FORM 1F

VISION L.P.

ACKNOWLEDGEMENT OF OPTION STRATEGIES ON DISCRETIONARY OPTION ACCOUNTS

The Account Controller may use any of the strategies checked below when trading my account:

The risk involved in the option strategies listed below are indicated as follows: Limited(L) or Unlimited (U)

___L LONG CALL Buy call - right to be long underlying futures contract.

___U SHORT CALL Sell call - obligation to be short underlying futures contract at call buyers' discretion.

___L LONG PUT Buy put - right to be short underlying futures contract.

___U SHORT PUT Sell put - obligation to be long underlying futures contract at put buyer' discretion.

___L BULL SPREAD Buy call with low strike price, sell higher strike price call.

___L BEAR SPREAD Buy put with high strike price, sell lower strike price.

___L LONG BUTTERFLY Buy one low and high strike price option; sell two middle price options.

___L SHORT BUTTERFLY Sell one low and high strike price option; buy two middle options.

___L LONG CONDOR Buy low and high priced calls (or puts) sell two different middle price calls.

___L SHORT CONDOR Sell low and high priced calls (or puts) buy two different middle price puts.

___L LONG STRADDLE Buy put and call with same strike price.

___U SHORT STRADDLE Sell put and call with same strike price.

___L LONG STRANGLE Buy put and call with different strike price.

___U SHORT STRANGLE Sell put and call with different strike price.

___U CALL RATIO SPREAD Buy lower strike price call, sell higher strike price calls.

___U PUT RATIO SPREAD Buy higher strike price put, sell lower strike price puts.

___L CALL RATIO Sell lower strike price call, buy higher strike price call. BACKSPREAD

___L PUT RATIO BACKSPREAD Sell higher strike price put, buy lower strike price put.

___L BOX OR CONVERSION Buy put, sell call with same strike, sell futures, sell put, buy call with same strike,buy futures.

___U COVERED WRITE Buy or sell futures and sell option.

____The Account Controller will not trade Options in the account.

The strategy lines checked above are the Option Strategies the Account Controller could use when trading the account, or

____The Account Controller may trade all strategies listed above.

I acknowledge and understand the Option Strategies the Account Controller has checked above.

(Date) ____________ (Customer Signature) X_______________________________________

(Date)____________ (Customer Signature) X_______________________________________

Rev. April, 1995