Emil van Essen (Spread

Trading Program)

Fund Investment Objectives

The Emil van Essen Spread Trading Program seeks non-correlated alpha through the spread and relative value trading of exchange-listed futures and options contracts. The program primarily trades commodities through calendar and inter-commodity spreads. Interest rate, equity volatility, and other futures spreads are also included. Quantitative research and significant discretion are used with the goal of generating strong returns in various market environments. The program typically has a low to negative correlation to benchmarks including CTA, commodity and stock indices with a track record dating back to December 2006. 4.7 Exempt - Qualified Eligible Persons Only