Financial Results
The 2008 Annual Report for the fund shows an annualized loss of 6.58% during the timeframe of March 1, 2005 (its inception) to December 31, 2008. For comparison, the S&P 500 Index showed an annualized loss of 5.47% during this period.
At the end of 2008, the fund had total net assets under management of $6,705,261. The total paid-in-capital invested with the fund, from its start to the end of 2008, was $9,983,108 (p. 14).
As had occurred in every year of operation thus far (p. 17), the adviser of the fund waived or reimbursed expenses to the fund. (Currently, the adviser is contractually obligated to do so to maintain the ratio of expenses to average net assets as, at most, 1.75%.) In 2008, the amount waived or reimbursed was $181,612; in previous years, it had been $154,750 (in 2007), $239,564 (in 2006), and $230,343 (in 2005 ). Of the $181,612 in 2008, $129,468 was from waiving the investment advisory fee, leaving $52,144 as the amount reimbursed out-of-pocket to the fund by the adviser for other operating expenses.
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