Blake Capital Management,

Inc. (SRD Short Equities)

Fund Investment Objectives

The SRD SHORT EQUITIES PROGRAM trades the E-Mini S&P 500 future contract with a bearish directional bias (betting the stock market will decline). SRD Short Equities attempts to "sell resistances" in the market, using stops for protection and seeking a multiple of any amount risked. The primary function of this program is "down-capture" in the S&P 500 and may be considered an appropriate compliment to individuals and institutions that are passively long equities, or those desiring an actively-managed trading program that generally goes short the stock market. Because of this program's meticulous risk-management, we believe it may serve as a stand-alone, institutional-grade trading solution to today's volatile equity markets.