Sample Reports Grace

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Copyright © 2010 by PortfolioShop Inc. All Rights Reserved

Disclaimer

The information displayed in the sample reports contained herein is not indicative of any actual firm’s management. The data created was for sample use only.

1

Table of Contents

About FixQ Reporting 3Automated Packaging & Distribution 4Widget Gateway 5

Appraisal

Portfolio Appraisal 7Tax Lot Portfolio Appraisal 8Portfolio Appraisal (Multicurrency) 9Appraisal by Asset Class 10Appraisal by Security Type Summary 11Liquidity Analysis 12Appraisal with CUSIP 13Maturity Alerts 14Appraisal by Sector and Industry 15Appraisal by Sector and Industry Summary 17Appraisal Ranked by Market Value 18Appraisal Ranked by Market with Percent Gain/Loss 19Appraisal Ranked by Percent Gain/Loss 20Appraisal by Underlying Security 21Fixed Income Segment Appraisal 22

Transaction

Transaction Summary 23Commission Transaction Summary 24Commission Transaction Detail 25Income and Expenses 26Purchases and Sales Recap 27Contributions and Withdrawals 28Dividend Accruals 29Interest Accruals 30

Cash Ledger

Cash Ledger 31Cash Ledger (Multicurrency) 32

2

Performance

Performance Summary 33Performance TR Summary 34Performance TR Management Summary 35Performance Attribution by Sector and Industry 36Performance Attribution by Sector/Industry Summary 37Historical Performance Analytics 38Year-to-Date Performance 39Performance Snapshot 40Profit & Loss Detail 41Realized Gains & Losses by Security 42Turnover 43

Management

Client Billing 44Security Cross Reference 45

Rebalance

Rebalance to Source 46Rebalance to Allocation Profile 47Rebalance Trade Ticket 48

Fund Administrator

Balance Sheet 49Statement of Operations 50Assets Under Management 52

Risk

Risk Analysis - Market Driven Moves 53Risk Analysis - Market Linear Moves 54Option Analysis 55Market Exposure Summary 56

3

About FixQ Reporting

A robust reporting system is key to any investment management system, because reports are the means by which the voluminous amount of data maintained by the portfolio management system is organized and made available. Clear, structured reports provide the link between information and action. With a wide array of reports and many options for report dissemination, FixQ offers your firm an effective, uncomplicated business information platform.

Broad Coverage

You and your clients demand financial information that is at once comprehensive and comprehensible. FixQ’s diverse suite of reports gives you myriad axes on which to analyze financial data. With over 200 reports, ranging from high-level performance overviews to in-depth risk simulations, FixQ provides you the details you need to effectively understand the status of investments.

Ease of Use

FixQ is designed to streamline the reporting process. With the simple Easy Reporting tool, users can generate any available report in just a few clicks.

Packaging & Distribution

In addition to on-demand reporting, FixQ allows you to create Macros, groups of reports that can be combined into a single document, with a table of contents, and scheduled for automatic e-mail distribution on a regular basis. Any report you run is also saved to the Recent section of the Easy Reporting tool for instant retrieval at a later date.

Real-Time Knowledge

When you activate FixQ’s real-time features, reports can be delivered with up-to-the-minute accuracy, enabling you make the most of dynamic information.

The Easy Reporting tool is the nexus for FixQ Reporting. Users can request any report, create and schedule their own macros, or review reports that recently completed.

4

Automated Packaging & Distribution

Convenient Scheduling

With a broad selection of scheduling options, you can ensure that your clients and staff have access to crucial information as soon as possible. You can schedule reports and similar tasks to run at any time and day, so you can share the day-to-day progress with your client, and automatically distribute period-end reports to managers quickly.

Macros can also be executed as part of queues, eliminating the need to select specific time intervals for individual macros in favor of running a large group of macros in a single task at a time of your choosing.

Packaged Documents

Macros combine a group of reports into a single file, indexed with bookmarks and a cover page, to form a cohesive, readily consumable document.

Custom Macros

Using the Easy Reporting tool, users can create and maintain their own macros and schedule them into any available queues, which means increased flexibility for your clients.

The creation of reports is but one step in sharing and acting on information. FixQ’s Macros provide a powerful delivery mechanism, allowing you to schedule recurring operations and reports to take place smoothly in the background, and automatically send them via e-mail to any individuals. Your clients can receive appraisal and performance information regularly, managers can arrive in the morning to pertinent compliance data, and portfolio maintenance operations can be performed without any human intervention.

You can schedule macros for any time interval, or add them to a queue for one-step scheduling. In addition to e-mailing macros, you can send them directly to any user’s Easy Reporting tool.

5

Widget Gateway

Even though FixQ’s assortment of reports offer many avenues for investment analysis, sometimes you and your clients want a quick, digestible snapshot of portfolio status. FixQ’s home page is designed to put all the information about a portfolio at your fingertips in a highly customizable console. The tools on the home page grant instant access to portfolio status and relevant news, as well as the ability to run any report, control account preferences, and assess risk and performance.

Winners and Losers

• Top and bottom five positions, ranked by P&L• View month-to-date, quarter-to-date, and year-to-date results

Historical Performance

• Compare long-term performance against four indexes• Uses linked rate of return or cumulative growth

At a Glance

• High-level portfolio overview• Account and security-level detail• Intraday results available

Easy Reporting

• Generate any available report• Create and manage macros• Review recently completed reports

6

Portfolio Composition

• Visual analysis of a portfolio by type, currency, country, sector, and industry

Risk

• Analyze risk metrics for portfolio and its individual holdings• Break out VaR on three axes.• Test hedging strategies and assess impact on risk.

User Preferences

• Change user name, e-mail, password, and other defaults.• Select custom reporting logo

News

• Links to pertinent news, tailored to each portfolio’s holdings.

7

Appraisal

General Sample Portfolio

4/15/2010

Total CostQuantity Security Market Value % PortSymbol UnrealizedUnit Cost Price

LONG COMMON STOCK

19,500 37.67 273,963.60 50.681 64.730CLXCLOROX CO 1,262,235.00 988,271.40

2,046 3.96 6,133.40 61.902 64.900JNJJOHNSON & JOHNSON 132,785.40 126,652.00

280,097.00 41.63 1,395,020.40 1,114,923.40

SHORT COMMON STOCK

-300 -0.41-966.00 43.000 46.220DVYISHARES DOW JONES

SELECT DIVID

-13,866.00-12,900.00

-966.00 -0.41-13,866.00-12,900.00

LONG CORPORATE BONDS

138,000 3.65-10,785.90 93.566 85.750165167BU0CHESAPEAKE ENERGY

CORPORATION 6.875% DUE

11-15-20

118,335.00 129,120.90

3,953.13Accrued Interest

-10,785.90 3.65 122,288.13 129,120.90

SHORT EQUITY CALL OPTIONS

-15 -0.51-3,162.91 9.191 11.300189054DAR[CLX] CLX APR 10 50 C -16,950.00-13,787.09

-3,162.91 -0.51-16,950.00-13,787.09

CASH & EQUIVALENTS

52.10 0.00 1.000CASHCASH - US DOLLARS 1,745,555.24 1,745,555.24

0.00 52.10 1,745,555.24 1,745,555.24

LONG FUTURES

25 0.65 21,875.00 1,191.000 1,208.500.PES0000010FJUN 10 EMINI S&P 500 1,510,625.00 1,488,750.00

21,875.00 0.65LONG FUTURES Total 1,510,625.00 1,488,750.00

ADDED TO GRAND TOTAL 21,875.00 0.00

LONG COMMON STOCK - GREAT BRITAIN

2,500 0.88 1,402.67 11.202 11.763MOTGBBFMOTHERCARE ORD GBP 0.50 29,407.49 28,004.82

5,000 1.38 15,739.81 6.114 9.262NOGFFNORSEMAN GOLD PLC 46,311.00 30,571.19

17,142.48 2.26 75,718.49 58,576.01

CASH - GREAT BRITAIN

13,595 0.63-888.08 1.609 1.544CASHCASH - BRITISH POUNDS 20,986.42 21,874.50

-888.08 0.63 20,986.42 21,874.50

100.00 303,311.59 3,350,627.67 3,043,362.96Total 67778

Summary:

3,099,698.89 2,791,370.31Long Securities 92.5

-1,519,566.00-1,515,437.09Short Securities -45.4

1,767,429.74Net Cash Equivalents 52.7 1,766,541.66

Accrued Dividends 0.0 0.00 0.00

3,953.13Accrued Interest 0.1

3,350,627.67 3,043,362.96 Total Account 100.0

Run Date: 5/26/2010 10:46:59AM

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Grace Financial Group

Portfolio Appraisal

The Portfolio Appraisal is the fundamental report in FixQ, providing per-position valuation as of a given date. The information is sorted by security type and broken out by security.

8

Tax Lot Portfolio Appraisal

Like the regular Portfolio Appraisal, the Tax Lot Portfolio Appraisal provides a per-position valuation as of a given date, however tax lots of each position are displayed individually.

Total

Cost

Quantity Security Market

Value

Accr

Int

Symbol UnrealizedUnit

Cost

PriceDate

Acquired

Pct

Port

Lot

Appraisal


4/15/2010

Days

LT

Location

LONG COMMON STOCK (csus)

18,000 CLOROX CO 0.00 50.026 64.73002/20/09 34.8 1CLX 900,464.40 1,165,140.00 264,675.60gsec

1,500 CLOROX CO 0.00 58.538 64.73009/10/09 2.9 2CLX 87,807.00 97,095.00149 9,288.00gsec

0.00 37.7 19,500 50.681 64.730 988,271.40 1,262,235.00CLOROX CO Total 273,963.60

100 JOHNSON & JOHNSON 0.00 60.000 64.90002/24/10 0.2 3JNJ 6,000.00 6,490.00316 490.00gsec

1,946 JOHNSON & JOHNSON 0.00 62.000 64.90003/02/10 3.8 4JNJ 120,652.00 126,295.40322 5,643.40gsec

0.00 4.0 2,046 61.902 64.900 126,652.00 132,785.40JOHNSON & JOHNSON Total 6,133.40

0.00 41.6LONG COMMON STOCK Total 1,395,020.40 280,097.00 1,114,923.40

SHORT COMMON STOCK (csus)

-300 ISHARES DOW JONES

SELECT DIVID

0.00 43.000 46.22002/24/10 -0.4 18DVY -12,900.00 -13,866.00316 -966.00gsec

0.00 -0.4SHORT COMMON STOCK Total -13,866.00 -966.00-12,900.00

LONG CORPORATE BONDS (cbus)

138,000 CHESAPEAKE ENERGY

CORPORATION 6.875% Due

11-15-20

3,953.13 93.566 85.75004/15/10 3.6 1165167BU0 129,120.90 118,335.00366 -10,785.90gsec

3,953.13 3.6LONG CORPORATE BONDS Total 118,335.00 -10,785.90 129,120.90

SHORT EQUITY CALL OPTIONS (clus)

-1 CLX APR 10 50 C 0.00 9.191 11.30009/10/09 0.0 1189054DAR -919.14 -1,130.00149 -210.86gsec

-14 CLX APR 10 50 C 0.00 9.191 11.30009/10/09 -0.5 2189054DAR -12,867.95 -15,820.00149 -2,952.05gsec

Run Date: 5/26/2010 10:47:14AM

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9

Portfolio Appraisal (Multicurrency)

The Multicurrency Portfolio Appraisal shows per position cost basis and valuation separated by currency as of a given date. The information is sorted by currency, security type and broken out by security.

Price Market ValueTotal CostQuantity

Reporting CurrencyLocal Currency

Security Market Value

Pct.

PortSymbol UnrealizedUnit Cost

US DollarReporting Currency:

Appraisal

Foreign Assets

4/15/2010

UK Pound (FX = 1.5437)

LONG COMMON STOCK - GREAT BRITAIN 10.20MONITISE PLC CMN 2.18MONIF -344.36 10.00 1,000 15,745.74 10,200.00 10,000.00

2.18-344.36 15,745.74 10,000.00 10,200.00

UK Pound Total 10,000.00 15,745.74 2.18-344.36 10,200.00

European Monetary Unit (FX = 1.3541)

LONG COMMON STOCK - EURO 22.12ASM INTL NV 4.97ASMIZ 17,913.04 20.00 1,200 35,943.23 26,544.00 24,000.00

69.25EUROFINS SCIENTIFIC 64.90EUFSF 13,817.73 67.00 5,000 468,857.13 346,250.00 335,000.00

69.87 31,730.77 504,800.36 359,000.00 372,794.00

CASH - EURO 1.00CASH - EURO 26.43cash -596.48 1.00 141,000 190,927.56 141,000.00 141,000.00

26.43-596.48 190,927.56 141,000.00 141,000.00

European Monetary Unit Total 500,000.00 695,727.92 96.30 31,134.29 513,794.00

Japanese Yen (FX = 92.9060)

LONG COMMON STOCK - JAPAN 445.29TOSHIBA MACHINE 0.66tshmf 284.41 422.71 1,000 4,792.91 445,290.00 422,707.50

0.66 284.41 4,792.91 422,707.50 445,290.00

CASH - JAPAN 1.00CASH - JAPAN 0.86cash 56.47 1.00 577,292.500 6,213.73 577,292.50 577,292.50

0.86 56.47 6,213.73 577,292.50 577,292.50

Japanese Yen Total 1,000,000.00 11,006.64 1.52 340.88 1,022,582.50

722,480.29 100.00 31,130.82Total FGN789

(107)

FGN789

Run Date: 5/26/2010 10:46:45AM

Page 1 of 2


Appraisal by Asset Class

The Appraisal by Asset Class report shows the cost, local price, FX rate, and value of positions in a portfolio as of the selected date, sorted by asset class.

10

Local Price Local Market ValueQuantity Security USD Market ValueSymbol

Appraisal by Asset Class

Foreign Assets

4/15/2010

FX RateCusip

Long Equities

22.12ASM INTL NV ASMIZ 1,200 35,943.23 26,544.00 1.35415165294

69.25EUROFINS SCIENTIFIC EUFSF 5,000 468,857.13 346,250.00 1.35415972643

10.20MONITISE PLC CMN MONIF 1,000 15,745.74 10,200.00 1.5437B1YMRB8

445.29TOSHIBA MACHINE tshmf 1,000 4,792.91 445,290.00 92.90606897262

Total Long Equities 525,339.00

525,339.00Total Equities

Long Cash and Equiv.

1.00CASH - EURO cash 141,000 190,927.56 141,000.00 1.3541000000999

1.00CASH - JAPAN cash 577,292.500 6,213.73 577,292.50 92.9060

Total Long Cash and Equiv. 197,141.29

197,141.29Total Cash and Equiv.

722,480.29Total FGN789

(167)

FGN789

Run Date: 5/26/2010 10:49:37AM

Page 1 of 1


Appraisal by Security Type Summary

The Appraisal by Security Type Summary report shows the cost and value of positions in a portfolio as of the selected date, summarized and aggregated by security type.

11

Appraisal by Security Type Summary


4/15/2010

Total CostSecurity Type Market Value

%

AssetUnrealized

Cur.

Yield

Est. Annual

Income

280,097.00 41.63 1,395,020.40 1,114,923.40LONG COMMON STOCK 0.00 0.00

-966.00 -0.41-13,866.00-12,900.00SHORT COMMON STOCK 0.00 0.00

-10,785.90 3.65 122,288.13 129,120.90LONG CORPORATE BONDS 9,487.50 8.02

-3,162.91 -0.51-16,950.00-13,787.09SHORT EQUITY CALL OPTIONS 0.00 0.00

0.00 52.10 1,745,555.24 1,745,555.24CASH & EQUIVALENTS

21,875.00 0.65 1,510,625.00 1,488,750.00LONG FUTURES

LONG FUTURES Total ADDED

TO GRAND TOTAL

21,875.00 0.00

17,142.48 2.26 75,718.49 58,576.01LONG COMMON STOCK - GREAT BRITAIN 0.00 0.00

-888.08 0.63 20,986.42 21,874.50CASH - GREAT BRITAIN 0.00 0.00

100.00 303,311.59 3,350,627.67 3,047,316.08Total 67778 9,487.50 0.20

Summary:

3,099,698.89 2,791,370.31Long Securities 92.51

-1,519,566.00-1,515,437.09Short Securities -45.35

1,767,429.74Net Cash Equivalents 52.75 1,766,541.66

Accrued Dividends 0.00 0.00 0.00

3,953.13 3,953.13Accrued Interest 0.12

3,350,627.67 3,047,316.08 Total Account 100.00

Run Date: 5/26/2010 10:49:51AM

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Liquidity Analysis

The Liquidity Analysis is used to rank holdings in a portfolio in terms of how many days it would take to liquidate each position, based on its 30, 60, and 90-day average daily trading volume.

12

Liquidity Analysis

Demonstration Portfolio

3/31/2010

QuantitySecurity

Pct of

PortSymbol

30 Day

Avg Volume

Pct of

Daily Volume

Days to

Liquidate 50%

Very Liquid - less than 3%-1,000 -11.845AMEX S & P DEPOSITARY RECEIPTSSPY 190,365,811 -0.001 0

4,000 18.070AUTOMATIC DATA PROCESSING INCADP 3,406,685 0.117 1

3,000 1.237CITIGROUP INCC 409,234,943 0.001 1

1,500 9.837CLOROX COCLX 1,076,483 0.139 1

800 5.768GENERAL MLS INCGIS 1,901,183 0.042 1

2,100 9.744HONEYWELL INTL INCHON 4,897,052 0.043 1

500 4.525ISHARES 20+ YEAR TREASURY INDETLT 3,583,831 0.014 1

-300 -1.405ISHARES DOW JONES SELECT DIVIDDVY 410,012 -0.073 0

100 0.657JOHNSON & JOHNSONJNJ 11,035,954 0.001 1

2,000 7.274LILLY ELI & COLLY 6,160,902 0.032 1

1,500 5.819MCCORMICK & CO NON-VTGMKC 633,218 0.237 1

2,000 7.600MERCK & CO INCMRK 14,748,780 0.014 1

1,000 5.820RAYTHEON CO (NEW)RTN 2,356,750 0.042 1

100 0.336SOUTHERN COSO 4,043,765 0.002 1

2,000 7.112THE WALT DISNEY COMPANYDIS 12,647,424 0.016 1

30,000 29.451XEROX CORPXRX 13,487,473 0.222 1

Run Date: 7/19/2010 1:05:20PM

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4VFT


13

Appraisal with CUSIP


7/23/2010

Total CostQuantity Security Market Value % PortSymbol UnrealizedUnit Cost PriceCUSIP

Cur.

Yield

Est. Annual

Income

LONG COMMON STOCK

4,000 48.59 15,584.80 151,775.20 37.944 167,360.00 41.840ADPAUTOMATIC DATA

PROCESSING INC

053015103 3.23 5,400.00

3,000 3.50 3,060.00 9,000.00 3.000 12,060.00 4.020CCITIGROUP INC 172967101 0.00 0.00

1,500 28.42 10,068.00 87,807.00 58.538 97,875.00 65.250CLXCLOROX CO 189054109 3.07 3,000.00

100 1.67-251.00 6,000.00 60.000 5,749.00 57.490JNJJOHNSON & JOHNSON 478160104 3.50 201.00

2,000 20.35 2,195.00 67,905.00 33.953 70,100.00 35.050LLYLILLY ELI & CO 532457108 5.59 3,920.00

322,487.20 353,144.00 30,656.80 102.53 3.55 12,521.00

SHORT EQUITY CALL OPTIONS

-15 -0.02 13,712.09-13,787.09 9.191 -75.00 0.050189054DAR[CLX] CLX APR 10 50 C 189054DAR 0.00 0.00

-10 -2.51-2,106.00-6,544.00 6.544 -8,650.00 8.650931142FAJ[WMT] WMT JUN 10 45 C 931142FAJ 0.00 0.00

-20,331.09 -8,725.00 11,606.09 -2.53 0.00 0.00

100.00 42,262.89 344,419.00 302,156.11Total 4VFT 3.64 12,521.00

Summary:

353,144.00 322,487.20Long Securities 102.53

-8,725.00-20,331.09Short Securities -2.53

0.00Net Cash Equivalents 0.00 0.00

0.00 0.00Long Accrued Dividends 0.00

0.00 0.00Short Accrued Dividends 0.00

0.00Accrued Interest 0.00

344,419.00 302,156.11 Total Account 100.00

Run Date: 7/26/2010 4:02:39PM

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4VFT


Appraisal with CUSIP

The Appraisal with Cusip report shows the cost and value of positions in a portfolio as of the selected date, with an emphasis on current yield.

Maturity Alerts

The Maturity Alert reports provides analysis of time-sensitive instruments, like bonds and options, sorted by time remaining until expiration, facilitating action on those positions.

14


15

Appraisal by Sector and Industry

The Appraisal by Sector and Industry shows a per-position valuation as of a given date, including sector and industry information.


Appraisal by Sectors and Industries


4/15/2010

CASH AND EQUIVALENTS


13,595 CASH - BRITISH POUNDS 0.6cash -888.08 21,874.50 1.609 20,986.42 1.544

CASH - US DOLLARS 52.1cash 0.00 1,745,555.24 1,745,555.24 1.000

1,766,541.66 1,767,429.74Total CASH AND EQUIVALENTS -888.08 52.7

Total CASH AND EQUIVALENTS 52.7-888.08 1,767,429.74 1,766,541.66

CONSUMER CYCLICAL

Household Goods & Home Furnishings

2,500 MOTHERCARE ORD GBP

0.50

0.9MOTGBBF 1,402.67 28,004.82 11.202 29,407.49 11.763

5,000 NORSEMAN GOLD PLC 1.4nogff 15,739.81 30,571.19 6.114 46,311.00 9.262

75,718.49 58,576.01Total Household Goods & Home Furnishings 17,142.48 2.3

Total CONSUMER CYCLICAL 2.3 17,142.48 58,576.01 75,718.49

CONSUMER NONCYCLICAL

Drugs & Pharmaceuticals

2,046 JOHNSON & JOHNSON 4.0jnj 6,133.40 126,652.00 61.902 132,785.40 64.900

132,785.40 126,652.00Total Drugs & Pharmaceuticals 6,133.40 4.0

Personal Care & Cosmetics

19,500 CLOROX CO 37.7CLX 273,963.60 988,271.40 50.681 1,262,235.00 64.730

-15 CLX APR 10 50 C -0.5189054DA

R

-3,162.91-13,787.09 9.191 -16,950.00 11.300

1,245,285.00 974,484.31Total Personal Care & Cosmetics 270,800.69 37.2

Total CONSUMER NONCYCLICAL 41.1 276,934.09 1,101,136.31 1,378,070.40

FINANCIAL SERVICES

Diversified Financial Services


SELECT DIVID

-0.4dvy -966.00-12,900.00 43.000 -13,866.00 46.220

-13,866.00-12,900.00Total Diversified Financial Services -966.00 -0.4

Run Date: 5/26/2010 10:47:50AM

Page 1 of 3

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16


Appraisal by Sectors and Industries


4/15/2010

Summary:

Long Securities

Short Securities

Net Cash Equivalents

Total Account

2,791,370.31

-26,687.09

3,099,698.89

-30,816.00

100.0

-0.9

92.5

1,767,429.74 52.7

Accrued Interest

3,350,627.67

3,953.13 0.12

1,766,541.66

0.00 0.00 0.00Accrued Dividends

3,043,362.96

CASH AND EQUIVALENTS 27.9%1,766,542

CONSUMER CYCLICAL 1.2%75,718

CONSUMER NONCYCLICAL 21.8%1,378,070

FINANCIAL SERVICES 25.6%1,619,047

Unclassi fied Industry (23.5)%-1,488,750

Total : 100.0%6,328,128

Portfolio Composition by Market Value

Run Date: 5/26/2010 10:47:50AM

Page 3 of 3

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Appraisal by Sector and Industry Summary

The Appraisal by Sectors and Industries summary shows portfolio valuation as of a given date aggregated by sector and industry.

Appraisal by Sectors and Industries Summary


4/15/2010

Cost Market Value % PortUnrealizedDescription

1,766,541.66 1,767,429.74 -888.08CASH AND EQUIVALENTS - CASH AND EQUIVALENTS 52.7

CASH AND EQUIVALENTS Total 52.7-888.08 1,766,541.66 1,767,429.74

75,718.49 58,576.01 17,142.48CONSUMER CYCLICAL - Household Goods & Home Furnishings 2.3

CONSUMER CYCLICAL Total 2.3 17,142.48 75,718.49 58,576.01

132,785.40 126,652.00 6,133.40CONSUMER NONCYCLICAL - Drugs & Pharmaceuticals 4.0

1,245,285.00 974,484.31 270,800.69CONSUMER NONCYCLICAL - Personal Care & Cosmetics 37.2

CONSUMER NONCYCLICAL Total 41.1 276,934.09 1,378,070.40 1,101,136.31

-13,866.00-12,900.00 -966.00FINANCIAL SERVICES - Diversified Financial Services -0.4

1,632,913.13 1,621,824.03 11,089.10FINANCIAL SERVICES - Other Financial Services 4.3

FINANCIAL SERVICES Total 3.9 10,123.10 1,619,047.13 1,608,924.03

-1,488,750.00-1,488,750.00 0.00Unclassified Industry - Unclassified Sector 0.0

Unclassified Industry Total 0.0 0.00-1,488,750.00-1,488,750.00

Total 67778 100.0 303,311.59 3,350,627.67 3,047,316.08

Run Date: 5/26/2010 10:48:03AM

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17



Appraisal Ranked by Market Value


4/15/2010

Fixed Income 138,000 CHESAPEAKE ENERGY

CORPORATION 6.875%

Due 11-15-20

3.6165167BU0 -10,785.90 129,120.90 93.566 118,335.00 85.750


133,074.03Total Fixed Income 122,288.13 -10,785.90 3.65

Equities 25 JUN 10 EMINI S&P 500 0.7.pes0000010f 21,875.00 1,488,750.00 1,191.000 1,510,625.00 1,208.500

19,500 CLOROX CO 37.7CLX 273,963.60 988,271.40 50.681 1,262,235.00 64.730X

2,046 JOHNSON & JOHNSON 4.0jnj 6,133.40 126,652.00 61.902 132,785.40 64.900X

5,000 NORSEMAN GOLD PLC 1.4nogff 15,739.81 30,571.19 6.114 46,311.00 9.262


0.50

0.9MOTGBBF 1,402.67 28,004.82 11.202 29,407.49 11.763


SELECT DIVID

-0.4dvy -966.00-12,900.00 43.000 -13,866.00 46.220X

-15 CLX APR 10 50 C -0.5189054DAR -3,162.91-13,787.09 9.191 -16,950.00 11.300X

LONG FUTURES Zero

Market Value Adjustment

0.0 0.00-1,488,750.00 0.000 -1,488,750.00 0.000

1,146,812.32Total Equities 1,461,797.89 314,985.57 43.63

Cash and Equiv.CASH - US DOLLARS 52.1cash 0.00 1,745,555.24 1,745,555.24 1.000

13,595 CASH - BRITISH POUNDS 0.6cash -888.08 21,874.50 1.609 20,986.42 1.544

1,767,429.74Total Cash 1,766,541.66 -888.08 52.72

3,350,627.67 3,047,316.08Total 67778 303,311.59 100.0

Summary:

Long Securities

Short Securities


Total Account

2,791,370.31

-26,687.09

3,099,698.89

-30,816.00

100.0

-0.9

92.5

0.00

0.00

1,767,429.74 1,767,429.74

0.00

0.00

Long Accrued Dividends

Short Accrued Dividends

52.7

0.0

0.00

Accrued Interest 3,953.13

3,350,627.67 3,047,316.08

3,953.13 0.12

Run Date: 5/26/2010 10:48:17AM

Page 1 of 1

(132)

67778


18

Appraisal Ranked by Market Value

The Appraisal Ranked by Market Value is an appraisal report that arranges the positions in a portfolio from highest to lowest market value, within asset class.

Total CostQuantitySecurity Market Value % PortSymbol % ChangeUnit Cost Price

Appraisal Ranked by Market Value with Percent G/L


4/15/2010

Unrealized

Fixed Income

138,000CHESAPEAKE ENERGY CORPORATION 6.875%

Due 11-15-20

3.65 129,120.90 93.566 118,335.00 85.750 -8.35165167BU0 -10,785.90


133,074.03 122,288.13 3.65-8.11 -10,785.90

Total Fixed Income

Equities

25JUN 10 EMINI S&P 500 0.65 1,488,750.00 1,191.000 1,510,625.00 1,208.500 1.47.PES0000010F 21,875.00

19,500CLOROX CO 37.67 988,271.40 50.681 1,262,235.00 64.730 27.72CLX 273,963.60

2,046JOHNSON & JOHNSON 3.96 126,652.00 61.902 132,785.40 64.900 4.84JNJ 6,133.40

5,000NORSEMAN GOLD PLC 1.38 30,571.19 6.114 46,311.00 9.262 51.49NOGFF 15,739.81

2,500MOTHERCARE ORD GBP 0.50 0.88 28,004.82 11.202 29,407.49 11.763 5.01MOTGBBF 1,402.67

-300ISHARES DOW JONES SELECT DIVID -0.41-12,900.00 43.000 -13,866.00 46.220 -7.49DVY -966.00

-15CLX APR 10 50 C -0.51-13,787.09 9.191 -16,950.00 11.300 -22.94189054DAR -3,162.91

LONG FUTURES Zero Market Value Adjustment 0.00-1,488,750.00 0.000 -1,488,750.00 0.000 0.00 0.00

1,146,812.32 1,461,797.89 43.63 27.47 314,985.57

Total Equities

Cash and Equiv.

CASH - US DOLLARS 52.10 1,745,555.24 1,745,555.24 1.000CASH 0.00

13,595CASH - BRITISH POUNDS 0.63 21,874.50 1.609 20,986.42 1.544 -4.06CASH -888.08

1,767,429.74 1,766,541.66 52.72-0.05 -888.08

Total Cash and Equiv.

3,350,627.67 3,047,316.08Total 67778 100.0 9.95 303,311.59

Run Date: 5/26/2010 10:48:59AM

Page 1 of 2

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67778

1919

Appraisal Ranked by Market with Percent Gain/Loss

The Appraisal Ranked by Market Value with Percent G/L is an appraisal report that includes the Percentage Gain or Loss for each position in a portfolio by market value from highest to lowest.


20

Appraisal Ranked by Percent Gain/Loss

The Appraisal Ranked by Percent Gain/Loss ranks positions in a portfolio as of a given date by Percent Gain or loss.

Total CostQuantity Security Market Value % PortSymbol % UnrUnit Cost Price

Appraisal Ranked by Percent Gain/Loss


4/15/2010

Fixed Income 138,000 CHESAPEAKE ENERGY


11-15-20

3.6165167BU0 129,120.90 93.566 118,335.00 85.750 -8.35


133,074.03Total Fixed Income 122,288.13 3.65-8.35

Equities 5,000 NORSEMAN GOLD PLC 1.4nogff 30,571.19 6.114 46,311.00 9.262 51.49

19,500 CLOROX CO 37.7CLX 988,271.40 50.681 1,262,235.00 64.730 27.72

-15 CLX APR 10 50 C -0.5189054DAR -13,787.09 9.191 -16,950.00 11.300 22.94


SELECT DIVID

-0.4dvy -12,900.00 43.000 -13,866.00 46.220 7.49


0.50

0.9MOTGBBF 28,004.82 11.202 29,407.49 11.763 5.01

2,046 JOHNSON & JOHNSON 4.0jnj 126,652.00 61.902 132,785.40 64.900 4.84

25 JUN 10 EMINI S&P 500 0.7.pes0000010f 1,488,750.00 1,191.000 1,510,625.00 1,208.500 1.47

LONG FUTURES Zero Market

Value Adjustment

0.0-1,488,750.00 0.000 -1,488,750.00 0.000 0.00

1,146,812.32Total Equities 1,461,797.89 43.63 120.96

Cash and Equiv.CASH - US DOLLARS 52.1cash 1,745,555.24 1,745,555.24 1.000 0.00

13,595 CASH - BRITISH POUNDS 0.6cash 21,874.50 1.609 20,986.42 1.544 -4.06

1,767,429.74Total Cash and Equiv. 1,766,541.66 52.72-4.06

3,350,627.67 3,047,316.08Total 67778 100.0 108.54

Summary:

Long Securities

Short Securities


Total Account

2,791,370.31

-26,687.09

3,099,698.89

-30,816.00

100.0

-0.9

92.5

0.00

0.00

1,767,429.74 1,767,429.74

0.00

0.00

Long Accrued Dividends

Short Accrued Dividends

52.7

0.0

0.00

Accrued Interest 3,953.13

3,350,627.67 3,047,316.08

3,953.13 0.12

Run Date: 5/26/2010 10:48:32AM

Page 1 of 1

(152)

67778


21

Appraisal by Underlying Security

The Appraisal by Underlying Security report shows the cost and value of positions in a portfolio grouped by underlying security. This report is useful for viewing hedged positions between options and their underlying security.

Appraisal by Underlying Security

Options Account

4/15/2010

Total CostQuantity Security Market Value % PortSymbol UnrealizedUnit Cost PriceUndl Sym

8.04 0.00 109,800.13 109,800.13 1.000CASHCASH - US DOLLARS CASH

2,000 9.48 113,460.00 16,000.00 8.000 129,460.00 64.730CLXCLOROX CO CLX

-15 -1.24-3,162.91-13,787.09 9.191 -16,950.00 11.300189054DARCLX APR 10 50 C CLX

2,212.91 112,510.00 110,297.09 8.24Total CLX

19,066 35.21 0.00 480,844.52 25.220 480,844.52 25.220CYBWISDOMTREE DREYFUS CHINESE YUA CYB

-85 0.00 4,097.00-4,097.00 0.482 0.00 0.000CYB 100717C00025000CYB JUL 17 2010 25.000 C CYB

-101 -0.10 1,020.10-2,323.00 0.230 -1,302.90 0.129CYB 100717C00026000CYB JUL 17 2010 26.000 C CYB

474,424.52 479,541.62 5,117.10 35.11Total CYB

19,400 10.50-4,462.00 147,828.00 7.620 143,366.00 7.390DVRCAL DIVE INTERNATIONAL, INC. DVR

-150 0.00 6,000.00-6,000.00 0.400 0.00 0.000DVR 100522C00007500DVR MAY 22 2010 7.500C DVR

141,828.00 143,366.00 1,538.00 10.50Total DVR

500 1.79 385.00 24,000.00 48.000 24,385.00 48.770KOCOCA COLA CO KO

111 6.10-555.00 83,805.00 7.550 83,250.00 7.500191216EAZKO MAY 10 47 1/2 C KO

107,805.00 107,635.00 -170.00 7.88Total KO

4,600 0.00-174,938.00 174,938.00 38.030 0.00 0.000LLOWES CORP L

-46 -0.15-639.40-1,380.00 0.300 -2,019.40 0.439L 100522C00040000L 100522C00040000 @40 05-22-10 L

173,558.00 -2,019.40 -175,577.40 -0.15Total L

16,037 12.62 2,245.18 170,152.57 10.610 172,397.75 10.750NANONANOMETRICS INC NANO

-90 -0.74-180.00-9,900.00 1.100 -10,080.00 1.120NTQ 100522C00010000NTQ MAY 22 2010 10000 C NANO

160,252.57 162,317.75 2,065.18 11.88Total NANO

3,700 18.73 2,183.00 253,672.00 68.560 255,855.00 69.150XOMEXXON MOBIL CORP. XOM

-37 -0.19-573.50-2,072.00 0.560 -2,645.50 0.715XOM 100522C00070000XOM 100522C00070000 @70 05-22-10 XOM

-10 -0.05-331.00-290.00 0.290 -621.00 0.621XOM 100522P00065000XOM 100522P00065000 @65 05-22-10 XOM

251,310.00 252,588.50 1,278.50 18.49Total XOM

100.00-55,451.53 1,365,739.60 1,421,191.13Total OPT890

Summary:

1,289,558.27 1,351,240.09Long Securities 94.4

Run Date: 5/26/2010 10:48:45AM

Page 1 of 2(154)

OPT890


22

Fixed Income Segment Appraisal

The Fixed Income Segment Appraisal emphasizes analysis of fixed income securities, highlighting metrics like duration, yield to maturity, years to maturity, coupon and rating at individual position, security type, and portfolio levels.

Quantity Security Market

Value

Pct.

Asset

Accrued

Interest

Symbol Price YTM Mod

Dur.

Coupon Maturity Years

To Mat

Fixed Income Segment

Fixed Income Portfolio

4/15/2010

Put

Date

Rating


10,000 114.58 1.27121bn2 103.250 10,325.00 4.33 1.258 6.875 08/15/11 1.33XEROX CORPORATION A

138,000 3,953.13 14.92165167bu0 85.750 118,335.00 8.99 6.877 6.875 11/15/20 10.58CHESAPEAKE ENERGY CORPORATION BB

4,067.71 16.19 128,660.00 8.61 6.426 9.84 6.875 02/13/20 148,000 Ba2

LONG TREASURY BONDS

100,000 2,004.17 12.353133xkqx6 99.250 99,250.00 5.00 5.809 4.875 05/17/17 7.09FHLB AAA

2,004.17 12.35 99,250.00 5.00 5.809 7.09 4.875 05/15/17 100,000 Aaa

LONG CONVERTIBLE BONDS

60,000 625.00 7.6262913faj1 103.000 61,800.00 0.00 .742 3.125 06/15/12 0.75NII HOLDINGS, INC. 3.125% 06 01/15/11A

75,000 250.00 9.5466986waa6 103.950 77,962.50 0.00 2.142 1.000 06/15/12 2.17NOVAMED, INC. A

875.00 17.16 139,762.50 0.00 1.523 1.54 1.940 10/29/11 135,000 A2

LONG MUNICIPAL BONDS

20,000 128.33 2.54485107cr5 103.300 20,660.00 4.74 6.387 5.250 03/01/18 7.88KANSAS CITY MO TAX INCREMENT AAA

100,000 1,581.94 12.7337969ynm4 102.750 102,750.00 3.96 9.311 4.250 06/01/22 12.13GLOUCESTER CNTY N J IMPT AUTH AAA

1,710.28 15.26 123,410.00 4.09 8.822 11.42 4.417 09/10/21 120,000 Aaa

CASH & EQUIVALENTS

0.00 30.15cash 1.000 247,149.90CASH - US DOLLARS

0.00 30.15 247,149.90

LONG FNMA

75,000 33.59 8.8831398adm1 97.000 72,750.00 5.89 5.736 5.375 06/12/17 7.16FNMA AAA

33.59 8.88 72,750.00 5.89 5.736 7.16 5.375 06/09/17 75,000 Aaa

8,690.75 100.00 810,982.40 5.538 7.30A1 4.568 07/30/17Total FXD123 3.13

(125)

FXD123

Run Date: 5/26/2010 10:47:24AM

Page 1 of 1


23

Transaction Summary

The Transaction Summary report provides a list of all transactions that occurred during a given period.

Tr Type Trade Settle Quantity Type Symbol Net AmountSymbol Description Comm Other Lot


1/1/2010 to 4/15/2010

Transaction Summary

SEC

Close

Meth

by csgb nogff NORSEMAN GOLD PLC 1/11/10 1/14/10 5,000 cagb cash 30,571.19 1,609.01 0.00 1 0.00

by csgb MOTGBBF MOTHERCARE ORD GBP

0.50

1/11/10 1/14/10 2,500 cagb cash 28,004.82 48.27 0.00 1 0.00

dp cagb cash CASH - BRITISH POUNDS 1/11/10 1/11/10 awgb CLIENT 80,450.52 0.00 0.00 0 0.00

cs clus 053015aes ADP JAN 10 30 C 1/15/10 1/18/10 20 caus cash 0.00 0.00 0.00 1 0.00h

cs clus 532457abb LLY JAN 10 30 C 1/15/10 1/18/10 20 caus cash 0.00 0.00 0.00 1 0.00h

cs clus 589331afg MRK JAN 10 25 C 1/15/10 1/18/10 8 caus cash 0.00 0.00 0.00 5 0.00h





cs clus 755111aea RTN JAN 10 42 C 1/15/10 1/18/10 10 caus cash 0.00 0.00 0.00 1 0.00h

cs clus 842587abv SO JAN 10 25 C 1/15/10 1/18/10 1 caus cash 0.00 0.00 0.00 1 0.00h

cs ptus 189054mca CLX JAN 10 50 P 1/15/10 1/18/10 5 caus cash 0.00 0.00 0.00 3 0.00h



cs ptus 191216mds KO JAN 10 22 1/2 P 1/15/10 1/18/10 20 caus cash 0.00 0.00 0.00 1 0.00h

cs ptus 35671dmnr FPA JAN 10 20 P 1/15/10 1/18/10 10 caus cash 0.00 0.00 0.00 1 0.00h

cs ptus 532457mbj LLY JAN 10 25 P 1/15/10 1/18/10 15 caus cash 0.00 0.00 0.00 1 0.00h

cs ptus 589331mfj MRK JAN 10 22 1/2 P 1/15/10 1/18/10 4 caus cash 0.00 0.00 0.00 6 0.00h







cs ptus 755111mdn RTN JAN 10 40 P 1/15/10 1/18/10 5 caus cash 0.00 0.00 0.00 1 0.00h

cs ptus 842587mbu SO JAN 10 22 1/2 P 1/15/10 1/18/10 20 caus cash 0.00 0.00 0.00 1 0.00h

cs ptus 882508maf TXN JAN 10 07 1/2 P 1/15/10 1/18/10 50 caus cash 0.00 0.00 0.00 1 0.00h

in cbus marginint MARGIN INTEREST 0%

Due 12-31-50

1/31/10 2/3/10 caus cash 128.25 0.00 0.00 0 0.00

dp epus amex AMEX BILL 1/31/10 1/31/10 caus cash 63.00 0.00 0.00 0 0.00

dp epus BLOOMBERG BLOOMBERG 2/1/10 2/1/10 caus cash 84.00 0.00 0.00 0 0.00

dp caus cash CASH - US DOLLARS 2/2/10 2/2/10 awus client 250,000.00 0.00 0.00 0 0.00

cs clus 053015baq ADP FEB 10 33 C 2/15/10 2/16/10 20 caus cash 0.00 0.00 0.00 1 0.00h

cs ptus 053015nbk ADP FEB 10 30 P 2/15/10 2/16/10 9 caus cash 0.00 0.00 0.00 3 0.00h



(700)

67778

Run Date: 5/26/2010 10:53:37AM

Page 1 of 2


Commission Transaction Summary

The Commission Transaction Summary report provides information on transactions, aggregated by broker.

24

Average Cents

Per Share

Order

Flow

Description Total

Commission

Commission Transaction Summary


1/1/2010 to 4/15/2010

ANY BROKER USA 1,005.00 5,134 0.1958

GOLDMAN SACHS & COMPANY 7,131.05 142,621 0.0500

JOHN DURESITE 30.00 2,547 0.0118

MORGAN STANLEY & CO. 0.00 3,130 0.0000

0.0532 8,166.05 153,432

67778

Run Date: 5/25/2010 1:45:18PM

Page 1 of 1 (703)


Commission Transaction Detail

The Commission Transaction Detail report displays commission information on a per-transaction basis, organized by broker.

25

CPSOrder FlowDescription Commission

Commission Transaction Details


1/1/2010 to 4/15/2010

Trade Tran SymbolType

ANY BROKER USA [7115]

01/11/10 1,000.00by 0.1958NORSEMAN GOLD PLC 5,000csgb NOGFF

01/15/10 0.00cs 0.1958CLX JAN 10 50 P 4ptus 189054MCA



01/15/10 0.00cs 0.1958RTN JAN 10 42 C 10clus 755111AEA

01/15/10 0.00cs 0.1958SO JAN 10 25 C 1clus 842587ABV

01/15/10 0.00cs 0.1958MRK JAN 10 25 C 5clus 589331AFG


02/24/10 5.00by 0.1958JOHNSON & JOHNSON 100csus JNJ

1,005.00 5,134 0.1958[ANY BROKER USA 9 TRANSACTIONS]

GOLDMAN SACHS & COMPANY [0005]

03/02/10 229.80by 0.0500JOHNSON & JOHNSON 4,596csus JNJ

04/15/10 1.25by 0.0500JUN 10 EMINI S&P 500 25ftus .PES0000010F

04/15/10 6,900.00by 0.0500CHESAPEAKE ENERGY CORPORATION 138,000cbus 165167BU0

7,131.05 142,621 0.0500[GOLDMAN SACHS & COMPANY 3 TRANSACTIONS]

JOHN DURESITE [1956]

01/11/10 30.00by 0.0118MOTHERCARE ORD GBP 0.50 2,500csgb MOTGBBF




01/15/10 0.00cs 0.0118LLY JAN 10 30 C 20clus 532457ABB

01/15/10 0.00cs 0.0118ADP JAN 10 30 C 20clus 053015AES

30.00 2,547 0.0118[JOHN DURESITE 6 TRANSACTIONS]

MORGAN STANLEY & CO. [0015]

01/15/10 0.00cs 0.0000TXN JAN 10 07 1/2 P 50ptus 882508MAF

01/15/10 0.00cs 0.0000RTN JAN 10 40 P 5ptus 755111MDN

01/15/10 0.00cs 0.0000SO JAN 10 22 1/2 P 20ptus 842587MBU

01/15/10 0.00cs 0.0000MRK JAN 10 22 1/2 P 8ptus 589331MFJ







01/15/10 0.00cs 0.0000LLY JAN 10 25 P 15ptus 532457MBJ

01/15/10 0.00cs 0.0000FPA JAN 10 20 P 10ptus 35671DMNR

01/15/10 0.00cs 0.0000KO JAN 10 22 1/2 P 20ptus 191216MDS

02/15/10 0.00cs 0.0000ADP FEB 10 30 P 8ptus 053015NBK



02/15/10 0.00cs 0.0000ADP FEB 10 33 C 20clus 053015BAQ

02/24/10 0.00ss 0.0000ISHARES DOW JONES SELECT DIVID 300csus DVY

67778

Run Date: 5/26/2010 10:54:29AM

Page 1 of 2 (716)


26

Income and Expenses

The Income and Expenses Report shows all income and expense transactions that occurred in a portfolio in a given period.

Trade Settle TypeType Symbol Tran

Income and Expenses


1/1/2010 to 4/15/2010

Description Symbol3 Amount

COMMON STOCK

4/1/10 4/6/10 Dividendcsus clx dv CLOROX CO clx 195.00

4/12/10 4/15/10 Dividendcsus clx dv CLOROX CO clx 200.00

Total CLOROX CO 395.00

3/15/10 3/18/10 Dividendcsus jnj dv JOHNSON & JOHNSON jnj 412.86

Total COMMON STOCK 807.86

CORPORATE BONDS

1/31/10 2/3/10 Interestcbus marginint in MARGIN INTEREST 0% Due 12-31-50 marginint 128.25

2/15/10 2/18/10 Interestcbus MARGININT in MARGIN INTEREST 0% Due 12-31-50 MARGININT 129.00



Total MARGIN INTEREST 0% Due 12-31-50 514.85

Total CORPORATE BONDS 514.85

AFTER FEE PERFORMANCE EXPENSES

1/31/10 1/31/10 Depositepus amex dp AMEX BILL amex -63.00

2/1/10 2/1/10 Depositepus BLOOMBER

G

dp BLOOMBERG BLOOMBERG -84.00

4/1/10 4/1/10 Depositepus FUTFEE dp FUTURES TRADING FEES FUTFEE -25.00

3/1/10 3/1/10 Depositepus Reuters dp REUTERS Reuters -17.00

Total AFTER FEE PERFORMANCE EXPENSES -189.00

1,133.71

67778

Run Date: 5/26/2010 10:53:49AM

Page 1 of 1 (702)


27

Trade CPS

Purchases and Sales Recap


6/30/2010 to 7/20/2010

Long Side Short Side

Buy Sell Cover Short SaleAmount Amount Amount AmountAvg. Px Avg. Px Avg. Px Avg. Px

AMEX S & P DEPOSITARY RECEIPTS [csus SPY] 1,00007/01/10 101,608.00 -1,000 102,570.27 0 0 0 0 101.608 102.570 0.000 0.000 0.000

007/07/10 0.00 0 0.00 0 -3,000 0 317,671 0.000 0.000 0.000 105.890 -0.008

007/08/10 0.00 0 0.00 0 -1,000 0 107,151 0.000 0.000 0.000 107.151 -0.008

007/13/10 0.00 0 0.00 0 -1,500 0 163,890 0.000 0.000 0.000 109.260 -0.008

007/16/10 0.00 0 0.00 1,500 0 160,073 0 0.000 0.000 106.715 0.000 0.008

007/20/10 0.00 0 0.00 750 0 79,424 0 0.000 0.000 105.898 0.000 0.008

1,000 101,608.00 -1,000 102,570.27 2,250 -5,500 239,496 588,712 101.608 102.570 106.443 107.038 -0.024

CALL SPY 08/21/10 112 @112 08-21-10 [clus SPY 100821C00112000] 007/19/10 0.00 0 0.00 0 -10 0 939 0.000 0.000 0.000 0.939 -0.008

0 0.00 0 0.00 0 -10 0 939 0.000 0.000 0.000 0.939 -0.008

SPY AUG 21 2010 91.000 P [ptus SPY 100821P00091000] 007/01/10 0.00 0 0.00 0 -10 0 1,714 0.000 0.000 0.000 1.714 -0.008

0 0.00 0 0.00 0 -10 0 1,714 0.000 0.000 0.000 1.714 -0.008

4VFT

Run Date: 7/21/2010 3:36:50PM

Page 1 of 1

(711)

Purchases and Sales Recap

The Purchases and Sales Recap report provides a list of all purchase and sale transactions in a portfolio in a given period, broken down and arranged by security. The report is designed for analyzing buy and sell transactions on the basis of average price.


28

Contributions and Withdrawals

The Contributions and Withdrawals report provides information about all cash and security contributions to and withdrawals from a portfolio in a given period.

Trade Settle Quantity Net AmountDescription Unit CostType Symbol

Contributions and Withdrawals


5/31/2010 to 7/20/2010

SHORT INNEE DEC 18 2010 40.000 P06/23/2010 06/23/2010 20 1,883.00 0.94ptus NEE

101218P00

040000

NAM:06-23-2010Cost Factor:1 Quan Factor:1

VZ1 JUL 17 2010 22.500 P07/02/2010 07/02/2010 25 723.84 0.29ptus VZ1

100717P00

022500


2,606.84TOTAL EQUITIES

2,606.842 Short In

SHORT OUTFPL DEC 18 2010 40.000 P06/23/2010 06/23/2010 20 1,883.00 0.94ptus FPL

101218P00

040000


VZ JUL 17 2010 22.500 P07/02/2010 07/02/2010 25 723.84 0.29ptus VZ

100717P00

022500


2,606.84TOTAL EQUITIES

2,606.842 Short Out

WITHDRAWALCASH - US DOLLARS06/29/2010 06/29/2010 0 500.00caus cash

CKP 00172330 ABSOLUTE FUND ADMIN

500.00TOTAL CASH AND EQUIV.

500.001 Withdrawal

4VFT

Run Date: 7/21/2010 4:05:26PM

Page 1 of 1 (704)


29

Dividend Accruals

The Dividend Accruals report displays the value of all accrued dividends on a per-security basis at the beginning and end of a given period, with dividends earned and received.

DescriptionSymbol

Dividend Accruals


6/30/2010 to 7/20/2010

Beginning

Accrued

Dividends

Dividends

Received

Dividends

Earned

Ending

Accrued

Dividends

LONG COMMON STOCK

ABBOTT LABSABT 0.00 0.00 880.00 -880.00

BAXTER INTERNATIONAL INCBAX 0.00 -870.00 870.00 0.00

CHUBB CORPCB -925.00 925.00 0.00 0.00

COCA COLA COKO 0.00 -880.00 880.00 0.00

FAMILY DLR STORES INCFDO -93.00 93.00 0.00 0.00

GENUINE PARTS COGPC 0.00 -820.00 820.00 0.00

KIMBERLY CLARK CORPKMB 0.00 -1,320.00 1,320.00 0.00

LOWES COMPANIESLOW 0.00 0.00 440.00 -440.00

-1,320.00-2,872.00 5,210.00-1,018.00Net Receivable / Payable LONG COMMON

STOCK

Total Longs -1,320.00-2,872.00 5,210.00-1,018.00

SHORT COMMON STOCK

AMEX S & P DEPOSITARY RECEIPTSSPY 4,037.72 0.00 0.00 4,037.72

4,037.72 0.00 0.00 4,037.72Net Receivable / Payable SHORT COMMON

STOCK

Total Shorts 4,037.72 0.00 0.00 4,037.72

Net Receivable / (Payable)-2,872.00 5,210.00 3,019.72 2,717.72

4VFT

Run Date: 7/21/2010 1:43:29PM

Page 1 of 1 (708)


30

Interest Accruals

The Interest Accruals report displays the value of all accrued interest on a per-security basis at the beginning and end of a given period, with interest received and paid during the period.

DescriptionSymbolBeginning

Accrued

Interest

Purchase

Interest

Sold

Interest

Interest

Received

Earned

Interest

Ending

Accrued

Interest

Interest Accruals

Fixed Income Portfolio

From 3/31/2010 to 6/30/2010


XEROX CORPORATION 6.875% Due

08-15-11

121bn2 87.85 0.00 0.00 0.00 169.97 257.81

CHESAPEAKE ENERGY


11-15-20

165167bu0 0.00 0.00 0.00 0.00 1,185.94 1,185.94

87.85 0.00 0.00 0.00 1,355.91 1,443.75

LONG TREASURY BONDS

FHLB 4.875% Due 05-17-173133xkqx6 1,814.58 0.00 0.00 0.00 -1,232.29 582.29

1,814.58 0.00 0.00 0.00 -1,232.29 582.29

LONG CONVERTIBLE BONDS

NII HOLDINGS, INC. 3.125% 06

3.125% Due 06-15-12

62913faj1 552.08 0.00 0.00 0.00 -473.96 78.12

NOVAMED, INC. 1% Due 06-15-1266986waa6 220.83 0.00 0.00 0.00 -189.58 31.25

772.91 0.00 0.00 0.00 -663.54 109.37

LONG MUNICIPAL BONDS

KANSAS CITY MO TAX INCREMENT

5.25% Due 03-01-18

485107cr5 87.50 0.00 0.00 0.00 259.58 347.08

GLOUCESTER CNTY N J IMPT AUTH

4.25% Due 06-01-22

37969ynm4 1,416.67 0.00 0.00 0.00 -1,074.31 342.36

1,504.17 0.00 0.00 0.00 -814.73 689.44

LONG FNMA

FNMA 5.375% Due 06-12-1731398adm1 212.76 0.00 0.00 0.00 -11.20 201.56

212.76 0.00 0.00 0.00 -11.20 201.56

TOTAL PORTFOLIO 3,026.41-1,365.85 0.00 0.00 0.00 4,392.27

(217)

FXD123

Run Date: 7/21/2010 2:07:24PM

Page 1 of 1


31

Cash Ledger

The Single Currency Cash Ledger report maintains all cash transactions in a portfolio during a given period, sorted by cash account.

Reporting

Amount

SecurityTrade

Date

Reporting

Balance

Tran

Code

Quantity Gross

Price

Cash Ledger


From 1/1/2010 to 4/15/2010

Gross

Amount

Other ContraComm.

CASH - US DOLLARS

01/01/10 1,739,894.43 1,739,894.43Beginning Balance

01/15/10 1,739,894.43cs 20 0.000 0.00 0.00[ADP] ADP JAN 10 30 C 1956

01/15/10 1,739,894.43cs 20 0.000 0.00 0.00[LLY] LLY JAN 10 30 C 1956

01/15/10 1,739,894.43cs 20 0.000 0.00 0.00[MRK] MRK JAN 10 25 C 1956

01/15/10 1,739,894.43cs 10 0.000 0.00 0.00[RTN] RTN JAN 10 42 C 7115

01/15/10 1,739,894.43cs 1 0.000 0.00 0.00[SO] SO JAN 10 25 C 7115

01/15/10 1,739,894.43cs 10 0.000 0.00 0.00[CLX] CLX JAN 10 50 P 7115

01/15/10 1,739,894.43cs 20 0.000 0.00 0.00[KO] KO JAN 10 22 1/2 P 0015

01/15/10 1,739,894.43cs 10 0.000 0.00 0.00[FCX] FPA JAN 10 20 P 0015

01/15/10 1,739,894.43cs 15 0.000 0.00 0.00[LLY] LLY JAN 10 25 P 0015

01/15/10 1,739,894.43cs 20 0.000 0.00 0.00[MRK] MRK JAN 10 22 1/2

P

0015

01/15/10 1,739,894.43cs 5 0.000 0.00 0.00[RTN] RTN JAN 10 40 P 0015

01/15/10 1,739,894.43cs 20 0.000 0.00 0.00[SO] SO JAN 10 22 1/2 P 0015

01/15/10 1,739,894.43cs 50 0.000 0.00 0.00[TXN] TXN JAN 10 07 1/2 P 0015

01/31/10 1,739,831.43dp -63.00-63.00AMEX BILL

01/31/10 1,739,959.68in 128.25 128.25MARGIN INTEREST 0% DUE

12-31-50

02/01/10 1,739,875.68dp -84.00-84.00BLOOMBERG

02/02/10 1,989,875.68dp 250,000.00 250,000.00CLIENT ?% DUE ??-??-??

02/15/10 1,989,875.68cs 20 0.000 0.00 0.00[ADP] ADP FEB 10 33 C 0015

02/15/10 1,989,875.68cs 20 0.000 0.00 0.00[ADP] ADP FEB 10 30 P 0015


12-31-50

02/24/10 1,984,004.68by 100 59.950 -6,000.00-5,995.00 -5.00JOHNSON & JOHNSON 7115

02/24/10 1,996,904.68ss -300 43.000 12,900.00 12,900.00ISHARES DOW JONES

SELECT DIVID

0015

03/01/10 1,996,887.68dp -17.00-17.00REUTERS

03/02/10 1,711,935.68by 4,596 61.950 -284,952.00-284,722.20 -229.80JOHNSON & JOHNSON 0005

03/04/10 1,777,935.68sl -1,000 66.000 66,000.00 66,000.00JOHNSON & JOHNSON 0015

03/05/10 1,873,635.68sl -1,650 58.000 95,700.00 95,700.00JOHNSON & JOHNSON 0015

03/15/10 1,874,048.54dv 412.86 412.86JOHNSON & JOHNSON


12-31-50

04/01/10 1,874,152.29dp -25.00-25.00FUTURES TRADING FEES

04/01/10 1,874,347.29dv 195.00 195.00CLOROX CO

04/12/10 1,874,547.29dv 200.00 200.00CLOROX CO


12-31-50

(500)

67778

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32

Cash Ledger (Multicurrency)

The Multicurrency Cash Ledger report maintains all cash transactions in a portfolio during a given period and separates them by currency, displaying activity in each cash account in both the local and reporting currencies, with exchange rate information.

Reporting

Amount

SecurityTrade

Date

Settle

Date

Activity FX Rate Local

Amount

Tran

Code

Reporting

Balance

Cash Ledger

Foreign Assets

From 1/1/2010 to 4/15/2010

UK Pound

CASH - BRITISH POUNDS

01/11/10 0.00Beginning Balance 0.00 0.00

01/11/10 80,450.5201/11/10 Deposit 1.6090105 50,000.00dp 80,450.52CLIENT

03/01/10 -16,090.1003/04/10 Purchase 1.6090104 -10,000.00wd 64,360.42MONITISE PLC CMN

04/15/10 -64,360.4204/15/10 Withdrawal 1.6090104 -40,000.00lo 0.00

0.00Ending Balance04/15/10 0.00 0.00

UK Pound Total 0.00 0.00 0.00

European Monetary Unit

CASH - EURO


04/01/10 -18,030.1904/06/10 Purchase 0.7512580 -24,000.00wd -18,030.19ASM INTL NV

04/01/10 -455,039.3904/06/10 Purchase 1.3583265 -335,000.00wd -473,069.58EUROFINS SCIENTIFIC

04/01/10 664,593.6204/01/10 Deposit 1.3294381 500,000.00dp 191,524.04CLIENT AND NONE

191,524.04Ending Balance04/15/10 141,000.00 191,524.04

European Monetary Unit Total 191,524.04 141,000.00 191,524.04

Japanese Yen

CASH - JAPAN


04/01/10 -4,508.5004/06/10 Purchase 93.7580000 -422,707.50wd -4,508.50TOSHIBA MACHINE

04/01/10 10,665.7604/01/10 Deposit 93.7579585 1,000,000.00dp 6,157.26CLIENT AND NONE

6,157.26Ending Balance04/15/10 577,292.50 6,157.26

Japanese Yen Total 6,157.26 577,292.50 6,157.26

Total Foreign Assets

(500)

Run Date: 5/25/2010 1:41:24PM

Page 1 of 1

FGN789


33

Performance Summary

The Performance Summary report displays a time-weighted return for a portfolio, and displays the component parts that are used to calculate this return valuation.

Performance Summary (Cost/Market)


12/31/2009 to 4/15/2010

Market CostUnrealized

2,882,051.43Portfolio Value on 12/31/2009 2,649,793.67-232,257.76

514.85Interest

104,870.90Unrealized Gains

28,167.98Realized Gains 61,985.05

0.00Withdrawals

330,450.52Contributions

807.86Dividends

330,450.52

0.00

33,817.07

-104,870.89

514.85

807.86

0.01

Transfers Out

Transfers In 0.00

0.00

0.00

0.00

3,953.12 3,953.12Change In Accrued

Portfolio Fees -189.00 -189.00

3,346,674.54Portfolio Value on 4/15/2010 3,043,362.96-303,311.58

3,953.12Accrued Interest 3,953.12

3,128,649.53Average Capital

-189.00Total Fees

Total Gain After Fees 138,125.72

Period IRR

71,053.82Change in Unrealized

Net Capital Change 330,450.52

4.41

Page 1 of 1

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(212)


34

Performance TR Summary

The Performance Total Return Summary shows total P&L for each position in an account during a given period.

US DollarReporting Currency:

Security Total

Return

Beginning

Quantity

Ending

Quantity

3/31/2010

Beg Price

4/15/2010

End Price

4/15/2010

Market Value

Symbol Percent

Change

Performance TR Summary


From 3/31/2010 to 4/15/2010

LONG COMMON STOCK 1,262,235.00 395.00 64.73 64.73 19,500 19,500CLX 0.00CLOROX CO

132,785.40 0.00 64.90 64.90 2,046 2,046jnj 0.00JOHNSON & JOHNSON

1,395,020.40 395.00 0.03

SHORT COMMON STOCK-13,866.00 0.00 46.22 46.22 -300 -300dvy 0.00ISHARES DOW JONES

SELECT DIVID

-13,866.00 0.00 0.00

LONG CORPORATE BONDS 122,288.12 -6,832.77 85.75 85.75 0 138,000165167BU0 0.00CHESAPEAKE ENERGY


11-15-20

0.00 128.85 0 0marginint MARGIN INTEREST 0% Due

12-31-50

122,288.12 -6,703.92 -5.20

SHORT EQUITY CALL OPTIONS-16,950.00 0.00 11.30 11.30 -15 -15189054DAR 0.00CLX APR 10 50 C

-16,950.00 0.00 0.00

CASH & EQUIVALENTS 1,745,555.24 -25.00 1.00 1.00cash 0.00CASH - US DOLLARS

1,745,555.24 -25.00 0.00

LONG FUTURES 1,510,625.00 21,875.00 1,208.50 0 25.pes0000010f JUN 10 EMINI S&P 500

-1,488,750.00 0.00 0.00 0 0 LONG FUTURES Zero Market

Value Adjustment

21,875.00 21,875.00 0.00

LONG COMMON STOCK - GREAT BRITAIN 29,407.48 2,453.93 7.08 7.62 2,500 2,500MOTGBBF 7.63MOTHERCARE ORD GBP

0.50

46,311.00 7,479.60 5.10 6.00 5,000 5,000nogff 17.65NORSEMAN GOLD PLC

75,718.48 9,933.53 15.10

CASH - GREAT BRITAIN 20,986.42 284.42 1.00 1.00 13,595 13,595cash 0.00CASH - BRITISH POUNDS

20,986.42 284.42 1.37

3,350,627.66TOTAL PORTFOLIO 25,759.03 0.77

15/25/2010

67778.cli

1:44:11PM

224percent change just a price change

percent change for the total portfolio is:

(total gain / (ending mv - total gain) * 100)


35

Performance TR Management Summary

The Performance Total Return Management Summary report is a cross-referenced report that shows summarized performance results for a group of accounts in a given period.

3/31/2010 to 4/15/2010

Name RORTotal ReturnAverage CapitalAccount

Performance TR Management Summary

3,324,868.64 25,759.03 0.7767778 General Sample Portfolio

762,018.62 17,255.75 2.26fgn789 Foreign Assets

823,675.57 -4,002.42 -0.49fxd123 Fixed Income Portfolio

1,531,240.59 -165,500.99 -10.81opt890 Options Account

6,441,803.42 -1.96-126,488.63

Page 1 of 1

Run Date: 5/25/2010 1:44:01PM

OPT890(225)


36

Performance Attribution by Sector and Industry

The Performance Attribution by Sector and Industry report shows the performance in a portfolio for each security, grouped by security within economic sector and industry.

Security Market Value

Unrealized

Gain/Loss

4/15/10Average

Capital

Interest

Dividends

IRR +

Fees

Realized

Gain/Loss

Performance Attribution by Sector/Industry


From 12/31/2009 to 4/15/2010

Pct of

AssetsType Symbol


[CASH AND EQUIVALENTS]

CASH - BRITISH POUNDS 20,986.42-888.08 19,791.23 0.00 -4.49-0.02 0.63CAGB CASH

CASH - US DOLLARS 1,745,555.24 1,859,380.26 0.00 -0.01-189.00 52.10CAUS CASH

1,879,171.49 -189.02 -888.08 0.00 1,766,541.66 52.72-0.06TOTAL CASH AND EQUIVALENTS

TOTAL CASH AND EQUIVALENTS -189.02 1,879,171.49 -888.08 0.00 -0.06 1,766,541.66 52.72

DIVERSIFIED FINANCIAL SERVICES

[FINANCIAL SERVICES]

ISHARES DOW JONES SELECT DIVID -13,866.00-966.00-6,265.71 0.00 NA 0.00 -0.41CSUS DVY

-6,265.71 0.00 -966.00 0.00 -13,866.00 -0.41 0.00TOTAL FINANCIAL SERVICES

TOTAL DIVERSIFIED FINANCIAL SERVICES 0.00-6,265.71 -966.00 0.00 0.00 -13,866.00 -0.41

DRUGS & PHARMACEUTICALS

[CONSUMER NONCYCLICAL]

JOHNSON & JOHNSON 132,785.40 6,133.40 59,602.18 412.86 6.62-2,600.00 3.96CSUS JNJ

59,602.18 -2,600.00 6,133.40 412.86 132,785.40 3.96 6.62TOTAL CONSUMER NONCYCLICAL

TOTAL DRUGS & PHARMACEUTICALS -2,600.00 59,602.18 6,133.40 412.86 6.62 132,785.40 3.96

HOUSEHOLD GOODS & HOME FURNISHINGS

[CONSUMER CYCLICAL]

MOTHERCARE ORD GBP 0.50 29,407.48 1,402.67 25,337.69 0.00 5.54 0.00 0.88CSGB MOTGBBF

NORSEMAN GOLD PLC 46,311.00 15,739.81 27,659.65 0.00 56.91 0.00 1.38CSGB NOGFF

52,997.34 0.00 17,142.48 0.00 75,718.48 2.26 32.35TOTAL CONSUMER CYCLICAL

TOTAL HOUSEHOLD GOODS & HOME FURNISHINGS 0.00 52,997.34 17,142.48 0.00 32.35 75,718.48 2.26

Run Date: 5/26/2010 10:52:06AM

67778

Page 1 of 3 (252)


37

Performance Attribution by Sector/Industry Summary

The Performance Attribution by Sector / Industry Summary report shows performance in a portfolio, grouped and summarized by security within economic sector and industry.

Sector [Industry] Market Value

Unrealized

Gain/Loss

4/15/10Average

Capital

Interest

Dividends

IRR +

Fees

Realized

Gain/Loss

Reporting Currency: US Dollar

Performance Attribution by Sector/Industry Summary


From 12/31/2009 to 4/15/2010

Pct of

Assets

Total

GainCount

CASH AND EQUIVALENTS [CASH AND EQUIVALENTS] 1,879,171.49 -189.02 -888.08 0.00 -1,077.10 -0.06 1,766,541.66 52.72(2)

DIVERSIFIED FINANCIAL SERVICES [FINANCIAL SERVICES] -6,265.71 0.00 -966.00 0.00 -966.00 0.00 -13,866.00 -0.41(1)

DRUGS & PHARMACEUTICALS [CONSUMER NONCYCLICAL] 59,602.18 -2,600.00 6,133.40 412.86 3,946.26 6.62 132,785.40 3.96(1)

HOUSEHOLD GOODS & HOME FURNISHINGS [CONSUMER

CYCLICAL]

52,997.34 0.00 17,142.48 0.00 17,142.48 32.35 75,718.48 2.26(2)

OTHER FINANCIAL SERVICES [FINANCIAL SERVICES] 1,229.72 0.00 11,089.10 3,953.12 15,042.23 1,223.22 1,632,913.12 48.73(2)

PERSONAL CARE & COSMETICS [CONSUMER

NONCYCLICAL]

1,172,889.52 0.00 72,360.00 395.00 72,755.00 6.20 1,245,285.00 37.17(2)

UNCLASSIFIED SECTOR [UNCLASSIFIED INDUSTRY] -30,975.01 30,768.00 0.00 514.85 31,282.85 0.00 -1,488,750.00 -44.43(17)

3,128,650 27,979 104,871 5,276 3,350,628 100.00TOTAL 67778 4.41 138,125.72

Run Date: 5/26/2010 10:52:17AM

67778

Page 1 of 1 (253)


38

Historical Performance Analytics

The Historical Performance Analytics report is a comparative, month-over-month rate of return calculation for a portfolio versus user-selected indexes.

Historical Performance Analytics


12/31/2009 to 3/31/2010

Cumulative Linked Time Weighted ReturnPeriod Returns

Average

Capital

Total Gain After

Fees

Period

IRR

S & P 500 DOW JONES Russell 2000 S&P 600

Small Cap

Period (4) S&P

600 Small

Cap

(3) Russell

2000

(2) DOW

JONES

(1) S & P

500

Acct Link

ROR

2,868,767 6,131 0.21%12-31-09 to 01-31-10 0.21% -3.70% -3.46% -3.73% -3.45%-3.70% -3.46% -3.73% -3.45%

3,115,969 57,202 1.84%01-31-10 to 02-28-10 2.05% -0.95% -0.99% 0.51% 0.62% 2.85% 2.56% 4.41% 4.22%

3,182,099 49,584 1.56%02-28-10 to 03-31-10 3.64% 4.87% 4.11% 8.51% 8.32% 5.88% 5.15% 7.97% 7.65%

112,917Totals

SHARPE RATIO -0.14 -0.07 -0.39 -0.40

Sharpe Ratio: describes how much excess return you are receiving for the extra volatility that you endure for a holding a riskier asset.

The ratio helps to make the performance of one portfolio comparable to that of another portfolio by making an adjustment for risk.

S(x) = (Rx - Rf) / StdDev(x)

Where:

x is the investment

Rx is Return of the Portfolio

Rf is the Return of the Comparitive Index

StdDev(x) is the Standard Deviation of Excess Return

Abnormalities like kurtosis,fatter tails and higher peaks, or

skewness on the distribution can be problematic for the

ratio, as the standard deviation does not have the same

effectiveness when these problems exist. Sometimes it can

be downright dangerous to use this formula when return are

not normally distributed.

Page 1 of 2

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Run Date: 5/26/2010 10:52:23AM

(256)

Portfolio Start: 02/28/2007


39

Year-to-Date Performance

The Year-to-Date Performance report displays comparative performance results for a portfolio versus up to four selected indexes.

YTD Performance Summary


12/31/2009 to 7/20/2010

Month to Date Quarter to Date Year to DateDaily-7/20/2010

3,412,780.15Beginning Equity 3,349,167.37 3,349,167.37 2,642,615.88

Contributions

Interest

Change in Unrealized Gains

Realized Gains on Cost

Withdrawals

Transfers Out

Transfers In

0.00

-5.84

0.00

0.00

0.00

0.00

0.00

Dividends

0.00 0.00 700,000.00

0.00 0.00 -45,200.24

723.84 723.84 126,781.59

-723.84 -723.84 -126,781.59

17,099.01 17,099.01 80,544.24

52,689.68 52,689.68 14,052.22

0.00 0.00 -326.54

5,210.00 5,210.00 32,074.10

11,391.75

3,424,166.06Ending Equity 3,424,166.06 3,424,166.06 3,424,166.06

Change in Accrued Interest 0.00 0.00 0.00 0.00

11,385.91

0.00Total Fees

Total Gain After Fees

0.00 0.00 406.40

74,998.69 74,998.69 126,750.42

0.33% 2.24% 2.24% 3.83%Linked IRR

Index Returns 0.00%

0.00%

S & P 500

DOW JONES

Russell 2000 0.00%

0.00%S&P 600 Small Cap

0.00% 0.00% -7.57%

0.00% 0.00% -6.27%

0.00% -2.54%

0.00% 0.00% -1.40%

0.00%

Cash

Long Market Value

Short Market Value

Accrued Dividends

Accrued Interest

1,538,129.28

2,663,532.00

-774,777.50

-2,717.72

0.00

Summary:7/20/2010

Page 1 of 1

4VFT

Print Date: 7/21/2010 5:05:35PM

(227)Daily results are only valid for the last trading day.


40

Performance Snapshot

The Snapshot Report is a two-year study that recaps account performance results into daily, month-to-date, year-to-date, and inception to date periods.

Snapshot Report


6/30/2010

Year to Date Summary Year to Date P&L on Cost PreviousYear P&L on CostAccount Summary

1,379,987.83Cash/Margin Beginning Equity S/T Realized P&L 1,046,334.68 48,543.75 S/T Realized P&L 9,747,054.60

L/T Realized P&L 79,544.82 1,546,850.37 L/T Realized P&LShort Balance 2,851,400.00 -4,675.00Dividends

Total Realized P&L Total Realized P&L 1,595,394.12 1,125,879.50 0.00Accrued Bond Interest Interest -2,322.31

Change in Unrealized Change in Unrealized 51,052.41 1,923,216.56-5,600.00Accrued Dividends 51,052.41Change in Unrealized Gain

MVL 9,062,095.20 1,595,394.12Realized Gains on Cost

-2,677,100.00MVS -241,825.79Capital Adjustments

0.00Unsupervised Assets 0.00Unsupervised Assets

10,610,783.03Total Equity 10,610,783.03Ending Equity

Current Year Performance Statistics

Daily-6/30/2010 Month

To Date

Year

To Date

Annualized

Inception To Date

Inception

To Date

-0.30% -2.59% 11.90% -2.65% -0.14%Account

Russell 2000 -1.05% -7.88% -2.54% 116.73% 4.17%

NASDAQ COMPOSITE -1.21% -6.55% -7.05% 320.13% 7.88%

Dow Jones -0.98% -3.58% -6.27% 223.13% 6.39%

S&P 500 -1.01% -5.39% -7.57% 165.78% 5.30%

Notes:

Inception Date: 8/22/1991

ST G/L +$729811.52

LT G/L +$4008317.42

Page 1 of 1

74390090

Print Date: 7/28/2010 5:00:23PM

(268)

This report is for informational purposes only and has been prepared to assist you in the review of your account. If you note any discrepancies, please contact your Account Executive immediately. This

information is not meant to be relied on for tax, accounting, legal or other purposes. The information is believed to be from reliable sources, but we make no representation as to its accuracy or

completeness or appropriateness for comparison.


41

Profit & Loss Detail

The Profit and Loss Detail report displays P&L attribution by security in a portfolio, as well as calculating a return on investment and contribution to total return. The report can be presented by either underlying security or security type.

Security

ROIRealized

Gain/Loss

Profit and Loss Detail by Underlying Security


From 1/1/2009 to 7/20/2010

Begininng

Value

Net

Flows

Change in

Accruals

Interest *

Dividends

Change in

Unrealized

P & L ContributionEnding

ValueSymbol

Equities

ABT - ABBOTT LABS

ABBOTT LABS -30.22-13,802.00 0.00 0.00 0.00 2,560.00 -11,242.00 0.00 94,940.00 -21.407ABT

ABT MAY 09 37 1/2 P 113.45 0.00 0.00 0.00 887.41 0.00 887.41 0.00 0.00 1.690002824QCA

ABT MAY 10 45 P 289.74 0.00 0.00 0.00 441.56 0.00 441.56 0.00 0.00 0.841002824QAX

ABT AUG 21 2010 49.000 C 267.30 11,792.80 0.00 0.00 0.00 0.00 11,792.80 0.00 -990.00 22.455002824HBN

0.00 0.00 93,950.00 0.00 -2,009.20 2,560.00 1,328.97 1,879.77 5.90 3.579

ADP - AUTOMATIC DATA PROCESSING INC

AUTOMATIC DATA PROCESSING INC 10.40 0.00 0.00 0.00 1,303.84 1,485.00 2,788.84 0.00 0.00 5.310ADP

ADP AUG 09 32 1/2 P 138.82 0.00 0.00 0.00 539.98 0.00 539.98 0.00 0.00 1.028053015TAM

WWF JAN 10 30 C 0.00 0.00 0.00 16,719.57 0.00 0.00 0.00 0.00 0.00 0.000053015AEB

ADP JAN 10 30 C 0.00 0.00 0.00-16,719.57 0.00 0.00 0.00 0.00 0.00 0.000053015AES

ADP FEB 10 30 P 175.47 0.00 0.00 0.00 1,083.29 0.00 1,083.29 0.00 0.00 2.063053015NBK

ADP FEB 10 33 C 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000053015BAQ

0.00 0.00 0.00 0.00 0.00 1,485.00 2,927.11 4,412.11 21.35 8.401

Equities 0.00 0.00 -2,009.20 4,045.00 4,256.08 0.00 93,950.00 6,291.88 11.98 11.981

TOTAL PORTFOLIO 0.00 0.00 -2,009.20 4,045.00 4,256.08 0.00 93,950.00 6,291.88 11.98 11.981

Average Capital 52,516.71

ROI: Total P&L divided by Average Capital for the Period.

Contribution: (P&L of the specific security / Total P&L for the Account) multiplied by the ROI for the total Portfolio.

Begining and Ending Values include Accrued Interest and Dividends

* Interest Dividends: Include Bond Interest,Short Rebates,Credit and Debit Interest, Miscellaneous Income and Expenses , Management Fees

Run Date: 7/21/2010 5:20:49PM

4VFT

Page 1 of 1

(272)


42

Realized Gains & Losses by Security

The Realized Gains & Losses by Security report calculates tax liability in terms of long- and short-term gains, in accordance with GAAP regulations for calculating return on a given security type.

Open

Date

Close

Date Quantity Proceeds

Gain or Loss

Short Term Long Term

Realized Gains/Losses - by Security


From 1/1/2010 to 4/15/2010

Reporting Currency: US Dollar

Cost BasisUnit Cost Unit PriceLot

LONG COMMON STOCK

JOHNSON & JOHNSON [jnj]03/02/10 03/04/10 1,000 66,000.00 4,000.00 0.00 62,000.00 62.0000 66.0000 4

03/02/10 03/05/10 1,650 95,700.00 -6,600.00 0.00 102,300.00 62.0000 58.0000 4

2,650 164,300.00 161,700.00 -2,600.00 0.00 62.0000 61.0189

164,300.00 161,700.00 -2,600.00 0.00TOTAL LONG COMMON STOCK

SHORT EQUITY PUT OPTIONS

[ADP] ADP FEB 10 30 P [053015nbk]09/02/09 02/15/10 -3 162.49 -137.51 0.00# 300.00 1.0000 0.5416 1

09/02/09 02/15/10 -9 487.48 -430.52 0.00# 918.00 1.0200 0.5416 3

09/02/09 02/15/10 -8 433.32 -350.68 0.00# 784.00 0.9800 0.5416 2

-20 2,002.00 1,083.29 -918.71 0.00 1.0010 0.5416

2,002.00 1,083.29 -918.71 0.00TOTAL SHORT EQUITY PUT OPTIONS

0.00-3,518.71

LONG POSITIONS:

TOTAL GAINS

TOTAL LOSSES

4,000.00

-6,600.00

0.00

0.00

SHORT POSITIONS:

TOTAL GAINS

TOTAL LOSSES

0.00

-918.71

0.00

0.00

NET REALIZED LONGS

NET REALIZED SHORTS

-3,518.71TOTAL REALIZED GAIN/LOSS

NET REALIZED LONGS & SHORTS

0.00-2,600.00

-918.71 0.00

164,300.00 161,700.00

2,002.00 1,083.29

166,302.00 162,783.29

Legend

# - Short Sale

& - 1256 Index Option

+ - Return of Capital

(223)

67778

Run Date: 7/21/2010 1:20:24PM

Page 1 of 1


43

Turnover

The Turnover report calculates the rate of reinvestment for each monthly period. The rate of turnover is calculated by taking the absolute value of the purchases during a period divided the average capital

Turnover


1/1/2010 to 4/15/2010

Average

Capital

Total Gain

After Fees

Period

IRR

End MV Purchases Sales Turnover

2,868,767 6,131 0.21%12-31-09 to 01-31-10 2,874,897 36,405 0 0.63%

3,115,969 57,202 1.84%01-31-10 to 02-28-10 3,182,099 6,000 12,900 0.30%

3,182,099 49,584 1.56%02-28-10 to 03-31-10 3,231,683 284,952 161,700 7.02%

3,221,335 4,085 0.13%03-31-10 to 04-20-10 204,164 1,617,871 0 25.11%

117,002Totals 8.56%

Page 1 of 1

67778

Run Date: 5/25/2010 1:44:55PM(261)

Portfolio Start: 02/28/2007 Purchase and sales exclude Cash

Period Turnover: (((purchase + sales) / 2) / average capital) * 100

Portfolio Turnover: Sum of Period Turnover Weighted by Average Capital


44

Client Billing

For FixQ managed accounts, the Client Billing report is used to generate an invoice for clients based on average capital or period-ending capital, based on a flat-fee or tiered pricing structure.

,

Your Company Name

Statement of Management Fees for 12/31/2009 to 3/31/2010

Account General Sample Portfolio

Account # : 67778.cli

3,231,683.48Total Portfolio Value as of 3/31/2010

100,000 % per quarter 0.2500@ 250.00

% per quarter 0.5000@ 1,000,000 5,000.00

% per quarter 0.7500@ 2,131,683 15,987.63

Total Quarterly Management Fee Due and Payable 21,237.63

The management fee is calculated once each calandar quarter and is based upon the market value of

assets under management at the last business day of the preceding calandar quarter. Under our

agreement, assets received into your account after it is opened will be charged a pro rata fee based

on the number of days remaining in the quarter. No fee adjustments are made for partial withdrawals

or for any appreciation or depreciation within a billing period.

In accordance with our agreement, we have invoiced your custodian directly for our fees. Please note

you are responsible for verifying the accuracy of our fee calculation - you Custodian will not determine

whether the fee is calculated properly. You should keep this statment for your records.

Please contact us if you have any questions or if there have been any changes in you financial

situation or investment objectives or if you wish to impose any restrictions on your account.

Thank you for letting us serve you.


45

Security Cross Reference

The Security Cross Reference report displays the value of each security as it is held across a group, organized by security type. The report is an inverted appraisal, insofar as it is based on holdings in a particular security, rather than the holdings in a particular portfolio.

Total CostQuantity Market Value UnrealizedUnit Cost

Security Cross Reference

4/15/2010

PortfolioAccount

Earliest

Purchase

LONG COMMON STOCK

CAL DIVE INTERNATIONAL, INC. ( DVR ) ( 7.390000 )

19,400 -4,462.00 147,828.00 7.620 143,366.00 03-08-10Options Account OPT890

CLOROX CO ( CLX ) ( 64.730000 X)

19,500 273,963.60 988,271.40 50.681 1,262,235.00 02-20-09General Sample Portfolio 67778

2,000 113,460.00 16,000.00 8.000 129,460.00 03-08-10Options Account OPT890

387,423.60 1,391,695.00 1,004,271.40 21,5002 portfolios

COCA COLA CO ( KO ) ( 48.770000 )

500 385.00 24,000.00 48.000 24,385.00 03-08-10Options Account OPT890

EXXON MOBIL CORP. ( XOM ) ( 69.150000 )


JOHNSON & JOHNSON ( JNJ ) ( 64.900000 X)

2,046 6,133.40 126,652.00 61.902 132,785.40 02-24-10General Sample Portfolio 67778

LOWES CORP ( L ) ( 0.000000 )

4,600 -174,938.00 174,938.00 38.030 0.00 03-08-10Options Account OPT890

NANOMETRICS INC ( NANO ) ( 10.750000 )


WISDOMTREE DREYFUS CHINESE YUA ( CYB ) ( 25.220000 )

19,066 0.00 480,844.52 25.220 480,844.52 03-08-10Options Account OPT890

218,970.18 2,382,358.49 2,601,328.67Total LONG COMMON STOCK

SHORT COMMON STOCK

Run Date: 5/25/2010 1:42:13PM

Page 1 of 5 (813)

SAMPLE_1


46

Rebalance to Source

The Rebalance to Source report creates transactions that would achieve equal share concentration between the selected portfolio and a given target portfolio.

Portfolio Rebalance to Source

5/31/2008

Portfolio Quantity Market Value Total Market Percent of Change in Change to Value Assets MV Quantity

FRMO CORP 8.65 csus FRMO

4abc.cli 31,608 273,409 336,777 81.18409

31,608 273,409 336,777 81.18409

VERTICAL BRANDING INC COM 0.34 csus VBDG

4abc.cli 185,604 63,105 336,777 18.73803

185,604 63,105 336,777 18.73803

Run Date: 6/3/2008 1:25:47PM Page 1 of 1 (811)


47

Rebalance to Allocation Profile

The Rebalance to Source report creates transactions that would achieve equal share concentration between the selected portfolio and an allocation profile.

Quantity

Portfolio Rebalance to Allocation Profile

Your Company Name

4/15/2010

Market Value Change to

Quantity

Portfolio Alloc

Pct

Percent of

Security

Price

ASM INTL NV

cseu ASMIZ 22.12

fgn789.cli 1,200 35,943 25.00000 100.00000 -900

1,200 35,943

CAL DIVE INTERNATIONAL, INC.

csus DVR 7.39

opt890.cli 19,400 143,366 20.00000 100.00000 -15,520

19,400 143,366

CHESAPEAKE ENERGY CORPORATION 6.875% Due 11-15-20

cbus 165167BU0 85.75

67778.cli 138,000 118,335 25.00000 50.00000 -69,000

fxd123.cli 138,000 118,335 30.00000 50.00000 -55,200

276,000 236,670

CLOROX CO

csus CLX 64.73

67778.cli 19,500 1,262,235 25.00000 90.69767 -14,125

opt890.cli 2,000 129,460 20.00000 9.30233 2,300

21,500 1,391,695

CLX APR 10 50 C

clus 189054DAR 11.30

67778.cli -15 -16,950 25.00000 50.00000 8

opt890.cli -15 -16,950 20.00000 50.00000 9

-30 -33,900

COCA COLA CO

csus ko 48.77

opt890.cli 500 24,385 20.00000 100.00000 -400

500 24,385

Run Date: 5/20/2010 4:15:34PM

Page 1 of 6(812)

Allocation Profile: sample_1


48

Rebalance Trade Ticket

The Rebalance Trade Ticket is a trade ticket for each transaction generated by the rebalance operation.

Rebalance Trade Ticket

5/31/2008

[ IBM ] INTERNATIONAL BUSINESS MACHS Last Price: 0.00 @ 98.00 Target 5.00%

Portfolio Name Quantity Market Value % of Total Total Change in Cash Change to Round Held Assets Market Cash MV Warn Quantity 100

Value

SAMPLE.cli Sample Account 0 0 0.00 82,589,056 -14,760,065 4,129,453 !warn! 42,137 42,100

0 0 0.00 82,589,056 -14,760,065 4,129,453 42,137 42,100

SELL 42,100 @ 98.00

[ IBM ] INTERNATIONAL BUSINESS MACHS

Run Date: 6/3/2008 1:33:30PM Order Thresholds:Equity: 100 shares, Debt $1000, Options: 10 Contracts Page 1 of 1 (816)


49

Balance Sheet

The Balance Sheet report is a summary of all the assets, liabilities, and capital for a portfolio or group, broken down by security type. The value of investments includes the original cost plus any unrealized gain or loss.

Balance Sheet


4/15/2010

Assets

INVESTMENT - LONG COMMON STOCK - COST 1,114,923.40

UNREALIZED GAIN/LOSS ON LONG COMMON STOCK 280,097.00

INVESTMENT - LONG CORPORATE BONDS - COST 129,120.90

UNREALIZED GAIN/LOSS ON LONG CORPORATE BONDS -10,785.90

ACCRUED INTEREST LONG CORPORATE BONDS 3,953.13

INVESTMENT - CASH & EQUIVALENTS - COST 1,745,555.24

UNREALIZED GAIN/LOSS ON CASH & EQUIVALENTS 0.00

INVESTMENT - LONG FUTURES - COST 0.00

UNREALIZED GAIN/LOSS ON LONG FUTURES 21,875.00

INVESTMENT - LONG COMMON STOCK - GREAT BRITAIN - COST 58,576.01

UNREALIZED GAIN/LOSS ON LONG COMMON STOCK - GREAT BRITAIN 19,520.09

UNREALIZED FX GAIN/LOSS LONG COMMON STOCK - GREAT BRITAIN -2,377.61

INVESTMENT - CASH - GREAT BRITAIN - COST 21,874.50

UNREALIZED GAIN/LOSS ON CASH - GREAT BRITAIN 0.00

UNREALIZED FX GAIN/LOSS CASH - GREAT BRITAIN -888.08

TOTAL ASSETS 3,381,443.67

Liabilities

INVESTMENT - SHORT COMMON STOCK - COST -12,900.00

UNREALIZED GAIN/LOSS ON SHORT COMMON STOCK -966.00

INVESTMENT - SHORT EQUITY CALL OPTIONS - COST -13,787.09

UNREALIZED GAIN/LOSS ON SHORT EQUITY CALL OPTIONS -3,162.91

TOTAL LIABILITIES -30,816.00

TOTAL CAPITAL -3,350,627.67

TOTAL LIABILITIES AND CAPITAL -3,381,443.67

(170)

67778

Run Date: 5/26/2010 10:50:06AM

Page 1 of 1


50

Statement of Operations

The Statement of Operations report is used to analyze cost and cash changes from period to period. It recaps income and expenses by security type, reconciling beginning and ending cost on securities, and beginning and ending total uninvested cash.



From 12/31/2009 to 4/15/2010

BEGINNING CHANGE ENDING

COST ANALYSIS

REALIZED G/L - LONG COMMON STOCK -2,600.00 988,271.40 -126,652.00 1,114,923.40

DIVIDEND INCOME - LONG COMMON STOCK 807.86

78,868.40CHANGE UNREALIZED G/L - LONG COMMON STOCK

REALIZED G/L - SHORT COMMON STOCK 0.00 0.00 12,900.00 -12,900.00

-966.00CHANGE UNREALIZED G/L - SHORT COMMON STOCK

REALIZED G/L - LONG CORPORATE BONDS 0.00 0.00 -129,120.90 129,120.90

INTEREST INCOME - LONG CORPORATE BONDS 514.85

-10,785.90CHANGE UNREALIZED G/L - LONG CORPORATE BONDS

REALIZED G/L - SHORT EQUITY CALL OPTIONS 56,389.06 -70,176.15 -56,389.06 -13,787.09

-26,231.06CHANGE UNREALIZED G/L - SHORT EQUITY CALL OPTIONS

REALIZED G/L - SHORT EQUITY PUT OPTIONS 8,196.01 -8,196.01 -8,196.01 0.00

-7,961.01CHANGE UNREALIZED G/L - SHORT EQUITY PUT OPTIONS

REALIZED G/L - CASH & EQUIVALENTS 0.00 1,739,894.43 0.00 1,745,555.24

-189.00

REALIZED G/L - LONG FUTURES 0.00 0.00 0.00 0.00

21,875.00CHANGE UNREALIZED G/L - LONG FUTURES

0.01COST CHANGE WITH NO CASH FLOW:MOTHERCARE ORD GBP 0.50 [csgb - MOTGBBF]

REALIZED G/L - LONG COMMON STOCK - GREAT BRITAIN 0.00 0.00 -58,576.01 58,576.01

17,142.48CHANGE UNREALIZED G/L - LONG COMMON STOCK - GREAT BRITAIN

REALIZED G/L - CASH - GREAT BRITAIN 0.00 0.00 0.00 21,874.50

REALIZED FX G/L - CASH - GREAT BRITAIN -0.02

-888.08CHANGE UNREALIZED G/L - CASH - GREAT BRITAIN

-0.02

61,985.07

807.86

514.85

0.00

-189.00

0.00

0.00

71,053.83

TOTAL INTEREST

TOTAL DIVIDENDS

TOTAL REALIZED PRICE GAIN/LOSS

TOTAL REALIZED FX GAIN/LOSS

TOTAL CHANGE IN UNREALIZED GAIN/LOSS

TOTAL MANAGEMENT FEES

TOTAL PORTFOLIO FEES

TOTAL PERFORMANCE FEES

TOTAL FEES PAID EXTERNALLY

138,125.72

2,649,793.67 -366,033.98 3,043,362.96

TOTAL GAIN / LOSS

TOTAL CHANGE IN ACCRUED INTEREST 3,953.12

0.01TOTAL CHANGE TO COST WITH NO CASH FLOW

Run Date: 5/25/2010 1:41:45PM

67778

Page 1 of 2 (266)




From 12/31/2009 to 4/15/2010

Statement of Cash Flows

1,739,894.43BEGINNING CASH & EQUIVALENTS 12/31/2009

1,133.71NET INCOME AND EXPENSES

330,450.52NET CONTRIBUTIONS AND WITHDRAWALS

NET TRANSFERS IN / OUT 0.00

NET CHANGE IN FX UNREALIZED -3,265.69

-366,033.98TOTAL CHANGE IN COST

61,985.05TOTAL REALIZED

OTHER COST ADJUSTMENTS

(refer to Contributions and Withdrawals report 704 for details)

2,377.62

1,766,541.66ENDING CASH & EQUIVALENTS 4/15/2010

Run Date: 5/25/2010 1:41:45PM

67778

Page 2 of 2 (266)

5151


Total Market

Value

Assets Under Management

Your Company Name

4/15/2010

PortfolioAccount

Cash &

Equiv

Long

Equities

Percent Other

Assets

Percent PercentShort

Equities

Percent Taxable

Fixed Inc

PercentPercent Tax Exempt

Fixed Inc

General Sample Portfolio 67778 52.78 1,766,541.66 2,981,363.89 -1,519,566.00 122,288.13 0.00 0.00 89.08 -45.41 3.65 0.00 0.00 3,350,627.67

Foreign Assets FGN789 27.29 197,141.29 525,339.00 0.00 0.00 0.00 0.00 72.71 0.00 0.00 0.00 0.00 722,480.29

Fixed Income Portfolio FXD123 30.48 247,149.90 0.00 0.00 447,402.97 125,120.28 0.00 0.00 0.00 55.17 15.43 0.00 819,673.15

Options Account OPT890 8.04 109,800.13 1,289,558.27 -33,618.80 0.00 0.00 0.00 94.42 -2.46 0.00 0.00 0.00 1,365,739.60

2,320,632.98 0.00 125,120.28 569,691.09-1,553,184.80 4,796,261.164 Portfolios 6,258,520.71

Run Date: 5/25/2010 1:41:59PM

Page 1 of 1 (815)

SAMPLE_1

Assets Under Management

The Assets Under Management report shows the total market value of each portfolio, grouped by asset class.

52


Risk Analysis - Market Driven Moves

The Risk Analysis reports provide a simulation of P&L in each of six user-defined market scenarios, based on a beta and value at risk (VaR) calculation of each security versus a selected index. For equity securities, the predicted P&L is based on the beta-adjusted market value of the security in each scenario. In the Market Driven Moves view, the market value and predicted P&L for options is are based on the theoretical value of the option itself.

53

7/19/2010

Risk Analysis - Market Driven MovesMarket Move

Volatility Spike

Quantity MV Beta Std. Dev.Price CorrSecurity Symbol 4.0% 12.0%VaR (99)VaR (95.00) 2.0%% Port 12.0% 4.0% 2.0%

+1.00 -1.00 +5.00 -5.00 +10.00 -10.00

DeltaImpVolUndl Price

EQUITY

ADM 2,215 1,327-1,890 -4,093 254-25 -4,063 0.77 779 1.6250 0.66 1,809039483IBUADM SEP 18 2010 26.000 C 2,644 -394-0.90 0.28 0.626 26.78

-5,171-2,585 2,585 5,171-517 2,500 66,950 0.77 1,041 26.7800 0.66 1,713ADMARCHER DANIELS MIDLAND CO 2,422 517 14.78 0.00 1.000 26.78

62,888 1,077-263 696 -1,259 -2,955* 0.77TOTAL ADM 123 100.00

AFL 15,134 7,774-7,948 -15,947 1,561-20 -43,200 1.72 2,401 21.6000 0.87 5,219AFL 101120C00025000AFL NOV 20 2010 25.000 C 6,523 -1,591-9.53 0.56 0.986 46.51

-16,006-8,003 8,003 16,006-1,601 2,000 93,020 1.72 2,405 46.5100 0.87 3,956AFLAFLAC INC 5,595 1,601 20.53 0.00 1.000 46.51

49,820 59-40 54 -229 -872* 1.72TOTAL AFL 9 100.00

BAX 661 409-707 -1,579 48-10 -2,875 0.49 802 2.8750 0.33 1,184BAX 101120C00042500BAX NOV 20 2010 42.500 C 1,775 -175-0.63 0.30 0.531 42.61

439 292-547 -1,289 38-10 -1,800 0.49 745 1.8000 0.33 1,116BAX 101120C00045000BAX NOV 20 2010 45.000 C 1,394 -129-0.40 0.29 0.396 42.61

-6,278-3,139 3,139 6,278-628 3,000 127,830 0.49 2,747 42.6100 0.33 4,518BAXBAXTER INTERNATIONAL INC 6,391 628 28.21 0.00 1.000 42.61

123,155 3,410-542 1,886 -2,439 -5,178* 0.49TOTAL BAX 325 100.00

CB 6,631 3,739-4,619 -9,741 721-25 -20,000 0.83 1,339 8.0000 0.82 2,987CB 110122C00045000CB JAN 22 2011 45.000 C 3,394 -960-4.41 0.29 0.778 51.85

-431-134 23 22-35-15 -113 0.83 0 0.0750 0.82 0CB 101016P00035000CB OCT 16 2010 35.000 P 0 -7-0.02 0.40 -0.022 51.85

-10,821-5,411 5,411 10,821-1,082 2,500 129,625 0.83 1,676 51.8500 0.82 2,757CBCHUBB CORP 3,899 1,082 28.61 0.00 1.000 51.85

109,513 1,103-397 815 -1,805 -4,621* 0.83TOTAL CB 115 100.00

DOV 5,967 3,320-3,948 -8,173 657-15 -13,575 1.37 1,349 9.0500 0.85 2,770DOV 101218C00035000DOV DEC 18 2010 35.000 C 4,387 -810-3.00 0.39 0.830 43.10

4,198 2,458-3,382 -7,252 461-15 -8,025 1.37 1,157 5.3500 0.85 2,139DOV 101218C00040000DOV DEC 18 2010 40.000 C 3,850 -716-1.77 0.35 0.665 43.10

-17,652-8,826 8,826 17,652-1,765 3,000 129,300 1.37 2,925 43.1000 0.85 4,812DOVDOVER CORP 6,805 1,765 28.54 0.00 1.000 43.10

107,700 2,227-647 1,496 -3,047 -7,487* 1.37TOTAL DOV 239 100.00

7,875-1,888 4,946 -8,778 -21,114 453,075.00TOTAL EQUITY

* Weighted Averages

*

810

453,075.00Totals

Calls Market Up Market Down

Long Gain Unlimited Max Loss is Premium

Short Loss Unlimited Max Gain is Premium

Puts Market Up Market Down

Long Max Loss is Premium Max Gain is Strike Price - Premium

Short Max Gain is Premium Max Loss is Strike Price - Premium

Market moves are based upon the Theoretical Pricing

Model for Options.

11:49:12PM

7/20/2010

4vft.cli[Benchmark:$INX] * - Averages are Weighted by Market Value

(3401)

1VAR METHOD:1 Volatility Based

LOOKBACK PERIOD:180 DAYS


Risk Analysis - Market Linear Moves

The Market Linear Moves view of the Risk Analysis report presents a similar analysis to the Market Driven Moves view, with one key difference. In this view, the market value and P&L for options is calculated after converting the options into delta-adjusted equivalent shares. This value is computed based on the market move and a user-defined volatility spike in that scenario.

54

7/19/2010

Risk Analysis - Market Linear Moves

Market

Value

Beta Standard

Deviation

.

Price Corr

Coff

Security Symbol VaR

(Worst)

VaR

(95.00)

Percent

Portfolio


Equiv

Shares

DeltaQuantity Undl

Price

Market Move

Volatility Spike

4.0% 12.0% 2.0% 12.0% 4.0% 2.0%

+1.00 -1.00 +5.00 -5.00 +10.00 -10.00Implied

Vol

7/19/2010

EQUITY

BAX

-2,875 0.491 802 2.8750 0.33 1,184BAX NOV 20 2010 42.500 C 1,775-530.996 -114 109 -613 500 -1,322 906-10 0.531 42.61 0.30-0.84BAX 101120C00042500

-1,800 0.491 745 1.8000 0.33 1,116BAX NOV 20 2010 45.000 C 1,394-396.194 -86 81 -478 365 -1,078 658-10 0.396 42.61 0.29-0.53BAX 101120C00045000

127,830 0.491 2,747 42.6100 0.33 4,518BAXTER INTERNATIONAL INC 6,391 3,000 628 -628 3,139 -3,139 6,278 -6,278 3,000 1.000 42.61 0.00 37.56BAX

2,073 123,155.00 428 -438 2,048 -2,274 3,878 -4,714 36.18

CB

-20,000 0.835 1,339 8.0000 0.82 2,987CB JAN 22 2011 45.000 C 3,394-1,944.163 -851 824 -4,470 3,813 -9,269 6,759-25 0.778 51.85 0.29-5.88CB 110122C00045000

-113 0.835 0 0.0750 0.82 0CB OCT 16 2010 35.000 P 0 32.595 14 -17 52 -132 94 -490-15 -0.022 51.85 0.40-0.03CB 101016P00035000

129,625 0.835 1,676 51.8500 0.82 2,757CHUBB CORP 3,899 2,500 1,082 -1,082 5,411 -5,411 10,821 -10,821 2,500 1.000 51.85 0.00 38.08CB

588 109,512.50 245 -275 992 -1,730 1,647 -4,552 32.17

DOV

-13,575 1.365 1,349 9.0500 0.85 2,770DOV DEC 18 2010 35.000 C 4,387-1,244.743 -741 716 -3,902 3,269 -8,060 5,597-15 0.830 43.10 0.39-3.99DOV 101218C00035000

-8,025 1.365 1,157 5.3500 0.85 2,139DOV DEC 18 2010 40.000 C 3,850-998.201 -605 566 -3,350 2,415 -7,242 3,811-15 0.665 43.10 0.35-2.36DOV 101218C00040000

129,300 1.365 2,925 43.1000 0.85 4,812DOVER CORP 6,805 3,000 1,765 -1,765 8,826 -8,826 17,652 -17,652 3,000 1.000 43.10 0.00 37.99DOV

757 107,700.00 419 -483 1,574 -3,142 2,350 -8,244 31.64

340,367.50TOTAL EQUITY 100.00 * 0.878 1,092 -1,195 4,615 -7,145 7,875 -17,510

340,367.50Totals * 100.00 0.878 1,092 -1,195 4,615 -7,145 7,875 -17,510

Calls Market Up Market Down

Long Gain Unlimited Max Loss is Premium

Short Loss Unlimited Max Gain is Premium

Puts Market Up Market Down

Long Max Loss is Premium Max Gain is Strike Price - Premium

Short Max Gain is Premium Max Loss is Strike Price - Premium

Market moves are based upon Equivalent Shares using the delta value

at each level of market move for Options.

17/21/2010

4vft.cli

12:15:01AM

* - Averages are Weighted by Market Value[Benchmark:$INX] Option positions are converted into delta equilvalent

shares to compute market moves

IN THE MONEY (3405)

VAR METHOD:1 Volatility Based

LOOKBACK PERIOD:180 DAYS


Option Analysis

The Option Analysis report displays the option “Greeks,” — the beta, gamma, delta, rho, theta, and vega values that are components of calculating an option’s theoretical value.

55

Quantity

Held

Symbol USD

Market Value

Local

Price

7/19/2010Option Analysis

Vol Delta Delta

Shares

Gamma

Shares

Vega

USDTheta Theta

USD

Undl

Price

Beta BAV Delta MVSecurity Description

EQUITY

FINANCIAL

-20 21.600 -43,200 0.564 0.986d -1,972 -7 -18 171.721 -86,033 -84,833 46.51 -0.0086AFL NOV 20 2010 25.000 C AFL

101120C00025

000

-25 8.000 -20,000 0.293 0.778d -1,944 -77 -268 830.835 -93,915 -73,035 51.85 -0.0333CB JAN 22 2011 45.000 C CB

110122C00045

000

-15 0.075 -113 0.402 -0.022d 33 -9 -18 150.835 -43,827 952 51.85 -0.0100CB OCT 16 2010 35.000 P CB

101016P00035

000

-63,313 -223,775.43 -3,884 -156,915 -92.09 -304.64 115.44Total FINANCIAL 1.439

MISCELLANEOUS

-25 1.625 -4,063 0.279 0.626d -1,565 -322 -102 890.772 -50,200 -31,428 26.78 -0.0355ADM SEP 18 2010 26.000 C 039483IBU

-15 9.050 -13,575 0.389 0.830d -1,245 -40 -100 491.365 -71,673 -59,476 43.10 -0.0328DOV DEC 18 2010 35.000 C DOV

101218C00035

000

-15 5.350 -8,025 0.353 0.665d -998 -59 -149 661.365 -81,912 -54,509 43.10 -0.0439DOV DEC 18 2010 40.000 C DOV

101218C00040

000

-25,663 -203,784.22 -3,808 -145,414 -420.31 -350.79 203.62Total MISCELLANEOUS 1.271

TECHNOLOGY

-10 2.875 -2,875 0.299 0.531d -531 -56 -97 440.491 -20,874 -11,084 42.61 -0.0444BAX NOV 20 2010 42.500 C BAX

101120C00042

500

-10 1.800 -1,800 0.288 0.396d -396 -56 -94 410.491 -22,102 -8,757 42.61 -0.0412BAX NOV 20 2010 45.000 C BAX

101120C00045

000

-4,675 -42,976.37 -927 -19,841 -111.66 -191.25 85.61Total TECHNOLOGY 0.491

TOTAL EQUITY-8,619 -322,170 -624.06 -846.68 404.67-93,650 -470,536.02 1.346

-847 405-8,619 -322,170 -624-93,650 -470,536-3.440*

1

7/21/2010

4vft.cli

12:11:03AM

* beta weighted by market value(3402)


Market Exposure Summary

The Market Exposure report aggregates a portfolio’s long, short, gross, and net market values, its delta-adjusted market values, and P&L at a selected market move along seven axes. It also displays the top ten positions by gross market value, concentration, time to liquidate, and percentage ownership based on total market capitalization.

56



7/19/2010

LMV SMV DELTA ADJ

NAV

GMV NAVASSET CLASS DELTA ADJ

GMV

P&L UP 10%

0 0 0 1,609,144 566,819 0CASH AND EQUIV. 0

2,635,564 -831,928 3,467,492 1,803,637 983,482 -19,028EQUITIES 4,505,326

TOTAL 2,635,564 -831,928 3,467,492 3,412,780 1,550,301 -19,029 4,505,326

LMV SMV DELTA ADJ

NAV

GMV NAVSECURITY TYPE DELTA ADJ

GMV

P&L UP 10%

0 0 0 0 0 0CASH - CANADA 0

0 0 0 566,819 566,819 0CASH & EQUIVALENTS 0

2,635,564 0 2,635,564 2,635,564 2,635,564 205,438LONG COMMON STOCK 2,635,564

0 0 0 1,042,325 0 0LONG MUTUAL FUNDS 0

0 -429,160 429,160 -429,160 -429,160 -42,693SHORT COMMON STOCK 429,160

0 -387,170 387,170 -387,170 -1,330,740 -186,775SHORT EQUITY CALL OPTIONS 1,330,740

0 -15,598 15,598 -15,598 107,818 5,001SHORT EQUITY PUT OPTIONS 109,862

TOTAL 2,635,564 -831,928 3,467,492 3,412,780 1,550,301 -19,029 4,505,326

LMV SMV DELTA ADJ

NAV

GMV NAVTYPE CLASS DELTA ADJ

GMV

P&L UP 10%

0 -387,170 387,170 -387,170 -1,330,740 -186,775CALLS 1,330,740

0 0 0 566,819 566,819 0CASH & EQUIVALENTS 0

2,635,564 -429,160 3,064,724 3,248,729 2,206,404 162,745EQUITIES 3,064,724

0 -15,598 15,598 -15,598 107,818 5,001PUTS 109,862

TOTAL 2,635,564 -831,928 3,467,492 3,412,780 1,550,301 -19,029 4,505,326

LMV SMV DELTA ADJ

NAV

GMV NAVSECTOR DELTA ADJ

GMV

P&L UP 10%

125,240 0 125,240 125,240 125,240 4,802BASIC MATERIALS 125,240

0 0 0 1,611,861 569,536 0CASH AND EQUIVALENTS 0

320,858 0 320,858 320,858 320,858 24,693CONSUMER CYCLICAL 320,858

735,795 0 735,795 735,795 735,795 39,985CONSUMER NONCYCLICAL 735,795

58,430 0 58,430 58,430 58,430 4,759ENERGY 58,430

453,681 -429,160 882,841 24,521 24,521 8,778FINANCIAL SERVICES 882,841

528,505 0 528,505 528,505 528,505 49,065INDUSTRIAL 528,505

104,120 0 104,120 104,120 104,120 8,752SPECIALIZED PRODUCTS &

SERVICES

104,120

Run Date: 7/21/2010 12:33:21AM

Page 1 of 4(3,404)

4VFT

VALUES EXCLUDE ACCRUED INTEREST




7/19/2010

0 0 0 0 0 0CANADA 0

2,635,564 -831,928 3,467,492 3,412,780 1,550,301 -19,029UNITED STATES 4,505,326

TOTAL 2,635,564 -831,928 3,467,492 3,412,780 1,550,301 -19,029 4,505,326

CONCENTRATION NAV% OF GMV QUANTITY PRICE

CONSOLIDATED EDISON INC (HOLDN 114,175 3.29% 2,500 45.670

JOHNSON & JOHNSON 119,140 3.44% 2,000 59.570

THE J.M. SMUCKER COMPANY 123,260 3.55% 2,000 61.630

KIMBERLY CLARK CORP 125,240 3.61% 2,000 62.620

BAXTER INTERNATIONAL INC 127,830 3.69% 3,000 42.610

DOVER CORP 129,300 3.73% 3,000 43.100

CHUBB CORP 129,625 3.74% 2,500 51.850

PUBLIC STORAGE INC 138,405 3.99% 1,500 92.270

3M COMPANY 203,050 5.86% 2,500 81.220

AMEX S & P DEPOSITARY RECEIPTS -429,160 12.38% -4,000 107.290

LIQUIDITY DAYS NAV QUANTITY PRICE 30 DAY AVG

0.0045 92,631ISHARES DOW JONES SELECT DIVID 2,100 44.110 464,306

0.0041 48,560HENRY JACK & ASSOCIATES INC 2,000 24.280 490,973

0.0020 129,300DOVER CORP 3,000 43.100 1,472,644

0.0020 123,260THE J.M. SMUCKER COMPANY 2,000 61.630 983,490

0.0020 85,520GENUINE PARTS CO 2,000 42.760 998,582

0.0015 114,175CONSOLIDATED EDISON INC (HOLDN 2,500 45.670 1,664,640

0.0010 138,405PUBLIC STORAGE INC 1,500 92.270 1,483,850

0.0009 129,625CHUBB CORP 2,500 51.850 2,677,030

0.0008 103,020DUKE ENERGY CORPORATION 6,000 17.170 7,542,110

0.0008 104,120PAYCHEX INC 4,000 26.030 5,288,837

OWNERSHIP % OWNERSHIP NAV QUANTITY PRICE MKT CAP

129,625 2,500 51.850 0.0008%CHUBB CORP 16,845,100,000

114,175 2,500 45.670 0.0009%CONSOLIDATED EDISON INC (HOLDN 12,705,610,000

85,520 2,000 42.760 0.0012%GENUINE PARTS CO 6,864,580,000

74,030 1,000 74.030 0.0007%LORILLARD INC. 11,239,430,000

104,120 4,000 26.030 0.0011%PAYCHEX INC 9,277,680,000

138,405 1,500 92.270 0.0009%PUBLIC STORAGE INC 15,497,770,000

129,300 3,000 43.100 0.0016%DOVER CORP 7,952,200,000

48,560 2,000 24.280 0.0024%HENRY JACK & ASSOCIATES INC 2,050,460,000

92,631 2,100 44.110 0.0023%ISHARES DOW JONES SELECT DIVID 4,016,980,000

123,260 2,000 61.630 0.0017%THE J.M. SMUCKER COMPANY 7,348,720,000

Run Date: 7/21/2010 12:33:21AM

Page 3 of 4(3,404)

4VFT

VALUES EXCLUDE ACCRUED INTEREST

57
