O'Neill Alpha

Fund

Fund Investment Objectives

The goal of the manager is to outperform the S&P 500 index. As reflected by the historical performance of the Fund, investors should expect the Fund to participate in upside moves of the equity markets and offer protection when the markets move lower. The design of the portfolio offers a greater level of protection when the downward moves are more significant. The investment manager selects a basket of equities comprised of between 30 and 35 positions with no more than a 4% concentration to any one name in the portfolio on an unlevered basis. Call option premium is sold to enhance the return on the individual positions. The investment strategy is not dependant on leverage to generate alpha. In house research is the driver of the selection of the individual holdings of the Fund. As conditions in the US and global economies change, the manager adjusts the holdings in the portfolio to take advantage of valuation inefficiencies of various sectors of the market and individual companies. A key risk reducer for the portfolio is the placement of cascading market put spreads. Volatility index and exchange traded fund options are utilized to dampen downward exposure as well.