Statistical Analysis Report

Report Start Date Report End Date

Trading Strategy: Multi-System Stock Index

Program Description: Program methodology is rooted in human observation of repeatable market behavior, carefully quantified and translated into mechanical intraday trading systems that have stood the test of time. Success is partially derived from minimizing drawdown, decelerating losing periods, and maintaining daily risk between 0.5%-1.5% of the trading level.

Investment Information

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Performance from Jan 2011 through Mar 14, 2012 is of Mr. Beckers operating under an exemption 4m(1). Performance from Mar 14, 2012 through Sept 2015 represents performance of Soaring Pelican Automated Systems. Performance from Oct 2015 is of Soaring Pelican, LLC. See Accounting Notes+++

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2019	0.22%	0.76%	-1.11%	0.31%	-0.54%	-1.95%	1.72%	7.40%	-0.79%	-0.49%	-0.74%	-0.35%
2020	-0.04%	-1.88%	-0.59%	0.09%	1.74%	-1.70%	-0.24%	-1.59%	0.38%	1.48%	0.79%	1.33%
2021	-0.28%	-4.04%	-0.77%	5.40%	-0.94%	-0.48%	6.81%	2.54%	-3.64%	2.81%	-5.83%	0.80%
2022	4.25%	1.95%	-2.63%	1.14%	4.51%	1.03%	2.27%	2.08%	0.81%	-1.27%	-0.83%	1.89%
2023	0.21%	-0.99%	-0.99%	-4.04%	-1.18%	3.00%	-0.03%	0.05%	0.76%	-1.88%	1.20%	0.69%
2024	3.37%	0.28%	-0.46%	1.13%

	2019	2020	2021	2022	2023	2024 YTD
ROR	4.21%	-0.32%	1.62%	16.03%	-3.32%	4.35%
Max DD	-3.26%	-4.18%	-6.71%	-2.63%	-7.04%	-0.46%

Track Record Prepared By: CSI

Program Statistics
Omega Ratio % Threshold	1.10
Peak-to-Valley Drawdown (1) (Aug 2019 - Mar 2021)	-7.57%
Worst Monthly Return (Nov 2021)	-5.83%
Current Losing Streak	0.00%
Average Monthly Return	0.36%
Monthly Std. Deviation	2.34%
# Months with Positive Performance	34
# Months with Negative Performance	30
Gain to Loss Ratio	1.36

Annualized Statistics
Compound ROR (2)	4.05%
Standard Deviation	8.11%
Downside Deviation (3)	5.37%
Sharpe Ratio (4)	0.41
Sortino Ratio (5)	-0.17
Calmar Ratio (6)	0.84
Sterling Ratio (7)	0.39
Profit Loss Ratio	1.54

Comparisons	Program	AG CTA Index	SP 500 TR
Annualized Compound ROR (2)	4.05%	5.76%	15.91%
Cumulative Return	23.57%	34.79%	119.75%
Cumulative VAMI(8)	1236	1348	2198
Largest Monthly Gain	7.40%	2.99%	12.82%
Largest Monthly Loss	-5.83%	-1.42%	-12.35%
Profit Loss Ratio	1.54	3.77	1.87
Correlation	—	0.052	0.005
Last Month	1.13%	1.30%	-4.08%
Last 12 Months	7.02%	8.29%	22.67%
Last 36 Months	18.86%	15.73%	26.21%

+++ Accounting Notes: The tables on the following pages represent the past performance results, in capsule format, for a composite of all client accounts traded by the Advisor and/or its principal Sam Beckers. Specifically, the principal of the Advisor, Sam Beckers, previously operated as a sole proprietor Commodity Trading Advisor from March 14, 2012 and continues to do so Sept 2015. While Mr. Beckers was operating as a sole proprietorship he established and branded the name "Soaring Pelican Automated Systems" as a "doing business as" identity. This name would eventually be utilized when forming "Soaring Pelican, LLC" which is the current advisor presenting the strategy included within this document. For all intents and purposes the strategy offered in this document is identical to that which was offered by Mr. Beckers as a sole proprietorship CTA doing business as "Soaring Pelican Automated Systems."

Previous to Mr. Beckers being regulated, that is prior to March 14, 2012, Sam Beckers as an unregistered individual, traded customer accounts but was exempt from registration with NFA pursuant to section 4m(1) of the CEA. Section 4m(1) is utilized by traders who advise less than 15 customer accounts and do not publically hold themselves out as a commodity trading advisor. Accordingly, the composite information presented in the capsules on the following pages prior to Mr. Becker's being registered with the CFTC on March 14, 2012.

An Important Note on the Start Date and End Dates of this Report. If the Start Date of this Report Predates the Inception of the Program, the Maximum Drawdown from Inception may be larger than indicated in this report. The Inception of this program is Jan 2011

*** Historical Drawdowns & Recoveries: The drawdown begins in the month listed as start. The length in months of the drawdown is listed under length. The recovery begins in the following month, and the length of the recovery period is listed under recovery. The date listed as end is the month that the program recovered from the drawdown.

Statistical Notes
1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2019-01-31 to 2024-04-30
2. The Compound Annual ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.
3. Downside Deviation uses a 5% Minimum Acceptable ROR
4. Sharpe Ratio uses a 1% Risk Free ROR
5. Sortino Ratio uses a 5% Minimum Acceptable ROR
6. Calmar Ratio Uses last 36 months of Data
7. Sterling Ratio uses last 36 months of Data
8. The hypothetical growth of $1,000 VAMI
ROR = Rate of Return

AG CTA Index: The Autumn Gold CTA Index is a Non-Investable Index comprised of the client performance of all CTA programs included in the AG database and does not represent the complete universe of CTAs. CTA programs with proprietary performance are not included. Monthly numbers are updated until 45 days after the end of the month. Investors should note that it is not possible to invest in this index.

SP 500 TR: The S&P 500 indices are designed to reflect all sectors of the U.S. equity markets. The S&P 500 includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market. Companies eligible for addition to the S&P 500 have market capitalization of at least US$3.5 billion. The TR Index accounts for the reinvestment of dividends.

This report has been prepared from information provided by the Trader and is believed to be reliable. This report should be read in conjunction with the Trader's Disclosure Document or Fund's Offering Document.