For the Long-Short portfolio, Taos manages portfolios using different quantitative and discretionary strategies that are combined to build a portfolio that seeks the maximum after-tax risk-adjusted returns. The primary objective is capital gains. Types of instruments that are used include: individual equities, exchange traded funds or notes, exchange traded partnerships, bonds, notes, trade claims, exchange traded options, exchange traded futures, and currencies. The strategy goes both long and short and does have a market-timing component. The strategy could generate a high level of activity (portfolio turnover) and be subject to material short term gains.ﾠ Long-Short portfolio clients must pass the tests under the Advisers Act, Rule 205-3.