Summary

-Storojinets-FX Program Todd Winkler is the sole developer of the Storojinets-FX Program. The Storojinets-FX Program trades the spot (cash) foreign exchange (forex or FX) market exclusively. The Advisor has decided to trade the cash forex market instead of the futures forex market because of the greater liquidity of the cash forex market versus the futures forex market, which WCM believes results in better order execution. WCM also believes that the cash forex market provides greater flexibility as compared to the futures market in terms of trade size and allocation of proceeds amongst multiple client accounts. The Storojinets-FX Program is a short-term, systematic trading system that does not have a long-side or short-side bias. Positions are typically held anywhere from less than one day to five days. All positions are closed at approximately the close of the trading day on Friday afternoon; no positions are held over to the following trading week. It is WCM's opinion that it is easier to predict short-term changes in price rather than long-term price changes. For example, given the price of a particular foreign currency pair, it is WCM's opinion that it is easier to make a judgment as to what the approximate price of that currency will be three days from now as opposed to three months from now. Stop-loss orders are always in place, with the maximum risk per trade set at approximately 4% of assets, and leverage per trade set at approximately 2x assets. Risk is further mitigated by not maintaining constant exposure to the currency markets. The program is out of the market approximately 50% of the time. The Storojinets-FX Program is systematic and technical in nature, not dependent upon fundamental analysis. Furthermore, it utilizes a trading methodology that is not dependent upon long-term trend following techniques, and therefore has the potential to be profitable in various market environments. The Storojinets-FX Program attempts to exploit the price movements of the cross rates between the Euro and Japanese Yen, between the Euro and the British Pound, and the Euro and the Swiss Franc.