Covenant Capital Management of Tennessee LLC

Program	Past 12 Months	May		YTD	CAROR	WDD	AUM	Min Inv	Visits
Aggressive Program			4.88	8.46	21.72	-20.41	114.0M	3,000k	10541
Original Program			4.89	10.18	13.64	-28.61	56.0M	5,000k	5663

CTA Introduction

Company Profile

Founded in 1999, Covenant Capital Management, LLC (CCM) is an alternative asset manager. CCM is registered with the Commodity Futures Trading Commission as a Commodity Trading Advisor (CTA), and manages client assets using global futures markets as an investment vehicle. CCM currently trades in over 30 different markets including equity indexes, fixed income, foreign exchange, agricultural, metals, soft commodities, and energy.

CCM offers three primary programs, the Original Program, the Aggressive Program and the Long Commodity Program. The Aggressive Program is a more leveraged version of the Original Program. The Long Commodity Program uses the same model as the Original Program, but trades only commodity futures and only from the long side.

Investment Strategy and Philosophy

CCM’s investment strategy is rooted in strict adherence to a quantitative and mechanical trading program that is engineered to generate profits from the non-normal distribution of price movements in financial markets. We believe that freely traded market moves follow a non-normal distribution curve highlighted by large tails, narrow mid-ranges and a high peak. This phenomenon is measurable and has been thoroughly evidenced in academia. CCM does not try to predict when trends will emerge, how long they will last, or even how high or low they will go. The only prediction that CCM makes is that trends will continue to emerge as a function of the market place.

CCM’s goal is to capture these large and unexpected price changes in the most efficient manner possible providing competitive risk adjusted returns over a five year investment horizon.

Principle Biographies:

Scot Billington is the Chief Manager, the Head Trader, and a 45.05% equity holder of CCM. Mr. Billington is registered with the CFTC as a principal and associated person of CCM. Mr. Billington developed the trading systems that will be used by CCM. He is actively involved in every aspect of CCM’s business and trading. Mr. Billington worked as an assistant trader from for Bradford & Co., Incorporated, a Futures Commission Merchant (FCM) and division of J. C. Bradford & Co July 1993 until May 1999 when he began forming CCM. At J.C. Bradford he was responsible for executing client orders, advising clients, and developing systems. Beginning in April of 2002, Mr. Billington worked for Ronin Capital, an Option Trading Investment Company at the Chicago Board Options Exchange where his main function was making markets in the OEX 100 Index options market. Mr. Billington was a member of the Chicago Board Options Exchange and a Market Maker at Ronin Capital in OEX 100 Index options until January 4, 2005. Mr. Billington has been a principal and associated person of the advisor since inception, and he became a branch office manager of the advisor on July 13, 2005.

Brince Wilford is the Secretary and is a 45.05% equity holder of CCM. He is registered with the CFTC as a principal and associated person of CCM. Mr. Wilford assists in the execution of trades as directed by Mr. Billington. He is actively involved in every aspect of CCM’s business and trading. Mr. Wilford has worked in a number of development, management, consulting and finance roles in the healthcare industry since 1990. From August of 1999 to July of 2002 he served as Director of Business Development for Inphact, Inc. His primary responsiblity was directing sales and national accounts. Inphact was a provider of radiology services over the Internet. Mr. Wilford worked for Healthcare Realty Trust, Inc. in the Investments Department from August of 2002 through January of 2006 where his primary responsibilities included business development, financial modeling, consulting and acquisitions work. Healthcare Realty Trust is a publicly traded Real Estate Investment Trust (NYSE:HR). Mr. Wilford resigned from Healthcare Realty in 2006 to focus full time on the advisory. He returned to part-time employment at Healthcare Realty in January of 2008 where he manages the Acquisitions Department. Presently, Mr. Wilford provides investment consulting services to various firms in the healthcare, real estate, and entertainment industries. Mr. Wilford has been registered as a principal and associated person of the advisor since July 30, 1999.