-Trading Description: Mr. Bell trades primarily, but not exclusively, futures on agricultural markets, as well as options on these markets. CTAs generally rely on either fundamental or technical analysis or a combination thereof to identify effective trading strategies. Mr. Bell believes that fundamental factors determine the eventual movement of the market and places primary emphasis on these factors. However, he also monitors technical factors as they may serve to confirm the fundamentals, serve as an early warning that fundamentals are changing, or help indicate the potential extent of the price move. Mr. Bell's trading strategy attempts to detect disequilibriums in prices which will lead to trend movements for the commodity interests monitored, and normally seeks to establish positions and maintain such positions while the particular market moves in favor of the position and to exit the particular market and/or establish reverse positions when the favorable trend either reverses or does not materialize. In markets that are in equilibrium, Mr. Bell may trade a range around that price, making more frequent trades of shorter duration. BFF may employ trading analysts and technical analysts to assist with market research. No client will acquire any rights or proprietary interest in, or have access to, any of the information, data or trading methods utilized by BFF. BFF intends to maintain its current reliance on a combination of fundamental and technical analyses as the basis for all trading decisions, although BFF reserves the right to make adjustments to its risk management and other trading policies, without approval by the client. Clients will, however, be advised of any material changes in such trading policies. Background: BFF is a Commodity Trading Advisor under the direction of David Bell. Dr. Bell attended the Universities of Nebraska and Michigan State with degrees in agricultural economics and minors in markets and statistics. He worked for the US Department of Agriculture and for the past 22 years has been in the commodities industry with Connell Econometrics/ Connell Rice and Sugar Company, Sparks Companies, and Eagle Fund. He has directed research operations, conducted training schools on futures and options, served as a consultant to numerous firms in the food and fiber industry, developed trading strategies, and has twenty years experience trading markets.