The operating history of the Fund prior to the Incubation Period § 2.2 has been a “proof of concept” using paper trades. After each trade, an email is sent to document the trade and to calculate the “proof of concept” performance record. Actual trading of the Fund will begin during the Incubation period. but as no Fees will be charged, the Fund’s Performance Record during the Incubation Period will be somewhat overstated. The performance of the Fund during the “proof of concept” period should not be construed as an indication of the future results of an investment in the Fund.

The performance record for the Fund during the “proof of concept” period is through the month of February 2015.

                Modeled performance since inception, May 2012, net of all fees is +122.33%.
                In 2012 modeled performance net of all fees was +12.46% with a 10% Hurdle rate.
                In 2013, modeled performance net of all fees was +19.73% with a 10% Hurdle rate.
                In 2014, modeled performance net of all fees was +56.42% with a 10% Hurdle rate.
                In 2015, modeled performance net of all fees is +7.24% with a 8% Hurdle rate.

Performance of the model of the Fund during the “proof of concept” is measured by Net Asset Value (NAV) which is net of all fees, is unaudited, are paper trades and may include the use of estimates. Individual results will vary based on the timing of an investment and past performance is no guarantee of future results and there is a possibility of loss. All modeled fees are annualized using a High Water Mark and a Hurdle Rate. Below the Hurdle Rate only a 0.5% management fee is charged. For returns above the Hurdle Rate an additional 1.5% management fee and a 20% performance fee over the Hurdle Rate are charged. The modeled results are based only on capital appreciation from macro style trades. The results do not include dividend reinvestment or any other form of cash flow and are taxed as ordinary income.