Disclosure: All securities investments risk the loss of capital. No guarantee or representation is made that the Fund, or any of Bull & Bear’s investment solutions, will achieve its investment objective. An investment in the Fund is speculative and involves certain considerations and risk factors that prospective investors should consider before subscribing. The practices of leverage and derivatives trading and other investment techniques which the Fund expects to employ can, in certain circumstances, result in significant losses. Under certain circumstances, an investment in the Fund involves the risk of a substantial loss of such investment. Investors should be able to bear the loss of their entire investment in the Fund, and their investment in the Fund should not be their sole significant investment. Investors are also reminded that past performance should not be seen as an indication of future performance and that they might not get back the amount that they originally invested. Tables, charts, and commentary contained in this document have been prepared on a best efforts basis by Bull & Bear using sources it believes to be reliable although it does not guarantee the accuracy of the information on account of possible errors or omissions in the constituent data or calculations. The information contained in this document is strictly confidential and no part of this document may be divulged to any other person, distributed, resold and/or reproduced without the prior written permission of Bull & Bear or any of its subsidiaries.