In May we saw QVP unable to continue its positive momentum from April unfortunately, with our large cap value quantitative strategy flat on the month compared to the 1.05 percent gain seen by the S&P 500. The focus on QVP though is long-term outperformance, and in that regard it continues to trump the S&P 500, beating the market for eight of the past 10 years. If you were to have invested $100,000 in QVP at the start of 2010, it would now be worth $229,167.02. Conversely, the