Disclaimer Regarding Performance

 PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All investments involve the risk of loss. No prospective investor should assume that the Fund’s performance will be profitable or equal that of the Proprietary Account.

Results are compared to the performance of the Barclays U.S. Aggregate Index and Morningstar Nontraditional Bond Category Average (together the “Comparative Indexes”) for informational purposes only. The Fund’s investment program does not mirror either of the Comparative Indexes and the volatility of the Fund’s investment program may be materially different from that of the Comparative Indexes. The securities or other instruments included in the Comparative Indexes are not necessarily included in the Fund’s investment program and criteria for inclusion in the Comparative Indexes are different than those for investment by the Fund. The performance of the Comparative Indexes was obtained from published sources believed to be reliable, but which are not warranted as to accuracy or completeness. Unless noted otherwise, the returns of the Comparative Indexes presented herein do not reflect fees or transaction costs, but those returns do reflect net dividends, if any.

Bay Point Capital Documents

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