AGENDA MEETING OF THE RETIREMENT COMMITTEE WITH … › media › 1256 › ret-2013-03-26.pdf ·...

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AGENDA

MEETING OF THE RETIREMENT COMMITTEE WITH BOARD OF DIRECTORS OF

ORANGE COUNTY WATER DISTRICT 18700 Ward Street, Fountain Valley, CA (714) 378-3200

Tuesday, March 26, 2013 – 8 a.m. Conference Room C-2

* The OCWD Retirement Committee meeting is noticed as a joint meeting with the Board of Directors for the purpose of strict compliance with the Brown Act and to allow all Board members to hear the presentations and participate in the discussions. OCWD Directors receive no additional compensation or stipend as a result of simultaneously convening this Board of Directors meeting. Items recommended for approval at this meeting will be placed on the Consent Calendar at the April 3, 2013 Board meeting.

ROLL CALL

VISITOR PARTICIPATION Members of the audience wishing to address the Committee/Board on items of interest to the public are

requested to identify themselves. If the matter on which they wish to comment is an Agenda item, the visitor will be called on when that matter comes up for consideration.

ITEMS RECEIVED TOO LATE TO BE AGENDIZED

RECOMMENDATION: Determine need to take action on item(s) which arose subsequent to posting

of the Agenda (Adoption of this recommendation requires two-thirds vote of the Board/Committee, or, if less than two-thirds of the members are present, a unanimous vote)

CONSENT CALENDAR (ITEMS NO. 1-2)

1. MINUTES OF RETIREMENT COMMITTEE MEETING HELD ON JANUARY 29, 2013 RECOMMENDATION: Approve minutes as presented 2. AMENDMENT TO LEGAL SERVICES AGREEMENT 0424 WITH TRUCKER HUSS

RETIREMENT LAW FIRM RECOMMENDATION: Agendize for April 3 Board meeting: Authorize issuance of

Amendment No. 2 to Legal Services Agreement with Trucker Huss in the amount of $20,000 for specialized legal services

END OF CONSENT CALENDAR

MATTER FOR CONSIDERATION

3. 457(b) DEFERRED COMPENSATION PLAN FUND LINE-UP REVIEW

RECOMMENDATION: Agendize for April 3 Board meeting: Take action as appropriate INFORMATIONAL ITEMS 4. GUARANTEED INCOME FUND INTEREST RATES

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DETERMINATION OF ITEMS TO BE PLACED ON CONSENT CALENDAR FOR APRIL 3 BOARD MEETING

ANNOUNCEMENTS/REPORTS ADJOURNMENT

In accordance with the requirements of California Government Code Section 54954.2, this agenda has been posted in the main lobby of the Orange County Water District, 18700 Ward Street, Fountain Valley, CA not less than 72 hours prior to the meeting date and time above. All written materials relating to each agenda item are available for public inspection in the office of the District Secretary. Backup material for the Agenda is available at the District offices for public review and can be viewed online at the District’s website: www.ocwd.com

Pursuant to the Americans with Disabilities Act, persons with a disability who require a disability-related modification or accommodation in order to participate in a meeting, including auxiliary aids or services, may request such modification or accommodation from the District Secretary at (714) 378-3233, by email at [email protected] by fax at (714) 378-3373. Notification 24 hours prior to the meeting will enable District staff to make reasonable arrangements to assure accessibility to the meeting. As a general rule, agenda reports or other written documentation has been prepared or organized with respect to each item of business listed on the agenda, and can be reviewed at www.ocwd.com. Copies of these materials and other disclosable public records distributed to all or a majority of the members of the Board of Directors in connection with an open session agenda item are also on file with and available for inspection at the Office of the District Secretary, 18700 Ward Street, Fountain Valley, California, during regular business hours, 8 am to 5 pm, Monday through Friday. If such writings are distributed to members of the Board of Directors on the day of a Board meeting, the writings will be available at the entrance to the Board of Directors meeting room at the Orange County Water District office.

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RETIREMENT COMMITTEE MEMBERS

DIRECTORS STAFF MEMBERS Roger Yoh, Chair Phil Harrington Harry Sidhu Jason Dadakis Vincent Sarmiento STAFF ALTERNATES

DIRECTOR ALTERNATES Roy Herndon (1st Alternate) Phil Anthony Jana Safarik (2nd Alternate)

Bruce Whitaker Kathryn Barr EMPLOYEE ADVISORY COMMITTEE Denis Bilodeau Dave Bolin Cathy Green John Bonsangue Steve Sheldon John Bruns Shawn Dewane Rita Hintlian

1

MINUTES OF BOARD OF DIRECTORS MEETING

WITH RETIREMENT COMMITTEE ORANGE COUNTY WATER DISTRICT

January 29, 2013 @ 8:00 AM

Director Yoh called the Retirement Committee meeting to order in Conference Room C-2 at the District office. The Recording Secretary called the Roll as follows: Retirement Committee Members OCWD Staff Director Yoh, Chair Mike Markus, General Manager Director Sidhu Stephanie Dosier, Plan Secretary Director Sarmiento (arrived 8:15 a.m.) Christina Fuller, Recording Secretary Phil Harrington - Staff Paula Bouyounes, Lisa Wirtz Jason Dadakis - Staff Others Director Alternates Kymberly Jankauski ,Prudential Scott Sutherland, Wolfson-Sutherland Phil Anthony Bruce Whitaker Employee Advisory Group Kathryn Barr (not present) Roy Herndon, Alternate 1 Denis Bilodeau (not present) Jana Safarik, Alternate 2 Cathy Green (arrived 8:05 a.m.) John Bonsangue Steve Sheldon (not present) Dave Bolin Shawn Dewane (not present) John Bruns Rita Hintlian CONSENT CALENDAR The Consent Calendar was approved upon motion by Director Anthony, seconded by Jason Dadakis and carried (5-0) as follows. 1. Minutes of Previous Meeting The Minutes of the October 23, 2012 Retirement Committee meeting were approved as presented. 2. Retirement Committee “Employee Appointments Recommended for approval at February 6 Board meeting: Approve the appointments of the following employees to the Retirement Committee: 1) Jason Dadakis Sitting Member, 2) Roy Herndon,1st Alternate; and 3) Jana Safarik, 2nd Alternate. MATTERS FOR CONSIDERATION Directors Green and Sarmiento arrived during discussion of the following matter. 3. 401(a) Money Purchase Retirement Plan Investment Line-Up Review Human Resources Director Stephanie Dosier asked Wolfson-Sutherland advisor Scott Sutherland to lead the portfolio review and offer recommendations based on market trends and performance indicators.

2

Mr. Sutherland reviewed funds in the 401(a) investment portfolio that were red flagged at the October 2012 Retirement Committee meeting. He presented a detailed performance review and highlighted current funds with lagging performances. Mr. Sutherland recommended the Committee “red flag” funds with questionable performances and suggested alternate funding options based on current market trends and performance indicators. Following a lengthy discussion the Committee took the following actions.

Upon motion by Director Yoh, seconded by Jason Dadakis and carried [5-0], the Committee recommended that the Board, at the February 6 meeting: Approve the following actions for the 401(a) Money Purchase Plan investment portfolio.

4. Red Flag Review- 457(b) Deferred Compensation Plan

Mr. Sutherland reviewed funds in the 457(b) investment portfolio that were red flagged at the October 2012 Retirement Committee meeting. He presented a detailed investment portfolio performance review and discussed the significant performance metrics of each “red flagged” fund and suggested alternate funding options based on current market trends and performance indicators. The Committee then took the following actions.

Upon motion by Director Anthony, seconded by Director Yoh and carried [5-0]. the Committee recommended that the Board at its February 6 meeting: Approve the following actions for the 457 (b) Deferred Compensation Plan.

ACTION SYMBOL FUND NAME

Close Fund RLPHX Royce Low Priced Stock Invmt map RLPHX to JTUAX JPMorgan US Small Company A

Add Fund PSSSX Principal SmallCap Close Fund CSIEX Calvert Equity A

map CSIEX to PRWAX T. Rowe Price New America Growth Close Fund FKGRX Franklin Growth A

Map FKGRX to DVEAX Delaware Select Growth A Add Fund ASPIX Alger Spectra I

Keep Red Flag JUEAX JPMorgan US Equity A Keep Red Flag SAMVX Ridge Worth Mid-Cap Value Equity A

DETERMINATION OF ITEMS TO BE PLACED ON CONSENT CALENDAR FOR THE FEBRUARY 6 BOARD MEETING

The Committee recommended that Items No. 3-4 be placed on the Consent Calendar for the February 6 Board meeting.

ACTION SYMBOL FUND NAME

Red Flag PGNAX Prudential Jennison Natural Resources A Keep Red Flag DMCVX Dreyfus Opportunistic Midcap Value A

Red Flag VETAX Victory Established Value A Add HWAAX Hotchkis and Wiley Value Opps A

Red Flag HMVMX Highmark Value Fiduciary

3

ADJOURNMENT There being no further business, the meeting was adjourned at 9:20 a.m.

____________________________________ Retirement Plan Secretary Stephanie Dosier

AGENDA ITEM SUBMITTAL

Meeting Date: March 26, 2013 Budgeted: Yes Budgeted Amount: $20,000 To: Retirement Committee Board of Directors

Cost Estimate: N/A Funding Source: General Fund

Program/ Line Item No. 1030.53001 From: Mike Markus General Counsel Approval: N/A Engineers/Feasibility Report: N/A Staff Contact: S. Dosier CEQA Compliance: N/A Subject: AMENDMENT TO LEGAL SERVICES AGREEMENT 0424 WITH

TRUCKER HUSS RETIREMENT LAW FIRM SUMMARY Since October of 2007, the District has retained a law firm that specializes in retirement and benefit law. Periodically, the District requires legal services specifically related to the District’s retirement plans. There is an existing agreement with Trucker Huss for these specialized legal services. At this time, staff would like to add funds in the amount of $20,000 to the existing retainer and recommends the Committee approve Amendment No. 2 to Agreement with Trucker Huss for continued retirement and benefit legal services. Attachment(s): Amendment No. 2 to Legal Services Retainer Agreement No. 0424 RECOMMENDATION Agendize for April 3 Board meeting: Authorize issuance of Amendment No. 2 to Legal Services Agreement with Trucker Huss in the amount of $20,000 for specialized retirement and benefit legal services. DISCUSSION A Legal Services Agreement with Trucker Huss, a retirement law firm, was awarded in October of 2007. Trucker Huss was retained to provide legal counsel specific to the District’s retirement programs, as this area of law is specialized. The original agreement with Trucker Huss back in 2007 was for $20,000. In 2008 the Board approved Amendment No. 1 to add an additional $15,000 to the agreement to cover costs for anticipated expenses for plan updates. Trucker Huss has provided legal counsel over the past 5 years on the following type of issues:

• Kept the District up to date on all required language modifications for legislative or tax law changes.

Prepares the Plan amendments as necessary to incorporate those legislative requirements

Submit required documentation to the IRS if a plan amendment creates a requirement to receive approval from and Letter of Determination from the IRS.

Assisted the District will all legal issues during the conversion of the 457 Plan conversion in 2010

Assist staff with retirement plan legal questions to ensure full compliance in all areas

Staff utilizes Trucker Huss only when necessary and makes attempts to use all resources available through Prudential, the Plan sponsor, as well as our retirement advisor, Wolfson-Sutherland. At this time, the full $15,000 from Amendment No. 1 has been expensed. Additionally there is an outstanding invoice in the amount of $2,283.69 that needs to be paid. Staff is recommending a second Amendment to the Legal Services Agreement to include an additional $20,000. This will cover the outstanding invoice amount as well as provide additional funds to cover a planned Money Purchase Plan Amendment later this year. The total funds spent for retirement legal services in 5 years have been $35,000. Staff recommends approving and authorizing execution of Amendment No. 2 to the Legal Services Agreement with Trucker Huss for an amount not to exceed $20,000. This amendment would bring the total agreement amount to $55,000. PRIOR RELEVANT BOARD ACTION(S) 10/03/2007, R07-10-135 Approve Agreement to Trucker Huss for $20,000 07/16/2008, R08-7-102 Approved Amendment No. 1 to add $15,000 to Agreement

AMENDMENT NO. 2 TO LEGAL SERVICES RETAINER AGREEMENT NO. 0424

This AMENDMENT NO. 2 TO LEGAL SERVICES RETAINER AGREEMENT NO. 0424 (“Amendment”) dated as of ___________, 2013, is entered into between the ORANGE COUNTY WATER DISTRICT (“OCWD”), political subdivision, organized and existing in the County of Orange under and by virtue of the laws of the State of California, and TRUCKER HUSS (“Attorney”), which amends the LEGAL SERVICES RETAINER AGREEMENT NO. 0424 entered into as of October 3, 2007 between OCWD and Attorney (the “Agreement”) The purpose of this Amendment is to increase the compensation for legal services under the Agreement from $35,000 to $55,000.

1. Section 4 of the Agreement is amended and restated in its entirety as follows:

“4. Compensation: Attorney shall submit to OCWD an itemized statement of services and charges on a monthly basis. OCWD shall pay Attorney in accordance with its fee schedule for these legal services. Total payments shall not exceed $55,000.”

2. Section 2. Except as set for in this Amendment, each of the terms, conditions and provisions of the Agreement shall remain in full force and effect.

ORANGE COUNTY WATER DISTRICT

By: Michael R. Markus, P.E. General Manager

By: Shawn Dewane., Board President

TRUCKER HUSS

By:

Title:

APPROVED AS TO FORM:

Rutan & Tucker, LLP

By: Joel D. Kuperberg

AGENDA ITEM SUBMITTAL Meeting Date: March 26, 2013 Budgeted: N/A Budgeted Amount: N/A To: Retirement Committee Board of Directors

Cost Estimate: N/A Funding Source: N/A

Program/ Line Item No. N/A From: Mike Markus General Counsel Approval: N/A Engineers/Feasibility Report: N/A Staff Contact: S. Dosier CEQA Compliance: N/A Subject: 457(b) DEFERRED COMPENSATION PLAN FUND LINE-UP REVIEW SUMMARY The Wolfson-Sutherland Group of Wells Fargo Advisors serves as the retirement plan advisor for the 457(b) Deferred Compensation Plan. Part of their responsibility to the District is to provide periodic updates on fund performance for the Plan so that the Retirement Committee and the Board of Directors can meet their fiduciary responsibilities in monitoring of investment options with the Plan. Wolfson-Sutherland Group representative Scott Sutherland will present a review and offer recommendations to the Committee for discussion. Attachment(s):

457(b) Plan Review 401(a) Red Flag Fund Review

RECOMMENDATION Agendize for April 3 Board meeting: Take action as appropriate. DISCUSSION The purpose of this meeting is to review the due diligence that Scott Sutherland has done during his performance review of the 457(b) Deferred Compensation Plan investment fund options. Additionally, Mr. Sutherland will review the funds in the 401(a) Plan that are currently on the red flag list. The meeting is to be a collaborative process in which the investment options are discussed in an effort to come to decisions on any fund line-up changes for the Plan. A key factor in the fund decisions is a review of each fund’s performance “net” of their expenses. An investment option with higher expenses will have to make up for that expense with better investment performance as compared to funds with lower expenses. Our retirement advisor will review each fund’s performance and provide his recommendations, if any, for fund changes per the guidelines of the retirement plan

Investment Policy Statement. The plan review documentation completed by Scott Sutherland is attached for review. Mr. Sutherland will review this document in detail at the meeting. PRIOR RELEVANT BOARD ACTION(S): Quarterly

401(a) Red Flag Review

Presented By: March 26, 2013 Scott T. Sutherland, Senior Vice President – Investments Kymberly M. Jankauski, Financial Consultant Jennifer L. Dickerson, Financial Consultant

Fiduciary Monitoring Example Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation

December 2009 - November 2012R

etur

n

0%

2%

4%

6%

8%

10%

12%

14%

Standard Deviation0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%

JPMorgan Large Cap Growth A

Delaware US Growth A

American Century Legacy Lg Cap Adv

Janus Forty S

Market Benchmark:Russell 1000 Growth

Capital Market LineThis axis measures risk.

This axis measures netperformance.

Manager Risk/ReturnSingle Computation

December 2007 - November 2012

Ret

urn

-3%

-2%

-1%

0%

1%

2%

3%

4%

Standard Deviation0% 5% 10% 15% 20% 25%




Janus Forty S


Capital Market Line

Outperforming with less volatility.

Underperforming with less volatility.

Overperforming with higher volatility.

Underperforming with higher volatility.

Calendar Year ReturnAs of November 2012

Ret

urn

-40%

-20%

0%

20%

40%

YTD 2011 2010 2009 2008

JPMorgan Large Cap Growth ADelaware US Growth AAmerican Century Legacy Lg Cap AdvJanus Forty SRussell 1000 Growth

This box shows yearly mutualfund performance versus the

benchmark.

Manager StyleSingle Computation


Russell 1000 Value Russell 1000 Growth


Small

-1

0

1

Large

Value -1 0 1 Growth


This box shows thepurity of the mutual fund.

Created with Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc.

Fiduciary Monitoring Example Zephyr StyleADVISOR: Wells Fargo AdvisorsUpside Downside

Single Computation

December 2007 - November 2012 ( 5yr Lookback)U

psid

e%

75

80

85

90

95

100

105

Downside%96 98 100 102 104 106 108 110 112

JPMorgan Large Cap Growth ADelaware US Growth AAmerican Century Legacy Lg Cap AdvJanus Forty S

Russell 1000 Growth

This axis measures the upsidecapture compared to the

benchmark.

This axis measures thedownside capture compared

to the benchmark.

Manager vs Morningstar Large Growth: ReturnDecember 2007 - November 2012 (not annualized if less than 1 year)

Ret

urn

-5

0

5

10

15

20

25

YTD 1 year 2 years 3 years 4 years 5 years


5th to 25th Percentile25th Percentile to MedianMedian to 75th Percentile75th to 95th Percentile


OCWD 401(a) - Natural Resources - Red Flag ReviewZephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation

February 2010 - January 2013R

etur

n

0%

1%

2%

3%

4%

5%

6%

Standard Deviation0% 5% 10% 15% 20% 25% 30%

Jennison Natural Resources A

Market Benchmark:Morningstar Natural Resources

Capital Market Line

Prudential Jennison Natural Resources A $761,344 (1.06% of assets)a/o 1/31/2013

RedFlagged1/2013


February 2008 - January 2013

Ret

urn

-2%

-1.5%

-1%

-0.5%

0%

0.5%

Standard Deviation0% 5% 10% 15% 20% 25% 30% 35%



Capital Market Line

Calendar Year ReturnAs of January 2013

Ret

urn

-20%

0%

20%

40%

60%

80%

YTD 2012 2011 2010 2009

Jennison Natural Resources AMorningstar Natural Resources

Manager Style36-Month Moving Windows, Computed Monthly




Small

-1

0

1

Large

Value -1 0 1 Growth


Created with Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc. Please see important disclosures at the conclusion of this presentation for more information.

OCWD 401(a) - Natural Resources - Red Flag ReviewZephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation

August 2012 - January 2013R

etur

n

0%

2%

4%

6%

8%

10%

12%

Standard Deviation0% 1% 2% 3% 4% 5% 6% 7% 8% 9%



Capital Market Line



Ret

urn

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

Standard Deviation0% 5% 10% 15% 20%



Capital Market Line


Ret

urn

-20%

0%

20%

40%

60%

80%

YTD 2012 2011 2010 2009






Small

-1

0

1

Large

Value -1 0 1 Growth



OCWD 401(a) - Natural Resources - AlternativesZephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Jennison Natural Resources A (1.18%, 6.8 yrs.) (1.19%, 6.9 yrs.)

BlackRock Natural Resources Inv A (1.13%, 15.2 yrs.)

Fidelity Advisor Materials A (1.13%, 5.1 yrs.)

RS Global Natural Resources A (1.45%, 10.4 yrs.)


Capital Market Line

Prudential Jennison Natural Resources A $761,344 (1.06% of assets)a/o 1/31/2013

RedFlagged1/2013



Ret

urn

-2%

0%

2%

4%

6%

8%


Jennison Natural Resources A (50 bps)

BlackRock Natural Resources Inv A (50 bps)

Fidelity Advisor Materials A (50 bps)

RS Global Natural Resources A (65 bps)


Capital Market Line


Ret

urn

-20%

0%

20%

40%

60%

80%

YTD 2012 2011 2010 2009

Jennison Natural Resources ABlackRock Natural Resources Inv AFidelity Advisor Materials ARS Global Natural Resources AMorningstar Natural Resources





Small

-1

0

1

Large

Value -1 0 1 Growth



OCWD 401(a) - Natural Resources - AlternativesZephyr StyleADVISOR: Wells Fargo AdvisorsUpside Downside

Single Computation

February 2008 - January 2013 ( 5yr Lookback)U

psid

e%

100

105

110

115

120

125

Downside%90 95 100 105 110

Jennison Natural Resources ABlackRock Natural Resources Inv AFidelity Advisor Materials ARS Global Natural Resources A

Morningstar Natural Resources

Manager vs Morningstar Natural Resources: ReturnFebruary 2008 - January 2013 (not annualized if less than 1 year)

Ret

urn

-20

-10

0

10

20

30





Prudential Jennison NaturalResources A

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (117) Natural Resources (MF) MSCI World NR USD 01-22-90

Morningstar Analyst RtgTM Total Assets Category Index TypeSilver 05-14-2012 $4,571 mil GS NatRes MF

Performance 01-31-2013

Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2011 7.04 -7.69 -27.38 13.16 -18.802012 5.35 -15.09 11.89 -2.80 -2.722013 __ __ __ __ 4.59

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly -10.73 2.76 -2.88 14.66 10.79Std 12-31-2012 -8.07 __ -4.88 14.01 10.62Total Return -5.53 4.71 -1.77 15.31 11.06.................................................................................................+/- Std Index -21.44 -5.55 -3.18 6.93 __

+/- Cat Index -8.49 -5.23 -3.37 1.59 __.................................................................................................% Rank Cat 88 73 57 13 __.................................................................................................No. in Cat 153 117 94 42 __

7-day Yield __.................................................................................................

Performance Disclosure

The Overall Morningstar Rating is based on risk-adjustedreturns, derived from a weighted average of the three-,five-, and ten-year (if applicable) Morningstar metrics.

The performance data quoted represents past performanceand does not guarantee future results. The investmentreturn and principal value of an investment will fluctuatethus an investor's shares, when redeemed, may be worthmore or less than their original cost.

Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-225-1852 or visitwww.prudentialfunds.com.

Fees and ExpensesSales Charges

Front-End Load %

Deferred Load %

5.50

NA

Fund Expenses

Management Fees %12b1 Expense %Prospectus Gross Exp Ratio %

0.71 0.30 1.19

Risk and Return Profile3 Yr 5 Yr 10 Yr

117 funds 94 funds 42 funds

MorningstarRatingTM 2 1 3Morningstar Risk +Avg +Avg +AvgMorningstar Return -Avg -Avg +Avg

3 Yr 5 Yr 10 Yr

Standard Deviation 26.16 33.22 27.96Mean 4.71 -1.77 15.31Sharpe Ratio 0.30 0.11 0.60

MPT Statistics Standard Index Best Fit IndexGoldmanSachsNatRes

Alpha -6.81 -5.36Beta 1.33 1.10R-Squared 73.70 95.26

12-Month Yield __

30-day SEC Yield __

Potential Cap Gains Exp 6.00% Assets

Operations

Family: Prudential Investments Objective: Specialty--Natural Res Minimum IRA Purchase: $1,000Manager: Brown/Saunders/Kiefer Ticker: PGNAX Min Auto Investment Plan: $50Tenure: 6.9 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA

Investment StyleEquityStock %94 95 98 92 95 93 97 96 96 96 95 95

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Prudential JennisonNatural Resources A$49,317

Category Average$29,163

Standard Index$17,366

Performance Quartile(within category)

History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

17.15 22.94 28.47 41.25 44.72 59.98 26.52 45.15 57.08 46.35 45.09 47.1620.09 37.08 27.07 54.19 21.43 46.14 -52.87 73.17 27.79 -18.80 -2.72 4.59

NAVTotal Return %

39.98 3.97 12.35 44.70 1.36 37.10 -12.16 43.18 16.03 -13.26 -18.55 -0.5033.08 2.68 2.48 17.58 4.58 11.70 -10.32 35.63 3.91 -11.45 -4.92 -1.42............................................................................................................................................................................................................................................................................

9 26 48 12 15 13 72 14 12 76 79 __............................................................................................................................................................................................................................................................................

82 97 110 138 156 187 221 137 130 148 153 158

+/- Standard Index+/- Category Index

% Rank Cat

No. of Funds in Cat

Portfolio Analysis 12-31-2012Composition % Long % Short% Net %

Cash 2.6 0.0 2.6U.S. Stocks 60.9 0.0 60.9Non-U.S. Stocks 34.5 0.0 34.5Bonds 0.0 0.0 0.0Other 2.0 0.0 2.0.................................................................................................Total 100.0 0.0 100.0

Equity StyleValue Blend Growth

Small

Mid

Large

Portfolio Port Rel RelStatistics Avg Index Cat

P/E Ratio TTM 15.0 1.09 1.06P/C Ratio TTM 8.2 0.99 1.06P/B Ratio TTM 1.9 1.13 1.05Geo Avg Mkt 11502 0.29 0.70Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __

Avg Credit Quality __

Avg Wtd Coupon __

Avg Wtd Price __

Credit Analysis NA Bond %

AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __

Regional Exposure Stocks % Rel Std Index

Americas 80.5 __

Greater Europe 13.3 __

Greater Asia 6.1 __

Share Chg Share 125 Total Stocks % Netsince Amount 0 Total Fixed-Income Assets11-30-2012 27% Turnover Ratio

3 mil1 mil2 mil

976,7192 mil

Cameron International CorporaNoble Energy IncSchlumberger NVEOG ResourcesAnadarko Petroleum Corp

3.49 3.32 2.68 2.66 2.56..............................................................................................................................

3 mil2 mil1 mil1 mil1 mil

Halliburton CompanyNational Oilwell Varco, Inc.Concho Resources, Inc.BHP Billiton Ltd ADRDril-Quip, Inc.

2.53 2.45 2.39 2.17 2.02..............................................................................................................................

3 mil2 mil5 mil

799,4803 mil

Suncor Energy IncHollyFrontier CorpDenbury Resources IncRandgold Resources Ltd ADRCobalt International Energy,

2.01 1.94 1.86 1.79 1.66

Sector Weightings Stocks % Rel Std Index

h Cyclical 25.9 __

r Basic Materials 25.9 __

t Consumer Cyclical 0.0 __

y Financial Services 0.0 __

u Real Estate 0.0 __

j Sensitive 73.8 __

i Communication Services 0.0 __

o Energy 72.6 __

p Industrials 1.2 __

a Technology 0.0 __

k Defensive 0.3 __

s Consumer Defensive 0.3 __

d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................

Page 9 of 19Release date 01-31-2013

© 2013 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account informationprovided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes andtherefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or otherlosses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.Please read the prospectus carefully.

BlackRock Natural Resources Inv A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (78) Equity Energy (MF) MSCI World NR USD 10-21-94

Morningstar Analyst RtgTM Total Assets Category Index Type__ $527.9 mil S&P 1500 Energy MF



2011 11.88 -6.82 -25.78 16.93 -9.532012 4.66 -11.49 12.35 -2.10 1.892013 __ __ __ __ 5.98


Load-adj Mthly -2.96 5.26 -0.70 13.39 9.18Std 12-31-2012 -3.46 __ -3.87 12.56 8.87Total Return 2.42 7.17 0.38 14.00 9.50.................................................................................................+/- Std Index -13.49 -3.09 -1.03 5.62 __

+/- Cat Index -8.19 -6.80 -3.07 -0.76 __.................................................................................................% Rank Cat 78 53 40 41 __.................................................................................................No. in Cat 118 78 69 38 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-441-7762 or visitwww.blackrock.com.


Front-End Load %

Deferred Load %

5.25

NA

Fund Expenses


0.60 0.25 1.13



MorningstarRatingTM 3 3 3Morningstar Risk -Avg -Avg -AvgMorningstar Return -Avg Avg Avg

3 Yr 5 Yr 10 Yr

Standard Deviation 24.98 29.70 25.57Mean 7.17 0.38 14.00Sharpe Ratio 0.40 0.15 0.58



12-Month Yield __

30-day SEC Yield __


Operations

Family: BlackRock Objective: Specialty--Natural Res Minimum IRA Purchase: $100Manager: Shearer, Robert Ticker: MDGRX Min Auto Investment Plan: $50Tenure: 15.2 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000BlackRock NaturalResources Inv A$36,798




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

19.43 25.59 33.44 50.31 50.94 69.88 35.73 54.10 64.25 57.96 58.85 62.370.78 31.70 30.68 51.43 7.00 42.62 -47.74 51.41 18.76 -9.53 1.89 5.98

NAVTotal Return %

20.67 -1.41 15.96 41.94 -13.07 33.58 -7.03 21.42 7.00 -3.99 -13.94 0.8910.34 6.68 -1.72 17.67 -15.10 8.06 -11.92 34.99 -2.62 -13.45 -2.45 -1.68............................................................................................................................................................................................................................................................................

__ __ __ __ __ __ __ __ __ __ 45 __............................................................................................................................................................................................................................................................................

36 39 41 46 52 66 72 79 83 101 118 135


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 88.2 __


Greater Asia 3.8 __


222,500229,090289,801178,591212,212

EOG ResourcesExxon Mobil CorporationNational Oilwell Varco, Inc.Chevron CorpApache Corporation

5.45 4.02 4.02 3.92 3.38..............................................................................................................................

340,400419,404237,600173,400220,300

FMC Technologies, Inc.Suncor Energy IncDresser-Rand Group, Inc.Occidental Petroleum CorporatCameron International Corpora

2.96 2.80 2.71 2.70 2.52..............................................................................................................................

176,015204,100242,500189,800158,800

Schlumberger NVMurphy Oil CorporationCabot Oil & Gas Corporation CRange Resources CorporationAnadarko Petroleum Corp

2.48 2.47 2.45 2.42 2.39


h Cyclical 11.4 __





j Sensitive 88.6 __


o Energy 88.1 __


a Technology 0.0 __

k Defensive 0.0 __


d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



Fidelity Advisor Materials A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (117) Natural Resources (MF) MSCI World NR USD 12-12-06

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,722 mil GS NatRes MF

| Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information.



2011 5.16 0.14 -25.35 16.45 -8.462012 12.65 -4.81 8.37 3.12 19.832013 __ __ __ __ 3.72


Load-adj Mthly 4.95 13.77 6.24 __ 8.65Std 12-31-2012 12.94 __ 4.23 __ 8.12Total Return 11.35 16.04 7.51 14.93 9.70.................................................................................................+/- Std Index -4.56 5.78 6.10 6.55 __

+/- Cat Index 8.39 6.10 5.91 1.21 __.................................................................................................% Rank Cat 9 3 4 22 __.................................................................................................No. in Cat 153 117 94 42 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 877-208-0098 or visitadvisor.fidelity.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.56 0.25 1.13



MorningstarRatingTM 4 5 4Morningstar Risk Avg Avg -AvgMorningstar Return +Avg High Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMstar Basic Materials Sec

Alpha 3.50 4.11Beta 1.26 0.93R-Squared 83.22 98.54

12-Month Yield __

30-day SEC Yield __


Operations

Family: Fidelity Investments Objective: Specialty--Natural Res Minimum IRA Purchase: $500Manager: Welo, Tobias Ticker: FMFAX Min Auto Investment Plan: $2,500Tenure: 5.1 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Fidelity AdvisorMaterials A$40,505




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

22.87 34.29 38.67 44.11 47.33 58.51 30.47 53.94 67.79 61.28 71.20 73.850.78 49.94 12.75 14.07 19.14 29.21 -47.71 78.17 27.73 -8.46 19.83 3.72

NAVTotal Return %

20.67 16.83 -1.97 4.58 -0.93 20.17 -7.00 48.18 15.97 -2.92 4.00 -1.3713.77 15.54 -11.84 -22.54 2.29 -5.23 -5.16 40.63 3.85 -1.11 17.63 -2.29............................................................................................................................................................................................................................................................................

__ __ __ __ __ 85 50 2 14 15 9 __............................................................................................................................................................................................................................................................................

82 97 110 138 156 187 221 137 130 148 153 158


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon 8.00Avg Wtd Price 100.00


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 92.7 __


Greater Asia 0.2 __


1 mil1 mil2 mil1 mil

501,127

Monsanto CompanyAir Products & Chemicals IncE.I. du Pont de Nemours & ComLyondellBasell Industries NVPPG Industries, Inc.

9.19 6.01 5.97 5.24 4.48..............................................................................................................................

911,000922,163

1 mil296,927622,696

Ecolab, Inc.Eastman Chemical CompanyInternational Paper Co.Sherwin-Williams CompanyW. R. Grace & Co.

4.32 4.14 3.70 3.01 2.76..............................................................................................................................

513,786659,111579,859856,035502,144

Ashland IncAlbemarle CorpRock-Tenn CompanyBall CorporationSigma-Aldrich Corporation

2.73 2.70 2.67 2.53 2.44


h Cyclical 93.1 __





j Sensitive 6.9 __


o Energy 0.0 __


a Technology 0.0 __

k Defensive 0.0 __


d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



RS Global Natural Resources A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (117) Natural Resources (MF) MSCI World NR USD 11-15-95

Morningstar Analyst RtgTM Total Assets Category Index TypeSilver 05-18-2012 $4,422 mil GS NatRes MF



2011 8.97 -4.15 -20.74 11.96 -7.312012 3.58 -2.73 7.89 -2.39 6.102013 __ __ __ __ 2.40


Load-adj Mthly -1.44 8.75 0.51 13.89 10.09Std 12-31-2012 1.06 __ -1.34 13.75 9.99Total Return 3.48 10.53 1.49 14.45 10.40.................................................................................................+/- Std Index -12.43 0.27 0.08 6.07 __

+/- Cat Index 0.52 0.59 -0.11 0.73 __.................................................................................................% Rank Cat 22 23 12 27 __.................................................................................................No. in Cat 153 117 94 42 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-766-3863 or visitwww.rsim.com.


Front-End Load %

Deferred Load %

4.75

NA

Fund Expenses


1.00 0.25 1.48



MorningstarRatingTM 3 4 4Morningstar Risk -Avg -Avg -AvgMorningstar Return Avg +Avg Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: RS Funds Objective: Specialty--Natural Res Minimum IRA Purchase: $1,000Manager: Settles, Jr./Pilara, Jr./Davis Ticker: RSNRX Min Auto Investment Plan: $50Tenure: 10.4 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000RS Global NaturalResources A$45,634




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

13.53 19.23 24.72 32.65 30.84 37.97 20.05 29.94 37.58 34.60 36.60 37.4817.04 42.13 34.43 42.23 8.11 32.07 -46.76 49.33 25.52 -7.31 6.10 2.40

NAVTotal Return %

36.93 9.02 19.71 32.74 -11.96 23.03 -6.05 19.34 13.76 -1.77 -9.73 -2.6930.03 7.73 9.84 5.62 -8.74 -2.37 -4.21 11.79 1.64 0.04 3.90 -3.61............................................................................................................................................................................................................................................................................

14 23 19 44 71 76 42 49 25 7 37 __............................................................................................................................................................................................................................................................................

82 97 110 138 156 187 221 137 130 148 153 158


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 79.4 __


Greater Asia 8.1 __


7 mil8 mil

10 mil2 mil7 mil

Southwestern Energy CompanyPeyto Exploration & DevelopmeCalpine CorpCompass Minerals InternationaAntofagasta PLC

5.88 5.21 4.41 3.98 3.89..............................................................................................................................

9 mil2 mil

19 mil2 mil2 mil

Denbury Resources IncRange Resources CorporationOil Search LimitedMartin Marietta MaterialsMosaic Co

3.77 3.77 3.72 3.61 3.51..............................................................................................................................

2 mil3 mil5 mil

12 mil5 mil

Occidental Petroleum CorporatGoldcorp, Inc.ARC Resources Ltd.Iluka Resources LimitedTullow Oil PLC

3.51 3.10 3.09 3.06 2.93


h Cyclical 35.8 __





j Sensitive 59.1 __


o Energy 56.1 __


a Technology 0.0 __

k Defensive 5.1 __


d Healthcare 0.0 __

f Utilities 5.1 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 401a - Mid Blend - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Dreyfus Opportunistic Midcap Value A

Dreyfus MidCap Index

Fidelity Low-Priced Stock

Market Benchmark:Russell Midcap

Capital Market Line

Dreyfus Opportunistic Midcap Value A $975,429 (1.35% of assets)

Dreyfus Midcap Index$3,478,685 (4.83% of assets)

Fidelity Low-Priced Stock$2,433,197 (3.38% of assets)

a/o 1/31/2013

RedFlagged6/2012



Ret

urn

0%

2%

4%

6%

8%

10%



Dreyfus MidCap Index

Fidelity Low-Priced Stock


Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

50%

60%

YTD 2012 2011 2010 2009

Dreyfus Opportunistic Midcap Value ADreyfus MidCap IndexFidelity Low-Priced StockRussell Midcap





Small

-1

0

1

Large

Value -1 0 1 Growth

Dreyfus Opportunistic Midcap Value ADreyfus MidCap IndexFidelity Low-Priced StockRussell Midcap


OCWD 401a - Mid Blend - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

5%

10%

15%

20%

25%

Standard Deviation0% 1% 2% 3% 4% 5% 6% 7% 8%



Capital Market Line



Ret

urn

0%

5%

10%

15%

20%

25%




Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

50%

60%

YTD 2012 2011 2010 2009

Dreyfus Opportunistic Midcap Value ARussell Midcap





Small

-1

0

1

Large

Value -1 0 1 Growth

Dreyfus Opportunistic Midcap Value ARussell Midcap


Dreyfus Opportunistic Midcap ValueA

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (352) Mid-Cap Blend (MF) S&P 500 09-29-95

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,519 mil S&PMid400 MF



2011 9.83 -2.13 -24.80 16.53 -5.802012 13.12 -6.38 6.48 5.89 19.412013 __ __ __ __ 8.17


Load-adj Mthly 15.49 14.48 7.78 12.67 12.40Std 12-31-2012 12.54 __ 5.23 11.64 11.95Total Return 22.54 16.77 9.07 13.34 12.78.................................................................................................+/- Std Index 5.76 2.63 5.10 5.41 __

+/- Cat Index 3.98 -0.80 1.08 1.70 __.................................................................................................% Rank Cat 10 19 2 5 __.................................................................................................No. in Cat 414 352 310 197 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-373-9387 or visitwww.dreyfus.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.75NA

1.22



MorningstarRatingTM 2 3 4Morningstar Risk +Avg +Avg +AvgMorningstar Return Avg +Avg High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexRuss Midcap Value


12-Month Yield __

30-day SEC Yield __


Operations

Family: Dreyfus Objective: Growth and Income Minimum IRA Purchase: $750Manager: Daglio/Kang/Boyd/Dutile Ticker: DMCVX Min Auto Investment Plan: $1,000Tenure: 4.8 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Dreyfus OpportunisticMidcap Value A$23,009




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

17.53 27.61 32.45 31.69 32.08 28.21 16.94 27.33 34.18 26.83 31.96 34.57-33.32 57.50 17.53 8.07 10.44 5.47 -39.83 61.76 25.06 -5.80 19.41 8.17

NAVTotal Return %

-11.22 28.81 6.65 3.16 -5.35 -0.02 -2.83 35.30 10.00 -7.91 3.41 2.99-18.79 21.88 1.05 -4.49 0.12 -2.51 -3.60 24.38 -1.58 -4.07 1.53 0.95............................................................................................................................................................................................................................................................................

__ 5 33 61 69 47 57 6 34 70 18 __............................................................................................................................................................................................................................................................................

367 421 426 459 464 494 512 451 433 424 412 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 93.0 0.94Greater Europe 7.0 6.36Greater Asia 0.0 __


2 mil1 mil

482,240699,770614,340

Newell Rubbermaid IncAvnet IncParker Hannifin CorporationLyondellBasell Industries NVKirby Corp.

3.65 3.13 3.00 2.92 2.78..............................................................................................................................

711,0601 mil

239,400562,590962,740

Cigna CorpArthur J. Gallagher & Co.Sherwin-Williams CompanyCH Robinson Worldwide, Inc.Lowe's Companies Inc.

2.78 2.70 2.69 2.60 2.50..............................................................................................................................

377,5522 mil1 mil

969,230383,980

Mohawk Industries, Inc.JDS Uniphase Corp (CA)Principal Financial GroupRobert Half International IncMednax, Inc.

2.50 2.42 2.31 2.25 2.23


h Cyclical 41.3 1.38

r Basic Materials 7.6 2.30

t Consumer Cyclical 18.0 1.76

y Financial Services 14.2 0.99

u Real Estate 1.5 0.71

j Sensitive 41.4 0.95

i Communication Services 0.0 0.00

o Energy 3.7 0.34

p Industrials 19.5 1.77

a Technology 18.3 1.06

k Defensive 17.2 0.65

s Consumer Defensive 5.2 0.46

d Healthcare 10.6 0.90

f Utilities 1.4 0.41

...................................................................................................................................................

...................................................................................................................................................



Dreyfus MidCap Index Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (352) Mid-Cap Blend (MF) S&P 500 06-19-91




2011 9.24 -0.82 -20.00 12.83 -2.202012 13.32 -5.11 5.31 3.49 17.202013 __ __ __ __ 7.16




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-373-9387 or visitwww.dreyfus.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.25NA

0.51



MorningstarRatingTM 4 4 4Morningstar Risk Avg Avg AvgMorningstar Return +Avg +Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexS&P Midcap 400

Alpha 0.78 -0.50Beta 1.15 1.00R-Squared 92.57 100.00

12-Month Yield __

30-day SEC Yield __


Operations

Family: Dreyfus Objective: Growth Minimum IRA Purchase: $750Manager: Durante/Hutchison/Gao/Lai/Smith/RoseTicker: PESPX Min Auto Investment Plan: $2,500Tenure: 3.0 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Dreyfus MidCap Index$23,730




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

17.47 23.36 26.19 27.94 29.25 28.35 16.69 22.60 27.88 25.92 28.93 31.00-15.02 34.94 15.93 12.05 9.87 7.56 -36.45 37.04 26.02 -2.20 17.20 7.16

NAVTotal Return %

7.08 6.25 5.05 7.14 -5.92 2.07 0.55 10.58 10.96 -4.31 1.20 1.98-0.49 -0.68 -0.55 -0.51 -0.45 -0.42 -0.22 -0.34 -0.62 -0.47 -0.68 -0.06............................................................................................................................................................................................................................................................................

45 45 50 22 75 33 33 34 21 38 41 __............................................................................................................................................................................................................................................................................

367 421 426 459 464 494 512 451 433 424 412 439


% Rank Cat

No. of Funds in Cat


Cash 1.1 1.3 -0.2U.S. Stocks 100.1 0.0 100.2Non-U.S. Stocks 0.0 0.0 0.0Bonds 0.0 0.0 0.0Other 0.0 0.0 0.1.................................................................................................Total 101.3 1.3 100.0


Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




160,806104,118434,389236,257520,856

Regeneron Pharmaceuticals, InEquinix, Inc.HollyFrontier CorpKansas City Southern, Inc.Ametek, Inc.

1.08 0.84 0.80 0.78 0.77..............................................................................................................................

463,251233,022292,049151,572270,129

Vertex PharmaceuticalsRackspace Hosting, Inc.Macerich CompanyPVH CorpTrimble Navigation Ltd.

0.76 0.68 0.67 0.66 0.64..............................................................................................................................

299,055106,621190,204193,678110,338

Church & Dwight Company, Inc.Alliance Data Systems CorporaHenry Schein, Inc.SL Green Realty CorporationAffiliated Managers Group Inc

0.63 0.61 0.60 0.58 0.56









o Energy 5.9 0.54







...................................................................................................................................................

...................................................................................................................................................



Fidelity Low-Priced Stock Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (352) Mid-Cap Blend (MF) S&P 500 12-27-89

Morningstar Analyst RtgTM Total Assets Category Index TypeSilver 01-07-2013 $36,857 mil S&PMid400 MF



2011 6.20 2.21 -15.81 9.36 -0.062012 13.97 -5.65 6.77 3.21 18.502013 __ __ __ __ 5.04




7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.70NA

0.88



MorningstarRatingTM 3 4 5Morningstar Risk -Avg -Avg -AvgMorningstar Return Avg +Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMstar Mod Agr Target Risk


12-Month Yield __

30-day SEC Yield __


Operations

Family: Fidelity Investments Objective: Growth Minimum IRA Purchase: $2,500Manager: Bennett/Buck/Mirshekari/Riaz Ticker: FLPSX Min Auto Investment Plan: $2,500Tenure: 4.5 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Fidelity Low-PricedStock$28,418




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

25.17 34.98 40.25 40.84 43.54 41.13 23.12 31.94 38.38 35.73 39.50 41.49-6.18 40.85 22.24 8.65 17.76 3.16 -36.17 39.08 20.70 -0.06 18.50 5.04

NAVTotal Return %

15.92 12.16 11.36 3.74 1.97 -2.33 0.83 12.62 5.64 -2.17 2.50 -0.148.35 5.23 5.76 -3.91 7.44 -4.82 0.06 1.70 -5.94 1.67 0.62 -2.18............................................................................................................................................................................................................................................................................

__ __ __ 56 19 62 29 28 68 17 26 __............................................................................................................................................................................................................................................................................

367 421 426 459 464 494 512 451 433 424 412 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





UnitedHealth Group IncMicrosoft CorporationNext PLCSeagate Technology PLCMetro Inc.

3.78 2.84 2.81 2.44 1.89..............................................................................................................................


128 mil

Ross Stores, Inc.Coventry Health Care, Inc.Eni SpAOracle CorporationHon Hai Precision Ind. Co., L

1.79 1.71 1.35 1.22 1.14..............................................................................................................................

7 mil4 mil5 mil

900,00016 mil

Bed Bath & Beyond, Inc.Amerigroup CorporationAnsys, Inc.AutoZone IncUnum Group

1.12 1.05 1.04 0.99 0.95









o Energy 6.0 0.55







...................................................................................................................................................

...................................................................................................................................................



OCWD 401(a) - Mid Value - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

5%

10%

15%

20%


Hotchkis and Wiley Value Opps A

Victory Established Value A

Market Benchmark:Russell Midcap Value

Capital Market Line

Hotchkis & Wiley Value Opps A$0 (0% of assets)(New fund as of 4/15/2013)

Victory Established Value A$45,249 (0.06% of assets)

a/o 1/31/2013

RedFlagged1/2013



Ret

urn

0%

2%

4%

6%

8%

10%

12%


Hotchkis and Wiley Value Opps A



Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

50%

60%

70%

YTD 2012 2011 2010 2009

Hotchkis and Wiley Value Opps AVictory Established Value ARussell Midcap Value





Small

-1

0

1

Large

Value -1 0 1 Growth

Hotchkis and Wiley Value Opps AVictory Established Value ARussell Midcap Value


OCWD 401(a) - Mid Value - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%




Capital Market Line



Ret

urn

0%

5%

10%

15%

20%

25%




Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

30%

35%

YTD 2012 2011 2010 2009

Victory Established Value ARussell Midcap Value





Small

-1

0

1

Large

Value -1 0 1 Growth

Victory Established Value ARussell Midcap Value


OCWD 401(a) - Mid Value - Alternatives Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

5%

10%

15%

20%


Hotchkis and Wiley Value Opps A (1.37%, 9.0 yrs.)

Victory Established Value A (1.08%, 10.5 yrs.)

Morningstar Mid-Cap Value

Invesco Van Kampen American Value A (1.32%, 7.1 yrs.)

RidgeWorth Mid-Cap Value Equity A (1.35%, 11.2 yrs.)


Capital Market Line

Hotchkis & Wiley Value Opps A$0 (0% of assets)(New fund as of 4/15/2013)

Victory Established Value A$45,249 (0.06% of assets)

a/o 1/31/2013

RedFlagged1/2013 Currently in the

457 plan.



Ret

urn

0%

2%

4%

6%

8%

10%

12%


Hotchkis and Wiley Value Opps A ($16/head + 20 bps)

Victory Established Value A (60 bps)

Morningstar Mid-Cap Value

Invesco Van Kampen American Value A (70 bps)

RidgeWorth Mid-Cap Value Equity A (75 bps)


Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

50%

60%

70%

YTD 2012 2011 2010 2009

Hotchkis and Wiley Value Opps AVictory Established Value AMorningstar Mid-Cap ValueInvesco Van Kampen American Value ARidgeWorth Mid-Cap Value Equity ARussell Midcap Value





Small

-1

0

1

Large

Value -1 0 1 Growth



OCWD 401(a) - Mid Value - Alternatives Zephyr StyleADVISOR: Wells Fargo AdvisorsUpside Downside

Single Computation


psid

e%

80

90

100

110

120

130

Downside%85 90 95 100 105

Hotchkis and Wiley Value Opps AVictory Established Value AMorningstar Mid-Cap ValueInvesco Van Kampen American Value ARidgeWorth Mid-Cap Value Equity A

Russell Midcap Value

Manager vs Morningstar Mid-Cap Value: ReturnFebruary 2008 - January 2013 (not annualized if less than 1 year)

Ret

urn

0

5

10

15

20

25

30

35





Hotchkis and Wiley Value Opps A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (359) Mid-Cap Value (MF) S&P 500 12-31-02

Morningstar Analyst RtgTM Total Assets Category Index Type__ $138.2 mil RusMidValue MF



2011 7.52 0.52 -23.39 11.91 -7.332012 19.01 -2.43 5.23 5.78 29.262013 __ __ __ __ 6.47




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 866-493-8637 or visitwww.hwcm.com.


Front-End Load %

Deferred Load %

5.25

NA

Fund Expenses


0.75 0.25 1.37



MorningstarRatingTM 5 4 3Morningstar Risk High +Avg HighMorningstar Return High High +Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: Hotchkis and Wiley Objective: Growth Minimum IRA Purchase: $1,000Manager: Davis, Jr./Green Ticker: HWAAX Min Auto Investment Plan: $2,500Tenure: 9.0 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Hotchkis and WileyValue Opps A$32,967




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

10.00 16.94 19.64 19.97 19.91 15.73 9.02 14.67 19.54 17.62 21.49 22.88__ 69.59 16.39 6.33 8.26 -11.52 -42.24 65.48 34.54 -7.33 29.26 6.47

NAVTotal Return %

__ 40.90 5.51 1.42 -7.53 -17.01 -5.24 39.02 19.48 -9.44 13.26 1.29__ 31.52 -7.32 -6.32 -11.96 -10.10 -3.79 31.27 9.79 -5.95 10.75 -0.95............................................................................................................................................................................................................................................................................__ 1 54 81 99 96 84 2 1 83 3 __

............................................................................................................................................................................................................................................................................311 331 320 310 375 405 442 416 420 422 425 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




416,500196,600

6 mil308,500137,200

Valassis Communications IncAmerican International Group Horsehead Hldg 144A 10.5%Hewlett-Packard CoCon-way Inc

10.67 6.42 5.67 3.95 3.80..............................................................................................................................

161,000104,200175,100177,60082,800

Cobalt International Energy, Rent-A-Center, Inc.Unum GroupClarkson PLCJPMorgan Chase & Co

3.70 3.57 3.52 3.43 3.35..............................................................................................................................

277,4003 mil

316,500714,500147,700

Corning IncWellpoint 144A Cv 2.75%Bank of America CorporationQuiksilver IncMorgan Stanley

3.34 3.08 3.08 2.82 2.46









o Energy 5.4 0.50







...................................................................................................................................................

...................................................................................................................................................



Victory Established Value A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (359) Mid-Cap Value (MF) S&P 500 05-05-00

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,479 mil RusMidValue MF




2011 9.34 -1.56 -19.03 14.85 0.102012 9.60 -3.91 3.31 3.06 12.122013 __ __ __ __ 6.95


Load-adj Mthly 8.61 12.20 6.56 11.21 8.22Std 12-31-2012 5.68 __ 4.14 10.27 7.70Total Return 15.23 14.44 7.83 11.87 8.72.................................................................................................+/- Std Index -1.55 0.30 3.86 3.94 __

+/- Cat Index -6.11 -2.77 1.56 0.13 __.................................................................................................% Rank Cat 74 55 12 11 __.................................................................................................No. in Cat 425 359 311 177 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-539-3863 or visitwww.victoryconnect.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.49NA

1.08



MorningstarRatingTM 2 4 4Morningstar Risk -Avg -Avg -AvgMorningstar Return -Avg +Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMstar Mid Core


12-Month Yield __

30-day SEC Yield __


Operations

Family: Victory Objective: Growth Minimum IRA Purchase: $1,000Manager: Graff/Conners/Miller Ticker: VETAX Min Auto Investment Plan: $1,000Tenure: 10.5 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Victory EstablishedValue A$27,248




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

21.35 26.04 27.28 27.68 26.27 25.05 17.62 23.15 26.18 25.35 27.49 29.40-9.65 33.37 16.59 13.07 14.74 7.60 -29.02 34.33 21.41 0.10 12.12 6.95

NAVTotal Return %

12.45 4.68 5.71 8.16 -1.05 2.11 7.98 7.87 6.35 -2.01 -3.88 1.770.00 -4.70 -7.12 0.42 -5.48 9.02 9.43 0.12 -3.34 1.48 -6.39 -0.47............................................................................................................................................................................................................................................................................

28 48 52 10 64 11 11 48 57 20 84 __............................................................................................................................................................................................................................................................................

311 331 320 310 375 405 442 416 420 422 425 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




487,000856,000851,900

1 mil581,000

Reliance Steel and AluminumPatterson Companies, Inc.CareFusion CorpTyson Foods, Inc. Class AKennametal Inc.

2.25 2.18 1.81 1.77 1.73..............................................................................................................................

909,500380,000

2 mil676,600568,000

Brown & Brown, Inc.Covance, Inc.Applied Materials, Inc.Robert Half International IncWR Berkley Corp

1.72 1.63 1.61 1.60 1.59..............................................................................................................................

281,000615,500228,700308,000

1 mil

Chubb CorpRoyal Caribbean Cruises, Ltd.Mohawk Industries, Inc.International Flavors & FragrFifth Third Bancorp

1.57 1.56 1.54 1.52 1.52









o Energy 6.3 0.58







...................................................................................................................................................

...................................................................................................................................................



Invesco American Value A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (359) Mid-Cap Value (MF) S&P 500 10-18-93

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 11-12-2012 $1,309 mil RusMidValue MF



2011 8.09 -0.84 -19.76 16.98 0.602012 12.10 -2.45 4.25 2.64 17.022013 __ __ __ __ 6.74




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-959-4246 or visitwww.invesco.com.


Front-End Load %

Deferred Load %

5.50

NA

Fund Expenses


0.72 0.25 1.32



MorningstarRatingTM 3 3 4Morningstar Risk Avg Avg AvgMorningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: Invesco Objective: Growth and Income Minimum IRA Purchase: $250Manager: Mazanec/Copper/Marcheli Ticker: MSAVX Min Auto Investment Plan: $50Tenure: 7.1 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Invesco American ValueA$23,519




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

15.11 21.28 24.34 27.24 31.10 28.03 16.20 22.37 27.19 27.27 31.77 33.91-19.76 40.83 14.38 11.91 20.26 7.52 -41.01 39.19 21.86 0.60 17.02 6.74

NAVTotal Return %

2.34 12.14 3.50 7.00 4.47 2.03 -4.01 12.73 6.80 -1.51 1.02 1.56-10.11 2.76 -9.33 -0.74 0.04 8.94 -2.56 4.98 -2.89 1.98 -1.49 -0.68............................................................................................................................................................................................................................................................................

__ __ __ __ __ __ __ 28 53 18 44 __............................................................................................................................................................................................................................................................................

311 331 320 310 375 405 442 416 420 422 425 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




2 mil2 mil

896,326559,820480,275

tw telecom incNewell Rubbermaid IncEdison InternationalSnap-on, Inc.Mohawk Industries, Inc.

3.71 3.52 3.38 3.33 3.18..............................................................................................................................

1 mil1 mil1 mil

997,7572 mil

Fidelity National InformationBrookdale Senior Living, Inc.ConAgra Foods, Inc.Marsh & McLennan Companies, ISealed Air Corporation

3.09 2.84 2.81 2.80 2.79..............................................................................................................................

444,4071 mil

827,265878,422819,069

ACE LtdHealthsouth CorpZebra Technologies CorporatioBB&T CorpWilliams Companies Inc

2.78 2.62 2.57 2.41 2.37









o Energy 7.3 0.67







...................................................................................................................................................

...................................................................................................................................................



RidgeWorth Mid-Cap Value Equity A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (359) Mid-Cap Value (MF) S&P 500 10-27-03





2011 7.27 -1.62 -24.10 15.42 -7.542012 12.97 -4.94 6.72 5.92 21.382013 __ __ __ __ 6.00


Load-adj Mthly 14.46 12.65 7.00 __ 10.43Std 12-31-2012 14.41 __ 5.10 __ 9.84Total Return 21.45 14.89 8.28 12.47 11.14.................................................................................................+/- Std Index 4.67 0.75 4.31 4.54 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 888-784-3863 or visitwww.ridgeworth.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.70 0.30 1.45



MorningstarRatingTM 2 3 4Morningstar Risk +Avg +Avg +AvgMorningstar Return -Avg +Avg +Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: RidgeWorth Objective: Growth Minimum IRA Purchase: $2,000Manager: Wordell, Don Ticker: SAMVX Min Auto Investment Plan: $500Tenure: 11.2 Years Minimum Intitial Purchase: $2,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000RidgeWorth Mid-CapValue Equity A$24,259




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

8.06 10.36 12.32 12.08 12.42 10.69 6.84 9.90 11.79 9.75 11.66 12.36-21.78 28.76 19.70 9.16 21.59 5.10 -34.97 46.55 27.22 -7.54 21.38 6.00

NAVTotal Return %

0.32 0.07 8.82 4.25 5.80 -0.39 2.03 20.09 12.16 -9.65 5.38 0.82-12.13 -9.31 -4.01 -3.49 1.37 6.52 3.48 12.34 2.47 -6.16 2.87 -1.42............................................................................................................................................................................................................................................................................

__ __ 37 55 7 22 32 9 6 84 10 __............................................................................................................................................................................................................................................................................

311 331 320 310 375 405 442 416 420 422 425 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





915,000

Cigna CorpCabot CorporationJohnson Controls IncLazard LtdJoy Global, Inc.

3.56 3.00 2.93 2.61 2.59..............................................................................................................................

2 mil7 mil

550,0002 mil2 mil

QEP Resources IncIntersil CorporationNoble Energy IncAllegheny Technologies IncHartford Financial Services G

2.59 2.50 2.49 2.46 2.09..............................................................................................................................


835,000

Hanover Insurance Group, Inc.ConAgra Foods, Inc.Baker Hughes Inc.Raymond James Financial IncEaton Corporation PLC

2.09 2.03 2.01 2.01 2.01









o Energy 9.8 0.90







...................................................................................................................................................

...................................................................................................................................................



OCWD 401(a) - Large Value - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%


HighMark Value Momentum Fid

Putnam Equity Income A

Morningstar Large Value

Market Benchmark:Russell 1000 Value

Capital Market Line

HighMark Value Fiduciary$1,536,759 (2.13% of assets)

Putnam Equity Income A$2,621,813 (3.64% of assets)

a/o 1/31/2013

RedFlagged1/2013



Ret

urn

0%

1%

2%

3%

4%

5%

6%



Putnam Equity Income A



Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

30%

YTD 2012 2011 2010 2009

HighMark Value Momentum FidPutnam Equity Income AMorningstar Large ValueRussell 1000 Value





Small

-1

0

1

Large

Value -1 0 1 Growth

HighMark Value Momentum FidPutnam Equity Income AMorningstar Large ValueRussell 1000 Value


OCWD 401(a) - Large Value - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%




Capital Market Line



Ret

urn

0%

5%

10%

15%

20%




Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

YTD 2012 2011 2010 2009

HighMark Value Momentum FidRussell 1000 Value





Small

-1

0

1

Large

Value -1 0 1 Growth

HighMark Value Momentum FidRussell 1000 Value


HighMark Value Fiduciary Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1049) Large Value (MF) S&P 500 02-01-91

Morningstar Analyst RtgTM Total Assets Category Index Type__ $354.8 mil Rus 1000Value MF



2011 7.86 0.31 -17.32 12.31 0.472012 12.88 -4.46 5.98 2.17 16.782013 __ __ __ __ 6.12


Load-adj Mthly 17.92 13.06 2.39 8.10 9.02Std 12-31-2012 16.78 __ 0.39 7.21 8.76Total Return 17.92 13.06 2.39 8.10 9.02.................................................................................................+/- Std Index 1.14 -1.08 -1.58 0.17 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-433-6884 or visitwww.highmarkfunds.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.60NA

1.14



MorningstarRatingTM 3 3 3Morningstar Risk +Avg Avg AvgMorningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMSCI Wrld Ndtr_D

Alpha -2.01 2.71Beta 1.09 0.98R-Squared 96.97 97.00

12-Month Yield __

30-day SEC Yield __


Operations

Family: HighMark Objective: Growth Minimum IRA Purchase: $0Manager: Lowenstein/Stribling Ticker: HMVMX Min Auto Investment Plan: $100Tenure: 12.6 Years Minimum Intitial Purchase: $100,000 Purchase Constraints: T/A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000HighMark ValueFiduciary$16,948




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

18.18 22.20 23.20 21.97 23.68 20.22 11.31 13.83 15.37 14.53 15.36 16.30-20.38 29.75 14.57 7.13 20.54 2.45 -38.20 24.23 13.23 0.47 16.78 6.12

NAVTotal Return %

1.72 1.06 3.69 2.22 4.75 -3.04 -1.20 -2.23 -1.83 -1.64 0.78 0.94-4.86 -0.28 -1.92 0.08 -1.71 2.62 -1.35 4.54 -2.28 0.08 -0.73 -0.38............................................................................................................................................................................................................................................................................

66 35 28 33 20 45 65 43 52 37 25 __............................................................................................................................................................................................................................................................................

961 1050 1220 1296 1371 1432 1433 1272 1240 1258 1208 1300


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




558,450132,200306,000237,500255,000

Microsoft CorporationBerkshire Hathaway Inc Class Oracle CorporationJPMorgan Chase & CoWells Fargo & Co

4.43 3.47 2.93 2.91 2.51..............................................................................................................................

150,000120,00070,000

200,00080,000

Walt Disney CoNovartis AG ADRChevron CorpComcast CorpPhilip Morris International,

2.22 2.22 2.21 2.15 2.14..............................................................................................................................

204,00088,500

130,000100,00091,300

Citigroup IncOccidental Petroleum CorporatRoche Holding AG ADRTarget CorpRoyal Dutch Shell PLC ADR Cla

2.10 1.99 1.91 1.88 1.88









o Energy 12.8 1.17







...................................................................................................................................................

...................................................................................................................................................



Putnam Equity Income A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1049) Large Value (MF) S&P 500 06-15-77

Morningstar Analyst RtgTM Total Assets Category Index TypeNeutral 09-10-2012 $3,839 mil Rus 1000Value MF



2011 8.23 0.05 -17.52 13.95 1.772012 12.04 -5.26 8.17 3.66 19.022013 __ __ __ __ 6.59




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-225-1581 or visitwww.putnam.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.48 0.25 1.12



MorningstarRatingTM 3 4 4Morningstar Risk +Avg Avg AvgMorningstar Return Avg +Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexRuss 1000 Value


12-Month Yield __

30-day SEC Yield __


Operations

Family: Putnam Objective: Equity Income Minimum IRA Purchase: $0Manager: Jaroch/Scully Ticker: PEYAX Min Auto Investment Plan: $0Tenure: 0.4 Years Minimum Intitial Purchase: $0 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Putnam Equity IncomeA$20,461




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

12.62 15.74 17.43 16.77 17.63 16.22 10.90 13.60 15.05 15.01 16.99 18.11-12.87 26.61 12.18 5.68 19.27 3.44 -31.28 27.20 12.37 1.77 19.02 6.59

NAVTotal Return %

9.23 -2.08 1.30 0.77 3.48 -2.05 5.72 0.74 -2.69 -0.34 3.02 1.412.65 -3.42 -4.31 -1.37 -2.98 3.61 5.57 7.51 -3.14 1.38 1.51 0.09............................................................................................................................................................................................................................................................................

9 61 60 49 36 35 11 27 65 28 8 __............................................................................................................................................................................................................................................................................

961 1050 1220 1296 1371 1432 1433 1272 1240 1258 1208 1300


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





Marathon Oil CorpMarathon Petroleum CorpComcast CorpWells Fargo & CoRoyal Dutch Shell PLC ADR Cla

3.09 3.05 2.93 2.87 2.67..............................................................................................................................


Eli Lilly and CompanyJPMorgan Chase & CoTime Warner IncBaxter International Inc.Northrop Grumman Corp

2.66 2.54 2.52 2.44 2.37..............................................................................................................................

5 mil909,100

2 mil1 mil

814,075

Cisco Systems IncExxon Mobil CorporationMetLife IncJohnson & JohnsonCitigroup Pfd

2.32 2.19 2.13 2.11 2.08









o Energy 16.2 1.49







...................................................................................................................................................

...................................................................................................................................................



March 26, 20 13

Orange County Water District 18700 Ward Street Fountain Valley, CA 92708

Wells Fargo Advisors, LLC 11682 El Camino Real, Suite 110 San Diego, CA 92130-2045 Toll Free' 800-538-8301 Fax, 858-523-7997

This report is not the official record of your account. However, it has been prepared to assist you with your investment planning and is for informational purposes only. This report does not include wrap fees for managed accounts or transaction fees charged for the purchase of individual securities. Your Wells Fargo Advisors Client Statement is the official record of your account. Therefore, if there are any discrepancies between this report and your Client Statement, you should rely on the Client Statement and call your local Branch Manager with any questions. Cost data and acquisition dates provided by you are not verified by Wells Fargo Advisors. Transactions requiring tax consideration should be reviewed carefully with your accountant or tax advisor.

Together we'll go far

Member FINRA/SIPC

March 26, 2013

Wells Fargo Advisors, LLC 11682 El Camino Real, Suite 110 San Diego, CA 92130-2045 Toll Fre., 800-538-8301 fax, 858-523-7997

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Member FINRA/SIPC

Disclosure for Standardized and Tax Adjusted Returns

The performance data quoted represents past performance and does notguarantee future results. The investment return and principal value of aninvestment will fluctuate thus an investor's shares, when redeemed, may beworth more or less than their original cost. Current performance may be lower orhigher than return data quoted herein. For performance data current to the mostrecent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

An investment in a money market fund is not insured or guaranteed by the FDIC orany other government agency. The current yield quotation more closely reflects thecurrent earnings of the money market fund than the total return quotation. Althoughmoney markets seek to preserve the value of your investment at $1.00 per share, itis possible to lose money by investing in the fund.

Standardized Returns assume reinvestment of dividends and capital gains. Itdepicts performance without adjusting for the effects of taxation, but areadjusted to reflect sales charges and ongoing fund expenses. If adjusted for

taxation, the performance quoted would be significantly reduced. For variableannuities, additional expenses will be taken in account, including M&E risk charges,fund-level expenses such as management fees and operating fees, and policy-leveladministration fees, charges such as surrender, contract and sales charges.

After-tax returns are calculated using the highest individual federal marginalincome tax rates, and do not reflect the impact of state and local taxes. Actualafter tax returns depend on the investor's tax situation and may differ fromthose shown. The after tax returns shown are not relevant to investors whohold their fund shares through tax-deferred arrangements such as 401(k) plansor an IRA. After-tax returns exclude the effects of either the alternativeminimum tax or phase-out of certain tax credits. Any taxes due are as of thetime the distributions are made, and the taxable amount and tax characterof each distribution is as specified by the fund on the dividend declarationdate. Due to foreign tax credits or realized capital losses, after-tax returnsmay be greater than before tax returns. After-tax returns for exchange-tradedfunds are based on net asset value.

Annualized returns 12-31-2012Standardized Returns (%) 7-day

Yield1Yr 5Yr 10Yr Since

InceptionInception

DateMax Front

Load %Max Back

Load %Net ExpRatio %

Gross ExpRatio %

BlackRock Natural Resources Inv A -- -3.46 -3.87 12.56 8.87 10-21-94 5.25 NA 1.13 1.13Dreyfus MidCap Index -- 17.20 4.70 10.05 11.35 06-19-91 NA NA 0.50 1 0.51Dreyfus Opportunistic Midcap Value A -- 12.54 5.23 11.64 11.95 09-29-95 5.75 NA 1.22 1.22Fidelity Advisor Materials A -- 12.94 4.23 -- 8.12 12-12-06 5.75 NA 1.13 1.13Fidelity Low-Priced Stock -- 18.50 4.88 11.17 13.98 12-27-89 NA NA 0.88 0.88HighMark Value Fiduciary -- 16.78 0.39 7.21 8.76 02-01-91 NA NA 1.00 2 1.14Hotchkis and Wiley Value Opps A -- 22.47 7.85 11.36 11.36 12-31-02 5.25 NA 1.37 1.37Invesco American Value A -- 10.58 2.17 10.01 8.82 10-18-93 5.50 NA 1.32 1.32Prudential Jennison Natural Resources A -- -8.07 -4.88 14.01 10.62 01-22-90 5.50 NA 1.19 1.19Putnam Equity Income A -- 12.17 2.32 7.58 9.68 06-15-77 5.75 NA 1.12 1.12RidgeWorth Mid-Cap Value Equity A -- 14.41 5.10 -- 9.84 10-27-03 5.75 NA 1.35 3 1.45RS Global Natural Resources A -- 1.06 -1.34 13.75 9.99 11-15-95 4.75 NA 1.45 4 1.48Victory Established Value A -- 5.68 4.14 10.27 7.70 05-05-00 5.75 NA 1.08 1.08Standard & Poor's 500 -- 16.00 1.66 7.10 -- --Barclay's Agg Bond Index -- 4.22 5.95 5.18 -- --MSCI EAFE Index Ndtr_D -- 17.32 -3.69 8.21 -- --3 Month T-Bill -- 0.09 0.39 1.74 -- --

1. Non-contractual waiver that may expire at any time.

2. Contractual waiver that expires 11/30/2013.



Returns after Taxes (%) on Distribution on Distribution and Sales of Shares

1Yr 5Yr 10Yr SinceInception

InceptionDate


BlackRock Natural Resources Inv A -3.58 -3.98 12.33 8.50 10-21-94Dreyfus MidCap Index 16.32 3.99 9.22 9.64 06-19-91Dreyfus Opportunistic Midcap Value A 12.49 4.61 10.42 10.02 09-29-95Fidelity Advisor Materials A 12.23 3.84 -- 7.60 12-12-06Fidelity Low-Priced Stock 16.99 3.89 9.99 12.02 12-27-89HighMark Value Fiduciary 14.78 -0.83 5.52 7.23 02-01-91Hotchkis and Wiley Value Opps A 20.59 7.10 10.47 10.47 12-31-02Invesco American Value A 10.41 1.96 9.32 7.61 10-18-93

-2.25 -3.30 11.28 7.8912.24 3.83 8.71 9.398.19 4.35 9.90 9.658.88 3.44 -- 6.82

13.28 3.91 9.58 11.7212.77 -0.16 5.83 7.2715.11 6.38 9.75 9.756.87 1.73 8.60 7.19

Page 14 of 19


http://advisor.morningstar.com/familyinfo.asp

Disclosure for Standardized and Tax Adjusted Returns (continued)



InceptionDate


Prudential Jennison Natural Resources A -8.07 -5.36 12.89 9.48 01-22-90Putnam Equity Income A 10.88 1.61 6.35 6.81 06-15-77RidgeWorth Mid-Cap Value Equity A 13.81 3.61 -- 7.43 10-27-03RS Global Natural Resources A 1.02 -1.41 12.89 9.40 11-15-95Victory Established Value A 4.99 3.33 8.83 6.03 05-05-00

-5.25 -4.37 12.08 9.058.52 1.62 6.08 6.719.35 3.48 -- 7.240.75 -1.16 12.02 8.824.21 3.21 8.63 6.07

Page 15 of 19


Mutual Fund Detail ReportDisclosure Statement

The Mutual Fund Detail Report is to be used as supplemental sales literature,and therefore must be preceded or accompanied by the fund's current prospec-tus and a disclosure statement. Please read the prospectus carefully. In allcases, this disclosure statement should accompany the Mutual Fund DetailReport. Portfolio information is based on the most recent informationavailable to Morningstar.

Morningstar Associates, LLC, a regsitered investment advisor and whollyowned subsidiary of Morningstar, Inc., provides various institutional in-vestment consulting services, including asset allocation advice to invest-ment advisors who have or will be creating a fund-of-fund/asset allocationproduct. However, despite the fact that such a relationship may exist, theinformation displayed for those products will not be influenced as they are objective measures and/or derived by quantitative driven formulas (i.e., Morningstar Rating). For more information on these Morningstar relationships,please visit the Release Notes section of this product.

Morningstar is not a FINRA-member firm.

Pre-inception ReturnsThe analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's Performance section.

When pre-inception data are presented in the report, the header at the top of the report will indicate this. In addition, the pre-inception data included in the report will appear in italics.

While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures between a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

PerformanceThe performance data given represents past perfomance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor's shares when redeemed may be worth more or less than the original investmant. Fund portfolio statistics change over time. The fund is not FDIC-insured, may lose value and is not guaranteed by a bank orother financial institution.

Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be reduced.

Standardized Total Return is reflected as of month- and quarter-end time periods. It depicts performance without adjusting for the effects of taxation, but is adjusted for sales charges, all ongoing fund expenses, and assumes reinvestment of dividends and capital gains. If adjusted for the effects of taxation, the performance quoted would be reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. Standardized returns never include pre-inception history.

Morningstar % Rank within Morningstar Category does not account for a fund'ssales charge (if applicable). Rankings will not be provided for periods less than one year.

Growth of $10,000 The graph compares the growth of $10,000 in a fund with that of an index and with that of the average for all funds in its Morningstar category. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. The index is an unmanaged portfolio of specified securities and cannot be invested in directly. The index and the category average do not reflect any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is chosen by Morningstar.

If pre-inception data is included in the analysis, it will be graphed.

Morningstar Analyst Rating The Morningstar Analyst Rating is not a credit or risk rating. It is a subjectiveevaluation performed by the mutual fund analysts of Morningstar, Inc.Morningstar evaluates funds based on five key pillars, which are process,performance, people, parent, and price. Morningstar's analysts use this fivepillar evaluation to identify funds they believe are more likely to outperform overthe long term on a risk-adjusted basis. Analysts consider quantitative andqualitative factors in their research, and the weighting of each pillar may vary.The Analyst Rating ultimately reflects the analyst's overall assessment and isoverseen by Morningstar's Analyst Rating Committee. The approach serves notas a formula but as a framework to ensure consistency across Morningstar'sglobal coverage universe.

The Analyst Rating scale ranges from Gold to Negative, with Gold being thehighest rating and Negative being the lowest rating. A fund with a Gold ratingdistinguishes itself across the five pillars and has garnered the analysts' highestlevel of conviction. A fund with a Silver rating has notable advantages acrossseveral, but perhaps not all, of the five pillars-strengths that give the analysts ahigh level of conviction. A Bronze-rated fund has advantages that outweigh thedisadvantages across the five pillars, with sufficient level of analyst convictionto warrant a positive rating. A fund with a Neutral rating isn't seriously flawedacross the five pillars, nor does it distinguish itself very positively. A Negativerated fund is flawed in at least one if not more pillars and is considered aninferior offering to its peers. Analyst Ratings are reevaluated at least every 14months.

For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations

Page 16 of 19


not to occur or to differ significantly from what we expected.

Risk and Return The Morningstar Rating is calculated for funds with at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Please note that some Morningstar proprietary calculations, including the Morningstar Rating, may be calculated based on adjusted historical returns (pre-inception returns). If the extended performance rating is in effect, the "stars" are represented as unshaded stars. For each mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's adjusted monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. This investment's independent Morningstar Rating metric is then compared against the open-end mutual fund universe's actual performance breakpoints to determine its extended performance rating. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the actual performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Morningstar Return rates a mutual fund's performance relative to other funds in its Morningstar Category. It is an assessment of a fund's excess return over a risk-free rate (the return of the 90-day Treasury Bill), after adjusting for all applicable loads and sales charges, in comparison with the mutual funds in its Morningstar Category. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return (HIGH), the next 22.5% Above Average (+AVG), the middle 35% Average (AVG), the next 22.5% Below Average

(-AVG), and the bottom 10% Low (LOW). Morningstar Return is measured for up to three time periods (three-, five-, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the mutual fund. Funds with less than three years of performance history are not rated.

Morningstar Risk evaluates a mutual fund's downside volatility relative to that of other funds in its Morningstar Category. It is an assessment of the variations in a fund's monthly returns, with an emphasis on downside variations, in comparison with the mutual funds in its Morningstar Category. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk (LOW), the next 22.5% Below Average (-AVG), the middle 35% Average (AVG), the next 22.5% Above Average (+AVG), and the top 10% High (HIGH). Morningstar Risk is measured for up to three time periods (three-, five-, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the mutual fund. Funds with less than three years of performance history are not rated.

If pre-inception returns are included in this analysis, the risk and return profile data calculated on the basis of these returns will appear in italics.

Risk MeasuresThe risk measures below are calculated for funds with at least a three-year history.

Standard deviation is a statistical measure of the volatility of the fund'sreturns.

Mean represents the annualized geometric return for the period shown.

The Sharpe ratio uses standard deviation and excess return to determinereward per unit of risk.

Alpha measures the difference between a fund's actual returns and itsexpected performance, given its level of risk (as measured by beta).Alpha is often seen as a measure of the value added or subtracted by a portfolio manager.

Beta is a measure of a fund's sensitivity to market movements. A portfolio witha beta greater than 1 is more volatile than the market, and a portfolio with abeta less than 1 is less volatile than the market

R-squared reflects the percentage of a fund's movements that are explainedby movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant.

Risk measures calculated using pre-inception data, if included in the analysis, will be presented in italics.

Portfolio Analysis The Morningstar Style Box reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (limited, moderate or extensive).

CompositionThe weighting of the portfolio in various asset classes, including "Other," is shown in this table. "Other" includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks.

In the table, allocation to the classes is shown for long positions, short positions, and net (long positions net of short) positions. These statistics summarize what the managers are buying and how they are positioning the portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the funds' exposure and risk.

Most managed product portfolios hold fairly conventional securities, such as long positions in stocks and bonds. Other portfolios use other investment strategies or securities, such as short positions or derivatives, to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while others have uniquereturn and risk characteristics.

Most portfolios take long positions in securities. Long positions involve buying the security outright and then selling it later, with the hope that the security price rises over time. In contrast, short positions are taken to benefit from anticipated price declines. In this type of transaction, the investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price.

Page 17 of 19


The strategy of selling securities short is prevalent in specialized portfolios, such as long-short, market-neutral, bear-market, and hedge funds. Most conventional portfolios do not typically short securities, although they may reserve the right to do so under special circumstances. Funds may also short derivatives, and this is sometimes more efficient than shorting individual securities. Short positions produce negative exposure to the security that is being shorted. This means that when the security rises in value, the short position will fall in value and vice versa. Morningstar's portfolio statistics will capture this negative exposure. For example, if a fund has many short stock positions, the percent of assets in stocks in the asset allocation breakdown may be negative. Funds must provide their broker with cash collateral for the short position, so funds that short often have a large cash position, sometimes even exceeding 100% cash.

Note that all other portfolio statistics presented in this report are based on the long holdings of the fund only.

Equity Portfolio StatisticsThe referenced data elements below are a weighted average of the equity holdings in the portfolio.

The Price/Earnings ratio is a weighted average of the price/earnings ratios of the stocks in the underlying fund's portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12-months' earnings per share. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents.

The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratios of the stocks in a fund's portfolio. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency.

The Price/Book ratio is a weighted average of the price/book ratios of all the stocks in the underlying fund's portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value. Stocks with negative book values are excluded from this calculation.

The geometric average market capitalization of a fund's equity portfolio offers a measure of the size of the companies in which the mutual fund invests.

Fixed-Income Portfolio StatisticsThe referenced data elements below are a weighted average of the fixed income holdings in the portfolio.

Duration is a time measure of a bond's interest rate sensitivity. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio.

Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security.

Average credit quality is calculated by taking the weighted average of the credit rating for each bond in the portfolio.

Average weighted coupon is generated from the fund's portfolio by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid out on a fixed-income security on an annual basis.

Average weighted price is generated from the fund's portfolio by weighting the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (premium or discount securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value.

Turnover Ratio is a decent proxy for how frequently a manager trades his or her portfolio. The inverse of a fund's turnover ratio is the average holding period for a security in the fund. As turnover increases, a fund's brokerage costs typically rise as well.

OperationsPurchase constraints denote if a mutual fund has any of the following qualities: Qualified Access (A), Institutional (T), Closed to New Investments, (C) or Closed to All Investments (L). Because these qualities can all act as restrictions and/or requirements for investment, they are grouped together.

Potential capital gains exposure is the percentage of a mutual fund's total assets that represent capital appreciation.

Investment RiskInternational Funds/Emerging Market Funds: The investor should note that funds that invest in international securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Sector Funds: The investor should note that funds that invest exclusively inone sector or industry involve additional risks. The lack of industry diver-sification subjects the investor to increased industry-specific risks.

Non-Diversified Funds: The investor should note that funds that invest moreof their assets in a single issuer involve additional risks, including shareprice fluctuations, because of the increased concentration of investments.

Small-Cap Funds: The investor should note that funds that invest in stocks ofsmall companies involve additional risks. Smaller companies typically have ahigher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greaterdegree of market volatility that the overall market average.

Mid Cap Funds: The investor should note that funds that invest in companieswith market capitalization below $10 billion involve additional risks. Thesecurities of these companies may be more volatile and less liquid than thesecurities of larger companies.

High-Yield Bond Funds: The investor should note that funds that invest in lower-rated debt securities (commonly referred as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.

Tax-Free Municipal Bond Funds: The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax.

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Benchmark Disclosure

Goldman Sachs Natural Resources A sector index that includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations.

Morningstar Mid Core TR The Morningstar Mid Core Index measures the performance of mid-cap stocks where neither growth nor value characteristics predominate.

Morningstar Moderately Aggr Target Risk

MSCI World NR USD Includes all 23 MSCI developed market countries.

Russell 1000 Value TR Tracks the companies within the Russell 1000 with lower price-to-book ratios and lower forecasted growth values.

Russell Mid Cap Value TR Tracks the companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values.

S&P 1500 Energy TR

S&P 500 TR A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market.

S&P Midcap 400 TR This index is comprised of stocks in the middle-capitalization range, and includes approximately 10% of the capitalization of U.S. equity securities.

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Important Disclosures

This performance presented is past performance which is not a guarantee of future results; current

performance may be lower or higher than the performance quoted. The investment return and principal

value will fluctuate, and shares, when sold, may be worth more or less than their original cost.

Other share classes with different sales charges are available. The return of each class will vary,

depending upon its applicable sales charge.

Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges and

expenses carefully before investing. The prospectus, and, if available, the summary prospectus, which

contains this and other information, can be obtained by calling your financial advisor. Read the

prospectus and, if available, the summary prospectus carefully before you invest.

Important Disclosures Standard deviation, a widely accepted measure of investment risk, is a statistical indication of a stock or portfolio’s historical volatility. A higher number indicates greater volatility and potential for loss. The prices of mid-cap company stocks are generally more volatile than large company stocks. They often involve higher risks because smaller companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Wells Fargo Advisors, LLC (WFA) is a non-bank affiliate of Wells Fargo & Company. Wells Fargo Funds Management, LLC is the investment adviser on each of the mutual funds within the Wells Fargo Advantage family of funds. WFA, Wells Fargo Funds Management, LLC and Wells Fargo Advantage family of funds are all affiliated companies. StyleADVISOR is not meant to replace a thorough analysis by a consultant. You and your consultant best understand the overall goals of your investment program, and how a particular portfolio may or may not help you accomplish these goals. StyleADVISOR is meant to alert you to situations where you and your consultant may wish to consider generic portfolios. Investment and insurance products: NOT FDIC-Insured NO Bank Guarantee MAY Lose Value Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. 0410-0402B 08/10

Index Descriptions The indices below are presented to provide you with an understanding of their historic long-term performance and are not presented to illustrate the performance of any security. Investors cannot directly purchase any index. The Russell 1000 Index measures the performance of the 1,000 largest securities in the Russell 3000 Index. This large capitalization (market-oriented) index represents the universe of stocks from which most active money managers typically select. The Russell 1000 is highly correlated with the S&P 500 Index. The Russell 3000 Index is composed of the 3,000 largest U.S. securities, as determined by total market capitalization. The Russell Midcap™ Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000® Index. The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index consists of the 1,000 largest securities in the Russell 3000 Index. The Russell 3000 Index is composed of the 3,000 largest U.S. securities, as determined by total market capitalization. The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index consists of the 1,000 largest securities in the Russell 3000 Index. The Russell 3000 Index is composed of the 3,000 largest U.S. securities, as determined by total market capitalization.

457 Full Investment Review

Presented By: March 26, 2013 Scott T. Sutherland, Senior Vice President – Investments Kymberly M. Jankauski, Financial Consultant Jennifer L. Dickerson, Financial Consultant

Orange County Water District

401(a) and 457 Retirement Committee Meeting Minutes January 29th, 2013

Meeting Attendees

From Orange County Water District:

Orange County Water District Retirement Committee

From the Sutherland Retirement Group of Wells Fargo Advisors:

Scott Sutherland, Kymberly Jankauski

Agenda

401(a): Full review of all plan investments and potential new options including a review of the current

investments held on the “Red Flag” watch list.

a) Mid Blend – Dreyfus Opportunistic MidCap Value A – Red Flagged June 2012

457: Review of the current investments held on the “Red Flag” watch list only.

a) Small Blend – Royce Low Priced Stock Invmt – Red Flagged June 2012

b) Mid Value – RidgeWorth Mid-Cap Value Equity A – Red flagged June 2012

c) Large Growth – Franklin Growth A – Red Flagged June 2012

d) Large Growth – Calvert Equity A – Red Flagged June 2012

e) Large Blend – JPMorgan US Equity A – Red Flagged June 2012

Fund Additions

401(a):

a) Mid Value – Hotchkis & Wiley Value Opps A – HWAAX

457:

a) Small Blend – Principal SmallCap S&P 600 Index R4 – PSSSX

b) Large Growth – Delaware Select Growth A – DVEAX

c) Large Growth – Alger Spectra I – ASPIX

Decisions

401(a):

a) Natural Resources – Prudential Jennison Natural Resources A– The Committee voted to Red Flag this

fund and review in ninety days.

b) Mid Blend – Dreyfus Opportunistic MidCap Value A – The Committee voted to maintain the Red Flag on

this fund and review in ninety days.

c) Mid Value – Victory Established Value A – The Committee voted to Red Flag this fund and review in ninety

days.

d) Large Value – Highmark Value Fiduciary – The Committee voted to Red Flag this fund and review in ninety

days.

457:

a) Small Blend – Royce Low Priced Stock Invmt – The Committee voted to remove this previously Red

Flagged fund from the 457 plan due to its recent underperformance and to map all balances and elections into

the existing JPMorgan US Small Company A fund.

b) Mid Value – RidgeWorth Mid-Cap Value Equity A – The Committee voted to maintain the Red Flag on this

fund and review in ninety days.

c) Large Growth – Franklin Growth A – The Committee voted to remove this previously Red Flagged fund from

the 457 plan due to its recent underperformance and to map all balances and elections into the new Delaware

Select Growth A fund listed above.

d) Large Growth – Calvert Equity A – The Committee voted to remove this previously Red Flagged fund from

the 457 plan due to its recent underperformance and to map all balances and elections into the existing T.

Rowe Price New America Growth fund.

e) Large Blend – JPMorgan US Equity A – The Committee voted to maintain the Red Flag on this fund and

review in ninety days.

Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC, and Wells Fargo Financial Network, LLC,

Members SIPC. Investment and Insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE.

Capital Markets Review for Periods Ending

December 31, 2012

Institutional Consulting Group

January 2013

This and/or the accompanying information was prepared by or obtained from sources which Wells Fargo Advisors believes to be reliable but does not guarantee its accuracy. Please see important disclosure and reference information at the conclusion of this report. Past performance is not indicative of future results.

December 31, 2012 Review

Page 1

Capital Markets Review For Periods Ending December 31, 2012


Data Sources: Zephyr StyleAdvisor, Barclay’s Capital, MSCI Barra, Standard & Poor’s

Index Name 4th Quarter YTD 1 Year 3 Years* 5 Years* 10 Years*

Dow Jones Industrial Average -1.7% 10.2% 10.2% 10.9% 2.6% 7.3%

NASDAQ Composite -2.5% 17.8% 17.8% 11.2% 3.7% 9.5%

S&P 500 -0.4% 16.0% 16.0% 10.9% 1.7% 7.1%

Russell 1000 0.1% 16.4% 16.4% 11.1% 1.9% 7.5%

Russell 1000 Value 1.5% 17.5% 17.5% 10.9% 0.6% 7.4%

Russell 1000 Growth -1.3% 15.3% 15.3% 11.4% 3.1% 7.5%

Russell Midcap 2.9% 17.3% 17.3% 13.2% 3.6% 10.6%

Russell Midcap Value 3.9% 18.5% 18.5% 13.4% 3.8% 10.6%

Russell Midcap Growth 1.7% 15.8% 15.8% 12.9% 3.2% 10.3%

Russell 2000 1.9% 16.3% 16.3% 12.2% 3.6% 9.7%

Russell 2000 Value 3.2% 18.1% 18.1% 11.6% 3.5% 9.5%

Russell 2000 Growth 0.4% 14.6% 14.6% 12.8% 3.5% 9.8%

Russell 3000 0.2% 16.4% 16.4% 11.2% 2.0% 7.7%

MSCI EAFE (Net) 6.6% 17.3% 17.3% 3.6% -3.7% 8.2%

MSCI WORLD (Net) 2.5% 15.8% 15.8% 6.9% -1.2% 7.5%

MSCI EM (EMERGING MARKETS) (Net) 5.6% 18.2% 18.2% 4.7% -0.9% 16.5%

40% S&P 500 / 60% Barclays Capital U.S. Aggregate Bond 0.1% 8.7% 8.7% 7.8% 4.2% 5.9%

50% S&P 500 / 50% Barclays Capital U.S. Aggregate Bond 0.0% 9.9% 9.9% 8.3% 3.9% 6.2%

60% S&P 500 / 40% Barclays Capital U.S. Aggregate Bond -0.1% 11.2% 11.2% 8.9% 3.5% 6.4%

70% S&P 500 / 30% Barclays Capital U.S. Aggregate Bond -0.2% 12.4% 12.4% 9.4% 3.1% 6.6%

Barclays U.S. Aggregate Bond 0.2% 4.2% 4.2% 6.2% 5.9% 5.2%

Barclays U.S. Government/Credit Bond 0.4% 4.8% 4.8% 6.7% 6.1% 5.2%

Barclays Intermediate U.S. Government/Credit Bond 0.3% 3.9% 3.9% 5.2% 5.2% 4.6%

Barclays U.S. Municipal Bond 0.7% 6.8% 6.8% 6.6% 5.9% 5.1%

BofA Merrill Lynch Convertible Securities 2.4% 14.4% 14.4% 8.8% 4.9% 7.3%

Merrill Lynch High Yield Master 3.1% 15.4% 15.4% 11.6% 9.9% 10.2%

Citigroup 3-month T-bill 0.0% 0.1% 0.1% 0.1% 0.4% 1.7%

HFRI Fund of Funds Composite Index 1.8% 5.2% 5.2% 1.6% -1.7% 3.7%

Wilshire REIT 2.5% 17.6% 17.6% 18.2% 5.3% 11.6%

Dow UBS Commodity Index -6.3% -1.1% -1.1% 0.1% -5.2% 4.1%

* - Annualized



Page 2



Capital Markets Overview

Although the major averages ended the year with positive returns, like most recent years, it faced significant challenges. The economy remained sluggish, broad employment numbers were not encouraging, and consumer confidence was shaky. It was a contentious election year and the U.S. economy was facing the prospect of reduced federal spending, and higher tax rates through the expiration of the Bush-era tax cuts. In retrospect, 2012 will be remembered for its resiliency. The fourth quarter was perhaps the best example of its character. The major averages finished the quarter little changed, but each measure suffered dramatic declines in a post-election November as the prospect of higher taxes, increased governmental spending, and a Congress seemingly willing to jump from the fiscal cliff. The NASDAQ Composite Index (NASDAQ) led the averages this year, returning better than 17%. The S&P 500 Index (S&P500) trailed slightly, up better than 16%, and the Dow Jones Industrial Average (DJIA) finished the year just above 10%. The Small- and Mid-Cap indices also provided solid returns for investors this year. The S&P SmallCap 600 Index (S&P600) gained over 16%, and the S&P MidCap 400 Index (S&P400) was up over 17% for the year. The elections and fiscal discussion in the U.S. this quarter drew attention from the economic problems in Europe. The European Central Bank (ECB) lowered its growth forecast (for the completion of) 2012, and 2013. However, regional finance ministers approved rescue payments to Greece thereby signaling their support and the prospect that conditions may be improving in the region. European markets rallied late on news that the U.S. would avoid a fiscal crisis. Germany’s DAX and France’s CAC 40 each returned nearly 3% in December and provided solid returns in 2012. Improving economic data in the Pacific-Rim led to positive returns for that region. The MSCI Asia Pacific Index was up better than 16% and China’s Shanghai Composite Index rose sharply in December on news that manufacturing in that country expanded for the first time in thirteen months. The index was up more than 14% in December.



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Data Sources: Zephyr StyleAdvisor, Barclay’s Capital, MSCI Barra, Standard & Poor’s

The fourth quarter for fixed income investments were also a reflection of the year. The markets enjoyed a brief rally early in the quarter with Treasuries pushed lower as investors sought more conservative strategies only to move higher in December in front of the potential fiscal impasse. The 30-year note yield increased 14 basis points in December and closed the quarter at 2.95%, an increase of just 6 basis points from its 2012 start. The yield on the 10-year note increased by 15 basis points in December and ended the year at 1.76%, down 12 basis points from its 2011 close. The 2-year note remained virtually unchanged, closing the year at .25%, up just 1 basis point from its 2011 close of .24%. Losses in precious metals led commodities lower in December and the CRB Index lost more than 3% for the year. Gold was down in December, but gained nearly 7% for the year and was helped by strengthening in the U.S. dollar. Silver, a big winner early in the year saw its gains halved in December, losing 9.8% for the month, ending the year up slightly more than 8%. The U.S. Dollar Index lost a modest 0.5% in 2012.



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Data Source: U.S. Department of Commerce, Wells Fargo Securities, LLC

U.S. economic growth continues at a below average pace

The private sector added little to GDP this quarter as uncertainty surrounding the fiscal cliff caused economic activity to pull back.

Holiday sales were below expectations as consumers remained cautious.

The unemployment rate declined again this quarter. Jobs growth is rising, but at a pace too slow to make significant changes in the rate.

-10%

-8%

-6%

-4%

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0%

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6%

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-8%

-6%

-4%

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0%

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6%

8%

10%

96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

U.S. Real GDPBars = Compound Annual Rate Line = Yr/Yr % Change

Real GDP: Q3 @ 3.1%

Real GDP: Q3 @ 2.6%



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Data Sources: FactSet, Zephyr StyleAdvisor, Barclay’s Capital, MSCI Barra, Standard & Poor’s

Despite a late slide by Apple (AAPL), the NASDAQ led the way in 2012 as it posted a 17.8% gain. Small- and mid-caps outperformed in the fourth quarter and for the year. Value stocks outpaced growth stocks in the fourth quarter by largest rate since third quarter of 2009.

2012 Domestic Equity Returns

Value Growth

Russell

1000

17.5 16.4 15.3

Russell

Mid

cap

18.5 17.3 15.8

Russell

2000

18.1 16.4 14.6

-10 -5 0 5 10

Fourth Quarter

Domestic Equity Returns

Value Growth

Russell

1000

1.5 0.1 -1.3

Russell

Mid

cap

3.9 2.9 1.7

Russell

2000

3.2 1.9 0.5

-10 -5 0 5 10

3Q08

3Q09

4Q12 4Q11 1Q10 1Q08 2Q12 4Q08 2Q10 3Q12 1Q11

2Q09 2Q11 4Q10

3Q11 3Q10 1Q12 4Q09

2Q08

1Q09 -15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

Outperformance of the Russell 3000 Value vs. Russell 3000 Growth by Quarter

Slightly positive quarter leaves double-digit returns for U.S. stock indices in 2012



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Cyclical stocks led the way in 2012 Financials led the way for both the fourth quarter and the year 2012.

Telecoms struggled in the fourth quarter but still posted a solid year. Top subindustries were household appliances and homebuilding, while gold mining declined over

20%.

-6.02

-5.72

-2.86

-2.75

-1.75

-0.38

0.07

2.11

2.69

3.70

5.92

Telecommunication

Information Technology

Utilities

Energy

Consumer Staples

S&P 500

Health Care

Consumer Discretionary

Materials

Industrials

Financials

S&P 500 Fourth Quarter 2012 Sector Returns

1.29

4.61

10.76

14.82

14.97

15.35

16.00

17.89

18.31

23.92

28.82

Utilities

Energy

Consumer Staples

Information Technology

Materials

Industrials

S&P 500

Health Care

Telecommunication

Consumer Discretionary

Financials

S&P 500 2012 Sector Returns



Page 7




More one-time or special dividends were issued in the months of November and December 2012 than in any entire year previously.

A record number of U.S. companies made announcements regarding changes to their dividend policies in December.

Fiscal cliff compromise of early January raised dividend tax rate to 20% from 15% for those earning more than $400,000 ($450,000 if married).

0

200

400

600

800

1000

1200

2008 2009 2010 2011 2012

1st Quarter 2nd Quarter

3rd Quarter 4th Quarter

U.S. Companies Issuing Special Dividends

Companies announcing Increase / Decrease in Dividends going forward

2012 2011 2010 2009 2008

First Quarter 552 / 20 413 / 15 284 / 30 193 / 222 475 / 38

Second Quarter 382 / 33 359 / 33 251 / 22 147 / 178 352 / 53

Third Quarter 348 / 45 273 / 45 210 / 22 139 / 79 264 / 72

Fourth Quarter 486 / 146 389 / 18 342 / 14 220 / 48 219 / 132

Fiscal cliff uncertainty a boon for December dividends



Page 8



Data Sources: IMF, Wells Fargo Securities, LLC

European governments were able to make progress toward restoring investor confidence. The ECB pledged to do “whatever it takes” to preserve the euro while European political leaders and the IMF engineered a plan for further Greek debt restructuring if needed.

International Markets show resilience in the face of weak global growth

-14%

-12%

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0%

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4%

6%

2000 2002 2004 2006 2008 2010 2012

Eurozone Real GDPBars = Compound Annual Rate Line = Yr/Yr % Change

Compound Annual Growth: Q3 @ -0.2%

Year-over-Year Percent Change: Q3 @ -0.6%

0%

3%

6%

9%

12%

15%

0%

3%

6%

9%

12%

15%

00 01 02 03 04 05 06 07 08 09 10 11 12

Chinese Real GDPYear-over-Year Percent Change

Year-over-Year Percent Change: Q3 @ 7.4%

After experiencing slower growth in the previous quarter, the Chinese economy appears to have stabilized in the last three months.



Page 9



Data Sources: FactSet, Federal Reserve

Following the December FOMC meeting the Fed pledged to keep rates low while the unemployment rate remains above 6.5% and forward inflation projections stay below 2.5%.

The demand for bonds remained

relatively strong during the fourth quarter as many investors preferred the perceived safe haven of fixed income over the volatility of stocks.

Domestic Fixed Income Markets

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

3 MO 6 MO 2 YR 5 YR 10 YR 30 YR

Treasu

ry Y

ield

Cu

rve

12/31/2009 12/31/2010 12/31/2011 12/31/2012

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

Yiel

d

2-Yr Treasury 10-Yr Treasury 30-Yr Treasury



Page 10



Data Sources: Bloomberg LP, Wells Fargo Securities, LLC, FactSet, Zephyr StyleAdvisor, Barclays

Muted Action in the Bond Markets

There was little movement in the fixed- income markets during the fourth quarter. Higher-yielding bonds saw the best performance, while interest rates edged slightly higher.

Corporate bonds led the bond sectors with a 1.06% return for the quarter compared to the Barclays Aggregate return of 0.21%. Treasuries and Mortgage-Backed Securities(MBS) posted slightly negative returns.

0.00%

5.00%

10.00%

15.00%

4Q12 YTD 1 YR 3 YR 5 YR

Cred

it P

erfo

rman

ce AAA

AA

A

BBB

BB

-5.00%

0.00%

5.00%

10.00%

4Q12 YTD 1 YR 3 YR 5 YR 10 YR

Secto

r P

erfo

rmance

Govts Corps Mortgages



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International Fixed Income Markets

Higher risk securities were the year’s biggest gainers with Emerging-market debt returning 21.5% on the year. Emerging-market debt continues to outperform the developed fixed income. Investors have been attracted to relatively faster growth rates, lower debt levels, and less volatility than historically experienced.

90

95

100

105

110

115

120

Chart 1: International Fixed Income Markets Improve in

Second Half

Developed fixed income Emerging market debt

Source: Bloomberg LP and Wells Fargo Advisors, LLC



Page 12



Commodities pull back during the quarter

110

115

120

125

130

135

140

145

150

155

DJ UBS Commodity Index

Source: Bloomberg LP , FactSet, and Wells Fargo Advisors, LLC

Commodity prices pulled back this quarter. The DJ UBS Commodity Index lost more than 6% from the beginning of the quarter, and finished the year down just over 1%.

Metal prices broadly followed the trend in equity

prices and especially the dollar. Precious metal prices eased with the improvement in confidence.

Gold peaked in February at $1,801.50 and reached a low of $1,549.70 in May. Gold closed the quarter at $1,675.80, up 7% for the year.

Oil steadied this quarter as inventory and supply gains kept pressure on prices. However, oil had a volatile year spiking to over $109 per barrel in March before falling to $80 per barrel June.

Commodities Current 3 Months Ago 1 Year Ago12/31/2012 9/28/2012 12/30/2011

Gold (per Troy ounce) $1,674.80 $1,771.10 $1,565.80

Oil (per barrel) $91.82 $92.19 $98.83

Copper (per pound) $3.64 $3.77 $3.43



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ASSET CLASS SUITABILITY: Stocks of small companies are typically more volatile than stocks of larger companies. They often involve higher risks because they may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. High-yield, non-investment grade bonds are only suitable for aggressive investors willing to take greater risks, which could result in loss of principal and interest payments. Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging markets. Because the futures and commodity markets can be highly unpredictable – often swinging dramatically – investing in currency and commodities is not suitable for all investors. You may lose your entire investment , and in some cases, more than you invested.

Dow Jones Industrial Average - This index is comprised of 30 "blue-chip" US stocks selected for their history of successful growth and wide interest among investors. The DJIA represents about 20% of the total market value of all US stocks and about 25% of the NYSE market capitalization. It is a price-weighted arithmetic average, with the divisor adjusted to reflect stock splits and the occasional stock switches in the index.

NASDAQ Composite - A cap-weighted index comprised of all common stocks that are listed on the NASDAQ Stock Market (National Association of Securities Dealers Automated Quotation system).

S&P 500 - A broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. This index does not contain the 500 largest companies nor the most expensive stocks traded in the U.S. While many of the stocks are among the largest, this index also includes many relatively small companies. This index consists of approximately 380 industrial, 40 utility, 10 transportation and 70 financial companies listed on U.S. market exchanges. It is a capitalization-weighted index (stock price times number of shares outstanding), calculated on a total return basis with dividends reinvested.

S&P MidCap 400 – The S&P MidCap 400® provides investors with a benchmark for mid-sized companies. The index covers over 7% of the U.S. equity market, and seeks to remain an accurate measure of mid-sized companies, reflecting the risk and return characteristics of the broader mid-cap universe on an on-going basis.

S&P SmallCap 600 – The S&P SmallCap 600 covers approximately 3% of the domestic equities market. Measuring the small cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable.

Russell 1000 - The 1000 largest companies in the Russell 3000 index, based on market capitalization.

Russell 1000 Growth - A segment of the Russell 1000 with a greater-than-average growth orientation. Companies in this index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the Russell 1000 Value index.

Russell 1000 Value - Represents a segment of the Russell 1000 with a less-than-average growth orientation. Companies in this index have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the Russell 1000 Growth Index.

Russell Mid Cap - The index consisting of the bottom 800 securities in the Russell 1000 as ranked by total market capitalization, and it represents over 35% of the Russell 1000 total market cap.

Russell 2000 - The 2000 smallest companies in the Russell 3000 index.

Russell 2000 Growth - A segment of the Russell 2000 with a greater-than-average growth orientation. Companies in this index have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values than the Russell 2000 Value index.

Russell 2000 Value - A segment of the Russell 2000 with a less-than-average growth orientation. Companies in this index have low price-to-book and price-earnings ratios, higher dividend yields and lower forecasted growth values than the Russell 2000 Growth index.



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MSCI EAFE - A market capitalization-weighted index representing all of the MSCI developed markets outside North America. It comprises 20 of the 22 countries in the MSCI World. These 20 countries include the 14 European countries in the MSCI Europe and the 6 Pacific countries in the MSCI Pacific. This index is created by aggregating the 20 different country indexes, all of which are created separately.

MSCI World - This market capitalization-weighted index represents all 22 of the MSCI developed markets in the world. It is created by aggregating the 22 different country indexes, all of which are created separately.

MSCI Asia Pacific - The MSCI AC Asia Pacific Index is a free-float weighted equity index capturing large and midcap representation across 4 of 5 Developed Market countries (excluding Japan) and 8 emerging market countries in the Asia Pacific region.

MSCI Emerging Markets Free (EMF) - A market capitalization-weighted index representing 26 of the emerging markets in the world. Several factors are used to designate whether a country is considered to be emerging vs. developed, the most common of which is Gross Domestic Product Per Capita. The "Free" aspect indicates that this index includes only securities that are allowed to be purchased by global investors. This index is created by aggregating the 26 different country indexes, all of which are created separately.

Barclays U.S. Government/Credit - This index includes all bonds that are in the Barclays Capital Government Bond and the Barclays Capital Credit Bond indices.

Barclays U.S. Government Intermediate - All bonds covered by the Barclays U.S. Government Bond index with maturities of 1 and 10 years.

Barclays U.S. Aggregate Bond - This index is made up of the Barclays U.S. Government/Credit, the Mortgage-Backed Securities, and the Asset-Backed Securities indices. All issues in the index are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $100 million.

Barclays U.S. Government Long Term - All bonds covered by the Barclays U.S. Government Bond index with maturities of 10 years or greater.

Barclays Municipal Bond - This market cap weighted index includes investment grade tax-exempt bonds and is classified into four main sectors: General Obligation, Revenue, Insured, and Pre-refunded. To be included in this index, the original transaction size of a bond must have been greater than $50 million.

Merrill Lynch Convertibles - The convertible securities used in this index span all corporate sectors and must have a par amount outstanding of $25 million or more. The maturity must be at least one year. The coupon range must be equal to or greater than zero and all quality of bonds are included. Excluded from this index are preferred equity redemption stocks. When the component bonds of this index convert into common stock, the converted securities are dropped from the index.

Merrill Lynch High Yield Master - Market-cap weighted index providing a broad-based measure of bonds in the US domestic bond market rated below investment grade but not in default. Includes only issues with a credit rating of BB1 or below as rated by Moody’s and/or S&P, at least $100 million in face value outstanding and a remaining term to final maturity equal to or greater than one year.

Dow Jones Wilshire REIT Index - A measurement of equity REITs and Real Estate Operating Companies. No special-purpose or health care REITs are included. It is a market capitalization-weighted index for which returns are calculated monthly using buy and hold methodology; it is rebalanced monthly.

Citigroup 3 Month Treasury Bill - Representing the monthly return equivalents of yield averages that are not marked to market, this index is an average of the last three three-month Treasury bill issues.

50/50 Blend (S&P 500/BCIGC) – A blended benchmark consisting of 50% S&P 500 and 50% Barclays Capital Government/Credit Intermediate indices.



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DAX – The German Stock Index is a total return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. CAC 40 – The CAC 40 Index is a narrow-based, modified capitalization-weighted index of 40 companies listed on the Paris Bourse. Shanghai Composite – The Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. The indices are unmanaged and not available for direct investment. Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member NYSE, FINRA, and SIPC.

WFALLC #0113-02627

Morningstar Equity Styles

4.99% Large Capitalization Value

Hartford Dividend & Growth R4 0.74% American Funds American Mutual R3 4.25%

9.89% Large Capitalization Blend

JPMorgan US Equity A 3.26% Vanguard 500 Index Signal 6.63%

9.32%

Large Capitalization Growth Alger Spectra I 0.00%

T. Rowe Price New America Growth 3.92% Delaware Select Growth A 5.40%

1.34% Mid. Capitalization Value

RidgeWorth Mid-Cap Value Equity A 1.34%

3.53% Mid. Capitalization Blend

Principal MidCap S&P 400 Index R4 1.71% Scout Mid Cap 1.82%

5.84% Mid. Capitalization Growth

Goldman Sachs S/M Cap Gr A 2.87% Ivy Mid Cap Growth A 2.97%

0% Small Capitalization Value

2.58%

Small Capitalization Blend JPMorgan US Small Company A 2.58%

Principal SmallCap S&P 600 Index R4 0.00%

2.58%

Small Capitalization Growth Lord Abbett Developing Growth A 2.58%

2.71%

International Equity Oppenheimer Intl Diversified A 0.93%

American Funds EuroPacific Gr R3 1.78%

0.43% Diversified Emerging Markets

Aberdeen Emerging Markets A 0.43%

1.91% Equity Precious Metals

Invesco Gold & Precious Metals A 1.91%

2.09% Health

Prudential Jennison Health Sciences A 2.09%

0.59% Technology

Goldman Sachs Tech Tollkeeper A 0.59%

1.31% Real Estate

Principal Real Estate Secs R4 1.31%

12.38% Asset Allocation / Lifestyle

Janus Balanced S 1.49% Fidelity Advisor Asset Manager Funds:

85% 2.33% 60% 1.91% 50% 5.77% 40% 0.70% 20% 0.18%

Morningstar Fixed Income Styles

30.53% Short Term (0-2yr.), High Grade

Prudential Guaranteed Income Fund 30.53%

2.77% Intermediate Term (2-5yr.), High Grade Spartan U.S. Bond Index Investor 2.77%

0.61% Long Term (5-30yr.), High Grade

Delaware Inflation Protected Bond A 0.61%

0% Short Term, Medium Grade

3.13% Intermediate Term, Medium Grade

PIMCO Total Return A 3.13%

0% Long Term, Medium Grade

0% Short Term, Low Grade

1.48% Intermediate Term, Low Grade

JPMorgan High Yield A 1.48%

0% Long Term, Low Grade

Style Fund Name Symbol #EE Fund Cat

1 Equity Precious Metals Invesco Gold & Precious Metals A IGDAX $260,387 1.91% 12 1.29% 1.42%

2 Real Estate Principal Real Estate Securities R4 PRETX $178,256 1.31% 19 1.21% 1.38%

3 Technology Goldman Sachs Technology Tollkeeper A GITAX $80,005 0.59% 6 1.50% 1.61%

4 Health Prudential Jennison Health Sciences A PHLAX $284,128 2.09% 25 1.23% 1.54%

5 Diversified Emg Mkts Aberdeen Emerging Markets A GEGAX $58,669 0.43% 8 1.39% 1.65%

6 Foreign Large Blend Oppenheimer International Diversified A OIDAX $127,127 0.93% 5 1.37% 1.40%

7 Foreign Large Blend American Funds EuroPacific Gr R3 RERCX $242,448 1.78% 33 1.14% 1.40%

8 Small Growth Lord Abbett Developing Growth A LAGWX $351,954 2.58% 48 1.12% 1.50%

Net Expense Ratio

457 Plan Level Diversification of Current Portfolio& Net Expense Ratio of Fund v. Category

Assets a/o 1/31/2013

Orange CountyWater District

9 Small Blend JPMorgan US Small Company A JTUAX $350,956 2.58% 49 1.27% 1.35%

10 Small Blend Principal SmallCap S&P 600 Index R4* PSSSX $0 0.00% 0 0.56% 1.35%

11 Mid-Cap Growth Goldman Sachs Small/Mid Cap Growth A GSMAX $390,340 2.87% 35 1.35% 1.39%

12 Mid-Cap Growth Ivy Mid Cap Growth A WMGAX $404,819 2.97% 45 1.40% 1.39%

13 Mid-Cap Blend Principal MidCap S&P 400 Index R4 PMFSX $232,250 1.71% 16 0.55% 1.30%

14 Mid-Cap Blend Scout Mid Cap UMBMX $247,854 1.82% 28 1.06% 1.30%

15 Mid-Cap Value RidgeWorth Mid-Cap Value Equity A SAMVX $182,735 1.34% 20 1.35% 1.33%

16 Large Growth Alger Spectra I* ASPIX $0 0.00% 0 1.32% 1.28%

17 Large Growth T. Rowe Price New America Growth PRWAX $534,033 3.92% 54 0.81% 1.28%

18 Large Growth Delaware Select Growth A* DVEAX $735,232 5.40% 62 #4 1.35% 1.28%

19 Large Blend JPMorgan US Equity A JUEAX $443,848 3.26% 41 0.97% 1.18%

20 Large Blend Vanguard 500 Index Signal VIFSX $903,765 6.63% 56 #2 0.05% 1.18%

21 Large Value Hartford Dividend & Growth R4 HDGSX $100,700 0.74% 14 1.05% 1.21%

22 Large Value American Funds American Mutual R3 RMFCX $578,627 4.25% 42 #5 0.97% 1.21%22 Large Value American Funds American Mutual R3 RMFCX $578,627 4.25% 42 #5 0.97% 1.21%

23 Moderate Allocation Janus Balanced S JABRX $203,450 1.49% 7 1.08% 1.34%

Style Fund Name Symbol #EE Fund Cat

Net Expense Ratio

Assets a/o 1/31/2013

24 Aggressive Allocation Fidelity Advisor Asset Manager 85% A FEYAX $317,663 2.33% 12 1.09% 1.51%

25 Moderate Allocation Fidelity Advisor Asset Manager 60% A FSAAX $260,245 1.91% 20 1.10% 1.34%

26 Moderate Allocation Fidelity Advisor Asset Manager 50% A FFAMX $786,133 5.77% 29 #3 1.02% 1.34%

27 Conservative Allocation Fidelity Advisor Asset Manager 40% A FFNAX $94,960 0.70% 4 0.90% 1.36%

28 Conservative Allocation Fidelity Advisor Asset Manager 20% A FTAWX $25,002 0.18% 6 0.84% 1.36%

29 High Yield Bond JPMorgan High Yield A OHYAX $200,952 1.48% 15 1.11% 1.15%

30 Inflation-Protected Bond Delaware Inflation Protected Bond A DIPAX $83,369 0.61% 10 0.84% 0.82%

31 Intermediate-Term Bond PIMCO Total Return A PTTAX $425,873 3.13% 17 0.85% 0.93%

32 Intermediate-Term Bond Spartan U.S. Bond Index Investor FBIDX $377,622 2.77% 13 0.22% 0.93%

33 Safe Harbor Prudential Guaranteed Income Fund n/a $4,158,017 30.53% 71 #1 0.10% 0.16%

$13,621,419Plan Assets

174

*New funds added to the plan as of the January Retirement Committee meeting. Fund change date is 4/15/2013.

Total Number of Participants (including termed)

Plan Administration

Previous 12 Months On-Site Participation Meetings and Participant Phone Calls

February 2013 HQ Group & Individual Participant Meetings (18) Anaheim Group & Individual Participant Meetings (17)

2 Investment Phone Calls 1 Administrative Phone Call

January 2013 Retirement Committee Meeting -

December 2012 Meeting with Stephanie and Lori from Prudential 1 Investment Phone Call

November 2012 - 2 Investment Phone Calls

1 Administrative Phone Call

October 2012 Retirement Committee

Health Fair Conference Call (2)

2 Investment Phone Calls

September 2012 Retirement Committee Meeting

HQ Group & Individual Participant Meetings (17) Anaheim Group & Individual Participant Meetings (19)

2 Investment Phone Calls 2 Website Phone Calls

1 Loan Phone Call

August 2012 Meeting to discuss Retirement Committee Meetings Meeting with Stephanie and Amy from Prudential

3 Investment Phone Calls 1 Rollover Phone Call

1 Administrative Phone Call

July 2012 - 3 Investment Phone Calls

1 Rollover Phone Call

June 2012 Retirement Committee

HQ Group & Individual Participant Meetings (17) Anaheim Group & Individual Participant Meetings (16)

2 Investment Phone Call 1 Loan Phone Call

May 2012 Retirement Committee Conference Call (2)

1 Distribution Phone Call

April 2012 HQ Individual Participant Meetings (8) Conference Call (2)


March 2012 HQ Individual Participant Meetings (14) Anaheim Individual Participant Meetings (19)


Fiduciary Monitoring Example Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation

December 2009 - November 2012R

etur

n

0%

2%

4%

6%

8%

10%

12%

14%





Janus Forty S


Capital Market LineThis axis measures risk.

This axis measures netperformance.



Ret

urn

-3%

-2%

-1%

0%

1%

2%

3%

4%





Janus Forty S


Capital Market Line

Outperforming with less volatility.

Underperforming with less volatility.

Overperforming with higher volatility.

Underperforming with higher volatility.

Calendar Year ReturnAs of November 2012

Ret

urn

-40%

-20%

0%

20%

40%

YTD 2011 2010 2009 2008


This box shows yearly mutualfund performance versus the

benchmark.





Small

-1

0

1

Large

Value -1 0 1 Growth


This box shows thepurity of the mutual fund.


Fiduciary Monitoring Example Zephyr StyleADVISOR: Wells Fargo AdvisorsUpside Downside

Single Computation

December 2007 - November 2012 ( 5yr Lookback)U

psid

e%

75

80

85

90

95

100

105

Downside%96 98 100 102 104 106 108 110 112

JPMorgan Large Cap Growth ADelaware US Growth AAmerican Century Legacy Lg Cap AdvJanus Forty S

Russell 1000 Growth

This axis measures the upsidecapture compared to the

benchmark.

This axis measures thedownside capture compared

to the benchmark.

Manager vs Morningstar Large Growth: ReturnDecember 2007 - November 2012 (not annualized if less than 1 year)

Ret

urn

-5

0

5

10

15

20

25





OCWD 457 - Precious Metals Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

0.5%

1%

1.5%

2%

2.5%

3%

3.5%

4%


Invesco Gold & Precious Metals A

Market Benchmark:Morningstar Equity Precious Metals

Capital Market Line

Invesco Gold & Precious Metals A 1.91%, 12ee



Ret

urn

-1%

-0.5%

0%

0.5%

1%


Invesco Gold & Precious Metals A

Market Benchmark:Morningstar Equity Precious Metals

Capital Market Line


Ret

urn

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

YTD 2012 2011 2010 2009

Invesco Gold & Precious Metals AMorningstar Equity Precious Metals





Small

-1

0

1

Large

Value -1 0 1 Growth

Invesco Gold & Precious Metals AMorningstar Equity Precious Metals


Invesco Gold & Precious Metals A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (70) Equity Precious Metals (MF) MSCI World NR USD 03-28-02

Morningstar Analyst RtgTM Total Assets Category Index Type__ $446.5 mil MSCIWdMet & Min PR ID MF




2011 0.74 -7.21 -7.37 -5.29 -17.992012 0.61 -13.02 23.64 -12.84 -5.702013 __ __ __ __ -6.49


Load-adj Mthly -26.40 1.95 -0.39 11.72 12.64Std 12-31-2012 -10.88 __ 2.34 12.59 13.45Total Return -22.11 3.89 0.74 12.35 13.23.................................................................................................+/- Std Index -38.02 -6.37 -0.67 3.97 __

+/- Cat Index -8.55 5.52 7.60 -0.29 __.................................................................................................% Rank Cat 14 13 14 46 __.................................................................................................No. in Cat 80 70 66 49 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-959-4246 or visitwww.invesco.com.


Front-End Load %

Deferred Load %

5.50

NA

Fund Expenses


0.71 0.25 1.29



MorningstarRatingTM 4 4 4Morningstar Risk Avg -Avg LowMorningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexAMEX Gold Miners


12-Month Yield __

30-day SEC Yield __

Potential Cap Gains Exp -1.00% Assets

Operations

Family: Invesco Objective: Specialty--Prec Metals Minimum IRA Purchase: $250Manager: Lees, Andrew Ticker: IGDAX Min Auto Investment Plan: $50Tenure: 4.8 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Invesco Gold & PreciousMetals A$51,542




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

2.72 3.86 3.63 4.81 6.04 7.37 5.23 8.00 10.74 8.17 7.55 7.0659.06 46.90 -5.02 32.51 28.46 22.81 -28.63 55.53 38.39 -17.99 -5.70 -6.49

NAVTotal Return %

78.95 13.79 -19.74 23.02 8.39 13.77 12.08 25.54 26.63 -12.45 -21.53 -11.5863.34 -17.43 -18.90 -1.15 -6.10 -17.25 27.28 -22.10 16.50 10.83 -4.38 -5.88............................................................................................................................................................................................................................................................................

__ 77 15 44 66 67 47 28 46 36 21 __............................................................................................................................................................................................................................................................................

47 56 60 63 63 67 72 74 77 80 80 83


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 86.5 __


Greater Asia 5.0 __


737,869266,933824,190746,894

1 mil

Goldcorp, Inc.Randgold Resources Ltd ADRSilver Wheaton CorporationBarrick Gold CorporationYamana Gold Inc

6.20 6.02 6.00 5.72 4.77..............................................................................................................................

2 mil445,495

2 mil2 mil

119,000

Kinross Gold CorporationNewmont Mining CorporationIamgold CorpNew Gold, Inc.SPDR Gold Shares

4.64 4.57 4.57 3.77 3.75..............................................................................................................................

660,924488,094323,566

3 mil308,724

Newcrest Mining LimitedFreeport-McMoRan Copper & GolFranco-Nevada CorpAurizon Mines, Ltd.Agnico-Eagle Mines

3.60 3.54 3.50 3.05 2.94


h Cyclical 100.0 __





j Sensitive 0.0 __


o Energy 0.0 __


a Technology 0.0 __

k Defensive 0.0 __


d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Real Estate Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

5%

10%

15%

20%


Principal Real Estate Securities R4

Market Benchmark:Morningstar Real Estate

Capital Market Line

Principal Real Estate Securities R4 1.31%, 19ee



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%

8%


Principal Real Estate Securities R4

Market Benchmark:Morningstar Real Estate

Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

30%

YTD 2012 2011 2010 2009

Principal Real Estate Securities R4Morningstar Real Estate





Small

-1

0

1

Large

Value -1 0 1 Growth

Principal Real Estate Securities R4Morningstar Real Estate


Principal Real Estate Securities R4 Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (220) Real Estate (MF) MSCI World NR USD 12-06-00

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,614 mil DJ US Select REIT TR US MF



2011 6.46 4.42 -15.44 15.80 8.852012 10.31 3.45 -0.08 2.42 16.782013 __ __ __ __ 3.51




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-222-5852 or visitwww.principal.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.83 0.10 1.21



MorningstarRatingTM 3 4 5Morningstar Risk Avg -Avg -AvgMorningstar Return Avg +Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexDJ US Select REIT


12-Month Yield __

30-day SEC Yield __


Operations

Family: Principal Funds Objective: Specialty--Real Estate Minimum IRA Purchase: $0Manager: Kenkel/Rush/Richmond Ticker: PRETX Min Auto Investment Plan: $0Tenure: 5.1 Years Minimum Intitial Purchase: $0 Purchase Constraints: A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Principal Real EstateSecurities R4$35,835




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

11.32 15.10 18.80 20.64 25.82 15.80 10.36 12.83 15.73 17.02 19.68 20.377.52 37.73 33.51 15.22 36.01 -17.84 -32.85 27.47 24.99 8.85 16.78 3.51

NAVTotal Return %

27.41 4.62 18.79 5.73 15.94 -26.88 7.86 -2.52 13.23 14.39 0.95 -1.583.94 1.55 0.35 1.40 0.04 -0.28 6.35 -0.99 -3.08 -0.52 -0.34 0.12............................................................................................................................................................................................................................................................................

14 33 38 17 30 72 5 66 77 35 49 __............................................................................................................................................................................................................................................................................

168 206 252 279 306 372 265 262 267 242 263 277


% Rank Cat

No. of Funds in Cat




Small

Mid

Large


P/E Ratio TTM 40.6 2.94 1.02P/C Ratio TTM __ __ __

P/B Ratio TTM 2.3 1.37 1.05Geo Avg Mkt 9480 0.24 1.16Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 100.0 __


Greater Asia 0.0 __


1 mil3 mil

790,977533,701

1 mil

Simon Property Group IncPrologis IncBoston Properties IncPublic StorageEquity Residential

14.49 6.21 5.55 5.13 4.29..............................................................................................................................

4 mil654,100681,425332,409690,958

Host Hotels & Resorts IncVornado Realty TrustCamden Property TrustAvalonBay Communities IncVentas Inc

3.73 3.47 3.08 2.99 2.97..............................................................................................................................

550,0002 mil

556,9812 mil3 mil

Taubman Centers, Inc.Apartment Investment & ManageSL Green Realty CorporationGeneral Growth Properties IncFirst Industrial Realty Trust

2.87 2.86 2.83 2.58 2.52


h Cyclical 99.3 __





j Sensitive 0.7 __


o Energy 0.0 __


a Technology 0.0 __

k Defensive 0.0 __


d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Technology Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%


Goldman Sachs Technology Tollkeeper A

Market Benchmark:Morningstar Technology

Capital Market Line

Goldman Sachs Technology Tollkeeper A 0.59%, 6ee



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%

8%


Goldman Sachs Technology Tollkeeper A

Market Benchmark:Morningstar Technology

Capital Market Line


Ret

urn

-20%

0%

20%

40%

60%

80%

YTD 2012 2011 2010 2009

Goldman Sachs Technology Tollkeeper AMorningstar Technology





Small

-1

0

1

Large

Value -1 0 1 Growth

Goldman Sachs Technology Tollkeeper AMorningstar Technology


Goldman Sachs TechnologyTollkeeper A

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (195) Technology (MF) MSCI World NR USD 10-01-99

Morningstar Analyst RtgTM Total Assets Category Index Type__ $369.0 mil Mstar Tech Sector TR MF



2011 1.36 -1.34 -20.29 8.83 -13.252012 23.21 -6.87 5.25 -0.22 20.512013 __ __ __ __ 3.19




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-526-7384 or visitwww.goldmansachsfunds.com.


Front-End Load %

Deferred Load %

5.50

NA

Fund Expenses


1.00 0.25 1.55



MorningstarRatingTM 3 3 4Morningstar Risk Avg Avg AvgMorningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMStar US Gr TR


12-Month Yield __

30-day SEC Yield __


Operations

Family: Goldman Sachs Objective: Specialty--Technology Minimum IRA Purchase: $250Manager: Barry/Kolar/Rabinowitz Ticker: GITAX Min Auto Investment Plan: $250Tenure: 5.9 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Goldman SachsTechnology TollkeeperA$18,015




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

4.80 6.99 7.87 8.02 9.04 11.52 6.28 10.63 13.21 11.46 13.81 14.25-39.32 45.63 12.59 1.91 12.72 27.43 -45.49 69.27 24.27 -13.25 20.51 3.19

NAVTotal Return %

-19.43 12.52 -2.13 -7.58 -7.35 18.39 -4.78 39.28 12.51 -7.71 4.68 -1.90-0.99 -4.69 11.80 -1.78 1.85 10.87 -3.50 7.42 10.88 -12.87 7.21 1.55............................................................................................................................................................................................................................................................................

28 75 16 77 14 11 47 26 29 91 9 __............................................................................................................................................................................................................................................................................

378 348 327 323 315 289 248 210 206 209 203 207


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 96.1 __


Greater Asia 0.0 __


64,55634,204

314,996224,935481,844

Apple IncGoogle, Inc. Class AQualcomm, Inc.Rackspace Hosting, Inc.Microsoft Corporation

11.70 7.01 5.35 4.04 3.90..............................................................................................................................

439,19552,55279,488

186,605328,448

Oracle CorporationAmazon.com IncSalesforce.com, Inc.SBA Communications CorpNetApp, Inc.

3.76 3.63 3.30 3.19 2.93..............................................................................................................................

447,651139,309292,897204,799181,470

InterXion Holding N.V.American Tower CorpXilinx IncCoinstar, Inc.Micros Systems, Inc.

2.76 2.70 2.66 2.50 2.42


h Cyclical 17.1 __





j Sensitive 82.9 __


o Energy 0.0 __


a Technology 74.1 __

k Defensive 0.0 __


d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Health Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

5%

10%

15%

20%

25%


Prudential Jennison Health Sciences A

Market Benchmark:Morningstar Health

Capital Market Line

Prudential Jennison Health Sciences A 2.09%, 25ee



Ret

urn

0%

2%

4%

6%

8%

10%

12%


Prudential Jennison Health Sciences A

Market Benchmark:Morningstar Health

Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

YTD 2012 2011 2010 2009

Prudential Jennison Health Sciences AMorningstar Health





Small

-1

0

1

Large

Value -1 0 1 Growth

Prudential Jennison Health Sciences AMorningstar Health


Prudential Jennison Health SciencesA

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (129) Health (MF) MSCI World NR USD 06-30-99

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,397 mil DJ Health MF



2011 7.22 8.69 -14.08 12.55 12.702012 16.38 5.14 7.78 -5.16 25.082013 __ __ __ __ 8.97




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-225-1852 or visitwww.prudentialfunds.com.


Front-End Load %

Deferred Load %

5.50

NA

Fund Expenses


0.75 0.30 1.23



MorningstarRatingTM 4 3 5Morningstar Risk +Avg +Avg +AvgMorningstar Return +Avg +Avg High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexDJ Healthcare


12-Month Yield __

30-day SEC Yield __


Operations

Family: Prudential Investments Objective: Specialty--Health Minimum IRA Purchase: ClosedManager: Chan/Del Balso Ticker: PHLAX Min Auto Investment Plan: ClosedTenure: 13.0 Years Minimum Intitial Purchase: Closed Purchase Constraints: C/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Prudential JennisonHealth Sciences A$32,706




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

10.36 14.75 17.59 20.32 20.44 21.49 15.70 19.66 23.28 25.22 28.11 30.63-31.88 42.37 30.01 22.04 8.08 16.99 -26.20 25.22 18.41 12.70 25.08 8.97

NAVTotal Return %

-11.99 9.26 15.29 12.55 -11.99 7.95 14.51 -4.77 6.65 18.24 9.25 3.88-11.07 22.94 25.46 13.72 1.20 8.63 -3.40 3.51 13.89 0.95 5.82 1.42............................................................................................................................................................................................................................................................................

71 17 2 3 26 14 63 32 2 11 21 __............................................................................................................................................................................................................................................................................

188 211 212 202 205 201 181 165 160 140 134 140


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 90.7 __


Greater Asia 1.2 __


2 mil838,968

1 mil2 mil

793,082

Biomarin Pharmaceutical, Inc.Alexion Pharmaceuticals, Inc.Vertex PharmaceuticalsPfizer IncUnitedHealth Group Inc

7.31 6.41 4.61 4.07 3.50..............................................................................................................................

505,8852 mil

242,461841,025

1 mil

Onyx Pharmaceuticals, Inc.Ariad PharmaceuticalsBiogen Idec IncCentene CorporationHCA Holdings Inc

3.11 3.05 2.89 2.81 2.80..............................................................................................................................

960,714384,742489,495

3 mil1 mil

Bristol-Myers Squibb CompanyGilead Sciences IncIllumina, Inc.Amarin Corporation PLC ADRImpax Laboratories, Inc.

2.55 2.30 2.21 2.18 2.11


h Cyclical 0.0 __





j Sensitive 3.2 __


o Energy 0.0 __


a Technology 3.2 __

k Defensive 96.8 __


d Healthcare 96.8 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Emerging Markets Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%


Aberdeen Emerging Markets A

Market Benchmark:Morningstar Diversified Emerging Mkts

Capital Market Line

Aberdeen Emerging Markets A 0.43%, 8ee



Ret

urn

0%

2%

4%

6%

8%

10%


Aberdeen Emerging Markets A

Market Benchmark:Morningstar Diversified Emerging Mkts

Capital Market Line


Ret

urn

-20%

0%

20%

40%

60%

80%

YTD 2012 2011 2010 2009

Aberdeen Emerging Markets AMorningstar Diversified Emerging Mkts





Small

-1

0

1

Large

Value -1 0 1 Growth

Aberdeen Emerging Markets AMorningstar Diversified Emerging Mkts


Aberdeen Emerging Markets A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (358) Diversified Emerging Mkts (MF) MSCI Eafe Ndtr_D 05-21-12

Morningstar Analyst RtgTM Total Assets Category Index Type__ $10,197 mil MSCI EM NR USD MF




2011 -0.34 1.79 -17.01 5.39 -11.272012 15.03 -4.48 6.80 7.18 25.772013 __ __ __ __ 0.38


Load-adj Mthly __ __ __ __ 14.00Std 12-31-2012 __ __ __ __ 13.57Total Return 14.31 14.81 9.94 __ 20.96.................................................................................................+/- Std Index -2.94 7.87 10.73 __ __

+/- Cat Index 6.67 7.64 7.90 __ __.................................................................................................% Rank Cat 16 3 1 __ __.................................................................................................No. in Cat 553 358 252 150 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 866-667-9231 or visitwww.aberdeen-asset.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.90 0.25 1.39



MorningstarRatingTM 5 5 __

Morningstar Risk -Avg Low __

Morningstar Return High High __

3 Yr 5 Yr 10 Yr

Standard Deviation 19.32 25.31 __

Mean 14.81 9.94 __

Sharpe Ratio 0.81 0.49 __

MPT Statistics Standard Index Best Fit IndexNA

Alpha 8.38 __

Beta 0.85 __

R-Squared 74.14 __

12-Month Yield __

30-day SEC Yield __


Operations

Family: Aberdeen Objective: Diversified Emerg Mkts Minimum IRA Purchase: $1,000Manager: Kaloo/Gordon-James/Manning/Young/IrvineTicker: GEGAX Min Auto Investment Plan: $1,000Tenure: 5.6 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA

Investment StyleEquityStock %__ __ __ __ __ 91 92 93 93 92 92 __

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Aberdeen EmergingMarkets A$17,200




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ __ __ __ __ __ __ __ __ 15.85 15.91__ __ __ __ __ __ -40.51 76.11 27.26 -11.27 25.77 0.38

NAVTotal Return %

__ __ __ __ __ __ 2.87 44.33 19.51 0.87 8.45 -4.90__ __ __ __ __ __ 12.82 -2.40 8.38 7.15 7.55 -1.00............................................................................................................................................................................................................................................................................__ __ __ __ __ __ __ __ __ __ __ __

............................................................................................................................................................................................................................................................................184 196 202 212 242 274 312 367 386 458 552 659


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 27.5 __


Greater Asia 49.3 __


502,15333 mil17 mil

101 mil19 mil

Samsung Electnc PfdChina Mobile Ltd.Vale SA ADRTaiwan Semiconductor ManufactBank Bradesco ADR

4.14 3.97 3.51 3.49 3.43..............................................................................................................................

16 mil4 mil

370 mil3 mil

198 mil

Petroleo Brasileiro SA PetrobOAO Lukoil ADRAstra International TbkFomento Economico Mexicano SAPetroChina Co Ltd H Shares

3.19 3.09 3.02 2.99 2.91..............................................................................................................................

12 mil6 mil

40 mil19 mil16 mil

Ultrapar Holdings IncInfosys LtdGrupo Financiero Banorte SAB Truworths International LimitHousing Devel Fin

2.73 2.71 2.69 2.48 2.48


h Cyclical 57.0 __





j Sensitive 30.5 __


o Energy 14.3 __


a Technology 6.8 __

k Defensive 12.5 __


d Healthcare 2.3 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Foreign Large Blend Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%


Oppenheimer International Diversified A

American Funds EuroPacific Gr R3

Market Benchmark:MSCI EAFE Index

Capital Market Line

Oppenheimer International Diversified A 0.93%, 5ee

American Funds EuroPacific Gr R3 1.79%, 33ee



Ret

urn

-0.5%

0%

0.5%

1%

1.5%

2%

2.5%

3%


Oppenheimer International Diversified A

American Funds EuroPacific Gr R3

Market Benchmark:MSCI EAFE Index

Capital Market Line


Ret

urn

-20%

-10%

0%

10%

20%

30%

40%

50%

YTD 2012 2011 2010 2009

Oppenheimer International Diversified AAmerican Funds EuroPacific Gr R3MSCI EAFE Index



sswupv sswupg

sswuev sswueg

Small

-1

0

1

Large

Value -1 0 1 Growth

Oppenheimer International Diversified AAmerican Funds EuroPacific Gr R3MSCI EAFE Index

Created with Zephyr StyleADVISOR. Manager returns supplied by: Morningstar, Inc., Standard & Poors Please see important disclosures at the conclusion of this presentation for more information.

Oppenheimer InternationalDiversified A

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (712) Foreign Large Blend (MF) MSCI Eafe Ndtr_D 09-27-05

Morningstar Analyst RtgTM Total Assets Category Index Type__ $2,149 mil MSCI ACWI Ex USA NR USD MF



2011 0.73 1.62 -18.31 1.52 -15.112012 11.81 -5.90 8.14 6.16 20.792013 __ __ __ __ 3.98


Load-adj Mthly 12.09 6.90 1.58 __ 5.49Std 12-31-2012 13.84 __ -0.93 __ 4.99Total Return 18.92 9.03 2.79 __ 6.35.................................................................................................+/- Std Index 1.67 2.09 3.58 __ __

+/- Cat Index 5.06 2.00 2.89 __ __.................................................................................................% Rank Cat 14 13 5 __ __.................................................................................................No. in Cat 781 712 588 325 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-225-5677 or visitwww.oppenheimerfunds.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


NA 0.25 1.37




Morningstar Risk -Avg -Avg __

Morningstar Return Avg High __

3 Yr 5 Yr 10 Yr


Mean 9.03 2.79 __


MPT Statistics Standard Index Best Fit IndexMSCI ACWI Ex USA NR USD


12-Month Yield __

30-day SEC Yield __


Operations

Family: OppenheimerFunds Objective: Growth and Income Minimum IRA Purchase: $500Manager: Evans, George Ticker: OIDAX Min Auto Investment Plan: $500Tenure: 7.4 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA

Investment StyleEquityStock %__ __ __ 82 89 86 69 70 68 67 69 69

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000OppenheimerInternational DiversifiedA$15,621




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ __ 10.32 12.69 13.69 7.25 10.62 12.27 10.16 12.06 12.54__ __ __ __ 25.82 12.38 -43.90 49.45 17.78 -15.11 20.79 3.98

NAVTotal Return %

__ __ __ __ -0.52 1.21 -0.52 17.67 10.03 -2.97 3.47 -1.30__ __ __ __ -0.83 -4.27 1.63 8.00 6.63 -1.40 3.96 -0.09............................................................................................................................................................................................................................................................................__ __ __ __ __ __ 49 2 4 68 18 __

............................................................................................................................................................................................................................................................................482 504 551 608 657 743 778 823 829 817 786 835


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration 5.70Avg Eff Maturity __



Credit Analysis 06-30-2012 Bond %

AAA 16.32AA 4.42A 19.58.................................................................................................................BBB 27.03BB 9.14B 3.16.................................................................................................................Below B 0.09NR/NA 20.26


Americas 10.1 __




21 mil40 mil9 mil

14 mil14 mil

Oppenheimer International GroMaster Intl Value FundOppenheimer Developing MarketOppenheimer International SmaOppenheimer International Val

31.48 18.48 15.20 15.03 10.33..............................................................................................................................

29 mil Oppenheimer International Bon 9.48

..............................................................................................................................


h Cyclical 31.9 __





j Sensitive 41.5 __


o Energy 3.9 __



k Defensive 26.6 __



f Utilities 0.3 __

...................................................................................................................................................

...................................................................................................................................................



American Funds EuroPacific Gr R3 Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (712) Foreign Large Blend (MF) MSCI Eafe Ndtr_D 05-21-02

Morningstar Analyst RtgTM Total Assets Category Index TypeGold 07-26-2012 $103,532 mil MSCI ACWI Ex USA NR USD MF




2011 3.40 0.93 -20.97 4.45 -13.852012 12.20 -6.27 7.16 5.50 18.892013 __ __ __ __ 3.73


Load-adj Mthly 16.29 7.04 0.61 10.45 7.60Std 12-31-2012 18.89 __ -1.68 9.69 7.29Total Return 16.29 7.04 0.61 10.45 7.60.................................................................................................+/- Std Index -0.96 0.10 1.40 1.21 __

+/- Cat Index 2.43 0.01 0.71 -0.12 __.................................................................................................% Rank Cat 42 50 19 17 __.................................................................................................No. in Cat 781 712 588 325 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-421-4225 or visitwww.americanfunds.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.42 0.50 1.14




3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMSCI ACWI Ex USA NR USD


12-Month Yield __

30-day SEC Yield __


Operations

Family: American Funds Objective: Foreign Stock Minimum IRA Purchase: $0Manager: Knowles/Lee/Grace/Lyckeus/ThomsenTicker: RERCX Min Auto Investment Plan: $0Tenure: 12.6 Years Minimum Intitial Purchase: $0 Purchase Constraints: A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000American FundsEuroPacific Gr R3$22,503




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

22.88 29.96 35.26 40.61 45.90 50.06 27.56 37.68 40.63 34.52 40.45 41.96-13.93 32.37 19.23 20.73 21.43 18.58 -40.71 38.71 9.07 -13.85 18.89 3.73

NAVTotal Return %

2.01 -6.22 -1.02 7.19 -4.91 7.41 2.67 6.93 1.32 -1.71 1.57 -1.551.02 -8.46 -1.68 4.11 -5.22 1.93 4.82 -2.74 -2.08 -0.14 2.06 -0.34............................................................................................................................................................................................................................................................................

__ 53 26 8 86 11 15 16 61 49 35 __............................................................................................................................................................................................................................................................................

482 504 551 608 657 743 778 823 829 817 786 835


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 4.9 __




23 mil2 mil

31 mil54 mil18 mil

Novo Nordisk A/SSamsung Electronics Co LtdNovartis AGSOFTBANK CorpBayer AG

3.74 2.79 2.01 2.00 1.76..............................................................................................................................

2 bil24 mil

425 mil1 bil

16 mil

FHLMCNestle SATaiwan Semiconductor ManufactFNMAAnheuser-Busch Inbev SA

1.76 1.55 1.44 1.42 1.41..............................................................................................................................

92 mil25 mil

256 mil72 mil5 mil

Prudential PLCBritish American Tobacco PLCBarclays PLCHousing Development Finance CVolkswagen AG

1.30 1.28 1.12 1.10 1.07


h Cyclical 39.1 __





j Sensitive 34.7 __


o Energy 4.9 __



k Defensive 26.3 __



f Utilities 1.6 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Small Growth Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%


Lord Abbett Developing Growth A


Capital Market Line

Lord Abbett Developing Growth A 2.58%, 48ee



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%

8%


Lord Abbett Developing Growth A


Capital Market Line


Ret

urn

0%

10%

20%

30%

40%

50%

YTD 2012 2011 2010 2009

Lord Abbett Developing Growth ARussell 2000 Growth





Small

-1

0

1

Large

Value -1 0 1 Growth

Lord Abbett Developing Growth ARussell 2000 Growth


Lord Abbett Developing Growth A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (660) Small Growth (MF) S&P 500 10-10-73

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 02-24-2012 $2,454 mil Rus 2000Growth MF



2011 10.23 1.49 -20.86 11.06 -1.662012 12.16 -2.68 5.55 -4.19 10.392013 __ __ __ __ 5.57



+/- Cat Index -2.08 1.16 0.27 1.43 __.................................................................................................% Rank Cat 64 25 30 8 __.................................................................................................No. in Cat 745 660 571 389 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 888-522-2388 or visitwww.lordabbett.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.51 0.35 1.12



MorningstarRatingTM 3 3 3Morningstar Risk Avg Avg +AvgMorningstar Return Avg Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMstar Small Growth


12-Month Yield __

30-day SEC Yield __


Operations

Family: Lord Abbett Objective: Growth Minimum IRA Purchase: ClosedManager: Weise/O'Halloran Ticker: LAGWX Min Auto Investment Plan: ClosedTenure: 6.6 Years Minimum Intitial Purchase: Closed Purchase Constraints: C/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Lord Abbett DevelopingGrowth A$21,590




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

10.71 15.00 15.90 17.58 16.79 20.21 10.61 15.60 21.30 19.65 19.92 21.03-29.54 40.06 6.00 11.87 12.45 35.83 -47.50 47.03 36.54 -1.66 10.39 5.57

NAVTotal Return %

-7.44 11.37 -4.88 6.96 -3.34 30.34 -10.50 20.57 21.48 -3.77 -5.61 0.390.72 -8.48 -8.31 7.72 -0.90 28.78 -8.96 12.56 7.45 1.25 -4.20 -1.01............................................................................................................................................................................................................................................................................

62 66 81 13 35 1 89 12 4 34 80 __............................................................................................................................................................................................................................................................................

630 696 711 723 763 829 834 778 758 764 743 773


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




2 mil2 mil

988,519443,909595,588

Cornerstone OnDemand, Inc.Fusion-io IncTexas Capital Bancshares, IncUltimate Software Group, Inc.Concur Technologies, Inc.

2.01 1.96 1.94 1.79 1.74..............................................................................................................................

1 mil637,155

1 mil1 mil

354,229

Align Technology, Inc.Genesee & Wyoming, Inc. ClassEnergy XXI (Bermuda) LtdOcwen Financial CorporationMiddleby Corporation

1.71 1.69 1.67 1.62 1.62..............................................................................................................................

483,769488,389659,184

1 mil579,091

Onyx Pharmaceuticals, Inc.CoStar Group, Inc.IPG Photonics CorporationCavium IncHain Celestial Group, Inc.

1.62 1.58 1.49 1.46 1.44









o Energy 6.2 0.57







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Small Blend Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


JPMorgan US Small Company A

Principal SmallCap S&P 600 Index R4

Market Benchmark:Russell 2000

Capital Market Line

JPMorgan US Small Company A 2.58%, 49ee

Principal SmallCap S&P 600 Index R4 0%, 0ee

Principal SmallCap S&P 600 Index R4 is a new fundselected during the 1/27/2013 Retirement Committee.



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%

8%


JPMorgan US Small Company A

Principal SmallCap S&P 600 Index R4

Market Benchmark:Russell 2000

Capital Market Line


Ret

urn

-5%

0%

5%

10%

15%

20%

25%

30%

35%

YTD 2012 2011 2010 2009

JPMorgan US Small Company APrincipal SmallCap S&P 600 Index R4Russell 2000





Small

-1

0

1

Large

Value -1 0 1 Growth

JPMorgan US Small Company APrincipal SmallCap S&P 600 Index R4Russell 2000


JPMorgan US Small Company A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (603) Small Blend (MF) S&P 500 11-01-07

Morningstar Analyst RtgTM Total Assets Category Index Type__ $107.1 mil Rus 2000 MF




2011 8.77 -0.47 -23.54 15.89 -4.082012 14.56 -4.36 7.08 3.18 21.052013 __ __ __ __ 6.54




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-480-4111 or visitwww.jpmorganfunds.com.


Front-End Load %

Deferred Load %

5.25

NA

Fund Expenses


0.60 0.25 1.60



MorningstarRatingTM 3 3 2Morningstar Risk +Avg +Avg +AvgMorningstar Return Avg Avg -Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexRuss 2000


12-Month Yield __

30-day SEC Yield __


Operations

Family: JPMorgan Objective: Small Company Minimum IRA Purchase: $0Manager: Hart/Ruhl Ticker: JTUAX Min Auto Investment Plan: $100Tenure: 5.4 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000JPMorgan US SmallCompany A$19,490




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

5.22 7.30 8.28 8.61 9.95 9.04 5.84 7.78 9.81 9.41 11.32 12.06-20.55 39.68 13.54 3.92 15.58 -6.53 -34.54 34.51 26.51 -4.08 21.05 6.54

NAVTotal Return %

1.55 10.99 2.66 -0.99 -0.21 -12.02 2.46 8.05 11.45 -6.19 5.05 1.36-0.07 -7.57 -4.79 -0.63 -2.79 -4.96 -0.75 7.34 -0.35 0.10 4.70 0.28............................................................................................................................................................................................................................................................................

__ __ __ __ __ __ 40 30 39 56 9 __............................................................................................................................................................................................................................................................................

382 446 521 563 608 645 670 649 649 650 662 704


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




29,80019,50038,21120,40011,300

Minerals Technologies, Inc.Manhattan Associates, Inc.Conn's, Inc.Universal CorporationDillards, Inc.

1.23 1.22 1.22 1.06 0.98..............................................................................................................................

33,700104,20061,50023,64137,900

CoreSite Realty CorpTaser International, Inc.Arris Group, Inc.Barrett Business Services, InViroPharma, Inc.

0.97 0.97 0.95 0.93 0.89..............................................................................................................................

148,60024,1002,100

23,50034,200

Monster Worldwide, Inc.EMCOR Group, Inc.Biglari Holdings, Inc.NorthWestern CorporationEPL Oil & Gas Inc

0.87 0.87 0.85 0.85 0.80









o Energy 5.2 0.48







...................................................................................................................................................

...................................................................................................................................................



Principal SmallCap S&P 600 IndexR4

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (603) Small Blend (MF) S&P 500 12-06-00

Morningstar Analyst RtgTM Total Assets Category Index Type__ $610.5 mil Rus 2000 MF



2011 7.54 -0.29 -19.95 16.87 0.322012 11.89 -3.71 5.23 2.09 15.742013 __ __ __ __ 5.73




7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.15 0.10 0.56



MorningstarRatingTM 4 3 3Morningstar Risk -Avg Avg AvgMorningstar Return +Avg Avg Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: Principal Funds Objective: Small Company Minimum IRA Purchase: $0Manager: Kruchten, Thomas Ticker: PSSSX Min Auto Investment Plan: $0Tenure: 1.9 Years Minimum Intitial Purchase: $0 Purchase Constraints: A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Principal SmallCap S&P600 Index R4$22,890




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

9.91 13.65 16.21 16.92 18.22 16.53 10.43 12.97 16.17 16.15 18.49 19.55-15.17 37.76 21.82 7.03 14.48 -0.70 -31.38 25.02 25.46 0.32 15.74 5.73

NAVTotal Return %

6.93 9.07 10.94 2.12 -1.31 -6.19 5.62 -1.44 10.40 -1.79 -0.26 0.555.31 -9.49 3.49 2.48 -3.89 0.87 2.41 -2.15 -1.40 4.50 -0.61 -0.53............................................................................................................................................................................................................................................................................

47 72 24 47 55 39 18 77 53 13 45 __............................................................................................................................................................................................................................................................................

382 446 521 563 608 645 670 649 649 650 662 704


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




18066,147

108,07678,70099,091

Russell 2000 Mini Mar13iShares Core S&P Small-Cap ETExtra Space Storage, Inc.Kilroy Realty CorporationTanger Factory Outlet Centers

2.68 0.91 0.69 0.66 0.60..............................................................................................................................

44,63132,84444,60249,05557,417

CommVault Systems, Inc.Cymer, Inc.Mid-America Apartment CommuniEagle Materials, Inc.Post Properties Inc

0.55 0.52 0.51 0.51 0.50..............................................................................................................................

67,95951,76394,46964,86444,925

Cubist Pharmaceuticals, Inc.3D Systems CorporationBrunswick CorporationProassurance CorporationRobbins & Myers, Inc.

0.50 0.49 0.48 0.48 0.47









o Energy 3.1 0.28







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Mid Growth Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Goldman Sachs Small/Mid Cap Growth A

Ivy Mid Cap Growth A

Morningstar Mid-Cap Growth

Market Benchmark:Russell Midcap Growth

Capital Market Line

Goldman Sachs Small/Mid Cap Growth A 2.87%, 35ee

Ivy Mid Cap Growth A 2.97%, 45ee



Ret

urn

0%

2%

4%

6%

8%

10%


Goldman Sachs Small/Mid Cap Growth A

Ivy Mid Cap Growth A

Morningstar Mid-Cap Growth

Market Benchmark:Russell Midcap Growth

Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

50%

60%

YTD 2012 2011 2010 2009

Goldman Sachs Small/Mid Cap Growth AIvy Mid Cap Growth AMorningstar Mid-Cap GrowthRussell Midcap Growth





Small

-1

0

1

Large

Value -1 0 1 Growth

Goldman Sachs Small/Mid Cap Growth AIvy Mid Cap Growth AMorningstar Mid-Cap GrowthRussell Midcap Growth


Goldman Sachs Small/Mid CapGrowth A

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (659) Mid-Cap Growth (MF) S&P 500 06-30-05

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,046 mil Rus MidGrowth MF



2011 6.11 -1.92 -19.56 14.35 -4.272012 15.75 -4.36 6.58 2.40 20.812013 __ __ __ __ 6.08


Load-adj Mthly 12.96 13.62 8.09 __ 8.71Std 12-31-2012 14.17 __ 4.66 __ 7.96Total Return 19.54 15.79 9.32 __ 9.52.................................................................................................+/- Std Index 2.76 1.65 5.35 __ __

+/- Cat Index 4.91 -0.97 3.10 __ __.................................................................................................% Rank Cat 7 41 4 __ __.................................................................................................No. in Cat 724 659 579 425 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-526-7384 or visitwww.goldmansachsfunds.com.


Front-End Load %

Deferred Load %

5.50

NA

Fund Expenses


1.00 0.25 1.50




Morningstar Risk Avg Avg __


3 Yr 5 Yr 10 Yr


Mean 15.79 9.32 __




12-Month Yield __

30-day SEC Yield __


Operations

Family: Goldman Sachs Objective: Growth Minimum IRA Purchase: $250Manager: Barry/Kolar/Rabinowitz Ticker: GSMAX Min Auto Investment Plan: $250Tenure: 4.0 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA

Investment StyleEquityStock %__ __ __ __ 99 97 97 96 94 99 98 98

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Goldman SachsSmall/Mid Cap GrowthA$19,944




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ __ 10.45 11.78 13.07 7.82 12.40 14.74 13.46 15.47 16.41__ __ __ __ 12.73 18.85 -40.17 58.57 21.12 -4.27 20.81 6.08

NAVTotal Return %

__ __ __ __ -3.06 13.36 -3.17 32.11 6.06 -6.38 4.81 0.90__ __ __ __ 2.07 7.42 4.16 12.28 -5.26 -2.62 5.00 -0.09............................................................................................................................................................................................................................................................................__ __ __ __ 23 33 23 4 75 52 4 __

............................................................................................................................................................................................................................................................................786 890 903 936 994 967 934 812 759 751 737 754


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




461,280211,003299,213647,175445,781

SBA Communications CorpPVH CorpRobbins & Myers, Inc.tw telecom incUrban Outfitters Inc.

3.30 2.25 2.03 1.92 1.90..............................................................................................................................

724,880245,029594,487419,733217,012

Healthcare Services GroupRackspace Hosting, Inc.Evercore Partners IncMSCI, Inc.PetSmart Inc.

1.88 1.84 1.82 1.71 1.70..............................................................................................................................

206,78871,630

780,759229,300313,535

Dril-Quip, Inc.Equinix, Inc.CBRE Group InciShares Russell Midcap GrowthCoinstar, Inc.

1.69 1.68 1.63 1.62 1.60









o Energy 7.9 0.72







...................................................................................................................................................

...................................................................................................................................................



Ivy Mid Cap Growth A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (659) Mid-Cap Growth (MF) S&P 500 06-30-00

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 05-29-2012 $2,777 mil Rus MidGrowth MF



2011 7.81 1.36 -19.67 13.22 -0.612012 13.12 -7.68 5.06 3.09 13.112013 __ __ __ __ 5.35




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-777-6472 or visitwww.ivyfunds.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.84 0.25 1.40



MorningstarRatingTM 3 4 4Morningstar Risk Avg -Avg -AvgMorningstar Return Avg +Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMstar Small Growth


12-Month Yield __

30-day SEC Yield __


Operations

Family: Ivy Funds Objective: Growth Minimum IRA Purchase: $0Manager: Scott, Kimberly Ticker: WMGAX Min Auto Investment Plan: $50Tenure: 12.0 Years Minimum Intitial Purchase: $500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Ivy Mid Cap Growth A$22,192




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

6.74 8.79 10.45 11.70 12.68 14.31 8.86 13.13 17.03 16.46 18.51 19.50-25.84 30.42 18.89 11.96 8.38 12.85 -38.09 48.19 29.70 -0.61 13.11 5.35

NAVTotal Return %

-3.74 1.73 8.01 7.05 -7.41 7.36 -1.09 21.73 14.64 -2.72 -2.89 0.171.57 -12.29 3.41 -0.14 -2.28 1.42 6.24 1.90 3.32 1.04 -2.70 -0.82............................................................................................................................................................................................................................................................................

42 77 11 34 52 58 15 18 16 26 60 __............................................................................................................................................................................................................................................................................

786 890 903 936 994 967 934 812 759 751 737 754


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





CarMax, Inc.Varian Medical Systems, Inc.Microchip Technology, Inc.Pall CorporationFastenal Company

3.50 2.85 2.58 2.48 2.40..............................................................................................................................

1 mil1 mil

645,000982,444807,806

Polypore International, Inc.Northern Trust CorporationMartin Marietta MaterialsTrimble Navigation Ltd.Signature Bank

2.36 2.27 2.20 2.12 2.08..............................................................................................................................

1 mil698,700569,533

3 mil694,650

Idex CorporationHenry Schein, Inc.Ulta Salon Cosmetics & FragraVantiv IncFiserv, Inc.

2.04 2.03 2.02 1.99 1.98









o Energy 8.0 0.73







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Mid Blend Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Principal MidCap S&P 400 Index R4

Scout Mid Cap

Morningstar Mid-Cap Blend


Capital Market Line

Principal MidCap S&P 400 Index R4 1.71%, 16ee

Scout Mid Cap 1.82%, 28ee



Ret

urn

0%

2%

4%

6%

8%

10%


Principal MidCap S&P 400 Index R4

Scout Mid Cap

Morningstar Mid-Cap Blend


Capital Market Line


Ret

urn

0%

10%

20%

30%

40%

50%

YTD 2012 2011 2010 2009

Principal MidCap S&P 400 Index R4Scout Mid CapMorningstar Mid-Cap BlendRussell Midcap





Small

-1

0

1

Large

Value -1 0 1 Growth

Principal MidCap S&P 400 Index R4Scout Mid CapMorningstar Mid-Cap BlendRussell Midcap


Principal MidCap S&P 400 Index R4 Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (352) Mid-Cap Blend (MF) S&P 500 12-06-00

Morningstar Analyst RtgTM Total Assets Category Index Type__ $678.3 mil S&PMid400 MF



2011 9.19 -0.83 -19.95 12.78 -2.252012 13.32 -5.05 5.31 3.41 17.182013 __ __ __ __ 7.16




7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.15 0.10 0.55



MorningstarRatingTM 4 4 4Morningstar Risk Avg Avg AvgMorningstar Return +Avg +Avg Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: Principal Funds Objective: Growth Minimum IRA Purchase: $0Manager: Kruchten, Thomas Ticker: PMFSX Min Auto Investment Plan: $0Tenure: 1.9 Years Minimum Intitial Purchase: $0 Purchase Constraints: A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Principal MidCap S&P400 Index R4$23,216




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

8.66 11.48 12.90 13.78 14.54 14.52 8.50 11.50 14.26 13.29 14.94 16.01-15.53 34.56 15.71 11.81 9.82 7.51 -36.64 36.51 25.93 -2.25 17.18 7.16

NAVTotal Return %

6.57 5.87 4.83 6.90 -5.97 2.02 0.36 10.05 10.87 -4.36 1.18 1.98-1.00 -1.06 -0.77 -0.75 -0.50 -0.47 -0.41 -0.87 -0.71 -0.52 -0.70 -0.06............................................................................................................................................................................................................................................................................

52 49 54 29 76 34 35 38 23 39 42 __............................................................................................................................................................................................................................................................................

367 421 426 459 464 494 512 451 433 424 412 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




17337,33451,59024,103

100,418

S&P Mid 400 Emini Mar13Regeneron Pharmaceuticals, IniShares Core S&P Mid-Cap ETFEquinix, Inc.HollyFrontier Corp

2.86 1.04 0.85 0.81 0.76..............................................................................................................................

54,548120,446107,48054,30867,720

Kansas City Southern, Inc.Ametek, Inc.Vertex PharmaceuticalsRackspace Hosting, Inc.Macerich Company

0.74 0.74 0.73 0.66 0.64..............................................................................................................................

35,01962,55069,25924,71343,618

PVH CorpTrimble Navigation Ltd.Church & Dwight Company, Inc.Alliance Data Systems CorporaHenry Schein, Inc.

0.63 0.61 0.60 0.58 0.57









o Energy 5.9 0.54







...................................................................................................................................................

...................................................................................................................................................



Scout Mid Cap Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (352) Mid-Cap Blend (MF) S&P 500 10-31-06




2011 7.86 2.20 -15.33 7.48 0.322012 14.62 -8.87 4.23 0.94 9.892013 __ __ __ __ 7.90


Load-adj Mthly 11.97 16.08 9.95 __ 9.92Std 12-31-2012 9.89 __ 6.13 __ 8.72Total Return 11.97 16.08 9.95 __ 9.92.................................................................................................+/- Std Index -4.81 1.94 5.98 __ __

+/- Cat Index -6.59 -1.49 1.96 __ __.................................................................................................% Rank Cat 83 35 1 __ __.................................................................................................No. in Cat 414 352 310 197 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-996-2862 or visitwww.scoutfunds.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.80NA

1.06




Morningstar Risk -Avg -Avg __


3 Yr 5 Yr 10 Yr


Mean 16.08 9.95 __


MPT Statistics Standard Index Best Fit IndexMstar Mid Cap TR


12-Month Yield __

30-day SEC Yield __


Operations

Family: Scout Objective: Growth Minimum IRA Purchase: $100Manager: Smashey/Indellicate/Dunkerley Ticker: UMBMX Min Auto Investment Plan: $100Tenure: 4.7 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA

Investment StyleEquityStock %__ __ __ __ 90 98 95 98 99 97 98 98

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Scout Mid Cap$18,069




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ __ __ 10.19 11.51 7.47 10.95 13.36 12.72 13.67 14.75__ __ __ __ __ 21.94 -35.10 47.16 27.89 0.32 9.89 7.90

NAVTotal Return %

__ __ __ __ __ 16.45 1.90 20.70 12.83 -1.79 -6.11 2.72__ __ __ __ __ 13.96 1.13 9.78 1.25 2.05 -7.99 0.68............................................................................................................................................................................................................................................................................__ __ __ __ __ 2 25 18 9 14 88 __

............................................................................................................................................................................................................................................................................367 421 426 459 464 494 512 451 433 424 412 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




3 mil6 mil

863,5883 mil1 mil

Hartford Financial Services GKeyCorpTRW Automotive Holdings CorpWPX Energy Inc Class AOasis Petroleum Inc

4.41 3.83 3.54 2.91 2.71..............................................................................................................................

4 mil2 mil

637,0501 mil

489,525

Kodiak Oil & Gas Corp.DR Horton IncAlliant Energy CorporationQuestar CorpHess Corp

2.59 2.27 2.14 2.12 1.98..............................................................................................................................

315,1001 mil

685,800990,775986,350

Mednax, Inc.LKQ CorporationLam Research CorporationHatteras Financial CorporatioTextron Inc

1.91 1.90 1.89 1.88 1.87









o Energy 16.2 1.49







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Mid Value - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


RidgeWorth Mid-Cap Value Equity A


Capital Market Line

RidgeWorth Mid-Cap Value Equity A 1.34%, 20ee

RedFlagged9/2012



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%




Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

50%

YTD 2012 2011 2010 2009

RidgeWorth Mid-Cap Value Equity ARussell Midcap Value





Small

-1

0

1

Large

Value -1 0 1 Growth



OCWD 457 - Mid Value - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

5%

10%

15%

20%




Capital Market Line



Ret

urn

0%

5%

10%

15%

20%

25%




Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

50%

YTD 2012 2011 2010 2009






Small

-1

0

1

Large

Value -1 0 1 Growth



RidgeWorth Mid-Cap Value Equity A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (359) Mid-Cap Value (MF) S&P 500 10-27-03





2011 7.27 -1.62 -24.10 15.42 -7.542012 12.97 -4.94 6.72 5.92 21.382013 __ __ __ __ 6.00




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 888-784-3863 or visitwww.ridgeworth.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.70 0.30 1.45



MorningstarRatingTM 2 3 4Morningstar Risk +Avg +Avg +AvgMorningstar Return -Avg +Avg +Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: RidgeWorth Objective: Growth Minimum IRA Purchase: $2,000Manager: Wordell, Don Ticker: SAMVX Min Auto Investment Plan: $500Tenure: 11.2 Years Minimum Intitial Purchase: $2,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000RidgeWorth Mid-CapValue Equity A$24,259




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

8.06 10.36 12.32 12.08 12.42 10.69 6.84 9.90 11.79 9.75 11.66 12.36-21.78 28.76 19.70 9.16 21.59 5.10 -34.97 46.55 27.22 -7.54 21.38 6.00

NAVTotal Return %

0.32 0.07 8.82 4.25 5.80 -0.39 2.03 20.09 12.16 -9.65 5.38 0.82-12.13 -9.31 -4.01 -3.49 1.37 6.52 3.48 12.34 2.47 -6.16 2.87 -1.42............................................................................................................................................................................................................................................................................

__ __ 37 55 7 22 32 9 6 84 10 __............................................................................................................................................................................................................................................................................

311 331 320 310 375 405 442 416 420 422 425 439


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





915,000

Cigna CorpCabot CorporationJohnson Controls IncLazard LtdJoy Global, Inc.

3.56 3.00 2.93 2.61 2.59..............................................................................................................................

2 mil7 mil

550,0002 mil2 mil

QEP Resources IncIntersil CorporationNoble Energy IncAllegheny Technologies IncHartford Financial Services G

2.59 2.50 2.49 2.46 2.09..............................................................................................................................


835,000

Hanover Insurance Group, Inc.ConAgra Foods, Inc.Baker Hughes Inc.Raymond James Financial IncEaton Corporation PLC

2.09 2.03 2.01 2.01 2.01









o Energy 9.8 0.90







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Large Growth Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

5%

10%

15%

20%


Alger Spectra I

T. Rowe Price New America Growth

Delaware Select Growth A

Morningstar Large Growth


Capital Market Line

Alger Spectra I* 0.00%, 0eeT. Rowe Price New America Growth 3.92%, 54eeDelaware Select Growth A* 5.40%, 62ee

*Funds were added during the 1/29/2013 RetirementCommittee meeting.

#4



Ret

urn

0%

2%

4%

6%

8%

10%


Alger Spectra I

T. Rowe Price New America Growth

Delaware Select Growth A

Morningstar Large Growth


Capital Market Line


Ret

urn

0%

10%

20%

30%

40%

50%

60%

YTD 2012 2011 2010 2009

Alger Spectra IT. Rowe Price New America GrowthDelaware Select Growth AMorningstar Large GrowthRussell 1000 Growth





Small

-1

0

1

Large

Value -1 0 1 Growth

Alger Spectra IT. Rowe Price New America GrowthDelaware Select Growth AMorningstar Large GrowthRussell 1000 Growth


Alger Spectra I Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1502) Large Growth (MF) S&P 500 09-24-08

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 06-14-2012 $2,360 mil Rus 1000Growth MF




2011 7.19 0.23 -15.59 9.76 -0.472012 16.46 -4.38 7.13 -0.42 18.792013 __ __ __ __ 4.78


Load-adj Mthly 16.40 15.12 __ __ 13.38Std 12-31-2012 18.79 __ __ __ 12.42Total Return 16.40 15.12 7.81 12.88 13.38.................................................................................................+/- Std Index -0.38 0.98 3.84 4.95 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-992-3362 or visitwww.noramco.de.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.90 0.25 1.50



MorningstarRatingTM 4 5 5Morningstar Risk Avg +Avg +AvgMorningstar Return +Avg High High

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexRuss 1000 Growth


12-Month Yield __

30-day SEC Yield __


Operations

Family: Alger Objective: Growth Minimum IRA Purchase: $0Manager: Kelly, Patrick Ticker: ASPIX Min Auto Investment Plan: $0Tenure: 8.4 Years Minimum Intitial Purchase: $0 Purchase Constraints: T/A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Alger Spectra I$21,699




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

4.48 6.04 6.42 7.41 8.93 11.75 6.67 10.49 12.24 11.97 13.81 14.47-35.96 34.90 6.30 15.44 20.54 31.61 -43.25 57.27 16.68 -0.47 18.79 4.78

NAVTotal Return %

-13.86 6.21 -4.58 10.53 4.75 26.12 -6.25 30.81 1.62 -2.58 2.79 -0.40-8.08 5.15 0.00 10.18 11.47 19.80 -4.81 20.06 -0.03 -3.11 3.53 0.49............................................................................................................................................................................................................................................................................

__ __ __ __ __ __ __ 4 37 33 14 __............................................................................................................................................................................................................................................................................

1234 1311 1400 1495 1642 1748 1809 1796 1718 1683 1681 1775


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




268,572303,61385,955

685,900663,100

Apple IncInternational Business MachinGoogle, Inc. Class AHoneywell International, Inc.Express Scripts

7.78 2.87 2.85 2.04 1.99..............................................................................................................................

810,100441,394162,800624,500673,100

eBay IncPhilip Morris International, Amazon.com IncCapital One Financial CorpCVS Caremark Corp

1.90 1.90 1.85 1.83 1.52..............................................................................................................................

904,4001 mil

610,715430,445491,017

American Capital Agency Corp.Pfizer IncDollar General CorporationAnadarko Petroleum CorpQualcomm, Inc.

1.45 1.45 1.44 1.44 1.40









o Energy 5.2 0.48







...................................................................................................................................................

...................................................................................................................................................



T. Rowe Price New America Growth Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1502) Large Growth (MF) S&P 500 09-30-85

Morningstar Analyst RtgTM Total Assets Category Index TypeGold 01-25-2013 $3,635 mil Rus 1000Growth MF



2011 6.30 -0.40 -14.46 9.95 -0.412012 12.61 -4.83 5.10 0.82 13.562013 __ __ __ __ 4.43


Load-adj Mthly 12.20 13.58 7.18 9.69 9.94Std 12-31-2012 13.56 __ 4.45 9.04 9.80Total Return 12.20 13.58 7.18 9.69 9.94.................................................................................................+/- Std Index -4.58 -0.56 3.21 1.76 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-638-5660 or visittroweprice.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.65NA

0.81



MorningstarRatingTM 4 5 4Morningstar Risk Avg +Avg AvgMorningstar Return Avg High +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexRussell 3000 TR


12-Month Yield __

30-day SEC Yield __


Operations

Family: T. Rowe Price Objective: Growth Minimum IRA Purchase: $1,000Manager: Milano, Joseph Ticker: PRWAX Min Auto Investment Plan: $0Tenure: 10.6 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000T. Rowe Price NewAmerica Growth$17,738




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

22.06 29.83 33.14 31.88 31.38 31.87 18.77 28.03 32.99 31.81 35.92 37.51-28.54 35.22 11.10 4.35 7.24 13.74 -38.31 49.33 19.34 -0.41 13.56 4.43

NAVTotal Return %

-6.44 6.53 0.22 -0.56 -8.55 8.25 -1.31 22.87 4.28 -2.52 -2.44 -0.75-0.66 5.47 4.80 -0.91 -1.83 1.93 0.13 12.12 2.63 -3.05 -1.70 0.14............................................................................................................................................................................................................................................................................

56 13 21 68 49 44 33 8 18 32 67 __............................................................................................................................................................................................................................................................................

1234 1311 1400 1495 1642 1748 1809 1796 1718 1683 1681 1775


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




380,000130,000911,400

2 mil1 mil

Apple IncGoogle, Inc. Class AFiserv, Inc.Fastenal CompanyCH Robinson Worldwide, Inc.

5.57 2.54 1.98 1.96 1.83..............................................................................................................................

700,0001 mil3 mil

725,0001 mil

Monsanto CompanyThermo Fisher Scientific IncNuance Communications, Inc.Laboratory Corporation of AmeeBay Inc

1.82 1.80 1.73 1.73 1.72..............................................................................................................................

1 mil350,000

1 mil1 mil2 mil

Equifax, Inc.Salesforce.com, Inc.Potash Corporation of SaskatcHarman International IndustriIron Mountain Inc

1.71 1.62 1.57 1.57 1.56









o Energy 2.7 0.25







...................................................................................................................................................

...................................................................................................................................................



Delaware Select Growth A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1502) Large Growth (MF) S&P 500 05-16-94

Morningstar Analyst RtgTM Total Assets Category Index Type__ $920.8 mil Rus 1000Growth MF



2011 9.80 2.19 -11.23 7.86 7.422012 17.67 -5.14 4.42 -1.06 15.312013 __ __ __ __ 5.45




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-523-1918 or visitwww.delawarefunds.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.74 0.25 1.35



MorningstarRatingTM 5 5 4Morningstar Risk -Avg +Avg +AvgMorningstar Return High High +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMStar US Gr TR


12-Month Yield __

30-day SEC Yield __


Operations

Family: Delaware Investments Objective: Growth Minimum IRA Purchase: ClosedManager: Ericksen/Heywood/Tran/Ferry/Van HarteTicker: DVEAX Min Auto Investment Plan: ClosedTenure: 6.1 Years Minimum Intitial Purchase: Closed Purchase Constraints: C/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Delaware SelectGrowth A$18,769




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

15.17 20.93 22.60 26.49 26.83 29.41 16.38 25.71 32.46 34.87 40.21 42.40-32.85 37.97 7.98 17.21 1.28 9.62 -44.30 56.96 26.25 7.42 15.31 5.45

NAVTotal Return %

-10.75 9.28 -2.90 12.30 -14.51 4.13 -7.30 30.50 11.19 5.31 -0.69 0.27-4.97 8.22 1.68 11.95 -7.79 -2.19 -5.86 19.75 9.54 4.78 0.05 1.16............................................................................................................................................................................................................................................................................

__ __ __ __ __ __ __ __ __ __ 48 __............................................................................................................................................................................................................................................................................

1234 1311 1400 1495 1642 1748 1809 1796 1718 1683 1681 1775


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




118,8251 mil

841,15066,335

446,075

Apple IncVeriFone Systems, Inc.BMC Software, Inc.MasterCard Incorporated ClassDineEquity Inc

7.37 4.81 3.88 3.79 3.48..............................................................................................................................

392,725659,875730,875680,172194,175

Crown Castle International CoNeuStar, Inc.Adobe Systems IncKinder Morgan, Inc.EOG Resources

3.30 3.22 3.21 2.80 2.73..............................................................................................................................

1 mil869,100309,650907,850193,675

K12, Inc.Sally Beauty Holdings IncQualcomm, Inc.Progressive CorporationAllergan, Inc.

2.51 2.38 2.24 2.23 2.07









o Energy 8.4 0.77







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Large Blend - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%


JPMorgan US Equity A

Vanguard 500 Index Signal

Morningstar Large Blend

Market Benchmark:S&P 500

Capital Market Line

JPMorgan US Equity A 3.26%, 41ee

Vanguard 500 Index Signal 6.63%, 56ee

RedFlagged9/2012

#2



Ret

urn

0%

1%

2%

3%

4%

5%



Vanguard 500 Index Signal

Morningstar Large Blend


Capital Market Line


Ret

urn

-5%

0%

5%

10%

15%

20%

25%

30%

35%

YTD 2012 2011 2010 2009

JPMorgan US Equity AVanguard 500 Index SignalMorningstar Large BlendS&P 500





Small

-1

0

1

Large

Value -1 0 1 Growth

JPMorgan US Equity AVanguard 500 Index SignalMorningstar Large BlendS&P 500


OCWD 457 - Large Blend - Red Flag Review Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%




Capital Market Line



Ret

urn

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%




Capital Market Line


Ret

urn

-5%

0%

5%

10%

15%

20%

25%

30%

35%

YTD 2012 2011 2010 2009

JPMorgan US Equity AS&P 500





Small

-1

0

1

Large

Value -1 0 1 Growth

JPMorgan US Equity AS&P 500


JPMorgan US Equity A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1502) Large Blend (MF) S&P 500 09-07-01

Morningstar Analyst RtgTM Total Assets Category Index TypeNeutral 12-07-2012 $7,407 mil Rus 1000 MF




2011 4.68 -0.19 -15.32 10.98 -1.812012 14.37 -4.85 6.98 0.44 16.922013 __ __ __ __ 5.35


Load-adj Mthly 10.26 10.86 3.85 8.32 4.87Std 12-31-2012 10.79 __ 1.40 7.49 4.42Total Return 16.37 12.87 4.97 8.91 5.36.................................................................................................+/- Std Index -0.41 -1.27 1.00 0.98 __


7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.25

NA

Fund Expenses


0.40 0.25 1.08



MorningstarRatingTM 2 3 4Morningstar Risk Avg Avg AvgMorningstar Return -Avg +Avg +Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: JPMorgan Objective: Growth and Income Minimum IRA Purchase: $1,000Manager: Luddy/Bao/Glatter/Devulapally/SkibeliTicker: JUEAX Min Auto Investment Plan: $100Tenure: 5.1 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000JPMorgan US Equity A$16,737




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

7.61 10.01 10.99 10.99 11.33 10.80 6.92 9.04 10.25 9.90 11.21 11.81-26.88 32.32 10.50 2.11 16.83 10.11 -34.90 32.77 14.02 -1.81 16.92 5.35

NAVTotal Return %

-4.78 3.63 -0.38 -2.80 1.04 4.62 2.10 6.31 -1.04 -3.92 0.92 0.17-5.23 2.43 -0.91 -4.16 1.37 4.34 2.70 4.34 -2.08 -3.31 0.50 -0.07............................................................................................................................................................................................................................................................................

91 10 43 89 11 17 21 19 48 59 21 __............................................................................................................................................................................................................................................................................

1468 1526 1611 1743 1980 2090 2086 2027 2010 1786 1686 1805


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




581,6125 mil4 mil

216,1963 mil

Apple IncWells Fargo & CoMerck & Co IncGoogle, Inc. Class ATime Warner Inc

4.49 2.35 2.24 2.22 2.13..............................................................................................................................

5 mil1 mil

10 mil1 mil6 mil

Microsoft CorporationUnited Technologies CorpBank of America CorporationOccidental Petroleum CorporatCisco Systems Inc

2.05 1.76 1.67 1.65 1.59..............................................................................................................................

978,099674,423

2 mil1 mil3 mil

Chevron CorpBiogen Idec IncCitigroup IncExxon Mobil CorporationOracle Corporation

1.53 1.43 1.42 1.40 1.39









o Energy 11.2 1.03







...................................................................................................................................................

...................................................................................................................................................



Vanguard 500 Index Signal Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1502) Large Blend (MF) S&P 500 09-29-06

Morningstar Analyst RtgTM Total Assets Category Index TypeGold 11-13-2012 $118,269 mil Rus 1000 MF




2011 5.91 0.09 -13.87 11.81 2.082012 12.58 -2.75 6.34 -0.38 15.972013 __ __ __ __ 5.18


Load-adj Mthly 16.76 14.12 4.00 __ 4.05Std 12-31-2012 15.97 __ 1.68 __ 3.27Total Return 16.76 14.12 4.00 7.88 4.05.................................................................................................+/- Std Index -0.02 -0.02 0.03 -0.05 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-662-7447 or visitwww.vanguard.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.02NA

0.05



MorningstarRatingTM 4 4 4Morningstar Risk Avg Avg AvgMorningstar Return +Avg +Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexS&P 500


12-Month Yield 2.07%30-day SEC Yield 2.24Potential Cap Gains Exp 33.00% Assets

Operations

Family: Vanguard Objective: Growth and Income Minimum IRA Purchase: $0Manager: Buek, Michael Ticker: VIFSX Min Auto Investment Plan: $0Tenure: 21.1 Years Minimum Intitial Purchase: $0 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Vanguard 500 IndexSignal$16,189




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

63.81 81.99 90.80 95.13 107.86 111.64 68.64 84.81 95.68 95.65 108.52 114.14-22.15 28.50 10.74 4.77 15.66 5.47 -36.97 26.61 15.05 2.08 15.97 5.18

NAVTotal Return %

-0.05 -0.19 -0.14 -0.14 -0.13 -0.02 0.03 0.15 -0.01 -0.03 -0.03 0.00-0.50 -1.39 -0.67 -1.50 0.20 -0.30 0.63 -1.82 -1.05 0.58 -0.45 -0.24............................................................................................................................................................................................................................................................................

__ __ __ __ __ 49 37 52 29 17 35 __............................................................................................................................................................................................................................................................................

1468 1526 1611 1743 1980 2090 2086 2027 2010 1786 1686 1805


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





Apple IncExxon Mobil CorporationGeneral Electric CoChevron CorpMicrosoft Corporation

4.84 3.26 1.85 1.77 1.74..............................................................................................................................

10 mil53 mil2 mil

25 mil25 mil

International Business MachinAT&T IncGoogle, Inc. Class AProcter & Gamble CoJohnson & Johnson

1.72 1.68 1.55 1.48 1.47..............................................................................................................................


Pfizer IncWells Fargo & CoJPMorgan Chase & CoPhilip Morris International, Berkshire Hathaway Inc Class

1.44 1.31 1.19 1.17 1.14









o Energy 11.3 1.04







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Large Value Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%


Hartford Dividend & Growth R4

American Funds American Mutual R3


Capital Market Line

Hartford Dividend & Growth R4 0.74%, 14ee

American Funds American Mutual R3 4.25%, 42ee

#5



Ret

urn

0%

1%

2%

3%

4%

5%


Hartford Dividend & Growth R4

American Funds American Mutual R3


Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

YTD 2012 2011 2010 2009

Hartford Dividend & Growth R4American Funds American Mutual R3Russell 1000 Value





Small

-1

0

1

Large

Value -1 0 1 Growth

Hartford Dividend & Growth R4American Funds American Mutual R3Russell 1000 Value


OCWD 457 - Large Value - Alternatives Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Hartford Dividend & Growth R4 (1.05%, 5.8 yrs.)

American Funds American Mutual R3 (0.97%, 6.5 yrs.)


Columbia Dividend Opportunity A (1.10%, 8.2 yrs.)

Delaware Value A (1.10%, 7.2 yrs.)

JPMorgan Equity Income A (1.05%, 8.5 yrs.)


Capital Market Line

Hartford Dividend & Growth R4 0.74%, 14ee

American Funds American Mutual R3 4.25%, 42ee

#5



Ret

urn

0%

1%

2%

3%

4%

5%

6%


Hartford Dividend & Growth R4 (50 bps)

American Funds American Mutual R3 (65 bps)


Columbia Dividend Opportunity A (50 bps)

Delaware Value A (65 bps)

JPMorgan Equity Income A (55 bps)


Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

30%

YTD 2012 2011 2010 2009

Hartford Dividend & Growth R4American Funds American Mutual R3Morningstar Large ValueColumbia Dividend Opportunity ADelaware Value AJPMorgan Equity Income ARussell 1000 Value





Small

-1

0

1

Large

Value -1 0 1 Growth



OCWD 457 - Large Value - Alternatives Zephyr StyleADVISOR: Wells Fargo AdvisorsUpside Downside

Single Computation


psid

e%

70

75

80

85

90

95

100

Downside%70 75 80 85 90 95 100

Hartford Dividend & Growth R4American Funds American Mutual R3Morningstar Large ValueColumbia Dividend Opportunity ADelaware Value AJPMorgan Equity Income A

Russell 1000 Value

Manager vs Morningstar Large Value: ReturnFebruary 2008 - January 2013 (not annualized if less than 1 year)

Ret

urn

0

5

10

15

20

25





Hartford Dividend & Growth R4 Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1049) Large Value (MF) S&P 500 12-22-06

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 05-29-2012 $6,889 mil Rus 1000Value MF




2011 5.87 -0.50 -14.51 12.04 0.902012 10.09 -2.76 5.21 0.31 12.982013 __ __ __ __ 5.51


Load-adj Mthly 15.05 11.84 3.79 __ 3.60Std 12-31-2012 12.98 __ 1.60 __ 2.73Total Return 15.05 11.84 3.79 8.49 3.60.................................................................................................+/- Std Index -1.73 -2.30 -0.18 0.56 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 888-843-7824 or visitwww.hartfordinvestor.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.62 0.25 1.06




3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMStar US Value TR



Operations

Family: Hartford Mutual Funds Objective: Equity Income Minimum IRA Purchase: $0Manager: Kilbride/Baker/Bousa Ticker: HDGSX Min Auto Investment Plan: $0Tenure: 5.8 Years Minimum Intitial Purchase: $0 Purchase Constraints: A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Hartford Dividend &Growth R4$18,729




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

11.96 15.02 16.83 17.74 21.21 21.29 14.23 17.31 19.23 19.10 20.86 22.01-14.19 25.66 12.01 5.42 19.56 7.71 -31.89 23.74 12.69 0.90 12.98 5.51

NAVTotal Return %

7.91 -3.03 1.13 0.51 3.77 2.22 5.11 -2.72 -2.37 -1.21 -3.02 0.331.33 -4.37 -4.48 -1.63 -2.69 7.88 4.96 4.05 -2.82 0.51 -4.53 -0.99............................................................................................................................................................................................................................................................................

__ __ __ __ __ 11 13 47 59 34 72 __............................................................................................................................................................................................................................................................................

961 1050 1220 1296 1371 1432 1433 1272 1240 1258 1208 1300


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





Wells Fargo & CoExxon Mobil CorporationPfizer IncJPMorgan Chase & CoMerck & Co Inc

3.88 3.55 2.97 2.93 2.83..............................................................................................................................

5 mil840,410

4 mil2 mil1 mil

AT&T IncInternational Business MachinComcast Corp Class AJohnson & JohnsonChevron Corp

2.62 2.45 2.29 2.18 2.16..............................................................................................................................


PepsiCo IncMicrosoft CorporationEli Lilly and CompanyACE LtdPNC Financial Services Group

1.91 1.88 1.71 1.69 1.66









o Energy 11.7 1.07







...................................................................................................................................................

...................................................................................................................................................



American Funds American MutualR3

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1049) Large Value (MF) S&P 500 06-06-02

Morningstar Analyst RtgTM Total Assets Category Index TypeGold 03-14-2012 $23,116 mil Rus 1000Value MF




2011 4.82 1.49 -11.51 10.95 4.442012 7.33 -0.39 3.98 0.66 11.902013 __ __ __ __ 4.22


Load-adj Mthly 13.88 12.13 4.42 7.46 5.49Std 12-31-2012 11.90 __ 2.63 6.73 5.12Total Return 13.88 12.13 4.42 7.46 5.49.................................................................................................+/- Std Index -2.90 -2.01 0.45 -0.47 __

+/- Cat Index -6.71 -2.17 1.72 -0.86 __.................................................................................................% Rank Cat 83 54 14 55 __.................................................................................................No. in Cat 1208 1049 934 597 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-421-4225 or visitwww.americanfunds.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.25 0.50 0.97



MorningstarRatingTM 4 5 4Morningstar Risk Low Low LowMorningstar Return Avg +Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexDJ Indust Avg PR


12-Month Yield __

30-day SEC Yield __


Operations

Family: American Funds Objective: Growth and Income Minimum IRA Purchase: $0Manager: Gordon/Lovelace/Robbins/Terrile/YollesTicker: RMFCX Min Auto Investment Plan: $0Tenure: 6.5 Years Minimum Intitial Purchase: $0 Purchase Constraints: A/


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000American FundsAmerican Mutual R3$17,490




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

20.29 24.31 26.39 26.16 29.09 28.16 18.99 23.04 25.18 25.72 28.19 29.38-12.52 22.71 10.25 4.49 15.83 2.90 -30.30 24.97 11.82 4.44 11.90 4.22

NAVTotal Return %

9.58 -5.98 -0.63 -0.42 0.04 -2.59 6.70 -1.49 -3.24 2.33 -4.10 -0.963.00 -7.32 -6.24 -2.56 -6.42 3.07 6.55 5.28 -3.69 4.05 -5.61 -2.28............................................................................................................................................................................................................................................................................

__ 89 77 66 79 41 9 38 73 18 81 __............................................................................................................................................................................................................................................................................

961 1050 1220 1296 1371 1432 1433 1272 1240 1258 1208 1300


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __




19 mil9 mil

11 mil11 mil

517 mil

Verizon Communications IncAmgen IncAbbott LaboratoriesHome Depot, Inc.FNMA

3.74 3.41 3.32 3.11 2.33..............................................................................................................................


Microsoft CorporationDow Chemical CoChevron CorpTime Warner Cable IncUnited Parcel Service Inc (UP

2.10 1.92 1.91 1.82 1.77..............................................................................................................................

5 mil358 mil

9 mil11 mil6 mil

United Technologies CorpFHLMCMattel, Inc.Texas Instruments, Inc.Emerson Electric Co.

1.71 1.62 1.50 1.49 1.49









o Energy 9.1 0.83







...................................................................................................................................................

...................................................................................................................................................



Columbia Dividend Opportunity A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1049) Large Value (MF) S&P 500 08-01-88

Morningstar Analyst RtgTM Total Assets Category Index Type__ $5,105 mil Rus 1000Value MF



2011 7.34 1.13 -12.27 11.91 6.572012 8.61 -1.70 5.24 0.64 13.092013 __ __ __ __ 5.52




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-345-6611 or visitwww.columbiamanagement.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.57 0.25 1.10



MorningstarRatingTM 4 4 4Morningstar Risk -Avg -Avg -AvgMorningstar Return +Avg +Avg Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: Columbia Objective: Equity Income Minimum IRA Purchase: $1,000Manager: Stocking/Schroll/Spahr Ticker: INUTX Min Auto Investment Plan: $100Tenure: 8.2 Years Minimum Intitial Purchase: $2,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Columbia DividendOpportunity A$17,802




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

5.76 6.50 7.16 7.46 8.95 9.18 5.65 6.92 7.79 8.00 8.69 9.17-21.47 16.59 13.72 7.41 23.25 5.36 -35.92 28.71 16.87 6.57 13.09 5.52

NAVTotal Return %

0.63 -12.10 2.84 2.50 7.46 -0.13 1.08 2.25 1.81 4.46 -2.91 0.34-5.95 -13.44 -2.77 0.36 1.00 5.53 0.93 9.02 1.36 6.18 -4.42 -0.98............................................................................................................................................................................................................................................................................

73 99 39 31 4 23 41 20 15 11 71 __............................................................................................................................................................................................................................................................................

961 1050 1220 1296 1371 1432 1433 1272 1240 1258 1208 1300


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





General Electric CoEnbridge, Inc.Pfizer IncRoyal Dutch Shell PLC ADR ClaJPMorgan Chase & Co

3.01 2.92 2.85 2.58 2.22..............................................................................................................................


646,482

Verizon Communications IncMerck & Co IncJohnson & JohnsonWells Fargo & CoLorillard, Inc.

1.93 1.92 1.85 1.82 1.68..............................................................................................................................

716,6572 mil2 mil1 mil

686,803

Chevron CorpCenturyLink IncU.S. BancorpEaton CorpMcDonald's Corporation

1.63 1.57 1.50 1.46 1.29









o Energy 13.1 1.20







...................................................................................................................................................

...................................................................................................................................................



Delaware Value A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1049) Large Value (MF) S&P 500 09-14-98

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,959 mil Rus 1000Value MF



2011 7.86 1.62 -13.01 14.29 8.972012 8.06 -0.34 4.63 1.36 14.212013 __ __ __ __ 5.39




7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.65 0.30 1.30



MorningstarRatingTM 4 4 4Morningstar Risk -Avg -Avg -AvgMorningstar Return +Avg Avg Avg

3 Yr 5 Yr 10 Yr





Operations

Family: Delaware Investments Objective: Growth Minimum IRA Purchase: $250Manager: Lalvani/Bartholdson/Lombardi/Nutt, Jr.Ticker: DDVAX Min Auto Investment Plan: $250Tenure: 7.2 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Delaware Value A$18,037




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

7.89 9.96 10.82 11.22 13.45 12.17 7.87 9.07 10.31 11.04 12.44 13.11-17.07 27.45 13.20 5.46 23.58 -3.02 -33.16 17.65 15.64 8.97 14.21 5.39

NAVTotal Return %

5.03 -1.24 2.32 0.55 7.79 -8.51 3.84 -8.81 0.58 6.86 -1.79 0.21-1.55 -2.58 -3.29 -1.59 1.33 -2.85 3.69 -2.04 0.13 8.58 -3.30 -1.11............................................................................................................................................................................................................................................................................

37 52 45 51 3 81 18 82 21 4 58 __............................................................................................................................................................................................................................................................................

961 1050 1220 1296 1371 1432 1433 1272 1240 1258 1208 1300


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





855,200

Bank of New York Mellon CorpLowe's Companies Inc.Motorola Solutions, Inc.Comcast Corp Class ABaxter International Inc.

3.22 3.19 3.19 3.15 3.13..............................................................................................................................

2 mil2 mil2 mil

969,5003 mil

Halliburton CompanyMarathon Oil CorpWaste Management IncRaytheon CompanyCisco Systems Inc

3.12 3.08 3.08 3.06 3.06..............................................................................................................................

2 mil789,856

1 mil1 mil

768,700

Pfizer IncJohnson & JohnsonCVS Caremark CorpAllstate CorpTravelers Companies, Inc.

3.05 3.04 3.03 3.03 3.03









o Energy 15.4 1.41







...................................................................................................................................................

...................................................................................................................................................



JPMorgan Equity Income A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (1049) Large Value (MF) S&P 500 02-18-92

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 12-12-2012 $3,246 mil Rus 1000Value MF



2011 6.05 1.38 -11.49 12.86 7.392012 9.36 -1.78 5.23 0.08 13.132013 __ __ __ __ 5.33




7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.25

NA

Fund Expenses


0.40 0.25 1.09



MorningstarRatingTM 4 5 4Morningstar Risk -Avg Low LowMorningstar Return +Avg +Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexS&P 500



Operations

Family: JPMorgan Objective: Equity Income Minimum IRA Purchase: $1,000Manager: Hart/Simon Ticker: OIEIX Min Auto Investment Plan: $100Tenure: 8.5 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000JPMorgan EquityIncome A$17,899




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

13.84 16.16 15.22 11.64 11.80 10.51 6.69 7.62 8.81 9.25 10.16 10.70-18.43 22.51 11.20 5.91 20.62 1.24 -29.92 17.31 18.37 7.39 13.13 5.33

NAVTotal Return %

3.67 -6.18 0.32 1.00 4.83 -4.25 7.08 -9.15 3.31 5.28 -2.87 0.15-2.91 -7.52 -5.29 -1.14 -1.63 1.41 6.93 -2.38 2.86 7.00 -4.38 -1.17............................................................................................................................................................................................................................................................................

48 91 69 45 19 55 8 84 7 6 71 __............................................................................................................................................................................................................................................................................

961 1050 1220 1296 1371 1432 1433 1272 1240 1258 1208 1300


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __


Avg Wtd Coupon __

Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __





Wells Fargo & CoPfizer IncMerck & Co IncVerizon Communications IncConocoPhillips

3.94 3.23 3.09 2.47 2.19..............................................................................................................................

710,746101,146806,824813,953

1 mil

Exxon Mobil CorporationApple IncT. Rowe Price GroupHome Depot, Inc.Limited Brands, Inc.

2.14 1.87 1.83 1.75 1.70..............................................................................................................................

441,228228,931610,552

2 mil857,310

Chevron CorpBlackRock IncOccidental Petroleum CorporatMicrosoft CorporationPrudential Financial Inc

1.66 1.64 1.62 1.62 1.59









o Energy 12.0 1.10







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Balanced Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%


Janus Balanced S

Market Benchmark:Morningstar Moderate Allocation

Capital Market Line

Janus Balanced S 1.49%, 7ee



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%


Janus Balanced S


Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

25%

YTD 2012 2011 2010 2009

Janus Balanced SMorningstar Moderate Allocation





Small

-1

0

1

Large

Value -1 0 1 Growth

Janus Balanced SMorningstar Moderate Allocation


Janus Balanced S Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (808) Moderate Allocation (MF) Mstar Mod Target Risk 07-06-09

Morningstar Analyst RtgTM Total Assets Category Index TypeSilver 07-27-2012 $8,958 mil Mstar Mod Aggr Target R MF




2011 3.98 1.39 -11.14 7.88 1.072012 9.34 -2.92 5.32 0.80 12.682013 __ __ __ __ 2.90


Load-adj Mthly 11.09 8.78 __ __ 11.22Std 12-31-2012 12.68 __ __ __ 10.60Total Return 11.09 8.78 6.12 7.94 11.22.................................................................................................+/- Std Index 0.06 -1.17 1.16 -0.47 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-525-0020 or visitwww.janus.com.


Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.55 0.25 1.08



MorningstarRatingTM 3 5 4Morningstar Risk Avg Low LowMorningstar Return Avg High +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMstar Mod Target Risk


12-Month Yield __

30-day SEC Yield __


Operations

Family: Janus Objective: Balanced Minimum IRA Purchase: $0Manager: Pinto/Smith Ticker: JABRX Min Auto Investment Plan: $0Tenure: 7.8 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA

Investment StyleEquityStock %42 58 63 62 58 55 39 58 57 55 54 __

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Janus Balanced S$19,728




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ __ __ __ __ __ 24.55 25.09 24.48 26.22 26.98

-6.79 13.46 8.44 7.48 10.29 9.88 -15.43 23.97 7.51 1.07 12.68 2.90NAVTotal Return %

-0.10 -9.02 -3.04 0.44 -2.66 1.25 6.76 2.19 -4.82 0.48 0.62 -0.015.51 -15.68 -5.63 -1.37 -5.70 0.94 15.22 -3.58 -7.41 3.00 -1.67 -1.16............................................................................................................................................................................................................................................................................

__ __ __ __ __ __ __ __ 95 33 35 __............................................................................................................................................................................................................................................................................

757 843 925 985 1041 1103 1206 1177 1074 963 936 1023


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration 5.30Avg Eff Maturity 7.80Avg Credit Quality __





Americas 89.6 1.24Greater Europe 10.4 0.67Greater Asia 0.0 0.00


5 mil378,438

2 mil4 mil3 mil

CBS Corporation Class BApple, Inc.Philip Morris International, Mattel, Inc.E.I. du Pont de Nemours & Com

2.28 2.23 1.86 1.76 1.59..............................................................................................................................


Chevron CorpU.S. BancorpLyondellBasell Industries NVTime Warner Cable IncBoeing Company

1.57 1.55 1.55 1.55 1.52..............................................................................................................................

2 mil954,107

2 mil4 mil3 mil

Nike, Inc. Class BUnion Pacific CorpEnterprise Products Partners NYSE Euronext, Inc.TE Connectivity Ltd

1.37 1.33 1.27 1.26 1.22









o Energy 8.8 0.93







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Asset Allocation Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%


Fidelity Advisor Asset Manager 85% A






Capital Market Line

Fidelity Advisor Asset Manager A Funds:85% 2.33%, 12ee60% 1.91%, 20ee50% 5.77%, 29ee40% 0.70%, 4ee20% 0.18%, 6ee

#3



Ret

urn

0%

1%

2%

3%

4%

5%








Capital Market Line


Ret

urn

-10%

0%

10%

20%

30%

40%

YTD 2012 2011 2010 2009

Fidelity Advisor Asset Manager 85% AFidelity Advisor Asset Manager 60% AFidelity Advisor Asset Manager 50% AFidelity Advisor Asset Manager 40% AFidelity Advisor Asset Manager 20% AMorningstar Moderate Allocation





Small

-1

0

1

Large

Value -1 0 1 Growth

Fidelity Advisor Asset Manager 85% AFidelity Advisor Asset Manager 60% AFidelity Advisor Asset Manager 50% AFidelity Advisor Asset Manager 40% AFidelity Advisor Asset Manager 20% AMorningstar Moderate Allocation


Fidelity Advisor Asset Manager 85%A

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (326) Aggressive Allocation (MF) Mstar Mod Target Risk 10-02-06

Morningstar Analyst RtgTM Total Assets Category Index Type__ $1,027 mil Morn Aggr Target Risk MF




2011 4.43 -0.29 -16.22 7.39 -6.312012 11.77 -3.85 5.97 1.48 15.572013 __ __ __ __ 4.34


Load-adj Mthly 7.62 8.62 2.43 __ 2.95Std 12-31-2012 8.92 __ 0.11 __ 2.29Total Return 14.18 10.78 3.65 8.95 3.91.................................................................................................+/- Std Index 3.15 0.83 -1.31 0.54 __


7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.56 0.25 1.09



MorningstarRatingTM 2 2 3Morningstar Risk +Avg +Avg HighMorningstar Return -Avg Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexMstar Lifetime Mod 2035


12-Month Yield __

30-day SEC Yield __


Operations

Family: Fidelity Investments Objective: Asset Allocation Minimum IRA Purchase: $500Manager: Stein, Geoff Ticker: FEYAX Min Auto Investment Plan: $2,500Tenure: 3.7 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Fidelity Advisor AssetManager 85% A$15,326




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

6.90 10.23 11.33 12.08 13.34 14.11 8.47 11.60 13.32 12.32 14.07 14.68-35.11 48.28 10.77 7.07 12.04 7.69 -38.73 38.42 16.20 -6.31 15.57 4.34

NAVTotal Return %

-28.42 25.80 -0.71 0.03 -0.91 -0.94 -16.54 16.64 3.87 -6.90 3.51 1.43-18.37 13.75 -5.13 -3.09 -6.36 -1.50 -1.59 6.42 -0.55 -2.71 -0.51 -0.56............................................................................................................................................................................................................................................................................

__ __ __ __ __ 44 86 6 12 87 16 __............................................................................................................................................................................................................................................................................

92 107 137 174 206 213 227 229 230 363 398 454


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __








187,75130,453

171865,703423,475

Fidelity Cent Invt PortfoliosApple IncMini Msci Eaf Indx Mar13 MfshFidelity Garrison Str TrGeneral Electric Co

1.96 1.65 1.41 0.93 0.91..............................................................................................................................

127,16011,320

11372,783

181,410

Procter & Gamble CoGoogle, Inc. Class AS&P 500 Emini Fut Mar13 Esh3British American Tobacco PLC Coca-Cola Co

0.88 0.82 0.82 0.75 0.67..............................................................................................................................

68,43566,392

138,317147,004175,093

Exxon Mobil CorporationAmgen IncMerck & Co IncComcast Corp Class AComerica Inc

0.60 0.58 0.58 0.56 0.54









o Energy 10.2 1.07







...................................................................................................................................................

...................................................................................................................................................




Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (808) Moderate Allocation (MF) Mstar Mod Target Risk 10-09-07

Morningstar Analyst RtgTM Total Assets Category Index Type__ $758.8 mil Mstar Mod Aggr Target R MF



2011 3.38 0.31 -10.89 5.50 -2.512012 8.53 -2.12 4.63 1.11 12.392013 __ __ __ __ 2.98


Load-adj Mthly 4.51 7.35 3.35 __ 1.48Std 12-31-2012 5.93 __ 1.72 __ 0.93Total Return 10.89 9.49 4.58 __ 2.61.................................................................................................+/- Std Index -0.14 -0.46 -0.38 __ __

+/- Cat Index -2.56 -1.88 0.07 __ __.................................................................................................% Rank Cat 55 49 29 __ __.................................................................................................No. in Cat 934 808 704 403 __

7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.56 0.25 1.10





Morningstar Return -Avg Avg __

3 Yr 5 Yr 10 Yr


Mean 9.49 4.58 __




12-Month Yield __

30-day SEC Yield __


Operations

Family: Fidelity Investments Objective: Asset Allocation Minimum IRA Purchase: $500Manager: Stein, Geoff Ticker: FSAAX Min Auto Investment Plan: $2,500Tenure: 3.7 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA

Investment StyleEquityStock %__ __ __ __ __ 45 57 58 56 54 57 57

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k





History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ __ __ __ 9.60 6.60 8.63 9.48 9.14 10.07 10.37__ __ __ __ __ __ -30.15 32.37 14.03 -2.51 12.39 2.98

NAVTotal Return %

__ __ __ __ __ __ -7.96 10.59 1.70 -3.10 0.33 0.07__ __ __ __ __ __ 0.50 4.82 -0.89 -0.58 -1.96 -1.08............................................................................................................................................................................................................................................................................__ __ __ __ __ __ 66 8 14 80 42 __

............................................................................................................................................................................................................................................................................757 843 925 985 1041 1103 1206 1177 1074 963 936 1023


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __








172,423166,001

1389 mil

15,850

Fidelity Cent Invt PortfoliosFidelity Cent Invt PortfoliosMini Msci Eaf Indx Mar13 MfshUS Treasury Note 1.625%Apple Inc

2.45 2.41 1.55 1.30 1.17..............................................................................................................................

8 mil648,911

6 mil6 mil5 mil

US Treasury Note 1%Fidelity Garrison Str TrFannie Mae 4% 30 YearUS Treasury Note 0.25%US Treasury Bond

1.08 0.95 0.87 0.86 0.83..............................................................................................................................

6 mil5 mil5 mil

220,4524 mil

US Treasury Note 0.25%Fannie Mae 3% 30 YearFNMA CMOGeneral Electric CoFannie Mae 3.5% 30 Year

0.81 0.77 0.69 0.64 0.62









o Energy 10.0 1.05







...................................................................................................................................................

...................................................................................................................................................




Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (808) Moderate Allocation (MF) Mstar Mod Target Risk 10-02-06

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 12-19-2012 $7,166 mil Mstar Mod Aggr Target R MF




2011 2.99 0.48 -8.77 4.84 -1.022012 7.21 -1.47 4.12 0.97 11.052013 __ __ __ __ 2.44


Load-adj Mthly 3.35 6.86 3.31 __ 3.57Std 12-31-2012 4.66 __ 1.98 __ 3.22Total Return 9.66 8.99 4.54 5.95 4.54.................................................................................................+/- Std Index -1.37 -0.96 -0.42 -2.46 __


7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.51 0.25 1.02



MorningstarRatingTM 2 3 2Morningstar Risk -Avg -Avg -AvgMorningstar Return -Avg Avg Low

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: Fidelity Investments Objective: Asset Allocation Minimum IRA Purchase: $500Manager: Stein, Geoff Ticker: FFAMX Min Auto Investment Plan: $2,500Tenure: 3.7 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k





History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

13.08 15.28 16.07 16.05 16.11 15.50 10.83 13.82 15.39 14.98 16.41 16.81-8.28 16.88 5.13 3.77 8.90 6.03 -27.99 30.57 13.25 -1.02 11.05 2.44

NAVTotal Return %

-1.59 -5.60 -6.35 -3.27 -4.05 -2.60 -5.80 8.79 0.92 -1.61 -1.01 -0.474.02 -12.26 -8.94 -5.08 -7.09 -2.91 2.66 3.02 -1.67 0.91 -3.30 -1.62............................................................................................................................................................................................................................................................................

__ __ __ __ __ __ __ 13 25 60 69 __............................................................................................................................................................................................................................................................................

757 843 925 985 1041 1103 1206 1177 1074 963 936 1023


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __








3 mil2 mil

1,491112 mil91 mil

Fidelity Cent Invt PortfoliosFidelity Cent Invt PortfoliosMini Msci Eaf Indx Mar13 MfshUS Treasury Note 1.625%US Treasury Note 1%

3.86 2.95 1.67 1.53 1.27..............................................................................................................................

68 mil73 mil

134,30063 mil7 mil

Fannie Mae 4% 30 YearUS Treasury Note 0.25%Apple IncUS Treasury BondFidelity Garrison Str Tr

1.02 1.01 0.99 0.98 0.95..............................................................................................................................


US Treasury Note 0.25%Fannie Mae 3% 30 YearFNMA CMOFannie Mae 3.5% 30 YearFNMA 6%

0.95 0.91 0.81 0.73 0.70









o Energy 10.0 1.05







...................................................................................................................................................

...................................................................................................................................................




Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (591) Conservative Allocation (MF) Mstar Mod Target Risk 10-09-07

Morningstar Analyst RtgTM Total Assets Category Index Type__ $427.8 mil Mstar Mod Cons Target R MF



2011 2.51 0.65 -6.70 4.12 0.242012 6.10 -0.83 3.57 0.82 9.882013 __ __ __ __ 2.00


Load-adj Mthly 2.24 6.10 3.28 __ 2.08Std 12-31-2012 3.56 __ 2.25 __ 1.72Total Return 8.48 8.22 4.51 __ 3.22.................................................................................................+/- Std Index -2.55 -1.73 -0.45 __ __

+/- Cat Index -0.06 -0.02 -0.47 __ __.................................................................................................% Rank Cat 47 42 47 __ __.................................................................................................No. in Cat 721 591 506 201 __

7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.42 0.25 0.91





Morningstar Return -Avg -Avg __

3 Yr 5 Yr 10 Yr


Mean 8.22 4.51 __


MPT Statistics Standard Index Best Fit IndexDJ Moderate TR USD


12-Month Yield __

30-day SEC Yield __


Operations

Family: Fidelity Investments Objective: Asset Allocation Minimum IRA Purchase: $500Manager: Stein, Geoff Ticker: FFNAX Min Auto Investment Plan: $2,500Tenure: 3.7 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA

Investment StyleEquityStock %__ __ __ __ __ 30 37 39 37 36 39 39

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k





History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ __ __ __ 9.72 7.27 8.91 9.55 9.34 10.01 10.21__ __ __ __ __ __ -23.37 25.56 11.92 0.24 9.88 2.00

NAVTotal Return %

__ __ __ __ __ __ -1.18 3.78 -0.41 -0.35 -2.18 -0.91__ __ __ __ __ __ -10.31 10.25 2.26 -2.36 0.19 0.20............................................................................................................................................................................................................................................................................__ __ __ __ __ __ 73 20 21 75 47 __

............................................................................................................................................................................................................................................................................213 285 362 423 558 609 679 628 656 618 715 806


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __








190,897118,799

7 mil86

6 mil

Fidelity Cent Invt PortfoliosFidelity Cent Invt PortfoliosUS Treasury Note 1.625%Mini Msci Eaf Indx Mar13 MfshUS Treasury Note 1%

4.84 2.94 1.77 1.68 1.47..............................................................................................................................


Fannie Mae 4% 30 YearUS Treasury Note 0.25%US Treasury BondUS Treasury Note 0.25%Fannie Mae 3% 30 Year

1.18 1.17 1.13 1.09 1.05..............................................................................................................................

374,1974 mil3 mil3 mil

6,248

Fidelity Garrison Str TrFNMA CMOFannie Mae 3.5% 30 YearFNMA 6%Apple Inc

0.95 0.94 0.84 0.81 0.80









o Energy 10.2 1.07







...................................................................................................................................................

...................................................................................................................................................




Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (591) Conservative Allocation (MF) Mstar Mod Target Risk 10-02-06

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 12-28-2012 $5,004 mil Mstar Mod Cons Target R MF




2011 1.59 0.93 -2.72 2.50 2.242012 3.37 0.25 2.39 0.40 6.532013 __ __ __ __ 0.92


Load-adj Mthly -0.71 4.01 3.01 __ 3.29Std 12-31-2012 0.40 __ 2.61 __ 3.19Total Return 5.35 6.09 4.24 5.70 4.26.................................................................................................+/- Std Index -5.68 -3.86 -0.72 -2.71 __


7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.42 0.25 0.84



MorningstarRatingTM 2 3 2Morningstar Risk Low -Avg -AvgMorningstar Return Low -Avg -Avg

3 Yr 5 Yr 10 Yr





Operations

Family: Fidelity Investments Objective: Asset Allocation Minimum IRA Purchase: $500Manager: Stein, Geoff Ticker: FTAWX Min Auto Investment Plan: $2,500Tenure: 3.7 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k





History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

10.31 11.77 12.50 12.83 12.64 12.46 10.32 11.96 12.78 12.71 13.11 13.23-0.75 14.13 6.15 5.93 7.02 4.52 -14.35 18.98 8.72 2.24 6.53 0.92

NAVTotal Return %

5.94 -8.35 -5.33 -1.11 -5.93 -4.11 7.84 -2.80 -3.61 1.65 -5.53 -1.990.44 -1.86 -2.81 1.00 -2.70 -3.49 -1.29 3.67 -0.94 -0.36 -3.16 -0.88............................................................................................................................................................................................................................................................................

__ __ __ __ __ 54 22 62 73 39 86 __............................................................................................................................................................................................................................................................................

213 285 362 423 558 609 679 628 656 618 715 806


% Rank Cat

No. of Funds in Cat




Small

Mid

Large



Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __








2 mil1 mil

101 mil83 mil

883

Fidelity Cent Invt PortfoliosFidelity Cent Invt PortfoliosUS Treasury Note 1.625%US Treasury Note 1%Mini Msci Eaf Indx Mar13 Mfsh

4.86 2.95 2.00 1.66 1.43..............................................................................................................................


Fannie Mae 4% 30 YearUS Treasury Note 0.25%US Treasury BondUS Treasury Note 0.25%Fannie Mae 3% 30 Year

1.34 1.32 1.28 1.24 1.18..............................................................................................................................

53 mil5 mil

44 mil41 mil42 mil

FNMA CMOFidelity Garrison Str TrFannie Mae 3.5% 30 YearFNMA 6%FHLB 4.5%

1.06 0.96 0.95 0.91 0.91









o Energy 10.3 1.08







...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - High Yield Bond Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%


JPMorgan High Yield A

Market Benchmark:Barclays Intermediate U.S. High Yield

Capital Market Line

JPMorgan High Yield A 1.48%, 15ee



Ret

urn

0%

2%

4%

6%

8%

10%

12%


JPMorgan High Yield A


Capital Market Line


Ret

urn

0%

10%

20%

30%

40%

50%

60%

YTD 2012 2011 2010 2009

JPMorgan High Yield ABarclays Intermediate U.S. High Yield



sbc2a13 sbc2a10p

sbc3b13 sbc3b10p

Lo_Qual

-1

0

1

Hi_Qual

Short -1 0 1 Long

JPMorgan High Yield ABarclays Intermediate U.S. High Yield


OCWD 457 - High Yield Bond - Alternatives Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

2%

4%

6%

8%

10%

12%

14%


JPMorgan High Yield A (1.11%, 11.4 yrs.)

BlackRock High Yield Bond Inv A (0.93%, 3.4 yrs.)

Eaton Vance High Income Opportunities A (0.99%, 17.1 yrs.)

Fidelity Advisor High Income Advantage A (1.03%, 3.4 yrs.)

Ivy High Income A (1.00%, 7.0 yrs.)


Capital Market Line

JPMorgan High Yield A 1.48%, 15ee



Ret

urn

0%

2%

4%

6%

8%

10%

12%


JPMorgan High Yield A (63 bps)

BlackRock High Yield Bond Inv A (45 bps)

Eaton Vance High Income Opportunities A (50 bps)

Fidelity Advisor High Income Advantage A (50 bps)

Ivy High Income A (45 bps)


Capital Market Line


Ret

urn

0%

10%

20%

30%

40%

50%

60%

70%

YTD 2012 2011 2010 2009

JPMorgan High Yield ABlackRock High Yield Bond Inv AEaton Vance High Income Opportunities AFidelity Advisor High Income Advantage AIvy High Income ABarclays Intermediate U.S. High Yield



sbc2a13 sbc2a10p

sbc3b13 sbc3b10p

Lo_Qual

-1

0

1

Hi_Qual

Short -1 0 1 Long



OCWD 457 - High Yield Bond - Alternatives Zephyr StyleADVISOR: Wells Fargo AdvisorsUpside Downside

Single Computation


psid

e%

80

90

100

110

120

130

Downside%60 70 80 90 100 110 120 130 140

JPMorgan High Yield ABlackRock High Yield Bond Inv AEaton Vance High Income Opportunities AFidelity Advisor High Income Advantage AIvy High Income A

Barclays Intermediate U.S. High Yield

Manager vs Morningstar High Yield Bond: ReturnFebruary 2008 - January 2013 (not annualized if less than 1 year)

Ret

urn

0

5

10

15

20

25





JPMorgan High Yield A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (518) High Yield Bond (MF) Barclays Agg 11-13-98

Morningstar Analyst RtgTM Total Assets Category Index Type__ $11,504 mil ML US High Yield Master MF



2011 3.60 0.45 -7.04 5.71 2.262012 5.23 1.25 4.35 2.98 14.482013 __ __ __ __ 1.35




7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

3.75

NA

Fund Expenses


0.65 0.25 1.35



MorningstarRatingTM 2 3 4Morningstar Risk Avg -Avg -AvgMorningstar Return -Avg Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexCSFB High Yield

Alpha 12.62 -2.23Beta -0.50 1.11R-Squared 2.84 98.28


Operations

Family: JPMorgan Objective: Corp Bond--High Yield Minimum IRA Purchase: $1,000Manager: Shanahan/Morgan/Gibson Ticker: OHYAX Min Auto Investment Plan: $100Tenure: 11.4 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA

Investment StyleFixed IncomeBond %89 90 92 87 89 85 77 85 86 88 91 91

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000JPMorgan High Yield A$25,244




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

7.13 8.27 8.54 8.13 8.47 7.93 5.66 7.72 8.13 7.59 8.10 8.17-1.20 25.61 11.05 2.68 12.58 1.92 -22.67 48.04 14.46 2.26 14.48 1.35

NAVTotal Return %

-11.46 21.51 6.71 0.25 8.25 -5.05 -27.91 42.11 7.92 -5.58 10.26 2.050.69 -2.54 0.18 -0.06 0.86 -0.32 3.72 -9.47 -0.73 -2.12 -1.11 -0.03............................................................................................................................................................................................................................................................................

54 38 24 45 7 47 31 47 39 69 54 __............................................................................................................................................................................................................................................................................

425 455 493 518 549 542 559 543 574 573 598 679


% Rank Cat

No. of Funds in Cat




Small

Mid

Large


P/E Ratio TTM __ __ __

P/C Ratio TTM __ __ __

P/B Ratio TTM __ __ __

Geo Avg Mkt __ __ __

Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh






Americas 100.0 __


Greater Asia 0.0 __



Engy Future Inter Hldg Co Ll Intelsat Bermuda 11.5%Liberty Mut Grp 144A FRNGmac 8%Sprint Nextel 7%

1.07 0.94 0.91 0.88 0.78..............................................................................................................................


Caesars Entertainment OperatiRite Aid 9.5%Banc Amer Large Ln 2010-Hltn Supervalu 8%Amer Intl Grp FRN

0.71 0.71 0.70 0.60 0.57..............................................................................................................................


Wachovia Cap Tr Iii FRNCemex Espana S A Luxembourg 1Calpine 144A 7.5%UnivisionCricket Comms 7.75%

0.50 0.49 0.47 0.47 0.45


h Cyclical 52.1 __





j Sensitive 8.8 __


o Energy 0.0 __


a Technology 8.8 __

k Defensive 39.1 __


d Healthcare 0.0 __

f Utilities 39.1 __

...................................................................................................................................................

...................................................................................................................................................



BlackRock High Yield Bond Inv A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (518) High Yield Bond (MF) Barclays Agg 11-19-98

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 06-14-2012 $10,249 mil ML US High Yield Master MF



2011 3.73 0.45 -6.33 5.41 2.882012 6.14 1.34 4.57 3.81 16.772013 __ __ __ __ 1.33



+/- Cat Index 0.15 0.37 -0.57 -0.25 __.................................................................................................% Rank Cat 26 9 14 10 __.................................................................................................No. in Cat 603 518 459 324 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-441-7762 or visitwww.blackrock.com.


Front-End Load %

Deferred Load %

4.00

NA

Fund Expenses


0.43 0.25 1.01



MorningstarRatingTM 3 3 4Morningstar Risk Avg Avg AvgMorningstar Return Avg Avg +Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: BlackRock Objective: Corp Bond--High Yield Minimum IRA Purchase: $1,000Manager: Keenan/Garfin/Schoenhofen/McCarthyTicker: BHYAX Min Auto Investment Plan: $50Tenure: 3.4 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000BlackRock High YieldBond Inv A$26,647




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

6.90 8.06 8.31 7.86 8.14 7.75 5.07 7.01 7.66 7.39 8.09 8.160.61 27.49 11.92 3.52 11.29 2.43 -28.05 52.24 17.96 2.88 16.77 1.33

NAVTotal Return %

-9.65 23.39 7.58 1.09 6.96 -4.54 -33.29 46.31 11.42 -4.96 12.55 2.032.50 -0.66 1.05 0.78 -0.43 0.19 -1.66 -5.27 2.77 -1.50 1.18 -0.05............................................................................................................................................................................................................................................................................

33 28 14 22 21 33 72 27 6 59 19 __............................................................................................................................................................................................................................................................................

425 455 493 518 549 542 559 543 574 573 598 679


% Rank Cat

No. of Funds in Cat




Small

Mid

Large


P/E Ratio TTM 3.5 __ 0.30P/C Ratio TTM __ __ __

P/B Ratio TTM 1.2 __ 0.81Geo Avg Mkt 5727 __ 0.55Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh






Americas 91.9 __


Greater Asia 4.7 __


153 mil186 mil

4 mil1 mil

73 mil

Engy Future Inter Hldg Co Ll Harrahs Propco Term Term TlGmac Cap Tr I PfdCharter Communications IncHd Sply 144A 11.5%

1.76 1.67 1.15 0.91 0.84..............................................................................................................................

66 mil77,41975 mil59 mil65 mil

Lyondellbasell Inds Nv 5.75%Ally Finl Pfd 144AFortescue Metals Group Ltd TlSprint Nextel 144A 9%Sabine Pass Lng L P 7.5%

0.79 0.76 0.76 0.74 0.73..............................................................................................................................


60 mil

Reynolds Grp Issuer 144A 5.75Novelis 8.75%American Capital LtdAmerican International Group Zayo Group Llc Tl-B

0.72 0.66 0.65 0.64 0.62


h Cyclical 65.1 __





j Sensitive 34.4 __


o Energy 1.6 __


a Technology 6.8 __

k Defensive 0.5 __


d Healthcare 0.5 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



Eaton Vance High IncomeOpportunities A

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (518) High Yield Bond (MF) Barclays Agg 03-11-04

Morningstar Analyst RtgTM Total Assets Category Index Type__ $493.3 mil ML US High Yield Master MF




2011 3.55 1.59 -6.35 5.66 4.102012 5.42 1.53 4.47 3.23 15.432013 __ __ __ __ 1.43



+/- Cat Index 0.06 0.19 -2.01 -0.75 __.................................................................................................% Rank Cat 27 13 57 25 __.................................................................................................No. in Cat 603 518 459 324 __

7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-262-1122 or visitwww.eatonvance.com.


Front-End Load %

Deferred Load %

4.75

NA

Fund Expenses


0.54 0.25 0.99



MorningstarRatingTM 3 2 3Morningstar Risk -Avg High HighMorningstar Return Avg -Avg Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: Eaton Vance Objective: Corp Bond--High Yield Minimum IRA Purchase: $1,000Manager: Weilheimer, Michael Ticker: ETHIX Min Auto Investment Plan: $50Tenure: 17.1 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA

Investment StyleFixed IncomeBond %__ __ __ __ __ __ __ 89 87 89 90 90

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Eaton Vance HighIncome Opportunities A$24,647




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

3.92 5.10 5.34 5.12 5.29 4.96 2.83 4.12 4.38 4.23 4.56 4.60-1.92 30.12 11.62 3.87 11.83 1.51 -36.77 64.30 15.89 4.10 15.43 1.43

NAVTotal Return %

-12.18 26.02 7.28 1.44 7.50 -5.46 -42.01 58.37 9.35 -3.74 11.21 2.13-0.03 1.97 0.75 1.13 0.11 -0.73 -10.38 6.79 0.70 -0.28 -0.16 0.05............................................................................................................................................................................................................................................................................

__ __ __ 16 13 63 93 5 18 33 35 __............................................................................................................................................................................................................................................................................

425 455 493 518 549 542 559 543 574 573 598 679


% Rank Cat

No. of Funds in Cat




Small

Mid

Large


P/E Ratio TTM 18.7 __ 1.59P/C Ratio TTM 11.6 __ 1.82P/B Ratio TTM __ __ __

Geo Avg Mkt 12433 __ 1.19Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh






Americas 74.2 __


Greater Asia 0.0 __



Laureate Educ 144A 9.25%Sprint Nextel 144A 9%Continental Resources 5%Csc Hldgs 144A 6.75%Fmg Res Aug 2006 Floating Cou

1.54 0.94 0.94 0.91 0.80..............................................................................................................................


Calpine 144A 7.5%Express Llc/Express Fin 8.75%Cb Richard Ellis Svcs 11.625%Harrahs Oper 5.625%Intelsat Bermuda 11.5%

0.75 0.74 0.66 0.65 0.65..............................................................................................................................


Limited Brands 6.625%Seadrill 144A 5.625%Ssi Investments Ii 11.125%Hologic 144A 6.25%Studio City Fin 144A 8.5%

0.65 0.65 0.64 0.63 0.61


h Cyclical 78.9 __





j Sensitive 6.3 __


o Energy 6.3 __


a Technology 0.0 __

k Defensive 14.8 __


d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



Fidelity Advisor High IncomeAdvantage A

Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (518) High Yield Bond (MF) Barclays Agg 01-05-87

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 03-13-2012 $1,969 mil ML US High Yield Master MF



2011 4.85 0.72 -11.08 6.28 -0.192012 7.51 1.49 4.34 3.65 18.012013 __ __ __ __ 1.86



+/- Cat Index 1.12 0.22 -1.87 0.93 __.................................................................................................% Rank Cat 16 12 52 2 __.................................................................................................No. in Cat 603 518 459 324 __

7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

4.00

NA

Fund Expenses


0.57 0.25 1.03



MorningstarRatingTM 3 1 4Morningstar Risk High High HighMorningstar Return Avg -Avg High

3 Yr 5 Yr 10 Yr




12-Month Yield 4.65%30-day SEC Yield 4.29Potential Cap Gains Exp -24.00% Assets

Operations

Family: Fidelity Investments Objective: Corp Bond--High Yield Minimum IRA Purchase: $500Manager: Lank, Harley Ticker: FAHDX Min Auto Investment Plan: $2,500Tenure: 3.4 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Fidelity Advisor HighIncome Advantage A$28,679




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

7.32 9.47 9.99 9.73 10.52 10.09 5.69 9.02 9.93 9.30 10.32 10.47-3.97 43.60 14.94 4.69 15.60 2.29 -38.96 69.45 17.79 -0.19 18.01 1.86

NAVTotal Return %

-14.23 39.50 10.60 2.26 11.27 -4.68 -44.20 63.52 11.25 -8.03 13.79 2.56-2.08 15.45 4.07 1.95 3.88 0.05 -12.57 11.94 2.60 -4.57 2.42 0.48............................................................................................................................................................................................................................................................................

75 1 4 6 2 36 95 3 7 89 10 __............................................................................................................................................................................................................................................................................

425 455 493 518 549 542 559 543 574 573 598 679


% Rank Cat

No. of Funds in Cat




Small

Mid

Large


P/E Ratio TTM 16.5 __ 1.40P/C Ratio TTM 7.1 __ 1.11P/B Ratio TTM 1.8 __ 1.26Geo Avg Mkt 5323 __ 0.51Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh

Avg Eff Duration __

Avg Eff Maturity __




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas 77.1 __





Gmac 8%Engy Future Inter Hldg Co Ll Gmac 8%First Data Corp Term Ext 3/18Revlon Pfd

1.48 1.33 1.32 1.29 1.25..............................................................................................................................


Hca Hldgs 7.75%Vodafone Pik Tm2 6.25% 6/24/1Realogy Corp Extend Term 10/1Sprint Cap 6.9%Hca 6.5%

1.07 0.98 0.96 0.95 0.93..............................................................................................................................

27 mil265,00016,214

557,54714 mil

Txu Energy Term B Ext 10/10/1Express ScriptsAlly Finl Pfd 144AGmac Cap Tr I PfdGeneral Mtrs Finl Co 144A 4.7

0.92 0.84 0.80 0.75 0.75


h Cyclical 37.8 __





j Sensitive 37.6 __


o Energy 10.5 __



k Defensive 24.6 __



f Utilities 3.6 __

...................................................................................................................................................

...................................................................................................................................................



Ivy High Income A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (518) High Yield Bond (MF) Barclays Agg 07-03-00

Morningstar Analyst RtgTM Total Assets Category Index Type__ $7,194 mil ML US High Yield Master MF




2011 3.77 1.12 -4.36 5.75 6.122012 6.05 2.12 4.27 3.49 16.872013 __ __ __ __ 1.90




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-777-6472 or visitwww.ivyfunds.com.


Front-End Load %

Deferred Load %

5.75

NA

Fund Expenses


0.55 0.25 1.00



MorningstarRatingTM 3 5 4Morningstar Risk Low -Avg LowMorningstar Return Avg High Avg

3 Yr 5 Yr 10 Yr



Alpha 14.18 3.09Beta -0.41 0.81R-Squared 3.46 94.41

12-Month Yield __

30-day SEC Yield __


Operations

Family: Ivy Funds Objective: Income Minimum IRA Purchase: $0Manager: Krug, Bryan Ticker: WHIAX Min Auto Investment Plan: $50Tenure: 7.0 Years Minimum Intitial Purchase: $500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Ivy High Income A$26,264




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

7.95 8.83 8.98 8.52 8.78 8.47 6.20 8.17 8.30 7.97 8.54 8.652.47 19.06 8.44 1.35 10.53 4.10 -20.12 46.30 15.27 6.12 16.87 1.90

NAVTotal Return %

-7.79 14.96 4.10 -1.08 6.20 -2.87 -25.36 40.37 8.73 -1.72 12.65 2.604.36 -9.09 -2.43 -1.39 -1.19 1.86 6.27 -11.21 0.08 1.74 1.28 0.52............................................................................................................................................................................................................................................................................

15 84 77 82 36 5 14 57 25 4 18 __............................................................................................................................................................................................................................................................................

425 455 493 518 549 542 559 543 574 573 598 679


% Rank Cat

No. of Funds in Cat




Small

Mid

Large


P/E Ratio TTM 4.6 __ 0.39P/C Ratio TTM 1.7 __ 0.27P/B Ratio TTM 0.7 __ 0.47Geo Avg Mkt 203 __ 0.02Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh






Americas 100.0 __


Greater Asia 0.0 __



Laureate Educ 144A 9.25%Fmg Resources Pty LtdUs Foodservice Ext TlFormula 1 (Proj Green Ii)Formula One Tlb2 1 Lien

3.42 3.41 2.74 2.27 2.10..............................................................................................................................


Magic 2 Lien (Misys Plc)Us Foodservice 144A 8.5%Laureate Educ 144A 11.75%Clear Channel Ww Hldgs 144A 6Jaguar Hldg Co I (Ppdi) 144A

2.00 1.56 1.27 1.12 1.08..............................................................................................................................


Paw Luxco / Jack WolfskinPetco Hldgs 144A 8.5%Medassets 8%Cnl Lifestyle Pptys 7.25%Air Lease 5.625%

1.00 0.99 0.99 0.99 0.97


h Cyclical 0.0 __





j Sensitive 0.0 __


o Energy 0.0 __


a Technology 0.0 __

k Defensive 100.0 __


d Healthcare 0.0 __

f Utilities 0.0 __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Inflation-Protected Bond Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%


Delaware Inflation Protected Bond A

Market Benchmark:Barclays U.S. Treasury: U.S. TIPS

Capital Market Line

Delaware Inflation Protected Bond A 0.61%, 10ee



Ret

urn

0%

1%

2%

3%

4%

5%

6%


Delaware Inflation Protected Bond A


Capital Market Line


Ret

urn

-2%

0%

2%

4%

6%

8%

10%

12%

14%

YTD 2012 2011 2010 2009

Delaware Inflation Protected Bond ABarclays U.S. Treasury: U.S. TIPS



sbc2a13 sbc2a10p

sbc3b13 sbc3b10p

Lo_Qual

-1

0

1

Hi_Qual

Short -1 0 1 Long

Delaware Inflation Protected Bond ABarclays U.S. Treasury: U.S. TIPS


OCWD 457 - Inflation-Protected Bond - AlternativesZephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%


Delaware Inflation Protected Bond A (0.84%, 5.7 yrs.)

Morningstar Inflation-Protected Bond

American Century Infl Adj Bond A (0.73%, 8.2 yrs.)

Fidelity Advisor Infl-Prot Bond A (0.76%, 4.6 yrs.)

PIMCO Real Return A (0.85%, 5.1 yrs.)


Capital Market Line

Delaware Inflation Protected Bond A 0.61%, 10ee



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%


Delaware Inflation Protected Bond A (55 bps)

Morningstar Inflation-Protected Bond

American Century Infl Adj Bond A (50 bps)

Fidelity Advisor Infl-Prot Bond A (50 bps)

PIMCO Real Return A (45 bps)


Capital Market Line


Ret

urn

0%

5%

10%

15%

20%

YTD 2012 2011 2010 2009

Delaware Inflation Protected Bond AMorningstar Inflation-Protected BondAmerican Century Infl Adj Bond AFidelity Advisor Infl-Prot Bond APIMCO Real Return ABarclays U.S. Treasury: U.S. TIPS



sbc2a13 sbc2a10p

sbc3b13 sbc3b10p

Lo_Qual

-1

0

1

Hi_Qual

Short -1 0 1 Long



OCWD 457 - Inflation-Protected Bond - AlternativesZephyr StyleADVISOR: Wells Fargo AdvisorsUpside Downside

Single Computation


psid

e%

80

85

90

95

100

105

Downside%80 85 90 95 100 105

Delaware Inflation Protected Bond AMorningstar Inflation-Protected BondAmerican Century Infl Adj Bond AFidelity Advisor Infl-Prot Bond APIMCO Real Return A

Barclays U.S. Treasury: U.S. TIPS

Manager vs Morningstar Inflation Protected Bond: ReturnFebruary 2008 - January 2013 (not annualized if less than 1 year)

Ret

urn

-2

0

2

4

6

8

10

12





Delaware Inflation Protected Bond A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (166) Inflation-Protected Bond (MF) Barclays Agg 12-01-04

Morningstar Analyst RtgTM Total Assets Category Index Type__ $418.4 mil Barclays U.S. Treasury MF



2011 1.43 3.81 4.00 0.55 10.112012 1.12 3.67 0.99 -0.26 5.592013 __ __ __ __ -1.55


Load-adj Mthly -2.99 4.52 4.34 __ 5.08Std 12-31-2012 0.84 __ 5.48 __ 5.34Total Return 1.59 6.14 5.30 __ 5.67.................................................................................................+/- Std Index -1.00 0.73 -0.15 __ __

+/- Cat Index -2.29 -1.94 -0.77 __ __.................................................................................................% Rank Cat 95 85 51 __ __.................................................................................................No. in Cat 196 166 147 35 __

7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

4.50

NA

Fund Expenses


0.45 0.25 0.94




Morningstar Risk -Avg Low __

Morningstar Return Low -Avg __

3 Yr 5 Yr 10 Yr


Mean 6.14 5.30 __


MPT Statistics Standard Index Best Fit IndexBarclays US Treasury TIPS


12-Month Yield 2.16%30-day SEC Yield -4.53Potential Cap Gains Exp -3.00% Assets

Operations

Family: Delaware Investments Objective: Govt Bond--Treasury Minimum IRA Purchase: $250Manager: Early/Grillo Ticker: DIPAX Min Auto Investment Plan: $250Tenure: 5.7 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA

Investment StyleFixed IncomeBond %__ __ __ 99 96 96 96 98 83 83 98 98

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Delaware InflationProtected Bond A$15,395




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13__ __ 10.11 9.81 9.49 10.08 9.54 10.36 10.42 10.74 10.30 10.14__ __ __ 2.50 0.46 11.05 0.05 10.63 6.27 10.11 5.59 -1.55

NAVTotal Return %

__ __ __ 0.07 -3.87 4.08 -5.19 4.70 -0.27 2.27 1.37 -0.85__ __ __ -0.34 0.05 -0.59 2.40 -0.78 -0.04 -3.45 -1.39 -0.87............................................................................................................................................................................................................................................................................__ __ __ 24 19 29 4 38 32 74 76 __

............................................................................................................................................................................................................................................................................18 44 69 109 140 156 160 158 162 193 198 214


% Rank Cat

No. of Funds in Cat


Cash 2.7 4.8 -2.1U.S. Stocks 0.0 0.0 0.0Non-U.S. Stocks 0.0 0.0 0.0Bonds 103.2 0.0 103.2Other 0.0 1.1 -1.1.................................................................................................Total 105.8 5.8 100.0


Small

Mid

Large






Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh






Americas __ __

Greater Europe __ __

Greater Asia __ __



US Treasury NoteUS Treasury NoteUS Treasury BondUS Treasury NoteUS Treasury Note 1.625%

29.34 18.65 16.34 6.90 6.23..............................................................................................................................

14414 mil6 mil

10 mil9 mil

Us Long Bond (Cbt) Mar 13US Treasury Bond 2.75%Australia(Cmnwlth) 4%Fannie Mae Single Family TBA US Treasury Note 2%

4.76 3.13 2.63 2.25 2.07..............................................................................................................................

8 bil46 mil6 mil

530,0003 mil

Korea(Republic Of) 2.75%Sth Africa(Rep Of) 2.75%Fannie Mae Single Family TBA Brazil(Fed Rep Of) 6%FHLMC 6%

1.84 1.43 1.42 1.42 0.84


h Cyclical __ __

r Basic Materials __ __

t Consumer Cyclical __ __

y Financial Services __ __

u Real Estate __ __

j Sensitive __ __

i Communication Services __ __

o Energy __ __

p Industrials __ __

a Technology __ __

k Defensive __ __

s Consumer Defensive __ __

d Healthcare __ __

f Utilities __ __

...................................................................................................................................................

...................................................................................................................................................



American Century Infl Adj Bond A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (166) Inflation-Protected Bond (MF) Barclays Agg 06-15-98

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 03-06-2012 $5,495 mil Barclays U.S. Treasury MF




2011 1.70 3.38 4.59 2.43 12.642012 0.87 2.97 1.99 0.48 6.442013 __ __ __ __ -0.76


Load-adj Mthly -1.38 5.68 4.55 5.37 6.20Std 12-31-2012 1.65 __ 5.57 5.50 6.29Total Return 3.27 7.32 5.51 5.85 6.54.................................................................................................+/- Std Index 0.68 1.91 0.06 0.75 __


7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 800-345-2021 or visitwww.americancentury.com.


Front-End Load %

Deferred Load %

4.50

NA

Fund Expenses


0.47 0.25 0.73



MorningstarRatingTM 2 2 2Morningstar Risk +Avg -Avg -AvgMorningstar Return -Avg -Avg -Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: American Century Investments Objective: Govt Bond--General Minimum IRA Purchase: $0Manager: Platz/Howell/Gahagan Ticker: AIAVX Min Auto Investment Plan: $2,500Tenure: 8.2 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000American Century InflAdj Bond A$20,386




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

10.69 10.98 11.32 10.97 10.57 11.23 10.53 11.47 11.77 12.69 13.13 13.0314.85 7.08 7.72 2.18 -0.18 10.74 -1.38 10.33 5.24 12.64 6.44 -0.76

NAVTotal Return %

4.59 2.98 3.38 -0.25 -4.51 3.77 -6.62 4.40 -1.30 4.80 2.22 -0.06-1.72 -1.32 -0.74 -0.66 -0.59 -0.90 0.97 -1.08 -1.07 -0.92 -0.54 -0.08............................................................................................................................................................................................................................................................................

86 73 53 44 62 44 25 45 72 30 45 __............................................................................................................................................................................................................................................................................

18 44 69 109 140 156 160 158 162 193 198 214


% Rank Cat

No. of Funds in Cat




Small

Mid

Large






Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh






Americas __ __


Greater Asia __ __



US Treasury Note 1.125%US Treasury NoteUS Treasury Bond 3.875%US Treasury Note 0.125%US Treasury Bond 2.375%

6.23 5.84 4.76 4.55 4.52..............................................................................................................................

180 mil97 mil

131 mil164 mil138 mil

US Treasury Note 1.25%US Treasury Bond 3.625%US Treasury Bond 2%US Treasury NoteUS Treasury Note 2%

4.12 4.00 3.63 3.29 3.28..............................................................................................................................


US Treasury Note 1.875%US Treasury BondUS Treasury Note 1.625%US Treasury Note 2.375%US Treasury Bond 2.375%

3.18 3.14 3.11 3.05 2.93


h Cyclical __ __




u Real Estate __ __

j Sensitive __ __


o Energy __ __

p Industrials __ __

a Technology __ __

k Defensive __ __


d Healthcare __ __

f Utilities __ __

...................................................................................................................................................

...................................................................................................................................................



Fidelity Advisor Infl-Prot Bond A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (166) Inflation-Protected Bond (MF) Barclays Agg 10-02-02

Morningstar Analyst RtgTM Total Assets Category Index TypeNeutral 05-07-2012 $3,712 mil Barclays U.S. Treasury MF



2011 1.90 3.26 4.47 2.53 12.712012 0.65 2.96 1.90 0.49 6.112013 __ __ __ __ -0.68


Load-adj Mthly -1.02 5.83 4.32 5.08 5.08Std 12-31-2012 1.86 __ 5.23 5.23 5.20Total Return 3.11 7.28 5.17 5.51 5.50.................................................................................................+/- Std Index 0.52 1.87 -0.28 0.41 __


7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

4.00

NA

Fund Expenses


0.32 0.25 0.76



MorningstarRatingTM 2 2 2Morningstar Risk Avg Avg AvgMorningstar Return -Avg -Avg -Avg

3 Yr 5 Yr 10 Yr




12-Month Yield 0.02%30-day SEC Yield -0.68Potential Cap Gains Exp 11.00% Assets

Operations

Family: Fidelity Investments Objective: Multi-Sector Bond Minimum IRA Purchase: $500Manager: Castagliuolo/Irving Ticker: FIPAX Min Auto Investment Plan: $2,500Tenure: 4.6 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Fidelity Advisor Infl-ProtBond A$18,602




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

10.61 10.99 11.38 10.98 10.66 11.03 10.47 11.17 11.59 12.73 13.29 13.20__ 7.60 8.00 2.07 -0.05 8.78 -2.62 9.41 5.51 12.71 6.11 -0.68

NAVTotal Return %

__ 3.50 3.66 -0.36 -4.38 1.81 -7.86 3.48 -1.03 4.87 1.89 0.02__ -0.80 -0.46 -0.77 -0.46 -2.86 -0.27 -2.00 -0.80 -0.85 -0.87 0.00............................................................................................................................................................................................................................................................................__ 53 45 56 54 86 54 70 65 28 62 __

............................................................................................................................................................................................................................................................................18 44 69 109 140 156 160 158 162 193 198 214


% Rank Cat

No. of Funds in Cat




Small

Mid

Large






Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh







Americas __ __


Greater Asia __ __



US Treasury NoteUS Treasury Note 1.875%US Treasury NoteUS Treasury Note 0.125%US Treasury Note 1.25%

5.45 5.41 5.31 5.26 5.13..............................................................................................................................

81 mil103 mil73 mil

120 mil81 mil

US Treasury Bond 3.875%US Treasury Bond 2.375%US Treasury Bond 3.625%US Treasury NoteUS Treasury Bond 2.375%

4.97 4.47 4.38 3.45 3.38..............................................................................................................................


US Treasury BondUS Treasury Note 2%US Treasury Bond 2%US Treasury Note 1.875%US Treasury Note 1.125%

3.21 3.21 3.19 3.13 3.10


h Cyclical __ __




u Real Estate __ __

j Sensitive __ __


o Energy __ __

p Industrials __ __

a Technology __ __

k Defensive __ __


d Healthcare __ __

f Utilities __ __

...................................................................................................................................................

...................................................................................................................................................



PIMCO Real Return A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (166) Inflation-Protected Bond (MF) Barclays Agg 01-29-97

Morningstar Analyst RtgTM Total Assets Category Index TypeGold 07-11-2012 $25,662 mil Barclays U.S. Treasury MF



2011 1.77 3.19 3.18 2.54 11.112012 1.55 3.65 2.47 0.90 8.822013 __ __ __ __ -0.59




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 888-877-4626 or visitwww.pimco.com.


Front-End Load %

Deferred Load %

3.75

NA

Fund Expenses


0.60 0.25 0.87



MorningstarRatingTM 2 3 3Morningstar Risk +Avg +Avg +AvgMorningstar Return -Avg Avg Avg

3 Yr 5 Yr 10 Yr




12-Month Yield __

30-day SEC Yield __


Operations

Family: PIMCO Objective: Govt Bond--General Minimum IRA Purchase: $0Manager: Worah, Mihir Ticker: PRTNX Min Auto Investment Plan: $0Tenure: 5.1 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000PIMCO Real Return A$22,067




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

11.26 11.25 11.49 11.08 10.65 10.96 9.45 10.79 11.36 11.79 12.27 12.1916.54 8.02 8.70 2.17 -0.17 11.09 -6.84 18.43 7.33 11.11 8.82 -0.59

NAVTotal Return %

6.28 3.92 4.36 -0.26 -4.50 4.12 -12.08 12.50 0.79 3.27 4.60 0.11-0.03 -0.38 0.24 -0.67 -0.58 -0.55 -4.49 7.02 1.02 -2.45 1.84 0.09............................................................................................................................................................................................................................................................................

40 30 12 48 61 29 86 4 10 68 9 __............................................................................................................................................................................................................................................................................

18 44 69 109 140 156 160 158 162 193 198 214


% Rank Cat

No. of Funds in Cat




Small

Mid

Large






Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh




AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas __ __


Greater Asia __ __


2 bil1 bil1 bil1 bil1 bil

US Treasury NoteUS Treasury Bond 2.375%US Treasury Bond 3.625%US Treasury Bond 3.875%US Treasury Note 0.125%

8.07 7.70 7.63 6.70 5.98..............................................................................................................................

1 bil1 bil

831 mil860 mil971 mil

US Treasury Note 1.25%US Treasury NoteUS Treasury Bond 2%US Treasury Note 2.625%US Treasury Note 1.875%

5.14 5.07 4.37 4.15 3.99..............................................................................................................................


US Treasury Note 2%US Treasury Note 2%US Treasury Note 2%US Treasury Note 2.5%US Treasury Note

3.85 3.28 2.85 2.70 2.65


h Cyclical __ __




u Real Estate __ __

j Sensitive __ __


o Energy __ __

p Industrials __ __

a Technology __ __

k Defensive __ __


d Healthcare __ __

f Utilities __ __

...................................................................................................................................................

...................................................................................................................................................



OCWD 457 - Intermediate Term Bond Zephyr StyleADVISOR: Wells Fargo AdvisorsManager Risk/Return

Single Computation


etur

n

0%

1%

2%

3%

4%

5%

6%

7%

Standard Deviation0% 0.5% 1% 1.5% 2% 2.5% 3% 3.5%

PIMCO Total Return A

Spartan U.S. Bond Index Investor

Market Benchmark:Barclays Intermediate U.S. Government/Credit

Capital Market Line

PIMCO Total Return A 3.13%, 17ee

Spartan U.S. Bond Index Investor 2.77%, 13ee



Ret

urn

0%

1%

2%

3%

4%

5%

6%

7%

8%

Standard Deviation0% 0.5% 1% 1.5% 2% 2.5% 3% 3.5% 4% 4.5%

PIMCO Total Return A

Spartan U.S. Bond Index Investor

Market Benchmark:Barclays Intermediate U.S. Government/Credit

Capital Market Line


Ret

urn

-2%

0%

2%

4%

6%

8%

10%

12%

14%

YTD 2012 2011 2010 2009

PIMCO Total Return ASpartan U.S. Bond Index InvestorBarclays Intermediate U.S. Government/Credit



sbc2a13 sbc2a10p

sbc3b13 sbc3b10p

Lo_Qual

-1

0

1

Hi_Qual

Short -1 0 1 Long

PIMCO Total Return ASpartan U.S. Bond Index InvestorBarclays Intermediate U.S. Government/Credit


PIMCO Total Return A Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (999) Intermediate-Term Bond (MF) Barclays Agg 01-13-97

Morningstar Analyst RtgTM Total Assets Category Index TypeSilver 09-07-2012 $285,399 mil Barclays 5-10Yr Gvt/Cre MF



2011 1.00 1.76 -1.16 2.13 3.742012 2.78 2.69 3.05 1.07 9.932013 __ __ __ __ -0.31




7-day Yield __.................................................................................................




Current performance may be lower or higher than returndata quoted herein. For performance data current to the mostrecent month-end, please call 888-877-4626 or visitwww.pimco.com.


Front-End Load %

Deferred Load %

3.75

NA

Fund Expenses


0.60 0.25 0.85



MorningstarRatingTM 3 4 4Morningstar Risk +Avg Avg AvgMorningstar Return Avg +Avg +Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexBarclays Credit


12-Month Yield __

30-day SEC Yield __


Operations

Family: PIMCO Objective: Corp Bond--General Minimum IRA Purchase: $0Manager: Gross, William Ticker: PTTAX Min Auto Investment Plan: $0Tenure: 25.8 Years Minimum Intitial Purchase: $1,000 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000PIMCO Total Return A$20,216




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

10.67 10.71 10.67 10.50 10.38 10.69 10.14 10.80 10.85 10.87 11.24 11.199.69 5.07 4.65 2.41 3.51 8.57 4.32 13.33 8.36 3.74 9.93 -0.31

NAVTotal Return %

-0.57 0.97 0.31 -0.02 -0.82 1.60 -0.92 7.40 1.82 -4.10 5.71 0.39-3.34 -0.90 -0.65 0.58 -0.30 1.02 -0.74 6.83 -1.06 -7.05 2.72 0.67............................................................................................................................................................................................................................................................................

22 36 22 19 76 2 14 48 31 89 14 __............................................................................................................................................................................................................................................................................

784 952 1035 1043 1092 1097 1135 1123 1164 1195 1165 1275


% Rank Cat

No. of Funds in Cat




Small

Mid

Large






Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh


Avg Wtd Coupon 3.87Avg Wtd Price __


AAA __

AA __

A __.................................................................................................................BBB __

BB __

B __.................................................................................................................Below B __

NR/NA __


Americas __ __


Greater Asia __ __


941 mil9 bil8 bil7 bil6 bil

Pimco FdsFNMA 4%Fannie Mae Single Family TBA FNMA 4%FNMA 4.5%

3.39 3.38 3.11 2.87 2.19..............................................................................................................................

6 bil6 bil5 bil5 bil

10 mil

Fannie Mae Single Family TBA Fannie Mae Single Family TBA US Treasury NoteIrs Usd 3ml/1.5 03/18/15 CmeBrazil(Fed Rep Of) 10%

2.14 2.13 2.06 1.92 1.88..............................................................................................................................

4 bil3 bil2 bil3 bil3 bil

FNMA 4.5%US Treasury Bond 2.5%US Treasury Bond 2.375%US Treasury Note 1%US Treasury Note 0.125%

1.70 1.42 1.15 1.13 1.07


h Cyclical __ __




u Real Estate __ __

j Sensitive __ __


o Energy __ __

p Industrials __ __

a Technology __ __

k Defensive __ __


d Healthcare __ __

f Utilities __ __

...................................................................................................................................................

...................................................................................................................................................



Spartan U.S. Bond Index Investor Overall Morningstar RtgTM Morningstar Cat Standard Index Incept (999) Intermediate-Term Bond (MF) Barclays Agg 03-08-90

Morningstar Analyst RtgTM Total Assets Category Index TypeBronze 11-14-2012 $16,176 mil Barclays 5-10Yr Gvt/Cre MF



2011 0.30 2.29 3.91 1.00 7.682012 0.32 2.07 1.56 0.06 4.062013 __ __ __ __ -0.67


Load-adj Mthly 2.44 5.24 5.16 4.85 6.86Std 12-31-2012 4.06 __ 5.64 4.94 6.91Total Return 2.44 5.24 5.16 4.85 6.86.................................................................................................+/- Std Index -0.15 -0.17 -0.29 -0.25 __


7-day Yield __.................................................................................................






Front-End Load %

Deferred Load %

NA

NA

Fund Expenses


0.05NA

0.22



MorningstarRatingTM 3 3 3Morningstar Risk Avg -Avg -AvgMorningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr


MPT Statistics Standard Index Best Fit IndexBarclays Aggregate



Operations

Family: Fidelity Investments Objective: Multi-Sector Bond Minimum IRA Purchase: $500Manager: Bembenek/Hollingsworth Ticker: FBIDX Min Auto Investment Plan: $2,500Tenure: 2.5 Years Minimum Intitial Purchase: $2,500 Purchase Constraints: NA


.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

.....................................................................................................................................................................................................................

4k

10k

20k

40k

60k

80k100k

Growth of $10,000Spartan U.S. BondIndex Investor$17,730




History2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 01-13

11.24 11.19 11.14 10.90 10.86 10.89 10.79 11.06 11.33 11.78 11.89 11.7910.22 4.91 4.36 2.26 4.35 5.37 3.76 6.45 6.29 7.68 4.06 -0.67

NAVTotal Return %

-0.04 0.81 0.02 -0.17 0.02 -1.60 -1.48 0.52 -0.25 -0.16 -0.16 0.03-2.81 -1.06 -0.94 0.43 0.54 -2.18 -1.30 -0.05 -3.13 -3.11 -3.15 0.31............................................................................................................................................................................................................................................................................

11 38 32 25 30 45 17 88 77 12 84 __............................................................................................................................................................................................................................................................................

784 952 1035 1043 1092 1097 1135 1123 1164 1195 1165 1275


% Rank Cat

No. of Funds in Cat




Small

Mid

Large






Cap $mil

Fixed-Income Style

Ltd Mod Ext

LowM

edHigh







Americas __ __


Greater Asia __ __



Fannie Mae 4.5% 30 YearFannie Mae 4% 30 YearFannie Mae 3.5% 30 YearFNMA 5%GNMA 4.5%

2.59 2.28 2.04 1.92 1.80..............................................................................................................................


GNMA 3.5%Fannie Mae 5.5% 30 YearFNMA 6%GNMA 4%GNMA 5%

1.57 1.45 1.31 1.26 1.17..............................................................................................................................


US Treasury Note 1.5%Fannie Mae 3% 15 YearUS Treasury Note 2.625%US Treasury Note 2.125%Fannie Mae 3.5% 15 Year

1.01 1.00 0.93 0.92 0.87


h Cyclical __ __




u Real Estate __ __

j Sensitive __ __


o Energy __ __

p Industrials __ __

a Technology __ __

k Defensive __ __


d Healthcare __ __

f Utilities __ __

...................................................................................................................................................

...................................................................................................................................................



0160317 RSFS060 0160317-00002-00

Guaranteed Income Fund Fourth Quarter 2012 Fund Fact Sheet

Key Facts ISSUER: Prudential Retirement Insurance and Annuity Company INVESTMENT ADVISER: Prudential Investment Management, Inc. FUND CATEGORY: Stable Value NET ASSETS: $17,173 Million INCEPTION DATE: January 1, 1981

Investor Risk Profile This Fund may be suitable for investors who seek: ■ Preservation of capital plus competitive

intermediate-term returns. ■ Liquidity and income.

Commercial Mortgage Loans1 18% Public Corporate Bonds 35% Private Securities 22% CMO/CMBS2 11% ABS3 4% Agency MBS 9% US Treasury & Agencies 0% Other4 1% Cash and Short Term 1%

Portfolio Allocation As of 12/31/2012

Guarantee Quality AA- Average Duration 3.4 Total High Yield Exposure 4.33% (included in the above allocations)

U.S. Treasury Rates As of 12/31/2012

Objective & Structure The Guaranteed Income Fund (GIF) is a Stable Value fund designed to provide safety of principal, liquidity,and a competitive rate of return. The Fund Offers ■ Stability of crediting rate ■ Guaranteed protection of principal and accumulated interest from market volatility ■ Intermediate-term fixed income returns Features ■ Principal and accumulated interest are fully guaranteed by Prudential Retirement Insurance and Annuity

Company (PRIAC). ■ The guaranteed interest rate is announced in advance and is guaranteed for a six-month period.5 A

minimum rate will apply. ■ GIF invests in a broadly diversified, fixed-income portfolio within PRIAC’s general account. The portfolio

is primarily invested in public bonds, commercial mortgages and private placement bonds.

1 May include agriculture loans, transfer employee mortgages and residential mortgages 2 Includes RMBS = Residential Mortgage Backed Securities, CMO = Collateralized Mortgage Obligation Securities, CMBS = Commercial

Mortgage Backed Securities 3 ABS = Asset Backed Securities 4 May include equity, real estate and derivatives used to hedge various risks 5 An annual rate guarantee may apply to certain 403(b) or nonqualified plan arrangements. Contact Prudential for further information. Portfolio allocation is subject to change. Claims-paying ratings represents the opinions of rating agencies regarding the financial ability of an insurance company to meet itsobligations under its insurance policies. According to Standard & Poor's publications, an insurer rated ‘AA-’ (4th category of 21) has verystrong financial security characteristics, differing only slightly from those rated higher. An insurer rated “AAA” has extremely strongfinancial security characteristics. "AAA" is the highest Insurer Financial Strength Rating assigned by Standard & Poor's. Duration is a time measure (in years) of a fixed income security’s interest-rate sensitivity. Average duration is a weighted average of theduration of the underlying fixed-income securities within the portfolio. The Guaranteed Income Fund (GIF) is a group annuity product issued by Prudential Retirement Insurance and Annuity Company (PRIAC),Hartford, CT 06103. Amounts contributed to the contract are deposited in PRIAC’s general account. Payment obligations and the fulfillmentof any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit of PRIAC. However, ifyou are a participant in an unfunded nonqualified deferred compensation plan, GIF may be only a reference account that is used todetermine the plan’s liability to you, and may not represent an actual investment in the group annuity. PRIAC periodically resets the interestrate credited on contract balances, subject to a minimum rate specified in the group annuity contract. The minimum interest rate may begreater for certain 403(b) or nonqualified plan arrangements. Contact Prudential for further information. Past interest rates are not indicativeof future rates. This product is neither a mutual fund nor a bank product. The obligations of PRIAC are not insured by the FDIC or any otherfederal governmental agency. Contract form # GA-2020-IA-0805 or state variation thereof. Prudential Retirement is compensated in connection with this product when general account investment returns exceed the interestcredited on contract balances. Prudential Retirement may earn fee revenue in addition to the foregoing compensation if your plan hasagreed to pay contract charges, which are sometimes paid in respect of plan and participant recordkeeping and distribution services. Forsome plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan’s request for allowances and forpayments to defray plan expenses. If Prudential Retirement’s aggregate compensation from this product and from other plan investmentproducts exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss. Frequent exchanging between plan investment options may harm long-term investors. Your plan or the plan’s investment funds may haveprovisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchangeprivileges and/or impose redemption fees. Prudential Investment Management Inc. (PIM) is a Prudential Financial company. PIM is a registered investment adviser. © 2013 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges areservice marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.

Style Fund Name Fund Exp Ticker

1 Equity Precious Metals Invesco Gold & Precious Metals A 1.29% IGDAX 36.27 -12.85% -5.70% -5.70% -17.99% 38.39% 2.29% 3.51%

2 Real Estate Principal Real Estate Securities R4 1.21% PRETX 29.63 2.42% 16.78% 16.78% 8.85% 24.99% 16.69% 6.34%

3 Technology Goldman Sachs Technology Tollkeeper A 1.50% GITAX 25.06 -0.22% 20.51% 20.51% -13.25% 24.27% 9.12% 3.69%

4 Health Prudential Jennison Health Sciences A 1.25% PHLAX 20.44 -5.16% 25.08% 25.08% 12.70% 18.41% 18.62% 9.06%

5 Diversified Emg Mkts Aberdeen Emerging Markets A 1.39% GEGAX 25.56 7.18% 25.77% 25.77% -11.27% 27.26% 12.40% 8.27%

6 Foreign Large Blend Oppenheimer International Diversified A 1.37% OIDAX 22.97 6.16% 20.79% 20.79% -15.11% 17.78% 6.49% 0.25%

7 Foreign Large Blend American Funds EuroPacific Gr R3 1.14% RERCX 22.34 5.50% 18.89% 18.89% -13.85% 9.07% 3.76% -1.68%

8 Small Growth Royce Low Priced Stock Invmt* (Cls 4/15/13) 1.26% RLPHX 26.45 1.05% 4.79% 4.79% -14.37% 31.77% 5.74% 3.19%

9 Small Growth Lord Abbett Developing Growth A 1.12% LAGWX 24.79 -4.19% 10.39% 10.39% -1.66% 36.54% 14.02% 2.73%

10 Small Blend JPMorgan US Small Company A 1.27% JTUAX 24.96 3.18% 21.05% 21.05% -4.08% 26.51% 13.68% 5.28%

11 Small Blend Principal SmallCap S&P 600 Index R4 (New 4/15/13) 0.56% PSSSX 23.83 2.09% 15.74% 15.74% 0.32% 25.46% 13.36% 4.56%

12 Mid-Cap Growth Goldman Sachs Small/Mid Cap Growth A 1.35% GSMAX 23.05 2.40% 20.81% 20.81% -4.27% 21.12% 11.89% 5.85%

13 Mid-Cap Growth Ivy Mid Cap Growth A 1.40% WMGAX 21.34 3.09% 13.11% 13.11% -0.61% 29.70% 13.40% 6.00%

14 Mid-Cap Blend Principal MidCap S&P 400 Index R4 0.55% PMFSX 22.62 3.41% 17.18% 17.18% -2.25% 25.93% 12.99% 4.53%

15 Mid-Cap Blend Scout Mid Cap 1.06% UMBMX 21.57 0.94% 9.89% 9.89% 0.32% 27.89% 12.13% 6.13%

16 Mid-Cap Value RidgeWorth Mid-Cap Value Equity A 1.35% SAMVX 23.91 5.92% 21.39% 21.39% -7.54% 27.22% 12.60% 6.35%

17 Large Growth Alger Spectra I (New 4/15/13) 1.32% ASPIX 21.71 -0.43% 18.79% 18.79% -0.47% 16.68% 11.32% 4.25%

18 Large Growth T. Rowe Price New America Growth 0.81% PRWAX 20.84 0.82% 13.56% 13.56% -0.41% 19.34% 10.51% 4.45%

19 Large Growth Delaware Select Growth A (New 4/15/13) 1.35% DVEAX 21.59 -1.06% 15.31% 15.31% 7.42% 26.25% 16.08% 6.46%

20 Large Growth Franklin Growth A (Cls 4/15/13) 0.93% FKGRX 19.61 1.24% 13.70% 13.70% 0.63% 14.87% 9.54% 3.28%

21 Large Growth Calvert Equity A (Cls 4/15/13) 1.22% CSIEX 19.43 0.06% 15.52% 15.52% -2.23% 17.23% 9.81% 2.63%

Std Dev 5 Yr

Orange County Water District 457 Plan Investment Performance through December 31, 2012 Ranked by Style

Tot Ret Annlzd

3 Yr

Tot Ret Annlzd

5 YrAnnual

Ret 2010Annual

Ret 2011Tot Ret 12 Mo

Tot Ret 3 Mo

YTD Dec-12

Style Fund Name Fund Exp TickerStd Dev

5 Yr

Tot Ret Annlzd

3 Yr

Tot Ret Annlzd

5 YrAnnual

Ret 2010Annual

Ret 2011Tot Ret 12 Mo

Tot Ret 3 Mo

YTD Dec-12

22 Large Blend JPMorgan US Equity A 0.97% JUEAX 19.31 0.44% 16.92% 16.92% -1.81% 14.02% 9.39% 2.50%

23 Large Blend Vanguard 500 Index Signal 0.05% VIFSX 19.04 -0.38% 15.97% 15.97% 2.08% 15.05% 10.85% 1.68%

24 Large Value Hartford Dividend & Growth R4 1.05% HDGSX 17.98 0.31% 12.98% 12.98% 0.90% 12.69% 8.71% 1.60%

25 Large Value American Funds American Mutual R3 0.97% RMFCX 15.45 0.66% 11.90% 11.90% 4.44% 11.82% 9.33% 2.63%

26 Moderate Allocation Janus Balanced S 1.09% JABRX 11.29 0.80% 12.68% 12.68% 1.07% 7.51% 6.98% 5.12%

27 Aggressive Allocation Fidelity Advisor Asset Manager 85% A 1.09% FEYAX 19.60 1.48% 15.57% 15.57% -6.31% 16.20% 7.96% 1.31%

28 Moderate Allocation Fidelity Advisor Asset Manager 60% A 1.10% FSAAX 14.39 1.11% 12.39% 12.39% -2.51% 14.03% 7.70% 2.93%

29 Moderate Allocation Fidelity Advisor Asset Manager 50% A 1.02% FFAMX 12.80 0.97% 11.05% 11.05% -1.02% 13.25% 7.57% 3.20%

30 Conservative Allocation Fidelity Advisor Asset Manager 40% A 0.90% FFNAX 10.43 0.82% 9.88% 9.88% 0.24% 11.92% 7.22% 3.47%

31 Conservative Allocation Fidelity Advisor Asset Manager 20% A 0.84% FTAWX 6.39 0.40% 6.53% 6.53% 2.24% 8.72% 5.80% 3.83%

32 High Yield Bond JPMorgan High Yield A 1.11% OHYAX 11.50 2.98% 14.48% 14.48% 2.26% 14.46% 10.25% 8.94%

33 Inflation-Protected Bond Delaware Inflation Protected Bond A 0.84% DIPAX 6.20 -0.26% 5.59% 5.59% 10.11% 6.27% 7.31% 6.46%

34 Intermediate-Term Bond PIMCO Total Return A 0.85% PTTAX 4.24 1.07% 9.93% 9.93% 3.74% 8.36% 7.31% 7.88%

35 Intermediate-Term Bond Spartan U.S. Bond Index Investor 0.22% FBIDX 3.35 0.06% 4.06% 4.06% 7.68% 6.29% 6.00% 5.64%

36 Safe Harbor Prudential Guaranteed Income Fund 0.10% n/a - 2.65% n/a n/a n/a

*Royce Low Priced Stock Invmt (RLPHX) had a style drift from Small Blend to Small Growth. The fund and ticker have not changed.

Current Rate 2.65%

Speak to our licensed plan consultants at the Sutherland Retirement Group of Wells Fargo Advisors at 877-524-4015

Inquire at 877-PRU-2100 or Access Your Account Online at www.prudential.com/online/retirement

This information was obtained from Morningstar 1/2013. Safe Harbor is updated through December 2012. We believe this information to be reliable, but do not guarantee its accuracy.

March 26, 20 13

Orange County Water District 18700 Ward Street Fountain Valley, CA 92708

Wells Fargo Advisors, LLC 11682 El Camino Real, Suite 110 San Diego, CA 92130-2045 Toll Free' 800-538-8301 Fax, 858-523-7997

This report is not the official record of your account. However, it has been prepared to assist you with your investment planning and is for informational purposes only. This report does not include wrap fees for managed accounts or transaction fees charged for the purchase of individual securities. Your Wells Fargo Advisors Client Statement is the official record of your account. Therefore, if there are any discrepancies between this report and your Client Statement, you should rely on the Client Statement and call your local Branch Manager with any questions. Cost data and acquisition dates provided by you are not verified by Wells Fargo Advisors. Transactions requiring tax consideration should be reviewed carefully with your accountant or tax advisor.


Member FINRA/SIPC

March 26, 2013

Wells Fargo Advisors, LLC 11682 El Camino Real, Suite 110 San Diego, CA 92130-2045 Toll Fre., 800-538-8301 fax, 858-523-7997

This investment research Is provided to us under licenses from various third-party Investment Research Providers. Please direct any questions regarding this Information to your financial advisor and not to the Investment Research Provider, its analysts or other representatives.

Investment Research Providers prepare research reports for their clients. The information In these reports is NOT personalized investment advice and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Securities, financial instruments, or strategies mentioned in these reports may not be suitable for all Investors. Information and opinions regarding specific securities do not take into account individual circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial Instruments, or strategies. You should evaluate this report in light of your own circumstances. Opinions and estimates constitute the Investment Research Provider's judgment as of the date of these reports and are subject to change without notice. These reports may have been made available to the Investment Research Provider's clients before being made available to our clients. We are solely responsible for the distribution and use of these reports.

To review important Information about certain relationships and potential conflicts of interest that may exist between Wells Fargo Advisors, its affiliates, and the company that is the subject of this report, please visit the Research Disclosure page of wellsfargoadvlsors.com or call your Financial Advisor.

htto: //www. well sEa rgoadyjsors. com/researchd j sclosures

CAR # 0112-2185

~ells ~argo Advisors is the trade name used by two se~ate registered brokero.dealers: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, U.C, Members SIPC. non-bank affiliates of Wells Fargo & Company. First Clearing, U.C Member SJPC is a registered broker dealer and non-b~ affiliate of Wells Fargo & Company. @2013 Wells Fargo Advisors, LLC. All rights reserved.


Member FINRA/SIPC









InceptionInception

DateMax Front

Load %Max Back


Gross ExpRatio %

Invesco Gold & Precious Metals A -- -10.88 2.34 12.59 13.45 03-28-02 5.50 NA 1.29 1.29Principal Real Estate Securities R4 -- 16.78 6.34 12.41 11.85 12-06-00 NA NA 1.21 1.21Royce Low Priced Stock Invmt -- 4.79 3.19 -- 2.94 03-15-07 NA NA 1.26 1 1.28Aberdeen Emerging Markets A -- -- -- -- 13.57 05-21-12 5.75 NA 1.39 1.39JPMorgan US Small Company A -- 14.70 4.15 -- 3.11 11-01-07 5.25 NA 1.27 2 1.60Goldman Sachs Technology Tollkeeper A -- 13.88 2.53 10.52 2.15 10-01-99 5.50 NA 1.50 3 1.55RidgeWorth Mid-Cap Value Equity A -- 14.41 5.10 -- 9.84 10-27-03 5.75 NA 1.35 4 1.45Lord Abbett Developing Growth A -- 4.04 1.52 10.59 10.00 10-10-73 5.75 NA 1.12 1.12Principal SmallCap S&P 600 Index R4 -- 15.74 4.56 9.82 7.72 12-06-00 NA NA 0.56 0.56Oppenheimer International Diversified A -- 13.84 -0.93 -- 4.99 09-27-05 5.75 NA 1.37 1.37Goldman Sachs Small/Mid Cap Growth A -- 14.17 4.66 -- 7.96 06-30-05 5.50 NA 1.35 5 1.50Principal MidCap S&P 400 Index R4 -- 17.18 4.53 9.88 6.80 12-06-00 NA NA 0.55 0.55American Funds EuroPacific Gr R3 -- 18.89 -1.68 9.69 7.29 05-21-02 NA NA 1.14 1.14Delaware Select Growth A -- 8.68 5.20 9.59 9.67 05-16-94 5.75 NA 1.35 1.35Scout Mid Cap -- 9.89 6.13 -- 8.72 10-31-06 NA NA 1.06 1.06Ivy Mid Cap Growth A -- 6.61 4.75 10.35 5.16 06-30-00 5.75 NA 1.40 1.40Alger Spectra I -- 18.79 -- -- 12.42 09-24-08 NA NA NA 1.50Prudential Jennison Health Sciences A -- 18.20 7.83 15.33 13.46 06-30-99 5.50 NA 1.23 1.23T. Rowe Price New America Growth -- 13.56 4.45 9.04 9.80 09-30-85 NA NA 0.81 0.81Franklin Growth A -- 7.16 2.07 7.66 9.84 03-30-48 5.75 NA 0.93 6 0.94Fidelity Advisor Asset Manager 85% A -- 8.92 0.11 -- 2.29 10-02-06 5.75 NA 1.09 1.09Calvert Equity A -- 10.03 1.64 5.97 7.16 08-24-87 4.75 NA 1.22 1.22JPMorgan US Equity A -- 10.79 1.40 7.49 4.42 09-07-01 5.25 NA 0.97 7 1.08Vanguard 500 Index Signal -- 15.97 1.68 -- 3.27 09-29-06 NA NA 0.05 0.05Hartford Dividend & Growth R4 -- 12.98 1.60 -- 2.73 12-22-06 NA NA 1.05 8 1.06American Funds American Mutual R3 -- 11.90 2.63 6.73 5.12 06-06-02 NA NA 0.97 0.97Fidelity Advisor Asset Manager 60% A -- 5.93 1.72 -- 0.93 10-09-07 5.75 NA 1.10 1.10Fidelity Advisor Asset Manager 50% A -- 4.66 1.98 -- 3.22 10-02-06 5.75 NA 1.02 1.02JPMorgan High Yield A -- 10.19 8.11 9.27 6.77 11-13-98 3.75 NA 1.11 9 1.35Janus Balanced S -- 12.68 -- -- 10.60 07-06-09 NA NA 1.08 1.08Fidelity Advisor Asset Manager 40% A -- 3.56 2.25 -- 1.72 10-09-07 5.75 NA 0.90 10 0.91Fidelity Advisor Asset Manager 20% A -- 0.40 2.61 -- 3.19 10-02-06 5.75 NA 0.84 0.84Delaware Inflation Protected Bond A -- 0.84 5.48 -- 5.34 12-01-04 4.50 NA 0.84 11 0.94PIMCO Total Return A -- 5.81 7.06 5.93 6.76 01-13-97 3.75 NA 0.85 0.85Spartan U.S. Bond Index Investor -- 4.06 5.64 4.94 6.91 03-08-90 NA NA 0.22 0.22

Page 36 of 43






InceptionInception

DateMax Front

Load %Max Back


Gross ExpRatio %

Standard & Poor's 500 -- 16.00 1.66 7.10 -- --Barclay's Agg Bond Index -- 4.22 5.95 5.18 -- --MSCI EAFE Index Ndtr_D -- 17.32 -3.69 8.21 -- --3 Month T-Bill -- 0.09 0.39 1.74 -- --














InceptionDate


Invesco Gold & Precious Metals A -11.15 1.43 11.81 12.71 03-28-02Principal Real Estate Securities R4 16.38 5.69 11.00 10.45 12-06-00Royce Low Priced Stock Invmt 3.17 2.37 -- 1.74 03-15-07Aberdeen Emerging Markets A -- -- -- 13.19 05-21-12JPMorgan US Small Company A 14.45 3.96 -- 2.73 11-01-07Goldman Sachs Technology Tollkeeper A 13.88 2.53 10.52 2.10 10-01-99RidgeWorth Mid-Cap Value Equity A 13.81 3.61 -- 7.43 10-27-03Lord Abbett Developing Growth A 2.77 1.08 9.54 8.65 10-10-73Principal SmallCap S&P 600 Index R4 15.31 4.01 9.09 7.07 12-06-00Oppenheimer International Diversified A 13.15 -1.60 -- 4.10 09-27-05Goldman Sachs Small/Mid Cap Growth A 12.89 4.21 -- 7.39 06-30-05Principal MidCap S&P 400 Index R4 16.16 3.69 8.96 6.00 12-06-00American Funds EuroPacific Gr R3 18.29 -2.30 8.81 6.44 05-21-02Delaware Select Growth A 8.68 5.20 9.59 8.91 05-16-94Scout Mid Cap 9.32 5.54 -- 7.77 10-31-06Ivy Mid Cap Growth A 6.52 4.64 10.29 4.99 06-30-00Alger Spectra I 17.94 -- -- 12.14 09-24-08Prudential Jennison Health Sciences A 15.52 7.14 14.18 11.93 06-30-99T. Rowe Price New America Growth 13.34 3.96 8.22 8.64 09-30-85Franklin Growth A 7.05 1.85 7.50 7.81 03-30-48Fidelity Advisor Asset Manager 85% A 8.47 -0.36 -- 1.71 10-02-06Calvert Equity A 10.00 1.24 5.58 6.27 08-24-87JPMorgan US Equity A 9.90 0.95 6.58 3.62 09-07-01Vanguard 500 Index Signal 15.59 1.34 -- 2.94 09-29-06Hartford Dividend & Growth R4 12.03 1.03 -- 2.01 12-22-06American Funds American Mutual R3 11.09 1.81 5.83 4.19 06-06-02Fidelity Advisor Asset Manager 60% A 5.39 1.09 -- 0.31 10-09-07Fidelity Advisor Asset Manager 50% A 4.17 1.27 -- 1.91 10-02-06JPMorgan High Yield A 7.55 5.14 6.32 3.63 11-13-98Janus Balanced S 11.35 -- -- 9.51 07-06-09Fidelity Advisor Asset Manager 40% A 2.85 1.35 -- 0.82 10-09-07Fidelity Advisor Asset Manager 20% A -0.51 1.71 -- 1.90 10-02-06Delaware Inflation Protected Bond A -2.06 3.65 -- 3.55 12-01-04

-6.72 1.57 10.88 11.7610.90 5.03 10.50 9.994.34 2.52 -- 2.19

-- -- -- 8.829.55 3.45 -- 2.429.02 2.16 9.42 1.839.35 3.48 -- 7.244.24 1.27 8.98 8.46

10.23 3.60 8.41 6.569.00 -1.13 -- 3.839.83 3.88 -- 6.76

11.83 3.52 8.38 5.6312.27 -1.74 8.25 6.065.64 4.49 8.56 8.266.69 5.06 -- 7.114.42 4.08 9.26 4.45

12.57 -- -- 10.7213.64 6.57 13.33 11.328.82 3.57 7.67 8.444.65 1.63 6.68 7.585.80 -0.20 -- 1.606.55 1.29 5.16 5.987.35 0.97 6.22 3.51

10.88 1.37 -- 2.768.79 1.06 -- 2.017.73 1.77 5.44 3.974.04 1.10 -- 0.433.02 1.24 -- 2.026.57 5.13 6.22 3.778.86 -- -- 8.692.49 1.41 -- 0.950.47 1.72 -- 2.000.91 3.73 -- 3.57

Page 37 of 43





InceptionDate


PIMCO Total Return A 3.78 4.82 4.02 4.47 01-13-97Spartan U.S. Bond Index Investor 3.04 4.33 3.45 4.67 03-08-90

3.96 4.77 3.98 4.422.72 4.08 3.36 4.59

Page 38 of 43


Mutual Fund Detail ReportDisclosure Statement

The Mutual Fund Detail Report is to be used as supplemental sales literature,and therefore must be preceded or accompanied by the fund's current prospec-tus and a disclosure statement. Please read the prospectus carefully. In allcases, this disclosure statement should accompany the Mutual Fund DetailReport. Portfolio information is based on the most recent informationavailable to Morningstar.

Morningstar Associates, LLC, a regsitered investment advisor and whollyowned subsidiary of Morningstar, Inc., provides various institutional in-vestment consulting services, including asset allocation advice to invest-ment advisors who have or will be creating a fund-of-fund/asset allocationproduct. However, despite the fact that such a relationship may exist, theinformation displayed for those products will not be influenced as they are objective measures and/or derived by quantitative driven formulas (i.e., Morningstar Rating). For more information on these Morningstar relationships,please visit the Release Notes section of this product.

Morningstar is not a FINRA-member firm.

Pre-inception ReturnsThe analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's Performance section.

When pre-inception data are presented in the report, the header at the top of the report will indicate this. In addition, the pre-inception data included in the report will appear in italics.

While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures between a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

PerformanceThe performance data given represents past perfomance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor's shares when redeemed may be worth more or less than the original investmant. Fund portfolio statistics change over time. The fund is not FDIC-insured, may lose value and is not guaranteed by a bank orother financial institution.

Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be reduced.

Standardized Total Return is reflected as of month- and quarter-end time periods. It depicts performance without adjusting for the effects of taxation, but is adjusted for sales charges, all ongoing fund expenses, and assumes reinvestment of dividends and capital gains. If adjusted for the effects of taxation, the performance quoted would be reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. Standardized returns never include pre-inception history.

Morningstar % Rank within Morningstar Category does not account for a fund'ssales charge (if applicable). Rankings will not be provided for periods less than one year.

Growth of $10,000 The graph compares the growth of $10,000 in a fund with that of an index and with that of the average for all funds in its Morningstar category. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. The index is an unmanaged portfolio of specified securities and cannot be invested in directly. The index and the category average do not reflect any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is chosen by Morningstar.

If pre-inception data is included in the analysis, it will be graphed.

Morningstar Analyst Rating The Morningstar Analyst Rating is not a credit or risk rating. It is a subjectiveevaluation performed by the mutual fund analysts of Morningstar, Inc.Morningstar evaluates funds based on five key pillars, which are process,performance, people, parent, and price. Morningstar's analysts use this fivepillar evaluation to identify funds they believe are more likely to outperform overthe long term on a risk-adjusted basis. Analysts consider quantitative andqualitative factors in their research, and the weighting of each pillar may vary.The Analyst Rating ultimately reflects the analyst's overall assessment and isoverseen by Morningstar's Analyst Rating Committee. The approach serves notas a formula but as a framework to ensure consistency across Morningstar'sglobal coverage universe.

The Analyst Rating scale ranges from Gold to Negative, with Gold being thehighest rating and Negative being the lowest rating. A fund with a Gold ratingdistinguishes itself across the five pillars and has garnered the analysts' highestlevel of conviction. A fund with a Silver rating has notable advantages acrossseveral, but perhaps not all, of the five pillars-strengths that give the analysts ahigh level of conviction. A Bronze-rated fund has advantages that outweigh thedisadvantages across the five pillars, with sufficient level of analyst convictionto warrant a positive rating. A fund with a Neutral rating isn't seriously flawedacross the five pillars, nor does it distinguish itself very positively. A Negativerated fund is flawed in at least one if not more pillars and is considered aninferior offering to its peers. Analyst Ratings are reevaluated at least every 14months.

For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations

Page 39 of 43


not to occur or to differ significantly from what we expected.

Risk and Return The Morningstar Rating is calculated for funds with at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Please note that some Morningstar proprietary calculations, including the Morningstar Rating, may be calculated based on adjusted historical returns (pre-inception returns). If the extended performance rating is in effect, the "stars" are represented as unshaded stars. For each mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's adjusted monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. This investment's independent Morningstar Rating metric is then compared against the open-end mutual fund universe's actual performance breakpoints to determine its extended performance rating. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the actual performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Morningstar Return rates a mutual fund's performance relative to other funds in its Morningstar Category. It is an assessment of a fund's excess return over a risk-free rate (the return of the 90-day Treasury Bill), after adjusting for all applicable loads and sales charges, in comparison with the mutual funds in its Morningstar Category. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return (HIGH), the next 22.5% Above Average (+AVG), the middle 35% Average (AVG), the next 22.5% Below Average

(-AVG), and the bottom 10% Low (LOW). Morningstar Return is measured for up to three time periods (three-, five-, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the mutual fund. Funds with less than three years of performance history are not rated.

Morningstar Risk evaluates a mutual fund's downside volatility relative to that of other funds in its Morningstar Category. It is an assessment of the variations in a fund's monthly returns, with an emphasis on downside variations, in comparison with the mutual funds in its Morningstar Category. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk (LOW), the next 22.5% Below Average (-AVG), the middle 35% Average (AVG), the next 22.5% Above Average (+AVG), and the top 10% High (HIGH). Morningstar Risk is measured for up to three time periods (three-, five-, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the mutual fund. Funds with less than three years of performance history are not rated.

If pre-inception returns are included in this analysis, the risk and return profile data calculated on the basis of these returns will appear in italics.

Risk MeasuresThe risk measures below are calculated for funds with at least a three-year history.

Standard deviation is a statistical measure of the volatility of the fund'sreturns.

Mean represents the annualized geometric return for the period shown.

The Sharpe ratio uses standard deviation and excess return to determinereward per unit of risk.

Alpha measures the difference between a fund's actual returns and itsexpected performance, given its level of risk (as measured by beta).Alpha is often seen as a measure of the value added or subtracted by a portfolio manager.

Beta is a measure of a fund's sensitivity to market movements. A portfolio witha beta greater than 1 is more volatile than the market, and a portfolio with abeta less than 1 is less volatile than the market

R-squared reflects the percentage of a fund's movements that are explainedby movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant.

Risk measures calculated using pre-inception data, if included in the analysis, will be presented in italics.

Portfolio Analysis The Morningstar Style Box reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed-income funds the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration (limited, moderate or extensive).

CompositionThe weighting of the portfolio in various asset classes, including "Other," is shown in this table. "Other" includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks.

In the table, allocation to the classes is shown for long positions, short positions, and net (long positions net of short) positions. These statistics summarize what the managers are buying and how they are positioning the portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the funds' exposure and risk.

Most managed product portfolios hold fairly conventional securities, such as long positions in stocks and bonds. Other portfolios use other investment strategies or securities, such as short positions or derivatives, to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while others have uniquereturn and risk characteristics.

Most portfolios take long positions in securities. Long positions involve buying the security outright and then selling it later, with the hope that the security price rises over time. In contrast, short positions are taken to benefit from anticipated price declines. In this type of transaction, the investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price.

Page 40 of 43


The strategy of selling securities short is prevalent in specialized portfolios, such as long-short, market-neutral, bear-market, and hedge funds. Most conventional portfolios do not typically short securities, although they may reserve the right to do so under special circumstances. Funds may also short derivatives, and this is sometimes more efficient than shorting individual securities. Short positions produce negative exposure to the security that is being shorted. This means that when the security rises in value, the short position will fall in value and vice versa. Morningstar's portfolio statistics will capture this negative exposure. For example, if a fund has many short stock positions, the percent of assets in stocks in the asset allocation breakdown may be negative. Funds must provide their broker with cash collateral for the short position, so funds that short often have a large cash position, sometimes even exceeding 100% cash.

Note that all other portfolio statistics presented in this report are based on the long holdings of the fund only.

Equity Portfolio StatisticsThe referenced data elements below are a weighted average of the equity holdings in the portfolio.

The Price/Earnings ratio is a weighted average of the price/earnings ratios of the stocks in the underlying fund's portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12-months' earnings per share. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents.

The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratios of the stocks in a fund's portfolio. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency.

The Price/Book ratio is a weighted average of the price/book ratios of all the stocks in the underlying fund's portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value. Stocks with negative book values are excluded from this calculation.

The geometric average market capitalization of a fund's equity portfolio offers a measure of the size of the companies in which the mutual fund invests.

Fixed-Income Portfolio StatisticsThe referenced data elements below are a weighted average of the fixed income holdings in the portfolio.

Duration is a time measure of a bond's interest rate sensitivity. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio.

Average effective maturity is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security.

Average credit quality is calculated by taking the weighted average of the credit rating for each bond in the portfolio.

Average weighted coupon is generated from the fund's portfolio by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid out on a fixed-income security on an annual basis.

Average weighted price is generated from the fund's portfolio by weighting the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (premium or discount securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value.

Turnover Ratio is a decent proxy for how frequently a manager trades his or her portfolio. The inverse of a fund's turnover ratio is the average holding period for a security in the fund. As turnover increases, a fund's brokerage costs typically rise as well.

OperationsPurchase constraints denote if a mutual fund has any of the following qualities: Qualified Access (A), Institutional (T), Closed to New Investments, (C) or Closed to All Investments (L). Because these qualities can all act as restrictions and/or requirements for investment, they are grouped together.

Potential capital gains exposure is the percentage of a mutual fund's total assets that represent capital appreciation.

Investment RiskInternational Funds/Emerging Market Funds: The investor should note that funds that invest in international securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Sector Funds: The investor should note that funds that invest exclusively inone sector or industry involve additional risks. The lack of industry diver-sification subjects the investor to increased industry-specific risks.

Non-Diversified Funds: The investor should note that funds that invest moreof their assets in a single issuer involve additional risks, including shareprice fluctuations, because of the increased concentration of investments.

Small-Cap Funds: The investor should note that funds that invest in stocks ofsmall companies involve additional risks. Smaller companies typically have ahigher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greaterdegree of market volatility that the overall market average.

Mid Cap Funds: The investor should note that funds that invest in companieswith market capitalization below $10 billion involve additional risks. Thesecurities of these companies may be more volatile and less liquid than thesecurities of larger companies.

High-Yield Bond Funds: The investor should note that funds that invest in lower-rated debt securities (commonly referred as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.

Tax-Free Municipal Bond Funds: The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax.

Page 41 of 43



Barclays 5-10 Yr Govt/Credit Represents a combination of the Government and Corporate Bond indices for bonds with maturities between 5 and 10 years. Includes both corporate (publicly-issued, fixed-rate, nonconvertible, investment grade, dollar-denominated, SEC-registered, corporate dept.) and government (Treasury Bond index, Agency Bond index, and Government index) indices. The returns we publish for the index are total returns, which include reinvestment of dividends.

Barclays Aggregate Bond TR Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index.

Barclays Credit Tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SEC-registered, investment-grade corporate debt.

Barclays US Trsy InflationNote This index consists of Inflation-Protection securities issued by the U.S. Treasury. The holdings have at least one year to final maturity, are fixed rate, and are at least investment grade Baa3/BBB-.

CSFB Credit Suisse HY An unmanaged, trader priced index constructed to mirror the characteristics of the high yield bond market. The index includes issues rated BB and below by S&P or Moody's with par amounts greater than $75 million. Preferred issues, US dollar denominated foreign issues and 144A securities meeting the above condition are also included.

DJ Moderate TR USD This risk-based index consists stocks, bonds, and cash and is intended to represent 60% of the risk and return of the Dow Jones Aggressive Portfolio Index.

DJ US Health Care This index consists of companies included in the Dow Jones Global Universe Index that derive their primary revenue from the healthcare sector.

DJ US Select REIT TR USD

ML US High Yield Master II

Morningstar Lifetime Moderate 2010 The Morningstar Lifetime Moderate 2010 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a U.S. investor who is near retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.

Morningstar Lifetime Moderate 2025 The Morningstar Lifetime Moderate 2025 Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a U.S. investor who is about 15 years away from retirement. The Moderate risk profile is for investors who are comfortable with average exposure to equity market volatility.



Morningstar Mid Cap TR The Morningstar Mid Cap Index tracks the performance of U.S. mid-cap stocksstocks that fall between 70th and 90th percentile in market capitalization of the investable universe. In aggregate the Mid-Cap Index represents 20 percent of the investable universe.

Morningstar Mid Growth TR The Morningstar Mid Growth Index measures the performance of mid-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales.

Morningstar Moderate Target Risk

Morningstar Moderately Aggr Target Risk

Morningstar Moderately Cons Target Risk

Morningstar Small Growth TR The Morningstar Small Growth Index measures the performance of small-cap stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales.

Morningstar Technology Sector TR Companies engaged in the design, development, and support of computer operating systems and applications. This sector also includes companies that provide computer technology consulting services. Also includes companies engaged in the manufacturing of computer equipment, data storage products, networking products, semiconductors, and components. Companies in this sector include Apple, Inc., Google, Inc. and Microsoft Corp.

Page 42 of 43


Morningstar US Growth TR The Morningstar US Growth Index tracks the performance of stocks that are expected to grow at a faster pace than the rest of the market as measured by forward earnings, historical earnings, book value, cash flow and sales.

Morningstar US Value TR The Morningstar US Value Index tracks the performance of stocks with relatively low prices given anticipated per-share earnings, book value, cash flow, sales and dividends.

MSCI ACWI Ex USA NR USD

MSCI EAFE NR USD This Europe, Australasia, and Far East index is a market-capitalization-weighted index of 21 non-U.S., industrialized country indexes.

MSCI EM NR USD

MSCI World NR USD Includes all 23 MSCI developed market countries.

MSCI World/Metals&Mining PR USD This index consists of a subset of the MSCI World Index covering securities whose primary operations are in industries related to metals and mining.

Russell 1000 Growth TR Tracks the companies within the Russell 1000 with higher price-to-book ratios and higher forecasted growth values.

Russell 1000 TR Consists of the 1000 largest companies within the Russell 3000 index, which represents approximately 98% of the investable US equity market. Also known as the Market-Oriented Index, because it represents the group of stocks from which most active money managers choose.


Russell 2000 Growth TR Tracks the companies within the Russell 2000 Index that have higher price-to-book ratios and higher forecasted growth values.

Russell 2000 TR Consists of the 2000 smallest companies in the Russell 3000 Index.

Russell 3000 TR Composed of the 3000 largest U.S. companies by market capitalization, representing approximately 98% of the U.S. equity market.

Russell Mid Cap Growth TR Tracks the companies within the Russell Midcap Index with higher price-to-book ratios and higher forecasted growth values.

Russell Mid Cap Value TR Tracks the companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values.


S&P Midcap 400 TR This index is comprised of stocks in the middle-capitalization range, and includes approximately 10% of the capitalization of U.S. equity securities.

Page 43 of 43










InceptionInception

DateMax Front

Load %Max Back


Gross ExpRatio %

American Century Infl Adj Bond A -- 1.65 5.57 5.50 6.29 06-15-98 4.50 NA 0.73 0.73BlackRock High Yield Bond Inv A -- 12.10 8.30 9.64 7.35 11-19-98 4.00 NA 0.93 1 1.01Columbia Dividend Opportunity A -- 6.58 1.83 7.31 8.26 08-01-88 5.75 NA 1.10 1.10Delaware Value A -- 7.64 1.30 6.88 5.30 09-14-98 5.75 NA 1.10 2 1.30Eaton Vance High Income Opportunities A -- 9.95 6.62 -- 6.73 03-11-04 4.75 NA 0.99 0.99Fidelity Advisor High Income Advantage A -- 13.29 6.62 10.90 9.44 01-05-87 4.00 NA 1.03 1.03Fidelity Advisor Infl-Prot Bond A -- 1.86 5.23 5.23 5.20 10-02-02 4.00 NA 0.76 0.76Ivy High Income A -- 10.15 9.51 9.02 7.91 07-03-00 5.75 NA 1.00 1.00JPMorgan Equity Income A -- 7.19 2.30 7.04 7.61 02-18-92 5.25 NA 1.05 3 1.09PIMCO Real Return A -- 4.74 6.62 6.25 7.12 01-29-97 3.75 NA NA 0.87Standard & Poor's 500 -- 16.00 1.66 7.10 -- --Barclay's Agg Bond Index -- 4.22 5.95 5.18 -- --MSCI EAFE Index Ndtr_D -- 17.32 -3.69 8.21 -- --3 Month T-Bill -- 0.09 0.39 1.74 -- --






InceptionDate


American Century Infl Adj Bond A 0.76 4.45 4.17 4.67 06-15-98BlackRock High Yield Bond Inv A 9.60 5.34 6.64 3.95 11-19-98Columbia Dividend Opportunity A 5.10 0.39 5.99 6.27 08-01-88Delaware Value A 7.14 0.66 6.10 4.35 09-14-98Eaton Vance High Income Opportunities A 7.35 3.31 -- 3.57 03-11-04Fidelity Advisor High Income Advantage A 10.89 4.13 8.11 6.05 01-05-87Fidelity Advisor Infl-Prot Bond A 1.29 4.43 4.05 4.02 10-02-02Ivy High Income A 6.93 5.85 5.90 4.72 07-03-00JPMorgan Equity Income A 6.21 1.27 5.21 5.75 02-18-92PIMCO Real Return A 3.37 4.94 4.35 4.97 01-29-97

1.18 4.13 3.95 4.447.77 5.24 6.48 4.064.26 0.64 5.56 6.114.97 0.72 5.63 4.086.37 3.55 -- 3.778.57 4.09 7.78 6.031.21 4.01 3.79 3.776.55 5.92 5.86 4.784.78 1.41 5.58 5.963.32 4.71 4.26 4.83

Page 11 of 15




Barclays Aggregate Bond TR Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index.

Barclays US Trsy InflationNote This index consists of Inflation-Protection securities issued by the U.S. Treasury. The holdings have at least one year to final maturity, are fixed rate, and are at least investment grade Baa3/BBB-.

CSFB Credit Suisse HY An unmanaged, trader priced index constructed to mirror the characteristics of the high yield bond market. The index includes issues rated BB and below by S&P or Moody's with par amounts greater than $75 million. Preferred issues, US dollar denominated foreign issues and 144A securities meeting the above condition are also included.

ML US High Yield Master II

Morningstar US Value TR The Morningstar US Value Index tracks the performance of stocks with relatively low prices given anticipated per-share earnings, book value, cash flow, sales and dividends.



Page 15 of 15


Important Disclosures

This performance presented is past performance which is not a guarantee of future results; current

performance may be lower or higher than the performance quoted. The investment return and principal

value will fluctuate, and shares, when sold, may be worth more or less than their original cost.

Other share classes with different sales charges are available. The return of each class will vary,

depending upon its applicable sales charge.

Mutual funds are sold by prospectus. Please consider the investment objectives, risks, charges and

expenses carefully before investing. The prospectus, and, if available, the summary prospectus, which

contains this and other information, can be obtained by calling your financial advisor. Read the

prospectus and, if available, the summary prospectus carefully before you invest.

Important Disclosures Standard deviation, a widely accepted measure of investment risk, is a statistical indication of a stock or portfolio’s historical volatility. A higher number indicates greater volatility and potential for loss. The prices of mid-cap company stocks are generally more volatile than large company stocks. They often involve higher risks because smaller companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Wells Fargo Advisors, LLC (WFA) is a non-bank affiliate of Wells Fargo & Company. Wells Fargo Funds Management, LLC is the investment adviser on each of the mutual funds within the Wells Fargo Advantage family of funds. WFA, Wells Fargo Funds Management, LLC and Wells Fargo Advantage family of funds are all affiliated companies. StyleADVISOR is not meant to replace a thorough analysis by a consultant. You and your consultant best understand the overall goals of your investment program, and how a particular portfolio may or may not help you accomplish these goals. StyleADVISOR is meant to alert you to situations where you and your consultant may wish to consider generic portfolios. Investment and insurance products: NOT FDIC-Insured NO Bank Guarantee MAY Lose Value Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. 0410-0402B 08/10

Index Descriptions The indices below are presented to provide you with an understanding of their historic long-term performance and are not presented to illustrate the performance of any security. Investors cannot directly purchase any index. The Russell 1000 Index measures the performance of the 1,000 largest securities in the Russell 3000 Index. This large capitalization (market-oriented) index represents the universe of stocks from which most active money managers typically select. The Russell 1000 is highly correlated with the S&P 500 Index. The Russell 3000 Index is composed of the 3,000 largest U.S. securities, as determined by total market capitalization. The Russell Midcap™ Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000® Index. The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index consists of the 1,000 largest securities in the Russell 3000 Index. The Russell 3000 Index is composed of the 3,000 largest U.S. securities, as determined by total market capitalization. The Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index consists of the 1,000 largest securities in the Russell 3000 Index. The Russell 3000 Index is composed of the 3,000 largest U.S. securities, as determined by total market capitalization.

AGENDA ITEM SUBMITTAL Meeting Date: March 26, 2013 Budgeted: N/A Budgeted Amount: N/A To: Retirement Committee Board of Directors

Cost Estimate: N/A Funding Source: N/A

Program/ Line Item No. N/A From: Mike Markus General Counsel Approval: Yes Engineers/Feasibility Report: N/A Staff Contact: S. Dosier CEQA Compliance: N/A Subject: GUARANTEED INCOME FUND INTEREST RATE SUMMARY The Guaranteed Income Fund (GIF) report is contained within the fund portfolios for both the 401(a) and 457(b) Plans with Prudential Retirement. The GIF is the stable value investment option for each plan. Every 6 months, Prudential calls out the guaranteed interest rate for the GIF. The interest rate for the period of January 1, 2013 through June 30, 2013 is 2.25%. Attachment(s):

GIF Interest Rate Letter for the 457(b) Deferred Compensation Plan GIF Interest Rate Letter for the 401(a) Money Purchase Plan

RECOMMENDATION Informational.

~ Prudential ~

November 2012

001054

Ms. Stephanie Dosier ORANGE COUNTY WATER DISTRICT 18700 Ward Street Fountain Valley, CA 92708

John J. Kalamarides Senior Vice President Institutional Investment Solutions Prudential Retirement

Prudential Retirement Insurance and Annuity Company 280 Trumbull Street, Hartford CT 06103

Defined Contribution Plan Sponsor Interest Rate Notification

Contract: 041733 001 Plan: 720444 ORANGE COUNTY WATER DISTRICT 457(b) PLAN

Prudential Retirement recently declared the guaranteed crediting rates payable under the GUARANTEED INCOME FUND.

• The net interest crediting rate will be 2.25%.

• This rate is net of your contract's 0.10% asset charge.

• This rate will be in effect from 1/112013 through 06/30/2013.

• The rate is guaranteed not to change during that time.

It is important to remember the guaranteed interest rate represents a blending of interest rate conditions over time, rather than a single current ("spot") rate. As a result, crediting rates will tend to lag changes (both increases and decreases) in spot rates. This provides reduced interest rate volatility and a desirable balance between rate responsiveness and stability.

During all market cycles, stable value products such as this may provide desirable benefits such as:

• Security through investment diversification; • Predictability through crediting rates which are announced in advance and guaranteed; • Stability via a full guarantee of principal regardless of market conditions; and • Liquidity for participant transfers and benefits.

We've included a sample announcement you may customize and distribute to your plan participants.

We appreciate your business and look forward to our continued partnership in meeting all of your retirement plan needs. Please See Next Page for Important Disclosure Information.

Senior Vice President, Institutional Investment Solutions

Registered Principal. Prudential Investment Management Services LLC

A Prudential Financial company, Three Gateway Center, 14th floor, Newark, NJ 07102-4077 Tel 973 802 8624

0180683-00002-00 Exo. 05/16/2013

Sample Participant Announcement

(Current Date)

To Participants of (Insert Plan name):

The net interest crediting rate for the GUARANTEED INCOME FUND is 2.25%. This rate is net of an asset charge of 0.1 0%.

This net rate will be credited to funds invested in the GUARANTEED INCOME FUND beginning 111/2013 and will remain in effect through 06/30/2013. The interest crediting rate is guaranteed not to change during that time.

While no one can predict the direction that interest rates will take in the future, investing a portion of your retirement savings in fixed-rate investments may be an appropriate way to diversify your retirement savings.

The interest crediting rate information as well as any applicable fees for other plan investments are available by calling the toll-free number shown on your statement.

The Guaranteed Income Fund (GIF) is a group annuity product issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT 06103. Amounts contributed to the contract are deposited in PRIAC's general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit ofPRIAC. PRIAC periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The obligations ofPRIAC are not insured by the FDIC or any other federal governmental agency. Contract form# GA-2020-IA-0805 or state variation thereof.

Prudential Retirement is compensated in connection with this product when investment returns exceed the interest credited on contract balances. Prudential Retirement may earn fee revenue in addition to the foregoing compensation if your plan has agreed to pay contract charges, which are sometimes paid in respect of plan and participant recordkeeping and distribution services. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfY the plan's request for allowances and for payments to defray plan expenses. If Prudential Retirement's aggregate compensation from this product and from other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss.

Frequent exchanging between plan investment options may harm long-term investors. Your plan or the plan's investment funds may have provisions to deter exchanges that may be abusive. These policies may require us to modifY, restrict or suspend purchase or exchange privileges and/or impose redemption fees.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

0213722-00001-00 Exp. 05/16/2013

~ Prudential ...._.,.

November 2012

002205

Ms. Stephanie Dosier ORANGE COUNTY WATER DISTRICT 18700 Ward Street Fountain Valley, CA 92708

John J. Kalamarides Senior Vice President, Institutional Investment Solutions Prudential Retirement

Prudential Retirement Insurance and Annuity Company 280 Trumbull Street, Hartford CT 06103

Defined Contribution Plan Sponsor Interest Rate Notification

Contract: 040463 00 1 Plan: 820342 MONEY PURCHASE PLAN FOR EMPL. OF ORANGE COUNTY WATER DISTRICT

Prudential Retirement recently declared the guaranteed crediting rates payable under the GUARANTEED INCOME FUND.

• The net interest crediting rate will be 2.25%.

• This rate is net ofyour contract's 0.10% asset charge.

• This rate will be in effect from 11112013 through 06/30/2013.

• The rate is guaranteed not to change during that time.

It is important to remember the guaranteed interest rate represents a blending of interest rate conditions over time, rather than a single current ("spot") rate. As a result, crediting rates will tend to lag changes (both increases and decreases) in spot rates. This provides reduced interest rate volatility and a desirable balance between rate responsiveness and stability.

During all market cycles, stable value products such as this may provide desirable benefits such as:

• Security through investment diversification; • Predictability through crediting rates which are announced in advance and guaranteed; • Stability via a full guarantee of principal regardless of market conditions; and • Liquidity for participant transfers and benefits.

We've included a sample announcement you may customize and distribute to your plan participants.

We appreciate your business and look forward to our continued partnership in meeting all of your retirement plan needs. Please See Next Page for Important Disclosure Information.

Sincerely,

Senior Vice President, Institutional Investment Solutions

Registered Principal, Prudential Investment Management Services llC

A Prudential Financial company, Three Gateway Center, 14th floor, Newark, NJ 07102-4077 Tel 973 802 8624

0180683-00002-00 Exp. 05/16/2013

Sample Participant Announcement

(Current Date)

To Participants of (Insert Plan name):

The net interest crediting rate for the GUARANTEED INCOME FUND is 2.25%. This rate is net of an asset charge of 0.1 0%.

This net rate will be credited to funds invested in the GUARANTEED INCOME FUND beginning 11112013 and will remain in effect through 06/30/2013. The interest crediting rate is guaranteed not to change during that time.

While no one can predict the direction that interest rates will take in the future, investing a portion of your retirement savings in fixed-rate investments may be an appropriate way to diversify your retirement savings.

The interest crediting rate information as well as any applicable fees for other plan investments are available by calling the toll-free number shown on your statement.

The Guaranteed Income Fund (GIF) is a group annuity product issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT 06103. Amounts contributed to the contract are deposited in PRIAC's general account. Payment obligations and the fulfillment of any guarantees specified in the group annuity contract are insurance claims supported by the full faith and credit ofPRIAC. PRIAC periodically resets the interest rate credited on contract balances, subject to a minimum rate specified in the group annuity contract. Past interest rates are not indicative of future rates. This product is neither a mutual fund nor a bank product. The obligations ofPRIAC are not insured by the FDIC or any other federal governmental agency. Contract form# GA-2020-IA-0805 or state variation thereof.

Prudential Retirement is compensated in connection with this product when investment returns exceed the interest credited on contract balances. Prudential Retirement may earn fee revenue in addition to the foregoing compensation if your plan has agreed to pay contract charges, which are sometimes paid in respect of plan and participant recordkeeping and distribution services. For some plans, Prudential Retirement uses a portion of its aggregate compensation to satisfy the plan's request for allowances and for payments to defray plan expenses. If Prudential Retirement's aggregate compensation from this product and from other plan investment products exceeds the costs of servicing your plan, Prudential Retirement earns a profit; otherwise we incur a loss.

Frequent exchanging between plan investment options may harm long-term investors. Your plan or the plan's investment funds may have provisions to deter exchanges that may be abusive. These policies may require us to modify, restrict or suspend purchase or exchange privileges and/or impose redemption fees.

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

0213 722-00001-00 Exp. 05/I 6/2013

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