Peak Partners, L.P. is a global macro hedge fund managed by Mount Lucas Management Corporation. The Fund implements the firm's MLM Macro trading strategy, which is designed to capitalize on the broad experience and expertise of the firm's four senior investment principals who collaborate actively in making investment decisions for the partnership. The Fund reflects both their long histories of successful investing and their diverse backgrounds in business, economics, and finance. It invests in fixed income, equity, currency and commodity markets throughout the world, predominantly, through a variety of liquid instruments traded in major financial markets. The partnership's objective is to maximize its expected returns while assuming only manageable risks, i.e., risks between those of equities and those of bonds when measured by the standard deviation of monthly returns. It does this by investing in a portfolio of directional positions that are highly diversified across asset classes, geographical areas, and investment styles, and by applying relevant research in economics and finance. And although its positions vary widely, the fund strongly prefers investments with option-like payouts. These characteristics of its operations can be seen clearly in the partnership's performance: as shown in the accompanying charts and tables, monthly returns have been positively skewed and relatively independent of results in any of the world's major financial markets.