Board of Regents, State of Iowa

Board of Regents, State of IowaFirst Quarter 2001 Performance Review

Mark E. Brubaker, CFA Vice President

Marc E. Friedberg Senior Associate

Paul M. Jakubowicz Analyst

Capital Market ReviewFirst Quarter 2001 Performance Review

3Wilshire Consulting

The S&P 500 Index lost 11.9% in the first quarter, caused largely by continuing down turn in technology stocks. A quarterly drop of such magnitude has occurred six other times during the post-war period – roughly once per decade – as illustrated in the following table.

Growth stocks continue to bear the brunt of the market downturn due to their emphasis on technology stocks. The Wilshire Large Growth Index fell 23.3% during the first quarter, while the Wilshire Large Value Index declined a more modest 5.7%. Continuing a similar trend in 2000, value stocks reclaimed an equal performance footing with growth stocks during the quarter and now show superior returns over the five-year period ending March 31, 2001. Value stocks were helped most by comparatively strong returns from the utility and transportation sectors, returning -1.0% and 0.7%, respectively.

-11.9%March 31, 2001

-13.8%September 30, 1990

-18.0%June 30, 1970

-18.0%September 30, 1946

-20.6%

-22.7%

-25.1%

Return

June 30, 1962

December 31, 1987

September 30, 1974

Quarter Ending

Small stock performance delivered mixed signals during the first quarter. The Russell 2000 Index fell 6.5%, far ahead of the 11.9% loss in the S&P 500 Index. However, the Wilshire 4500 Index, which includes all stocks except S&P 500 issues, fell 15.9% for the quarter, a more significant decline than that of the S&P 500 Index.

The surprising difference in quarterly returns between the Russell 2000 and Wilshire 4500 small stock indexes is explained by the poor performance from the largest 500 stocks in the Wilshire 4500 Index. These “mid cap” stocks are not included in the Russell 2000 Index and are comprised of many formerly highly valued technology issues.

Periods Ending March 31, 2001

-0.6%

-22.1%

-5.7%

-23.3%

Quarter

11.7%Small Value

3.2%Small Growth

12.7%Large Value

11.2%Large Growth

Five YearsWilshire Style Index


4.2%

-6.5%

-15.9%

Quarter

11.0%Wilshire Micro 2500

7.8%Russell 2000

7.7%Wilshire 4500

Five YearsSmall Stock Index

US Stock Market


European and Asian Stock Markets

The non-U.S. stock markets also moved sharply downward during the first quarter. The Morgan Stanley ACWI x US Index, comprised of all developed and emerging stock markets except the U.S., fell 13.2%. The price declines were spread across both Europe and the Pacific region, with the MSCI Europe Index falling 15.5% and the MSCI Pacific Index losing 9.1%. The emerging markets, which were hit particularly hard in 2000, fared slightly better than the developed markets, with the MSCI Emerging Markets Free Index declining 5.4% during the quarter.

The non-U.S. markets were again hurt by a strengthening U.S. dollar during the first quarter. The dollar rose 5% to 10% against other major currencies.


-5.4%

-13.7%

-9.1%

-15.5%

-13.2%

Quarter

3.4%MSCI EAFE

-6.4%MSCI Emerging Markets

-6.2%MSCI Pacific

10.8%MSCI Europe

3.1%MSCI ACWI x US

Five YearsNon US Index

Fixed income performed well during the first quarter. The Lehman Aggregate Index returned 3.0% for the quarter, led by a rebound in corporate bonds. The Lehman Credit Index returned 4.3% for the quarter. Treasuries – which led the market in 2000 – cooled off, as the Lehman Long Treasury Index returned 1.4%, close to its expected return. High yield bonds earned the highest returns as yield spreads came off near historic highs. The Salomon High Yield Bond Index rose 6.0%. High yield bonds continue to offer strong long term performance, returning 2.0% per year over the Lehman Aggregate Index over the last 10 years. Treasury Inflation Protection Bonds (“TIPS”) performed surprisingly well with a 4.8% return for the quarter.

Bond Market


4.8%

-4.9%

6.0%

2.7%

4.3%

1.4%

3.2%

3.0%

Quarter

--Salomon TIPS

1.0%Salomon Non US Govt

5.5%Salomon High Yield

7.6%Lehman Mortgage

7.3%Lehman Corporate

9.1%Lehman Long Treasury

7.4%Lehman Universal

7.5%Lehman Aggregate

Five YearsBond Index


Market Review (Periods Ended 3/31/01)

Major Asset Class Returns

Risk versus Return ( 3/31/91 - 3/31/01) Risk versus Return ( 3/31/81 - 3/31/91)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0.0 10.0 20.0 30.0

Tota

l Ret

urn

Risk*

Ifc Inv Comp $Leh AggregateMsci Eafe $nS&P 500Sb Non-DollarT-BillUs CpiWil Re Securites

* Standard Deviation

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0

Tota

l Ret

urn

Risk*

Leh AggregateMsci Eafe $nS&P 500Sb Non-DollarT-BillUs CpiWil Re Securites

* Standard Deviation

QTR 1 yr 3 yr 5 yr 10yrEquity Standard and Poor's 500 -11.9 -21.8 3.1 14.2 14.4 Russell 3000 -12.2 -22.3 2.6 13.2 14.1 International Stock (MSCI EAFE) -13.7 -25.9 -0.6 3.4 5.9 IFC Composite -2.5 -35.8 -7.5 -5.9 2.1 Wilshire Real Estate Securities -1.0 25.9 1.4 10.2 8.7

Fixed Income Lehman Aggregate Bond 3.0 12.5 6.9 7.5 8.0 International Bonds (SB Non-US) -4.9 -6.3 1.0 1.0 6.7 Treasury Bills (91 Day) 1.5 6.3 5.4 5.4 5.1 Salomon Broad Invest. Grade 3.1 12.6 6.9 7.5 8.1

Consumer Price Index 1.3 2.9 3.0 2.5 2.7


US Equity Returns Small Cap vs. Large Cap Quarterly Returns

Domestic Equity Markets (Periods Ended 3/31/01)

Wilshire 5000 Quarterly Sector Returns

<- -

Smal

l Fav

o red

--L

a rge

Fav

ore d

-->

<- -

Va l

ue F

avo r

ed--

Gro

wth

Fav

o red

-->

-11.1

1.2

-9.6

-6.7

-8.2

-20.3

-1.3

-3.1

-23.7

Capital Goods

Consumer Durable

Consumer Non-Durable

Energy

Finance

Materials & Services

Technology

Transportation

Utilities

-10.0

0.0

10.0

Jun 1991 Sep 1992 Dec 1993 Mar 1995 Jun 1996 Sep 1997 Dec 1998 Mar 20000.40

0.60

0.80

1.00

1.20

1.40

1.60

-20.0

-10.0

0.0

10.0

20.0

Jun 1991 Sep 1992 Dec 1993 Mar 1995 Jun 1996 Sep 1997 Dec 1998 Mar 2000

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

Value vs. Growth Stocks Quarterly Returns

QTR YTD 1 yr 3 yr 5 yr 10yr

Wilshire 5000 -12.3 -12.3 -24.8 1.7 12.4 13.7Wilshire 4500 -15.9 -15.9 -35.6 -2.2 7.7 11.8Wilshire Large Cap 750 -12.8 -12.8 -25.0 2.2 13.3 14.0Wilshire Micro Cap 2500 4.2 4.2 -20.7 4.2 11.0 14.6Wilshire Small Cap 1750 -9.0 -9.0 -16.6 1.0 9.6 13.2Wilshire Internet Index -38.8 -38.8 -74.9 10.7 N/A N/AWilshire Venture Capital -40.5 -40.5 -69.8 12.5 11.8 17.2

Wilshire Large Value -5.7 -5.7 -4.5 2.1 12.7 14.5Wilshire Large Growth -23.3 -23.3 -45.8 -1.7 11.2 12.2Wilshire Mid Value -2.4 -2.4 15.0 3.8 13.7 15.6Wilshire Mid Growth -22.8 -22.8 -45.1 1.0 7.7 11.6Wilshire Small Value -0.6 -0.6 17.7 0.7 11.7 15.4Wilshire Small Growth -22.1 -22.1 -47.8 -5.4 3.2 8.9


Fixed Income Treasury Yield Curve

Fixed Income (Periods Ended 3/31/01)

Yield Spread To Treasuries

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

Leh Mortgage GIC's 5 Year Leh Long Agencies Leh AAA Long Corp Leh BAA Long Corp FB High Yield

(%

)

Current Quarter 2.29 1.52 0.59 0.89 2.63 8.16Last Quarter 1.58 1.27 0.6 1.15 2.97 9.7

4.00%

4.50%

5.00%

5.50%

6.00%

6.50%

0 5 10 15 20 25 30

Maturity

Current Quarter Last Quarter One Year Ago

QTR YTD 1 yr 3 yr 5 yr 10yr

Lehman Aggregate 3.0 3.0 12.5 6.9 7.5 8.0

Lehman Gov / Corp 3.2 3.2 12.4 6.8 7.4 8.1

Lehman Agency 2.9 2.9 13.4 7.0 7.6 8.0

Lehman ABS 3.3 3.3 12.8 7.3 7.3 N/A

Lehman Gov't 2.5 2.5 12.3 7.1 7.5 8.0

Lehman Corp 4.3 4.3 12.5 6.2 7.3 8.5

Lehman Mortgage 2.7 2.7 12.7 7.0 7.6 7.8

Lehman Long Treasury 1.4 1.4 12.8 7.6 9.1 9.8

First Boston High Yield 4.9 4.9 0.8 0.1 5.1 9.9

Salomon Bros World Gov't Bond -3.1 -3.1 -1.7 2.6 2.9 6.8

Salomon Bros Non-US Bond -4.9 -4.9 -6.3 1.0 1.0 6.7


International Index Returns MSCI EAFE IndexQuarterly Returns in USD Country

International Equity Markets (Periods Ended 3/31/01)

Country Weightings

0.2

0.9

0.9

2.8

11.7

8.8

0.6

4.8

5.7

0.4

0.5

2.9

2.7

7.2

21.3

71.4

2.7

2.1

22.6

0.1

1.0

28.6

Equity (in U.S. $) QTR 1 yr 3 yr 5 yr 10yr

Non U.S. ( ACWI free X U.S) -13.2 -26.8 -0.9 3.1 6.0

Developed (EAFE) -13.7 -25.9 -0.6 3.4 5.9

Emerging (EMF) -5.4 -35.9 -8.4 -6.4 4.9

IFC Composite -2.5 -35.8 -7.5 -5.9 2.1

Europe -15.5 -22.7 -1.4 10.8 11.1

Pacific -9.1 -32.2 1.8 -6.2 -0.3

France -17.2 -23.5 4.2 11.5 10.0

Germany -14.7 -32.0 2.5 7.4 8.9

Japan -8.4 -35.3 2.3 -7.0 -2.0

United Kingdom -12.3 -19.9 6.9 7.0 6.3

Currencies (% change)

Euro vs Dollar -5.8 -7.6 N/A N/A N/A

Yen vs Dollar -8.9 -18.2 2.1 -3.2 1.2

Pound vs Dollar -4.8 -10.9 -5.3 -1.4 -2.1


Total Fund Results (Periods Ended 3/31/01) Iowa State University EndowmentInvestment Performance Asset Allocation vs.

Policy

Quarter Results ($’000) • The Iowa State Endowment assets totaled $90.7 million at

the close of the first quarter

• During the quarter, investment losses totaled $5.4 million

• Total contributions were $92,000

• Total fees and distributions were $1.5 million

• The Endowment fund returned -5.6% for the first quarter, outperforming the benchmark by 1.9%

-5.6 -5.6

7.1

12.6 11.9

-7.5

-12.7

4.3

11.4 12.1

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

1 Quarter 1 Year 3 Years 5 Years Inception

Ret

urn

(%)

Total Fund Composite Policy Index

32.5

7.1

0

30.0

7.0

0

60.4 63.0

0.0

20.0

40.0

60.0

U.S. Equity Fixed Income Intl Equity Cash

Pe

rce

nta

ge

Actual Policy

90,682

97,452

-5,373

-1,397

Beginning Value

Cash Flow

Gains/Losses

Ending Value

$'000s Actual P olicy

U.S. Equity 54,810 57,130

Fixed Income 29,453 27,204

Intl Equity 6,419 6,348

Cash 0 0


Total Fund Results (Periods Ended 3/31/01) The University of Iowa EndowmentInvestment Performance Asset Allocation vs. Policy

Quarter Results ($’000) • The University of Iowa Endowment assets totaled $85

million at the close of the first quarter

• During the quarter, investment losses totaled $5 million

• Net contributions totaled $1.7 million

• Net distributions and fees totaled $2.7 million

• The Endowment fund returned -5.5% for the first quarter, outperforming the benchmark by 2%

-5.5 -5.8

8.1

13.0 12.1

-7.5

-12.7

4.3

11.4 12.1

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0


Ret

urn

(%)

Endow ment Policy Index

32.2

5.8

0

30.0

7.0

0

62.1 63.0

0.0

20.0

40.0

60.0

U.S. Equity Fixed Income Intl Equity Cash

Pe

rce

nta

ge

Actual Policy

85,038

91,018

-4,960

-1,020

Beginning Value

Cash Flow

Gains/Losses

Ending Value

$'000s Actual P olicy

U.S. Equity 52,777 53,573


Intl Equity 4,907 5,953

Cash 0 0


Total Fund Results (Periods Ended 3/31/01) University of Iowa Quasi-EndowmentInvestment Performance Asset Allocation

Quarter Results ($’000) • The Quasi Endowment portfolio returned 0.6% during

the first quarter

• The Quasi total fund has total assets of $109.2 million

• Net contributions of $11.6 million

• Net Distribution and fees totaled $4.3 million

• The Quasi fund had investment gains of $683,000

Quasi Total Fund

0.6

6.3 5.6

11.6 11.3

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0


Ret

urn

(%)

76.4

0.7

78.6

0

22.921.4

0.0

20.0

40.0

60.0

U.S. Equity Fixed Income Cash

Perc

enta

ge

Actual Allocated

$'000s Actual Allocated

U.S. Equity 24,974 23,370


Cash 757 0

109,203

101,237

683

7,283

Beginning Value

Cash Flow

Gains/Losses

Ending Value


Quasi Endowment Review (Periods ended 3/31/2001)

Quasi I -- Invesco Balanced Composite

Quasi II -- Invesco Fixed Income Composite

** 12/89 -- 6/97 40% S&P 500 60% Lehman Govt / Corp

9/97 -- 6/99 58% S&P 500 42% Lehman Govt / Corp

9/99 -- 12/00 50% S&P 500 50% Lehman Govt / Corp

Quasi I $'000 Qtr 1 Yr 3 Yrs 5 Yrs Inception

% % % % %

Invesco Balanced Composite 46,741 -2.0 1.1 4.9 11.1 11.1

Balanced Benchmark** -- -4.3 -5.7 6.0 11.2 11.0

Quasi II $'000 Qtr 1 Yr 3 Yrs 5 Yrs Inception% % % % %

Fixed Invesco 62,462 2.5 11.2 -- -- 5.9

Lehman Govt / Corp -- 3.2 12.4 -- -- 6.4


Domestic Equity Composite Review (Periods Ended 3/31/01)

Manager Structure

Style Map

University of Iowa $'000 Qtr 1 Year 3 Years 5 Years Inception % % % % %

Seneca Capital Mgmt. 15,003 -16.5 -23.8 15.8 20.1 21.4

Wilshire Mid Cap Growth -- -22.8 -45.1 1.0 7.7 10.3 S&P 400 Mid Cap -- -10.8 -6.9 8.9 16.3 17.4 S&P 500 -- -11.9 -21.8 3.1 14.2 15.9

Iowa State University $'000 Qtr 1 Year 3 Years 5 Years Inception % % % % %

Seneca Capital Mgmt. 11,413 -17.5 -24.4 16.6 20.5 21.7

Seneca 1993 Trust 2,722 -17.3 -24.2 16.1 20.4 21.8

Equity Composite 14,135 -17.5 -24.4 16.1 20.4 16.7

Wilshire Mid Cap Growth -- -22.8 -45.1 1.0 7.7 10.3 S&P 500 -- -11.9 -21.8 3.1 14.2 15.9

-150

-125

-100

-75

-50

-25

0

25

50

75

100

125

150

-150 -125 -100 -75 -50 -25 0 25 50 75 100 125 150

Value/Growth

Siz

e

Equity Comp

Seneca Capital Mgmt

Invesco

S&P 500

-150

-125

-100

-75

-50

-25

0

25

50

75

100

125

150

-150 -125 -100 -75 -50 -25 0 25 50 75 100 125 150

Value/Growth

Siz

e

Seneca Capital Mgmt

Seneca 1993 Trust

Invesco

Invesco 1993 Trust

S&P500


Domestic Equity Review-- Seneca Capital Management

University of Iowa -- Value Added (Vs. Wilshire Mid Cap Growth)

Iowa State University -- Value Added (Vs. Wilshire Mid Cap Growth)

Attribution

1.0

-23.8

20.1

-16.5

21.415.8

-45.1

7.7

-22.8

10.3

-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

LastQuarter

OneYear

ThreeYears

FiveYears

Inception

Per

cent

age

Seneca Cap Mgmt. Wilshire Mid Cap Growth

1.0

-24.4

20.5

-17.5

21.716.6

-45.1

7.7

-22.8

10.3

-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

LastQuarter

OneYear

ThreeYears

FiveYears

TenYears

Per

cent

age

Seneca Cap Mgmt. Wilshire Mid Cap Growth

• Sector weighting primarily contributed to this outperformance.

• Stock selection within the Energy sector contributed highly to the outperformance

• Stock selection with in the Technology sector detracted from the performance.


International Equity Review (Periods ended 3/31/2001)

University of Iowa -- Manager Structure

Iowa State University -- Manager Structure

Value Added Value Added

University of Iowa $'000 Qtr 1 Yr 3 Yrs 5 Yrs Inception

% % % % %

Sanford Bernstein 4,907 -7.7 -7.1 -- -- -2.7

MSCI EAFE Index (N) -- -13.7 -25.9 -0.6 3.4 4.6

Int'l Equity Composite 4,907 -7.7 -7.1 -2.7 1.0 3.3

MSCI EAFE Index (N) -- -13.7 -25.9 -0.6 3.4 4.6

Iowa State University $'000 Qtr 1 Yr 3 Yrs 5 Yrs Inception

% % % % %

Sanford Bernstein 6,419 -9.1 -7.5 -- -- -2.3

MSCI EAFE Index (N) -- -13.7 -25.9 -0.6 3.4 4.6

Int'l Equity Composite 6,419 -9.1 -7.5 -2.5 1.3 3.3

MSCI EAFE Index (N) -- -13.7 -25.9 -0.6 3.4 4.6

-0.6

-7.1

1.0

-7.7

3.3

-2.7

-25.9

3.4

-13.7

4.6

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

LastQuarter

OneYear

ThreeYears

FiveYears

Inception

Per

cent

age

Int'l Equity Comp MSCI EAFE (N)

-0.6

-7.5

1.3

-9.1

3.3

-2.5

-25.9

3.4

-13.7

4.6

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

LastQuarter

OneYear

ThreeYears

FiveYears

TenYears

Per

cent

age

Int'l Equity Comp MSCI EAFE (N)


International Equity Review-- Sanford Bernstein

University of Iowa -- Value Added (Vs. MSCI EAFE (N))

Iowa State University -- Value Added (Vs. MSCI EAFE (N))

Attribution

4.6

-7.1-7.7

-2.7

-25.9

-13.7

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

Quarter OneYear

Inception

Per

cent

age

Sanford Bernstein MSCI EAFE (N)

4.6

-7.5-9.1

-2.3

-25.9

-13.7

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

Quarter OneYear

Inception

Per

cent

age

Sanford Bernstein MSCI EAFE (N)

• Sanford Bernstein outperformed the benchmark the first quarter.

• Stock selections contributed mostly to this performance.

• Stock selections with in the United Kingdom had the largest positive effect, while selections in Italy had the most negative effect.


Balanced Composite Review (Periods Ended 3/31/01)

University of Iowa -- Manager Structure

Iowa State University -- Manager Structure

** 6/89 -- 6/97 40% S&P500 60% Lehman Govt / Corp 9/97 -- 12/00 58% S&P500 42% Lehman Govt / Corp

University of Iowa $'000 Qtr 1 Yr 3 Yrs 5 Yrs Inception

% % % % %

Invesco (Endowment) 65,128 -2.5 -0.5 4.1 10.6 11.0

Equity -- -6.4 -8.2 1.5 13.8 13.8

Fixed Income -- 3.3 11.9 6.9 7.0 8.8

Cash and Equiv -- 1.6 8.5 6.3 5.9 5.7

Invesco (Quasi I) 46,741 -2.0 1.1 4.9 11.1 11.1

Equity -- -6.5 -8.0 1.4 13.7 13.4

Fixed Income -- 3.1 11.6 6.7 7.0 8.2

Cash and Equiv -- 1.5 6.1 5.5 5.4

Balanced Composite -2.5 -0.5 4.1 10.6 11.0

Balance Custom Benchmark** -- -5.5 -8.4 5.2 10.7 11.5

S&P 500 -- -11.9 -21.8 3.1 14.2 14.8

Lehman Govt / Corp -- 3.2 12.4 6.8 7.4 8.7

Iowa State University $'000 Qtr 1 Yr 3 Yrs 5 Yrs Inception

% % % % %

Invesco (Endowment) 56,246 -2.5 -0.6 4.1 10.6 11.1

Equity -- -6.4 -8.3 1.5 13.8 13.7

Fixed Income -- 2.8 11.5 6.7 6.9 8.7

Cash and Equiv -- 1.5 7.5 6.0 5.7 5.6

Invesco (1993 Trust) 13,882 -2.5 -0.3 4.1 10.5 12.0

Equity -- -6.4 -8.4 1.1 13.5 16.2

Fixed Income -- 3.0 11.6 6.8 7.0 7.7

Cash and Equiv -- 2.0 6.8 5.7

Balanced Composite 70,128 -2.5 -0.5 4.1 10.6 11.1

Balance Custom Benchmark** -- -5.5 -8.4 5.2 10.7 11.5

S&P 500 -- -11.9 -21.8 3.1 14.2 14.8

Lehman Govt / Corp -- 3.2 12.4 6.8 7.4 8.7


Balanced Composite Review -- Invesco Equity

University of Iowa -- Value Added (S&P 500)

Iowa State University -- Value Added (S&P 500)

Attribution

3.07

-8.22

13.81

-6.42

13.83

1.54

-21.81

14.18

-11.85

14.81

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

LastQuarter

OneYear

ThreeYears

FiveYears

TenYears

Per

cent

age

Invesco S&P 500

3.07

-8.26

13.77

-6.37

13.71

1.49

-21.81

14.18

-11.85

14.81

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

LastQuarter

OneYear

ThreeYears

FiveYears

TenYears

Per

cent

age

Invesco S&P 500

• The equity component of the balanced composite outperformed the benchmark during the first quarter

• Sector selection and stock selection primarily contributed to this outperformance

• Stock selections within the Technology sectors contributed the most to the outperformance

• Stock selection within the Capital Goods sector detracted from the performance


Balanced Composite Review -- Invesco Fixed Income

Attribution

University of Iowa -- Value Added (Vs. Lehman Gov/Corp)

Iowa State University -- Value Added (Vs. Lehman Gov/Corp)

6.79

11.94

7.04

3.26

8.75

6.90

12.41

7.41

3.20

8.72

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Quarter OneYear

ThreeYears

FiveYears

Inception

Per

cent

age

Invesco Lehman Govt / Corp

6.79

11.47

6.89

2.82

8.69

6.66

12.41

7.41

3.20

8.72

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Quarter OneYear

ThreeYears

FiveYears

Inception

Per

cent

age

Invesco Lehman Govt / Corp

• The Invesco Fixed Income portion of the balanced composite closely tracked the benchmark in the first quarter

• Sector / Issue selection was the main contributor while interest rate anticipation and trading detracted.

Board of Regents, State of Iowa

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