2008 (06/30)
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995

In compliance with the Securities and Exchange Commission, we disclose the following information for review of our performance results:

1. A complete list and description of our firm's composites is available upon request.
2. Annual data:# of portfolios; $ assets in millions/% of firm assets High/Low dispersion

 

2008 2007 2006 2005 2004 2003 2002

#1; #1; #2; #14; #36; #45; #31;

$ 3.6/ $ 3.7/ $ 7.5/ $ 53.2/ $ 87.7/ $ 167.5/ $ 256.7/

26.4% 21.1% 34.3% 66.9% 70.9% 75.4% 72.4%

-0.3/ 4.8/ 4.8/ 3.0/ 1.4/ 1.1/ 2.1/

-0.3 4.8 4.8 2.9 1.1 0.9 1.3

2001 2000 1999 1998 1997 1996 1995

#27; #31; #31; #22; #19; #15; #11;

$ 245.6/ $ 246.9/ $ 229.2/ $ 173.7/ $ 160.0/ $ 159.8/ $ 144.6/

74.4% 75.5% 74.7% 48.1% 48.2% 54.2% 54.5%

5.5/ 7.3/ 33.2/ 19.3/ 28.2/ 26.1/ 41.9/

3.8 3.3 29.4 16.1 24.2 23.8 39.6

3. The firm, Leylegian Investment Management, Inc., is an independent investment advisory firm, and is not affiliated with any other organization.
4. The Equity Composite includes United States Dollar-denominated equities and cash equivalents, and represents tax-exempt portfolio assets.
5. The current fee schedule is calculated at 1.00% per annum on the first $ 15 million of market value of the total assets under management, billed quarterly in arrears, and at 0.85% per annum on any balance over the first $ 15 million of market value of the total assets under management, billed quarterly in arrears. Our firm does not charge a minimum fee, nor do we base any compensation on performance.
6. All portfolios are included in the respective composites, regardless of asset size. For performance calculation purposes, new portfolios are included at the beginning of the first full quarter under management, and the results of terminated portfolios are included for the time period that the portfolios were actively managed.
7. All calculations are based upon trade-date valuations. Performance figures are calculated using stock prices which reflect market values as reported by the New York Stock Exchange at the close of its regular trading day, and further verified in The Wall Street Journal the next business day.
8. Our firm will only accept the management of assets of fee-paying clients.
9. Our firm has never used nor will it ever use leverage, derivatives, options, or futures in the management of any client's assets.
10. Over the past ten years, there have been no material changes in the personnel responsible for investment management.
11. Effective dates of compliance:

a. From January 1, 1993, all actual, discretionary, fee-paying, tax-exempt portfolios which are invested in U.S. securities are presented in composites which adhere to compliance standards.
b. Our firm generally invests in securities which are traded on the New York Stock Exchange.
c. Our firm does not participate in wrap-fee programs as defined by the S.E.C., and therefore, such presentations are not applicable.
d. From January 1, 1997, all composites and performance results include accrued income in market value performance calculations. In addition, all of the firm's performance presentations, including presentation of historical performance, contain a measure of composite dispersion.

12. Performance results are calculated based upon the following criteria:

a. Total return, including realized and unrealized gains, plus interest and dividend income.
b. Time-weighted rates of return.
c. Accrual accounting where accrued income is included in the market value calculation of the denominator and the numerator.
d. Composites are asset weighted using beginning-of-period weightings.
e. Returns from cash and cash equivalents held in the portfolios are included in the return calculations, and the cash and cash equivalents are included in the portfolio amount (total assets) on which the return is calculated.
f. Portfolios are valued quarterly, and periodic returns are geometrically linked.
g. Performance is calculated after the deduction of trading expenses, including brokerage commissions and S.E.C. fees; custodial expenses incurred by the client are not included. Detailed annual and quarterly comparative results, both gross and net of management fees, are available and furnished immediately upon request.

13. The Equity Composite represents investments generally in medium and large capitalization, New York Stock Exchange-listed securities, selected based upon top-down, globally-oriented, macroeconomic, financial, accounting, and social responsibility analyses, and may include fixed-income securities of the highest quality with varied maturities. The Composite's benchmark is the Standard and Poor's 500 Index. This benchmark is used for comparative purposes only and generally reflects the risk or investment style of the investments reported on the schedule of performance. The S&P 500 is an unmanaged index with no expenses, which covers 500 industrial, utility, transportation, and financial companies of U.S. markets, and is capitalization-weighted and calculated on a total return basis with dividends reinvested. Fixed-income securities and cash equivalents included in the composite represent investments in United States Treasury obligations and/or securities with a minimum quality rating of A-1, P-1, or A, and vary in maturity based upon client requirements. Cash is generally invested in money market instruments with daily liquidity. Investments made by Leylegian Investment Management, Inc. for the portfolios it manages according to respective strategies may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the benchmark. Accordingly, investment results may differ from those of the benchmark.
14. In presenting past performance results, we neither intend to suggest nor make any claim to future or potential performance returns.