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Due Diligence Report Second Quarter 2007
R E T I R E M E N T P L A N S
About the Due Diligence Report
The Standard is proud of the care that goes into selecting and monitoring the investment options offered through our group annuity contract separate account. Standard Insurance Company works
closely with StanCorp Investment Advisers, Inc., to select quality funds. Then, we hold our mutual fund partners accountable for providing competitive returns and staying true to the funds’ stated investment styles. When a fund fails to perform, no longer meets our monitoring criteria or drifts from its stated style or investment objective, we end the relationship.
Important Note
We recommend you review this report carefully as an important step in fulfilling your fiduciary responsibilities to the plan and its participants. You can easily document that you have reviewed and evaluated this information by signing and dating the cover of this document, then filing the report with your plan’s important records.
The report is intended for distribution only to existing contractowners who are also clients of StanCorp Investment Advisers, Inc. Do not distribute this report to plan participants.
Table of Contents
About the Due Diligence Report. . . . . . . . . . . . . . . . . . . .2
Market Commentary. . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Fund Commentary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Watch List. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
Statistical Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Fund Monitoring Summary. . . . . . . . . . . . . . . . . . . . . . .12
Due Diligence Program . . . . . . . . . . . . . . . . . . . . . . . . .57
Glossary of Terms and Tools . . . . . . . . . . . . . . . . . . . . .62
About StanCorp Investment Advisers . . . . . . . . . . . . . .63
Conference Call Scheduled
Plan sponsors and participants should consider the investment objectives, risks, and charges and expenses of the investment options offered under the retirement plan carefully before investing. The prospectuses for all investment options contain this and other information. Prospectuses may be obtained by calling 877.805.1127. Please read the prospectus carefully before investing. Investments are subject to market risks and fluctuate in value.
Learn more about the investment options offered by The Standard. Participate in our quarterly Due Diligence conference call at 1 p.m. Eastern/10 a.m. Pacific on Thursday, August 23. You’ll have the opportunity to ask questions of Julie Grandstaff, vice president and managing director of StanCorp Investment Advisers, Inc., who will also discuss the fund monitoring process and comment on market conditions and individual funds.
Dial-in number: 800.230.1766
Name of call: StanCorp Investment Advisers Due Diligence Call
A replay of the call will be available from 3:15 p.m. Thursday, August 23, through midnight Pacific time September 23, by dialing 800.475.6701 and entering code 882267.
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Market Commentary – July 26, 2007By Julie Grandstaff, CFA
A fter a rocky first quarter, the markets took off in the second quarter. By mid April it was hard
to remember there had been a significant sell off in February. All of the major equity categories were up for the quarter, led by growth stocks. The S&P 500 was up 6.28 percent for the quarter and more than 20 percent for the 12 months ending in June.
The best performing equity category this quarter was large cap growth. The return on the Russell 1000 Growth Index was 6.86 percent. Mid and small cap growth returns were very near this level. International stocks, as measured by the MSCI EAFE Index, were up 6.40 percent for the quarter. Over the last year, the best performing category was international stocks, posting a 27 percent one-year return. Mid cap value was the best U.S. category with a better than 22 percent return for the year. The bond markets had a tough quarter with bond yields rising 0.38 percent over the quarter. The Lehman Brothers Intermediate Government Credit index declined 0.15 percent for the quarter; over the last year, the index was up 5.76 percent.
Since quarter’s end, the markets reached record highs and then dropped off again. As of July 19th, the S&P 500 was up 3.31 percent from the end of the quarter, but by July 26th, it had lost that and more. Quarter to date, the S&P is down 1.29 percent. Initially strong first quarter corporate profits and continued stability in the U.S. economy buoyed the equity markets. Earnings for the companies in the S&P 500 Index rose by 8.2 percent from the first quarter of last year. Strong overseas demand, dollar weakness and share buybacks were some of the factors contributing to earnings growth. While these factors remain in place this quarter, the markets have become concerned about rising financing costs. Credit spreads (the difference between the borrowing rate for non government issuers and government issuers) have widened significantly in the last two months. Continued problems in the sub prime mortgage market have
caused investors to take a second look at how they are pricing risk. In addition, early second quarter earnings releases have been mixed.
While moderate growth is still expected for the remainder of the year, rising costs may be creating a headwind for the economy. Higher food and energy costs are dampening consumer spending, and weakness in the housing market is translating into weakness in related sectors, such as furniture. So far the actual data on inflation has shown it to be relatively tame, but near the Federal Reserve’s upper bound of comfort. At the end of April, the markets were expecting the Fed to cut interest rates by the end of the year due to slowing economic growth and the weak housing market. More recently, markets placed a greater probability on there being an increase in the federal funds rate target than on there being a decrease. Tight job markets and increasing labor costs are among the chief drivers of inflation concerns.
There has been little to worry about on the inflation front for the last 10 years. Globalization of the economy has kept prices in check. Cheap labor in China and other developing economies not only produced cheap imports, but also ensured continued development of more efficient technologies here at home. A number of prominent economists see this era coming to a close. Now the forces that contributed to stable to declining prices are contributing to inflation as geographically diverse businesses compete for the same global resources. Growing wealth around the world is increasing demand and allowing workers to win wage increases.
So far, it looks like the economy is moving in the direction Federal Reserve Chairman Ben Bernanke predicted, with growth picking up this quarter and positive indications for the rest of the year. If inflation can be kept in check, this will be positive for the markets. However the market has found much to worry about in the last couple of weeks.
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-0.15-0.70
2.421.76
3.713.88
6.407.11
6.817.027.13
4.424.14
5.277.32
5.305.64
6.197.70
6.285.93
6.166.69
-1.00 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
Percent
Total Return April 1, 2007 - June 30, 2007
Large Cap Growth - MedianLarge Cap Blend - MedianLarge Cap Value - MedianIndex: Standard & Poor's 500Mid Cap Growth - MedianMid Cap Blend - MedianMid Cap Value - MedianIndex: Russell Mid-Cap Small Cap Growth - MedianSmall Cap Blend - MedianSmall Cap Value - MedianIndex: Russell 2000Foreign Large GrowthForeign Large BlendForeign Large ValueWorld Stock - MedianIndex: MSCI EAFE Balanced - Moderate Allocation Index:60% S&P/40% LB Int GCBalanced - Conservative AllocationIndex:40% S&P/60% LB Int GCIntermediate Bonds - MedianIndex: LB Interm Gov't/Cred
Total Return for QuarterApril 1, 2007 – June 30, 2007
Percent
5.765.57
11.6910.27
14.6614.86
27.0023.85
26.7626.54
26.1816.4316.3816.2616.26
20.8321.16
20.0419.11
20.5920.91
19.4616.98
0.00 5.00 10.00 15.00 20.00 25.00 30.00
Percent
Total Return July 1, 2006 - June 30, 2007
Large Cap Growth - MedianLarge Cap Blend - MedianLarge Cap Value - MedianIndex: Standard & Poor's 500Mid Cap Growth - MedianMid Cap Blend - MedianMid Cap Value - MedianIndex: Russell Mid-Cap Small Cap Growth - MedianSmall Cap Blend - MedianSmall Cap Value - MedianIndex: Russell 2000Foreign Large GrowthForeign Large BlendForeign Large ValueWorld Stock - MedianIndex: MSCI EAFE Balanced - Moderate Allocation Index:60% S&P/40% LB Int GCBalanced - Conservative AllocationIndex:40% S&P/60% LB Int GCIntermediate Bonds - MedianIndex: LB Interm Gov't/Cred
Total Return for YearJuly 1, 2006 – June 30, 2007
Percent
Dat
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ourc
e: M
orni
ngst
ar
These returns are not indicative of any particular investment.
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Fund Commentary
The following comments summarize the review of funds in our lineup whose returns, risk statistics or
composition over one or more important time periods is below expectations.
• The Harbor Bond fund is maintaining a sizeable short-term fixed income position of more than 57 percent. The average duration of the portfolio remains in line with intermediate bond funds, though the manager is working to shorten the duration. The primary causes of underperformance have been exposure to agency-issued residential mortgage debt and a lower than average exposure to investment grade corporate bonds. Agency mortgage-backed securities have underperformed the general bond market due to the increased volatility in interest rates as well as an increase in extension risk due to somewhat higher yields. The fund’s performance was in the top half in the 36th and 25th percentile over the last three- and five-years, respectively.
• The Harbor Capital Appreciation fund returns have fallen below median in the five-year time period following below-median returns year to date and in 2006. The fund’s three-year returns are in the top half of the category. This fund is an aggressive growth fund – the manager focuses on strong revenue growth and company earnings that grow faster than the S&P 500. The fund holds just under 30 percent in the top 10 holdings, with its largest holding in Google.
• The American Century Value fund returns are below median in the three-year time period following below-median returns in the first half of 2007 and in 2005. The fund’s five-year returns are in the 32nd percentile of the large value category. The management team focuses on companies that are valued in the bottom one-third of the market on at least two valuation measures. The fund currently has a lower allocation to technology, which performed better than the overall market year to date.
• The Fidelity Adv Equity Income fund returns are below median in the three-year time period following below-average returns in the first half of 2007 and in 2006. The fund’s five-year returns are in the top half of the category. Over the last
two quarters the manager has trimmed some of his smaller cap holdings following the assignment of another large cap value fund to him. Overall, the move away from smaller names may have hurt relative performance year to date.
• The Hotchkis Wiley Large Value fund returns have fallen below median in the three-year time period following below-average returns in the first half of 2007 and in 2006. The fund manager’s approach seeks companies with above-average normalized earnings growth and focuses on those that also have above-average normalized earnings yield and dividends. Recent returns have been hurt by a well below-average allocation to energy stocks and continued holdings of some prominent home builders. The fund’s five-year returns are in the top decile of the category.
• The Brandywine fund’s five-year returns are below median. Weak relative performance in 2004 and 2003 has caused the five-year ranking to fall below median. The fund’s three-year returns are in the top quartile of the mid cap growth category. Recently a heavy allocation to technology has contributed to strong performance. The return is in the top 25 percent for the quarter and top half year to date.
• The three-year returns for the Aston/Optimum Mid Cap fund are below average. The fund underperformed by a wide margin in 2005 pulling down the three-year percentile rank. The manager’s approach is relatively aggressive for the category. The fund is concentrated and often makes significant sector bets. The manager looks for companies with rapid sales growth, low debt and reasonable valuations. Currently, the fund has about three times the category average exposure to technology stocks. The fund’s five-year returns are in the top quartile of the category and year-to-date returns are in the top 25 percent for the category.
• The Wells Fargo Advantage Mid Cap Discipline fund returns are below median in the three-year time period following below-median returns in the first half of 2007 and in 2005. The fund is underweight in technology relative to the peer group and has no exposure to energy. Both sectors were significant contributors to market
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performance during the quarter and year to date. The fund’s five-year returns are in the top 27th percentile of the category.
• The Neuberger & Berman Genesis fund has moved well into mid cap growth territory. The managers have utilized a steady investment strategy that seeks out small companies with good cash flow and a dominant position in a niche market. In addition they focus on the less cyclical sectors, and currently have an overweight position in healthcare and energy stocks. The approach is also low turnover, and winners are allowed to run. As a result, about 49 percent of the portfolio is now in mid cap stocks while 48 percent of the fund is in small cap stocks. The remainder is in large cap. Performance is in the top 10 percent for the category year to date.
• The Fidelity Adv Diversified International fund returns are below the median for the three-year time period due to weak relative performance in 2006. The manager has overweight positions in Germany and Japan. While the German allocation has paid off, the Japanese allocation hasn’t worked as well. In addition, the manager reduced exposure to emerging markets and energy too soon and missed some significant performance in those areas. The fund performance was above the median in each of the five calendar years prior to 2006. The fund’s five-year returns are in the top 15 percent of the category.
• The American Century Real Estate fund returns are below the median for the three-year time period due to weak relative performance year to date, in 2006 and 2004. The underperformance has been driven by security selection since this manager maintains sub-sector allocations close to the benchmark. The fund’s five-year returns are in the top 33 percent of the category.
• A number of the Index Funds continue to have below-median returns over one or more measurement periods. These funds are not held to the same criteria as the actively managed funds. They are only required to perform in line with their stated index. All of the funds are performing as expected relative to the index they are intended to replicate.
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About the Watch ListPlacing an investment option on the Watch List is one action that can be taken if a fund falls short of our monitoring criteria. A fund may be placed on the Watch List for many reasons, including
• fund manager change
• style drift
• poor performance
• a change in the investment objective or operations of the fund
Being placed on the Watch List is not a “death sentence” for the fund; it indicates an event has occurred with the fund that merits a higher level of monitoring than other investment options. A fund
will be placed on the Watch List for a period not to exceed four quarters. If the fund’s management takes action that can reasonably be expected to satisfy our monitoring criteria within the time specified, the fund will be removed from the Watch List without action.
Plan sponsors using fund’s that have been placed on the Watch List in the Asset Allocator portfolios may wish to consider replacing the Watch List fund for that purpose.
While new clients cannot use Watch List funds in the Asset Allocator portfolios, we do not remove them from existing portfolios unless requested to do so.
The Watch List• TCW Select Equities: This fund will remain on the
Watch List. The fund’s three-year returns remain below the median after very weak returns in 2006 and in 2005. Second quarter returns were strong and within the top 10 percent of the category. Year-to-date returns have recovered to above median. This fund is concentrated and therefore volatile. To be reinstated in the lineup, the one-year return and the three- or five-year return as of the first quarter of 2008 must be above the median.
• T. Rowe Price Growth Stock: This fund will remain on the Watch List. On October 1, 2007, Rob Bartolo will assume the portfolio manager role for the fund. Rob stepped down as co-manager of the Media & Telecommunications fund on May 1, 2007. Rob has served as a member of the advisory committee for the large cap growth portfolios at T. Rowe Price, including growth stock. However, given that he has no track record in the large growth category we decided that it was prudent to place the fund on the Watch List. We will continue to monitor the transition.
• Franklin Small-Mid Cap Growth: The fund will remain on the Watch List. The fund now meets both the three- and five-year monitoring criteria after achieving top one-third returns for the year to date. The fund is significantly overweight in technology, specifically hardware, and has a smaller average market capitalization than its peer group. The fund was originally placed on the Watch List
due to weak relative returns in three of the last five years. To be reinstated in the lineup, the one-year return and the three or five-year return as of the fourth quarter of 2007 must be above the median.
• Oppenheimer Quest Balanced: The fund will remain on the Watch List. The fund’s returns are below median in the three-year time period. Recent returns have shown an improvement. The three-month return is in the top 3 percent of the category and the year-to-date return is in the top one-third. The equity portion of the portfolio is concentrated, and as a result, the fund tends to be more volatile than its peers. The fund will remain on the Watch List through the fourth quarter of 2007. To be reinstated in the lineup, the fund return must be above the median over the previous one year and above the median in the three- or five-year time period.
• Fidelity Advisor Mid Cap: This fund was categorized as a mid cap blend fund, but it was reclassified as a growth fund a few quarters ago. The manager’s benchmark is the S&P 400 mid cap index. On a holdings-based analysis, the fund has moved squarely into growth territory, but past returns indicate more of a blend orientation. As a result the historical returns look great in the growth category. Year to date, growth has performed somewhat better than blend and value, and this fund did not do as well as its more growth-oriented peers. Second quarter and year to
8
date returns were below average for the category. However, the one-year return is in the 11th percentile. This fund will be moved to the mid cap growth category and will remain on the Watch List until the change can be completed. We are recommending the Federated Mid Cap Index as a replacement. Plan sponsors will be notified about the timing and process shortly.
• Oppenheimer Small & Mid Cap Value: The fund moved from the small-cap blend to the mid-cap blend category in Morningstar as predicted. The fund meets the criteria that the one-year performance relative to the mid cap blend category be above average, and therefore we will be moving the fund to the mid cap blend category. The fund will remain on the Watch List for group annuity plans until the change can be made. We are recommending Oppenheimer Mainstreet Small Cap as the replacement in the small cap blend category. Plan sponsors will be notified about the timing and process shortly.
• Allianz CCM Emerging Companies: The fund is being added to the Watch List. The fund’s three- and five-year returns have fallen below median after very weak performance year to date and in 2006. The quantitative score is well below acceptable levels. The below average market cap of the fund has been a detractor in the current market environment, but the primary driver of underperformance has been disappointing stock selection. 2006 was the first year of underperformance after six straight years of above-median performance. The fund will remain on the Watch List through the first quarter of 2008. To be reinstated in the lineup, the fund’s return must be above the median over the previous one-year and above the median in the three- or five-year time period.
• Oppenheimer Capital Appreciation: This fund has been added to the Watch List after the announcement of Bill Wilby’s retirement. Co-manager Marc Baylin has taken the reigns, making this the second manager change in two years. Three-year returns are below the median, but five-year returns remain above the median. The fund is in the top one-third year to date.
• Templeton Growth: We are adding this fund to the Watch List. It has failed the three- and five-year performance screen for the first time after very weak performance year to date, in 2005 and in 2003. Templeton Growth has a relatively low allocation to
emerging markets, which has held it back against its peer group. A further detractor has been stock selection in some of the large mega cap value names. The fund will remain on the Watch List through the first quarter of 2008. To be reinstated in the lineup, the fund return must be above the median over the previous one-year and above the median in the three- or five-year time period.
• Calamos Growth: The Calamos Growth Fund will be removed from the lineup. The fund moved from the mid cap growth to the large cap growth category in Morningstar as predicted. In the large cap growth category, its relative performance is strong largely due to its previous mid cap bias. However, based on unsatisfactory conference calls with the manager and the abrupt and significant change in strategy, we have decided to remove the fund. We are recommending Neuberger Berman Manhattan as the replacement. Plan sponsors will be notified about the timing and process shortly.
• TCW Value Opportunity: The TCW Value Opportunity fund will be removed from the lineup. After one year on the Watch List, the fund continues to underperform its category. A replacement fund will be named and plan sponsors will be notified about the specific timing shortly.
• T. Rowe Price Small Cap: The fund will be removed from the lineup. After one year on the Watch List, the 12-month returns for the fund remain in the 74th percentile, and the three- and five-year returns remain below the median. We are recommending Oppenheimer Main Street Small Cap as the replacement. Plan sponsors will be notified about the timing and process shortly.
As previously disclosed, the following funds will be terminated from the lineup on August 20, 2007.
• American Century Ultra – We are recommending T. Rowe Price Blue Chip as the replacement.
• GE US Equity – We are recommending Vanguard Index 500 as the replacement.
• American Century International Growth – We are recommending VanKampen International Growth as the replacement.
• Neuberger Berman Focus – we are recommending Vanguard Index 500 as the replacement.
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Asset Classes
Asset classes represent a method of characterizing investment options with similar investment styles and similar holdings. These characteristics can be used to anticipate the performance of the investment option during different market and economic cycles.
The asset classes are listed below from most conservative to most aggressive.
Stable Value
A low-risk investment. Securities in this class provide a steady stream of current income and tend to have little or no change in value over the life of the investment.
Intermediate Bond
More volatile than the Stable Value class with the potential for a slightly higher return or a possible loss of principal. These investments are intended to provide current income and growth potential.
Funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk and inflation risk. As interest rates rise, the prices of bonds fall.
Balanced
Combines both stocks and bonds in order to achieve a moderate risk/moderate return objective. This option provides an avenue for investors who want professionals to manage their asset allocation.
U.S. Stocks
Stock funds have three basic investment objectives:
1. Growth – invests in firms that are expected to grow more rapidly than other firms; much of the value of such stocks is represented by the firm’s prospects for future growth.
2. Value – invests in stocks of out-of-favor firms that nevertheless offer a good long-term return; the assumption is that the value inherent in these firms will eventually be recognized.
3. Blend – combines elements of both growth and value funds.
Market capitalization, called “market cap” for short, is a measure of the size of a stock. It is calculated using this simple formula: share price times the number of shares outstanding (those offered by the firm through the financial markets). Stocks are usually grouped under three headings based on market capitalization:
Large Cap: the top 5 percent of all stocks;
Mid Cap: stocks that are smaller than the top 5 percent, but still among the top 20 percent;
Small Cap: the bottom 80 percent of stocks. Small company investing involves specific risks not necessarily encountered in large company investing, such as increased volatility.
Foreign Stock
Typically, invests at least 90 percent of assets in companies domiciled outside the United States. Foreign markets are exposed to different fundamental economic and structural factors than the U.S. markets. As a result, these funds provide greater diversification, and more risk, than a U.S.-only portfolio. International investing involves such risks as currency fluctuations, economic instability and political developments.
The following pages contain a statistical analysis of each of the separate account investment options
offered by The Standard to its retirement plan clients.
Each option is compared to an index considered by the Due Diligence Committee to be an appropriate measure of the manager’s ability to add value through stock picking. Further, each chart provides information about the universe of peer funds. This report is prepared using data from Morningstar.
Organization of Statistical Analysis data
1. Performance – reflects performance over the reporting period and longer periods
2. Calendar Year Performance – describes performance for each of the last five calendar years
3. Risk Statistics – evaluates the risk of each fund in comparison with key measurements
4. Fund Statistics – provides comparative information on each fund’s holdings
5. Industry Diversification – illustrates each fund’s holdings by industry
6. Regional Exposure – identifies the percentage of stocks invested in each geographical region
Statistical Analysis
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Russell 1000 Growth: Market capitalization-weighted index of those Russell 1000 firms with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 measures the performance of the 1,000 largest companies in the Russell 3000. The Russell 3000 represents approximately 98 percent of the investable U.S. equity market.
Standard & Poor’s 500: A market capitalization- weighted index of 500 widely held stocks. The index is designed to measure performance of the broad domestic economy through changes in the market value of 500 stocks representing all major industries.
Barra Large Cap Growth: Market capitalization-weighted index of the stocks in the Standard & Poor’s 500 Index having the higher price-to-book ratios. The index consists of approximately half of the S&P 500 on a market-capitalization basis.
MSCI US Prime Market Growth: Market capitalization-weighted index of stocks in the US Prime Market 750 Index (aggregation of the Large Cap 300 and Mid Cap 450 Indices) having higher forecasted growth values.
MSCI US Prime Market Value: Market capitalization-weighted index of stocks in the US Prime Market 750 Index (aggregation of the Large Cap 300 and Mid Cap 450 Indices) having lower forecasted growth values.
Russell 1000 Value: Market capitalization-weighted index of those Russell 1000 firms with lower price-to-book ratios and lower forecasted growth rates. The Russell 1000 measures the performance of the 1,000 largest companies in the Russell 3000. The Russell 3000 represents approximately 98 percent of the investable U.S. equity market.
Barra Large Cap Value: Market capitalization-weighted index of the stocks in the Standard & Poor’s 500 Index having the lower price-to-book ratios. The index consists of approximately half of the S&P 500 on a market-capitalization basis.
Standard & Poor’s MidCap 400: Consists of 400 domestic stocks chosen for market size, liquidity and industry representation. Companies meeting the selection criteria, but already in the S&P 500, are excluded. Designed to measure the performance of the mid-cap segment of the U.S. equity market.
Russell Mid Cap Growth: Market-weighted total return index that measures the performance of the companies within the Russell Mid Cap Index having higher price-to-book ratios and higher forecasted growth values.
Russell Mid Cap Index: Measures the performance of the 800 smallest companies in the Russell 1000 Index. The Russell Mid Cap Index represents approximately 25 percent of the total market capitalization of the Russell 1000 Index.
Russell Mid Cap Value: Market-weighted total return index that measures the performance of the companies within the Russell Mid Cap Index having lower price-to-book ratios and lower forecasted growth values.
Wilshire 4500: Measures the performance of all small- and mid-cap U.S. stocks. It is constructed from the Dow Jones Wilshire 5000 index, with the stocks in the S&P 500 removed.
Standard & Poor’s Completion: Measures the performance of small- and mid-cap U.S. stocks. The index is a subset of the S&P Total Market Index, excluding S&P 500 companies.
Russell 2000 Growth: Market-weighted total return index that measures the performance of the companies within the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values.
Russell 2000: Measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 2000 represents approximately 8 percent of the total market capitalization of the Russell 3000 Index.
MSCI US Small Cap 1750: Market capitalization-weighted index of the 1,750 smallest companies in the MSCI US Investable Market 2500 Index. The MSCI US Small Cap 1750 represents approximately 12 percent of the U.S. equity universe.
Barra Small Cap Value: A market capitalization- weighted index of the stocks in the Standard & Poor’s SmallCap 600 having the lowest price-to-book ratios. The index consists of approximately half of the S&P 600 on a market-capitalization basis.
Description of the indexes
11
MSCI US Small Value: Market capitalization-weighted index of stocks in the US Small Cap 1750 Index having lower forecasted growth values.
Russell 2000 Value: Market-weighted total return index that measures the performance of the companies within the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values.
MSCI EAFE (Europe, Australasia and Far East): The Morgan Stanley Capital International EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. This index is widely accepted as a benchmark for international stock performance.
MSCI World: The index includes all 23 MSCI developed market countries.
Lehman Brothers Intermediate Government/ Corporate Index: Index includes both corporate and government securities, including bonds with maturities up to 10 years.
Standard & Poor’s Health Care: Market capitalization-weighted index designed to measure the performance of U.S. publicly traded health care companies.
FTSE4Good US Select: Market capitalization-weighted index composed primarily of large- and mid-cap stocks that have been screened for certain social and environmental criteria.
Wilshire REIT: Market capitalization-weighted index designed to measure the performance of U.S. publicly traded equity Real Estate Investment Trusts.
Goldman Sachs Technology Industry Composite: Market capitalization-weighted index designed to measure the performance of U.S. publicly traded equity technology companies.
Lehman Brothers Long-Term Credit: Index includes investment grade bonds with maturities greater than 10 years.
12
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s” in
dica
tes
that
a fu
nd
has
bee
n p
lace
d on
the
Wat
ch L
ist b
ecau
se it
falls
sh
ort o
f our
mon
itor
ing
crit
eria
. “T
” in
dica
tes
that
a fu
nd
term
inat
ed fr
om o
ur li
neu
p.
Ret
urn
is th
e to
tal r
etur
n e
arn
ed b
y th
e fu
nd
duri
ng
the
peri
od. T
his
incl
udes
cap
ital
app
reci
atio
n p
lus
divi
den
ds a
nd
capi
tal g
ain
s di
stri
buti
ons,
if a
ny.
Shar
pe R
atio
is a
mea
sure
of r
isk-
adju
sted
ret
urn
. It m
easu
res
the
retu
rn o
f th
e fu
nd
over
an
d ab
ove
the
retu
rn
on th
e ri
sk-fr
ee a
sset
(de
fin
ed a
s th
e th
ree-
mon
th T
reas
ury
bill)
per
un
it o
f ris
k (d
efin
ed a
s th
e st
anda
rd
devi
atio
n o
f th
e fu
nd’
s re
turn
). T
he
purp
ose
of th
e m
easu
re is
to d
eter
min
e w
het
her
the
fun
d’s
risk
is ju
stifi
ed b
y th
e ad
diti
onal
ret
urn
gen
erat
ed. T
he
larg
er th
e Sh
arpe
rat
io, t
he
bett
er th
e m
anag
er’s
per
form
ance
.
Exp
ense
Rat
io is
the
rati
o of
tota
l in
tern
al e
xpen
ses
to fu
nd
asse
ts a
s re
port
ed b
y th
e m
ost r
ecen
t Mor
nin
gsta
r re
port
. Th
e ex
pen
ses
incl
ude,
but
are
not
lim
ited
to, i
tem
s su
ch a
s le
gal a
nd
cust
ody
char
ges,
man
agem
ent f
ees
and
sale
s ch
arge
s su
ch a
s 12
b-1
fees
. Per
form
ance
sta
tist
ics
are
net
of t
he
expe
nse
rat
io.
Ass
et A
lloca
tor
Yes/
No:
Th
e fu
nd
is o
r is
not
ava
ilabl
e fo
r us
e in
the
asse
t allo
cato
r po
rtfo
lios.
13
3-Y
ear
3-Y
ear
5-Y
ear
5-Y
ear
Wat
chE
xpen
se
Ret
urn
Shar
pe
Ret
urn
Shar
pe
Ass
et
Clo
sed
FUN
DS
Lis
tR
atio
>B
elow
R
atio
Bel
owB
elow
R
atio
Bel
owA
lloca
tor
To
New
A
vera
geM
edia
nM
edia
nM
edia
nM
edia
nY
es/N
oPl
ans
Inte
rmed
iate
Bon
dsD
odge
& C
ox In
com
eY
esG
oldm
an S
achs
Cor
e Fi
xed
Inco
me
Ins
Yes
Har
bor B
ond
Yes
Van
guar
d To
tal B
ond
Inde
xY
esL
arge
Cap
Gro
wth
Am
eric
an C
ent-2
0thC
Ultr
aT
No
Yes
Bla
ckR
ock
Larg
e C
ap G
row
th I
Yes
Har
bor C
apita
l App
reci
atio
nY
esO
ppen
heim
er C
apita
l App
reci
atio
n Y
No
TCW
Sel
ect E
quiti
es In
stl
Yes
Yes
No
Yes
Yes
T. R
owe
Pric
e B
lue
Chi
p G
row
th
Yes
T. R
owe
Gro
wth
Sto
ckY
esN
oY
esV
angu
ard
Gro
wth
Inde
xY
esV
angu
ard
Gro
wth
Inde
x A
dmira
lY
esV
angu
ard
Mor
gan
Gro
wth
Yes
Van
guar
d M
orga
n G
row
th A
dmY
esL
arge
Cap
Ble
ndA
mer
Cen
t Inc
& G
row
Inv
Yes
Dav
is N
Y V
entu
re Y
Yes
GE
U.S
. Equ
ity Y
TN
oY
esN
eube
rger
Ber
man
Foc
us T
rust
TN
oY
esV
angu
ard
500
Inde
x Y
esV
angu
ard
500
Inde
x A
dmira
lY
esV
angu
ard
Inst
itutio
nal I
ndex
Inst
lY
esV
angu
ard
Prim
ecap
Yes
Yes
Lar
ge C
ap V
alue
Am
eric
an B
eaco
n La
rge
Cap
Val
ue In
stY
esA
mer
ican
Cen
t Val
ueY
esB
lack
Roc
k La
rge
Cap
Val
ue I
Yes
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SSU
MM
AR
Y S
HE
ET
FO
R P
ER
IOD
EN
DIN
G J
UN
E 3
0, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
TH
E S
TAN
DA
RD
GR
OU
P A
NN
UIT
Y IN
VE
STM
EN
T O
PTIO
NS
SUM
MA
RY
SH
EE
T FO
R P
ER
IOD
EN
DIN
G J
UN
E 3
0, 2
007
14
Fide
lity
Adv
Mid
Cap
Inst
lY
esN
oY
esV
angu
ard
Exte
nded
Mkt
Inde
xY
esV
angu
ard
Exte
nded
Mkt
Inde
x A
dmira
lY
esV
angu
ard
Stra
tegi
c Eq
uity
Yes
Fide
lity
Adv
Equ
ity In
com
e I
Yes
Hot
chki
s Wile
y La
rge
Val
ue I
Yes
Yes
T. R
owe
Pric
e Eq
uity
Inco
me
Yes
Van
Kam
pen
Gro
wth
and
Inco
me
IY
esV
angu
ard
Val
ue In
dex
Yes
Van
guar
d V
alue
Inde
x A
dmira
lY
esV
angu
ard
Win
dsor
IIY
esV
angu
ard
Win
dsor
II A
dmira
lY
esM
id C
ap G
row
thB
rand
ywin
eN
oC
alam
os G
row
th A
TN
oY
esFr
ankl
in S
mal
l-Mid
Cp
Gr A
dvY
esN
oY
esM
unde
r Mid
-Cap
Cor
e G
row
th Y
Yes
Neu
berg
er B
erm
an M
anha
ttan
Inst
Yes
Rai
nier
Sm
all M
id E
quity
Inst
lY
esY
esT.
Row
e Pr
ice
Mid
Cap
Gro
wth
Yes
Yes
Van
guar
d M
id-C
ap G
row
th In
dex
Inv
Yes
Mid
Cap
Ble
ndA
ston
/Opt
imum
Mid
Cap
IY
esC
alifo
rnia
Invm
t S&
P M
id C
ap In
dex
Yes
Fede
rate
d M
id-C
ap In
dex
Yes
3-Y
ear
3-Y
ear
5-Y
ear
5-Y
ear
Wat
chE
xpen
se
Ret
urn
Shar
pe
Ret
urn
Shar
pe
Ass
et
Clo
sed
FUN
DS
Lis
tR
atio
>B
elow
R
atio
Bel
owB
elow
R
atio
Bel
owA
lloca
tor
To
New
A
vera
geM
edia
nM
edia
nM
edia
nM
edia
nY
es/N
oPl
ans
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SSU
MM
AR
Y S
HE
ET
FO
R P
ER
IOD
EN
DIN
G J
UN
E 3
0, 2
007
TH
E S
TAN
DA
RD
GR
OU
P A
NN
UIT
Y IN
VE
STM
EN
T O
PTIO
NS
SUM
MA
RY
SH
EE
T FO
R P
ER
IOD
EN
DIN
G J
UN
E 3
0, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
15
3-Y
ear
3-Y
ear
5-Y
ear
5-Y
ear
Wat
chE
xpen
se
Ret
urn
Shar
pe
Ret
urn
Shar
pe
Ass
et
Clo
sed
FUN
DS
Lis
tR
atio
>B
elow
R
atio
Bel
owB
elow
R
atio
Bel
owA
lloca
tor
To
New
A
vera
geM
edia
nM
edia
nM
edia
nM
edia
nY
es/N
oPl
ans
Mid
Cap
Val
ueA
rtisa
n M
id C
ap V
alue
Yes
Fide
lity
Val
ueY
esY
esG
oldm
an S
achs
Mid
Cap
Val
ue In
stl
Yes
Hot
chki
s Wile
y M
d V
al I
Yes
Yes
JP M
orga
n M
id C
ap V
alue
IY
esY
esN
eube
rger
Ber
man
Reg
ency
Tru
stY
esT.
Row
e Pr
ice
Mid
Val
ueY
esY
esTC
W V
alue
Opp
ortu
nitie
s Ins
tlT
No
Yes
Van
guar
d M
id-C
ap V
alue
Inde
x In
vY
esW
ells
Far
go A
dvan
tage
Mid
Cap
Dis
cpl I
Yes
Smal
l Cap
Gro
wth
Alg
er S
mal
l Cap
Gro
wth
Inst
itutio
nal I
Yes
Alli
anz
CC
M E
mer
ging
Com
pani
es In
stl
No
Fide
lity
Adv
isor
Sm
all C
ap In
stl
Yes
Firs
t Am
eric
an S
mal
l Cap
Sel
ect Y
Yes
Jenn
ison
Sm
all C
ompa
ny Z
Yes
T. R
owe
Pric
e N
ew H
oriz
ons
Yes
Van
guar
d Ex
plor
erY
esY
esV
angu
ard
Expl
orer
Adm
iral
Yes
Yes
Van
guar
d Sm
all C
ap G
row
th In
dex
Yes
Smal
l Cap
Ble
ndM
unde
r Sm
all-C
ap V
alue
YY
esN
eube
rger
&B
erm
an G
enes
is T
rust
Yes
Yes
Opp
enhe
imer
Mai
n St
Sm
all C
ap Y
Yes
Opp
enhe
imer
Sm
all &
Mid
Cap
Val
ue A
Yes
Yes
No
Yes
Penn
sylv
ania
Mut
ual I
nvY
esT.
Row
e Pr
ice
Smal
l Cap
Stk
T
No
Yes
Und
isco
ver M
gr B
ehav
iora
l Val
ue IS
Yes
Van
guar
d Sm
all C
ap In
dex
Yes
Van
guar
d Sm
all C
ap In
dex
Adm
iral
Yes
Dat
a S
ourc
e: M
orni
ngst
ar
16
Fide
lity
Adv
Div
ersi
fied
Intl
IY
esU
MB
Sco
ut In
tern
atio
nal
Yes
Fore
ign
Lar
ge V
alue
Alli
ance
Ber
nste
in In
tl V
al I
Yes
Dod
ge &
Cox
Inte
rnat
iona
l Sto
ckY
esH
arbo
r Int
erna
tiona
l Ins
tlY
esW
orld
Sto
ck
Opp
enhe
imer
Glo
bal Y
No
No
Tem
plet
on G
row
th A
dvB
alan
ced
- Con
serv
ativ
e A
lloca
tion
Van
guar
d Li
feSt
rat C
ons G
row
thN
oB
alan
ced
- Mod
erat
e A
lloca
tion
Am
eric
an B
eaco
n B
alan
ced
Inst
lY
esD
odge
& C
ox B
alan
ced
Yes
Yes
Fide
lity
Bal
ance
dY
esY
esG
E St
rate
gic
Inve
stm
ent Y
Yes
Opp
enhe
imer
Que
st B
alan
ce Y
Yes
Yes
No
Yes
Van
Kam
pen
Equi
ty a
nd In
com
e I
Yes
Van
guar
d Li
feSt
rat G
row
thN
oV
angu
ard
Life
Stra
t Mod
Gro
wth
No
Van
guar
d ST
AR
Yes
Van
guar
d W
ellin
gton
Yes
Van
guar
d W
ellin
gton
Adm
iral
Yes
Smal
l Cap
Val
ue
Alli
anz
NFJ
Sm
all C
ap V
alue
Inst
lY
esA
mer
ican
Bea
con
Smal
l Cp
Val
Inst
Yes
Van
guar
d Sm
all C
ap V
alue
Inde
xY
esFo
reig
n L
arge
Gro
wth
Am
er C
ent I
ntl G
row
th
TN
oY
esV
an K
ampe
n In
tern
atio
nal G
row
th I
Yes
Will
iam
Bla
ir In
tl G
row
th I
Yes
Yes
Yes
Fore
ign
Lar
ge B
lend
Am
eric
an B
eaco
n In
tl Eq
Inde
x In
stY
esD
reyf
us In
tl St
ock
Inde
xY
es
3-Y
ear
3-Y
ear
5-Y
ear
5-Y
ear
Wat
chE
xpen
se
Ret
urn
Shar
pe
Ret
urn
Shar
pe
Ass
et
Clo
sed
FUN
DS
Lis
tR
atio
>B
elow
R
atio
Bel
owB
elow
R
atio
Bel
owA
lloca
tor
To
New
A
vera
geM
edia
nM
edia
nM
edia
nM
edia
nY
es/N
oPl
ans
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SSU
MM
AR
Y S
HE
ET
FO
R P
ER
IOD
EN
DIN
G J
UN
E 3
0, 2
007
TH
E S
TAN
DA
RD
GR
OU
P A
NN
UIT
Y IN
VE
STM
EN
T O
PTIO
NS
SUM
MA
RY
SH
EE
T FO
R P
ER
IOD
EN
DIN
G J
UN
E 3
0, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
17
3-Y
ear
3-Y
ear
5-Y
ear
5-Y
ear
Wat
chE
xpen
se
Ret
urn
Shar
pe
Ret
urn
Shar
pe
Ass
et
Clo
sed
FUN
DS
Lis
tR
atio
>B
elow
R
atio
Bel
owB
elow
R
atio
Bel
owA
lloca
tor
To
New
A
vera
geM
edia
nM
edia
nM
edia
nM
edia
nY
es/N
oPl
ans
Spec
ialty
Com
mun
icat
ions
T. R
owe
Pric
e M
edia
& T
elec
omN
oSp
ecia
lty F
inan
cial
Bla
ckR
ock
Glo
bal F
inan
cial
Svc
s IN
oSp
ecia
lity
Hea
lth
T. R
owe
Pric
e H
ealth
Sci
ence
sN
oV
angu
ard
Hea
lth C
are
No
Spec
ialty
Nat
ural
Res
ourc
esV
angu
ard
Ener
gyN
oSp
ecia
lty R
eal E
stat
eA
mC
ent R
eal E
stat
e In
vN
oSp
ecia
lty T
echn
olog
yA
llian
z R
CM
Tec
hnol
ogy
Inst
lN
oSo
cial
ly R
espo
nsib
le
Van
guar
d FT
SE S
ocia
l Ind
ex In
vN
oSp
ecia
lty L
ong
Bon
d V
angu
ard
Long
-Ter
m In
vest
men
t-Gra
de F
und
No
Inte
rmed
iate
Gov
ernm
ent
Bla
ckR
ock
Gov
ernm
ent I
nc In
v In
stl
Yes
Hig
h Y
ield
Bon
dG
oldm
an S
achs
Hig
h Y
ield
Inst
lN
o
Dat
a S
ourc
e: M
orni
ngst
ar
18
Perf
orm
ance
T
he
follo
win
g se
ven
pag
es s
umm
ariz
e pe
rfor
man
ce o
f th
e in
vest
men
t opt
ion
s re
lati
ve to
pee
r fu
nds
. For
pe
rspe
ctiv
e, p
erfo
rman
ce fi
gure
s fo
r be
nch
mar
k in
dexe
s ar
e al
so p
rovi
ded.
Info
rmat
ion
abo
ut th
e un
iver
se o
f fun
ds w
ith
sim
ilar
styl
es is
pro
vide
d, in
clud
ing
figu
res
for
fun
ds a
t th
e 25
th,
50th
an
d 75
th p
erce
nti
les.
Inve
stm
ent o
ptio
ns
are
liste
d al
phab
etic
ally
wit
hin
eac
h c
ateg
ory.
Plan
spo
nso
rs a
nd
part
icip
ants
sh
ould
con
side
r th
e in
vest
men
t obj
ecti
ves,
ris
ks, a
nd
char
ges
and
expe
nse
s of
th
e in
vest
men
t opt
ion
s of
fere
d un
der
the
reti
rem
ent p
lan
car
eful
ly b
efor
e in
vest
ing.
Th
e pr
ospe
ctus
es fo
r al
l in
vest
men
t opt
ion
s co
nta
in th
is a
nd
oth
er in
form
atio
n. P
rosp
ectu
ses
may
be
obta
ined
by
calli
ng
877.
805.
1127
. Pl
ease
rea
d th
e pr
ospe
ctus
car
eful
ly b
efor
e in
vest
ing.
In
vest
men
ts a
re s
ubje
ct to
mar
ket r
isks
an
d fl
uctu
ate
in
val
ue.
Glo
ssar
y o
f te
rms
used
on
the
follo
win
g p
ages
Exp
ense
Rat
io is
the
rati
o of
tota
l in
tern
al e
xpen
ses
to fu
nd
asse
ts a
s re
port
ed b
y th
e m
ost r
ecen
t Mor
nin
gsta
r re
port
. Th
e ex
pen
ses
incl
ude,
but
are
not
lim
ited
to, i
tem
s su
ch a
s le
gal a
nd
cust
ody
char
ges,
man
agem
ent f
ees
and
sale
s ch
arge
s su
ch a
s 12
b-1
fees
. Per
form
ance
sta
tist
ics
are
net
of t
he
expe
nse
rat
io. R
etur
ns
refl
ect m
utua
l fu
nd
expe
nse
s, b
ut n
ot fe
es c
har
ged
by T
he
Stan
dard
.
Ret
urn
is th
e to
tal r
etur
n e
arn
ed b
y th
e fu
nd
duri
ng
the
peri
od. T
his
incl
udes
cap
ital
app
reci
atio
n p
lus
divi
den
ds a
nd
capi
tal g
ain
s di
stri
buti
ons,
if a
ny.
Ran
k re
pres
ents
the
rela
tive
per
form
ance
of t
he
inve
stm
ent o
ptio
n c
ompa
red
to fu
nds
wit
h s
imila
r in
vest
men
t st
yle
as d
eter
min
ed b
y M
orn
ings
tar.
Ran
k of
1 m
ean
s th
at th
e fu
nd
was
the
top
perf
orm
er r
elat
ive
to it
s pe
er
fun
ds, w
hile
a r
ank
of 1
00 w
ould
den
ote
the
wor
st p
erfo
rmer
am
ong
peer
fun
ds.
19
Exp
ense
12 B
-13-
Mon
thFu
nd N
ame
Rat
ioR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Lar
ge C
ap G
row
thA
mer
Cen
tury
Ultr
a In
v0.
99--
6.77
4810
.08
953.
5997
5.19
944.
5364
Bla
ckR
ock
Larg
e C
ap G
row
th I
1.04
--6.
1462
18.3
235
11.9
319
11.1
919
----
Har
bor C
apita
l App
r.0.
67--
3.61
9514
.34
779.
0846
8.25
556.
2538
Opp
enhe
imer
Cap
ital A
ppre
ciat
ion
Y0.
70--
6.47
5618
.29
359.
0147
9.37
38--
--TC
W S
elec
t Equ
ities
Inst
l0.
89--
9.51
810
.78
934.
0697
10.2
327
7.49
19T.
Row
e B
lue
Chi
p G
row
th
0.81
--8.
4816
20.8
716
10.3
431
10.3
426
6.83
29T.
Row
e G
row
th S
tock
0.
70--
7.85
2322
.89
712
.38
1611
.90
148.
6010
Van
guar
d G
row
th In
dex
0.22
--6.
6552
18.5
832
8.77
528.
9545
5.64
48V
angu
ard
Gro
wth
Inde
x A
dmira
l0.
11--
6.68
5118
.71
318.
8949
9.06
43--
--V
angu
ard
Mor
gan
Gro
wth
0.41
--7.
0640
19.2
228
11.7
820
12.0
613
7.68
16V
angu
ard
Mor
gan
Gro
wth
Adm
0.22
--7.
1039
19.4
026
11.9
519
12.2
412
----
Idx:
Rus
sell
1000
Gro
wth
0.00
--6.
86--
19.0
4--
8.70
--9.
28--
4.39
--Id
x:B
arra
Lg
Gr/M
SCI P
rime
Mkt
Gr
----
6.67
--18
.76
--8.
94--
9.10
--5.
73--
Uni
vers
e 25
th P
erce
ntile
1.00
--7.
6825
19.5
325
10.9
125
10.4
525
7.09
25U
nive
rse
Med
ian
1.28
0.53
6.69
5016
.98
508.
8750
8.52
505.
3150
Uni
vers
e 75
th P
erce
ntile
1.75
--5.
4975
14.7
375
7.36
757.
1775
3.79
75L
arge
Cap
Ble
ndA
mer
Cen
t Inc
& G
row
Inv
0.67
--7.
3115
22.7
09
12.5
330
11.7
120
8.20
21D
avis
NY
Ven
ture
Y0.
62--
6.56
3220
.23
3414
.11
1513
.88
59.
899
GE
U.S
. Equ
ity Y
0.54
--6.
8125
20.2
035
10.5
771
9.00
777.
5128
Neu
berg
er B
erm
an F
ocus
Tru
st1.
060.
107.
8111
13.9
396
9.06
889.
9955
7.53
27V
angu
ard
500
Inde
x 0.
18--
6.24
4520
.41
3111
.53
4810
.58
377.
0538
Van
guar
d 50
0 In
dex
Adm
iral
0.09
--6.
2643
20.5
129
11.6
345
10.6
734
----
Van
guar
d In
stitu
tiona
l Ind
ex In
stl
0.05
--6.
2742
20.5
528
11.6
644
10.7
233
7.17
35V
angu
ard
Prim
ecap
0.46
--8.
6614
17.7
441
12.9
812
14.2
54
11.4
54
Idx:
Sta
ndar
d &
Poo
r's 5
000.
00--
6.28
--20
.59
--11
.68
--10
.71
--7.
13--
Uni
vers
e 25
th P
erce
ntile
0.70
--6.
7725
20.7
125
12.9
725
11.3
225
7.65
25U
nive
rse
Med
ian
1.11
0.51
6.16
5019
.46
5011
.49
5010
.16
506.
7350
Uni
vers
e 75
th P
erce
ntile
1.47
--5.
4275
17.8
075
10.3
275
9.12
755.
7775
Lar
ge C
ap V
alue
Am
eric
an B
eaco
n La
rge
Cap
Val
ue In
st0.
60--
6.51
3522
.19
2916
.70
1114
.99
69.
3923
Am
er C
ent V
alue
Inv
0.99
--5.
9153
22.6
723
12.5
868
12.1
632
10.2
015
Bla
ckR
ock
Larg
e C
ap V
alue
I0.
94--
6.54
3419
.15
7517
.56
514
.90
6--
--Fi
delit
y A
dv E
quity
Inco
me
I0.
69--
5.90
5421
.02
4912
.62
6711
.64
458.
9332
Hot
chki
s Wile
y La
rge
Val
ue I
0.98
--3.
8296
19.6
369
13.3
154
15.2
54
10.9
29
Ann
ualiz
ed A
nnua
lized
Ann
ualiz
ed
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SPe
rfor
man
ce a
s of J
une
30, 2
007
1-Y
ear
3-Y
ear
5-Y
ear
10-Y
ear
T. R
owe
Pric
e Eq
uity
-Inc
ome
0.69
--6.
7626
22.5
924
13.9
043
11.9
038
9.49
22
Dat
a S
ourc
e: M
orni
ngst
ar
20
Bra
ndyw
ine
1.08
--9.
6023
21.0
236
16.6
515
12.1
156
8.27
61C
alam
os G
row
th A
1.19
0.25
9.05
3014
.62
819 .
8785
12.5
949
17.5
61
Fran
klin
Sm
all-M
id C
p G
r Adv
0.73
--7.
2658
21.1
035
13.7
842
13.0
642
8.69
54M
unde
r Mid
-Cap
Cor
e G
row
th Y
1.05
--11
.42
923
.43
2217
.61
1017
.61
4--
--N
eube
rger
Ber
man
Man
hatta
n In
st1.
32--
8.91
3323
.71
2017
.40
1014
.19
296.
3576
Rai
nier
Sm
all M
id E
quity
Inst
l0.
93--
11.5
58
25.4
810
21.3
42
19.2
52
----
T. R
owe
Pric
e M
id C
ap G
row
th0.
80--
11.5
38
21.4
633
15.7
722
15.2
518
12.5
311
Van
guar
d M
id-C
ap G
row
th In
dex
Inv
0.26
--8.
7536
----
----
----
----
Idx:
Rus
sell
Mid
cap-
Gro
wth
0.00
6.74
--19
.73
--14
.48
--15
.45
--8.
66--
Uni
vers
e 25
th P
erce
ntile
1.14
9.33
2522
.92
2515
.44
2514
.41
2510
.29
25U
nive
rse
Med
ian
1.40
0.52
7.70
5019
.11
5013
.28
5012
.49
508 .
9550
Uni
vers
e 75
th P
erce
ntile
1.88
6.29
7515
.75
7 511
.10
7510
.79
756.
5975
Mid
Cap
Ble
ndA
ston
/Opt
imum
Mid
Cap
I0.
89--
9.19
932
.11
113
.26
6817
.05
1112
.44
27C
alifo
rnia
Invm
t S&
P M
id C
ap In
dex
0.58
--5.
6863
17.8
769
14.4
048
13.5
552
13.3
014
Fede
rate
d M
id-C
ap In
dex
0.49
--5.
7260
18.0
366
14.6
345
13.6
350
12.6
523
Fide
lity
Adv
Mid
Cap
Inst
l0.
76--
6.37
4725
.33
2215
.54
3316
.07
1714
.79
3V
angu
ard
Exte
nded
Mkt
Inde
x0.
25--
5.16
7718
.75
5815
.64
3016
.03
189.
4978
Van
guar
d Ex
tend
ed M
kt In
dex
Adm
iral
0.10
--5.
2175
18.9
057
15.8
028
16.1
516
----
Van
guar
d St
rate
gic
Equi
ty0.
35--
5.57
6718
.55
6015
.95
2616
.42
1511
.77
46
Exp
ense
12 B
-13-
Mon
thFu
nd N
ame
Rat
ioR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ann
ualiz
ed A
nnua
lized
Ann
ualiz
ed
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SPe
rfor
man
ce a
s of J
une
30, 2
007
1-Y
ear
3-Y
ear
5-Y
ear
10-Y
ear
Van
Kam
pen
Gro
wth
and
Inco
me
I0.
54--
7.40
1521
.33
4214
.73
2912
.12
3310
.49
14V
angu
ard
Val
ue In
dex
0.21
--5.
7060
22.6
124
15.7
518
13.2
017
8.51
41V
angu
ard
Val
ue In
dex
Adm
iral
0.11
--5.
7359
22.7
422
15.8
717
13.3
116
----
Van
guar
d W
inds
or II
0.33
--7.
7011
24.1
410
15.3
321
13.2
916
9.56
20V
angu
ard
Win
dsor
II A
dmira
l0.
22--
7.74
1124
.28
915
.46
2013
.41
14--
--Id
x: R
usse
ll 10
00 V
alue
0.00
--4.
93--
21.8
7--
15.9
3--
13.3
1--
9.87
--Id
x:B
arra
Lg
Val
/MSC
I Prim
e M
kt V
al--
--5.
75--
22.8
1--
15.9
4--
13.3
6--
8.64
--U
nive
rse
25th
Per
cent
ile0.
96--
6.76
2522
.43
2515
.05
2512
.65
259.
3125
Uni
vers
e M
edia
n1.
230.
525.
9350
20.9
150
13.5
250
11.4
550
8.07
50U
nive
rse
75th
Per
cent
ile1.
69--
5.26
7519
.15
7512
.03
7510
.41
756.
7675
Lar
ge C
ap V
alue
(con
tinue
d)
Mid
Cap
Gro
wth
Dat
a S
ourc
e: M
orni
ngst
ar
21
Smal
l Cap
Gro
wth
Alg
er S
mal
l Cap
Gro
wth
Inst
itutio
nal I
1.31
--7.
2950
20.5
523
17.4
73
16.5
37
7.73
60A
llian
z C
CM
Em
ergi
ng C
ompa
nies
Inst
l1.
52--
3.71
934.
7197
8.46
8611
.68
5810
.82
26Fi
delit
y A
dvis
or S
mal
l Cap
Inst
l0.
94--
6.60
6118
.79
3214
.69
1715
.02
18--
--Fi
rst A
mer
ican
Sm
all C
ap S
elec
t Y0.
99--
3.51
9512
.62
7913
.43
3015
.89
1111
.15
23Je
nnis
on S
mal
l Com
pany
Z0.
92--
7.44
4618
.98
3117
.47
316
.73
69.
1146
T. R
owe
Pric
e N
ew H
oriz
ons
0.82
--5.
3280
15.2
058
12.9
635
15.2
916
9.47
42V
angu
ard
Expl
orer
0.46
--6.
7060
16.7
047
12.8
636
13.5
332
10.7
628
Van
guar
d Ex
plor
er A
dmira
l0.
28--
6.75
6016
.93
4513
.05
3413
.70
30--
--V
angu
ard
Smal
l Cap
Gro
wth
Inde
x0.
23--
8.05
3220
.16
2514
.31
2215
.46
14--
--Id
x: R
usse
ll 20
00 G
row
th0.
00--
6.69
--16
.83
--11
.76
--13
.08
--5.
28--
Uni
vers
e 25
th P
erce
ntile
1.25
--8.
5125
20.0
625
13.9
125
14.0
525
10.7
625
Uni
vers
e M
edia
n1.
500.
497.
3250
16.2
650
11.9
250
12.2
050
8 .85
50U
nive
rse
75th
Per
cent
ile1.
97--
5.68
7513
.23
7510
.04
7510
.47
756.
6475
Van
guar
d M
id-C
ap V
alue
Inde
x In
v0.
26--
3.44
92--
----
----
----
--W
ells
Far
go A
dvan
tage
Mid
Cap
Dis
cpl I
0.90
--2.
1098
15.5
490
13.3
477
15.4
427
----
Idx:
Rus
sell
Mid
-Cap
Val
ue0.
00--
3.65
--22
.09
--19
.32
--17
.17
--13
.06
--U
nive
rse
25th
Per
cent
ile1.
06--
6.92
2523
.81
2517
.33
2515
.60
2513
.03
25U
nive
rse
Med
ian
1.26
0.48
5.64
5021
.16
5015
.41
5014
.39
5011
.24
50U
nive
rse
75th
Per
cent
ile1.
71--
4.13
7518
.61
7513
.55
7512
.51
758.
2875
Exp
ense
12 B
-13
Mon
thFu
nd N
ame
Rat
ioR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Mid
Cap
Ble
nd (c
ontin
ued)
Idx:
Rus
sell
Mid
-Cap
--
--5.
30--
20.8
3--
17.1
6--
16.3
9--
11.8
6--
Idx:
Sta
ndar
d &
Poo
r's M
id-C
ap 4
000.
00--
5.84
--18
.51
--15
.15
--14
.17
--13
.37
--Id
x: W
ilshi
re 4
500/
S&P
Com
plet
ion
Inde
x--
--5.
18--
18.7
8--
15.7
1--
16.1
2--
9.50
--U
nive
rse
25th
Per
cent
ile1.
05--
7.84
2524
.45
2516
.04
2515
.37
2512
.44
25U
nive
rse
Med
ian
1.35
0.51
6.19
5020
.04
5014
.27
5013
.62
5011
.35
50U
nive
rse
75th
Per
cent
ile1.
74--
5.21
7517
.45
7512
.92
7512
.39
759.
5575
Mid
Cap
Val
ueA
rtisa
n M
id C
ap V
alue
1.20
--7.
2819
24.6
719
19.4
97
19.2
62
----
Fide
lity
Val
ue0.
66--
6.35
2923
.80
2617
.74
1816
.12
1611
.55
44G
oldm
an S
achs
Mid
Cap
Val
ue In
stl
0.77
--4.
8164
21.7
842
17.9
615
15.7
124
12.9
026
Hot
chki
s Wile
y M
d V
al I
1.01
--4.
6166
21.8
741
16.7
832
19.1
52
17.0
51
JP M
orga
n M
id C
ap V
alue
I0.
75--
4.22
7318
.82
7415
.83
4516
.62
13--
--N
eube
rger
Ber
man
Reg
ency
Tru
st1.
240.
106.
4328
19.9
462
16.0
143
15.0
039
----
T. R
owe
Pric
e M
id V
alue
0.80
--7.
2321
26.3
711
16.8
929
16.5
713
14.0
83
TCW
Val
ue O
ppor
tuni
ties I
nstl
0.95
--5.
4355
18.3
278
10.7
294
12.9
772
----
3 Y
ear
5 Y
ear
10 Y
ear
1 Y
ear
Ann
ualiz
ed A
nnua
lized
Ann
ualiz
ed
Dat
a S
ourc
e: M
orni
ngst
ar
22
Fore
ign
Lar
ge G
row
thA
mer
Cen
t Int
l G
row
th In
v1.
26--
8.07
2029
.10
3121
.03
4413
.70
798.
3927
Van
Kam
pen
Inte
rnat
iona
l Gro
wth
I1.
27--
7.28
4628
.86
3324
.45
1518
.11
189.
4017
Will
iam
Bla
ir In
tl G
row
th I
1.11
--7.
5639
30.0
823
24.7
012
19.1
27
----
Idx:
MSC
I EA
FE
0.00
--6.
40--
27.0
0--
22.2
4--
17.7
3--
7.66
--U
nive
rse
25th
Per
cent
ile1.
24--
7.81
2529
.57
2522
.96
2517
.65
258.
3625
Uni
vers
e M
edia
n1.
520.
547.
1350
26.1
850
20.5
950
15.2
650
7.19
50U
nive
rse
75th
Per
cent
ile2.
076.
2375
23.9
175
18.7
275
13.8
975
5.44
75Fo
reig
n L
arge
Ble
ndA
mer
ican
Bea
con
Intl
Eq In
dex
Inst
0.22
--5.
8582
26.9
843
22.2
236
17.7
120
----
Dre
yfus
Intl
Stoc
k In
dex
0.60
--6.
4265
26.3
654
21.5
750
16.8
135
6.74
60Fi
delit
y A
dv D
iver
sifie
d In
tl I
0.92
--6.
3068
22.3
792
20.9
362
18.2
415
----
UM
B S
cout
Inte
rnat
iona
l1.
03--
8.13
2228
.47
2222
.71
2717
.69
2010
.84
7
Exp
ense
12 B
-13
Mon
thFu
nd N
ame
Rat
ioR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Smal
l Cap
Ble
ndM
unde
r Sm
all-C
ap V
alue
Y1.
09--
5.96
339.
5495
13.9
143
15.3
723
13.0
918
Neu
berg
er&
Ber
man
Gen
esis
Tru
st1.
09--
8.17
1119
.32
2215
.20
2915
.97
1913
.54
13O
ppen
heim
er M
ain
St S
mal
l Cap
Y0.
66--
5.54
4217
.00
4016
.73
1515
.74
20--
--O
ppen
heim
er S
mal
l & M
id C
ap V
alue
A1.
140.
258.
529
29.9
03
22.0
53
20.1
53
12.2
130
Penn
sylv
ania
Mut
ual I
nv0.
87--
6.35
2819
.00
2516
.43
1616
.01
1814
.03
9T.
Row
e Pr
ice
Smal
l Cap
Stk
0.
91--
4.58
6714
.42
7413
.29
5612
.75
6410
.92
45U
ndis
cove
r Mgr
Beh
avio
ral V
alue
IS1.
40--
5.56
4224
.54
814
.31
3817
.85
8--
--V
angu
ard
Smal
l Cap
Inde
x0.
23--
5.48
4418
.12
3214
.72
3414
.58
319.
8068
Van
guar
d Sm
all C
ap In
dex
Adm
iral
0.13
--5.
5143
18.2
531
14.8
333
14.7
030
----
Idx:
Rus
sell
2000
0.00
--4.
42--
16.4
3--
13.4
5--
13.8
8--
9.06
--Id
x: R
usse
ll 20
00/M
SCI U
S Sm
175
0--
--5.
49--
18.2
5--
14.8
2--
14.6
4--
9.42
--U
nive
rse
25th
Per
cent
ile1.
07--
6.54
2518
.98
2515
.56
2515
.22
2512
.81
25U
nive
rse
Med
ian
1.36
0.47
5.27
5016
.26
5013
.59
5013
.41
5010
.76
50U
nive
rse
75th
Per
cent
ile1.
72--
4.18
7514
.42
7512
.44
7512
.18
759.
4875
Smal
l Cap
Val
ue
Alli
anz
NFJ
Sm
all C
ap V
alue
Inst
l0.
86--
6.45
1121
.70
1018
.54
417
.15
1013
.51
18A
mer
ican
Bea
con
Smal
l Cp
Val
Inst
0.82
--6.
1317
19.1
625
14.9
630
16.4
916
----
Van
guar
d Sm
all C
ap V
alue
Inde
x0.
23--
2.93
7715
.91
5614
.93
3112
.79
75--
--Id
x: R
usse
ll 20
00 V
alue
0.
00--
2.30
--16
.05
--15
.02
--14
.62
--12
.14
--Id
x: B
arra
Sm
Val
/MSC
I US
Sm V
al
----
2.89
--16
.00
--15
.07
--12
.63
----
--U
nive
rse
25th
Per
cent
ile1.
17--
5.69
2518
.75
2515
.32
2515
.43
2513
.05
25U
nive
rse
Med
ian
1.42
0.48
4.14
5016
.38
5013
.98
5014
.09
5011
.52
50U
nive
rse
75th
Per
cent
ile1.
88--
3.04
7513
.87
7512
.60
7512
.76
7510
.37
75
3 Y
ear
5 Y
ear
10 Y
ear
1 Y
ear
Ann
ualiz
ed A
nnua
lized
Ann
ualiz
ed
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SPe
rfor
man
ce a
s of J
une
30, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
23
Bal
ance
d/C
onse
rvat
ive
Allo
catio
n V
angu
ard
Life
Stra
t Con
s 0.
25--
2.93
913
.30
98.
6112
8.27
127.
1111
Idx:
40%
S&
P/60
% L
B In
t GC
0.00
--2.
42--
11.6
9--
6.73
--6.
77--
6.25
--U
nive
rse
25th
Per
cent
ile0.
48--
2.42
2511
.47
257.
6325
7.42
256.
2925
Uni
vers
e M
edia
n0.
990.
561.
7650
10.2
750
6.68
506.
6450
5.19
50U
nive
rse
75th
Per
cent
ile1.
43--
1.13
758.
6775
4.97
755.
4975
4.67
75B
alan
ced/
Mod
erat
e A
lloca
tion
Am
eric
an B
eaco
n B
alan
ced
Inst
l0.
59--
3.78
5416
.94
1711
.60
1511
.09
118.
2317
Dod
ge &
Cox
Bal
ance
d0.
52--
3.67
5815
.24
4311
.57
1511
.78
611
.09
3Fi
delit
y B
alan
ced
0.63
--5.
2111
17.4
114
13.0
97
12.7
33
10.4
23
GE
Stra
tegi
c In
vest
men
t Y0.
56--
5.95
319
.32
511
.03
219.
8726
8.10
20O
ppen
heim
er Q
uest
Bal
ance
Y0.
87--
5.95
317
.01
178.
5871
11.0
412
----
Van
Kam
pen
Equi
ty a
nd In
com
e I
0.53
--5.
1911
16.6
320
11.7
614
10.4
918
10.1
44
Van
guar
d Li
feSt
rat G
row
th0.
26--
5.57
820
.00
313
.22
611
.99
57.
8922
Van
guar
d Li
feSt
rat M
od
0.25
--4.
1241
16.6
419
10.9
322
10.2
121
7.63
27V
angu
ard
STA
R0.
36--
4.28
3515
.98
2911
.11
2010
.57
178.
6914
Van
guar
d W
ellin
gton
0.30
--4.
9116
17.6
312
12.1
811
10.5
617
9.13
8V
angu
ard
Wel
lingt
on A
dmira
l 0.
17--
4.96
1517
.78
1112
.33
1010
.71
15--
--
Exp
ense
12 B
-13
Mon
thFu
nd N
ame
Rat
ioR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Fore
ign
Lar
ge B
lend
(con
tinue
d)
Idx:
MSC
I EA
FE
0.00
--6.
40--
27.0
0--
22.2
4--
17.7
3--
7.66
--U
nive
rse
25th
Per
cent
ile1.
10--
7.97
2528
.26
2522
.83
2517
.37
258.
0025
Uni
vers
e M
edia
n1.
450.
537.
0250
26.5
450
21.5
950
15.8
050
7.08
50U
nive
rse
75th
Per
cent
ile1.
83--
6.11
7525
.02
7520
.01
7514
.49
756.
0275
Fore
ign
Lar
ge V
alue
Alli
ance
Ber
nste
in In
tl V
al I
0.82
--8.
7820
30.6
318
27.7
82
22.5
98
----
Dod
ge &
Cox
Inte
rnat
iona
l Sto
ck0.
66--
6.65
5628
.91
3226
.30
1522
.99
6--
--H
arbo
r Int
erna
tiona
l Ins
tl0.
85--
10.2
94
34.5
36
27.5
93
21.7
510
12.1
113
Idx:
MSC
I EA
FE
0.00
--6.
40--
27.0
0--
22.2
4--
17.7
3--
7.66
--U
nive
rse
25th
Per
cent
ile1.
05--
8.66
2529
.64
2524
.18
2519
.66
2511
.61
25U
nive
rse
Med
ian
1.37
0.52
6.81
5026
.76
5021
.79
5017
.96
5010
.05
50U
nive
rse
75th
Per
cent
ile1.
67--
5.93
7524
.47
7520
.12
7515
.79
758.
7275
Wor
ld S
tock
Opp
enhe
imer
Glo
bal Y
0.72
--7.
4242
23.1
556
18.9
434
15.9
833
----
Tem
plet
on G
row
th A
dv0.
80--
6.22
7122
.71
6116
.67
6414
.52
5110
.36
27Id
x: M
SCI W
orld
0.
00--
6.51
--23
.59
--16
.73
--14
.00
--7.
05--
Uni
vers
e 25
th P
erce
ntile
1.15
--8.
5125
27.3
925
20.4
525
16.8
225
10.7
825
Uni
vers
e M
edia
n1.
500.
567.
1150
23.8
550
17.6
950
14.6
550
8 .34
50U
nive
rse
75th
Per
cent
ile1.
98--
6.08
7521
.78
7515
.76
7512
.58
756.
1475
3 Y
ear
5 Y
ear
10 Y
ear
1 Y
ear
Ann
ualiz
ed A
nnua
lized
Ann
ualiz
ed
Dat
a S
ourc
e: M
orni
ngst
ar
24
Spec
ialty
Com
mun
icat
ions
T. R
owe
Pric
e M
edia
& T
elec
om0.
87--
12.5
122
39.6
122
26.6
71
29.6
36
18.3
81
Idx:
Sta
ndar
d &
Poo
r's T
elec
omm
Ser
v0.
00--
7.63
--38
.82
--19
.77
--14
.26
--4.
58--
Uni
vers
e 25
th P
erce
ntile
1.14
--12
.48
2539
.20
2522
.85
2526
.05
259.
6125
Uni
vers
e M
edia
n1.
490.
6511
.67
5035
.69
5021
.84
5019
.11
507.
8250
Uni
vers
e 75
th P
erce
ntile
2.03
--10
.29
7529
.66
7513
.66
7516
.74
755.
2875
Spec
ialty
Fin
anci
alB
lack
Roc
k G
loba
l Fin
anci
al S
vcs I
1.27
--3.
9120
7.02
8019
.40
118
.82
1--
--Id
x: M
SCI W
orld
Fin
anci
als
0.00
--1.
62--
15.8
4--
14.8
3--
11.9
8--
6.20
--U
nive
rse
25th
Per
cent
ile1.
27--
3.65
2516
.99
2514
.00
2513
.16
2510
.42
25U
nive
rse
Med
ian
1.56
0.61
2.34
5014
.55
5011
.79
5010
.47
509.
4850
Uni
vers
e 75
th P
erce
ntile
2.03
--0.
7675
10.4
275
9.41
758.
9275
7.64
75Sp
ecia
lty H
ealth
T. R
owe
Pric
e H
ealth
Sci
ence
s0.
87--
4.95
1820
.30
412
.11
1014
.75
1112
.14
4V
angu
ard
Hea
lth C
are
0.25
--3.
0374
14.3
950
12.2
410
12.1
825
14.6
91
Idx:
Sta
ndar
d &
Poo
r's H
ealth
Car
e--
--4.
99--
18.5
6--
6.52
--6.
74--
6.93
--U
nive
rse
25th
Per
cent
ile1.
32--
4.84
2516
.03
2510
.18
2511
.93
2510
.46
25U
nive
rse
Med
ian
1.60
0.53
3.90
5014
.37
507.
5450
9.78
509.
7150
Uni
vers
e 75
th P
erce
ntile
2.10
--3.
0375
12.2
075
5.43
758.
2475
7.92
75
Exp
ense
12 B
-13
Mon
thFu
nd N
ame
Rat
ioR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Bal
ance
d/M
oder
ate
Allo
catio
n (c
ontin
ued)
Id
x:60
% S
&P/
40%
LB
Int G
C--
--3.
71--
14.6
6--
8.38
--8.
09--
6.54
--U
nive
rse
25th
Per
cent
ile0.
61--
4.59
2516
.26
2510
.70
259.
8925
7.71
25U
nive
rse
Med
ian
1.07
0.55
3.88
5014
.86
509 .
4850
8.81
506.
5650
Uni
vers
e 75
th P
erce
ntile
1.41
--3.
3175
13.6
075
8 .39
757.
8275
5.57
75In
term
edia
te B
onds
Dod
ge &
Cox
Inco
me
0.44
---0
.24
96.
4717
4.13
234.
8922
6.35
5G
oldm
an S
achs
Cor
e Fi
xed
Inco
me
Ins
0.46
- --0
.19
85.
6944
4.00
285.
0318
6.07
11H
arbo
r Bon
d0.
58--
-1.3
393
4.81
823.
8536
4.73
256.
325
Van
guar
d To
tal B
ond
Inde
x0.
20--
-0.6
643
6.07
283.
8437
4.18
515.
7427
Idx:
LB
Inte
rm G
ov't/
Cre
d0.
00--
-0.1
5--
5.76
--3.
43--
4.15
--5.
66--
Uni
vers
e 25
th P
erce
ntile
0.67
---0
.48
256.
1225
4.07
254.
7525
5.73
25U
nive
rse
Med
ian
0.90
0.40
-0.7
050
5.57
503.
5750
4.20
505.
3150
Uni
vers
e 75
th P
erce
ntile
1.31
---0
.91
755.
0275
3.16
753.
6875
4.91
75
3 Y
ear
5 Y
ear
10 Y
ear
1 Y
ear
Ann
ualiz
ed A
nnua
lized
Ann
ualiz
ed
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SPe
rfor
man
ce a
s of J
une
30, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
25
Soci
ally
Res
pons
ible
V
angu
ard
FTSE
Soc
ial I
ndex
Inv
0.25
--4.
33--
17.3
7--
9.03
--9.
60--
----
Idx:
Cal
vert
Soci
al In
dex/
FTSE
4Goo
d U
S Se
lect
Inde
x--
--4.
35--
17.6
2--
9.30
--9.
87--
----
Spec
ialty
Lon
g B
ond
Van
guar
d Lo
ng-T
m C
orpo
rate
Bon
d0.
25--
-1.9
773
7.30
535.
2632
6.17
706.
8423
Idx:
Leh
man
Bro
ther
s Lon
g C
redi
t0.
00--
-1.7
1--
8.08
--5.
54--
7.26
--7.
15--
Uni
vers
e 25
th P
erce
ntile
0.55
---0
.42
258.
4025
5.86
257.
8825
6.72
25U
nive
rse
Med
ian
0.80
0.42
-0.9
250
7.69
504.
9850
6.67
506.
1950
Uni
vers
e 75
th P
erce
ntile
1.25
---2
.04
756.
8875
3.68
755.
6275
5.78
75In
term
edia
te G
over
nmen
tB
lack
Roc
k G
over
nmen
t Inc
Inv
Inst
l0.
86--
-2.1
097
3.24
992.
6672
3.63
265.
804
Idx:
Leh
man
Bro
ther
s Gov
t Int
erm
edia
te0.
00--
0.00
--5.
43--
3.19
--3.
50--
5.35
--U
nive
rse
25th
Per
cent
ile0.
72--
-0.4
925
5.45
253.
4725
3.64
255.
2625
Uni
vers
e M
edia
n0.
97--
-0.7
250
5.03
503.
1150
3.26
505.
0350
Uni
vers
e 75
th P
erce
ntile
1.53
---0
.95
754.
5775
2.68
752.
8475
4.58
75H
igh
Yie
ld B
ond
Gol
dman
Sac
hs H
igh
Yie
ld In
stl
0.75
--0.
6028
11.5
622
9.84
1212
.58
10--
--Id
x: L
B U
S H
igh
Yie
ld 2
% Is
suer
Cap
0.
00--
0.90
--12
.04
--8.
97--
11.7
6--
6.42
--U
nive
rse
25th
Per
cent
ile0.
86--
0.67
2511
.37
258.
9325
11.6
725
5.96
25U
nive
rse
Med
ian
1.11
--0.
2950
10.4
050
8.10
5010
.24
505.
1250
Uni
vers
e 75
th P
erce
ntile
1.65
---0
.02
759.
5675
7.19
759.
1075
3.98
75
Exp
ense
12 B
-13
Mon
thFu
nd N
ame
Rat
ioR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Ret
urn
Ran
kR
etur
nR
ank
Spec
ialty
Nat
ural
Res
ourc
esV
angu
ard
Ener
gy0.
25--
15.7
218
22.5
139
34.8
620
28.5
213
17.8
310
Idx:
Sta
ndar
d &
Poo
r's E
nerg
y0.
00--
14.7
6--
28.0
4--
30.5
3--
21.9
4--
13.8
9--
Uni
vers
e 25
th P
erce
ntile
1.12
--15
.31
2526
.10
2534
.06
2526
.92
2516
.17
25U
nive
rse
Med
ian
1.42
0.60
14.6
750
20.0
850
31.7
750
23.8
450
14.0
650
Uni
vers
e 75
th P
erce
ntile
1.89
--9.
5075
16.1
075
29.1
775
21.8
375
12.6
875
Spec
ialty
Rea
l Est
ate
Am
Cen
t Rea
l Est
ate
Inv
1.13
---9
.17
6211
.44
4521
.40
4619
.82
3313
.71
31Id
x: W
ilshi
re R
EIT
0.00
---9
.47
--11
.64
--22
.29
--19
.26
--13
.93
--U
nive
rse
25th
Per
cent
ile1.
09--
-6.5
325
14.3
925
22.4
625
20.4
025
13.9
425
Uni
vers
e M
edia
n1.
440.
52-8
.64
5011
.16
5021
.05
5019
.01
5013
.42
50U
nive
rse
75th
Per
cent
ile1.
90--
-9.5
975
9.22
7518
.61
7517
.39
7512
.03
75Sp
ecia
lty T
echn
olog
yA
llian
z R
CM
Tec
hnol
ogy
Inst
l1.
24--
12.1
36
25.6
922
12.1
120
17.4
66
15.3
63
Idx:
Gol
dman
Sac
hs T
echn
olog
y--
--10
.40
--26
.92
--7.
83--
11.6
6--
5.64
--U
nive
rse
25th
Per
cent
ile1.
38--
9.68
2524
.88
2511
.61
2514
.99
258.
3225
Uni
vers
e M
edia
n1.
740.
558.
8350
21.2
150
8 .95
5011
.56
505.
8750
Uni
vers
e 75
th P
erce
ntile
2.24
--8.
1175
17.9
975
6.35
758.
6075
4.60
75
3 Y
ear
5 Y
ear
10 Y
ear
1 Y
ear
Ann
ualiz
ed A
nnua
lized
Ann
ualiz
ed
Dat
a S
ourc
e: M
orni
ngst
ar
26
Cal
enda
r ye
ar p
erfo
rman
ce
Th
e fo
llow
ing
seve
n p
ages
sum
mar
ize
perf
orm
ance
of t
he
inve
stm
ent o
ptio
ns
rela
tive
to p
eer
fun
ds. F
or
pers
pect
ive,
per
form
ance
figu
res
for
ben
chm
ark
inde
xes
are
also
pro
vide
d.
Info
rmat
ion
abo
ut th
e un
iver
se o
f fun
ds w
ith
sim
ilar
styl
es is
pro
vide
d, in
clud
ing
figu
res
for
fun
ds a
t th
e 25
th,
50th
an
d 75
th p
erce
nti
les.
Inve
stm
ent o
ptio
ns
are
liste
d al
phab
etic
ally
wit
hin
eac
h c
ateg
ory.
Plan
spo
nso
rs a
nd
part
icip
ants
sh
ould
con
side
r th
e in
vest
men
t obj
ecti
ves,
ris
ks, a
nd
char
ges
and
expe
nse
s of
th
e in
vest
men
t opt
ion
s of
fere
d un
der
the
reti
rem
ent p
lan
car
eful
ly b
efor
e in
vest
ing.
Th
e pr
ospe
ctus
es fo
r al
l in
vest
men
t opt
ion
s co
nta
in th
is a
nd
oth
er in
form
atio
n. P
rosp
ectu
ses
may
be
obta
ined
by
calli
ng
877.
805.
1127
. Pl
ease
rea
d th
e pr
ospe
ctus
car
eful
ly b
efor
e in
vest
ing.
In
vest
men
ts a
re s
ubje
ct to
mar
ket r
isks
an
d fl
uctu
ate
in
val
ue.
Glo
ssar
y o
f te
rms
used
on
the
follo
win
g p
ages
Ret
urn
is th
e to
tal r
etur
n e
arn
ed b
y th
e fu
nd
duri
ng
the
peri
od. T
his
incl
udes
cap
ital
app
reci
atio
n p
lus
divi
den
ds a
nd
capi
tal g
ain
s di
stri
buti
ons,
if a
ny.
27
Fund
Nam
e20
0620
0520
0420
0320
02L
arge
Cap
Gro
wth
Am
er C
entu
ry U
ltra
Inv
-3.2
82.
1210
.69
25.8
3-2
3.15
Bla
ckR
ock
Larg
e C
ap G
row
th I
6.78
11.8
910
.46
33.2
3-2
4.94
Har
bor C
apita
l App
r.2.
3314
.02
9.34
30.4
7-3
0.73
Opp
enhe
imer
Cap
ital A
ppre
ciat
ion
Y7.
925.
086.
8429
.95
-25.
96TC
W S
elec
t Equ
ities
Inst
l-5
.12
3.73
12.9
250
.26
-30.
36T.
Row
e B
lue
Chi
p G
row
th
9.73
5.95
9.25
29.7
5-2
4.23
T. R
owe
Gro
wth
Sto
ck
14.0
56.
5610
.24
31.2
3-2
3.00
Van
guar
d G
row
th In
dex
9.01
5.09
7.20
25.9
2-2
3.68
Van
guar
d G
row
th In
dex
Adm
iral
9.13
5.21
7.31
26.0
3-2
3.62
Van
guar
d M
orga
n G
row
th11
.09
9.09
10.4
733
.73
-23.
52V
angu
ard
Mor
gan
Gro
wth
Adm
11.3
29.
3210
.61
33.9
1-2
3.38
Idx:
Rus
sell
1000
Gro
wth
9.07
5.26
6.30
29.7
5-2
7.88
Idx:
Bar
ra L
g G
r/MSC
I Prim
e M
kt G
r 9.
205.
257.
3826
.10
-23.
5 9U
nive
rse
25th
Per
cent
ile9.
789.
6810
.93
32.1
5-2
3.29
Uni
vers
e M
edia
n7.
286.
588.
1328
.27
-26.
59U
nive
rse
75th
Per
cent
ile4.
643.
865.
6024
.27
-30.
14L
arge
Cap
Ble
ndA
mer
Cen
t Inc
& G
row
Inv
17.1
74 .
7912
.98
29.6
2-1
9.37
Dav
is N
Y V
entu
re Y
15.3
911
.02
12.7
532
.79
-16.
91G
E U
.S. E
quity
Y16
.17
2.57
8.28
23.4
2-1
9.39
Neu
berg
er B
erm
an F
ocus
Tru
st12
.19
-0.2
04.
8264
.58
-36.
48V
angu
ard
500
Inde
x 15
.64
4 .77
10.7
428
.50
-22.
15V
angu
ard
500
Inde
x A
dmira
l15
.75
4.87
10.8
228
.59
-22.
10V
angu
ard
Inst
itutio
nal I
ndex
Inst
l15
.79
4.91
10.8
628
.66
-22.
03V
angu
ard
Prim
ecap
12.3
18.
5018
.31
37.7
5-2
4.56
Idx:
Sta
ndar
d &
Poo
r's 5
0015
.79
4.91
10.8
828
.69
-22.
10U
nive
rse
25th
Per
cent
ile15
.63
7.97
12.2
429
.93
-18.
72U
nive
rse
Med
ian
14.4
45.
9010
.38
27.7
7-2
2.00
Uni
vers
e 75
th P
erce
ntile
12.8
54.
128.
7924
.62
-23.
37L
arge
Cap
Val
ueA
mer
ican
Bea
con
Larg
e C
ap V
alue
Inst
19.0
29.
9319
.43
35.7
6-1
5.89
Am
er C
ent V
alue
Inv
18.5
15.
0314
.37
29.0
6-1
2.69
Bla
ckR
ock
Larg
e C
ap V
alue
I16
.06
15.1
920
.02
33.3
3-1
1.95
Fide
lity
Adv
Equ
ity In
com
e I
17.4
26.
7612
.45
29.1
6-1
5.20
Hot
chki
s Wile
y La
rge
Val
ue I
13.7
06.
4122
.01
42.7
7-7
.51
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SC
alen
dar
Yea
r Pe
rfor
man
ce a
s of J
une
30, 2
007
Cal
enda
r Pe
riod
Ret
urn s
T. R
owe
Pric
e Eq
uity
-Inc
ome
19.1
44.
2615
.05
25.7
8-1
3.04
Dat
a S
ourc
e: M
orni
ngst
ar
28
Mid
Cap
Gro
wth
Bra
ndyw
ine
11.0
914
.39
13.1
131
.46
-21.
71C
alam
os G
row
th A
1 .45
8.47
18.6
542
.34
-15.
88Fr
ankl
in S
mal
l-Mid
Cp
Gr A
dv7 .
7710
.82
13.3
438
.01
-29.
42M
unde
r Mid
-Cap
Cor
e G
row
th Y
11.8
213
.11
22.3
037
.07
-15.
22N
eube
rger
Ber
man
Man
hatta
n In
st14
.20
13.0
716
.04
30.5
5-3
1.23
Rai
nier
Sm
all M
id E
quity
Inst
l14
.95
17.8
217
.69
46.6
40.
00T.
Row
e Pr
ice
Mid
Cap
Gro
wth
6.79
14.8
218
.39
38.2
1-2
1.22
Van
guar
d M
id-C
ap G
row
th In
dex
Inv
----
----
--Id
x: R
usse
ll M
idca
p-G
row
th10
.66
12.1
015
.48
42.7
1-2
7.41
Uni
vers
e 25
th P
erce
ntile
12.6
712
.94
17.0
739
.55
-20.
6 1U
nive
rse
Med
ian
8.85
10.2
714
.13
35.2
0-2
5.96
Uni
vers
e 75
th P
erce
ntile
5.89
6.72
10.4
930
.70
-30.
39M
id C
ap B
lend
Ast
on/O
ptim
um M
id C
ap I
21.2
01.
6118
.88
41.4
2-1
6.71
Cal
iforn
ia In
vmt S
&P
Mid
Cap
Inde
x9.
5512
.03
15.9
234
.55
-14.
22Fe
dera
ted
Mid
-Cap
Inde
x9.
8512
.01
15.8
534
.97
-15.
1 6Fi
delit
y A
dv M
id C
ap In
stl
13.5
98.
7916
.45
44.5
7-1
8.1 6
Van
guar
d Ex
tend
ed M
kt In
dex
14.2
710
.29
18.7
143
.43
-18.
06V
angu
ard
Exte
nded
Mkt
Inde
x A
dmira
l14
.43
10.4
718
.82
43.5
1-1
8.02
Van
guar
d St
rate
gic
Equi
ty13
.43
9.97
20.5
043
.83
-13.
14Id
x: R
usse
ll M
id-C
ap
15.2
612
.65
20.2
240
.06
-16.
19Id
x: S
tand
ard
& P
oor's
Mid
-Cap
400
10.3
212
.56
16.4
835
.62
-14.
53Id
x: W
ilshi
re 4
500/
S&P
Com
plet
ion
Inde
x14
.27
10.3
618
.57
43.8
4-1
7.80
Lar
ge C
ap V
alue
(con
tinue
d)Fu
nd N
ame
2006
2005
2004
2003
2002
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SC
alen
dar
Yea
r Pe
rfor
man
ce a
s of J
une
30, 2
007
Cal
enda
r Pe
riod
Ret
urns
Van
Kam
pen
Gro
wth
and
Inco
me
I16
.29
10.1
913
.94
27.5
7-1
4.71
Van
guar
d V
alue
Inde
x22
.15
7.09
15.2
932
.25
-20.
91V
angu
ard
Val
ue In
dex
Adm
iral
22.2
77.
2015
.40
32.3
6-2
0.85
Van
guar
d W
inds
or II
18.2
57.
0118
.31
30.0
8-1
6.86
Van
guar
d W
inds
or II
Adm
iral
18.3
77.
1518
.44
30.2
2-1
6.79
Idx:
Rus
sell
1000
Val
ue22
.25
7.05
16.4
930
.03
-15.
52Id
x:B
arra
Lg
Val
/MSC
I Prim
e M
kt V
al22
.37
7.26
15.4
432
.38
-20.
85U
nive
rse
25th
Per
cent
ile20
.10
7.99
15.1
231
.22
-14.
56U
nive
rse
Med
ian
18.3
25.
5113
.15
27.7
2-1
8.22
Uni
vers
e 75
th P
erce
ntile
16.2
23.
7010
.88
25.5
7-2
1.65
Dat
a S
ourc
e: M
orni
ngst
ar
29
Smal
l Cap
Gro
wth
Alg
er S
mal
l Cap
Gro
wth
Inst
itutio
nal I
17.6
915
.79
16.4
641
.88
-26.
8 4A
llian
z C
CM
Em
ergi
ng C
ompa
nies
Inst
l5.
987.
2512
.43
54.8
0-1
5.76
Fide
lity
Adv
isor
Sm
all C
ap In
stl
10.2
57.
8524
.23
40.0
8-1
9.88
Firs
t Am
eric
an S
mal
l Cap
Sel
ect Y
19.3
88.
6715
.70
44.5
8-1
7.76
Jenn
ison
Sm
all C
ompa
ny Z
15.3
414
.75
19.7
246
.00
-24.
97T.
Row
e Pr
ice
New
Hor
izon
s7.
3911
.90
17.9
049
.31
-26.
60V
angu
ard
Expl
orer
9.70
9.28
13.7
544
.25
-24.
58V
angu
ard
Expl
orer
Adm
iral
9 .88
9.46
13.9
244
.45
-24.
50V
angu
ard
Smal
l Cap
Gro
wth
Inde
x11
.96
8.64
16.0
642
.88
-15.
41Id
x: R
usse
ll 20
00 G
row
th13
.35
4.15
14.3
148
.54
-30.
26U
nive
rse
25th
Per
cent
ile13
.91
8.94
16.4
751
.36
-21.
93U
nive
rse
Med
ian
10.4
26.
1112
.70
44.2
6-2
7.33
Uni
vers
e 75
th P
erce
ntile
7.13
3.77
7.41
38.4
9-3
2.90
Smal
l Cap
Ble
ndM
unde
r Sm
all-C
ap V
alue
Y10
.83
8.13
24.9
553
.72
-9.2
4N
eube
rger
&B
erm
an G
enes
is T
rust
7.26
16.3
018
.68
31.6
5-2
.99
Opp
enhe
imer
Mai
n St
Sm
all C
ap Y
15.2
010
.52
19.7
647
.24
-15.
52O
ppen
heim
er S
mal
l & M
id C
ap V
alue
A17
.98
11.7
328
.30
46.0
6-1
0.5 2
Penn
sylv
ania
Mut
ual I
nv14
.78
12.5
020
.23
40.2
9-9
.22
T. R
owe
Pric
e Sm
all C
ap S
tk
12.7
88.
4418
.77
32.3
5-1
4.21
Van
guar
d M
id-C
ap V
alue
Inde
x In
v--
----
----
Wel
ls F
argo
Adv
anta
ge M
id C
ap D
iscp
l I18
.78
7.92
21.1
840
.66
-11.
78Id
x: R
usse
ll M
id-C
ap V
alue
20.2
212
.65
23.7
138
.07
-9.6
5U
nive
rse
25th
Per
cent
ile17
.77
11.5
221
.88
38.9
4-9
.03
Uni
vers
e M
edia
n15
.65
9.58
19.4
434
.57
-11.
74U
nive
rse
75th
Per
cent
ile13
.54
6.59
15.7
929
.62
-15.
01
Fund
Nam
e20
0620
0520
0420
0320
02M
id C
ap B
lend
(con
tinue
d)U
nive
rse
25th
Per
cent
ile16
.06
11.9
718
.50
41.2
6-1
2.40
Uni
vers
e M
edia
n13
.05
9.47
16.1
134
.55
-15.
16U
nive
rse
75th
Per
cent
ile9.
756.
5613
.77
30.9
3-2
0.11
Mid
Cap
Val
ueA
rtisa
n M
id C
ap V
alue
14.2
015
.46
26.2
136
.83
-3.8
7Fi
delit
y V
alue
15.0
914
.27
21.2
134
.43
-9.2
5G
oldm
an S
achs
Mid
Cap
Val
ue In
stl
16.0
612
.91
25.8
628
.04
-4.7
1H
otch
kis W
iley
Md
Val
I16
.58
10.7
525
.36
55.5
4-9
.44
JP M
orga
n M
id C
ap V
alue
I17
.32
9.42
20.9
930
.62
3.23
Neu
berg
er B
erm
an R
egen
cy T
rust
11.3
912
.34
22.2
035
.92
-11.
70T.
Row
e Pr
ice
Mid
Val
ue20
.24
7.73
20.5
639
.00
-7.3
8TC
W V
alue
Opp
ortu
nitie
s Ins
tl12
.90
6.30
10.7
248
.98
-26.
59
Cal
enda
r Pe
riod
Ret
urns
Dat
a S
ourc
e: M
orni
ngst
ar
30
Fore
ign
Lar
ge G
row
thA
mer
Cen
t Int
l G
row
th In
v25
.00
13.3
415
.31
25.3
8-1
9.25
Van
Kam
pen
Inte
rnat
iona
l Gro
wth
I27
.37
17.9
321
.02
36.1
1-1
7.5 9
Will
iam
Bla
ir In
tl G
row
th I
23.3
522
.01
18.7
942
.42
-14.
94Id
x: M
SCI E
AFE
26
.34
13.5
420
.25
38.5
9-1
5.9 4
Uni
vers
e 25
th P
erce
ntile
25.6
217
.93
18.7
640
.09
-14.
60U
nive
rse
Med
ian
23.7
914
.08
16.7
633
.79
-18.
3 2U
nive
rse
75th
Per
cent
ile21
.55
11.4
014
.08
29.1
1-2
0.7 4
Fore
ign
Lar
ge B
lend
Am
eric
an B
eaco
n In
tl Eq
Inde
x In
st26
.52
13.5
820
.12
38.8
7-1
5.65
Dre
yfus
Intl
Stoc
k In
dex
25.7
112
.83
19.6
836
.94
-17.
41Fi
delit
y A
dv D
iver
sifie
d In
tl I
16.9
619
.35
19.3
441
.40
-8.8
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MB
Sco
ut In
tern
atio
nal
21.5
119
.58
18.0
233
.10
-15.
8 5Id
x: M
SCI E
AFE
26
.34
13.5
420
.25
38.5
9-1
5.94
Uni
vers
e 25
th P
erce
ntile
26.6
916
.47
19.3
637
.03
-14.
30U
nive
rse
Med
ian
24.7
314
.14
17.1
832
.98
-17.
07U
nive
rse
75th
Per
cent
ile22
.70
12.6
915
.40
30.4
9-1
9.20
Fund
Nam
e20
0620
0520
0420
0320
02Sm
all C
ap B
lend
(con
tinue
d)U
ndis
cove
r Mgr
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avio
ral V
alue
IS16
.41
7.04
20.8
362
.37
-16.
07V
angu
ard
Smal
l Cap
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x15
.66
7.36
19.9
045
.63
-20.
02V
angu
ard
Smal
l Cap
Inde
x A
dmira
l15
.78
7 .49
20.0
245
.76
-19.
95Id
x: R
usse
ll 20
0018
.37
4.55
18.3
347
.25
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48Id
x: R
usse
ll 20
00/M
SCI U
S Sm
175
015
.77
7.48
20.0
145
.49
-20.
48U
nive
rse
25th
Per
cent
ile17
.43
9.50
22.0
847
.76
-12.
87U
nive
rse
Med
ian
15.1
06.
7619
.08
43.5
4-1
5.98
Uni
vers
e 75
th P
erce
ntile
12.8
14.
1515
.52
38.0
5-2
0.35
Smal
l Cap
Val
ue
Alli
anz
NFJ
Sm
all C
ap V
alue
Inst
l19
.03
10.7
723
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30.7
23 .
15A
mer
ican
Bea
con
Smal
l Cp
Val
Inst
14.6
85.
7923
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51.7
7-6
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Van
guar
d Sm
all C
ap V
alue
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.24
6.07
23.5
537
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20Id
x: R
usse
ll 20
00 V
alue
23
.48
4.71
22.2
546
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-11.
43Id
x: B
arra
Sm
Val
/MSC
I US
Sm V
al
19.4
46 .
2823
.72
35.5
4-1
4.47
Uni
vers
e 25
th P
erce
ntile
19.2
68.
6123
.26
45.4
0-6
.33
Uni
vers
e M
edia
n16
.59
6.78
21.0
940
.43
-9.5
5U
nive
rse
75th
Per
cent
ile13
.23
4.11
18.0
636
.22
-13.
76
Cal
enda
r Pe
riod
Ret
urns
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SC
alen
dar
Yea
r Pe
rfor
man
ce a
s of J
une
30, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
31
Bal
ance
d/C
onse
rvat
ive
Allo
catio
n V
angu
ard
Life
Stra
t Con
s 10
.62
4 .46
8.02
16.5
7-5
.37
Idx:
40%
S&
P/60
% L
B In
t GC
8.76
2.91
6.18
14.0
6-2
.94
Uni
vers
e 25
th P
erce
ntile
9.08
4.27
7.48
16.4
0-1
.11
Uni
vers
e M
edia
n7.
843.
416.
2013
.27
-3.3
8U
nive
rse
75th
Per
cent
ile6.
312.
144.
1910
.07
-6.0
9B
alan
ced/
Mod
erat
e A
lloca
tion
Am
eric
an B
eaco
n B
alan
ced
Inst
l13
.85
6.53
13.0
924
.26
-7.4
9D
odge
& C
ox B
alan
ced
13.8
66 .
5913
.30
24.4
4-2
.94
Fide
lity
Bal
ance
d11
.65
10.6
810
.94
28.2
4-8
.50
GE
Stra
tegi
c In
vest
men
t Y14
.95
3.82
8.25
20.9
3-9
.46
Opp
enhe
imer
Que
st B
alan
ce Y
10.9
43.
1510
.62
30.9
6-1
9.51
Van
Kam
pen
Equi
ty a
nd In
com
e I
12.6
88.
3311
.77
22.1
6-8
.32
Van
guar
d Li
feSt
rat G
row
th16
.13
6 .88
12.5
828
.52
-15.
84V
angu
ard
Life
Stra
t Mod
13
.31
5 .69
10.5
722
.40
-10.
32V
angu
ard
STA
R11
.64
7.44
11.6
022
.71
-9.8
7V
angu
ard
Wel
lingt
on14
.97
6.82
11.1
820
.75
-6.9
0V
angu
ard
Wel
lingt
on A
dmira
l 15
.07
6.99
11.3
420
.90
-6.8
1Id
x:60
% S
&P/
40%
LB
Int G
C11
.11
3.58
7.74
18.9
4-9
.32
Uni
vers
e 25
th P
erce
ntile
12.4
66.
3610
.55
23.3
4-9
.30
Uni
vers
e M
edia
n11
.21
5.00
8.94
20.3
0-1
1.96
Uni
vers
e 75
th P
erce
ntile
9.98
3.56
7.52
17.7
4-1
4.75
Fund
Nam
e20
0620
0520
0420
0320
02Fo
reig
n L
arge
Val
u eA
llian
ceB
erns
tein
Intl
Val
I34
.66
17.0
924
.87
44.2
3-2
.77
Dod
ge &
Cox
Inte
rnat
iona
l Sto
ck28
.01
16.7
532
.46
49.4
2-1
3.11
Har
bor I
nter
natio
nal I
nstl
32.6
920
.84
17.9
740
.95
-6.3
8Id
x: M
SCI E
AFE
26
.34
13.5
420
.25
38.5
9-1
5.9 4
Uni
vers
e 25
th P
erce
ntile
28.7
915
.44
24.4
843
.37
-8.5
2U
nive
rse
Med
ian
26.5
113
.61
21.6
838
.70
-12.
81U
nive
rse
75th
Per
cent
ile23
.62
10.7
919
.20
35.3
0-1
6.58
Wor
ld S
tock
Opp
enhe
imer
Glo
bal Y
17.8
314
.20
18.9
643
.40
-22.
31Te
mpl
eton
Gro
wth
Adv
22.1
28.
4517
.28
33.1
5-9
.28
Idx:
MSC
I Wor
ld
20.0
79.
4914
.72
33.1
1-1
9.89
Uni
vers
e 25
th P
erce
ntile
22.1
314
.74
18.1
839
.22
-14.
90U
nive
rse
Med
ian
19.9
811
.64
15.5
434
.35
-19.
20U
nive
rse
75th
Per
cent
ile17
.25
8.11
12.8
328
.94
-22.
16
Cal
enda
r Pe
riod
Ret
urns
Dat
a S
ourc
e: M
orni
ngst
ar
32
Spec
ialty
Com
mun
icat
ions
T. R
owe
Pric
e M
edia
& T
elec
om28
.55
18.1
526
.30
55.9
9-2
8.39
Idx:
Sta
ndar
d &
Poo
r's T
elec
omm
Ser
v36
.80
-5.6
319
.85
7.08
-34.
11U
nive
rse
25th
Per
cent
ile25
.34
14.4
623
.21
62.9
5-3
0.1 0
Uni
vers
e M
edia
n22
.13
8.31
21.2
142
.73
-39.
11U
nive
rse
75th
Per
cent
ile18
.44
2.06
14.2
231
.36
-46.
11Sp
ecia
lty F
inan
cial
Bla
ckR
ock
Glo
bal F
inan
cial
Svc
s I9 .
9825
.61
27.4
448
.14
-8.4
8Id
x: M
SCI W
orld
Fin
anci
als
20.9
48.
7414
.78
35.5
2-1
8.01
Uni
vers
e 25
th P
erce
ntile
19.1
49.
8016
.05
37.4
8-3
.59
Uni
vers
e M
edia
n17
.04
7.03
13.0
830
.18
-12.
31U
nive
rse
75th
Per
cent
ile15
.47
2.91
10.8
928
.88
-15.
37Sp
ecia
lty H
ealth
T. R
owe
Pric
e H
ealth
Sci
ence
s9.
5813
.53
15.8
437
.49
-27.
7 4V
angu
ard
Hea
lth C
are
10.8
715
.41
9.51
26.5
8-1
1.36
Idx:
Sta
ndar
d &
Poo
r's H
ealth
Car
e7.
536.
461.
7615
.06
-18.
82U
nive
rse
25th
Per
cent
ile8.
0213
.29
12.3
536
.76
-20.
2 3U
nive
rse
Med
ian
3 .81
9.36
9.35
30.6
6-2
3.80
Uni
vers
e 75
th P
erce
ntile
0.37
7.38
6.96
25.4
2-3
2.4 0
Spec
ialty
Nat
ural
Res
ourc
esV
angu
ard
Ener
gy19
.68
44.6
036
.65
33.8
0-0
.62
Idx:
Sta
ndar
d &
Poo
r's E
nerg
y24
.21
31.3
731
.56
25.6
4-1
1.13
Uni
vers
e 25
th P
erce
ntile
19.4
248
.46
31.3
842
.13
4 .78
Uni
vers
e M
edia
n11
.68
40.1
226
.98
29.9
0-5
.24
Uni
vers
e 75
th P
erce
ntile
5.55
29.1
622
.76
23.6
7-1
1.63
Fund
Nam
e20
0620
0520
0420
0320
02In
term
edia
te B
onds
Dod
ge &
Cox
Inco
me
5 .30
1.98
3.64
5.97
10.7
5G
oldm
an S
achs
Cor
e Fi
xed
Inco
me
Ins
4 .00
2.85
5.01
6.47
8.63
Har
bor B
ond
3.91
2.57
5.47
5.31
10.6
3V
angu
ard
Tota
l Bon
d In
dex
4 .27
2.40
4.24
3.97
8.26
Idx:
LB
Inte
rm G
ov't/
Cre
d4.
081.
583.
044.
319.
84U
nive
rse
25th
Per
cent
ile4.
492.
224.
736.
499.
44U
nive
rse
Med
ian
3 .96
1.84
4.05
4.54
8.49
Uni
vers
e 75
th P
erce
ntile
3.56
1.37
3.41
3.67
7.32
Cal
enda
r Pe
riod
Ret
urns
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SC
alen
dar
Yea
r Pe
rfor
man
ce a
s of J
une
30, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
33
Uni
vers
e 75
th P
erce
ntile
3.17
2.03
-0.2
546
.00
-45.
00So
cial
ly R
espo
nsib
le
Van
guar
d FT
SE S
ocia
l Ind
ex In
v13
.09
4 .10
8.27
30.4
5-2
4.24
Idx:
Cal
vert
Soci
al In
dex/
FTSE
4Goo
d U
S Se
lect
Inde
x13
.38
4.24
8.55
30.8
5-2
4.09
Spec
ialty
Lon
g B
ond
Van
guar
d Lo
ng-T
m C
orpo
rate
Bon
d2.
865.
148.
946.
2613
.22
Idx:
Leh
man
Bro
ther
s Lon
g C
redi
t3.
473.
769.
3810
.43
11.9
2U
nive
rse
25th
Per
cent
ile4.
755.
059.
0614
.20
13.0
8U
nive
rse
Med
ian
4.08
2.08
8.05
10.5
312
.43
Uni
vers
e 75
th P
erce
ntile
3.03
1.24
5.90
5.53
11.4
8In
term
edia
te G
over
nmen
tB
lack
Roc
k G
over
nmen
t Inc
Inv
Inst
l3.
171.
963.
923.
0413
.55
Idx:
Leh
man
Bro
ther
s Gov
t Int
erm
edia
te3.
841 .
682.
332.
299.
64U
nive
rse
25th
Per
cent
ile3.
962.
363.
682.
2710
.14
Uni
vers
e M
edia
n3.
481.
963.
141.
839.
21U
nive
rse
75th
Per
cent
ile2.
951.
462.
551.
258.
21H
igh
Yie
ld B
ond
Gol
dman
Sac
hs H
igh
Yie
ld In
stl
11.6
93.
9813
.27
28.9
2-0
.19
Idx:
LB
US
Hig
h Y
ield
2%
Issu
er C
ap
10.7
62.
7611
.14
28.7
8-0
.24
Uni
vers
e 25
th P
erce
ntile
11.1
13.
3911
.06
28.1
81.
51U
nive
rse
Med
ian
9.99
2.60
9.94
24.5
1-0
.74
Uni
vers
e 75
th P
erce
ntile
9.05
1.71
8.63
20.8
7-3
.75
Fund
Nam
e20
0620
0520
0420
0320
02Sp
ecia
lty R
eal E
stat
eA
mC
ent R
eal E
stat
e In
v34
.69
15.9
929
.68
39.7
85.
50Id
x: W
ilshi
re R
EIT
36.1
513
.99
33.1
836
.18
3 .58
Uni
vers
e 25
th P
erce
ntile
36.2
314
.71
35.1
138
.54
6.28
Uni
vers
e M
edia
n34
.87
12.4
832
.52
36.5
64.
10U
nive
rse
75th
Per
cent
ile32
.11
9.32
30.1
734
.02
2.64
Spec
ialty
Tec
hnol
ogy
Alli
anz
RC
M T
echn
olog
y In
stl
4.98
8.90
17.9
369
.08
-40.
37Id
x: G
oldm
an S
achs
Tec
hnol
ogy
8.96
2.04
2.92
54.1
9-4
0.3 0
Uni
vers
e 25
th P
erce
ntile
9.55
9.87
11.0
164
.08
-38.
79U
nive
rse
Med
ian
6.42
5.96
4.08
55.2
6-4
2.07
Cal
enda
r Pe
riod
Ret
urns
Dat
a S
ourc
e: M
orni
ngst
ar
34
Ris
k st
atis
tics
Th
e fo
llow
ing
seve
n p
ages
sum
mar
ize
risk
sta
tist
ics
of th
e in
vest
men
t opt
ion
s re
lati
ve to
pee
r fu
nds
. For
pe
rspe
ctiv
e, p
erfo
rman
ce fi
gure
s fo
r be
nch
mar
k in
dexe
s ar
e al
so p
rovi
ded.
Info
rmat
ion
abo
ut th
e un
iver
se o
f fun
ds w
ith
sim
ilar
styl
es is
pro
vide
d, in
clud
ing
figu
res
for
fun
ds a
t th
e 50
th
perc
enti
le.
Inve
stm
ent o
ptio
ns
are
liste
d al
phab
etic
ally
wit
hin
eac
h c
ateg
ory.
Plan
spo
nso
rs a
nd
part
icip
ants
sh
ould
con
side
r th
e in
vest
men
t obj
ecti
ves,
ris
ks, a
nd
char
ges
and
expe
nse
s of
th
e in
vest
men
t opt
ion
s of
fere
d un
der
the
reti
rem
ent p
lan
car
eful
ly b
efor
e in
vest
ing.
Th
e pr
ospe
ctus
es fo
r al
l in
vest
men
t opt
ion
s co
nta
in th
is a
nd
oth
er in
form
atio
n. P
rosp
ectu
ses
may
be
obta
ined
by
calli
ng
877.
805.
1127
. Pl
ease
rea
d th
e pr
ospe
ctus
car
eful
ly b
efor
e in
vest
ing.
In
vest
men
ts a
re s
ubje
ct to
mar
ket r
isks
an
d fl
uctu
ate
in
val
ue.
Glo
ssar
y o
f te
rms
used
on
the
follo
win
g p
ages
Shar
pe R
atio
is a
mea
sure
of r
isk-
adju
sted
ret
urn
. It m
easu
res
the
retu
rn o
f th
e fu
nd
over
an
d ab
ove
the
retu
rn
on th
e ri
sk-fr
ee a
sset
(de
fin
ed a
s th
e th
ree-
mon
th T
reas
ury
bill)
per
un
it o
f ris
k (d
efin
ed a
s th
e st
anda
rd
devi
atio
n o
f th
e fu
nd’
s re
turn
). T
he
purp
ose
of th
e m
easu
re is
to d
eter
min
e w
het
her
the
fun
d’s
risk
is ju
stifi
ed
by th
e ad
diti
onal
ret
urn
gen
erat
ed. T
he
larg
er th
e Sh
arpe
rat
io, t
he
bett
er th
e m
anag
er’s
per
form
ance
.
Stan
dard
Dev
iati
on is
a s
tati
stic
al m
easu
re o
f th
e de
gree
to w
hic
h a
n in
divi
dual
val
ue in
a p
roba
bilit
y di
stri
buti
on te
nds
to v
ary
from
the
mea
n o
f dis
trib
utio
n. F
or a
mut
ual f
und
it r
epre
sen
ts h
ow w
idel
y th
e re
turn
s va
ry o
ver
a ce
rtai
n p
erio
d of
tim
e. I
t als
o pr
ovid
es a
pro
babl
e ra
nge
wit
hin
wh
ich
a fu
nd’
s re
aliz
ed
retu
rn is
like
ly to
dev
iate
from
its
expe
cted
ret
urn
.
Info
rmat
ion
Rat
io is
a m
easu
re o
f ris
k-ad
just
ed r
elat
ive
retu
rn. I
t mea
sure
s th
e re
turn
of t
he
fun
d ov
er a
nd
abov
e th
e re
turn
on
an
app
ropr
iate
pas
sive
ben
chm
ark
port
folio
(e.
g., S
&P
500,
Rus
sell
2000
, etc
.) p
er u
nit
of
exce
ss r
isk
take
n (
defi
ned
as
the
stan
dard
dev
iati
on o
f th
e re
turn
of t
he
fun
d re
lati
ve to
the
stan
dard
dev
iati
on
of th
e re
turn
on
the
inde
x). T
he
purp
ose
of th
e m
easu
re is
to d
eter
min
e w
het
her
the
fun
d’s
man
ager
has
bee
n
able
to c
onsi
sten
tly
add
valu
e ov
er th
e pa
ssiv
e be
nch
mar
k po
rtfo
lio. T
he
larg
er th
e in
form
atio
n r
atio
, th
e m
ore
likel
y th
at th
e m
anag
er’s
rel
ativ
e ou
t-per
form
ance
is th
e re
sult
of t
rue
skill
(as
opp
osed
to r
ando
m lu
ck)
and,
th
eref
ore,
rea
son
ably
can
be
expe
cted
to b
e re
peat
ed.
35
T. R
owe
Pric
e Eq
uity
-Inc
ome
1.41
6.70
0.79
11.4
60.
4412
.98
Shar
peSt
dSh
arpe
Std
Shar
peSt
dFu
nd N
ame
Rat
ioD
evR
atio
Dev
Rat
ioD
evL
arge
Cap
Gro
wth
Am
er C
entu
ry U
ltra
Inv
0.01
9.77
0.20
11.6
90 .
0418
.34
Bla
ckR
ock
Larg
e C
ap G
row
th I
0.70
11.5
00.
6912
.04
--0.
00H
arbo
r Cap
ital A
ppr.
0.50
10.7
50.
4013
.40
0.12
19.9
3O
ppen
heim
er C
apita
l App
reci
atio
n Y
0.60
8.57
0.55
11.9
6--
0.00
TCW
Sel
ect E
quiti
es In
stl
0.08
14.4
40.
4217
.75
0.16
22.7
5T.
Row
e B
lue
Chi
p G
row
th
0.72
8.91
0.62
12.1
00.
1916
.15
T. R
owe
Gro
wth
Sto
ck
0.94
8.78
0.76
11.9
30.
3016
.00
Van
guar
d G
row
th In
dex
0.55
8.93
0.53
11.4
50.
1116
.74
Van
guar
d G
row
th In
dex
Adm
iral
0.57
8.93
0.54
11.4
4--
0.00
Van
guar
d M
orga
n G
row
th0.
799.
890.
7512
.34
0.22
18.0
5V
angu
ard
Mor
gan
Gro
wth
Adm
0.80
9.91
0.76
12.3
2--
0.00
Idx:
Rus
sell
1000
Gro
wth
0.55
8.95
0.55
11.7
40 .
0318
.98
Idx:
Bar
ra L
g G
r/MSC
I Prim
e M
kt G
r 0.
959.
450.
7312
.43
0 .31
18.2
1U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
0.55
10.1
30.
4512
.71
0.08
18.6
4U
nive
rse
75th
Per
cent
ile--
----
----
--L
arge
Cap
Ble
n dA
mer
Cen
t Inc
& G
row
Inv
0.97
8.63
0.74
12.0
10.
2915
.14
Dav
is N
Y V
entu
re Y
1.49
6.46
1 .05
10.5
10.
4214
.59
GE
U.S
. Equ
ity Y
0.93
6.96
0.56
10.9
10.
2713
.82
Neu
berg
er B
erm
an F
ocus
Tru
st0.
4811
.30
0.31
22.9
90.
1426
.94
Van
guar
d 50
0 In
dex
1.00
7.39
0.67
11.5
70 .
2215
.06
Van
guar
d 50
0 In
dex
Adm
iral
1.01
7.39
0.68
11.5
7--
--V
angu
ard
Inst
itutio
nal I
ndex
Inst
l1.
017.
390.
6811
.57
0.23
15.0
6V
angu
ard
Prim
ecap
0.90
9.81
0.86
13.2
30.
4218
.29
Idx:
Sta
ndar
d &
Poo
r's 5
001.
027.
400.
6811
.58
0 .22
15.0
6U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
0.95
7.98
0.63
11.5
50 .
2015
.10
Uni
vers
e 75
th P
erce
ntile
----
----
----
Lar
ge C
ap V
alue
Am
eric
an B
eaco
n La
rge
Cap
Val
ue In
st1.
607.
451.
0012
.13
0.38
14.7
9A
mer
Cen
t Val
ue In
v1.
246.
700.
8510
.91
0.45
14.4
0B
lack
Roc
k La
rge
Cap
Val
ue I
1.27
10.1
31.
0012
.08
----
Fide
lity
Adv
Equ
ity In
com
e I
1.09
7.66
0.73
11.9
80 .
3714
.14
Hot
chki
s Wile
y La
rge
Val
ue I
1.00
9.01
0.96
12.9
80.
4715
.28
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SR
isk
Stat
istic
s as o
f Jun
e 30
, 200
7
3-Y
ear
Ris
k St
atis
tics
5-Y
ear
Ris
k St
atis
tics
10-Y
ear
Ris
k St
atis
tics
Dat
a S
ourc
e: M
orni
ngst
ar
36
Van
Kam
pen
Gro
wth
and
Inco
me
I1.
476.
930.
8410
.99
0.52
12.9
6V
angu
ard
Val
ue In
dex
1.59
6.96
0.81
12.7
40 .
3115
.27
Van
guar
d V
alue
Inde
x A
dmira
l1.
606.
980.
8212
.74
----
Van
guar
d W
inds
or II
1.60
6.68
0.93
11.2
40.
4213
.95
Van
guar
d W
inds
or II
Adm
iral
1.62
6.69
0.94
11.2
4--
--Id
x: R
usse
ll 10
00 V
alue
1.59
7.07
0.88
11.8
60 .
4314
.10
Idx:
Bar
ra L
g V
al/M
SCI P
rime
Mkt
Val
2.09
7.63
0.97
13.7
20.
5216
.47
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
257.
490.
7211
.91
0.31
14.1
0U
nive
rse
75th
Per
cent
ile--
----
----
--
Lar
ge C
ap V
alue
(con
tinue
d)
Shar
peSt
dSh
arpe
Std
Shar
peSt
dFu
nd N
ame
Rat
ioD
evR
atio
Dev
Rat
ioD
ev
Mid
Cap
Gro
wt h
Bra
ndyw
ine
0.97
12.7
30.
6913
.47
0 .25
18.2
6C
alam
os G
row
th A
0.45
14.5
50.
6714
.65
0 .54
25.4
2Fr
ankl
in S
mal
l-Mid
Cp
Gr A
dv0.
8411
.61
0.68
15.1
30.
1926
.22
Mun
der M
id-C
ap C
ore
Gro
wth
Y1.
1111
.80
1.18
12.4
8--
--N
eube
rger
Ber
man
Man
hatta
n In
st1.
0013
.11
0.79
14.3
50.
1026
.81
Rai
nier
Sm
all M
id E
quity
Inst
l1.
1614
.27
1.03
15.8
6--
- -T.
Row
e Pr
ice
Mid
Cap
Gro
wth
1.06
10.8
10.
9313
.38
0 .48
18.1
9V
angu
ard
Mid
-Cap
Gro
wth
Inde
x In
v--
----
----
--Id
x: R
usse
ll M
idca
p-G
row
th0.
9011
.52
0.91
13.9
00.
2024
.00
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n0.
7612
.54
0 .67
14.3
80.
2223
.27
Uni
vers
e 75
th P
erce
ntile
----
----
----
Mid
Cap
Ble
ndA
ston
/Opt
imum
Mid
Cap
I0.
7612
.45
0.84
17.2
60.
5318
.70
Cal
iforn
ia In
vmt S
&P
Mid
Cap
Inde
x0.
9710
.47
0.84
12.6
80.
5617
.03
Fede
rate
d M
id-C
ap In
dex
0.98
10.5
90.
8512
.74
0 .52
17.2
0Fi
delit
y A
dv M
id C
ap In
stl
0.89
12.9
30.
9314
.30
0 .55
20.0
9V
angu
ard
Exte
nded
Mkt
Inde
x1.
0011
.32
0.98
13.4
20.
2820
.37
Van
guar
d Ex
tend
ed M
kt In
dex
Adm
iral
1.01
11.3
30.
9913
.44
--- -
Van
guar
d St
rate
gic
Equi
ty0.
9811
.95
1.04
13.1
20 .
5015
.97
Idx:
Rus
sell
Mid
-Cap
1.
299.
711.
0712
.72
0.51
16.0
1Id
x: S
tand
ard
& P
oor's
Mid
-Cap
400
1.03
10.5
20 .
8912
.74
0.56
17.2
5Id
x: W
ilshi
re 4
500/
S&P
Com
plet
ion
Inde
x1.
2312
.74
1.05
15.3
00.
4222
.83
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SR
isk
Stat
istic
s as o
f Jun
e 30
, 200
7
3-Y
ear
Ris
k St
atis
tics
5-Y
ear
Ris
k St
atis
tics
10-Y
ear
Ris
k St
atis
tics
Dat
a S
ourc
e: M
orni
ngst
ar
37
Smal
l Cap
Ble
ndM
unde
r Sm
all-C
ap V
alue
Y0.
8012
.39
0.85
14.7
60.
5517
.01
Neu
berg
er&
Ber
man
Gen
esis
Tru
st1.
0210
.67
1.17
11.2
40 .
6914
.16
Opp
enhe
imer
Mai
n St
Sm
all C
ap Y
0.97
12.7
90.
8714
.91
----
Opp
enhe
imer
Sm
all &
Mid
Cap
Val
ue A
1.39
12.1
81.
3113
.23
0.50
17.0
7Pe
nnsy
lvan
ia M
utua
l Inv
1.00
12.1
10.
9413
.97
0.70
14.6
7T.
Row
e Pr
ice
Smal
l Cap
Stk
0.
8111
.44
0.73
13.6
00.
4416
.20
Smal
l Cap
Gro
wth
Alg
er S
mal
l Cap
Gro
wth
Inst
itutio
nal I
0.92
14.5
10.
8615
.83
0 .16
24.6
3A
llian
z C
CM
Em
ergi
ng C
ompa
nies
Inst
l0.
3614
.95
0.55
16.1
10.
3420
.61
Fide
lity
Adv
isor
Sm
all C
ap In
stl
0.88
12.0
00.
8015
.32
----
Firs
t Am
eric
an S
mal
l Cap
Sel
ect Y
0.75
12.7
70.
8515
.37
0.36
20.5
6Je
nnis
on S
mal
l Com
pany
Z1.
0911
.94
0.92
15.0
70.
3018
.13
T. R
owe
Pric
e N
ew H
oriz
ons
0.70
13.1
00 .
7815
.86
0.24
23.9
4V
angu
ard
Expl
orer
0.69
13.2
80.
6815
.82
0.33
21.5
2V
angu
ard
Expl
orer
Adm
iral
0.70
13.2
70.
6915
.83
----
Van
guar
d Sm
all C
ap G
row
th In
dex
0.74
14.1
80 .
8215
.32
----
Idx:
Rus
sell
2000
Gro
wth
0.55
15.3
30.
5717
.95
0.06
25.4
1U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
0.57
14.6
30.
5517
.04
0.21
24.7
5U
nive
rse
75th
Per
cent
ile--
----
----
--
Shar
peSt
dSh
arpe
Std
Shar
peSt
dFu
nd N
ame
Rat
ioD
evR
atio
Dev
Rat
ioD
evM
id C
ap B
lend
(con
tinue
d)U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
1.00
10.6
50 .
7913
.58
0.41
18.3
9U
nive
rse
75th
Per
cent
ile--
----
----
--M
id C
ap V
alue
Arti
san
Mid
Cap
Val
ue1.
4410
.04
1.33
12.3
1--
--Fi
delit
y V
alue
1.38
9.42
1.02
12.9
70.
4816
.37
Gol
dman
Sac
hs M
id C
ap V
alue
Inst
l1.
478.
921.
2110
.63
0.63
14.5
4H
otch
kis W
iley
Md
Val
I1.
1810
.37
1.09
14.9
80.
7816
.94
JP M
orga
n M
id C
ap V
alue
I1.
616.
881.
558.
87--
--N
eube
rger
Ber
man
Reg
ency
Tru
st0.
9512
.40
0.95
12.7
4--
--T.
Row
e Pr
ice
Mid
Val
ue1.
458.
421.
1012
.50
0 .74
13.9
9
3-Y
ear
Ris
k St
atis
tics
5-Y
ear
Ris
k St
atis
tics
10-Y
ear
Ris
k St
atis
tics
TCW
Val
ue O
ppor
tuni
ties I
nstl
0.61
11.4
70.
5917
.13
----
Van
guar
d M
id-C
ap V
alue
Inde
x In
v--
----
----
--W
ells
Far
go A
dvan
tage
Mid
Cap
Dis
cpl I
1.27
7.04
1.05
11.9
9--
--Id
x: R
usse
ll M
id-C
ap V
alue
1.67
8.51
1.17
12.2
00.
6514
.21
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
179.
420.
9212
.49
0.47
16.0
6U
nive
rse
75th
Per
cent
ile--
----
----
--
Dat
a S
ourc
e: M
orni
ngst
ar
38
Fore
ign
Lar
ge G
row
thA
mer
Cen
t Int
l Gro
wth
Inv
1.57
10.1
20 .
8412
.89
0.26
18.1
1V
an K
ampe
n In
tern
atio
nal G
row
th I
1.82
10.2
91.
1812
.96
0 .36
15.8
2W
illia
m B
lair
Intl
Gro
wth
I 1.
7510
.84
1.23
13.2
0--
- -Id
x: M
SCI E
AFE
1.
809.
351.
1512
.92
0 .26
14.8
9U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
1.50
10.6
20 .
9113
.71
0.19
17.9
4U
nive
rse
75th
Per
cent
ile--
----
----
--Fo
reig
n L
arge
Ble
ndA
mer
ican
Bea
con
Intl
Eq In
dex
Inst
1.81
9.27
1 .16
12.8
7--
--D
reyf
us In
tl St
ock
Inde
x1.
749.
341 .
0713
.05
0.20
15.0
5Fi
delit
y A
dv D
iver
sifie
d In
tl I
1.49
10.5
91.
2412
.45
--- -
UM
B S
cout
Inte
rnat
iona
l1.
7010
.15
1.22
12.2
00.
5213
.50
Idx:
MSC
I EA
FE
1.80
9.35
1.15
12.9
20 .
2614
.89
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
659.
970.
9813
.27
0.21
15.9
8U
nive
rse
75th
Per
cent
ile--
----
----
--
Shar
peSt
dSh
arpe
Std
Shar
peSt
dFu
nd N
ame
Rat
ioD
evR
atio
Dev
Rat
ioD
evSm
all C
ap B
lend
(con
tinue
d)U
ndis
cove
r Mgr
Beh
avio
ral V
alue
IS0.
8112
.74
0.77
19.3
9--
--V
angu
ard
Smal
l Cap
Inde
x0.
8712
.24
0.75
15.6
20.
3119
.43
Van
guar
d Sm
all C
ap In
dex
Adm
iral
0.88
12.2
70.
7615
.63
----
Idx:
Rus
sell
2000
0.72
13.4
60.
6716
.47
0.27
19.7
3Id
x: R
usse
ll 20
00/M
SCI U
S Sm
175
01.
0913
.64
0.82
17.7
70.
4321
.75
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n0.
8112
.76
0.68
15.5
10.
3818
.43
Uni
vers
e 75
th P
erce
ntile
----
----
----
Smal
l Cap
Val
ue
Alli
anz
NFJ
Sm
all C
ap V
alue
Inst
l1.
3010
.55
1.23
11.6
60.
7213
.58
Am
eric
an B
eaco
n Sm
all C
p V
al In
st0.
9511
.25
0.90
15.1
8--
--V
angu
ard
Smal
l Cap
Val
ue In
dex
0.99
10.7
90.
6814
.57
--- -
Idx:
Rus
sell
2000
Val
ue
0.91
12.0
00.
7715
.38
0.54
15.5
7Id
x: B
arra
Sm
Val
/MSC
I US
Sm V
al
1.27
11.8
90.
7816
.17
----
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n0.
8611
.50
0.79
14.2
90.
4716
.43
Uni
vers
e 75
th P
erce
ntile
----
----
----
3-Y
ear
Ris
k St
atis
tics
5-Y
ear
Ris
k St
atis
tics
10-Y
ear
Ris
k St
atis
tics
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SR
isk
Stat
istic
s as o
f Jun
e 30
, 200
7
Dat
a S
ourc
e: M
orni
ngst
ar
39
Bal
ance
d/C
onse
rvat
ive
Allo
catio
n V
angu
ard
Life
Stra
t Con
s 1.
233.
650.
995.
490.
526.
42Id
x:40
% S
&P/
60%
LB
Int G
C0.
284.
390.
516.
620.
457.
90U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
0.71
3.24
0.80
4.75
0.23
6.26
Uni
vers
e 75
th P
erce
ntile
----
----
----
Bal
ance
d/M
oder
ate
Allo
catio
n A
mer
ican
Bea
con
Bal
ance
d In
stl
1.46
4.96
1 .05
7.86
0.49
9.08
Dod
ge &
Cox
Bal
ance
d1.
514.
791 .
177.
610.
819.
02Fi
delit
y B
alan
ced
1.27
6.86
1.06
9.29
0.67
9.89
GE
Stra
tegi
c In
vest
men
t Y1.
165.
890.
907.
830.
488.
99O
ppen
heim
er Q
uest
Bal
ance
Y0.
627.
560.
7211
.34
--- -
Van
Kam
pen
Equi
ty a
nd In
com
e I
1.47
5.02
1.00
7.66
0.67
9.54
Van
guar
d Li
feSt
rat G
row
th1.
306.
820.
9010
.20
0.34
12.3
2V
angu
ard
Life
Stra
t Mod
1.
295.
180.
947.
810.
419.
33V
angu
ard
STA
R1.
325.
181.
047.
400.
549.
11V
angu
ard
Wel
lingt
on1.
624.
821 .
017.
670.
599.
05V
angu
ard
Wel
lingt
on A
dmira
l 1.
644.
851.
037.
67--
--Id
x:60
% S
&P/
40%
LB
Int G
C0.
535.
390.
578.
280.
3810
.29
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
015.
430.
787.
690.
289.
97U
nive
rse
75th
Per
cent
ile--
----
----
--
Shar
peSt
dSh
arpe
Std
Shar
peSt
dFu
nd N
ame
Rat
ioD
evR
atio
Dev
Rat
ioD
evFo
reig
n L
arge
Val
ueA
llian
ceB
erns
tein
Intl
Val
I2.
0810
.30
1.39
14.2
2--
- -D
odge
& C
ox In
tern
atio
nal S
tock
2.00
10.0
91.
3015
.49
--- -
Har
bor I
nter
natio
nal I
nstl
1.93
11.0
81 .
2615
.05
0.52
16.0
8Id
x: M
SCI E
AFE
1.
809.
351.
1512
.92
0 .26
14.8
9U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
1.78
9.31
1.16
13.0
50 .
4214
.95
Uni
vers
e 75
th P
erce
ntile
----
----
----
Wor
ld S
tock
Opp
enhe
imer
Glo
bal Y
1.35
10.4
10.
9613
.73
----
Tem
plet
on G
row
th A
dv1.
517.
900.
9911
.79
0.48
13.8
9Id
x: M
SCI W
orld
1.
537.
840.
9411
.84
0.23
14.3
5U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
1.40
9.66
0.92
12.8
50.
2716
.83
Uni
vers
e 75
th P
erce
ntile
----
----
----
3-Y
ear
Ris
k St
atis
tics
5-Y
ear
Ris
k St
atis
tics
10-Y
ear
Ris
k St
atis
tics
Dat
a S
ourc
e: M
orni
ngst
ar
40
Spec
ialty
Com
mun
icat
ions
T. R
owe
Pric
e M
edia
& T
elec
om1.
6013
.01
1.64
16.3
00.
5825
.18
Idx:
Sta
ndar
d &
Poo
r's T
elec
omm
Ser
v1.
2811
.70
0.51
22.5
60 .
0324
.14
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
0814
.88
0.76
21.5
30.
1724
.59
Uni
vers
e 75
th P
erce
ntile
----
----
----
Spec
ialty
Fin
anci
a lB
lack
Roc
k G
loba
l Fin
anci
al S
vcs I
0.87
17.6
60.
7820
.59
----
Idx:
MSC
I Wor
ld F
inan
cial
s1.
228.
520.
6514
.15
0.14
17.6
1U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
0.86
9.00
0.59
12.8
30.
3317
.47
Uni
vers
e 75
th P
erce
ntile
----
----
----
Spec
ialty
Hea
lt hT.
Row
e Pr
ice
Hea
lth S
cien
ces
0.69
12.0
21.
0011
.93
0 .39
21.2
9V
angu
ard
Hea
lth C
are
1.03
7.77
1.02
9.15
0.93
11.7
9Id
x: S
tand
ard
& P
oor's
Hea
lth C
are
0.27
9.57
0.39
10.0
60.
2115
.14
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n0.
4111
.13
0.59
11.8
10 .
3218
.43
Uni
vers
e 75
th P
erce
ntile
----
----
----
Spec
ialty
Nat
ural
Res
ourc
esV
angu
ard
Ener
gy1.
4719
.04
1.44
17.7
90.
6521
.50
Idx:
Sta
ndar
d &
Poo
r's E
nerg
y1.
2719
.58
1.01
18.9
90.
5319
.17
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
1520
.22
1.02
20.5
30.
4324
.22
Uni
vers
e 75
th P
erce
ntile
----
----
----
Shar
peSt
dSh
arpe
Std
Shar
peSt
dFu
nd N
ame
Rat
ioD
evR
atio
Dev
Rat
ioD
evIn
term
edia
te B
onds
Dod
ge &
Cox
Inco
me
0.08
2.08
0.70
2.92
0.82
3.16
Gol
dman
Sac
hs C
ore
Fixe
d In
com
e In
s0.
022.
630.
603.
660.
663.
52H
arbo
r Bon
d-0
.02
3.07
0.51
3.73
0.69
3.73
Van
guar
d To
tal B
ond
Inde
x-0
.03
2.94
0.36
3.72
0.56
3.54
Idx:
LB
Inte
rm G
ov't/
Cre
d-0
.21
2.38
0.39
3.32
0.61
3.13
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n-0
.11
2.76
0.36
3.73
0.42
3.70
Uni
vers
e 75
th P
erce
ntile
----
----
----
3-Y
ear
Ris
k St
atis
tics
5-Y
ear
Ris
k St
atis
tics
10-Y
ear
Ris
k St
atis
tics
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SR
isk
Stat
istic
s as o
f Jun
e 30
, 200
7
Dat
a S
ourc
e: M
orni
ngst
ar
41
Uni
vers
e 75
th P
erce
ntile
----
----
----
Soci
ally
Res
pons
ible
V
angu
ard
FTSE
Soc
ial I
ndex
Inv
0.60
8.59
0.75
12.7
8--
- -Id
x: C
alve
rt So
cial
Inde
x/FT
SE4G
ood
US
Sele
ct In
dex
0.57
9.38
0.51
13.8
7--
Sp
ecia
lty L
ong
Bon
d V
angu
ard
Long
-Tm
Cor
pora
te B
ond
0.20
7.26
0 .37
8.94
0.40
7.71
Idx:
Leh
man
Bro
ther
s Lon
g C
redi
t0.
247.
150.
508.
810.
447.
68U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
0.15
5.22
0.51
7.47
0.37
6.63
Uni
vers
e 75
th P
erce
ntile
----
----
----
Inte
rmed
iate
Gov
ernm
ent
Bla
ckR
ock
Gov
ernm
ent I
nc In
v In
stl
-0.3
43.
490.
174.
780.
454.
54Id
x: L
ehm
an B
roth
ers G
ovt I
nter
med
iate
-0.3
42.
170.
223.
060.
533.
00U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
-0.3
62.
480.
133.
250.
373.
48U
nive
rse
75th
Per
cent
ile--
----
----
--H
igh
Yie
ld B
ond
Gol
dman
Sac
hs H
igh
Yie
ld In
stl
1.43
3.85
1.74
5 .60
----
Idx:
LB
US
Hig
h Y
ield
2%
Issu
er C
ap
1.23
3.86
1.51
5.89
0.37
7.14
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
023.
791.
365.
440.
187.
49U
nive
rse
75th
Per
cent
ile--
----
----
--
Shar
peSt
dSh
arpe
Std
Shar
peSt
dFu
nd N
ame
Rat
ioD
evR
atio
Dev
Rat
ioD
evSp
ecia
lty R
eal E
stat
eA
mC
ent R
eal E
stat
e In
v1.
1614
.33
1.14
14.8
50.
6914
.45
Idx:
Wils
hire
REI
T1.
1215
.67
1.03
15.9
90 .
6814
.88
Uni
vers
e 25
th P
erce
ntile
----
----
----
Uni
vers
e M
edia
n1.
1214
.30
1 .08
14.9
10.
6614
.64
Uni
vers
e 75
th P
erce
ntile
----
----
----
Spec
ialty
Tec
hnol
ogy
Alli
anz
RC
M T
echn
olog
y In
stl
0.52
17.2
60.
6721
.94
0.34
34.5
2Id
x: G
oldm
an S
achs
Tec
hnol
ogy
0.25
15.4
00.
3822
.92
0.06
33.0
0U
nive
rse
25th
Per
cent
ile--
----
----
--U
nive
rse
Med
ian
0.38
16.6
60.
3823
.10
0.06
33.4
5
3-Y
ear
Ris
k St
atis
tics
5-Y
ear
Ris
k St
atis
tics
10-Y
ear
Ris
k St
atis
tics
Dat
a S
ourc
e: M
orni
ngst
ar
42
Fun
d st
atis
tics
Th
e fo
llow
ing
six
page
s su
mm
ariz
e ke
y st
atis
tics
of t
he
inve
stm
ent o
ptio
ns
rela
tive
to p
eer
fun
ds.
Info
rmat
ion
abo
ut th
e un
iver
se o
f fun
ds w
ith
sim
ilar
styl
es is
pro
vide
d, in
clud
ing
figu
res
for
fun
ds a
t th
e 50
th
perc
enti
le.
Inve
stm
ent o
ptio
ns
are
liste
d al
phab
etic
ally
wit
hin
eac
h c
ateg
ory.
Plan
spo
nso
rs a
nd
part
icip
ants
sh
ould
con
side
r th
e in
vest
men
t obj
ecti
ves,
ris
ks, a
nd
char
ges
and
expe
nse
s of
th
e in
vest
men
t opt
ion
s of
fere
d un
der
the
reti
rem
ent p
lan
car
eful
ly b
efor
e in
vest
ing.
Th
e pr
ospe
ctus
es fo
r al
l in
vest
men
t opt
ion
s co
nta
in th
is a
nd
oth
er in
form
atio
n. P
rosp
ectu
ses
may
be
obta
ined
by
calli
ng
877.
805.
1127
. Pl
ease
rea
d th
e pr
ospe
ctus
car
eful
ly b
efor
e in
vest
ing.
In
vest
men
ts a
re s
ubje
ct to
mar
ket r
isks
an
d fl
uctu
ate
in
val
ue.
Glo
ssar
y o
f te
rms
used
on
the
follo
win
g p
ages
Med
ian
Mar
ket C
apit
aliz
atio
n is
an
indi
cati
on o
f th
e si
ze o
f firm
s in
wh
ich
the
fun
d in
vest
s. T
his
mea
sure
te
lls u
s th
at h
alf o
f th
e n
et a
sset
s of
the
port
folio
are
inve
sted
in th
e st
ocks
of c
ompa
nie
s la
rger
than
the
med
ian
mar
ket c
apit
aliz
atio
n a
nd
hal
f of i
ts a
sset
s ar
e in
vest
ed in
com
pan
ies
smal
ler
than
the
med
ian
mar
ket
capi
taliz
atio
n.
Pri
ce E
arni
ngs
Rat
io (
P/E
) is
the
wei
ghte
d av
erag
e of
the
pric
e/ea
rnin
gs r
atio
s of
the
stoc
ks in
a fu
nd’
s po
rtfo
lio. T
he
P/E
rat
io o
f a s
tock
is c
alcu
late
d by
div
idin
g th
e cu
rren
t pri
ce b
y it
s tr
ailin
g 12
mon
ths’
ear
nin
gs
per
shar
e. T
he
rati
o ca
n a
ct a
s a
gaug
e of
the
fun
d’s
inve
stm
ent s
trat
egy
in th
e cu
rren
t mar
ket e
nvi
ron
men
t an
d w
het
her
it h
as a
val
ue o
r gr
owth
ori
enta
tion
.
Ave
rage
Mat
urit
y is
the
wei
ghte
d av
erag
e of
all
the
mat
urit
ies
of th
e bo
nds
in th
e po
rtfo
lio, c
ompu
ted
by
wei
ghin
g ea
ch m
atur
ity
date
by
the
mar
ket v
alue
of t
he
secu
rity
. Th
e lo
nge
r th
e m
atur
ity,
the
grea
ter
the
inte
rest
rat
e ri
sk.
Ave
rage
Dur
atio
n is
a m
easu
re o
f a fu
nd’
s in
tere
st r
ate
sen
siti
vity
. Th
e lo
nge
r th
e du
rati
on, t
he
mor
e se
nsi
tive
th
e fu
nd
will
be
to s
hif
ts in
inte
rest
rat
es.
Ave
rage
Cre
dit Q
ualit
y re
pres
ents
the
port
folio
’s o
vera
ll cr
edit
qua
lity.
It i
s an
ave
rage
of e
ach
bon
d’s
cred
it
rati
ng,
adj
uste
d fo
r it
s re
lati
ve w
eigh
tin
g in
the
port
folio
.
43
Med
ian
Fore
ign
Avg
Avg
Avg
Mar
ket-
Cap
P/E
Cas
hSt
ocks
Bon
dsSt
ocks
Oth
erM
atur
ityD
urat
ion
Cre
dit
Lar
ge C
ap G
row
thA
mer
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22,1
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gan
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ndA
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t Inc
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28,2
53
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Van
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11,9
47
24.4
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94.8
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15,9
51
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722
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808
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s Ins
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187
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Uni
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20
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mer
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33,1
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0.0
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odge
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tern
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31,7
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Dat
a S
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rate
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38,1
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12.1
67.8
14.5
5.5
0.0
01.
83B
BV
an K
ampe
n Eq
uity
and
Inco
me
I57
,524
16
.76.
148
.321
.09.
814
.7--
----
Van
guar
d Li
feSt
rat G
row
th32
,464
17
.05.
269
.79.
914
.90.
4--
----
Van
guar
d Li
feSt
rat M
od
34,1
80
17.0
5.2
54.9
29.8
9.9
0.3
6.9
4.46
AA
AV
angu
ard
STA
R31
,351
17
.25.
043
.834
.516
.10.
610
.88
5.94
AA
Van
guar
d W
ellin
gton
66,2
23
15.2
3.4
52.9
31.5
12.1
0.2
8.2
5.35
AA
Van
guar
d W
ellin
gton
Adm
iral
66,2
23
15.2
3.4
52.9
31.5
12.1
0.2
8.2
5.35
AA
Uni
vers
e M
edia
n31
,480
17
.09.
229
.827
.130
.23.
76.
595.
33--
Inte
rmed
iate
Bon
dsD
odge
& C
ox In
com
e--
- -8.
50.
090
.70
0.8
5.8
3.7
AA
Gol
dman
Sac
hs C
ore
Fixe
d In
com
e In
s--
--8.
10.
039
.40
52.5
04.
16A
AA
Har
bor B
ond
----
57.2
0.0
27.5
015
.26.
65.
43A
AV
angu
ard
Tota
l Bon
d In
dex
----
2.5
0.0
97.5
0.01
0.0
6.8
4.52
AA
AU
nive
rse
Med
ian
----
12.7
0.0
82.2
0.32
4.8
7.31
4.59
--
Po
rtfo
lio C
ompo
sitio
nB
ond
Exp
osur
e
Dat
a S
ourc
e: M
orni
ngst
ar
48
Med
ian
Fore
ign
Avg
Avg
Avg
Mar
ket-
Cap
P/E
Cas
hSt
ocks
Bon
dsSt
ocks
Oth
erM
atur
ityD
urat
ion
Cre
dit
Spec
ialty
Com
mun
icat
ions
T. R
owe
Pric
e M
edia
& T
elec
om11
,967
34
.51.
271
.20.
027
.40.
3--
----
Uni
vers
e M
edia
n21
,589
23
.34.
462
.00.
032
.80.
8--
----
Spec
ialty
Fin
anci
a lB
lack
Roc
k G
loba
l Fin
anci
al S
vcs I
32,8
91
12.8
4.0
44.7
0.0
49.9
1.3
----
--U
nive
rse
Med
ian
24,1
23
14.1
5.0
71.4
0.0
22.0
1.5
----
--Sp
ecia
lty H
ealt h
T. R
owe
Pric
e H
ealth
Sci
ence
s8,
653
23.8
0.3
84.5
0.0
14.6
0.6
----
--V
angu
ard
Hea
lth C
are
31,1
89
22.2
9.8
62.3
0.0
28.0
0.0
----
--U
nive
rse
Med
ian
18,3
96
25.0
4.5
78.2
0.0
16.9
0.4
----
--Sp
ecia
lty N
atur
al R
esou
rces
Van
guar
d En
ergy
47,3
91
11.0
4.9
50.6
0.0
44.4
0.1
----
--U
nive
rse
Med
ian
18,0
18
13.5
12.2
56.2
3.9
25.5
2.3
----
--Sp
ecia
lty R
eal E
stat
eA
mC
ent R
eal E
stat
e In
v6,
279
33.3
2.0
94.7
0.0
3.0
0.3
----
--U
nive
rse
Med
ian
6,82
3
25
.03.
469
.01.
123
.33.
2--
----
Spec
ialty
Tec
hnol
ogy
Alli
anz
RC
M T
echn
olog
y In
stl
16,2
67
34.5
12.2
54.1
2.6
25.6
5.4
----
--U
nive
rse
Med
ian
14,6
01
27.0
3.7
79.0
0.1
16.8
0.4
----
--So
cial
ly R
espo
nsib
le
Van
guar
d FT
SE S
ocia
l Ind
ex In
v28
,444
17
.50.
399
.40.
00.
30.
0--
----
Uni
vers
e M
edia
n28
,444
3.
00.
399
.40.
00.
30.
0--
----
Spec
ialty
Lon
g B
ond
Van
guar
d Lo
ng-T
m C
orpo
rate
Bon
d--
0.0
0.4
0.0
99.6
0.0
0.0
21.9
11.4
5A
Uni
vers
e M
edia
n--
--15
.40.
079
.00.
15.
4--
----
Inte
rmed
iate
Gov
ernm
ent
Bla
ckR
ock
Gov
ernm
ent I
nc In
v In
stl
--0.
04.
80.
094
.10.
01.
111
.61
5.45
AA
AU
nive
rse
Med
ian
----
12.1
0.0
85.6
0.2
2.1
00
0H
igh
Yie
ld B
ond
Gol
dman
Sac
hs H
igh
Yie
ld In
stl
--0.
05.
10.
492
.60.
11.
90
3.87
BU
nive
rse
Med
ian
----
6.6
0.0
87.6
1.7
4.1
----
--
Po
rtfo
lio C
ompo
sitio
nB
ond
Exp
osur
e
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SM
arke
t Cap
, Por
tfol
io C
ompo
sitio
n an
d B
ond
Exp
osur
e as
of J
une
30, 2
007
Dat
a S
ourc
e: M
orni
ngst
ar
50
Indu
stry
div
ersi
fica
tion
Th
e fo
llow
ing
five
pag
es p
rovi
de in
form
atio
n a
bout
in
dust
ry d
iver
sifi
cati
on o
f th
e in
vest
men
t opt
ion
s re
lati
ve to
pee
r fu
nds
.
Info
rmat
ion
abo
ut th
e un
iver
se o
f fun
ds w
ith
sim
ilar
styl
es is
pro
vide
d, in
clud
ing
figu
res
for
fun
ds a
t th
e 50
th p
erce
nti
le.
Inve
stm
ent o
ptio
ns
are
liste
d al
phab
etic
ally
wit
hin
ea
ch c
ateg
ory.
Info
rmat
ion
Eco
nom
y
Soft
war
e: C
ompa
nie
s en
gage
d in
the
desi
gn a
nd
mar
keti
ng
of c
ompu
ter
oper
atin
g sy
stem
s an
d ap
plic
atio
ns.
Har
dwar
e: M
anuf
actu
rers
of c
ompu
ter
equi
pmen
t, co
mm
unic
atio
n e
quip
men
t, se
mic
ondu
ctor
s an
d co
mpo
nen
ts.
Med
ia: C
ompa
nie
s th
at o
wn
an
d op
erat
e br
oadc
ast
net
wor
ks a
nd
thos
e th
at c
reat
e co
nte
nt o
r pr
ovid
e it
to
oth
er m
edia
com
pan
ies.
Tel
ecom
mun
icat
ions
: Com
pan
ies
that
pro
vide
co
mm
unic
atio
n s
ervi
ces
usin
g fi
xed-
line
net
wor
ks a
nd
thos
e th
at p
rovi
de w
irel
ess
acce
ss a
nd
serv
ices
.
Ser
vice
Eco
nom
y
Hea
lthc
are:
In
clud
es b
iote
chn
olog
y, p
har
mac
euti
cals
, re
sear
ch s
ervi
ces,
HM
Os,
hom
e h
ealt
h, h
ospi
tals
, m
edic
al e
quip
men
t an
d su
pplie
s an
d as
sist
ed li
vin
g co
mpa
nie
s.
Con
sum
er S
ervi
ces:
In
clud
es r
etai
l sto
res,
per
son
al
serv
ices
, hom
e bu
ilder
s, h
ome
supp
ly, t
rave
l an
d en
tert
ain
men
t com
pan
ies
and
educ
atio
nal
pro
vide
rs.
Bus
ines
s Se
rvic
es: I
ncl
udes
adv
erti
sin
g, p
rin
tin
g,
publ
ish
ing,
bus
ines
s su
ppor
t, co
nsu
ltan
ts,
empl
oym
ent,
engi
nee
rin
g an
d co
nst
ruct
ion
, sec
urit
y se
rvic
es, w
aste
man
agem
ent,
dist
ribu
tors
an
d tr
ansp
orta
tion
com
pan
ies.
Fina
ncia
l Ser
vice
s: I
ncl
udes
ban
ks, fi
nan
ce c
ompa
nie
s,
mon
ey m
anag
emen
t firm
s, s
avin
gs a
nd
loan
s, s
ecur
itie
s br
oker
s an
d in
sura
nce
com
pan
ies.
Man
ufac
turi
ng E
cono
my
Con
sum
er G
oods
: Com
pan
ies
that
man
ufac
ture
or
prov
ide
food
, bev
erag
es, h
ouse
hol
d an
d pe
rson
al
prod
ucts
, app
arel
, sh
oes,
text
iles,
aut
os a
nd
auto
par
ts,
con
sum
er e
lect
ron
ics,
luxu
ry g
oods
, pac
kagi
ng
and
toba
cco.
Indu
stri
al M
ater
ials
: In
clud
es a
eros
pace
an
d de
fen
se
firm
s an
d co
mpa
nie
s th
at p
rovi
de o
r m
anuf
actu
re
chem
ical
s, m
ach
iner
y, b
uild
ing
mat
eria
ls a
nd
com
mod
itie
s.
Ene
rgy:
Com
pan
ies
that
pro
duce
or
refi
ne
oil a
nd
gas,
oi
lfiel
d se
rvic
e an
d eq
uipm
ent c
ompa
nie
s an
d pi
pelin
e op
erat
ors.
Uti
litie
s: E
lect
ric,
gas
an
d w
ater
uti
litie
s.
51
Soft
war
eH
ardw
are
Med
iaT
elec
om
Hea
lthca
reC
onsu
mer
B
usin
ess
Fina
ncia
l C
on G
oods
Indu
Mat
E
nerg
y U
tiliti
esL
arge
Cap
Gro
wth
Am
er C
entu
ry U
ltra
Inv
5.5
13.4
0.0
2.2
16.0
14.3
7.2
12.7
10.2
14.9
3.7
0.0
Bla
ckR
ock
Larg
e C
ap G
row
th I
10.7
14.1
3.4
0.0
19.9
13.4
9.1
5.8
7.8
11.3
4.6
0.0
Har
bor C
apita
l App
r.8.
315
.16.
41.
619
.012
.04.
611
.911
.07.
92.
30.
0O
ppen
heim
er C
apita
l App
reci
atio
n Y
8.4
15.9
3.7
3.0
14.5
10.5
6.3
11.2
8.4
11.7
6.6
0.0
TCW
Sel
ect E
quiti
es In
stl
13.5
16.1
0.0
0.0
12.3
16.8
12.2
16.9
0.0
3.0
9.3
0.0
T. R
owe
Blu
e C
hip
Gro
wth
5.
712
.82.
03.
518
.611
.93.
421
.23.
89.
67.
60.
0T.
Row
e G
row
th S
tock
7.
510
.93.
95.
016
.113
.94.
119
.14.
39.
06.
20.
0V
angu
ard
Gro
wth
Inde
x7.
315
.86.
50.
816
.313
.67.
18.
08.
59.
75.
50.
8V
angu
ard
Gro
wth
Inde
x A
dmira
l7.
315
.86.
50.
816
.313
.67.
18.
08.
59.
75.
50.
8V
angu
ard
Mor
gan
Gro
wth
7.0
14.8
3.6
0.9
15.5
11.2
8.7
7.6
7.5
13.8
8.6
1.1
Van
guar
d M
orga
n G
row
th A
dm7.
014
.83.
60.
915
.511
.28.
77.
67.
513
.88.
61.
1U
nive
rse
Med
ian
6.2
14.6
3.8
2.4
15.9
12.1
7.3
12.4
7.6
11.2
6.1
0.6
Lar
ge C
ap B
lend
Am
er C
ent I
nc &
Gro
w In
v1.
02.
23.
30.
04.
15.
44.
155
.112
.46.
06.
50.
0D
avis
NY
Ven
ture
Y2.
02.
45.
91.
42.
610
.03.
541
.212
.07.
311
.70.
0G
E U
.S. E
quity
Y6.
39.
95.
11.
115
.25.
15.
917
.711
.410
.79.
12.
6N
eube
rger
Ber
man
Foc
us T
rust
11.7
14.0
5.9
1.2
15.0
8.8
0.0
19.0
3.8
9.7
11.0
0.0
Van
guar
d 50
0 In
dex
3.7
9.0
3.6
3.7
11.9
8.1
4.0
21.6
8.5
12.1
9.9
3.8
Van
guar
d 50
0 In
dex
Adm
iral
3.7
9.0
3.6
3.7
11.9
8.1
4.0
21.6
8.5
12.1
9.9
3.8
Van
guar
d In
stitu
tiona
l Ind
ex In
stl
3.7
9.0
3.6
3.7
11.9
8.1
4.0
21.6
8.5
12.1
9.9
3.8
Van
guar
d Pr
imec
ap12
.215
.83.
60.
822
.06.
210
.55.
84.
510
.77.
90.
0U
nive
rse
Med
ian
3.7
8.7
3.6
3.3
11.8
8.9
5.1
21.1
8.9
13.3
9.1
2.7
Lar
ge C
ap V
alue
Am
eric
an B
eaco
n La
rge
Cap
Val
ue In
st2.
56.
52.
75.
310
.56.
91.
725
.88.
815
.98.
25.
4A
mer
Cen
t Val
ue In
v0.
04.
80.
03.
87.
84.
76.
230
.020
.211
.26.
84.
5B
lack
Roc
k La
rge
Cap
Val
ue I
5.5
5.5
1.6
2.4
11.7
7.7
4.3
24.8
6.9
12.1
16.1
1.4
Fide
lity
Adv
Equ
ity In
com
e I
0.5
7.9
4.9
5.2
10.3
7.1
3.9
28.8
6.8
10.6
12.4
1.8
Hot
chki
s Wile
y La
rge
Val
ue I
15.6
0.0
2.7
0.0
3.5
18.6
2.3
27.0
3.0
16.0
3.6
7.8
T. R
owe
Pric
e Eq
uity
--In
com
e 2.
14.
76.
95.
810
.54.
72.
417
.612
.317
.89.
45.
9V
an K
ampe
n G
row
th a
nd In
com
e I
1.5
4.6
6.9
5.3
17.7
5.1
0.0
24.4
10.6
12.7
6.4
4.8
Van
guar
d V
alue
Inde
x0.
52.
01.
36.
67.
82.
81.
635
.37.
713
.214
.46.
8V
angu
ard
Val
ue In
dex
Adm
iral
0.5
2.0
1.3
6.6
7.8
2.8
1.6
35.3
7.7
13.2
14.4
6.8
Van
guar
d W
inds
or II
1.9
3.6
1.6
5.8
12.5
4.7
1.4
25.7
11.1
13.3
9.4
9.0
Van
guar
d W
inds
or II
Adm
iral
1.9
3.6
1.6
5.8
12.5
4.7
1.4
25.7
11.1
13.3
9.4
9.0
Uni
vers
e M
edia
n1.
95.
23.
65.
39.
76.
02.
927
.09.
313
.611
.04.
6
TH
E S
TA
ND
AR
D G
RO
UP
AN
NU
ITY
INV
EST
ME
NT
OPT
ION
SIn
dust
ry D
iver
sific
atio
n as
of J
une
30, 2
007 In
dust
ry D
iver
sific
atio
nIn
form
atio
n E
cono
my
Serv
ice
Eco
nom
yM
anuf
actu
ring
Eco
nom
y
Dat
a S
ourc
e: M
orni
ngst
ar
52
Soft
war
eH
ardw
are
Med
iaT
elec
om
Hea
lthca
reC
onsu
mer
B
usin
ess
Fina
ncia
l C
on G
oods
Indu
Mat
E
nerg
y U
tiliti
esM
id C
ap G
row
thB
rand
ywin
e11
.318
.68.
41.
810
.82.
98.
42.
13.
623
.38.
80.
0C
alam
os G
row
th A
7.7
16.2
4.0
3.8
15.4
9.1
13.5
7.1
11.1
6.9
5.2
0.0
Fran
klin
Sm
all--
Mid
Cp
Gr A
dv7.
518
.00.
65.
618
.911
.29.
38.
03.
911
.95.
30.
0M
unde
r Mid
--C
ap C
ore
Gro
wth
Y2.
27.
80.
05.
39.
09.
314
.216
.27.
111
.213
.64.
3N
eube
rger
Ber
man
Man
hatta
n In
st--
----
----
----
----
----
--R
aini
er S
mal
l Mid
Equ
ity In
stl
4.0
13.3
0.0
1.0
11.8
8.4
8.0
16.5
5.9
13.2
13.2
4.8
T. R
owe
Pric
e M
id C
ap G
row
th6.
411
.82.
75.
817
.413
.314
.65.
72.
010
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.50.
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57
The Standard’s due diligence programOverviewThe Investment Due Diligence program is a rigorous selection, monitoring and evaluation system of the separate account investment options offered to retirement plan clients of The Standard. The program is designed to ensure that the investments offered by The Standard to retirement plan sponsors provide competitive performance coupled with adherence to the appropriate investment style.
This system is objective in nature using monitoring tools that are time-tested and recognized as industry standard.
The program is extensive. It includes a review of the long-term style orientation, style drift, manager qualifications and performance of each fund. The process demonstrates The Standard’s commitment to provide a highly competitive and appropriate investment product package to retirement plan clients.
We start with a single asset category, chosen to satisfy portfolio objectives.
Fund performance and risk characteristics are scored to ensure return, risk-adjusted
return and style consistency.
We review fund literature and talk with fund representatives for a comprehensive
evaluation of fund style, management and performance.
We screen for the minimum qualifications: below-median expense ratio, at least three years’ history, returns in the top one-third of its asset class for at least three years and a
proven manager with tenure.
The fund with the best overall quantitative score that also survives the qualitative
review is added to our lineup.
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Due Diligence Process
The Standard offers clients and plan participants an investment mix specifically designed to meet today’s retirement plan needs.
The investment mix is intended to include a complete array of investment styles allowing plan sponsors to tailor the offerings for their plans.
The Standard Investment Due Diligence program incorporates the following functions:
• funds within the mix are reviewed quarterly for consistency of style
• fund performance is measured quarterly against a commonly accepted universe of similar investments
• the long-term performance of the fund manager is measured quarterly using commonly accepted analytical tools
• funds are evaluated quarterly for continued appropriateness within The Standard’s retirement plans investment mix
• funds are identified for possible replacement or style designation change
• specific and objective criteria are used to evaluate fund candidates for inclusion in the mix
Investment Selection and Due Diligence Committee
The Investment Selection and Due Diligence Committee is made up of senior-level staff as appointed by the respective heads of the Retirement Plans Division and StanCorp Investment Advisers, Inc., a registered investment adviser. The committee meets in the month following quarter-end to review each fund’s performance and status during the preceding quarter. The committee applies to all funds the criteria described in this document and determines any appropriate action.
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Fund Classification
StanCorp Investment Advisers determines the fund classification for each fund in The Standard’s investment lineup. The classification is based on a combination of holdings-based analysis, returns-based analysis and a qualitative evaluation of the fund managers’ process, intention and internal benchmarks. The qualitative evaluation is given more weight when the holding-based and returns-based analysis produce conflicting results. The StanCorp Investment Advisers’ fund classification serves as the appropriate universe of funds with which each fund’s attributes and performance are compared.
Fund Selection Criteria
Required Attributes
1. Funds will have a multi-year history of performance or managers will have a demonstrated track record with a similar style investment vehicle (e.g., fund is a clone of a closed fund with a favorable track record).
2. Funds will be members of nationally recognized fund families, with wide publication of investment results in local and national media.
3. Funds will demonstrate consistent management style matching the objectives of the search.
A. Funds invest in appropriate asset categories.
B. Funds demonstrate industry diversification (unless the fund specializes in a single industry).
C. Equity funds do not carry excessive cash (greater than 20 percent) for extended periods (fixed-income or balanced/lifestyle funds may periodically hold more cash).
4. Funds will be available to participants on a no-load basis and will have expense ratios that are at or below the median in the lowest cost share class available to The Standard.
5. Funds will have sufficient asset size for adequate diversification within the appropriate universe. Fund minimum assets under management will be $35 million.
6. Funds will be available for “same-day” trading on terms acceptable to The Standard.
Performance-Based Criteria
1. Performance will be consistently in the top half of the category on a calendar year-to-year basis over the tenure of the fund manager. Secondarily, fund performance over the last 12 months will be in the top half of the category, and fund performance over three and, if available, five years will be in the top one-third of the category. If these criteria would exclude a fund with superior year-to-year return consistency, they will be relaxed. Funds with shorter histories will be considered if the manager has a demonstrable track record with a similar investment style.
2. Manager risk adjusted return, as measured by the Sharpe ratio, will be better than the average fund in the appropriate universe.
3. Exceptions to the performance criteria will be made for index funds. Index funds will be expected to perform relative to the underlying index before expenses.
Ongoing Monitoring Criteria
1. The expense ratio is expected to remain below the median for the fund category in the lowest cost share class available to The Standard.
2. Three- or five-year returns are expected to remain above average for the category universe. Should slippage occur, we will ascertain the reason for the slippage and assess the need to take action based on the result of our investigation.
3. The Sharpe ratio is expected to remain above average for the category universe for the three- and five-year periods. Should slippage occur, we will ascertain the reason for the slippage and assess the need to take action based on the result of our investigation.
4. Equity funds are expected to remain fully invested. Should cash levels in an equity fund rise above 20 percent, we will ascertain the reason and assess the need to take action based on the result of
Fund selection and monitoring criteria
60
our investigation. Other fund types such as fixed income funds and asset allocation funds may hold cash as part of the active management of their portfolios; however, a significant and rapid accumulation of cash in these funds also will prompt further investigation.
5. With the exception of funds specializing in a single sector, funds are expected to remain broadly diversified. If a fund were to accumulate a position in a single industry that is significantly larger than the average for the category, we will ascertain the reason for the accumulation and assess the need to take action.
6. Fund styles are expected to remain true to the category for which they were chosen. If a fund’s performance or portfolio composition indicates that the fund’s style may be drifting significantly away from target, we will ascertain the reason and assess the need to take action. If an official style change is announced, we will determine whether to move the fund to the new category or take other action.
7. In general, a management change in which a member of the team is promoted to the team lead will be viewed as less likely to impact the long-term prospects for the fund and we would be inclined to maintain the fund in the investment matrix. In situations where a manager who is very autonomous is replaced, we would be more inclined to place the fund on a watch list and possibly remove the fund from the investment matrix.
8. The Standard reserves the right to remove a fund from the matrix if total investments in the fund do not reach $2.5 million within 24 months from the original offering.
Potential Actions
This list is meant to reflect the realm of possible actions that could be taken should a fund fall short of our monitoring criteria. Actions taken will not necessarily follow the progression presented. In any case, a fund will be removed from the investment matrix if it is in violation of federal and/or state regulations.
1. Formally identify funds that have fallen short of our criteria. The Investment Selection and Due Diligence Committee’s concerns and the results of the investigation of the slippage will be detailed in the quarterly update. In some instances, an interim bulletin regarding our concerns may be issued.
2. Place the fund on a Watch List for a period not to exceed four quarters. If action is taken on the part of the fund management that can reasonably be expected to cause the fund to satisfy the monitoring criteria within the time specified when the fund is placed on the Watch List, the fund will be removed from the Watch List with no further action.
3. Offer an additional fund in the same category to plans utilizing the fund that is under review.
4. Move the fund to a more appropriate category and offer a substitute fund in the category that was vacated by the fund under review to plans utilizing the fund.
5. Suspend further investment in the fund under review, and offer another fund in the category vacated by the fund under review.
6. Remove the fund from plans utilizing it. Investments in the fund will be transferred to the money market alternative or a new fund representing the vacated category as determined by the plan sponsor and/or participants.
61
1. Wide publication of fund results is discontinued.
2. Fee structure is modified to the material detriment of plan participants.
3. Fund manager is replaced with a manager whose skills or experience are not acceptable to the committee.
4. Investments of the fund become inconsistent with the category and are expected to remain that way.
5. Manager demonstrates extreme risk-taking behavior (i.e., large accumulation of cash, large accumulation in a single industry, investments outside those expected for the category, unacceptable increase in relative return volatility, etc.) that is expected to persist.
6. Objective of the fund is changed to a degree that would make the fund inappropriate for the plans in which it is utilized.
7. Investment performance is deemed unacceptable by the committee.
Criteria that Will Lead to Suspension of Further Investment
Removal of Fund from Investment Matrix
If a fund is to be removed from The Standard’s list of investment funds, written notice will be given to the plan sponsor at least 120 days in advance of the planned removal unless the circumstances beyond The Standard’s control prevent such notice.
The notice will identify the effective date of removal. It will inform the plan sponsor of options for substituting funds, which may include transferring all of the plan assets in that fund to another fund designated by the plan sponsor or allowing participants to redirect their account balances in that fund to other funds offered by the plan. The notice will explain that a plan sponsor may object to the proposed removal or the timing of removal. The Standard will then attempt to arrange a satisfactory resolution or provide time for the plan sponsor to convert to a new service provider.
If, however, the fund is being removed for violation of federal or state law, The Standard reserves the right to transfer all fund assets immediately to an interest-bearing account.
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Appropriate Universe/Category is defined as The StanCorp Investment Advisers’ fund classification. The classification is based on a combination of holdings-based analysis, returns-based analysis and a qualitative evaluation of the fund managers’ process, intention and internal benchmarks. The qualitative evaluation is given more weight when the holding-based and returns-based analyses produce conflicting results.
Expense Ratio is the ratio of total internal expenses to fund assets as reported by the most recent Morningstar report. The expenses include, but are not limited to, items such as legal and custody charges, management fees and sales charges such as 12b-1 fees. Performance statistics are net of the expense ratio.
Fully Invested is defined as a cash position of 20 percent or less for equity funds for the purpose of determining when an investigation is appropriate. Higher cash levels will be tolerated in fixed income or balanced funds if the overall portfolio risk and style remain consistent with the category.
Information Ratio is a measure of risk-adjusted relative return. It measures the return of the fund over and above the return on an appropriate passive benchmark portfolio (e.g., S&P 500, Russell 2000, etc.) per unit of excess risk taken (defined as the standard deviation of the return of the fund relative to the return on the
index). The purpose of the measure is to determine whether the fund’s manager has consistently added value over the passive benchmark portfolio. The larger the information ratio, the more likely that the manager’s relative outperformance is the result of true skill (as opposed to random luck) and therefore reasonably can be expected to be repeated.
Sharpe Ratio is a measure of risk-adjusted return. It measures the return of the fund over and above the return on the risk free asset (defined as the three-month Treasury Bill) per unit of risk (defined as the standard deviation of the fund’s return). The purpose of the measure is to determine whether the fund’s risk is justified by the additional return generated. The larger the Sharpe ratio, the better the manager’s performance.
Style Drift is a departure from the expected investment pattern based on the Fund Classification. The result can be performance that is significantly different from the benchmark and universe average. Early indications of style drift can be detected by examining the holdings and performance statistics of the fund. If the drift is the result of a long-term change in investment philosophy or strategy on the part of the fund manager, it ultimately will result in a change in the Fund Classification.
Glossary of terms and tools used in this report
63
About StanCorp Investment Advisers, Inc.StanCorp Investment Advisers was formed in May 2000 as a wholly owned subsidiary of StanCorp Financial Group, Inc. Staffed with experienced financial professionals, the firm was formed to provide:
• specialized due diligence reports and other financial analysis functions for retirement plan sponsors
• fund selection and investment advice to plan sponsors
• model portfolios for participants
In addition, StanCorp Investment Advisers provides the rigorous analysis and advice behind the due diligence process that uses to select and monitor the mutual funds offered to its retirement plan clients. StanCorp Investment Advisers partners with The Standard’s own staff to ensure the continued high quality of the funds offered.
Clients must sign a service agreement with StanCorp Investment Advisers to receive the firm’s services. While the firm works on a fee-for-service basis, Standard Insurance Company underwrites the cost of providing basic services on behalf of its clients. However, extraordinary services undertaken at the request of clients will be the financial responsibility of the client.
StanCorp Investment Advisers, Inc.Kim W. Ledbetter President StanCorp Investment Advisers
Julie Grandstaff, CFA Vice President and Managing Director StanCorp Investment Advisers
Kim A. Ceserani, CFA Senior Portfolio Manager StanCorp Investment Advisers
Marilyn R. Bishop Assistant Vice President and Associate Counsel Standard Insurance Company
Home Office 1100 SW Sixth Avenue Portland OR 97204
Standard Insurance Company 1100 SW Sixth Avenue Portland OR 97204-1093
www.standard.com For retirement plans: http://retirement.standard.com
StanCorp Equities, Inc., member FINRA/SIPC, distributes group variable annuity and group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc, a registered investment advisor. Standard Insurance Company, StanCorp Equities, Inc., Standard Retirement Services, Inc., and StanCorp Investment Advisers, Inc. are subsidiaries of StanCorp Financial Group, Inc. and all are Oregon corporations.