Rival North American RRSP

Growth Fund

Fund Investment Objectives

The objective of the Fund is to maximize total returns to through fundamental securities selection by taking both long and short investment positions in primarily Canadian and U.S. exchange-listed or over-the-counter quoted small and mid-cap equity securities. The portfolio may also include preferred shares, government bonds, corporate debentures, installment receipts and other securities in accordance with the Fund objectives. The Investment Manager intends to invest in long and short stocks and bonds directly or indirectly and commodities indirectly on the basis of a technical momentum-driven security-specific approach. The allocation of long and short positions will vary depending on the opportunities the Investment Manager believes have the best reward per unit of risk; however, the Portfolio will be relatively concentrated and is not expected to exceed 30 long and 30 short securities. Making investments primarily in stocks that the Investment Manager believes are exhibiting positive technical characteristics and/or have superior earnings and sales growth. The Investment Manager may also take long positions directly in bonds and indirectly in commodities when these areas become more attractive than equity positions. The Investment Manager anticipates that net short positions will seldom exceed 50% of the portfolio and that net long positions will rarely exceed 150% of the portfolio.