Notes to Financial Statements (Unaudited)
(4) Shares of Beneficial Interest:
The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of
beneficial interest having a par value of one cent per share. Transactions in Fund shares were as follows:
At March 31, 2008, two shareholders of record, in the aggregate, held approximately 26.1% of the total
outstanding shares of the Fund. Investment activities of these shareholders could have a material impact on the
Fund. For example, a significant redemption by such shareholders could result in illiquid or less liquid investments
comprising a larger portion of the Fund's Portfolio.
The Fund imposes a redemption fee of 2% of the net asset value of the shares, with certain exceptions, which are
redeemed or exchanged less than 30 days from the day of their purchase. The redemption fee is paid directly to
the Fund, and is designed to offset brokerage commissions, market impact, and other costs associated with
short-term trading in the Fund. The fee does not apply to shares that were acquired through reinvestment of
distributions. For the six months ended March 31, 2008, the Fund received $41,319 in redemption fees and is
reflected in the cost of shares redeemed.
(5) Federal Taxes:
Each year, the Fund intends to qualify as a "regulated investment company" under Subchapter M of the Code. As
such and by complying with the applicable provisions of the Code regarding the sources of its income, the timely
distributions of its income to its shareholders, and the diversification of its assets, the Fund will not be subject to
U.S. federal income tax on its investment company taxable income and net capital gain which are distributed to
shareholders.
During the current year, the Fund adopted FASB Interpretation No. 48 "Accounting for Uncertainty in Income
Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured,
presented and disclosed in the financial statement