Greenwich Orange Brochure

Greenwich Asset Management

Firm Established in 2001
Firm 100% Employee Owned

Peter Lundstedt
Global Equity Strategy
Separately Managed Account
A Proprietary Process
(203) 622-1305
Institutional Use Only

2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

Quote

"Not yet have I found any better method to prosper during
the future financial chaos, which is likely to last many years,
than to keep your net worth in shares of those corporations
that have proven to have the widest profit margins and the
most rapidly increasing profits. Earning power is likely to
continue to be valuable, especially if diversified among many
nations." - John Templeton

Awareness


Proprietary Process


The Technical Filter

The companies that are able to make it through the first
three steps are then evaluated based on a core group of
technical indicators. Those companies that pass Step IV,
are provided inclusion into one of the 30 portfolio slots.


Buy Strategy

Source: Greenwich Asset Management Group Research, Market Browser 8/2009 DOES NOT IMPLY FUTURE PERFORMANCE

2 Greenwich Office Park, Suite 300, Greenwich CT 06831

Sell Strategy

Source: Greenwich Asset Management Group Research, Market Browser 8/2009 DOES NOT IMPLY FUTURE PERFORMANCE

2 Greenwich Office Park, Suite 300, Greenwich CT 06831

Global Diversification

If the U.S. happens to be suffering from an economic downturn or high inflation, there may
be some better investment opportunities abroad. Those investments abroad could help boost a
portfolio weighted heavily in US equities when the U.S. stock market is not performing well.

There are a number of different risks associated with foreign stocks. There is, for example,
country risk. There is also currency risk. Investors can expect occasional losses depending on
market volatility. The manager will harvest losses when appropriate by selling stock positions.

While U.S. markets have performed well over the very long run, this is not necessarily the case
with all foreign countries. Many countries suffer from political, social, and/or economic instability
that makes investing in those countries very risky. Furthermore, foreign governments have different
rules regarding the regulation and taxation of securities that could be at odds with your investment
objectives. We only invest in ADR's listed on a U.S. Exchange because the accounting rules to get
on to an exchange in the U.S. allow us to measure those stocks using our proprietary formula.


Diversification Strategy
Imagine owning a portfolio of 30 equal weighted stocks similar to the ones below...
We do. This is what we want a stock portfolio to look like, minus the last two.

Source: Greenwich Asset Management Group Research, Market Browser 8/2009

Goal of 30 Equal Weighted Up-trending stocks
Re-balance quarterly

Managing Risk

Global Equity Risk


Global Equity Risk
• Liquidity risk: The risk that arises from the difficulty of selling an asset. An investment may sometimes need to be
sold quickly. Unfortunately, an insufficient secondary market may prevent the liquidation or limit the funds that can be
generated from the asset. Some assets are highly liquid and have low liquidity risk (such as stock of a publicly traded
company), while other assets are highly illiquid and have high liquidity risk (such as a house).
• Country, Political and Economic Risk: The potential volatility of foreign stocks or the potential default of foreign
government bonds, due to political and/or financial events in the given country.
• Market risk: Risk which is common to an entire class of assets or liabilities. The value of investments may decline
over a given time period simply because of economic changes or other events that impact large portions of the market.
Asset allocation and diversification can help protect the investor’s overall portfolio against market risk because different
portions of the market tend to under perform at different times, also called systematic risk. Investors can expect
occasional losses depending on market volatility. The manager will harvest losses when appropriate by selling stock
positions.
• Unsystematic risk: The risk of price change due to the unique circumstances of a specific security, as opposed to the
overall market. Diversification can also help reduce this risk.
• Event risk: The likelihood that the rating of a bond will drop due to an event, such as the taking on of additional debt or
a recapitalization by a company.
• Regulatory risk: The risk associated with the potential for laws related to a given industry, country, or type of
security to change and impact relevant investments.
• Legislative risk: The risk that a new law or a change in an existing law could have a significant impact on an
investment.


Research: Simulated Model Performance

Source: Greenwich Asset Management Group Research, informa.com 4/2010 DOES NOT IMPLY FUTURE PERFORMANCE

Source: Greenwich Asset Management Group Research, informa.com 4/2010 DOES NOT IMPLY FUTURE PERFORMANCE (= one simulated account)


Live Performance 2008 - 2009

Source: Greenwich Asset Management Group Research, informa.com 4/2010 DOES NOT IMPLY FUTURE PERFORMANCE (= one real account)


Performance
This powerful process was successfully run for five years on fully invested equity portfolio's whose performance was
reported to Indata, averaging 25% with assets over $70 million run in collaboration with a former $30 billion manager of
the NYS Common Retirement Plan.

The program is designed specifically for multi- $million stock portfolios where a stocks liquidity plays a major role.

The manager currently has less than $100 million under management.

Turnover and Trading fees are kept as low as possible.

Management fee, excluding IRA's and non-accredited investors, of 1% and performance fee of 1% for every 10%
earned with high water mark is available.

In addition to running actual accounts for 5 years, the program was back tested for 5 years with large hypothetical
accounts which were 62% ahead of the S&P 500 after five years.

Mr. Lundstedt did 16+% better than the market in 2008 with real money and made the Informais.com's IIS PSN Top
Guns quarterly list, twice in 2008 and again in 2009.
Benefits: Better potential equity returns. Greater diversification. Greater confidence in moving forward, created by
holding higher graded equity positions. Independent Custodian. No surrender fee or lock up period.


Bio
In 2001 Mr. Lundstedt incorporated Greenwich Asset Management Group, LLC in Delaware as an Independent Registered
Investment Adviser GAMG, LLC designs and implements strategies based on a growth investment philosophy determined by a
proprietary system, developed and refined over the past twenty four years by CEO and Portfolio Strategist, Peter Lundstedt.

Experience: Over 24 Years in the investment management business, 15 years at several prestigious brokerage firms on
Wall Street, promoted to Vice President and Senior Vice President of Investments. Five years portfolio trading with former
manager of $30 billion NY State Common Retirement Fund. Has retained the same clients for over 15 years.

Education: Bachelor of Science Degree in International Business, Fischer School of Business, The Ohio State University;
U.S. Army, West Point Military Academy Staff.

Organizations: Member: Knights Templar; The Order of St. Lazarus; Royal Arch Masons, 32nd Degree; Veteran Corp
of Artillery, NYC; Squadron A Association, NYC; Safari Club International; National Rifle Association; CT Coalition of
Sportsmen; Greenwich Chamber of Commerce; Young Grand Old Party, Greenwich, CT; Greenwich Historical Society;
International Exchange Club; Dutch Reformed Church.

Mr. Lundstedt was born in Princeton, NJ in 1958 to Jean Lundstedt and Dr. Sven B. Lundstedt, Public Policy and Public
Administration Professor and resided in Cambridge, MA; Ann Arbor, MI; Cleveland and Columbus, Ohio; and on his family's
dairy farm in upstate New York. Mr. Lundstedt lives and works in Greenwich, CT.


Disclaimer

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RETURNS.
THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY
FOR GAIN WHEN INVESTING IN SEPARATELY
MANAGED STOCK ACCOUNTS.

Peter Lundstedt
Greenwich Asset Management Group, LLC
CEO, Equity Portfolio Strategist and Equity Portfolio Advisers
2 Greenwich Office Park, Suite 300, Greenwich, CT 06831 USA
(203) 622-1305
(203) 495-7590 Fax
Web site: www.gamgllc.com
Email: peter.lundstedt@gamgllc.com
FOR INSTITUTIONAL USE ONLY

Disclaimer… Peter Lundstedt is president of Greenwich Asset Management Group, LLC, (GAMGLLC), a registered investment adviser All material
presented herein is believed to be reliable but we cannot attest to its accuracy. Investment recommendations may change and readers are urged to
check with their investment counselors before making any investment decisions. Opinions expressed in these reports may change without prior
notice. Peter Lundstedt and/or the staff at GAMGLLC may or may not have investments in any funds cited above.

PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING
IN MANAGED ACCOUNTS. WHEN CONSIDERING ALTERNATIVE INVESTMENTS, INCLUDING HEDGE FUNDS, YOU SHOULD CONSIDER VARIOUS
RISKS INCLUDING THE FACT THAT SOME PRODUCTS: OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES
THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR
VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX
INFORMATION, ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN
MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER.

-SAMPLE ADVISORYWORLD REPORT-
www.advisoryworld.com | 800-480-3888

Portfolio Analysis


Hypothetical Illustration
8/11/04 to 3/10/10

Performance

Greenwich Allocation

Performance

Net Investments $840,000.00
Ending Market Value $1,744,633.48
Cumulative Return 125.40 %
Average Annualized 15.67 %

Assumptions
Income Tax Cap. Gains Tax
Federal
State
Account Type Taxable
Tax Payment Source None
Fee Payment Source Out of Pocket
Rebalancing Rate Quarterly

Summary
Beginning Value Contributions Withdrawals Total Charges & Fees Taxes Ending Market Cumulative
& Distributions Reinvestment Value Return
Greenwich Allocation $840,000.00 - $95,812.88 - - - $1,744,633.48 125.40 %

Detailed Performance Greenwich Allocation
Time Horizon Beginning Value Contributions Withdrawals Total Charges & Fees Taxes Ending Market Cumulative
& Distributions Reinvestment Value Return
08/11/04 - 12/31/04 $840,000.00 - $4,054.07 - - - $1,118,761.27 33.74 %
01/01/05 - 12/31/05 $1,118,761.27 - $15,449.08 - - - $1,443,111.48 30.57 %
01/01/06 - 12/31/06 $1,443,111.48 - $19,508.40 - - - $1,649,013.03 15.72 %
01/01/07 - 12/31/07 $1,649,013.03 - $22,939.35 - - - $1,819,189.43 11.78 %
01/01/08 - 12/31/08 $1,819,189.43 - $26,282.56 - - - $1,146,447.57 -35.80 %
01/01/09 - 12/31/09 $1,146,447.57 - $7,120.07 - - - $1,663,712.13 45.94 %
01/01/10 - 03/10/10 $1,663,712.13 - $459.36 - - - $1,744,633.48 4.89 %

Accumulation Detail Investment Allocation with Quarterly Rebalancing

Beginning: 8/11/04 Ending: 3/10/10

©AdvisoryWorld, Inc. All Rights Reserved. The Information and analysis contained herein (1) Include the confidential and proprietary information of AdvisoryWorld, Inc. and Lipper, (2) may not be copied or redistributed, (3) do not constitute investment advice
offered by AdvisoryWorld, Inc and Lipper, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, (5) are not warranted to be correct, complete or accurate and (6) no part of AdvisoryWorld, Inc. and Lipper
compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. AdvisoryWorld, Inc. and Lipper shall not be held responsible for any trading decisions, damages or other losses resulting
from, or related to, this information, data or analysis and their use. This report is supplemental sales literature.

If applicable, this report must be accompanied by a prospectus, or equivalent, and disclosure statement.
Redistribution or reproduction is prohibited without written permission.


Investments
Begin Date End Date Initial Investment Reinvest Reinvest Avg. Avg. Avg. Avg. Annual Ending Value
Income Cap. Front End Redemption- Redemption- Trans. Fees Fees
Gains Load CDSC Fees CDSC Months
Coldwater Creek 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $29,742.10
First Marblehead 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $25,914.01
Sonic Solutions 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $24,142.96
Williams-Sonoma 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $23,499.29
Petroquest Energy 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $22,604.37
Sonic Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $22,192.39
Penn Virginia Resource 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $22,186.71
Ptnrs L.P.
Actuant Corp Cl'A' 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $22,165.78
Old Dominion Freight Line 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $22,145.98
Phillips-Van Heusen 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $22,129.71
Jos.A. Bank Clothiers 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $22,051.02
Intuit Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,944.91
Tesoro Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,818.79
Tempur-Pedic Intl 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,748.81
ITT Educational Svcs 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,736.28
Informatica Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,730.50
Vale SA ADS 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,703.09
Eagle Materials 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,612.74
Westlake Chemical 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,519.31
Forward Air 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,472.59
Headwaters Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,389.56
Cimarex Energy 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,388.71
Syntel Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,383.76
Graco Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,373.70
Amphenol Corp'A' 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,355.38
Valero Energy 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,330.30
PACCAR Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,328.59
Hunt(J.B.)Transport 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,286.87
Yahoo Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,226.64
Ceradyne Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,218.61
Tractor Supply 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,218.54
BP Prudhoe Bay Royalty 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,161.92
Pool Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,158.40
Rockwell Automation 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,138.57
Alliance Resource Ptnrs LP 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,097.96
Varian Medical Systems 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,090.66
Infosys Technologies ADS 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $21,067.70
Raven Indus 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,916.81
Lowe's Cos 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,847.94
Anadarko Petroleum 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,829.05
Marathon Oil 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,753.89
Home Depot 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,709.22
Safety Insurance Grp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,676.62
NIKE, Inc'B' 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,646.39
Quicksilver Resources 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,619.24
America Movil'L'ADS 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,537.60
ANSYS Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,460.82
Sasol Ltd ADS 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,451.45
Holly Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,428.07
Fastenal Co 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,395.80
Questar Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,378.74
Plains All Amer Pipeline LP 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,313.03
Covance Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,242.63
Apache Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,237.27
Drew Industries 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,216.45
Energizer Holdings 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,153.75




Begin Date End Date Initial Investment Reinvest Reinvest Avg. Avg. Avg. Avg. Annual Ending Value
Income Cap. Front End Redemption- Redemption- Trans. Fees Fees
Gains Load CDSC Fees CDSC Months
Grupo Televisa S.A.B.GDS 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,096.03
Bed Bath & Beyond 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,089.63
Stryker Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $20,041.06
Natl Semiconductor 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,891.11
CNOOC Ltd ADS 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,841.59
Vulcan Materials 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,837.90
Texas Instruments 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,628.77
Chevron Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,559.72
Unit Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,553.66
McGraw-Hill Companies 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,530.12
Pharmaceutical Product 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,515.08
VCA Antech 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,502.98
Helios Strat Mtge Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,462.83
QUALCOMM Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,435.63
Scientific Games Cl'A' 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,342.82
Penn National Gaming 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,330.73
First Cash Financial Services 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,317.77
Penn Virginia 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,234.90
Nomura Holdings ADR 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,217.21
Comp de Minas 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $19,038.85
Buenaventura ADR
Oshkosh Corp 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $18,971.13
Global Payments 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $18,797.72
Chattem Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $18,714.80
Quest Diagnostics 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $18,707.44
China Mobile ADS 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $18,664.21
Reliv' International 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $18,465.41
Staples Inc 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $18,096.03
Dynamic Materials 08/11/04 03/10/10 $10,000.00 N N - None-None None-None - - $17,656.35




HoldingScan – Portfolio Report
Data as of 4/28/10

Macro Allocation Asset Allocation

Trailing Performance 8/11/04-3/10/10 Risk vs. Return

1 Year 3 Years 5 Years Since 8/11/04 1 Year 3 Years 5 Years Since 8/11/2004

Cumulative Return 95.92% 6.31% 55.29% 125.40% Standard Deviation 38.39% 35.79% 29.13% 28.05%
Benchmark 52.31% -14.76% 4.42% 14.48% Benchmark StDev 10.45% 17.05% 13.67% 13.09%
Annualized Return - 2.06% 9.20% 15.67% Sharpe Ratio 2.49 -0.02 0.20 0.44
Benchmark - -5.18% 0.87% 2.45% Alpha -0.47 0.31 0.57 1.13
Risk Adjusted 142.62% -24.44% -1.47% 12.19% Beta 2.74 1.42 1.42 1.42
Benchmark - - - - R2 0.56 0.46 0.45 0.44

Best & Worst Case Analysis Performance Disclosure
3 Months 1 Year 3 Years
The Performance Data quoted represents past performance and does not guarantee future
Best Period 3/11/09-6/10/09 3/11/09-3/10/10 8/11/04-8/10/07 results. The investment return and principal value of an investment will fluctuate; thus an
53.27% 95.92% 123.77% investor’s shares, when redeemed, may be worth more or less than their original cost.
Cumulative Return
Current performance may be higher or lower than return data quoted herein.
Benchmark 22.52% 52.31% 40.03%
Worst Period 8/11/08-11/10/08 3/11/08-3/10/09 3/11/06-3/10/09 See Open End Mutual Fund Holding Returns – Standardized Returns
Cumulative Return -33.69% -43.16% -39.29%
Benchmark -25.33% -41.65% -37.36%




Equity Properties Fixed Income Properties Metrics
Avg. Market Capitalization $15,774,313,274 Avg. 3 Year Return on Total Equity 33.90% Avg. Coupon - Avg. Duration - 12 Month Yield 1.75%
Avg. Price to Earnings 15.52 Avg. 3 Year Return on Capital - AAA 87.00% AA 0.89% Avg. Expense Ratio 1.62%
Avg. Price to Book 20.50 Avg. 3 Year Return on Assets 9.10% A 0.78% BBB 1.00% Avg. Turnover 55.00%
Sales Growth 1 Year - Avg. 3 Year EPS Growth - BB 0.55% B 0.78%
Earnings Growth 1 Year - Avg. 3 Year Operating Cash Flow 17.43% Less than B 1.00% Not Rated 0.00%

Top 10 Equity Countries Top 10 Equity Sectors

Top 10 Equity Holdings (subject to change)
Equity Name (Symbol) Portfolio % - Value Holder Name (Symbol) Holding As of % of % of
Date Portfolio Holder’s
Portfolio
ANSYS Inc (ANSS) 1.19% - $9,996.00 ANSYS Inc (ANSS) - 1.19% 100.00%
Actuant Corp Cl'A' (ATU) 1.19% - $9,996.00 Actuant Corp Cl'A' (ATU) - 1.19% 100.00%
Alliance Resource Ptnrs LP (ARLP) 1.19% - $9,996.00 Alliance Resource Ptnrs LP (ARLP) - 1.19% 100.00%
America Movil'L'ADS (AMX) 1.19% - $9,996.00 America Movil'L'ADS (AMX) - 1.19% 100.00%
Amphenol Corp'A' (APH) 1.19% - $9,996.00 Amphenol Corp'A' (APH) - 1.19% 100.00%
Anadarko Petroleum (APC) 1.19% - $9,996.00 Anadarko Petroleum (APC) - 1.19% 100.00%
Apache Corp (APA) 1.19% - $9,996.00 Apache Corp (APA) - 1.19% 100.00%
BP Prudhoe Bay Royalty (BPT) 1.19% - $9,996.00 BP Prudhoe Bay Royalty (BPT) - 1.19% 100.00%
Bed Bath & Beyond (BBBY) 1.19% - $9,996.00 Bed Bath & Beyond (BBBY) - 1.19% 100.00%
CNOOC Ltd ADS (CEO) 1.19% - $9,996.00 CNOOC Ltd ADS (CEO) - 1.19% 100.00%




Trailing Performance 8/11/2004-3/10/2010

1 Month 3 Months YTD 1 Year 3 Years 5 Years 7 Years Since Performance Disclosure

8/11/04 The Performance Data quoted
represents past performance and
Greenwich Allocation (Portfolio 1) does not guarantee future results.
The investment return and principal
Cumulative Return 11.02% 9.95% 9.95% 95.92% 6.31% 55.29% - 125.40% value of an investment will fluctuate;
thus an investor’s shares, when
Benchmark 4.71% 5.43% 5.43% 59.08% -11.03% 12.39% - 26.46% redeemed, may be worth more or
Annualized Return - - - - 2.06% 9.20% - 15.67% less than their original cost. Current
Benchmark - - - - -3.82% 2.36% - 4.29% performance may be higher or lower
than return data quoted herein.
Risk Adjusted - 18.47% 18.47% 145.42% -16.76% 10.60% - 28.30%
See Open End Mutual Fund Holding
Benchmark - - - - - - - - Returns – Standardized Returns
NASDAQ 100 P
Cumulative Return 5.33% 3.66% 3.66% 61.35% 5.52% 24.03% - 34.09%
Annualized Return - - - - 1.81% 4.40% - 5.39%
NASDAQ Composite P
Cumulative Return 5.01% 4.79% 4.79% 60.63% -5.35% 12.48% - 22.40%
Annualized Return - - - - -1.82% 2.38% - 3.69%
S&P 500 Reinvested
Cumulative Return 3.92% 2.61% 2.61% 52.31% -14.76% 4.42% - 14.48%
Annualized Return - - - - -5.18% 0.87% - 2.45%
NYSE Composite P
Cumulative Return 3.29% 0.61% 0.61% 51.47% -21.85% -1.45% - 11.59%
Annualized Return - - - - -7.89% -0.29% - 1.98%

Calendar Year Performance

2010 2009 2008 2007 2006 2005 2004 2003 2002 2001
Portfolio 1 4.89% 45.94% -35.80% 11.78% 15.72% 30.57% 33.74% - - -
Blended Asset Class Benchmark 2.18% 34.68% -38.48% 6.93% 13.59% 7.50% 14.41% - - -
NASDAQ 100 P 0.12% 53.54% -41.89% 18.67% 6.79% 1.49% 16.71% - - -
NASDAQ Composite P 0.86% 43.89% -40.54% 9.81% 9.52% 1.37% 16.35% - - -
S&P 500 Reinvested 1.29% 26.47% -36.99% 5.49% 15.78% 4.91% 10.70% - - -
NYSE Composite P -0.27% 24.80% -40.89% 6.58% 17.86% 6.95% 12.91% - - -




Risk Analysis

1 Year 3 Years 5 Years Since
8/11/2004
Greenwich Allocation (Portfolio 1)
Sharpe Ratio 2.49 -0.02 0.20 0.44
Alpha -0.49 0.23 0.45 0.97
Beta 2.47 1.30 1.30 1.28
R2 0.56 0.46 0.45 0.44
Sterling Ratio 58.80 -0.04 -0.18 -0.30
Treynor Ratio 0.39 -0.00 0.04 0.10
Maximum Drawdown -10.04% -66.26% -66.26% -66.26%
Tracking Error 30.77% 29.96% 23.09% 20.93%
Up Market Capture 184.35% 158.38% 154.90% 165.99%
Down Market Capture 439.70% 116.64% 115.23% 107.48%
S&P 500 Reinvested
Sharpe Ratio 4.97 -0.46 -0.19 -0.07
Maximum Drawdown -1.38% -64.37% -64.37% -64.37%
NASDAQ Composite P

1 Year 3 Years 5 Years Since Sharpe Ratio 4.76 -0.23 -0.07 0.02
8/11/2004 Maximum Drawdown -2.23% -63.42% -63.42% -63.42%
Greenwich Allocation (Portfolio 1) NYSE Composite P

Standard Deviation 38.39% 35.79% 29.13% 28.05% Sharpe Ratio 4.12 -0.56 -0.25 -0.09
Benchmark StDev 11.67% 18.67% 15.13% 14.55% Maximum Drawdown -2.60% -72.56% -72.56% -72.56%
S&P 500 Reinvested
Standard Deviation 10.45% 17.05% 13.67% 13.09%
NASDAQ Composite P
NYSE Composite P

Portfolio 1
3 Months 1 Year 3 Years
Best Period 3/11/09-6/10/09 3/11/09-3/10/10 8/11/04-8/10/07
Cumulative Return 53.27% 95.92% 123.77%
Benchmark 24.97% 59.08% 46.92%
Worst Period 8/11/08-11/10/08 3/11/08-3/10/09 3/11/06-3/10/09
Cumulative Return -33.69% -43.16% -39.29%
Benchmark -29.75% -41.11% -38.60%




Style Analysis
Greenwich Allocation Period Ending 3/10/10
Benchmark Index Avg. Ending Min. Max. St. Dev.

Russell 2000 Value TR 11.77 % 34.64 % 0.00 % 43.01 % 13.08 %
MSCI EAFE GD 27.80 % 26.87 % 0.00 % 75.12 % 20.39 %
MSCI Emerging Mkt P 10.51 % 20.77 % 0.00 % 41.35 % 12.06 %
Russell Mid Cp Gro TR 44.91 % 17.71 % 0.00 % 86.76 % 20.73 %
Russell 2000 Gro TR 0.33 % 0.00 % 0.00 % 10.67 % 1.86 %
Russell 1000 Value TR 2.08 % 0.00 % 0.00 % 15.74 % 3.83 %
Barclay US Corp HY TR 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Barclay US Gvt TR 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Barclay Corp Inv Gr TR 2.59 % 0.00 % 0.00 % 20.72 % 6.12 %

Mix of investment styles that best explains the fund’s behavior over the last 32 months. May
be representative, but not indicative of actual holdings.

This matrix depicts the investment style of the fund as determined by using Returns Based Style Analysis (RBSA), developed by William Sharpe, to relate the portfolio's or investment's
pattern of historical returns to a series of benchmarks for classification. Style Drift measures the tendency of a portfolio or investment to deviate across styles over time.
- Average Style is the average style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year Rolling Observations.
- As of period ending date is the style attribution associated with the given Benchmark Index over the most recent 3-Year Rolling Observation.
- Minimum Style is the lowest style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year Rolling Observations.
- Maximum Style is the highest style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year Rolling Observations.
- Standard Deviation, relating to Style Drift in this context, is a statistical measure of the volatility of the style attribution associated with the given Benchmark Index over the 32 (Greenwich Allocation), 3-Year
Rolling Observations.




Monte Carlo Simulation

Assumptions Results (Beginning Value = $10,000.00)
Avg. Return Stand. Dev. Portfolio 1 Ending Value Ending Date
Portfolio 1 15.67% 28.05% 10th Percentile $654,498.89 04/28/2040
50th Percentile $785,702.44 04/28/2040
90th Percentile $956,998.54 04/28/2040

The purpose of this analysis is to provide investors with the probable 50th (Average), 10th (Lower 10 Percent) and 90th (Upper 10 Percent) percentile values that a selected portfolio will
observe under hypothetical market scenarios over a period of time. 80% of simulation trials occur between the 90th and the 10th percentile range. 10% of simulated outcomes fall below the
10th percentile line and should be examined in order to help investors recognize their level of risk tolerance. This analytical technique in which a large number of simulations are run using
random quantities for portfolio rate of return looks at the distribution of results to infer which values are most likely. This illustrations Probability of various outcomes is obtained by
generating 5,000 random values within the upper and lower boundaries of returns.

The Monte Carlo calculations are based on the portfolio rate of return, the portfolio standard deviation (volatility), the time period analyzed, and cash flows (contributions and withdrawals) made during the time period.
Standard deviation is a statistical measure of the historical volatility of a portfolio or one or more of its assets. More generally, it is a measure of the extent to which numbers are spread around their average. The
assumed returns are adjusted based upon the historical standard deviations of return for asset classes and/or securities which measure the volatility or deviation of annual returns of an asset class or security from its
average. Changing any of these variables will impact the probability of achieving outcomes.

IMPORTANT: The projections or other information generated by AdvisoryWorld’s Monte Carlo simulation application regarding the likelihood of various investment outcomes are
hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. This Monte Carlo simulation is for illustrative purposes to educate parties about
the effects of volatility and uncertainty over time. Results may vary with each use and over time. Do not rely upon the results of this report to predict actual future performance of any
investment or investment strategy.




Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For
performance data current to the recent month end, please visit the Fund Families', Insurance Company, Stock, Closed End Fund or ETF Investor Websites or call them directly. Asset Class
Performance returns do not reflect any management fees, transaction cost or expenses. Asset Classes and Indexes are unmanaged and one cannot invest directly in an Asset Class or
Index. Inception Date refers to the date of First Public Offering. 5 Years, 10 Years and Since Inception (FPO) Returns are Annualized. *Date of First Public Offering.

Asset Allocation & Investment Detail
Non-Adjusted Returns (Greenwich Allocation)

Name (Symbol) Portfolio % Inception Performance 1 Year 5 Years 10 Years Since Max. Front Max. Redemption- Expense
Date* As of Date Inception End Load CDSC Fees Ratio

Lipper US Mortgage Fund (^PSWB) 1.19% - - 8.82% 5.03% 5.52% - - - -
Helios Strat Mtge Inc (HSM) 1.19% 7/23/02 - 44.08% -3.45% - -0.24% - - 1.62%
Russell 1000 Gro TR (^CJNS) 20.23% - - 49.75% 3.42% -4.21% - - - -
Amphenol Corp'A' (APH) 1.19% 1/1/93 - 48.31% 18.13% 12.55% - - - -
Bed Bath & Beyond (BBBY) 1.19% 1/1/93 - 76.81% 3.67% 7.02% - - - -
Fastenal Co (FAST) 1.19% 1/1/93 - 52.19% 13.34% 14.99% - - - -
Intuit Inc (INTU) 1.19% 3/12/93 - 27.11% 9.42% 1.51% - - - -
Lowe's Cos (LOW) 1.19% 1/1/93 - 35.08% -2.17% 4.44% - - - -
McGraw-Hill Companies (MHP) 1.19% 1/1/93 - 60.39% -1.94% 5.43% - - - -
NIKE, Inc'B' (NKE) 1.19% 1/1/93 - 59.46% 13.78% 15.27% - - - -
Natl Semiconductor (NSM) 1.19% 1/1/93 - 43.96% -5.70% -6.31% - - - -
QUALCOMM Inc (QCOM) 1.19% 1/1/93 - 9.55% 4.11% -4.59% - - - -
Quest Diagnostics (DGX) 1.19% 12/17/96 - 23.68% 2.85% 20.50% - - - -
Questar Corp (STR) 1.19% 1/1/93 - 48.82% 9.15% 17.32% - - - -
Staples Inc (SPLS) 1.19% 1/1/93 - 31.19% 3.34% 5.83% - - - -
Stryker Corp (SYK) 1.19% 1/1/93 - 69.38% 5.71% 11.90% - - - -
Texas Instruments (TXN) 1.19% 1/1/93 - 51.40% 0.41% -10.18% - - - -
Varian Medical Systems (VAR) 1.19% 1/1/93 - 81.77% 10.05% 18.28% - - - -
Vulcan Materials (VMC) 1.19% 1/1/93 - 9.65% -1.28% 2.48% - - - -
Yahoo Inc (YHOO) 1.19% 4/12/96 - 29.04% -13.38% -15.85% - - - -
Russell 1000 TR (^ZSZB) 28.56% - - 51.60% 2.31% -0.36% - - - -
America Movil'L'ADS (AMX) 1.19% 2/7/01 - 90.94% 26.50% - - - - -
Anadarko Petroleum (APC) 1.19% 1/1/93 - 88.46% 14.70% 14.83% - - - -
Apache Corp (APA) 1.19% 1/1/93 - 59.50% 11.40% 16.40% - - - -
BP Prudhoe Bay Royalty (BPT) 1.19% 1/1/93 - 67.94% 19.82% 44.20% - - - -
CNOOC Ltd ADS (CEO) 1.19% 2/27/01 - 70.72% 29.16% - - - - -
Chevron Corp (CVX) 1.19% 1/1/93 - 17.16% 8.87% 8.38% - - - -
China Mobile ADS (CHL) 1.19% 10/22/97 - 14.59% 27.48% 3.60% - - - -
Comp de Minas Buenaventura ADR (BVN) 1.19% 5/15/96 - 29.75% 23.66% 24.21% - - - -
Grupo Televisa S.A.B.GDS (TV) 1.19% 12/14/93 - 64.00% 10.64% 3.36% - - - -
Home Depot (HD) 1.19% 1/1/93 - 41.92% -0.72% -5.19% - - - -
ITT Educational Svcs (ESI) 1.19% 12/20/94 - -7.36% 18.32% 28.76% - - - -
Infosys Technologies ADS (INFY) 1.19% 3/11/99 - 123.59% 11.09% 3.81% - - - -
Marathon Oil (MRO) 1.19% 1/1/93 - 24.17% 8.71% 9.84% - - - -
Nomura Holdings ADR (NMR) 1.19% 12/17/01 - 45.73% -11.45% - - - - -
PACCAR Inc (PCAR) 1.19% 1/1/93 - 70.54% 9.47% 19.26% - - - -
Penn National Gaming (PENN) 1.19% 5/26/94 - 15.16% -1.09% 26.13% - - - -
Plains All Amer Pipeline LP (PAA) 1.19% 11/18/98 - 67.06% 15.66% 21.57% - - - -
Quicksilver Resources (KWK) 1.19% 3/5/99 - 153.97% -2.83% 29.50% - - - -
Rockwell Automation (ROK) 1.19% 1/1/93 - 165.56% 2.18% 14.83% - - - -
Sasol Ltd ADS (SSL) 1.19% 1/1/93 - 46.81% 15.23% 24.26% - - - -
Tesoro Corp (TSO) 1.19% 1/1/93 - 4.94% -4.36% 8.84% - - - -
Unit Corp (UNT) 1.19% 1/1/93 - 102.10% -1.31% 13.79% - - - -
Vale SA ADS (VALE) 1.19% 3/21/02 - 148.16% 35.80% - - - - -
Valero Energy (VLO) 1.19% 8/1/97 - 13.05% -10.48% 10.35% - - - -
Russell 2000 Gro TR (^KXQX) 9.52% - - 60.32% 3.82% -1.53% - - - -
Dynamic Materials (BOOM) 1.19% 1/1/93 - 71.99% -1.84% 34.02% - - - -
First Marblehead (FMD) 1.19% 10/31/03 - 120.16% -40.06% - - - - -
Forward Air (FWRD) 1.19% 11/16/93 - 63.99% -0.54% 4.63% - - - -
Pool Corp (POOL) 1.19% 10/13/95 - 73.31% -4.80% 14.49% - - - -
Raven Indus (RAVN) 1.19% 1/1/93 - 44.83% 10.15% 33.02% - - - -



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