-The MAAP investment process begins with a global macro-economic analysis and then uses a technical and systematic study of current trends and futures contract valuation to determine the direction and size of positions to be taken in MAAP. Once in a position, the MAAP investment process includes consideration of both trend-following strategies and the valuation levels of the underlying futures contracts in making adjustments to position size and direction. MAAP maintains long, short or neutral positions in markets within each of the following six asset classes: 1. Equities 2. Fixed Income 3. Currency 4. Metals 5. Agricultural Products 6. Energy Products AIS believes that these six asset classes represent major economic/financial sectors of the global economy and that historically the performance of many of these asset classes has been non-correlated or negatively correlated to each other. AIS believes that a portfolio combining these six asset classes has the potential for a higher risk-adjusted return than would be achieved by a portfolio consisting of any one of these classes managed individually. MAAP allocates approximately 1/6 of the portfolio’s potential total contract value (when fully invested) to each of the six asset classes described above. Approximately 1/6 of the portfolio’s potential value is allocated to each of the following three financial markets: equities, represented by positions in the S&P 500 futures contract; fixed income, represented by U.S. Treasury bond futures; and currencies, represented by Japanese yen, British pound, Swiss franc, Canadian dollar, Australian dollar and euro currency futures. Within each of the three physical commodity asset classes, while still allocating 1/6 to each asset class, AIS trades several markets that at times have a high degree of correlation. Within the 1/6 “agricultural products” allocation, soybean futures generally represent the largest potential position, but the portfolio also may include positions in corn, wheat, soybean oil and soybean meal futures. Within the 1/6 “metals” allocation, gold futures generally represent the largest potential position, but the portfolio also may include positions in silver and copper futures. Within the 1/6 “energy products” allocation, crude oil futures generally represent the largest potential position, but the portfolio also may include positions in heating oil, unleaded gasoline and natural gas futures. When the portfolio is fully invested, the relative weight of each contract position within the asset class is influenced by the relative liquidity and perceived profit potential of each contract traded. AIS believes that the primary benefit of trading multiple markets within an asset class is the potential for moderation of portfolio volatility at major turning points for a specific asset class. At the major trend turning points for an asset class, certain markets may lead the reversal while others will lag. Therefore, trading several markets within the asset class should lead to a more gradual shift from short to long or long to short as each market shifts at a slightly different point.

The MAAP investment process begins with an analysis of the global macro economic conditions that could impact the environment for the six sectors traded. AIS believes that global economic growth rates, inflation trends, government policies, currency and interest rate trends, and demographic factors all interact to impact price trends in the various markets traded. In addition to global macro trends, analysis of specific supply and demand trends within each of the three commodity sectors is conducted on an ongoing basis. Finally, AIS analyzes the potential of supply demand conditions and price trends in one sector to impact prices in other sectors. Using their analysis of fundamental conditions, the trading principals then look to their quantitative and systematic models and utilize technical analysis to help with the timing of trades and the determination of the size of new or adjusted positions. The trading principals believe that combining both fundamental and quantitative analysis creates a more in-depth understanding of market dynamics. AIS exercises discretion with respect to the timing of entering into new positions when additional funds are added, and the timing of closing out existing positions when there are withdrawals. When MAAP’s position weighting parameters signal that the number of positions in a futures contract should be increased or decreased, due to overall portfolio gains or due to a need to rebalance,, AIS may wait for corrections or advances prior to adjusting the number of contracts held in a particular asset’s position. During these periods, account leverage may substantially exceed or fall short of what it would be if a new position were initiated immediately. If AIS believes the markets are subject to unusual risk, possible government intervention or temporary illiquidity, it may temporarily reduce overall portfolio leverage or leverage in a particular market. Although AIS generally takes positions in the most liquid, front month futures contract, it also analyzes spread relationships in order to take advantage of extremes in pricing between front month futures contracts and forward month futures contracts and may at times utilize forward month futures. AIS believes this flexibility periodically offers opportunities to reduce portfolio risk or increase portfolio return. AIS may also buy or sell options on futures at its discretion in an effort to reduce portfolio risk or to allow a managed account to enter or exit positions at certain prices and times. AIS can apply MAAP with different degrees of leverage based on a client’s risk/reward parameters, ranging from no additional leverage to four times leverage. AIS continues an active research program designed to improve investment returns and reduce portfolio risk. Such research may lead to the introduction of trading models in individual markets and to more extensive use of options on futures contracts. AIS’ research in the use of options on futures is primarily, but not solely, intended to seek ways to further reduce portfolio volatility risk. AIS believes that both its fundamental research, and the proprietary software tools it uses to trade the six asset classes described above, may also be applied to other actively traded futures markets. AIS may expand the number of asset classes it may offer either in conjunction with MAAP’s present six-asset class portfolio or in various other portfolio combinations

MAAP (2x-4x) Composite (Managed Account) Regular Order Backtest Order Backtested orders are hypothetical investments for the pupose of testing allocation in investment markets or managers.Type Buy Sell Portfolio: New Portfolio Name: Product: Quantity: Must be an integer! Date: Backtesting... Price: $ Total Price: Place Order Cancel Order successfully created.You can now: View this Product View your Portfolio Close this window Add to Portfolio Add to Watchlist Here is what you can do with your Group: Edit this product profile Add details about your company's Product Edit performance data Update performance data or edit historical data 35.83% Year-to-Date 7.70 % Sep1 - 30 0.36 VAMI Assets: $ 171.0M Inception: Oct 1992 YTD Comparison MAAP (2x-4x)… | S&P 500 Max DD: 74.76 Min Acct: $5,000k Annual ROR: 10.05% Mgmt Fee: 2.70% Sharpe Ratio (RF=1%): 0.48 Perf. Fee: 20.00% PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Compare to: Print| Export Value Added Monthly Index (VAMI)Performance --------------------------------------------------------------------------------Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD DD 2009 -7.43 -8.63 11.68 4.03 39.31 -8.60 5.06 -4.06 7.70 35.83 15.42 2008 9.71 19.50 -7.06 2.81 8.17 17.74 -14.32 -15.94 -12.81 -33.82 -22.28 -7.62 -52.39 70.16 2007 0.62 7.55 -1.08 -1.73 0.58 1.34 3.42 -2.27 18.47 9.07 -0.93 10.87 53.81 2.79 2006 6.24 -9.28 9.33 15.05 -2.57 -6.49 3.37 -9.51 -12.14 9.24 12.65 -9.35 1.26 25.12 2005 0.32 16.29 4.64 -5.91 0.80 3.06 5.87 4.62 2.15 -11.57 -3.59 11.64 28.50 14.74 2004 4.14 10.82 11.61 -7.93 -2.31 -2.18 3.75 3.68 3.04 7.77 2.22 -10.45 23.91 12.02 2003 6.58 10.57 -14.42 -6.65 6.16 -2.06 5.23 6.40 4.58 5.33 2.08 9.34 34.75 20.11 2002 -2.96 -1.69 3.81 0.26 -5.86 3.30 5.22 5.19 3.93 -12.92 -4.92 4.58 -3.83 17.20 2001 -0.91 2.89 10.33 -4.23 -6.10 -0.15 -2.15 0.29 2.36 3.62 -2.49 0.69 3.22 12.14 2000 0.07 4.90 -3.25 -8.82 4.38 10.00 -9.01 11.73 -4.14 6.45 -1.46 -1.38 7.19 11.78 1999 -3.83 4.33 4.91 6.01 -6.90 13.93 1.11 2.24 -6.52 -1.73 8.70 7.61 31.47 8.14 1998 -3.31 -3.83 -10.72 -5.91 -0.74 -7.80 10.67 -7.26 -12.96 -0.36 12.34 9.21 -21.93 36.37 1997 1.70 0.32 -2.39 -4.58 -5.69 0.92 -0.69 -8.66 1.33 -5.08 3.61 6.72 -12.75 22.66 1996 5.88 -10.64 13.39 5.82 -1.04 8.31 -7.92 9.14 5.82 3.22 0.75 7.20 44.26 10.64 1995 4.00 3.85 6.57 4.11 1.36 0.52 0.51 5.97 4.38 -1.92 0.12 -9.17 21.07 10.81 1994 -5.06 -8.48 8.07 8.38 4.96 0.43 8.07 -9.62 -1.24 1.52 -3.29 -0.23 1.37 13.11 1993 1.67 1.46 -2.30 -0.97 7.72 6.77 2.02 7.43 2.58 1.29 3.26 3.68 39.95 3.25 1992 -3.22 0.97 2.13 -0.20 3.22 PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.Strategy Description --------------------------------------------------------------------------------Summary The MAAP investment process begins with a global macro-economic analysis and then uses a technical and systematic study of current trends and futures contract valuation to determine the direction and size of positions to be taken in MAAP. Once in a position, the MAAP investment process includes consideration of both trend-following strategies and the valuation levels of the underlying futures contracts in making adjustments to position size and direction. MAAP maintains long, short or neutral positions in markets within each of the following six asset classes: 1. Equities 2. Fixed Income 3. Currency 4. Metals 5. Agricultural Products 6. Energy Products AIS believes that these six asset classes represent major economic/financial sectors of the global economy and that historically the performance of many of these asset classes has been non-correlated or negatively correlated to each other. AIS believes that a portfolio combining these six asset classes has the potential for a higher risk-adjusted return than would be achieved by a portfolio consisting of any one of these classes managed individually. MAAP allocates approximately 1/6 of the portfolio’s potential total contract value (when fully invested) to each of the six asset classes described above. Approximately 1/6 of the portfolio’s potential value is allocated to each of the following three financial markets: equities, represented by positions in the S&P 500 futures contract; fixed income, represented by U.S. Treasury bond futures; and currencies, represented by Japanese yen, British pound, Swiss franc, Canadian dollar, Australian dollar and euro currency futures. Within each of the three physical commodity asset classes, while still allocating 1/6 to each asset class, AIS trades several markets that at times have a high degree of correlation. Within the 1/6 “agricultural products” allocation, soybean futures generally represent the largest potential position, but the portfolio also may include positions in corn, wheat, soybean oil and soybean meal futures. Within the 1/6 “metals” allocation, gold futures generally represent the largest potential position, but the portfolio also may include positions in silver and copper futures. Within the 1/6 “energy products” allocation, crude oil futures generally represent the largest potential position, but the portfolio also may include positions in heating oil, unleaded gasoline and natural gas futures. When the portfolio is fully invested, the relative weight of each contract position within the asset class is influenced by the relative liquidity and perceived profit potential of each contract traded. AIS believes that the primary benefit of trading multiple markets within an asset class is the potential for moderation of portfolio volatility at major turning points for a specific asset class. At the major trend turning points for an asset class, certain markets may lead the reversal while others will lag. Therefore, trading several markets within the asset class should lead to a more gradual shift from short to long or long to short as each market shifts at a slightly different point.Investments The MAAP investment process begins with an analysis of the global macro economic conditions that could impact the environment for the six sectors traded. AIS believes that global economic growth rates, inflation trends, government policies, currency and interest rate trends, and demographic factors all interact to impact price trends in the various markets traded. In addition to global macro trends, analysis of specific supply and demand trends within each of the three commodity sectors is conducted on an ongoing basis. Finally, AIS analyzes the potential of supply demand conditions and price trends in one sector to impact prices in other sectors. Using their analysis of fundamental conditions, the trading principals then look to their quantitative and systematic models and utilize technical analysis to help with the timing of trades and the determination of the size of new or adjusted positions. The trading principals believe that combining both fundamental and quantitative analysis creates a more in-depth understanding of market dynamics. AIS exercises discretion with respect to the timing of entering into new positions when additional funds are added, and the timing of closing out existing positions when there are withdrawals. When MAAP’s position weighting parameters signal that the number of positions in a futures contract should be increased or decreased, due to overall portfolio gains or due to a need to rebalance,, AIS may wait for corrections or advances prior to adjusting the number of contracts held in a particular asset’s position. During these periods, account leverage may substantially exceed or fall short of what it would be if a new position were initiated immediately. If AIS believes the markets are subject to unusual risk, possible government intervention or temporary illiquidity, it may temporarily reduce overall portfolio leverage or leverage in a particular market. Although AIS generally takes positions in the most liquid, front month futures contract, it also analyzes spread relationships in order to take advantage of extremes in pricing between front month futures contracts and forward month futures contracts and may at times utilize forward month futures. AIS believes this flexibility periodically offers opportunities to reduce portfolio risk or increase portfolio return. AIS may also buy or sell options on futures at its discretion in an effort to reduce portfolio risk or to allow a managed account to enter or exit positions at certain prices and times. AIS can apply MAAP with different degrees of leverage based on a client’s risk/reward parameters, ranging from no additional leverage to four times leverage. AIS continues an active research program designed to improve investment returns and reduce portfolio risk. Such research may lead to the introduction of trading models in individual markets and to more extensive use of options on futures contracts. AIS’ research in the use of options on futures is primarily, but not solely, intended to seek ways to further reduce portfolio volatility risk. AIS believes that both its fundamental research, and the proprietary software tools it uses to trade the six asset classes described above, may also be applied to other actively traded futures markets. AIS may expand the number of asset classes it may offer either in conjunction with MAAP’s present six-asset class portfolio or in various other portfolio combinationsRisk Management commodity exposure risk reduction overlay in place beginning in 2009