Locstein Group Internship

I realize the inane/boring nature of my post, but I'm unable to figure this out for myself and have decided to break my perpetual lurker status in the hopes that you all may be able to enlighten me.

I'm currently in the process of applying for Locstein's Spring Program, whose deadline coincides with my school's summer internship deadline. There's only one space to indicate your position preference (summer analyst/spring program), and as far as I can see, you can only submit one application to the Locstein system every recruiting cycle.

Does that mean that I can only apply to the Spring or Summer program? If so, which would you suggest that I apply to as a sophomore from a target school?

Also as a sidenote, would my candidacy for investment banking be compromised if I indicated a secondary interest in investment management as well? I'd strongly prefer to be placed into investment banking, but I don't want to limit my choices either.

Thanks so much for your help