Global Ag globalag.altavra.com

Pursuant to a Trading Advisory Agreement, clients will grant Global Ag sole discretionary authority to direct, without the prior approval of the client, utilization of the assets and funds of the client’s account in the purchase and sale of commodity futures contracts. Brokerage commissions arising from the trading of the client’s account will be charged to the account at such rate or rates as the commodity broker publishes and charges for nonmember speculative accounts, or such lower rates as may be agreed upon between the client and the commodity broker. The current minimum for new accounts is US $1,000,000.

David Skudder primarily, but not exclusively, trades futures on agricultural markets, primarily grains and oilseeds and the associated options on these markets. On rare occasion, Mr. Skudder trades markets other than what he considers his primary focus.

David Skudder is acutely aware of the “randomness” of markets. However, it is his belief that fundamentals determine the eventual movement of a particular market towards a price, either higher or lower than currently observed. It is for this reason that he relies heavily on analyzing each market “fundamentally” and developing a trading strategy to compliment his analysis. As price discovery takes place, Mr. Skudder monitors a host of market inputs that he deems very important. Some of these include energy and currency values, domestic and international freight values, underlying cash values associated with futures markets, as well as political events in both importing an exporting countries that can have a substantive effect on global trade flows. Through this constant monitoring, Mr. Skudder is keen to try and identify any changing fundamental or group of fundamentals that may possibly alter his view on price direction or the extent of the move anticipated. If changes occur he will adjust accordingly. Mr. Skudder is just as comfortable trading the futures markets from the sell side as from the buy side. Once the analysis is complete and the trend move is identified, Mr. Skudder will trade a range around price movement in an effort to maximize returns.

THERE IS NO ASSURANCE THAT ANY PROFIT WILL BE PROVIDED TO THE INVESTORS IN THE TRADING AS A RESULT OF USE OF THESE TRADING METHODS BY THE COMMODITY TRADING ADVISOR. No participant will acquire any rights or proprietary interest in, or have access to any of the information, data or trading methods utilized by Global Ag.

Global Ag may trade any variety of commodity interests on either regulated or unregulated exchanges that may include, but are not limited to grains, meats, metals, minerals, currencies, financial markets indices, energy related materials and other items of food and fiber, money market instruments, and items that are now, or may hereinafter be, the subject of futures contract trading, options contracts, or physical commodities trading or derivatives or other contracts on such items or instruments (collectively “Commodity Interests”). The markets available for inclusion in the portfolio will normally be limited to sufficiently liquid Commodity Interests and may evolve over time as the requirements for portfolio balance and liquidity change. Markets traded by David Skudder in his capacity as a CTA prior to his association with Global Ag, and those which are to be traded by Global Ag include:

US Physical Derivative Markets

   .: Crude Oil (New York Mercantile Exchange)

   .: Heating Oil (New York Mercantile Exchange)

   .: Unleaded Gasoline (New York Mercantile Exchange)

   .: Natural Gas (New York Mercantile Exchange)

   .: Coffee (New York Board of Trade)

   .: Cotton (New York Board of Trade)

   .: Corn (Chicago Board of Trade)

   .: Soybean Oil (Chicago Board of Trade)

   .: Soybean Meal (Chicago Board of Trade)

   .: Wheat (Chicago Board of Trade)

   .: Soybeans (Chicago Board of Trade)

   .: Gold (NYMEX / Commodity Exchange Center)

   .: Silver (NYMEX / Commodity Exchange Center)

US Financial Derivative Markets

   .: US 30 Year Bond (Chicago Board of Trade)

   .: US 10 Year Bond (Chicago Board of Trade)

   .: US 5 Year Bond (Chicago Board of Trade)

   .: S&P (Chicago Mercantile Exchange)

   .: Eurodollars (Chicago Mercantile Exchange)

   .: Japanese Yen (Chicago Mercantile Exchange)

   .: Euro Currency (Chicago Mercantile Exchange)

   .: British Pound (Chicago Mercantile Exchange)

   .: Swiss Franc (Chicago Mercantile Exchange)

   .: Australian Dollar (Chicago Mercantile Exchange)

   .: Canadian Dollar (Chicago Mercantile Exchange)

David Skudder (“Skudder”) is Chairman of Global Ag and is primarily responsible for the trading decisions of Global Ag. Mr. Skudder maintains an office at 9047 Poplar Avenue, Suite 101, Germantown, Tennessee, 38138. Mr. Skudder currently is sponsored by Nesvick Trading Group, LLC as an Associated Person and an NFA Member. As an Associated Person, Mr. Skudder handles the commodity futures trading for various public customers on a discretionary basis. In such capacity, Mr. Skudder holds responsibility for supervision and compliance with NFA Rules and other laws and regulations pertinent to the commodity futures business he conducted.

On November 26, 2008, the application of Mr. Skudder with the NFA to become an Associated Person of the Advisor became effective and on February 11, 2009 the application of Mr. Skudder with the NFA to become a Listed Principal of the Advisor became effective. As an Associated Person of the Advisor, Mr. Skudder seeks to employ similar trading strategies and methodologies that he employed individually in his capacity as an Associated Person.  As a Listed Principal of the Advisor, Mr. Skudder is responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the business conducted by the Advisor.

Mr. Skudder is a graduate of Virginia Tech University where he received his B.S. in Agricultural Economics in 1983. In September of 1992, Mr. Skudder joined the Sparks/Memphis office of Refco, a commodities trading firm where he focused primarily on commercial grain and food company business. As the years progress, Mr. Skudder transitioned from a commercial customer business to where he is at present, managing his own money and trading speculatively for a group of investors.

On November 11, 1992, the application of Mr. Skudder with the NFA as an Associated Person of Refco, LLC, a registered FCM, was approved. As an Associated Person of Refco, LLC, Mr. Skudder was responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the commodity futures business. Mr. Skudder served in this capacity until November 3, 2005.

On November 1, 2005, the application of Mr. Skudder with the NFA to become an Associated Person of Nesvick Trading Group, LLC, a registered Introducing Broker, was approved. As an Associated Person of Nesvick Trading Group, LLC, Mr. Skudder is responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the commodity futures business.

Thomas Nesvick (“Nesvick”) is the Principal of Global Ag and President & Secretary of Global Ag, handling its executive and corporate management functions for the Advisor from its offices in Memphis, Tennessee. In April 1981, Mr. Nesvick was registered as an Associated Person of Garvey Commodities Corp, a registered FCM. Mr. Nesvick became a Listed Principal of Garvey in October 1989. His association with Garvey ended in January 1992. As a Listed Principal of Garvey, Mr. Nesvick was responsible for supervision and compliance with NFA rules and other laws and regulations pertinent to the commodity futures business conducted by the firm as an futures commission merchant (FCM).

In January 1992 the application of Mr. Nesvick was approved as an Associated Person of Refco, LLC, a registered FCM. In March 1992, the application of Nesvick with NFA as a Listed Principal and Branch Manager of Refco LLC was approved. Mr. Nesvick’s Branch Manager status was withdrawn in May 1992, but he later resumed this role in June 1993. Mr. Nesvick’s Principal status ended January 1995. He served in his capacity as a Branch Manager and Associated Person until November 2005. As a Listed Principal and Branch Manager of Refco LLC, Mr. Nesvick was responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the commodity futures business conducted within his respective branch.

On October 24, 2005, Mr. Nesvick was approved by NFA as an Associate Person and Listed Principal of Nesvick Trading Group, a registered Introducing Broker for which Mr. Nesvick currently serves as Chief Executive Officer. As a Listed Principal of Nesvick Trading Group, Mr. Nesvick is responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the commodity futures business conducted by the firm as an Introducing Broker.

On November 28, 2005, the application of Mr. Nesvick with NFA as an Associated Person of MF Global Inc, a registered FCM, was approved, and on December 6, 2005 his application as Branch Manager of MF Global Inc was approved. As a Branch Manager of MF Global Inc, Mr. Nesvick was responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the commodity futures business conducted within his respective branch. Mr. Nesvick served in these capacities with MF Global Inc until August 1, 2008.

On July 14, 2008, the application of Mr. Nesvick with NFA to become a Listed Principal of Stag Trading, LLC, a registered CTA, became effective. On July 24, 2008, the application of Mr. Nesvick with NFA to become a NFA Associate Member, Associated Person, of Stag Trading LLC became effective. As a Listed Principal of Stag Trading LLC, Mr. Nesvick is responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the business conducted by Stag Trading, LLC. Mr. Nesvick is not a trading principal of Stag Trading, LLC.

On November 6, 2008, the application of Mr. Nesvick with NFA to become a Listed Principal of the Advisor became effective. On November 26, 2008, the application of Mr. Nesvick with NFA to become a NFA Associate Member and Associated Person of the Advisor became effective. As a Listed Principal of the Advisor, Mr. Nesvick is responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the business conducted by the Advisor.

On July 12, 2010, Mr. Nesvick became a Listed Principal of Ditsch Trading, LLC, a registered CTA. On July 14, 2010, the application of Mr. Nesvick to become a NFA Associate Member and Associated Person of Ditsch Trading was approved. As a Listed Principal of Ditsch Trading, Mr. Nesvick is responsible for supervision and compliance with NFA Rules and other laws and regulations pertinent to the business conducted by the firm. Mr. Nesvick is not a trading principal of Ditsch Trading, LLC.

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.