This document shows the hypothetical growth of $1,000,000 invested with L&S Advisors compared to the S&P 500 since October 2005. By October 2010, $1,000,000 invested with L&S Advisors would have grown to $1,596,000, significantly outperforming the S&P 500 which would have grown to only $1,305,000 over the same period. The document also lists the net of fee returns for L&S Advisors and benchmarks for various periods ending March 31, 2011.

1. 5.72% 18.47% 30.96% 59.05%
5.96% 15.29% 6.93% 13.39%
* NET of fee returns as of 3/31/2011
Hypothetical Growth of $1,000,000 Since Inception
1,800,000.00
1,600,000.00
1,400,000.00
1,200,000.00
1,000,000.00
800,000.00
600,000.00
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
S&P 500 L&S Advisors