Vantage Capital Management,

LLC (Growth)

Fund Investment Objectives

The VANTAGE CAPITAL MANAGEMENT (VCM) GROWTH PROGRAM writes both put and call option contracts on the S&P 500 index as its primary investment vehicle. Although the trading methodology is technical and statistical in nature, consideration is given to the overall fundamental condition of both domestic and global markets. The Program avoids forecasting specific market direction, but rather takes both sides of the market and derives profits as a function of Theta, the "time decay" component of options, and of volatility which has a constant effect on the value of the option. The VCM Growth Program short options will typically be hedged to protect downward market moves, however, may not be hedged 100% of the time. Although there is no guarantee that a particular account will experience any profits, the Advisor seeks to maximize returns, while balancing risk, to target an annualized return objective of 10% to 20% and greater.