Summary

-The Fund seeks to generate consistent, above-average monthly returns as a net seller of out-of-the-money options on broad based stock indices. Positions are usually established as credit spreads and/or strangles in near term options which the Fund typically holds until or just before expiration. Positions are closely monitored as to the probability of expiring in-the-money and are subject to early closure should that probability exceed pre-determined levels. The emphasis of the strategy is on risk management to preserve capital and obtain consistent, above-average returns rather than seeking to maximize returns.