Summary

The Trading Advisors' trading approach is based on the investment philosophy that superior risk/reward ratios can be achieved through diversification and risk management. A variety of independently acting trading systems are used to make investment decisions including technical and fundamental analysis. The systems vary from short term through intermediate to long-term in time-frame focus. Each system generates its own entry and exit signals and trades both sides of the market (long and short).The percentage allocated to each system is determined by its volatility. The Program strives to achieve a 15-20% absolute rate of return with less than 15% annual volatility and is uncorrelated with widely used portfolio benchmarks. The trading manager reserves the right to make adjustments in the exact entry or exit price a model uses for any program, in order to reduce the impact of slippage from large block orders being executed at the same price.