Altegris Clearing Solutions Shield Plus, LLC Shield Plus Natural Gas Fund *QEP*
Monthly Performance (%)
Date Range: 12/03 - 07/14
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2014 8.35 -7.09 -1.22 3.49 -8.42 -6.48 -13.53 -23.79
2013 -3.96 -4.12 -5.51 -2.17 -1.24 -1.90 -2.67 -4.48 -5.58 -3.54 8.06 -2.73 -26.60
2012 0.29 -0.28 -7.70 1.24 -0.62 5.68 9.76 -16.71 8.40 -0.31 -7.90 -1.74 -12.25
2011 -5.91 3.27 0.60 -1.65 7.87 -3.52 -6.91 -1.97 -5.33 -2.72 -17.12 -14.92 -40.71
2010 -2.89 -2.57 -6.13 -0.06 0.92 -1.74 -3.27 -6.52 -3.42 -1.57 -1.42 4.17 -22.30
2009 -1.26 -2.23 -1.76 -2.01 2.18 -0.38 -0.10 -1.49 1.57 -1.71 -2.62 0.72 -8.84
2008 -2.54 10.00 7.07 2.29 -0.21 6.58 -12.02 -1.21 -2.48 0.86 1.14 -0.68 7.24
2007 -0.42 -2.04 4.14 0.22 -0.20 -5.52 -0.50 -5.67 -1.11 2.52 -2.18 -3.47 -13.74
2006 8.01 -7.90 3.51 1.56 -1.77 -0.49 3.98 -1.42 -4.05 -0.90 2.18 0.49 2.30
2005 6.27 13.34 3.76 -14.19 6.93 15.45 5.09 29.70 9.58 0.02 5.81 -12.44 83.23
2004 -4.45 15.29 12.43 0.14 42.46 6.15 13.97 -11.15 12.32 27.16 -0.32 -10.01 143.32
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Investment Objective & Portfolio Management: To simultaneously provide the potential for capital appreciation and preservation by employing a market- neutral investment approach. Such an approach combines two opposing positions, such as a long put & long call, and may make money as one position’s gain more than offsets the other’s loss regardless of market direction. Under such combined call & put positions, a loss may be realized if the market remains stable; similarly, any position executed by Shield Plus may lose money. To enhance the likelihood of capital appreciation, the investment approach pursues market-neutral positions in volatile markets. This strategy focuses only on the volatility in natural gas. And to maintain protection of principal, the market- neutral approach uses only fully-covered U.S. exchange-traded options. As a means of achieving added protection, this strategy does not borrow uncovered cash/securities to lever returns and risk. Further, unlike a long/short equity fund, where the long and short positions have two different underlying companies and unlimited risk, this strategy’s market-neutral positions have the same underlying market and calculable limited risk. Emphasis will be placed on achieving protected, absolute returns over a rolling two-year horizon rather than superior performance relative to an index or other benchmarks.

Performance Statistics
Date Range: 12/03 - 07/14
  Program SP500 TR Altegris 40
Total Return -13.03% 127.06% 36.08%
Annualized Return -1.31% 7.99% 2.93%
Annualized Std. Deviation 27.95% 14.30% 9.13%
Correlation -0.02 0.14
Sharpe Ratio (rf=2.5%) -0.14 0.38 0.05
Worst Month -17.12% -16.80% -6.22%
Date of Worst Month 11/2011 10/2008 04/2004
Worst Drawdown -82.92% -50.95% -15.74%
Date of Worst Drawdown 11/05 - 7/14 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 12/03 - 07/14
Year or YTD Program SP500 TR Altegris 40
2014 -23.79 5.66 0.02
2013 -26.60 32.41 -2.45
2012 -12.25 15.98 -4.75
2011 -40.71 2.12 -3.23
2010 -22.30 15.06 11.33
2009 -8.84 26.45 -7.98
2008 7.24 -37.00 15.47
2007 -13.74 5.50 7.18
2006 2.30 15.79 6.70
2005 83.23 4.89 4.51
2004 143.32 10.87 2.57
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 12/03 - 07/14
Date: 7/31/2014
Perf: $1,304.30 Date: 6/30/2014
Perf: $1,314.82 Date: 5/31/2014
Perf: $1,303.61 Date: 4/30/2014
Perf: $1,271.07 Date: 3/31/2014
Perf: $1,261.48 Date: 2/28/2014
Perf: $1,280.43 Date: 1/31/2014
Perf: $1,270.02 Date: 12/31/2013
Perf: $1,304.05 Date: 11/30/2013
Perf: $1,305.88 Date: 10/31/2013
Perf: $1,282.67 Date: 9/30/2013
Perf: $1,253.95 Date: 8/31/2013
Perf: $1,261.52 Date: 7/31/2013
Perf: $1,286.21 Date: 6/30/2013
Perf: $1,297.50 Date: 5/31/2013
Perf: $1,348.62 Date: 4/30/2013
Perf: $1,409.21 Date: 3/31/2013
Perf: $1,373.77 Date: 2/28/2013
Perf: $1,354.27 Date: 1/31/2013
Perf: $1,362.17 Date: 12/31/2012
Perf: $1,336.77 Date: 11/30/2012
Perf: $1,330.25 Date: 10/31/2012
Perf: $1,326.54 Date: 9/30/2012
Perf: $1,376.36 Date: 8/31/2012
Perf: $1,399.45 Date: 7/31/2012
Perf: $1,418.75 Date: 6/30/2012
Perf: $1,363.00 Date: 5/31/2012
Perf: $1,416.25 Date: 4/30/2012
Perf: $1,389.84 Date: 3/31/2012
Perf: $1,381.55 Date: 2/29/2012
Perf: $1,413.64 Date: 1/31/2012
Perf: $1,407.87 Date: 12/31/2011
Perf: $1,403.38 Date: 11/30/2011
Perf: $1,390.04 Date: 10/31/2011
Perf: $1,385.88 Date: 9/30/2011
Perf: $1,443.02 Date: 8/31/2011
Perf: $1,443.89 Date: 7/31/2011
Perf: $1,446.78 Date: 6/30/2011
Perf: $1,396.64 Date: 5/31/2011
Perf: $1,433.92 Date: 4/30/2011
Perf: $1,488.25 Date: 3/31/2011
Perf: $1,432.38 Date: 2/28/2011
Perf: $1,454.64 Date: 1/31/2011
Perf: $1,430.32 Date: 12/31/2010
Perf: $1,450.19 Date: 11/30/2010
Perf: $1,390.54 Date: 10/31/2010
Perf: $1,441.57 Date: 9/30/2010
Perf: $1,387.72 Date: 8/31/2010
Perf: $1,362.92 Date: 7/31/2010
Perf: $1,308.74 Date: 6/30/2010
Perf: $1,325.84 Date: 5/31/2010
Perf: $1,320.82 Date: 4/30/2010
Perf: $1,353.58 Date: 3/31/2010
Perf: $1,333.05 Date: 2/28/2010
Perf: $1,282.15 Date: 1/31/2010
Perf: $1,270.21 Date: 12/31/2009
Perf: $1,302.64 Date: 11/30/2009
Perf: $1,356.92 Date: 10/31/2009
Perf: $1,304.36 Date: 9/30/2009
Perf: $1,338.62 Date: 8/31/2009
Perf: $1,307.51 Date: 7/31/2009
Perf: $1,303.21 Date: 6/30/2009
Perf: $1,304.64 Date: 5/31/2009
Perf: $1,340.29 Date: 4/30/2009
Perf: $1,322.05 Date: 3/31/2009
Perf: $1,366.74 Date: 2/28/2009
Perf: $1,405.68 Date: 1/31/2009
Perf: $1,406.38 Date: 12/31/2008
Perf: $1,415.58 Date: 11/30/2008
Perf: $1,380.11 Date: 10/31/2008
Perf: $1,331.26 Date: 9/30/2008
Perf: $1,266.05 Date: 8/31/2008
Perf: $1,263.40 Date: 7/31/2008
Perf: $1,298.06 Date: 6/30/2008
Perf: $1,360.51 Date: 5/31/2008
Perf: $1,325.13 Date: 4/30/2008
Perf: $1,298.38 Date: 3/31/2008
Perf: $1,313.48 Date: 2/29/2008
Perf: $1,319.29 Date: 1/31/2008
Perf: $1,248.26 Date: 12/31/2007
Perf: $1,225.95 Date: 11/30/2007
Perf: $1,228.78 Date: 10/31/2007
Perf: $1,236.82 Date: 9/30/2007
Perf: $1,185.71 Date: 8/31/2007
Perf: $1,132.81 Date: 7/31/2007
Perf: $1,176.70 Date: 6/30/2007
Perf: $1,214.22 Date: 5/31/2007
Perf: $1,180.11 Date: 4/30/2007
Perf: $1,139.44 Date: 3/31/2007
Perf: $1,093.51 Date: 2/28/2007
Perf: $1,119.71 Date: 1/31/2007
Perf: $1,163.34 Date: 12/31/2006
Perf: $1,143.78 Date: 11/30/2006
Perf: $1,106.38 Date: 10/31/2006
Perf: $1,079.92 Date: 9/30/2006
Perf: $1,068.17 Date: 8/31/2006
Perf: $1,079.62 Date: 7/31/2006
Perf: $1,067.66 Date: 6/30/2006
Perf: $1,083.70 Date: 5/31/2006
Perf: $1,098.75 Date: 4/30/2006
Perf: $1,128.66 Date: 3/31/2006
Perf: $1,101.78 Date: 2/28/2006
Perf: $1,073.02 Date: 1/31/2006
Perf: $1,092.47 Date: 12/31/2005
Perf: $1,071.99 Date: 11/30/2005
Perf: $1,091.75 Date: 10/31/2005
Perf: $1,046.84 Date: 9/30/2005
Perf: $1,045.17 Date: 8/31/2005
Perf: $1,029.32 Date: 7/31/2005
Perf: $1,023.79 Date: 6/30/2005
Perf: $1,023.18 Date: 5/31/2005
Perf: $989.44 Date: 4/30/2005
Perf: $959.78 Date: 3/31/2005
Perf: $983.88 Date: 2/28/2005
Perf: $989.43 Date: 1/31/2005
Perf: $982.64 Date: 12/31/2004
Perf: $1,025.73 Date: 11/30/2004
Perf: $1,022.35 Date: 10/31/2004
Perf: $969.88 Date: 9/30/2004
Perf: $937.81 Date: 8/31/2004
Perf: $925.32 Date: 7/31/2004
Perf: $931.75 Date: 6/30/2004
Perf: $942.49 Date: 5/31/2004
Perf: $974.65 Date: 4/30/2004
Perf: $990.40 Date: 3/31/2004
Perf: $1,056.09 Date: 2/29/2004
Perf: $1,066.54 Date: 1/31/2004
Perf: $1,009.60 Date: 12/31/2003
Perf: $1,000.00 Date: 7/31/2014
Perf: $2,157.55 Date: 6/30/2014
Perf: $2,187.74 Date: 5/31/2014
Perf: $2,143.38 Date: 4/30/2014
Perf: $2,094.16 Date: 3/31/2014
Perf: $2,078.78 Date: 2/28/2014
Perf: $2,061.46 Date: 1/31/2014
Perf: $1,971.37 Date: 12/31/2013
Perf: $2,042.03 Date: 11/30/2013
Perf: $1,991.64 Date: 10/31/2013
Perf: $1,932.69 Date: 9/30/2013
Perf: $1,847.70 Date: 8/31/2013
Perf: $1,791.45 Date: 7/31/2013
Perf: $1,844.95 Date: 6/30/2013
Perf: $1,755.59 Date: 5/31/2013
Perf: $1,779.43 Date: 4/30/2013
Perf: $1,738.75 Date: 3/31/2013
Perf: $1,705.83 Date: 2/28/2013
Perf: $1,644.17 Date: 1/31/2013
Perf: $1,622.11 Date: 12/31/2012
Perf: $1,542.22 Date: 11/30/2012
Perf: $1,528.31 Date: 10/31/2012
Perf: $1,519.50 Date: 9/30/2012
Perf: $1,548.14 Date: 8/31/2012
Perf: $1,509.20 Date: 7/31/2012
Perf: $1,475.99 Date: 6/30/2012
Perf: $1,455.76 Date: 5/31/2012
Perf: $1,398.15 Date: 4/30/2012
Perf: $1,487.56 Date: 3/31/2012
Perf: $1,496.99 Date: 2/29/2012
Perf: $1,449.31 Date: 1/31/2012
Perf: $1,389.29 Date: 12/31/2011
Perf: $1,329.72 Date: 11/30/2011
Perf: $1,316.29 Date: 10/31/2011
Perf: $1,319.19 Date: 9/30/2011
Perf: $1,189.21 Date: 8/31/2011
Perf: $1,279.14 Date: 7/31/2011
Perf: $1,352.58 Date: 6/30/2011
Perf: $1,380.61 Date: 5/31/2011
Perf: $1,404.05 Date: 4/30/2011
Perf: $1,420.10 Date: 3/31/2011
Perf: $1,379.28 Date: 2/28/2011
Perf: $1,378.72 Date: 1/31/2011
Perf: $1,333.00 Date: 12/31/2010
Perf: $1,302.14 Date: 11/30/2010
Perf: $1,220.60 Date: 10/31/2010
Perf: $1,220.48 Date: 9/30/2010
Perf: $1,175.69 Date: 8/31/2010
Perf: $1,079.41 Date: 7/31/2010
Perf: $1,130.39 Date: 6/30/2010
Perf: $1,056.34 Date: 5/31/2010
Perf: $1,114.63 Date: 4/30/2010
Perf: $1,211.43 Date: 3/31/2010
Perf: $1,192.58 Date: 2/28/2010
Perf: $1,124.76 Date: 1/31/2010
Perf: $1,090.94 Date: 12/31/2009
Perf: $1,131.68 Date: 11/30/2009
Perf: $1,110.25 Date: 10/31/2009
Perf: $1,047.41 Date: 9/30/2009
Perf: $1,067.26 Date: 8/31/2009
Perf: $1,028.88 Date: 7/31/2009
Perf: $993.03 Date: 6/30/2009
Perf: $923.24 Date: 5/31/2009
Perf: $921.39 Date: 4/30/2009
Perf: $872.62 Date: 3/31/2009
Perf: $796.40 Date: 2/28/2009
Perf: $732.25 Date: 1/31/2009
Perf: $819.53 Date: 12/31/2008
Perf: $894.98 Date: 11/30/2008
Perf: $885.59 Date: 10/31/2008
Perf: $954.10 Date: 9/30/2008
Perf: $1,146.75 Date: 8/31/2008
Perf: $1,258.92 Date: 7/31/2008
Perf: $1,240.93 Date: 6/30/2008
Perf: $1,251.44 Date: 5/31/2008
Perf: $1,366.65 Date: 4/30/2008
Perf: $1,349.11 Date: 3/31/2008
Perf: $1,286.46 Date: 2/29/2008
Perf: $1,292.02 Date: 1/31/2008
Perf: $1,335.42 Date: 12/31/2007
Perf: $1,420.66 Date: 11/30/2007
Perf: $1,430.53 Date: 10/31/2007
Perf: $1,492.93 Date: 9/30/2007
Perf: $1,469.57 Date: 8/31/2007
Perf: $1,416.59 Date: 7/31/2007
Perf: $1,395.65 Date: 6/30/2007
Perf: $1,440.30 Date: 5/31/2007
Perf: $1,464.61 Date: 4/30/2007
Perf: $1,415.22 Date: 3/31/2007
Perf: $1,355.19 Date: 2/28/2007
Perf: $1,340.18 Date: 1/31/2007
Perf: $1,366.97 Date: 12/31/2006
Perf: $1,346.64 Date: 11/30/2006
Perf: $1,328.04 Date: 10/31/2006
Perf: $1,303.28 Date: 9/30/2006
Perf: $1,262.14 Date: 8/31/2006
Perf: $1,230.39 Date: 7/31/2006
Perf: $1,201.79 Date: 6/30/2006
Perf: $1,194.38 Date: 5/31/2006
Perf: $1,192.71 Date: 4/30/2006
Perf: $1,228.08 Date: 3/31/2006
Perf: $1,211.84 Date: 2/28/2006
Perf: $1,197.00 Date: 1/31/2006
Perf: $1,193.78 Date: 12/31/2005
Perf: $1,162.96 Date: 11/30/2005
Perf: $1,162.61 Date: 10/31/2005
Perf: $1,120.26 Date: 9/30/2005
Perf: $1,139.29 Date: 8/31/2005
Perf: $1,130.14 Date: 7/31/2005
Perf: $1,140.52 Date: 6/30/2005
Perf: $1,099.61 Date: 5/31/2005
Perf: $1,098.07 Date: 4/30/2005
Perf: $1,064.23 Date: 3/31/2005
Perf: $1,084.84 Date: 2/28/2005
Perf: $1,104.39 Date: 1/31/2005
Perf: $1,081.67 Date: 12/31/2004
Perf: $1,108.73 Date: 11/30/2004
Perf: $1,072.27 Date: 10/31/2004
Perf: $1,030.53 Date: 9/30/2004
Perf: $1,015.00 Date: 8/31/2004
Perf: $1,004.16 Date: 7/31/2004
Perf: $1,000.16 Date: 6/30/2004
Perf: $1,034.40 Date: 5/31/2004
Perf: $1,014.71 Date: 4/30/2004
Perf: $1,001.00 Date: 3/31/2004
Perf: $1,016.96 Date: 2/29/2004
Perf: $1,032.56 Date: 1/31/2004
Perf: $1,018.40 Date: 12/31/2003
Perf: $1,000.00 Date: 7/31/2014
Perf: $869.68 Date: 6/30/2014
Perf: $1,005.76 Date: 5/31/2014
Perf: $1,075.45 Date: 4/30/2014
Perf: $1,174.33 Date: 3/31/2014
Perf: $1,134.73 Date: 2/28/2014
Perf: $1,148.75 Date: 1/31/2014
Perf: $1,236.41 Date: 12/31/2013
Perf: $1,141.12 Date: 11/30/2013
Perf: $1,173.15 Date: 10/31/2013
Perf: $1,085.65 Date: 9/30/2013
Perf: $1,125.49 Date: 8/31/2013
Perf: $1,192.00 Date: 7/31/2013
Perf: $1,247.91 Date: 6/30/2013
Perf: $1,282.14 Date: 5/31/2013
Perf: $1,306.97 Date: 4/30/2013
Perf: $1,323.38 Date: 3/31/2013
Perf: $1,352.74 Date: 2/28/2013
Perf: $1,431.62 Date: 1/31/2013
Perf: $1,493.14 Date: 12/31/2012
Perf: $1,554.71 Date: 11/30/2012
Perf: $1,582.24 Date: 10/31/2012
Perf: $1,717.95 Date: 9/30/2012
Perf: $1,723.30 Date: 8/31/2012
Perf: $1,589.76 Date: 7/31/2012
Perf: $1,908.70 Date: 6/30/2012
Perf: $1,738.98 Date: 5/31/2012
Perf: $1,645.51 Date: 4/30/2012
Perf: $1,655.78 Date: 3/31/2012
Perf: $1,635.50 Date: 2/29/2012
Perf: $1,771.94 Date: 1/31/2012
Perf: $1,776.91 Date: 12/31/2011
Perf: $1,771.77 Date: 11/30/2011
Perf: $2,082.48 Date: 10/31/2011
Perf: $2,512.64 Date: 9/30/2011
Perf: $2,582.90 Date: 8/31/2011
Perf: $2,728.32 Date: 7/31/2011
Perf: $2,783.15 Date: 6/30/2011
Perf: $2,989.74 Date: 5/31/2011
Perf: $3,098.82 Date: 4/30/2011
Perf: $2,872.73 Date: 3/31/2011
Perf: $2,920.93 Date: 2/28/2011
Perf: $2,903.51 Date: 1/31/2011
Perf: $2,811.57 Date: 12/31/2010
Perf: $2,988.17 Date: 11/30/2010
Perf: $2,868.55 Date: 10/31/2010
Perf: $2,909.87 Date: 9/30/2010
Perf: $2,956.28 Date: 8/31/2010
Perf: $3,060.97 Date: 7/31/2010
Perf: $3,274.46 Date: 6/30/2010
Perf: $3,385.16 Date: 5/31/2010
Perf: $3,445.10 Date: 4/30/2010
Perf: $3,413.70 Date: 3/31/2010
Perf: $3,415.75 Date: 2/28/2010
Perf: $3,638.81 Date: 1/31/2010
Perf: $3,734.79 Date: 12/31/2009
Perf: $3,845.94 Date: 11/30/2009
Perf: $3,818.44 Date: 10/31/2009
Perf: $3,921.18 Date: 9/30/2009
Perf: $3,989.40 Date: 8/31/2009
Perf: $3,927.73 Date: 7/31/2009
Perf: $3,987.14 Date: 6/30/2009
Perf: $3,991.13 Date: 5/31/2009
Perf: $4,006.36 Date: 4/30/2009
Perf: $3,920.88 Date: 3/31/2009
Perf: $4,001.31 Date: 2/28/2009
Perf: $4,072.99 Date: 1/31/2009
Perf: $4,165.89 Date: 12/31/2008
Perf: $4,219.05 Date: 11/30/2008
Perf: $4,247.94 Date: 10/31/2008
Perf: $4,200.06 Date: 9/30/2008
Perf: $4,164.24 Date: 8/31/2008
Perf: $4,270.14 Date: 7/31/2008
Perf: $4,322.45 Date: 6/30/2008
Perf: $4,912.99 Date: 5/31/2008
Perf: $4,609.67 Date: 4/30/2008
Perf: $4,619.37 Date: 3/31/2008
Perf: $4,515.96 Date: 2/29/2008
Perf: $4,217.76 Date: 1/31/2008
Perf: $3,834.33 Date: 12/31/2007
Perf: $3,934.26 Date: 11/30/2007
Perf: $4,075.68 Date: 10/31/2007
Perf: $4,166.51 Date: 9/30/2007
Perf: $4,064.10 Date: 8/31/2007
Perf: $4,109.72 Date: 7/31/2007
Perf: $4,356.74 Date: 6/30/2007
Perf: $4,378.64 Date: 5/31/2007
Perf: $4,634.46 Date: 4/30/2007
Perf: $4,643.75 Date: 3/31/2007
Perf: $4,633.55 Date: 2/28/2007
Perf: $4,449.35 Date: 1/31/2007
Perf: $4,542.01 Date: 12/31/2006
Perf: $4,561.16 Date: 11/30/2006
Perf: $4,538.92 Date: 10/31/2006
Perf: $4,442.09 Date: 9/30/2006
Perf: $4,482.43 Date: 8/31/2006
Perf: $4,671.63 Date: 7/31/2006
Perf: $4,738.92 Date: 6/30/2006
Perf: $4,557.53 Date: 5/31/2006
Perf: $4,579.97 Date: 4/30/2006
Perf: $4,662.50 Date: 3/31/2006
Perf: $4,590.88 Date: 2/28/2006
Perf: $4,435.21 Date: 1/31/2006
Perf: $4,815.64 Date: 12/31/2005
Perf: $4,458.51 Date: 11/30/2005
Perf: $5,091.95 Date: 10/31/2005
Perf: $4,812.36 Date: 9/30/2005
Perf: $4,811.39 Date: 8/31/2005
Perf: $4,390.76 Date: 7/31/2005
Perf: $3,385.32 Date: 6/30/2005
Perf: $3,221.35 Date: 5/31/2005
Perf: $2,790.26 Date: 4/30/2005
Perf: $2,609.42 Date: 3/31/2005
Perf: $3,040.93 Date: 2/28/2005
Perf: $2,930.74 Date: 1/31/2005
Perf: $2,585.79 Date: 12/31/2004
Perf: $2,433.23 Date: 11/30/2004
Perf: $2,703.89 Date: 10/31/2004
Perf: $2,712.57 Date: 9/30/2004
Perf: $2,133.19 Date: 8/31/2004
Perf: $1,899.21 Date: 7/31/2004
Perf: $2,137.55 Date: 6/30/2004
Perf: $1,875.53 Date: 5/31/2004
Perf: $1,766.87 Date: 4/30/2004
Perf: $1,240.26 Date: 3/31/2004
Perf: $1,238.52 Date: 2/29/2004
Perf: $1,101.60 Date: 1/31/2004
Perf: $955.50 Date: 12/31/2003
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 12/03 - 07/14
Date: 7/31/2014
Return: -13.53 % Date: 6/30/2014
Return: -6.48 % Date: 5/31/2014
Return: -8.42 % Date: 4/30/2014
Return: 3.49 % Date: 3/31/2014
Return: -1.22 % Date: 2/28/2014
Return: -7.09 % Date: 1/31/2014
Return: 8.35 % Date: 12/31/2013
Return: -2.73 % Date: 11/30/2013
Return: 8.06 % Date: 10/31/2013
Return: -3.54 % Date: 9/30/2013
Return: -5.58 % Date: 8/31/2013
Return: -4.48 % Date: 7/31/2013
Return: -2.67 % Date: 6/30/2013
Return: -1.90 % Date: 5/31/2013
Return: -1.24 % Date: 4/30/2013
Return: -2.17 % Date: 3/31/2013
Return: -5.51 % Date: 2/28/2013
Return: -4.12 % Date: 1/31/2013
Return: -3.96 % Date: 12/31/2012
Return: -1.74 % Date: 11/30/2012
Return: -7.90 % Date: 10/31/2012
Return: -0.31 % Date: 9/30/2012
Return: 8.40 % Date: 8/31/2012
Return: -16.71 % Date: 7/31/2012
Return: 9.76 % Date: 6/30/2012
Return: 5.68 % Date: 5/31/2012
Return: -0.62 % Date: 4/30/2012
Return: 1.24 % Date: 3/31/2012
Return: -7.70 % Date: 2/29/2012
Return: -0.28 % Date: 1/31/2012
Return: 0.29 % Date: 12/31/2011
Return: -14.92 % Date: 11/30/2011
Return: -17.12 % Date: 10/31/2011
Return: -2.72 % Date: 9/30/2011
Return: -5.33 % Date: 8/31/2011
Return: -1.97 % Date: 7/31/2011
Return: -6.91 % Date: 6/30/2011
Return: -3.52 % Date: 5/31/2011
Return: 7.87 % Date: 4/30/2011
Return: -1.65 % Date: 3/31/2011
Return: 0.60 % Date: 2/28/2011
Return: 3.27 % Date: 1/31/2011
Return: -5.91 % Date: 12/31/2010
Return: 4.17 % Date: 11/30/2010
Return: -1.42 % Date: 10/31/2010
Return: -1.57 % Date: 9/30/2010
Return: -3.42 % Date: 8/31/2010
Return: -6.52 % Date: 7/31/2010
Return: -3.27 % Date: 6/30/2010
Return: -1.74 % Date: 5/31/2010
Return: 0.92 % Date: 4/30/2010
Return: -0.06 % Date: 3/31/2010
Return: -6.13 % Date: 2/28/2010
Return: -2.57 % Date: 1/31/2010
Return: -2.89 % Date: 12/31/2009
Return: 0.72 % Date: 11/30/2009
Return: -2.62 % Date: 10/31/2009
Return: -1.71 % Date: 9/30/2009
Return: 1.57 % Date: 8/31/2009
Return: -1.49 % Date: 7/31/2009
Return: -0.10 % Date: 6/30/2009
Return: -0.38 % Date: 5/31/2009
Return: 2.18 % Date: 4/30/2009
Return: -2.01 % Date: 3/31/2009
Return: -1.76 % Date: 2/28/2009
Return: -2.23 % Date: 1/31/2009
Return: -1.26 % Date: 12/31/2008
Return: -0.68 % Date: 11/30/2008
Return: 1.14 % Date: 10/31/2008
Return: 0.86 % Date: 9/30/2008
Return: -2.48 % Date: 8/31/2008
Return: -1.21 % Date: 7/31/2008
Return: -12.02 % Date: 6/30/2008
Return: 6.58 % Date: 5/31/2008
Return: -0.21 % Date: 4/30/2008
Return: 2.29 % Date: 3/31/2008
Return: 7.07 % Date: 2/29/2008
Return: 10.00 % Date: 1/31/2008
Return: -2.54 % Date: 12/31/2007
Return: -3.47 % Date: 11/30/2007
Return: -2.18 % Date: 10/31/2007
Return: 2.52 % Date: 9/30/2007
Return: -1.11 % Date: 8/31/2007
Return: -5.67 % Date: 7/31/2007
Return: -0.50 % Date: 6/30/2007
Return: -5.52 % Date: 5/31/2007
Return: -0.20 % Date: 4/30/2007
Return: 0.22 % Date: 3/31/2007
Return: 4.14 % Date: 2/28/2007
Return: -2.04 % Date: 1/31/2007
Return: -0.42 % Date: 12/31/2006
Return: 0.49 % Date: 11/30/2006
Return: 2.18 % Date: 10/31/2006
Return: -0.90 % Date: 9/30/2006
Return: -4.05 % Date: 8/31/2006
Return: -1.42 % Date: 7/31/2006
Return: 3.98 % Date: 6/30/2006
Return: -0.49 % Date: 5/31/2006
Return: -1.77 % Date: 4/30/2006
Return: 1.56 % Date: 3/31/2006
Return: 3.51 % Date: 2/28/2006
Return: -7.90 % Date: 1/31/2006
Return: 8.01 % Date: 12/31/2005
Return: -12.44 % Date: 11/30/2005
Return: 5.81 % Date: 10/31/2005
Return: 0.02 % Date: 9/30/2005
Return: 9.58 % Date: 8/31/2005
Return: 29.70 % Date: 7/31/2005
Return: 5.09 % Date: 6/30/2005
Return: 15.45 % Date: 5/31/2005
Return: 6.93 % Date: 4/30/2005
Return: -14.19 % Date: 3/31/2005
Return: 3.76 % Date: 2/28/2005
Return: 13.34 % Date: 1/31/2005
Return: 6.27 % Date: 12/31/2004
Return: -10.01 % Date: 11/30/2004
Return: -0.32 % Date: 10/31/2004
Return: 27.16 % Date: 9/30/2004
Return: 12.32 % Date: 8/31/2004
Return: -11.15 % Date: 7/31/2004
Return: 13.97 % Date: 6/30/2004
Return: 6.15 % Date: 5/31/2004
Return: 42.46 % Date: 4/30/2004
Return: 0.14 % Date: 3/31/2004
Return: 12.43 % Date: 2/29/2004
Return: 15.29 % Date: 1/31/2004
Return: -4.45 % Date: 12/31/2003
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 12/03 - 07/14
Return: -15.00 %
Count: 1 Return: -17.00 %
Count: 2 Return: -5.00 %
Count: 1 Return: -7.00 %
Count: 3 Return: 1.00 %
Count: 6 Return: -3.00 %
Count: 10 Return: 3.00 %
Count: 3 Return: -6.00 %
Count: 7 Return: -1.00 %
Count: 12 Return: -2.00 %
Count: 15 Return: 2.00 %
Count: 5 Return: -8.00 %
Count: 4 Return: 8.00 %
Count: 5 Return: -12.00 %
Count: 2 Return: 10.00 %
Count: 3 Return: 30.00 %
Count: 1 Return: 5.00 %
Count: 1 Return: 7.00 %
Count: 3 Return: -14.00 %
Count: 2 Return: 4.00 %
Count: 5 Return: 13.00 %
Count: 1 Return: -10.00 %
Count: 1 Return: 27.00 %
Count: 1 Return: -11.00 %
Count: 1 Return: 14.00 %
Count: 1 Return: 6.00 %
Count: 4 Return: 42.00 %
Count: 1 Return: 12.00 %
Count: 2 Return: 15.00 %
Count: 2 Return: -4.00 %
Count: 7 Return: 0.00 %
Count: 16
Note: All performance data is since program inception.

Underwater Curve
Date Range: 12/03 - 07/14
Date: 7/31/2014
Drawdown: -82.92 % Date: 6/30/2014
Drawdown: -80.25 % Date: 5/31/2014
Drawdown: -78.88 % Date: 4/30/2014
Drawdown: -76.94 % Date: 3/31/2014
Drawdown: -77.72 % Date: 2/28/2014
Drawdown: -77.44 % Date: 1/31/2014
Drawdown: -75.72 % Date: 12/31/2013
Drawdown: -77.59 % Date: 11/30/2013
Drawdown: -76.96 % Date: 10/31/2013
Drawdown: -78.68 % Date: 9/30/2013
Drawdown: -77.90 % Date: 8/31/2013
Drawdown: -76.59 % Date: 7/31/2013
Drawdown: -75.49 % Date: 6/30/2013
Drawdown: -74.82 % Date: 5/31/2013
Drawdown: -74.33 % Date: 4/30/2013
Drawdown: -74.01 % Date: 3/31/2013
Drawdown: -73.43 % Date: 2/28/2013
Drawdown: -71.88 % Date: 1/31/2013
Drawdown: -70.68 % Date: 12/31/2012
Drawdown: -69.47 % Date: 11/30/2012
Drawdown: -68.93 % Date: 10/31/2012
Drawdown: -66.26 % Date: 9/30/2012
Drawdown: -66.16 % Date: 8/31/2012
Drawdown: -68.78 % Date: 7/31/2012
Drawdown: -62.52 % Date: 6/30/2012
Drawdown: -65.85 % Date: 5/31/2012
Drawdown: -67.68 % Date: 4/30/2012
Drawdown: -67.48 % Date: 3/31/2012
Drawdown: -67.88 % Date: 2/29/2012
Drawdown: -65.20 % Date: 1/31/2012
Drawdown: -65.10 % Date: 12/31/2011
Drawdown: -65.20 % Date: 11/30/2011
Drawdown: -59.10 % Date: 10/31/2011
Drawdown: -50.65 % Date: 9/30/2011
Drawdown: -49.27 % Date: 8/31/2011
Drawdown: -46.42 % Date: 7/31/2011
Drawdown: -45.34 % Date: 6/30/2011
Drawdown: -41.29 % Date: 5/31/2011
Drawdown: -39.14 % Date: 4/30/2011
Drawdown: -43.58 % Date: 3/31/2011
Drawdown: -42.64 % Date: 2/28/2011
Drawdown: -42.98 % Date: 1/31/2011
Drawdown: -44.78 % Date: 12/31/2010
Drawdown: -41.32 % Date: 11/30/2010
Drawdown: -43.67 % Date: 10/31/2010
Drawdown: -42.85 % Date: 9/30/2010
Drawdown: -41.94 % Date: 8/31/2010
Drawdown: -39.89 % Date: 7/31/2010
Drawdown: -35.69 % Date: 6/30/2010
Drawdown: -33.52 % Date: 5/31/2010
Drawdown: -32.34 % Date: 4/30/2010
Drawdown: -32.96 % Date: 3/31/2010
Drawdown: -32.92 % Date: 2/28/2010
Drawdown: -28.54 % Date: 1/31/2010
Drawdown: -26.65 % Date: 12/31/2009
Drawdown: -24.47 % Date: 11/30/2009
Drawdown: -25.01 % Date: 10/31/2009
Drawdown: -22.99 % Date: 9/30/2009
Drawdown: -21.65 % Date: 8/31/2009
Drawdown: -22.86 % Date: 7/31/2009
Drawdown: -21.70 % Date: 6/30/2009
Drawdown: -21.62 % Date: 5/31/2009
Drawdown: -21.32 % Date: 4/30/2009
Drawdown: -23.00 % Date: 3/31/2009
Drawdown: -21.42 % Date: 2/28/2009
Drawdown: -20.01 % Date: 1/31/2009
Drawdown: -18.19 % Date: 12/31/2008
Drawdown: -17.14 % Date: 11/30/2008
Drawdown: -16.58 % Date: 10/31/2008
Drawdown: -17.52 % Date: 9/30/2008
Drawdown: -18.22 % Date: 8/31/2008
Drawdown: -16.14 % Date: 7/31/2008
Drawdown: -15.11 % Date: 6/30/2008
Drawdown: -3.51 % Date: 5/31/2008
Drawdown: -9.47 % Date: 4/30/2008
Drawdown: -9.28 % Date: 3/31/2008
Drawdown: -11.31 % Date: 2/29/2008
Drawdown: -17.17 % Date: 1/31/2008
Drawdown: -24.70 % Date: 12/31/2007
Drawdown: -22.74 % Date: 11/30/2007
Drawdown: -19.96 % Date: 10/31/2007
Drawdown: -18.17 % Date: 9/30/2007
Drawdown: -20.19 % Date: 8/31/2007
Drawdown: -19.29 % Date: 7/31/2007
Drawdown: -14.44 % Date: 6/30/2007
Drawdown: -14.01 % Date: 5/31/2007
Drawdown: -8.98 % Date: 4/30/2007
Drawdown: -8.80 % Date: 3/31/2007
Drawdown: -9.00 % Date: 2/28/2007
Drawdown: -12.62 % Date: 1/31/2007
Drawdown: -10.80 % Date: 12/31/2006
Drawdown: -10.42 % Date: 11/30/2006
Drawdown: -10.86 % Date: 10/31/2006
Drawdown: -12.76 % Date: 9/30/2006
Drawdown: -11.97 % Date: 8/31/2006
Drawdown: -8.25 % Date: 7/31/2006
Drawdown: -6.93 % Date: 6/30/2006
Drawdown: -10.50 % Date: 5/31/2006
Drawdown: -10.05 % Date: 4/30/2006
Drawdown: -8.43 % Date: 3/31/2006
Drawdown: -9.84 % Date: 2/28/2006
Drawdown: -12.90 % Date: 1/31/2006
Drawdown: -5.43 % Date: 12/31/2005
Drawdown: -12.44 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: 0.00 % Date: 9/30/2005
Drawdown: 0.00 % Date: 8/31/2005
Drawdown: 0.00 % Date: 7/31/2005
Drawdown: 0.00 % Date: 6/30/2005
Drawdown: 0.00 % Date: 5/31/2005
Drawdown: -8.24 % Date: 4/30/2005
Drawdown: -14.19 % Date: 3/31/2005
Drawdown: 0.00 % Date: 2/28/2005
Drawdown: 0.00 % Date: 1/31/2005
Drawdown: -4.67 % Date: 12/31/2004
Drawdown: -10.30 % Date: 11/30/2004
Drawdown: -0.32 % Date: 10/31/2004
Drawdown: 0.00 % Date: 9/30/2004
Drawdown: -0.20 % Date: 8/31/2004
Drawdown: -11.15 % Date: 7/31/2004
Drawdown: 0.00 % Date: 6/30/2004
Drawdown: 0.00 % Date: 5/31/2004
Drawdown: 0.00 % Date: 4/30/2004
Drawdown: 0.00 % Date: 3/31/2004
Drawdown: 0.00 % Date: 2/29/2004
Drawdown: 0.00 % Date: 1/31/2004
Drawdown: -4.45 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Shield Plus, LLC
Address: 701 Xenia Ave. S., Suite 150
City: Golden Valley
State: MN
Zip: 55416
Country: USA
Key People
Name:  Frank P. Pintens
Position:  Portfolio Manager
Biography: 

Portfolio Manager/EVP • Portfolio Manager at SHIELD PLUS from December 29, 2006 to present • Member of external SHIELD PLUS advisory committee (no authority, non-compensated) from March 31, 2001 to present • Portfolio Manager of personal investments from July 31, 2002 to December 28, 2006 • University of Wisconsin: MBA in investments, finance, and banking; University of Wisconsin-Eau Claire: BS Economics


Name:  Edwin W. Schulz
Position:  Portfolio Manager
Biography: 

Portfolio Manager/SVP • Portfolio Manager at SHIELD PLUS from April 27, 2001 to present • Graduate Work in Animal Nutrition, University of Wisconsin; BS Meat and Animal Science, University of Wisconsin


Name:  James L. Mahnke
Position:  Chief Executive Officer
Biography: 

Founder/CEO/President/Principal • Portfolio Manager at SHIELD PLUS from March 13, 2001 to present • Honors Graduate, MS Agricultural Economics, Purdue University; BA Economics, St. Olaf College


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.