Summary

The Program seeks to achieve significant profits across a broad variety of market conditions (both bull and bear markets, and inflationary and deflationary environments). To achieve the objectives, the Program involve speculating in futures contracts on grains, hogs, and cattle, as well as any other agricultural futures or options contracts.

The Programs are entirely discretionary, meaning that the Advisor does not employ or observe automated, pre-defined, or mechanical rules to select markets, determine position sizing, identify or select trades, and/or employ risk management techniques, if any. The discretionary nature of the Programs enables the Advisor to draw on Mr. Paffenroth’s past trading experience, and intuition about the markets, in all aspects of the Programs’ implementation. Given the depth and breadth of Mr. Paffenroth’s trading experience, the Advisor believes this discretionary methodology provides a significant advantage over a mechanical, rules-based trading approach. However, there is no assurance that the use of such significant discretion will ultimately prove beneficial, because a rules-based approach might prevent a wide array of cognitive biases from detrimentally affecting performance.