2009 Annual Report

2010 Semi-Annual Report

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There is no assurance that any investment or investment strategy will achieve its objectives.

Investment Decision Criteria Portfolio Managers Investment Adviser

Daily Performance Chart Buying Shares Redeeming Shares Fees and Expenses Risks Officers Trustees Fund Service Providers

Invert, Always Invert Kelly Criterion Psychology of Errors Thoughts on Risk Leverage Moats Opportunity Knocks Overpriced Markets New Frontiers