Anchor Research : Subscriber Area

Signal Updated

Performance

Multi-Strategy Model Portfolios
	1D	MTD	YTD	1YR	3YR	5YR	Live	Live CAR	Incept	Incept CAR
Core	-0.8	-4.8	-0.6	-12.9	28.3	75.1	131.9	13.53		0.00
Tactical Balanced	-0.5	-3.3	3.6	-5.7	39.4	95.5	141.1	14.20		0.00
Long/Short US Equity
Hedged Sectors

Market Index Performance
	1D	MTD	YTD	1YR	3YR	5YR	Live	Live CAR	Incept	Incept CAR
S&P 500 Index
NASDAQ 100 Index
Russell 2000 Index
Merril Lynch HY Index

Single Strategy Performance
	1D	MTD	YTD	1YR	3YR	5YR	Live	Live CAR	Incept	Incept CAR
Long/Short S&P 500	-1.4	-9.6	-6.7	-32.6	-6.2	-7.0	39.0	5.10	234.1	9.45
Long/Short NASDAQ 100	0.0	-3.7	10.6	-4.8	34.6	52.1	71.0	8.43	1640.1	23.85
Long/Short Small Cap
Long/Short High Yield Bond	-0.3	-0.1	5.1	8.6	65.7	187.8	228.6	19.73	758.2	17.49

Legend
1D		1 Day % gain
MTD		Month to Date % gain
YTD		Year to Date % gain
1YR		One Year total % gain
3Yr		Three Year Total % Gain
5Yr		Five year total % gain
Live		Total % Gain since first live public signal: 9/30/2005
LIVE CAR		Total Annualized % Gain since first live public signal: 9/30/2005
Incep		Total % Gain since data inception: 1/4/1999
Incep CAR		Total Annualized % Gain since data inception: 1/4/1999

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Hypothetical Investment Models; Anchor Research results are based upon real time trading signals delivered to subscribers during the period presented. Results are calculated based upon index trading. Performance of specific index products such as ETFs, Index Futures and Index Mutual Funds may vary from results presented. Anchor Research models are not managed portfolios, nor are they offered as investment programs or specific investment advice. Anchor Research models are an independent service from Anchor Captial, and should not be considered a replication of Anchor Capital managed account programs and/or products. The research offered by Anchor Research.com is derived through the use of computer modeling. Historical back-tested model results are achieved by means of the retroactive application of a back-tested trading strategies and, as such, the corresponding results have inherent limitations, including: (1) the results do not reflect the results of actual trading using client assets, but were achieved by means of the retroactive application of each of the referenced strategies, certain aspects of which may have been designed with the benefit of hindsight; (2) backtested performance may not reflect the impact that any material market or economic factors might have had on a subscriber's use of the hypothetical strategy model if the model had been used during the period to actually trade investment assets; and, (3) for various reasons (including the reasons indicated above), Anchor’s clients may have experienced investment results during the corresponding time periods that were materially different from those portrayed in the various Anchor Research model strategies. Information pertaining to Anchor Capital's advisory operations, services, and fees is set forth in Anchor’s current disclosure statement, a copy of which is available from Anchor Capital upon request. Information pertaining to any mutual fund or ETF or security that is referenced by Anchor hypothetical portfolio is set forth in each respective mutual fund or ETF's prospectus, a copy of which is also available from Anchor upon request.