Sierra's 
High Yield Corporate Bond Program

Sierra's low-volatility High Yield Corporate Bond Program is designed to target annual returns of 9% or better, on average, while limiting downside risk to less than 3% (although there can be no guarantee that these objectives will be met under all market conditions).

For a description of any fund listed below, click on its name.  For daily closing prices and statistics, click on its ticker symbol.

Each High Yield Corporate Bond Program account will be diversified among at least four of the following funds:

Click here for an essay describing Why We Love High Yield Corporate Bonds.

On a daily basis, Sierra monitors the price trend in each Designated Fund and implements Defensive Timing:  When the Designated Fund turns down more than a normal fluctuation (which occurs on average about twice a year), Sierra moves the assets temporarily into the safety of money market or a similar safe haven; and when the Designated Fund turns back up significantly, Sierra moves the relevant assets back into the Designated Fund.  For more information, see Risk-Limiting Techniques^SM.

From time to time, Sierra's Managing Directors will make changes, upgrading to a new Designated Fund.

Although this program is designed to have limited downside risk, some risks remain.  Please review carefully the Limitations and Cautions in your Investment Advisory Agreement.

    Click here to see a chart illustrating the hypothetical growth of $100.

    Click here for info on Sierra's HYCB Program.

SIERRA INVESTMENT MANAGEMENT, INC.
3420 OCEAN PARK BOULEVARD, SUITE 3060
SANTA MONICA, CA 90405
310/452-1887   800/729-1467   FAX 310/452-2680

Click here to write to us: Info@SierraInvestment.com