pod for gs vip hedge fund indices ( q3 2012)

Weighted by No and Value Equally WeightedQ3 Weights Shorts Longs Net S&P500 Relative Q3 Weights Shorts Longs Net S&P500 RelativeConsumer Discretionary -17.7% 17.7% 0.0% 11.0% -11.0% Consumer Discretionary -18.0% 22.0% 4.0% 11.0% -7.0%Consumer Staples -13.5% 2.4% -11.1% 11.0% -22.1% Consumer Staples -14.0% 4.0% -10.0% 11.0% -21.0%Energy -11.6% 7.7% -3.9% 11.0% -14.9% Energy -12.0% 12.0% 0.0% 11.0% -11.0%Financials -7.0% 17.9% 10.9% 14.5% -3.6% Financials -10.0% 16.0% 6.0% 14.5% -8.5%Health Care -17.7% 5.9% -11.9% 12.0% -23.9% Health Care -18.0% 6.0% -12.0% 12.0% -24.0%Industrials -6.7% 5.8% -0.9% 10.0% -10.9% Industrials -8.0% 6.0% -2.0% 10.0% -12.0%Information Technology -13.0% 35.7% 22.7% 20.0% 2.7% Information Technology -8.0% 24.0% 16.0% 20.0% -4.0%Materials -3.4% 4.4% 1.0% 4.0% -3.0% Materials -4.0% 6.0% 2.0% 4.0% -2.0%Telecommunications Servic -8.2% 2.5% -5.7% 3.0% -8.7% Telecommunications Se -6.0% 4.0% -2.0% 3.0% -5.0%Utilities -1.2% 0.0% -1.2% 3.5% -4.7% Utilities -2.0% 0.0% -2.0% 3.5% -5.5%TOTALS -100.00% 100.00% 0.00% 100.00% -100.00% TOTALS -100.00% 100.00% 0.00% 100.00% -100.00%

Q3 Performance Shorts Longs Net S&P500 Relative Q3 Performance Shorts Longs Net S&P500 RelativeConsumer Discretionary -1.5% 2.0% 0.5% 0.7% -0.2% Consumer Discretionary -1.5% 2.3% 0.9% 0.7% 0.1%Consumer Staples 0.2% 0.1% 0.3% 0.4% -0.1% Consumer Staples 0.1% 0.2% 0.3% 0.4% -0.1%Energy -1.3% 0.6% -0.7% 1.1% -1.8% Energy -1.4% 1.0% -0.4% 1.1% -1.6%Financials -0.6% 1.5% 0.9% 0.9% -0.1% Financials -0.9% 1.5% 0.6% 0.9% -0.3%Health Care -1.3% 0.5% -0.9% 0.7% -1.5% Health Care -1.1% 0.4% -0.7% 0.7% -1.4%Industrials -0.2% 0.0% -0.2% 0.3% -0.5% Industrials -0.3% 0.2% -0.1% 0.3% -0.4%Information Technology 1.0% 4.9% 5.9% 1.4% 4.4% Information Technology 0.0% 2.5% 2.5% 1.4% 1.0%Materials -0.2% 0.9% 0.7% 0.2% 0.5% Materials -0.3% 1.1% 0.8% 0.2% 0.6%Telecommunications Servic -0.3% 0.2% -0.1% 0.0% -0.1% Telecommunications Se -0.2% 0.3% 0.1% 0.0% 0.1%Utilities 0.0% 0.0% 0.0% 0.0% 0.0% Utilities 0.0% 0.0% 0.0% 0.0% 0.0%Returns ( Gross ) -4.24% 10.62% 6.38% 5.76% 0.62% Returns ( Gross ) -5.67% 9.61% 3.94% 5.76% -1.83%

Weighted by No and Value Equally Weighted

Q3 Performance Shorts Longs Net S&P500 Relative Q3 Performance Shorts Longs Net S&P500 RelativeReturns ( Gross ) -4.24% 10.62% 6.38% 5.76% 0.62% Returns ( Gross ) -5.67% 9.61% 3.94% 5.76% -1.83%

Fixed Fees 2% 0.50% Fixed Fees 2% 0.50%Performance Fees 20% 1.28% Performance Fees 20% 0.79%Returns ( Net ) 4.61% Returns ( Net ) 2.65%

Long Short Equities Hedge Fund Index 3.27% Long Short Equities Hedge Fund Index 3.27%Emanager Hedge Fund Index 3.73% Emanager Hedge Fund Index 3.73%

HYPOTHETICAL PORTFOLIO

NO CODE SNAME WEIGHT 30-Jun-12 30-Sep-12 RETS CLASS1 INTC Intel Corp. -7.34% 26.65 22.66 -15% Information Technology2 VZ Verizon Com -3.58% 44.44 45.57 3% Telecommunications Services3 GILD Gilead Scien -3.41% 51.28 66.33 29% Health Care4 CVX Chevron Cor -3.07% 105.5 116.56 10% Energy5 DIS Walt Disney -3.07% 48.5 52.28 8% Consumer Discretionary6 T AT&T Inc. -2.90% 35.66 37.7 6% Telecommunications Services7 F Ford Motor C -2.73% 9.59 9.86 3% Consumer Discretionary8 WMT Wal-Mart Sto -2.73% 69.72 73.8 6% Consumer Staples9 CAT Caterpillar -2.56% 84.91 86.04 1% Industrials

10 ISRG Intuitive Sur -2.56% 553.79 495.63 -11% Health Care11 COP ConocoPhilli -2.56% 55.88 57.18 2% Energy12 PG Procter & G -2.39% 61.25 69.36 13% Consumer Staples13 HPQ Hewlett-Pac -2.39% 20.11 17.06 -15% Information Technology14 AMGN Amgen Inc. -2.22% 72.91 84.29 16% Health Care15 BMY Bristol-Myer -2.22% 35.95 33.75 -6% Health Care16 TWX Time Warner -2.22% 38.5 45.34 18% Consumer Discretionary17 MO Altria Group -2.22% 34.55 33.39 -3% Consumer Staples18 MRK Merck & Co I -2.05% 41.75 45.1 8% Health Care19 PXD Pioneer Natu -2.05% 88.21 104.4 18% Energy20 MCD McDonald's -2.05% 88.53 91.75 4% Consumer Discretionary21 DD E.I. DuPont -2.05% 50.57 50.27 -1% Materials22 ORCL Oracle Corp. -1.88% 29.7 31.46 6% Information Technology23 KO Coca-Cola Co -1.88% 78.19 37.93 -51% Consumer Staples24 CMCSA Comcast Cor -1.88% 31.97 35.74 12% Consumer Discretionary25 SYY Sysco Corp. -1.71% 29.81 31.27 5% Consumer Staples26 CTL CenturyLink -1.71% 39.49 40.4 2% Telecommunications Services27 HD Home Depot -1.71% 52.99 60.37 14% Consumer Discretionary28 DE Deere & Co. -1.54% 80.87 82.47 2% Industrials29 MET MetLife Inc. -1.54% 30.85 34.46 12% Financials30 ORLY O'Reilly Aut -1.54% 83.77 83.62 0% Consumer Discretionary31 AVB AvalonBay C -1.54% 141.48 135.99 -4% Financials32 CERN Cerner Corp. -1.54% 82.66 77.39 -6% Health Care33 STX Seagate Tec -1.37% 24.73 30.96 25% Information Technology34 RRC Range Resou -1.37% 61.87 69.87 13% Energy35 TWC Time Warner -1.37% 82.1 95.06 16% Consumer Discretionary36 HNZ H.J. Heinz Co -1.37% 54.38 55.95 3% Consumer Staples37 MCO Moody's Cor -1.37% 36.55 44.17 21% Financials38 LLY Eli Lilly & Co -1.37% 42.91 47.41 10% Health Care39 MMM 3M Co. -1.37% 89.6 92.42 3% Industrials40 MTB M&T Bank Co -1.37% 82.57 95.16 15% Financials41 SWN Southwester -1.37% 31.93 34.78 9% Energy42 NEM Newmont Mi -1.37% 48.51 56.02 15% Materials43 NEE NextEra Ener -1.19% 68.81 70.33 2% Utilities44 AZO AutoZone Inc -1.19% 367.17 369.67 1% Consumer Discretionary45 WAG Walgreen Co -1.19% 29.58 36.44 23% Consumer Staples46 LMT Lockheed Ma -1.19% 87.08 93.38 7% Industrials47 HAL Halliburton -1.19% 28.39 33.69 19% Energy48 PGR Progressive -1.19% 20.83 20.74 0% Financials49 AET Aetna Inc. -1.19% 38.77 39.6 2% Health Care50 MYL Mylan Inc. -1.19% 21.37 24.37 14% Health Care

-100.00% -4.24%

Peter Urbani:Can be any arbitrary period

I2

Peter Urbani: Can be any arbitrary period

TOTAL Main Sector ("GICS")### ###

Actual -4.24% ###Consumer D #VALUE! #VALUE!Consumer #VALUE! #VALUE! #VALUE! ### ###Energy #VALUE! #VALUE! #VALUE! ### ###Financials #VALUE! #VALUE! #VALUE! ### ###Health Car #VALUE! #VALUE! #VALUE! ### ###Industrials #VALUE! #VALUE! #VALUE! ### ###Informatio #VALUE! #VALUE! #VALUE! ### ###Materials #VALUE! #VALUE! #VALUE! ### ###Telecommun #VALUE! #VALUE! #VALUE! ### ###Utilities #VALUE! #VALUE!

#VALUE!1.00 ###0.99 ###0.97 ###0.95 ###0.90 ###0.85 ###0.80 ###0.75 ###0.70 ###0.65 ###0.60 ###0.55 ###0.50 ###0.45 ###0.40 ###0.35 ###0.30 ###0.25 ###0.20 ###0.15 ###0.10 ###0.05 ###0.03 ###0.00 ###

TOTAL Main Sector ("GICS")### IT

Actual -4.2% ###

#VALUE! ### ####VALUE! ### ####VALUE! ### ####VALUE! ### ####VALUE! ### ####VALUE! ### ###

4.00% 6.00% 8.00% 10.00% 12.00%0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00POD Shorts

#VALUE! IT FIN IND HCARE CONS DISC

ENRGY MTRLS TELE CONS DUR

1%

0%

#VALUE! ### ####VALUE! ### ###

Min (pos) ### ###First (neg) ### ###Third Quarti ### ###Second ### ###Third ### ###First Quarti ### ###

Weights Market 0.0% 21%Portfolio 0.0% ###

SECT SIZE STYLE L UInformation Technology -100 100Telecommunications Services -100 100Health Care -100 100

-100 100Consumer Discretionary -100 100Telecommunications Services -100 100Consumer Discretionary -100 100Consumer Staples -100 100Industrials -100 100Health Care -100 100

-100 100Consumer Staples -100 100Information Technology -100 100Health Care -100 100Health Care -100 100Consumer Discretionary -100 100Consumer Staples -100 100Health Care -100 100

-100 100Consumer Discretionary -100 100Materials -100 100Information Technology -100 100Consumer Staples -100 100Consumer Discretionary -100 100Consumer Staples -100 100Telecommunications Services -100 100Consumer Discretionary -100 100Industrials -100 100Financials -100 100Consumer Discretionary -100 100Financials -100 100Health Care -100 100Information Technology -100 100

-100 100Consumer Discretionary -100 100Consumer Staples -100 100Financials -100 100Health Care -100 100Industrials -100 100Financials -100 100

-100 100Materials -100 100

-100 100Consumer Discretionary -100 100Consumer Staples -100 100Industrials -100 100

-100 100Financials -100 100Health Care -100 100Health Care -100 100


Peter Urbani:If you change upper or lower limit it will update dynamically

O4

Peter Urbani: If you change upper or lower limit it will update dynamically

Main Sector ("GICS")### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### < Actual perf attribution - will probably build this into v2

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### <POD5 Array function### ### ### ### ### ### ### ### <Note you can add or delete types at runtime### ### ### ### ### ### ### ### < eg add MICRO to size vector (L4:L230### ### ### ### ### ### ### ### <you can omit types on the same basis### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### < Note array formula use CTRL-SHIFT-ENTER### ### ### ### ### ### ### ###

Avg POD### ###### 0### ###### 0

Actual Perf-4.24% ###-4.24% 0

### ###### 0.00%

Bmk5.76% ###5.76% 0

### 5.76%### 0.00%

Main Sector ("GICS")FIN IND HCARE CONS DENRGYMTRLS TELE CONS DUR

### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###



1%

0%

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###

15% 10% 12% 11% 11% 4% 3% 11% 100.0%### ### ### ### ### ### ### ### #VALUE!

< Actual perf attribution - will probably build this into v2

<POD5 Array function<Note you can add or delete types at runtime< eg add MICRO to size vector (L4:L230<you can omit types on the same basis

< Note array formula use CTRL-SHIFT-ENTER

HYPOTHETICAL PORTFOLIO

NO CODE SNAME WEIGHT 30-Jun-12 30-Sep-12 RETS CLASS1 AAPL Apple Inc. 9.86% 584 667.1 14% Information Technology2 GOOG Google Inc. 6.88% 580.07 754.5 30% Information Technology3 AIG American Int 6.52% 32.09 32.79 2% Financials4 MSFT Microsoft Co 3.53% 30.59 29.76 -3% Information Technology5 PCLN priceline.co 2.81% 664.52 619.07 -7% Industrials6 QCOM QUALCOMM I 2.71% 55.68 62.47 12% Information Technology7 C Citigroup Inc 2.62% 27.41 32.72 19% Financials8 JPM JPMorgan Ch 2.44% 35.73 40.48 13% Financials9 ESRX Express Scri 2.35% 55.83 62.63 12% Health Care

10 V Visa Inc. 2.35% 123.63 134.28 9% Information Technology11 PFE Pfizer Inc. 2.26% 23 24.85 8% Health Care12 LMCA Liberty Medi 2.08% 87.91 104.08 18% Consumer Discretionary13 YHOO Yahoo! Inc. 1.99% 15.83 15.98 1% Information Technology14 APC Anadarko Pe 1.90% 66.2 69.92 6% Energy15 GM General Moto 1.90% 19.72 22.75 15% Consumer Discretionary16 TYC Tyco Interna 1.90% 52.85 56.26 6% Industrials17 DG Dollar Gener 1.81% 54.39 51.54 -5% Consumer Discretionary18 EQIX Equinix Inc. 1.81% 175.65 206.05 17% Information Technology19 LYB LyondellBasel 1.81% 40.27 51.66 28% Materials20 NWSA News Corp. 1.81% 22.29 24.51 10% Consumer Discretionary21 AMZN Amazon.com 1.72% 228.35 254.32 11% Consumer Discretionary22 DLPH Delphi Auto 1.72% 25.5 31 22% Consumer Discretionary23 EBAY eBay Inc. 1.72% 42.01 48.37 15% Information Technology24 LINTA Liberty Inter 1.63% 17.78 18.5 4% Consumer Discretionary25 VC Visteon Corp 1.63% 37.5 44.46 19% Consumer Discretionary26 WFC Wells Fargo 1.45% 33.44 34.53 3% Financials27 COF Capital One 1.36% 54.66 57.01 4% Financials28 CSCO Cisco Syste 1.36% 17.17 19.1 11% Information Technology29 FCX Freeport-Mc 1.36% 34.07 39.58 16% Materials30 SLB Schlumberge 1.36% 64.91 72.33 11% Energy31 ABX Barrick Gold 1.27% 37.57 41.76 11% Materials32 BAC Bank of Ame 1.27% 8.18 8.83 8% Financials33 CHTR Charter Comm 1.27% 70.87 75.06 6% Telecommunications Services34 HTZ Hertz Global 1.27% 12.8 13.73 7% Consumer Discretionary35 JNJ Johnson & J 1.27% 67.56 68.91 2% Health Care36 MDLZ Mondelez Int 1.27% 38.62 41.35 7% Consumer Staples37 SBAC SBA Communi 1.27% 57.05 62.9 10% Telecommunications Services38 BP BP PLC ADS 1.18% 40.54 42.36 4% Energy39 BRK-B Berkshire H 1.18% 83.33 88.2 6% Financials40 IBM Internationa 1.18% 195.58 207.45 6% Information Technology41 MA MasterCard 1.18% 430.11 451.48 5% Information Technology42 C CIT Group In 1.09% 27.41 32.72 19% Financials43 DTV DIRECTV 1.09% 48.82 52.44 7% Consumer Discretionary44 EMC EMC Corp. 1.09% 25.63 27.27 6% Information Technology45 GE General Elec 1.09% 20.84 22.71 9% Industrials46 MPC Marathon Pe 1.09% 44.92 54.59 22% Energy47 OXY Occidental P 1.09% 85.77 86.06 0% Energy48 PM Philip Morris 1.09% 87.26 89.94 3% Consumer Staples49 SIX Six Flags En 1.09% 54.18 58.8 9% Consumer Discretionary50 XOM Exxon Mobil 1.09% 85.57 91.45 7% Energy

100.00% 10.62%


Peter Urbani:Therse can be N arbitrary classifications. If you change one the array function will automatically updateeg change FOR to FORNZ

I2


J13

Peter Urbani: Therse can be N arbitrary classifications. If you change one the array function will automatically update eg change FOR to FORNZ

TOTAL Main Sector ("GICS")### ###

Actual 10.62% ###Consumer D #VALUE! #VALUE!Consumer #VALUE! #VALUE! #VALUE! ### ###Energy #VALUE! #VALUE! #VALUE! ### ###Financials #VALUE! #VALUE! #VALUE! ### ###Health Car #VALUE! #VALUE! #VALUE! ### ###Industrials #VALUE! #VALUE! #VALUE! ### ###Informatio #VALUE! #VALUE! #VALUE! ### ###Materials #VALUE! #VALUE! #VALUE! ### ###Telecommun #VALUE! #VALUE! #VALUE! ### ###Utilities #VALUE! #VALUE!

#VALUE!1.00 ###0.99 ###0.97 ###0.95 ###0.90 ###0.85 ###0.80 ###0.75 ###0.70 ###0.65 ###0.60 ###0.55 ###0.50 ###0.45 ###0.40 ###0.35 ###0.30 ###0.25 ###0.20 ###0.15 ###0.10 ###0.05 ###0.03 ###0.00 ###

TOTAL Main Sector ("GICS")### IT

Actual 10.6% ###

#VALUE! ### ####VALUE! ### ####VALUE! ### ####VALUE! ### ####VALUE! ### ####VALUE! ### ###

4.00% 6.00% 8.00% 10.00% 12.00%0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00POD Longs



0%

5%

10%

15%

0%

#VALUE! ### ####VALUE! ### ###

Min (pos) ### ###First (neg) ### ###Third Quarti ### ###Second ### ###Third ### ###First Quarti ### ###

Weights Market 0.0% 21%Portfolio 0.0% ###

SECT SIZE STYLE L UInformation Technology 0 100Information Technology 0 100Financials 0 100Information Technology 0 100Industrials 0 100Information Technology 0 100Financials 0 100Financials 0 100Health Care 0 100Information Technology 0 100Health Care 0 100Consumer Discretionary 0 100Information Technology 0 100

0 100Consumer Discretionary 0 100Industrials 0 100Consumer Discretionary 0 100Information Technology 0 100Materials 0 100Consumer Discretionary 0 100Consumer Discretionary 0 100Consumer Discretionary 0 100Information Technology 0 100Consumer Discretionary 0 100Consumer Discretionary 0 100Financials 0 100Financials 0 100Information Technology 0 100Materials 0 100

0 100Materials 0 100Financials 0 100Telecommunications Services 0 100Consumer Discretionary 0 100Health Care 0 100Consumer Staples 0 100Telecommunications Services 0 100

0 100Financials 0 100Information Technology 0 100Information Technology 0 100Financials 0 100Consumer Discretionary 0 100Information Technology 0 100Industrials 0 100

0 1000 100

Consumer Staples 0 100Consumer Discretionary 0 100

0 100




O4


Main Sector ("GICS")### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### < Actual perf attribution - will probably build this into v2

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### <POD5 Array function### ### ### ### ### ### ### ### <Note you can add or delete types at runtime### ### ### ### ### ### ### ### < eg add MICRO to size vector (L4:L230### ### ### ### ### ### ### ### <you can omit types on the same basis### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### < Note array formula use CTRL-SHIFT-ENTER### ### ### ### ### ### ### ###

Avg POD### ###### 0### ###### 0

Actual Perf10.62% ###10.62% 0

### ###### 0.00%

Bmk5.76% ###5.76% 0

### 5.76%### 0.00%

Main Sector ("GICS")FIN IND HCARE CONS DENRGYMTRLS TELE CONS DUR

### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###



0%

5%

10%

15%

0%

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###### ### ### ### ### ### ### ###

15% 10% 12% 11% 11% 4% 3% 11% 100.0%### ### ### ### ### ### ### ### #VALUE!

3.47% HYPOTHETICAL PORTFOLIO

Contrib to Q3 Return NO CODE SNAME WEIGHT 30-Jun-12 30-Sep-12 RETS1.40% 1 AAPL Apple Inc. 9.86% 584 667.1 14%2.07% 2 GOOG Google Inc. 6.88% 580.07 754.5 30%0.14% 3 AIG American Intl Group 6.52% 32.09 32.79 2%

-0.10% 4 MSFT Microsoft Corp. 3.53% 30.59 29.76 -3%-0.19% 5 PCLN priceline.com 2.81% 664.52 619.07 -7%0.33% 6 QCOM QUALCOMM Inc. 2.71% 55.68 62.47 12%0.51% 7 C Citigroup Inc. 2.62% 27.41 32.72 19%0.32% 8 JPM JPMorgan Chase 2.44% 35.73 40.48 13%0.29% 9 ESRX Express Scripts Holding C 2.35% 55.83 62.63 12%0.20% 10 V Visa Inc. 2.35% 123.63 134.28 9%0.18% 11 PFE Pfizer Inc. 2.26% 23 24.85 8%0.38% 12 LMCA Liberty Media Corp 2.08% 87.91 104.08 18%0.02% 13 YHOO Yahoo! Inc. 1.99% 15.83 15.98 1%0.11% 14 APC Anadarko Petroleum 1.90% 66.2 69.92 6%0.29% 15 GM General Motors Co. 1.90% 19.72 22.75 15%0.12% 16 TYC Tyco International 1.90% 52.85 56.26 6%

-0.09% 17 DG Dollar General Corp. 1.81% 54.39 51.54 -5%0.31% 18 EQIX Equinix Inc. 1.81% 175.65 206.05 17%0.51% 19 LYB LyondellBasell Industries 1.81% 40.27 51.66 28%0.18% 20 NWSA News Corp. 1.81% 22.29 24.51 10%0.20% 21 AMZN Amazon.com 1.72% 228.35 254.32 11%0.37% 22 DLPH Delphi Automotive PLC 1.72% 25.5 31 22%0.26% 23 EBAY eBay Inc. 1.72% 42.01 48.37 15%0.07% 24 LINTA Liberty Interactive Corp. I 1.63% 17.78 18.5 4%0.30% 25 VC Visteon Corp. 1.63% 37.5 44.46 19%0.05% 26 WFC Wells Fargo & Co. 1.45% 33.44 34.53 3%0.06% 27 COF Capital One Financial 1.36% 54.66 57.01 4%0.15% 28 CSCO Cisco Systems 1.36% 17.17 19.1 11%0.22% 29 FCX Freeport-McMoRan Cp & 1.36% 34.07 39.58 16%0.16% 30 SLB Schlumberger Ltd. 1.36% 64.91 72.33 11%0.14% 31 ABX Barrick Gold Corp. 1.27% 37.57 41.76 11%0.10% 32 BAC Bank of America 1.27% 8.18 8.83 8%0.07% 33 CHTR Charter Communications I 1.27% 70.87 75.06 6%0.09% 34 HTZ Hertz Global Holdings Inc. 1.27% 12.8 13.73 7%0.03% 35 JNJ Johnson & Johnson 1.27% 67.56 68.91 2%0.09% 36 MDLZ Mondelez Intl 1.27% 38.62 41.35 7%0.13% 37 SBAC SBA Communications Cor 1.27% 57.05 62.9 10%0.05% 38 BP BP PLC ADS 1.18% 40.54 42.36 4%0.07% 39 BRK-B Berkshire Hathaway 1.18% 83.33 88.2 6%0.07% 40 IBM International Bus. Machin 1.18% 195.58 207.45 6%0.06% 41 MA MasterCard 1.18% 430.11 451.48 5%0.21% 42 C CIT Group Inc. 1.09% 27.41 32.72 19%0.08% 43 DTV DIRECTV 1.09% 48.82 52.44 7%0.07% 44 EMC EMC Corp. 1.09% 25.63 27.27 6%0.10% 45 GE General Electric 1.09% 20.84 22.71 9%0.23% 46 MPC Marathon Petroleum 1.09% 44.92 54.59 22%0.00% 47 OXY Occidental Petroleum 1.09% 85.77 86.06 0%0.03% 48 PM Philip Morris Intl 1.09% 87.26 89.94 3%0.09% 49 SIX Six Flags Entertainment C 1.09% 54.18 58.8 9%0.07% 50 XOM Exxon Mobil Corp. 1.09% 85.57 91.45 7%1.10% 51 INTC Intel Corp. -7.34% 26.65 22.66 -15%


I2


-0.09% 52 VZ Verizon Communication -3.58% 44.44 45.57 3%-1.00% 53 GILD Gilead Sciences -3.41% 51.28 66.33 29%-0.32% 54 CVX Chevron Corp. -3.07% 105.5 116.56 10%-0.24% 55 DIS Walt Disney -3.07% 48.5 52.28 8%-0.17% 56 T AT&T Inc. -2.90% 35.66 37.7 6%-0.08% 57 F Ford Motor Co. -2.73% 9.59 9.86 3%-0.16% 58 WMT Wal-Mart Stores -2.73% 69.72 73.8 6%-0.03% 59 CAT Caterpillar -2.56% 84.91 86.04 1%0.27% 60 ISRG Intuitive Surgical -2.56% 553.79 495.63 -11%

-0.06% 61 COP ConocoPhillips -2.56% 55.88 57.18 2%-0.32% 62 PG Procter & Gamble -2.39% 61.25 69.36 13%0.36% 63 HPQ Hewlett-Packard -2.39% 20.11 17.06 -15%

-0.35% 64 AMGN Amgen Inc. -2.22% 72.91 84.29 16%0.14% 65 BMY Bristol-Myers Squibb -2.22% 35.95 33.75 -6%

-0.39% 66 TWX Time Warner -2.22% 38.5 45.34 18%0.07% 67 MO Altria Group -2.22% 34.55 33.39 -3%

-0.16% 68 MRK Merck & Co Inc -2.05% 41.75 45.1 8%-0.38% 69 PXD Pioneer Natural Resour -2.05% 88.21 104.4 18%-0.07% 70 MCD McDonald's Corp. -2.05% 88.53 91.75 4%0.01% 71 DD E.I. DuPont -2.05% 50.57 50.27 -1%

-0.11% 72 ORCL Oracle Corp. -1.88% 29.7 31.46 6%0.97% 73 KO Coca-Cola Co. -1.88% 78.19 37.93 -51%

-0.22% 74 CMCSA Comcast Corp. -1.88% 31.97 35.74 12%-0.08% 75 SYY Sysco Corp. -1.71% 29.81 31.27 5%-0.04% 76 CTL CenturyLink -1.71% 39.49 40.4 2%-0.24% 77 HD Home Depot -1.71% 52.99 60.37 14%-0.03% 78 DE Deere & Co. -1.54% 80.87 82.47 2%-0.18% 79 MET MetLife Inc. -1.54% 30.85 34.46 12%0.00% 80 ORLY O'Reilly Automotive -1.54% 83.77 83.62 0%0.06% 81 AVB AvalonBay Communitie -1.54% 141.48 135.99 -4%0.10% 82 CERN Cerner Corp. -1.54% 82.66 77.39 -6%

-0.34% 83 STX Seagate Technology -1.37% 24.73 30.96 25%-0.18% 84 RRC Range Resources -1.37% 61.87 69.87 13%-0.22% 85 TWC Time Warner Cable -1.37% 82.1 95.06 16%-0.04% 86 HNZ H.J. Heinz Co. -1.37% 54.38 55.95 3%-0.28% 87 MCO Moody's Corp. -1.37% 36.55 44.17 21%-0.14% 88 LLY Eli Lilly & Co. -1.37% 42.91 47.41 10%-0.04% 89 MMM 3M Co. -1.37% 89.6 92.42 3%-0.21% 90 MTB M&T Bank Corp. -1.37% 82.57 95.16 15%-0.12% 91 SWN Southwestern Energy -1.37% 31.93 34.78 9%-0.21% 92 NEM Newmont Mining -1.37% 48.51 56.02 15%-0.03% 93 NEE NextEra Energy Inc -1.19% 68.81 70.33 2%-0.01% 94 AZO AutoZone Inc. -1.19% 367.17 369.67 1%-0.28% 95 WAG Walgreen Co. -1.19% 29.58 36.44 23%-0.09% 96 LMT Lockheed Martin -1.19% 87.08 93.38 7%-0.22% 97 HAL Halliburton -1.19% 28.39 33.69 19%0.01% 98 PGR Progressive Corp. -1.19% 20.83 20.74 0%

-0.03% 99 AET Aetna Inc. -1.19% 38.77 39.6 2%-0.17% -0.39% ### MYL Mylan Inc. -1.19% 21.37 24.37 14%6.38% 0.00% 6.38%

TOTAL###

Actual 6.38%

Consumer D #VALUE! #VALUE!Consumer #VALUE! #VALUE! #VALUE! ###Energy #VALUE! #VALUE! #VALUE! ###Financials #VALUE! #VALUE! #VALUE! ###Health Car #VALUE! #VALUE! #VALUE! ###Industrials #VALUE! #VALUE! #VALUE! ###Informatio #VALUE! #VALUE! #VALUE! ###Materials #VALUE! #VALUE! #VALUE! ###Telecommun #VALUE! #VALUE! #VALUE! ###Utilities #VALUE! #VALUE!

#VALUE! #VALUE!1.00 ###0.99 ###0.97 ###0.95 ###0.90 ###0.85 ###0.80 ###0.75 ###0.70 ###0.65 ###0.60 ###0.55 ###0.50 ###0.45 ###0.40 ###0.35 ###0.30 ###0.25 ###0.20 ###0.15 ###0.10 ###0.05 ###0.03 ###0.00 ###

TOTAL###

Actual 6.4%

#VALUE! ####VALUE! ####VALUE! ####VALUE! ####VALUE! ####VALUE! ####VALUE! ####VALUE! ###

Min (pos) ###

4.00% 6.00% 8.00% 10.00% 12.00%0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00POD Long / Short

First (neg) ###Third Quarti ###Second ###Third ###First Quartil ###

Weights Market 0.0%Portfolio 0.0%

CLASS SECT SIZE STYLE L UInformation Technology -100 100Information Technology -100 100Financials -100 100Information Technology -100 100Industrials -100 100Information Technology -100 100Financials -100 100Financials -100 100Health Care -100 100Information Technology -100 100Health Care -100 100Consumer Discretionary -100 100Information Technology -100 100Energy -100 100Consumer Discretionary -100 100Industrials -100 100Consumer Discretionary -100 100Information Technology -100 100Materials -100 100Consumer Discretionary -100 100Consumer Discretionary -100 100Consumer Discretionary -100 100Information Technology -100 100Consumer Discretionary -100 100Consumer Discretionary -100 100Financials -100 100Financials -100 100Information Technology -100 100Materials -100 100Energy -100 100Materials -100 100Financials -100 100Telecommunications Services -100 100Consumer Discretionary -100 100Health Care -100 100Consumer Staples -100 100Telecommunications Services -100 100Energy -100 100Financials -100 100Information Technology -100 100Information Technology -100 100Financials -100 100Consumer Discretionary -100 100Information Technology -100 100Industrials -100 100Energy -100 100Energy -100 100Consumer Staples -100 100Consumer Discretionary -100 100Energy -100 100Information Technology -100 100




O4


J13

Peter Urbani: Therse can be N arbitrary classifications. If you change one the array function will automatically update eg change FOR to FORNZ

Telecommunications Services -100 100Health Care -100 100Energy -100 100Consumer Discretionary -100 100Telecommunications Services -100 100Consumer Discretionary -100 100Consumer Staples -100 100Industrials -100 100Health Care -100 100Energy -100 100Consumer Staples -100 100Information Technology -100 100Health Care -100 100Health Care -100 100Consumer Discretionary -100 100Consumer Staples -100 100Health Care -100 100Energy -100 100Consumer Discretionary -100 100Materials -100 100Information Technology -100 100Consumer Staples -100 100Consumer Discretionary -100 100Consumer Staples -100 100Telecommunications Services -100 100Consumer Discretionary -100 100Industrials -100 100Financials -100 100Consumer Discretionary -100 100Financials -100 100Health Care -100 100Information Technology -100 100Energy -100 100Consumer Discretionary -100 100Consumer Staples -100 100Financials -100 100Health Care -100 100Industrials -100 100Financials -100 100Energy -100 100Materials -100 100Utilities -100 100Consumer Discretionary -100 100Consumer Staples -100 100Industrials -100 100Energy -100 100Financials -100 100Health Care -100 100Health Care -100 100

Main Sector ("GICS")### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###

Avg POD### ###### 0### ###### 0

Actual Perf6.38% ###6.38% 0

### 6.38%### 0.00%

Bmk5.76% ###5.76% 0

### 5.76%### 0.00%

Main Sector ("GICS")IT FIN IND HCARE CONS DENRGYMTRLS TELE CONS DUR

### ### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###

### ### ### ### ### ### ### ### ###



0%

5%

10%

0%

### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###### ### ### ### ### ### ### ### ###

21% 15% 10% 12% 11% 11% 4% 3% 11%### ### ### ### ### ### ### ### ###





0%

5%

10%

0%

100.0%#VALUE!

Portfolio Opportunity Distributions

http://www.ppca-inc.com/

When viewing the report, there are a couple of key points to understand. The graph may appear confusing at first, but once defined it provides a simple summary of the attribution data. The orange bars demonstrate how much of your portfolio was allocated to a particular sector at the beginning of the given period. The blue and green floating bars represent the range of returns that were likely for each sector over the given period. These bars are known as Portfolio Opportunity Distributions (PODS)- we define PODs at the end of this article. Finally, the gray circle represents the actual return for your portfolio in a particular sector for the given period. You can easily see how well you performed versus what you might have been expected to do, given your sector orientation.

In all, you would like to see your circle appear near the top half of the POD, or even above it. This shows you that your stock selection is high- or more simply, it says that you are performing even better than could have been expected. Also, you would want to see that you are allocated most heavily to the sectors where your performance is the strongest.

The data behind the bar chart graph can be found in a table format within the Attribution report:

http://www.ppca-inc.com/

No and Value CentroidLong Short Long Short Long Short Long Short

1 9.86% 9.86% -7.34% 3.92% 3.92% -3.92%2 6.88% 6.88% -3.58% 3.57% 3.57% -3.57%3 6.52% 6.52% -3.41% 3.38% 3.38% -3.38%4 3.53% 3.53% -3.07% 3.24% 3.24% -3.24%5 2.81% 2.81% -3.07% 3.12% 3.12% -3.12%6 2.71% 2.71% -2.90% 3.03% 3.03% -3.03%7 2.62% 2.62% -2.73% 2.94% 2.94% -2.94%8 2.44% 2.44% -2.73% 2.87% 2.87% -2.87%9 2.35% 2.35% -2.56% 2.80% 2.80% -2.80%

10 2.35% 2.35% -2.56% 2.73% 2.73% -2.73%11 2.26% 2.26% -2.56% 2.67% 2.67% -2.67%12 2.08% 2.08% -2.39% 2.61% 2.61% -2.61%13 1.99% 1.99% -2.39% 2.56% 2.56% -2.56%14 1.90% 1.90% -2.22% 2.50% 2.50% -2.50%15 1.90% 1.90% -2.22% 2.45% 2.45% -2.45%16 1.90% 1.90% -2.22% 2.40% 2.40% -2.40%17 1.81% 1.81% -2.22% 2.36% 2.36% -2.36%18 1.81% 1.81% -2.05% 2.31% 2.31% -2.31%19 1.81% 1.81% -2.05% 2.26% 2.26% -2.26%20 1.81% 1.81% -2.05% 2.22% 2.22% -2.22%21 1.72% 1.72% -2.05% 2.18% 2.18% -2.18%22 1.72% 1.72% -1.88% 2.13% 2.13% -2.13%23 1.72% 1.72% -1.88% 2.09% 2.09% -2.09%24 1.63% 1.63% -1.88% 2.05% 2.05% -2.05%25 1.63% 1.63% -1.71% 2.00% 2.00% -2.00%26 1.45% 1.45% -1.71% 1.96% 1.96% -1.96%27 1.36% 1.36% -1.71% 1.92% 1.92% -1.92%28 1.36% 1.36% -1.54% 1.88% 1.88% -1.88%29 1.36% 1.36% -1.54% 1.83% 1.83% -1.83%30 1.36% 1.36% -1.54% 1.79% 1.79% -1.79%31 1.27% 1.27% -1.54% 1.75% 1.75% -1.75%32 1.27% 1.27% -1.54% 1.70% 1.70% -1.70%33 1.27% 1.27% -1.37% 1.66% 1.66% -1.66%34 1.27% 1.27% -1.37% 1.61% 1.61% -1.61%35 1.27% 1.27% -1.37% 1.57% 1.57% -1.57%36 1.27% 1.27% -1.37% 1.52% 1.52% -1.52%37 1.27% 1.27% -1.37% 1.47% 1.47% -1.47%38 1.18% 1.18% -1.37% 1.42% 1.42% -1.42%39 1.18% 1.18% -1.37% 1.37% 1.37% -1.37%40 1.18% 1.18% -1.37% 1.31% 1.31% -1.31%41 1.18% 1.18% -1.37% 1.25% 1.25% -1.25%42 1.09% 1.09% -1.37% 1.19% 1.19% -1.19%43 1.09% 1.09% -1.19% 1.13% 1.13% -1.13%44 1.09% 1.09% -1.19% 1.06% 1.06% -1.06%45 1.09% 1.09% -1.19% 0.98% 0.98% -0.98%46 1.09% 1.09% -1.19% 0.89% 0.89% -0.89%47 1.09% 1.09% -1.19% 0.80% 0.80% -0.80%48 1.09% 1.09% -1.19% 0.68% 0.68% -0.68%49 1.09% 1.09% -1.19% 0.54% 0.54% -0.54%50 1.09% 1.09% -1.19% 0.35% 0.35% -0.35%51 -7.34% -3.92%52 -3.58% -3.57%

53 -3.41% -3.38%54 -3.07% -3.24%55 -3.07% -3.12%56 -2.90% -3.03%57 -2.73% -2.94%58 -2.73% -2.87%59 -2.56% -2.80%60 -2.56% -2.73%61 -2.56% -2.67%62 -2.39% -2.61%63 -2.39% -2.56%64 -2.22% -2.50%65 -2.22% -2.45%66 -2.22% -2.40%67 -2.22% -2.36%68 -2.05% -2.31%69 -2.05% -2.26%70 -2.05% -2.22%71 -2.05% -2.18%72 -1.88% -2.13%73 -1.88% -2.09%74 -1.88% -2.05%75 -1.71% -2.00%76 -1.71% -1.96%77 -1.71% -1.92%78 -1.54% -1.88%79 -1.54% -1.83%80 -1.54% -1.79%81 -1.54% -1.75%82 -1.54% -1.70%83 -1.37% -1.66%84 -1.37% -1.61%85 -1.37% -1.57%86 -1.37% -1.52%87 -1.37% -1.47%88 -1.37% -1.42%89 -1.37% -1.37%90 -1.37% -1.31%91 -1.37% -1.25%92 -1.37% -1.19%93 -1.19% -1.13%94 -1.19% -1.06%95 -1.19% -0.98%96 -1.19% -0.89%97 -1.19% -0.80%98 -1.19% -0.68%99 -1.19% -0.54%

100 -1.19% -0.35%

123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

No and Value

Centroid

Equally Weighted

Equally Weighted No and ValCentroid Equally WeightedLong Short Long Short 1 9.86% 3.92% 2.00%

2.00% 2% -2% 2 6.88% 3.57% 2.00%2.00% 2% -2% 3 6.52% 3.38% 2.00%2.00% 2% -2% 4 3.53% 3.24% 2.00%2.00% 2% -2% 5 2.81% 3.12% 2.00%2.00% 2% -2% 6 2.71% 3.03% 2.00%2.00% 2% -2% 7 2.62% 2.94% 2.00%2.00% 2% -2% 8 2.44% 2.87% 2.00%2.00% 2% -2% 9 2.35% 2.80% 2.00%2.00% 2% -2% 10 2.35% 2.73% 2.00%2.00% 2% -2% 11 2.26% 2.67% 2.00%2.00% 2% -2% 12 2.08% 2.61% 2.00%2.00% 2% -2% 13 1.99% 2.56% 2.00%2.00% 2% -2% 14 1.90% 2.50% 2.00%2.00% 2% -2% 15 1.90% 2.45% 2.00%2.00% 2% -2% 16 1.90% 2.40% 2.00%2.00% 2% -2% 17 1.81% 2.36% 2.00%2.00% 2% -2% 18 1.81% 2.31% 2.00%2.00% 2% -2% 19 1.81% 2.26% 2.00%2.00% 2% -2% 20 1.81% 2.22% 2.00%2.00% 2% -2% 21 1.72% 2.18% 2.00%2.00% 2% -2% 22 1.72% 2.13% 2.00%2.00% 2% -2% 23 1.72% 2.09% 2.00%2.00% 2% -2% 24 1.63% 2.05% 2.00%2.00% 2% -2% 25 1.63% 2.00% 2.00%2.00% 2% -2% 26 1.45% 1.96% 2.00%2.00% 2% -2% 27 1.36% 1.92% 2.00%2.00% 2% -2% 28 1.36% 1.88% 2.00%2.00% 2% -2% 29 1.36% 1.83% 2.00%2.00% 2% -2% 30 1.36% 1.79% 2.00%2.00% 2% -2% 31 1.27% 1.75% 2.00%2.00% 2% -2% 32 1.27% 1.70% 2.00%2.00% 2% -2% 33 1.27% 1.66% 2.00%2.00% 2% -2% 34 1.27% 1.61% 2.00%2.00% 2% -2% 35 1.27% 1.57% 2.00%2.00% 2% -2% 36 1.27% 1.52% 2.00%2.00% 2% -2% 37 1.27% 1.47% 2.00%2.00% 2% -2% 38 1.18% 1.42% 2.00%2.00% 2% -2% 39 1.18% 1.37% 2.00%2.00% 2% -2% 40 1.18% 1.31% 2.00%2.00% 2% -2% 41 1.18% 1.25% 2.00%2.00% 2% -2% 42 1.09% 1.19% 2.00%2.00% 2% -2% 43 1.09% 1.13% 2.00%2.00% 2% -2% 44 1.09% 1.06% 2.00%2.00% 2% -2% 45 1.09% 0.98% 2.00%2.00% 2% -2% 46 1.09% 0.89% 2.00%2.00% 2% -2% 47 1.09% 0.80% 2.00%2.00% 2% -2% 48 1.09% 0.68% 2.00%2.00% 2% -2% 49 1.09% 0.54% 2.00%2.00% 2% -2% 50 1.09% 0.35% 2.00%2.00% 2% -2% 51 -7.34% -3.92% -2.00%

-2.00% 52 -3.58% -3.57% -2.00%-2.00% 53 -3.41% -3.38% -2.00%

-2.00% 54 -3.07% -3.24% -2.00%-2.00% 55 -3.07% -3.12% -2.00%-2.00% 56 -2.90% -3.03% -2.00%-2.00% 57 -2.73% -2.94% -2.00%-2.00% 58 -2.73% -2.87% -2.00%-2.00% 59 -2.56% -2.80% -2.00%-2.00% 60 -2.56% -2.73% -2.00%-2.00% 61 -2.56% -2.67% -2.00%-2.00% 62 -2.39% -2.61% -2.00%-2.00% 63 -2.39% -2.56% -2.00%-2.00% 64 -2.22% -2.50% -2.00%-2.00% 65 -2.22% -2.45% -2.00%-2.00% 66 -2.22% -2.40% -2.00%-2.00% 67 -2.22% -2.36% -2.00%-2.00% 68 -2.05% -2.31% -2.00%-2.00% 69 -2.05% -2.26% -2.00%-2.00% 70 -2.05% -2.22% -2.00%-2.00% 71 -2.05% -2.18% -2.00%-2.00% 72 -1.88% -2.13% -2.00%-2.00% 73 -1.88% -2.09% -2.00%-2.00% 74 -1.88% -2.05% -2.00%-2.00% 75 -1.71% -2.00% -2.00%-2.00% 76 -1.71% -1.96% -2.00%-2.00% 77 -1.71% -1.92% -2.00%-2.00% 78 -1.54% -1.88% -2.00%-2.00% 79 -1.54% -1.83% -2.00%-2.00% 80 -1.54% -1.79% -2.00%-2.00% 81 -1.54% -1.75% -2.00%-2.00% 82 -1.54% -1.70% -2.00%-2.00% 83 -1.37% -1.66% -2.00%-2.00% 84 -1.37% -1.61% -2.00%-2.00% 85 -1.37% -1.57% -2.00%-2.00% 86 -1.37% -1.52% -2.00%-2.00% 87 -1.37% -1.47% -2.00%-2.00% 88 -1.37% -1.42% -2.00%-2.00% 89 -1.37% -1.37% -2.00%-2.00% 90 -1.37% -1.31% -2.00%-2.00% 91 -1.37% -1.25% -2.00%-2.00% 92 -1.37% -1.19% -2.00%-2.00% 93 -1.19% -1.13% -2.00%-2.00% 94 -1.19% -1.06% -2.00%-2.00% 95 -1.19% -0.98% -2.00%-2.00% 96 -1.19% -0.89% -2.00%-2.00% 97 -1.19% -0.80% -2.00%-2.00% 98 -1.19% -0.68% -2.00%-2.00% 99 -1.19% -0.54% -2.00%-2.00% 100 -1.19% -0.35% -2.00%-2.00%

123456789101112131415161718192021222324252627282930313233343536373839404142434445464748495051525354555657585960616263646566676869707172737475767778798081828384858687888990919293949596979899100

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

No and Value

Centroid

Equally Weighted

Q3 2012 LongsCompany Ticker Main Sector

1 Apple Inc. AAPL Information Technology2 Google Inc. GOOG Information Technology3 American Intl Group AIG Financials4 Microsoft Corp. MSFT Information Technology5 priceline.com PCLN Industrials6 QUALCOMM Inc. QCOM Information Technology7 Citigroup Inc. C Financials8 JPMorgan Chase JPM Financials9 Express Scripts Holding CoESRX Health Care

10 Visa Inc. V Information Technology11 Pfizer Inc. PFE Health Care12 Liberty Media Corp LMCA Consumer Discretionary13 Yahoo! Inc. YHOO Information Technology14 Anadarko Petroleum APC Energy15 General Motors Co. GM Consumer Discretionary16 Tyco International TYC Industrials17 Dollar General Corp. DG Consumer Discretionary18 Equinix Inc. EQIX Information Technology19 LyondellBasell Industries NLYB Materials20 News Corp. NWSA Consumer Discretionary21 Amazon.com AMZN Consumer Discretionary22 Delphi Automotive PLC DLPH Consumer Discretionary23 eBay Inc. EBAY Information Technology24 Liberty Interactive Corp. InLINTA Consumer Discretionary25 Visteon Corp. VC Consumer Discretionary26 Wells Fargo & Co. WFC Financials27 Capital One Financial COF Financials28 Cisco Systems CSCO Information Technology29 Freeport-McMoRan Cp & GlFCX Materials30 Schlumberger Ltd. SLB Energy31 Barrick Gold Corp. ABX Materials32 Bank of America BAC Financials33 Charter Communications InCHTR Telecommunications Servi34 Hertz Global Holdings Inc. HTZ Consumer Discretionary35 Johnson & Johnson JNJ Health Care36 Mondelez Intl MDLZ Consumer Staples37 SBA Communications Corp.SBAC Telecommunications Servi38 BP PLC ADS BP Energy39 Berkshire Hathaway BRK-B Financials40 International Bus. Machine IBM Information Technology41 MasterCard MA Information Technology42 CIT Group Inc. C Financials43 DIRECTV DTV Consumer Discretionary44 EMC Corp. EMC Information Technology45 General Electric GE Industrials46 Marathon Petroleum MPC Energy47 Occidental Petroleum OXY Energy48 Philip Morris Intl PM Consumer Staples49 Six Flags Entertainment CoSIX Consumer Discretionary50 Exxon Mobil Corp. XOM Energy

Q3 2012 ShortsCompany Ticker

1 Intel Corp. INTC Information Technology2 Verizon Communications VZ Telecommunications Servi3 Gilead Sciences GILD Health Care4 Chevron Corp. CVX Energy5 Walt Disney DIS Consumer Discretionary6 AT&T Inc. T Telecommunications Servi7 Ford Motor Co. F Consumer Discretionary8 Wal-Mart Stores WMT Consumer Staples9 Caterpillar CAT Industrials

10 Intuitive Surgical ISRG Health Care11 ConocoPhillips COP Energy12 Procter & Gamble PG Consumer Staples13 Hewlett-Packard HPQ Information Technology14 Amgen Inc. AMGN Health Care15 Bristol-Myers Squibb BMY Health Care16 Time Warner TWX Consumer Discretionary17 Altria Group MO Consumer Staples18 Merck & Co Inc MRK Health Care19 Pioneer Natural Resources PXD Energy20 McDonald's Corp. MCD Consumer Discretionary21 E.I. DuPont DD Materials22 Oracle Corp. ORCL Information Technology23 Coca-Cola Co. KO Consumer Staples24 Comcast Corp. CMCSA Consumer Discretionary25 Sysco Corp. SYY Consumer Staples26 CenturyLink CTL Telecommunications Servi27 Home Depot HD Consumer Discretionary28 Deere & Co. DE Industrials29 MetLife Inc. MET Financials30 O'Reilly Automotive ORLY Consumer Discretionary31 AvalonBay Communities AVB Financials32 Cerner Corp. CERN Health Care33 Seagate Technology STX Information Technology34 Range Resources RRC Energy35 Time Warner Cable TWC Consumer Discretionary36 H.J. Heinz Co. HNZ Consumer Staples37 Moody's Corp. MCO Financials38 Eli Lilly & Co. LLY Health Care39 3M Co. MMM Industrials40 M&T Bank Corp. MTB Financials41 Southwestern Energy SWN Energy42 Newmont Mining NEM Materials43 NextEra Energy Inc NEE Utilities44 AutoZone Inc. AZO Consumer Discretionary45 Walgreen Co. WAG Consumer Staples46 Lockheed Martin LMT Industrials47 Halliburton HAL Energy48 Progressive Corp. PGR Financials49 Aetna Inc. AET Health Care50 Mylan Inc. MYL Health Care

No of Funds with Stock in top 10Sub-sector (Mkt Cap $ ### ### Avg Weigh ###

Computer Hardware 493 148 109 8 3Internet Software & Services 212 110 76 7 5Multi-line Insurance 46 96 72 9 19Systems Software 224 59 39 6 2Internet Retail 31 46 31 6 18Communications Equipment 104 66 30 5 4Other Diversified Financial Services 103 56 29 6 4Other Diversified Financial Services 150 51 27 5 2Health Care Services 41 46 26 6 7Data Processing & Outsourced Servic 94 38 26 6 8Pharmaceuticals 177 44 25 5 1Broadcasting 11 38 23 8 27Internet Software & Services 21 41 22 9 23Oil & Gas Exploration & Production 35 42 21 6 8Automobile Manufacturers 37 48 21 6 5Security & Alarm Services 12 33 21 7 13General Merchandise Stores 16 34 20 5 20Internet Software & Services 9 38 20 8 44Specialty Chemicals 26 30 20 9 34Movies & Entertainment 55 30 20 7 14Internet Retail 100 42 19 6 3Auto Parts & Equipment 10 26 19 12 36Internet Software & Services 60 39 19 5 5Catalog Retail 10 29 18 7 13Auto Parts & Equipment 3 31 18 10 56Diversified Banks 167 38 16 5 1Consumer Finance 32 39 15 4 8Communications Equipment 95 25 15 5 2Diversified Metals & Mining 35 24 15 7 3Oil & Gas Equipment & Services 92 30 15 6 3Gold 33 19 14 6 2Other Diversified Financial Services 98 39 14 6 1Cable & Satellite 7 25 14 8 46Trucking 6 32 14 7 23Pharmaceuticals 190 30 14 4 1Packaged Foods & Meats 45 25 14 7 4Wireless Telecommunication Services 8 23 14 9 14Integrated Oil & Gas 128 29 13 10 2Property & Casualty Insurance 211 22 13 8 2IT Consulting & Other Services 212 22 13 4 1Data Processing & Outsourced Servic 57 29 13 5 4Regional Banks 7 22 12 10 14Cable & Satellite 31 21 12 4 5Computer Storage & Peripherals 49 25 12 4 3Industrial Conglomerates 212 23 12 5 1Oil & Gas Refining & Marketing 18 20 12 5 9Integrated Oil & Gas 60 21 12 5 2Tobacco 142 19 12 4 2Leisure Facilities 3 20 12 10 56Integrated Oil & Gas 398 19 12 4 1

###Sub-sector (Mkt Cap $ bil) Short Int Value of SNo of FundSemiconductors 100 4 4.3 10Integrated Telecommunication Servic 119 2 2.1 8Biotechnology 55 4 2 7Integrated Oil & Gas 199 1 1.8 4Movies & Entertainment 85 2 1.8 5Integrated Telecommunication Servic 193 1 1.7 6Automobile Manufacturers 40 4 1.6 7Hypermarkets & Super Centers 231 1 1.6 11Construction & Farm Machinery & Hea 53 3 1.5 6Health Care Equipment 21 7 1.5 0Oil & Gas Exploration & Production 66 2 1.5 4Household Products 183 1 1.4 11Computer Hardware 26 5 1.4 6Biotechnology 65 2 1.3 2Pharmaceuticals 52 2 1.3 6Movies & Entertainment 42 3 1.3 3Tobacco 62 2 1.3 3Pharmaceuticals 130 1 1.2 5Oil & Gas Exploration & Production 13 9 1.2 8Restaurants 85 1 1.2 3Diversified Chemicals 39 3 1.2 4Systems Software 146 1 1.1 11Soft Drinks 164 1 1.1 11Cable & Satellite 94 1 1.1 7Food Distributors 18 5 1 1Integrated Telecommunication Servic 23 4 1 4Home Improvement Retail 92 1 1 9Construction & Farm Machinery & Hea 33 3 0.9 4Life & Health Insurance 33 2 0.9 8Automotive Retail 11 9 0.9 1Residential REITs 12 7 0.9 1Health Care Technology 13 8 0.9 1Computer Storage & Peripherals 11 9 0.8 8Oil & Gas Exploration & Production 11 8 0.8 6Cable & Satellite 28 3 0.8 11Packaged Foods & Meats 19 4 0.8 1Specialized Finance 10 9 0.8 3Pharmaceuticals 53 2 0.8 4Industrial Conglomerates 61 1 0.8 4Regional Banks 12 6 0.8 0Oil & Gas Exploration & Production 12 6 0.8 7Gold 23 3 0.8 7Electric Utilities 28 3 0.7 1Automotive Retail 14 5 0.7 5Drug Retail 30 2 0.7 5Aerospace & Defense 28 3 0.7 0Oil & Gas Equipment & Services 28 2 0.7 11Property & Casualty Insurance 14 6 0.7 0Managed Health Care 14 5 0.7 6Pharmaceuticals 10 7 0.7 5

No of Funds with Stock in top 10 Weights 6 3YTD 1105 ### ###

31 9.86% 4.93% 584 667.10 6.88% 3.44% 580.07 754.5

35 6.52% 3.26% 32.09 32.796 3.53% 1.76% 30.59 29.76

32 2.81% 1.40% 664.52 619.0713 2.71% 1.36% 55.68 62.4734 2.62% 1.31% 27.41 32.7222 2.44% 1.22% 35.73 40.4814 2.35% 1.18% 55.83 62.6339 2.35% 1.18% 123.63 134.2814 2.26% 1.13% 23 24.8530 2.08% 1.04% 87.91 104.0811 1.99% 1.00% 15.83 15.98-7 1.90% 0.95% 66.2 69.9218 1.90% 0.95% 19.72 22.7518 1.90% 0.95% 52.85 56.2617 1.81% 0.90% 54.39 51.5473 1.81% 0.90% 175.65 206.0553 1.81% 0.90% 40.27 51.6631 1.81% 0.90% 22.29 24.5127 1.72% 0.86% 228.35 254.3247 1.72% 0.86% 25.5 3153 1.72% 0.86% 42.01 48.3731 1.63% 0.81% 17.78 18.5-3 1.63% 0.81% 37.5 44.4618 1.45% 0.72% 33.44 34.5330 1.36% 0.68% 54.66 57.01

1 1.36% 0.68% 17.17 19.15 1.36% 0.68% 34.07 39.582 1.36% 0.68% 64.91 72.33

-25 1.27% 0.63% 37.57 41.7664 1.27% 0.63% 8.18 8.8320 1.27% 0.63% 70.87 75.0622 1.27% 0.63% 12.8 13.73

8 1.27% 0.63% 67.56 68.915 1.27% 0.63% 38.62 41.35

51 1.27% 0.63% 57.05 62.9-1 1.18% 0.59% 40.54 42.3612 1.18% 0.59% 83.33 88.2

3 1.18% 0.59% 195.58 207.4523 1.18% 0.59% 430.11 451.48

4 1.09% 0.54% 27.41 32.7215 1.09% 0.54% 48.82 52.44

9 1.09% 0.54% 25.63 27.2715 1.09% 0.54% 20.84 22.7166 1.09% 0.54% 44.92 54.59

-20 1.09% 0.54% 85.77 86.0610 1.09% 0.54% 87.26 89.9441 1.09% 0.54% 54.18 58.8

4 1.09% 0.54% 85.57 91.45

58.6Avg Portfo% Owned YTD

5 1 -15 7.34% 3.67% 26.65 22.663 1 9 3.58% 1.79% 44.44 45.577 4 78 3.41% 1.71% 51.28 66.334 1 -1 3.07% 1.54% 105.5 116.566 2 27 3.07% 1.54% 48.5 52.284 1 16 2.90% 1.45% 35.66 37.78 2 0 2.73% 1.37% 9.59 9.865 1 17 2.73% 1.37% 69.72 73.85 1 -8 2.56% 1.28% 84.91 86.040 2 13 2.56% 1.28% 553.79 495.634 1 3 2.56% 1.28% 55.88 57.186 2 3 2.39% 1.19% 61.25 69.365 3 -48 2.39% 1.19% 20.11 17.06

24 1 34 2.22% 1.11% 72.91 84.294 2 -9 2.22% 1.11% 35.95 33.755 4 24 2.22% 1.11% 38.5 45.345 1 7 2.22% 1.11% 34.55 33.397 1 17 2.05% 1.02% 41.75 45.17 14 15 2.05% 1.02% 88.21 104.45 1 -14 2.05% 1.02% 88.53 91.755 1 -5 2.05% 1.02% 50.57 50.276 2 18 1.88% 0.94% 29.7 31.466 1 6 1.88% 0.94% 78.19 37.936 2 50 1.88% 0.94% 31.97 35.744 0 6 1.71% 0.85% 29.81 31.276 2 7 1.71% 0.85% 39.49 40.45 1 48 1.71% 0.85% 52.99 60.376 2 12 1.54% 0.77% 80.87 82.476 3 3 1.54% 0.77% 30.85 34.464 4 12 1.54% 0.77% 83.77 83.624 2 0 1.54% 0.77% 141.48 135.994 1 24 1.54% 0.77% 82.66 77.399 9 70 1.37% 0.68% 24.73 30.965 9 9 1.37% 0.68% 61.87 69.875 5 46 1.37% 0.68% 82.1 95.060 1 10 1.37% 0.68% 54.38 55.957 13 38 1.37% 0.68% 36.55 44.173 3 16 1.37% 0.68% 42.91 47.413 1 10 1.37% 0.68% 89.6 92.420 1 30 1.37% 0.68% 82.57 95.166 6 8 1.37% 0.68% 31.93 34.786 2 -23 1.37% 0.68% 48.51 56.024 1 12 1.19% 0.60% 68.81 70.336 11 15 1.19% 0.60% 367.17 369.677 3 0 1.19% 0.60% 29.58 36.440 2 12 1.19% 0.60% 87.08 93.384 5 -11 1.19% 0.60% 28.39 33.690 1 16 1.19% 0.60% 20.83 20.745 12 -2 1.19% 0.60% 38.77 39.66 12 19 1.19% 0.60% 21.37 24.37

Q2 2012 LongsCompany Ticker Main SectSub-secto(Mkt Cap $ ### ###

Apple Inc. AAPL Informati Computer 590 150 113Google Inc. GOOG Informati Internet S 218 96 63Microsoft Corp. MSFT Informati Systems S 254 74 47Express Scripts Holdin ESRX Health CaHealth Ca 49 46 29priceline.com PCLN Industrial Internet R 29 46 29Johnson & Johnson JNJ Health CaPharmaceu 188 41 26QUALCOMM Inc. QCOM Informati Communic 107 61 26American Intl Group AIG FinancialsMulti-line 55 38 25Liberty Media Corp LMCA Consumer Broadcast 11 39 25Amazon.com AMZN Consumer Internet R 107 38 24Pfizer Inc. PFE Health CaPharmaceu 180 42 24Tyco International TYC Industrial Industria 26 32 24eBay Inc. EBAY Informati Internet S 58 34 22Duke Energy Corp. DUK Utilities Electric Ut 47 25 21Equinix Inc. EQIX Informati Internet S 9 40 21JPMorgan Chase JPM FinancialsOther Dive 141 56 21Kinder Morgan KMI Energy Oil & Gas 36 35 21LyondellBasell IndustriLYB Materials Specialty 27 30 21Visa Inc. V Informati Data Proc 87 38 21Citigroup Inc. C FinancialsOther Dive 84 45 20Dollar General Corp. DG Consumer General M 18 28 20Delphi Automotive PL DLPH Consumer Auto Part 9 27 20Liberty Interactive CorLINTA Consumer Catalog Re 9 31 19News Corp. NWSA Consumer Movies & 57 32 19Wells Fargo & Co. WFC FinancialsDiversifie 181 34 19Wal-Mart Stores WMT Consumer Hypermark 252 25 19Charter CommunicationCHTR TelecommuCable & Sa 8 22 18United Continental HolUAL Industrial Airlines 6 25 18Hertz Global Holdings HTZ Consumer Trucking 5 34 17Visteon Corp. VC Consumer Auto Part 2 25 17Yahoo! Inc. YHOO Informati Internet S 18 34 17Ariba Inc. ARBA Informati Systems S 5 19 16Delta Air Lines Inc. DAL Industrial Airlines 8 29 16General Motors Co. GM Consumer Automobil 32 36 16SBA Communications CSBAC TelecommuWireless 7 20 16Bank of America BAC FinancialsOther Dive 85 30 15Dollar Thrifty Automot DTG Industrial Trucking 2 23 15MasterCard MA Informati Data Proc 54 29 15Schlumberger Ltd. SLB Energy Oil & Gas 99 27 15TripAdvisor TRIP Consumer Internet R 5 20 15Anadarko Petroleum APC Energy Oil & Gas 35 36 14CIT Group Inc. C FinancialsRegional 8 18 14Oracle Corp. ORCL Informati Systems S 157 30 14Six Flags EntertainmenSIX Consumer Leisure Fa 3 20 14Sunoco Inc. SUN Energy Oil & Gas 5 19 14BP PLC ADS BP Energy Integrated 135 24 13CVS Caremark Corp. CVS Consumer Drug Retai 57 19 13Freeport-McMoRan Cp FCX Materials Diversifie 33 21 13Intel Corp. INTC Informati Semicondu 132 23 13Catamaran Corp CTRX Health CaHealth Ca 9 18 12

Q2 2012 ShortsCompany Ticker Sub-secto(Mkt Cap $ bil) Short IntExxon Mobil Corp. XOM Energy Integrated 412 1International Bus. MacIBM Informati IT Consult 229 1Chevron Corp. CVX Energy Integrated 222 1Walt Disney DIS Consumer Movies & 89 3AT&T Inc. T TelecommuIntegrate 218 1Coca-Cola Co. KO Consumer Soft Drink 178 1ConocoPhillips COP Energy Oil & Gas 72 3Verizon CommunicatioVZ TelecommuIntegrate 126 1General Electric GE Industrial Industria 222 1Altria Group MO Consumer Tobacco 71 2Caterpillar CAT Industrial Construct 57 3salesforce.com inc. CRM Informati Applicati 20 10Philip Morris Intl PM Consumer Tobacco 159 1Berkshire Hathaway BRK-B FinancialsProperty 210 1CenturyLink CTL TelecommuIntegrate 26 5Bristol-Myers Squibb BMY Health CaPharmaceu 54 2E.I. DuPont DD Materials Diversifi 47 3Home Depot HD Consumer Home Impr 84 1Procter & Gamble PG Consumer Household 183 1PepsiCo Inc. PEP Consumer Soft Drink 114 1Merck & Co Inc MRK Health CaPharmaceu 134 1Abbott Laboratories ABT Health CaPharmaceu 105 1MetLife Inc. MET FinancialsLife & Hea 37 3EMC Corp. EMC Informati Computer 53 2Amgen Inc. AMGN Health CaBiotechno 65 2Ford Motor Co. F Consumer Automobil 36 3Time Warner TWX Consumer Movies & 41 3Hewlett-Packard HPQ Informati Computer 38 3Kohl's Corp. KSS Consumer Departmen 12 8Gilead Sciences GILD Health CaBiotechno 44 2United Parcel Service UPS Industrial Air Freigh 73 1Comcast Corp. CMCSA Consumer Cable & Sa 92 1AvalonBay Communiti AVB FinancialsResidentia 13 6Pioneer Natural Resou PXD Energy Oil & Gas 12 8Halliburton HAL Energy Oil & Gas 32 3U.S. Bancorp USB FinancialsDiversifie 63 1Chipotle Mexican Grill CMG Consumer Restauran 9 9Walgreen Co. WAG Consumer Drug Retai 31 3Waste Management WM Industrial Environmen 16 5Kimberly-Clark KMB Consumer Household 33 2Cisco Systems CSCO Informati Communic 93 1Simon Property Group SPG FinancialsRetail REI 48 2Illinois Tool Works ITW Industrial Industrial 27 3Lockheed Martin LMT Industrial Aerospace 30 3Baker Hughes BHI Energy Oil & Gas 21 4Alcoa Inc. AA Materials Aluminum 9 9Sysco Corp. SYY Consumer Food Distr 18 5United Technologies UTX Industrial Aerospace 71 1Host Hotels & Resorts HST FinancialsSpecialize 11 7Mylan Inc. MYL Health CaPharmaceu 10 8

Top 10 Ho ### YTD 1099

8 3 56 10.28% 5.14%6 6 3 5.73% 2.87%6 2 19 4.28% 2.14%7 8 36 2.64% 1.32%5 16 23 2.64% 1.32%6 1 6 2.37% 1.18%4 4 15 2.37% 1.18%7 5 47 2.27% 1.14%9 27 28 2.27% 1.14%6 3 37 2.18% 1.09%5 2 14 2.18% 1.09%5 10 23 2.18% 1.09%5 5 48 2.00% 1.00%

12 8 5 1.91% 0.96%8 42 82 1.91% 0.96%4 2 14 1.91% 0.96%7 14 10 1.91% 0.96%

10 37 49 1.91% 0.96%6 7 28 1.91% 0.96%5 3 9 1.82% 0.91%7 16 26 1.82% 0.91%

13 44 32 1.82% 0.91%6 16 25 1.73% 0.86%8 16 32 1.73% 0.86%5 1 26 1.73% 0.86%5 1 27 1.73% 0.86%9 48 40 1.64% 0.82%6 28 -4 1.64% 0.82%7 23 7 1.55% 0.77%

10 50 -19 1.55% 0.77%9 18 -8 1.55% 0.77%6 22 59 1.46% 0.73%7 18 14 1.46% 0.73%8 5 -1 1.46% 0.73%8 12 43 1.46% 0.73%7 2 42 1.36% 0.68%9 77 9 1.36% 0.68%6 5 15 1.36% 0.68%6 3 9 1.36% 0.68%9 43 35 1.36% 0.68%5 7 -9 1.27% 0.64%8 14 9 1.27% 0.64%6 2 24 1.27% 0.64%

12 55 40 1.27% 0.64%5 19 41 1.27% 0.64%

10 3 3 1.18% 0.59%5 2 10 1.18% 0.59%6 3 -3 1.18% 0.59%6 1 11 1.18% 0.59%5 13 56 1.09% 0.55%

### 62.6Value of SNo of Fun Avg Portfo% Owned YTD

3.4 12 5 1 6 5.43% 2.72%2.8 12 3 1 9 4.47% 2.24%2.4 11 4 1 8 3.83% 1.92%2.2 4 4 2 33 3.51% 1.76%2.1 5 5 1 28 3.35% 1.68%1.9 10 5 1 14 3.04% 1.52%1.8 7 4 1 7 2.88% 1.44%1.8 5 3 1 14 2.88% 1.44%1.8 9 3 1 19 2.88% 1.44%1.8 3 4 1 22 2.88% 1.44%1.7 5 5 2 -2 2.72% 1.36%1.6 6 6 4 42 2.56% 1.28%1.5 11 5 2 21 2.40% 1.20%1.3 12 15 2 11 2.08% 1.04%1.2 3 4 1 18 1.92% 0.96%1.2 10 6 2 -7 1.92% 0.96%1.2 3 4 1 13 1.92% 0.96%1.2 8 5 1 32 1.92% 0.96%1.2 8 10 2 2 1.92% 0.96%1.2 8 5 1 11 1.92% 0.96%1.2 9 6 1 19 1.92% 0.96%1.1 6 6 1 21 1.76% 0.88%1.1 9 5 3 12 1.76% 0.88%1.1 6 5 2 18 1.76% 0.88%

1 2 9 1 32 1.60% 0.80%1 11 6 1 -11 1.60% 0.80%1 3 4 2 20 1.60% 0.80%1 8 6 4 -24 1.60% 0.80%1 2 4 5 5 1.60% 0.80%1 6 5 4 42 1.60% 0.80%

0.9 4 6 1 6 1.44% 0.72%0.9 7 5 1 46 1.44% 0.72%0.9 0 0 2 9 1.44% 0.72%0.9 9 6 13 10 1.44% 0.72%0.9 7 5 5 1 1.44% 0.72%0.9 6 4 2 24 1.44% 0.72%0.9 2 4 8 -12 1.44% 0.72%0.9 9 4 2 10 1.44% 0.72%0.8 1 5 0 10 1.28% 0.64%0.8 1 1 2 15 1.28% 0.64%0.8 9 4 1 -3 1.28% 0.64%0.8 1 2 1 25 1.28% 0.64%0.8 1 4 1 25 1.28% 0.64%0.8 1 5 2 16 1.28% 0.64%0.8 1 2 2 -2 1.28% 0.64%0.8 0 0 2 2 1.28% 0.64%0.8 1 9 1 7 1.28% 0.64%0.8 4 8 1 9 1.28% 0.64%0.8 1 2 2 5 1.28% 0.64%0.8 4 7 12 10 1.28% 0.64%

9 6### ###

599.55 584641.24 580.07

32.26 30.5954.18 55.83717.5 664.5265.96 67.5668.06 55.6830.83 32.0988.15 87.91

202.51 228.3522.65 2356.18 52.85

36.9 42.0121.01 23.06

157.45 175.6545.98 35.7338.65 32.2243.65 40.27

118 123.6336.55 27.41

46.2 54.3931.6 25.5

19.09 17.7819.71 22.2934.14 33.44

61.2 69.7263.45 70.87

21.5 24.3315.04 12.8

53 37.515.22 15.8331.47 44.93

9.92 10.9525.65 19.7250.81 57.05

9.57 8.1880.91 80.96

420.54 430.1169.93 64.9135.67 44.6978.34 66.236.55 27.4129.16 29.746.77 54.1838.63 46.45

45 40.5444.8 46.73

38.04 34.0728.12 26.6574.96 99.21

86.73 85.57208.65 195.58107.21 105.5

43.78 48.531.23 35.6674.01 78.1976.01 55.8838.23 44.4420.07 20.8430.87 34.55

106.52 84.91154.51 138.26

88.61 87.2681.15 83.3338.65 39.4933.75 35.95

52.9 50.5750.31 52.9967.21 61.2566.35 70.66

38.4 41.7561.29 64.4737.35 30.8529.88 25.6367.97 72.9112.48 9.5937.75 38.523.83 20.1150.03 45.4948.86 51.2880.72 78.7630.01 31.97

141.35 141.48111.59 88.21

33.19 28.3931.68 32.16

418 379.9533.49 29.5834.96 33.473.89 83.7721.15 17.17

145.68 155.6657.12 52.8989.86 87.0841.94 41.110.02 8.7529.86 29.8182.94 75.5316.42 15.8223.45 21.37

Q2 2012 Q2 2012 Q3 2012 Q3 2012<GSTHHVIP> <GSTHVISP> <GSTHHVIP> <GSTHVISP>Hedge Fund VIP LonHedge Fund VIP ShoHedge Fund VIP LonHedge Fund VIP Short BasketAdded Dropped Added Dropped Added Dropped AddedJNJ F F JNJ IBM INTC INTCAMZN BRK-B BRK-B AMZN GE WMT WMTDUK CSCO CSCO DUK PM ORCL ORCLWMT PXD PXD WMT BRK-B DUK ISRGORCL EMC EMC ORCL EMC KMI MCDSLB HPQ HPQ SLB CSCO CBE DEINTC CRM CRM INTC XOM UAL ORLYKMI WLP PEP DELL COF ARBA CERNDG RKT GILD BXP ABX DAL STXUAL STX HAL UNP MDLZ DTG RRCARBA VRX USB CERN DTV TRIP TWCDAL BIDU KMB CCL MPC SUN HNZSBAC HES ITW AXP OXY CVS MCOTRIP WMB BHI MCD LLY USBSIX ABX UTX FAST MMM CMGSUN COF MO FCX MTB WMCVS CPN MYL SPLS SWN KMBFCX DVN NEM SPGCTRX ILMN NEE ITW

AZO BHIPGR AAAET UTXMYL HST

Q3 2012<GSTHVISP> Ticker CompanyHedge Fund VIP Short Basket 1 AA Alcoa Inc

Dropped 2 AAPL Apple Inc.IBM 3 ABT Abbott LaboratoriesGE 4 ABX Barrick Gold Corp.PM 5 AET Aetna IncBRK-B 6 AIG American Intl Group IncEMC 7 AMGN Amgen IncCSCO 8 AMZN Amazon.com IncXOM 9 APC Anadarko Petroleum CorpCRM 10 ARBA Ariba Inc.ETN 11 AVB AvalonBay Communities, Inc.PEP 12 AZO AutoZone IncABT 13 BAC Bank of America CorpKSS 14 BHI Baker Hughes IncUPS 15 BMY Bristol-Myers Squibb

16 BP BP PLC ADS17 BRK-B Berkshire Hathaway18 C Citigroup Inc.19 CAT Caterpillar Inc.20 CERN Cerner21 CHTR Charter Communications Inc. 22 CMCSA Comcast Corp.23 CMG Chipotle Mexican Grill24 COF Capital One Financial25 COP ConocoPhillips26 CRM Salesforce.com27 CSCO Cisco Systems28 CTL CenturyLink Inc29 CTRX Catamaran Corp30 CVS CVS Caremark Corp.31 CVX Chevron Corp.32 DAL Delta Air Lines Inc.33 DD Du Pont (E.I.)34 DE Deere & Co.35 DG Dollar General Corp.36 DIS Walt Disney Co.37 DLPH Delphi Automotive PLC38 DTG Dollar Thrifty Automotive Grou39 DTV DirecTV40 DUK Duke Energy41 EBAY eBay Inc.42 EMC EMC Corp.43 EQIX Equinix Inc.44 ESRX Express Scripts45 F Ford Motor46 FCX Freeport-McMoran Cp & Gld47 GE General Electric48 GILD Gilead Sciences49 GM General Motors Co.50 GOOG Google Inc.51 HAL Halliburton Co.

52 HD Home Depot53 HNZ Heinz (H.J.)54 HPQ Hewlett-Packard55 HST Host Hotels & Resorts56 HTZ Hertz Global Holdings Inc.57 IBM International Bus. Machines58 INTC Intel Corp.59 ISRG Intuitive Surgical Inc.60 ITW Illinois Tool Works61 JNJ Johnson & Johnson62 JPM JPMorgan Chase & Co.63 KMB Kimberly-Clark64 KMI Kinder Morgan65 KO Coca Cola Co.66 KSS Kohl's Corp.67 LINTA Liberty Interactive Corp. Inter68 LLY Lilly (Eli) & Co.69 LMCA Liberty Media Corporation70 LMT Lockheed Martin Corp.71 LYB LyondellBasell72 MA Mastercard Inc.73 MCD McDonald's Corp.74 MCO Moody's Corp75 MDLZ Mondelez International76 MET MetLife Inc.77 MMM 3M Co.78 MO Altria Group Inc79 MPC Marathon Petroleum80 MRK Merck & Co.81 MSFT Microsoft Corp.82 MTB M&T Bank Corp.83 MYL Mylan Inc.84 NEE NextEra Energy Resources85 NEM Newmont Mining Corp. (Hldg. 86 NWSA News Corporation87 ORCL Oracle Corp.88 ORLY O'Reilly Automotive89 OXY Occidental Petroleum90 PCLN Priceline.com Inc91 PEP PepsiCo Inc.92 PFE Pfizer Inc.93 PG Procter & Gamble94 PGR Progressive Corp.95 PM Philip Morris International96 PXD Pioneer Natural Resources97 QCOM QUALCOMM Inc.98 RRC Range Resources Corp.99 SBAC SBA Communications Corp.

100 SIX Six Flags Entertainment Corp.101 SLB Schlumberger Ltd.102 SPG Simon Property Group Inc103 STX Seagate Technology104 SUN Sunoco Inc.105 SWN Southwestern Energy

106 SYY Sysco Corp.107 T AT&T Inc108 TRIP TripAdvisor109 TWC Time Warner Cable Inc.110 TWX Time Warner Inc.111 TYC Tyco International112 UAL United Continental Holdings In113 UPS United Parcel Service114 USB U.S. Bancorp115 UTX United Technologies116 V Visa Inc.117 VC Visteon Corp.118 VZ Verizon Communications119 WAG Walgreen Co.120 WFC Wells Fargo121 WM Waste Management Inc.122 WMT Wal-Mart Stores123 XOM Exxon Mobil Corp.124 YHOO Yahoo Inc.

Mkt Cap LongsMain Sector ("GICS") ### ### ### ### $ Bil NewMaterials 8.65 10.02 8.75 8.86 9.46Information Technology 405 599.55 584 667.1 627.55Health Care 56.23 61.29 64.47 68.56 108.37Materials 45.25 43.48 37.57 41.76 41.79Health Care 42.19 50.16 38.77 39.6 13.25Financials 23.2 30.83 32.09 32.79 48.41Health Care 64.21 67.97 72.91 84.29 64.68Consumer Discretionary 173.1 202.51 228.35 254.32 115.18 1Energy 76.33 78.34 66.2 69.92 34.94Information Technology 30.35 31.47 44.93 44.69 1Financials 130.6 141.35 141.48 135.99 13.29Consumer Discretionary 324.97 371.8 367.17 369.67 13.65Financials 5.56 9.57 8.18 8.83 95.17Energy 48.64 41.94 41.1 45.23 19.89Health Care 35.24 33.75 35.95 33.75 55.71Energy 42.74 45 40.54 42.36 134.51Financials 76.3 81.15 83.33 88.2 146.03Financials 26.31 36.55 27.41 32.72 95.96Industrials 90.6 106.52 84.91 86.04 56.26Health Care 61.25 76.16 82.66 77.39 13.28Telecommunications Services 56.94 63.45 70.87 75.06 7.59Consumer Discretionary 23.71 30.01 31.97 35.74 94.97Consumer Discretionary 337.74 418 379.95 317.54 10.00Financials 42.29 55.74 54.66 57.01 32.97Energy 72.87 76.01 55.88 57.18 69.41Information Technology 101.46 154.51 138.26 152.69 21.22Information Technology 18.08 21.15 17.17 19.1 101.25Telecommunications Services 37.2 38.65 39.49 40.4 25.22Health Care 56.48 74.96 99.21 97.97 20.10 1Consumer Staples 40.78 44.8 46.73 48.42 60.37 1Energy 106.4 107.21 105.5 116.56 228.08Industrials 8.09 9.92 10.95 9.16 7.75 1Materials 45.78 52.9 50.57 50.27 46.87Industrials 77.35 80.9 80.87 82.47 32.30Consumer Discretionary 41.14 46.2 54.39 51.54 17.20 1Consumer Discretionary 37.5 43.78 48.5 52.28 94.10Consumer Discretionary 21.54 31.6 25.5 31 9.84Industrials 70.26 80.91 80.96 86.93 2.44Consumer Discretionary 42.76 49.34 48.82 52.44 31.68Utilities 22 21.01 23.06 64.79 45.63 1Information Technology 30.33 36.9 42.01 48.37 62.59Information Technology 21.54 29.88 25.63 27.27 57.45Information Technology 101.4 157.45 175.65 206.05 9.97Health Care 44.69 54.18 55.83 62.63 51.13Consumer Discretionary 10.76 12.48 9.59 9.86 37.59Materials 36.79 38.04 34.07 39.58 37.57 1Industrials 17.91 20.07 20.84 22.71 238.19Health Care 40.93 48.86 51.28 66.33 50.25Consumer Discretionary 20.27 25.65 19.72 22.75 35.63Information Technology 645.9 641.24 580.07 754.5 247.92Energy 34.51 33.19 28.39 33.69 31.26

Consumer Discretionary 42.04 50.31 52.99 60.37 89.77Consumer Staples 54.04 53.55 54.38 55.95 17.92Information Technology 25.76 23.83 20.11 17.06 33.54Financials 14.77 16.42 15.82 16.05 11.63Consumer Discretionary 11.72 15.04 12.8 13.73 5.78Information Technology 183.88 208.65 195.58 207.45 234.39Information Technology 24.25 28.12 26.65 22.66 112.76 1Health Care 463.01 541.75 553.79 495.63 19.71Industrials 46.71 57.12 52.89 59.47 27.56Health Care 65.58 65.96 67.56 68.91 191.02 1Financials 33.25 45.98 35.73 40.48 153.85Consumer Staples 73.56 73.89 83.77 85.78 33.56Energy 32.17 38.65 32.22 35.52 36.82 1Consumer Staples 69.97 74.01 78.19 37.93 170.12Consumer Discretionary 49.35 50.03 45.49 51.22 11.93Consumer Discretionary 16.22 19.09 17.78 18.5 10.06Health Care 41.56 40.27 42.91 47.41 53.08Consumer Discretionary 78.05 88.15 87.91 104.08 12.51Industrials 80.9 89.86 87.08 93.38 30.01Materials 32.49 43.65 40.27 51.66 29.71Information Technology 372.82 420.54 430.11 451.48 56.10Consumer Discretionary 100.33 98.1 88.53 91.75 92.11Financials 33.68 42.1 36.55 44.17 9.84Consumer Staples 37.36 38.01 38.62 41.35 73.48Financials 31.18 37.35 30.85 34.46 37.60Industrials 81.73 89.21 89.6 92.42 63.95Consumer Staples 29.65 30.87 34.55 33.39 67.58Energy 33.29 43.36 44.92 54.59 18.52Health Care 37.7 38.4 41.75 45.1 137.08Information Technology 25.96 32.26 30.59 29.76 250.45Financials 76.34 86.88 82.57 95.16 12.18Health Care 21.46 23.45 21.37 24.37 9.93Utilities 60.88 61.08 68.81 70.33 29.76Materials 60.01 51.27 48.51 56.02 27.81Consumer Discretionary 17.84 19.71 22.29 24.51 57.46Information Technology 25.65 29.16 29.7 31.46 151.63 1Consumer Discretionary 79.95 91.35 83.77 83.62 9.59Energy 93.7 95.23 85.77 86.06 69.72Industrials 467.71 717.5 664.52 619.07 30.87Consumer Staples 66.35 66.35 70.66 70.77 109.46Health Care 21.64 22.65 23 24.85 182.98Consumer Staples 66.71 67.21 61.25 69.36 189.63Financials 19.51 23.18 20.83 20.74 12.54Consumer Staples 78.48 88.61 87.26 89.94 150.24Energy 89.48 111.59 88.21 104.4 12.87Information Technology 54.7 68.06 55.68 62.47 106.46Energy 61.94 58.14 61.87 69.87 11.12Telecommunications Services 42.96 50.81 57.05 62.9 7.95 1Consumer Discretionary 41.24 46.77 54.18 58.8 3.14 1Energy 68.31 69.93 64.91 72.33 96.02 1Financials 128.94 145.68 155.66 151.81 46.96Information Technology 16.4 26.96 24.73 30.96 11.69Energy 38.81 38.63 46.45 47.19 1Energy 31.94 30.6 31.93 34.78 12.15

Consumer Staples 29.33 29.86 29.81 31.27 18.38Telecommunications Services 30.24 31.23 35.66 37.7 214.17Consumer Discretionary 25.21 35.67 44.69 32.93 4.69 1Consumer Discretionary 63.57 81.5 82.1 95.06 28.69Consumer Discretionary 36.14 37.75 38.5 45.34 42.93Industrials 46.71 56.18 52.85 56.26 26.20Industrials 18.87 21.5 24.33 19.5 6.48 1Industrials 73.19 80.72 78.76 71.57 68.28Financials 27.05 31.68 32.16 34.3 64.50Industrials 73.09 82.94 75.53 78.29 71.76Information Technology 101.53 118 123.63 134.28 89.85Consumer Discretionary 49.94 53 37.5 44.46 2.36Telecommunications Services 40.12 38.23 44.44 45.57 130.08Consumer Staples 33.06 33.49 29.58 36.44 34.40Financials 27.56 34.14 33.44 34.53 181.81Industrials 32.71 34.96 33.4 32.08 14.88Consumer Staples 59.76 61.2 69.72 73.8 248.21 1Energy 84.76 86.73 85.57 91.45 416.99Information Technology 16.13 15.22 15.83 15.98 18.90

Q2 2012 Q3 2012Shorts Longs Shorts

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SPY XLE XLB XLI XLY XLP XLV XLFS&P 500 ENERGY SMATERIALINDUSTRI CONSUMERCONSUMERHEALTH CFINANCIA

7/31/2003 82.74 20.46 18.46 19.74 24.88 16.53 25.04 21.018/31/2003 84.45 21.76 18.97 20.51 26.16 16.81 24.11 20.769/30/2003 83.53 21.32 18.12 19.95 24.91 16.74 24.18 20.94

### 88 21.52 19.85 21.18 27.17 17.5 24.34 22.39### 88.96 21.69 20.29 21.6 27.42 17.71 24.86 22.31### 93.43 24.53 22.28 23.03 28.52 18.02 26.3 23.32

1/31/2004 95.28 25.08 21.3 23.26 28.35 18.02 27.03 24.092/29/2004 96.57 26.4 22.41 23.09 28.97 19.05 27.31 24.773/31/2004 95.29 26.23 21.89 22.81 28.79 19 26.18 24.494/30/2004 93.49 26.68 20.88 22.8 28.46 19.25 26.99 23.425/31/2004 95.09 26.6 21.46 23.36 28.65 19.14 26.9 23.826/30/2004 96.85 28.26 22.54 24.8 28.72 19.25 26.8 23.937/31/2004 93.73 29.13 22.03 24.11 27.63 18.3 25.36 23.428/31/2004 93.96 28.68 22.4 24.13 27.58 18.62 25.77 24.189/30/2004 94.9 31.48 23.3 24.65 28.37 18.13 25.32 23.95

### 96.13 31.67 23.08 24.9 29.52 18.25 24.76 24.08### 100.4 33.8 24.96 26.46 30.75 18.7 25.24 24.83### 103.43 32.85 25.29 27.12 32.19 19.4 26.64 25.86

1/31/2005 101.11 33.96 24.52 26.36 30.81 19.63 25.81 25.32/28/2005 103.22 39.66 26.45 26.66 30.65 19.6 26.58 25.133/31/2005 101.34 38.9 25.74 26.65 30.29 19.43 26.44 24.174/30/2005 99.44 36.8 23.91 25.68 28.36 19.23 27.36 24.215/31/2005 102.64 37.82 23.76 26.49 30.12 19.67 27.7 24.936/30/2005 102.8 40.46 23.28 25.8 29.99 19.29 27.56 25.247/31/2005 106.73 43.33 24.57 26.78 31.69 19.91 28.18 25.638/31/2005 105.73 46.1 23.54 26.15 30.65 19.57 28.08 25.229/30/2005 106.58 49 23.72 26.59 29.77 19.84 27.92 25.43

### 104.06 44.57 23.77 26.21 29.17 19.75 27.07 26.21### 108.63 45.24 25.59 27.73 30.33 19.93 27.4 27.46### 108.42 46.05 26.32 27.86 30.07 19.95 28.35 27.46

1/31/2006 111.03 52.78 27.59 27.94 30.61 19.98 28.71 27.72/28/2006 111.66 47.91 27 28.81 30.83 20.16 29.04 28.293/31/2006 113.51 49.94 28.26 30.09 31.01 20.32 28.67 28.384/30/2006 114.94 52.46 29.26 30.74 31.41 20.52 27.78 29.65/31/2006 111.48 51 28.08 30.21 30.88 20.56 27.2 28.496/30/2006 111.77 52.1 28.23 30.17 30.83 20.94 27.21 28.367/31/2006 112.27 53.84 27.17 28.46 29.8 21.27 28.7 29.018/31/2006 114.72 51.11 27.99 28.78 30.39 22.09 29.51 29.359/30/2006 117.82 49.24 27.99 29.88 32.33 22.08 29.97 30.53

### 121.53 51.34 29.67 30.72 34.42 22.47 30.07 31.24### 123.95 55.74 30.96 31.47 34.86 22.28 30.03 31.46### 125.6 54.01 30.82 31.38 35.48 22.73 30.24 32.4

1/31/2007 127.49 53.51 32.07 32.03 36.5 23.19 31.16 32.72/28/2007 124.99 52.46 32.92 31.67 35.41 22.83 30.44 31.743/31/2007 126.44 55.71 33.7 31.93 35.24 23.3 30.5 31.554/30/2007 132.04 58.57 34.21 33.41 36.08 23.96 32.73 32.775/31/2007 136.52 63.12 36.23 35.14 37.16 24.28 33.29 33.566/30/2007 134.52 63.95 36.03 35.15 36.51 23.8 32.17 32.217/31/2007 130.31 63.96 35.07 35.49 34.35 23.12 30.64 29.298/31/2007 131.98 64.73 34.83 35.5 34.56 23.67 31.34 30.059/30/2007 137.09 69.51 37.64 37.18 34.26 24.75 32.32 30.78

### 138.95 71.28 39.2 36.7 34.09 25.13 32.93 30.25

### 133.57 68.28 37.23 35.66 32.23 25.82 33.35 27.81### 132.07 73.93 37.63 35.61 30.63 25.61 32.4 26.18

1/31/2008 124.08 64.85 36.05 33.65 30.52 24.19 30.93 26.382/29/2008 120.88 70.86 36.88 32.96 29.34 24.12 30.1 23.383/31/2008 119.79 69.2 36.36 34.16 28.82 24.91 28.73 22.694/30/2008 125.5 76.39 38.3 35.16 29.5 24.72 29.02 24.285/31/2008 127.4 80.36 40.29 35.47 30.31 25.47 29.57 22.596/30/2008 116.75 82.89 37.94 31.21 26.81 24.02 28.32 18.657/31/2008 115.7 69.7 36.72 31.46 26.86 24.6 29.59 19.918/31/2008 117.49 69.94 36.14 32.32 28.71 25.27 30.2 19.729/30/2008 106.43 59.5 30.55 28.42 26.36 24.95 27.96 18.48

### 88.85 48.31 23.71 23.23 21.71 21.8 24.75 14.43### 82.66 47.26 21.17 21.32 19.36 21.76 23.18 11.77### 83.47 44.9 20.8 21.61 20.38 21.58 24.7 11.81

1/31/2009 76.62 44.1 19.26 19.02 18.22 20.02 24.4 8.722/28/2009 68.39 38.66 17.72 15.78 16.56 18.4 21.38 7.173/31/2009 74.08 40.11 20.44 17.17 18.66 19.19 22.66 8.394/30/2009 81.44 43.25 23.62 20.27 22.12 20 22.63 10.225/31/2009 86.2 48.82 25 20.95 21.96 21.02 24.18 11.656/30/2009 86.15 45.63 23.87 20.59 22.02 21.06 24.75 11.447/31/2009 92.57 48.07 26.94 22.39 24.11 22.47 26.22 12.468/31/2009 95.99 48.59 27.58 23.46 24.95 22.74 26.93 14.089/30/2009 99.4 51.43 28.74 24.83 26.29 23.49 27.09 14.35

### 97.49 52.7 27.25 23.84 25.67 23.84 26.52 13.5### 103.49 54.19 30.19 25.93 27.39 24.71 28.99 14.08### 105.47 54.67 30.82 26.37 28.65 24.66 29.52 13.88

1/31/2010 101.64 52.26 28.15 25.98 27.82 24.41 29.72 13.672/28/2010 104.81 53.84 29.42 27.36 29.37 25.18 29.83 14.153/31/2010 111.19 55.16 31.68 29.64 31.6 26.02 30.53 15.384/30/2010 112.91 57.45 31.75 30.9 33.51 25.74 29.34 15.585/31/2010 103.94 50.87 28.72 28.09 31.15 24.55 27.43 14.156/30/2010 98.56 47.86 26.62 26.16 28.12 23.92 26.93 13.347/31/2010 105.29 51.87 30.03 28.88 30.35 25.31 27.28 14.218/31/2010 100.55 49.32 29.12 26.88 29.14 24.84 26.83 13.19/30/2010 109.56 54.25 31.38 29.98 32.36 26.34 29.27 13.9

### 113.74 57.33 33.31 30.84 34.15 27.19 29.92 14.1### 113.74 60.69 33.69 31.25 35.01 26.76 29.06 14### 121.35 66.34 37.07 33.59 36.44 27.94 30.39 15.5

1/31/2011 124.18 71.11 37.1 34.91 36.22 27.53 30.57 15.942/28/2011 128.49 76.35 38.08 35.65 38.39 28.33 31.52 16.383/31/2011 128.51 77.78 38.75 36.45 38.17 28.68 32.09 15.974/30/2011 132.23 78.5 39.57 37.44 39.64 30.21 34.16 15.965/31/2011 130.74 75.21 38.49 36.41 39.53 30.97 35 15.436/30/2011 128.54 73.76 38.33 36.21 39.44 30.15 34.61 15.017/31/2011 125.97 74.84 37.01 33.72 38.89 29.76 33.23 14.478/31/2011 119.04 67.19 34.41 31.5 36.85 29.82 32.53 13.089/30/2011 110.78 57.5 28.74 28.57 34.31 28.84 31.07 11.59

### 122.87 68.51 33.72 32.68 38.41 30.18 32.86 13.25### 122.37 69.65 33.79 33.14 38.13 31.01 33.18 12.57### 123.65 68.23 33.02 33.22 38.63 31.87 34.16 12.84

1/31/2012 129.38 69.77 36.65 35.65 40.91 31.42 35.25 13.892/29/2012 135 73.9 36.44 36.65 42.76 32.6 35.63 14.583/31/2012 139.34 71.09 36.58 37 44.77 33.61 37.22 15.664/30/2012 138.41 70.58 36.28 36.6 45.29 33.71 37.12 15.29

5/31/2012 130.1 63.04 33.46 34.28 42.8 33.31 35.78 13.896/30/2012 135.38 66.07 35.11 35.44 43.63 34.53 37.82 14.587/31/2012 136.98 69.34 34.66 35.58 43.39 35.38 38.2 14.68/31/2012 140.41 71.21 35.46 36.13 45.39 35.21 38.65 15.19/30/2012 143.97 73.43 36.8 36.53 46.79 35.83 40.12 15.59

### 141.35 71.96 36.11 36.32 45.92 35.35 40.32 15.8

XLK XLT XLU ^GSPCTECHNOLOTELECOMMUTILITIES S&P500

15.81 100 15.14 990.3116.56 100 15.44 1008.0116.42 100 16.21 995.9717.62 100 16.32 1050.7117.88 100 16.36 1058.218.44 100 17.43 1111.9219.22 100 17.79 1131.1318.73 100 18.13 1144.9418.27 100 18.32 1126.2117.57 100 17.54 1107.318.26 100 17.75 1120.6818.76 100 18.05 1140.8417.62 100 18.33 1101.7216.84 100 19.07 1104.2417.36 100 19.19 1114.5818.12 100 20.13 1130.219.05 100 21.03 1173.8219.55 100 21.54 1211.9218.44 100 22 1181.2718.47 100 22.47 1203.618.11 100 22.72 1180.5917.47 100 23.42 1156.8518.68 100 23.41 1191.518.44 100 24.8 1191.3319.49 100 25.36 1234.18

19.3 100 25.52 1220.3319.35 100 26.6 1228.8118.91 100 24.9 1207.01

20.1 100 24.86 1249.4819.48 100 25.07 1248.2920.14 100 25.68 1280.0820.18 100 26.02 1280.6620.64 100 24.81 1294.8720.37 100 25.21 1310.6119.05 100 25.62 1270.0918.95 100 26.2 1270.218.46 100 27.46 1276.6619.75 100 28.22 1303.8220.55 100 27.81 1335.8521.36 100 29.28 1377.9421.97 100 30.05 1400.6321.73 100 30.04 1418.322.17 100 29.93 1438.2421.57 100 31.52 1406.8221.78 100 32.65 1420.8622.81 100 34.26 1482.3723.96 100 34.41 1530.6223.93 100 32.78 1503.3523.88 100 31.47 1455.2724.34 100 31.97 1473.9925.26 100 33.19 1526.75

26.6 100 35.4 1549.38

24.6 100 35.64 1481.1425.09 100 35.57 1468.3621.88 100 32.96 1378.5520.84 100 31.61 1330.6321.08 100 32.11 1322.7

22.4 100 33.75 1385.5923.86 100 34.97 1400.3821.63 100 34.7 1280

21.1 100 32.47 1267.3821.47 100 32.11 1282.83

18.8 100 28.59 1166.3615.77 100 24.87 968.7514.44 100 25.91 896.24

14.6 100 25.29 903.2513.9 100 25.24 825.88

13.37 100 22.08 735.0914.87 100 22.5 797.8716.42 100 22.77 872.81

16.8 100 23.58 919.1417.41 100 24.84 919.3218.84 100 25.78 987.48 3.53669319.14 100 26.04 1020.62 3.58212820.03 100 26.4 1057.08 3.62983319.78 100 25.55 1036.19 3.62367520.88 100 26.78 1095.63 3.66492722.09 100 28.25 1115.1 3.66519920.19 100 26.89 1073.87 3.61779520.89 100 26.54 1104.49 3.64831222.25 100 27.01 1169.43 3.72299522.53 100 27.72 1186.69 3.74267520.84 100 26.19 1089.41 3.6178619.72 100 26.01 1030.71 3.54415121.19 100 27.95 1101.6 3.609436

20 100 28.35 1049.33 3.51817222.33 100 29.17 1141.2 3.62596523.62 100 29.49 1183.26 3.66765923.23 100 28.6 1180.55 3.67086424.53 100 29.48 1257.64 3.754822

25.3 100 29.84 1286.12 3.81174225.86 100 30.21 1327.22 3.85349325.46 100 30.28 1325.83 3.83354126.12 100 31.5 1363.61 3.84548825.85 100 32.18 1345.2 3.80150325.21 100 32.13 1320.64 3.76154325.31 100 31.83 1292.28 3.75422723.97 100 32.53 1218.89 3.64184823.24 100 32.6 1131.42 3.54721625.61 100 33.79 1253.3 3.68076425.22 100 34.14 1246.96 3.65484525.17 100 35.28 1257.6 3.65379626.73 100 34 1312.41 3.70214428.63 100 34.21 1365.68 3.77781529.92 100 34.35 1408.47 3.81585429.58 100 34.96 1397.91 3.79012

27.71 100 35.16 1310.33 3.67667428.61 100 36.6 1362.16 3.71849729.14 100 37.52 1379.32 3.74337130.36 100 35.97 1406.58 3.77838730.83 100 36.39 1440.67 3.80244428.99 100 36.58 1411.94 3.761262

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