INVESTMENT MANAGEMENT

> Program Overview
> Performance Data

> Investment Methodology
> Glossary
> Risk Disclosure

Conservative Program

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Performance Summary

(returns are net of all fees)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 3.28 (0.61) 2.65%
2008 3.18 (0.60) 3.52 4.71 (1.75) 2.23 (4.29) 6.99 0.55 9.85 (1.01) 0.64 25.83%
2009 5.27 (3.82) (5.73) 3.85 (9.00) (4.53) (4.94) 3.81 1.29 (1.71) 4.43 (0.40) (12.01%)
2010 (2.61) (2.05) 4.16 (2.85) 9.86 2.69 (3.14) 5.46%

PERFORMANCE METRICS

Monthly
Compound ROR (%)
Average Gain (%)
Average Loss (%) 		0.55
4.13
-3.07

Annualized
Compound ROR (%)
Standard Deviation (%)
Gain Deviation (%)
Loss Deviation (%)
Sharpe Ratio (4%)
Sharpe Ratio (0%)
Sortino Ratio (4%)
Sortino Ratio (0%) 		6.81
15.27
9.34
7.92
0.24
0.51
0.38
0.85

Since Inception
Calmar Ratio
Max Drawdown 		0.27
25.19