Michigan Interactive Investments (MII) is the leading undergraduate investment club at the Stephen M. Ross School of Business. Each year MII builds an investment portfolio with the goal of educating members about investing through interactive portfolio management. By maintaining a small, dedicated 60 person member base, MII is able to effectively teach members about investing in a variety of equity, fixed income, and derivative securities. In addition, MII provides many resources in helping members secure internship and full-time job placements. The 2010-2011 school year marks our 13th year as a student-run investment club at the University of Michigan. On behalf of the entire executive board, welcome to Michigan Interactive Investments; we look forward to another exciting and promising year. Michigan Interactive Investments takes a disciplined approach to investing, with a medium-term outlook for attractive returns while preserving capital. MII undertakes three primary investment strategies; Alpha Overlay, Relative Value, and Special Opportunities. In the Alpha Overlay strategy, MII takes one long position with one or more short positions to hedge out various beta components in an investment. Within the Relative Value strategy, MII members evaluate market sectors in order to locate particular securities which appear undervalued on the basis of fundamentals, growth projections, and potential risk. Under our Special Opportunities strategy, MII utilizes short-selling, derivatives and arbitrage strategies to capitalize on market opportunities. Investments are taken with a three to six month time horizon in attempts to find undervalued securities which we believe will come back into favor with the market.