3. L&S ADVISORS
INCOME
PERFORMANCE VS BENCHMARK
DECEMBER 31, 2005 TO MARCH 31, 2011
12/2005 - 3/2011 12/2005 - 3/2011
1750 11 More Return More Return
Less Risk More Risk
1500
RATE OF RETURN
GROWTH OF $1,000
1250
6
1000
750 Less Return Less Return
Less Risk More Risk
Standard & Poor's 500 Value
500 1 6 11 16 21
12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 STANDARD DEVIATION
MANAGER BENCHMARK MANAGER BENCHMARK
RATE OF RETURN GROWTH OF $1,000 MRQ 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Incept
PERIOD MANAGER BENCHMARK EXCESS MANAGER BENCHMARK PREMIUM MANAGER 6.77 14.79 32.52 -30.37 18.09 24.25 N/A N/A N/A N/A N/A 10.13
1 Yr 16.77 14.79 1.98 $1,168 $1,148 $20 BENCHMARK 6.80 15.10 21.18 -39.22 1.99 20.53 5.82 15.72 31.80 -20.86 -11.72 2.06
2 Yrs 28.11 33.25 -5.14 $1,641 $1,776 -$134 EXCESS -0.03 -0.31 11.34 8.85 16.09 3.72 N/A N/A N/A N/A N/A 8.07
3 Yrs 6.59 -0.19 6.78 $1,211 $994 $217 90 TBILL 0.03 0.14 0.15 1.27 4.42 4.88 3.30 1.44 1.01 1.59 3.26 2.06
4 Yrs 4.52 -2.30 6.82 $1,193 $911 $282
5 Yrs 9.12 1.05 8.07 $1,547 $1,054 $493
6 Yrs N/A 3.19 N/A N/A $1,207 N/A
7 Yrs N/A 4.03 N/A N/A $1,319 N/A
8 Yrs N/A 8.36 N/A N/A $1,901 N/A
9 Yrs N/A 3.83 N/A N/A $1,403 N/A
10 Yrs N/A 2.99 N/A N/A $1,343 N/A
Inception 10.13 2.06 8.07 $1,659 $1,113 $546
MANAGER: L&S Advisors Income
BENCHMARK: Standard & Poor's 500 Value
SINCE INCEPTION: 12/2005
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005
4. L&S ADVISORS INCOME
TOTAL RISK REWARD
MARCH 31, 2006 TO MARCH 31, 2011
10 More Return More Return
Less Risk More Risk
RATE OF RETURN
5
Less Return Standard Less Return Value
& Poor's 500
Less Risk More Risk
15 16 17 18 19 20 21 22
STANDARD DEVIATION
ROR Std Dev Pop Alpha Beta R-Squared
L&S Advisors Income 9.12 15.89 7.67 0.52 0.48
Standard & Poor's 500 Value 1.05 21.07 0.00 1.00 1.00
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005
5. L&S ADVISORS INCOME
MARKET CAPTURE
MARCH 31, 2006 TO MARCH 31, 2011
Outperforms in Underperforms in Neg. Qtrs.
Pos. & Neg. Qtrs. Outperforms in Pos. Qtrs.
97 Standard & Poor's 500 Value
UPSIDE CAPTURE RATIO
72
47
22
90 Day U.S. Treasury Bill
Underperforms in Pos. Qtrs. Underperforms in
Outperforms in Neg. Qtrs. Pos. & Neg. Qtrs.
-28 -3 22 47 72 97 122
DOWNSIDE CAPTURE RATIO
Up Mkt Capt Retrn Up Cap Ratio Dnside Cap Return Dnside Cap Ratio R-Squared
L&S Advisors Income 27.42 85.51 -18.18 47.19 0.48
Standard & Poor's 500 Value 32.07 100.00 -38.54 100.00 1.00
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005
6. L&S ADVISORS INCOME
QUARTILE RANKING BAR
PERIODS ENDING MARCH 31, 2011
30
25
20
RATE OF RETURN
15
10
5
0
-5
-10
12/2010-3/2011 3/2010-3/2011 3/2008-3/2011 3/2006-3/2011 12/2005-3/2011
HIGH (0.05) 8.68 23.60 8.42 7.48 8.03
FIRST QUARTILE 6.92 17.96 4.83 4.89 5.55
MEDIAN 6.04 15.61 3.40 3.61 4.35
THIRD QUARTILE 5.10 13.59 2.16 2.64 3.39
LOW (0.95) 2.83 8.99 -0.18 0.54 1.49
MEAN 5.98 15.84 3.60 3.77 4.51
VALID COUNT 798 798 773 709 705
12/2010-3/2011 3/2010-3/2011 3/2008-3/2011 3/2006-3/2011 12/2005-3/2011
VALUE RANK VALUE RANK VALUE RANK VALUE RANK VALUE RANK
L&S Advisors Income 6.77 28 16.77 36 6.59 7 9.12 1 10.13 1
Standard & Poor's 500 Value 6.80 27 14.79 60 -0.19 99 1.05 97 2.06 96
Performance shown includes that of the Growth and Income Composite which contains discretionary growth and income accounts. Accounts with significant client imposed restrictions have been excluded from the composite. The S&P 500 Index is a free-float
capitalization-weighted index of the prices of 500 large-cap common stocks actively traded in the United States. This index is calculated on a total return basis with dividends reinvested and is not available for direct investment. This index has been included as a
general market indicator only as there are material differences between the composite strategy and the S&P 500 Index. For example, the composite doesn't hold all securities in the S&P 500 universe, the composite may hold securities that are not included in the index
and the cash allocation of the composite varies depending on market conditions. Composite performance results have been calculated by using time-weighted returns based on the beginning of period values on an adjusted capital basis. Performance results are total
return and include the reinvestment of all income. Gross-of-fees returns presented are before management fees but after transaction costs. Net of fee performance reflects the deduction of actual management fees charged and transaction costs. Cash flows equal to or
greater than 10% of a portfolio's market value would cause the portfolio to be re-valued. Valuations and returns are computed and stated in U.S. dollars. Past performance does not guarantee future results and other calculation methods may produce different results.
Results are based on fully discretionary accounts under management, and include accounts no longer with the firm. Returns are available either Gross or Net of fees. The composite inception date is October 31, 2005