Cambridge Financial Group Inc

Investment Philosophy
The equity management strategy employed by Cambridge Financial Group is based on the belief that quantitative disciplines, which contain both buying and selling parameters, will add value to a portfolio. The use of two independent, contrasting styles, and defensive action when the market is determined to be in a high-risk period, will add consistency.

S&P Selected from S&P 500 Adjusted Quarterly (10 Stocks)	CFGI Momentum Selected from CFGI Adjusted Quarterly (10 Stocks)

CFGI Value Selected from CFGI Adjusted Annually (10 Stocks)

Assessment of Market Risk (Monthly Composite)

Momentum
	Cambridge Momentum Index
		Relative to Moving Average	12-Month Rate of Change
		Relative to Moving Average	12-Month Rate of Change
	S&P 500
		Relative to Moving Average	12-Month Rate of Change
		Relative to Moving Average	12-Month Rate of Change
Breadth
>	Weekly NYSE Advances Versus Declines
Valuation
	S&P 500 P/E
	S&P 500 Yield
Interest Rate Conditions
>	Treasury Bill Yield Relative to Moving Average
>	Treasury Bill Yield Relative to Discount Rate
>	Treasury Bill Yield Relative to S&P 500 Yield

If the monthly composite is rated as negative, the S&P Momentum component is sold.