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r <br /> either the Growth Assets or Income Assets category or in the Real Return Assets category, depending <br /> on the nature and risk/return profile of the investment. <br /> CASH EQUIVALENTS <br /> Cash equivalents shall be held in funds complying with Rule 2(a)-7 of the Investment Company Act of <br /> 1940. <br /> Portfolio Risk Hedging <br /> Portfolio investments designed to hedge various risks including volatility risk, interest rate risk, etc. are <br /> allowed to the extent that the investments are not used for the sole purpose of leveraging Trust assets. <br /> One example of a hedge vehicle is an exchange traded fund ("ETF") which takes short positions. <br /> Prohibited Investments <br /> Except for purchase within authorized investments, securities having the following characteristics are <br /> not authorized and shall not be purchased: letter stock and other unregistered securities, direct <br /> commodities or commodity contracts, or private placements (with the exception of Rule 144A <br /> securities). Further, derivatives, options, or futures for the sole purpose of direct portfolio leveraging <br /> are prohibited. Direct ownership of real estate, natural resource properties such as oil,gas or timber and <br /> the purchase of collectibles is also prohibited. <br /> Safekeeping <br /> All assets of the Trust shall be held by a custodian approved by the Administrator for safekeeping of <br /> Trust assets. The custodian shall produce statements on a monthly basis, listing the name and value of <br /> all assets held, and the dates and nature of all transactions in accordance with the terms in the Trust <br /> Agreement. Investments of the Trust not held as liquidity or investment reserves shall, at all times, be <br /> invested in interest-bearing accounts. Investments and portfolio securities may not be loaned. <br /> Control Procedures <br /> Review of Investment Objectives <br /> The Advisor shall review annually and report to the Administrator the appropriateness of this Policy <br /> Statement for achieving the Trust's stated objectives. It is not expected that this Policy Statement will <br /> change frequently. In particular, short-term changes in the financial markets should not require an <br /> adjustment in this Policy Statement. <br /> Review of Investment Performance <br /> The Advisor shall report on a quarterly basis to the Administrator to review the investment performance <br /> of the Trust. In addition, the Advisor will be responsible for keeping the Administrator advised of any <br /> 10 <br />