The Global Diversified Program is a computerized, mechanical trading program that is diversified across methodologies, markets and time frames. It consists of twelve trading systems, which trade over 60 different global futures markets with average holding periods ranging from 2 to 65 days. The Global Diversified Program targets a 15% annual return with a target volatility of 11%. It is a low leverage program with an average margin to equity of 10%, and has a low correlation to traditional asset classes. There is a heavy emphasis on risk control. Using volatility, market correlation, system correlation and utility theory, a unique money management system is employed. The result is a robust collection of systems designed to maximize return and minimize risk. Spectrum Asset Management LLC is a Delaware limited liability company specializing in the management of alternative investment products. Spectrum is registered with the Commodity Futures Trading Commission as a commodity trading advisor and as a commodity pool operator and is a Member of the National Futures Association. Michael E. Songer (President) has worked in the investment industry since 1988. Prior to Spectrum, Mr. Songer was a trader at C&D Commodities, Inc. (Dennis Trading Group). George T. Dowd III (Vice President) has also worked in the investment industry since 1988. Most recently, Mr. Dowd worked in the foreign exchange groups of Bank of America and JP Morgan Chase.