The Sierra Strategic Income Program (the “Program”) has two objectives, to provide total return and to limit exposure to downside risk.

The Program offers exposure to an income-oriented portfolio. Income-oriented asset classes include, but are not limited to, government bonds, corporate bonds, floating rate notes, preferred securities, convertibles and master limited partnerships (MLPs). The Program may hold funds that primarily invest in either investment grade or non-investment grade securities.

The Program is unconstrained, tactically managed and invests in a diversified selection of income-oriented asset classes. The Program seeks to participate opportunistically in global uptrends in income-oriented funds, while aiming to limit downside risk. Cash equivalents and/or short-term bond funds are held in the absence of uptrends. The Program may hold affiliated funds.