Capital Management Investors Services, Inc.

For the last three years, the broad markets have been range bound. Given this condition, a strategy of extracting income from tracking stocks which represent the indexes has been attractive and profitable.

Our view for the future, given all of the turbulence in the global markets, is continued instability and range bound conditions. We accept, as a given, that select sub sectors will rally and other sub sectors will fall. It is from this universe that we will construct our portfolio. We believe, that based on current market conditions, our approach is optimal given risk characteristics versus reward.

Yield can be enhanced via monitoring and management of positions.

Process as follows:

1. Setup income and potential protection for each position held.
2. Allow the positions to terminate on expiration day (3rd Saturday of every calendar month).
3. Continuous monitoring.

In the event of a significant "rally" or "sell off", intra-month adjustments are made to directly enhance profitability.
Re-establish position for next month earlier than anticipated for increase premium or credit for the client.