J. Zechner Associates Global

Hedged Growth Fund

Fund Investment Objectives

The Manager will use Sector and Country index Exchange Traded Funds (ETF's) to emulate the economic and market scenarios, which reflect the macro-economic and strategic views of financial markets by the Manager. Any excess cash in the Fund will be held in either Canadian or US dollars, depending on the view of the relative appreciation potential of either currency by the Manager. The Manager uses short positions in Sector and Country index Exchange Traded Funds (ETF's) to emulate the economic and market scenarios where the macro-economic and strategic views of financial markets by the Manager indicate downside risk. Short positions are established in sectors viewed as over-valued by the Manager or to offset or protect positions in related sectors. Depending on the current views of the Manager, the Sector Short Section will have the ability to establish short positions ranging from 0 - 100% of the total value of the Fund. The full range of asset mix of the fund would therefore be from net 100% short (fully bearish) to 100% long (fully bullish). The Fund does not hold individual stocks within the portfolio thereby removing stock selection risk. There will be no borrowing in this fund and leverage will not be used.