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The performance quoted represents past performance, does not guarantee future results and current performance may be lower or higher than the data quoted. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The returns assume reinvestment of dividends and distributions, if any. Performance does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Performance data current to the most recent month end may be obtained at www.sierraclubfunds.com.
*Before January 1, 2003, the Fund was managed by a different sub-advisor and was not subject to the Sierra Club’s environmental and social evaluation process. Between January 1, 2003 and December 31, 2005, NYLIM and Harris Bretall Sullivan & Smith L.L.C. (HBSS) were the Fund’s sub-advisors. On January 1, 2006, Forward Management took over the portion of the Fund previously managed by HBSS. Effective August 11, 2006, Forward Management became the manager for the entire portfolio. Accordingly, performance figures for periods prior to August 11, 2006 may not represent Forward Management’s performance or the current strategy.
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market value-weighted index and one of the most widely used benchmarks of U.S. stock performance. The index figures do not reflect any deduction for fees, expenses or taxes.
All indices mentioned are unmanaged indices and are adjusted to reflect the reinvestment of dividends. It is not possible to invest directly in any index.
The Sierra Club Mutual Funds are professionally managed under the supervision of Forward Management, their independent Investment Advisor. The Funds may choose not to purchase or retain investments that may be profitable if the companies being considered are in conflict with the established environmental and social guidelines of the Sierra Club.
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