Q:  Would you briefly explain what core principles guide your investment philosophy? A : The guiding principle behind our investment philosophy is our belief that inside of the market environment there may be opportunities to profit from market advances as well as declines from time to time. But we tend to take a market neutral approach. Our fund seeks to help to keep an investor's portfolio “on the right side of the market” offering the potential for meaningful asset growth during favorable market environments and the potential for meaningful asset preservation during unfavorable market environments. We use ETFs only in our portfolio with the exception of cash and money markets. Q:  How does your investment philosophy translate into an investment strategy? A : Our strategy is to invest exclusively in ETFs whose current price trend is rising, while eliminating exposure to ETFs whose current price trend is falling. We employ an ETF trend-following discipline designed to systematically adjust the portfolio as market conditions change. The discipline seeks to efficiently balance investment risk with investment reward, systematically exposing investors to more "at-risk assets" during periods of sustained market advances, and in turn to more "risk-free assets" during periods of sustained market declines. It seeks to limit portfolio losses during market environments that are unsupportive of at-risk assets, and seeks to achieve significant market correlation during environments that are supportive of at-risk assets. The fund is designed to be a core component in a diversified investment portfolio, complimenting investment vehicles which may be less responsive to changing market conditions. Q:  Would you elaborate on the absolute versus relative return strategies? A : Our strategy is to produce a specific positive return over a full market cycle. We start with our private client group by identifying first what their minimum required rate of return is which is typically between 6% and 9%. The relative return game, by comparison, is different in the sense that it doesn’t matter what we make or lose so long as we make more than our competitor makes when the market is up and lose less. We only focus on market neutrality and absolute returns over a full market cycle. Our target on our PLUS Strategy is just north of 9% over a full market cycle. That coincides with the actual net returns for the strategy from 2000 through the end of 2005 which we ran as a separately managed account. That’s a full market cycle comprising of three up years and three down years and an overall flat market environment. Q:  How do you differentiate absolute return from market neutral return? A : Our definition is that the term absolute return describes a strategy. Market neutrality is simply a characteristic of that strategy. There are several market neutral strategies, such as trend-following, absolute return, hedged equity, and flexible asset strategies. Our idea of market neutrality is that over a full market cycle we have an R-squared of next to nothing. There is no market dependence and while markets over a full market cycle could end up doing nothing we would still be successful in achieving that absolute return. In our market neutral strategy we use at-risk assets in such a way so that we neutralize risk over a full market cycle, which is descriptive more of the desired outcome and a characteristic than it is a strategy itself. Q:  Why does your fund invest in ETFs as opposed to stocks? A : The reason that ETFs are so valuable for us is because they give us exposure to a broad asset class or investment category. We only invest in those ETFs whose current trend is rising as opposed to falling. For instance, if we buy an ETF whose current price trend is rising but subsequently that price trend reverses itself, we will systematically eliminate that position from the portfolio. Moreover, ETFs allow us to do that very efficiently, something we couldn't do if we were managing a portfolio of 200 stocks or 50 stock