Westphal Trading

(Diversified Trend-Following)

Fund Investment Objectives

WESTPHAL TRADING employs a technical trend-following investment strategy which utilizes a blend of systems. The strategy is diversified in that the Program follows over forty commodity interests. Examples of commodities for which contracts are now traded by the Manager include precious and base metals, U.S. and foreign financial instruments, stock indices, foreign currencies, grains and grain products, energy products such as crude oil and soft commodities such as sugar and coffee. The commodity interests typically traded have been chosen for, among other things, their historical performance and for their customary liquidity.