Altegris Clearing Solutions Millburn Corporation Commodity Program
Monthly Performance (%)
Date Range: 02/05 - 08/17
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2017 2.20 -1.41 -0.06 -0.89 -3.76 -0.89 -1.20 8.10 1.67
2016 4.63 2.24 -1.51 -1.79 1.47 -0.09 0.33 -1.70 -1.36 1.23 -1.07 -4.01 -1.90
2015 0.18 0.76 3.89 -3.66 3.90 1.08 4.84 -1.99 2.66 -0.39 5.33 6.87 25.50
2014 2.75 3.77 1.03 2.50 0.92 0.84 1.94 4.10 8.11 1.43 0.41 -2.38 28.17
2013 -0.82 -1.30 -0.24 -0.17 -1.82 0.08 -0.63 -0.67 -0.58 -1.89 -0.07 0.17 -7.68
2012 -1.60 -0.86 1.11 -1.23 -0.49 -3.46 1.34 -1.15 -3.76 -2.51 -1.86 -1.85 -15.27
2011 1.78 2.91 -0.38 2.36 -5.05 -5.44 2.09 -0.61 -4.12 -1.34 2.41 0.11 -5.63
2010 -2.00 -0.37 4.47 0.69 -7.09 -1.77 -2.87 -0.48 4.55 4.89 0.67 8.47 8.50
2009 -0.42 0.88 -4.11 -2.25 -4.23 -0.82 -1.16 2.44 0.42 -2.87 2.47 0.76 -8.80
2008 3.69 16.65 -6.55 1.66 3.22 7.31 -6.83 -3.77 1.93 9.22 1.69 1.36 30.95
2007 1.07 0.64 -4.53 1.83 0.73 -0.77 -0.11 -3.13 7.62 5.09 -0.09 5.59 14.11
2006 10.29 -2.54 4.24 7.37 0.58 -2.80 -1.02 -1.50 0.42 3.46 1.00 0.29 20.67
2005 1.22 -6.27 -2.01 -2.68 -0.37 6.51 0.13 -0.18 6.73 3.41 5.91
Note: Estimates appear in italics. All performance data is since program inception.
Strategy Description

Millburn Commodity Program (“MILCOM”or the “Program”) is one of the newest additions to alternative investment programs managed by Millburn Ridgefield Corporation (“Millburn”). Through its investment in the Millburn Commodity Trading Portfolio (the “Master Fund”), MILCOM actively trades futures, forwards, options and swap contracts on approximately 50 physical commodities in various markets such as energy, metals, grains, tropical commodities, lumber and livestock. Positions in the instruments traded are leveraged and may be either long or short, providing opportunities in both rising and falling markets. Trading decisions are made for each market pursuant to Millburn’s quantitative and systematic trading method.

Performance Statistics
Date Range: 02/05 - 08/17
  Program SP500 TR Altegris 40
Total Return 123.78% 172.88% 46.05%
Annualized Return 6.66% 8.30% 3.06%
Annualized Std. Deviation 12.23% 13.84% 8.85%
Correlation -0.08 0.53
Sharpe Ratio (rf=2.5%) 0.34 0.42 0.06
Worst Month -7.09% -16.79% -5.20%
Date of Worst Month 05/2010 10/2008 06/2015
Worst Drawdown -31.01% -50.95% -15.74%
Date of Worst Drawdown 4/11 - 11/13 10/07 - 2/09 4/11 - 9/13
Note: Estimates appear in italics. All performance data is since program inception.
Annual Performance (%)
Date Range: 02/05 - 08/17
Year or YTD Program SP500 TR Altegris 40
2017 1.67 11.95 -1.93
2016 -1.90 11.98 -3.13
2015 25.50 1.41 0.09
2014 28.17 13.69 15.75
2013 -7.68 32.41 -2.45
2012 -15.27 15.98 -4.75
2011 -5.63 2.12 -3.23
2010 8.50 15.06 11.33
2009 -8.80 26.45 -7.98
2008 30.95 -36.99 15.47
2007 14.11 5.50 7.18
2006 20.67 15.79 6.70
2005 5.91 5.30 8.34
Note: Estimates appear in italics. All performance data is since program inception.
Performance Comparison
Date Range: 02/05 - 08/17
Date: 8/31/2017
Perf: $1,450.53 Date: 7/31/2017
Perf: $1,426.85 Date: 6/30/2017
Perf: $1,421.30 Date: 5/31/2017
Perf: $1,464.05 Date: 4/30/2017
Perf: $1,461.28 Date: 3/31/2017
Perf: $1,470.10 Date: 2/28/2017
Perf: $1,491.88 Date: 1/31/2017
Perf: $1,460.05 Date: 12/31/2016
Perf: $1,479.13 Date: 11/30/2016
Perf: $1,467.97 Date: 10/31/2016
Perf: $1,484.30 Date: 9/30/2016
Perf: $1,523.61 Date: 8/31/2016
Perf: $1,543.52 Date: 7/31/2016
Perf: $1,586.19 Date: 6/30/2016
Perf: $1,570.17 Date: 5/31/2016
Perf: $1,506.16 Date: 4/30/2016
Perf: $1,532.99 Date: 3/31/2016
Perf: $1,572.46 Date: 2/29/2016
Perf: $1,618.92 Date: 1/31/2016
Perf: $1,580.05 Date: 12/31/2015
Perf: $1,526.91 Date: 11/30/2015
Perf: $1,562.86 Date: 10/31/2015
Perf: $1,511.32 Date: 9/30/2015
Perf: $1,538.09 Date: 8/31/2015
Perf: $1,505.42 Date: 7/31/2015
Perf: $1,531.92 Date: 6/30/2015
Perf: $1,474.28 Date: 5/31/2015
Perf: $1,555.15 Date: 4/30/2015
Perf: $1,566.42 Date: 3/31/2015
Perf: $1,629.31 Date: 2/28/2015
Perf: $1,594.09 Date: 1/31/2015
Perf: $1,596.64 Date: 12/31/2014
Perf: $1,525.55 Date: 11/30/2014
Perf: $1,499.16 Date: 10/31/2014
Perf: $1,414.97 Date: 9/30/2014
Perf: $1,394.47 Date: 8/31/2014
Perf: $1,374.00 Date: 7/31/2014
Perf: $1,318.24 Date: 6/30/2014
Perf: $1,328.87 Date: 5/31/2014
Perf: $1,317.54 Date: 4/30/2014
Perf: $1,284.65 Date: 3/31/2014
Perf: $1,274.96 Date: 2/28/2014
Perf: $1,294.12 Date: 1/31/2014
Perf: $1,283.59 Date: 12/31/2013
Perf: $1,317.99 Date: 11/30/2013
Perf: $1,319.84 Date: 10/31/2013
Perf: $1,296.37 Date: 9/30/2013
Perf: $1,267.35 Date: 8/31/2013
Perf: $1,275.00 Date: 7/31/2013
Perf: $1,299.96 Date: 6/30/2013
Perf: $1,311.37 Date: 5/31/2013
Perf: $1,363.03 Date: 4/30/2013
Perf: $1,424.27 Date: 3/31/2013
Perf: $1,388.45 Date: 2/28/2013
Perf: $1,368.74 Date: 1/31/2013
Perf: $1,376.73 Date: 12/31/2012
Perf: $1,351.06 Date: 11/30/2012
Perf: $1,344.47 Date: 10/31/2012
Perf: $1,340.71 Date: 9/30/2012
Perf: $1,391.07 Date: 8/31/2012
Perf: $1,414.41 Date: 7/31/2012
Perf: $1,433.91 Date: 6/30/2012
Perf: $1,377.57 Date: 5/31/2012
Perf: $1,431.39 Date: 4/30/2012
Perf: $1,404.70 Date: 3/31/2012
Perf: $1,396.32 Date: 2/29/2012
Perf: $1,428.75 Date: 1/31/2012
Perf: $1,422.92 Date: 12/31/2011
Perf: $1,418.38 Date: 11/30/2011
Perf: $1,404.89 Date: 10/31/2011
Perf: $1,400.69 Date: 9/30/2011
Perf: $1,458.45 Date: 8/31/2011
Perf: $1,459.32 Date: 7/31/2011
Perf: $1,462.25 Date: 6/30/2011
Perf: $1,411.57 Date: 5/31/2011
Perf: $1,449.25 Date: 4/30/2011
Perf: $1,504.15 Date: 3/31/2011
Perf: $1,447.69 Date: 2/28/2011
Perf: $1,470.19 Date: 1/31/2011
Perf: $1,445.61 Date: 12/31/2010
Perf: $1,465.69 Date: 11/30/2010
Perf: $1,405.40 Date: 10/31/2010
Perf: $1,456.98 Date: 9/30/2010
Perf: $1,402.56 Date: 8/31/2010
Perf: $1,377.49 Date: 7/31/2010
Perf: $1,322.73 Date: 6/30/2010
Perf: $1,340.01 Date: 5/31/2010
Perf: $1,334.94 Date: 4/30/2010
Perf: $1,368.05 Date: 3/31/2010
Perf: $1,347.30 Date: 2/28/2010
Perf: $1,295.85 Date: 1/31/2010
Perf: $1,283.78 Date: 12/31/2009
Perf: $1,316.57 Date: 11/30/2009
Perf: $1,371.42 Date: 10/31/2009
Perf: $1,318.30 Date: 9/30/2009
Perf: $1,352.93 Date: 8/31/2009
Perf: $1,321.48 Date: 7/31/2009
Perf: $1,317.13 Date: 6/30/2009
Perf: $1,318.58 Date: 5/31/2009
Perf: $1,354.62 Date: 4/30/2009
Perf: $1,336.18 Date: 3/31/2009
Perf: $1,381.35 Date: 2/28/2009
Perf: $1,420.70 Date: 1/31/2009
Perf: $1,421.41 Date: 12/31/2008
Perf: $1,430.71 Date: 11/30/2008
Perf: $1,394.86 Date: 10/31/2008
Perf: $1,345.48 Date: 9/30/2008
Perf: $1,279.59 Date: 8/31/2008
Perf: $1,276.90 Date: 7/31/2008
Perf: $1,311.93 Date: 6/30/2008
Perf: $1,375.05 Date: 5/31/2008
Perf: $1,339.29 Date: 4/30/2008
Perf: $1,312.26 Date: 3/31/2008
Perf: $1,327.52 Date: 2/29/2008
Perf: $1,333.39 Date: 1/31/2008
Perf: $1,261.60 Date: 12/31/2007
Perf: $1,239.05 Date: 11/30/2007
Perf: $1,241.91 Date: 10/31/2007
Perf: $1,250.03 Date: 9/30/2007
Perf: $1,198.38 Date: 8/31/2007
Perf: $1,144.92 Date: 7/31/2007
Perf: $1,189.28 Date: 6/30/2007
Perf: $1,227.20 Date: 5/31/2007
Perf: $1,192.73 Date: 4/30/2007
Perf: $1,151.61 Date: 3/31/2007
Perf: $1,105.20 Date: 2/28/2007
Perf: $1,131.68 Date: 1/31/2007
Perf: $1,175.77 Date: 12/31/2006
Perf: $1,156.00 Date: 11/30/2006
Perf: $1,118.21 Date: 10/31/2006
Perf: $1,091.47 Date: 9/30/2006
Perf: $1,079.59 Date: 8/31/2006
Perf: $1,091.16 Date: 7/31/2006
Perf: $1,079.07 Date: 6/30/2006
Perf: $1,095.28 Date: 5/31/2006
Perf: $1,110.49 Date: 4/30/2006
Perf: $1,140.72 Date: 3/31/2006
Perf: $1,113.55 Date: 2/28/2006
Perf: $1,084.49 Date: 1/31/2006
Perf: $1,104.14 Date: 12/31/2005
Perf: $1,083.45 Date: 11/30/2005
Perf: $1,103.42 Date: 10/31/2005
Perf: $1,058.03 Date: 9/30/2005
Perf: $1,056.34 Date: 8/31/2005
Perf: $1,040.32 Date: 7/31/2005
Perf: $1,034.73 Date: 6/30/2005
Perf: $1,034.11 Date: 5/31/2005
Perf: $1,000.01 Date: 4/30/2005
Perf: $970.04 Date: 3/31/2005
Perf: $994.40 Date: 2/28/2005
Perf: $1,000.00 Date: 8/31/2017
Perf: $2,672.68 Date: 7/31/2017
Perf: $2,664.42 Date: 6/30/2017
Perf: $2,610.64 Date: 5/31/2017
Perf: $2,594.55 Date: 4/30/2017
Perf: $2,558.48 Date: 3/31/2017
Perf: $2,532.39 Date: 2/28/2017
Perf: $2,529.36 Date: 1/31/2017
Perf: $2,432.78 Date: 12/31/2016
Perf: $2,387.42 Date: 11/30/2016
Perf: $2,341.06 Date: 10/31/2016
Perf: $2,257.53 Date: 9/30/2016
Perf: $2,299.38 Date: 8/31/2016
Perf: $2,298.92 Date: 7/31/2016
Perf: $2,295.71 Date: 6/30/2016
Perf: $2,214.01 Date: 5/31/2016
Perf: $2,208.27 Date: 4/30/2016
Perf: $2,169.22 Date: 3/31/2016
Perf: $2,160.80 Date: 2/29/2016
Perf: $2,023.60 Date: 1/31/2016
Perf: $2,026.23 Date: 12/31/2015
Perf: $2,131.98 Date: 11/30/2015
Perf: $2,166.20 Date: 10/31/2015
Perf: $2,159.72 Date: 9/30/2015
Perf: $1,991.63 Date: 8/31/2015
Perf: $2,042.07 Date: 7/31/2015
Perf: $2,173.11 Date: 6/30/2015
Perf: $2,128.41 Date: 5/31/2015
Perf: $2,170.52 Date: 4/30/2015
Perf: $2,142.88 Date: 3/31/2015
Perf: $2,122.50 Date: 2/28/2015
Perf: $2,156.58 Date: 1/31/2015
Perf: $2,039.31 Date: 12/31/2014
Perf: $2,102.39 Date: 11/30/2014
Perf: $2,107.66 Date: 10/31/2014
Perf: $2,052.44 Date: 9/30/2014
Perf: $2,003.56 Date: 8/31/2014
Perf: $2,032.01 Date: 7/31/2014
Perf: $1,953.85 Date: 6/30/2014
Perf: $1,981.19 Date: 5/31/2014
Perf: $1,941.01 Date: 4/30/2014
Perf: $1,896.45 Date: 3/31/2014
Perf: $1,882.52 Date: 2/28/2014
Perf: $1,866.83 Date: 1/31/2014
Perf: $1,785.25 Date: 12/31/2013
Perf: $1,849.23 Date: 11/30/2013
Perf: $1,803.60 Date: 10/31/2013
Perf: $1,750.22 Date: 9/30/2013
Perf: $1,673.25 Date: 8/31/2013
Perf: $1,622.31 Date: 7/31/2013
Perf: $1,670.76 Date: 6/30/2013
Perf: $1,589.84 Date: 5/31/2013
Perf: $1,611.43 Date: 4/30/2013
Perf: $1,574.59 Date: 3/31/2013
Perf: $1,544.77 Date: 2/28/2013
Perf: $1,488.94 Date: 1/31/2013
Perf: $1,468.96 Date: 12/31/2012
Perf: $1,396.61 Date: 11/30/2012
Perf: $1,384.02 Date: 10/31/2012
Perf: $1,376.04 Date: 9/30/2012
Perf: $1,401.98 Date: 8/31/2012
Perf: $1,366.71 Date: 7/31/2012
Perf: $1,336.64 Date: 6/30/2012
Perf: $1,318.32 Date: 5/31/2012
Perf: $1,266.15 Date: 4/30/2012
Perf: $1,347.11 Date: 3/31/2012
Perf: $1,355.65 Date: 2/29/2012
Perf: $1,312.47 Date: 1/31/2012
Perf: $1,258.12 Date: 12/31/2011
Perf: $1,204.17 Date: 11/30/2011
Perf: $1,192.02 Date: 10/31/2011
Perf: $1,194.64 Date: 9/30/2011
Perf: $1,076.93 Date: 8/31/2011
Perf: $1,158.37 Date: 7/31/2011
Perf: $1,224.88 Date: 6/30/2011
Perf: $1,250.26 Date: 5/31/2011
Perf: $1,271.49 Date: 4/30/2011
Perf: $1,286.03 Date: 3/31/2011
Perf: $1,249.05 Date: 2/28/2011
Perf: $1,248.55 Date: 1/31/2011
Perf: $1,207.15 Date: 12/31/2010
Perf: $1,179.20 Date: 11/30/2010
Perf: $1,105.36 Date: 10/31/2010
Perf: $1,105.25 Date: 9/30/2010
Perf: $1,064.69 Date: 8/31/2010
Perf: $977.50 Date: 7/31/2010
Perf: $1,023.66 Date: 6/30/2010
Perf: $956.60 Date: 5/31/2010
Perf: $1,009.40 Date: 4/30/2010
Perf: $1,097.05 Date: 3/31/2010
Perf: $1,079.99 Date: 2/28/2010
Perf: $1,018.57 Date: 1/31/2010
Perf: $987.94 Date: 12/31/2009
Perf: $1,024.83 Date: 11/30/2009
Perf: $1,005.43 Date: 10/31/2009
Perf: $948.52 Date: 9/30/2009
Perf: $966.50 Date: 8/31/2009
Perf: $931.74 Date: 7/31/2009
Perf: $899.28 Date: 6/30/2009
Perf: $836.07 Date: 5/31/2009
Perf: $834.40 Date: 4/30/2009
Perf: $790.23 Date: 3/31/2009
Perf: $721.21 Date: 2/28/2009
Perf: $663.12 Date: 1/31/2009
Perf: $742.16 Date: 12/31/2008
Perf: $810.48 Date: 11/30/2008
Perf: $801.98 Date: 10/31/2008
Perf: $864.02 Date: 9/30/2008
Perf: $1,038.36 Date: 8/31/2008
Perf: $1,139.93 Date: 7/31/2008
Perf: $1,123.63 Date: 6/30/2008
Perf: $1,133.15 Date: 5/31/2008
Perf: $1,237.47 Date: 4/30/2008
Perf: $1,221.59 Date: 3/31/2008
Perf: $1,164.86 Date: 2/29/2008
Perf: $1,169.89 Date: 1/31/2008
Perf: $1,209.19 Date: 12/31/2007
Perf: $1,286.37 Date: 11/30/2007
Perf: $1,295.31 Date: 10/31/2007
Perf: $1,351.82 Date: 9/30/2007
Perf: $1,330.66 Date: 8/31/2007
Perf: $1,282.69 Date: 7/31/2007
Perf: $1,263.73 Date: 6/30/2007
Perf: $1,304.16 Date: 5/31/2007
Perf: $1,326.17 Date: 4/30/2007
Perf: $1,281.45 Date: 3/31/2007
Perf: $1,227.09 Date: 2/28/2007
Perf: $1,213.50 Date: 1/31/2007
Perf: $1,237.76 Date: 12/31/2006
Perf: $1,219.35 Date: 11/30/2006
Perf: $1,202.51 Date: 10/31/2006
Perf: $1,180.09 Date: 9/30/2006
Perf: $1,142.84 Date: 8/31/2006
Perf: $1,114.09 Date: 7/31/2006
Perf: $1,088.19 Date: 6/30/2006
Perf: $1,081.49 Date: 5/31/2006
Perf: $1,079.98 Date: 4/30/2006
Perf: $1,112.00 Date: 3/31/2006
Perf: $1,097.30 Date: 2/28/2006
Perf: $1,083.86 Date: 1/31/2006
Perf: $1,080.94 Date: 12/31/2005
Perf: $1,053.03 Date: 11/30/2005
Perf: $1,052.72 Date: 10/31/2005
Perf: $1,014.37 Date: 9/30/2005
Perf: $1,031.60 Date: 8/31/2005
Perf: $1,023.31 Date: 7/31/2005
Perf: $1,032.71 Date: 6/30/2005
Perf: $995.67 Date: 5/31/2005
Perf: $994.28 Date: 4/30/2005
Perf: $963.64 Date: 3/31/2005
Perf: $982.30 Date: 2/28/2005
Perf: $1,000.00 Date: 8/31/2017
Perf: $2,237.84 Date: 7/31/2017
Perf: $2,070.16 Date: 6/30/2017
Perf: $2,095.30 Date: 5/31/2017
Perf: $2,114.12 Date: 4/30/2017
Perf: $2,196.71 Date: 3/31/2017
Perf: $2,216.44 Date: 2/28/2017
Perf: $2,217.77 Date: 1/31/2017
Perf: $2,249.49 Date: 12/31/2016
Perf: $2,201.06 Date: 11/30/2016
Perf: $2,293.01 Date: 10/31/2016
Perf: $2,317.81 Date: 9/30/2016
Perf: $2,289.65 Date: 8/31/2016
Perf: $2,321.22 Date: 7/31/2016
Perf: $2,361.36 Date: 6/30/2016
Perf: $2,353.60 Date: 5/31/2016
Perf: $2,355.72 Date: 4/30/2016
Perf: $2,321.59 Date: 3/31/2016
Perf: $2,363.90 Date: 2/29/2016
Perf: $2,400.15 Date: 1/31/2016
Perf: $2,347.56 Date: 12/31/2015
Perf: $2,243.68 Date: 11/30/2015
Perf: $2,099.45 Date: 10/31/2015
Perf: $1,993.21 Date: 9/30/2015
Perf: $2,001.01 Date: 8/31/2015
Perf: $1,949.16 Date: 7/31/2015
Perf: $1,988.74 Date: 6/30/2015
Perf: $1,896.93 Date: 5/31/2015
Perf: $1,876.66 Date: 4/30/2015
Perf: $1,806.22 Date: 3/31/2015
Perf: $1,874.84 Date: 2/28/2015
Perf: $1,804.64 Date: 1/31/2015
Perf: $1,791.02 Date: 12/31/2014
Perf: $1,787.81 Date: 11/30/2014
Perf: $1,831.39 Date: 10/31/2014
Perf: $1,823.92 Date: 9/30/2014
Perf: $1,798.20 Date: 8/31/2014
Perf: $1,663.31 Date: 7/31/2014
Perf: $1,597.80 Date: 6/30/2014
Perf: $1,567.39 Date: 5/31/2014
Perf: $1,554.33 Date: 4/30/2014
Perf: $1,540.16 Date: 3/31/2014
Perf: $1,502.60 Date: 2/28/2014
Perf: $1,487.28 Date: 1/31/2014
Perf: $1,433.25 Date: 12/31/2013
Perf: $1,394.89 Date: 11/30/2013
Perf: $1,392.52 Date: 10/31/2013
Perf: $1,393.50 Date: 9/30/2013
Perf: $1,420.34 Date: 8/31/2013
Perf: $1,428.63 Date: 7/31/2013
Perf: $1,438.26 Date: 6/30/2013
Perf: $1,447.38 Date: 5/31/2013
Perf: $1,446.22 Date: 4/30/2013
Perf: $1,473.03 Date: 3/31/2013
Perf: $1,475.54 Date: 2/28/2013
Perf: $1,479.09 Date: 1/31/2013
Perf: $1,498.57 Date: 12/31/2012
Perf: $1,510.96 Date: 11/30/2012
Perf: $1,539.44 Date: 10/31/2012
Perf: $1,568.62 Date: 9/30/2012
Perf: $1,609.01 Date: 8/31/2012
Perf: $1,671.87 Date: 7/31/2012
Perf: $1,691.32 Date: 6/30/2012
Perf: $1,668.95 Date: 5/31/2012
Perf: $1,728.77 Date: 4/30/2012
Perf: $1,737.28 Date: 3/31/2012
Perf: $1,758.92 Date: 2/29/2012
Perf: $1,739.61 Date: 1/31/2012
Perf: $1,754.70 Date: 12/31/2011
Perf: $1,783.23 Date: 11/30/2011
Perf: $1,781.27 Date: 10/31/2011
Perf: $1,739.35 Date: 9/30/2011
Perf: $1,762.97 Date: 8/31/2011
Perf: $1,838.73 Date: 7/31/2011
Perf: $1,850.02 Date: 6/30/2011
Perf: $1,812.14 Date: 5/31/2011
Perf: $1,916.39 Date: 4/30/2011
Perf: $2,018.32 Date: 3/31/2011
Perf: $1,971.78 Date: 2/28/2011
Perf: $1,979.31 Date: 1/31/2011
Perf: $1,923.34 Date: 12/31/2010
Perf: $1,889.70 Date: 11/30/2010
Perf: $1,742.14 Date: 10/31/2010
Perf: $1,730.55 Date: 9/30/2010
Perf: $1,649.87 Date: 8/31/2010
Perf: $1,578.07 Date: 7/31/2010
Perf: $1,585.68 Date: 6/30/2010
Perf: $1,632.53 Date: 5/31/2010
Perf: $1,661.95 Date: 4/30/2010
Perf: $1,788.77 Date: 3/31/2010
Perf: $1,776.51 Date: 2/28/2010
Perf: $1,700.50 Date: 1/31/2010
Perf: $1,706.82 Date: 12/31/2009
Perf: $1,741.65 Date: 11/30/2009
Perf: $1,728.51 Date: 10/31/2009
Perf: $1,686.85 Date: 9/30/2009
Perf: $1,736.69 Date: 8/31/2009
Perf: $1,729.43 Date: 7/31/2009
Perf: $1,688.23 Date: 6/30/2009
Perf: $1,708.05 Date: 5/31/2009
Perf: $1,722.17 Date: 4/30/2009
Perf: $1,798.23 Date: 3/31/2009
Perf: $1,839.63 Date: 2/28/2009
Perf: $1,918.47 Date: 1/31/2009
Perf: $1,901.74 Date: 12/31/2008
Perf: $1,909.76 Date: 11/30/2008
Perf: $1,884.14 Date: 10/31/2008
Perf: $1,852.82 Date: 9/30/2008
Perf: $1,696.41 Date: 8/31/2008
Perf: $1,664.29 Date: 7/31/2008
Perf: $1,729.50 Date: 6/30/2008
Perf: $1,856.28 Date: 5/31/2008
Perf: $1,729.83 Date: 4/30/2008
Perf: $1,675.87 Date: 3/31/2008
Perf: $1,648.50 Date: 2/29/2008
Perf: $1,764.05 Date: 1/31/2008
Perf: $1,512.26 Date: 12/31/2007
Perf: $1,458.44 Date: 11/30/2007
Perf: $1,381.23 Date: 10/31/2007
Perf: $1,382.47 Date: 9/30/2007
Perf: $1,315.51 Date: 8/31/2007
Perf: $1,222.37 Date: 7/31/2007
Perf: $1,261.86 Date: 6/30/2007
Perf: $1,263.25 Date: 5/31/2007
Perf: $1,273.06 Date: 4/30/2007
Perf: $1,263.83 Date: 3/31/2007
Perf: $1,241.12 Date: 2/28/2007
Perf: $1,300.01 Date: 1/31/2007
Perf: $1,291.74 Date: 12/31/2006
Perf: $1,278.07 Date: 11/30/2006
Perf: $1,274.37 Date: 10/31/2006
Perf: $1,261.75 Date: 9/30/2006
Perf: $1,219.56 Date: 8/31/2006
Perf: $1,214.46 Date: 7/31/2006
Perf: $1,232.95 Date: 6/30/2006
Perf: $1,245.66 Date: 5/31/2006
Perf: $1,281.54 Date: 4/30/2006
Perf: $1,274.15 Date: 3/31/2006
Perf: $1,186.69 Date: 2/28/2006
Perf: $1,138.42 Date: 1/31/2006
Perf: $1,168.09 Date: 12/31/2005
Perf: $1,059.11 Date: 11/30/2005
Perf: $1,024.18 Date: 10/31/2005
Perf: $959.60 Date: 9/30/2005
Perf: $961.33 Date: 8/31/2005
Perf: $960.08 Date: 7/31/2005
Perf: $901.40 Date: 6/30/2005
Perf: $904.75 Date: 5/31/2005
Perf: $929.67 Date: 4/30/2005
Perf: $948.74 Date: 3/31/2005
Perf: $1,012.20 Date: 2/28/2005
Perf: $1,000.00
Note: All performance data is since program inception.

Monthly Returns
Date Range: 02/05 - 08/17
Date: 8/31/2017
Return: 8.10 % Date: 7/31/2017
Return: -1.20 % Date: 6/30/2017
Return: -0.89 % Date: 5/31/2017
Return: -3.76 % Date: 4/30/2017
Return: -0.89 % Date: 3/31/2017
Return: -0.06 % Date: 2/28/2017
Return: -1.41 % Date: 1/31/2017
Return: 2.20 % Date: 12/31/2016
Return: -4.01 % Date: 11/30/2016
Return: -1.07 % Date: 10/31/2016
Return: 1.23 % Date: 9/30/2016
Return: -1.36 % Date: 8/31/2016
Return: -1.70 % Date: 7/31/2016
Return: 0.33 % Date: 6/30/2016
Return: -0.09 % Date: 5/31/2016
Return: 1.47 % Date: 4/30/2016
Return: -1.79 % Date: 3/31/2016
Return: -1.51 % Date: 2/29/2016
Return: 2.24 % Date: 1/31/2016
Return: 4.63 % Date: 12/31/2015
Return: 6.87 % Date: 11/30/2015
Return: 5.33 % Date: 10/31/2015
Return: -0.39 % Date: 9/30/2015
Return: 2.66 % Date: 8/31/2015
Return: -1.99 % Date: 7/31/2015
Return: 4.84 % Date: 6/30/2015
Return: 1.08 % Date: 5/31/2015
Return: 3.90 % Date: 4/30/2015
Return: -3.66 % Date: 3/31/2015
Return: 3.89 % Date: 2/28/2015
Return: 0.76 % Date: 1/31/2015
Return: 0.18 % Date: 12/31/2014
Return: -2.38 % Date: 11/30/2014
Return: 0.41 % Date: 10/31/2014
Return: 1.43 % Date: 9/30/2014
Return: 8.11 % Date: 8/31/2014
Return: 4.10 % Date: 7/31/2014
Return: 1.94 % Date: 6/30/2014
Return: 0.84 % Date: 5/31/2014
Return: 0.92 % Date: 4/30/2014
Return: 2.50 % Date: 3/31/2014
Return: 1.03 % Date: 2/28/2014
Return: 3.77 % Date: 1/31/2014
Return: 2.75 % Date: 12/31/2013
Return: 0.17 % Date: 11/30/2013
Return: -0.07 % Date: 10/31/2013
Return: -1.89 % Date: 9/30/2013
Return: -0.58 % Date: 8/31/2013
Return: -0.67 % Date: 7/31/2013
Return: -0.63 % Date: 6/30/2013
Return: 0.08 % Date: 5/31/2013
Return: -1.82 % Date: 4/30/2013
Return: -0.17 % Date: 3/31/2013
Return: -0.24 % Date: 2/28/2013
Return: -1.30 % Date: 1/31/2013
Return: -0.82 % Date: 12/31/2012
Return: -1.85 % Date: 11/30/2012
Return: -1.86 % Date: 10/31/2012
Return: -2.51 % Date: 9/30/2012
Return: -3.76 % Date: 8/31/2012
Return: -1.15 % Date: 7/31/2012
Return: 1.34 % Date: 6/30/2012
Return: -3.46 % Date: 5/31/2012
Return: -0.49 % Date: 4/30/2012
Return: -1.23 % Date: 3/31/2012
Return: 1.11 % Date: 2/29/2012
Return: -0.86 % Date: 1/31/2012
Return: -1.60 % Date: 12/31/2011
Return: 0.11 % Date: 11/30/2011
Return: 2.41 % Date: 10/31/2011
Return: -1.34 % Date: 9/30/2011
Return: -4.12 % Date: 8/31/2011
Return: -0.61 % Date: 7/31/2011
Return: 2.09 % Date: 6/30/2011
Return: -5.44 % Date: 5/31/2011
Return: -5.05 % Date: 4/30/2011
Return: 2.36 % Date: 3/31/2011
Return: -0.38 % Date: 2/28/2011
Return: 2.91 % Date: 1/31/2011
Return: 1.78 % Date: 12/31/2010
Return: 8.47 % Date: 11/30/2010
Return: 0.67 % Date: 10/31/2010
Return: 4.89 % Date: 9/30/2010
Return: 4.55 % Date: 8/31/2010
Return: -0.48 % Date: 7/31/2010
Return: -2.87 % Date: 6/30/2010
Return: -1.77 % Date: 5/31/2010
Return: -7.09 % Date: 4/30/2010
Return: 0.69 % Date: 3/31/2010
Return: 4.47 % Date: 2/28/2010
Return: -0.37 % Date: 1/31/2010
Return: -2.00 % Date: 12/31/2009
Return: 0.76 % Date: 11/30/2009
Return: 2.47 % Date: 10/31/2009
Return: -2.87 % Date: 9/30/2009
Return: 0.42 % Date: 8/31/2009
Return: 2.44 % Date: 7/31/2009
Return: -1.16 % Date: 6/30/2009
Return: -0.82 % Date: 5/31/2009
Return: -4.23 % Date: 4/30/2009
Return: -2.25 % Date: 3/31/2009
Return: -4.11 % Date: 2/28/2009
Return: 0.88 % Date: 1/31/2009
Return: -0.42 % Date: 12/31/2008
Return: 1.36 % Date: 11/30/2008
Return: 1.69 % Date: 10/31/2008
Return: 9.22 % Date: 9/30/2008
Return: 1.93 % Date: 8/31/2008
Return: -3.77 % Date: 7/31/2008
Return: -6.83 % Date: 6/30/2008
Return: 7.31 % Date: 5/31/2008
Return: 3.22 % Date: 4/30/2008
Return: 1.66 % Date: 3/31/2008
Return: -6.55 % Date: 2/29/2008
Return: 16.65 % Date: 1/31/2008
Return: 3.69 % Date: 12/31/2007
Return: 5.59 % Date: 11/30/2007
Return: -0.09 % Date: 10/31/2007
Return: 5.09 % Date: 9/30/2007
Return: 7.62 % Date: 8/31/2007
Return: -3.13 % Date: 7/31/2007
Return: -0.11 % Date: 6/30/2007
Return: -0.77 % Date: 5/31/2007
Return: 0.73 % Date: 4/30/2007
Return: 1.83 % Date: 3/31/2007
Return: -4.53 % Date: 2/28/2007
Return: 0.64 % Date: 1/31/2007
Return: 1.07 % Date: 12/31/2006
Return: 0.29 % Date: 11/30/2006
Return: 1.00 % Date: 10/31/2006
Return: 3.46 % Date: 9/30/2006
Return: 0.42 % Date: 8/31/2006
Return: -1.50 % Date: 7/31/2006
Return: -1.02 % Date: 6/30/2006
Return: -2.80 % Date: 5/31/2006
Return: 0.58 % Date: 4/30/2006
Return: 7.37 % Date: 3/31/2006
Return: 4.24 % Date: 2/28/2006
Return: -2.54 % Date: 1/31/2006
Return: 10.29 % Date: 12/31/2005
Return: 3.41 % Date: 11/30/2005
Return: 6.73 % Date: 10/31/2005
Return: -0.18 % Date: 9/30/2005
Return: 0.13 % Date: 8/31/2005
Return: 6.51 % Date: 7/31/2005
Return: -0.37 % Date: 6/30/2005
Return: -2.68 % Date: 5/31/2005
Return: -2.01 % Date: 4/30/2005
Return: -6.27 % Date: 3/31/2005
Return: 1.22 % Date: 2/28/2005
Return: 0.00 %
Note: All performance data is since program inception.

Distribution of Monthly Returns
Date Range: 02/05 - 08/17
Return: 9.00 %
Count: 1 Return: -4.00 %
Count: 8 Return: -7.00 %
Count: 3 Return: 17.00 %
Count: 1 Return: 6.00 %
Count: 1 Return: 5.00 %
Count: 6 Return: 8.00 %
Count: 4 Return: 2.00 %
Count: 14 Return: -5.00 %
Count: 3 Return: -1.00 %
Count: 21 Return: 4.00 %
Count: 7 Return: 10.00 %
Count: 1 Return: 3.00 %
Count: 6 Return: 7.00 %
Count: 5 Return: -3.00 %
Count: 8 Return: -2.00 %
Count: 14 Return: -6.00 %
Count: 1 Return: 1.00 %
Count: 21 Return: 0.00 %
Count: 26
Note: All performance data is since program inception.

Underwater Curve
Date Range: 02/05 - 08/17
Date: 8/31/2017
Drawdown: -6.76 % Date: 7/31/2017
Drawdown: -13.75 % Date: 6/30/2017
Drawdown: -12.70 % Date: 5/31/2017
Drawdown: -11.92 % Date: 4/30/2017
Drawdown: -8.48 % Date: 3/31/2017
Drawdown: -7.65 % Date: 2/28/2017
Drawdown: -7.60 % Date: 1/31/2017
Drawdown: -6.28 % Date: 12/31/2016
Drawdown: -8.29 % Date: 11/30/2016
Drawdown: -4.46 % Date: 10/31/2016
Drawdown: -3.43 % Date: 9/30/2016
Drawdown: -4.60 % Date: 8/31/2016
Drawdown: -3.29 % Date: 7/31/2016
Drawdown: -1.62 % Date: 6/30/2016
Drawdown: -1.94 % Date: 5/31/2016
Drawdown: -1.85 % Date: 4/30/2016
Drawdown: -3.27 % Date: 3/31/2016
Drawdown: -1.51 % Date: 2/29/2016
Drawdown: 0.00 % Date: 1/31/2016
Drawdown: 0.00 % Date: 12/31/2015
Drawdown: 0.00 % Date: 11/30/2015
Drawdown: 0.00 % Date: 10/31/2015
Drawdown: -1.24 % Date: 9/30/2015
Drawdown: -0.86 % Date: 8/31/2015
Drawdown: -3.43 % Date: 7/31/2015
Drawdown: -1.47 % Date: 6/30/2015
Drawdown: -6.01 % Date: 5/31/2015
Drawdown: -7.02 % Date: 4/30/2015
Drawdown: -10.51 % Date: 3/31/2015
Drawdown: -7.11 % Date: 2/28/2015
Drawdown: -10.59 % Date: 1/31/2015
Drawdown: -11.26 % Date: 12/31/2014
Drawdown: -11.42 % Date: 11/30/2014
Drawdown: -9.26 % Date: 10/31/2014
Drawdown: -9.63 % Date: 9/30/2014
Drawdown: -10.91 % Date: 8/31/2014
Drawdown: -17.59 % Date: 7/31/2014
Drawdown: -20.84 % Date: 6/30/2014
Drawdown: -22.34 % Date: 5/31/2014
Drawdown: -22.99 % Date: 4/30/2014
Drawdown: -23.69 % Date: 3/31/2014
Drawdown: -25.55 % Date: 2/28/2014
Drawdown: -26.31 % Date: 1/31/2014
Drawdown: -28.99 % Date: 12/31/2013
Drawdown: -30.89 % Date: 11/30/2013
Drawdown: -31.01 % Date: 10/31/2013
Drawdown: -30.96 % Date: 9/30/2013
Drawdown: -29.63 % Date: 8/31/2013
Drawdown: -29.22 % Date: 7/31/2013
Drawdown: -28.74 % Date: 6/30/2013
Drawdown: -28.29 % Date: 5/31/2013
Drawdown: -28.35 % Date: 4/30/2013
Drawdown: -27.02 % Date: 3/31/2013
Drawdown: -26.89 % Date: 2/28/2013
Drawdown: -26.72 % Date: 1/31/2013
Drawdown: -25.75 % Date: 12/31/2012
Drawdown: -25.14 % Date: 11/30/2012
Drawdown: -23.73 % Date: 10/31/2012
Drawdown: -22.28 % Date: 9/30/2012
Drawdown: -20.28 % Date: 8/31/2012
Drawdown: -17.17 % Date: 7/31/2012
Drawdown: -16.20 % Date: 6/30/2012
Drawdown: -17.31 % Date: 5/31/2012
Drawdown: -14.35 % Date: 4/30/2012
Drawdown: -13.92 % Date: 3/31/2012
Drawdown: -12.85 % Date: 2/29/2012
Drawdown: -13.81 % Date: 1/31/2012
Drawdown: -13.06 % Date: 12/31/2011
Drawdown: -11.65 % Date: 11/30/2011
Drawdown: -11.74 % Date: 10/31/2011
Drawdown: -13.82 % Date: 9/30/2011
Drawdown: -12.65 % Date: 8/31/2011
Drawdown: -8.90 % Date: 7/31/2011
Drawdown: -8.34 % Date: 6/30/2011
Drawdown: -10.22 % Date: 5/31/2011
Drawdown: -5.05 % Date: 4/30/2011
Drawdown: 0.00 % Date: 3/31/2011
Drawdown: -0.38 % Date: 2/28/2011
Drawdown: 0.00 % Date: 1/31/2011
Drawdown: 0.00 % Date: 12/31/2010
Drawdown: -1.50 % Date: 11/30/2010
Drawdown: -9.19 % Date: 10/31/2010
Drawdown: -9.80 % Date: 9/30/2010
Drawdown: -14.00 % Date: 8/31/2010
Drawdown: -17.74 % Date: 7/31/2010
Drawdown: -17.35 % Date: 6/30/2010
Drawdown: -14.90 % Date: 5/31/2010
Drawdown: -13.37 % Date: 4/30/2010
Drawdown: -6.76 % Date: 3/31/2010
Drawdown: -7.40 % Date: 2/28/2010
Drawdown: -11.36 % Date: 1/31/2010
Drawdown: -11.03 % Date: 12/31/2009
Drawdown: -9.22 % Date: 11/30/2009
Drawdown: -9.90 % Date: 10/31/2009
Drawdown: -12.07 % Date: 9/30/2009
Drawdown: -9.48 % Date: 8/31/2009
Drawdown: -9.85 % Date: 7/31/2009
Drawdown: -12.00 % Date: 6/30/2009
Drawdown: -10.97 % Date: 5/31/2009
Drawdown: -10.23 % Date: 4/30/2009
Drawdown: -6.27 % Date: 3/31/2009
Drawdown: -4.11 % Date: 2/28/2009
Drawdown: 0.00 % Date: 1/31/2009
Drawdown: -0.42 % Date: 12/31/2008
Drawdown: 0.00 % Date: 11/30/2008
Drawdown: 0.00 % Date: 10/31/2008
Drawdown: -0.19 % Date: 9/30/2008
Drawdown: -8.61 % Date: 8/31/2008
Drawdown: -10.34 % Date: 7/31/2008
Drawdown: -6.83 % Date: 6/30/2008
Drawdown: 0.00 % Date: 5/31/2008
Drawdown: -1.94 % Date: 4/30/2008
Drawdown: -5.00 % Date: 3/31/2008
Drawdown: -6.55 % Date: 2/29/2008
Drawdown: 0.00 % Date: 1/31/2008
Drawdown: 0.00 % Date: 12/31/2007
Drawdown: 0.00 % Date: 11/30/2007
Drawdown: -0.09 % Date: 10/31/2007
Drawdown: 0.00 % Date: 9/30/2007
Drawdown: 0.00 % Date: 8/31/2007
Drawdown: -5.97 % Date: 7/31/2007
Drawdown: -2.93 % Date: 6/30/2007
Drawdown: -2.83 % Date: 5/31/2007
Drawdown: -2.07 % Date: 4/30/2007
Drawdown: -2.78 % Date: 3/31/2007
Drawdown: -4.53 % Date: 2/28/2007
Drawdown: 0.00 % Date: 1/31/2007
Drawdown: 0.00 % Date: 12/31/2006
Drawdown: -0.27 % Date: 11/30/2006
Drawdown: -0.56 % Date: 10/31/2006
Drawdown: -1.54 % Date: 9/30/2006
Drawdown: -4.84 % Date: 8/31/2006
Drawdown: -5.23 % Date: 7/31/2006
Drawdown: -3.79 % Date: 6/30/2006
Drawdown: -2.80 % Date: 5/31/2006
Drawdown: 0.00 % Date: 4/30/2006
Drawdown: 0.00 % Date: 3/31/2006
Drawdown: 0.00 % Date: 2/28/2006
Drawdown: -2.54 % Date: 1/31/2006
Drawdown: 0.00 % Date: 12/31/2005
Drawdown: 0.00 % Date: 11/30/2005
Drawdown: 0.00 % Date: 10/31/2005
Drawdown: -5.20 % Date: 9/30/2005
Drawdown: -5.03 % Date: 8/31/2005
Drawdown: -5.15 % Date: 7/31/2005
Drawdown: -10.95 % Date: 6/30/2005
Drawdown: -10.62 % Date: 5/31/2005
Drawdown: -8.15 % Date: 4/30/2005
Drawdown: -6.27 % Date: 3/31/2005
Drawdown: 0.00 %
Note: All performance data is since program inception.
Notes to Performance

Manager Information
Manager Name:  Millburn Corporation
Address: 411 West Putnam Avenue
City: Greenwich
State: CT
Zip: 06830
Country: USA
Key People
Name:  Harvey Beker
Position:  Principal
Biography: 

Mr. Beker is Co-Chief Executive Officer and Co-Chairman of Millburn Ridgefield Corporation and The Millburn Corporation. He is Co-Chairman of Millburn’s Managed Futures and Commodities Research Committee and Chairman of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Beker has been employed by Millburn since June 1978. During his tenure at Millburn, he has been instrumental in the development of the research, trading and operations areas. Mr. Beker became a principal of the firm in 1982. From June 1975 to July 1977, Mr. Beker was employed by Loeb Rhoades, Inc. where he developed and traded silver arbitrage strategies. From July 1977 to June 1978, he was a futures trader at Clayton Brokerage Co. of St. Louis. Mr. Beker received a B.A. in economics from New York University in 1974 and a M.B.A. in finance from NYU in 1975.


Name:  George Crapple
Position:  Principal
Biography: 

Mr. Crapple is the Co-Chief Executive Officer and Co-Chairman of Millburn Ridgefield Corporation and The Millburn Corporation. He is Co-Chairman of Millburn’s Managed Futures and Commodities Research Committee and a member of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Crapple was a lawyer with Sidley & Austin in Chicago, Illinois, from 1969 until April 1, 1983, as a partner since 1975, specializing in commodities, securities, corporate and tax law. He was first associated with Millburn in 1976 and joined Millburn on April 1, 1983 on a full-time basis. Mr. Crapple is a Director, Member of the Executive Committee, Chairman of the Appeals Committee and a former Chairman of the Eastern Regional Business Conduct Committee of the NFA, past Chairman of the Managed Funds Association, a past member of the Global Markets Advisory Committee of the CFTC and a member of the board of directors of the Futures Industry Association (FIA). In 1966, he graduated with honors from the University of Wisconsin where his field of concentration was economics and he was elected to Phi Beta Kappa. In 1969, Mr. Crapple graduated from Harvard Law School, magna cum laude, where he was a member of the Harvard Law Review.


Name:  Gregg Buckbinder
Position:  Principal
Biography: 

Mr. Buckbinder is Senior Vice-President and Chief Operating Officer of Millburn Ridgefield Corporation and The Millburn Corporation. He joined Millburn in January 1998 from Odyssey Partners, L.P. where he was responsible for the operation, administration and accounting of the firm’s merchant banking and managed account businesses from mid-1990 through December 1997. Mr. Buckbinder was employed by Tucker Anthony, a securities broker and dealer, from 1985 to 1990 where he was First Vice President and Controller, and from 1983 to 1984 where he designed and implemented various operations and accounting systems. He was with the public accounting firm of Ernst & Whinney from 1984 to 1985 as a manager in the tax department and from 1980 to 1983 as a senior auditor, with an emphasis on clients in the financial services business. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. Mr. Buckbinder graduated cum laude from Pace University in 1980 with a B.B.A. in accounting and received an M.S. in taxation from Pace in 1988.


Name:  Mark Fitzsimmons
Position:  Principal
Biography: 

Mr. Fitzsimmons is a Senior Vice-President of Millburn Ridgefield Corporation and The Millburn Corporation. His responsibilities at Millburn include both marketing and investment strategy. He joined Millburn in January 1990 from Morgan Stanley & Co. Incorporated where he was a Principal and Manager of institutional foreign exchange sales and was involved in strategic trading for the firm. From 1977 to 1987, he was with Chemical Bank New York Corporation, first as a Senior Economist in Chemical’s Foreign Exchange Advisory Service and later as a Vice-President and Manager of Chemical’s Corporate Trading Group. While at Chemical, he also traded both foreign exchange and fixed income products. From 1973 to 1977, Mr. Fitzsimmons was employed by the Federal Reserve Bank of New York, dividing his time between the International Research Department and the Foreign Exchange Department. He graduated summa cum laude from the University of Bridgeport, Connecticut in 1970 with a B.S. in economics. His graduate work was done at the University of Virginia, where he received a certificate of candidacy for a Ph.D. in economics in 1973.


Name:  Steven Felsenthal
Position:  Principal
Biography: 

Mr. Felsenthal is General Counsel and Chief Compliance Officer of Millburn Ridgefield Corporation, The Millburn Corporation and ShareInVest. Prior to joining Millburn Ridgefield Corporation in January 2004, Mr. Felsenthal was a senior associate in the investment management group at Schulte Roth & Zabel LLP (September 1999- January 2004), where he represented and advised hedge funds, registered investment companies, investment advisers, broker-dealers and banks in connection with all facets of their asset management businesses, and a member of the tax department of Kramer, Levin, Naftalis & Frankel LLP (October 1996- September 1999). He graduated cum laude from Yeshiva University in 1991 with a bachelor of arts degree in political science, and order of the coif from Fordham University School of Law in 1996, where he also served as an editor of the Fordham Environmental Law Journal. Mr. Felsenthal received an LL.M degree in taxation from NYU School of Law in 2001 and has written and been quoted in numerous published articles on various topics related to investment management. Mr. Felsenthal is a member of the New York State Bar and a Co-Chairman of the Managed Funds Association CPO/CTA Advisory Committee.


Name:  Barry Goodman
Position:  Principal
Biography: 

Mr. Goodman is Executive Vice-President and Director of Trading of Millburn Ridgefield Corporation and The Millburn Corporation. He is a member of Millburn’s Managed Futures and Commodities Research Committee, and he is a member of Millburn’s Fund-of-Hedge Funds Investment Committee. Mr. Goodman joined Millburn in 1982 as Assistant Director of Trading. Today his responsibilities include overseeing the firm’s trading operation and managing its trading relationships, as well as the design and implementation of trading systems. From 1980 through late 1982 he was a commodity trader for E. F. Hutton & Co., Inc. At Hutton, he also designed and maintained various technical indicators and coordinated research projects pertaining to the futures markets. Mr. Goodman graduated magna cum laude from Harpur College of the State University of New York in 1979 with a B.A. in economics.


Name:  Dennis Newton
Position:  Principal
Biography: 

Mr. Newton is a Senior Vice-President of Millburn Ridgefield Corporation and The Millburn Corporation. His primary responsibilities are in administration and marketing. Prior to joining Millburn in September 1991, Mr. Newton was President of Phoenix Asset Management, Inc., a registered commodity pool operator from April 1990 to August 1991. Prior to his employment with Phoenix, Mr. Newton was a Director of Managed Futures with Prudential-Bache Securities Inc. from September 1987 to March 1990. Mr. Newton joined Prudential-Bache from Heinold Asset Management, Inc. where he was a member of the senior management team. Heinold was a pioneer and one of the largest sponsors of funds utilizing futures and currency forward trading.


Name:  Grant Smith
Position:  Principal
Biography: 

Mr. Smith is Executive Vice-President and Director of Research of Millburn Ridgefield Corporation and The Millburn Corporation. He is a member of Millburn’s Managed Futures and Commodities Research Committee. Mr. Smith joined Millburn in 1975. His responsibilities include the design, testing and implementation of quantitative trading strategies, as well as for planning and overseeing the computerized decision-support systems of the firm. He received a B.S. from the Massachusetts Institute of Technology in 1974 and an M.S from M.I.T. in 1975. While at M.I.T. he held several teaching and research positions in the computer science field and participated in various projects relating to database management.


Name:  Tod A. Tanis
Position:  Principal
Biography: 

Mr. Tanis is a Vice President, Principal Accounting Officer and Director of Operations of Millburn Ridgefield Corporation and The Millburn Corporation. He is responsible for overseeing operations and accounting for the firm’s commodity pools. He graduated from Grove City College in May 1976 with a B.A. in accounting and joined Millburn Ridgefield Corporation and The Millburn Corporation in May 1983. Prior to joining Millburn Ridgefield Corporation and its affiliates, he was with E.F. Hutton, where he was a Manager from December 1982 to April 1983; a Supervisor from August 1982 to December 1982; an International Accountant from April 1979 to August 1982; and a staff accountant from June 1978 to April 1979. As a Manager at E.F. Hutton, he was responsible for all internal and external commodity reporting. Mr. Tanis also served as a Junior Accountant and then International Staff Accountant with Merrill Lynch & Company from September 1976 to May 1978.


Additional Information

The Program Performance information presented in this and other areas of the www.managedfutures.com website was prepared by Altegris Clearing Solutions, LLC, an affiliate within the Altegris Group of Companies, based upon information provided by each respective manager of commodity futures and foreign currency trading programs tracked by Altegris Clearing Solutions and its affiliates. The Program Performance information does not contain opinion or analysis of Altegris Clearing Solutions or any of its affiliates, and the completeness and accuracy of performance information reported to Altegris Clearing Solutions cannot in all cases be independently verified. See “Additional Information” at the end of this page for further details regarding the presentation of performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.