Sierra began operations in February 1996 in order to exclusively serve the Taft-Hartley marketplace. We are 100% employee owned with corporate headquarters in Walnut Creek, California. Sierra produces clear and concise reports showing both gross and net of fees performance. Proxies are voted in accordance with the AFL-CIO proxy voting guidelines and comprehensive reports are provided on a semi-annual basis to all clients. Sierra has exclusive sub-advisory and marketing arrangements with eight institutional investment firms. Each sub-advisor was chosen because of their proven investment process for that specific product. Sierra performs the marketing and client servicing functions and monitors the investment process performed by the sub-advisors. Performance is that of Sierra’s sub-advisors and reflects their composites’ complete performance history. Intrinsic Value Equity and Intrinsic Value Opportunity portfolios are managed by Todd Asset Management LLC. Concentrated Growth Equity portfolios are managed by Pioneer Institutional Asset Management, Inc. The Small Cap Value Equity portfolio is managed by Robert W. Baird & Co. Incorporated. International Growth Equity and Global Growth Equity portfolios are managed by Franklin Templeton Institutional, LLC. International Value Equity and Global portfolios are managed by Templeton Investment Counsel, LLC. Investment Grade Fixed Income portfolios are managed by StoneRidge PMG Advisors, LLC. High Yield Fixed Income portfolios are managed by Fort Washington Investment Advisors, Inc. The Emerging Markets Equity portfolios are managed by Edinburgh Partners Limited.