INVESTMENT MANAGEMENT

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Moderate 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 6.46 (1.15) 5.24%
2008 6.53 (1.06) 7.23 9.58 (3.50) 4.40 (8.50) 14.58 1.19 20.80 (1.93) 1.38 59.00%
2009 11.00 (7.47) (11.39) 7.86 (17.38) (8.87) (9.75) 7.64 2.72 (3.94) 8.81 (0.70) (23.45%)
2010 (4.93) (3.87) 14.94 (5.55) 19.91 5.39 (6.23) 17.58%

PERFORMANCE METRICS

Monthly
Compound ROR (%)
Average Gain (%)
Average Loss (%) 		1.25
8.85
-6.01

Annualized
Compound ROR (%)
Standard Deviation (%)
Gain Deviation (%)
Loss Deviation (%)
Sharpe Ratio (4%)
Sharpe Ratio (0%)
Sortino Ratio (4%)
Sortino Ratio (0%) 		16.06
31.58
20.12
15.45
0.50
0.62
0.85
1.10

Since Inception
Calmar Ratio
Max Drawdown 		0.36
44.59