Goldman Management Inc.

(Navigator Fund)

Fund Investment Objectives

GOLDMAN MANAGEMENT, INC NAVIGATOR FUND seeks capital appreciation of assets through speculative trading in stock index futures. There is no representation being made that these programs will be successful in achieving this goal. GM's trading strategy is a product of over 30 years of rigorous research developing tools to forecast the short term, intermediate and long term direction in stock indexes. Hundreds of indicators and model are employed using quantitative analysis. Many of these indicators date back to the early 1900s. These indicators comprise the principals of both technical and fundamental analysis. The exact nature of GM trading strategy is proprietary and confidential. The following description is of necessity very general and is not intended to be all inclusive. The categories in which these indicators fall into are numerous and although not exclusive, are as follows: the stock market structure, momentum, overbought and oversold, market sentiment from contrary standpoint, valuations, monetary climate, macro factors etc. Each of these categories has different forecasting values and timeliness and when combined can enhance the reliability of a signal. The essence of these models and indicators are used to identify beforehand the market climate likely to be encountered. The principle objective of GM is to profit from all types of markets while using strict control measures to minimize risk. Analysis and research into improving systems and strategies is an ongoing process. It may be determined that minor modifications to one or more trading models would improve performance. New systems and or models may be added, removed or modified for future use. Managed account clients will not be informed with respect to such minor changes in GM trading methods. The program enters both long and short positions and the level of investment varies.