Managed Programs 
Swinford 
The Swinford Program utilizes fundamental analysis to project flat price (directional) price movement primarily in the CME meat complex.  The Swinford program also establishes positions in the Chicago Board of Trade (“CBOT”) feed grain sector based upon fundamental market analysis.  The Kottke Associates Swinford Managed Program provides proven returns with low correlation to technical trading programs.
Start to date: 355.7% Sharpe Ratio: 0.98 Trailing 12 Months: 3.3%
Disclaimer: There is risk of loss in futures and options trading.  Past performance is not necessarily indicative of future results.  Barclay Discretionary Index VAMI (Value Added Index) is a CTA Trend following benchmark provided by Managed Account Reports LLC.
Performance Record Monthly Return Statistics
Month Swinford S&P  Barclay Swinford   S&P 500 Barclay
Ending Returns 500 Index** Winning Months: 89 81 88
Losing Months: 53 61 54
7/31/10 -0.29% 6.88% 0.51% % of profitable Months: 62.7% 57.0% 62.0%
6/30/10 0.08% -5.39% 0.34% Average Winning Months: 2.8% 3.3% 1.1%
5/31/10 -0.50% -8.20% -0.95% Average Losing Months: -1.6% -4.0% -0.7%
4/30/10 0.06% 1.48% -0.29% Max peak-to-valley (%): -9.9% -52.6% -3.9%
3/31/10 0.66% 5.88% 0.55% Max peak-to-valley (mths): 22 80 14
2/28/10 1.40% 2.85% -0.14% Annual Sharpe Ratio: 0.98 -0.05 0.56
1/31/10 0.33% -3.70% -0.17% Monthly Std.Dev. of returns: 3.1% 4.7% 1.2%
12/31/09 1.07% 1.78% 0.76% Correlation with S&P 500: 0.055 1.000 -0.027
11/30/09 0.97% 5.74% 1.19% Correlation with Barclay: 0.183 -0.027 1.000
10/31/09 -0.19% -1.98% -0.53% Minimum Investment: $500,000 USD
9/30/09 0.13% 3.57% -0.20%
8/31/09 -0.48% 3.36% -0.10%
7/31/09 -0.44% 8.12% -1.64%
6/30/09 1.51% -0.63% -1.52%
5/31/09 -1.18% 5.30% 3.87%  Contact: Carmen Soldato
4/30/09 0.41% 9.40% -0.10%  Kottke  Associates, LLC
3/31/09 -0.37% 8.54% 0.08%  141 W. Jackson Blvd., Suite 1220
2/28/09 -0.92% -10.99% -0.62%  Chicago, Illinois 60604
1/31/09 -1.52% -8.57% 1.06%  csoldato@kottkeassociates.com
System Began Trading: Oct-1998 www.kottkeassociates.com  (312) 697-2995
** The Barclay Discretionary Index performance for July 2010 is an estimate as of 08/18/10; with only 75.19%
of funds in this category having reported their returns.
CME, CBOT & NYMEX  Member Firm. FCM/ CTA/ CPO NFA Member. © 2002 - 2010 Kottke Associates, LLC