Balanced Fund

Fund Investment Objectives

The investment strategy is based on profiting from the usual rise in equity prices following an economic downturn and during the ensuing economic expansion, while attempting to mitigate the losses from equity bear markets that often occur after sustained market gains. Moderate use of leverage, short positions, and listed options may be employed. All investments are listed on US stock, options or futures exchanges, and are valued/marked to market at the end of each trading day. The strategy incorporates technical and fundamental analysis, combined in a computer model for guidance, but the final decisions are made by the Fund's adviser.