The Fund's investment objective is to achieve a superior rate of return, relative to the level of risk and volatility, while also attempting to preserve capital and mitigate risk. No assurance can be given, however, that the Fund will achieve its objective or that its trading program will be successful, and investment results may vary substantially over time. In carrying out the Fund's objective, the Investment Manager will focus the Fund's investments in a portfolio of yield-oriented securities known broadly as income trusts. These vehicles, as distinct from typical corporations, allow for the untaxed pass-through of income received from (i) oil and gas production and/or royalties, (ii) the ownership of real estate and/or mortgages, and (iii) other narrowly defined activities, many of which relate to natural resource production or transportation. The principals of the Investment Manager have focused on investment opportunities in the income trust area for over 30 years. The Investment Manager presently believes that the universe of income trusts has emerged over the last several years as a separate investment class offering investors a meaningful alternative to traditional investments in either stocks or bonds. Unlike many stocks, which are dependent on capital gains to provide an investment return, income trusts are total return investments structured to provide the majority of their expected return through a high level of tax advantaged income. Unlike most bonds, income trusts have the potential for distribution growth resulting from strengthening commodity prices and/or real estate market conditions. This creates the potential for price appreciation in addition to high current income. In summary, the Fund seeks to provide its Shareholders with superior and sustainable returns combined with effective risk management. Although the strategy and asset allocation utilized by the Fund is primarily centered on energy related royalty trusts, the Investment Manager intends to follow a flexible approach in order to place the Fund in the best position to capitalize on opportunities in the financial markets. Accordingly, the Investment Manager may employ and take advantage of opportunities in diverse asset classes if they meet they Investment Manager's standards of investment merit.