Ceres Funds Management ceres.altavra.com

Ceres Funds Management's Agricultural Program uses approximately 15% to 30% of the client's invested funds for margin purposes. The margin to equity ratio may be higher or lower depending on market conditions.

Ceres Funds Management's Program trades in the meats and grains complexes, primarily trading cattle and hogs, and corn, beans, and wheat. However, Ceres Funds Management may trade, without limitation, any or all commodities, commodity futures, and options on futures contracts in the meats and grains complexes. The Advisor does not anticipate trading in other complexes however, may trade in other complexes if opportunities arise. The Advisor primarily trades futures spreads. Generally, the inter-market spreads are traded whereby the same commodity is traded but in different months. Ceres Funds Management may also trade options but the use of option trading is expected to be minimal. The Agricultural Program does not trade any foreign futures contracts trading on foreign exchanges or options on foreign futures on foreign exchanges.

Generally, the Agricultural Program holds a trade anywhere from three days to three weeks. However, the Program may at times hold a position for less than three days or more than three weeks.

The trading strategy of Ceres Funds Management, LLC is proprietary and confidential. Ceres Funds Management may, however, provide additional detailed information on the trading program upon request. The following description is, of necessity, general, and is not intended to be exhaustive.

The Ceres Funds Management's Agricultural Program primarily relies on fundamental analysis, but will at times take into account technical analysis in making trading decisions and attempting to identify price trends. Fundamental analysis looks at factors external to the trading market which affects the supply and demand of a particular commodity in order to predict future prices. Technical analysis is not based on the anticipated supply and demand of the cash (actual) commodity; instead, it is based on the theory that a study of the markets themselves will provide a means of anticipating future prices. Technical analysis of the markets often includes a study of the actual daily, weekly, and monthly price fluctuations, volume variations, and changes in open interest, utilizing charts for analysis of these items and other technical market data. In a nutshell, it is a way to attempt to predict tomorrow's market movement based on yesterday's numbers.

Risk is determined prior to the entry of any trade. The risk on each trade is calculated based on Ceres Funds Management's analysis and other market factors. Ceres Funds Management attempts to risk no more than a certain percentage of total equity on any trade. In order to keep the risk as close to that predetermined point as possible, the Advisor may place protective stop orders. Placing protective stop orders does not guarantee that an order will be filled at the expected price due to strong moves in the market.

Jon Marcus attended the University of Wisconsin in Madison, Wisconsin and graduated with a degree in sociology.

Mr. Marcus has been an associated person and principal of Lakefront Futures & Options, LLC (“Lakefront”) since April 1997. Lakefront has been registered as an Introducing Broker with the Commodity Futures Trading Commission (“CFTC”) and has been a Member of National Futures Association (“NFA”) since April 1997 and February 1997, respectively. Mr. Marcus has been involved in the day to day financial and compliance matters encountered at Lakefront, including but not necessarily limited to, opening accounts, soliciting new customers, placing orders, preparing promotional material, paying vendors, contracting with vendors, etc.

In July 2005, Mr. Marcus became a principal and managing member of the Advisor. In September 2005, Mr. Marcus became an associated person of the Advisor. Mr. Marcus‟ responsibilities include, but are not necessarily limited to, handling the financial affairs of the company, corresponding with prospective clients, research, trade execution, and intra-day account monitoring activity.

Mr. Marcus currently trades commodities, futures, or options on futures for his own personal account. Trading records along with any written policies related to such trading would be made available for clients‟ inspection during normal business hours at the Advisor's office upon reasonable advance notice.

Mr. Marcus has not previously directed any client accounts pursuant to discretionary authority.

Nick Leblebijian has been an associated person and principal of Lakefront Futures & Options, LLC (“Lakefront”) since February 1997. Lakefront has been registered as an Introducing Broker with the Commodity Futures Trading Commission (“CFTC”) and has been a Member of National Futures Association (“NFA”) since April 1997 and February 1997, respectively. Mr. Leblebijian has been involved in the day to day financial and compliance matters encountered at Lakefront, including but not necessarily limited to, opening accounts, soliciting new customers, placing orders, preparing promotional material, paying vendors, contracting with vendors, etc.

In July 2005, Mr. Leblebijian became a principal and managing member of the Advisor. In September 2005, Mr. Leblebijian became an associated person of the Advisor. Mr. Leblebijian's responsibilities include, but are not necessarily limited to, handling the financial affairs of the company, corresponding with prospective clients, research, trade execution, and intra-day account monitoring activity.

Mr. Leblebijian currently trades commodities, futures, or options on futures for his own personal account. Trading records along with any written policies related to such trading would be made available for clients‟ inspection during normal business hours at Ceres Funds Management's office upon reasonable advance notice.

Mr. Leblebijian has not previously directed any client accounts pursuant to discretionary authority.

Raymond Simpson III, born on August 15, 1954, is the Advisor's sole trading principal. Mr. Simpson became listed as a principal of the Advisor on October 5, 2010. Mr. Simpson's responsibilities entail market research and analysis, and trade selection.

For the five years preceding the date of this document and currently, Mr. Simpson has been a self employed commodities trader.

Mr. Simpson currently trades commodities, futures, or options on futures for his own personal account. Trading records along with any written policies related to such trading would be made available for clients‟ inspection during normal business hours at the Advisor's office upon reasonable advance notice.

The descriptions above are from the manager’s disclosure document.

THE RISK OF LOSS IN TRADING FUTURES, OPTIONS AND OFF-EXCHANGE FOREX CAN BE SUBSTANTIAL.  PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.  PLEASE READ THE CTA'S RISK DISCLOSURE DOCUMENT CAREFULLY BEFORE INVESTING MONEY.