Admiral Capital Management, LLC is an ERISA compliant Registered Investment Advisor formed to manage the Admiral Flagship Funds. The master-feeder Flagship Fund, launched on January 5th, 2007, employs volatility, credit, hedged directional, capital structure and special situation sub-strategies executed primarily through convertible securities while utilizing different securities within the capital structure as well as related derivative instruments. Our mandate is to manage a fundamentally based, tactically driven portfolio, differentiating the Admiral strategy from an indexed convertible arbitrage approach. To create alpha we opportunistically overweight, underweight or eliminate certain strategies, market sectors and securities. Stringent risk controls are in place to avoid outsized positions. Leverage is proactively managed according to market opportunity.