Liberty Trading - Disclosure Document 2010

7/30/2019 Liberty Trading - Disclosure Document 2010

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Account Setup ALTAVRA

THE RISK OF LOSS IN TRADING FUTURES, OPTIONS AND OFF-EXCHANGE FOREX CAN BE SUBSTANTIAL.

PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS..

ALTAVRA Inc. | 390 SE Mizner Boulevard #1809 Boca Raton, FL 33432 | 1-800-998-7870 | ALTAVRA.com

To setup your managed futures or managed forex account:

Review the program documentation.

This typically includes a disclosure document, advisory agreement and a trading authorization form. Many of these docum

are available for download atforms.altavra.comor can be requested by sending an email to [email protected]. If

would like a copy sent to you via U.S. Mail, please visitformsbymail.altavra.com.

Establish an account at Peregrine Financial Group, Inc. (PFGBEST).

An account can be setup online atopen.altavra.com. Account forms can also be downloaded atforms.altavra.comor orde

to be delivered by U.S. Mail atformsbymail.altavra.com.

Complete the forms relevant to the investment that you have chosen.

Once the account application is complete, the advisory agreement and trading authorization must be completed. Other fo

may be required.

Submit completed forms.

Submit via fax to 1-800-998-7871 (international +1-561-829-8190) or scan and email [email protected].

If you have any questions, please visit ALTAVRA.com, send an email to [email protected], or call 1-800-998-7

(international +1-561-829-8291).

.Managed Futures / Managed Forex Database Access

To access the database:

1. Request a free access key ataltavra.com

- The access key will be automatically generated and sent immediately to your email address

2. After you receive your access key, you can enter the database atlogin.altavra.com

*PLEASE NOTE: There is no fee to access the database. This is not a trial. The access key does not expire.
http://www.altavra.com/http://www.altavra.com/http://www.altavra.com/http://forms.altavra.com/http://forms.altavra.com/http://forms.altavra.com/http://formsbymail.altavra.com/http://formsbymail.altavra.com/http://formsbymail.altavra.com/http://open.altavra.com/http://open.altavra.com/http://open.altavra.com/http://forms.altavra.com/http://forms.altavra.com/http://forms.altavra.com/http://formsbymail.altavra.com/http://formsbymail.altavra.com/http://formsbymail.altavra.com/http://www.altavra.com/http://www.altavra.com/mailto:[email protected]?subject=Account%20Formsmailto:[email protected]?subject=Account%20Formshttp://www.altavra.com/http://www.altavra.com/http://www.altavra.com/http://login.altavra.com/http://login.altavra.com/http://login.altavra.com/http://login.altavra.com/http://www.altavra.com/mailto:[email protected]?subject=Account%20Formshttp://www.altavra.com/http://formsbymail.altavra.com/http://forms.altavra.com/http://open.altavra.com/http://formsbymail.altavra.com/http://forms.altavra.com/http://www.altavra.com/http://www.altavra.com/


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Liberty Trading Group

A Florida corporation

Registered with the Commodity Futures Trading CommissionMember of the National Futures Association

DISCLOSURE DOCUMENT

For The

Diversified Option Seller Trading Program

The Delivery Of This Disclosure Document Does Not Imply That The Information It ContainsIs Correct Subsequent To The Date Shown Below.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OFPARTICIPATING IN THIS TRADING PROGRAM NOR HAS THE COMMISSION PASSED ON THE

ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.

December 15, 2010

Not to be utilized after September 15, 2011

Liberty Trading Group

401 East Jackson Street

Suite 2340

Tampa, FL 33602

813-472-5760

800-346-1949


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RISK DISCLOSURE STATEMENT

THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. YOU SHOULDTHEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU INLIGHT OF YOUR FINANCIAL CONDITION. IN CONSIDERING WHETHER TO TRADE OR TO

AUTHORIZE SOMEONE ELSE TO TRADE FOR YOU, YOU SHOULD BE AWARE OF THEFOLLOWING:

IF YOU PURCHASE A COMMODITY OPTION YOU MAY SUSTAIN A TOTAL LOSS OF THEPREMIUM AND OF ALL TRANSACTION COSTS.

IF YOU PURCHASE OR SELL A COMMODITY FUTURES CONTRACT OR SELL A COMMODITYOPTION OR ENGAGE IN OFF-EXCHANGE FOREIGN CURRENCY TRADING YOU MAY SUSTAIN ATOTAL LOSS OF THE INITIAL MARGIN FUNDS OR SECURITY DEPOSIT AND ANY ADDITIONALFUNDS THAT YOU DEPOSIT WITH YOUR BROKER TO ESTABLISH OR MAINTAIN YOURPOSITION. IF THE MARKET MOVES AGAINST YOUR POSITION, YOU MAY BE CALLED UPON BYYOUR BROKER TO DEPOSIT A SUBSTANTIAL AMOUNT OF ADDITIONAL MARGIN FUNDS, ONSHORT NOTICE, IN ORDER TO MAINTAIN YOUR POSITION. IF YOU DO NOT PROVIDE THEREQUESTED FUNDS WITHIN THE PRESCRIBED TIME, YOUR POSITION MAY BE LIQUIDATED AT

A LOSS, AND YOU WILL BE LIABLE FOR ANY RESULTING DEFICIT IN YOUR ACCOUNT.

UNDER CERTAIN MARKET CONDITIONS YOU MAY FIND IT DIFFICULT OR IMPOSSIBLE TOLIQUIDATE A POSITION. THIS CAN OCCUR, FOR EXAMPLE, WHEN A MARKET MAKES A LIMIT

MOVE .

THE PLACEMENT OF CONTINGENT ORDERS BY YOU OR YOUR TRADING ADVISOR, SUCH AS A STOP LOSS OR STOP LIMIT ORDER, WILL NOT NECESSARILY LIMIT YOUR LOSSES TO THEINTENDED AMOUNTS, SINCE MARKET CONDITIONS MAY MAKE IT IMPOSSIBLE TO EXECUTESUCH ORDERS.

A SPREAD POSITION MAY NOT BE LESS RISKY THAN A SIMPLE LONG OR SHORTPOSITION.

THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY INTERESTTRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CANLEAD TO LARGE LOSSES AS WELL AS GAINS.

IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIALCHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE

ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADINGPROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THE DISCLOSUREDOCUMENT CONTAINS, AT PAGES 2 AND 3, A COMPLETE DESCRIPTION OF EACH FEE TO BECHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANTASPECTS OF THE COMMODITY INTEREST MARKETS. YOU SHOULD THEREFORE CAREFULLYSTUDY THIS DISCLOSURE DOCUMENT AND COMMODITY INTEREST TRADING BEFORE YOUTRADE, INCLUDING THE DESCRIPTION OF THE PRINCIPAL RISK FACTORS OF THISINVESTMENT AT PAGES 3-5.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY TRADING ADVISOR MAY ENGAGE INTRADING FOREIGN FUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETSLOCATED OUTSIDE THE UNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO AUNITED STATES MARKET MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT ORDIMINISHED PROTECTION. FURTHER, UNITED STATES REGULATORY AUTHORITIES MAY BEUNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORY AUTHORITIES ORMARKETS IN NON-UNITED STATES JURISDICTIONS WHERE YOUR TRANSACTIONS MAY BEEFFECTED. BEFORE YOU TRADE YOU SHOULD INQUIRE ABOUT ANY RULES RELEVANT TOYOUR PARTICULAR CONTEMPLATED TRANSACTIONS AND ASK THE FIRM WITH WHICH YOUINTEND TO TRADE FOR DETAILS ABOUT THE TYPES OF REDRESS AVAILABLE IN BOTH YOURLOCAL AND OTHER RELEVANT JURISDICTIONS.


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THIS COMMODITY TRADING ADVISER IS PROHIBITED BY LAW FROM ACCEPTING FUNDS INTHE TRADING ADVISORS NAME FROM A CLIENT FOR TRADING COMMODITY INTERESTS. YOUMUST PLACE ALL FUNDS FOR TRADING IN THIS TRADING PROGRAM DIRECTLY WITH AFUTURES COMMISSION MERCHANT OR RETAIL FOREIGN EXCHANGE DEALER, AS

APPLICABLE.


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Table of Contents

RISK DISCLOSURE STATEMENT..ii

INTRODUCTION. 1

The Advisor.1

The Principal o f t he Advisor...1

THE ADVISORS TRADING PROGRAM.1

Diversified Option Seller Trading Program Description............1

Commitment Requirement......2

BROKERAGE ARRANGEMENTS2

FEES AND EXPENSES..2

Brokerage Fees..2

Management Fee2

Incentive Fee...3

POTENTIAL CONFLICTS OF INTEREST3

RISK FACTORS3

PAST PERFORMANCE...5

Performance of the Diversified Option Seller Trading Program.................................5

Performance of Other Client Accounts.........................................................................7

ADDITIONAL INFORMATION....8

EXHIBITS

EXHIBIT A ADVISORY AGREEMENT AND ACKNOWLEDGMENT OF RECEIPT OF

DISCLOSURE DOCUMENT.... A-1

EXHIBIT B -- PRIVACY STATEMENT ............................................................................... B-1

iii


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INTRODUCTION

The Advisor

Liberty Trading Group, Inc. (referred to herein as LTG or the Advisor) is a Floridacorporation. LTG was registered as an introducing broker with the Commodity Futures TradingCommission (the CFTC) and became a member of the National Futures Association (the NFA)as an introducing broker in February 1999. LTG was registered as a commodity trading advisor(CTA) from Feb. 2004 to Dec 2005 although no CTA operations were conducted pursuant tothat registration. LTG became registered as a CTA again in J une 2010. The Advisors addressis 401 East Jackson St., Suite 2340, Tampa, FL 33602. Its telephone number is 813-472-5760or 800-346-1949.

The Principal of the Advisor

James Cordier is the president and sole shareholder of the Advisor. Mr. Cordiers

background in the fundamentals of physical commodities markets has made him a regular gueston CNBC, Bloomberg Television and Fox Business News. His book, The Complete Guide toOption Selling, was published in its second edition by McGraw Hill in 2009 and has beenfeatured by Morningstar Advisors, SFO Magazine and CNBCs Squawkbox. J amescommodities market comments are featured regularly by the Wall Street J ournal, Barrons,Forbes, MarketWatch and Reuters World News.

Mr. Cordier has been registered as an associated person and listed as a principalof LTG since February 1999. Mr. Cordier is considered the Trading Principal for the Advisorand is the person responsible for making the trading decisions on behalf of LTG. The pastperformance for the Diversified Option Seller Trading Program and for other accounts overwhich Mr. Cordier has had discretion in his capacity as an associated person of an introducing

Broker is contained herein beginning on page 6.

THE ADVISORS TRADING PROGRAM

The Diversified Option Seller Trading Program Description

The trading strategy used by the Advisor is proprietary and confidential. The Advisoruses an approach developed over 25 years of market observation, study, and analysis. Thefollowing description is of necessity general and is not intended to be all inclusive.

The Advisors program consists of selling deep out of the money call and/or put optionson a diversified group of physical commodities including but not limited to Corn, Soybeans,Wheat, Coffee, Sugar, Orange J uice, Cocoa, Cattle, Crude Oil, Heating Oil, ReformulatedGasoline, Natural Gas, Gold and Silver. The strategy uses a combination of naked options andcredit spreads based on the discretion of LTG. Trading decisions are made based onfundamental, seasonal and technical factors of the underlying futures contracts as well asvolatility levels in the options themselves. Options are sold with time values of 3 -12 months withthe objective of expiring worthless or buying back at a profit prior to expiration. Risk is managed


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based on predetermined premium levels and overall exposure in the portfolio. Positions meetingor exceeding predetermined risk parameters will be reduced or closed outright. This is done atthe discretion of the Advisor. Of course, there can be no guarantee that the use of suchstrategies will be successful.

Position quantities are determined by account equity levels at the sole discretion of the

Advisor. The program is designed to utilize 50% of the equity in the account to margin positions,although this percentage may vary greatly depending on market or position conditions at thesole discretion of the Advisor.

The Advisor is continually analyzing the program and market conditions and there maybe revisions in strategies from time to time as the result of this analysis. These changes maydiffer significantly from the strategies currently used. Clients will not be informed of thesechanges individually as they may occur unless they are considered to be material, in which casenotification will be given within 21 days.

Commitment Requirement

The Advisor requires that Clients open accounts with a minimum of $100,000. TheAdvisor will not accept Notionally Funded accounts.

The Advisor believes that a long-term commitment to its program provides the bestopportunity for profitable trading. A Client should be willing to commit capital to the program forat least one year for a reasonable chance to ascertain the level of return targeted by theAdvisor. This is a speculative program and only funds that could be categorized as risk capitalshould be utilized in a clients account. Of course, there can be no guarantee that profits will beachieved or that losses will not occur.

BROKERAGE ARRANGEMENTS

Clients are required to open their account with Peregrine Financial Group (PFG), afutures commission merchant based in Chicago. Accounts will be introduced to PFG by LTGpursuant to its introducing broker registration.

FEES AND EXPENSES

Brokerage Fees

Commissions for clients utilizing this program will be $69 per round turn tradeor option paid to LTG plus approximately $3.00 per side floor brokerage fees. LTG reserves the

right to modify this rate. Clients will be informed prior to any change in the rate.

Management Fee

Unlike traditional managed programs which may charge as much as a 2% or 3%management fee, LTG has made the decision to be compensated only by commissions.

Therefore, Clients will not be charged a percentage management fee. While the Advisor maydecide to institute such a fee in the future, Clients will be notified prior to any change.


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Incentive Fee

Unlike traditional managed programs which may charge as much as 20% or 30% of thequarterly profits in an account, LTG does not charge an incentive fee. All profits in the account(after payment of commissions) are credited to the Client. While the Advisor may decide to

institute such a fee in the future, Clients will be notified prior to any change.

POTENTIAL CONFLICTS OF INTEREST

Share in Commissions. LTG is also the introducing broker and will thereby receive thecommissions generated in the account. This provides the Advisor with an incentive to overtradethe account to generate commissions. However, the Advisor has no intention of deviating fromthe Advisors strategy and all accounts will be traded pursuant to the same trading strategy.

Other Clients and Business Act ivities. LTG and the principal of the Advisor may trade in thecommodity markets for the accounts of brokerage clients and in doing so may take positionsopposite to those held by Clients or be competing with Clients for positions in the marketplace.Such trading may create conflicts of interest on behalf of one or more such persons in respect oftheir obligations to Clients. Additionally, the Advisor may have financial incentives to favor otheraccounts. However, the Advisor has no intention to enter opposing trades or to favor oneaccount over any other and all trades for Clients will utilize a standardized allocation system sothat no Client is intentionally favored. The principal of LTG devotes himself full time to theoperation of LTG and the study and analysis of the futures markets.

Proprietary trading. Neither the Advisor nor its principal or affiliates trade the commoditymarkets for their own accounts. While there is currently no intention to do so, the Advisor and

its principal and affiliates do have the right to open and trade such accounts. In the unlikelyevent that such accounts are opened, such trading may create conflicts of interest on behalf ofone or more of such persons in respect to their obligations to Clients. Such conflicts mayinclude trading their proprietary accounts more aggressively or such persons may from time totime take positions in their proprietary accounts, which are opposite or ahead of the positionstaken for Clients. However, should the Advisor or its principal decide to open such accounts,the trading results for the Advisor and its principal are available for review by clients uponreasonable notice.

RISK FACTORS

A prospecti ve cl ient in terested in opening a managed account wi th the Advisor

should carefully consider the speculative nature of trading commodity interests and,

despite the risk controls established by the trading plan of the Advisor, the possibility

that he may lose more than the amount of money initially deposited in his commodity

brokerage account.


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ONLY FUNDS CONSIDERED TO BE RISK CAPITAL SHOULD FUND CLIENT ACCOUNTS.

The risks of opening an account with the Advisor include, but are not limited to, the factthat:

1. Futures prices are highly volatile. Price movements of commodity futures

contracts are influenced by, among other things changing supply and demand relationships,weather, government, agricultural trade, fiscal, monetary and exchange control programs andpolicies, national and international political and economic events, and changes in interest rates.In addition, governments from time to time intervene, directly and by regulation, in certainmarkets, particularly currencies and gold. Such intervention is often intended to influence pricesdirectly. Volatility relates directly to the risks associated with trading. Particularly, the Advisorsprogram may suffer during periods of extreme volatility. LTG can control none of these factorsand no assurance can be given that LTGs advice will result in profitable trades for aparticipating customer or that a customer will not incur substantial losses.

2. Trading commodity futures contracts and options thereon is highly leveraged and asmall move in the price of a futures or options contract may result in immediate and substantiallosses. Clients may incur, and will be responsible for, any trading losses in excess of the capitalcontributed to the account. All funds deposited into the account must represent risk capital.Clients acknowledge that no safe trading system has ever been devised and that no one canguarantee profits or freedom from loss in trading commodity futures and options thereon.

3. Commodity markets may be illiquid making it impossible or difficult to liquidate alosing position. This could result in substantial losses to an account. However, the Advisormakes it a point to trade in only the most active markets in order to minimize this risk as muchas possible.

4. The existence of speculative position limits may limit the number of futurespositions the Advisor can control for any account limiting or reducing profit opportunities.

5. Accounts will incur brokerage commissions regardless of whether profits arerealized (see, Fees and Expenses).

6. Currently the Advisor relies exclusively on the services of Mr. Cordier. If Mr. Cordieris unable to trade on behalf of the Advisor, the Advisor will continue its operations with a newtrading principal. Since the Advisors strategy is largely technical, the Advisor believes that asubstitute Trading Principal will be able to adequately implement the trading system. However,there can be no assurance that such new Trading Principal will be able to implement the Advisorstrading strategies and exercise judgment and discretion exactly as that exercised by Mr. Cordier.

7. The Advisor manages, and intends in the future to manage, other accounts. Thelarger the amount of equity under its management, the more difficult it may be for it to tradesuccessfully. There appears to be a tendency for the rates of return achieved by TradingAdvisors to decrease as assets under management increase. The Advisor has not agreed tolimit the amount of funds it will manage. There can be no assurance that the Advisors trading ofincreased funds will not have an adverse effect on performance.

8. The profitability of an account will be determined solely by the success of theAdvisors trading strategy. Futures trading is a zero sum, risk-transferring activity in which, by


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definition, for every gain there is an equal and corresponding loss. Regardless of pastperformance, there is no guarantee that the strategies used by the Advisor will be successful orwill not incur losses.

9. Unlike buying options or buying spreads, selling (writing) uncovered options andwriting unbalanced spreads can create the potential for unlimited losses. LTG may also take a

position in the underlying futures market. Futures contracts can expose the account to thepotential for unlimited loss.

10. Although the Advisor intends to utilize approximately 50% of account equity as acushion against market losses, this means that approximately 50% of the account value will beutilized to margin positions. The Advisor has chosen this trading level to protect against margincalls and considers such calls unlikely. However, Clients should be aware that there is stillpotential market volatility, particularly in fast moving markets, which could result in margin callsfrom an accounts FCM and the liquidation of the account at an inopportune time if such margincalls are not, or cannot, be met. The Advisor will utilize its best efforts to avoid margin calls.

11. The use of futures as a spread against options positions may not decrease the

risk to an account. A spread trade means that a position taken to benefit from a move in onedirection will be offset by another position taken to benefit from a move in the opposite direction.However, such spread trading does not always limit risks. Sometimes the change in pricerelative to one side of a spread may not be directly offset by a move in the opposite side of thespread. The portfolio could experience significant losses under such circumstances. Further,the Advisor may position the portfolio in an unbalanced fashion. An unbalanced spreadmeans that one side of the spread has a different number of net options than the other side andis sometimes considered a high risk strategy. Additionally, the use of spreads in an attempt tolimit the risk in an account will result in additional commission charges since commissions wouldbe generated on both sides of the spread.

12. Participating customer's FCM may fail. Under CFTC regulations, FCM's are

required to maintain customer's assets in a segregated account. If a customer's FCM fails to doso, the customer may be subject to risk of loss of funds in the event of its bankruptcy. Even ifsuch funds are properly segregated, the customer may still be subject to a risk of a loss of hisfunds on deposit with the FCM should another customer of the FCM or the FCM itself fail tosatisfy deficiencies in such other customer's accounts. In the event of a bankruptcy of such abroker, all property held by the broker, including certain property specifically traceable to thecustomer, will be returned, transferred or distributed to the broker's customers only to the extentof each customer's pro-rata share of all property available for distribution to customers.

Therefore, it is possible that the customer would be able to recover none or only aportion of its assets held by such futures broker.

THE FOREGOING LIST OF RISK FACTORS DOES NOT PURPORT TO BE A

COMPLETE EXPLANATION OF THE RISKS INVOLVED IN THIS OFFERING. POTENTIAL

CLIENTS SHOULD READ THIS ENTIRE DISCLOSURE DOCUMENT AND FAMILIARIZE

THEMSELVES WITH FUTURES TRADING BEFORE DECIDING WHETHER TO INVEST IN

THE PROGRAM OFFERED HEREBY.


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PAST PERFORMANCE

Performance of the Diversified Option Seller Trading Program

Below is the past performance for the Option Seller Trading Program as traded by Mr.Cordier in his capacity as an AP of LTG. The brokerage commissions and fees as outlined inthis document are included in this summary.

**Diversified Option Seller Trading Program**

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Inception of Trading-discretionary customer accounts -James Cordier

Inception of Trading-Diversified Option Seller TradingProgram-James Cordier

12/01/05

11/01/08

Accounts Currently Trading the Diversified Option SellerTrading Program 245

Accounts Opened and Closed Profitable/Range of Returns 2//0.17% to 123.84%

Accounts Opened and Closed Unprofitable/Range ofReturns 8/-5.59% to -33.35%

Total Assets Under Management $52,968.960

Total Assets Under Management This Program $52,968,960

Largest Monthly Drawdown * -14.12 (Jun10)

Largest Peak-to-Valley Drawdown * -23.29%% (Apr10-Oct10)

MonthRoR %2008

RoR %2009

RoR %2010

JAN -3.49 6.37

FEB 6.38 6.97

MAR 11.27 4.58

APR 11.48 0.38

MAY -4.98 -9.61

JUN 15.60 -14.12

JUL -0.65 6.29

AUG 2.50 -0.47

SEP -1.39 2.02

OCT 8.68 -8.42NOV 15.32 -0.38

DEC -7.60 4.90

Y-T-DRETURN 6.55% 59.55% -8.33%

1.) Drawdown means losses experienced by the program over a specified period.2.) Rate of Return equals Net Performance divided by Beginning Equity time-weighted for

monthly additions and withdrawals.


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3.) Y-T-D Return illustrates a best of value added monthly index representing the value of aninvestment of $1,000. Monthly rates of return are computed on a compounded monthlybasis to determine the value of the index. The index does not reflect the performance of anyindividual account and assumes a continuous investment with no additions or withdrawals.

4.) The worst peak to valley draw-down is the largest percentage change between a peak and avalley.

There is a risk of loss in all futures trading. There is a substantial risk of loss in commodity trading.It is not suitable for all investors. For a complete understanding of the trading program pleasereview the disclosure document of Liberty Trading Group. Liberty Trading Group is registeredwith the Commodity Futures Trading Commission as a Commodity Trading Advisor and is a Memberof the National Futures Association.


Performance of Other Client Accounts

In addition to trading the Option Seller Trading Program, Mr. Cordier exercised discretionover client accounts in his capacity as a broker that did not trade the program or includedadditional trades requested by the client. These accounts were not traded pursuant to aparticular program. While this performance is not relevant to the Diversified Option Seller

Trading Program, CFTC regulations require that they be presented in this document.

NOTE: THE FOLLOWING PERFORMANCE IS NOT REFLECTIVE OF THE DIVERSIFIEDOPTION SELLER TRADING PROGRAM AND DOES NOT REPRESENT THE RESULTS OFTHE DIVERSIFIED OPTION SELLER PROGRAM.

**Discretionary Accounts**


Inception of Trading-James Cordier 12/01/05

Accounts Currently Trading Discretionary Accounts 0

Accounts Opened and Closed Profitable/Range of Returns 0

Accounts Opened and Closed Unprofitable/Range ofReturns 20/-7.30% to -97.13%

Total Assets Under Management $52,968.960Total Assets Under Management This Program 0

Largest Monthly Drawdown * -46.39 (Sep07)

Largest Peak-to-Valley Drawdown * -96.70%% (Inception-Sep08)

MonthRoR %2005

RoR %2006

RoR %2007

RoR%2008

JAN -11.01 -13.38 -4.56

FEB -37.42 11.82 -39.72


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MAR -9.06 3.22 -40.05

APR -18.24 15.30 9.74

MAY 8.32 10.19 1.40

JUN 1.26 4.73 -5.57

JUL 3.15 2.47 -1.08

AUG -3.85 14.64 -38.46

SEP -17.35 -46.39 -16.57

OCT -2.68 -39.73 8.68

NOV -1.24 -17.41

DEC -5.52 4.48 20.49

Y-T-DRETURN -5.52% -62.61% -49.76% -80.00%

1.) Drawdown means losses experienced by the program over a specified period.2.) Rate of Return equals Net Performance divided by Beginning Equity time-weighted for

monthly additions and withdrawals.5.) Y-T-D Return illustrates a best of value added monthly index representing the value of an

investment of $1,000. Monthly rates of return are computed on a compounded monthlybasis to determine the value of the index. The index does not reflect the performance of anyindividual account and assumes a continuous investment with no additions or withdrawals.

6.) The worst peak to valley draw-down is the largest percentage change between a peak and avalley.

There is a risk of loss in all futures trading. There is a substantial risk of loss in commodity trading.It is not suitable for all investors. For a complete understanding of the trading program pleasereview the disclosure document of Liberty Trading Group. Liberty Trading Group is registeredwith the Commodity Futures Trading Commission as a Commodity Trading Advisor and is a Memberof the National Futures Association.


ADDITIONAL INFORMATION

Additional information about the Advisor and its trading program can be obtained bycontacting the Advisor at the address or telephone number appearing on the cover page of thisDisclosure Document.


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ADDITIONAl RISK DISClOSURe

I understand and realize that the loss in trading commodity futures and options contracts can be substantial. I realize the degree of leverage that is often

obtainable in commodity trading can work against me, as well as in my favor. I also realize the use of leverage can lead to large losses.

NeT wORTH STATeMeNT

SeCOND ACCOUNT ReqUeST STATeMeNT

I am requesting with this letter that you open an additional account for me. I hereby authorize you to use the account forms that I have already executed

[for account number ] as the account forms for the new account.

I understand and agree that all promises, representations and information that I made in my account forms are still true and accurate. I warrant that

all statements in those forms shall apply to the new account as if I had executed a complete new set of forms.

I understand and agree that the commissions and fees for this new account are $

XSignature Date Print Name

X

Signature Date Print Name

Date

XSignature Print Name

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Signature Print Name

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Liberty Trading - Disclosure Document 2010