Wisdom Financial - A Tradition of Excellence

List of Currently Tracked Commodity Trading Advisors

Abelian Capital Management / Abelian Global Diversified Program - The Abelian Global Diversified Program(“AGDF”) is a long-term trend following fund of futures products traded across a diverse range of markets found on both domestic and international exchanges.

Abraham Trading Company / Diversified Program - Abraham Trading Company’s trading methodology is a systematic, long-term, trend-following approach implementing filtering techniques that avoid trends with adverse risk/reward characteristics. While the goal is to capture long-term trends, the system only enters the market during periods when the risk/reward of a trade is heavily in the trade’s favor. If unacceptable risk characteristics exist, the system will even avoid trends that have a positive profit expectation. The end result is a trading method that has historically provided ATC’s investors exceptional returns that are uncorrelated to traditional stock and bond investments.

Absolute Asset Management Ltd / Absolute FX 2 - Absolute FX is a short term systematic trading program that trades the major FX markets. Via pattern recognition and statistical analysis the program captures the cyclical nature of volatility evident in FX markets. The system trades both long and short positions and therefore does not have directional bias. Due to the short term nature of trading the longer term trend is largely irrelevant to overall performance. Risks are tightly controlled via a money management.

Absolute Asset Management Ltd / Absolute FX - Absolute FX is a short term systematic trading program that trades the major FX markets. Via pattern recognition and statistical analysis the program captures the cyclical nature of volatility evident in FX markets. The system trades both long and short positions and therefore does not have directional bias. Due to the short term nature of trading the longer term trend is largely irrelevant to overall performance. Risks are tightly controlled via a money management.

Ace Capital Management, LLC / Ace - Mini Stock Index Program - The primary trading is in mini futures contracts in the stock indices. The Advisor uses a 90% systematic and a 10% discretionary approach. Position size is dynamic and will change based on market volatility. Generally, approximately twenty percent (20%) to thirty percent (30%) of each account traded will be used for margin. This may vary depending on market conditions. The system performs best during times when the market is in a trading range. Generally, higher volatility will produce larger realized gains. In a sharply higher moving market, the system may be neutral. In a steep downward moving market, the system will experience a drawdown. The length of a drawdown usually parallels the length of a stock market correction, which has been running on average from two to six weeks, for the last couple of years. The system is non trend following and Mr. Weinreb does not attempt to forecast market direction..

ACE Investment Strategists / Aggressive Stock Index Premium Collection - Institutional - This is the Institutional Program of ACE’s Aggressive Stock Index Premium Collection (ASIPC) Strategy. The Institutional program requirements for minimum starting value is higher than that for the Regular program and, therefore can be traded with greater flexibility. The objective of the Aggressive strategy is to achieve returns superior to those of the core Stock Index Premium Collection (SIPC) strategy, primarily by exploiting rising volatility levels, when they occur, in a more aggressive way. This strategy uses all the basics of the core SIPC system, selling put and call options on the S&P 500 future to collect premiums. ASIPC will differ from the "core" mainly in that it will, at opportune times, and with suitable moderation, select option strike prices closer to the market in order to collect higher premiums and improve performance.

ACE Investment Strategists / Diversified Premium Collection-Regular - This strategy combines the profit-generating potential of ACE's core strategy, the Stock Index Premium Collection (SIPC) strategy, with opportunistic trading in other index, financial or commodity futures. ACE's SIPC strategy writes call and put options on the S&P 500 index futures. The strategy balances option positions, where price changes and volatility are constantly changing, and exploits the time decay aspect of option premiums. There are twelve cycles per year, ending on options expiration each month. Profitable outcomes can occur whether the S&P is up, down, or sideways as long as its price stays within a predetermined range.

ACE Investment Strategists / Aggressive Stock Index Premium Collection - Regular - This is the Regular Program of ACE’s Aggressive Stock Index Premium Collection (ASIPC) Strategy. The Institutional program requirements for minimum starting value is higher than that for the Regular program and, therefore can be traded with greater flexibility. The objective of the Aggressive strategy is to achieve returns superior to those of the core Stock Index Premium Collection (SIPC) strategy, primarily by exploiting rising volatility levels, when they occur, in a more aggressive way. This strategy uses all the basics of the core SIPC system, selling put and call options on the S&P 500 future to collect premiums. ASIPC will differ from the "core" mainly in that it will, at opportune times, and with suitable moderation, select option strike prices closer to the market in order to collect higher premiums and improve performance.

ACE Investments Strategists, LLC / Stock Index Premium Collection- Regular - Ace Investment Strategies collects premiums by writing call and put options on the S&P 500 index futures. Prices and volatility are constantly changing. The program attempts to balance the options positions exploiting the time decay aspect of option premiums. There are twelve option cycles per year. Each cycle ends on the monthly option expiration date. Profitability occurs when the underlying S&P 500 contract stays within a predetermined trading range. The best results normally occur during periods of moderate volatility.

ACE Investments Strategists, LLC / Stock Index Premium Collection-Institutional - ACE's Stock Index Premium Collection (SIPC) strategy writes call and put options on the S&P 500 index futures. The strategy balances option positions, where price changes and volatility are constantly changing, and exploits the time decay aspect of option premiums. There are twelve cycles per year, ending on options expiration each month. Profitable outcomes can occur whether the S&P is up, down, or sideways as long as its price stays within a predetermined range. It works best when the market is somewhat, but not excessively volatile. Bear in mind, past performance is not indicative of future results.

Adobe Asset Mgt, LLC / Financial Futures Discretionary Program - Adobe Asset Management attempts to detect and exploit short-term price changes while maintaining an intensive concentration on risk management. This program is 100% discretionary. All trading decisions are based solely on the Advisor’s experienced view of the markets. Mr. Park’s trading methods can be described as discretionary, event driven, technical with a fundamental backdrop, market neutral, and non-directional. The program trades financial futures including currencies, debts, and sock indices, options and related contracts. Trading is active. Average Margin to equity ranges from 3 to 10%.

AIS Futures Management LLC / MAAP (3X - 6X) Program - AIS employs a highly disciplined systematic investment strategy known as MAAP (Multi Asset Allocation Portfolio) which maintains either long, short, or neutral positions in six asset classes: (1) Stock Indexes (2) Fixed Income (3) Currencies (4) Metals (5) Agriculture and (6) Energy. Investors are able to select their preferred degree of leverage (1x to 6x) with varying risk/reward characteristics. The MAAP portfolio offers a disciplined way in which to participate in non-financial markets such as metals, energy, and agriculture. The program attempts to provide a hedge against financial market risks.

AIS Futures Management LLC / MAAP (2X - 4X) Program - AIS employs a highly disciplined systematic investment strategy known as MAAP (Multi Asset Allocation Portfolio) which maintains either long, short, or neutral positions in six asset classes: (1) Stock Indexes (2) Fixed Income (3) Currencies (4) Metals (5) Agriculture and (6) Energy. Investors are able to select their preferred degree of leverage (1x to 6x) with varying risk/reward characteristics. The MAAP portfolio offers a disciplined way in which to participate in non-financial markets such as metals, energy, and agriculture. The program attempts to provide a hedge against financial market risks.

Alder Capital / Alder Capital 20 - Alder Capital is a Dublin based currency fund manager. The Alder Global 20 Program uses currency forwards to achieve maximum return for a constant level of risk. All trading techniques are mathematically based and we a proprietary developed system for forecasting and controlling risk. The program currently trades US Dollar, Euro, and Japanese Yen. The Alder Global 20 Program seeks to identify and capitalize on medium to long-term currency price movements.

Alder Capital / Alder Capital 10 - Alder Capital is a Dublin based currency fund manager. The Alder Global 10 Program uses currency forwards to achieve maximum return for a constant level of risk. All trading techniques are mathematically based and use a proprietary developed system for forecasting and controlling risk. The program currently trades US Dollar, Euro, and Japanese Yen. The Alder Global 10 Program seeks to identify and capitalize on medium to long-term currency price movements.

Allied Irish Capital Management / Foreign Exchange - Allied Irish's Foreign Exchange Program is a fundamental program trading more than 20 foreign currencies in the interbank markets. Utilizing an overall fundamental strategy, the process starts with an initial assessment of the fundamental economic policies of the various countries. Next, the socio-political factors of each country are considered. Once an analysis of international capital flows is complete, Allied Irish then makes a judgment on the degree to which the economic and political influences are reflected in the pricing of the various currencies. Once all pf these fundamental factors have been considered, trade parameters are determined and implemented.

Allied Irish Capital Management / World Financial - Allied Irish's Worldwide Financial Futures Program currently allocates assets among three different discretionary traders. Each trader operates independently of the other. The three traders currently included in Allied Irish's Worldwide Financial Futures Program are Messrs: Tease, Parsons and Gannon. Mr. Tease has a detailed knowledge of the main industrial economies and their financial markets. The average length of a trade last between 1 and 3 weeks. Mr. Parsons uses a fundamental approach to analyze economic, fiscal, and monetary developments in various world economies. Mr. Parsons’ focus is European-based and his bias is on the short-side of the market. Mr. Gannon uses a discretionary technical approach to trade interest rate futures and currencies. Markets are analyzed for congestion patterns. Trades are executed based on risk management parameters and discretionary filters.

ALP Capital / MK BC V2.0 Futures I - MK BC is an mechanical trading program which works on any timeframe and security with exact the same logic and inputs --- that is why the risk of an optimization-trap or overoptimization is nearly zero. For this program MK BC is traded on different forex pairs. The logic behind MK BC is a proprietary fractal based approach combined with a appropriate position-sizing-algorithm and a strict risk-control. There will never be any trade without an initial stop loss relatively tight in comparison to the target zones and the account size. The size of a position is variable and adjusted to the initial risk.

Alpha Asset Management s.r.l. / Stock Index Premium Collection - The program sells options either on S&P-500 futures contract or in some case in seasonal markets; options have been observed analyzing 15 years of data, so to include all possible phases of the market bull, bear and sideways. Options are sold with an appropriate strike out of the money so that at expiration they are still out of the money and premium totally collected.

Alterama, Inc. / Trendoscil Program - The Trendoscil Forex Program has been designed to integrate in one system the strength of trend following indicators and oscillators and cancel out their negative properties. The most popular systems are oriented toward trend following, putting the trader on board long-term moves. Unfortunately they will endure consecutive losses during trend less activity. Other indicators are designed to take advantage of sideways markets and/or of their cyclical nature. The danger of oscillators is that premature signals will falsely indicate a short position in a market in a strong uptrend and vice versa. Multi time frame Trendoscil?s systematic approach is being applied to two different time scales, i.e. daily and hourly.

Altis Partners (Jersey) Limited / Global Futures Program - Altis's systematic, automated trading approach has been specifically developed to manage portfolios of derivative instruments in a robust and scalable manner. The company's product combines traditional investment methods and original proprietary techniques with cutting-edge technology. Contrasting portfolio management techniques are unified at a fundamental level into one complete and comprehensive trading system. Altis employs four quite different factor models which it uses to forecast changes in market prices over a range of future periods: directional movement, market excess components, volatility bursts and inter/intra market relationships.

Altis Partners Jersey Limited / Global Commodity Portfolio - Altis Global Commodity Portfolio is a commodity only fund, which invests in 63 exchange traded commodities globally. Altis is targetting returns of +15% over a 3 - 5 year period and will be managing the volatility (as measured by standard deviation) at around 10%. The GCP started trading on April 25th.

Ancile Capital Management, LLC / Global Markets Program - ACM offers the Global Markets Program (the "GMP") to investors. This program employs a systematic global macro approach to assemble a highly diversified portfolio of financial, currency and commodity market positions., both long and short The GMP looks for three types of potential trade opportunities: momentum, carry and volatility arbitrage.

Ansbacher Investment Management, Inc. / Ansbacher Investment Management Elizaville Partners LP - Ansbacher Investment Management, Inc. sells out-of-the money options on the S&P 500 stock index in the futures markets. Because out-of-the money options have no intrinsic value, their price declines with the passage of time, unless the S&P makes a significant move against them. Probability favors the option expiring worthless. Risk of loss is reduced in four ways: (1) the number of options sold short is strictly limited, (2) a stop loss order is entered on the floor of the exchange for each option sold, (3) only out-of-the money options are sold, (4) both puts and calls are normally sold so that a loss on one side can be offset by a gain on the other.

Apex Investment Strategies / APEX Premium Collection System - The main objectives of APEX are similar to the objectives of Mutual Funds -- a steady long term growth -- with the major difference being that instead of securities, a comprehensive strategy is utilized using S&P 500 index futures options. The use of futures options (i.e. Managed Futures) gives us many advantages over equities. Using strict money management rules, APEX is able to reduce the drawdown to a minimum.

Appleton Capital Management / 10% Risk Program - The Appleton uses a 100% systematic medium-term trend-following program to trade a basket of currencies that includes the US Dollar, Japanese Yen, Canadian Dollar and the Euro. These currencies have been selected because of their tendency to display memory, or trendability. Proprietary mathematical forecasting and optimization techniques are applied. Risk is kept constant at all times, made possible by effective volatility forecasting techniques. The Program targets annualized volatility of 10%.

Appleton Capital Management / 25% Risk Program - The Appleton uses a 100% systematic medium-term trend-following program to trade a basket of currencies that includes the US Dollar, Japanese Yen, Canadian Dollar and the Euro. These currencies have been selected because of their tendency to display memory, or trendability. Proprietary mathematical forecasting and optimization techniques are applied. Risk is kept constant at all times, made possible by effective volatility forecasting techniques. The Program targets annualized volatility of 25%.

Appleton Capital Management / Global Opportunity Program - The Appleton uses a 100% discretionary trend-following program to extract long-term value from the major financial futures markets. The approach is based on the belief that profits can be made in the dynamic moves that follow periods of accumulation or distribution in the major futures markets. All trading is discretionary, although trade execution and timing are assisted by proprietary indicators.

ARA Portfolio Mgt Co., LLC / Commodities Program - The ARA Gamma strategy is a trend-following program that provides investors with continual exposure to a diversified basket of commodities. Only those markets with exceptional liquidity and transparency are traded. Unlike many so-called “diversified” traders who are heavily weighted in financials, two-thirds of our portfolio is in physical commodities. This results in lower correlation to a peer group of CTAs. Positions are sized based on dollar-volatility risk, with no one commodity allowed to become overweighted. Risk is dynamically transferred from areas of rising volatility to lower volatility areas across the portfolio. Risk is measured daily and adjusted to maintain weekly volatility fixed at pre-determined levels.

Arch Capital Management, Inc. / 1X Program - Arch Capital’s 100% multi-system program attempts to profit from short-term price movements that occur as a result of large capital flows into and out of the market. The systems based on historical studies of market behavior and recurring patterns and rely entirely on numeric data. Currently the program focuses on currencies, interest rates and the stock index futures. The Advisor combines three approaches. The Flow Detection model seeks to reveal the presence of ongoing capital flows into or out of a given market. These models attempt to recognize those conditions that foretell continued buying or selling and will signal an intra-day buy or sell order. The Target Period model seeks to anticipate the presence of capital flows. These models rely on extensive historical studies of intra-day price tendencies and pinpoint those times when the collective action of market participants is likely to be one-sided. The Shifting Period model is also anticipatory in nature, relying on price patterns to reveal recent market activity.

Argus Capital Management Pty Ltd / Dynamic Multi-Strategy Program - Argus's Dynamic Multi-strategy Program is a systematic trading program that consists of multiple computerised trading systems (each a "System") designed by Steven Biggs that are diversified across markets, methodologies, time frames and holding periods. The Dynamic Multi-strategy Program trades in approximately 70 different global futures markets, including, but not necessarily limited to, interest rates, currencies, commodities and stock indices. The Systems use a variety of methodologies and have trend following, volatility breakout and countertrend omponents. In addition, the Systems produce trades over a range of different holding periods ranging from approximately 1 to 200 days (although in certain instances such holding periods may be longer or shorter). The multiple system approach employed by Argus is designed to provide profit potential in different market environments.

Argus Capital Management, LLC / S&P Stock Index Option Writing Program - The basic strategy of Argus Capital Management's program is to attain profits by selling options on the S&P stock index futures, balancing collection of premium with risk management. This is executed with the use of selling option spreads, with the objective that both options expire worthless and all the premium collected from the sale is retained as profit. It is a way to take advantage of time decay in a limited risk strategy.

Ascendant Asset Advisors / Strategic 2 Options Program - The program's investment objective is to generate an above average return in all market conditions while reducing overall risk exposure to underlying financial market movements. The program writes covered and uncovered options on select classes of futures contracts traded on domestic and foreign exchanges.

Ascendia Capital Management / Global Diversified - The GLOBAL DIVERSIFIED Program uses a technical, trend-following, integrated systematic approach combined with rigid risk management principles on a broadly diversified portfolio. The trading portfolio is diversified among major market sectors including both financial products and tangible commodities in order to reduce performance volatility as well as to reduce performance correlation against those of traditional assets including equities and fixed income products.

Ashley Capital Management, Inc. / Global Financial Program - Ashley Capital Management utilizes a short term and trend following following approach. The program primarily invests in the S&P 500, FTSE-100, CAC 40, Nikkei 225, Italian Government Bond, German Bund and the US Treasury bonds.

Aspect Capital Limited / Aspect Diversified Programme - The programme is designed to exploit directional moves across a broad range of global futures and forwards markets in multiple sectors. By maintaining comparatively small exposure to any indvidual market, it achieves real diversification. Aspect takes a fully quantitative and systematic approach.

Attain Portfolio Advisors / Phoenix Energy - The "Phoenix Energy: 4 Mkt" program is a fully automated, mechanical strategy that enters both long and short positions in the Energy Futures Markets (e-mini Crude Oil, e-mini Natural Gas, Unleaded Gasoline, and Heating Oil). This proprietary strategy analyzes both long term market trends along with seasonal analysis to generate possible entry points for short term swing positions (Average Trade Period is 2 to 3 days). Upon entering a trade, both a Hard Stop and a Volatility Based Stop will protect positions from adverse market movements, while also preserving gains on profitable positions. Windfall profit targets are also employed for trades that reach specific levels derived using each market's Average True Range.

Attain Portfolio Advisors LLC / Strategic Diversified Program - The program trades a diversified portfolio with a long-term trend following approach. Attain’s investment philosophy strives to achieve maximum growth of capital within defined risk limitations. The selection of component strategies, time frames and markets follows a rigorous quantitative analysis that considers the liquidity and volatility of markets traded, types of strategies employed, trade duration, risk of loss, and probability of achieving performance objectives.

Badger Investment Group / Index Program - The Program seeks to achieve its objective primarily by writing short dated index futures option contracts, with the goal of having them expire worthless. A number of hedging strategies may be deployed at various times in order to reduce the risk of certain positions. Option contracts may be written on one of both sides of the market, depending on a number of factors. There are no limitations on the trading and/or investment strategies employed or on the kinds of securities or instruments in which the company may invest.

BAM Asset Management, LLC / Program 1 - BAM's trading programs and strategies operate on two levels. The first part of the strategy involves the use of two trading systems operated simultaneously; each system used is profitable if run in isolation, but the combination of different models and strategies produces better returns than any of the trading models alone. The use of multiple systems also decreases the reliance on any one market or trading strategy to produce consistent trading profits. The consistency of returns generated by the Advisor has been achieved by the use of uncorrelated models run over the same markets. The combination of these strategies, which are applied predominantly over short, medium and long-term time-frames, should perform in both volatile and erratic or trending markets.

BC Capital Management / Indices Trading Program - The Program is systematic in nature, and focuses on selling option spreads on stock index futures. For example, a "short put spread" is comprised of the sale of put on the S&P 500 stock index futures contract and the purchase of a put on the same index futures contract but at a lower strike, or exercise, price. The Program may also purchase options on stock index futures and buy or sell stock index futures. This approach is designed to take advantage of the fact that most buyers of options and option spreads lose money. The strategy has a low correlation with most other stock market strategies.

Beach Capital Management Ltd / Discretionary Program - CLOSED - The Discretionary Programme uses the same proprietary pattern recognition methodology as the Systematic Programme but also uses a discretionary overlay with the aims of: pre-empting overall pattern formations and potential reversals so as to improve on position taking; having more flexibility on reducing portfolio exposure and trading in shorter term patterns if they may have an impact on the probability of a successful longer term pattern. The discretionary overlay uses economic environment, related market activity, long-term charts and short-term intra-day charts to achieve its objectives. Risk management principles are strictly adhered to according to portfolio diversification, individual position exposure, individual sector exposure and overall margin utilisation.

Beach Capital Management Ltd / Systematic Program - The systematic approach is based on pattern recognition. Emphasis is placed on risk reduction, capital preservation, anticipation of significant technical levels, refinement of gearing levels, efficient trade entry and exit points, and continual evaluation and adjustment of portfolio exposure. The system not only identifies patterns but determines a general feel for the overall economic condition. Patterns take a minimum of 25-30 days to form and if a position is then taken, it will be executed at a level determined by the pattern and will always be entered into with a stop loss and a price objective in place. The time frame of the strategy is medium to long term.

Beacon Management Corp / Meka Program - Meka is an aggressive, highly leveraged investment program based on technical analysis. Technical trading systems determine whether to be long or short each market. The trading systems are predominately trend-following in nature. Exposures to markets (positions sizes) are based upon relationship among the different markets and among the different trading systems. The exposure to most markets can be long or short, depending upon market conditions. The trading system vary from short-term methods that trade almost every day to long-term methods that sometimes hold positions for over a year. These include systems based on moving averages, break outs, option replication, and volatility.

Beacon Management Corp / Meka MV Program - Meka-MV is a moderate version of Meka. The most significant differences between Meka-MV and Meka are that (i) the target volatility of Meka-MV is approximately half as much as it is for Meka, and (ii) Meka-MV does not trade futures contracts on equity indices. Meka is an aggressive, highly leveraged investment program based on technical analysis. Technical trading systems determine whether to be long or short each market. The trading systems are predominately trend-following in nature. Exposures to markets (positions sizes) are based upon relationship among the different markets and among the different trading systems. The exposure to most markets can be long or short, depending upon market conditions. The trading system vary from short-term methods that trade almost every day to long-term methods that sometimes hold positions for over a year. These include systems based on moving averages, break outs, option replication, and volatility.

Beacon Management Corp / Currency Program - Beacon utilizes a systematic trend following program to trade the currency markets. The systems used by Beacon are refined to a sufficient level of detail to minimize the need for discretionary intervention in trading decisions. Using historical account and market data as inputs, Beacon’s proprietary computer software generates specific trading instructions for each account. The program primarily trades currencies on futures exchanges as well as interbank markets. and may include the British Pound, Japanese Yen, Euro FX, Swiss Franc, Canadian Dollar and Australian Dollar.

Beacon Management Corp / Enhanced Financial Program - The Enhanced Financial program is a moderate volatility program that represents the Meka probram as applied to currency and domestic interest rates. Meka is an aggressive, highly leveraged investment program based on technical analysis. Technical trading systems determine whether to be long or short each market. The trading systems are predominately trend-following in nature. Exposures to markets (positions sizes) are based upon relationship among the different markets and among the different trading systems. The exposure to most markets can be long or short, depending upon market conditions. The trading system vary from short-term methods that trade almost every day to long-term methods that sometimes hold positions for over a year. These include systems based on moving averages, break outs, option replication, and volatility.

Bell Fundamental Futures LLC / Standard Program - Mr. Bell is a fundamental trader focusing on trading futures and options on the agricultural markets. Mr. Bell monitors technical factors as they may serve to confirm the fundamentals, provide an early warning that fundamentals are changing, or help indicate the potential extent of the price move. The strategy attempts to detect disequilibriums in prices which will lead to trend movements for the commodity interests monitored, and normally seeks to establish positions and maintain such positions while the particular market moves in favor of the position and to exit the particular market and/or establish reverse positions when the favorable trend either reverses or does not materialize. In markets that are in equilibrium, Mr. Bell may trade a range around that price, making more frequent trades of shorter duration.

Briarwood Capital Management / Diversified 2X Program - Briarwood Capital Management's Diversified Trading Program is designed to participate in all long term trends and select positive expectation medium term trends across the 19 markets that it is active in. The Diversified Trading Program is composed of three separate proprietary trading models. The synthesis of the three models yields an investment product with low volatility and minimized drawdowns.

Briarwood Capital Management Inc. / Diversified Trading 2XL Series - Briarwood Capital Management?s Diversified Trading Program is designed to participate in all long term trends and select positive expectation medium term trends across the 19 markets that it is active in. The Diversified Trading Program is composed of three separate proprietary trading models. The synthesis of the three models yields an investment product with low volatility and minimized drawdowns.

Bullfrog Capital Management / Fundamental Agricultural Futures - Bullfrog’s philosophy is to provide investors with significant returns by using a fundamental; supply/demand investment strategy in the agriculture and natural resource futures markets, while maintaining a targeted level of risk. This strategy is based upon a supply / demand analysis, cost of production estimates & supply forecast. Buys or sells of agricultural futures are based upon a proprietary economic value model.

Sample Key Trading Inputs: Weekly Exports * Consumption * Volatility * Monthly Crop Progress * Plantings * Weekly Crop Production * Current Stocks * Weather * Production Cost * Govn't Intervention * Commitment of Traders

Position time horizons are framed in quarters. The “optimal trade” is a buy of a product under its production cost with a rising demand base. The “optimal” reverse “short” is to sell a product that is profitable with a falling demand base. We focus on a few concentrated investments per year instead of a many small investments. Positions are held both for short term (2 to 4 wks) & longer term (6 to 12 months) time frames.

C View Limited / 1X Program - C~View seeks to earn superior risk/adjusted rates of return through carefully monitored positions in currencies with an emphasis on risk control. The investment objective of C-view Limited is to maximize returns through the active trading of foreign exchange in the interbank spot, forward and options markets. Profits are sought from fluctuations in exchange rates, and from the differentials in interest rates reflected in the value of currencies. The approach is discretionary, combining fundamental analysis, technical analysis and an understanding of market psychology. In addition, C-View accesses flow information from major dealing rooms to assist in determining market views.

C View Limited / 3XL Program - C~View seeks to earn superior risk/adjusted rates of return through carefully monitored positions in currencies with an emphasis on risk control. The investment objective of C-view Limited is to maximize returns through the active trading of foreign exchange in the interbank spot, forward and options markets. Profits are sought from fluctuations in exchange rates, and from the differentials in interest rates reflected in the value of currencies. The approach is discretionary, combining fundamental analysis, technical analysis and an understanding of market psychology. In addition, C-View accesses flow information from major dealing rooms to assist in determining market views.

Calaveras Trading & Investments, LLC. / Leveraged Standard Program (2x) - Calaveras utilizes a systematic trend-following approach based on a computer model developed by Mark van Stolk. Th approach is based on the concept that once prices start moving in a direction (either up or down), they will continue moving in that direction, reinforced by investors "jumping on the bandwagon". This will perpetuate the trend until unfavorable price-action convinces investors to abandon the trade. Calaveras has developed its computer model to: (1) determine when a price movement is significant enough to implement a trade, (2) to establish its measure of the "Market Pain Threshold" at each stage of the trade where price-activity justifies exiting the trade and, (3) to carefully manage risk throughout the trade.

Campbell & Company / Financial, Metals & Energy Large Portfolio - Campbell utilizes five trend-following trading models and a sixth model that sometimes trades with the trend and sometimes trades against the trend across a portfolio of financials, metals and energy markets. The trading models differ in their sensitivity to price action. One model may establish a position relatively quickly and risk a comparatively small amount of capital while another may establish a position less quickly and risk more capital. The models may also vary as to the time or price at which the transactions determined by them are signaled.

Campbell & Company / Global Diversified Large Portfolio - Campbell utilizes five trend-following trading models and a sixth model that sometimes trades with the trend and sometimes trades against the trend to trade a fully diversified global portfolio. The trading models differ in their sensitivity to price action. One model may establish a position relatively quickly and risk a comparatively small amount of capital while another may establish a position less quickly and risk more capital. The models may also vary as to the time or price at which the transactions determined by them are signaled.

Capital Fund Management / Discus Managed Futures Program - Capital Fund Management's systematic trend-following program uses proprietary trading and risk management program to trade a diversified portfolio. The system incorporates the following components: (1)c onsideration of all available technical information (prices, volumes, implied volatility), (2) auto-adaptive filtering, (3) adaptive management (long and medium term trend follower, acceleration, contrariant, inactive), (4) one system applied to an ensemble of treated markets, (5) non-parametric system, (6) stop-losses constructed from the distribution of rare events, (7) allocation built in order to minimize the global value at risk, dynamic allocation management.

Capricorn Advisory Mgt, Ltd / Capricorn fxST Growth - The Capricorn Program is an opportunistic, discretionary strategy trading the Interbank markets. Mikkel Thorup is the Trading Director. Mr. Thorup worked as a proprietary trader at Salomon Smith Barney for two years. Lars Buhl is an FX Specialist. Mr. Buhl worked as an Investment Manager at Nordea Investment Management for 11 years.

Capricorn Advisory Mgt, Ltd / Capricorn fxMT Growth - The Capricorn Program is an opportunistic, discretionary strategy trading the Interbank markets. Mikkel Thorup is the Trading Director. Mr. Thorup worked as a proprietary trader at Salomon Smith Barney for two years. Lars Buhl is an FX Specialist. Mr. Buhl worked as an Investment Manager at Nordea Investment Management for 11 years.

Capricorn Advisory Mgt, Ltd / Capricorn fxST Aggressive - The Capricorn Program is an opportunistic, discretionary strategy trading the Interbank markets. Mikkel Thorup is the Trading Director. Mr. Thorup worked as a proprietary trader at Salomon Smith Barney for two years. Lars Buhl is an FX Specialist. Mr. Buhl worked as an Investment Manager at Nordea Investment Management for 11 years.

CARAT Capital LLC / Non-Linear Financial Program - CARAT's Non-Linear Financial Program applies a non-linear mathematical approach to the financial markets. The program is unique because it uses modern research and technology – such as neural networks, "knowledge engineering," and artificial intelligence. These approaches offer more flexibility than traditional technical trading systems. The Non-Linear Financial Program applies these non-linear approaches – in combination with risk management and portfolio diversification – in an attempt to profit from the world’s financial markets.

CARAT Capital LLC / Non-Linear Commodities Program - CARAT’s Non-Linear Commodities Program applies a non-linear mathematical approach to the commodity markets. The program is unique because it uses modern research and technology – such as neural networks, "knowledge engineering," and artificial intelligence. These approaches offer more flexibility than traditional technical trading systems. The Non-Linear Commodities Program applies these non-linear approaches – in combination with risk management and portfolio.

CARAT Capital LLC / Non-Linear Stock Index Program - CARAT's Non-Linear Stock Index Program applies a non-linear mathematical approach to the equity markets. The program is unique because it uses modern research and technology – such as neural networks, "knowledge engineering," and artificial intelligence. These approaches offer more flexibility than traditional technical trading systems. The Non-Linear Stock Index Program applies these non-linear approaches – in combination with risk management and portfolio.

CEC Capital, LLC / OCEAN Program - The 100% price market based trend following system is applied across 18 global markets that currently include foreign exchange, fixed income, stock indices and energies. OCEAN?s proprietary oscillator determines the position direction for each market. The OCEAN oscillator is constructed daily at the close. Price action confirmation is required to before initiating a position. Once a position is liquidated a new position may only be entered on the following day subject to closing price action confirmation. These system averages 10 trades per year per market not including spreads between contract months. No attempt is made to forecast market trends. No discretion used to override computer-generated signals.

Censura Futures Mgt Inc. / Technical Entry Option Writing Program - Censura sells naked put and call options against Pivot Points on the S&P index. It is expected that most of these options will expire worthless at expiration because the options that the Advisor sells are generally significantly out of the money.

Cervino Capital Management LLC / Diversified Options Strategy - Trading decisions are based on a blended analytical process combining quantitative analysis, fundamental studies, and technical and sentiment indicators. The intent is to identify and arbitrage price discrepancies that reflect under- and over-valuations as well as direction/trend bias, and to produce a replicable trade execution process resulting in complex positions with statistically high probabilities of positive outcomes.

Chesapeake Capital Corporation / Diversified Program - Chesapeake utilizes a technical program to trade more than 90 global markets. The system focuses on analyzing historical price movements within a quantitative framework rather than attempting to forecast changes through fundamental analysis. The strategies analyze large number of quantitative interrelated mathematical and statistical formulas. Charting techniques are utilized as a tool to identify key support and resistance levels as well as entry and exit points in the various markets. Chesapeake also analyzes price open interest, daily price action, volatility, volume, and market psychology or sentiment and limits the amount of equity committed to each trade, market, or complex.

Chickasaw Capital, Inc. / Institutional Program - The program utilizes intermediate to long-term trend-following strategies to trade 15 global futures markets. The portfolio is evenly weighted between various commodity, financial, and currency markets. Risk is managed both on the individual systems level and on the portfolio level. Extensive correlation studies have been undertaken in order to insure a well-balanced portfolio. A sophisticated statistical leverage management algorithm has been developed to determine the optimal position size for every trade. This leverage enhancement system attempts to more effectively manage portfolio volatility and also improve long-term returns.

ClaraVista Capital Mgt, Inc. / Polaris -

ClaraVista Capital Mgt, Inc. / Thuban Program -

Clarke Capital Management, Inc. / Global Basic Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The Program employs techniques that utilize a number of trading models acting independently. Each model generates it own entry and exit signals and trades both sides of the market (long and short). The Global Basic program trades approximately 33 domestic and international commodity interests, utilizing five models. With minor differences only for long or short positions, a particular model trades all markets with the same rules and parameters.

Clarke Capital Management, Inc. / Global Magnum Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The Program employs techniques that utilize a number of trading models acting independently. Each model generates it own entry and exit signals and trades both sides of the market (long and short). The Global Magnum program trades approximately 43 domestic and international commodity interests, utilizing eleven. With minor differences only for long or short positions, a particular model trades all markets with the same rules and parameters, regardless of the program.

Clarke Capital Management, Inc. / Millennium Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The Program employs techniques that utilize a number of trading models acting independently. Each model generates it own entry and exit signals and trades both sides of the market (long and short). The Millennium program trades approximately 57 domestic and international commodity interests, 18 of which are either long or short interest rate contracts in Europe, the US, Canada, Japan, and Australia, as well as currencies, grains, softs, metals, meats and energies. The system utilizes twenty-seven models. With minor differences only for long or short positions, a particular model trades all markets with the same rules and parameters.

Clarke Capital Management, Inc. / Worldwide Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The Program employs techniques that utilize a number of trading models acting independently. Each model generates it own entry and exit signals and trades both sides of the market (long and short). The Worldwide program trades approximately 39 domestic and international commodity interests, 15 of which are either long or short interest rate contracts in Europe, the US, Canada, Japan, and Australia, as well as currencies, grains, softs, metals, meats and energies. The system utilizes thirteen models. With minor differences only for long or short positions, a particular model trades all markets with the same rules and parameters.

Clarke Capital Management, Inc. / Orion Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The Orion program currently trades 39 domestic & international commodity interests, 15 of which are either long or short interest rate contracts reflecting interest rates in the US, EMU, the UK and Australia. Also followed are several US and Non-US. currencies, grains, softs, meats, metals and fuels. The program uses eight models, six of the models are intermediate time-frame focus. The other two models are long-term models and are variations of two of the more successful models used elsewhere by CCM.

Clarke Capital Management, Inc. / FX-plus Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The FX-plus program currently trades 28 domestic & international commodity interests, 13 of which are either long or short interest rate contracts reflecting interest rates in the US, EMU, the UK, Japan and Australia. Also followed are the major currency markets, and eight equity index markets from Europe & Asia. The program uses 29 models. Eleven are long-term and 7 are ultra-long term.

Clarke Capital Management, Inc. / Energy Only Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The Energy-Only program currently trades 6 domestic & international commodity interests, NYMEX Crude, Unleaded Gas, Heating Oil, Natural Gas as well as Brent Crude and GasOil in London. The program uses the 27 models from the FX plus program to trade these energy contracts. Ten of the models are intermediate time-frame focus. Ten are long-term and 7 are ultra-long term. It should be noted that the FXF-plus program is much less diversified than most of CCM?s other programs as only Energy products are followed.

Clarke Capital Management, Inc. / Jupiter Program - Clarke's technical trend-following strategy was developed from analysis of patterns of actual price movements. Clarke has conducted analysis of these price patterns to determine procedures for initiating and liquidating positions in the markets in which it trades. Normally, trade initiations and liquidations are in the direction of the trend. The Jupiter program currently trades approximately 70 domestic and international commodity interests. 19 of these are either long or short interest rate contracts reflecting interest rates in Europe, the US, Canada, Japan and Australia. The balance of the commodity interests followed are currencies, grains, softs, metals, meats and fuels both foreign and domestic. The number of long term models used in this program is 69. These very long term models generally produce larger profits per trade, but lower profits per day than shorter models. When used in a portfolio with shorter time frame models, as is the case here, they can produce smoother overall equity curves even though these models generally give much more room to a position before exiting.

Claughton Capital / (ARP) Auto-Relactive Positioning Strategy - Claughton Capital LLC utilizes a unique fully systematic trend following trading strategy on futures and currencies we call Auto-Reactive Positioning (ARP). In addition to providing returns that place us among the best performing advisors within our peer group, our unique trading strategy provides the additional benefit of non-correlation, on both a monthly and daily basis, with traditional trend followers.<

Commodity Capital Inc / Futures Trading Program - Commodity Capital is primarily an agricultural spread trader. Spread trading involves taking a long position in one futures contract against a short position in another futures contract. Mr. Hawkins considers his primary task in correctly anticipating spread movements, to be a prediction of the expected relationship between cash and futures markets for each time period and for each commodity. Once this assessment has been made, CCI will make a judgment as to what it considers will be the relative demand for a given futures delivery month relative to some earlier or subsequent period. CCI seeks situations where its judgment of the expected relationship between delivery periods is not reflected in the existing market price structure. Commodity Capital will also trade outright positions.

Conservative Concept AG / Athena OSP - The trading system is an options trading system comprised of complex options strategies with the goal of attaining ?absolute return?, independent of the stock markets performance. The strategy consists of selling and buying options in the S&P 500 of the same trading monthly (usually for the current options month). When an options month has only 2-3 weeks remaining, the program begins trading the next options month. In regular trading markets, these positions are hold onto until close of end of term. A change in positions only takes place when the Risk Management Module or the Positions Management Module indicates a change.

Conservative Concept Portfolio Management AG / CCPM DTS Portfolio Management - The system systematic and trend-following and is based on the recognition of trends in the German stock index DAX through the analysis of a combination of three moving averages. These moving averages are used on three different time frames to implement an unequivocal recognition of a trend. Trading signals are generated at the appearance of certain constellations among the moving averages, their angles and distances to one another as well as to the actual price of the index. In phases of countertrends or sideways movement positions are being reduced or no positions taken. The strategy aims at generating continuous profits in varying market environments without giving up the option to earn maximum profits in phases of strong trends.

Coral Rock Investments, Inc. / White Program - The Program is technical and is based on the assumption that markets generally can capture efficiently the changes in supply and demand. Through the use of analytical techniques it is possible to anticipate changes in supply and demand caused by external factors. The system uses proprietary algorithms to examine the interactions between volatility, momentum and relative strengths of the hard currencies. Sub-systems are created from these interactions which are grouped together in "trading buckets" optimized for risk and return. The Advisor then acts upon signals generated by these "trading buckets" in both a systematic and discretionary fashion.

Coral Rock Investments, Inc. / Emerald Program - The Program is technical and is based on the assumption that markets generally can capture efficiently the changes in supply and demand. Through the use of analytical techniques it is possible to anticipate changes in supply and demand caused by external factors. The system uses proprietary algorithms to examine the interactions between volatility, momentum and relative strengths of the hard currencies. Sub-systems are created from these interactions which are grouped together in "trading buckets" optimized for risk and return. The Advisor then acts upon signals generated by these "trading buckets" in both a systematic and discretionary fashion. Trading positions may be concentrated in only one currency or across a range of currencies, all in varying amounts.

Coral Rock Investments, Inc. / Institutional Program - The Program is technical and is based on the assumption that markets generally can capture efficiently the changes in supply and demand. Through the use of analytical techniques it is possible to anticipate changes in supply and demand caused by external factors. The system uses proprietary algorithms to examine the interactions between volatility, momentum and relative strengths of the hard currencies. Sub-systems are created from these interactions which are grouped together in "trading buckets" optimized for risk and return. The Advisor then acts upon signals generated by these "trading buckets" in both a systematic and discretionary fashion. Trading positions may be concentrated in only one currency or across a range of currencies, all in varying amounts.

Covenant Capital Mgt of Tennessee / Original Program - The Program is systematic and trend following in nature. Believing that the probability curve of historical price distribution is non-normal, marked by a high peak and extremely fat tails, the Program attempts to profit from these fat tails. A technical indicator is used to define the current market trend and joins the trend at that time. The Program uses a volatility trade filter, which eliminates many losing signals while preserving our ability to participate in the most profitable large trends.

Covenant Capital Mgt of Tennessee / Aggressive Fund - The probability curve of historical price distribution is non-normal, marked by a high peak and extremely fat tails. The Program attempts to participate in long term trends in order to profit from these fat tails. It does not predict trends,nor does it predict when they will start, how long they will last, or how high or low they will move. The Program uses one technical indicator to define the current market trend and joins the trend at that time. After a trend has occurred, it does not seek to explain why it may have occurred or why it behaved as it did. The only prediction the Program ever makes is that trends will continue to exist as a phenomenon of the market place. The Program uses a volatility trade filter, which eliminates many losing signals while preserving our ability to participate in the most profitable large trends.

Crescent Bay Capital Mgt, Inc. / Premium Stock Index Program - CBCM's option strategy collects premiums by writing (selling) out-of-the-money options. The seller (writer) of the option risks losing the difference between the premium received for the option and the price of the underlying futures contract. Trades are usually made 45-30 days from expiration. The idea is to hold the option until expiration. This maximizes the return on the option by retaining all the funds received in the account when the option was initially sold. The goal is to be profitable regardless of market direction. Strike prices to be sold are not determined by historical data. CBCM uses the future perceived value in its proprietary algorithms, derived from the current month's option expiration, to determine the strike prices that the options are sold.

CTS Capital Management, LLC / Diversified II - CTS Capital Management's Diversified II program is designed to deliver consistent performance with limited risk. Three-dimensional diversification combines globally diverse markets with multiple systems and time frames. Risk is equally divided between financial and non-financial futures markets.

Cutler Investment Corporation / Cutler Trading Program - The Program is a non-discretionary, systematic, short-term trend-following approach based on proprietary momentum indicators. Trade entry and exit is based on indices constructed from statistically significant intra-day time periods. The Program currently trades U.S. T-Bonds and T-Notes and the S&P 500, Nasdaq and German DAX indices. Leverage for each market is based on analysis of current vs. historical risk/return payoff schedules. The program utilizes 12.0% - 14.0% of the trading capital for margin, and the duration of trades average 1 to 4 days in length. When a flat position is taken in one instrument, the assets allocated to that instrument remain in cash, reducing the capital committed to the program and thereby the day-to-day volatility.

Cytrade Financial LLC / Cytrade Financial Diversified Program - The Cytrade Financial Diversified Program is a trend following system that employs a series of proprietary indicators to determine shorter to longer term trends in the market. The Program maintains constant long or short positions in each of the following six asset classes: Equities, Foreign Currencies, Fixed Income, Agricultural Products, Energies, and Metals

Da Vinci Invest Ltd. / Da Vinci Arbitrage - Da Vinci's Volatility Arbitrage strategy treats volatility as an asset class. It aims at earning a profit from the volatility of the underlying, i.e. an excess return proportional to the gamma of the option times the difference between the implied variance and the realized variance of the underlying instruments. The strategy involves trading of listed and OTC options whose valuation is mispriced.

DEC Capital, Inc. / Commodity Alternatives - DEC is a discretionary agricultural trader that uses fundamental analysis to trade corn, wheat, soybean complex, cattle, & lean hogs. This analysis relies on a study of external forces which affect the price of a futures contract, such as supply and demand, economic factors, policies of various governments, national and international political and economic events, and changes in interest rates. Technical analysis is used to help identify price trends and gauge market sentiment. The Advisor draws on Mr. Carper's extensive experience in serving commercial agricultural and livestock enterprises and their hedging activities. Strategies include spread trading, outright long or short positions, and option strategies.

Dekker Capital Management, LLC / Global Diversified Futures - Dekker Capital Management utilizes a long-term trend following computerized, mechanical trading system to trade more than 45 global markets. The models are quantitatively based with a technical trend following pattern recognition overlay. Dekker Capital considers money management is a key to the success of the program.

Dekker Capital Management, LLC / Global Diversified Futures 3X - Dekker Capital Management utilizes a long-term trend following computerized, mechanical trading system to trade more than 45 global markets. The models are quantitatively based with a technical trend following pattern recognition overlay. Dekker Capital considers money management is a key to the success of the program.

Delta Numeric Trading / Options Advisor Premium Trading - MD Trading Group's primary objective is to deliver consistent returns in a managed risk environment. The program engages in a strategy of directionally trading option premium. With this strategy the fund can collect option premium on both sides of a particular market.

Diamond Capital Management / Option Trading - The Program sells or "writes" options (puts and calls) on stock index futures traded at the CME. The program may also purchase options and may employ the use of hedge strategies such as option spreads, straddles or strangles. The trading program involves primarily a non-directional strategy utilizing an average of two to six week trade durations within given price range levels. The non-directional strategies rely on charting techniques to identify trading ranges of one month to one-year durations as well as seasonal and historical tendencies. Support and resistance levels for various time durations are also evaluated to assist in the entry and exit of positions. Please see the disclosure document for more information on the risk of option writing.

Dighton Capital USA / Swiss Futures Trading Program - The Program is a combination of systematic, technical chart analysis for the US Markets, the interpretation and analysis of economic and other fundamental data and use of discretion by an experienced Advisor. The Advisor will trade most of the liquid US future markets like currencies, stock indices (especially Mini S&P’s), bonds and notes, energy, corn, grains and other commodities like cotton. The Advisor does not initially plan to trade foreign futures or options contracts but reserves the right to do so at a later date.

District Capital Management / Diversified Program - The system uses a disciplined, multidimensional technical strategy to a diversified group of markets. The strategy is based on multiple, independent and parallel, trend-following systems with a discretionary overlay. Each trading system is designed and validated to extract different market behaviors on different time horizons (frequencies) for a particular market. Fundamental and economic analyses of varying degrees are utilized. Within the parameters of multiple frequencies, the trading methodology combines systematic, disciplined trading criteria, which are unique to each market, with well-defined, responsible risk management procedures.

District Capital Management / Select Program - The system uses a disciplined, multidimensional technical strategy to a select group of physical commodities, currencies, and financial securities. The strategy is based on multiple, independent and parallel, trend-following systems with a discretionary overlay. Each trading system is designed and validated to extract different market behaviors on different time horizons (frequencies) for a particular market. Fundamental and economic analyses of varying degrees are utilized. Within the parameters of multiple frequencies, the trading methodology combines systematic, disciplined trading criteria, which are unique to each market, with well-defined, responsible risk management procedures.

Dolphin Capital Management / Global Diversified II Program - The Global Diversified II Program is geared for US Investors. The Program is comprised of 1 long-term trend-following system, 2 medium-term trend-following systems, and 1 counter-trend system, designed to work together and complement each other. The counter-trend system is an infrequently-traded, cyclical pattern recognition system that tries to profit from major bear markets in stock indices only. The trend-following systems generally are applied to most of the markets. One of the medium-term systems trades does not trade grains and cotton. The other medium-term system trades the grains and cotton markets only, utilizing a scaling or "add-on" feature that gradually adds to a given position only when the market is trending in a profitable direction.

Dolphin Capital Management / Global Diversified Program - The Global Diversified I program is for non-US investors only. The Program is comprised of 1 long-term trend-following system, 2 medium-term trend-following systems, and 1 counter-trend system, designed to work together and complement each other. The counter-trend system is an infrequently-traded, cyclical pattern recognition system that tries to profit from major bear markets in stock indices only. The trend-following systems generally are applied to most of the markets. One of the medium-term systems trades does not trade grains and cotton. The other medium-term system trades the grains and cotton markets only, utilizing a scaling or "add-on" feature that gradually adds to a given position only when the market is trending in a profitable direction.

Dolphin Capital Management / Precious Metals E/U - The Dolphin Precious Metals E/U Trading Program. Dolphin Precious Metals E/U began trading on June 6, 2003 and is offered to U.S. and non-U.S. clients. Dolphin Precious Metals E/U invests assets in precious metals and in short-term French and/or German government securities and cash deposits. Performance and assets are denominated in U.S. Dollars.

Dolphin Capital Management / Precious Metals U/U - The Dolphin Precious Metals U/U Trading Program. Dolphin Precious Metals U/U began trading on May 15, 2003 and is offered to U.S. and non-U.S. clients. Dolphin Precious Metals U/U invests assets in precious metals and in short-term U.S. government securities and cash deposits. Performance and assets are denominated in U.S. Dollars. The minimum account size is $500,000.

Dominion Capital Management, Inc. / Global Financial Program - The Program uses momentum strategies to equities, bonds and forex. The Program uses exchange traded derivatives and cash markets to access these sectors, as liquidity, transparency and efficient use of capital play a key role in Dominion’s investment philosophy. The strategies have no long or short side bias, and ignore longer-term trends, enabling investors to benefit from price fluctuations in global financial markets regardless of their direction. Because, the average trade is less than three days, Dominion is able to react nimbly to constantly changing market conditions and volatility.

Dominion Capital Management, Inc. / Forex Program - The Program uses momentum strategies to forex markets. Liquidity, transparency and efficient use of capital play a key role in Dominion’s investment philosophy. The strategies have no long or short side bias, and ignore longer-term trends, enabling investors to benefit from price fluctuations in global financial markets regardless of their direction. Because, the average trade is less than three days, Dominion is able to react nimbly to constantly changing market conditions and volatility.

Dominion Capital Management, Inc. / Sapphire Program -

Dreiss Research Corp / Diversified Program - This long-term trend following program identifies price patterns by using a Fractal Wave Algorithm (“FWA”), a pattern recognition system based on fractal geometry. The system trades off of weekly price charts. The program uses a Fractal Wave System to a diversified portfolio. Turning points identified by the FWA are used to precisely define trend lines and support and resistance levels which in turn are used to calculate trading signals. The Choppiness Index, also derived from fractal geometry, is used to distinguish between thrusting and consolidating markets. Accounts are risk balanced across market sectors and within sectors depending upon portfolio size, and are periodically rebalanced to reflect changes in the volatility of individual markets.

Drury Capital Inc / Drury Financial Strategy Program - The Drury Financial Strategy is systematic, technical, and fundamental in nature. The Financial Strategy Program utilizes a mathematical algorithm to analyze technical and macro-economic data in the financial markets. The trading portfolio has broad geographical distribution, including products traded on exchanges and over-the-counter markets in the US, UK, Europe ex-UK, Japan, and elsewhere. In the interest rate sector, short-, intermediate-, and long-term rates are represented. In the currency sector, there is inclusion of major and minor currencies, as well as FX cross rates. The portfolio's stock indices are in the US, Europe, and Asia. They include broad market indices as well as sub-indices.

Drury Capital, Inc. / Drury Diversified Trend-Following Program - Drury Capital's trading approach is built on elements of trend-following and diversification. The diversified portfolio is designed to balance risk among various market sectors and instruments and consists of metals, ags, currencies, stock indices, energies, financials, and softs. Money management disciplines are implemented in an attempt to increase return and decrease volatility. Drury actively develops its trading strategy. Investors are notified of major develops before they are implemented.

Dunn Capital Management / Financial Tops Program - The system is a technical, long-term, major trend following reversal strategy that continuously holds positions (either long or short). Although the strategy does not predict moves or when a particular future of group of futures will enter a choppy and unprofitable trading phases. The system is designed to capture a substantial fraction of the total profit potential from important changes in a future's price. This approach is expected to contain the inevitable series of small losses and whipsaws within tolerable limits and leave the accounts in a position to benefit from major price trends whenever they develop. The system attempts to maintain a balanced and diversified risk posture. The system focuses on the financial markets.

Dunn Capital Management / World Monetary Assets Program - The system is a technical, long-term, major trend following reversal strategy that continuously holds positions (either long or short). Although the strategy does not predict moves or when a particular future of group of futures will enter a choppy and unprofitable trading phases. The system is designed to capture a substantial fraction of the total profit potential from important changes in a future's price. This approach is expected to contain the inevitable series of small losses and whipsaws within tolerable limits and leave the accounts in a position to benefit from major price trends whenever they develop. The system attempts to maintain a balanced and diversified risk posture.

Dunn Capital Management / Combined Financial Program - The system is a technical, long-term, major trend following reversal strategy that continuously holds positions (either long or short). Although the strategy does not predict moves or when a particular future of group of futures will enter a choppy and unprofitable trading phases. The system is designed to capture a substantial fraction of the total profit potential from important changes in a future's price. This approach is expected to contain the inevitable series of small losses and whipsaws within tolerable limits and leave the accounts in a position to benefit from major price trends whenever they develop. The system attempts to maintain a balanced and diversified risk posture. The system focuses on the financial markets.

Dynex Corporation / Market Sentiment -

Ebisu Portfolio Management Pty Limited / Ebisu Diversified Futures System - Ebisu is a short-term trend following system (25 days - average winning trade). The system trades utilizing a single set of price breakout parameters (price breakout levels). There is no curve fitting or optimization. Stop losses and trade exit levels are calculated using a proprietary formula. The portfolio concentrates on 19 futures markets. Volatility adjusted sector risk analysis is used to determine market selection. Trading is done on a flat allocation basis while volatility is managed on a sector basis. Alpha is produced evenly among sectors ensuring that no one major sector event is needed to generate performance. Emphasis is placed on research and money management.

Eckhardt Trading Company / Standard Program - The Advisor utilizes a multi-system algorithmic trend following approach to the markets. Occasionally, discretion and judgment may be used for risk management purposes or in connection with order entry timing. The systems used have undergone an evolutionary development, some for protracted periods. Many of the current systems bear little resemblance to their prototypes. The systems are subject to change if the Advisor’s methodical principles indicate that it is warranted. The markets traded have been chosen for historical performance, and for customary liquidity.

Eckhardt Trading Company / Global Financial Program - The Advisor utilizes a multi-system algorithmic trend following approach to the markets. Occasionally, discretion and judgment may be used for risk management purposes or in connection with order entry timing. The systems used have undergone an evolutionary development, some for protracted periods. Many of the current systems bear little resemblance to their prototypes. The systems are subject to change if the Advisor’s methodical principles indicate that it is warranted. The markets traded have been chosen for historical performance, and for customary liquidity. The Global Financial Program trades international interest rates, currencies, cross-rates, and the Dollar indexes in addition to Canadian interest rates, US two-year notes, Euroswiss, Australian Dollars and Mexican Peso.

Eckhardt Trading Company / Higher Leveraged Program - The Advisor utilizes a multi-system algorithmic trend following approach to the markets. Occasionally, discretion and judgment may be used for risk management purposes or in connection with order entry timing. The systems used have undergone an evolutionary development, some for protracted periods. Many of the current systems bear little resemblance to their prototypes. The systems are subject to change if the Advisor’s methodical principles indicate that it is warranted. The markets traded have been chosen for historical performance, and for customary liquidity.

Eclilpse Capital Management, Inc. / Strategic Opportunities (Proprietary Trading) - The model-based investment process used in the Strategic Opportunities Program is designed to profit from global capital flows by correctly identifying the most appropriate portfolio for a given set of economic conditions. The program’s proprietary decision-making framework is driven by macroeconomic and fundamental inputs relating to economic growth, inflation, liquidity, and valuation. The top-down process begins with an evaluation of the global investment environment in order to determine the appropriate degree of risk taking. Long and short risk exposure is then assigned to the different asset classes based on their relative attractiveness. Ultimately, the risk assigned to each of the portfolio’s five sectors is allocated to those markets with the greatest expected return for long positions and the most negative expected rate of return for short positions.

Eclipse Capital Management, Inc. / Global Monetary Program - The program makes use of multiple models to accentuate overall diversification. Macroeconomic models generate trading signals through the quantitative analysis of environmental, macroeconomic and intermarket data. Trend identification models use various technical and statistical analysis techniques to identify and evaluate price trends. Capital allocation models determine the percentage of trading capital allocated to various markets and trading models. Risk management models were developed with the objective of limiting losses, capturing profits and conserving capital in choppy, sideways markets.

Eden Rock Capital Management / RBC Managed Account - The program is globally diversified and managed on a multi-strategy basis with aggressive risk parameters. The targeted annual return is 18 - 20% with a targeted annual volatility of less than 10%. The account is leveraged on a monthly variable basis of up to 300% with the financing provided by RBC.

Eickelberg & Associates, Inc. / Phoenix Program - The system utilizes a short-term / day-trading computerized program based upon technical analysis and advanced pattern recognition components. It is tempered by discretionary application of market fundamentals. The Advisor may elect to override the programmed nature of the system in order to attempt to reduce losses or increase profits. Additionally, the Trading Advisor may use its discretion in timing market entries and exits or passing up a trade all together. Occasionally positions may be held for longer periods to allow the system to capture more long standing and substantial price moves price moves.

Eickelberg & Associates, Inc. / Stock Index Option Program - The Program sells S&P 500 options traded at the CME. The main emphasis is on selling long dated far out-of-the-money calls and puts. The normal range of account funds committed to margin is 50% to 75%.The Advisor uses both fundamental and technical analysis to forecast the market direction of the underlying index. This means the Advisor does not typically write call and put options simultaneously. Market timing is utilized to optimally write calls or puts based on the Advisors directional outlook. Calls are sold when the market is estimated to be in a topping mode. Margin is held back to allow selling additional calls somewhat after the confirmation of the top. Similarly, puts are sold in anticipation that a market bottom is forming and continue to be sold after the low has been confirmed. Futures contracts on the S&P 500 may be traded as a hedge to existing option positions.

ELM Capital Partners, LLC / AlphaBond Program - The AlphaBond program trades the Treasury market through the use of three trading approaches: Price Spread, Yield Spread, and Directional trading. Price Spread trades are initiated between the 10-Year Note and the 30-Year Bond. Yield Spread trades are initiated across the entire curve. Although we continuously search for opportunities across the board, our focus is in the 2-Year Note and 10-Year Note, as well as the 10-Year Note and 30-Year Bond. Directional positions are generally day-trading positions and are settled at the end of every trading day.

EMC Capital Management / EMC New Program - The technical investment strategies are trend-following, although under certain conditions countertrend elements may also be employed. The program uses the historical analysis of monthly, weekly and daily price movements to interpret current market behavior and to evaluation technical indicators for trade initiations and liquidations. The Classic is more aggressive than the New Program and uses a higher degree of leverage. The New Program may make use of countertrend elements more frequently that the classic Program

EMC Capital Management, Inc. / EMC 2XL New Program - The technical investment strategies are trend-following, although under certain conditions countertrend elements may also be employed. The program uses the historical analysis of monthly, weekly and daily price movements to interpret current market behavior and to evaluation technical indicators for trade initiations and liquidations. The Classic is more aggressive than the New Program and uses a higher degree of leverage. The New Program may make use of countertrend elements more frequently that the classic Program

EMC Capital Management, Inc. / EMC Classic Program - The technical investment strategies are trend-following, although under certain conditions countertrend elements may also be employed. The program uses the historical analysis of monthly, weekly and daily price movements to interpret current market behavior and to evaluation technical indicators for trade initiations and liquidations. The Classic is more aggressive than the New Program and uses a higher degree of leverage. The New Program may make use of countertrend elements more frequently that the classic Program

Empire Asset Growth / Option Collection And Protection Strategy Program -

Energy and Precious Metals Capital / MAP Program - The Advisor’s program trades four commodities Gold, Silver, Oil and Natural Gas. The trading methodology encompass both fundamental and technical analysis. Fundamental information will be used to establish a long term outlook on the market while more technical analysis will be used to determine day to day trading. Occasionally options are used in the portfolio if deemed necessary for hedging purposes. The Advisor trades solely on a discretionary basis with no computerized models being involved. The average amount of funds invested for margin purposes at one time will generally be 35%, however, the percentage may be higher or lower based upon the current market conditions.

Entropic Trading Group, LLC / Managed Account Program - The program uses statistical and scientific (observable) measures to quantify a market as a natural, living system into specific defined "states". The state is defined in terms of being under or over valued, in a position for a reversal and changes to, or resumptions of, a trending market. The scientific aspect is taken from the concept of Entropy from the classical definition of the Second Law of Thermodynamics. The concept is applied based on the theory that a specific undervalued or overvalued state can lead toward a state of higher probability price-changes in the form of a trend.

Estlander & Ronnlund / Global XL Program - The investment philosophy of er Global Markets is to profit from trending markets by exploiting volatility in multiple time frames. The strategy maintains a global long volatility exposure and therefore, shows attractive correlation patterns to traditional investments and to other investment strategies. The company?s prudent risk management, which is conducted on several different levels, includes a dynamic mechanism to ensure true portfolio diversification at all times. The combined return/risk/correlation profile of the investment strategy can demonstrate a track record of more than 14 years. Only highly liquid instruments are chosen from the following sectors in 14 countries; global foreign exchange, stock indices, short-term interest rate and bond markets, energy, metals and agricultural markets. er Global Markets XL follows the same strategy as er Global Markets but with twice the leverage.

Estlander & Ronnlund / Global Markets - The investment philosophy of er Global Markets is to profit from trending markets by exploiting volatility in multiple time frames. The strategy maintains a global long volatility exposure and therefore, shows attractive correlation patterns to traditional investments and to other investment strategies. The company?s prudent risk management, which is conducted on several different levels, includes a dynamic mechanism to ensure true portfolio diversification at all times. The combined return/risk/correlation profile of the investment strategy can demonstrate a track record of more than 14 years. Only highly liquid instruments are chosen from the following sectors in 14 countries; global foreign exchange, stock indices, short-term interest rate and bond markets, energy, metals and agricultural markets.

Fall River Capital LLC / Global Strategies Program - Fall River's GLOBAL STRATEGIES PROGRAM identifies markets that are in long-term trends and systematically trades 60+ global futures markets with multiple systems in multiple time frames. The average trade length is 85 days. Fall River continuously monitors these positions with its unique risk control and money management methodology. This includes a Market Correlation Algorithm that has been employed since June of 2005 and a Volatility Management Algorithm which was implemented in October 2006.

Fall River Capital LLC / Global Strategies Higher Leverage Program - Fall River's GLOBAL STRATEGIES HL PROGRAM identifies markets that are in long-term trends and systematically trades 60+ global futures markets with multiple systems in multiple time frames. The average trade length is 85 days. Fall River continuously monitors these positions with its unique risk control and money management methodology. This includes a Market Correlation Algorithm that has been employed since June of 2005 and a Volatility Management Algorithm which was implemented in October 2006. The HL Program trades at twice the leverage of the Global Strategies Program.

Fall River Capital LLC / Salt River Bonds - Fall River's Salt River Bond Program seeks to find price moves of four to six days duration in the 30 year U.S. Treasury Bond market. The program follows non discretionary trading signals generated based on a variety of relationships to Gold, the CRB index, Commitment of Traders Reports and price patterns. The Salt River Bond program is a pattern based and not a trend following approach. Trading in this program will be focused on the 30 year Bond although the program may also trade futures contracts on other U.S. and non U.S. fixed income instruments.

Farr Investments, LLC / Axel Aggressive Growth Prg I - Currently, all Trading Programs typically invest in credit option spreads on the S&P 500 Futures market. Credit option spreads involve the simultaneous purchase and sale of options on S&P 500 Futures that have different strike prices. With each spread, the premium received from the option sold is greater than the premium paid for the option bought. Using an option spread enables the Advisor to better manage risk associated with volatile market moves. The approach can be used in both bull and bear makets, and the Advisor will genearlly initiate new option spreads each month. The advisor uses several risk management techniques to adjust positions accordingly.

Financial Commodity Investments (FCI) / Option Selling Strategy (Proprietary Performance) - The Program currently engages in a program of selling or "writing" options (puts and calls) on futures contracts in the crude oil, coffee, soybeans and corn markets, among others: . However, in the future, the Program may trade a broader portfolio of options, futures and cash markets. It is the intention of the Program to write options that are at least 10% to 20% out of the money from the price of the underlying futures contract. "Out-of- the- money" puts have strike prices below the current price of the underlying futures contract, and "out-of-the- money" calls have strike prices above the current price.

First Southeastern Capital Mgt LLC / Diversified 2X Program - This trading program is trend following and is based on a systematic technical methodology. A disciplined, non-discretionary approach is maintained. While the program identifies and takes advantage of near-term direction, it also tracks the longer trend and allows profits to accrue during an extended market move.

First Southeastern Capital Mgt LLC / Diversified Program - This trading program is trend following and is based on a systematic technical methodology. A disciplined, non-discretionary approach is maintained. While the program identifies and takes advantage of near-term direction, it also tracks the longer trend and allows profits to accrue during an extended market move. Specific commodity interests traded have been selected utilizing both liquidity constraints and correlation analysis in an effort to reduce portfolio risk and add diversification, as well as to maximize rate of return.

Fitrol Investment Management / Index Program - The investment strategy consists of the active management (long/short) of trading positions in a diversified portfolio of the world's equity indices. Investment is based on proprietary computer trading technology and advanced risk management models.

FTC Vermoegensberatung Pomeranz & Partner GmbH / Classic Program - The program is a systematic, technical trend-following approach that trades up to 80 highly liquid futures contracts on the leading futures exchanges of North America, Europe and Asia. More specifically, the Asset Allocation consists of Commodity and Financial futures. Significant sub-markets are energy, metals, foodstuffs, industrial commodities, currencies, interests, and stock indices. The actual allocation of the positions is profoundly dynamic, depending on trends on individual markets, but always sufficiently diversified. Trading is bidirectional (long and short) to profit from rising and falling prices in the markets.

FTC Vermoegensberatung Pomeranz & Partner GmbH / Dynamic Program - The program utilizes a systematic trend following approach to trade up to 80 highly liquid futures contracts on the leading futures exchanges of North America, Europe and Asia. More specifically, the Asset Allocation consists of Commodity and Financial futures. Significant sub-markets are energy, metals, foodstuffs, industrial commodities, currencies, interests, and stock indices. The actual allocation of the positions is profoundly dynamic, depending on trends on individual markets, but always sufficiently diversified. Trading is bidirectional (long and short) to profit from rising and falling prices in the markets.

Full Cup, Inc. / FCI Alpha Plus - Alpha Plus is a fully systematic, quantitatively driven short-term high-frequency trading system with a proven ability to provide consistently superior risk adjusted returns that are pure alpha to most other investment returns. The system has traded in real time since September 2004 as part of a larger multi-strategy trading platform.

Future Gate Consultants Limited / Aggressive Growth Program (USD) - The investment strategy of Future Gate Consultants Limited (FG) is directed toward medium to long term capital appreciation through the use of diversified and systematic trading methodologies developed by its principals. The approach consists of choosing probabilistically superior trading opportunities in both up and down markets, and combining these opportunities so as to provide high absolute and risk-adjusted returns, given a targeted level of volatility. Portfolio components are selected from over 100 global futures and forward markets, all with high liquidity and accessibility.

Future Gate Consultants Limited / NML Program (USD) - FG has developed an extremely advanced portfolio theory called "Dominant Portfolio Theory" to overcome the shortcomings of “Modern Portfolio Theory”. DPT deals with the fact that different market participants see the market differently, and answers the question of "Should I go for the latest hot investment, or stick with the tried-and-true." MPT is actually a special case of DPT. In MPT one has to maximize the expected return for a given volatility. Because DPT contains more dimensions than MPT and takes into account non-stationary return distributions, the function that has to be maximized for DPT is termed the "Probabilistic Momentum Function". It gives the same optimum portfolio derived by MPT if we assume the simple (and unrealistic) assumptions of MPT.

Futures Truth Co / MSS ( Multiple Systems Strategy) - This is a diversified multi-systematic trend following approach that trades a diversified portfolio. Also include is a day trading index program. The trader's objectives are: 1) deliver positive returns in any market environment in both trending and non-trending markets, 2) target returns of 20-25% per year, 3) limit risk to 0.05% per trade, 4) target a maximum drawdown of less than 10%, and 5) risk $1 for each $2 of potential profit.

FuturesOne / FuturesOne Speculative Ag Program - The objective is to achieve superior risk-adjusted returns by following systematic proprietary technical models as well as a mixture of fundamental and technical based models. The Speculative Programs are intended to demonstrate low to negative correlation with the equity markets and most other trading programs. The program focuses on domestic and foreign agricultural futures and futures options. The Advisor uses proprietary fundamental and technical models to identify opportunity in price relationships in individual agricultural markets as well as spread relationships between commodities.The firm utilizes a number of services to deliver timely global agricultural information that will be utilized to keep the fundamental information updated on virtually a moments notice.

FX Concepts Trading Advisor, Inc / Fixed Income Program -

FX Concepts Trading Advisor, Inc / Developed Market Currency Program - The program trades a diversified portfolio of developed market currencies in the interbank foreign exchange market. The goal of the DMC program is to obtain attractive risk-adjusted returns for our clients through the development of diverse trading strategies that dramatically improve upon these naïve strategies using developed currencies. Three key characteristics are emphasised; 1) currency markets trend and are cyclical, 2) high interest rate currencies tend to appreciate against low interest rate currencies, and 3) hedgers are willing to pay a premium to insure against risk through the purchase of options. As a result, DMC incorporates three modules; 1) Trend Based Module, 2) Carry Based Module, and 3) Options Based Module.

FX Concepts Trading Advisor, Inc / Global Currency Program - The Global Currency Program combines both momentum and value based trading styles in a systematic approach and features a risk diversified portfolio strategy. GCP analyzes and is capable of holding positions in up to 24 different developed and top tier emerging currencies in a risk diversified portfolio.

Gormly Company, The / Global Diversified Program -

Greenrush Capital Management, LLC / Cycle A Program - Greenrush has developed a combined systematic and discretionary approach for trading the global commodity markets. Using a seasonal and counter-seasonal approach combined with specific pattern recognition, trading decisions are determined by historical databases, technical analysis, and volatility expectations. Typically, positions are taken in intra-market and inter-market futures spreads in electronic exchanges. Reliance upon upward or downward market direction is not fully discouraged; but concentration on the fundamental supply and demand situation between different delivery months and contracts is emphasized.

GrowthPoint Investments LLC / Index Condor Program - This program trades exclusively in Options on S&P Index Futures (CME). The trade consists of a put spread and a call spread. Both are credit spreads. Each trade lasts from 30-75 days. We typically exit the trade 1-2 weeks prior to expiration. Our short strike points are typically 70-100 points above (for call spread) and below (for put spread) the futures contract at the time the trade is set. The risk is the index increasing or decreasing in value and moving into the money faster than our positions can be liquidated. We typically only set trades which have an expected annualized rate of return of 30% or greater.

Guarda Capital Management, Inc. / Diversified Trading Program - The trading system is 100% systematic and is designed to hold opposing positions against the hedgers to get the risk premium. The proprietary, modified Value-at-Risk measure based on market volatilities and correlations is utilized to determine the number of contracts that an account shall hold in various markets. The purpose is to allocate the risk evenly across all markets. Positions may be increased or decreased as market volatility and correlations change. The Trading Systems do not use stop-loss orders or trailing stops.

Guarda Capital Management, Inc. / Low-Volatility Institutional Program - The Trading Advisor uses a 100% systematic approach to its trading activities. The trading system is designed to hold opposing positions against the hedgers to get the risk premium. The proprietary, modified Value-at-Risk measure based on market volatilities and correlations is utilized to determine the number of contracts that an account shall hold in various markets. The purpose is to allocate the risk evenly across all markets. Positions may be increased or decreased as market volatility and correlations change. The Trading Systems do not use stop-loss orders or trailing stops.

Haar Capital Management LLC / (Proprietary Results) - Haar Capital uses a primarily fundamental strategy. The advisor believes that commodity price changes occur due to a combination of changing fundamental factors and short-term "noise" resulting from normal market volatility. Haar Capital seeks to filter out the short-term "noise" and profit from longer-term trends. Among the fundamental factors to be analyzed will be product supply and demand outlook, projected carryout stocks as a percentage of consumption, weather developments and forecasts, economic trends, and government policies.

Haar Capital Management LLC / Discretionary Trading Program (Client Results) - Haar Capital uses a primarily fundamental strategy. The advisor believes that commodity price changes occur due to a combination of changing fundamental factors and short-term "noise" resulting from normal market volatility. Haar Capital seeks to filter out the short-term "noise" and profit from longer-term trends. Among the fundamental factors to be analyzed will be product supply and demand outlook, projected carryout stocks as a percentage of consumption, weather developments and forecasts, economic trends, and government policies.

Hamer Trading Inc / Diversified Program (Proprietary Trading) - The DIVERSIFIED SYSTEMATIC PROGRAM uses a combination of 3 models: 55% of the trading capital is committed to 2 long-term trend following models. The remaining 45% is allocated to a group of short-term stock index trading models. All systems use technical information to generate signals. The short-term portion trades only the S&P 500 stock index. The long-term models trade a diversified portfolio of 40 domestic and international futures and cash markets.

Hansen Capital Mgt, Inc / Managed Accont Program - The program is based on systematic, primarily short-term trading. The Advisor employs multiple systems, and currently trades 19 markets. (The exact number of markets traded varies over time.) The Advisor's short-term systems, most of which contain reversal and momentum indicators, are unlike the systems of long-term trend-following traders resulting in performance ithat s NOT highly correlated with those of most other CTAs. Research is ongoing and changes to the system will continue to be implemented.

Hansen Capital Mgt, Inc / Comprehensive Program - Our Comprehensive Program is the product of many years of independent research. We have striven to build a program which is (1) statistically robust, (2) logical, (3) original, (4) uncorrelated with most of the industry, and (5) which employs cautious risk management, partly through extensive diversification. The program is systematic, employing multiple proprietary technical systems. It is diversified across many markets, sectors, and time frames, with substantial exposure to physical commodities. It employs eleven different trading systems, the majority of which are short-term in duration (average holding period of 10 days or less), and many of which employ counter-trend elements. (The number of trading systems may vary over time.) Stopout rules are applied to all trades.

Hathersage Capital Management LLC / Daily Currency Program - This interbank trading program strives to achieve consistent appreciation, while preserving invested capital through limited drawdowns by employing trading strategies which embody arbitrage, changes in volatility and relative value. These strategies are based upon a fundamental analysis of economic relationships, political events and financial market expectations. Most trades are directional. Risk exposure is structured and maintained within acceptable tolerances through the use of options and the continuous real time management of portfolio positions. Careful attention is paid to leverage multiples, risk/reward asymmetry, and average time-weighted exposure to event risk

Hathersage Capital Management LLC / Long Term Currency - This interbank trading program strives to achieve consistent appreciation, while preserving invested capital through limited drawdowns by employing trading strategies which embody arbitrage, changes in volatility and relative value. These strategies are based upon a fundamental analysis of economic relationships, political events and financial market expectations. Most trades are directional. Risk exposure is structured and maintained within acceptable tolerances through the use of options and the continuous real time management of portfolio positions. Careful attention is paid to leverage multiples, risk/reward asymmetry, and average time-weighted exposure to event risk

Hawksbill Capital Management / Global Diversified Program - Hawksbill is a systematic, technically-based futures money manager that trades a diversified portfolio of over 50 worldwide financial and commodity futures markets. With its ability to take long or short positions in a wide variety of markets, and its lack of dependence on favorable economic conditions, Hawksbill's returns have historically shown low to no correlation to bond and stock markets, thus offering the potential to diversify an investor's portfolio.

Tom Shanks, Hawksbill's president, has managed client capital in the futures markets for over 19 years. From January 1985 to May 1988, he managed capital for Richard Dennis in the successful and well-known "Turtle Program." In November 1988 he began managing client assets through Hawksbill Capital Management, a U.S. registered Commodity Trading Advisor (CTA) and Commodity Pool Operator (CPO), offering its Global Diversified Program (GDP). In October 2000 Hawksbill launched GDP Low Vol, a program that mirrors the original Global Diversified Program, except positions are sized approximately 50% smaller. GDP Low Vol is geared toward institutional and "fund of fund" investors interested in a return profile with reduced volatility and lower variance.

Hawksbill Capital Management / Global Diversified Half Leverage - Hawksbill is a systematic, technically-based futures money manager that trades a diversified portfolio of over 50 worldwide financial and commodity futures markets. With its ability to take long or short positions in a wide variety of markets, and its lack of dependence on favorable economic conditions, Hawksbill's returns have historically shown low to no correlation to bond and stock markets, thus offering the potential to diversify an investor's portfolio

Heyden & Steindl / TOMAC 2 - TOMAC is combining trend following and pattern recognition with manual market entries and automated exits triggered by channel-breakouts. The concept is focussed on patterns, that tend to build up in phases where markets are heading for a strong trend. That is why the market entry is deviant from other trend followers. The basic assumption is that a good position is profitable right away. The market should not return to the entry level but move into a strong breakout. This allows working with very tight protective stops and positions can be rather big while the risk is easily manageable. A discretionary quality check of the entry signal is carried out, consisting of a fundamental and technical analysis.The position exit is strictly systematic on channel breakout. 39 Products in 37 futures markets are currently monitored, whereby the top criteria is market liquidity.

High Cotton Company, LLC / High Cotton CTA - Stock Index - High Cotton's (HCC) trading strategy looks to link historical technical trends and quantitative analysis to identify high potential winning trading opportunities. Areas of focus may include overbought and oversold market conditions, key economic indicators, and corporate earnings. HCC then utilizes its proprietary systematic trading methodologies to either long the market, short the market, or remain out of the market. All positions are held at most one day – there are no overnight positions maintained; however, there is not necessarily a position every day. HCC believes strongly in a consistent and highly disciplined approach to achieve its best results. HCC has been trading the e-Mini S&P 500 and e-Mini NASDAQ 100 futures contracts.

Hyman Beck & Company / Global Portfolio - The Global Portfolio exercises a disciplined systematic trading style. It employs a trend following approach using computerized trading models, emphasizing mathematical and quantitative techniques to identify intermediate and long term price trends. The Global Portfolio trades a diversified portfolio of markets with trades that could last over a year. Quantitative models driven mainly by volatility and correlation measurements are employed to control investment biases on the decisions that determine the portfolio’s leverage and entry or exit trade signals. HB & Co.’s trading models have evolved over the years as a result of a continuing commitment to research and development. The markets included in the Global Portfolio are drawn from several market sectors such as financials, currencies, grains, metals and equity indices. Principal component analysis and market liquidity affect the portfolio’s composition over time periods

Hyman Beck & Company / FastTrac Portfolio - FastTrac is a quantitative trading strategy named heuristically for its relative short duration of trades. Participant markets for a given book of trades include major FX outrights and crosses thereof. FastTrac is considered to be a valid translation of the long term divergent trading approach on a shorter time frame. Intraday data are analyzed for signal projection and leverage calculations on a market-by-market as well as on a portfolio-wide basis. The trading strategies are based on quantitative models that generate trading signals across a portfolio of markets. Money management techniques are incorporated to these models for either increasing or reducing portfolio exposure when appropriate. The quantitative models implemented have been developed and maintained internally.

IFX Capital Management / Zenith IFX Program - Zenith IFX uses sensitive technical methodology complemented by fundamental analysis, with particular attention to the effects of market psychology to trade the currency markets. Intra-day data is provided via a proprietary database dating back to 1984 linked to state-of-the-art computer technology that provides support for trading decisions on a 24-hour basis. As a result of research and market experience over many years, the key element within the Program is the proprietary volatility indicator that dictates the identification of entry levels, stops and profit objectives.

IFX Capital Management / Zenith IFX Plus Program - Zenith IFX uses sensitive technical methodology complemented by fundamental analysis, with particular attention to the effects of market psychology to trade the currency markets. Intra-day data is provided via a proprietary database dating back to 1984 linked to state-of-the-art computer technology that provides support for trading decisions on a 24-hour basis. As a result of research and market experience over many years, the key element within the Program is the proprietary volatility indicator that dictates the identification of entry levels, stops and profit objectives.

Innovative Capital Management LLC / Premium Program -

Innovative Capital Management, LLC / Standard Program - INNOVATIVE, as its name suggests, takes an entirely different approach. Subscribing to an "Efficient Market" theory, INNOVATIVE does not engage in the all-too-common business of "knowing", or prognosticating, market direction. Rather, INNOVATIVE has developed a proprietary options trading program in which, using the laws of statistics and probabilities, it attempts to establish ?high probability win? positions. Inherent in these positions is the knowledge that there will be instances where a position will result in a loss. This is a wholly acceptable, as well as absorbable inevitability

Integrated Managed Futures Corp / IMFC Diversified Program - IMFC's strategies utilize multiple non-correlated signal generators that have the effect of reducing position sizes in markets at equilibrium often to the point of having no exposure to those markets, and increasing position sizes in markets that are trending. Proprietary smoothing techniques are also used to separate underlying trend-persistence from random noise, resulting in continuous exposure to long-term market trends of one year or longer. In addition, IMFC's strategies incorporate portfolio management algorithms that adjust overall market exposure based on mean reverting characteristics evident at the portfolio level.

Jaguar Investments Ltd / Commodity Trading Program - The trading program analyzes a more complete set of fundamental variables – ones that the company believe have a major contributory role in the formation of the price of any commodity. The premise is the same across all models, though the weightings are slightly different representing the different fundamentals. The methodology and weightings within the models have all remained constant since inception. The variables used in analysis include 1) Forward Curves, 2) Inventory Levels, 3) Foreign Exchange Rates, 4) Stock Market Indices, and 5) Commodity Market Indices. The advisor uses their proprietary risk system to establish pre-determined stops.

Jaguar Investments Ltd / Discretionary Program - It is well documented that the global commodity markets provide a wealth of opportunity for portfolio diversification and significant returns on equity. The company’s aim is to provide institutional (non-private) clients with exposure to these commodity markets in a controlled and disciplined manner, with a view to securing superlative medium term capital growth.

John Locke Investments / Cyril Systematic - Cyril Systematic is based on the systematic application of computerized trading strategies qualified within a quantified risk management. The strategies are purely technical, based on in-depth analysis of markets, prices, and movements. Through an extensive statistical research on tick by tick data has enabled the Manager to elaborate several proprietary trading strategies which have shown over time a very high level of profitability. The recognition of particular price configurations (patters formed over time by markets and price movements) is the key characteristics of Cyril Systematic Strategies. Cyril Systematic systems follow the market price activity on a continuous basis and detects immediately any upcoming opportunity. As soon as the market configuration has been recognized, a predefined action is triggered generating an order in the markets with an adapted size which will depend on the strength of the configuration combined with market volatility.

John Locke Investments / Cyril Systematic USD - The recognition of particular price configurations (patterns formed over time by market price movements) is key to John Locke's strategies. John Locke Investments' systems follow the market's price activity on a continuous basis and immediately detect any upcoming opportunity.

John Locke Investments / High Frequency Prg - John Locke Investments is an alternative investments firm specialized in systematic quantitative trading and computerized investment strategies. Founded in 2000, the Company develops proprietary trading algorithms by using rigorous statistical methodology to identify recurrent markets behaviour. The Firm has built a powerful set of analytical tools and an automated trade execution infrastructure. The team lead by Francois Bonnin is now composed of 10 people out of which 8 are devoted to research. The company team combines highly proficient individuals with strong backgrounds in mathematics, computer programming, physics, trading and finance.

John LoSordo & Company / Global Diversified - John LoSordo & Company trades approximately 60 global futures markets. Risk control is paramount as evidenced by the use of trailing stops and volatility overlay for position sizing. Trading is 100% systematic.

John W. Bennett & Company / Standard Program - The Trading Program portfolio consists of S&P 500 emini stock index, currency, interest rate, precious metal, and energy futures contracts. The Trading Program's time frame is generally short term in nature. The majority of trading positions are open between three and seven days on average. JWB&Co. estimates that the Trading Program will trade in the vicinity of 3,000 contracts per year per $1 million under management, subject to market conditions.Profits are proportional to short term volatility, and are independent of long term price trends. The Trading Program is designed to be profitable in both rising and falling markets. Profit taking parameters are fixed at approximately 2 to 3.5% of the portfolio's entry trading value. Risk control parameters dictate trade liquidation at a preset loss level which is generally 1 to 1.5% of a portfolio's entry trading value.

John W. Henry & Company / Global Diverisified Portfolio - Founded in 1982, JWH employs a disciplined, systematic process to ensure an unbiased approach to investment management. The Global Diversified Portfolio seeks to capitalize on intermediate-term price movements in a broad spectrum of worldwide financial and non-financial markets, including agricultural, currency, energy, interest rate, metals and non-US stock index contracts. This program uses the three-phase investment style.

John W. Henry & Company / JWH Global Analytics - Family of Programs - The program utilizes global markets in foreign exchange, financial futures and commodities, JWH historically has generated returns uncorrelated to those of equity and fixed income investments. Founded in 1982, JWH employs a disciplined, systematic process to ensure an unbiased approach to investment management. Introduced in June 1997, as the firm’s most broadly diversified investment program, JWH GlobalAnalytics® is the result of extensive research and testing by the firm. Unlike other JWH programs, which invest in intermediate- or long-term price movements, JWH GlobalAnalytics® invests in both long- and short-term price movements. The program invests in a broad spectrum of worldwide financial and non-financial markets, including agricultural, currency, energy, interest rate, metals and non-US stock index contracts. JWH GlobalAnalytics® uses the five-phase investment style.

John W. Henry & Company / Financial & Metals Portfolio - John W. Henry & Company, Inc. ("JWH") is an alternative asset manager and one of the largest managed futures advisors in the world. Utilizing global markets in foreign exchange, financial futures and commodities, JWH historically has generated returns uncorrelated to those of equity and fixed income investments. Founded in 1982, JWH employs a disciplined, systematic process to ensure an unbiased approach to investment management. The Financial and Metals Portfolio (F&M) seeks to identify and capitalize on intermediate-term price movements in four worldwide market sectors: currencies, interest rates, metals, and non-US stock indices. This program uses the three-phase investment style.

John W. Henry & Company / Worldwide Bond Program - The Worldwide Bond Program seeks to capitalize on intermediate-term trends by investing in the long-term portion of the worldwide interest rate markets. Although the Worldwide Bond Program concentrates in one sector, diversification is achieved by trading the interest rate markets of major industrialized countries. This program uses the three-phase investment style. Due to the limited number of markets traded, the Worldwide Bond Program may be less diversified than other JWH financial programs. Beginning in March 2000, the position size in relation to account equity was increased 25% and increased an additional 20% commencing in June 2000. These two changes represent an overall position size increase of 50% since March 2000. The quantitative model underlying the program was not changed.

John W. Henry & Company / International Foreign Exchange Program - Founded in 1982, JWH employs a disciplined, systematic process to ensure an unbiased approach to investment management. The International Foreign Exchange Program seeks to identify and capitalize on intermediate-term price movements in a broad range of both major and minor currencies primarily trading on the interbank market. Positions are taken as outrights against the US dollar or non-dollar cross rates. This program uses the three-phase forex investment style.

John W. Henry & Company / G-7 Currency Program - The program utilizes global markets in foreign exchange, financial futures and commodities, JWH historically has generated returns uncorrelated to those of equity and fixed income investments. Founded in 1982, JWH employs a disciplined, systematic process to ensure an unbiased approach to investment management. The G-7 Currency Portfolio seeks to identify and capitalize on intermediate-term price movements in the highly liquid currencies of major industrialized nations. These currencies allow for trading outrights against the US dollar or non-dollar cross rates. With the advent of the European Union single currency of 11 countries, the currency exposures formerly traded for Germany, France, and Italy now are executed in the euro. This program uses the three-phase forex investment style.

John W. Henry & Company / Dollar Program - The Dollar Program seeks to identify and capitalize on intermediate-term price movements in the currency markets, trading major currencies against the U.S. dollar. This program uses the three-phase investment style. Due to the limited number of markets traded in the Dollar Program, the program may be less diversified than other JWH foreign exchange programs.

John W. Henry & Company / Strategic Allocation Program - The Programs objective is capital appreciation with the reduction of volatility and risk of loss that would typically be associated with an investment in any one JWH investment program. JWH currently operates 10 investment programs, any and all of them may be included in SAP. JWH allocates assets among different combinations of its investment programs which each have distinctive style, timing and market characteristics. The allocation of SAP's assets among the investment programs, as well as the selection of investment programs to be used for SAP from time to time will be dynamic, changing as JWH determines. While JWH's individual investment programs are technical, trend-following programs, the selection of programs as well as the allocation of assets among the programs in SAP is entirely discretionary.

JPD Enterprises, Inc. / Global Diversified Program - The program is 85% systematic diversified trend-following that spans a variety of time horizons. The portfolio invests is a diversified group of global financial and commodity futures and options. Its portfolio management approach has been developed from analysis of historical and current pat