-Valu-Trac Strategic is a global absolute return alternative investment strategy. It is diversified over equity and bond markets, currencies and commodities. Its investment edge comes from a systematic application of the Level and Behavior of Intrinsic Value. Intrinsic Value, for income producing assets such as equities and bonds, is a long-term, globally consistent, potential annual real rate of income return, incorporating objective growth and inflation rates. Intrinsic Value for currencies and commodities is calculated with reference to monetary inflation. Valu-Trac Strategic as an investment strategy was launched in October 2002 as a managed account. The inception of Valu-Trac Strategic Fund SPC was 3 March 2003. Valu-Trac Strategic is available either as a managed account or through investment in the Fund. The Fund is available in a number of different currency denominations and different leverages. The performance returns shown are for a representative account for the Valu-Trac Strategic SPC 10x USD program which is our higher leverage program targeting an annualized volatility of 25%. Assets shown are the aggregated assets managed under the 10x USD program. Standard dealing instruments include futures and forwards and the strategy is registered as a CTA/CPO with the NFA.