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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1665056	Sierra Total Return Fund	SRNTX	()	4

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1510195	Seth Taube	C/O Medley Llc 280 Park Avenue, 6Th Floor East New York NY 10017	Chief Executive Officer	Yes	Yes	No	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Class T Shares Of Beneficial Interest	Acquisiton	2017-06-01	80,000	$25.00	80,000	No	4	P	Indirect	By Medley Seed Funding II LLC

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	By Medley Seed Funding II LLC

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Class T Shares Of Beneficial Interest	4,000	Indirect	See Footnote 2

Footnotes

On June 1, 2017, Medley Seed Funding II LLC, a limited liability company controlled by Medley LLC, purchased 80,000 Class T shares of beneficial interest. The reporting person, together with Brook Taube, controls Medley LLC. The reporting person disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein.
On August 10, 2016, STRF Advisors LLC (the "Adviser") purchased 10,000 Class T shares of beneficial interest for an aggregate purchase price of $100,000. On November 4, 2016, the Board of Trustees approved a reverse split of beneficial interests in the Class T shares that resulted in a NAV of $25.00 per Class T share. As a result, the number of Class T shares owned by the Adviser was reduced from 10,000 to 4,000, effective as of November 4, 2016. The Adviser is controlled by Medley LLC. The reporting person, together with Brook Taube, controls Medley LLC. The reporting person disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest therein.