Program Description: The Advanced Trend Program is designed to capture long-term classic managed futures trend following returns in an efficient manner. While pursuing a high correlation to longer term trend following, this is not a "replication" vehicle. Leveraging low latency algorithmic execution and an on-going research initiative, the program seeks to consistently improve on producing best-thinking in trend capture in liquid markets. An annualized volatility of 12% is targeted for the program. Risk manage- ment is incorporated within the portfolio and strategy designs of the program. All strategies have stop loss provisions. Risk is allocated to four sectors: stock indices, interest rates, foreign currencies and commodities with a top down sector limit of 40%. Within each sector, risk is allocated as evenly as liquidity permits to the North American, European and Asian geographic regions and likewise as equally as possible to the individual markets within those sectors/regions. The opportunity seen in one sector relative to another could weight one sector more highly than another for a portion of time, assuming equal opportunity the sectors pursue an equal risk balance.