% -3.42% Sortino Ratio is a modification of the Sharpe Benchmark 4.06% 9.04% 14.49% -7.68% 12.32% 6.16% -5.88% Ratio that differentiates harmful volatility from Category -0.24% 4.82% 9.68% -1.57% 6.13% 7.09% -2.03% general volatility by taking into account the Standard Deviation of negative asset returns, 2014 2013 2012 2011 2010 2009 2008 called Downside Deviation. Class A (SIRAX) 5.27% -1.05% 6.64% 2.39% 7.79% 30.52% -3.27% Trailing Stops are a special type of trade order Class C (SIRCX) 4.49% -1.78% 5.86% 1.65% 7.00% — — where the stop-loss price is not set at a single, Benchmark 2.74% 8.47% 9.28% -2.91% 12.43% 19.57% -23.59% absolute dollar amount, but instead is set at a Category 3.42% 2.15% 11.60% 2.90% 10.59% 25.72% -15.41% certain percentage or a certain dollar amount below the market price. Average Annual Total Returns and Volatility ANNUAL OPERATING EXPENSES Class A Class C Annualized Management Fees & Since 1.45% 1.45% Other Expenses YTD 1 Year 3 Year 5 Year 10 Year Inception

12b-1 Fees 0.25% 1.00% Class A (SIRAX) Total Annual Fund 2.39% 3.14% Net Asset Value -0.09% 8.30% 2.95% 3.59% 2.71% 4.65%* Operating Expenses Maximum Sales Charge -5.82% 2.07% 0.93% 2.37% 2.11% 4.19%*

The expense ratios shown are as of January Benchmark 4.06% 31.94% 6.77% 7.18% 4.48% 3.66% 28, 2021. Expenses include the underlying fund expenses. Please see the Fund’s prospectus for Class C (SIRCX) more details. Net Asset Value -0.27% 7.45% 2.18% 2.82% 1.95% 2.43%** Benchmark 4.06% 31.94% 6.77% 7.18% 4.48% 5.61% The Total Annual Fund Operating Expenses includes the fees and expenses of the underlying funds, Downside Deviation which are estimated at 0.69% per year. Class A (SIRAX) — 1.19 2.99 2.70 2.31 2.31*

Benchmark — 2.80 8.02 6.50 5.83 7.09

Class C (SIRCX) — 1.27 3.07 2.78 2.40 2.32**

Benchmark — 2.80 8.02 6.50 5.83 5.73

Past performance does not guarantee future results and there is no assurance that the Fund will achieve its investment objective. The performance quoted herein represents past performance for Class A (SIRAX) and Class C (SIRCX). For performance numbers to the most current month end, please call toll-free 1-844-727-1813 or visit our website, sierramutualfunds.com. 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 in the Fund will fluctuate, so that investors’ share, when redeemed, may be worth more or less than their original cost. The maximum sales charge (load) for Class A shares is 5.75%. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other information about the Fund is contained in the prospectus and should be read carefully before investing. The prospectus can be obtained at sierramutualfunds.com or by calling 1-844-727-1813. The Sierra Mutual Funds are distributed by Northern Lights Distributors, LLC, Member FINRA/SIPC. Unless otherwise noted, all information is from Morningstar as of March 31, 2021. Allocations, top holdings and fund performance characteristics are subject to change without notice.

Cumulative performance from inception is the total increase in value of an investment in Class A and C shares respectively, assuming ©2021 Sierra Mutual Funds. All rights reserved. reinvestment of dividends and capital gains. Shareholder Services: 1-866-738-4363 Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. National Sales Desk: 1-844-727-1813 1138-NLD-05/01/2021

MARCH 31, 2021