The document compares the performance of the QVP portfolio to the S&P 500 index over various time periods from one month to since inception in May 2005. It shows that the QVP portfolio outperformed the S&P 500 for all periods except the past month and since inception, with returns as high as 43.04% for the past three months compared to 23.45% for the S&P 500.

1. QVP Performance vs S&P 500
(unaudited and net of fees and trading costs)
50.00%
43.04% 43.04%
40.00%
The information contain herein is obtained from sources
30.00% believed to be reliable, but its accuracy or completeness in
not guaranteed. This report is for informational purposes
only and is not a solicitation or a recommendation that
23.45% 23.45% any particular investor should purchase or sell any
particular security. All expressions of opinions are subject
19.59% 19.59% to change without notice.
Returns
20.00%
Past performance is no guarantee of future results.
R
8.16%
10.00%
5.60% 5.49% 5.49%
3.83% 2.88%
2.68%
1.78%
0.00%
‐0.27%
One Month Three Months YTD 1‐Year 3‐Years* Inception**
‐2.62%
‐7.70%
‐7.97%
‐10.00%
* 3‐Year and Inceptions return numbers have been annualized.
QVP S&P 500 Net Difference ** Inception of portfolio was May, 2005 while at Bear Stearns.
1/15/2010