Portfolio Focus

Financial Overview of Fund • Has maintained a high percentage of Fund assets in interest bearing cash to support the contingent purchase requirements of put options sold.

• Equity portfolio has represented less than 75% of net assets, but can vary as market triggers stock purchases or sales, currently near
   80%.

• Equity positions often enter portfolio in unrealized loss positions due to being purchased through assignment of put options.

• Liability of put and call options sold can represent 6-12% of net assets as a time-based liability. Approximately 80% of this liability
   is generally in excess of the intrinsic liability of the underlying contracts and can represent a source of future gains.

• The contingent purchase exposure of put options can be 2.5 to 3.5 times the Fund's net assets spread over five to six months which
   provides enhanced returns from expiring options premiums, but can present exposure to sharp market down drafts.

• Portfolio of options is analyzed based on timing and degree of in the money/out of the money

• Sale of put options can incorporate anticipated future investor contributions and proceeds from option sales to reduce the liquidity
   risk of this exposure.

• Total option premiums (both puts and calls) generated during a year can total as much as 25% of the Fund's net assets, or more.

• As equity portfolio grows, sales of call options has become more significant.