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

The Program offers exposure to high yield corporate bonds and long-term Treasuries. The Program will tactically allocate between high yield corporate bond funds, long-term Treasury funds, and cash equivalents and/or short term bond funds.

The Program seeks to participate opportunistically in bond market uptrends. When high yield corporate bonds are in an uptrend, the Program will be invested across several high yield corporate bond funds.  When high yield corporate bonds are not in an uptrend, the Program may invest in long-term Treasuries, provided that long-term Treasuries are in an uptrend. Cash equivalents and/or short-term bond funds are held in the absence of uptrends in either high yield corporate bonds or long-term Treasuries. The Program may hold affiliated funds.