Altegris Clearing Solutions Spectrum Asset Management LLC Global Diversified Program *QEP*
Monthly Performance (%)
Date Range: 12/00 - 04/13
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2013 -0.02 -3.88 -1.63 0.81 -4.70
2012 0.61 -0.63 -3.00 -1.33 4.98 -7.46 3.16 -3.76 -4.48 -5.47 0.23 0.75 -15.85
2011 0.32 1.02 -0.82 2.97 -3.97 -2.86 3.65 0.45 0.99 -4.54 3.49 -1.33 -1.05
2010 -5.06 0.79 4.81 -0.12 -8.20 1.65 0.20 4.57 4.74 6.89 -0.55 4.73 14.21
2009 -0.13 0.36 -1.01 -2.95 -2.78 -0.67 0.67 5.28 2.92 -1.45 5.87 -2.77 2.89
2008 5.60 11.02 -1.67 0.43 0.57 4.73 -2.73 -1.77 -1.09 7.31 1.52 1.01 26.82
2007 1.81 -1.54 -1.50 2.30 2.24 0.30 -7.33 -8.94 5.82 9.52 -3.58 5.99 3.52
2006 3.55 -0.20 6.04 4.26 0.62 -0.16 -4.65 -1.50 -1.23 -0.66 -0.96 1.36 6.18
2005 -1.57 -0.98 -2.56 -2.49 1.56 0.59 -2.74 0.09 -3.54 -2.97 2.54 0.06 -11.56
2004 -1.84 6.51 2.40 -5.24 -2.71 -2.42 2.09 0.13 0.23 3.00 5.09 -3.86 2.69
2003 6.90 4.56 -8.15 0.83 6.11 -0.99 -3.06 -0.17 4.49 5.78 0.08 0.17 16.62
2002 -1.51 -0.95 -1.59 1.62 5.75 7.28 2.21 1.83 3.08 -5.17 -2.51 7.05 17.52
2001 0.20 0.82 2.72 -1.61 0.25 0.71 -2.99 3.45 3.90 -0.88 -3.92 2.82 5.25
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Spectrum’s Global Diversified Program uses a portfolio of conceptually diverse computerized trading systems to trade a wide variety of futures and forward markets across short, intermediate and long term time horizons. The program is active in approximately 75 different global futures markets, including, bonds, interest rates, currencies, grains, metals, softs, energies, meats and stock indices. Over 50% of total exposure is in commodities. Statistical price pattern analysis is used to identify profit opportunities from trend, counter-trend and volatility characteristics of price movement. Spectrum maintains an extensive database and uses a proprietary research platform to develop adaptive filters and trade signals which are designed to navigate noisy markets. The trade signals are combined with a portfolio level risk management system. The investment goal is to provide high risk-adjusted returns with a low correlation to traditional asset classes. Spectrum’s seven member team consists of investment professionals with many years of experience and diverse backgrounds ranging from the U.S. Department of Agriculture to quantitative finance and aerospace engineering. Spectrum is a research driven firm with a well defined process and a dedication to continuous improvement. Our clients include top tier banks, fund of funds, family offices and wealthy individuals. Spectrum was founded in 2002 by Michael E. Songer and the office is located in the historic Chicago Board of Trade.
Performance Statistics
Date Range: 12/00 - 04/13
  Program SP500 TR Altegris 40
Total Return 70.30% 54.34% 114.82%
Annualized Return 4.41% 3.56% 6.35%
Annualized Std. Deviation 12.56% 15.66% 10.72%
Correlation -0.16 0.74
Sharpe Ratio (rf=2.5%) 0.15 0.07 0.36
Worst Month -8.94% -16.80% -7.77%
Date of Worst Month 08/2007 10/2008 11/2001
Worst Drawdown -23.94% -50.95% -13.24%
Date of Worst Drawdown 4/11 - 3/13 10/07 - 2/09 2/04 - 8/04
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 12/00 - 04/13
Year or YTD Program SP500 TR Altegris 40
2013 -4.70 12.74 5.42
2012 -15.85 15.98 -4.75
2011 -1.05 2.12 -3.23
2010 14.21 15.06 11.33
2009 2.89 26.45 -7.98
2008 26.82 -37.00 15.47
2007 3.52 5.50 7.18
2006 6.18 15.79 6.70
2005 -11.56 4.89 4.51
2004 2.69 10.87 2.57
2003 16.62 28.69 15.99
2002 17.52 -22.11 15.22
2001 5.25 -11.88 5.39
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 12/00 - 04/13
Date: 4/30/2013 Perf: $1,984.84 Date: 3/31/2013 Perf: $1,934.92 Date: 2/28/2013 Perf: $1,907.45 Date: 1/31/2013 Perf: $1,918.58 Date: 12/31/2012 Perf: $1,882.80 Date: 11/30/2012 Perf: $1,873.62 Date: 10/31/2012 Perf: $1,868.39 Date: 9/30/2012 Perf: $1,938.57 Date: 8/31/2012 Perf: $1,971.09 Date: 7/31/2012 Perf: $1,998.27 Date: 6/30/2012 Perf: $1,919.75 Date: 5/31/2012 Perf: $1,994.75 Date: 4/30/2012 Perf: $1,957.56 Date: 3/31/2012 Perf: $1,945.88 Date: 2/29/2012 Perf: $1,991.08 Date: 1/31/2012 Perf: $1,982.95 Date: 12/31/2011 Perf: $1,976.62 Date: 11/30/2011 Perf: $1,957.83 Date: 10/31/2011 Perf: $1,951.97 Date: 9/30/2011 Perf: $2,032.46 Date: 8/31/2011 Perf: $2,033.68 Date: 7/31/2011 Perf: $2,037.75 Date: 6/30/2011 Perf: $1,967.13 Date: 5/31/2011 Perf: $2,019.64 Date: 4/30/2011 Perf: $2,096.15 Date: 3/31/2011 Perf: $2,017.47 Date: 2/28/2011 Perf: $2,048.82 Date: 1/31/2011 Perf: $2,014.57 Date: 12/31/2010 Perf: $2,042.55 Date: 11/30/2010 Perf: $1,958.53 Date: 10/31/2010 Perf: $2,030.41 Date: 9/30/2010 Perf: $1,954.57 Date: 8/31/2010 Perf: $1,919.64 Date: 7/31/2010 Perf: $1,843.32 Date: 6/30/2010 Perf: $1,867.41 Date: 5/31/2010 Perf: $1,860.34 Date: 4/30/2010 Perf: $1,906.48 Date: 3/31/2010 Perf: $1,877.56 Date: 2/28/2010 Perf: $1,805.87 Date: 1/31/2010 Perf: $1,789.05 Date: 12/31/2009 Perf: $1,834.74 Date: 11/30/2009 Perf: $1,911.19 Date: 10/31/2009 Perf: $1,837.15 Date: 9/30/2009 Perf: $1,885.42 Date: 8/31/2009 Perf: $1,841.59 Date: 7/31/2009 Perf: $1,835.53 Date: 6/30/2009 Perf: $1,837.55 Date: 5/31/2009 Perf: $1,887.77 Date: 4/30/2009 Perf: $1,862.07 Date: 3/31/2009 Perf: $1,925.02 Date: 2/28/2009 Perf: $1,979.86 Date: 1/31/2009 Perf: $1,980.85 Date: 12/31/2008 Perf: $1,993.81 Date: 11/30/2008 Perf: $1,943.85 Date: 10/31/2008 Perf: $1,875.04 Date: 9/30/2008 Perf: $1,783.20 Date: 8/31/2008 Perf: $1,779.47 Date: 7/31/2008 Perf: $1,828.28 Date: 6/30/2008 Perf: $1,916.24 Date: 5/31/2008 Perf: $1,866.40 Date: 4/30/2008 Perf: $1,828.73 Date: 3/31/2008 Perf: $1,850.01 Date: 2/29/2008 Perf: $1,858.18 Date: 1/31/2008 Perf: $1,758.14 Date: 12/31/2007 Perf: $1,726.72 Date: 11/30/2007 Perf: $1,730.70 Date: 10/31/2007 Perf: $1,742.02 Date: 9/30/2007 Perf: $1,670.04 Date: 8/31/2007 Perf: $1,595.53 Date: 7/31/2007 Perf: $1,657.35 Date: 6/30/2007 Perf: $1,710.20 Date: 5/31/2007 Perf: $1,662.16 Date: 4/30/2007 Perf: $1,604.87 Date: 3/31/2007 Perf: $1,540.18 Date: 2/28/2007 Perf: $1,577.08 Date: 1/31/2007 Perf: $1,638.53 Date: 12/31/2006 Perf: $1,610.98 Date: 11/30/2006 Perf: $1,558.31 Date: 10/31/2006 Perf: $1,521.04 Date: 9/30/2006 Perf: $1,504.49 Date: 8/31/2006 Perf: $1,520.61 Date: 7/31/2006 Perf: $1,503.77 Date: 6/30/2006 Perf: $1,526.36 Date: 5/31/2006 Perf: $1,547.56 Date: 4/30/2006 Perf: $1,589.69 Date: 3/31/2006 Perf: $1,551.82 Date: 2/28/2006 Perf: $1,511.32 Date: 1/31/2006 Perf: $1,538.71 Date: 12/31/2005 Perf: $1,509.87 Date: 11/30/2005 Perf: $1,537.70 Date: 10/31/2005 Perf: $1,474.45 Date: 9/30/2005 Perf: $1,472.09 Date: 8/31/2005 Perf: $1,449.77 Date: 7/31/2005 Perf: $1,441.98 Date: 6/30/2005 Perf: $1,441.12 Date: 5/31/2005 Perf: $1,393.59 Date: 4/30/2005 Perf: $1,351.82 Date: 3/31/2005 Perf: $1,385.77 Date: 2/28/2005 Perf: $1,393.58 Date: 1/31/2005 Perf: $1,384.03 Date: 12/31/2004 Perf: $1,444.71 Date: 11/30/2004 Perf: $1,439.95 Date: 10/31/2004 Perf: $1,366.05 Date: 9/30/2004 Perf: $1,320.88 Date: 8/31/2004 Perf: $1,303.28 Date: 7/31/2004 Perf: $1,312.34 Date: 6/30/2004 Perf: $1,327.47 Date: 5/31/2004 Perf: $1,372.77 Date: 4/30/2004 Perf: $1,394.95 Date: 3/31/2004 Perf: $1,487.47 Date: 2/29/2004 Perf: $1,502.20 Date: 1/31/2004 Perf: $1,421.99 Date: 12/31/2003 Perf: $1,408.47 Date: 11/30/2003 Perf: $1,350.02 Date: 10/31/2003 Perf: $1,354.08 Date: 9/30/2003 Perf: $1,324.28 Date: 8/31/2003 Perf: $1,330.40 Date: 7/31/2003 Perf: $1,318.01 Date: 6/30/2003 Perf: $1,348.49 Date: 5/31/2003 Perf: $1,383.21 Date: 4/30/2003 Perf: $1,306.52 Date: 3/31/2003 Perf: $1,287.59 Date: 2/28/2003 Perf: $1,365.71 Date: 1/31/2003 Perf: $1,288.77 Date: 12/31/2002 Perf: $1,214.33 Date: 11/30/2002 Perf: $1,144.62 Date: 10/31/2002 Perf: $1,177.11 Date: 9/30/2002 Perf: $1,241.41 Date: 8/31/2002 Perf: $1,186.71 Date: 7/31/2002 Perf: $1,158.78 Date: 6/30/2002 Perf: $1,100.04 Date: 5/31/2002 Perf: $1,010.69 Date: 4/30/2002 Perf: $985.18 Date: 3/31/2002 Perf: $1,008.99 Date: 2/28/2002 Perf: $1,011.92 Date: 1/31/2002 Perf: $1,041.29 Date: 12/31/2001 Perf: $1,053.94 Date: 11/30/2001 Perf: $1,032.16 Date: 10/31/2001 Perf: $1,119.11 Date: 9/30/2001 Perf: $1,072.77 Date: 8/31/2001 Perf: $1,040.71 Date: 7/31/2001 Perf: $1,010.50 Date: 6/30/2001 Perf: $1,008.28 Date: 5/31/2001 Perf: $1,019.50 Date: 4/30/2001 Perf: $1,019.19 Date: 3/31/2001 Perf: $1,086.09 Date: 2/28/2001 Perf: $1,020.00 Date: 1/31/2001 Perf: $1,010.40 Date: 12/31/2000 Perf: $1,000.00 Date: 4/30/2013 Perf: $1,535.85 Date: 3/31/2013 Perf: $1,506.77 Date: 2/28/2013 Perf: $1,452.31 Date: 1/31/2013 Perf: $1,432.82 Date: 12/31/2012 Perf: $1,362.26 Date: 11/30/2012 Perf: $1,349.97 Date: 10/31/2012 Perf: $1,342.19 Date: 9/30/2012 Perf: $1,367.48 Date: 8/31/2012 Perf: $1,333.09 Date: 7/31/2012 Perf: $1,303.76 Date: 6/30/2012 Perf: $1,285.88 Date: 5/31/2012 Perf: $1,235.00 Date: 4/30/2012 Perf: $1,313.97 Date: 3/31/2012 Perf: $1,322.30 Date: 2/29/2012 Perf: $1,280.18 Date: 1/31/2012 Perf: $1,227.17 Date: 12/31/2011 Perf: $1,174.55 Date: 11/30/2011 Perf: $1,162.69 Date: 10/31/2011 Perf: $1,165.25 Date: 9/30/2011 Perf: $1,050.44 Date: 8/31/2011 Perf: $1,129.87 Date: 7/31/2011 Perf: $1,194.74 Date: 6/30/2011 Perf: $1,219.50 Date: 5/31/2011 Perf: $1,240.21 Date: 4/30/2011 Perf: $1,254.39 Date: 3/31/2011 Perf: $1,218.32 Date: 2/28/2011 Perf: $1,217.84 Date: 1/31/2011 Perf: $1,177.45 Date: 12/31/2010 Perf: $1,150.19 Date: 11/30/2010 Perf: $1,078.17 Date: 10/31/2010 Perf: $1,078.06 Date: 9/30/2010 Perf: $1,038.49 Date: 8/31/2010 Perf: $953.45 Date: 7/31/2010 Perf: $998.48 Date: 6/30/2010 Perf: $933.07 Date: 5/31/2010 Perf: $984.56 Date: 4/30/2010 Perf: $1,070.06 Date: 3/31/2010 Perf: $1,053.42 Date: 2/28/2010 Perf: $993.51 Date: 1/31/2010 Perf: $963.64 Date: 12/31/2009 Perf: $999.62 Date: 11/30/2009 Perf: $980.69 Date: 10/31/2009 Perf: $925.18 Date: 9/30/2009 Perf: $942.72 Date: 8/31/2009 Perf: $908.82 Date: 7/31/2009 Perf: $877.15 Date: 6/30/2009 Perf: $815.50 Date: 5/31/2009 Perf: $813.87 Date: 4/30/2009 Perf: $770.79 Date: 3/31/2009 Perf: $703.47 Date: 2/28/2009 Perf: $646.81 Date: 1/31/2009 Perf: $723.90 Date: 12/31/2008 Perf: $790.54 Date: 11/30/2008 Perf: $782.25 Date: 10/31/2008 Perf: $842.76 Date: 9/30/2008 Perf: $1,012.94 Date: 8/31/2008 Perf: $1,112.02 Date: 7/31/2008 Perf: $1,096.12 Date: 6/30/2008 Perf: $1,105.41 Date: 5/31/2008 Perf: $1,207.17 Date: 4/30/2008 Perf: $1,191.68 Date: 3/31/2008 Perf: $1,136.34 Date: 2/29/2008 Perf: $1,141.25 Date: 1/31/2008 Perf: $1,179.58 Date: 12/31/2007 Perf: $1,254.88 Date: 11/30/2007 Perf: $1,263.60 Date: 10/31/2007 Perf: $1,318.72 Date: 9/30/2007 Perf: $1,298.08 Date: 8/31/2007 Perf: $1,251.28 Date: 7/31/2007 Perf: $1,232.79 Date: 6/30/2007 Perf: $1,272.23 Date: 5/31/2007 Perf: $1,293.70 Date: 4/30/2007 Perf: $1,250.08 Date: 3/31/2007 Perf: $1,197.05 Date: 2/28/2007 Perf: $1,183.79 Date: 1/31/2007 Perf: $1,207.45 Date: 12/31/2006 Perf: $1,189.49 Date: 11/30/2006 Perf: $1,173.07 Date: 10/31/2006 Perf: $1,151.20 Date: 9/30/2006 Perf: $1,114.85 Date: 8/31/2006 Perf: $1,086.81 Date: 7/31/2006 Perf: $1,061.55 Date: 6/30/2006 Perf: $1,055.01 Date: 5/31/2006 Perf: $1,053.53 Date: 4/30/2006 Perf: $1,084.77 Date: 3/31/2006 Perf: $1,070.43 Date: 2/28/2006 Perf: $1,057.32 Date: 1/31/2006 Perf: $1,054.47 Date: 12/31/2005 Perf: $1,027.25 Date: 11/30/2005 Perf: $1,026.94 Date: 10/31/2005 Perf: $989.54 Date: 9/30/2005 Perf: $1,006.34 Date: 8/31/2005 Perf: $998.26 Date: 7/31/2005 Perf: $1,007.43 Date: 6/30/2005 Perf: $971.29 Date: 5/31/2005 Perf: $969.94 Date: 4/30/2005 Perf: $940.04 Date: 3/31/2005 Perf: $958.25 Date: 2/28/2005 Perf: $975.52 Date: 1/31/2005 Perf: $955.45 Date: 12/31/2004 Perf: $979.35 Date: 11/30/2004 Perf: $947.14 Date: 10/31/2004 Perf: $910.28 Date: 9/30/2004 Perf: $896.56 Date: 8/31/2004 Perf: $886.98 Date: 7/31/2004 Perf: $883.45 Date: 6/30/2004 Perf: $913.69 Date: 5/31/2004 Perf: $896.30 Date: 4/30/2004 Perf: $884.19 Date: 3/31/2004 Perf: $898.29 Date: 2/29/2004 Perf: $912.06 Date: 1/31/2004 Perf: $899.56 Date: 12/31/2003 Perf: $883.31 Date: 11/30/2003 Perf: $839.33 Date: 10/31/2003 Perf: $832.00 Date: 9/30/2003 Perf: $787.44 Date: 8/31/2003 Perf: $795.87 Date: 7/31/2003 Perf: $780.65 Date: 6/30/2003 Perf: $767.15 Date: 5/31/2003 Perf: $757.45 Date: 4/30/2003 Perf: $719.53 Date: 3/31/2003 Perf: $664.76 Date: 2/28/2003 Perf: $658.37 Date: 1/31/2003 Perf: $668.40 Date: 12/31/2002 Perf: $686.38 Date: 11/30/2002 Perf: $729.26 Date: 10/31/2002 Perf: $688.70 Date: 9/30/2002 Perf: $632.99 Date: 8/31/2002 Perf: $710.19 Date: 7/31/2002 Perf: $705.53 Date: 6/30/2002 Perf: $765.22 Date: 5/31/2002 Perf: $823.88 Date: 4/30/2002 Perf: $830.02 Date: 3/31/2002 Perf: $883.57 Date: 2/28/2002 Perf: $851.55 Date: 1/31/2002 Perf: $868.31 Date: 12/31/2001 Perf: $881.17 Date: 11/30/2001 Perf: $873.49 Date: 10/31/2001 Perf: $811.26 Date: 9/30/2001 Perf: $796.06 Date: 8/31/2001 Perf: $866.03 Date: 7/31/2001 Perf: $923.87 Date: 6/30/2001 Perf: $933.01 Date: 5/31/2001 Perf: $956.25 Date: 4/30/2001 Perf: $949.88 Date: 3/31/2001 Perf: $881.40 Date: 2/28/2001 Perf: $941.06 Date: 1/31/2001 Perf: $1,035.50 Date: 12/31/2000 Perf: $1,000.00 Date: 4/30/2013 Perf: $1,702.96 Date: 3/31/2013 Perf: $1,689.28 Date: 2/28/2013 Perf: $1,717.27 Date: 1/31/2013 Perf: $1,786.59 Date: 12/31/2012 Perf: $1,786.94 Date: 11/30/2012 Perf: $1,773.64 Date: 10/31/2012 Perf: $1,769.57 Date: 9/30/2012 Perf: $1,871.97 Date: 8/31/2012 Perf: $1,959.77 Date: 7/31/2012 Perf: $2,036.33 Date: 6/30/2012 Perf: $1,973.96 Date: 5/31/2012 Perf: $2,133.08 Date: 4/30/2012 Perf: $2,031.89 Date: 3/31/2012 Perf: $2,059.28 Date: 2/29/2012 Perf: $2,122.97 Date: 1/31/2012 Perf: $2,136.43 Date: 12/31/2011 Perf: $2,123.48 Date: 11/30/2011 Perf: $2,152.10 Date: 10/31/2011 Perf: $2,079.53 Date: 9/30/2011 Perf: $2,178.43 Date: 8/31/2011 Perf: $2,157.07 Date: 7/31/2011 Perf: $2,147.41 Date: 6/30/2011 Perf: $2,071.79 Date: 5/31/2011 Perf: $2,132.79 Date: 4/30/2011 Perf: $2,220.96 Date: 3/31/2011 Perf: $2,156.90 Date: 2/28/2011 Perf: $2,174.73 Date: 1/31/2011 Perf: $2,152.77 Date: 12/31/2010 Perf: $2,145.91 Date: 11/30/2010 Perf: $2,048.99 Date: 10/31/2010 Perf: $2,060.32 Date: 9/30/2010 Perf: $1,927.51 Date: 8/31/2010 Perf: $1,840.29 Date: 7/31/2010 Perf: $1,759.86 Date: 6/30/2010 Perf: $1,756.35 Date: 5/31/2010 Perf: $1,727.84 Date: 4/30/2010 Perf: $1,882.18 Date: 3/31/2010 Perf: $1,884.44 Date: 2/28/2010 Perf: $1,797.96 Date: 1/31/2010 Perf: $1,783.86 Date: 12/31/2009 Perf: $1,878.94 Date: 11/30/2009 Perf: $1,932.47 Date: 10/31/2009 Perf: $1,825.32 Date: 9/30/2009 Perf: $1,852.18 Date: 8/31/2009 Perf: $1,799.63 Date: 7/31/2009 Perf: $1,709.37 Date: 6/30/2009 Perf: $1,698.00 Date: 5/31/2009 Perf: $1,709.45 Date: 4/30/2009 Perf: $1,758.33 Date: 3/31/2009 Perf: $1,811.78 Date: 2/28/2009 Perf: $1,830.26 Date: 1/31/2009 Perf: $1,823.70 Date: 12/31/2008 Perf: $1,826.07 Date: 11/30/2008 Perf: $1,807.81 Date: 10/31/2008 Perf: $1,780.75 Date: 9/30/2008 Perf: $1,659.44 Date: 8/31/2008 Perf: $1,677.73 Date: 7/31/2008 Perf: $1,707.96 Date: 6/30/2008 Perf: $1,755.90 Date: 5/31/2008 Perf: $1,676.59 Date: 4/30/2008 Perf: $1,667.09 Date: 3/31/2008 Perf: $1,659.95 Date: 2/29/2008 Perf: $1,688.14 Date: 1/31/2008 Perf: $1,520.58 Date: 12/31/2007 Perf: $1,439.94 Date: 11/30/2007 Perf: $1,358.56 Date: 10/31/2007 Perf: $1,409.00 Date: 9/30/2007 Perf: $1,286.53 Date: 8/31/2007 Perf: $1,215.77 Date: 7/31/2007 Perf: $1,335.13 Date: 6/30/2007 Perf: $1,440.74 Date: 5/31/2007 Perf: $1,436.43 Date: 4/30/2007 Perf: $1,404.96 Date: 3/31/2007 Perf: $1,373.37 Date: 2/28/2007 Perf: $1,394.28 Date: 1/31/2007 Perf: $1,416.09 Date: 12/31/2006 Perf: $1,390.91 Date: 11/30/2006 Perf: $1,372.25 Date: 10/31/2006 Perf: $1,385.55 Date: 9/30/2006 Perf: $1,394.76 Date: 8/31/2006 Perf: $1,412.13 Date: 7/31/2006 Perf: $1,433.63 Date: 6/30/2006 Perf: $1,503.55 Date: 5/31/2006 Perf: $1,505.96 Date: 4/30/2006 Perf: $1,496.68 Date: 3/31/2006 Perf: $1,435.52 Date: 2/28/2006 Perf: $1,353.76 Date: 1/31/2006 Perf: $1,356.47 Date: 12/31/2005 Perf: $1,309.97 Date: 11/30/2005 Perf: $1,309.18 Date: 10/31/2005 Perf: $1,276.75 Date: 9/30/2005 Perf: $1,315.83 Date: 8/31/2005 Perf: $1,364.12 Date: 7/31/2005 Perf: $1,362.90 Date: 6/30/2005 Perf: $1,401.29 Date: 5/31/2005 Perf: $1,393.07 Date: 4/30/2005 Perf: $1,371.67 Date: 3/31/2005 Perf: $1,406.70 Date: 2/28/2005 Perf: $1,443.66 Date: 1/31/2005 Perf: $1,457.95 Date: 12/31/2004 Perf: $1,481.20 Date: 11/30/2004 Perf: $1,540.67 Date: 10/31/2004 Perf: $1,466.05 Date: 9/30/2004 Perf: $1,423.35 Date: 8/31/2004 Perf: $1,420.08 Date: 7/31/2004 Perf: $1,418.24 Date: 6/30/2004 Perf: $1,389.20 Date: 5/31/2004 Perf: $1,423.66 Date: 4/30/2004 Perf: $1,463.31 Date: 3/31/2004 Perf: $1,544.23 Date: 2/29/2004 Perf: $1,508.04 Date: 1/31/2004 Perf: $1,415.86 Date: 12/31/2003 Perf: $1,442.40 Date: 11/30/2003 Perf: $1,439.96 Date: 10/31/2003 Perf: $1,438.81 Date: 9/30/2003 Perf: $1,360.19 Date: 8/31/2003 Perf: $1,301.74 Date: 7/31/2003 Perf: $1,303.96 Date: 6/30/2003 Perf: $1,345.12 Date: 5/31/2003 Perf: $1,358.57 Date: 4/30/2003 Perf: $1,280.34 Date: 3/31/2003 Perf: $1,269.80 Date: 2/28/2003 Perf: $1,382.47 Date: 1/31/2003 Perf: $1,322.18 Date: 12/31/2002 Perf: $1,236.84 Date: 11/30/2002 Perf: $1,155.38 Date: 10/31/2002 Perf: $1,185.13 Date: 9/30/2002 Perf: $1,249.74 Date: 8/31/2002 Perf: $1,212.40 Date: 7/31/2002 Perf: $1,190.61 Date: 6/30/2002 Perf: $1,164.87 Date: 5/31/2002 Perf: $1,085.82 Date: 4/30/2002 Perf: $1,026.78 Date: 3/31/2002 Perf: $1,010.41 Date: 2/28/2002 Perf: $1,026.74 Date: 1/31/2002 Perf: $1,036.58 Date: 12/31/2001 Perf: $1,052.48 Date: 11/30/2001 Perf: $1,023.61 Date: 10/31/2001 Perf: $1,065.37 Date: 9/30/2001 Perf: $1,074.83 Date: 8/31/2001 Perf: $1,034.49 Date: 7/31/2001 Perf: $999.99 Date: 6/30/2001 Perf: $1,030.81 Date: 5/31/2001 Perf: $1,023.54 Date: 4/30/2001 Perf: $1,020.99 Date: 3/31/2001 Perf: $1,037.69 Date: 2/28/2001 Perf: $1,010.22 Date: 1/31/2001 Perf: $1,002.00 Date: 12/31/2000 Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 12/00 - 04/13
Date: 4/30/2013 Return: 0.81 % Date: 3/31/2013 Return: -1.63 % Date: 2/28/2013 Return: -3.88 % Date: 1/31/2013 Return: -0.02 % Date: 12/31/2012 Return: 0.75 % Date: 11/30/2012 Return: 0.23 % Date: 10/31/2012 Return: -5.47 % Date: 9/30/2012 Return: -4.48 % Date: 8/31/2012 Return: -3.76 % Date: 7/31/2012 Return: 3.16 % Date: 6/30/2012 Return: -7.46 % Date: 5/31/2012 Return: 4.98 % Date: 4/30/2012 Return: -1.33 % Date: 3/31/2012 Return: -3.00 % Date: 2/29/2012 Return: -0.63 % Date: 1/31/2012 Return: 0.61 % Date: 12/31/2011 Return: -1.33 % Date: 11/30/2011 Return: 3.49 % Date: 10/31/2011 Return: -4.54 % Date: 9/30/2011 Return: 0.99 % Date: 8/31/2011 Return: 0.45 % Date: 7/31/2011 Return: 3.65 % Date: 6/30/2011 Return: -2.86 % Date: 5/31/2011 Return: -3.97 % Date: 4/30/2011 Return: 2.97 % Date: 3/31/2011 Return: -0.82 % Date: 2/28/2011 Return: 1.02 % Date: 1/31/2011 Return: 0.32 % Date: 12/31/2010 Return: 4.73 % Date: 11/30/2010 Return: -0.55 % Date: 10/31/2010 Return: 6.89 % Date: 9/30/2010 Return: 4.74 % Date: 8/31/2010 Return: 4.57 % Date: 7/31/2010 Return: 0.20 % Date: 6/30/2010 Return: 1.65 % Date: 5/31/2010 Return: -8.20 % Date: 4/30/2010 Return: -0.12 % Date: 3/31/2010 Return: 4.81 % Date: 2/28/2010 Return: 0.79 % Date: 1/31/2010 Return: -5.06 % Date: 12/31/2009 Return: -2.77 % Date: 11/30/2009 Return: 5.87 % Date: 10/31/2009 Return: -1.45 % Date: 9/30/2009 Return: 2.92 % Date: 8/31/2009 Return: 5.28 % Date: 7/31/2009 Return: 0.67 % Date: 6/30/2009 Return: -0.67 % Date: 5/31/2009 Return: -2.78 % Date: 4/30/2009 Return: -2.95 % Date: 3/31/2009 Return: -1.01 % Date: 2/28/2009 Return: 0.36 % Date: 1/31/2009 Return: -0.13 % Date: 12/31/2008 Return: 1.01 % Date: 11/30/2008 Return: 1.52 % Date: 10/31/2008 Return: 7.31 % Date: 9/30/2008 Return: -1.09 % Date: 8/31/2008 Return: -1.77 % Date: 7/31/2008 Return: -2.73 % Date: 6/30/2008 Return: 4.73 % Date: 5/31/2008 Return: 0.57 % Date: 4/30/2008 Return: 0.43 % Date: 3/31/2008 Return: -1.67 % Date: 2/29/2008 Return: 11.02 % Date: 1/31/2008 Return: 5.60 % Date: 12/31/2007 Return: 5.99 % Date: 11/30/2007 Return: -3.58 % Date: 10/31/2007 Return: 9.52 % Date: 9/30/2007 Return: 5.82 % Date: 8/31/2007 Return: -8.94 % Date: 7/31/2007 Return: -7.33 % Date: 6/30/2007 Return: 0.30 % Date: 5/31/2007 Return: 2.24 % Date: 4/30/2007 Return: 2.30 % Date: 3/31/2007 Return: -1.50 % Date: 2/28/2007 Return: -1.54 % Date: 1/31/2007 Return: 1.81 % Date: 12/31/2006 Return: 1.36 % Date: 11/30/2006 Return: -0.96 % Date: 10/31/2006 Return: -0.66 % Date: 9/30/2006 Return: -1.23 % Date: 8/31/2006 Return: -1.50 % Date: 7/31/2006 Return: -4.65 % Date: 6/30/2006 Return: -0.16 % Date: 5/31/2006 Return: 0.62 % Date: 4/30/2006 Return: 4.26 % Date: 3/31/2006 Return: 6.04 % Date: 2/28/2006 Return: -0.20 % Date: 1/31/2006 Return: 3.55 % Date: 12/31/2005 Return: 0.06 % Date: 11/30/2005 Return: 2.54 % Date: 10/31/2005 Return: -2.97 % Date: 9/30/2005 Return: -3.54 % Date: 8/31/2005 Return: 0.09 % Date: 7/31/2005 Return: -2.74 % Date: 6/30/2005 Return: 0.59 % Date: 5/31/2005 Return: 1.56 % Date: 4/30/2005 Return: -2.49 % Date: 3/31/2005 Return: -2.56 % Date: 2/28/2005 Return: -0.98 % Date: 1/31/2005 Return: -1.57 % Date: 12/31/2004 Return: -3.86 % Date: 11/30/2004 Return: 5.09 % Date: 10/31/2004 Return: 3.00 % Date: 9/30/2004 Return: 0.23 % Date: 8/31/2004 Return: 0.13 % Date: 7/31/2004 Return: 2.09 % Date: 6/30/2004 Return: -2.42 % Date: 5/31/2004 Return: -2.71 % Date: 4/30/2004 Return: -5.24 % Date: 3/31/2004 Return: 2.40 % Date: 2/29/2004 Return: 6.51 % Date: 1/31/2004 Return: -1.84 % Date: 12/31/2003 Return: 0.17 % Date: 11/30/2003 Return: 0.08 % Date: 10/31/2003 Return: 5.78 % Date: 9/30/2003 Return: 4.49 % Date: 8/31/2003 Return: -0.17 % Date: 7/31/2003 Return: -3.06 % Date: 6/30/2003 Return: -0.99 % Date: 5/31/2003 Return: 6.11 % Date: 4/30/2003 Return: 0.83 % Date: 3/31/2003 Return: -8.15 % Date: 2/28/2003 Return: 4.56 % Date: 1/31/2003 Return: 6.90 % Date: 12/31/2002 Return: 7.05 % Date: 11/30/2002 Return: -2.51 % Date: 10/31/2002 Return: -5.17 % Date: 9/30/2002 Return: 3.08 % Date: 8/31/2002 Return: 1.83 % Date: 7/31/2002 Return: 2.21 % Date: 6/30/2002 Return: 7.28 % Date: 5/31/2002 Return: 5.75 % Date: 4/30/2002 Return: 1.62 % Date: 3/31/2002 Return: -1.59 % Date: 2/28/2002 Return: -0.95 % Date: 1/31/2002 Return: -1.51 % Date: 12/31/2001 Return: 2.82 % Date: 11/30/2001 Return: -3.92 % Date: 10/31/2001 Return: -0.88 % Date: 9/30/2001 Return: 3.90 % Date: 8/31/2001 Return: 3.45 % Date: 7/31/2001 Return: -2.99 % Date: 6/30/2001 Return: 0.71 % Date: 5/31/2001 Return: 0.25 % Date: 4/30/2001 Return: -1.61 % Date: 3/31/2001 Return: 2.72 % Date: 2/28/2001 Return: 0.82 % Date: 1/31/2001 Return: 0.20 % Date: 12/31/2000 Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 12/00 - 04/13
Return: 11.00 % Count: 1 Return: 10.00 % Count: 1 Return: -9.00 % Count: 1 Return: -7.00 % Count: 2 Return: -8.00 % Count: 2 Return: 5.00 % Count: 9 Return: -5.00 % Count: 6 Return: 7.00 % Count: 6 Return: 6.00 % Count: 8 Return: 2.00 % Count: 11 Return: -4.00 % Count: 8 Return: -1.00 % Count: 17 Return: 4.00 % Count: 5 Return: -3.00 % Count: 13 Return: -2.00 % Count: 12 Return: 3.00 % Count: 10 Return: 1.00 % Count: 15 Return: 0.00 % Count: 22
Note: All performance data is since program inception.

Underwater Curve
Date Range: 12/00 - 04/13
Date: 4/30/2013 Drawdown: -23.32 % Date: 3/31/2013 Drawdown: -23.94 % Date: 2/28/2013 Drawdown: -22.68 % Date: 1/31/2013 Drawdown: -19.56 % Date: 12/31/2012 Drawdown: -19.54 % Date: 11/30/2012 Drawdown: -20.14 % Date: 10/31/2012 Drawdown: -20.32 % Date: 9/30/2012 Drawdown: -15.71 % Date: 8/31/2012 Drawdown: -11.76 % Date: 7/31/2012 Drawdown: -8.31 % Date: 6/30/2012 Drawdown: -11.12 % Date: 5/31/2012 Drawdown: -3.96 % Date: 4/30/2012 Drawdown: -8.51 % Date: 3/31/2012 Drawdown: -7.28 % Date: 2/29/2012 Drawdown: -4.41 % Date: 1/31/2012 Drawdown: -3.81 % Date: 12/31/2011 Drawdown: -4.39 % Date: 11/30/2011 Drawdown: -3.10 % Date: 10/31/2011 Drawdown: -6.37 % Date: 9/30/2011 Drawdown: -1.91 % Date: 8/31/2011 Drawdown: -2.88 % Date: 7/31/2011 Drawdown: -3.31 % Date: 6/30/2011 Drawdown: -6.72 % Date: 5/31/2011 Drawdown: -3.97 % Date: 4/30/2011 Drawdown: 0.00 % Date: 3/31/2011 Drawdown: -0.82 % Date: 2/28/2011 Drawdown: 0.00 % Date: 1/31/2011 Drawdown: 0.00 % Date: 12/31/2010 Drawdown: 0.00 % Date: 11/30/2010 Drawdown: -0.55 % Date: 10/31/2010 Drawdown: 0.00 % Date: 9/30/2010 Drawdown: -0.26 % Date: 8/31/2010 Drawdown: -4.77 % Date: 7/31/2010 Drawdown: -8.93 % Date: 6/30/2010 Drawdown: -9.11 % Date: 5/31/2010 Drawdown: -10.59 % Date: 4/30/2010 Drawdown: -2.60 % Date: 3/31/2010 Drawdown: -2.49 % Date: 2/28/2010 Drawdown: -6.96 % Date: 1/31/2010 Drawdown: -7.69 % Date: 12/31/2009 Drawdown: -2.77 % Date: 11/30/2009 Drawdown: 0.00 % Date: 10/31/2009 Drawdown: -1.45 % Date: 9/30/2009 Drawdown: 0.00 % Date: 8/31/2009 Drawdown: -1.67 % Date: 7/31/2009 Drawdown: -6.61 % Date: 6/30/2009 Drawdown: -7.23 % Date: 5/31/2009 Drawdown: -6.60 % Date: 4/30/2009 Drawdown: -3.93 % Date: 3/31/2009 Drawdown: -1.01 % Date: 2/28/2009 Drawdown: 0.00 % Date: 1/31/2009 Drawdown: -0.13 % Date: 12/31/2008 Drawdown: 0.00 % Date: 11/30/2008 Drawdown: 0.00 % Date: 10/31/2008 Drawdown: 0.00 % Date: 9/30/2008 Drawdown: -5.49 % Date: 8/31/2008 Drawdown: -4.45 % Date: 7/31/2008 Drawdown: -2.73 % Date: 6/30/2008 Drawdown: 0.00 % Date: 5/31/2008 Drawdown: -0.68 % Date: 4/30/2008 Drawdown: -1.25 % Date: 3/31/2008 Drawdown: -1.67 % Date: 2/29/2008 Drawdown: 0.00 % Date: 1/31/2008 Drawdown: -1.53 % Date: 12/31/2007 Drawdown: -6.75 % Date: 11/30/2007 Drawdown: -12.02 % Date: 10/31/2007 Drawdown: -8.76 % Date: 9/30/2007 Drawdown: -16.69 % Date: 8/31/2007 Drawdown: -21.27 % Date: 7/31/2007 Drawdown: -13.54 % Date: 6/30/2007 Drawdown: -6.70 % Date: 5/31/2007 Drawdown: -6.98 % Date: 4/30/2007 Drawdown: -9.02 % Date: 3/31/2007 Drawdown: -11.06 % Date: 2/28/2007 Drawdown: -9.71 % Date: 1/31/2007 Drawdown: -8.30 % Date: 12/31/2006 Drawdown: -9.93 % Date: 11/30/2006 Drawdown: -11.14 % Date: 10/31/2006 Drawdown: -10.28 % Date: 9/30/2006 Drawdown: -9.68 % Date: 8/31/2006 Drawdown: -8.55 % Date: 7/31/2006 Drawdown: -7.16 % Date: 6/30/2006 Drawdown: -2.63 % Date: 5/31/2006 Drawdown: -2.48 % Date: 4/30/2006 Drawdown: -3.08 % Date: 3/31/2006 Drawdown: -7.04 % Date: 2/28/2006 Drawdown: -12.33 % Date: 1/31/2006 Drawdown: -12.16 % Date: 12/31/2005 Drawdown: -15.17 % Date: 11/30/2005 Drawdown: -15.22 % Date: 10/31/2005 Drawdown: -17.32 % Date: 9/30/2005 Drawdown: -14.79 % Date: 8/31/2005 Drawdown: -11.66 % Date: 7/31/2005 Drawdown: -11.74 % Date: 6/30/2005 Drawdown: -9.26 % Date: 5/31/2005 Drawdown: -9.79 % Date: 4/30/2005 Drawdown: -11.17 % Date: 3/31/2005 Drawdown: -8.91 % Date: 2/28/2005 Drawdown: -6.51 % Date: 1/31/2005 Drawdown: -5.59 % Date: 12/31/2004 Drawdown: -4.08 % Date: 11/30/2004 Drawdown: -0.23 % Date: 10/31/2004 Drawdown: -5.06 % Date: 9/30/2004 Drawdown: -7.83 % Date: 8/31/2004 Drawdown: -8.04 % Date: 7/31/2004 Drawdown: -8.16 % Date: 6/30/2004 Drawdown: -10.04 % Date: 5/31/2004 Drawdown: -7.81 % Date: 4/30/2004 Drawdown: -5.24 % Date: 3/31/2004 Drawdown: 0.00 % Date: 2/29/2004 Drawdown: 0.00 % Date: 1/31/2004 Drawdown: -1.84 % Date: 12/31/2003 Drawdown: 0.00 % Date: 11/30/2003 Drawdown: 0.00 % Date: 10/31/2003 Drawdown: 0.00 % Date: 9/30/2003 Drawdown: -1.61 % Date: 8/31/2003 Drawdown: -5.84 % Date: 7/31/2003 Drawdown: -5.68 % Date: 6/30/2003 Drawdown: -2.70 % Date: 5/31/2003 Drawdown: -1.73 % Date: 4/30/2003 Drawdown: -7.39 % Date: 3/31/2003 Drawdown: -8.15 % Date: 2/28/2003 Drawdown: 0.00 % Date: 1/31/2003 Drawdown: 0.00 % Date: 12/31/2002 Drawdown: -1.03 % Date: 11/30/2002 Drawdown: -7.55 % Date: 10/31/2002 Drawdown: -5.17 % Date: 9/30/2002 Drawdown: 0.00 % Date: 8/31/2002 Drawdown: 0.00 % Date: 7/31/2002 Drawdown: 0.00 % Date: 6/30/2002 Drawdown: 0.00 % Date: 5/31/2002 Drawdown: 0.00 % Date: 4/30/2002 Drawdown: -4.47 % Date: 3/31/2002 Drawdown: -5.99 % Date: 2/28/2002 Drawdown: -4.47 % Date: 1/31/2002 Drawdown: -3.56 % Date: 12/31/2001 Drawdown: -2.08 % Date: 11/30/2001 Drawdown: -4.77 % Date: 10/31/2001 Drawdown: -0.88 % Date: 9/30/2001 Drawdown: 0.00 % Date: 8/31/2001 Drawdown: -0.31 % Date: 7/31/2001 Drawdown: -3.63 % Date: 6/30/2001 Drawdown: -0.66 % Date: 5/31/2001 Drawdown: -1.36 % Date: 4/30/2001 Drawdown: -1.61 % Date: 3/31/2001 Drawdown: 0.00 % Date: 2/28/2001 Drawdown: 0.00 % Date: 1/31/2001 Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Spectrum Asset Management LLC
Address: 141 W. Jackson Blvd. Suite 1692
City: Chicago
State: IL
Zip: 60604
Country: USA
Key People
Name:  Michael E. Songer
Position:  Principal
Biography: 

Michael E. Songer, the sole member and principal of Spectrum, is solely responsible for making investment and trading decisions for client accounts managed pursuant to the Trading Programs, although various employees of the Trading Advisor may assist Mr. Songer. In addition to operating the Trading Advisor, Mr. Songer is currently employed as a trader by Sharmac Capital Management, Inc. (“Sharmac”), a registered CTA and CPO engaged in the business of operating and advising commodity pools and individual managed accounts. At Sharmac, Mr. Songer is responsible for trading a proprietary account pursuant to the Global Diversified Program. Sharmac may from time to time provide certain back-office services to Spectrum as an independent third-party service provider. However, Sharmac is not affiliated with Spectrum and does not make any trading decisions for Spectrum’s Managed Accounts. Spectrum is an independent investment management entity solely owned and operated by Mr. Songer. Prior to joining Sharmac in January 2001, Mr. Songer was a trader at C& D Commodities (Dennis Trading Group, Inc.) from March 1997 through December 2000 where he traded futures and options on currencies, financials, stock indices, grains, softs, metals and energies in all major world markets. From June 1994 through February 1997, Mr. Songer was a trader and Manager at MacLaren Securities, Inc. where he designed and traded proprietary trading systems for customer accounts which traded in numerous futures and options markets, as well as trading fixed income products and equities. Prior to 1994, Mr. Songer’s experience includes working on the floor of the Chicago Mercantile Exchange for Smith Barney, Harris Upham & Co. and three years at Kidder, Peabody & Company as an account executive. Mr. Songer graduated from College of the Holy Cross in 1988 where he received a Bachelor of Arts in Economics.

Additional Information

The Program Performance information presented in this and other areas of the www.managedfutures.com website was prepared by Altegris Clearing Solutions, LLC, an affiliate within the Altegris Group of Companies, based upon information provided by each respective manager of commodity futures and foreign currency trading programs tracked by Altegris Clearing Solutions and its affiliates. The Program Performance information does not contain opinion or analysis of Altegris Clearing Solutions or any of its affiliates, and the completeness and accuracy of performance information reported to Altegris Clearing Solutions cannot in all cases be independently verified. See “Additional Information” at the end of this page for further details regarding the presentation of performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.