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| Track Record for May 2007: | ||||
| CBOT Interest-Rate Financial Markets: | ||||
| 10-Year Treasury Notes | 30-Apr | Long TYM | 01-May | $78.12 |
| $810 | ||||
| 10-Year T-Note Monthly Total | $78.12 | |||
| 10-Year T-Note Cum. Y-T-D | $109.37 | |||
| CME Interest-Rate Financial Markets: | ||||
| Eurodollars | ||||
| $743 | ||||
| Eurodollars Monthly Total | $0.00 | |||
| Eurodollars Cum. Y-T-D | ($12.50) | |||
| CME e-mini Stock Indices Markets: | ||||
| e-mini S&P 500 Index | 02-May | Long ESM | 03-May | $75.00 |
| $3,938 | 15-May | Long ESM | 21-May | $475.00 |
| 23-May | Long ESM | 23-May | ($575.00) | |
| e-mini S&P Index Monthly Total | ($25.00) | |||
| e-mini S&P Index Cum. Y-T-D | $1,050.00 | |||
| e-mini NASDAQ | 02-May | Long NQM | 04-May | $215.00 |
| $3,750 | 29-May | Long NQM | 31-May | $330.00 |
| e-mini NASDAQ Monthly Total | $545.00 | |||
| e-mini NASDAQ Cum. Y-T-D | $875.00 | |||
| CME/IMM Currency Markets: | ||||
| British Pound | 01-May | Long BPM | 02-May | ($800.00) |
| $1,688 | 04-May | Long BPM | 08-May | ($250.00) |
| British Pound Monthly Total | ($1,050.00) | |||
| British Pound Cum. Y-T-D (Since 11/2006) | $2,231.25 | |||
| Canadian Dollar | 11-May | Long CDM | 16-May | $710.00 |
| $1,148 | ||||
| Canadian Dollar Monthly Total | $710.00 | |||
| Canadian Dollar Cum. Y-T-D (Since 11/2006) | $210.00 | |||
| Euro-Currency | 04-May | Long EUM | 08-May | ($462.50) |
| $2,295 | 21-May | Short EUM | 23-May | $37.50 |
| Euro-Currency Monthly Total | ($425.00) | |||
| Euro-Currency Cum. Y-T-D (Since 11/2006) | $4,587.50 | |||
| Japanese Yen | 10-May | Short JYM | 14-May | ($200.00) |
| $2,160 | 16-May | Short JYM | 18-May | $250.00 |
| 21-May | Short JYM | 25-May | ($212.50) | |
| 25-May | Short JYM | 30-May | ($237.50) | |
| Japanese Yen Monthly Total | ($400.00) | |||
| Japanese Yen Cum. Y-T-D (Since 11/2006) | $863.00 | |||
| Swiss Franc | ||||
| $1,485 | ||||
| Swiss Franc Monthly Total | $0.00 | |||
| Swiss Franc Cum. Y-T-D (Since 11/2006) | $2,500.00 | |||
| Trend Following Monthly Cumulative Total | ($566.88) | |||
| Trend Following Year-to-Date Cumulative Total | $11,202.99 | |||
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL, OR IS LIKELY TO, ACHIEVE PROFITS, OR LOSSES SIMILAR TO THOSE SHOWN. THERE IS A RISK OF LOSS IN ALL TRADING.
"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. "