Performance presented here represents past performance, which cannot guarantee future results' The i

1
KFBS Applied Investment Management
Global Perspectives Investment Fund
All portfolio information as of August 28, 2009
unless otherwise noted (unaudited), and subject
to change
Asset Allocation
August 2009
FUND VALUE 1.71m
FUND OBJECTIVE The Fund seeks to provide an
educational investment management experience
coupled with returns that preserve the real value
of the Funds assets while generating
distributions to support the AIM program and the
Capital Markets Lab. Over the long-term the Fund
aims to generate an annual total return of
inflation 5 MANAGEMENT A student-managed fund,
GPF supplements a finance curriculum with
cooperative, experiential learning which develops
tangible skills in global macroeconomic asset
allocation, portfolio management, and investment
communication. STRATEGY With the ability to
invest in all major liquid asset classes, the
Global Perspectives Fund utilizes a
multi-strategy macroeconomic asset allocation
seeking to preserve the purchasing power of
assets while providing a predictable, stable
stream of earnings with an annual total return of
inflation 5 HOLDINGS The Fund maintains
strategic target allocations, outlined at right,
with flexible tactical ranges to take advantage
of shifts in market conditions. Asset allocation
decisions will be made when such actions are
expected to produce incremental return, reduce
risk, or both.
Portfolio Performance
Performance presented here represents past
performance, which cannot guarantee future
results. The investment return and principal
value of an investment will fluctuate so that an
investors shares, when redeemed may be worth
more or less than their original cost. Current
performance may be higher or lower than the
performance quoted here. This Funds
fundamental objective is to provide educational
opportunities for secondyear MBA students at
UNCs Kenan-Flagler Business School and may be
managed with different strategic objectives from
year-to-year as class portfolio managers change.
All returns, excluding 2010 takeover, are
combined with the previous returns on the Cherry
Hills fund.
Current Applied Investment Management Team
Vineet Agrawal, Darpan Biswas, Jose Cahuayme
Zuniga, Oliver Cross, Roberto DeAndrade, Mike
Drexler, Tomer Dvash, Marcus Gilmour, Oleg
Gredil, John Griffin, George Henderson, Chris
Herwig, Sanjeev Kanekal, Peter Laramore, Walker
Layne, Dave McCoy, Matt Mercer, Bharat
Ramanathan, Lamar Small, Krishnan Varier For more
information please contact the Global
Perspectives Investment Funds Faculty Advisor,
Mustafa Gültekin at [phone].
2
KFBS Applied Investment Management
Global Perspectives Investment Fund
All portfolio information as of August 28, 2009
unless otherwise noted (unaudited), and subject
to change
FUND STATISTICS
Top 15 Holdings

Current Applied Investment Management Team
Vineet Agrawal, Darpan Biswas, Jose Cahuayme
Zuniga, Oliver Cross, Roberto DeAndrade, Mike
Drexler, Tomer Dvash, Marcus Gilmour, Oleg
Gredil, John Griffin, George Henderson, Chris
Herwig, Sanjeev Kanekal, Peter Laramore, Walker
Layne, Dave McCoy, Matt Mercer, Bharat
Ramanathan, Lamar Small, Krishnan Varier For more
information please contact the Global
Perspectives Investment Funds Faculty Advisor,
Mustafa Gültekin at [phone].