Presentation Studio Additional Samples - Morningstar,...

Presentation Studio Additional Samples Asset Flows, Equity Attribution, Stocks, and Total Portfolio Attribution

& Competitive Software

& 3.12 Enhancements

Asset Flow Analysis

Monthly Es�mated Fund-Level Net Flow

Time Period: 10/1/2009 to 9/30/2012

Es�

ma

ted

Fu

nd

Le

vel N

et

Flo

w

Ag

gr

fro

m S

ha

re C

lass

(M

on

thly

)

3/2010 9/2010 3/2011 9/2011 3/2012 9/2012

150,000,000.0

100,000,000.0

50,000,000.0

0.0

50,000,000.0

100,000,000.0

150,000,000.0

200,000,000.0

250,000,000.0

Manager B

Monthly Es�mated Net Flow

Time Period: 10/1/2009 to 9/30/2012

Es�

ma

ted

Sh

are

Cla

ss N

et

Flo

w (

Mo

nth

ly)

3/2010 9/2010 3/2011 9/2011 3/2012 9/2012

500,000,000.0

400,000,000.0

300,000,000.0

200,000,000.0

100,000,000.0

0.0

100,000,000.0

Manager A

Time Series

Time Period: 10/1/2007 to 9/30/2012

Currency: US Dollar

Es�

ma

ted

Sh

are

Cla

ss N

et

Flo

w (

Mo

nth

ly)

3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012

500,000,000.0

400,000,000.0

300,000,000.0

200,000,000.0

100,000,000.0

0.0

100,000,000.0

200,000,000.0

Manager A Manager B

Source: Morningstar Direct

Attribution ReportAttribution/Contribution

Time Period: 5/1/2012 to 5/31/2012

Portfolio: Manager A Benchmark: Russell 2000 TR USD

PortfolioWeights

BenchmarkWeights

PortfolioRescaledWeights

BenchmarkRescaledWeights

PortfolioReturn

BenchmarkReturn

PortfolioContribution

BenchmarkContribution

AllocationEffect

SelectionEffect

ActiveReturn

Consumer Discretionary

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Telecommunication Services

Utilities

Unclassified

Attribution Total

Other

Missing Performance

Total

23.46 13.78 24.01 13.84 -7.40 -5.87 -1.78 -0.81 0.08 -0.37 -0.29

2.13 3.55 2.18 3.56 -19.21 -3.41 -0.42 -0.12 -0.04 -0.35 -0.39

3.76 6.55 3.84 6.58 -12.65 -16.78 -0.49 -1.10 0.28 0.16 0.44

21.83 22.65 22.34 22.75 -5.15 -4.19 -1.15 -0.95 -0.01 -0.22 -0.23

6.46 12.46 6.61 12.52 -7.16 -3.96 -0.47 -0.50 -0.16 -0.21 -0.37

12.35 15.43 12.64 15.50 -11.31 -6.87 -1.43 -1.06 0.01 -0.56 -0.55

24.16 16.47 24.72 16.55 -7.46 -9.14 -1.84 -1.51 -0.20 0.41 0.21

3.57 4.60 3.65 4.62 -15.58 -10.75 -0.57 -0.50 0.04 -0.18 -0.14

0.00 0.77 0.00 0.78 -4.40 0.00 -0.03 -0.02 0.00 -0.02

0.00 3.28 0.00 3.29 -1.27 0.00 -0.04 -0.18 0.00 -0.18

0.00 0.00 0.00 0.00

97.72 99.53 100.00 100.00 -8.15 -6.64 -8.15 -6.64 -0.21 -1.30 -1.51

2.02 0.00

0.26 0.47

100.00 100.00 -8.15 -6.64

Allocation Effect

Energy


Materials

Industrials

Financials


Consumer Staples

Health Care

Utilities


-0.4 -0.2 0.0 0.2 0.4

Selection Effect


Energy

Utilities


Materials

Health Care

Financials

Consumer Staples


Industrials

-1.0 -0.5 0.0 0.5

Active Return

Energy



Materials

Utilities

Financials


Health Care

Consumer Staples

Industrials

-1.0 -0.5 0.0 0.5

Attribution ReportTop 10 Holdings

Holdings Weights Return

Ulta Salon Cosmetics & Fragrances, Inc.

EnerSys, Inc.

Sourcefire, Inc.

Aeropostale, Inc.

Tractor Supply

Colony Financial Inc

FEI Company

Symetra Financial Corporation

IAC/InterActiveCorp

SolarWinds, Inc.

2.49 1.35

2.13 -5.64

2.04 8.18

2.01 -16.59

1.91 -6.98

1.70 -1.12

1.60 -8.77

1.56 -6.52

1.51 -6.48

1.45 -2.24

Best Performers


First California Financial Group, Inc.

Aspen Technology, Inc.

McMoRan Exploration Co.

Sourcefire, Inc.

Cirrus Logic, Inc.

Salix Pharmaceuticals, Ltd.

Ameristar Casinos Inc

Convergys Corporation

MFA Financial, Inc.

Apollo Investment Corp

0.22 24.18

1.29 11.73

0.28 10.57

2.04 8.18

1.36 4.89

1.24 4.88

0.87 4.70

1.43 4.34

0.16 3.25

0.57 2.62

Worst Performers


Chiquita Brands International

BroadSoft, Inc.

Health Net Inc

Tetra Technologies, Inc.

Terex Corp

Francescas Holdings Corp

Presidential Life Corp.

Emulex Corporation

Titan International, Inc.

bebe stores, Inc.

0.58 -36.24

0.96 -36.21

0.75 -28.05

0.76 -26.64

1.17 -26.55

1.08 -25.17

0.54 -23.92

0.77 -22.58

1.31 -22.46

0.77 -22.20

Leading Contributors

Holdings Return Contribution

Sourcefire, Inc.

Aspen Technology, Inc.

Cirrus Logic, Inc.

Convergys Corporation

Salix Pharmaceuticals, Ltd.

First California Financial Group, Inc.

Ameristar Casinos Inc

Ulta Salon Cosmetics & Fragrances, Inc.

McMoRan Exploration Co.

Collective Brands, Inc.

8.18 0.17

11.73 0.16

4.89 0.07

4.34 0.06

4.88 0.06

24.18 0.05

4.70 0.04

1.35 0.03

10.57 0.03

2.41 0.03

Bottom Contributors

Holdings Return Contribution

BroadSoft, Inc.

Aeropostale, Inc.

Terex Corp

Titan International, Inc.

Commercial Metals Company

Francescas Holdings Corp

Brunswick Corporation

WMS Industries, Inc.

ValueClick, Inc.

Hornbeck Offshore Services, Inc.

-36.21 -0.35

-16.59 -0.34

-26.55 -0.32

-22.46 -0.30

-20.97 -0.29

-25.17 -0.28

-16.70 -0.24

-16.24 -0.23

-17.19 -0.23

-19.79 -0.22

Relative Weights




Financials

Materials

Consumer Staples

Energy

Industrials

Utilities

Health Care

-15.0 -7.5 0.0 7.5 15.0

9.7

7.7

-0.8

-0.8

-1.0

-1.4

-2.8

-3.1

-3.3

-6.0

Relative Return

Energy


Financials


Health Care

Industrials

Materials

Consumer Staples

Utilities


-20.0 -10.0 0.0 10.0

4.1

1.7

-1.0

-1.5

-3.2

-4.4

-4.8

-15.8

Attribution ReportAllocation Effects

Underperform Outperform Overw

eig

ht

Un

derw

eig

ht

Rel

ativ

e W

eight

Relative Return

12.00

6.00

0.00

-6.00

-12.00-12.50 -10.00 -7.50 -5.00 -2.50 0.00 2.50 5.00 7.50 10.00 12.50

54

3

2

1

4

3

2

1

Best Weighting Weight +/- Return +/- Effect1 Energy -2.73 -10.14 0.282 Consumer Discretionary 10.17 0.76 0.083 Materials -0.97 -4.11 0.044 Industrials -2.86 -0.23 0.01

Worst Weighting Weight +/- Return +/- Effect1 Information Technology 8.17 -2.50 -0.202 Utilities -3.29 5.37 -0.183 Health Care -5.91 2.68 -0.164 Consumer Staples -1.38 3.22 -0.045 Telecommunication Services -0.78 2.24 -0.02

Selection Effects


eig

ht

Un

derw

eig

ht

Rel

ativ

e W

eight

Relative Return

3.00

1.50

0.00

-1.50

-3.00-30.00 -24.00 -18.00 -12.00 -6.00 0.00 6.00 12.00 18.00 24.00 30.00

5

43

2

1 54

3

2

1

Best Selections GICS Sector Weight +/- Return +/- Effect1 Sourcefire, Inc. Information Technology 1.91 17.31 0.332 Aspen Technology, Inc. Information Technology 1.12 20.87 0.233 Ulta Salon Cosmetics... Consumer Discretion... 2.54 7.22 0.184 Convergys Corporation Information Technology 1.29 13.47 0.175 Cirrus Logic, Inc. Information Technology 1.17 14.03 0.16

Worst Selections GICS Sector Weight +/- Return +/- Effect1 Terex Corp Industrials 1.20 -19.68 -0.242 BroadSoft, Inc. Information Technology 0.86 -27.07 -0.233 Francescas Holdings ... Consumer Discretion... 1.06 -19.29 -0.204 Titan International, Inc. Industrials 1.26 -15.59 -0.205 Aeropostale, Inc. Consumer Discretion... 1.80 -10.72 -0.19

BerwynRelative to R2000V

Relative Weights

Time Period: 1/1/2010 to 3/31/2010

Hardware

Consumer Goods

Software

Energy

Industrial Materials

Media

Health Care

Telecommunications

Consumer Services

Business Services

Utilities

Financial Services

-18.0 -9.0 0.0 9.0 18.0

Contribution

Time Period: 1/1/2010 to 3/31/2010

Consumer Goods

Financial Services

Hardware

Energy

Software

Consumer Services

Health Care

Media

Utilities

Business Services

Telecommunications


-5.0 -2.5 0.0 2.5 5.0

Selection Effect

Time Period: 1/1/2010 to 3/31/2010

Consumer Goods

Hardware

Software

Energy

Financial Services

Health Care

Media

Telecommunications

Utilities

Consumer Services

Business Services


-3.0 -1.5 0.0 1.5 3.0

Leading ContributorsTime Period: 1/1/2010 to 3/31/2010

Holdings Weight Return Contribution

Wabash National Corporation

American Equity Investment Life Holding Company

Ethan Allen Interiors, Inc.

Hooker Furniture Corporation

Newpark Resources, Inc.

Vasco Data Security International, Inc.

Rudolph Technologies, Inc.

Horace Mann Educators

Stratasys

Fair Isaac, Inc.

1.06 270.90 2.06

3.73 43.15 1.53

1.94 54.28 0.96

2.82 31.00 0.86

3.65 24.11 0.85

3.24 31.37 0.85

2.85 27.98 0.80

3.21 21.16 0.69

1.72 41.71 0.56

2.67 19.02 0.51

Relative Return

Time Period: 1/1/2010 to 3/31/2010

Software

Consumer Goods

Energy

Health Care

Hardware

Media

Financial Services

Utilities

Consumer Services

Business Services


Telecommunications

-30.0 -15.0 0.0 15.0 30.0

Weighting Effect

Time Period: 1/1/2010 to 3/31/2010

Utilities

Consumer Goods

Health Care

Business Services

Media

Telecommunications

Software


Energy

Consumer Services

Hardware

Financial Services

-0.4 -0.2 0.0 0.2 0.4

Active Return

Time Period: 1/1/2010 to 3/31/2010

Consumer Goods

Hardware

Software

Energy

Health Care

Utilities

Financial Services

Media

Telecommunications

Consumer Services

Business Services


-3.0 -1.5 0.0 1.5 3.0

Leading DetractorsTime Period: 1/1/2010 to 3/31/2010

Holdings Weight Return Contribution

Exide Technologies, Inc.

SkyWest, Inc.

Chiquita Brands International

Graham Corporation

Granite Construction Inc.

Gorman-Rupp Company

Ingles Markets, Inc. A

Old National Bancorp

Ennis, Inc.

CIBER, Inc.

3.52 -18.99 -0.71

2.89 -15.60 -0.48

2.82 -12.80 -0.44

3.06 -13.00 -0.44

2.85 -9.84 -0.31

1.14 -7.55 -0.10

1.61 0.44 -0.07

1.85 -3.28 -0.07

3.00 -2.19 -0.06

0.18 8.12 -0.03


Weighting Effects

Time Period: 1/1/2010 to 3/31/2010


eightU

nderweight

Rela

tive

Wei

ght

Relative Return

-18.00

-9.00

0.00

9.00

18.00

-10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00

54

3

2

1

5

43

2

1

Best Weighting Weight +/- Return +/- Effect1 Utilities -3.45 -7.53 0.262 Consumer Goods 8.47 2.83 0.243 Health Care -1.53 -3.58 0.064 Business Services -3.16 -0.73 0.055 Media 1.12 3.18 0.03

Worst Weighting Weight +/- Return +/- Effect1 Financial Services -15.67 2.10 -0.322 Hardware 13.49 -2.37 -0.313 Consumer Services -2.50 5.88 -0.194 Energy 1.73 -4.42 -0.115 Industrial Materials 2.65 -2.09 -0.08

Selection EffectsTime Period: 1/1/2010 to 3/31/2010


eightU

nderweight

Rela

tive

Wei

ght

Relative Return

-4.00

-2.00

0.00

2.00

4.00

-300.00 -240.00 -180.00 -120.00 -60.00 0.00 60.00 120.00 180.00 240.00 300.00

10

9

8

7

654

32

1

10

9

8

76

5

43

2

1

Best Selections Morningstar Sector Weight +/- Return +/- Effect1 Wabash National Corpor... Consumer Goods 1.06 258.11 1.962 American Equity Investm...Financial Services 3.68 31.09 1.093 Vasco Data Security Inte... Software 3.22 26.20 0.694 Newpark Resources, Inc. Energy 3.54 18.58 0.685 Ethan Allen Interiors, Inc. Consumer Goods 1.79 41.49 0.676 Rudolph Technologies, Inc.Hardware 2.75 20.39 0.567 Hooker Furniture Corpora...Consumer Goods 2.76 18.22 0.488 Stratasys Hardware 1.72 34.12 0.479 Horace Mann Educators Financial Services 3.16 9.11 0.29

10 Methode Electronics, Inc...Hardware 2.44 7.11 0.25

Worst Selections Morningstar Sector Weight +/- Return +/- Effect1 Exide Technologies, Inc. Industrial Materials 3.43 -26.85 -0.982 SkyWest, Inc. Business Services 2.77 -24.83 -0.753 Chiquita Brands Internati... Consumer Goods 2.52 -25.59 -0.754 Graham Corporation Industrial Materials 3.05 -20.87 -0.725 Granite Construction Inc. Industrial Materials 2.62 -17.71 -0.526 Ennis, Inc. Consumer Goods 2.83 -14.98 -0.447 Suffolk Bancorp Financial Services 3.41 -7.94 -0.288 Old National Bancorp Financial Services 1.73 -15.33 -0.289 Cohu, Inc. Hardware 2.63 -8.46 -0.23

10 Ingles Markets, Inc. A Consumer Services 1.58 -15.40 -0.23


Cumulative Attribution Effects

Time Period: 1/1/2010 to 3/31/2010

- Cumulative Attribution Effects

Cumulative Weighting Effect

Cumulative Selection Effect

Cumulative Active Return

Attribution Effects

Weighting Effects

Selection Effects

Active Return

Attribution Effects %

4.00

3.00

2.00

1.00

0.00

-1.00

-2.00

2.00

1.00

0.00

-1.00

01-16-2010 01-23-2010 01-30-2010 02-06-2010 02-13-2010 02-20-2010 02-27-2010 03-06-2010 03-13-2010 03-20-2010 03-27-2010 03-31-2010


Attribution/Contribution

Time Period: 1/1/2010 to 3/31/2010

PortfolioWeights

BenchmarkWeights

PortfolioRescaledWeights

BenchmarkRescaledWeights

PortfolioReturn

BenchmarkReturn

PortoflioContribution

BenchmarkContribution

WeightingEffect

SelectionEffect

ActiveReturn

Business Services

Consumer Goods

Consumer Services

Energy

Financial Services

Hardware

Health Care


Media

Software

Telecommunications

Utilities

Unclassified

Attribution Total

Cash

Equity Missing Performance

Total

4.99 8.67 5.55 8.71 -0.54 9.22 0.04 0.79 0.05 -0.57 -0.53

14.99 8.17 16.67 8.21 24.84 12.79 4.05 1.04 0.24 1.94 2.18

4.98 8.00 5.53 8.03 11.59 15.83 0.46 1.27 -0.19 -0.29 -0.48

5.79 4.69 6.44 4.71 15.03 5.53 0.97 0.26 -0.11 0.65 0.54

16.92 34.35 18.82 34.49 14.67 12.05 2.77 4.10 -0.32 0.49 0.17

16.84 5.21 18.72 5.23 12.56 7.58 2.27 0.40 -0.31 0.98 0.67

2.54 4.33 2.82 4.35 13.20 6.37 0.39 0.28 0.06 0.20 0.25

15.47 14.48 17.19 14.54 -5.88 7.87 -0.83 1.17 -0.08 -2.33 -2.41

1.88 0.97 2.09 0.97 17.57 13.14 0.36 0.12 0.03 0.09 0.13

3.07 1.97 3.42 1.97 26.21 5.17 0.82 0.10 -0.05 0.70 0.65

0.00 2.54 0.00 2.55 9.88 0.00 0.26 0.00 0.00 0.00

2.47 6.17 2.75 6.20 1.03 2.43 0.05 0.15 0.26 -0.04 0.22

0.00 0.03 0.00 0.03 13.29 0.00 0.00 0.00 0.00 0.00

89.94 99.58 100.00 100.00 11.35 9.96 11.35 9.96 -0.42 1.82 1.39

4.64 0.00

5.42 0.42

100.00 100.00 11.35 9.96

Stock Analysis Sample

Relative to Peer GroupPeer Group (5-95%): Mstar EQ.CR Research

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

0.0

5.0

10.0

15.0

20.0

P/E Ratio 5 Yr Avg P/B Ratio 5 Yr Avg P/S Ratio 5 Yr Avg P/C Ratio 3 Yr Avg

25.0

30.0

35.0

40.0

Microsoft Corporation Adobe Systems Inc. IntuitOracle Corporation Sap AG ADR

Returns-Based Style AllocationTime Period: 10/1/2007 to 9/30/2012

-100.0 -50.0 0.0 50.0 100.0 150.0 200.0

Russell 1000 Value TR USD

Russell 1000 Growth TR USD



Microsoft Corporation

Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

Equity Characteristics

0.0 10.0 20.0 30.0

P/E Ratio 5 Yr Avg

P/B Ratio 5 Yr Avg

P/S Ratio 5 Yr Avg

P/C Ratio 3 Yr Avg


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR



Price/BookTime Period: 10/1/2007 to 9/30/2012

P/B -

Dai

ly

2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00


Price/EarningsTime Period: 10/1/2007 to 9/30/2012

P/E -

Dai

ly

2008 2009 2010 2011 20127.50

15.00

22.50

30.00

37.50

45.00

52.50

60.00


Price/Free Cash FlowTime Period: 10/1/2007 to 9/30/2012

P/FC

F -

Dai

ly

2008 2009 2010 2011 20120.00

20.00

40.00

60.00

80.00

100.00


Price/SalesTime Period: 10/1/2007 to 9/30/2012

P/S -

Dai

ly

2008 2009 2010 2011 20122.00

4.00

6.00

8.00

10.00




Market PerformanceTime Period: 10/1/2007 to 9/30/2012

Up Period Percent

Down Period Percent

Best Month

Worst Month

Best Quarter

Worst Quarter

Up Capture Ratio

Down Capture Ratio

R2

102.17

106.67

51.67

48.33

24.95

-16.34

30.22

-26.68

46.22

Investment GrowthTime Period: 10/1/2007 to 9/30/2012

3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/201250.00

60.00

70.00

80.00

90.00

100.00

110.00

120.00

130.00


PerformanceTime Period: 10/1/2007 to 9/30/2012

Return

Std Dev

Excess Return

Information Ratio (arith)

R2

Tracking Error

2.46

27.96

1.23

0.06

46.22

20.51

RiskTime Period: 10/1/2007 to 9/30/2012

Return

Std Dev

Downside Deviation

Alpha

Beta

R2

Sharpe Ratio (arith)

Tracking Error

2.46

27.96

12.10

3.19

0.97

46.22

0.07

20.51

Returns

Ret

urn

YTD 2011 2010 2009 2008 2007

-50.00-40.00-30.00-20.00-10.000.0010.0020.0030.0040.0050.0060.0070.00




3 Year Window Rolling ReturnsTime Period: 10/1/2007 to 9/30/2012

Rolling Window: 3 Years 1 Month shift

Ret

urn

10 11 12

2011

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

2012

01 02 03 04 05 06 07 08 09-22.50

-15.00

-7.50

0.00

7.50

15.00

22.50

30.00

37.50

Microsoft Corporation Adobe Systems Inc. Intuit

Oracle Corporation Sap AG ADR

Morningstar Equity StatisticsEquityStyleBox

(Long)

MorningstarRatingOverall

P/ERatio

(TTM)(Long)

EPS TTMEarningsYield %

TTM

Revenue(mil)TTM


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

É ÙÙÙ 20.70 1.57 4.71 4,402.41

É ÙÙÙÙ 15.60 2.02 6.33 36,928.00

È ÙÙÙÙ 14.88 2.00 6.78 73,723.00

É ÙÙ 23.36 2.60 4.15 4,151.00

É 18.59 2.98 5.36 19,675.98



Revenue Growth % 3 YrTime Period: 1/1/2008 to 12/31/2011

Rev

enue

Gro

wth

% 3

Yr

2008 2009 2010 20110.00

5.00

10.00

15.00

20.00

25.00


Net Income Growth % 3 YrTime Period: 1/1/2008 to 12/31/2011

Net

Inco

me

Gro

wth

% 3

Yr

2008 2009 2010 2011-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00



Trailing Returns

Ret

urn

YTD 1 year 3 years 5 years 10 years

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00



Trailing ReturnsData Point: Return

YTD 1 year 3 years 5 years 10 years 15 years


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

5.912.467.4922.8716.93 5.85

13.04-5.77-0.6134.2014.73 11.69

21.405.1114.4643.3537.05 8.89

10.0914.4627.8325.5012.85 17.45

15.218.3815.6310.3823.43 11.80



Monthly Market ReturnTime Period: 10/1/2011 to 9/30/2012

Month

ly M

arke

t Ret

urn

12/2011 3/2012 6/2012 9/2012-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00



Upside-Downside CaptureTime Period: 10/1/2007 to 9/30/2012

Up C

aptu

re R

atio

Down Capture Ratio

0.00 30.00 60.00 90.00 120.00 150.00 180.00 210.00

0.00

30.00

60.00

90.00

120.00

150.00 Microsoft Corporation

Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR


UpPeriod

Percent

DownPeriod

Percent

BestMonth

WorstMonth

BestQuarter

WorstQuarter

UpCapture

Ratio

DownCapture

RatioR2


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

102.17106.6751.67 48.33 24.95 -16.34 30.22 -26.68 46.22

158.83133.5453.33 46.67 28.08 -32.51 32.30 -46.06 65.87

98.67112.6551.67 48.33 19.24 -33.88 31.86 -32.21 59.36

61.15107.0258.33 41.67 18.47 -20.72 26.00 -24.74 29.61

98.60124.0058.33 41.67 22.91 -18.18 25.38 -16.37 53.77



Risk-RewardTime Period: 10/1/2007 to 9/30/2012

Ret

urn

Std Dev

0.00 10.00 20.00 30.00 40.00 50.00

-9.00

-5.00

-1.00

3.00

7.00

11.00

15.00


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR


Return Std DevDownsideDeviation

Alpha Beta R2Sharpe

Ratio(arith)

TrackingError


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

2.46 27.96 46.2212.10 3.19 0.97 0.07 20.51

-5.77 36.92 65.8716.70 -3.63 1.53 -0.17 23.95

5.11 31.27 59.3613.62 6.33 1.23 0.15 20.47

14.46 26.40 29.6115.26 14.59 0.73 0.53 22.78

8.38 29.03 53.7712.50 8.81 1.09 0.27 19.83



Sharpe Ratio

Shar

pe

Rat

io

3 years 5 years 10 years 15 years0.00

0.18

0.35

0.53

0.70

0.88

1.05

1.23

1.40


Standard Deviation

Std

Dev

3 years 5 years 10 years 15 years0.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.00


Beta

Bet

a




Historical Price Ratios


P/B -

Dai

ly

2005 2006 2007 2008 2009 20103

3.5

4

4.5

5

5.5

6

6.5

Abbott Laboratories


P/E -

Dai

ly

2005 2006 2007 2008 2009 20107.5

15

22.5

30

37.5

45

52.5

60

67.5

Abbott Laboratories

Price/Free Cash Flow

Time Period: 6/1/2005 to 5/31/2010

P/FC

F -

Dai

ly

2005 2006 2007 2008 2009 201010

15

20

25

30

35

Abbott Laboratories

Price/Sales

Time Period: 6/1/2005 to 5/31/2010

P/S -

Dai

ly

2005 2006 2007 2008 2009 20102

2.25

2.5

2.75

3

3.25

3.5

3.75

4

4.25

Abbott Laboratories

Return History


Ret

urn

2008/08 2008/11 2009/02 2009/05 2009/08 2009/11 2010/02 2010/05-5

0

5

10

15

Abbott Laboratories

Trailing Returns

Ret

urn

YTD 1 year 3 years 5 years 10 years-12

-10

-8

-6

-4

-2

0

2

4

6

8

10

Abbott Laboratories

Price / Fair ValueTime Period: 6/1/2005 to 5/28/2010

Pric

e /

Fair V

alue

2005/11 2006/05 2006/11 2007/05 2007/11 2008/05 2008/11 2009/05 2009/11 2010/050.6

0.7

0.8

0.9

1

1.1

1.2

Abbott Laboratories

Historical Price and Volume

Daily Price

Time Period: 6/1/2005 to 5/28/2010

Dai

ly C

losi

ng P

rice

2005/11 2006/05 2006/11 2007/05 2007/11 2008/05 2008/11 2009/05 2009/11 2010/0537.5

40

42.5

45

47.5

50

52.5

55

57.5

60

62.5

Abbott Laboratories

Daily VolumeTime Period: 6/1/2005 to 5/28/2010

Dai

ly V

olu

me

2005/11 2006/05 2006/11 2007/05 2007/11 2008/05 2008/11 2009/05 2009/11 2010/050

5M

10M

15M

20M

25M

30M

Growth

Revenue Growth % 3 Yr

Time Period: 1/1/2005 to 12/31/2009

Rev

enue

Gro

wth

% 3

Yr

2005 2006 2007 2008 20090

2

4

6

8

10

12

14

Abbott Laboratories

Net Margin %

Time Period: 1/1/2005 to 12/31/2009

Net

Mar

gin

% 1

Yr

2005 2006 2007 2008 20090

2.5

5

7.5

10

12.5

15

17.5

20

Abbott Laboratories


Net

Inco

me

Gro

wth

% 3

Yr

2005 2006 2007 2008 2009-15

-7.5

0

7.5

15

22.5

30

37.5

45

52.5

Gross Margin %Time Period: 1/1/2005 to 12/31/2009

Gro

ss M

argin

% 1

Yr

2005 2006 2007 2008 20090

7.5

15

22.5

30

37.5

45

52.5

60


Microsoft Corporation - Market PerformanceTime Period: 9/1/2007 to 8/31/2012

Inv Bmk1Up Period Percent

Down Period Percent

Best Month

Worst Month

Best Quarter

Worst Quarter

Up Capture Ratio

Down Capture Ratio

R2

53.33

46.67

24.95

-16.34

30.22

-26.68

100.0047.00

-22.48

16.50

-17.46

11.21

41.67

58.33

100.00

100.00

110.14

102.17


2/2008 8/2008 2/2009 8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/201250.00

60.00

70.00

80.00

90.00

100.00

110.00

120.00

130.00

Microsoft Corporation Russell 1000 TR USD

Microsoft Corporation - PerformanceTime Period: 9/1/2007 to 8/31/2012

Inv Bmk1

Return

Std Dev

Excess Return


R2

Tracking Error

3.70

27.91

0.11

2.23 0.00

0.0020.32

19.58

100.0047.00

1.47

Microsoft Corporation - RiskTime Period: 9/1/2007 to 8/31/2012

Inv Bmk1

Return

Std Dev

Downside Deviation

Alpha

Beta

R2

Sharpe Ratio (arith)

Tracking Error

3.70

27.91

0.11

0.0020.32

0.04

1.000.97

0.004.13

0.0011.81

19.58

100.0047.00

1.47

Returns

Ret

urn

YTD 2011 2010 2009 2008 2007

-50.00-40.00-30.00-20.00-10.000.0010.0020.0030.0040.0050.0060.0070.00

Microsoft Corporation Russell 1000 TR USD


Historical Price Ratios


P/B -

Dai

ly

2008 2009 2010 2011 20120.00

2.00

4.00

6.00

8.00

10.00

12.00



P/E -

Dai

ly

2008 2009 2010 2011 20127.50

15.00

22.50

30.00

37.50

45.00

52.50

60.00


Price/Free Cash FlowTime Period: 9/1/2007 to 8/31/2012

P/FC

F -

Dai

ly

2008 2009 2010 2011 20120.00

20.00

40.00

60.00

80.00

100.00


Price/SalesTime Period: 9/1/2007 to 8/31/2012

P/S -

Dai

ly

2008 2009 2010 2011 20122.00

4.00

6.00

8.00

10.00



Competitive Analysis



Ret

urn

09 10 11 12

2011

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

2012

01 02 03 04 05 06 07 08-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

Microsoft Corporation Adobe Systems Inc. IntuitOracle Corporation Sap AG ADR Russell 1000 TR USD

Morningstar Equity StatisticsEquityStyleBox

(Long)

MorningstarRatingOverall

P/ERatio

(TTM)(Long)

EPS TTMEarningsYield %

TTM

Revenue(mil)TTM


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

Russell 1000 TR USD

Ç ÙÙÙÙ 14.73 2.00 6.58 73,723.00

É ÙÙÙ 19.84 1.56 4.95 4,335.04

É ÙÙÙÙ 15.41 1.96 6.21 37,121.00

È 14.84

É ÙÙ 24.39 2.38 4.06 4,151.00

É ÙÙ 17.24 2.98 5.67 19,675.98


Growth


Rev

enue

Gro

wth

% 3

Yr

2008 2009 2010 20110.00

5.00

10.00

15.00

20.00

25.00



Net

Inco

me

Gro

wth

% 3

Yr

2008 2009 2010 2011-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00


Trailing Return History

Trailing Returns

Ret

urn

YTD 1 year 3 years 5 years 10 years

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00


Trailing ReturnsData Point: Return



Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

Russell 1000 TR USD

21.10

10.61

12.20

24.18

26.15

19.07

23.89

19.99

13.70

22.54

10.30

-0.16

28.70

14.00

11.43

3.70

-6.06

16.73

9.94

5.09

5.06

11.78

10.25

13.01

14.10

6.11

13.27

19.00

11.51

9.32

17.33 5.146.861.4713.37 13.82


Market Movement

Monthly Market ReturnTime Period: 9/1/2009 to 8/31/2012

Month

ly M

arke

t Ret

urn

2/2010 8/2010 2/2011 8/2011 2/2012 8/2012-22.50

-15.00

-7.50

0.00

7.50

15.00

22.50

30.00


Upside-Downside CaptureTime Period: 9/1/2007 to 8/31/2012

Up C

aptu

re R

atio

Down Capture Ratio

0.00 30.00 60.00 90.00 120.00 150.00 180.00 210.00

0.00

30.00

60.00

90.00

120.00


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

Russell 1000 TR USD


UpPeriod

Percent

DownPeriod

Percent

BestMonth

WorstMonth

BestQuarter

WorstQuarter

UpCapture

Ratio

DownCapture

RatioR2


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

Russell 1000 TR USD

53.33

53.33

58.33

60.00

51.67

46.67

46.67

41.67

40.00

48.33

24.95

28.08

18.47

22.91

19.24

-16.34

-32.51

-20.72

-18.18

-33.88

30.22

32.30

26.00

25.38

31.86

-26.68

-46.06

-24.74

-16.37

-32.21

100.00

59.58

54.40

30.17

65.67

47.00

-22.4816.50-17.4611.2141.6758.33 100.00 100.00

111.56 98.67

128.20 98.60

113.30 61.15

131.21 158.83

110.14 102.17


Risk Statistics


Ret

urn

Std Dev

0.00 10.00 20.00 30.00 40.00 50.00

-10.00

0.00

10.00

20.00

30.00 Microsoft CorporationAdobe Systems Inc.IntuitOracle CorporationSap AG ADRRussell 1000 TR USD



Alpha Beta R2Sharpe

Ratio(arith)

TrackingError


Adobe Systems Inc.

Intuit

Oracle Corporation

Sap AG ADR

Russell 1000 TR USD

3.70

-6.06

16.73

9.94

5.09

27.91

36.89

26.74

29.14

31.26

0.11

-0.18

0.60

0.32

0.14

0.00

20.40

19.78

22.89

23.95

20.32

0.041.00

1.23

1.10

0.75

1.52

0.97

0.00

6.02

9.99

16.42

-4.28

4.13

0.00

13.62

12.42

15.23

16.72

11.81

19.58 100.00

59.58

54.40

30.17

65.67

47.00

1.47


Risk Statistics

Sharpe Ratio

Shar

pe

Rat

io

3 years 5 years 10 years 15 years-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40


Standard Deviation

Std

Dev



Beta

Bet

a




Starbucks CorporationSBUX

Stock PriceTime Period: 9/1/2007 to 8/31/2012

Daily

Clo

sing

Pric

e

2007 2008 2009 2010 2011 20120.0

750.0

1,500.0

2,250.0

3,000.0

3,750.0

4,500.0

5,250.0

6,000.0

Daily

Vol

ume

2007 2008 2009 2010 2011 20120M

19M

38M

57M

76M

Growth of 10,000Time Period: 9/1/2002 to 8/31/2012

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20122,500

10,000

17,500

25,000

32,500

40,000

47,500

55,000

62,500

Trailing Returns

Retu

rn

1 day 1 week 1 month 3 month YTD 1 year 3 years 5 years 10 years 15 years-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

16.717.813.4

40.3

34.2

9.0

-4.5

13.4

0.0 1.00.0-0.2

1.4

10.713.5

22.5

14.3

1.3

7.04.7

Company ProfileSector

Industry

Equity Style Box (Long)

Last Close

Price 52 Wk High

Price 52 Wk Low

Market Cap (mil) (Daily)

Avg Daily Volume (1 Mo)

P/E Ratio Forward

P/B Ratio Current

P/S Ratio Current

P/C Ratio Current

Firm Phone

Firm Web Address

Consumer Cyclical

Restaurants

É

49.51

62.00

35.12

37,627.60

7,727,887

22.37

6.99

2.95

23.70

+1 206 447-1575

http://www.starbucks.com

Rating and GradeMorningstar Rating Overall

Economic Moat

Morningstar Stewardship Grade

Growth Grade

Profitability Grade

Financial Health Grade

Morningstar Fair Value per Share

Fair Value Uncertainty

Consider Buying

Consider Selling

Morningstar Credit Rating

ÙÙÙ

Wide

C

C

A

53.00

Medium

37.10

71.55

A-

DividendsLatest Dividend Date

Latest Dividend

Dividend Yield % TTM

Forward Dividend Yield %

Annual Dividend 2011





8/6/2012

0.17

1.37

1.37

0.56

0.36



Historical Valuation - Price/Fair ValueTime Period: 9/1/2007 to 8/31/2012

Pric

e / F

air V

alue

2/2008 8/2008 2/2009 8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/20120.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

Historical Valuation - Price/BookTime Period: 9/1/2007 to 8/31/2012

P/B

- Dai

ly

2008 2009 2010 2011 20122.0

4.0

6.0

8.0

10.0

Historical Valuation - Price/EarningsTime Period: 9/1/2007 to 8/31/2012

P/E

- Dai

ly

2008 2009 2010 2011 20120.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

Historical Valuation - Price/Free Cash FlowTime Period: 9/1/2007 to 8/31/2012

P/FC

F - D

aily

2008 2009 2010 2011 20120.0

20.0

40.0

60.0

80.0

100.0

120.0

Historical Valuation - Price/SalesTime Period: 9/1/2007 to 8/31/2012

P/S

- Dai

ly

2008 2009 2010 2011 20120.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0




Reve

nue

Grow

th %

3 Y

r

2008 2009 2010 20110.0

5.0

10.0

15.0

20.0

17.7

7.9

4.4 4.1


Net I

ncom

e Gr

owth

% 3

Yr

2008 2009 2010 2011-20.0

0.0

20.0

40.0

60.0

-13.9-11.5

12.0

58.1

Gross Margin % 1 YrTime Period: 1/1/2008 to 12/31/2011

Gros

s M

argi

n %

1 Y

r

2008 2009 2010 20110.0

10.0

20.0

30.0

40.0

50.0

60.055.3 55.8

58.4 57.7

CFO Growth % 3 YrTime Period: 1/1/2008 to 12/31/2011

CFO

Grow

th %

3 Y

r

2008 2009 2010 20110.0

2.0

4.0

6.0

8.0

10.0

12.010.9

7.1

8.6 8.6

Net Margin % 1 YrTime Period: 1/1/2008 to 12/31/2011

Net M

argi

n %

1 Y

r

2008 2009 2010 20110.0

2.0

4.0

6.0

8.0

10.0

12.0

3.0

4.0

8.8

10.7

FCF Growth % 3 YrTime Period: 1/1/2008 to 12/31/2011

FCF

Grow

th %

3 Y

r

2008 2009 2010 2011-20.0

0.0

20.0

40.0

60.0

80.0

-0.7

37.8

71.4

58.0


Sample TPA Report

Portfolio Weights

Portfolio Date: 12/31/2011

Portfolio: TPA to AA

%

US Large Cap 20.0

US Small Cap 10.0

Intl Equity 20.0

US Fixed Inc 10.0

US High Yield Fixed Inc 10.0

Intl Fixed Inc 10.0

Real Estate 10.0

Commodities 10.0

Total 100.0

Policy Weights



%

US Large Cap 20.0

US Small Cap 10.0

Intl Equity 15.0

US Fixed Inc 15.0

US High Yield Fixed Inc 15.0

Intl Fixed Inc 10.0

Real Estate 5.0

Commodities 10.0

Total 100.0


Sample TPA Report

Contribution

0.0 0.8 1.5 2.3 3.0 3.8

Allocation

0.0 0.1 0.2 0.3 0.4

Manager Selection

-0.2 0.0 0.2 0.4 0.6 0.8

Active Return

-0.5 0.0 0.5 1.0 1.5

Top 5 Asset Class Contributors

GroupingsActual

Weights

PortfolioNet

Return

RelativeNet

Return


ActiveReturn

US Large Cap

Intl Equity

Real Estate

US Small Cap

US High Yield Fixed Inc

20.00 17.53 2.84 3.48 0.54

20.00 15.31 5.79 3.04 1.27

10.00 12.46 -0.43 1.24 0.24

10.00 9.90 -2.54 0.99 -0.25

10.00 9.68 4.35 0.97 0.53

Top 5 Manager Contributors

HoldingsActual

Weights

PortfolioNet

Return

RelativeNet

Return


ActiveReturn

Harbor Capital Appreciation Instl

Lazard Emerging Markets Equity Instl

Harris Assoc. Large Cap Value

Hansberger International Core Equity

DWS RREEF Global Real Estate Secs I

10.00 19.08 4.39 1.89 0.42

10.00 17.32 3.25 1.71 0.78

10.00 15.99 3.09 1.59 0.13

10.00 13.30 2.07 1.33 0.38

10.00 12.46 -0.06 1.24 -0.04

Top 5 Asset Class Detractors

GroupingsActual

Weights

PortfolioNet

Return

RelativeNet

Return


ActiveReturn

Intl Fixed Inc

US Fixed Inc

Commodities


US Small Cap

10.00 1.96 0.80 0.19 0.08

10.00 2.88 2.58 0.29 0.62

10.00 3.19 2.31 0.31 0.24

10.00 9.68 4.35 0.97 0.53

10.00 9.90 -2.54 0.99 -0.25

Top 5 Manager Detractors

HoldingsActual

Weights

PortfolioNet

Return

RelativeNet

Return


ActiveReturn

T. Rowe Price International Bond Adv

PIMCO Total Return Instl

PIMCO Commodity Real Ret Strat Instl

Loomis Sayles High Income A Load Waived

Diamond Hill Small Cap Equity

10.00 1.96 2.18 0.19 0.08

10.00 2.88 2.16 0.29 0.27

10.00 3.19 2.31 0.31 0.24

10.00 9.68 4.53 0.97 0.44

10.00 9.90 -1.69 0.99 -0.25


Sample TPA Report

Allocation Effects

Time Period: 1/1/2012 to 3/31/2012


Underperform Outperform

Overw

eig

ht

Un

derw

eig

ht

Rel

ativ

e W

eight

Relative Return

6.00

3.00

0.00

-3.00

-6.00-10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00

4 32 1

4

3 2

1

Best Weighting Weight +/- Return +/- Effect

1 US Fixed Inc -5.00 -6.92 0.35

2 Real Estate 5.00 5.67 0.28

3 Intl Equity 5.00 2.30 0.12

4 US High Yield Fixed Inc -5.00 -1.89 0.10

Worst Weighting Weight +/- Return +/- Effect

1 US Large Cap 0.00 7.46 0.00

2 Intl Fixed Inc 0.00 -6.07 0.00

3 US Small Cap 0.00 5.21 0.00

4 Commodities 0.00 -6.34 0.00


Sample TPA Report

Attribution

Time Period: 1/1/2012 to 3/31/2012


GroupingsActual

WeightsPolicy

Weights

PortfolioGross

Return

PolicyGross

Return

PortfolioNet

Return

PolicyNet

Return


PolicyContribution

AllocationEffect

SelectionEffect

ManagerMisfit

ManagerFee

ActiveReturn

US Large Cap

US Small Cap

Intl Equity

US Fixed Inc


Intl Fixed Inc

Real Estate

Commodities

Total

20.00 20.00 17.63 14.69 17.53 14.69 3.48 2.89 0.00 0.72 -0.17 0.54

10.00 10.00 9.90 12.44 9.90 12.44 0.99 1.23 0.00 -0.17 -0.08 -0.25

20.00 15.00 15.47 9.52 15.31 9.52 3.04 1.43 0.12 0.51 0.64 1.27

10.00 15.00 3.00 0.30 2.88 0.30 0.29 0.04 0.35 0.23 0.04 0.62

10.00 15.00 10.00 5.34 9.68 5.34 0.97 0.80 0.10 0.46 -0.02 0.53

10.00 10.00 2.26 1.16 1.96 1.16 0.19 0.11 0.00 0.23 -0.14 0.08

10.00 5.00 12.75 12.90 12.46 12.90 1.24 0.64 0.28 -0.01 -0.04 0.24

10.00 10.00 3.38 0.89 3.19 0.89 0.31 0.09 0.00 0.24 0.00 0.24

100.00 100.00 10.69 7.23 10.51 7.23 10.51 7.23 0.85 2.21 0.23 3.29


Sample TPA Report

Cumulative Attribution Effects

Time Period: 1/1/2012 to 3/31/2012


1/2012 2/2012 3/2012

3.60

2.70

1.80

0.90

0.00

-0.90

-1.80

3.00

1.50

0.00

-1.50

-3.00

Cumulative Attribution Effects Attribution Effect %

My Asset Class Allocation

Manager Selection

Manager Benchmark Misfit

Active Return

Attribution Effect

My Asset Class Allocation

Manager Selection

Manager Benchmark Misfit

Active Return


Sample TPA Report

Portfolio Allocation Stacked Bar

Time Period: 1/1/2012 to 3/31/2012


0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

1/2012 2/2012 3/2012

US Large Cap US Small Cap Intl Equity

US Fixed Inc US High Yield Fixed Inc Intl Fixed Inc

Real Estate Commodities


Sample TPA Report

Attribution

Time Period: 1/1/2012 to 3/31/2012


HoldingsActual

WeightsPolicy

Weights

PortfolioGross

Return

PolicyGross

Return

PortfolioNet

Return

PolicyNet

Return


SelectionEffect

ManagerMisfit

ManagerFee

ActiveReturn


Harris Assoc. Large Cap Value

Diamond Hill Small Cap Equity

Lazard Emerging Markets Equity Instl

Hansberger International Core Equity

PIMCO Total Return Instl

Loomis Sayles High Income A Load Waived

T. Rowe Price International Bond Adv

DWS RREEF Global Real Estate Secs I


10.00 19.28 14.69 19.08 14.69 1.89 0.42 0.00 0.42

10.00 15.99 12.90 15.99 12.90 1.59 0.30 -0.17 0.13

10.00 9.90 11.59 9.90 11.59 0.99 -0.17 -0.08 -0.25

10.00 17.65 14.07 17.32 14.07 1.71 0.31 0.47 0.78

10.00 13.30 11.23 13.30 11.23 1.33 0.21 0.17 0.38

10.00 3.00 0.72 2.88 0.72 0.29 0.23 0.04 0.27

10.00 10.00 5.15 9.68 5.15 0.97 0.46 -0.02 0.44

10.00 2.26 -0.22 1.96 -0.22 0.19 0.23 -0.14 0.08

10.00 12.75 12.52 12.46 12.52 1.24 -0.01 -0.04 -0.04

10.00 3.38 0.89 3.19 0.89 0.31 0.24 0.00 0.24


RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Manager StyleTime Period: 10/1/2007 to 9/30/2012

Rolling Window: 1 Year 1 Month shift





Manager A

Manager B

Manager C

Russell Midcap Growth

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc.


Risk / ReturnTime Period: 10/1/2007 to 9/30/2012

Ret

urn

Standard Deviation

0.0 10.0 20.0 30.0 40.0

-11.0

-7.0

-3.0

1.0

5.0

9.0

13.0

17.0 Manager A

Manager B

Manager C


Risk / Return Table

Return(%)

StdDev(%)

DownsideRisk(%)

Betavs.

Market

Alphavs.

Market(%)

R-Squaredvs.

Market(%)

SharpeRatio

TrackingErrorvs.

Market(%)

Observs.

Manager A

Manager B

Manager C


5.07

3.90

1.11

2.54

23.16

24.78

26.60

23.18

3.79

4.73

4.31

0.00

0.97

1.02

1.12

1.00

2.56

1.61

-1.13

0.00

93.63

91.52

95.07

100.00

0.19

0.13

0.02

0.08

5.91

7.25

6.52

0.00

60

60

60

60




Calendar Year Return

Ret

urn

2011 2010 2009 2008 2007

-60.0

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0 Manager A

Manager B

Manager C


Manager vs Benchmark: Return1 year 3 years 5 years

Manager A

Manager B

Manager C


35.94

22.00

22.45

26.69

20.75

14.04

5.88

14.73

5.07

3.90

1.11

2.54




Upside / DownsideTime Period: 10/1/2007 to 9/30/2012

Upsi

de

%

Downside %

80.0 85.0 90.0 95.0 100.0 105.0 110.0 115.0 120.0

80.0

85.0

90.0

95.0

100.0

105.0

110.0

115.0

120.0 Manager A

Manager B

Manager C


# ofMonths

Up

# ofMonthsDown

UpCaptureReturn

DownCaptureReturn

UpsideDeviation

DownsideDeviation

BestMonth

WorstMonth

BestQuarter

WorstQuarter

UpCaptureRatio

DownCaptureRatio

R-Squared

Manager A

Manager B

Manager C


33

33

32

34

27

27

28

26

5.17

5.35

5.52

4.95

-5.48

-5.89

-6.59

-5.67

4.52

5.44

4.83

0.00

3.79

4.73

4.31

0.00

15.07

15.29

18.61

14.21

-19.76

-22.63

-22.48

-21.95

18.08

23.97

26.78

20.67

-25.49

-28.08

-28.29

-27.36

104.45

108.02

111.53

100.00

96.75

103.99

116.22

100.00

93.63

91.52

95.07

100.00




Return / TimeTime Period: 10/1/2007 to 9/30/2012


Ret

urn

12

2009

03 06 09 12

2010

03 06 09 12

2011

03 06 09 12

2012

03 06 09-50.0

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0 Manager A

Manager B

Manager C





Alpha vs Market Benchmark / TimeTime Period: 10/1/2007 to 9/30/2012


Alp

ha

12

2009

03 06 09 12

2010

03 06 09 12

2011

03 06 09 12

2012

03 06 09-17.5

-15.0

-12.5

-10.0

-7.5

-5.0

-2.5

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

20.0

22.5

25.0 Manager A

Manager B

Manager C




Information Ratio vs. Market Benchmark / TimeTime Period: 10/1/2007 to 9/30/2012


Info

rmat

ion R

atio

(arith

)

12

2009

03 06 09 12

2010

03 06 09 12

2011

03 06 09 12

2012

03 06 09-3.5

-3.0

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5 Manager A

Manager B

Manager C




Manager vs Morningstar Banchmark: Return RankPeer Group: Open End Funds - U.S. - Mid-Cap Growth

1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile

Ret

urn

Ran

k

100.0

75.0

50.0

25.0

0.0

Dec 2007- - - - - - - - - - - Dec 2008 - - - - - - - - - - - Dec 2009 - - - - - - - - - - - Dec 2010 - - - - - - - - - - - Dec 2011

Manager A Manager B Manager C


1 year 3 years 5 years

Manager A

Manager B

Manager C


Median

Count

35.94

22.00

22.45

26.69

20.75

14.04

5.88

14.73

5.07

3.90

1.11

2.54

24.76

768

12.95

736

1.35

708




DEFINITIONS

Alpha - Alpha is a risk (beta adjusted) measurement. Officially, alpha measures the difference between a portfolio's actual returns and what it might be expected to deliver based on its level of risk. Higher risk generally means higher reward. A positive alpha means the fund has beaten expectations. A negative alpha means that the manager failed to match performance with risk. If two managers had the same return but one had a lower beta, that manager would have a higher alpha. StyleADVISOR uses the standard intercept calculation.

Beta - Beta represents the systematic risk of a portfolio and measures its sensitivity to a benchmark. A portfolio with a beta of one is considered as risky as the benchmark and would therefore provide expected returns equal to those of the market during both up and down periods. A portfolio with a beta of two would move approximately twice as much as the benchmark.

Downside Risk - The downside standard deviation, also referred to as downside risk, differs from the ordinary standard deviation insofar as the sum is restricted to those returns that are less than the mean. The downside standard deviation shows the average size of the deviations from the mean when the return is negative. It is often used as a measure of the downside risk of a manager.

Excess Return - The difference between the returns of two portfolios. Usually excess return is the difference between a manager's return and the return of a benchmark for that manager. In the contextof a beta benchmark, excess return refers to the difference between a manager or market benchmark and Tbills.

Semi - Standard Deviation - The semi-standard deviation is a characterization of the downside risk of a distribution. Essentially it represents the standard deviation of all returns falling below the mean. The semi-variance of the returns below the mean (to the left of the distribution) is calculated. The semi-standard deviation is the square root of the semi-variance. The semi-variance (standard deviation) is always lower than the total variance (standard deviation) of the distribution.

Sharpe Ratio - The Sharpe Ratio, developed by Professor William F. Sharpe, is a measure of reward per unit of risk -- the higher the Sharpe Ratio, the better. It is a portfolio's excess return over the risk-free rate divided by the portfolio's standard deviation. The portfolio's excess return is its geometric mean return minus the geometric mean return of the risk-free instrument (by default, t-bills).

Standard Deviation - A statistical measure of volatility, indicates the 'risk' associated with a return series.

Up and Down Capture - The up and down capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously.



Active Alternative Core Strategy

Blend Weights


%

First Eagle Gold A 19.6

Vanguard Interm-Term Treasury Inv 19.2

Amana Trust Growth 14.1

Vanguard GNMA Inv 10.6

Franklin Templeton Hard Currency A 10.3

Merger 10.0

Gateway A 7.5

ICON Energy S 6.8

Citi Treasury Bill 3 Mon USD 1.9

Total 100.0

Page 1 of 18



Manager Performance

Time Period: 10/1/2002 to 9/30/2012

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012100.0

120.0

140.0

160.0

180.0

200.0

220.0

240.0

260.0

Active Alternative Core Strategy 60-40 S&P-Barcap Agg US OE Moderate Allocation

Cumulative Excess Return vs Benchmark

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-10.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

AnnualizedReturn

CumulativeReturn

Std DevAnnualized

ExcessReturn

CumulativeExcessReturn

InformationRatio

SharpeRatio

(arith)

TrackingError


60-40 S&P-Barcap Agg

US OE Moderate Allocation

9.80 9.80 8.71

6.67 6.67 7.88

3.13 3.13

0.00 0.00

0.45 7.03

0.00

0.92

0.62

6.42 6.42 10.56 -0.25 -0.25 -0.08 0.44 3.26

Page 2 of 18



Manager vs Benchmark: Return

Ret

urn

YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

16.0

17.0

18.0

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

YTD 1 year 2 years 3 years 4 years 5 years 10 yearsSince

Inception




5.18 7.74 5.27 7.50 8.30 5.96 9.80

6.67

9.79

4.7110.29 17.20 10.00 9.71 7.55 3.39

10.56 17.93 8.20 8.51 6.68 1.56 6.42 7.90

Page 3 of 18



Calendar Year Returns

Ret

urn

YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002

-20.0

-18.0

-16.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0


YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002




5.18

10.29

0.64

4.86

14.21

10.81

15.71

15.30

-6.65

-19.41

13.99

6.10

11.40

10.77

11.58

3.81

7.79

7.88

19.09

16.09

10.56 -0.40 11.73 24.04 -28.19 5.92 11.29 5.13 8.81 20.22

Page 4 of 18



Historical Asset Allocation

Time Period: 10/1/2002 to 9/30/2012

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Stock Bond CashOther

Holdings-Based Style Trail

Time Period: 10/31/2002 to 9/30/2012

Mic

roSm

all

Mid

Larg

eG

iant

Deep-Val Core-Val Core Core-GrthHigh-Grth

Start Date End Date

Active Alternative Core Strategy 10/31/2002 9/30/2012

60-40 S&P-Barcap Agg 10/31/2002 9/30/2012

US OE Moderate Allocation 10/31/2002 9/30/2012

Returns-Based Style Analysis

Time Period: 10/1/2002 to 9/30/2012

Morningstar Large Value TR USD

Morningstar Large Growth TR USD

Morningstar Small Value TR USD

Morningstar Small Growth TR USD




Asset Allocation

17.5

11.3

31.4

3.5

8.0

9.8

6.0

10.8

5.9

10.9

8.9

12.0

3.1

14.6

16.0

20.2

1.9

3.3

1.2

3.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Energy Materials Industrials Consumer Discretionary

Consumer Staples Healthcare Financials Information Technology

Telecom Services Utilities


Page 5 of 18



Risk / Return

Time Period: 10/1/2002 to 9/30/2012

Ret

urn

Std Dev

0.0 3.0 6.0 9.0 12.0 15.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0 Active Alternative Core Strategy




Alpha Beta R2Sharpe

Ratio(arith)

TrackingError

Observations




9.80

6.67

8.71

7.88

4.20

0.00

7.03

0.00

120.00

120.00

4.43

0.00

0.71

1.00

41.76

100.00

0.92

0.62

6.42 10.56 2.45 -1.54 1.31 95.91 0.44 3.26 120.00

Page 6 of 18



Upside / Downside

Time Period: 10/1/2002 to 9/30/2012

Up C

aptu

re R

atio

Down Capture Ratio

0.0 30.0 60.0 90.0 120.0 150.0 180.0 210.0

0.0

30.0

60.0

90.0

120.0

150.0




Up NumberDown

NumberUpside

DeviationDownsideDeviation

BestMonth

WorstMonth

BestQuarter

WorstQuarter

UpCapture

Ratio

DownCapture

RatioR2




81

79

39

41

5.66

0.00

4.20 6.81

0.00 5.31 -10.00

8.11

9.19

-7.34

-9.46

-9.93 90.79

100.00

44.83

100.00

41.76

100.00

79 41 2.13 2.45 7.18 -13.33 122.46 143.76 95.9113.18 -15.09

Page 7 of 18



Time Period: 10/1/2002 to 9/30/2012

Up NumberDown

NumberUpside

DeviationDownsideDeviation

BestMonth

WorstMonth

BestQuarter

WorstQuarter

UpCapture

Ratio

DownCapture

RatioR2




81

79

39

41

5.66

0.00

4.20

0.00

6.81

5.31 -10.00

-9.93 8.11

9.19

-7.34

-9.46

90.79

100.00

44.83

100.00

41.76

100.00

79 41 2.13 2.45 7.18 -13.33 122.46 143.76 95.9113.18 -15.09

Alp

ha

Alpha

0.0

0.3

0.5

0.8

1.0

1.3

1.5

1.8

2.0

2.3

2.5

2.8

3.0

3.3

3.5

3.8

4.0

4.3

4.5

Bet

a

Beta

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

0.4

0.5

0.5

0.6

0.6

0.7

0.7

0.8

0.8

0.9

0.9

1.0

1.0

Exc

ess

Ret

urn

Excess Return

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

2.8

3.0

3.2

Shar

pe

Rat

io

Sharpe Ratio

0.0

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

0.4

0.5

0.5

0.6

0.6

0.7

0.7

0.8

0.8

0.9

0.9



Info

rmat

ion R

atio

(arith

)

Information Ratio

0.0

0.0

0.1

0.1

0.2

0.2

0.3

0.3

0.4

0.4

0.5

Page 8 of 18



Manager vs Benchmark: Downside Deviation

Dow

nsi

de

Dev

iation

YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception

0.00.51.01.52.02.53.03.54.04.55.05.5


Manager vs Benchmark: Sharpe Ratio

Shar

pe

Rat

io

YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception0.00.30.50.81.01.31.51.82.02.32.5


Manager vs Benchmark: Standard Deviation

Std

Dev

YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception0.01.02.03.04.05.06.07.08.09.010.011.0


Page 9 of 18



Histogram of Returns

Time Period: 10/1/2002 to 9/30/2012

Per

cent

of

Periods

-10.0 -9.0 -8.0 -7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.00.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0


Skewness KurtosisMax

Drawdown

MaxDrawdown #

ofPeriods

MaxDrawdown

PeakDate

MaxDrawdown

ValleyDate

SortinoRatio

Omega




-0.59

-1.12

2.14

3.39

-16.66

-28.17

8.00

16.00

3/1/2008

11/1/2007

10/31/2008

2/28/2009

1.50

0.92

1.98

1.61

-1.03 3.19 -37.94 16.00 11/1/2007 2/28/2009 0.67 1.41

Page 10 of 18



Excess Return vs Market Benchmark / Time

Time Period: 10/1/2002 to 9/30/2012


Exc

ess

Ret

urn

12

2006

03 06 09 12

2007

03 06 09 12

2008

03 06 09 12

2009

03 06 09 12

2010

03 06 09 12

2011

03 06 09 12

2012

03 06 09-5.0

-2.5

0.0

2.5

5.0

7.5

10.0


Gain Deviation vs Market Benchmark / Time

Time Period: 10/1/2002 to 9/30/2012


Gai

n D

evia

tion

12

2006

03 06 09 12

2007

03 06 09 12

2008

03 06 09 12

2009

03 06 09 12

2010

03 06 09 12

2011

03 06 09 12

2012

03 06 092.0

4.0

6.0

8.0

10.0


Page 11 of 18



Batting Average vs Market Benchmark / Time

Time Period: 10/1/2002 to 9/30/2012


Bat

ting A

vera

ge

12

2006

03 06 09 12

2007

03 06 09 12

2008

03 06 09 12

2009

03 06 09 12

2010

03 06 09 12

2011

03 06 09 12

2012

03 06 0940.0

60.0

80.0

100.0

120.0


Excess Return and Batting Average vs Market Benchmark

Time Period: 10/1/2002 to 9/30/2012

Exc

ess

Ret

urn

Batting Average

0.0 20.0 40.0 60.0 80.0 100.0 120.0

-1.0

0.0

1.0

2.0

3.0




Page 12 of 18



Drawdown

Time Period: 10/1/2002 to 9/30/2012

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012-30.0

-28.0

-26.0

-24.0

-22.0

-20.0

-18.0

-16.0

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0


MaxDrawdown

MaxDrawdown #

ofPeriods

MaxDrawdown

Recovery #of

Periods

MaxDrawdownRecovery

Date

MaxDrawdown

PeakDate

MaxDrawdown

ValleyDate

MaxGainEnd

Date

Gain/LossRatio



-16.66

-28.17

8.00

16.00

11.00

22.00

9/30/2009

12/31/2010

3/1/2008

11/1/2007

10/31/2008

2/28/2009

9/30/2012

9/30/2012

2.30

1.92

Page 13 of 18



Performance Relative to Peer Group

Peer Group (5-95%): Open End Funds - U.S. - Moderate Allocation


Ret

urn

-2.0

0.0

2.0

4.0

6.0

YTD 1 year 2 years 3 years 4 years 5 years 10 years

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0


YTD 1 year 2 years 3 years 4 years 5 years 10 yearsSince

Inception




Count

10.56 17.93 8.20 8.51 6.68 1.56 6.42 7.90

10.29 17.20 10.00 9.71 7.55 3.39 6.67 4.71

5.18 7.74 5.27 7.50 8.30 5.96 9.80 9.79

898 893 826 770 728 669 380 829

Page 14 of 18



Performance Relative to Peer Group (Descending Rank)

Peer Group: Open End Funds - U.S. - Moderate Allocation

1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile

Ret

urn

(D

esce

ndin

g R

ank)

100.0

75.0

50.0

25.0

0.0



36-Month Rolling Returns

12/2003 12/2004 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010




14.71

4.71

12.73

9.14

10.24

7.45

12.32

6.85

5.84

-1.79

7.18

-0.47

7.25

0.98

9.97

10.24

4.82 11.20 8.38 7.41 -5.41 -1.92 -0.16 11.34

Page 15 of 18



Alpha Relative to Peer Group



Alp

ha

-12.0-10.0-8.0-6.0-4.0

YTD 1 year 2 years 3 years 4 years 5 years 10 years

-2.00.02.04.06.0


Information Ratio Relative to Peer Group



Info

rmat

ion R

atio

(arith

)

YTD 1 year 2 years 3 years 4 years 5 years 10 years-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

Sharpe Ratio Relative to Peer Group



Shar

pe

Rat

io

YTD 1 year 2 years 3 years 4 years 5 years 10 years-0.50.00.51.01.52.02.5

Page 16 of 18



Correlation Matrix

Time Period: 10/1/2002 to 9/30/2012

1 2 3 4 5 6 7 8 9 10 11

1.00

0.64 1.00

0.50 0.83 1.00

0.72 0.71 0.55 1.00

0.89 0.29 0.16 0.46 1.00

0.30 0.56 0.55 0.34 0.05 1.00

0.72 0.51 0.47 0.56 0.52 0.19 1.00

0.26 -0.13 -0.11 -0.12 0.27 -0.12 0.14 1.00

0.20 -0.25 -0.19 -0.22 0.24 -0.20 0.17 0.88 1.00

0.03 0.00 0.03 0.03 0.02 0.03 0.03 -0.02 0.02 1.00

0.65 0.90 0.89 0.64 0.29 0.58 0.56 0.09 -0.04 -0.05 1.00

1 Active Alternative Core Strategy

2 Amana Trust Growth

3 Gateway A

4 ICON Energy S

5 First Eagle Gold A

6 Merger

7 Franklin Templeton Hard Currency A

8 Vanguard GNMA Inv

9 Vanguard Interm-Term Treasury Inv

10 Citi Treasury Bill 3 Mon USD

11 60-40 S&P-Barcap Agg

Page 17 of 18



Active Alternative Core Strategy - Monthly Returns

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2012

2011

2010

2009

2008

2007

3.23

-1.12

-2.49

-1.71

0.49

-0.18

0.77

2.76

2.02

-2.40

2.09

0.99

-1.98

0.59

1.61

4.20

-1.55

1.02

-0.53

2.57

2.91

0.56

0.14

1.68

-3.53

-1.16

-2.80

6.81

0.68

0.73

1.77

-1.53

0.27

-2.39

0.60

-0.38

0.83

1.27

1.90

2.79

-1.83

1.26

2.13

0.31

1.09

0.61

-2.23

0.09

2.56

-5.23

4.46

3.89

-3.46

5.83

4.76

1.74

-0.19

-9.93

3.44

0.09

0.64

5.00

3.21

-1.55

-2.31

2.26

-1.94

5.79

0.45

0.64

14.21

15.71

-6.65

13.99

60-40 S&P-Barcap Agg - Monthly Returns

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2012

2011

2010

2009

2008

2007

2.70

1.29

-1.04

-4.33

-2.80

0.87

2.21

1.92

1.70

-4.86

-1.77

-0.52

1.47

0.05

2.92

4.41

-0.09

0.65

0.18

2.17

1.31

4.36

2.61

2.81

-2.76

0.00

-3.66

2.91

0.42

1.77

2.13

-1.02

-1.75

0.40

-4.85

-1.12

1.38

-0.32

3.86

4.35

-0.50

-1.53

1.21

-2.11

-1.52

2.25

1.22

1.39

1.43

-3.16

4.25

2.34

-5.50

2.52

5.31

2.05

-0.65

-10.00

1.31

-0.15

-0.28

3.55

-1.85

-1.79

1.06

2.81

0.16

2.50

-0.29

4.86

10.81

15.30

-19.41

6.10

Page 18 of 18


3.12 Dynamic Text Sample

OTCFX

Ï

S&P 500 TR

US OE Small Growth

4

21

582

1.05

5.88

1.53

PCRIX

Morningstar Long-Only Commodity

TR

US OE Commodities Broad Basket

1

1

35

2.43

2.14

-4.56

MSUSX

Ë

MSCI World NR USD

US OE Real Estate

58

118

201

1.39

-2.15

1.82

HACAX

É

S&P 500 TR

1.05

3.40

1.14

US OE Large Growth

159

1,311

12 20

183

938

1.05

0.79

-0.75

RWMFX

È

S&P 500 TR

US OE Large Value

1.05

5.77

1.44

POAGX

Ì

S&P 500 TR

US OE Mid-Cap Growth

4

24

597

4

29

888

PTTRX

US OE Intermediate-Term Bond

Barclays US Agg Bond TR USD

8.92

6.53

6.36

32

54

168

LSBDX

È

US OE Multisector Bond

Barclays US Agg Bond TR USD

7.40

6.53

6.96

DODFX

È

US OE Foreign Large Blend

MSCI EAFE NR USD

28

164

593

-3.70

-5.24

-5.92

ODVYX

É

US OE Diversified Emerging Mkts

MSCI EAFE NR USD

3

6

242

3.67

-5.24

-2.46

Fund

Equity Style

Index

Universe

Fund Return

Index Return

Average Return

Percentile Rank

Absolute Rank

# of Observations

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

5Y AnnualizedAs of 9/30/2012

● Fund Return▲ Index Return5-95% Range

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

5Y

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0

Return

5Y-12.0

-8.0

-4.0

0.0

4.0

8.0

12.0


3.12 Multiple Returns for Separate Accounts


6/2007 12/2007 6/2008 12/2008 6/2009 12/2009 6/2010 12/2010 6/2011 12/201147.5

55.0

62.5

70.0

77.5

85.0

92.5

100.0

107.5

115.0

122.5

130.0

137.5

145.0

152.5

Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) Groesbeck Growth (Gross)

Groesbeck Growth (Net) Windward Capital Appreciation SMA (Gross) Windward Capital Appreciation SMA (Net)

Profit Inv Mgt (PIM) Profit Social (Gross) Profit Inv Mgt (PIM) Profit Social (Net) Texas Inst Mid-Large Cap Growth (Gross)

Texas Inst Mid-Large Cap Growth (Net) S&P 500 TR (Gross) US SA Large Growth (Gross)



Returns

Ret

urn

YTD 1 Year 3 Years 5 Years 10 Years 15 Years

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

Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) S&P 500 TR

US SA Large Growth


Ret

urn

Std Dev

0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

-3.0

-1.0

1.0

3.0

5.0

7.0 Insight Large Cap Growth (Gross)

Insight Large Cap Growth (Net)

S&P 500 TR

US SA Large Growth

Rolling ReturnsTime Period: 7/1/2007 to 6/30/2012



Ret

urn

06 07 08 09 10 11 12

2011

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

2012

01 02 03 04 05 06-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) S&P 500 TRUS SA Large Growth



Trailing ReturnsYTD 1 Year 3 Years 5 Years 10 Years 15 Years

Insight Large Cap Growth (Gross)


S&P 500 TR

US SA Large Growth 8.99 1.65 15.37 2.03 6.59 6.81

23.70

23.52

9.49

4.57

4.31

5.45

19.85

19.49

16.40

4.68

4.25

0.22

8.22

7.45

5.33

7.60

6.53

4.77

Returns

Ret

urn

YTD 1 Year 3 Years 5 Years 10 Years 15 Years

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

Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) S&P 500 TR

US SA Large Growth

Alpha-RewardTime Period: 7/1/2007 to 6/30/2012

Alp

ha

Tracking Error

-2.0 1.0 4.0 7.0 10.0 13.0 16.0

-3.0

-1.0

1.0

3.0

5.0

7.0 Insight Large Cap Growth (Gross)


S&P 500 TR

US SA Large Growth

Insight Large Cap Growth - PerformanceTime Period: 7/1/2007 to 6/30/2012

Inv

Gross NetBmk1

Return

Std Dev

Excess Return


R2

Tracking Error

4.68

22.07

4.46

0.35

67.16

12.70

4.25

22.07

4.04

0.32

67.21

12.69

0.22

19.21

0.00

100.00

0.00



PerformanceTime Period: 7/1/2007 to 6/30/2012

Return Std DevExcessReturn

InformationRatio

(arith)R2

TrackingError

Insight Large Cap Growth

Groesbeck Growth

Windward Capital Appreciation SMA

Profit Inv Mgt (PIM) Profit Social

Texas Inst Mid-Large Cap Growth

S&P 500 TR

US SA Large Growth 2.03 19.31

4.68

3.31

4.35

3.11

7.00

0.22

22.07

18.34

19.85

19.12

19.97

19.21

4.46

3.09

4.13

2.89

6.78

0.00

0.35

0.40

0.46

0.64

0.72

67.16

83.93

79.91

94.52

78.71

100.00

12.70

7.76

9.04

4.53

9.36

0.00

1.81 0.45 95.79 3.98



Alpha Beta R2Sharpe

Ratio(arith)

TrackingError


Groesbeck Growth




S&P 500 TR

US SA Large Growth

4.68

3.31

4.35

3.11

7.00

0.22

22.07

18.34

19.85

19.12

19.97

19.21

8.69

3.08

5.54

2.46

5.66

0.00

5.01

3.06

4.26

2.84

6.82

0.00

0.94

0.87

0.92

0.97

0.92

1.00

67.16

83.93

79.91

94.52

78.71

100.00

0.18

0.14

0.18

0.12

0.31

-0.03

12.70

7.76

9.04

4.53

9.36

0.00

2.03 19.31 2.29 1.83 0.98 95.79 0.06 3.98


UpPeriod

Percent

DownPeriod

Percent

BestMonth

WorstMonth

BestQuarter

WorstQuarter

UpCapture

Ratio

DownCapture

RatioR2


Groesbeck Growth




S&P 500 TR

US SA Large Growth

58.33

60.00

53.33

55.00

56.67

56.67

41.67

40.00

46.67

45.00

43.33

43.33

12.48

10.53

13.08

12.40

11.51

10.93

-15.28

-18.24

-15.15

-15.40

-17.04

-16.79

22.44

13.76

19.36

19.11

20.77

15.93

-20.44

-24.15

-22.72

-21.70

-20.10

-21.94

113.32

89.56

102.87

105.25

111.69

100.00

96.68

78.55

87.77

94.52

86.95

100.00

67.16

83.93

79.91

94.52

78.71

100.00

56.67 43.33 11.31 -16.96 15.35 -22.51 103.71 96.95 95.79


3.12 Returns Based Style Analysis

-6.0

56.7

5.9

2.5

30.7

83.3

18.7

11.3

3.1

104.

7

4.4 10

.5

6.2

33.4

-39.

9

8.1

3.3

71.9

59.2

0.1 10

.2

10.7

4.7

1.8 4.4

-40.0

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

Large Value Large Growth Small Value Small Growth Cash

Large Value Large Growth

Small Value Small Growth

Asset Class: Equity

Style Analysis (5 Years) 5/2012

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

Large Growth

Large Value

Style Exposure

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

Small Value

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

Small Growth

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

90.0

100.0

9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

Cash

LargeValue

LargeGrowth

SmallValue

SmallGrowth

Cash R2


American Funds Washington Mutual R5

PRIMECAP Odyssey Aggressive Growth

T. Rowe Price Small-Cap Stock


-6.04 83.28 4.41 8.12 10.22 96.70

56.71 18.73 10.54 3.32 10.70 97.59

5.91 11.29 6.17 71.92 4.71 90.24

2.54 3.09 33.44 59.17 1.77 98.75

30.68 104.65 -39.91 0.15 4.43 47.81


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