The BLUEGRASS EQUITY MODEL is a blend of eight different systems designed to capture the unique behavior and liquidity afforded by the S&P 500 futures market. The manager invests exclusively in S&P 500 futures with the objective of generating highly uncorrelated and superior risk adjusted returns. The goal of the model is not to beat the S&P 500 but rather to achieve consistent absolute returns in all likely future market scenarios, and to provide added-value as a diversification to portfolios that have other assets. At core, the program profits from overbought and oversold conditions in the equity markets. Despite the discretionary trading history of the principals, the model is entirely systematic. Trade decisions are based on internally developed technical studies while one of the eight systems uses exogenous inputs. Each trade has an individual stop and target which are sized according to market volatility. The model has an established maximum position size. Once this is achieved, additional signals in that direction generate a corresponding adjustment to outstanding trade exits to ensure each signal receives an allocation of risk in the market. Risk management is embedded at the portfolio level. *Prior to January 2017, returns are based on a fee structure of 1% management fee and 20% incentive fee. Going forward returns are proforma to a 0.25% management fee and 25% incentive fee.