Summary

-Hawksbill is a systematic, technically-based futures money manager that trades a diversified portfolio of over 50 worldwide financial and commodity futures markets. Tom Shanks, Hawksbill's president and sole principal, has managed client capital in the futures markets since 1985. 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 and Commodity Pool Operator, offering its original Global Diversified Program. In October 2000 Hawksbill launched GDP Low Vol, a program that mirrors the original Global Diversified Program, except positions are sized approximately 50% smaller. The minimum account size for both programs is $2 million. Hawksbill's trading approach comprises a number of technical, primarily trend-following trading systems, money management rules and Hawksbill's overall trading experience and judgment regarding various market factors and conditions. The trading systems, which are internally researched and developed, rely upon the research and analysis of patterns of daily, weekly and monthly historical price fluctuations - they are not based on analysis of fundamental supply and demand factors. Although the preponderance of Hawksbill's trading is strictly mechanical, discretion is currently employed between 10% and 15% of the time, on average. The trading approach emphasizes risk control through proprietary money management rules and diversification of systems and markets within each portfolio. Hawksbill's methodology involves active, aggressive trading. In the GDP Low Vol program, generally between 10% and 30% of an account's equity is committed to margin, but commitment may occasionally exceed 30%. Therefore an account with Hawksbill should be considered a highly speculative investment. Currently, the market groups or contracts traded in Hawksbill's two programs include: Currencies (U.S. Dollar Index, British Pound, Euro, Swiss Franc, Japanese Yen, Canadian Dollar, Australian Dollar, Mexican Peso), Interest Rates (U.S., European, Japanese, Australian, Canadian), Stock Indices (NIKKEI), Metals (Gold, Silver, Copper), Energy (Crude Oil, Heating Oil, Gas Oil, Natural Gas, Unleaded Gasoline, Brent Crude Oil), Grains (Soybeans, Soybean Oil, Soybean Meal, Corn, Wheat), Softs (coffee, cotton, sugar, cocoa and orange juice). The programs are not invested in all markets at all times. Hawksbill may add or delete markets and/or exchanges from the portfolio at its discretion.