🚀 go-pugleaf

9:21 AM 12/19/97
Source: International Traders Research, Inc.
(800-591-5886, 619-459-0818)

http://www.ManagedFutures.com

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Note:  This represents the first 261 CTAs to report through Nov-97.
    
    Compounded ROR (Jan-97 to Nov-97)
RankManager                                    *ROR   WDD    Equity
 1  Greenspan, Richard (Real Green Limited)    535.16%-31.64%     515,914
 2  Matrix L.L.C. (Matrix L.L.C.)              315.97%-27.86%   9,500,000
 3  Ansbacher Investment Mgmt. (Options Writing 79.67%-15.31%   4,906,671
 4  Namath-Hanger Invest. (Select)              71.74%-11.00%   1,126,000
 5  Millennium (SMI Quant Fund)                 70.27% -6.56%   6,687,000
 6  Villano Capital Mgmt., Inc. (Diversified)   66.98% -5.62%   5,677,277
 7  Eckhardt Trading Co. (Higher Leverage)      66.44% -5.77%  30,600,000
 8  Paraskevaidis, Janis (SIP)                  65.86%-30.27%     610,000
 9  Tucson Asset Mgmt.  (Double Leverage )      64.97%-22.97%  33,671,268
 10 Henry & Co, John W. (Int'l Foreign Exchange 57.17% -6.90%  82,000,000
 11 Helio Capital Management (EMU Financial)    56.54%-10.00%     626,120
 12 Hampton Investors Inc. (S&P 500 3X)         52.58%-10.73%  15,000,000
 13 D.W.Fut. & Cur. Mgmt. (Currency)            52.49% -7.86%  65,402,000
 14 Chaos Systems, LLC (S&P 500)                51.87% -7.49%  15,784,709
 15 Eckhardt Trading Co. (Standard)             49.01% -4.28% 249,600,000
 16 Hennessy and Assoc., Inc. (Treasury Bond)   47.91%-14.66%     310,078
 17 Little Brook Corp. (Country)                45.51% -3.20%   2,600,000
 18 Shally, Rudolph (MAP Energy)                45.00%-17.66%   5,071,147
 19 Delta Trading Co. (Individual Investor)     44.58% -4.43%  17,988,956
 20 Tamiso & Company (Original Currency)        43.58% -3.21%   6,850,000
 21 Rod And Greg Capital Mgmt. (Composite)      43.41% -2.82%   1,433,977
 22 Essex Trading Group (Balanced Growth)       43.02% -2.46%     383,917
 23 FTC Asset Management (Global Diversified)   42.99%-14.15%   2,449,047
 24 Little Brook Corp. (Prime)                  42.43% -3.11%   2,300,000
 25 Dunn Capital Mgmt. (WMA)                    42.28%-12.02% 844,311,209
 26 Rosenbery Capital Mgmt. (Progenitor II)     40.05%-24.56%     686,943
 27 Tamiso & Company (Global Diversified)       39.84% -3.54%  16,500,000
 28 Namath-Hanger Invest. (Diversified Pro Form 39.59% -8.00%   2,288,000
 29 Dunn Capital Mgmt. (Standard)               38.68% -3.63%  19,979,685
 30 Tucson Asset Mgmt.  (Normal Leverage )      38.47%-11.24%     777,781
 31 Quicksilver Trading (Diversified)           38.04% -6.76%   2,975,570
 32 Spirit Trading, Inc. (Commodity Interests)  37.91%-11.08%     180,267
 33 Baymen Group, The (Composite)               37.74%-15.66%  13,100,000
 34 Tactical Investment Mgmt. (Flagship)        36.69%-14.59%  40,716,883
 35 Union Investment Mgmt. (Helix Global Levera 36.50%-14.16%   5,500,000
 36 Cipher Inv. Mgmt. Co. (Composite)           36.34% -9.12%  89,000,000
 37 HWB Capital Management (Div. Commodities)   36.18% -7.28%   1,330,698
 38 Chickasaw Capital, Inc. (Diversified)       34.91% -7.34%   2,263,000
 39 Clarke Capital Mgmt. (Global Basic)         34.75%-13.34%   2,251,582
 40 Niederhoffer Capital, RG (Diversified)      33.20% -9.10%  35,000,000
 41 Metron Management Co. (MTS Fund)            32.63%-14.99%     249,046
 42 Leboz Trading Company (Composite)           32.30%-13.47%   2,390,071
 43 Red Oak Comm. Adv. (Composite)              32.17%-16.86%  34,200,000
 44 Chung Capital Mgmt. (Composite)             31.88%-22.01%     408,685
 45 Hawksbill Capital Mgmt. (Global Diversified 31.57%-17.83%  24,800,000
 46 Beacon Management  (Meka Partners, L.P.)    31.49%-13.43%   7,858,468
 47 Capital Futures Mgmt. (Composite)           31.31% -4.31%   6,861,474
 48 Atlas Capital Mgmt. (Composite)             30.57% -4.80%  79,782,000
 49 Brandywine Asset Mgmt. (Financial)          29.24% -8.82%   6,185,445
 50 Finagra Management (Soft Commodity Arbitrag 29.16% -8.60%  10,200,000
 51 HWB Capital Management (Foreign Exchange)   27.69%-10.58%   2,684,307
 52 Tactical Derivatives Mgt. (Chess I)         27.62%-17.66%   5,153,090
 53 Courtland Capital Mgmt. (Global Financial)  27.21%-15.19%   2,700,000
 54 Coast Asset Management (Arbitrage)          26.12% -0.14%  58,300,000
 55 Fort Orange Capital Mgmt. (Global Strategic 25.74% -7.66%  18,640,000
 56 Global Capital Markets (Global Diversified) 25.07% -2.89%   1,076,215
 57 Sawyer, John A. (Diversified)               24.22% -8.43%     191,420
 58 Grinham Managed Futures (Div. Managed Accou 24.04% -4.41% 144,000,000
 59 HWB Capital Management (Worldwide Financial 23.92%-12.91%   2,590,048
 60 Phaedo Corporation (FPH)                    23.88% -3.61%     241,358
 61 Harbour Management (Diversified)            23.37% -9.97%   7,208,244
 62 Cornerstone Trading Co. (Global Trading)    23.35% -2.70%   7,520,000
 63 Global Deposit Fund (Composite)             22.59%  0.00%  25,926,166
 64 ALH Capital Corp. (Financial (Mechanical))  22.40% -4.88%   1,170,964
 65 Tactical Investment Mgmt. (Institutional)   22.34%-10.79%  67,760,582
 66 Compucom Finance Inc. (Currency)            21.64%-16.10%  70,000,000
 67 HWB Capital Management (Intl' Financial & M 21.60%-21.31%   4,300,660
 68 Welton Investment Corporation (Diversified  21.59%-11.12% 120,000,000
 69 Glacier Capital Mgmt L.L.C. (Diversified)   21.39% -7.45%     810,315
 70 Cougar Capital Mgmt, Inc. (GFM)             21.37% -7.95%   3,000,000
 71 Core Capital Mgmt. Futures (Proprietary)    21.04%-51.92%     998,647
 72 CARAT Capital, L.L.C. (Flagship)            21.01%-15.92%  26,300,000
 73 Dunn Capital Mgmt. (Diversified TOPS)       20.83%-21.14%  19,979,685
 74 Henry & Co, John W. (G7 Currency)           20.30% -4.66%  83,000,000
 75 Paraskevaidis, Janis (Diversified 1)        20.24%-20.38%   1,510,000
 76 Di Tomasso Group (Equilibrium)              19.77% -5.40%  92,420,000
 77 Vector Commodity Ser. (Composite)           19.72%-13.16%   3,133,024
 78 Dennis Trading Grp. (Current Program)       19.66%-27.56% 124,215,000
 79 Dunn Capital Mgmt. (Financial TOPS)         19.37%-25.09% 146,254,949
 80 Helio Capital Management (Capital Growth)   19.23% -7.46%     238,470
 81 Welton Investment Corporation (Financial &  18.93% -7.99%  10,000,000
 82 Hirst Investment Mgmt. (DSP Global Diversif 18.42% -6.24%  37,500,000
 83 Millburn Ridgefield (Currency)              18.34% -5.30%  74,620,000
 84 Sandpiper Trading Inc. (Composite)          18.21% -5.74%  10,011,447
 85 Clarke Capital Mgmt. (Worldwide)            18.06% -3.88%   5,179,620
 86 Pasante Corporation (Composite)             17.83%-10.74%   1,487,254
 87 Dolphin Capital Mgmt. (Global Diversified I 17.68% -2.49%  40,100,000
 88 AM Grace Trading Co. (Interest Rate)        17.05%-22.11%   3,571,920
 89 Campbell & Company (Forex)                  17.03% -7.29%  13,800,000
 90 Strategic Investments (Equity Hedge)        16.64% -5.49%     241,775
 91 Kottke Grain (Ag Spread)                    16.63% -3.24%   3,500,000
 92 Sunrise Capital Partners, LLC (Expanded Div 16.30% -8.01%  27,976,055
 93 Numbers (GTF)                               16.01%-14.91%  11,200,000
 94 Campbell & Company (Ark Portfolio)          15.95% -4.39%   1,400,000
 95 River Assoc. Futures Trdg. (Diversified)    15.90% -2.76%     707,450
 96 Transtrend B.V. (Diversified)               15.87% -6.24% 117,000,000
 97 Eclipse Capital Mgmt. (Global Monetary)     15.64% -4.93% 289,567,960
 98 IXORCAP (4)                                 15.57% -1.90%   2,444,905
 99 IEM Global Trading (Global Insitutional)    15.53%-13.54%   7,691,152
100 Henry & Co, John W. (Int'l Cur. & Bond)     15.16% -6.10%  31,000,000
101 Dolphin Capital Mgmt. (Global Diversified I 15.13% -2.98%  66,200,000
102 Partin Company, Inc. (Demand Supply)        14.74% -5.78%   2,840,000
103 Millennium (Global Currency Fund)           14.49% -6.92% 129,285,189
104 Loran Futures, L.C. (A-Leg Only Mode #2)    14.20%-29.68%      85,420
105 TrendLogic Associates (Financial & Metals)  13.59%-14.26%   4,939,200
106 KMJ Capital Management (Foreign Financials) 13.57% -6.70%     110,574
107 Currency Management, Inc. (Partners I)      13.31% -0.75%  40,000,000
108 Rohden Funds Mgmt. (Fin. Mkt. Overlay)      13.22% -2.06%  28,000,000
109 Campbell & Company (Fin. Met. & Energy -Lar 13.19% -7.57% 722,800,000
110 LaSalle Portfolio Mgmt. (Int'l Cross Mkts)  12.72% -2.61% 104,172,000
111 TrendLogic Associates (Diversified)         12.51% -5.51%  24,072,000
112 Sheridan Investments (Interest Plus)        12.36% -3.75%  51,195,000
113 Millburn Ridgefield (Global Financial)      12.35% -6.41% 148,823,000
114 Loran Futures, L.C. (A-Leg Only Mode #6)    12.21%-21.15%     214,692
115 Walsh, Mark J. & Co. (Standard)             12.15%-25.67%   5,178,818
116 Int'l Trading Advisors (Forex)              12.11% -5.92%     305,000
117 Rotella, Robert P. (Composite)              12.04% -1.10% 256,000,000
118 Marathon Capital Growth (System Diversified 11.94% -3.40%  30,715,295
119 Henry & Co, John W. (Financial & Metals)    11.91%-13.58%1,283,000,00
120 Sunrise Capital Partners, LLC (Currency)    11.31% -5.52%  93,294,534
121 Trendstat Capital Mgmt. (ForexExtra)        11.16%-10.09%  85,800,000
122 Clarke Capital Mgmt. (Domestic Diversified) 11.13%-15.03%   2,903,924
123 Eagle Trading (Original)                    10.81%-11.41%   7,484,776
124 Hanseatic Corporation (Arbitrage)           10.73%-17.52%     437,123
125 Campbell & Company (Fin. Met. & Energy -Sma 10.68% -7.65%  54,300,000
126 Sunrise Capital Partners, LLC (Diversified) 10.46%-11.19%  64,725,113
127 Campbell & Company (IR, Stk, & Com.)        10.44% -6.07%   9,600,000
128 Denali Asset Mgmt. (Global Diversified)     10.41% -7.77%  14,925,209
129 Dominion Capital Mgmt. (Global Financial)   10.40% -4.41% 175,000,000
130 KMJ Capital Management (Diversified)        10.39%-12.69%   7,487,849
131 Peskin &  Co., A. S. (Diversified 1XL)       9.75%-12.45%   2,550,000
132 Campbell & Company (Global Diversified -Lar  9.70% -6.25%  48,100,000
133 Simons Capital Inc. (Financial)              9.58%-21.42%     988,913
134 RAM Management Grp. (Managed Risk)           9.37% -3.54%   5,300,000
135 Coral Rock Investments (Leveraged)           9.07% -0.23%  91,971,900
136 Millburn Ridgefield (Diversified)            9.00% -8.19% 320,107,000
137 Walsh, Mark J. & Co. (Sys. Incl. Proprietar  8.98%-22.26%   2,609,909
138 IXORCAP (1)                                  8.77% -0.29%  17,925,787
139 Eagle Trading (Enhanced)                     8.71%-16.46%  13,064,267
140 FORT, Inc. (Int'l Interest Rate)             8.66% -3.63%   6,759,359
141 LaSalle Portfolio Mgmt. (Fin. Instruments)   8.36% -2.87%  82,375,000
142 EMC Capital Management (Classic)             8.25%-10.79% 103,436,290
143 Fundamental Futures (Composite)              8.14%-13.37% 105,000,000
144 Strategic Investments (Modified Strategic)   7.98% -6.84%     119,159
145 PRAGMA Inc. (Gamma)                          7.55%-11.14%     305,788
146 FUTURES FINANCE S.A. (Dynamic Program)       7.54% -5.54%   7,863,309
147 Mohawk Capital Mgmt. (Global Diversified)    7.54% -5.03%     226,057
148 Coast Asset Management (Enhanced Income II)  7.42%  0.00%  68,800,000
149 Telesis Mgmt., Inc. (Leveraged)              7.39% -7.57% 206,000,000
150 Int'l Trading Advisors (Rates)               7.30% -9.54%     428,000
151 HB Capital Management (Composite)            7.29% -7.57%   1,213,579
152 Crabel Capital Mgmt. (Diversified)           7.17% -1.80% 127,000,000
153 FORT, Inc. (Currency)                        7.14%-12.89%   3,685,522
154 Gandon Financial Fund Mgmt. (Global Financi  7.08% -1.97%  27,053,000
155 Rabar Market Research (Composite)            7.01% -9.10% 184,000,000
156 Adyield, Inc. (Oracle Fund)                  6.99%  0.00% 165,138,230
157 Gandon Financial Fund Mgmt. (Breakout)       6.93% -4.16%  16,719,000
158 Gateway Futures Ltd. (Financial)             6.85% -3.47%  26,000,000
159 QST, Inc. (Composite)                        6.84% -2.76%   9,680,000
160 Brandywine Asset Mgmt. (Financial Conservat  6.83% -8.37%   5,411,222
161 Millennium (Libor Plus Fund)                 6.80% -1.37%  33,216,507
162 D.W.Fut. & Cur. Mgmt. (Global)               6.74%-11.99%  88,297,300
163 Tueta Gestion Asset Mgmt. (Proprietary)      6.67% -1.69%  16,923,004
164 JPD Enterprises, Inc. (Composite)            6.56% -6.89%  33,038,107
165 FUTURES FINANCE S.A. (Low Volatility)        6.29% -2.57%   9,936,447
166 PRAGMA Inc. (Beta)                           6.18% -8.57%     206,573
167 GNI Ltd. (Technical)                         5.70% -6.92%  39,350,000
168 Chesapeake Capital (Diversified 2XL)         5.66%-16.76%  47,000,000
169 Apex Trading Group L.L.C. (Diversified)      5.63% -6.53%   3,264,175
170 ALH Capital Corp. (Financial Futures)        5.47% -1.59%  19,588,841
171 Marathon Capital Growth (System Financial)   5.06% -3.52%     317,329
172 Martin Money Mgmt. (Orion Diversified)       5.01%-20.10%  39,081,805
173 Chesapeake Capital (Diversified)             4.84% -7.88%1,071,345,59
174 Trendstat Capital Mgmt. (World Currencies)   4.61% -8.72% 308,700,000
175 Sabre Fund Mgmt., Ltd. (PRS)                 4.40% -6.76%   6,293,329
176 Saxon Investment Corp. (Diversified)         4.39%-15.28%   1,600,000
177 Henry & Co, John W. (Wrld. Financial Persp.  4.29% -8.12%  30,000,000
178 Little Brook Corp. (Craft)                   4.19%-23.40%  11,600,000
179 GLS Managed Futures (S&P Day)                4.08% -7.45%   2,476,670
180 Eclipse Capital Mgmt. (Global Yield)         4.03% -4.29%   2,062,794
181 DGM Investments (CTP Fund, L.P.)             3.98%-10.28%   8,188,994
182 Lawrence Capital Mgmt. (Composite)           3.83%-50.87%     153,157
183 Colorado Comm. Mgmt. (Blended II)            3.49%-11.02%  20,768,000
184 Raithel Investments (Target Volatility)      3.03%-16.78%     173,000
185 Abraham Trading Co.  (Diversified)           3.00%-12.21%  78,773,158
186 Nibor Capital Management (Global Financial)  2.99% -8.80%   1,719,616
187 DGM Investments (PTG Fund, Ltd.)             2.98% -4.58%     421,203
188 Island View Financial Grp. (Diversified)     2.64%-11.35%     300,000
189 Saxon Investment Corp. (Aggressive Div.)     2.62%-28.16%   4,400,000
190 White Oak Capital Mgt. Corp. (Diversified F  2.60%-15.27%     260,461
191 GK Capital Management (Currency Trading)     2.47% -5.39%  21,583,195
192 Strategic Investments (Strategic Timing)     2.33% -8.73%     163,813
193 KMJ Capital Management (Currency)            2.18% -8.30%   3,025,940
194 Smith Point Inv., Ltd. (Regular)             1.72% -9.16%   3,489,499
195 SJO, Inc. (Global Diversified)               1.63% -5.33%  38,800,000
196 Kottke Grain (Crush)                         1.53% -7.58%  27,000,000
197 Little Brook Corp. (Spectrum)                1.53%-12.82%   1,900,000
198 Range Wise, Inc. (Composite)                 1.44% -3.22% 121,600,000
199 Templeton Futures, Ltd. (York Mtn. Futs. Fu  1.04%-14.27%     537,391
200 Yeh Trading, W.C. (Evergreen)                0.99% -6.43%   1,293,824
201 Barrington Capital Mgmt. (Emerging Markets)  0.96%-24.01%  25,639,378
202 Henry & Co, John W. (Original Investment)    0.75% -9.07% 361,000,000
203 River Assoc. Futures Trdg. (Debt Markets)    0.44% -7.29%     100,452
204 Smith Point Inv., Ltd. (Aggressive)          0.42%-18.75%   1,128,341
205 Northfield Trading (Composite)              -0.13% -4.29% 270,400,000
206 Market Flow (Sucden (U.K.), Ltd.)           -0.28% -0.55%   9,982,053
207 Henry & Co, John W. (Global Financial)      -0.30% -7.13% 150,000,000
208 Raithel Investments (Financial Emphasis)    -0.34%-14.64%   1,289,000
209 Bacon Investments Corp. (Composite)         -0.39% -7.70%  20,000,000
210 Primus Capital Mgt. (CMS Diversified)       -0.58% -6.24%     137,380
211 Hansen Capital Mgmt. (Composite)            -0.59% -9.76%  10,000,000
212 Webster Management Grp. (Diversified)       -0.72%-11.63%  77,253,000
213 Trendstat Capital Mgmt. (Multi-Trend)       -0.87%-10.30%   9,300,000
214 Island View Financial Grp. (Currency/Financ -0.93%-13.93%   2,600,000
215 Jackson Grain Mgmt. (Composite)             -1.05% -2.53%  24,500,000
216 Yeh Trading, W.C. (RX)                      -1.07%-13.19%   1,025,134
217 Chesapeake Capital (Financial & Metals)     -1.39%-11.34% 243,811,909
218 Telesis Mgmt., Inc. (Institutional)         -1.40% -7.52%   6,500,000
219 GK Capital Management (Global FX Trading)   -1.43% -9.54%   2,501,562
220 Colorado Comm. Mgmt. (Currency/Financial)   -1.70%-17.45%  20,546,000
221 Int'l Trading Advisors (Diversified)        -1.98% -8.11%   1,068,000
222 Time Tech Management (Composite)            -2.13%-11.86%  33,696,000
223 Millburn Ridgefield (World Resource)        -2.24%-13.97% 152,957,000
224 Sunrise Capital Partners, LLC (CIMCO)       -2.26% -6.51%  95,445,687
225 LPS International Ltd. (Gain B Ltd.)        -2.81%-12.20%   1,846,578
226 Optimus Capital Management (OCM Diversified -3.02% -8.60%     502,803
227 Trendstat Capital Mgmt. (Currency Hedge Ove -3.20% -4.84% 120,600,000
228 Henry & Co, John W. (Global Diversified)    -3.58%-11.13% 170,000,000
229 Colorado Comm. Mgmt. (Interest Rate II)     -3.76%-16.63%     200,000
230 Brandywine Asset Mgmt. (Benchmark)          -3.83%-21.47% 108,986,145
231 Hanseatic Corporation (Global)              -4.31%-11.47%   9,670,904
232 AGTech Trading Co.  (Ag Trading)            -4.83%-23.51%   1,074,403
233 Drapeau Advisors Inc. (Technical Short-Term -4.89% -5.95%  96,000,000
234 FORT, Inc. (U.S. Interest Rates)            -5.10%-10.36%   3,985,798
235 Di Tomasso Group (Turbo)                    -5.12%-17.80%   2,400,000
236 GNI Ltd. (Directional)                      -5.98%-13.56% 133,250,000
237 D.W.Fut. & Cur. Mgmt. (Diversified)         -6.01%-18.02% 132,382,100
238 Island View Financial Grp. (Cur/Financial S -6.63%-17.45%      70,000
239 Hanseatic Corporation (Discretionary)       -6.64%-26.74%     130,931
240 LPS International Ltd. (High Performance B) -6.68%-13.17%   1,671,996
241 SJO, Inc. (Foreign Financial)               -7.62%-14.78% 131,300,000
242 Linnco (New Nexus)                          -8.57%-11.01%  21,732,600
243 Worldwide Money Mgmt. (Composite)           -9.36%-28.22%   1,189,676
244 Cyber Capital LLC (Cyber Strategy)          -9.79% -9.94%  30,000,000
245 C & M Traders, Inc. (Live Cattle)          -11.98%-46.24%   7,577,094
246 Friedberg Comm. Mgmt. (Currency Only)      -14.30%-26.61%  71,693,754
247 Simons Capital Inc. (Diversified)          -15.09%-34.28%  38,970,457
248 Muirlands Capital Mgmt. (Proprietary Divers-15.80%-30.51%     315,996
249 Wizard Trading Inc.  (Global Diversified)  -15.95%-23.87%  43,000,000
250 Wizard Trading Inc.  (Foreign Currency )   -16.62%-17.99%     300,000
251 AIS Futures Mgmt. LLC (MAAP 2X-4X)         -18.44%-22.84% 125,513,422
252 Colorado Comm. Mgmt. (Diversified)         -21.88%-26.88%   1,394,960
253 Int'l Trading Advisors (Index)             -26.10%-36.64%     333,000
254 Dreiss Research Corp. (Composite)          -26.47%-38.29%  33,000,000
255 Commodity Futures Ser. (IPATS)             -28.22%-43.97%   2,543,062
256 AIS Futures Mgmt. LLC (MAAP 6X)            -28.61%-34.28% 122,587,226
257 DGM Investments (S & P Venture, Ltd.)      -32.61%-42.99%     463,556
258 KS Global Strategies (Global Stock Index)  -41.36%-41.36%     545,252
259 DEC Capital Inc. (Benchmark Agricultural)  -60.20%-64.02%     958,735
260 DEC Capital Inc. (AGII)                    -79.59%-85.77%      94,443
261 Bower Trading, Inc. (Hy-Brid Trading)      -79.62%-83.03%     719,047

THE FIGURES CONTAINED HEREIN WERE COMPILED FROM INFORMATION
PROVIDED BY THE CTAs. THIS MATERIAL IS PROVIDED FOR INFORMATIONAL
PURPOSES ONLY, NOT AS A SOLICITATION FOR ANY PROGRAM. INTERNATIONAL
TRADERS RESEARCH, INC. MAKES NO ENDORSEMENT OR ANY REPRESENTATION 
AS TO PERFORMANCE. INVESTORS SHOULD CAREFULLY READ THE CTA'S 
DISCLOSURE DOCUMENT BEFORE INVESTING.  THE TRADING PROGRAMS AND 
SERVICES OF THESE CTAs MAY NOT BE AVAILABLE IN ALL JURISDICTIONS
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.
FUTURES TRADING CONTAINS RISK OF SUBSTANTIAL LOSS.  
� COPYRIGHT 1997 BY INTERNATIONAL TRADERS RESEARCH, INC.

*Cumulative Rate of Return as reported by the CTA

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