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L&S ADVISORS, INC.
                                                    INCOME

 Address:                             12121 Wilshire Blvd., Suite 1100                                                                                         1,750
                                      Los Angeles, CA, 90025
 Firm Type:                           Independent Reg. Inv. Advisor                                                                                            1,500




                                                                                                                                       GROWTH OF $1,000
 Legal Structure:                     Corporation
 Year Founded:                        1979                                                                                                                     1,250
 Firm GIPS Compliant:                 No
 Firm/Product Assets:                 $ 230.00 Million / $ 13.00 Million                                                                                       1,000
 Firm/Product Accounts:               145 / 18
 Parent Company:                      --                                                                                                                                  750
 Investment Style:                    Market Oriented/Flexible
 Market Capitalization:               Large Capitalization (>7 $Billion)                                                                                                  500
 Decision Making:                     Top-Down/Economic Analysis                                                                                                           12/2005          12/2006            12/2007        12/2008       12/2009           12/2010
 Portfolio Manager:                   Mr. Ralph Scott                                                                                                                                            MANAGER                                          BENCHMARK
 Manager Tenure:                      1/2006                                                                                                                        20
 Mgr. Experience:                     1933




                                                                                                                                       EXCESS RATE OF RETURN
 Product Contact:                     Mr. Jordan Friedman
 Phone:                               310-893-6060                                                                                                                  10
                                                                           Account Size                    Annual Fees
 Performance Incentive Fee:                    No                          $1 Million                                   --
 Individual Min Annual Fee:                    --                          $5 Million                                   --                                                0
 Individual Min Account Size:                  $500,000                    $10 Million                                  --
 Offered As Mutual Funds:                      No                          $25 Million                                  --
 Offered As Commingled Funds:                  No                          $50 Million                                  --                                     -10
 Commingled Min Annual Fee:                    --                          $100 Million                                 --
 Commingled Min Account Size:                  --                          $200 Million                                 --
                                                                                                                                                                           3/2006 9/2006          6/2007        3/2008 9/2008      6/2009     3/2010      12/2010
              MRQ     2010    2009    2008          2007     2006        2005    2004    2003     2002     2001     Incept                                          30
 Manager      6.77    14.79   32.52   -30.37        18.09        24.25      --      --       --       --       --    10.13
 Bnchmrk      6.80    15.10   21.18   -39.22         1.99        20.53    5.82   15.72    31.80   -20.86   -11.72     2.06                                          25
 Excess       -0.03   -0.31   11.34    8.85         16.09         3.72      --      --       --       --       --     8.07
                                                                                                                                                                    20
                                                                                                                                       RATE OF RETURN




 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
                                                                                                                                                                    15
 PERIOD       ROR STDEV ALPHA                       BETA RSQR TRCKERR SHARPE INFORATIO
                                                                                                                                                                    10
    3 Yrs      6.59  17.10  6.28                      0.50  0.56  17.24  0.36      0.39
    4 Yrs      4.52  16.25  5.10                      0.51  0.51  16.20  0.21      0.42                                                                                   5
    5 Yrs      9.12  15.89  7.67                      0.52  0.48  15.16  0.45      0.53
                                                                                                                                                                          0
    6 Yrs         --     --    --                        --    --     --    --        --
    7 Yrs         --     --    --                        --    --     --    --        --                                                                                  -5
    8 Yrs         --     --    --                        --    --     --    --        --
    9 Yrs         --     --    --                        --    --     --    --        --                                                                       -10
                                                                                                                                                                                     LATEST QTR          1YR               3YRS         5YRS             INCEPT
   10 Yrs         --     --    --                        --    --     --    --        --
 Inception    10.13  15.64  8.04                      0.53  0.49  14.79  0.52      0.55                                                                                   12

                                                                                                                                                                          10
 GICS Sector Breakdown: N/A                                 %       Equity Characteristics: N/A                              %
                                                                                                                                                         RATE OF RETURN




 Materials                                                  --      Beta(5 Year)                                             --                                            8             5 Yrs
 Energy                                                     --      Dividend Yield                                           --                                            6
                                                                                                                                                                                                 3 Yrs
 Consumer Staples                                           --      5 Year EPS Growth                                        --
                                                                                                                                                                           4
 Consumer Discretionary                                     --      Price/Book                                               --
 Industrials                                                --      P/E (Proj next 12 mths)                                  --                                            2                                      10 Yrs
 Utilities                                                  --      Return on Equity                                         --                                            0                                               5 Yrs
 Health Care                                                --      Market Capitalization:                                   --                                                                                                                       3 Yrs
                                                                                                                                                                           -2
 Information Technology                                     --           Wght Avg ($MM)                                      --
                                                                                                                                                                           -4
 Telecommunications Services                                --           Median ($MM)                                        --
                                                                                                                                                                                14         16            18        20       22              24           26
 Financials                                                 --      Debt/Equity                                              --
                                                                                                                                                                                                               STANDARD DEVIATION
 Cash                                                       --      Ann Fiscal YTD Turnover                                  --
 Other                                                      --      SEC-30-Day Yield                                         --                                                            MANAGER                                               BENCHMARK

                                                                                                                                                                                                   RATE OF RETURN                             GROWTH OF $1,000
 Ten Largest Holdings: N/A                                  %       Firm Representative Client List                                  PERIOD                                     MANAGER BENCHMARK                EXCESS MANAGER BENCHMARK                     PREMIUM
 1                                                          --      Confidential                                                        1 Yr                                        16.77     14.79                  1.98  $1,168    $1,148                         $20
 2                                                          --      --                                                                  2 Yrs                                       28.11     33.25                 -5.14  $1,641    $1,776                       -$134
 3                                                          --      --                                                                  3 Yrs                                        6.59     -0.19                  6.78  $1,211     $994                         $217
 4                                                          --      --                                                                  4 Yrs                                        4.52     -2.30                  6.82  $1,193     $911                         $282
 5                                                          --      --                                                                  5 Yrs                                        9.12      1.05                  8.07  $1,547    $1,054                        $493
 6                                                          --      --                                                                  6 Yrs                                           --     3.19                     --      --   $1,207                           --
 7                                                          --      --                                                                  7 Yrs                                           --     4.03                     --      --   $1,319                           --
 8                                                          --      --                                                                  8 Yrs                                           --     8.36                     --      --   $1,901                           --
 9                                                          --      --                                                                  9 Yrs                                           --     3.83                     --      --   $1,403                           --
 10                                                         --      --                                                                 10 Yrs                                           --     2.99                     --      --   $1,343                           --
                                                                                                                                     Inception                                      10.13      2.06                  8.07  $1,659    $1,113                        $546

© 2011 Informa Investment Solutions, Inc., www.informais.com
                                                                                                                                  PERIODS ENDING: MARCH 31, 2011, SINCE INCEPTION: DECEMBER 31, 2005
                                                                                                                                  BENCHMARK: S&P 500 VALUE, UNIVERSE: PSN LARGE CAP
                                                                                                                                  ALL PERFORMANCE USING PRE TAX GROSS OF FEES
                                                                                                                                                                                                   *SEE SECOND PAGE FOR DISCLAIMER
L&S ADVISORS, INC.
                                               INCOME

                                                                                                                          Lynch in 1997 but continued to manage discretionary client accounts
Equity Personnel                      Total          Firm Personnel                        Total
                                                                                                                          according to the same risk management philosophy. L&S Advisors
Portfolio Managers                       2           Portfolio Managers                       2
Research Analysts                        1           Research Analysts                        2                           was reestablished as an independent RIA in 2005 and continues to be
Traders                                  1           Traders                                  1                           owned and operated by the two founding partners.
Marketing                                1           Marketing                                1
Specialists
Total Equity                             5           Specialists
                                                     Client Service                           --
Personnel
                                                                                                                          Offered WRAP/TAMP Program:
EQUITY INVESTMENT PHILOSOPHY - L&S Advisors (L&S)
seeks to capture asset appreciation when market conditions are
favorable and, especially, strives to manage risk during difficult
market periods. L&S believes all types of securities compete in the
same investment marketplace. L&S portfolios lack any global, sector,
or capitalization restrictions. L&S may invest in any market that they
believe offers a high probability of return or, alternatively, that
provides a high degree of safety in uncertain times. Dependent on the
outlook for the U.S. and global economies, they make top-down
allocations among stocks, bonds, cash, precious metals, and currency
markets around the globe. After determining allocation, they seek
attractive opportunities within each market. When economic
conditions suggest it is appropriate to be invested, L&S will tactically
diversify the holdings by taking concentrated positions within the
asset classes they perceive to be driving the growth in the market.
When economic conditions suggest it is not appropriate to be
invested, they will significantly overweight cash to protect against
downside risk. L&S originally began managing Income portfolios
in 1979. After being acquired by another firm in 1999 they again
gained their independence in 2006.

INVESTMENT DECISION-MAKING PROCESS - L&S Advisors
first concern when determining our tactical strategy is the macro
global economic view. They analyze international influences, GDP
economic indicators, and political factors. L&S tries to anticipate
price movements of stock markets, interest rates, foreign exchanges,
commodities, and business cycles. Then they analyze various industry
sectors within an investment theme to determine their role in an
industry’s value chain. L&S selects primarily industry leading
companies that have frequently dominated their sector and are led by
exceptional management teams. Finally, to complete our robust and
thorough due diligence process, investment ideas are generated after
combining Wall Street firms and independent research as well as
media and news events. Technical analysis is employed only after a
decision has been made to buy or sell a security. It is used to gauge
current market sentiment and relative strength and assists us in
identifying tactical market entry and exit points. L&S not only use
their macro global economic view to select industries and companies
to put into a client’s portfolio, but it also helps them to avoid those
industries and issuers that they believe are likely to experience excess
volatility or otherwise fail to deliver acceptable returns.

ORGANIZATION AND OWNERSHIP - L&S Advisors was
originally established as a Registered Investment Advisor in 1979 by
Sy Lippman and Ralph Scott. The firm was acquired by Merrill

   *PSN is an investment manager database and is a division of Informa Investment Solutions, Inc (IIS). Reproduction of any information obtained from PSN in any form is prohibited without the written permission of Informa Investment
Solutions, Inc. Performance figures shown are gross of manager fees. All rates of return over one year are annualized. The performance figures are provided from the investment management firm and are reported for informational
purposes only. No representation is given with respect to their accuracy or completeness, nor that the figures are necessarily GIPS compliant, and they will be subject to change. The information provided is not intended to be a
complete analysis of every material fact concerning the firm or product. Past performance does not guarantee future results. This information should not be deemed as an offer to sell or a solicitation of an offer to buy shares of products
that are described herein. Index performance returns do not reflect any management fees, transaction costs or expenses. One can not invest directly in an index. Because of the possibility of human or mechanical error by IIS sources
or others, IIS does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. THERE ARE NO
EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall IIS be liable for any indirect, special
or consequential damages in connection with use of any subset of PSN data or derived data.


© 2011 Informa Investment Solutions, Inc., www.informais.com
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
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
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
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
L&S ADVISORS, INC.


             12121 Wilshire Blvd., Suite 1100                                                                                                              TEL: 310-893-6060
             Los Angeles, CA, 90025                                                                                                                       FAX: 310-893-6070
             CONTACT: Mr. Jordan Friedman                                                                                                     TOTAL ASSETS: $230.00 MILLION


           ORGANIZATION AND OWNERSHIP - L&S                                                                        Responsibility: Equity Portfolio Manager
           Advisors was originally established as a Registered                                                     Professional Accreditation:
           Investment Advisor in 1979 by Sy Lippman and Ralph                                                      Education Undergraduate: American University, B.A.
           Scott. The firm was acquired by Merrill Lynch in 1997                                                   Advanced Degree: American University Law School,
           but continued to manage discretionary client accounts                                                   J.D.
           according to the same risk management philosophy.                                                       Year Entered Industry: 1972
           L&S Advisors was reestablished as an independent                                                        Phone:
           RIA in 2005 and continues to be owned and operated                                                      email:
           by the two founding partners.                                                                           Previous Position: -
                                                                                                                   Company:
           PRODUCT OFFERINGS AND SERVICES - Growth                                                                 Title:
           & Income Portfolio Offering Within this portfolio, we
           believe all types of securities compete in the investment
           marketplace and that our analysis will lead us to those                                                 Mr. Ralph Scott
           that are most attractive under prevailing and anticipated                                               Current Position: Senior Managing Director, 1979 -
           conditions. A key component of our strategy is tactical                                                 PRESENT
           diversification defined as making swift concentrated                                                    Current Firm:
           purchases when we see an opportunity present itself.                                                    Responsibility: Chief Investment officer
           This strategy allows us the flexibility within portfolio                                                Professional Accreditation:
           construction to consider all sectors globally and                                                       Education Undergraduate: University of Vermont, B.A.
           emphasize investments in healthy industries with                                                        Advanced Degree: The George Washington University
           specific stocks and avoid those where we see trouble on                                                 Law School, J.D.
           the horizon. Our investment strategies lack any global,                                                 Year Entered Industry: 1972
           sector, or capitalization restrictions, and, as a result, we                                            Phone:
           believe we can excel in a variety of market conditions.                                                 email:
           We not only use our macro global economic view to                                                       Previous Position: -
           select industries and companies to put into a client’s                                                  Company:
           portfolio, but it also helps us to avoid those industries                                               Title:
           and issuers that are we believe likely to experience
           excess volatility or otherwise fail to deliver acceptable
           returns. When the macro global economic conditions                                                      MARKETING CONTACT:
           suggest it is not appropriate to be invested, we
           significantly overweight cash in order to minimize                                                      MR. JORDAN FRIEDMAN
           downside risk.                                                                                          MANAGING DIRECTOR
                                                                                                                   L&S ADVISORS, INC.
           BUSINESS OBJECTIVES AND STRATEGY - The                                                                  12121 WILSHIRE BLVD., SUITE 1100
           offices of L&S Advisors are technologically savvy.                                                      LOS ANGELES, CA 90025
           We have the current capabilities of managing up to $1                                                   PHONE:310-893-6060
           Billion. Our target account size begins at $2 million.                                                  FAX:310-893-6070
           Every account is separately managed even though the
           strategies remain consistent. We have the capabilities
           of holding positions below the line if need be and for                                                  INVESTMENT APPROACHES - Growth & Income,
           qualified clients can run option strategies around                                                      Income, Growth, Master Limited Partnership
           certain positions.
                                                                                                                   LAST MODIFIED ON: 4/6/2011
           SENIOR INVESTMENT PROFESSIONALS:

           Mr. Sy Lippman
           Current Position: Senior Managing Director, 1979 -
           PRESENT
           Current Firm:


© 2011 Informa Investment Solutions, Inc., www.informais.com


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

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L&S Advisors Growth & Income Psn Report

  • 1. L&S ADVISORS, INC. INCOME Address: 12121 Wilshire Blvd., Suite 1100 1,750 Los Angeles, CA, 90025 Firm Type: Independent Reg. Inv. Advisor 1,500 GROWTH OF $1,000 Legal Structure: Corporation Year Founded: 1979 1,250 Firm GIPS Compliant: No Firm/Product Assets: $ 230.00 Million / $ 13.00 Million 1,000 Firm/Product Accounts: 145 / 18 Parent Company: -- 750 Investment Style: Market Oriented/Flexible Market Capitalization: Large Capitalization (>7 $Billion) 500 Decision Making: Top-Down/Economic Analysis 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 Portfolio Manager: Mr. Ralph Scott MANAGER BENCHMARK Manager Tenure: 1/2006 20 Mgr. Experience: 1933 EXCESS RATE OF RETURN Product Contact: Mr. Jordan Friedman Phone: 310-893-6060 10 Account Size Annual Fees Performance Incentive Fee: No $1 Million -- Individual Min Annual Fee: -- $5 Million -- 0 Individual Min Account Size: $500,000 $10 Million -- Offered As Mutual Funds: No $25 Million -- Offered As Commingled Funds: No $50 Million -- -10 Commingled Min Annual Fee: -- $100 Million -- Commingled Min Account Size: -- $200 Million -- 3/2006 9/2006 6/2007 3/2008 9/2008 6/2009 3/2010 12/2010 MRQ 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Incept 30 Manager 6.77 14.79 32.52 -30.37 18.09 24.25 -- -- -- -- -- 10.13 Bnchmrk 6.80 15.10 21.18 -39.22 1.99 20.53 5.82 15.72 31.80 -20.86 -11.72 2.06 25 Excess -0.03 -0.31 11.34 8.85 16.09 3.72 -- -- -- -- -- 8.07 20 RATE OF RETURN 90 TBill 0.03 0.14 0.15 1.27 4.42 4.88 3.30 1.44 1.01 1.59 3.26 2.06 15 PERIOD ROR STDEV ALPHA BETA RSQR TRCKERR SHARPE INFORATIO 10 3 Yrs 6.59 17.10 6.28 0.50 0.56 17.24 0.36 0.39 4 Yrs 4.52 16.25 5.10 0.51 0.51 16.20 0.21 0.42 5 5 Yrs 9.12 15.89 7.67 0.52 0.48 15.16 0.45 0.53 0 6 Yrs -- -- -- -- -- -- -- -- 7 Yrs -- -- -- -- -- -- -- -- -5 8 Yrs -- -- -- -- -- -- -- -- 9 Yrs -- -- -- -- -- -- -- -- -10 LATEST QTR 1YR 3YRS 5YRS INCEPT 10 Yrs -- -- -- -- -- -- -- -- Inception 10.13 15.64 8.04 0.53 0.49 14.79 0.52 0.55 12 10 GICS Sector Breakdown: N/A % Equity Characteristics: N/A % RATE OF RETURN Materials -- Beta(5 Year) -- 8 5 Yrs Energy -- Dividend Yield -- 6 3 Yrs Consumer Staples -- 5 Year EPS Growth -- 4 Consumer Discretionary -- Price/Book -- Industrials -- P/E (Proj next 12 mths) -- 2 10 Yrs Utilities -- Return on Equity -- 0 5 Yrs Health Care -- Market Capitalization: -- 3 Yrs -2 Information Technology -- Wght Avg ($MM) -- -4 Telecommunications Services -- Median ($MM) -- 14 16 18 20 22 24 26 Financials -- Debt/Equity -- STANDARD DEVIATION Cash -- Ann Fiscal YTD Turnover -- Other -- SEC-30-Day Yield -- MANAGER BENCHMARK RATE OF RETURN GROWTH OF $1,000 Ten Largest Holdings: N/A % Firm Representative Client List PERIOD MANAGER BENCHMARK EXCESS MANAGER BENCHMARK PREMIUM 1 -- Confidential 1 Yr 16.77 14.79 1.98 $1,168 $1,148 $20 2 -- -- 2 Yrs 28.11 33.25 -5.14 $1,641 $1,776 -$134 3 -- -- 3 Yrs 6.59 -0.19 6.78 $1,211 $994 $217 4 -- -- 4 Yrs 4.52 -2.30 6.82 $1,193 $911 $282 5 -- -- 5 Yrs 9.12 1.05 8.07 $1,547 $1,054 $493 6 -- -- 6 Yrs -- 3.19 -- -- $1,207 -- 7 -- -- 7 Yrs -- 4.03 -- -- $1,319 -- 8 -- -- 8 Yrs -- 8.36 -- -- $1,901 -- 9 -- -- 9 Yrs -- 3.83 -- -- $1,403 -- 10 -- -- 10 Yrs -- 2.99 -- -- $1,343 -- Inception 10.13 2.06 8.07 $1,659 $1,113 $546 © 2011 Informa Investment Solutions, Inc., www.informais.com PERIODS ENDING: MARCH 31, 2011, SINCE INCEPTION: DECEMBER 31, 2005 BENCHMARK: S&P 500 VALUE, UNIVERSE: PSN LARGE CAP ALL PERFORMANCE USING PRE TAX GROSS OF FEES *SEE SECOND PAGE FOR DISCLAIMER
  • 2. L&S ADVISORS, INC. INCOME Lynch in 1997 but continued to manage discretionary client accounts Equity Personnel Total Firm Personnel Total according to the same risk management philosophy. L&S Advisors Portfolio Managers 2 Portfolio Managers 2 Research Analysts 1 Research Analysts 2 was reestablished as an independent RIA in 2005 and continues to be Traders 1 Traders 1 owned and operated by the two founding partners. Marketing 1 Marketing 1 Specialists Total Equity 5 Specialists Client Service -- Personnel Offered WRAP/TAMP Program: EQUITY INVESTMENT PHILOSOPHY - L&S Advisors (L&S) seeks to capture asset appreciation when market conditions are favorable and, especially, strives to manage risk during difficult market periods. L&S believes all types of securities compete in the same investment marketplace. L&S portfolios lack any global, sector, or capitalization restrictions. L&S may invest in any market that they believe offers a high probability of return or, alternatively, that provides a high degree of safety in uncertain times. Dependent on the outlook for the U.S. and global economies, they make top-down allocations among stocks, bonds, cash, precious metals, and currency markets around the globe. After determining allocation, they seek attractive opportunities within each market. When economic conditions suggest it is appropriate to be invested, L&S will tactically diversify the holdings by taking concentrated positions within the asset classes they perceive to be driving the growth in the market. When economic conditions suggest it is not appropriate to be invested, they will significantly overweight cash to protect against downside risk. L&S originally began managing Income portfolios in 1979. After being acquired by another firm in 1999 they again gained their independence in 2006. INVESTMENT DECISION-MAKING PROCESS - L&S Advisors first concern when determining our tactical strategy is the macro global economic view. They analyze international influences, GDP economic indicators, and political factors. L&S tries to anticipate price movements of stock markets, interest rates, foreign exchanges, commodities, and business cycles. Then they analyze various industry sectors within an investment theme to determine their role in an industry’s value chain. L&S selects primarily industry leading companies that have frequently dominated their sector and are led by exceptional management teams. Finally, to complete our robust and thorough due diligence process, investment ideas are generated after combining Wall Street firms and independent research as well as media and news events. Technical analysis is employed only after a decision has been made to buy or sell a security. It is used to gauge current market sentiment and relative strength and assists us in identifying tactical market entry and exit points. L&S not only use their macro global economic view to select industries and companies to put into a client’s portfolio, but it also helps them to avoid those industries and issuers that they believe are likely to experience excess volatility or otherwise fail to deliver acceptable returns. ORGANIZATION AND OWNERSHIP - L&S Advisors was originally established as a Registered Investment Advisor in 1979 by Sy Lippman and Ralph Scott. The firm was acquired by Merrill *PSN is an investment manager database and is a division of Informa Investment Solutions, Inc (IIS). Reproduction of any information obtained from PSN in any form is prohibited without the written permission of Informa Investment Solutions, Inc. Performance figures shown are gross of manager fees. All rates of return over one year are annualized. The performance figures are provided from the investment management firm and are reported for informational purposes only. No representation is given with respect to their accuracy or completeness, nor that the figures are necessarily GIPS compliant, and they will be subject to change. The information provided is not intended to be a complete analysis of every material fact concerning the firm or product. Past performance does not guarantee future results. This information should not be deemed as an offer to sell or a solicitation of an offer to buy shares of products that are described herein. Index performance returns do not reflect any management fees, transaction costs or expenses. One can not invest directly in an index. Because of the possibility of human or mechanical error by IIS sources or others, IIS does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall IIS be liable for any indirect, special or consequential damages in connection with use of any subset of PSN data or derived data. © 2011 Informa Investment Solutions, Inc., www.informais.com
  • 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
  • 7. L&S ADVISORS, INC. 12121 Wilshire Blvd., Suite 1100 TEL: 310-893-6060 Los Angeles, CA, 90025 FAX: 310-893-6070 CONTACT: Mr. Jordan Friedman TOTAL ASSETS: $230.00 MILLION ORGANIZATION AND OWNERSHIP - L&S Responsibility: Equity Portfolio Manager Advisors was originally established as a Registered Professional Accreditation: Investment Advisor in 1979 by Sy Lippman and Ralph Education Undergraduate: American University, B.A. Scott. The firm was acquired by Merrill Lynch in 1997 Advanced Degree: American University Law School, but continued to manage discretionary client accounts J.D. according to the same risk management philosophy. Year Entered Industry: 1972 L&S Advisors was reestablished as an independent Phone: RIA in 2005 and continues to be owned and operated email: by the two founding partners. Previous Position: - Company: PRODUCT OFFERINGS AND SERVICES - Growth Title: & Income Portfolio Offering Within this portfolio, we believe all types of securities compete in the investment marketplace and that our analysis will lead us to those Mr. Ralph Scott that are most attractive under prevailing and anticipated Current Position: Senior Managing Director, 1979 - conditions. A key component of our strategy is tactical PRESENT diversification defined as making swift concentrated Current Firm: purchases when we see an opportunity present itself. Responsibility: Chief Investment officer This strategy allows us the flexibility within portfolio Professional Accreditation: construction to consider all sectors globally and Education Undergraduate: University of Vermont, B.A. emphasize investments in healthy industries with Advanced Degree: The George Washington University specific stocks and avoid those where we see trouble on Law School, J.D. the horizon. Our investment strategies lack any global, Year Entered Industry: 1972 sector, or capitalization restrictions, and, as a result, we Phone: believe we can excel in a variety of market conditions. email: We not only use our macro global economic view to Previous Position: - select industries and companies to put into a client’s Company: portfolio, but it also helps us to avoid those industries Title: and issuers that are we believe likely to experience excess volatility or otherwise fail to deliver acceptable returns. When the macro global economic conditions MARKETING CONTACT: suggest it is not appropriate to be invested, we significantly overweight cash in order to minimize MR. JORDAN FRIEDMAN downside risk. MANAGING DIRECTOR L&S ADVISORS, INC. BUSINESS OBJECTIVES AND STRATEGY - The 12121 WILSHIRE BLVD., SUITE 1100 offices of L&S Advisors are technologically savvy. LOS ANGELES, CA 90025 We have the current capabilities of managing up to $1 PHONE:310-893-6060 Billion. Our target account size begins at $2 million. FAX:310-893-6070 Every account is separately managed even though the strategies remain consistent. We have the capabilities of holding positions below the line if need be and for INVESTMENT APPROACHES - Growth & Income, qualified clients can run option strategies around Income, Growth, Master Limited Partnership certain positions. LAST MODIFIED ON: 4/6/2011 SENIOR INVESTMENT PROFESSIONALS: Mr. Sy Lippman Current Position: Senior Managing Director, 1979 - PRESENT Current Firm: © 2011 Informa Investment Solutions, Inc., www.informais.com 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