Livestock CTA

Dear Investor,

In today’s challenging stock market environment we believe any prudent investor should ask himself the following “Is my portfolio diversified with investments that are non-correlated with the stock and bond markets, and does it possess the potential to perform well in bear, bull and even sideways markets?

One such investment we believe is uncorrelated to stocks is Livestock CTA. For the past 25 years Livestock CTA’s trader, Roger Show has been involved in the livestock industry, primarily buying and selling cash hogs and trading the lean hog futures contract. Over this time period Roger has developed a pipe line of friends and business associates who are involved in all capacities of the livestock industry. Roger believes these knowledgeable contacts and the daily dealings from his own cash livestock business, Peacock Trading, give him an excellent feel for where the cash price in hogs are headed. The lean hog futures contract must converge with the cash price upon expiration. Roger believes having reliable sources of helping him determine where the cash price of hogs is headed gives him a edge over most other traders! This belief is also stated in LCTA's disclosure document on page one where it is stated:

Livestock believes, being well connected in the cash side and on top of the fundamentals in the livestock markets gives them a distinctive edge in trading livestock futures markets.  The fundamentals effecting livestock accounts for roughly 75% of Livestock's trading decisions.

Livestock CTA Performance
Prior to opening an individual managed account with Livestock CTA, LLC (LCTA), investors must read the entire LCTA Disclosure Document. LCTA became registered as a CTA on January 14, 2008. Prior trading of the program was pursuant to a Power of Attorney by Roger Show as an Associated Person (AP) of Peacock Trading Inc., a registered Introducing Broker (IB). All accounts were traded pursuant to the current offered trading program.

Investors should be aware that trading futures and options involves substantial risk of loss no matter who is managing your money.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS

Livestock CTA, LLC CAPSULE PERFORMANCE TABLE (4) Monthly % Rate of Return
(Net of all fees) (5)

Month	2008	2007	2006	2005	2004	2003
January	17.58	2.07	23.47	19.54	.32	(5.23)
February	22.77	39.70	38.22	40.95	1.01	(2.73)
March	(4.06)	10.15	19.57	22.55	4.43	2.43
April	(.81)	(5.62)	(1.86)	14.12	37.51	(1.23)
May	(1.01)	7.84	14.82	1.74	(42.95)	2.40
June	(6.97)	(34.48)	(15.95)	(20.83)	(4.47)	19.29
July	3.69	(31.96)	(4.17)	(3.05)	14.85	(34.48)
August	4.35	69.25	(25.46)	(9.36)	39.04	25.20
September	(11.47)	92.85	16.26	(11.59)	2.84	8.99
October	(.54)	37.30	14.48	23.89	6.28	57.12
November	1.67	(7.95)	(6.26)	(14.72)	8.33	35.41
December	1.06	3.34	10.65	(5.74)	14.36	(43.80)
Annual/YTD	23.85	203.80	90.58	46.85	71.47	21.78

CAPSULE PERFORMANCE INFORMATION
(Through March, 2008)

Name of Person directing accounts: Livestock CTA, LLC
Name of Trading Strategy: Livestock Trading Program
Date CTA began trading client accounts(1): January 2001
Date CTA began using trading program: January 2001
Total assets managed in all programs: $4,900,000
Total assets managed pursuant to program: $4,900,000
Worst monthly draw-down(2): December 2003 (43.80)%
Worst peak-to-valley draw-down(3): June – August 2007 (55.42)%
Number of accounts as of December 31, 2007:167
Number of client accounts open since inception of trading program: 173
Number of accounts traded that were open and closed since inception of trading program with a profit: 0
Number of accounts traded that were open and closed since inception of trading program with a loss: 6

Footnotes to Capsule Performance Information and Table

1. Livestock was registered as a CTA on January 14, 2008. Prior to this, the Advisor’s principal, Roger Show, had Time and Price Discretion to trade these accounts as an Associated Person for Peacock Trading Inc. All accounts in the capsule were traded by Mr. Show using the same methodology as described in the document.
2. “Worst monthly percentage draw-down” is the largest monthly loss experienced by all accounts included in the capsule in any calendar month expressed as a percentage of total equity and includes the month and year of such draw-down.
3. “Worst peak-to-valley draw-down” is the greatest cumulative percentage decline in month-end net asset value of all accounts reflected in the capsule during a period in which the initial month-end net asset value of the account is not equaled or exceeded by a subsequent month-end net asset value of the account and includes the time period in which it occurred.
4. The client accounts presented in this performance capsule were traded more aggressively than the CTA intends to trade moving forward. The Advisor will use less leverage when trading accounts as a CTA, which will reduce the number of contracts a customer will receive. Consequently, this will result in lower returns and drawdowns.
5. Performance has been calculated on a pro forma basis. The accounts have been adjusted for $39.00 round turn commission.

Futures and options trading involves substantial risk of loss and is not suitable for all investors. Clients should obtain and read the entire disclosure document before investing.

For faster service please call Operator at: 212-209-3985 or 1-877-611-PAAM.

Past performance is not necessarily indicative of future results. One must be aware that the possibility of unlimited loss exists in writing options.

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