Invicta Fund,

LLC

Fund Investment Objectives

Invicta Capital Management, LLC (ICM) capitalizes on intensive research in the technology industry to create a specialized long/short small cap equity product which targets high absolute rates of return and preservation of capital in down markets. This capital appreciation objective is realized through hedged investments in equity securities, primarily in the small capitalization segment of the market (defined as the bottom 15% of the equity universe) using both long and short positions.