Pinstripe Trading, LLC Standard Trading Program

The Pinstripe Standard Program employs a systematic approach to engage in the speculative trading of the S&P E-mini contact. This procedure and approach to a methodical form of trading was perfected by the founder Paul Taglia, a twenty year veteran of the markets who previously managed over $100 million in his prior fund. The scientific research led systematic trading strategies can hold long or short positions. The Program blends short term momentum and short term mean reversion strategies with a few longer term momentum and mean reversion strategies, incorporating multiple time frames and systems. The strategies generate three trades per month on average and each has a holding period of 3-5 trading days. Only infrequently will longer term trades trigger and their average hold will be 2-4 weeks. A prolonged parabolic move in either direction will keep the program idle and on the sidelines, thus not participating. Trade frequency is solely dictated by the systems and the trades they generate. One of Pinstripe’s primary strengths is to follow our models and not use discretion. This rule is written in stone. Pinstripe’s sole goal is to always protect capital. The moment a trade triggers, a stop is in place. When a stop is reached, the entire position is closed at one time. Managing and controlling portfolio risk is accomplished by the infrequency of trades that trigger on a monthly basis, let alone that overlap on a daily basis. Risk is further controlled by only trading one instrument. Pinstripe’s highly efficient investment business with extremely low overhead allows us to be nimble, patient, and selective of when we trade (speculate). As such we never feel compelled to trade daily, weekly, or even monthly. Our sole focus and dedication is to only risk capital when the odds of success are overwhelmingly in our favor. Pinstripe’s investment objective is to deliver long-term capital appreciation through compounded growth. The intention of the trading program is to consistently make money and keep draw-downs to a minimum. The targeted annual return for the Program is 16% (before fees), with a risk per trade of 2.50%. The Pinstripe Standard Program’s track record has been achieved during several periods of high volatility and some difficult market conditions.

Year or YTD Program SP500 TR
2016 9.33 11.98
2015 17.15 1.41
2014 1.39 13.69
2013 8.17 32.41
2012 10.64 15.98
2011 5.96 2.12
2010 0.42 15.06
2009 10.03 13.96
Average 7.89 13.33
Manager Name: Pinstripe Trading, LLC
Address: 1000 Quail St, Suite #210
City: Newport Beach
State: CA
Zip: 92660-9037
Country: United States

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Disclosure

Quest Partners LLC AlphaQuest Original Program QEP

AQO is a short term momentum strategy with trades lasting 8 days on average. Trades are filtered for maximum volatility expansion potential and are timed using short term trade entry techniques. Trading systems are weighted within the portfolio based on their contributions to targeted volatility and drawdown levels. Integrated risk models manage risks by monitoring volatility metrics, market liquidity and sector exposure limits.

Year or YTD Program SP500 TR
2016 6.96 11.98
2015 5.68 1.41
2014 16.27 13.69
2013 15.91 32.41
2012 0.89 15.98
2011 -4.07 2.12
2010 20.11 15.06
2009 -11.73 26.45
2008 55.77 -36.99
2007 18.13 5.50
2006 25.72 15.79
2005 0.03 4.89
2004 -11.44 10.87
2003 2.73 28.69
2002 39.95 -22.10
2001 17.18 -11.88
2000 44.29 -9.09
1999 -2.44 11.01
Average 13.33 6.43
Manager Name: Quest Partners LLC
Address: 126 East 56th 25th Floor
City: New York
State: NY
Zip: 10022
Country: USA
Name: Paul Czkwianianc
Position: Principal

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Asset Investment Management


Disclosure

Amplitude Capital International Limited Klassik Strategy QEP

The Klassik Strategy trades via managed accounts and the Amplitude Trading Strategy Fund (”Fund”). Instruments include liquid exchange traded futures across all asset classes: equities, FX, fixed income and commodities. This strategy utilizes a systematic and fully automated directional program which uses extensive quantitative analysis of real time price data and sophisticated portfolio methodology to detect short term market trends on multiple time frames. The strategy incorporates a small mean reversion component and some pattern recognition. Execution is entirely electronic. Execution costs and slippage are closely monitored. The risk management function is also monitored real-time and is fully automated. As of 1st December 2015, 73 markets are traded, with each instrument independently analyzed. The average holding period is 7.5 days.

Year or YTD Program SP500 TR
2016 29.14 11.98
2015 -18.87 1.41
2014 26.47 13.69
2013 -5.16 32.41
2012 16.82 15.98
2011 -3.91 2.12
2010 3.26 15.06
2009 -2.46 9.99
Average 5.66 12.83
Manager Name: Amplitude Capital International Limited
Address: 1st Floor 802 West Bay Grand Pavilion Commercial Centre
City: Grand Cayman
State: GC
Zip: KY1-1203
Country: Cayman Islands

Karsten Schroeder is the Chief Executive Officer of the Investment Adviser, and from 2004 to December 2008 he was the Chief Executive Officer of Amplitude Capital LLP. He oversees all the key decisions of the Investment Adviser relating to product development, trading ideas and strategy and is the portfolio manager for the group investment funds. He had been working on the development of the Master Fund’s trading system for over five years until he founded Amplitude Capital LLP in September 2004. Mr Schroeder was with McKinsey from September 2001 to January 2004, where he was involved in a number of key corporate finance projects involving blue chip European clients. Between 1997 and 1999, Mr Schroeder read for a pre-diploma in Computer Science and Business at the European Business School in Oestrich-Winkel and took his diploma in Business Administration from HHL Leipzig Graduate School of Management in Leipzig between 1999 and 2001, which included an international term at the Australian Graduate School of Management.

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Disclosure

Crescent Bay Capital Management, Inc. Balanced Volatility Program

The objective of the Balanced Volatility Program (BVP) is to achieve substantial capital appreciation through the speculative trading of options on futures contracts using “Non-Directional” proprietary strategies. A secondary objective of the Balanced Volatility Program (BVP) is to offset volatility risks, which are inherent in short option or premium selling programs, while offering the benefits of an absolute return strategy. The BVP works well as a hedging tool when combined with a premium-selling program such as the Premium Stock Index Program (PSIP) or as a standalone investment. It is well documented that selling premium (short options) is profitable in quiet or low volatility markets, however, when volatility increases sharply, many months or even years of profit can be lost if risk is not properly managed. The foundation of the strategy used in the BVP blends various short and long options to create an overall position that is buffered from increases in volatility. Furthermore, positions are strategically placed across different calendar months providing an overall net long volatility position. These core elements combined with a robust adjustment protocol result in a balanced strategy. Positions are placed using proprietary strike level and ratio algorithms to achieve a strategy that can be profitable in flat or volatile market conditions. Stop limits derived as a function of account value and real-time monitoring of positions are the primary risk controls. Furthermore, the BVP only participates in high liquidity markets (currently the S&P 500 Emini and Pit option contracts).

Year or YTD Program SP500 TR
2016 1.74 11.98
2015 27.91 1.41
2014 2.54 13.69
2013 -31.35 32.41
2012 5.03 15.98
2011 -1.29 2.12
2010 28.49 15.06
2009 -3.65 26.45
2008 -8.41 -36.99
2007 34.45 1.79
Average 5.55 8.39
Manager Name: Crescent Bay Capital Management, Inc.
Address: 1201 Puerta Del Sol, Suite 224
City: San Clemente
State: CA
Zip: 92673
Country: USA

David Bedford graduated in April 1990 from Pepperdine University in Malibu, California with a Bachelor of Science degree in Sports Medicine. Upon graduation he became a Principal of Bedford Hardwood (a wood flooring sales and contracting company) and later, Sand Vac Systems (a manufacturer of dust retrieval systems for the construction industry). In May 1996, Mr. Bedford managed projects using statistical and quantitative testing methods (a prelude to his future career in trading systems research) as a Biomaterials Research Associate at University of California at San Francisco. From January 1998 – February 2007 he was employed as a District Sales Manager by GC America, an International dental products manufacturer. In August 1998, while remaining gainfully employed, David Bedford began graduate coursework in quantitative analysis, statistics, and information technology at Golden Gate University. These studies, combined with his interest in the markets, launched the pursuit of profitable trading methods research. Since August 1999, Mr. Bedford has been an active trader, testing his methods and skills in the stock and futures markets. He established Crescent Bay Capital Management, Inc. and continues to serve as President. Successful development of multiple trading systems led him to register CBCM as a Commodity Trading Advisor (CTA) for the purpose of managing client accounts. Crescent Bay Capital Management, Inc. (CBCM) was formed January 20th, 2003 for the purpose of trading and market research. CBCM has been registered with the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) as a CTA since August 23rd, 2004; and as a Commodity Pool Operator (“CPO”) since November 14th, 2006. David Bedford continues to research multiple trading strategies and alternative markets in addition to constant management and refinement of CBCM’s currently offered managed account programs, the Premium Stock Index Program (PSIP) and the Balanced Volatility Program (BVP). He also manages a limited partnership commodity pool, the Crescent Bay Diversified Futures Fund, L.P.

Mr. Stephan is a longtime trader of the equity and equity options markets. Prior to his association with CBCM, he managed proprietary and family accounts and has 10+ years of “live” trading experience. Mr. Stephan is NASD Series 3 examination qualified.

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Asset Investment Management


Disclosure

Three Rock Capital Management Global Macro Program QEP

Momentum based, focusing on G10 economies with an FX emphasis. Short – medium term time frame with concentrated risk

Year or YTD Program SP500 TR
2016 9.57 11.98
2015 14.00 1.41
2014 8.10 13.69
2013 6.17 32.41
2012 9.03 15.98
2011 0.25 2.12
2010 29.44 15.06
2009 -6.85 26.45
Average 8.71 14.89
Manager Name: Three Rock Capital Management
Address: 149 Francis Street
City: Dublin 8
State:
Zip:
Country: Ireland
Name: Ciaran Kane
Position: Principal
Name: Conor O’Mara
Position: Principal
Name: Fergal Cox
Position: Principal

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Asset Investment Management


Disclosure

Red Rock Capital, LLC Systematic Global Macro Program

The Systematic Global Macro Program was designed to capture the high-value payoff portion of globally trending markets by blending the benefits of both momentum and probability theory. The Program has three distinct aspects: Market Profiling, Alpha Generation, and Phase Discrimination. The Program is completely quantitative, systematic, and adaptable. Long and short positions are tactically implemented and managed on a globally diverse portfolio of liquid futures markets. It is Red Rock’s aim, through the disciplined application of their Systematic Global Macro Program, to produce as high as possible risk-adjusted returns for themselves and their investors – returns that are uncorrelated to the performance of major asset classes like stocks, bonds, & real estate.

Year or YTD Program SP500 TR
2016 1.92 11.98
2015 10.04 1.41
2014 21.80 13.69
2013 0.22 32.41
2012 -7.73 15.98
2011 1.44 2.12
2010 7.65 15.06
2009 2.43 26.45
2008 49.73 -36.99
2007 8.58 5.50
2006 5.69 15.79
2005 -0.88 4.89
2004 13.13 10.87
2003 22.12 10.99
Average 9.72 9.30
Manager Name: Red Rock Capital, LLC
Address: 5000 Birch Street, Suite 3000
City: Newport Beach
State: CA
Zip: 92660
Country: USA

Mr. Rollinger graduated with a Bachelor of Science degree in Finance with an Economics minor from Western Michigan University in 1993.Effective March 27, 2013, Mr. Rollinger is registered with the CFTC as an Associated Person and a listed principal of the firm. Effective April 25, 2013 Mr. Rollinger is an Associated Member of the NFA

Mr. Hoffman graduated Cum Laude with a Bachelor of Science degree in Electrical Engineering from Brigham Young University in April 1987. Effective March 18, 2013, Mr. Hoffman is a listed principal of the firm. Effective March 27, 2013, Mr. Hoffman is registered with the CFTC as an Associated Person. Effective April 25, 2013, Mr. Hoffman is an Associated Member of the NFA.

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Asset Investment Management


Disclosure

Millburn Corporation Diversified Program

Millburn Diversified Program (“MDP” or the “Program”) trades a diversified portfolio of more than 100 financial and commodity futures and FX forward contracts. Positions in the instruments traded may be either long or short. This approach is quantitative and systematic, employing price, price-derivative and non-price data sources.

Year or YTD Program SP500 TR
2016 11.57 11.98
2015 5.57 1.41
2014 17.65 13.69
2013 -6.11 32.41
2012 -5.50 15.98
2011 -6.39 2.12
2010 12.44 15.06
2009 -7.58 26.45
2008 22.15 -36.99
2007 14.25 5.50
2006 9.06 15.79
2005 6.03 4.89
2004 -0.56 10.87
2003 3.85 28.69
2002 24.82 -22.10
2001 -4.07 -11.88
2000 14.20 -9.09
1999 0.20 21.04
1998 8.21 28.58
1997 14.74 33.38
1996 18.82 22.96
1995 30.08 37.57
1994 11.55 1.32
1993 11.90 10.08
1992 18.52 7.65
1991 8.01 30.47
1990 50.12 -3.10
Average 10.50 10.92

Mr. Beker is Co-Chief Executive Officer and Co-Chairman of Millburn Ridgefield Corporation and The Millburn Corporation. He is Co-Chairman of Millburn’s Managed Futures and Commodities Research Committee and Chairman of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Beker has been employed by Millburn since June 1978. During his tenure at Millburn, he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in 1982. From June 1975 to July 1977, Mr. Beker was employed by Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, he was a futures trader at Clayton Brokerage Co. of St. Louis. Mr. Beker received a B.A. in economics from New York University in 1974 and a M.B.A. in finance from NYU in 1975.

Mr. Crapple is the Co-Chief Executive Officer and Co-Chairman of Millburn Ridgefield Corporation and The Millburn Corporation. He is Co-Chairman of Millburn’s Managed Futures and Commodities Research Committee and a member of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Crapple was a lawyer with Sidley & Austin in Chicago, Illinois, from 1969 until April 1, 1983, as a partner since 1975, specializing in commodities, securities, corporate and tax law. He was first associated with Millburn in 1976 and joined Millburn on April 1, 1983 on a full-time basis. Mr. Crapple is a Director, Member of the Executive Committee, Chairman of the Appeals Committee and a former Chairman of the Eastern Regional Business Conduct Committee of the NFA, past Chairman of the Managed Funds Association, a past member of the Global Markets Advisory Committee of the CFTC and a member of the board of directors of the Futures Industry Association (FIA). In 1966, he graduated with honors from the University of Wisconsin where his field of concentration was economics and he was elected to Phi Beta Kappa. In 1969, Mr. Crapple graduated from Harvard Law School, magna cum laude, where he was a member of the Harvard Law Review.

Mr. Buckbinder is Senior Vice-President and Chief Operating Officer of Millburn Ridgefield Corporation and The Millburn Corporation. He joined Millburn in January 1998 from Odyssey Partners, L.P. where he was responsible for the operation, administration and accounting of the firm’s merchant banking and managed account businesses from mid-1990 through December 1997. Mr. Buckbinder was employed by Tucker Anthony, a securities broker and dealer, from 1985 to 1990 where he was First Vice President and Controller, and from 1983 to 1984 where he designed and implemented various operations and accounting systems. He was with the public accounting firm of Ernst & Whinney from 1984 to 1985 as a manager in the tax department and from 1980 to 1983 as a senior auditor, with an emphasis on clients in the financial services business. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Mr. Buckbinder graduated cum laude from Pace University in 1980 with a B.B.A. in accounting and received an M.S. in taxation from Pace in 1988.

Mr. Fitzsimmons is a Senior Vice-President of Millburn Ridgefield Corporation and The Millburn Corporation. His responsibilities at Millburn include both marketing and investment strategy. He joined Millburn in January 1990 from Morgan Stanley & Co. Incorporated where he was a Principal and Manager of institutional foreign exchange sales and was involved in strategic trading for the firm. From 1977 to 1987, he was with Chemical Bank New York Corporation, first as a Senior Economist in Chemical’s Foreign Exchange Advisory Service and later as a Vice-President and Manager of Chemical’s Corporate Trading Group. While at Chemical, he also traded both foreign exchange and fixed income products. From 1973 to 1977, Mr. Fitzsimmons was employed by the Federal Reserve Bank of New York, dividing his time between the International Research Department and the Foreign Exchange Department. He graduated summa cum laude from the University of Bridgeport, Connecticut in 1970 with a B.S. in economics. His graduate work was done at the University of Virginia, where he received a certificate of candidacy for a Ph.D. in economics in 1973.

Mr. Felsenthal is General Counsel and Chief Compliance Officer of Millburn Ridgefield Corporation, The Millburn Corporation and ShareInVest. Prior to joining Millburn Ridgefield Corporation in January 2004, Mr. Felsenthal was a senior associate in the investment management group at Schulte Roth & Zabel LLP (September 1999- January 2004), where he represented and advised hedge funds, registered investment companies, investment advisers, broker-dealers and banks in connection with all facets of their asset management businesses, and a member of the tax department of Kramer, Levin, Naftalis & Frankel LLP (October 1996- September 1999). He graduated cum laude from Yeshiva University in 1991 with a bachelor of arts degree in political science, and order of the coif from Fordham University School of Law in 1996, where he also served as an editor of the Fordham Environmental Law Journal. Mr. Felsenthal received an LL.M degree in taxation from NYU School of Law in 2001 and has written and been quoted in numerous published articles on various topics related to investment management. Mr. Felsenthal is a member of the New York State Bar and a Co-Chairman of the Managed Funds Association CPO/CTA Advisory Committee.

Mr. Goodman is Executive Vice-President and Director of Trading of Millburn Ridgefield Corporation and The Millburn Corporation. He is a member of Millburn’s Managed Futures and Commodities Research Committee, and he is a member of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Goodman joined Millburn in 1982 as Assistant Director of Trading. Today his responsibilities include overseeing the firm’s trading operation and managing its trading relationships, as well as the design and implementation of trading systems. From 1980 through late 1982 he was a commodity trader for E. F. Hutton & Co., Inc. At Hutton, he also designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. Mr. Goodman graduated magna cum laude from Harpur College of the State University of New York in 1979 with a B.A. in economics.

Mr. Newton is a Senior Vice-President of Millburn Ridgefield Corporation and The Millburn Corporation. His primary responsibilities are in administration and marketing. Prior to joining Millburn in September 1991, Mr. Newton was President of Phoenix Asset Management, Inc., a registered commodity pool operator from April 1990 to August 1991. Prior to his employment with Phoenix, Mr. Newton was a Director of Managed Futures with Prudential-Bache Securities Inc. from September 1987 to March 1990. Mr. Newton joined Prudential-Bache from Heinold Asset Management, Inc. where he was a member of the senior management team. Heinold was a pioneer and one of the largest sponsors of funds utilizing futures and currency forward trading.

Mr. Smith is Executive Vice-President and Director of Research of Millburn Ridgefield Corporation and The Millburn Corporation. He is a member of Millburn’s Managed Futures and Commodities Research Committee. Mr. Smith joined Millburn in 1975. His responsibilities include the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. from the Massachusetts Institute of Technology in 1974 and an M.S from M.I.T. in 1975. While at M.I.T. he held several teaching and research positions in the computer science field and participated in various projects relating to database management.

Mr. Tanis is a Vice President, Principal Accounting Officer and Director of Operations of Millburn Ridgefield Corporation and The Millburn Corporation. He is responsible for overseeing operations and accounting for the firm’s commodity pools. He graduated from Grove City College in May 1976 with a B.A. in accounting and joined Millburn Ridgefield Corporation and The Millburn Corporation in May 1983. Prior to joining Millburn Ridgefield Corporation and its affiliates, he was with E.F. Hutton, where he was a Manager from December 1982 to April 1983; a Supervisor from August 1982 to December 1982; an International Accountant from April 1979 to August 1982; and a staff accountant from June 1978 to April 1979. As a Manager at E.F. Hutton, he was responsible for all internal and external commodity reporting. Mr. Tanis also served as a Junior Accountant and then International Staff Accountant with Merrill Lynch & Company from September 1976 to May 1978.

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Peter Knight Advisor
Asset Investment Management


Disclosure

 

 

Advanced Arbitrage Concepts Advanced Arbitrage Concepts Account 2

Financial Engineering and High Frequency Trading are combined to create a completely different trading program in energy

Year or YTD Program SP500 TR
2016 -13.70 11.98
2015 26.27 1.41
2014 27.75 13.69
2013 -4.20 14.76
Average 9.03 10.46
Manager Name: Advanced Arbitrage Concepts
Address: 2010 MONTEGo CT
City: Oldsmar
State: FL
Zip: 34677
Name: Hendrik Steenhuysen
Position: Principal

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Peter Knight Advisor
Asset Investment Management


Disclosure

Goldenwise Capital Management Inc. Goldenwise Quantitative Multi-Strategy QEP

Goldenwise aims to deliver superior absolute returns through its quantitative trading strategies. At Goldenwise, we seek to profit from global macro trends, market inefficiency and mis-pricing and to achieve absolute returns that have a low correlation to traditional asset classes. Goldenwise employs multi quantitative strategies, including: relative value long/short, volatility arbitrage, statistical arbitrage, trend following, spread trading, global macro, etc.

Year or YTD Program SP500 TR
2016 10.56 11.98
2015 17.79 1.41
2014 6.93 13.69
2013 15.03 32.41
2012 32.82 15.98
2011 38.03 2.12
2010 271.28 15.06
Average 56.06 13.24
Manager Name: Goldenwise Capital Management Inc.
Address: 161 Eglinton Avenue East, Suite 504
City: Toronto
State:
Zip: M4P 1J5
Country: Canada

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Asset Investment Management


Disclosure

Millburn Corporation Millburn Multi-Markets Program

Millburn Multi-Markets Trading L.P. (“Multi-Markets”) trades a diversified portfolio of approximately 100 financial and commodity futures and FX forward contracts. Positions in the instruments traded may be either long or short. This approach is quantitative and systematic, employing price, price-derivative and non-price data sources.

Year or YTD Program SP500 TR
2016 12.56 11.98
2015 6.26 1.41
2014 17.43 13.69
2013 -6.64 32.41
2012 -8.44 15.98
2011 -4.18 2.12
2010 7.50 15.06
2009 -2.04 26.45
2008 30.97 -36.99
2007 13.23 5.50
2006 12.33 15.79
2005 9.04 4.89
2004 8.24 9.23
Average 7.40 9.04
Manager Name: Millburn Corporation
Address: 411 West Putnam Avenue
City: Greenwich
State: CT
Zip: 06830
Country: USA

Mr. Beker is Co-Chief Executive Officer and Co-Chairman of Millburn Ridgefield Corporation and The Millburn Corporation. He is Co-Chairman of Millburn’s Managed Futures and Commodities Research Committee and Chairman of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Beker has been employed by Millburn since June 1978. During his tenure at Millburn, he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in 1982. From June 1975 to July 1977, Mr. Beker was employed by Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, he was a futures trader at Clayton Brokerage Co. of St. Louis. Mr. Beker received a B.A. in economics from New York University in 1974 and a M.B.A. in finance from NYU in 1975.

Mr. Crapple is the Co-Chief Executive Officer and Co-Chairman of Millburn Ridgefield Corporation and The Millburn Corporation. He is Co-Chairman of Millburn’s Managed Futures and Commodities Research Committee and a member of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Crapple was a lawyer with Sidley & Austin in Chicago, Illinois, from 1969 until April 1, 1983, as a partner since 1975, specializing in commodities, securities, corporate and tax law. He was first associated with Millburn in 1976 and joined Millburn on April 1, 1983 on a full-time basis. Mr. Crapple is a Director, Member of the Executive Committee, Chairman of the Appeals Committee and a former Chairman of the Eastern Regional Business Conduct Committee of the NFA, past Chairman of the Managed Funds Association, a past member of the Global Markets Advisory Committee of the CFTC and a member of the board of directors of the Futures Industry Association (FIA). In 1966, he graduated with honors from the University of Wisconsin where his field of concentration was economics and he was elected to Phi Beta Kappa. In 1969, Mr. Crapple graduated from Harvard Law School, magna cum laude, where he was a member of the Harvard Law Review.

Mr. Buckbinder is Senior Vice-President and Chief Operating Officer of Millburn Ridgefield Corporation and The Millburn Corporation. He joined Millburn in January 1998 from Odyssey Partners, L.P. where he was responsible for the operation, administration and accounting of the firm’s merchant banking and managed account businesses from mid-1990 through December 1997. Mr. Buckbinder was employed by Tucker Anthony, a securities broker and dealer, from 1985 to 1990 where he was First Vice President and Controller, and from 1983 to 1984 where he designed and implemented various operations and accounting systems. He was with the public accounting firm of Ernst & Whinney from 1984 to 1985 as a manager in the tax department and from 1980 to 1983 as a senior auditor, with an emphasis on clients in the financial services business. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Mr. Buckbinder graduated cum laude from Pace University in 1980 with a B.B.A. in accounting and received an M.S. in taxation from Pace in 1988.

Mr. Fitzsimmons is a Senior Vice-President of Millburn Ridgefield Corporation and The Millburn Corporation. His responsibilities at Millburn include both marketing and investment strategy. He joined Millburn in January 1990 from Morgan Stanley & Co. Incorporated where he was a Principal and Manager of institutional foreign exchange sales and was involved in strategic trading for the firm. From 1977 to 1987, he was with Chemical Bank New York Corporation, first as a Senior Economist in Chemical’s Foreign Exchange Advisory Service and later as a Vice-President and Manager of Chemical’s Corporate Trading Group. While at Chemical, he also traded both foreign exchange and fixed income products. From 1973 to 1977, Mr. Fitzsimmons was employed by the Federal Reserve Bank of New York, dividing his time between the International Research Department and the Foreign Exchange Department. He graduated summa cum laude from the University of Bridgeport, Connecticut in 1970 with a B.S. in economics. His graduate work was done at the University of Virginia, where he received a certificate of candidacy for a Ph.D. in economics in 1973.

Mr. Felsenthal is General Counsel and Chief Compliance Officer of Millburn Ridgefield Corporation, The Millburn Corporation and ShareInVest. Prior to joining Millburn Ridgefield Corporation in January 2004, Mr. Felsenthal was a senior associate in the investment management group at Schulte Roth & Zabel LLP (September 1999- January 2004), where he represented and advised hedge funds, registered investment companies, investment advisers, broker-dealers and banks in connection with all facets of their asset management businesses, and a member of the tax department of Kramer, Levin, Naftalis & Frankel LLP (October 1996- September 1999). He graduated cum laude from Yeshiva University in 1991 with a bachelor of arts degree in political science, and order of the coif from Fordham University School of Law in 1996, where he also served as an editor of the Fordham Environmental Law Journal. Mr. Felsenthal received an LL.M degree in taxation from NYU School of Law in 2001 and has written and been quoted in numerous published articles on various topics related to investment management. Mr. Felsenthal is a member of the New York State Bar and a Co-Chairman of the Managed Funds Association CPO/CTA Advisory Committee.

Mr. Goodman is Executive Vice-President and Director of Trading of Millburn Ridgefield Corporation and The Millburn Corporation. He is a member of Millburn’s Managed Futures and Commodities Research Committee, and he is a member of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Goodman joined Millburn in 1982 as Assistant Director of Trading. Today his responsibilities include overseeing the firm’s trading operation and managing its trading relationships, as well as the design and implementation of trading systems. From 1980 through late 1982 he was a commodity trader for E. F. Hutton & Co., Inc. At Hutton, he also designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. Mr. Goodman graduated magna cum laude from Harpur College of the State University of New York in 1979 with a B.A. in economics.

Mr. Newton is a Senior Vice-President of Millburn Ridgefield Corporation and The Millburn Corporation. His primary responsibilities are in administration and marketing. Prior to joining Millburn in September 1991, Mr. Newton was President of Phoenix Asset Management, Inc., a registered commodity pool operator from April 1990 to August 1991. Prior to his employment with Phoenix, Mr. Newton was a Director of Managed Futures with Prudential-Bache Securities Inc. from September 1987 to March 1990. Mr. Newton joined Prudential-Bache from Heinold Asset Management, Inc. where he was a member of the senior management team. Heinold was a pioneer and one of the largest sponsors of funds utilizing futures and currency forward trading.

Mr. Smith is Executive Vice-President and Director of Research of Millburn Ridgefield Corporation and The Millburn Corporation. He is a member of Millburn’s Managed Futures and Commodities Research Committee. Mr. Smith joined Millburn in 1975. His responsibilities include the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. from the Massachusetts Institute of Technology in 1974 and an M.S from M.I.T. in 1975. While at M.I.T. he held several teaching and research positions in the computer science field and participated in various projects relating to database management.

Mr. Tanis is a Vice President, Principal Accounting Officer and Director of Operations of Millburn Ridgefield Corporation and The Millburn Corporation. He is responsible for overseeing operations and accounting for the firm’s commodity pools. He graduated from Grove City College in May 1976 with a B.A. in accounting and joined Millburn Ridgefield Corporation and The Millburn Corporation in May 1983. Prior to joining Millburn Ridgefield Corporation and its affiliates, he was with E.F. Hutton, where he was a Manager from December 1982 to April 1983; a Supervisor from August 1982 to December 1982; an International Accountant from April 1979 to August 1982; and a staff accountant from June 1978 to April 1979. As a Manager at E.F. Hutton, he was responsible for all internal and external commodity reporting. Mr. Tanis also served as a Junior Accountant and then International Staff Accountant with Merrill Lynch & Company from September 1976 to May 1978.

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