YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR
FINANCIAL CONDITION PERMITS YOU TO PARTICIPATE IN A
POOLED INVESTMENT VEHICLE. IN SO DOING, YOU SHOULD
BE AWARE THAT THIS POOL MAY ENTER INTO TRANSACTIONS
THAT ARE NOT TRADED ON AN EXCHANGE, AND THE FUNDS
THE POOL INVESTS IN THOSE TRANSACTIONS MAY NOT
RECEIVE THE SAME PROTECTIONS AS FUNDS USED TO
MARGIN OR GUARANTEE EXCHANGE-TRADED FUTURES AND
OPTIONS CONTRACTS. IF THE COUNTERPARTY BECOMES
INSOLVENT AND THE POOL HAS A CLAIM FOR AMOUNTS
DEPOSITED OR PROFITS EARNED ON TRANSACTIONS WITH
THE COUNTERPARTY, THE POOL’S CLAIM MAY NOT RECEIVE
A PRIORITY. WITHOUT A PRIORITY, THE POOL IS A GENERAL
CREDITOR AND ITS CLAIM WILL BE PAID, ALONG WITH THE
CLAIMS OF OTHER GENERAL CREDITORS, FROM ANY
MONIES STILL AVAILABLE AFTER PRIORITY CLAIMS ARE
PAID. EVEN POOL FUNDS THAT THE COUNTERPARTY KEEPS
SEPARATE FROM ITS OWN OPERATING FUNDS MAY NOT BE
SAFE FROM THE CLAIMS OF OTHER GENERAL AND PRIORITY
CREDITORS.

FOREX TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS
WELL AS GAINS. SUCH TRADING LOSSES CAN SHARPLY
REDUCE THE NET ASSET VALUE OF THE POOL AND
CONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE
POOL. IN ADDITION, RESTRICTIONS ON REDEMPTIONS MAY
AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION
IN THE POOL.

INVESTMENTS IN THE POOL MAY BE SUBJECT TO
SUBSTANTIAL CHARGES FOR MANAGEMENT, ADVISORY,
AND BROKERAGE FEES, AND THE POOL MAY NEED TO MAKE
SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETING OR
EXHAUSTING ITS ASSETS. THIS DISCLOSURE DOCUMENT
CONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE
AND A STATEMENT OF THE PERCENTAGE RETURN NECESSARY
TO BREAK EVEN, THAT IS, TO RECOVER THE AMOUNT OF
YOUR INITIAL INVESTMENT.

YOU SHOULD ALSO BE AWARE THAT THIS INVESTMENT POOL
MAY TRADE FOREIGN FUTURES OR OPTIONS CONTRACTS.
TRANSACTIONS ON MARKETS LOCATED OUTSIDE THE
UNITED STATES, INCLUDING MARKETS FORMALLY LINKED
TO A UNITED STATES MARKET, MAY BE SUBJECT TO
REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED
PROTECTIONS TO THE POOL AND ITS PARTICIPANTS.
FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY
BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES
OF REGULATORY AUTHORITIES OR MARKETS IN NONUNITED
STATES JURISDICTIONS WHERE TRANSACTIONS FOR THE
POOL MAY BE EFFECTED.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND
OTHER FACTORS TO EVALUATE YOUR PARTICIPATION IN THIS POOL.
BEFORE YOU DECIDE TO PARTICIPATE YOU MUST CAREFULLY
REVIEW THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION
OF THE PRINCIPAL RISK FACTORS OF THIS INVESTMENT.

NATIONAL FUTURES ASSOCIATION HAS NEITHER PASSED
UPON THE MERITS OF PARTICIPATING IN THIS POOL NOR
THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE
DOCUMENT.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
RESULTS

Hypothetical Peformance

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY
INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED
BELOW. NO REPRESENTATION IS BEING MADE THAT ANY
ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR
LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE
FREQUENTLY SHARP DIFFERENCES BETWEEN
HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL
RESULTS ACHIEVED BY ANY PARTICULAR TRADING
PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL
PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY
PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,
HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL
RISK, AND NO HYPOTHETICAL TRADING RECORD CAN
COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL
RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO
WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR
TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE
MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT
ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER
FACTORS RELATED TO THE MARKETS IN GENERAL OR TO
THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM
WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE
PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS
AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL
TRADING RESULTS. (THE CPO) HAS HAD LITTLE OR NO EXPERIENCE IN TRADING
ACTUAL ACCOUNTS FOR ITSELF OR FOR CUSTOMERS.
BECAUSE THERE ARE NO ACTUAL TRADING RESULTS TO
COMPARE TO THE HYPOTHETICAL PERFORMANCE RESULTS,
CUSTOMERS SHOULD BE PARTICULARLY WARY OF PLACING
UNDUE RELIANCE ON THESE HYPOTHETICAL PERFORMANCE
RESULTS.