The investment objective of the fund is to achieve long-term capital growth primarily through investment in a broadly diversified portfolio of common stocks issued by companies located in the United States. The fund will invest primarily in U.S. common stocks that the Investment Advisor determines to be undervalued relative to their industry's norms. In selecting investments for the fund, systematic review will be made of such stock valuation factors as a company's historical earnings, dividend yield, market price relative to book value, earnings per share, payout ratio, and financial leverage. The data from this review will be further analyzed in terms of a company's growth potential, degree of trading by company officers and directors, and current earnings estimates. Industry diversification is considered an important factor.

Asset managers:
Alan Radlo (Started: Jun 1, 2011)
Brandon Snow (Started: Jun 1, 2011)

Advisor Company:
Cambridge Advisors

	1 year	3 years	5 years	10 years
Alpha*	-13.48	-9.43	-5.33	-3.71
Beta*	1.40	1.30	1.09	1.06
Mean annual return	0.93	0.53	0.08	0.10
R-squared*	92.09	83.59	79.05	80.02
Standard deviation	10.53	13.34	15.60	13.38
Sharpe ratio	0.97	0.41	0.00	-0.07
* Against standard index

Security	Net Assets
CI Cambridge American Equity Corp A	99.48%