Altegris Clearing Solutions Denali Asset Management, LLLP Global Discretionary Program
Important 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.

Manager Selection

Monthly Performance (%)
Date Range: 05/00 - 05/14
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2014 1.73 -1.38 -0.46 -1.01 0.21 -0.88 -1.81
2013 1.31 -1.48 -0.09 -1.16 0.59 1.41 -0.99 0.24 -0.76 -1.47 0.66 -0.08 -1.86
2012 -1.06 -1.27 -1.31 -1.01 5.60 -3.81 -0.46 0.15 0.80 -2.16 0.01 -0.34 -5.01
2011 0.05 -0.77 -1.94 1.88 -0.27 -1.96 -0.87 3.85 4.18 -2.59 0.11 0.32 1.75
2010 1.39 0.53 1.44 0.74 5.20 0.11 0.56 1.11 2.08 0.22 -0.90 1.22 14.46
2009 1.15 -2.26 -2.11 0.66 3.86 -0.53 1.86 0.18 0.41 0.42 0.49 0.14 4.20
2008 0.56 4.22 -3.33 6.61 2.71 -0.63 0.41 0.05 -0.99 5.70 1.87 0.92 19.15
2007 2.74 -2.16 -0.23 2.75 3.72 3.55 -0.01 -5.50 3.61 1.26 -4.07 1.40 6.73
2006 2.50 -0.90 1.48 -0.33 -1.35 1.77 -1.92 0.13 -1.08 0.54 -1.40 1.71 1.03
2005 -2.08 0.82 -0.89 2.48 2.49 4.74 0.84 0.91 1.51 -1.99 2.65 0.22 12.11
2004 0.51 4.24 4.16 -5.34 -2.60 -0.88 -0.43 1.78 -2.40 1.49 1.10 -0.59 0.62
2003 3.53 6.05 4.24 1.26 9.46 0.79 -6.04 4.67 10.70 -9.52 -1.31 3.94 29.19
2002 2.96 -0.38 0.53 0.89 2.21 7.29 9.05 -1.08 11.91 -1.41 -3.39 9.49 43.62
2001 2.29 2.35 4.37 -1.53 3.75 1.80 4.84 0.99 7.96 9.36 0.39 3.05 46.96
2000 -1.41 1.80 0.49 -2.44 6.02 7.84 10.14 23.90
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Performance Statistics
Date Range: 05/00 - 05/14
  Program SP500 TR Barcl GM
Total Return 448.77% 73.48% 130.96%
Annualized Return 12.93% 3.99% 6.12%
Annualized Std. Deviation 10.96% 15.33% 5.06%
Correlation -0.29 0.36
Sharpe Ratio (rf=2.5%) 0.95 0.10 0.72
Worst Month -9.52% -16.80% -3.27%
Date of Worst Month 10/2003 10/2008 09/2008
Worst Drawdown -10.71% -50.95% -6.42%
Date of Worst Drawdown 9/03 - 11/03 10/07 - 2/09 2/08 - 10/08
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 05/00 - 05/14
Year or YTD Program SP500 TR Barcl GM
2014 -1.81 7.14 -1.02
2013 -1.86 32.41 4.82
2012 -5.01 15.98 2.57
2011 1.75 2.12 -3.65
2010 14.46 15.06 6.75
2009 4.20 26.45 7.48
2008 19.15 -37.00 -0.65
2007 6.73 5.50 11.40
2006 1.03 15.79 7.84
2005 12.11 4.89 9.42
2004 0.62 10.87 2.94
2003 29.19 28.69 18.02
2002 43.62 -22.11 7.07
2001 46.96 -11.88 6.30
2000 23.90 -6.45 9.38
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 05/00 - 05/14
Date: 5/31/2014
Perf: $2,323.07 Date: 4/30/2014
Perf: $2,303.95 Date: 3/31/2014
Perf: $2,315.06 Date: 2/28/2014
Perf: $2,329.51 Date: 1/31/2014
Perf: $2,323.93 Date: 12/31/2013
Perf: $2,346.93 Date: 11/30/2013
Perf: $2,327.38 Date: 10/31/2013
Perf: $2,296.38 Date: 9/30/2013
Perf: $2,265.57 Date: 8/31/2013
Perf: $2,244.91 Date: 7/31/2013
Perf: $2,283.97 Date: 6/30/2013
Perf: $2,284.20 Date: 5/31/2013
Perf: $2,325.36 Date: 4/30/2013
Perf: $2,332.59 Date: 3/31/2013
Perf: $2,306.52 Date: 2/28/2013
Perf: $2,281.43 Date: 1/31/2013
Perf: $2,280.74 Date: 12/31/2012
Perf: $2,239.10 Date: 11/30/2012
Perf: $2,218.03 Date: 10/31/2012
Perf: $2,219.58 Date: 9/30/2012
Perf: $2,238.16 Date: 8/31/2012
Perf: $2,229.46 Date: 7/31/2012
Perf: $2,217.05 Date: 6/30/2012
Perf: $2,184.50 Date: 5/31/2012
Perf: $2,195.69 Date: 4/30/2012
Perf: $2,222.81 Date: 3/31/2012
Perf: $2,243.45 Date: 2/29/2012
Perf: $2,256.77 Date: 1/31/2012
Perf: $2,225.39 Date: 12/31/2011
Perf: $2,183.04 Date: 11/30/2011
Perf: $2,184.13 Date: 10/31/2011
Perf: $2,197.98 Date: 9/30/2011
Perf: $2,177.73 Date: 8/31/2011
Perf: $2,214.71 Date: 7/31/2011
Perf: $2,247.52 Date: 6/30/2011
Perf: $2,229.91 Date: 5/31/2011
Perf: $2,265.71 Date: 4/30/2011
Perf: $2,299.51 Date: 3/31/2011
Perf: $2,258.85 Date: 2/28/2011
Perf: $2,269.29 Date: 1/31/2011
Perf: $2,251.50 Date: 12/31/2010
Perf: $2,265.78 Date: 11/30/2010
Perf: $2,220.04 Date: 10/31/2010
Perf: $2,231.65 Date: 9/30/2010
Perf: $2,204.10 Date: 8/31/2010
Perf: $2,141.15 Date: 7/31/2010
Perf: $2,122.05 Date: 6/30/2010
Perf: $2,114.23 Date: 5/31/2010
Perf: $2,110.43 Date: 4/30/2010
Perf: $2,149.33 Date: 3/31/2010
Perf: $2,143.33 Date: 2/28/2010
Perf: $2,105.02 Date: 1/31/2010
Perf: $2,096.42 Date: 12/31/2009
Perf: $2,122.53 Date: 11/30/2009
Perf: $2,133.41 Date: 10/31/2009
Perf: $2,093.63 Date: 9/30/2009
Perf: $2,095.10 Date: 8/31/2009
Perf: $2,043.20 Date: 7/31/2009
Perf: $2,039.12 Date: 6/30/2009
Perf: $2,011.96 Date: 5/31/2009
Perf: $2,039.08 Date: 4/30/2009
Perf: $1,964.81 Date: 3/31/2009
Perf: $1,944.59 Date: 2/28/2009
Perf: $1,934.33 Date: 1/31/2009
Perf: $1,963.19 Date: 12/31/2008
Perf: $1,974.84 Date: 11/30/2008
Perf: $1,943.74 Date: 10/31/2008
Perf: $1,933.11 Date: 9/30/2008
Perf: $1,936.79 Date: 8/31/2008
Perf: $2,002.27 Date: 7/31/2008
Perf: $2,020.65 Date: 6/30/2008
Perf: $2,061.05 Date: 5/31/2008
Perf: $2,054.48 Date: 4/30/2008
Perf: $2,034.14 Date: 3/31/2008
Perf: $2,016.39 Date: 2/29/2008
Perf: $2,065.76 Date: 1/31/2008
Perf: $1,993.60 Date: 12/31/2007
Perf: $1,987.83 Date: 11/30/2007
Perf: $1,960.97 Date: 10/31/2007
Perf: $1,980.57 Date: 9/30/2007
Perf: $1,920.46 Date: 8/31/2007
Perf: $1,848.91 Date: 7/31/2007
Perf: $1,887.22 Date: 6/30/2007
Perf: $1,872.43 Date: 5/31/2007
Perf: $1,852.97 Date: 4/30/2007
Perf: $1,819.85 Date: 3/31/2007
Perf: $1,789.61 Date: 2/28/2007
Perf: $1,795.53 Date: 1/31/2007
Perf: $1,791.95 Date: 12/31/2006
Perf: $1,784.45 Date: 11/30/2006
Perf: $1,765.21 Date: 10/31/2006
Perf: $1,716.97 Date: 9/30/2006
Perf: $1,691.26 Date: 8/31/2006
Perf: $1,711.28 Date: 7/31/2006
Perf: $1,723.86 Date: 6/30/2006
Perf: $1,734.10 Date: 5/31/2006
Perf: $1,738.44 Date: 4/30/2006
Perf: $1,779.55 Date: 3/31/2006
Perf: $1,726.38 Date: 2/28/2006
Perf: $1,709.45 Date: 1/31/2006
Perf: $1,720.46 Date: 12/31/2005
Perf: $1,654.77 Date: 11/30/2005
Perf: $1,624.07 Date: 10/31/2005
Perf: $1,590.20 Date: 9/30/2005
Perf: $1,617.54 Date: 8/31/2005
Perf: $1,565.87 Date: 7/31/2005
Perf: $1,553.28 Date: 6/30/2005
Perf: $1,534.11 Date: 5/31/2005
Perf: $1,515.02 Date: 4/30/2005
Perf: $1,500.32 Date: 3/31/2005
Perf: $1,518.85 Date: 2/28/2005
Perf: $1,531.71 Date: 1/31/2005
Perf: $1,499.33 Date: 12/31/2004
Perf: $1,512.33 Date: 11/30/2004
Perf: $1,499.74 Date: 10/31/2004
Perf: $1,455.91 Date: 9/30/2004
Perf: $1,443.07 Date: 8/31/2004
Perf: $1,438.75 Date: 7/31/2004
Perf: $1,442.21 Date: 6/30/2004
Perf: $1,455.02 Date: 5/31/2004
Perf: $1,455.45 Date: 4/30/2004
Perf: $1,464.09 Date: 3/31/2004
Perf: $1,495.80 Date: 2/29/2004
Perf: $1,494.46 Date: 1/31/2004
Perf: $1,478.20 Date: 12/31/2003
Perf: $1,469.09 Date: 11/30/2003
Perf: $1,419.14 Date: 10/31/2003
Perf: $1,416.45 Date: 9/30/2003
Perf: $1,391.95 Date: 8/31/2003
Perf: $1,368.28 Date: 7/31/2003
Perf: $1,352.32 Date: 6/30/2003
Perf: $1,350.70 Date: 5/31/2003
Perf: $1,346.39 Date: 4/30/2003
Perf: $1,289.52 Date: 3/31/2003
Perf: $1,270.34 Date: 2/28/2003
Perf: $1,284.47 Date: 1/31/2003
Perf: $1,265.11 Date: 12/31/2002
Perf: $1,244.82 Date: 11/30/2002
Perf: $1,217.07 Date: 10/31/2002
Perf: $1,209.69 Date: 9/30/2002
Perf: $1,212.00 Date: 8/31/2002
Perf: $1,202.02 Date: 7/31/2002
Perf: $1,195.09 Date: 6/30/2002
Perf: $1,204.12 Date: 5/31/2002
Perf: $1,192.55 Date: 4/30/2002
Perf: $1,179.58 Date: 3/31/2002
Perf: $1,174.17 Date: 2/28/2002
Perf: $1,152.85 Date: 1/31/2002
Perf: $1,163.79 Date: 12/31/2001
Perf: $1,162.62 Date: 11/30/2001
Perf: $1,146.46 Date: 10/31/2001
Perf: $1,148.99 Date: 9/30/2001
Perf: $1,126.90 Date: 8/31/2001
Perf: $1,131.99 Date: 7/31/2001
Perf: $1,120.79 Date: 6/30/2001
Perf: $1,115.88 Date: 5/31/2001
Perf: $1,111.43 Date: 4/30/2001
Perf: $1,103.16 Date: 3/31/2001
Perf: $1,110.60 Date: 2/28/2001
Perf: $1,089.68 Date: 1/31/2001
Perf: $1,104.92 Date: 12/31/2000
Perf: $1,093.77 Date: 11/30/2000
Perf: $1,036.16 Date: 10/31/2000
Perf: $1,019.14 Date: 9/30/2000
Perf: $1,019.04 Date: 8/31/2000
Perf: $1,034.97 Date: 7/31/2000
Perf: $1,010.42 Date: 6/30/2000
Perf: $1,015.60 Date: 5/31/2000
Perf: $1,000.00 Date: 6/30/2014
Perf: $1,807.73 Date: 5/31/2014
Perf: $1,771.07 Date: 4/30/2014
Perf: $1,730.40 Date: 3/31/2014
Perf: $1,717.69 Date: 2/28/2014
Perf: $1,703.38 Date: 1/31/2014
Perf: $1,628.94 Date: 12/31/2013
Perf: $1,687.32 Date: 11/30/2013
Perf: $1,645.68 Date: 10/31/2013
Perf: $1,596.98 Date: 9/30/2013
Perf: $1,526.75 Date: 8/31/2013
Perf: $1,480.27 Date: 7/31/2013
Perf: $1,524.48 Date: 6/30/2013
Perf: $1,450.64 Date: 5/31/2013
Perf: $1,470.34 Date: 4/30/2013
Perf: $1,436.72 Date: 3/31/2013
Perf: $1,409.52 Date: 2/28/2013
Perf: $1,358.57 Date: 1/31/2013
Perf: $1,340.34 Date: 12/31/2012
Perf: $1,274.33 Date: 11/30/2012
Perf: $1,262.84 Date: 10/31/2012
Perf: $1,255.56 Date: 9/30/2012
Perf: $1,279.22 Date: 8/31/2012
Perf: $1,247.05 Date: 7/31/2012
Perf: $1,219.61 Date: 6/30/2012
Perf: $1,202.89 Date: 5/31/2012
Perf: $1,155.29 Date: 4/30/2012
Perf: $1,229.16 Date: 3/31/2012
Perf: $1,236.96 Date: 2/29/2012
Perf: $1,197.56 Date: 1/31/2012
Perf: $1,147.96 Date: 12/31/2011
Perf: $1,098.74 Date: 11/30/2011
Perf: $1,087.65 Date: 10/31/2011
Perf: $1,090.05 Date: 9/30/2011
Perf: $982.64 Date: 8/31/2011
Perf: $1,056.95 Date: 7/31/2011
Perf: $1,117.63 Date: 6/30/2011
Perf: $1,140.79 Date: 5/31/2011
Perf: $1,160.17 Date: 4/30/2011
Perf: $1,173.43 Date: 3/31/2011
Perf: $1,139.69 Date: 2/28/2011
Perf: $1,139.24 Date: 1/31/2011
Perf: $1,101.46 Date: 12/31/2010
Perf: $1,075.96 Date: 11/30/2010
Perf: $1,008.58 Date: 10/31/2010
Perf: $1,008.48 Date: 9/30/2010
Perf: $971.47 Date: 8/31/2010
Perf: $891.91 Date: 7/31/2010
Perf: $934.03 Date: 6/30/2010
Perf: $872.85 Date: 5/31/2010
Perf: $921.02 Date: 4/30/2010
Perf: $1,001.00 Date: 3/31/2010
Perf: $985.43 Date: 2/28/2010
Perf: $929.39 Date: 1/31/2010
Perf: $901.44 Date: 12/31/2009
Perf: $935.10 Date: 11/30/2009
Perf: $917.40 Date: 10/31/2009
Perf: $865.47 Date: 9/30/2009
Perf: $881.87 Date: 8/31/2009
Perf: $850.16 Date: 7/31/2009
Perf: $820.54 Date: 6/30/2009
Perf: $762.87 Date: 5/31/2009
Perf: $761.35 Date: 4/30/2009
Perf: $721.04 Date: 3/31/2009
Perf: $658.06 Date: 2/28/2009
Perf: $605.06 Date: 1/31/2009
Perf: $677.18 Date: 12/31/2008
Perf: $739.52 Date: 11/30/2008
Perf: $731.76 Date: 10/31/2008
Perf: $788.37 Date: 9/30/2008
Perf: $947.56 Date: 8/31/2008
Perf: $1,040.24 Date: 7/31/2008
Perf: $1,025.38 Date: 6/30/2008
Perf: $1,034.06 Date: 5/31/2008
Perf: $1,129.26 Date: 4/30/2008
Perf: $1,114.77 Date: 3/31/2008
Perf: $1,063.00 Date: 2/29/2008
Perf: $1,067.59 Date: 1/31/2008
Perf: $1,103.45 Date: 12/31/2007
Perf: $1,173.88 Date: 11/30/2007
Perf: $1,182.04 Date: 10/31/2007
Perf: $1,233.61 Date: 9/30/2007
Perf: $1,214.30 Date: 8/31/2007
Perf: $1,170.52 Date: 7/31/2007
Perf: $1,153.22 Date: 6/30/2007
Perf: $1,190.12 Date: 5/31/2007
Perf: $1,210.21 Date: 4/30/2007
Perf: $1,169.39 Date: 3/31/2007
Perf: $1,119.79 Date: 2/28/2007
Perf: $1,107.38 Date: 1/31/2007
Perf: $1,129.52 Date: 12/31/2006
Perf: $1,112.72 Date: 11/30/2006
Perf: $1,097.36 Date: 10/31/2006
Perf: $1,076.90 Date: 9/30/2006
Perf: $1,042.90 Date: 8/31/2006
Perf: $1,016.67 Date: 7/31/2006
Perf: $993.03 Date: 6/30/2006
Perf: $986.92 Date: 5/31/2006
Perf: $985.54 Date: 4/30/2006
Perf: $1,014.76 Date: 3/31/2006
Perf: $1,001.34 Date: 2/28/2006
Perf: $989.08 Date: 1/31/2006
Perf: $986.41 Date: 12/31/2005
Perf: $960.95 Date: 11/30/2005
Perf: $960.66 Date: 10/31/2005
Perf: $925.67 Date: 9/30/2005
Perf: $941.39 Date: 8/31/2005
Perf: $933.83 Date: 7/31/2005
Perf: $942.40 Date: 6/30/2005
Perf: $908.60 Date: 5/31/2005
Perf: $907.33 Date: 4/30/2005
Perf: $879.37 Date: 3/31/2005
Perf: $896.40 Date: 2/28/2005
Perf: $912.55 Date: 1/31/2005
Perf: $893.78 Date: 12/31/2004
Perf: $916.14 Date: 11/30/2004
Perf: $886.01 Date: 10/31/2004
Perf: $851.53 Date: 9/30/2004
Perf: $838.69 Date: 8/31/2004
Perf: $829.73 Date: 7/31/2004
Perf: $826.43 Date: 6/30/2004
Perf: $854.72 Date: 5/31/2004
Perf: $838.45 Date: 4/30/2004
Perf: $827.12 Date: 3/31/2004
Perf: $840.31 Date: 2/29/2004
Perf: $853.20 Date: 1/31/2004
Perf: $841.50 Date: 12/31/2003
Perf: $826.30 Date: 11/30/2003
Perf: $785.15 Date: 10/31/2003
Perf: $778.31 Date: 9/30/2003
Perf: $736.61 Date: 8/31/2003
Perf: $744.51 Date: 7/31/2003
Perf: $730.26 Date: 6/30/2003
Perf: $717.63 Date: 5/31/2003
Perf: $708.56 Date: 4/30/2003
Perf: $673.09 Date: 3/31/2003
Perf: $621.85 Date: 2/28/2003
Perf: $615.88 Date: 1/31/2003
Perf: $625.26 Date: 12/31/2002
Perf: $642.08 Date: 11/30/2002
Perf: $682.19 Date: 10/31/2002
Perf: $644.25 Date: 9/30/2002
Perf: $592.14 Date: 8/31/2002
Perf: $664.35 Date: 7/31/2002
Perf: $660.00 Date: 6/30/2002
Perf: $715.83 Date: 5/31/2002
Perf: $770.71 Date: 4/30/2002
Perf: $776.45 Date: 3/31/2002
Perf: $826.54 Date: 2/28/2002
Perf: $796.59 Date: 1/31/2002
Perf: $812.27 Date: 12/31/2001
Perf: $824.30 Date: 11/30/2001
Perf: $817.11 Date: 10/31/2001
Perf: $758.90 Date: 9/30/2001
Perf: $744.68 Date: 8/31/2001
Perf: $810.14 Date: 7/31/2001
Perf: $864.24 Date: 6/30/2001
Perf: $872.79 Date: 5/31/2001
Perf: $894.53 Date: 4/30/2001
Perf: $888.58 Date: 3/31/2001
Perf: $824.51 Date: 2/28/2001
Perf: $880.32 Date: 1/31/2001
Perf: $968.67 Date: 12/31/2000
Perf: $935.46 Date: 11/30/2000
Perf: $930.90 Date: 10/31/2000
Perf: $1,010.53 Date: 9/30/2000
Perf: $1,014.79 Date: 8/31/2000
Perf: $1,071.36 Date: 7/31/2000
Perf: $1,008.71 Date: 6/30/2000
Perf: $1,024.70 Date: 5/31/2000
Perf: $1,000.00 Date: 6/30/2014
Perf: $5,439.46 Date: 5/31/2014
Perf: $5,487.75 Date: 4/30/2014
Perf: $5,476.25 Date: 3/31/2014
Perf: $5,532.12 Date: 2/28/2014
Perf: $5,557.69 Date: 1/31/2014
Perf: $5,635.46 Date: 12/31/2013
Perf: $5,539.62 Date: 11/30/2013
Perf: $5,544.06 Date: 10/31/2013
Perf: $5,507.71 Date: 9/30/2013
Perf: $5,589.88 Date: 8/31/2013
Perf: $5,632.69 Date: 7/31/2013
Perf: $5,619.20 Date: 6/30/2013
Perf: $5,675.39 Date: 5/31/2013
Perf: $5,596.48 Date: 4/30/2013
Perf: $5,563.65 Date: 3/31/2013
Perf: $5,628.95 Date: 2/28/2013
Perf: $5,634.02 Date: 1/31/2013
Perf: $5,718.65 Date: 12/31/2012
Perf: $5,644.71 Date: 11/30/2012
Perf: $5,663.96 Date: 10/31/2012
Perf: $5,663.40 Date: 9/30/2012
Perf: $5,788.43 Date: 8/31/2012
Perf: $5,742.49 Date: 7/31/2012
Perf: $5,733.89 Date: 6/30/2012
Perf: $5,760.39 Date: 5/31/2012
Perf: $5,988.55 Date: 4/30/2012
Perf: $5,670.97 Date: 3/31/2012
Perf: $5,728.84 Date: 2/29/2012
Perf: $5,804.88 Date: 1/31/2012
Perf: $5,879.55 Date: 12/31/2011
Perf: $5,942.54 Date: 11/30/2011
Perf: $5,923.59 Date: 10/31/2011
Perf: $5,917.08 Date: 9/30/2011
Perf: $6,074.40 Date: 8/31/2011
Perf: $5,830.68 Date: 7/31/2011
Perf: $5,614.52 Date: 6/30/2011
Perf: $5,663.80 Date: 5/31/2011
Perf: $5,777.03 Date: 4/30/2011
Perf: $5,792.67 Date: 3/31/2011
Perf: $5,685.77 Date: 2/28/2011
Perf: $5,798.26 Date: 1/31/2011
Perf: $5,843.25 Date: 12/31/2010
Perf: $5,840.33 Date: 11/30/2010
Perf: $5,769.94 Date: 10/31/2010
Perf: $5,822.34 Date: 9/30/2010
Perf: $5,809.56 Date: 8/31/2010
Perf: $5,691.18 Date: 7/31/2010
Perf: $5,628.70 Date: 6/30/2010
Perf: $5,597.36 Date: 5/31/2010
Perf: $5,591.21 Date: 4/30/2010
Perf: $5,314.84 Date: 3/31/2010
Perf: $5,275.80 Date: 2/28/2010
Perf: $5,200.90 Date: 1/31/2010
Perf: $5,173.48 Date: 12/31/2009
Perf: $5,102.56 Date: 11/30/2009
Perf: $5,095.43 Date: 10/31/2009
Perf: $5,070.58 Date: 9/30/2009
Perf: $5,049.37 Date: 8/31/2009
Perf: $5,028.75 Date: 7/31/2009
Perf: $5,019.72 Date: 6/30/2009
Perf: $4,928.06 Date: 5/31/2009
Perf: $4,954.31 Date: 4/30/2009
Perf: $4,770.19 Date: 3/31/2009
Perf: $4,738.91 Date: 2/28/2009
Perf: $4,841.05 Date: 1/31/2009
Perf: $4,952.99 Date: 12/31/2008
Perf: $4,896.68 Date: 11/30/2008
Perf: $4,852.04 Date: 10/31/2008
Perf: $4,762.97 Date: 9/30/2008
Perf: $4,506.13 Date: 8/31/2008
Perf: $4,551.18 Date: 7/31/2008
Perf: $4,548.91 Date: 6/30/2008
Perf: $4,530.33 Date: 5/31/2008
Perf: $4,559.06 Date: 4/30/2008
Perf: $4,438.76 Date: 3/31/2008
Perf: $4,163.55 Date: 2/29/2008
Perf: $4,306.98 Date: 1/31/2008
Perf: $4,132.58 Date: 12/31/2007
Perf: $4,109.57 Date: 11/30/2007
Perf: $4,052.83 Date: 10/31/2007
Perf: $4,224.78 Date: 9/30/2007
Perf: $4,172.21 Date: 8/31/2007
Perf: $4,026.84 Date: 7/31/2007
Perf: $4,261.20 Date: 6/30/2007
Perf: $4,261.63 Date: 5/31/2007
Perf: $4,115.53 Date: 4/30/2007
Perf: $3,967.92 Date: 3/31/2007
Perf: $3,861.72 Date: 2/28/2007
Perf: $3,870.63 Date: 1/31/2007
Perf: $3,956.08 Date: 12/31/2006
Perf: $3,850.57 Date: 11/30/2006
Perf: $3,785.83 Date: 10/31/2006
Perf: $3,839.59 Date: 9/30/2006
Perf: $3,818.97 Date: 8/31/2006
Perf: $3,860.66 Date: 7/31/2006
Perf: $3,855.65 Date: 6/30/2006
Perf: $3,931.13 Date: 5/31/2006
Perf: $3,862.76 Date: 4/30/2006
Perf: $3,915.62 Date: 3/31/2006
Perf: $3,928.58 Date: 2/28/2006
Perf: $3,871.29 Date: 1/31/2006
Perf: $3,906.44 Date: 12/31/2005
Perf: $3,811.17 Date: 11/30/2005
Perf: $3,802.80 Date: 10/31/2005
Perf: $3,704.63 Date: 9/30/2005
Perf: $3,779.85 Date: 8/31/2005
Perf: $3,723.62 Date: 7/31/2005
Perf: $3,690.04 Date: 6/30/2005
Perf: $3,659.30 Date: 5/31/2005
Perf: $3,493.70 Date: 4/30/2005
Perf: $3,408.82 Date: 3/31/2005
Perf: $3,326.33 Date: 2/28/2005
Perf: $3,356.20 Date: 1/31/2005
Perf: $3,328.90 Date: 12/31/2004
Perf: $3,399.61 Date: 11/30/2004
Perf: $3,419.79 Date: 10/31/2004
Perf: $3,382.58 Date: 9/30/2004
Perf: $3,332.92 Date: 8/31/2004
Perf: $3,414.88 Date: 7/31/2004
Perf: $3,355.16 Date: 6/30/2004
Perf: $3,369.65 Date: 5/31/2004
Perf: $3,399.56 Date: 4/30/2004
Perf: $3,490.31 Date: 3/31/2004
Perf: $3,687.21 Date: 2/29/2004
Perf: $3,539.94 Date: 1/31/2004
Perf: $3,395.96 Date: 12/31/2003
Perf: $3,378.72 Date: 11/30/2003
Perf: $3,250.65 Date: 10/31/2003
Perf: $3,293.80 Date: 9/30/2003
Perf: $3,640.36 Date: 8/31/2003
Perf: $3,288.49 Date: 7/31/2003
Perf: $3,141.77 Date: 6/30/2003
Perf: $3,343.73 Date: 5/31/2003
Perf: $3,317.52 Date: 4/30/2003
Perf: $3,030.81 Date: 3/31/2003
Perf: $2,993.10 Date: 2/28/2003
Perf: $2,871.35 Date: 1/31/2003
Perf: $2,707.54 Date: 12/31/2002
Perf: $2,615.23 Date: 11/30/2002
Perf: $2,388.55 Date: 10/31/2002
Perf: $2,472.37 Date: 9/30/2002
Perf: $2,507.73 Date: 8/31/2002
Perf: $2,240.84 Date: 7/31/2002
Perf: $2,265.31 Date: 6/30/2002
Perf: $2,077.31 Date: 5/31/2002
Perf: $1,936.16 Date: 4/30/2002
Perf: $1,894.30 Date: 3/31/2002
Perf: $1,877.59 Date: 2/28/2002
Perf: $1,867.69 Date: 1/31/2002
Perf: $1,874.81 Date: 12/31/2001
Perf: $1,820.92 Date: 11/30/2001
Perf: $1,767.02 Date: 10/31/2001
Perf: $1,760.16 Date: 9/30/2001
Perf: $1,609.51 Date: 8/31/2001
Perf: $1,490.84 Date: 7/31/2001
Perf: $1,476.22 Date: 6/30/2001
Perf: $1,408.07 Date: 5/31/2001
Perf: $1,383.17 Date: 4/30/2001
Perf: $1,333.18 Date: 3/31/2001
Perf: $1,353.89 Date: 2/28/2001
Perf: $1,297.21 Date: 1/31/2001
Perf: $1,267.42 Date: 12/31/2000
Perf: $1,239.05 Date: 11/30/2000
Perf: $1,124.98 Date: 10/31/2000
Perf: $1,043.19 Date: 9/30/2000
Perf: $983.96 Date: 8/31/2000
Perf: $1,008.56 Date: 7/31/2000
Perf: $1,003.65 Date: 6/30/2000
Perf: $985.90 Date: 5/31/2000
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 05/00 - 05/14
Date: 6/30/2014
Return: -0.88 % Date: 5/31/2014
Return: 0.21 % Date: 4/30/2014
Return: -1.01 % Date: 3/31/2014
Return: -0.46 % Date: 2/28/2014
Return: -1.38 % Date: 1/31/2014
Return: 1.73 % Date: 12/31/2013
Return: -0.08 % Date: 11/30/2013
Return: 0.66 % Date: 10/31/2013
Return: -1.47 % Date: 9/30/2013
Return: -0.76 % Date: 8/31/2013
Return: 0.24 % Date: 7/31/2013
Return: -0.99 % Date: 6/30/2013
Return: 1.41 % Date: 5/31/2013
Return: 0.59 % Date: 4/30/2013
Return: -1.16 % Date: 3/31/2013
Return: -0.09 % Date: 2/28/2013
Return: -1.48 % Date: 1/31/2013
Return: 1.31 % Date: 12/31/2012
Return: -0.34 % Date: 11/30/2012
Return: 0.01 % Date: 10/31/2012
Return: -2.16 % Date: 9/30/2012
Return: 0.80 % Date: 8/31/2012
Return: 0.15 % Date: 7/31/2012
Return: -0.46 % Date: 6/30/2012
Return: -3.81 % Date: 5/31/2012
Return: 5.60 % Date: 4/30/2012
Return: -1.01 % Date: 3/31/2012
Return: -1.31 % Date: 2/29/2012
Return: -1.27 % Date: 1/31/2012
Return: -1.06 % Date: 12/31/2011
Return: 0.32 % Date: 11/30/2011
Return: 0.11 % Date: 10/31/2011
Return: -2.59 % Date: 9/30/2011
Return: 4.18 % Date: 8/31/2011
Return: 3.85 % Date: 7/31/2011
Return: -0.87 % Date: 6/30/2011
Return: -1.96 % Date: 5/31/2011
Return: -0.27 % Date: 4/30/2011
Return: 1.88 % Date: 3/31/2011
Return: -1.94 % Date: 2/28/2011
Return: -0.77 % Date: 1/31/2011
Return: 0.05 % Date: 12/31/2010
Return: 1.22 % Date: 11/30/2010
Return: -0.90 % Date: 10/31/2010
Return: 0.22 % Date: 9/30/2010
Return: 2.08 % Date: 8/31/2010
Return: 1.11 % Date: 7/31/2010
Return: 0.56 % Date: 6/30/2010
Return: 0.11 % Date: 5/31/2010
Return: 5.20 % Date: 4/30/2010
Return: 0.74 % Date: 3/31/2010
Return: 1.44 % Date: 2/28/2010
Return: 0.53 % Date: 1/31/2010
Return: 1.39 % Date: 12/31/2009
Return: 0.14 % Date: 11/30/2009
Return: 0.49 % Date: 10/31/2009
Return: 0.42 % Date: 9/30/2009
Return: 0.41 % Date: 8/31/2009
Return: 0.18 % Date: 7/31/2009
Return: 1.86 % Date: 6/30/2009
Return: -0.53 % Date: 5/31/2009
Return: 3.86 % Date: 4/30/2009
Return: 0.66 % Date: 3/31/2009
Return: -2.11 % Date: 2/28/2009
Return: -2.26 % Date: 1/31/2009
Return: 1.15 % Date: 12/31/2008
Return: 0.92 % Date: 11/30/2008
Return: 1.87 % Date: 10/31/2008
Return: 5.70 % Date: 9/30/2008
Return: -0.99 % Date: 8/31/2008
Return: 0.05 % Date: 7/31/2008
Return: 0.41 % Date: 6/30/2008
Return: -0.63 % Date: 5/31/2008
Return: 2.71 % Date: 4/30/2008
Return: 6.61 % Date: 3/31/2008
Return: -3.33 % Date: 2/29/2008
Return: 4.22 % Date: 1/31/2008
Return: 0.56 % Date: 12/31/2007
Return: 1.40 % Date: 11/30/2007
Return: -4.07 % Date: 10/31/2007
Return: 1.26 % Date: 9/30/2007
Return: 3.61 % Date: 8/31/2007
Return: -5.50 % Date: 7/31/2007
Return: -0.01 % Date: 6/30/2007
Return: 3.55 % Date: 5/31/2007
Return: 3.72 % Date: 4/30/2007
Return: 2.75 % Date: 3/31/2007
Return: -0.23 % Date: 2/28/2007
Return: -2.16 % Date: 1/31/2007
Return: 2.74 % Date: 12/31/2006
Return: 1.71 % Date: 11/30/2006
Return: -1.40 % Date: 10/31/2006
Return: 0.54 % Date: 9/30/2006
Return: -1.08 % Date: 8/31/2006
Return: 0.13 % Date: 7/31/2006
Return: -1.92 % Date: 6/30/2006
Return: 1.77 % Date: 5/31/2006
Return: -1.35 % Date: 4/30/2006
Return: -0.33 % Date: 3/31/2006
Return: 1.48 % Date: 2/28/2006
Return: -0.90 % Date: 1/31/2006
Return: 2.50 % Date: 12/31/2005
Return: 0.22 % Date: 11/30/2005
Return: 2.65 % Date: 10/31/2005
Return: -1.99 % Date: 9/30/2005
Return: 1.51 % Date: 8/31/2005
Return: 0.91 % Date: 7/31/2005
Return: 0.84 % Date: 6/30/2005
Return: 4.74 % Date: 5/31/2005
Return: 2.49 % Date: 4/30/2005
Return: 2.48 % Date: 3/31/2005
Return: -0.89 % Date: 2/28/2005
Return: 0.82 % Date: 1/31/2005
Return: -2.08 % Date: 12/31/2004
Return: -0.59 % Date: 11/30/2004
Return: 1.10 % Date: 10/31/2004
Return: 1.49 % Date: 9/30/2004
Return: -2.40 % Date: 8/31/2004
Return: 1.78 % Date: 7/31/2004
Return: -0.43 % Date: 6/30/2004
Return: -0.88 % Date: 5/31/2004
Return: -2.60 % Date: 4/30/2004
Return: -5.34 % Date: 3/31/2004
Return: 4.16 % Date: 2/29/2004
Return: 4.24 % Date: 1/31/2004
Return: 0.51 % Date: 12/31/2003
Return: 3.94 % Date: 11/30/2003
Return: -1.31 % Date: 10/31/2003
Return: -9.52 % Date: 9/30/2003
Return: 10.70 % Date: 8/31/2003
Return: 4.67 % Date: 7/31/2003
Return: -6.04 % Date: 6/30/2003
Return: 0.79 % Date: 5/31/2003
Return: 9.46 % Date: 4/30/2003
Return: 1.26 % Date: 3/31/2003
Return: 4.24 % Date: 2/28/2003
Return: 6.05 % Date: 1/31/2003
Return: 3.53 % Date: 12/31/2002
Return: 9.49 % Date: 11/30/2002
Return: -3.39 % Date: 10/31/2002
Return: -1.41 % Date: 9/30/2002
Return: 11.91 % Date: 8/31/2002
Return: -1.08 % Date: 7/31/2002
Return: 9.05 % Date: 6/30/2002
Return: 7.29 % Date: 5/31/2002
Return: 2.21 % Date: 4/30/2002
Return: 0.89 % Date: 3/31/2002
Return: 0.53 % Date: 2/28/2002
Return: -0.38 % Date: 1/31/2002
Return: 2.96 % Date: 12/31/2001
Return: 3.05 % Date: 11/30/2001
Return: 0.39 % Date: 10/31/2001
Return: 9.36 % Date: 9/30/2001
Return: 7.96 % Date: 8/31/2001
Return: 0.99 % Date: 7/31/2001
Return: 4.84 % Date: 6/30/2001
Return: 1.80 % Date: 5/31/2001
Return: 3.75 % Date: 4/30/2001
Return: -1.53 % Date: 3/31/2001
Return: 4.37 % Date: 2/28/2001
Return: 2.35 % Date: 1/31/2001
Return: 2.29 % Date: 12/31/2000
Return: 10.14 % Date: 11/30/2000
Return: 7.84 % Date: 10/31/2000
Return: 6.02 % Date: 9/30/2000
Return: -2.44 % Date: 8/31/2000
Return: 0.49 % Date: 7/31/2000
Return: 1.80 % Date: 6/30/2000
Return: -1.41 % Date: 5/31/2000
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 05/00 - 05/14
Return: -4.00 %
Count: 2 Return: -5.00 %
Count: 2 Return: -10.00 %
Count: 1 Return: 11.00 %
Count: 1 Return: -6.00 %
Count: 1 Return: -3.00 %
Count: 4 Return: 12.00 %
Count: 1 Return: 7.00 %
Count: 2 Return: 3.00 %
Count: 7 Return: 9.00 %
Count: 4 Return: 1.00 %
Count: 31 Return: 5.00 %
Count: 4 Return: 4.00 %
Count: 14 Return: 10.00 %
Count: 1 Return: 8.00 %
Count: 2 Return: 6.00 %
Count: 4 Return: -2.00 %
Count: 12 Return: 2.00 %
Count: 16 Return: -1.00 %
Count: 29 Return: 0.00 %
Count: 32
Note: All performance data is since program inception.

Underwater Curve
Date Range: 05/00 - 05/14
Date: 6/30/2014
Drawdown: -10.45 % Date: 5/31/2014
Drawdown: -9.66 % Date: 4/30/2014
Drawdown: -9.85 % Date: 3/31/2014
Drawdown: -8.93 % Date: 2/28/2014
Drawdown: -8.51 % Date: 1/31/2014
Drawdown: -7.23 % Date: 12/31/2013
Drawdown: -8.80 % Date: 11/30/2013
Drawdown: -8.73 % Date: 10/31/2013
Drawdown: -9.33 % Date: 9/30/2013
Drawdown: -7.98 % Date: 8/31/2013
Drawdown: -7.27 % Date: 7/31/2013
Drawdown: -7.49 % Date: 6/30/2013
Drawdown: -6.57 % Date: 5/31/2013
Drawdown: -7.87 % Date: 4/30/2013
Drawdown: -8.41 % Date: 3/31/2013
Drawdown: -7.33 % Date: 2/28/2013
Drawdown: -7.25 % Date: 1/31/2013
Drawdown: -5.86 % Date: 12/31/2012
Drawdown: -7.07 % Date: 11/30/2012
Drawdown: -6.76 % Date: 10/31/2012
Drawdown: -6.77 % Date: 9/30/2012
Drawdown: -4.71 % Date: 8/31/2012
Drawdown: -5.46 % Date: 7/31/2012
Drawdown: -5.61 % Date: 6/30/2012
Drawdown: -5.17 % Date: 5/31/2012
Drawdown: -1.41 % Date: 4/30/2012
Drawdown: -6.64 % Date: 3/31/2012
Drawdown: -5.69 % Date: 2/29/2012
Drawdown: -4.44 % Date: 1/31/2012
Drawdown: -3.21 % Date: 12/31/2011
Drawdown: -2.17 % Date: 11/30/2011
Drawdown: -2.48 % Date: 10/31/2011
Drawdown: -2.59 % Date: 9/30/2011
Drawdown: 0.00 % Date: 8/31/2011
Drawdown: -0.22 % Date: 7/31/2011
Drawdown: -3.91 % Date: 6/30/2011
Drawdown: -3.07 % Date: 5/31/2011
Drawdown: -1.13 % Date: 4/30/2011
Drawdown: -0.87 % Date: 3/31/2011
Drawdown: -2.70 % Date: 2/28/2011
Drawdown: -0.77 % Date: 1/31/2011
Drawdown: 0.00 % Date: 12/31/2010
Drawdown: 0.00 % Date: 11/30/2010
Drawdown: -0.90 % Date: 10/31/2010
Drawdown: 0.00 % Date: 9/30/2010
Drawdown: 0.00 % Date: 8/31/2010
Drawdown: 0.00 % Date: 7/31/2010
Drawdown: 0.00 % Date: 6/30/2010
Drawdown: 0.00 % Date: 5/31/2010
Drawdown: 0.00 % Date: 4/30/2010
Drawdown: 0.00 % Date: 3/31/2010
Drawdown: 0.00 % Date: 2/28/2010
Drawdown: 0.00 % Date: 1/31/2010
Drawdown: 0.00 % Date: 12/31/2009
Drawdown: 0.00 % Date: 11/30/2009
Drawdown: 0.00 % Date: 10/31/2009
Drawdown: 0.00 % Date: 9/30/2009
Drawdown: 0.00 % Date: 8/31/2009
Drawdown: 0.00 % Date: 7/31/2009
Drawdown: 0.00 % Date: 6/30/2009
Drawdown: -0.53 % Date: 5/31/2009
Drawdown: 0.00 % Date: 4/30/2009
Drawdown: -3.69 % Date: 3/31/2009
Drawdown: -4.32 % Date: 2/28/2009
Drawdown: -2.26 % Date: 1/31/2009
Drawdown: 0.00 % 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: -1.16 % Date: 8/31/2008
Drawdown: -0.17 % Date: 7/31/2008
Drawdown: -0.22 % Date: 6/30/2008
Drawdown: -0.63 % Date: 5/31/2008
Drawdown: 0.00 % Date: 4/30/2008
Drawdown: 0.00 % Date: 3/31/2008
Drawdown: -3.33 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: -3.03 % Date: 12/31/2007
Drawdown: -3.57 % Date: 11/30/2007
Drawdown: -4.90 % Date: 10/31/2007
Drawdown: -0.86 % Date: 9/30/2007
Drawdown: -2.10 % Date: 8/31/2007
Drawdown: -5.51 % Date: 7/31/2007
Drawdown: -0.01 % Date: 6/30/2007
Drawdown: 0.00 % Date: 5/31/2007
Drawdown: 0.00 % Date: 4/30/2007
Drawdown: 0.00 % Date: 3/31/2007
Drawdown: -2.39 % Date: 2/28/2007
Drawdown: -2.16 % Date: 1/31/2007
Drawdown: 0.00 % Date: 12/31/2006
Drawdown: -2.05 % Date: 11/30/2006
Drawdown: -3.70 % Date: 10/31/2006
Drawdown: -2.33 % Date: 9/30/2006
Drawdown: -2.85 % Date: 8/31/2006
Drawdown: -1.79 % Date: 7/31/2006
Drawdown: -1.92 % Date: 6/30/2006
Drawdown: 0.00 % Date: 5/31/2006
Drawdown: -1.68 % Date: 4/30/2006
Drawdown: -0.33 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: -0.90 % Date: 1/31/2006
Drawdown: 0.00 % Date: 12/31/2005
Drawdown: 0.00 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: -1.99 % 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: -0.76 % Date: 5/31/2005
Drawdown: -5.25 % Date: 4/30/2005
Drawdown: -7.55 % Date: 3/31/2005
Drawdown: -9.79 % Date: 2/28/2005
Drawdown: -8.98 % Date: 1/31/2005
Drawdown: -9.72 % Date: 12/31/2004
Drawdown: -7.80 % Date: 11/30/2004
Drawdown: -7.25 % Date: 10/31/2004
Drawdown: -8.26 % Date: 9/30/2004
Drawdown: -9.61 % Date: 8/31/2004
Drawdown: -7.39 % Date: 7/31/2004
Drawdown: -9.01 % Date: 6/30/2004
Drawdown: -8.61 % Date: 5/31/2004
Drawdown: -7.80 % Date: 4/30/2004
Drawdown: -5.34 % Date: 3/31/2004
Drawdown: 0.00 % Date: 2/29/2004
Drawdown: -2.76 % Date: 1/31/2004
Drawdown: -6.71 % Date: 12/31/2003
Drawdown: -7.19 % Date: 11/30/2003
Drawdown: -10.71 % Date: 10/31/2003
Drawdown: -9.52 % Date: 9/30/2003
Drawdown: 0.00 % Date: 8/31/2003
Drawdown: -1.65 % Date: 7/31/2003
Drawdown: -6.04 % Date: 6/30/2003
Drawdown: 0.00 % Date: 5/31/2003
Drawdown: 0.00 % Date: 4/30/2003
Drawdown: 0.00 % Date: 3/31/2003
Drawdown: 0.00 % Date: 2/28/2003
Drawdown: 0.00 % Date: 1/31/2003
Drawdown: 0.00 % Date: 12/31/2002
Drawdown: 0.00 % Date: 11/30/2002
Drawdown: -4.75 % Date: 10/31/2002
Drawdown: -1.41 % Date: 9/30/2002
Drawdown: 0.00 % Date: 8/31/2002
Drawdown: -1.08 % 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: 0.00 % Date: 3/31/2002
Drawdown: 0.00 % Date: 2/28/2002
Drawdown: -0.38 % Date: 1/31/2002
Drawdown: 0.00 % Date: 12/31/2001
Drawdown: 0.00 % Date: 11/30/2001
Drawdown: 0.00 % Date: 10/31/2001
Drawdown: 0.00 % Date: 9/30/2001
Drawdown: 0.00 % Date: 8/31/2001
Drawdown: 0.00 % Date: 7/31/2001
Drawdown: 0.00 % Date: 6/30/2001
Drawdown: 0.00 % Date: 5/31/2001
Drawdown: 0.00 % Date: 4/30/2001
Drawdown: -1.53 % Date: 3/31/2001
Drawdown: 0.00 % Date: 2/28/2001
Drawdown: 0.00 % Date: 1/31/2001
Drawdown: 0.00 % Date: 12/31/2000
Drawdown: 0.00 % Date: 11/30/2000
Drawdown: 0.00 % Date: 10/31/2000
Drawdown: 0.00 % Date: 9/30/2000
Drawdown: -2.44 % Date: 8/31/2000
Drawdown: 0.00 % Date: 7/31/2000
Drawdown: 0.00 % Date: 6/30/2000
Drawdown: -1.41 %
Note: All performance data is since program inception.
Notes to Performance

The Monthly Performance table represents actual performance results of the trading program, adjusted to reflect the standard quarterly Profit Allocation of 25% and from April 2003 through present, a monthly management fee of 1/12th of 2% (2% annually). From June 2000 through March 2003, the performance has been adjusted to reflect a management fee of 1/12th of 1% (1% annually) applicable during that time period. Performance results of individual accounts may vary as a result of differing fees, account size, the timing of the entry of orders and other factors. The performance results are not necessarily indicative of the results that may be achieved in the future. Past performance is not necessarily indicative of future results. No representation is being made that any account in the future will or is likely to achieve profits or losses similar to those shown.

Manager Information
Manager Name:  Denali Asset Management, LLLP
Address: 5020 Anchor Way
City: Christiansted
State:
Zip: 00820
Country: St. Croix, USVI
Key People
Name:  Scott Ramsey
Position:  Chief Executive Officer
Biography: 

Scott T. Ramsey is Chief Executive Officer of the firm and is the chief trader. Mr. Ramsey launched Denali Asset Management in 1994 to manage money for institutional investors. Prior to launching Denali, Mr. Ramsey worked as a futures trader and broker for fourteen years, operating primarily in the financial futures markets with a variety of Futures Commission Merchants. Mr. Ramsey held a membership at the Chicago Mercantile Exchange and has over twenty five years experience trading in the financial markets. Mr. Ramsey studied mechanical engineering at the University of Missouri.


Name:  Brad Lenhart
Position:  Principal
Biography: 

Brad E. Lenhart is Chief Operating Officer of the firm and is responsible for all of Denali’s operations including accounting, compliance, risk, and personnel. Having worked within both large corporations and entrepreneurial firms prior to joining Denali, Mr. Lenhart developed a wide range of expertise in everything from managing technological resources and sales fulfillment to corporate branding, capital budgeting and employment. Mr. Lenhart holds a BA from the University of Kansas and has studied at Imperial College, London.


Name:  Megan Arias
Position:  Director
Biography: 

Megan Arias is a Director of the firm, with primary responsibilities in the areas of client relations, marketing, reporting, and administration. Prior to joining Denali as its first employee in early 2002, Ms. Arias was a manager at one of the country's premiere retail wine and beverage companies, Wally's Wines of Los Angeles. Reporting directly to owner Steve Wallace, she originated and ran the company's holiday mail-order operation, managed the production of its catalogs, recruited and hired personnel, and worked closely with movie and TV studios and celebrity clients. Ms. Arias holds a BA degree in English from DePaul University in Chicago.


Additional Information

EACH PROGRAM PERFORMANCE SUMMARY PROVIDES A REPRESENTATIVE PERFORMANCE TRACK RECORD FOR ACCOUNTS TRADED BY THE MANAGER PURSUANT TO THAT SPECIFIC PROGRAM, BUT THE DATA HAS IN NO RESPECT BEEN ADJUSTED TO REFLECT CHARGES OF ANY FUND OR OF A PARTICULAR INVESTMENT OPPORTUNITY. CERTAIN OF THE ACCOUNTS INCLUDED IN THE PERFORMANCE SUMMARY PAID FEES MATERIALLY DIFFERENT FROM, AND IN SOME CASES MATERIALLY LOWER THAN, THOSE AVAILABLE TO A FUND OR PARTICULAR INVESTMENT OPPORTUNITY. THE RATES OF RETURN EARNED WHEN A COMMODITY TRADING ADVISOR (CTA) IS MANAGING A LIMITED AMOUNT OF EQUITY MAY HAVE LITTLE RELATIONSHIP TO THE RATES OF RETURN WHICH A CTA MAY BE ABLE TO ACHIEVE WHEN MANAGING LARGER AMOUNTS OF EQUITY. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.