LJM Partners, Ltd.

(Aggressive Premium Writing)

Fund Investment Objectives

The AGGRESSIVE PREMIUM WRITING PROGRAM believes the S&P 500 market to be efficiently priced and does not attempt to forecast market direction. It utilizes S&P 500 options on futures to initiate market neutral positions by simultaneously writing (selling) deep-out-of-the-money call and put options, followed by appropriate adjustments based on movement of the underlying S&P 500 futures contract. LJ&M's primary trading philosophy is for profits to be made when the value of options are reduced as a function of time, rather than a function of market direction.