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April 2012 - Haar Capital Management


									                                 DISCRETIONARY COMMODITY TRADING PROGRAM
                                          MONTHLY SNAPSHOT REPORT
 The April 2012 monthly composite return for the Discretionary Commodity Trading Program was -1.17%, bringing the year-to-date and inception-
 to-date returns to -1.64% and +60.72%, respectively. By comparison, the preliminary monthly returns for the Newedge CTA Index and BTOP50
 Index were -0.06% and +0.30%, respectively. Commodity prices were generally lower during the month, with the CRB Index losing 2.55% and the
 Dow Jones-UBS Index down 0.43%. Mixed economic reports from China and the U.S., combined with renewed sovereign debt concerns in Europe,
 created a choppy and largely trendless trading environment for most commodities as well as equities and currencies.

 In our portfolio, losses from positions in wheat, sugar and cocoa more than offset a gain in soybean meal. The market is finally moving closer to
 our lower-than-expected production estimates for the South American soybean crop, which combined with strong demand from China should
 continue to support soybean meal prices. We anticipate higher prices for sugar and cocoa due to adverse weather in key production areas of Brazil
 and West Africa.

Current Month                                                     Drawdown Analysis - Inception to Date              Performance Breakdown
Monthly Return (Estimated)                -1.17%                  Best Month                        10.12%           Last 3 Months           -0.28%
AuM - Program                       $123,380,779                  Max Run-up                        69.72%           Last 6 Months           -1.68%
Quarterly Return                          -1.17%                  Worst Month                      -10.05%           Last 12 Months          -0.99%
Year to Date Return                       -1.64%                  Max Drawdown                     -17.72%           Inception to Date      60.72%
Compounded Avg. Annualized Return          7.67%                  Max Drawdown - Peak                Jul-08          Previous 12 Months Returns 1
Risk Analysis - Inception to Date                                 Max Drawdown - Valley              Jul-10          Apr-11                   3.54%
Mean Monthly Return                        0.68%                  Length of Max Drawdown                 24          May-11                   2.23%
CAGR                                       0.62%                  Time to Recovery (New High)             9          Jun-11                  -0.04%
Standard Deviation (monthly)               3.50%                  # of Gains                             46          Jul-11                   0.03%
Sharpe Ratio (annualized) RF= 3.00%           0.42                # of Losses                            31          Aug-11                   2.28%
Sortino Ratio (0%)                            0.19                Average One Month Gain             2.75%           Sep-11                  -3.95%
Calmar Ratio                                  0.47                Average One Month Loss            -2.39%           Oct-11                   0.28%
Skewness                                      0.42                Gain:Loss Ratio                      1.48          Nov-11                  -0.59%
Kurtosis                                      1.11                Average Gain/Loss                    1.15          Dec-11                   0.55%
Gamma                                        -2.01                Correlations:                                      Jan-12                  -1.37%
Omega                                         2.00                S&P 500 Price Index                  0.12          Feb-12                   0.87%
Annualized Alpha                           7.97%                  Goldman Sachs Commodity Index        0.35          Mar-12                   0.03%
Beta (using GSCI)                             0.17                Newedge CTA Index                    0.28              Finalized.

              VAMI Chart w/ Drawdown Analysis                                                  Comparison VAMI Chart
75%                                                                          $2,100
65%                                                                          $1,900
55%                                                                          $1,700
45%                                                                          $1,500
35%                                                                          $1,300
25%                                                                          $1,100
15%                                                                           $900
5%                                                                            $700
-5%                                                                           $500

      Cumulative Return        Maximum Gain           Maximum Loss
                                                                                            HCM        Newedge CTA             S&P 500   GSCI
      Maximum Drawdown Start   Maximum Drawdown End   Recovery Drawdown

                                          Past performance is not necessarily indicative of future results.
                                           The risk of loss in trading commodity interests is substantial.
   Investing in Haar Capital Management LLC is speculative, volatile, and involves a high degree of risk. Investing with Haar Capital Management
    LLC is designed only for sophisticated investors who are able to bear the loss of more than their entire investment. Please read and examine the
 disclosure document before seeking Haar Capital Management LLC services. If you should require any further information or clarification please do
                                                               not hesitate to contact us.
                                                      7280 W. Palmetto Park Road, Suite 102
                                                             Boca Raton, Florida 33433
                                                     Phone: (561)750-3131 Fax: (561)750-3171

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