The Sierra Municipal Bond Program (the “Program”) has two objectives, to provide total return and to limit exposure to downside risk.The Program offers exposure to municipal bonds of any credit quality and maturity. The Program will tactically allocate between municipal bond funds and cash equivalents and/or short term bond funds. The Program may also invest in state-specific municipal bond funds.The Program seeks to participate opportunistically in municipal bond market uptrends. Cash equivalents and/or short-term bond funds are held in the absence of uptrends in municipal bonds. The Program may hold affiliated funds.
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