CTA Report

Report Start Date Report End Date

Blue Bar Futures Trading Mgt LLC / U.S. Commodity Diversified Prg
Accepting New Investors: No Long Short Spreads / Diversified / Commodities
4.7 Exempt - QEPs Only

Performance Since January 2019

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2019	-1.18%	-0.20%	2.22%	-7.08%	-4.48%	5.40%	1.85%	-2.05%	2.24%	2.50%	-1.60%	4.28%
2020	1.76%	-0.52%	0.68%	-3.77%	4.96%	2.66%	-0.67%	-1.54%	3.90%	0.99%	-0.65%	-1.37%
2021	2.50%	0.06%	2.10%	-3.98%	4.09%	4.82%	1.28%	0.34%	0.68%	-2.43%	1.44%	0.95%
2022	-1.01%	1.37%	-1.16%	1.91%	1.12%	-1.15%	-1.14%	0.12%	-0.90%	0.72%	0.66%	-2.57%
2023	4.11%	0.27%	-1.77%	1.22%	-2.24%	2.84%	0.47%	-1.67%	-0.15%	1.11%	0.56%	-0.36%
2024	-0.80%	2.11%	1.09%	1.57%	-1.50%	0.20%	1.12%	-0.26%	0.81%	-0.18%

	2019	2020	2021	2022	2023	2024 YTD
ROR	1.17%	6.27%	12.15%	-2.11%	4.28%	4.18%
Max DD	-11.24%	-3.77%	-3.98%	-4.22%	-2.80%	-1.50%

The Notes Below Are An Integral Part of this Report | Track Record Compiled By: CTA Services

Program Description: The Blue Bar U.S. Commodity Diversified Program seeks to achieve capital appreciation through the execution of outright long/short and spread strategies identified by technical and fundamental analysis to identify potentially low-risk trade opportunities. The trade execution methodology used for the program is based on a process that is approximately 60% systematic and 40% discretionary. This program trades a wide variety of U.S. commodity markets, including meats, grains, metals, energies, financial indices, bonds, currencies, and softs.

Investment Information

Program Start Date	Feb-2017
Minimum Investment	200,000
Management Fee	2.00%
Incentive Fee	20.00%
Margin	0-50%
Round Turns per Million	5,400
Currency	US Dollar
NFA No:	#0438829

Trading Strategy

Market Segment

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Program Statistics
Peak-to-Valley Drawdown (1) (Mar 2019 - May 2019)	-11.24%
Worst Monthly Return (Apr 2019)	-7.08%
Current Losing Streak	-0.18%
Average Monthly Return	0.38%

Annualized Statistics
Annualized Compounded ROR (2)	4.36%
Standard Deviation	7.87%
Sharpe Ratio (4)	0.45
36 Month Calmar Ratio (3)	0.68

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com

Time Window Analysis

Length	Best	Average	Worst
1 mo	5.4%	0.4%	-7.1%
3 mo	10.5%	1.2%	-9.3%
6 mo	10.6%	2.6%	-5.7%
12 mo	16.4%	5.7%	-2.8%
18 mo	21.8%	8.6%	0.1%
24 mo	27.4%	11.5%	0.7%
36 mo	37.7%	17.7%	6.3%

Historical Drawdown and Recoveries***

Start	Depth	Length	Recovery	End
Apr-19	-11.24%	2 mo	7 mo	Dec-19
Jun-22	-4.22%	7 mo	7 mo	Jul-23
Apr-21	-3.98%	1 mo	2 mo	Jun-21
Apr-20	-3.77%	1 mo	1 mo	May-20
Oct-21	-2.43%	1 mo	4 mo	Feb-22
Jul-20	-2.20%	2 mo	1 mo	Sep-20

Comparisons	Program	SP 500 TR
Annualized Compound ROR	4.36%	17.06%
Cumulative Return	28.24%	150.68%
Cumulative VAMI (5)	1282	2507
Largest Monthly Gain	5.40%	12.82%
Largest Monthly Loss	-7.08%	-12.35%
Correlation	—	-0.008
Last 12 Months	4.39%	38.01%
Last 36 Months	8.91%	29.81%

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Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com

+ NOTES: Accounting services provided by CTA Services.

A Qualified Eligible Person ('QEP') must meet the following two requirements: 1) the investor must first be an accredited investor. The most common ways for this are to either have a net worth of $1,000,000 or more OR an annual income of $200,000 or more for the last two years OR, combined with a spouse, $300,000 per year for two years, 2) the investor must meet an additional portfolio requirement, which is having $2,000,000 in securities holdings OR $200,000 in margin on deposit with a Futures Commission Merchant OR a combination of the two (for example, $1,000,000 in securities and $100,000 in margin).

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

** 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.

*** This Manager offers a range of fees: Mgt Fees Range 0-2% | Inc Fees Range 20-25%

Please note that the monthly performance numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

Statistical Notes

1. Peak to Valley Drawdown ("Maximum Drawdown") is the worst drawdown % loss over the period of 2019-01-31 to 2024-10-31

2. The Annualized Compounded ROR is the average return of an investment over a number of years. It smoothes out returns by assuming constant growth.

3. Calmar Ratio Uses last 36 months of Data

ROR = Rate of Return

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.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING FUTURES AND OPTIONS INVOLVES SUBSTANTIAL RISK OF LOSS AND IS NOT SUITABLE FOR ALL INVESTORS. THERE ARE NO GUARANTEES OF PROFIT NO MATTER WHO IS MANAGING YOUR MONEY. THERE IS AN UNLIMITED RISK OF LOSS IN SELLING OPTIONS. YOU SHOULD CAREFULLY CONSIDER WHETHER COMMODITY FUTURES AND OPTIONS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. AN INVESTOR MUST READ AND UNDERSTAND THE MANAGER'S CURRENT DISCLOSURE DOCUMENT BEFORE INVESTING.

Ascent Capital Management
311 S. Wacker Drive - Suite 600 * Chicago, IL 60606
Office: 312-283-3350 Email: [email protected] | Web Address: http://www.ascentcm.com