Ann S. McCorkindale, Chief Investment Officer

Cara Miller, Senior Financial Advisor,

South Dakota, Wyoming and Western Nebraska

INVESTING FOR INCOME IN 2011

TODAY’S INVESTOR

Their retirement account is recovering They are focusing on achieving their

Retirement goals They are refining & redefining their needs

Yearly distributions Life expectancy Social Security Benefits Health Insurance Long Term Care Retirement Wealth transfer Charitable bequests

ASSET & INCOME GROWTH

Expected Growth Rates Expected Yields Asset Allocation Decisions

THE DISTRIBUTION PHASE

Anticipated Inflation Rate Account Draw Schedule One Time Expenses

TODAY’S INVESTMENT ENVIRONMENT

Rising Interest Rates Rising Inflation Rising Credit Concerns Stock Market Volatility and Uncertainty

RISING INTEREST RATES

0

0.5

1

1.5

2

2.5

3

3.5

4

4.53 mo Treasury Bill

10 yr Treasury Bond

U.S. Treasury Yield Movement

Source: U.S. Treasury.

RISING INFLATION

CREDIT CONCERNS – NOT RISING

Source (Top chart): U.S. Treasury, J.P. Morgan, J.P. Morgan Asset Management. Default rates are defined as the par value percentage of the total market trading at or below 50% of par value and include any chapter 11 filing, prepackaged filing or missed interest payments. Spreads indicated are benchmark rates over comparable Treasury yields. Source (Bottom chart): Barclays Capital, FactSet, J.P. Morgan Asset Management. Spreads indicated are benchmark rates over comparable maturity Treasury yields. High yield represented by the Barclays Capital High Yield Municipal Index, taxable bonds by the Barclays Capital Taxable Municipal Bond Index, revenue bonds by the Barclays Capital Revenue Bond Index and general obligation bonds by the Barclays Capital General Obligation Index. Tax-equivalent yield calculation assumes a 35% marginal tax rate. Past performance is not indicative of comparable future results. Data are as of 3/31/11.

World Bond15%

Multisector Bond25%

Intermediate-Term Bond30%

Short Government Bond15%

Inflation Protected Bond15%

INCOME INVESTING IN TODAY’S RISING ENVIRONMENT:

World Bond15%

Multisector Bond25%

Intermediate-Term Bond25%

Dividend Paying Stocks10%

Floating Rate Bond10%

Inflation Protected Bond15%

Old Model New Model

DIVIDEND PAYING PORTFOLIOSIndividual Stock Portfolio

Data from Morningstar as of April 30, 2011

Individual Stock Portfolio

Columbia Dividend Income

GSFTX

Wisdom Tree Equity Income

DHS

TTM Yield 3.22%2.19% 3.65%

Avg. Net Expense Ratio

0.80% 0.38% -

Holdings 102 336 10

Consumer Cyclical

Communication Svcs

Energy

Industrials

Technology

Consumer Defensive

Healthcare

Ticker

ABT

Company

TSMINTC

MO

KO

GIS

MCD

DE

XOM

AT&T

Abbott Labs

Taiwan Semiconductor

Intel

Altria

Coca-Cola

General Mills

McDonalds

Exxon Mobil

Deere

T

GROWTH INVESTING IN TODAY’S RISING ENVIRONMENT -

Large Cap Growth27%

Large Cap Value16%

Mid-Cap Growth5%

Mid-Cap Value5%

Small Cap Growth5%

Small Cap Value5%

International Developed10%

International Emerging Markets

15%

Global Natural Resources/ Commodities

7%

Global Real Estate5%

THE MUTUAL FUND SCREENING PROCESS

183 Funds in Diversified Emerging Markets

Category

27,642 Funds

THE SCREENING CRITERIA Category specific At least a 3 year History Manager Tenure at least 3 years Expense ratio below category average Peer performance in top 1/3 for

Last 1,3 & 5 year Available NTF with no minimums and no

redemption fees

THE MORNINGSTAR ‘STAR’

What makes a 5 star fund a 5 star fund:

3 year old fund: 100% three-year rating

5-10 year old fund: 60% five-year rating 40% three year rating

10 year+ fund: 50% 10-year rating 30% five year rating

20% three year rating

Rating

OUR FUNDSFund Name Morningstar Rating

Schwab U.S. Large-Cap Growth ETF Not Rated

Schwab U.S. Large-Cap Value ETF Not Rated

Goldman Sachs Growth Opportunities A LW ÙÙÙ

J PMorgan Mid Cap Value A Load Waived ÙÙÙÙ

Sentinel Small Company A ÙÙÙÙ

Northern Small Cap Value ÙÙÙ

William Blair International Growth N ÙÙÙ

Lazard Emerging Markets Equity Open ÙÙÙÙ

Oppenheimer Developing Markets A ÙÙÙÙÙ

PIMCO Emerging Local Bond D ÙÙÙÙ

RS Global Natural Resources A LW ÙÙÙÙ

Credit Suisse Commodity Return Strat Com ÙÙÙÙ

ING Global Real Estate A Load Waived ÙÙÙÙ

PIMCO Total Return D ÙÙÙÙÙ

PIMCO Real Return D ÙÙÙÙ

Columbia Dividend Income Z ÙÙÙÙÙ

Oppenheimer Global Strategic Inc A LW ÙÙÙ

Eaton Vance Floating-Rate & Hi Inc A ÙÙÙ

AllianceBern Global Bond A Load Waived ÙÙÙÙ

DWS Managed Municipal Bonds S ÙÙÙÙÙ

MOST COMMON INVESTOR INVESTMENT PROCESSPAST PERFORMANCE IS NOT A GOOD PREDICTOR OF FUTURE PERFORMANCE

History has shown that fixed

time periods are inadequate to

examine a manager’s

performance.

1/1/00-12/31/04 1/1/05-12/31/09Source: Morningstar; Based on the Morningstar Large Value category over the entire 10-year period from 1/1/99 through 12/31/09.

24.8%

25.2%

13.5%

25.2%

Top Quartile

Top Quartile

Second Quartile

Third Quartile

Bottom Quartile

Top Quartil

e

Top Quartil

e

Second Quartil

e

Third Quartil

e

Bottom Quartil

e

No Longer Exist

11.3%

0

10

20

30

40

50

60

70

80

90

100

Apr-09

May

-09

Jun-09

Jul-09

Aug

-09

Sep

-09

Oct-09

Nov

-09

Dec

-09

Jan-10

Feb-10

Mar-10

Apr-10

May

-10

Jun-10

Jul-10

Aug

-10

Sep

-10

Oct-10

Nov

-10

Dec

-10

Jan-11

Feb-11

Mar-11

Apr-11

12-M

onth

Pee

r Ran

k

PIMCO EM Bond

Oppenheimer EM

RS Global NR

CS Commodity

Sentinel SG

JP Morgan MV

Northern SV

William Blair Intl

Lazard EM (white)

Goldman MG

ING Global RE

MONITORING GROWTH MANAGERS12-MONTH PEER RANK %APRIL 30, 2011

Top Fund

Worst Fund

In Order for 4/30/11:

INDIVIDUAL ISSUE STRATEGIES

Dividend Paying stock portfolios Passive government or municipal

portfolios SMA managers

Sector Municipal Dividend Paying Stock - SRI

Tactical

THANK YOU!

Questions?