Executive Summary

The Fund's Goal

We take an approach similar to an insurance company in our investment strategy: To focus on the probability of success and the management of risk

The Fund's goal is collect small amounts of premium each week by selling call and put options on the S&P 500 (SPX) that have a one week time frame to expiration

Seeking to limit risk, the Fund will purchase a call and put option on the S&P 500(SPX) contract with the same terms other than the strike price

The Fund may hold significant assets in cash, treasuries, or short-term fixed instruments

The Fund's goal is to deliver compelling, non-correlated absolute returns

Because the options are treated as Section 1256 contracts under the Internal Revenue Code 60% of gains or losses will be treated as long-term and 40% as short-term capital gains



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