Investment
Performance Risk Adjusted Returns
On a risk adjusted return basis, VRM is
achieving its objective of minimizing losses and providing
attractive returns at a lower level of risk and volatility than the
overall market.

No representation is made that Vectors Research Mgmt LLC or any of
its investment vehicles will, or is likely to achieve a
record similar to that shown. Past performance described
herein should not be construed as an indicator of future
performance. Results are
preliminary, gross of fees, and unaudited.
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