Bayland Capital Management, LLC

The Bayland Trading Program uses a proprietary systematic approach that attempts to identify behavioral characteristics and then establishes either long or short positions when those characteristics exist in significant enough force that the price behavior may be expected to persist for a sufficient length of time. The approach is primarily mechanistic, but some limited amount of discretion is used in certain situations which include, but are not limited to, in which delivery months positions are held, which markets are considered viable for the strategy, how new accounts incorporate existing positions, and how much risk the strategy as a whole will accept. Combining multiple approaches in a unified strategy, the Advisor utilizes long and short positions to seek maximum profits amidst varying durations of price movements. The Advisor believes that diversification among trading approaches increases the number of market environments from which its program can extract profits. The Bayland Trading Program will trade futures and options in a broad array of markets, including, but not limited to, equity indices, government bonds, energies, grains, livestock, precious and base metals and others, traded on U.S. and non-U.S. exchanges.