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Shepherd Street

The Shepherd Street Equity Fund was established in 1998 at the request of clients of Salem Investment Counselors, a 26-year-old investment firm that provides investment management for the mutual fund. Salem Investment Counselors focuses on providing personal investment counsel to high-net-worth individuals, their families, small and mid-sized companies, and endowments. The company offices in Winston-Salem, North Carolina, Salem Investment Counselors, as of December 31, 2005, manages more than $930 million in assets for its clients, who live throughout the U.S. and abroad.
Salem is the investment advisor to the Shepherd Street Equity Fund, a no-load mutual fund with an investment objective of growth in capital. The Shepherd Street Equity Fund provides smaller investors with the opportunity to benefit from Salem’s experience. The company street equity fund now provides the opportunity for smaller investors to benefit from Salem Investment Counselors’ expertise and experience.
The Fund is a diversified fund, meaning that as to at least 75 percent of the Fund’s total assets, the Fund will not invest more than 5 percent of its assets in securities of any one issuer, except in obligations of the U.S. Government and its agencies and instrumentalities. The Fund normally will invest at least 80 percent of its net assets in common stock and securities convertible into common stock. The Fund may also invest in a variety of other securities. The principal types of securities in which the Fund may ordinarily invest are described in the Prospectus, along with any restrictions on such investments, and, where necessary, a brief discussion of any risks unique to the particular security.
Shepherd Street Equity Fund seeks capital appreciation. The fund normally invests at least 65 percent of its assets in equity securities. The fund may also invest up to 25 percent of its assets in foreign equity securities.
It is easy to invest in the Shepherd Street Equity Fund. The minimum initial investment in the fund is $1,000 for regular accounts and $500 for retirement accounts. Regular IRAs, Roth IRAs, and Education IRAs are all available.
They are committed to making investment decisions based on well-reasoned analysis and thorough research. Accordingly, in their managed accounts, Salem sells no mutual funds or other investment products that generate fees or commissions to Salem.

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