The Fixed Premium Managed Program (FPMP) aims for returns independent of the S&P 500 Benchmark. It minimizes risk through fixed profit targets, low multiple stops, laddered entries, and long positioned short-expiration options in rising volatility (VIX) environments. The strategy involves selling far out-of-the money weekly S&P 500 ES futures put options with premiums set over three months until expiration. This approach benefits from better volatility protection, faster returns, and controlled losses. Laddering spreads risk across various conditions and buying short-expiration options helps reduce drawdowns and preserve
capital. New accounts are fully positioned in about six weeks.

Crescent Bay Capital Management, Inc., a California corporation, became registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor ("CTA") on August 23rd, 2004. CBCM was previously registered as a Commodity Pool Operator ("CPO") from November 14th, 2006 to October 18th, 2009. CBCM has been a member of the National Futures Association since August 23rd, 2004. David Bedford (the "Principal") is the sole shareholder of CBCM. He was registered as an Associated Person and listed as a Principal of the firm on August 23rd, 2004. The business office of CBCM is located at: 1201 Puerta Del Sol, Ste. 227; San Clemente, CA 92673; telephone: (949) 276-8718; facsimile: (949) 276-8448.

DAVID BEDFORD is our CIO and Founder. David's transition from biomaterials research at the University of California, San Francisco to founding Crescent Bay Capital Management in 2003 marks a compelling journey into the financial markets. Armed with a background in science that honed his analytical prowess and attention to detail, David swiftly established himself in trading from 1999 onwards. By 2004, he became a registered member of both the National Futures Association and the Commodity Futures Trading Commission, solidifying his commitment to the managed futures and options industry. Over nearly two decades, David has adeptly navigated diverse market conditions and economic cycles, continually refining his strategies to reflect his deep industry knowledge and adaptability. Crescent Bay Capital Management's track record of managing varied client accounts underscores David's skill in tailoring trading approaches to meet the unique needs of investors, showcasing his blend of academic foundation and practical expertise. He holds a B.S. from Pepperdine University -- Malibu.