THE GLOBAL COMMODITIES - AGRICULTURAL PORTFOLIO (Ags Program) is an unleveraged, long only investment with an active risk management component. The Ags Program aims to provide investors with a cost effective, efficient, low volatility investment exposure to agricultural commodity markets. The risk management strategy is applied to all commodities represented in the Ags Program portfolio and calculates whether they offer an implied storage premium or storage cost. Capital is then allocated to those commodity markets which offer an implied positive yield, based on the assessed storage premium or reduced and allocated to fixed income if indicating an implied cost, based on the assessed storage cost.