Spread Program 3

Start Date

December 2006

Minimum Investment

$30,000

Worst Drawdown

-38.14%

Past performance is not indicitave of future results.

Performance History

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2011	15.96	19.20	-29.77	-3.54	5.31	15.65	-14.01	-1.87	4.53	-2.07			9.93
2010	0.31	9.57	-2.06	16.14	-13.93	-3.12	-15.72	-3.33	-9.72	-38.14	3.25	-2.39	-59.14
2009	9.08	4.75	11.77	1.79	2.33	-3.86	22.60	-7.04	-4.79	3.10	5.76	-4.34	41.15
2008	33.50	6.65	-7.55	9.96	24.31	19.57	13.59	-4.33	-1.82	9.47	13.92	4.75	122.02
2007		12.17	13.00	16.41	1.25	5.22	-10.84	-5.23	0.44	2.62	-9.67	-0.17	25.20

Additional CTA Information

Results shown above are accurate as of July 6, 2011.

Material Assumptions:

Note: Returns are for closed out trades only. Open trade gains and losses are therefore not reflected in these returns.

Hypothetical performance numbers include $30 of commission. Trading results are calculated using an average of actual client fills and are inclusive of slippage, but are hypothetical in that they represent a model account. The above results should not be considered apart from the risk disclaimer below. No management or incentive fees are included. Hypothetical results do not reflect reinvestment of funds or distribution of profits.

Actual Trading Start Date: December 22, 2006

This program trades on average 28 trades per month.

Policy for Reporting Performance on Trading Systems:

CTA uses actual fill prices as achieved on customer accounts when reporting performance. When CTA’s customers experience split and/or partial fills, the following procedures are used to determine posted performance results for the website.

Split Prices on System Executions-
1. An average trade profit/loss for all customers on the system is calculated.
2. The Average profit/loss is then rounded down to the nearest even tick. This accomplishes conservative reporting of performance for posted results.

Partial Fills on System Executions-
If a system order receives a partial fill (not all contracts filled) , resulting in a profitable trade for some, but not all customers trading the system, the trade will not be included in performance calculations. If a partial fill results in a losing trade, this trade will be included in performance calculations. This accomplishes conservative reporting of performance for posted results.

Important Information:

PLEASE READ CAREFULLY THE CFTC REQUIRED DISCLAIMER REGARDING HYPOTHETICAL RESULTS BELOW.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN; IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK OF ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL WHICH CAN ADVERSELY AFFECT TRADING RESULTS.

THESE PERFORMANCE TABLES AND RESULTS ARE HYPOTHETICAL IN NATURE AND DO NOT REPRESENT TRADING IN ACTUAL ACCOUNTS.

Risk Disclosure

Download Risk Disclosure Document