Conover Investments (Oil

Trading Program)

Fund Investment Objectives

The Conover Investments' OIL TRADING PROGRAM is a discretionary approach to Futures trading. This program has been continually enhanced over the years to a point where it usually trades once per day and only in the ICE Brent Oil market. However, at times it may be necessary to trade WTI Crude Oil on Globex or to trade more than once per day. The program does not trade options and does not trade on foreign exchanges. All trades are initiated and liquidated on the same day and no overnight positions are ever maintained. The decision to trade is based upon historic performance but primarily relies upon the previous day's market prices and related short term trading patterns. After the close on any given day it is known as to whether or not a trade will be initiated on the following business day. It is possible that several days may pass before a signal to trade is received. Since stop orders are not utilized, after initiating a trade the market is monitored very closely to make sure that no extraordinary events occur and thus adversely affect the position. By applying this disciplined short term approach, risk is limited to a specific time frame during the trading day with no exposure to the overnight markets.