The Sierra California Municipal Bond Program (the “Program”) has two objectives, to provide total return and to limit exposure to downside risk.
The Program offers exposure to California municipal bonds. The Program will tactically allocate between California municipal bond funds and cash equivalents and/or short term bond funds. The Program will invest in both investment grade and non-investment grade California municipal bond funds. The Program may also invest in national municipal bond funds.
The Program seeks to participate opportunistically in California municipal bond market uptrends. Cash equivalents and/or short-term bond funds are held in the absence of uptrends in California municipal bonds.
