greenwich orange brochure

Firm Established in 2001Firm 100% Employee Owned

Peter LundstedtGlobal Equity Strategy

Separately Managed AccountA Proprietary Process

(203) 622-1305Institutional Use Only

Greenwich Asset Management

2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

Quote

"Not yet have I found any better method to prosper during the future financial chaos, which is likely to last many years, than to keep your net worth in shares of those corporations that have proven to have the widest profit margins and the most rapidly increasing profits. Earning power is likely to continue to be valuable, especially if diversified among many nations." - John Templeton

Awareness


Proprietary Process


The companies that are able to make it through the first three steps are then evaluated based on a core group of technical indicators. Those companies that pass Step IV, are provided inclusion into one of the 30 portfolio slots.

The Technical Filter


Buy Strategy

2 Greenwich Office Park, Suite 300, Greenwich CT 06831

Source: Greenwich Asset Management Group Research, Market Browser 8/2009 DOES NOT IMPLY FUTURE PERFORMANCE

Sell Strategy

2 Greenwich Office Park, Suite 300, Greenwich CT 06831

Source: Greenwich Asset Management Group Research, Market Browser 8/2009 DOES NOT IMPLY FUTURE PERFORMANCE

Global Diversification

If the U.S. happens to be suffering from an economic downturn or high inflation, there may be some better investment opportunities abroad. Those investments abroad could help boost a portfolio weighted heavily in US equities when the U.S. stock market is not performing well.

There are a number of different risks associated with foreign stocks. There is, for example, country risk. There is also currency risk. Investors can expect occasional losses depending on market volatility. The manager will harvest losses when appropriate by selling stock positions.

While U.S. markets have performed well over the very long run, this is not necessarily the case with all foreign countries. Many countries suffer from political, social, and/or economic instability that makes investing in those countries very risky. Furthermore, foreign governments have different rules regarding the regulation and taxation of securities that could be at odds with your investment objectives. We only invest in ADR's listed on a U.S. Exchange because the accounting rules to get on to an exchange in the U.S. allow us to measure those stocks using our proprietary formula.


Goal of 30 Equal Weighted Up-trending stocks Re-balance quarterly

Diversification Strategy

Source: Greenwich Asset Management Group Research, Market Browser 8/2009


Imagine owning a portfolio of 30 equal weighted stocks similar to the ones below... We do. This is what we want a stock portfolio to look like, minus the last two.

Global Equity Risk

Managing Risk


Global Equity Risk• Liquidity risk: The risk that arises from the difficulty of selling an asset. An investment may sometimes need to be

sold quickly. Unfortunately, an insufficient secondary market may prevent the liquidation or limit the funds that can be generated from the asset. Some assets are highly liquid and have low liquidity risk (such as stock of a publicly traded company), while other assets are highly illiquid and have high liquidity risk (such as a house).

• Country, Political and Economic Risk: The potential volatility of foreign stocks or the potential default of foreign government bonds, due to political and/or financial events in the given country.

• Market risk: Risk which is common to an entire class of assets or liabilities. The value of investments may decline over a given time period simply because of economic changes or other events that impact large portions of the market. Asset allocation and diversification can help protect the investor’s overall portfolio against market risk because different portions of the market tend to under perform at different times, also called systematic risk. Investors can expect occasional losses depending on market volatility. The manager will harvest losses when appropriate by selling stock positions.

• Unsystematic risk: The risk of price change due to the unique circumstances of a specific security, as opposed to the overall market. Diversification can also help reduce this risk.

• Event risk: The likelihood that the rating of a bond will drop due to an event, such as the taking on of additional debt or a recapitalization by a company.

• Regulatory risk: The risk associated with the potential for laws related to a given industry, country, or type of security to change and impact relevant investments.

• Legislative risk: The risk that a new law or a change in an existing law could have a significant impact on an investment.


Research: Simulated Model Performance

Source: Greenwich Asset Management Group Research, informa.com 4/2010 DOES NOT IMPLY FUTURE PERFORMANCE

Source: Greenwich Asset Management Group Research, informa.com 4/2010 DOES NOT IMPLY FUTURE PERFORMANCE (= one simulated account)


Live Performance 2008 - 2009


Source: Greenwich Asset Management Group Research, informa.com 4/2010 DOES NOT IMPLY FUTURE PERFORMANCE (= one real account)

Performance


This powerful process was successfully run for five years on fully invested equity portfolio's whose performance was reported to Indata, averaging 25% with assets over $70 million run in collaboration with a former $30 billion manager of the NYS Common Retirement Plan.

The program is designed specifically for multi- $million stock portfolios where a stocks liquidity plays a major role.

The manager currently has less than $100 million under management.

Turnover and Trading fees are kept as low as possible.

Management fee, excluding IRA's and non-accredited investors, of 1% and performance fee of 1% for every 10% earned with high water mark is available.

In addition to running actual accounts for 5 years, the program was back tested for 5 years with large hypothetical accounts which were 62% ahead of the S&P 500 after five years.

Mr. Lundstedt did 16+% better than the market in 2008 with real money and made the Informais.com's IIS PSN Top Guns quarterly list, twice in 2008 and again in 2009.

Benefits: Better potential equity returns. Greater diversification. Greater confidence in moving forward, created by holding higher graded equity positions. Independent Custodian. No surrender fee or lock up period.

Bio In 2001 Mr. Lundstedt incorporated Greenwich Asset Management Group, LLC in Delaware as an Independent Registered

Investment Adviser GAMG, LLC designs and implements strategies based on a growth investment philosophy determined by a proprietary system, developed and refined over the past twenty four years by CEO and Portfolio Strategist, Peter Lundstedt.

Experience: Over 24 Years in the investment management business, 15 years at several prestigious brokerage firms on Wall Street, promoted to Vice President and Senior Vice President of Investments. Five years portfolio trading with former manager of $30 billion NY State Common Retirement Fund. Has retained the same clients for over 15 years.

Education: Bachelor of Science Degree in International Business, Fischer School of Business, The Ohio State University; U.S. Army, West Point Military Academy Staff.

Organizations: Member: Knights Templar; The Order of St. Lazarus; Royal Arch Masons, 32nd Degree; Veteran Corp of Artillery, NYC; Squadron A Association, NYC; Safari Club International; National Rifle Association; CT Coalition of Sportsmen; Greenwich Chamber of Commerce; Young Grand Old Party, Greenwich, CT; Greenwich Historical Society; International Exchange Club; Dutch Reformed Church.

Mr. Lundstedt was born in Princeton, NJ in 1958 to Jean Lundstedt and Dr. Sven B. Lundstedt, Public Policy and Public Administration Professor and resided in Cambridge, MA; Ann Arbor, MI; Cleveland and Columbus, Ohio; and on his family's dairy farm in upstate New York. Mr. Lundstedt lives and works in Greenwich, CT.


Disclaimer

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RETURNS.

THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY

FOR GAIN WHEN INVESTING IN SEPARATELY

MANAGED STOCK ACCOUNTS.

Peter LundstedtGreenwich Asset Management Group, LLCCEO, Equity Portfolio Strategist and Equity Portfolio Advisers2 Greenwich Office Park, Suite 300, Greenwich, CT 06831 USA (203) 622-1305(203) 495-7590 Fax Web site: www.gamgllc.com Email: [email protected] FOR INSTITUTIONAL USE ONLY

Disclaimer… Peter Lundstedt is president of Greenwich Asset Management Group, LLC, (GAMGLLC), a registered investment adviser All material presented herein is believed to be reliable but we cannot attest to its accuracy. Investment recommendations may change and readers are urged to check with their investment counselors before making any investment decisions. Opinions expressed in these reports may change without prior notice. Peter Lundstedt and/or the staff at GAMGLLC may or may not have investments in any funds cited above.

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING IN MANAGED ACCOUNTS. WHEN CONSIDERING ALTERNATIVE INVESTMENTS, INCLUDING HEDGE FUNDS, YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS: OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION, ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.

http://www.gamgllc.com/

mailto:[email protected]

Portfolio Analysis

-SAMPLE ADVISORYWORLD REPORT- www.advisoryworld.com | 800-480-3888

Hypothetical Illustration8/11/04 to 3/10/10

Performance

$840,000.00

Performance

Net Investments

Ending Market Value $1,744,633.48

Cumulative Return 125.40 %

Average Annualized 15.67 %

Assumptions

Federal

State

Cap. Gains TaxIncome Tax

TaxableAccount Type

Tax Payment Source None

Fee Payment Source Out of Pocket

Rebalancing Rate Quarterly

Greenwich Allocation

Summary

Withdrawals

& Distributions

Total

Reinvestment

Charges & Fees Taxes Ending Market

Value

ContributionsBeginning Value Cumulative

Return

$840,000.00 - $95,812.88 - - - $1,744,633.48 125.40 %Greenwich Allocation

Detailed Performance Greenwich Allocation

Withdrawals

& Distributions

Total

Reinvestment

Charges & Fees Taxes Ending Market

Value

ContributionsBeginning Value Cumulative

Return

Time Horizon

$840,000.00 - $4,054.07 - - - $1,118,761.27 33.74 %08/11/04 - 12/31/04

$1,118,761.27 - $15,449.08 - - - $1,443,111.48 30.57 %01/01/05 - 12/31/05

$1,443,111.48 - $19,508.40 - - - $1,649,013.03 15.72 %01/01/06 - 12/31/06

$1,649,013.03 - $22,939.35 - - - $1,819,189.43 11.78 %01/01/07 - 12/31/07

$1,819,189.43 - $26,282.56 - - - $1,146,447.57 -35.80 %01/01/08 - 12/31/08

$1,146,447.57 - $7,120.07 - - - $1,663,712.13 45.94 %01/01/09 - 12/31/09

$1,663,712.13 - $459.36 - - - $1,744,633.48 4.89 %01/01/10 - 03/10/10

Accumulation Detail Investment Allocation with Quarterly Rebalancing

Beginning: 8/11/04 Ending: 3/10/10

©AdvisoryWorld, Inc. All Rights Reserved. The Information and analysis contained herein (1) Include the confidential and proprietary information of AdvisoryWorld, Inc. and Lipper, (2) may not be copied or redistributed, (3) do not constitute investment advice

offered by AdvisoryWorld, Inc and Lipper, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, (5) are not warranted to be correct, complete or accurate and (6) no part of AdvisoryWorld, Inc. and Lipper

compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. AdvisoryWorld, Inc. and Lipper shall not be held responsible for any trading decisions, damages or other losses resulting

from, or related to, this information, data or analysis and their use. This report is supplemental sales literature.

If applicable, this report must be accompanied by a prospectus, or equivalent, and disclosure statement.

Redistribution or reproduction is prohibited without written permission.


Investments

Ending ValueInitial InvestmentBegin Date End Date Reinvest

Income

Reinvest

Cap.

Gains

Annual

Fees

Avg.

Trans. Fees

Avg.

Redemption-

CDSC Months

Avg.

Redemption-

CDSC Fees

Avg.

Front End

Load

Coldwater Creek $29,742.10$10,000.0003/10/1008/11/04 N N -- None-None None-None -

First Marblehead $25,914.01$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Sonic Solutions $24,142.96$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Williams-Sonoma $23,499.29$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Petroquest Energy $22,604.37$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Sonic Corp $22,192.39$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Penn Virginia Resource

Ptnrs L.P.

$22,186.71$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Actuant Corp Cl'A' $22,165.78$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Old Dominion Freight Line $22,145.98$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Phillips-Van Heusen $22,129.71$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Jos.A. Bank Clothiers $22,051.02$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Intuit Inc $21,944.91$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Tesoro Corp $21,818.79$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Tempur-Pedic Intl $21,748.81$10,000.0003/10/1008/11/04 N N -- None-None None-None -

ITT Educational Svcs $21,736.28$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Informatica Corp $21,730.50$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Vale SA ADS $21,703.09$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Eagle Materials $21,612.74$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Westlake Chemical $21,519.31$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Forward Air $21,472.59$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Headwaters Inc $21,389.56$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Cimarex Energy $21,388.71$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Syntel Inc $21,383.76$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Graco Inc $21,373.70$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Amphenol Corp'A' $21,355.38$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Valero Energy $21,330.30$10,000.0003/10/1008/11/04 N N -- None-None None-None -

PACCAR Inc $21,328.59$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Hunt(J.B.)Transport $21,286.87$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Yahoo Inc $21,226.64$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Ceradyne Inc $21,218.61$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Tractor Supply $21,218.54$10,000.0003/10/1008/11/04 N N -- None-None None-None -

BP Prudhoe Bay Royalty $21,161.92$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Pool Corp $21,158.40$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Rockwell Automation $21,138.57$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Alliance Resource Ptnrs LP $21,097.96$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Varian Medical Systems $21,090.66$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Infosys Technologies ADS $21,067.70$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Raven Indus $20,916.81$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Lowe's Cos $20,847.94$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Anadarko Petroleum $20,829.05$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Marathon Oil $20,753.89$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Home Depot $20,709.22$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Safety Insurance Grp $20,676.62$10,000.0003/10/1008/11/04 N N -- None-None None-None -

NIKE, Inc'B' $20,646.39$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Quicksilver Resources $20,619.24$10,000.0003/10/1008/11/04 N N -- None-None None-None -

America Movil'L'ADS $20,537.60$10,000.0003/10/1008/11/04 N N -- None-None None-None -

ANSYS Inc $20,460.82$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Sasol Ltd ADS $20,451.45$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Holly Corp $20,428.07$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Fastenal Co $20,395.80$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Questar Corp $20,378.74$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Plains All Amer Pipeline LP $20,313.03$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Covance Inc $20,242.63$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Apache Corp $20,237.27$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Drew Industries $20,216.45$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Energizer Holdings $20,153.75$10,000.0003/10/1008/11/04 N N -- None-None None-None -








Ending ValueInitial InvestmentBegin Date End Date Reinvest

Income

Reinvest

Cap.

Gains

Annual

Fees

Avg.

Trans. Fees

Avg.

Redemption-

CDSC Months

Avg.

Redemption-

CDSC Fees

Avg.

Front End

Load

Grupo Televisa S.A.B.GDS $20,096.03$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Bed Bath & Beyond $20,089.63$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Stryker Corp $20,041.06$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Natl Semiconductor $19,891.11$10,000.0003/10/1008/11/04 N N -- None-None None-None -

CNOOC Ltd ADS $19,841.59$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Vulcan Materials $19,837.90$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Texas Instruments $19,628.77$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Chevron Corp $19,559.72$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Unit Corp $19,553.66$10,000.0003/10/1008/11/04 N N -- None-None None-None -

McGraw-Hill Companies $19,530.12$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Pharmaceutical Product $19,515.08$10,000.0003/10/1008/11/04 N N -- None-None None-None -

VCA Antech $19,502.98$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Helios Strat Mtge Inc $19,462.83$10,000.0003/10/1008/11/04 N N -- None-None None-None -

QUALCOMM Inc $19,435.63$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Scientific Games Cl'A' $19,342.82$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Penn National Gaming $19,330.73$10,000.0003/10/1008/11/04 N N -- None-None None-None -

First Cash Financial Services $19,317.77$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Penn Virginia $19,234.90$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Nomura Holdings ADR $19,217.21$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Comp de Minas

Buenaventura ADR

$19,038.85$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Oshkosh Corp $18,971.13$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Global Payments $18,797.72$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Chattem Inc $18,714.80$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Quest Diagnostics $18,707.44$10,000.0003/10/1008/11/04 N N -- None-None None-None -

China Mobile ADS $18,664.21$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Reliv' International $18,465.41$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Staples Inc $18,096.03$10,000.0003/10/1008/11/04 N N -- None-None None-None -

Dynamic Materials $17,656.35$10,000.0003/10/1008/11/04 N N -- None-None None-None -








HoldingScan – Portfolio ReportData as of 4/28/10

Macro Allocation Asset Allocation

Trailing Performance 8/11/04-3/10/10

1 Year 3 Years 5 Years Since 8/11/04

Cumulative Return 6.31% 55.29% 125.40%95.92%

Benchmark -14.76% 4.42% 14.48%52.31%

Annualized Return 2.06% 9.20% 15.67%-

Benchmark -5.18% 0.87% 2.45%-

Risk Adjusted -24.44% -1.47% 12.19%142.62%

Benchmark - - --

Risk vs. Return

5 Years Since 8/11/20041 Year 3 Years

38.39% 35.79% 29.13% 28.05%Standard Deviation

10.45% 17.05% 13.67% 13.09%Benchmark StDev

2.49 -0.02 0.20 0.44Sharpe Ratio

-0.47 0.31 0.57 1.13Alpha

2.74 1.42 1.42 1.42Beta

0.56 0.46 0.45 0.44R2

The Performance Data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus aninvestor’s shares, when redeemed, may be worth more or less than their original cost.Current performance may be higher or lower than return data quoted herein.

See Open End Mutual Fund Holding Returns – Standardized Returns

3 Months 1 Year 3 Years

3/11/09-6/10/09 3/11/09-3/10/10 8/11/04-8/10/07Best Period

53.27% 95.92% 123.77%Cumulative Return

22.52% 52.31% 40.03%Benchmark

8/11/08-11/10/08 3/11/08-3/10/09 3/11/06-3/10/09Worst Period

-33.69% -43.16% -39.29%Cumulative Return

-25.33% -41.65% -37.36%Benchmark

Performance DisclosureBest & Worst Case Analysis








Avg. Market Capitalization $15,774,313,274

Avg. Price to Earnings 15.52

Avg. Price to Book 20.50

Sales Growth 1 Year -

Earnings Growth 1 Year -

Equity Properties

Avg. 3 Year Return on Total Equity 33.90%

Avg. 3 Year Return on Capital -

Avg. 3 Year Return on Assets 9.10%

Avg. 3 Year EPS Growth -

Avg. 3 Year Operating Cash Flow 17.43%

Avg. Coupon -

AAA 87.00%

A 0.78%

BB 0.55%

Less than B 1.00%

Avg. Duration -

AA 0.89%

BBB 1.00%

B 0.78%

Not Rated 0.00%

12 Month Yield 1.75%

Avg. Expense Ratio 1.62%

Avg. Turnover 55.00%

Fixed Income Properties Metrics

Top 10 Equity SectorsTop 10 Equity Countries

Top 10 Equity Holdings (subject to change)

Equity Name (Symbol) Holding As of

Date

% of

Portfolio

% of

Holder’s

Portfolio

Holder Name (Symbol)Portfolio % - Value

ANSYS Inc (ANSS) - 1.19% 100.00%ANSYS Inc (ANSS)1.19% - $9,996.00

Actuant Corp Cl'A' (ATU) - 1.19% 100.00%Actuant Corp Cl'A' (ATU)1.19% - $9,996.00

Alliance Resource Ptnrs LP (ARLP) - 1.19% 100.00%Alliance Resource Ptnrs LP (ARLP)1.19% - $9,996.00

America Movil'L'ADS (AMX) - 1.19% 100.00%America Movil'L'ADS (AMX)1.19% - $9,996.00

Amphenol Corp'A' (APH) - 1.19% 100.00%Amphenol Corp'A' (APH)1.19% - $9,996.00

Anadarko Petroleum (APC) - 1.19% 100.00%Anadarko Petroleum (APC)1.19% - $9,996.00

Apache Corp (APA) - 1.19% 100.00%Apache Corp (APA)1.19% - $9,996.00

BP Prudhoe Bay Royalty (BPT) - 1.19% 100.00%BP Prudhoe Bay Royalty (BPT)1.19% - $9,996.00

Bed Bath & Beyond (BBBY) - 1.19% 100.00%Bed Bath & Beyond (BBBY)1.19% - $9,996.00

CNOOC Ltd ADS (CEO) - 1.19% 100.00%CNOOC Ltd ADS (CEO)1.19% - $9,996.00








Trailing Performance 8/11/2004-3/10/2010

YTD 1 Year 3 Years 5 Years 7 Years Since

8/11/04

3 Months1 Month

Greenwich Allocation (Portfolio 1)

Cumulative Return 11.02% 9.95% 9.95% 95.92% 6.31% 55.29% - 125.40%

Benchmark 4.71% 5.43% 5.43% 59.08% -11.03% 12.39% - 26.46%

Annualized Return - - - - 2.06% 9.20% - 15.67%

Benchmark - - - - -3.82% 2.36% - 4.29%

Risk Adjusted - 18.47% 18.47% 145.42% -16.76% 10.60% - 28.30%

Benchmark - - - - - - - -

NASDAQ 100 P

Cumulative Return 5.33% 3.66% 3.66% 61.35% 5.52% 24.03% - 34.09%

Annualized Return - - - - 1.81% 4.40% - 5.39%

NASDAQ Composite P

Cumulative Return 5.01% 4.79% 4.79% 60.63% -5.35% 12.48% - 22.40%

Annualized Return - - - - -1.82% 2.38% - 3.69%

S&P 500 Reinvested

Cumulative Return 3.92% 2.61% 2.61% 52.31% -14.76% 4.42% - 14.48%

Annualized Return - - - - -5.18% 0.87% - 2.45%

NYSE Composite P

Cumulative Return 3.29% 0.61% 0.61% 51.47% -21.85% -1.45% - 11.59%

Annualized Return - - - - -7.89% -0.29% - 1.98%

Performance Disclosure

The Performance Data quotedrepresents past performance anddoes not guarantee future results.The investment return and principalvalue of an investment will fluctuate;thus an investor’s shares, whenredeemed, may be worth more orless than their original cost. Currentperformance may be higher or lowerthan return data quoted herein.

See Open End Mutual Fund Holding

Returns – Standardized Returns

Calendar Year Performance

2010 2009 2008 2007 2006 2005 2004 2003 2002 2001

Portfolio 1 4.89% 45.94% -35.80% 11.78% 15.72% 30.57% 33.74% - - -

Blended Asset Class Benchmark 2.18% 34.68% -38.48% 6.93% 13.59% 7.50% 14.41% - - -

NASDAQ 100 P 0.12% 53.54% -41.89% 18.67% 6.79% 1.49% 16.71% - - -

NASDAQ Composite P 0.86% 43.89% -40.54% 9.81% 9.52% 1.37% 16.35% - - -

S&P 500 Reinvested 1.29% 26.47% -36.99% 5.49% 15.78% 4.91% 10.70% - - -

NYSE Composite P -0.27% 24.80% -40.89% 6.58% 17.86% 6.95% 12.91% - - -








Risk Analysis

5 Years Since

8/11/2004

1 Year 3 Years



11.67% 18.67% 15.13% 14.55%Benchmark StDev

S&P 500 Reinvested


NASDAQ Composite P


NYSE Composite P


5 Years Since

8/11/2004

1 Year 3 Years


2.49 -0.02 0.20 0.44Sharpe Ratio

-0.49 0.23 0.45 0.97Alpha

2.47 1.30 1.30 1.28Beta

0.56 0.46 0.45 0.44R2

58.80 -0.04 -0.18 -0.30Sterling Ratio

0.39 -0.00 0.04 0.10Treynor Ratio

-10.04% -66.26% -66.26% -66.26%Maximum Drawdown

30.77% 29.96% 23.09% 20.93%Tracking Error

184.35% 158.38% 154.90% 165.99%Up Market Capture

439.70% 116.64% 115.23% 107.48%Down Market Capture

S&P 500 Reinvested

4.97 -0.46 -0.19 -0.07Sharpe Ratio


NASDAQ Composite P

4.76 -0.23 -0.07 0.02Sharpe Ratio


NYSE Composite P

4.12 -0.56 -0.25 -0.09Sharpe Ratio


Portfolio 13 Months 1 Year 3 Years

3/11/09-6/10/09 3/11/09-3/10/10 8/11/04-8/10/07Best Period

53.27% 95.92% 123.77%Cumulative Return

24.97% 59.08% 46.92%Benchmark

8/11/08-11/10/08 3/11/08-3/10/09 3/11/06-3/10/09Worst Period

-33.69% -43.16% -39.29%Cumulative Return

-29.75% -41.11% -38.60%Benchmark








Style Analysis

Greenwich Allocation Period Ending 3/10/10

St. Dev.Max.Min.EndingAvg.Benchmark Index

11.77 % 34.64 % 0.00 % 43.01 % 13.08 %Russell 2000 Value TR

27.80 % 26.87 % 0.00 % 75.12 % 20.39 %MSCI EAFE GD

10.51 % 20.77 % 0.00 % 41.35 % 12.06 %MSCI Emerging Mkt P

44.91 % 17.71 % 0.00 % 86.76 % 20.73 %Russell Mid Cp Gro TR

0.33 % 0.00 % 0.00 % 10.67 % 1.86 %Russell 2000 Gro TR

2.08 % 0.00 % 0.00 % 15.74 % 3.83 %Russell 1000 Value TR

0.00 % 0.00 % 0.00 % 0.00 % 0.00 %Barclay US Corp HY TR

0.00 % 0.00 % 0.00 % 0.00 % 0.00 %Barclay US Gvt TR

2.59 % 0.00 % 0.00 % 20.72 % 6.12 %Barclay Corp Inv Gr TR

Mix of investment styles that best explains the fund’s behavior over the last 32 months. Maybe representative, but not indicative of actual holdings.

This matrix depicts the investment style of the fund as determined by using Returns Based Style Analysis (RBSA), developed by William Sharpe, to relate the portfolio's or investment's

pattern of historical returns to a series of benchmarks for classification. Style Drift measures the tendency of a portfolio or investment to deviate across styles over time.

- Average Style is the average style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year Rolling Observations.

- As of period ending date is the style attribution associated with the given Benchmark Index over the most recent 3-Year Rolling Observation.

- Minimum Style is the lowest style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year Rolling Observations.

- Maximum Style is the highest style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year Rolling Observations.

- Standard Deviation, relating to Style Drift in this context, is a statistical measure of the volatility of the style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year

Rolling Observations.








Monte Carlo Simulation

Assumptions

Avg. Return Stand. Dev.

Portfolio 1 15.67% 28.05%

Results (Beginning Value = $10,000.00)

Ending Value Ending DatePortfolio 1

10th Percentile $654,498.89 04/28/2040

50th Percentile $785,702.44 04/28/2040

90th Percentile $956,998.54 04/28/2040

The purpose of this analysis is to provide investors with the probable 50th (Average), 10th (Lower 10 Percent) and 90th (Upper 10 Percent) percentile values that a selected portfolio will

observe under hypothetical market scenarios over a period of time. 80% of simulation trials occur between the 90th and the 10th percentile range. 10% of simulated outcomes fall below the

10th percentile line and should be examined in order to help investors recognize their level of risk tolerance. This analytical technique in which a large number of simulations are run using

random quantities for portfolio rate of return looks at the distribution of results to infer which values are most likely. This illustrations Probability of various outcomes is obtained by

generating 5,000 random values within the upper and lower boundaries of returns.

The Monte Carlo calculations are based on the portfolio rate of return, the portfolio standard deviation (volatility), the time period analyzed, and cash flows (contributions and withdrawals) made during the time period.

Standard deviation is a statistical measure of the historical volatility of a portfolio or one or more of its assets. More generally, it is a measure of the extent to which numbers are spread around their average. The

assumed returns are adjusted based upon the historical standard deviations of return for asset classes and/or securities which measure the volatility or deviation of annual returns of an asset class or security from its

average. Changing any of these variables will impact the probability of achieving outcomes.

IMPORTANT: The projections or other information generated by AdvisoryWorld’s Monte Carlo simulation application regarding the likelihood of various investment outcomes are

hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. This Monte Carlo simulation is for illustrative purposes to educate parties about

the effects of volatility and uncertainty over time. Results may vary with each use and over time. Do not rely upon the results of this report to predict actual future performance of any

investment or investment strategy.








Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so

that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For

performance data current to the recent month end, please visit the Fund Families', Insurance Company, Stock, Closed End Fund or ETF Investor Websites or call them directly. Asset Class

Performance returns do not reflect any management fees, transaction cost or expenses. Asset Classes and Indexes are unmanaged and one cannot invest directly in an Asset Class or

Index. Inception Date refers to the date of First Public Offering. 5 Years, 10 Years and Since Inception (FPO) Returns are Annualized. *Date of First Public Offering.

Asset Allocation & Investment Detail

Non-Adjusted Returns (Greenwich Allocation)

Name (Symbol) Inception

Date*

Performance

As of Date

1 Year 5 Years 10 Years Max. Front

End Load

Max. Redemption-

CDSC Fees

Expense

Ratio

Since

Inception

Portfolio %

Lipper US Mortgage Fund (^PSWB) 1.19% - - 8.82% 5.03% 5.52% - - - -

Helios Strat Mtge Inc (HSM) 1.19% 7/23/02 - 44.08% -3.45% - -0.24% - - 1.62%

Russell 1000 Gro TR (^CJNS) 20.23% - - 49.75% 3.42% -4.21% - - - -

Amphenol Corp'A' (APH) 1.19% 1/1/93 - 48.31% 18.13% 12.55% - - - -

Bed Bath & Beyond (BBBY) 1.19% 1/1/93 - 76.81% 3.67% 7.02% - - - -

Fastenal Co (FAST) 1.19% 1/1/93 - 52.19% 13.34% 14.99% - - - -

Intuit Inc (INTU) 1.19% 3/12/93 - 27.11% 9.42% 1.51% - - - -

Lowe's Cos (LOW) 1.19% 1/1/93 - 35.08% -2.17% 4.44% - - - -

McGraw-Hill Companies (MHP) 1.19% 1/1/93 - 60.39% -1.94% 5.43% - - - -

NIKE, Inc'B' (NKE) 1.19% 1/1/93 - 59.46% 13.78% 15.27% - - - -

Natl Semiconductor (NSM) 1.19% 1/1/93 - 43.96% -5.70% -6.31% - - - -

QUALCOMM Inc (QCOM) 1.19% 1/1/93 - 9.55% 4.11% -4.59% - - - -

Quest Diagnostics (DGX) 1.19% 12/17/96 - 23.68% 2.85% 20.50% - - - -

Questar Corp (STR) 1.19% 1/1/93 - 48.82% 9.15% 17.32% - - - -

Staples Inc (SPLS) 1.19% 1/1/93 - 31.19% 3.34% 5.83% - - - -

Stryker Corp (SYK) 1.19% 1/1/93 - 69.38% 5.71% 11.90% - - - -

Texas Instruments (TXN) 1.19% 1/1/93 - 51.40% 0.41% -10.18% - - - -

Varian Medical Systems (VAR) 1.19% 1/1/93 - 81.77% 10.05% 18.28% - - - -

Vulcan Materials (VMC) 1.19% 1/1/93 - 9.65% -1.28% 2.48% - - - -

Yahoo Inc (YHOO) 1.19% 4/12/96 - 29.04% -13.38% -15.85% - - - -

Russell 1000 TR (^ZSZB) 28.56% - - 51.60% 2.31% -0.36% - - - -

America Movil'L'ADS (AMX) 1.19% 2/7/01 - 90.94% 26.50% - - - - -

Anadarko Petroleum (APC) 1.19% 1/1/93 - 88.46% 14.70% 14.83% - - - -

Apache Corp (APA) 1.19% 1/1/93 - 59.50% 11.40% 16.40% - - - -

BP Prudhoe Bay Royalty (BPT) 1.19% 1/1/93 - 67.94% 19.82% 44.20% - - - -

CNOOC Ltd ADS (CEO) 1.19% 2/27/01 - 70.72% 29.16% - - - - -

Chevron Corp (CVX) 1.19% 1/1/93 - 17.16% 8.87% 8.38% - - - -

China Mobile ADS (CHL) 1.19% 10/22/97 - 14.59% 27.48% 3.60% - - - -

Comp de Minas Buenaventura ADR (BVN) 1.19% 5/15/96 - 29.75% 23.66% 24.21% - - - -

Grupo Televisa S.A.B.GDS (TV) 1.19% 12/14/93 - 64.00% 10.64% 3.36% - - - -

Home Depot (HD) 1.19% 1/1/93 - 41.92% -0.72% -5.19% - - - -

ITT Educational Svcs (ESI) 1.19% 12/20/94 - -7.36% 18.32% 28.76% - - - -

Infosys Technologies ADS (INFY) 1.19% 3/11/99 - 123.59% 11.09% 3.81% - - - -

Marathon Oil (MRO) 1.19% 1/1/93 - 24.17% 8.71% 9.84% - - - -

Nomura Holdings ADR (NMR) 1.19% 12/17/01 - 45.73% -11.45% - - - - -

PACCAR Inc (PCAR) 1.19% 1/1/93 - 70.54% 9.47% 19.26% - - - -

Penn National Gaming (PENN) 1.19% 5/26/94 - 15.16% -1.09% 26.13% - - - -

Plains All Amer Pipeline LP (PAA) 1.19% 11/18/98 - 67.06% 15.66% 21.57% - - - -

Quicksilver Resources (KWK) 1.19% 3/5/99 - 153.97% -2.83% 29.50% - - - -

Rockwell Automation (ROK) 1.19% 1/1/93 - 165.56% 2.18% 14.83% - - - -

Sasol Ltd ADS (SSL) 1.19% 1/1/93 - 46.81% 15.23% 24.26% - - - -

Tesoro Corp (TSO) 1.19% 1/1/93 - 4.94% -4.36% 8.84% - - - -

Unit Corp (UNT) 1.19% 1/1/93 - 102.10% -1.31% 13.79% - - - -

Vale SA ADS (VALE) 1.19% 3/21/02 - 148.16% 35.80% - - - - -

Valero Energy (VLO) 1.19% 8/1/97 - 13.05% -10.48% 10.35% - - - -

Russell 2000 Gro TR (^KXQX) 9.52% - - 60.32% 3.82% -1.53% - - - -

Dynamic Materials (BOOM) 1.19% 1/1/93 - 71.99% -1.84% 34.02% - - - -

First Marblehead (FMD) 1.19% 10/31/03 - 120.16% -40.06% - - - - -

Forward Air (FWRD) 1.19% 11/16/93 - 63.99% -0.54% 4.63% - - - -

Pool Corp (POOL) 1.19% 10/13/95 - 73.31% -4.80% 14.49% - - - -

Raven Indus (RAVN) 1.19% 1/1/93 - 44.83% 10.15% 33.02% - - - -








Name (Symbol) Inception

Date*

Performance

As of Date

1 Year 5 Years 10 Years Max. Front

End Load

Max. Redemption-

CDSC Fees

Expense

Ratio

Since

Inception

Portfolio %

Reliv' International (RELV) 1.19% 3/8/93 - -15.15% -19.19% 11.77% - - - -

Sonic Solutions (SNIC) 1.19% 2/10/94 - 680.83% -9.04% 0.00% - - - -

Tractor Supply (TSCO) 1.19% 2/18/94 - 61.37% 5.92% 26.86% - - - -

Russell 2000 TR (^VDSJ) 10.71% - - 62.76% 3.36% 3.68% - - - -

Ceradyne Inc (CRDN) 1.19% 1/1/93 - 25.25% 0.30% 17.76% - - - -

Drew Industries (DW) 1.19% 1/1/93 - 153.69% 3.18% 18.11% - - - -

First Cash Financial Services (FCFS) 1.19% 1/1/93 - 44.84% 15.34% 24.81% - - - -

Headwaters Inc (HW) 1.19% 5/13/98 - 46.18% -32.53% 9.70% - - - -

Holly Corp (HOC) 1.19% 1/1/93 - 35.07% 9.99% 36.59% - - - -

Penn Virginia (PVA) 1.19% 1/1/93 - 125.55% 2.10% 21.02% - - - -

Petroquest Energy (PQ) 1.19% 1/1/93 - 109.58% -5.40% 8.67% - - - -

Safety Insurance Grp (SAFT) 1.19% 7/25/02 - 27.09% 7.53% - - - - -

Sonic Corp (SONC) 1.19% 1/1/93 - 10.38% -13.06% 5.55% - - - -

Russell Mid Cp Gro TR (^LNWD) 11.90% - - 63.00% 4.27% -1.69% - - - -

ANSYS Inc (ANSS) 1.19% 6/21/96 - 72.05% 20.35% 30.04% - - - -

Coldwater Creek (CWTR) 1.19% 1/29/97 - 176.49% -10.84% 9.21% - - - -

Covance Inc (CVD) 1.19% 12/17/96 - 72.30% 5.22% 18.25% - - - -

Energizer Holdings (ENR) 1.19% 3/27/00 - 26.30% 0.97% 10.32% - - - -

Global Payments (GPN) 1.19% 1/12/01 - 36.60% 7.37% - - - - -

Graco Inc (GGG) 1.19% 1/1/93 - 93.28% -2.56% 16.49% - - - -

Oshkosh Corp (OSK) 1.19% 1/1/93 - 498.52% 0.84% 18.05% - - - -

Pharmaceutical Product Dvlp (PPDI) 1.19% 1/24/96 - 2.87% 1.03% 20.10% - - - -

Tempur-Pedic Intl (TPX) 1.19% 12/15/03 - 313.15% 10.77% - - - - -

Williams-Sonoma (WSM) 1.19% 1/1/93 - 168.59% -4.71% 6.08% - - - -

Russell Mid Cp TR (^VBJF) 17.85% - - 67.71% 4.20% 4.84% - - - -

Actuant Corp Cl'A' (ATU) 1.19% 1/1/93 - 89.74% -2.56% 21.81% - - - -

Alliance Resource Ptnrs LP (ARLP) 1.19% 8/17/99 - 55.87% 12.09% 27.82% - - - -

Chattem Inc (CHTT) 1.19% 1/1/93 - 47.38% 20.63% 28.14% - - - -

Cimarex Energy (XEC) 1.19% 9/25/02 - 225.05% 9.26% - - - - -

Eagle Materials (EXP) 1.19% 4/12/94 - 11.17% 1.52% 11.62% - - - -

Hunt(J.B.)Transport (JBHT) 1.19% 1/1/93 - 51.15% 11.94% 26.54% - - - -

Informatica Corp (INFA) 1.19% 4/29/99 - 102.79% 26.60% -4.16% - - - -

Jos.A. Bank Clothiers (JOSB) 1.19% 5/3/94 - 96.76% 18.48% 40.04% - - - -

Old Dominion Freight Line (ODFL) 1.19% 1/1/93 - 42.15% 9.96% 24.04% - - - -

Penn Virginia Resource Ptnrs L.P. (PVR) 1.19% 10/25/01 - 130.47% 5.63% - - - - -

Phillips-Van Heusen (PVH) 1.19% 1/1/93 - 153.92% 17.07% 21.96% - - - -

Scientific Games Cl'A' (SGMS) 1.19% 1/1/93 - 16.52% -9.19% 10.25% - - - -

Syntel Inc (SYNT) 1.19% 8/12/97 - 88.04% 19.67% 11.64% - - - -

VCA Antech (WOOF) 1.19% 11/21/01 - 24.30% 6.74% - - - - -

Westlake Chemical (WLK) 1.19% 8/11/04 - 78.00% -3.65% - - - - -








Disclosures

A Hypothetical Illustration is a simulated analytic that assumes the portfolio investment(s) were

purchased on their given Begin Date(s). Front End and Redemption fee Sales Charges, Tax Charges and

Transaction Fee Charges are taken into account at the rates specified under Investment Assumptions

and may be higher or lower that what an investor would have actually paid had the investments been

purchased then or now. The performance data represents past performance and is not indicative of

future results. Principal value and investment returns will fluctuate and investor’s shares/units, when

redeemed, may be worth more or less than the original investment. When using this report investors are

advised to consult the accompanying glossary of investment terms.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other

financial instrument. A reference to a particular investment or security is not a recommendation to buy,

hold or sell such investment or security, nor is it considered to be investment advice. This material does

not take into account your particular investment objectives, financial situations or needs, brokerage

commissions and taxes and is not intended as a recommendation of particular securities, financial

instruments or strategies to you. Securities, financial investments or strategies mentioned herein may not

be suitable for all investors. AdvisoryWorld nor its affiliates are responsible for suitability. Information

expressed herein is given in good faith, is subject to change without notice, and is only current as of the

date of this issue. The information contained in this report does not constitute advice on the tax

consequences of making any particular investment decision.

IMPORTANT: The projections or other information generated by this report regarding the likelihood of

various investment outcomes are hypothetical in nature, do not reflect actual investment results and are

not guarantees of future results.

The underlying holdings of the portfolio are not federally or FDIC-insured and are not deposits or

obligations of, or guaranteed by, any financial institution. Investing in securities involves investment risks

including possible loss of principal and fluctuation in value. An investment in a Money Market fund is not

insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Although a Money Market seeks to preserve the value of your investment at $1.00 per share, it is possible

to lose money by investing in the fund.

The information in this report is from the most recent information available to AdvisoryWorld and Lipper

as of the release date, and may or may not be an accurate reflection of the current composition of the

investments, holdings or issues included in the portfolio. There is no assurance that the weightings,

composition and ratios will remain the same. Results produced by previous simulations are subject to

change due to market condition changes since date of first use.

Performance for Closed-End Funds and Exchange Traded Funds is calculated based on the fund’s end of

day market prices.

This report must be preceded or accompanied by any included investment’s current prospectus or

equivalent. In all cases, this disclosure statement should accompany the Hypothetical Illustration,

Portfolio Overview, Portfolio Comparison and/or Investment report(s).

AdvisoryWorld and Lipper are not themselves FINRA-member firms.

Disclaimers

This material is based upon information that we consider to be reliable, but AdvisoryWorld does not

warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Assumptions,

opinions and estimates constitute our judgment as of the date of this material and are subject to change

without notice. AdvisoryWorld is not responsible for any errors or omissions or for results obtained from

the use of this information.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other

financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable

for all investors. Any opinions expressed herein are given in good faith, are subject to change without

notice, and are only correct as of the stated date of their issue. Prices, values, or income from any

securities or investments mentioned in this report may fall against the interests of the investor and the

investor may get back less than the amount invested. Where an investment is described as being likely to

yield income, please note that the amount of income that the investor will receive from such an

investment may fluctuate. Where an investment or security is denominated in a different currency to the

investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value,

price or income of or from that investment to the investor. The information contained in this report does

not constitute advice on the tax consequences of making any particular investment decision. This

material does not take into account your particular investment objectives, financial situations or needs

and is not intended as a recommendation of particular securities, financial instruments, strategies to you

nor is it considered to be investment advice. Before acting on any recommendation in this material, you

should consider whether it is suitable for your particular circumstances and, if necessary, seek

professional advice.

Separate Account Manager Data

© 2010 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to

Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to

be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any

damages or losses arising from any use of this information. Past performance is no guarantee of future

results.








Performance Summary Graph and Detail Summary and Total Summary Table

The Performance Summary Graph plots the approximate market value of investments, indices or

portfolios over the investment horizon. It may also include the total investment assumed in the illustration

and/or comparative hypothetical(s) or benchmark(s). Total investment includes dollar inflows and

outflows, including outflows representing taxes and fees paid out of pocket. If a benchmark index or

blended benchmark is included on the graph, it assumes a similar pattern of investment and withdrawal

as that of the investments, indices or portfolios. Direct investment in an index is not possible. Indexes are

unmanaged portfolios representing different asset classes, with varying levels of associated risk. The

benchmark index or blended benchmark index included in the graph may or may not represent an

appropriate or accurate comparison with the investments, indices or portfolios illustrated.

Benchmark

A blended asset class benchmark may be used for all comparison purposes in the Hypothetical and

Portfolio Overview. This blended benchmark consists of the weighted blend of all asset allocations that

make up the portfolio. Performance of this benchmark is displayed as being greater than (+) or less than

(-) the investment or portfolio.

Trailing Performance

Cumulative Return

Non-annualized performance over a given period of time.

Annualized Return

The geometric mean of cumulative returns with respect to one year.

Risk Adjusted

A measure of how much an investment returned in relation to the amount of risk it took on. Often used to

compare a high-risk, potentially high-return investment with a low-risk, lower-return investment.

Best & Worse Analysis

Best Period Cumulative Return

The highest rolling 3 month, 12 month and 36 month rolling period total return since inception.

Worst Period Cumulative Return

The lowest rolling 3 month, 12 month and 36 month rolling period total return since inception.

Investment Detail

% of Portfolio

The value of an investment as a percentage of a portfolio’s total value.

Max. Front End Load

The highest sales charge or commission paid when purchasing an investment, such as a mutual fund or

an annuity.

Max. Redemption and/or CDSC fee

The highest sales charge or commission paid when selling an investment, such as a mutual fund or an

annuity.

Expense Ratio

The expense ratio is a percentage of assets deducted each year for management fees, distribution fees

(12b-1), and any other expenses, gross of any fee waivers or expense reimbursements. The expense ratio

does not include brokerage costs for trading the portfolio.

Earnings Growth 1 Year

Net Margin is a ratio of a stock’s net profits to its revenues. Net Margin measures how much of each

dollar earned by the company is translated into profits. Average Net Margin is the weighted average of

all Net Margins for each stock and/or stock issue stake in the portfolio.

Average 3 year Return on Total Equity

Return on Equity is the percentage a company earns on its shareholders’ equity in a given year. It is

calculated by dividing net income by end of year net worth.

Average 3 year Return on Capital

Return on Capital is a measure of how effectively a company uses the money invested in its operations. It

is calculated by taking the average 3 years net operating income after taxes divided by average 3 years

total assets less average 3 years cash and investments and average 3 years non-interest-bearing

liabilities.

Risk vs. Return

Standard Deviation

A measure of the variability of an investment’s or portfolio’s returns. All standard deviations shown have

been annualized.

Alpha

A coefficient which measures risk-adjusted performance, factoring in the risk due to the specific

investment or portfolio, rather than the overall market. A high value for alpha implies that the investment

or portfolio has performed better than would have been expected given its beta.

Beta

A quantitative measure of the volatility of a given investment or portfolio, relative to its benchmark..

Specifically, the performance the investment or portfolio has experienced historically as the benchmark

moved 1% up or down. A beta above 1 is more volatile than the overall market, while a beta below 1 is

less volatile.

R2

A measurement of how closely an investment or a portfolio's performance correlates with the

performance of a benchmark and thus a measurement of what portion of its performance can be

explained by the performance of the overall market or index.

Sharpe Ratio

A risk-adjusted measure calculated using standard deviation and excess return to determine reward per

unit of risk. The higher the Sharpe ratio, the better the portfolio's or investments’ historical risk-adjusted

performance.

Sterling Ratio

This risk-reward measure determines which Portfolio or investments have the highest returns while

enduring the least amount of volatility. The formula is as follows: (Compounded Annual Return)/(Average

Maximum Draw-down-10%).

Treynor Ratio

A risk-adjusted measure of return which uses beta to represent risk. Treynor Ratio = (Annualized Return

of Portfolio or Investment- Annualized Return of Cash Equivalent)) / (Beta of Portfolio or Investment to

Benchmark).

Maximum Drawdown

The largest total percentage loss experienced by a strategy before it starts winning again during a period

of time under study.

Tracking Error

A measure of how closely a portfolio or investment follows the index to which it is benchmarked. It is

equal to the root-mean-square of the difference between the portfolio or investment and index returns.

Up Market Capture

The up capture is the quotient of the annualized return of the portfolio or investments nonnegative, non-

zero returns, divided by the annualized return of the benchmark non-negative, non-zero returns.

Down Market Capture

The down capture is the quotient of the annualized return of the portfolio or investments non-positive,

non-zero returns, divided by the annualized return of the benchmark nonpositive, non-zero returns.

Batting Average

The ratio between the number of periods where the portfolio or investment outperforms a benchmark

and the total number of periods.

Standardized Returns

For mutual funds, standardized return is total return adjusted for sales charges, and reflects all ongoing

fund expenses. For money-market mutual funds, 7-Day Yield more closely reflects the current earnings

than the total return quotation.

The charges and expenses used in the standardized returns are obtained from the most recent

prospectus and/or shareholder report available to Standard & Poor’s or Lipper.

Non-Standardized Returns

For mutual funds, Closed End Funds, ETFs, Variable Annuity Sub-Accounts and Stocks, nonstandardized

return is total return unadjusted for sales charges, and reflects all ongoing fund expenses.

Investment Advisory Fees

Investment returns do not necessarily reflect the deduction of all investment advisory fees. Investment

returns may be reduced if additional fees are incurred.








Equity Properties*

Market Capitalization

The average Market Capitalization is calculated as a geometric mean of the market capitalization for all

stocks and stock issues in the portfolio as weighted by each stock and/or stock issue stake in the

portfolio.

Price/Earnings (P/E)

P/E ratio is the price of a stock divided by its earnings per share. Average P/E is the weighted average of

all P/E ratios for each stock and/or stock issue stake in the portfolio.

Price/Book (P/B)

P/B ratio is a ratio of a stock’s price to its book value per share. Current market price per share of

common stock is divided by the calculated book value per individual equity security. Average P/B is the

weighted average of all P/B ratios for each stock and/or stock issue stake in the portfolio.

Sales Growth 1 Year

Increase of sales over a company’s trailing fiscal year.

Average 3 year Return on Assets

Return on Assets is the percentage a company earns on its assets in a given year. It is calculated by

dividing net income by end of year total assets.

Average 3 year Return on Capital

Return on Assets is the percentage indicator of how profitable a company is relative to its total assets. It

is calculated by dividing net income by total assets.

Average 3 year Return on Assets

Return on Assets is the percentage a company earns on its assets in a given year. It is calculated by

dividing net income by end of year total assets.

Average 3 year EPS Growth

The Average 3 Year EPS Growth is calculated by averaging the increase of EPS over the past 3 years.

EPS is calculated by dividing total earnings by the number of shares outstanding.

Average 3 year Operating Cash Flow

The Average 3 Year Operating Cash Flow is calculated by averaging the cash generated revenues less all

operating expenses, with adjustments to net income, over the a trailing 3 year period.

Macro Allocation

The portfolio’s “high-level” allocation to cash, U.S. & non-U.S. equities and fixed income is displayed in

this graphic. The classification of “other” includes issue types that do not perfectly fit the previously

mentioned classes, such as convertible bonds and preferred stocks. “Not classified” refers to the portion

of the portfolio that AdvisoryWorld, Lipper or Standard & Poor’s could not classify due to missing data.

In the graph and data labels, net allocation (long positions net of short) is displayed. For example, if an

investment has many long equity positions, the percent of assets in the macro allocation of the portfolio

may by greater than 100% whereas the percent of assets in cash is less than 0%.

Asset Allocation

The Asset Allocation pie chart combines the various asset allocation weights of the portfolio

investments. See the Asset Allocation & Investment Detail table for more information.

Top 10 Equity Countries

This graphic displays the allocation of the portfolio’s stocks to various countries.

Top 10 Equity Sectors

This graphic displays the allocation of the portfolio’s stocks to various industry sectors.

Top 10 Equity Holdings

Holding As of date

The date the investment last reported its holdings.

Holding % of Portfolio

The total % of the portfolio allocated to a certain underlying holding. This figure is calculated as a

weighted sum of Holder’s Portfolio percentages.

Fixed Income Properties*

Bond Quality

The quality of any bond is based on the issuer’s financial ability to make interest payments and repay the

loan in full at maturity. Rating services help to evaluate the creditworthiness of bonds. Some bonds, such

as municipal bonds, may be insured by third parties. Standard & Poor’s use a plus or minus indicator. For

example, A+ is better than A, and A is better than A-. Occasionally you may see some bonds with an "NR".

This means Not Rated and does not necessarily mean that the bonds are of low quality. It basically

means that the issuer did not apply t for a rating. Government agencies are a good example of very high

quality bonds that are not rated by Standard and Poors (S&P). All other things being equal, the lower the

rating, the higher the yield you can expect.

Average Coupon

A proportionally weighted interest rate stated on a portfolio of bonds when they issued. A coupon is

typically paid semiannually.

Duration

The change in the value of a fixed income security that will result from a 1% change in interest rates.

Duration is stated in years. For example, a 5 year duration means the bond will decrease in value by 5% if

interest rates rise 1% and increase in value by 5% if interest rates fall 1%. Duration is a weighted

measure of the length of time the bond will pay out. Unlike maturity, duration takes into account interest

payments that occur throughout the course of holding the bond.

Trailing 12 Month Yield

Trailing 12 Month Yield (%) is the percentage income returned by a portfolio over the past 12 months. It is

calculated by taking the weighted average of the yields of the stocks and funds that compose the

portfolio.

Dividend yield for the underlying stocks and funds is calculated by dividing the total dollar amount the

security paid out as income to shareholders by the share price.

Metrics

Average 12 Month Yield

The average expense ratio is a proportionally weighted percentage of assets deducted each year for

management fees, distribution fees (12b-1), and any other expenses, gross of any fee waivers or expense

reimbursements. The expense ratio does not include brokerage costs for trading the portfolio.

Average Expense Ratio




Average Turnover




* All Equity Properties and Fixed Income Properties displayed in the Portfolio Analysis report are

proportionally weighted percentages of the underlying holdings of the portfolio.








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