Morningstar Direct
SM
1
Morningstar Direct is a global, multi-currency institutional research
platform that provides in-depth performance and holdings analysis
of investments.
SM
Institutions worldwide use Morningstar Direct to develop, select,
and monitor investments that meet investors’ needs. This Web-based
solution unites powerful analytics with the most timely, comprehensive
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research during product development, competitive analysis, marketing,
investment selection, and performance evaluation.
Charts and Graphs
2
Charts
Style, Performance and Rating Reports
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7
8
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Holdings-Based Style Consistency Report
Returns-Based Style Analysis Report
Performance Evaluation Report
Rating Analysis Report
Single Investment Reports
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Investment Summary Report
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Quicktake Report
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Investment Comparison Report
Fund vs. Fund Report
Holdings Comparison Report
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Average Detail Report
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X-Ray Report
Custom Reports
23
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Grid Report
Report Builder
Multiple page report
1
The Clients We Serve
Morningstar Direct focuses on institutional investment research.
Our clients around the world include asset management firms, investment consultants, insurance companies, distributors, banks,
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marketing groups.
Benchmarking a manager against a passive strategy is essential for
identifying the value they add. Morningstar Direct delivers a
wide range of third-party indexes, Morningstar Category averages,
and performance and risk statistics to support thorough
performance analysis.
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analyzing stock ownership.
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of data points for effective comparative analysis.
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Investment style has become increasingly important to investors.
Use Morningstar Direct and both holdings- and return-based
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2
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Holdings-Based Style Map
Better understand the placement of an investment on the Morningstar Style BoxTM by illustrating the position of its individual
holdings and Ownership ZoneTM. Differentiate between investments by demonstrating their style exposure.
3
Charts and Graphs
Holdings-Based Style Trail
View the movement of a portfolio over time in terms of equity style using actual holdings. Analyze the holdings-based style
consistency of investments over a defined time period.
3
3
3
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Returns-Based Style Trail
Compare the returns of an investment to the returns of various style benchmarks to assess the investment’s style.
Select from pre-defined style benchmarks, or create your own. Customize time periods. Useful for investments without
portfolio holdings data.
Scatterplot
Examine relationships and discover trade-offs. Plot desired data points on X and Y axes, and add Z axis if desired.
Include a peer group to provide context for your analysis. Customize data points as needed.
4
Charts and Graphs
Correlation Matrix
Examine the correlation of investments using gross, net, or excess
returns. Customize the time period to suit your analysis. The matrix
is color coded for clear graphic representation of relationships.
Floating Bar
Examine a subject investment versus a user-defined peer group.
Select any numerical data point, including user-defined
statistics. Add precision to your analysis by customizing n-tile,
external and internal bar percentages.
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Display trends over time, including distributions. Select the dollar
amount of an initial investment. Dynamically change time
periods onscreen with a simple mouse click to hone in on periods
of interest.
Holdings Similarity
Compare the holdings for a list of investments. Graph the
percentage of common holdings, or measure minimum redundancy.
Compare last month-end, last quarter-end, or a select your own
portfolio date.
5
Rating What-If
Calculate hypothetical changes to the Morningstar Rating
by adjusting the expense ratio or sales loads. Model the potential
impact of these changes to each component of the Rating:
Morningstar Return, Risk, and Risk-Adjusted Return. Calculate a
possible rating for a new share class.
Rolling Return
Examine annualized returns for any time period, and dynamically
change the time period onscreen by simply sliding the scale.
Choose absolute return or return relative to a category or benchmark.
Stacked Bar
Display trends for a variety of characteristics including portfolio
statistics, cash flow, returns-based style exposure. Customize
time periods and data point settings, and choose from multiple color
options to fit research objectives.
Time Series
Discover trends over time by plotting various data points for a
single or multiple investments. Flexible display options add clarity to
your analysis.
6
Style, Performance and Rating Reports
Morningstar DirectSM | Print Date: 2007-09-10
Page 1 of 1
American Funds Inc Fund of Amer A AMECX
Holdings-Based Style Consistency
Start Date
2004-09-01
End Date
2007-08-31
Morningstar Category
US OE Moderate Allocation
Style and Sector Trails
Sector Delta
Fixed Income Style
High
2007-03-31
2007-08-31
2007-08-31
Med
Most Recent
Portfolio Date
11
36
36
Equity Style Consistency Subject
Small
Ma
nuf
Mid
act
urin
g
Large
vice
Giant
Ser
# of Total
Portfolios
American Funds Inc Fund of Am...
S&P 500 TR(B1)
Russell 2000 TR(B2)
Low
Equity Style
Micro
Information
Deep Val Core Val
Blend
Core Grth High Grth
American Funds Inc Fund of Amer A
S&P 500 TR(B1)
Russell 2000 TR(B2)
Short
Interm
Start Date
2004-09-30
2004-09-30
2004-09-30
Long
End Date
2007-03-31
2007-08-31
2007-08-31
B1
B2
Overall Style
Score
Medium
9.3
High
5.9
Medium
15.1
Value-Growth
Score
Medium
12.5
High
8.7
Medium
16.1
Size
Score
Medium
8.8
High
3.7
High
5.8
Asset Allocation History
Most Recent
100%
Subject
Cash
Stocks
Bonds
Other
75
50
Average
B1
B2
Subject
10.8 0.0 0.0
62.3 100.0 99.9
24.5 0.0 0.0
2.4 0.0 0.1
B1
B2
9.7 0.0 0.0
62.9 99.9 99.9
23.6 0.0 0.0
3.8 0.1 0.0
25
2004
2005
2006
2007
Equity Style Allocation History
Most Recent
100%
Subject
Large Value
Large Core
Large Grwth
75
50
25
2004
2005
2006
2007
Average
B1
B2
B1
B2
52.4 30.9
27.8 33.7
6.2 24.7
0.0
0.0
0.0
Subject
62.3 31.9
19.2 34.4
3.8 23.8
0.0
0.0
0.0
4.2
5.1
6.4
Mid Value
Mid Core
Mid Grwth
7.7
3.5
1.5
3.8
3.8
3.0
1.4
3.3
7.4
10.5
2.8
0.7
Small Value
Small Core
Small Grwth
0.8
0.2
0.0
0.1 29.3
0.0 31.2
0.0 27.4
0.5
0.1
0.1
3.6
3.8
2.4
0.1 29.0
0.0 29.0
0.0 26.2
Equity Sector Allocation History
Most Recent
100%
Subject
75
50
25
2004
2005
2006
2007
Average
B1
B2
Subject
B1
B2
Hardware
Software
Media
Telecom
0.3 10.5
0.5 3.7
0.5 3.2
11.9 3.7
8.4
4.8
1.6
2.6
0.2
0.7
0.3
12.5
9.7
4.0
3.7
3.3
8.8
4.9
1.7
2.0
Health Care
Cons Svcs
Bus Svcs
Financial
9.1 11.7 11.9
3.2 7.6 9.6
2.3 4.1 11.3
27.1 20.1 20.6
6.7 12.7 11.7
2.9 8.4 9.6
1.7 3.7 10.6
27.7 21.0 21.7
Cons Goods
Materials
Energy
Utilities
12.0 8.4 6.1
13.0 12.5 15.8
7.8 11.0 4.7
12.3 3.4 2.7
11.5 8.6 5.6
13.4 12.2 15.2
9.7 9.4 5.5
12.7 3.4 2.7
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Holdings-Based Style Consistency Report
Allows a user to see the historical movement of a portfolio in terms of equity style, fixed-income style, sector,
and asset allocation. This helps clearly describe the management of a portfolio over time and defines the consistency of
that management.
7
Morningstar DirectSM | Print Date: 2007-09-25
Page 2 of 6
First Private Europa Aktien ULM Acc DE0009795831
Returns-Based Style Analysis
Currency
EUR
Morningstar Category
Europe OE Europe Large-Cap Value Equity
Historical Asset Class/Style Exposures: 36 Month Rolling Window
Style Trail
Historical Style Exposure
2007-08-31
100%
2005-08-31
75
50
25
2005
2006
Summary of Historical Exposures
Most
Recent
DJ EURO STOXX Style Lg-Cap Val R
DJ EURO STOXX Style Lg-Cap Gr R
DJ EURO STOXX Style Md-Cap Val R
45.10
0.00
0.00
DJ EURO STOXX Style Md-Cap Gr R
DJ EURO STOXX Style Sm-Cap Val R
DJ EURO STOXX Style Sm-Cap Gr R
41.34
13.56
0.00
2007
Average
Std
Dev
Min
Max
47.61
0.11
2.26
9.84
0.56
4.30
21.05
0.00
0.00
68.56
2.79
14.33
18.91
31.11
0.00
11.98
16.86
0.00
0.00
5.83
0.00
41.34
62.01
0.00
Cumulative and Excess Performance: Single Calculation
Cum
Return
Cumulative Total Return %
160
First Private Europa ...
Style Benchmark*
DJ Euro Stoxx 50 TR ...
120
80
Std
Dev
Sharpe
Ratio
110.01 16.00 12.65
135.70 18.71 15.83
78.83 12.33 17.20
Annual
Return
1.05
1.01
0.56
Notes
*Style Benchmark is defined as the weighted average of all style indexes
used in the calculation.
40
0
2002
2003
2004
2005
2006
2007
From 2002-09 to 2007-08
Cumulative Excess Return % Relative to Benchmarks
36
Style Benchmark
DJ Euro Stoxx 50 TR ...
24
Cum
Excess
Annual
Excess
Info
Ratio
Track
Error
-25.69
31.17
-2.71
3.67
-0.46
0.43
5.90
8.52
-34.98
-11.89
-7.93
-2.81
-1.96
-0.52
4.04
5.43
Most Recent 36 months
12
Style Benchmark
DJ Euro Stoxx 50 TR ...
0
-12
2002
2003
2004
2005
2006
2007
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or
its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or
losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Returns-Based Style Analysis Report
Uses the historical performance of a subject portfolio to calculate and display the history of investment composition,
style drift and relative performance versus its style benchmark and market benchmark. Users can change the style benchmarks.
8
Style, Performance and Rating Reports
Morningstar DirectSM | Print Date: 2007-09-25
Page 1 of 1
AIG Hong Kong Equity
Performance Evaluation
Currency
HKD
Benchmark 1
Hang Seng Hong Kong Com...
Return vs. Peer Group
Benchmark 2
S&P 500 TR
Morningstar Category
Europe OE Hong Kong Equity
Trailing Returns as of 2007-08-31
97
Subject Investment
63
Benchmark 1
Benchmark 2
Peer Group
29
Open End Funds
Europe/HKG/TWN/SGP
Top Quartile
-5
-39
2nd Quartile
3rd Quartile
Bottom Quartile
90% of Category
Inv %
Bmark 1%
Bmark 2%
YTD
30.49
6.16
5.20
1 Month
3 Months
6 Months
2.57
20.52
29.61
-2.46
2.28
7.63
1.50
-3.28
5.70
1 Year
2 Years
3 Years
4 Years
5 Years
10 Years
61.61
43.85
36.16
32.18
29.34
ü
16.18
14.72
14.04
15.44
15.18
ü
15.13
11.96
12.16
11.98
12.00
6.75
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007-08
ü
ü
28.58
ü
ü
21.04
5.90
ü
-9.10
-10.01
ü
-11.89
-15.22
-14.41
-22.10
46.16
38.91
28.68
17.95
15.70
10.88
12.20
1.16
4.91
50.86
24.14
15.79
30.49
6.16
5.20
Subject Investment
Benchmark 1
Benchmark 2
Return/Risk Analysis 2002-09-01 to 2007-08-31
Inv
Bmark 1
Bmark 2
-9.31
-2.00
-3.95
-7.67
-15.60
-20.30
64.95
92.21
86.10
68.53
50.19
15.04
-9.00
20.14
-4.43
-11.05
-13.34
-29.95
-14.29
57.67
-11.34
-18.06
-22.05
-36.76
-11.93
37.78
-11.07
-14.68
-16.80
-27.88
54.91
83.61
63.43
53.99
44.56
23.56
19.41
34.11
23.47
20.36
14.78
3.76
10.24
24.25
13.42
9.29
7.11
-2.66
41.42
56.33
51.03
40.14
36.50
2.69
25.61
38.21
30.56
25.89
21.62
13.57
Peer Group Avg
Best
25th Percentile
50th Percentile
75th Percentile
Worst
Cumulative Return
Standard Deviation
Sharp Ratio
Sortino Ratio
Calmar Ratio
262.00
15.20
1.74
3.54
19.18
102.75
13.27
0.92
1.67
9.02
76.24
11.04
0.82
1.43
7.02
ü
ü
ü
ü
ü
ü
ü
ü
ü
ü
Best Month
Worst Month
Best Quarter
Worst Quarter
% of Up Month
% of Down Month
Avg Monthly Gain
Avg Monthly Loss
Gain Std Dev
Loss Std Dev
9.90
-7.18
22.48
-11.90
73.33
26.67
4.31
-3.51
10.33
7.25
9.39
-8.44
22.59
-11.39
70.00
30.00
3.14
-3.23
8.57
7.12
8.80
-10.87
15.39
-9.72
71.67
28.33
2.46
-2.77
7.15
6.10
History
Gross Expense Ratio
Rolling Performance 36 months per calculation
51
39
27
Longest Up Streak (Mo)
8
11
8
Run Up %
36.33
60.91
14.60
Start Date
2006-06-01 2003-04-01 2006-06-01
End Date
2007-01-31 2004-02-29 2007-01-31
15
3
2005
Name
Subject Investment
Benchmark 1
Benchmark 2
2006
2007
Total # of
Calculations
% in Top
Quartile
% in 2nd
Quartile
% in 3rd
Quartile
% in Btm
Quartile
% Above
Bmark 1
% Above
Bmark 2
25
25
25
4.00
0.00
0.00
72.00
0.00
0.00
24.00
0.00
0.00
0.00
84.00
68.00
100.00
ü
ü
100.00
ü
ü
Longest Down Streak (Mo)
3
4
3
Run Down %
-6.83
-11.37
-9.72
Start Date
2003-02-01 2002-12-01 2002-12-01
End Date
2003-04-30 2003-03-31 2003-02-28
Max Drawdown (Mo)
Max Drawdown (%)
Peak Date
Valley Date
2
3
1
13.66
11.39
10.87
2004-03-31 2004-03-31 2002-09-30
2004-04-30 2004-05-31 2002-09-30
Information Ratio
Relative Performance 2002-09-01 to 2007-08-31
6
Bmark 1
Bmark 2
14.16
12.31
1.03
82.14
6.41
2.21
25.57
17.34
19.23
0.72
27.41
13.28
1.31
36.85
131.51
70.05
0.93
0.72
0.71
0.61
149.11
55.08
0.88
0.65
0.74
0.53
4
2
0
2005
2006
2007
Tracking Error
16
12
8
4
2005
2006
2007
Excess Return
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
Treynor Ratio
Up Capture Ratio
Down Capture Ratio
Up Number Ratio
Down Number Ratio
Up Percentage Ratio
Down Percentage Ratio
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Performance Evaluation Report
Provides comprehensive performance analysis on one investment. The report supports manager evaluation and
competitive positioning. Use the report to illustrate the competitive position of your investment’s performance versus
your chosen peer group, and track the consistency of the performance of an investment over custom time periods.
9
Morningstar DirectSM | Print Date: 2007-09-11
Page 1 of 1
T. Rowe Price Growth & Income PRGIX
Data as of
Morningstar Rating Analysis
2007-08-31
Currency
USD
Inception
1982-12-21
Overall Morningstar RatingTM
QQQ
Out of 1618 Investments
Morningstar Category
US OE Large Blend
Rating Trend Analysis
QQQQQ
Overall
3 Year
5 Year
10 Year
Actual Rating
3Q
3Q
3Q
3Q
# of Months Rated
# of 5-Stars
# of 4-Stars
# of 3-Stars
# of 2-Stars
# of 1-Stars
140
5
52
81
2
—
140
5
39
83
13
—
98
1
29
57
11
—
98
—
18
80
—
—
Average Rating
3.43
3.26
3.20
3.18
3Q
3Q
3Q
3Q
3Q
3Q
3Q
3Q
3Q
3Q
3Q
3Q
6.7
7.5 8.3
QQQQ
QQQ
1
3
6
QQ
Q
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Projections
1698
Category Size
1132
as of 2007-08-31
1617
Methodology Change
566
0
Projected Rating
1-Month
3-Month
6-Month
Rating Competitive Analysis
5 Yr Morningstar Return
26.4
3 Yr Morningstar Return
28.5
10 Yr Morningstar Return
13.7
25.0
23.4
11.5
21.5
20.4
9.3
18.0
17.4
7.1
14.5
14.4
4.9
11.0
11.4
2.7
7.5
8.4
0.5
4.0
5.4
-1.7
0.5
2.4
-3.9
-3.0
-0.6
0.0 0.6
1.2
1.8
2.4
3.0
3.6
4.2
4.8 5.4
0.1 0.8
1.5
2.2
2.9
3.6
4.3
3 Yr Morningstar Risk
5.0
5.7 6.4
-6.1
1.1 1.9
2.7
3.5
4.3
5.1
5.9
5 Yr Morningstar Risk
QQQQQ
Investment
Morningstar Category Peers
QQQQ
QQQ
10 Yr Morningstar Risk
QQ
Q
Morningstar Measures
RAR
Risk
Return
Morningstar Measures
RAR
Risk
Return
Morningstar Measures
Value
% Rank in Category
6.23
63
0.56
71
6.79
64
Value
% Rank in Category
6.49
62
1.38
28
7.87
61
Value
% Rank in Category
RAR
Risk
Return
-0.07
61
1.97
77
1.90
67
0.00
0.00
Rating Factor Analysis
Gross Return %
Standard Deviation
Cost
35.07
30.00
8.95
30.22
26.00
7.67
25.37
22.00
6.39
20.52
18.00
15.67
14.00
12.08
10.82
5.11
13.91
3.83
11.34
11.92
10.00
6.55
5.97
2.55
7.37
6.00
1.27
2.00
-0.01
0.73
1.12
3 Year
Investment
5 Year
10 Year
Bottom Quintile
4th Quintile
3 Year
3rd Quintile
5 Year
2nd Quintile
10 Year
Top Quintile
Expense
Ratio
Front
Load
Max
Deferred
0.00
Max
Redemption
90% of Morningstar Category
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Rating Analysis Report
Helps users understand the Morningstar Rating of an investment by deconstructing calculations and looking at individual
drivers. The report also assists in evaluating historical changes in the rating, creating rating projections, and conducting competitive
analysis relative to other investments.
10
Single Investment Reports
Morningstar DirectSM | Print Date: 2007-09-11
Page 1 of 1
American Century Balanced Adv TWBAX
Investment Summary
Currency
USD
Benchmark 1
S&P 500 TR
Benchmark 2
Russell 2000 TR
Performance
Trailing Return
Total
Return %
+/BM1
+/BM2
Cat %
Rank*
1.07
-2.10
3.37
3.25
9.70
8.30
8.89
5.55
7.32
-0.43
1.18
-2.33
-1.95
-5.44
-3.87
-3.11
-1.20
-3.60
-1.20
4.02
2.83
1.83
-1.67
-6.15
-7.70
-2.24
-4.20
28
51
55
73
79
79
67
70
86
Overall
3 Year
5 Year
10 Year
2Q
—
—
876
2Q
0.25
3.96
876
3Q
0.46
5.77
665
2Q
0.82
1.73
374
1 Mo
3 Mo
6 Mo
YTD
1 Yr
3 Yr
5 Yr
10 Yr
15 Yr
*
Data as of
2007-08-31
Manager Change
13.0
Partial Mgr Change
Investment Performance
6.5
Quarterly Return
0.0
Category
Open End Funds
US OE Moderate Allocation
-6.5
Rank date as of 2007-08-31
-13.0
Ratings as of 2007-08-31
Rating
Risk
Return
# Investments Rated
Risk/Reward
Versus Benchmark 1
3 Year
5 Year
10 Year
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
Excess Return
-0.95
0.65
91.60
2.99
-1.29
-3.87
0.67
0.57
90.57
5.17
-0.60
-3.11
-0.15
0.57
90.56
6.87
-0.17
-1.20
Miscellaneous
3 Year
5 Year
10 Year
Standard Deviation
Sharpe Ratio
Sortino Ratio
4.93
0.84
1.55
6.58
0.90
1.62
8.90
0.20
0.32
—
*
(
1997 1998 1999
16.67 16.01
9.75
-16.69 -12.57 -11.29
-5.69 18.56 -11.50
)
2000
-2.90
6.20
0.12
110.00 102.00 128.00
85.00 107.00 108.00 133.00 204.00 206.00 197.00 197.00
6
7
11
*
2001
-3.95
7.94
-6.44
18
*
(
2002 2003
-9.76 19.39
12.34 -9.30
10.73 -27.87
18
14
*
2004
9.38
-1.50
-8.95
17
17
(
2005
4.54
-0.37
-0.02
16
)
2006
9.36
-6.43
-9.01
Performance Quartile
(within category)
(
07-08
3.25
-1.95
1.83
16
History
Total Return %
+/- Benchmark 1
+/- Benchmark 2
Turnover Ratio %
13
Share Class Assets (mil)
1.25
1.25
1.25
1.22
1.15
1.15
1.15
1.15
1.15
1.15
1.15
60.15
56.87
60.12
58.82
57.84
56.91
57.63
53.35
56.90
48.86
46.93
Expense Ratio
Stock %
36.81
37.84
36.39
37.51
36.82
37.20
36.83
42.35
39.91
49.97
31.78
Bond %
Holding Analysis as of 2007-06-30
Total
100.0
355
Market Cap
Equity Style %
19
8
10
10
1
1
1
Val
%
Giant
43.2
Mid Sm
23
Lrg
28
Large
Mid
Small
26.7
28.4
1.7
Core Grth
Micro
Investment Strategy
0.0
Avg Market Cap (mil)
The investment seeks capital growth and current income.
The fund normally invests approximately 60% of assets in equity
securities and the remainder in bonds and other fixed-income
securities. The fixed-income portion of the fund's portfolio is
invested primarily in a diversified portfolio of high-grade
government, corporate, asset-backed and similar securities
payable in U.S. currency. Up to 20% of the fixed-income assets
may be invested in securities rated in the fourth category by a
nationally recognized statistical rating organization, and up to
15% may be invested in securities rated in the fifth category.
Measures
13.96
2.86
1.25
8.41
1.38
32,911.2
Growth Factors
%
LT Earn Gr
Hist Earn Gr
Book Val Gr
Sales Gr
Cash Flow Gr
10.18
25.38
10.50
11.46
20.88
Fixed Income Style
High Med Low
2500
1997-01-06
Actual: 0.90% Max: 0.90%
—
American Century Investments
800-345-8765
—
%
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield
Operations
Minimum Initial Investment
Inception Date
Management Fees
Sales Fees
Firm Name
Telephone
Web Address
#
—
121
217
—
Cash
Stocks
Bonds
Other
Manager Information
Robert V. Gahagan. Since 2001-12. B.A. U of Missouri Kansas City. M.B.A. U of Missouri - Kansas City.
G. David MacEwen. Since 2001-05. B.A. Boston U. M.B.A.
U of Delaware.
William Martin. CFA. Since 1992-05. B.S. 1986 U of
Illinois.
%
21.3
46.9
31.8
0.0
Composition
Short Intrm Long
Avg Eff Duration1
Avg Eff Maturity1
Avg Credit Quality1
Avg Wtd Coupon1
Avg Wtd Price
1
Credit Rating Breakdown
AAA
AA
A
BBB
BB
B or below B
Not Rated
5.1 Yrs
7.8 Yrs
AAA
5.34%
88.56
%
Maturity Breakdown
1-3
3-5
5-7
7-10
10-15
15-20
20-30
30+
Style
Box Sector
1
ExxonMobil Corporation
1
Citigroup, Inc.
4
IBM
1
J.P. Morgan Chase & Co.
4
Hewlett-Packard Company
7
Cisco Systems, Inc.
1
Chevron Corporation
4
Morgan Stanley
Bank of America Corporation 1
Goldman Sachs Group, Inc. 7
1
TXU Corporation
1
EnCana Corporation
4
Walt Disney Company
7
Baxter International Inc.
7
Accenture, Ltd.
1
Pfizer Inc.
Lockheed Martin Corporation 4
4
General Mills, Inc.
4
Kroger Company
4
AT&T, Inc.
Top 20 holdings
Financial Services
Energy
Health Care
%
8.5
10.3
5.5
14.9
7.3
6.0
42.9
4.6
Mkt Cap
(mil)
% Mkt
Cap
472,519
253,703
156,278
165,511
116,855
169,084
181,052
88,404
216,963
88,536
30,901
46,891
67,653
36,706
33,390
179,457
39,499
20,235
19,960
255,871
2.48
1.60
1.37
1.29
1.23
1.19
1.13
1.06
0.93
0.92
0.92
0.89
0.84
0.82
0.82
0.80
0.78
0.77
0.75
0.75
21.3
%
Rel BM1%
Rel BM2%
109.66
128.15
101.05
107.16
299.66
99.58
%
Rel BM1%
Rel BM2%
40.11
16.53
12.25
—
—
—
—
—
—
Top 3 Fixed Income Sectors
Cash
US Agency
US Treasury
f
a
t
a
t
t
f
a
a
a
g
f
y
i
r
i
d
s
o
u
22.04
14.12
11.85
Top 3 Equity Sectors
as of 2007-06-30
84.5
3.6
4.6
7.1
0.2
0.0
0.0
Top Holdings as of 2007-06-30
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Investment Summary Report
Summarizes an investment’s fundamental characteristics including performance, portfolio and operations data in an
easy-to-read one page PDF report.
11
Data through July 31, 2007
Ticker
FKINX
Franklin Income A
Governance and Management
Load
4.25%
NAV
$2.66
Yield
5.3%
Total Assets
$59,776 mil
Mstar Category
Conservative Allocation
Investment Style
Equity
Stock %
Historical Profile
Return High
Risk
High
Rating
Highest
Stewardship Grade: C
Portfolio Manager(s)
29%
31%
28%
32%
38%
41%
41%
39%
39%
Manager Change
Charles Johnson and Ed Perks run this fund. Johnson is the
chairman of Franklin, while Perks is a seasoned veteran--he's been
at the firm for more than a decade.
26.0 Partial Manager Change
22.0 Growth of $10,000
Strategy
14.0
This fund's management takes a value-oriented, contrarian
approach to investing. It buys beaten-down blue chips, utilities
stocks, and high-yield bonds in an effort to provide shareholders a
fat yield and an attractive total return. The team also actively
invests across the capital structure of a single issuer (common
stock, convertible bonds, traditional debt). Finally, from time to
time, the fund will venture into emerging-markets debt as
opportunities present themselves.
Performance 07-31-07
2003
2004
2005
2006
2007
Trailing
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
1.47
1.62
-1.28
4.46
3.26
14.24
-0.44
3.63
1.88
2.43
3.16
4.24
1.50
5.12
—
9.51
6.36
-1.91
6.48
—
30.96
12.17
1.85
19.12
—
Total
Return%
+/- DJ
Mod
+/- DJ
40%
%Rank
Cat
Growth of
$10,000
-3.07
2.28
12.61
11.33
14.23
9.02
9.61
-3.27
-1.75
-0.96
-0.91
1.48
1.42
0.43
-2.13
0.67
4.04
3.82
5.57
2.09
1.63
94
20
1
2
1
2
1
9,693
10,228
11,261
13,799
19,449
23,717
39,605
Tax Analysis Tax-Adj Rtn%
%Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 7.29
5 Yr (estimated) 10.55
10 Yr (estimated) 5.53
11
4
7
2.22
2.38
2.78
97
99
98
Potential Capital Gain Exposure: 10% of assets
18.0
10.0
Performance Quartile
(within Category)
1996
1997
1998
1999
2000
2001
2002
2.36
10.45
0.76
1.56
8.04
2.41
40
0.18
0.01
0.70
8.27
25
7,082
2.53
16.85
6.04
2.75
7.90
8.95
13
0.18
0.03
0.72
7.45
16
8,044
2.36
0.95
-9.50
-10.78
7.36
-6.41
93
0.18
0.01
0.72
6.83
22
7,784
2.15
-0.74
-18.74
-8.60
7.91
-8.65
93
0.18
0.01
0.73
7.46
17
6,285
2.36
20.59
22.75
13.80
8.70
11.89
1
0.18
0.03
0.76
8.01
24
6,136
2.18
0.65
3.16
-2.57
7.91
-7.26
39
0.18
0.02
0.73
7.54
28
6,243
1.99
2.41
2.52
2.40
2.66
2.66
-1.06 30.96 12.17
1.85 19.12
3.13
5.99
3.78
-0.98
-5.40
7.21
-1.71
2.96 13.30
3.16
-2.84 11.66
0.78
7.69
8.12
6.67
6.14
6.19
3.20
-8.75 22.84
5.50
-4.29 12.93
-0.07
23
1
2
79
1
18
0.16
0.16
0.16
0.15
0.14
0.10
0.01
0.01
0.01
0.01
0.04
0.00
0.72
0.73
0.68
0.65
0.64
—
6.67
6.63
5.11
5.54
5.61
—
51
48
32
29
28
—
6,521 11,466 17,016 22,276 29,629 33,950
Rating and Risk
Time
Period
Load-Adj
Return %
1 Yr
3 Yr
5 Yr
10 Yr
Incept
7.82
9.73
13.24
8.55
10.98
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
High
High
High
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
High
High
High
Standard Index
DJ Mod
Best Fit Index
M* U.S. Value TR
0.3
0.86
63
0.6
0.61
71
5.87
11.33
1.18
Morningstar's Take by Andrew Gogerty 07-31-07
The market downdraft in recent weeks has
brought these risks to the forefront. While the fund
doesn't own direct exposure to subprime-mortgage
bonds, its large exposure to high-yield bonds
(currently 92% of its bond assets are rated BB or
below, including nonrated issues, compared with
the 18% category norm) has weighed on returns in
recent months as that sector of the market has
traded down as well.
As such, investors must take their lumps here
from time to time. Perks is willing to hold defaulted
or marked-down bonds--as he did in 2005--when
he spies long-term value. But overall he has
managed these risks well, and patient investors
have been duly rewarded. His history of success
combined with the fund's low costs should allow
the fund to maintain its yield and total return edge
over the competition. Income-focused investors
comfortable with the fund's atypical risk profile
should give it a look.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distrib:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
Schwab Instl NTF
2003
2004
2005
Portfolio Analysis
Morningstar
Rtn vs Cat
Franklin Income remains the envy of its peers, but
it's not immune to trouble.
Unmatched long-term returns and a plump 5.2%
current yield make this fund a seemingly simple
choice among its conservative-allocation peers.
Investors have certainly taken notice. Assets have
flowed in at a brisk pace in recent years as financial
advisors and brokers tout these stats to baby
boomers and others set to retire.
But the fund's returns are masking risks
stemming from manager Ed Perks' offbeat approach.
He casts a wide net to execute its income-focused
mandate and will invest in any asset class (stocks,
bonds, convertibles) where he finds undervalued
securities. Historically, that has led to an
above-average stake in high-yield debt, as well as
an oddball equity portfolio relative to its peers--the
fund's stock holdings are dominated by
higher-yielding sectors such as utilities, energy, and
health care.
One Franklin Parkway
San Mateo, CA 94403-1906
800-632-2301
www.franklintempleton.com
08-31-48
Franklin Advisers, Inc.
None
Investment Values of
Fund
Investment Values of
DJ Mod
$1000
Add: $50 IRA: $250
$50
Add: $50
4.25%L, 0.15%S, 2.00%R
0.63% mx./0.35% mn., 0.15%A
Mgt:0.40%
Dist:0.15%
3Yr:$621
5Yr:$767
10Yr:$1189
Monthly
© 2007 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, correct, complete or
timely. Past performance is no guarantee of future results. Access updated reports at mfb.morningstar.com. To order reprints, call 312-696-6100.
2006
AT&T, Inc.
Public Service Enterprise
Pfizer Inc.
TXU Corporation
Washington Mutual, Inc.
Merck & Co., Inc.
Dominion Resources, Inc.
FirstEnergy Corporation
Southern Company
Sectors
P/E
YTD
Ratio Return %
Telecom
Utilities
Health
Utilities
Financial
Health
Utilities
Utilities
Utilities
18.9
22.3
17.0
10.3
14.3
21.5
18.8
15.8
17.5
Total Fixed-Income:552
Date of
Maturity
Gmac 6.875%
Cch I 11%
FNMA 6%
Ford Motor Credit 7.375%
Nortel Networks Cv 4.25%
Ford Mtr 7.45%
Tenet Healthcare 6.375%
General Mtrs 8.375%
Cablevision Sys 8%
09-15-11
10-01-15
07-15-37
10-28-09
09-01-08
07-16-31
12-01-11
07-15-33
04-15-12
Equity Style
Style: Value
Size: Large-Cap
Growth Measures
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Composition
2.40
2.16
2.10
1.93
1.75
1.63
1.42
1.38
1.23
Amount
$000
Value
$000
% Net
Assets
800,000
725,000
625,000
550,000
512,500
600,000
520,000
510,000
450,000
787,629
760,344
618,164
546,246
507,412
482,250
477,750
467,925
446,625
1.29
1.25
1.01
0.90
0.83
0.79
0.78
0.77
0.73
Rel Category Avg Eff Duration
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
43.9
42.5
12.8
% Net
Assets
13.46
32.12
-1.61
23.33
-14.47
17.38
7.41
7.60
1.78
Fixed-Income Style
Duration: Interm-Term
Quality: Low
Value Measures
Giant
Large
Mid
NAV
Total Return %
+/-DJ Mod
+/-DJ 40%
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
06-30-07
Total Stocks:55
Share change since 03-31-07
Market Cap %
History
07-07
14.12
2.19
1.69
8.26
3.33
0.92
0.91
1.20
0.95
1.54
8.29
7.61
3.06
8.46
8.00
0.74
0.80
0.35
0.83
0.43
1
4.6 Yrs
7.6 Yrs
BB
6.99%
Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
1figure provided by fund as of 06-30-07
Sector
% Rel Category Weightings
% of
Stocks
Rel DJ
3 Year
Mod High Low
h Info
r
t
y
u
10.02
Software 0.00
Hardware 1.99
Media
0.00
Telecom 8.03
—
—
—
—
—
j Service 28.62
0.8
i Health 13.32
0.0
o Consumer 0.30
46,735
p Business 0.00
a Financial 15.00
Cash
7.1 k Mfg
61.35
Stocks 39.1
0.00
Bonds 43.3 s Goods
d
Ind
Mtrls
6.18
Other
10.5
f Energy 11.99
Foreign 10.2
g
Utilities
43.18
(% of Stock)
0
0
0
6
—
— 20 12
— 0 0
— 0 0
— 17 11
Small
Micro
Avg $mil:
Mutual Funds
0
2
1
9
—
— 4 0
— 6 1
— 12 9
— 50 41
EQ
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Page 1 of 1
Janus Aspen Balanced Instl JABLX
Snapshot
Morningstar RatingTM
QQQQ
Morningstar CategoryTM
Net Assets (Mil)
Moderate Allocation
1,374
Portfolio Analysis 07-31-07
Growth
Short
Interm Long
Med
Low
Morningstar US
Fund
Ma
nuf
act
urin
g
Mid
vice
High
Large
Blend
Ser
Value
Small
12
Information
% Assets
Asset Allocation
Cash
US Stocks
Non-US Stocks
Bonds
Other
Equity Investment Style
5.65
37.39
23.70
32.48
0.78
Fixed-Income Investment Style
Market Cap ($Mil)
55,153
Performance
Morningstar RatingTM
Number of Funds Rated
Morningstar RiskTM
Morningstar ReturnTM
Fund
Dow Jones
12 Moderate Port
Category
14
10K
9
History
2003
2004
2005
2006
08-07
)
14.05
(
8.53
&
7.95
(
10.72
&
6.32
Quartile Rank (cat)
Total Return %
-6.89
-0.54
2.99
-0.60
2.02
-13.13
-4.62
0.70
-1.19
1.00
+/- Category
+/- Dow Jones
Moderate Port
3,258
2,396
1,683
1,476
1,374
Net Assets (Mil)
+/-Dow
Jones
Trailing Ret %Moderate Port
+/- Cat
% Rnk Cat
*Std Ret %
YTD
12 Mo
6.24
13.28
1.38
0.94
2.62
2.35
7
13
6.32
15.72
3 Yr Annualized
5 Yr Annualized
10 Yr Annualized†
Inception
10.61
9.22
9.62
11.28
-1.50
—
1.70
—
1.61
-0.32
3.31
—
18
54
3
—
10.62
8.73
9.76
11.46
Trailing Total Returns
†
*Quarter-end data through 06-30-07
10 Year as of 08-31-07
Stewardship Grade
Overall Grade Range:
ABCDF
h Information Economy
j Service Economy
k Manufacturing Economy
4.40
6.30
AA
Regulatory Issues
Board Quality
Manager Incentives
Fair
Good
Good
Fees
Corporate Culture
Excellent
Fair
Overall
3 Yr
5 Yr
10 Yr
QQQQ
QQQQ
QQQ
QQQQQ
876
Below Avg
Above Avg
876
Average
Above Avg
665
Low
Average
374
Average
High
5.31
11.05
5.69
9.23
9.96
9.62
Standard Deviation
Mean
Top 10 Holdings
YTD Return as of 09-10-07
Sector
YTD Return %
% Assets
Roche Holding Ltd
ConocoPhillips
J.P. Morgan Chase & Co.
General Electric Company
Merrill Lynch & Company, Inc.
Health Care
Energy
Financial Services
Industrial Materials
Financial Services
—
18.07
-5.76
7.77
-20.53
3.08
2.57
2.43
2.37
2.07
Altria Group, Inc.
US Treasury Note 4.875%
Reckitt Benckiser
EnCana Corporation
Canadian National Railway Company
Consumer Goods
—
Consumer Goods
Energy
Business Services
7.29
—
—
32.45
26.73
2.03
2.01
1.91
1.85
1.76
% Assets in Top 10 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
22.08
59
81
Turnover %
12-Month Yield %
30-Day SEC Yield %
52
2.40
—
Grade Range: Excellent Good Fair Poor Very Poor
Operations
Management
Family
Phone
Inception
Manager
Tenure
15.79
41.14
43.06
Ratings and Risk
Growth of 10,000
18
Overall Grade
B
% Stocks
Stock Sectors
Avg Effective Duration (Yrs)
Avg Effective Maturity (Yrs)
Avg Credit Quality
Janus
800-525-0020
1993-09-13
Marc Pinto
2.36
Purchase Information
Fees
Minimum Initial Purchase
$5,000,000
Minimum IRA Purchase
—
Minimum Auto Investment Plan
—
Front-End Load
Deferred Load
12b-1 Fee
Expense Ratio
None
None
None
0.57%
© 2007 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute
investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) 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 other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature,
and therefore must be preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully.
Quicktake Report
Comprehensive overview of a single investment. The multi-page report combines qualitative and quantitative
information in a single report, saving valuable research time. It provides access to detailed performance, portfolio, and
operations data. Report focus varies by investment type (i.e., separate accounts, funds, etc.).
13
Morningstar DirectSM | Print Date: 2007-09-11
Page 1 of 1
Elliott Associates, L.P.
Hedge Fund Summary
Investment Strategy
Currency
USD
Benchmark 1
S&P 500 TR
Benchmark 2
Russell 2000 TR
Morningstar Category
HF Multi Strategy
Performance
Growth of 10,000
10K line
42k
The goal is to generate a return which is as high as is consistent
with the goal of capital preservation during adverse financial
market periods. The program involves diverse uncorrelated
strategies, limits on position size and limits on leverage.
34
Fund: 36,930
26
Bmark 1: 23,610
18
Infomation collected from literature.
Bmark 2: 24,990
10
Portfolio Manager
Paul Singer Since 1977-02.
Operations
Inception Date
Fund Size (millions)
Minimum Investment
Legal Structure
1977-02-01
3,545.00
5,000,000
Open Ended Investment Company
Management Fee
Performance Fee
High Watermark
Hurdle Rate
Lock Up(months)
2.00%
0.00%
False
—
24
Redemption Frequency
Advanced Notice(days)
Semi-Annually
60
Leverage Ratio
—
)
)
1997
1998
12.09 -7.00
-21.27 -35.58
-10.27 -4.45
85
76
&
(
*
*
1999
2000
2001
2002
2003
18.07
-2.97
-3.18
46
24.33
33.43
27.35
25
8.29
20.18
5.81
53
&
6.64 14.19
28.74 -14.50
27.12 -33.06
39
48
&
Performance Quartile
(within category)
2
&
—
2004
2005
2006
2007-08
History
13.18
2.30
-5.15
22
12.68
7.77
8.13
25
17.12
1.33
-1.25
24
22.52
17.32
21.10
—
Total Return
+/- Bmark 1
+/- Bmark 2
Tot Ret Cat % Rank
32
Total Return %
Investment
Bmark 1
Bmark 2
24
16
8
0
-8
Contact Information
Management Company
Telephone
Web Address
*
Elliott Management Corporation
212-974-6000
—
YTD
3 Mo
6 Mo
1 Yr
2 Yr
3 Yr
5 Yr
7 Yr
10 Yr
Incep
Trailing Periods
22.52
5.20
1.41
—
11.15
-3.28
-6.12
—
15.27
5.70
0.54
—
30.11
15.13
11.36
—
22.44
11.96
10.36
—
19.48
12.16
14.45
—
16.61
12.00
16.60
—
14.21
1.28
7.04
—
13.24
6.75
7.80
—
14.62
12.59
—
—
Total Return %
Benchmark 1
Benchmark 2
Category Average %
Distribution of Monthly Returns
Number of Months
35
28
21
14
7
0
-25
-20
-15
-10
-5
0%
5
10
15
20
25
Monthly Performance
2003
2004
2005
2006
2007
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
1.60
1.20
0.60
2.10
2.10
0.90
0.50
1.30
1.40
4.10
0.07
1.30
1.24
0.91
2.07
1.60
0.40
0.20
1.10
0.20
1.40
0.40
-0.10
0.90
1.40
1.06
1.68
1.17
2.97
4.60
0.60
1.10
1.10
0.20
5.10
1.00
0.50
2.10
0.30
1.10
1.99
1.15
1.93
3.14
1.20
1.10
0.50
1.10
1.60
2.40
1.20
1.40
0.34
0.73
0.77
0.44
Return/Risk Analysis
Risk Measurement
Standard Deviation
Skewness
Kurtosis
Sharpe Ratio
Sortino Ratio
Calmar Ratio
Positive Months
Negative Months
Worst Month
Max Drawdown
1 Yr
3 Yr
5 Yr
5.67
0.54
-1.18
4.21
1.37
1.46
3.56
1.73
3.57
4.39
109.46
—
3.64
55.73
705.51
3.83
61.70
1,155.98
12
0
0.20
0.00
35
1
-0.10
0.10
59
1
-0.10
0.10
Relative Stats
Benchmark 1
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
Treynor Ratio
Downside Deviation
Batting Average
Up Capture Ratio
Benchmark 2
1 Yr
3 Yr
31.03
-0.61
73.67
13.23
1.13
-41.06
4.59
50.00
61.13
16.44
-0.18
10.63
9.55
0.77
-83.76
3.99
50.00
64.76
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Hedge Fund Summary Report
Provides another view of the essential characteristics of these investments. This report contains statistics and graphs
that are especially useful when analyzing hedge funds.
1 Yr
3 Yr
27.00
15.38
-0.40
-0.05
57.94
2.28
15.65
14.72
1.20
0.34
-62.75 -331.50
5.08
7.54
58.33
52.78
63.52
39.37
Single Investment Reports
Morningstar Separate Account Comprehensive Report
Page 1 of 1
Janus Balanced
Performance 06-30-07
4
7
Morningstar CategoryTM
Strategy Assets($Mil)
Strategy Focus
Moderate Allocation
$5,278
Institutional
4
7
7
—
188
166
144
3Yr
5Yr
10Yr
Morningstar Rating TM
QQQ
QQQ
—
—
Growth of $100,000
Number Rated
Morningstar Risk
Morningstar Return
Flexibility Measure
39
Below Avg
Average
—
39
Below Avg
Average
—
—
—
—
—
—
—
—
—
5.02
1.19
—
—
—
—
Separate Account
Moderate Allocation
DJ Mod Port
122
Risk Measures (06-30-07)
Standard Deviation
Sharpe
78
*
)
*
*
)
*
Performance Quartile
2002
2003
2004
2005
2006
06-07
History
-5.67
15.39
9.70
7.29
9.88
6.00
Gross-of-Fees
Return %
2.39
1.38
4.88
-5.39
-11.79
-8.68
0.45
-3.44
-1.47
1.51
0.04
1.29
-1.84
-2.03
-0.39
0.36
0.15
0.41
+/- Moderate Alloc
+/- DJ Mod Port
+/- DJ U.S. Mod
-4.95
-6.43
-5.72
15.99
14.54
15.26
9.47
9.47
9.47
7.28
7.28
7.28
—
—
—
—
—
—
High
Low
Median
10,149
10,463
7,168
5,936
5,278
—
Strat. Assets ($Mil)
Strategy vs. Dow Jones Moderate Port
(within category)
R-Squared
Alpha
Beta
80.02
0.01
0.81
Annual Turnover%
Use Derivatives
85.93
0.67
0.60
75.59
2.51
0.76
60
—
Performance Disclosure
Dispersion
Trailing Ret %+/- Dow Jones
Overall
Equity
100K
Trailing Gross-of-Fees Returns
Flex MeasureTM
Incep. Date 01-01-88
Ratings, Flexiblity and Risk 06-30-07
Investment Style
The overall Morningstar Rating is based on risk-adjusted gross returns, derived from a
weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.
+/- Cat
% Rnk Cat
Moderate Port
YTD
12 Mo
6.00
14.66
0.15
-0.06
0.36
-0.34
41.00
62.00
3 Yr Annualized
5 Yr Annualized
10 Yr Annualized
10.18
8.95
9.66
-2.17
-2.09
1.29
-0.29
-0.79
1.26
53.00
65.00
20.00
The performance data quoted represents past performance and does not guarantee future
results. The investment return and principal value of an investment will fluctuate thus an
investor's separate account may be worth more or less than its original value.
Current performance may be lower or higher than return data quoted herein. To obtain a full
GIPS® compliant presentation, contact the money management firm directly, at
800-227-0486 or visit www.janusintech.com.
Treynor Ratio
24
18
12
6
0
Strategic Holdings Analysis 09-30-06
-6
Interm Long
Low
High
Short
Med
Growth
Large
Blend
Mid
Value
Small
14
Equity Investment Style
Fixed-Income Investment Style
-12
2002
2003
2004
2005
2006
-13.46
-10.85
19.82
20.99
11.56
9.80
4.73
2.80
6.08
7.14
Strategy
Moderate Allocation
Money Manager
Overall Style Score
Overall Value-Growth Score
Overall Size Score
—
—
—
Avg Effective Duration(Yrs)
Avg Effective Maturity(Yrs)
Avg Credit Quality
Account Value
3.77
4.9
AAA
$20 Million-25 Million
$25 Million-50 Million
$50 Million-100 Million
More than $100 Million
Total Fees%
0.55
0.45
0.40
0.35
% Assets
Asset Allocation
Cash
US Stocks
Non-US Stocks
Fixed Income
Other
10.04
21.14
27.76
41.06
0.00
Management
Managers by Tenure
Gibson Smith
Marc Pinto
Additional Managers
05-01-05
05-01-05
© 2007 Morningstar. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute
investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) 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 other losses resulting from, or related to, this information, data, analyses or opinions or their use.
Separate Account Comprehensive Report
Contains data of interest to consumers of separate account information. The comprehensive, multi-page report contains
detailed representative performance information, advanced risk measurements, representative portfolio statistics, and
operations data.
15
Release date: 2007-09-11
Page 1 of 11
PIMCO Total Return Fund
Prospectus Report 2007-09-11: Parent Fund Snapshot
Overview
A fund may offer several share classes with
different expense structure and availability.
The fund’s investment objective,
distribution frequency, and management
remains the same across all share classes.
Available Classes
A(PTTAX); B(PTTBX); C(PTTCX); D(PTTDX); Inst(PTTRX); Other(PTRAX); Retirement(PTRRX)
Share Class Structure
Institutional and Administrative shares are both designed for institutional investors; Administrative shares
have shareholder service fees.
Objective
Corporate Bond - General
Primary Benchmark
Secondary Benchmark
LB US Aggregate Bond PR
LIPPER INTER. INVT. GRADE DEBT AVERAGE
Dividends
Capital Gains
Monthly
Annually
Attributes
—
Investment Strategy
The investment seeks total return consistent with preservation of capital.
The fund normally invests at least 65% of assets in debt securities, including U.S. government
securities, corporate bonds, and mortgage-related securities. It may invest up to 30% of assets in securities
denominated in foreign currencies. The fund may invest up to 10% of assets in high-yield securities rated B
or higher. The average portfolio duration of this Portfolio normally varies within two years (plus or minus) of
the duration of the Lehman Brothers Aggregate Bond index.
Address
840 Newport Center Drive
Suite 100
Newport Beach CA 92660
USA
Phone Number(s)
—
Web Address
www.allianzinvestors.com
Release date: 2007-09-11
Page 2 of 11
PIMCO Total Return Fund
Annual Average Performance as of 2007-08-31
Total return figures include dividends and
capital gain distributions and the effect of
each class’ expenses. The total returns
are for those classes of shares with a full
calendar year of performance.
Prospectus Report 2007-09-11: Fees and Expenses
Snapshot
8%
7
Share Class Expense Comparison
This investment has an annual expense of
various management fees. The fees are
based on the value of your investment.
Some investments have waivers attached
to them which will reduce management
expenses.
Fee
6
Management Fee %
Distribution Fee %
Other Fees %
Total Annual Operating Fees
5
4
Waiver
Net Annual Operating Fee
1 Year
Share Class A
Share Class B
Share Class C
Share Class D
3 Year
4.25
3.47
3.48
4.41
B Share
C Share
D Share
0.25
0.25
0.40
0.90
0.25
1.00
0.40
1.65
0.25
1.00
0.40
1.65
0.25
0.25
0.25
0.75
(0.00)
(0.00)
(0.00)
(0.00)
0.90
1.65
1.65
0.75
2
Annualized Average Total Expense Ratio
The fee graph assumes a $10,000
investment, the fees as listed above, a 5%
annual return and a 10-year time period of
investment ownership (before waivers and
expense reimbursements or credits).
Figures are shown for cases
5 Yewith
ar
redemption of the account at the end of
3each
.32 year.
4.36
2.55
2.56
3.48
3
A Share
8.00 %
1
7.00
0
6.00
5.00
Since Inception
6.29
5.49
5.50
5.94
3.58
3.59
4.51
4.00
3.00
2.00
1.00
0.00
Share Class Yearly Expenses %
Year 0
Share Class A
Share Class B
Share Class C
Share Class D
4.64
5.02
2.59
0.74
Year 1
4.64
5.02
2.59
0.74
Year 2
2.67
2.89
1.60
0.72
Year 3
Year 4
2.00
2.18
1.57
0.71
Year 5
1.66
1.82
1.55
0.69
1.45
1.61
1.52
0.68
Year 6
1.31
1.50
1.50
0.66
Year 7
Year 8
1.20
1.47
1.47
0.65
1.12
1.45
1.45
0.64
Year 9
1.05
1.34
1.43
0.62
Year 10
1.00
1.24
1.40
0.61
©2007 Morningstar, Inc., 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted
to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past
performance
is no guarantee
of future performance.
Expense
Projection
Dollar Amount
Visit our investment web site at www.morningstar.com.
The expenses graph assumes a $10,000
investment, the fees as listed above, a 5%
annual return and a 10-year time period of
investment ownership (before waivers and
expense reimbursements or credits).
Figures are shown for cases with
redemption of the account at the end of
each year.
$1,956
1,630
1,304
978
652
326
0
Share Class Yearly Expenses $
Share Class A
Share Class B
Share Class C
Share Class D
1 Year
3 Year
463.00
518.00
268.00
77.00
5 Year
651.00
720.00
520.00
240.00
10 Year
855.00
947.00
897.00
417.00
1,441.00
1,485.00
1,955.00
930.00
The 2 graphs above are Morningstar calculations based on Vix bellus concubine satis spinosus iocari matrimonii, quod fiducias miscere optimus adfabilis ossifragi, et pretosius quadrupei senesceret catelli. Matrimonii adquireret saburre, semper
incredibiliter utilitas cathedras suffragarit catelli. Optimus lascivius chirographi fermentet Octavius.
©2007 Morningstar, Inc., 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted
to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance.
Visit our investment web site at www.morningstar.com.
Prospectus Summary Report
Simplify the process of reviewing mutual fund prospectuses with consistent presentation of critical fund information.
This report highlights key operational information from the fund’s prospectus.
16
Portfolio and Lineup Comparison Reports
Morningstar DirectSM | Print Date: 2007-09-24
Page 1 of 1
Lemanik Italy Cap Retail EUR Acc LU0090850685
Currency
Investment Comparison
EUR
Investment 2
MS SICAV Global Diversified EUR A Acc
Style and Sector Trails
Operations
Equity Style
Sector Delta
Investment 1
Fixed Income Style
High
Universe
Category
Manager
Manager Start
Turnover Ratio
Total Net Assets (mil)
Low
Small
Short
Micro
Blend
Inv 1: Lemanik Italy Cap Retail EUR Acc
Inv 2: MS SICAV Global Diversified EUR A Acc
Bmark: Benchmark Bilanciati Moderati IT
Core Grth High Grth
Equity Analysis
Intrm
Universe
Category
Manager
Manager Start
Turnover Ratio
Total Net Assets (mil)
Long
Start Date
2004-08-31
2004-08-31
2006-11-30
End Date
2007-07-31
2007-07-31
2007-07-31
Fixed-Income Analysis
Inv 1%
Inv 2%
Bmark%
Fixed-Income Style
Inv 1%
Inv 2%
Bmark%
Large Value
Large Core
Large Growth
13.95
27.71
0.00
44.47
21.87
18.63
37.87
45.73
2.71
Mid Value
Mid Core
Mid Growth
11.85
3.19
4.44
3.25
5.00
2.39
8.24
4.38
1.07
Avg Eff Duration¹
Avg Eff Maturity¹
Avg Credit Quality¹
Avg Wtd Coupon¹
Avg Wtd Price
0.33 Yrs
0.59 Yrs
AA
3.72%
100.62%
5.20 Yrs
0.00 Yrs
BBB
4.36%
101.46%
.
.
.
.
.
Small Value
Small Core
Small Growth
11.78
23.13
3.95
0.00
2.05
2.34
0.00
0.00
0.00
¹ as of 2007-07-31 for Inv 1 and 2007-06-30 for Inv 2
Credit Rating Breakdown
Inv 1%
Inv 2%
Bmark%
AAA
AA
A
BBB
BB
B or below B
Not Rated
0.41
95.53
1.09
0.00
0.75
0.72
1.50
3.40
7.80
22.30
22.00
0.00
0.00
44.50
.
.
.
.
.
.
.
Inv 1
Inv 2
Bmark
3,939
17.88
2.39
0.93
9.37
2.82
9.79
14.95
4.48
-0.99
0.66
Low
Low
Low
32,901
13.58
1.39
1.05
8.83
2.36
9.48
14.64
15.50
8.31
13.33
Medium
Medium
Medium
46,203
12.97
1.86
1.06
5.46
4.76
10.62
21.44
8.81
10.84
9.55
High
Medium
High
Super Sector Breakdown
Inv 1%
Inv 2%
Bmark%
Super Sector Breakdown
Inv 1%
Inv 2%
Bmark%
h Information
j Services
k Manufacturing
2.55
35.56
61.89
27.47
39.24
33.29
10.27
53.41
36.32
US Government
Mortgage
Credit
Foreign
Cash (% of FI)
0.00
0.00
0.17
75.04
24.79
0.00
0.00
29.34
67.47
3.19
.
.
.
.
.
Avg Market Cap (mil.)
Price/Earnings Factor
Price/Book Factor
Price/Sales Factor
Price/Cash Flow Factor
Dividend Yield Factor
LT Earn Gr Factor
Hist Earn Gr Factor
Book Val Gr Factor
Sales Gr Factor
Cash Flow Gr Factor
Style Consistency
Val-Grth Consistency
Size Consistency
Equity Diversification
Inv 1
Inv 2
Bmark
Ind Mat
Hardware
Fin Svc
Fin Svc
Fin Svc
Energy
Utilities
Cons Goods
Utilities
Africa/Mideast
Euro dev
Africa/Mideast
Asia dev
Japan
Asia dev
Top 3 Geographic Regions
Inv 1
Inv 2
Bmark
Euro dev
North Amer
Euro dev
Maturity Breakdown
Inv 1%
Inv 2%
Bmark%
1-3
3-5
5-7
7-10
10-15
15-20
20-30
30+
24.86
74.07
0.98
0.00
0.00
0.00
0.10
0.00
22.81
47.36
14.55
14.00
0.00
0.00
0.00
1.29
.
.
.
.
.
.
.
.
Fixed-Income Diversification
Top 3 Sectors
Top 3 Sectors
Inv 1
Inv 2
Bmark
Non-US Govt
Non-US Govt
.
--- Management Team
1999-09-01
.
474
Open End Fund
Europe OE Euro Moderate Ba...
Chris Godding
2006-09-01
.
.
Asset Allocation
Style Breakdown
Equity Portfolio Statistics
Open End Fund
Europe OE Euro Moderate Ba...
Investment 2
Ma
nuf
act
u
Mid
ring
Med
Large
Giant
vice
Ser
Information
Deep Val Core Val
Benchmark
Benchmark Bilanciati Moderati IT
Non-US Corp
US Corporate
.
Cash
Convertible
.
Cash
Stocks
Bonds
Other
# of Stocks
# of Bonds
Inv 1%
Inv 2%
Bmark%
23.44
23.71
52.72
0.13
25
12
1.35
50.59
35.05
13.01
40
12
0.00
100.00
0.00
0.00
.
.
Performance as of 2007-07-31
Trailing Returns
Inv 1%
Inv 2%
Bmark%
1 Month
3 Month
YTD
1 Year
3 Year
5 Year
10 Year
0.05
1.10
6.92
13.51
12.34
12.17
.
-1.92
0.55
0.31
4.90
6.84
5.76
.
-1.90
-2.63
0.38
7.12
8.49
6.94
.
2.18
4.83
5.41
.
3.93
4.81
5.52
.
4.67
4.33
5.57
.
3 Year
5 Year
10 Year
5.01
0.75
45.71
3.72
1.04
6.19
0.71
53.93
4.01
1.31
.
.
.
.
.
3 Year
5 Year
10 Year
-0.40
0.79
50.16
3.52
-0.47
-0.05
0.75
56.17
3.93
-0.30
.
.
.
.
.
Standard Deviation
1 Year
3 Year
5 Year
10 Year
Portfolio 1 vs. Benchmark
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
Portfolio 2 vs. Benchmark
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or
its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or
losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Investment Comparison Report
With the ability to select an investment from any universe, the investment comparison report helps to define differences
and similarities with regard to style, performance, and composition.
17
Page 1 of 1
Release date 31 Aug 2007 | NASD Members: For internal use or client reporting purposes only
Vanguard Strategic Equity
Fidelity Value
25 Growth of 10,000
20
25
15
15
10K
9
2004
2005
5
&
20.49
9.61
Annualized Trailing Returns
10K
9
YTD
2006
Performance
2003
5
*
9.97
5.06
5
*
13.43
-2.36
5
)
3.47
-1.73
Equity Style
Quartile rank (in cat)
Total Return %
+/- S&P 500
1-Yr
12.99
3-Yr
15.69
5-Yr
16.77
10-Yr
10.14
0.35%
$7,643 Mil
1995-08-14
James D Troyer
Expense Ratio
Average
Morningstar ReturnTM Average
Morningstar CategoryTM Mid-Cap Blend
Total Assets
Inception
Manager
Morningstar RatingTM
Equity Style
Quartile rank (in cat)
Total Return %
+/- S&P 500
1-Yr
16.97
3-Yr
17.80
5-Yr
17.67
10-Yr
10.64
22
24
21
11
8
8
Inception
Manager
Value
Portfolio Profile
Core
Ownership Zone
Growth
13
16
14
12
22
14
2
4
3
Value
Blend
Growth
Large
3
Growth
Large
2
Blend
Mid
1
Value
Small
Growth
Equity Investment Style
Large
Core
0.66%
$22,027 Mil
1978-12-01
Richard B. Fentin
Expense Ratio
Total Assets
Investment Style
Ownership Zone
Mid
Value
QQQQ
Average
Morningstar ReturnTM Above Avg
Morningstar CategoryTM Mid-Cap Value
Small
Large
Mid
5
&
7.13
1.93
Morningstar RiskTM
Investment Style
Equity Investment Style
Small
Performance
5
(
15.09
-0.70
2006
Quick Stats
QQQ
Morningstar RiskTM
Portfolio Profile
Top 5 Holdings out of 778
Sector
Cummins, Inc.
Parker Hannifin Corporation
Ameriprise Financial, Inc.
Nordstrom, Inc.
Mirant Corporation
Industrial Materials
Industrial Materials
Financial Services
Consumer Services
Utilities
Cash
US Stocks
Non-US Stocks
Bonds
Other
YTD
5
&
14.27
9.36
2005
5
*
21.21
10.33
Annualized Trailing Returns
Quick Stats
Morningstar RatingTM
Asset Allocation
2004
2
(
34.43
5.75
Mid
5
&
43.83
15.15
FDVLX
VSEQX
Small
2003
Growth of 10,000
20
VSEQX
FDVLX
% Assets
0.56
98.41
0.70
0.04
0.29
World Regions
% Assets
Americas
Greater Europe
Greater Asia
99.4
0.0
0.6
YTD Return %
% Assets
92.59
36.46
6.64
-5.00
24.45
1.05
1.05
1.01
0.98
0.97
Stock Sectors
Information Economy
15.9
Software
Hardware
Media
Telecommunications
3.3
7.8
1.8
2.9
j
i
o
p
a
Service Economy
k
s
d
f
g
Manufacturing Economy
Consumer Goods
Industrial Materials
Energy
Utilities
Sector
Baxter International Inc.
Xerox Corporation
Owens-Illinois, Inc.
Tyco International, Ltd.
Avon Products
Health Care
Industrial Materials
Industrial Materials
Industrial Materials
Consumer Goods
Asset Allocation
h
r
t
y
u
Health Care
Consumer Services
Business Services
Financial Services
Top 5 Holdings out of 311
Cash
US Stocks
Non-US Stocks
Bonds
Other
% Assets
3.43
90.21
6.01
0.18
0.17
48.28
World Regions
% Assets
9.6
8.9
9.2
20.5
Americas
Greater Europe
Greater Asia
95.6
3.1
1.3
35.85
8.7
13.8
8.7
4.7
YTD Return %
% Assets
15.53
-0.53
107.43
-11.21
-1.77
1.46
1.27
1.20
1.10
1.06
Stock Sectors
h
r
t
y
u
Information Economy
17.7
Software
Hardware
Media
Telecommunications
1.3
11.1
1.8
3.5
j
i
o
p
a
Health Care
Consumer Services
Business Services
Financial Services
k
s
d
f
g
Consumer Goods
Industrial Materials
Energy
Utilities
Service Economy
Manufacturing Economy
© 2007 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute
investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) 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 other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature,
and therefore must be preceded or accompanied by a prospectus and disclosure statement. Please read the prospectus carefully.
Fund vs. Fund Report
Directly compare two investments from any universe and examine performance, investment style, asset allocation,
and diversification.
42.70
8.5
9.0
9.9
15.3
39.62
9.4
13.0
10.4
6.8
18
Portfolio and Lineup Comparison Reports
Morningstar DirectSM | Print Date: 2007-09-24
Page 1 of 1
1 ING Hoog Dividend Aandelenfonds Inc INGHD
2 KBC Eq Fd US Value Acc BE0176715788
Top 20 Distinct Stock Holdings (Portfolio 1)
Portfolio Date
Morningstar Category
2007-06-30
Europe OE Global Large-C...
Portfolio Date
Morningstar Category
2007-06-30
Europe OE U.S. Large-Ca...
Top 20 Distinct Stock Holdings (Portfolio 2)
Sector
Style Box
Share #
%
Eni
BCE Inc.
Royal Bank of Scotland Grp
Washington Mutual, Inc.
Precision Drilling Trust Trust Unit
f
u
a
a
f
Sector
Style Box
Share #
%
1
4
1
1
2
490,902
459,724
1,367,312
390,252
579,783
1.58
1.54
1.54
1.47
1.25
Ashland, Inc.
Cummins, Inc.
Microsoft Corporation
Simon Property Group, Inc.
Prudential Financial, Inc.
f
d
r
a
a
5
8
7
4
4
12,044
6,727
22,789
6,922
5,987
2.76
2.44
2.40
2.31
2.08
Wesfarmers Ltd
Telekomunikacja Polska
Enel
PetroChina
TransCanada Corporation
d
u
g
f
f
4
1
1
1
1
354,840
1,536,302
1,232,486
8,906,227
371,705
1.22
1.19
1.17
1.16
1.13
J.P. Morgan Chase & Co.
Dillard's, Inc.
Time Warner, Inc.
Merrill Lynch & Company, Inc.
Hewlett-Packard Company
a
o
y
a
t
1
2
7
4
4
11,397
14,454
24,119
5,655
10,353
1.98
1.86
1.82
1.69
1.66
Matav RT ADR
BP
Petroleo Brasileiro S.A. (ADR)
Royal Dutch Shell
GlaxoSmithKline
u
f
f
f
i
2
1
1
1
1
459,182
1,043,722
116,714
303,551
453,274
1.12
1.12
1.10
1.09
1.05
Abbott Laboratories
Comcast Corporation A
Metropolitan Life Insurance Company
Schering-Plough Corporation
PACCAR, Inc.
i
y
a
i
d
7
7
1
7
7
8,600
15,907
6,410
13,434
4,686
1.65
1.60
1.48
1.46
1.46
Fortis
Australia & New Zealand Banking Grp
Taiwan Semiconductor Manufacturing ADR
British American Tobacco
Foster's Grp Ltd
a
a
t
s
s
1
1
4
4
7
276,805
477,716
1,045,395
340,355
2,118,715
1.04
1.04
1.03
1.03
1.01
Wells Fargo Company
Peabody Energy Corporation
Rowan Companies, Inc.
SUPERVALU
Tyco International, Ltd.
a
f
f
o
1
7
8
2
4
10,884
7,758
9,100
7,389
9,448
1.37
1.34
1.33
1.23
1.14
23.89
35.06
Top 20 Shared Stock Holdings (Portfolio 1)
Top 20 Shared Stock Holdings (Portfolio 2)
Sector
Style Box
Port1 %
Port2 %
Sector
Style Box
Port2 %
Port1 %
UST, Inc.
Altria Group, Inc.
Bank of America Corporation
Citigroup, Inc.
Pfizer Inc.
s
s
a
a
i
2
1
1
1
1
1.51
1.49
1.47
1.46
1.41
0.13
1.66
3.60
3.18
1.33
AT&T, Inc.
Bank of America Corporation
Citigroup, Inc.
Wachovia Corporation
Altria Group, Inc.
u
a
a
a
s
4
1
1
1
1
4.49
3.60
3.18
3.11
1.66
1.04
1.47
1.46
0.96
1.49
Bristol-Myers Squibb Company
AT&T, Inc.
Reynolds American, Inc.
Citizens Communications Company B
US Bancorp
i
u
s
u
a
7
4
1
2
1
1.08
1.04
1.00
0.99
0.97
0.18
4.49
1.19
0.08
0.98
Pfizer Inc.
Reynolds American, Inc.
US Bancorp
Duke Energy Corporation
KeyCorp
i
s
a
g
a
1
1
1
1
1
1.33
1.19
0.98
0.36
0.21
1.41
1.00
0.97
0.48
0.97
KeyCorp
Wachovia Corporation
Duke Energy Corporation
a
a
g
1
1
1
0.97
0.96
0.48
0.21
3.11
0.36
Bristol-Myers Squibb Company
UST, Inc.
Citizens Communications Company B
i
s
u
7
2
2
0.18
0.13
0.08
1.08
1.51
0.99
Holding Analysis
Common Holdings
ING Hoog Dividend Aandelenfonds Inc
KBC Eq Fd US Value Acc
All Stock Holdings
Count
%
Count
%
Active share %
Similarity Score %
Common Holdings Score %
13
13
14.83
20.51
106
131
93.73
98.24
89.30
89.30
15.83
20.88
10.70
10.70
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Holdings Comparison Report
Compares the underlying holdings of two investments to identify their common and unique holdings. The report is used
in plan construction and competitive analysis.
19
Morningstar DirectSM | Print Date: 2007-09-11
Page 1 of 5
Aggregate XYZ(C)
Portfolio Aggregation
Data as of
2007-07-31
Equity Style Box
Risk-Free Rate
USTREAS T-Bill 3 Mon
Benchmark
S&P 500 TR
Top 10 Constituents
Portfolio %
Giant
Style Breakdown
Large
5
Mid
1
Small
7
3
8
Micro
4
6
Deep Value
Currency
USD
CoreValue
Blend
Large Value
Large Core
Large Growth
7.52
7.31
8.39
30.93
33.73
24.66
Mid Value
Mid Core
Mid Growth
6.33
12.01
17.62
3.79
3.76
3.05
Small Value
Small Core
Small Growth
10.56
14.45
15.81
0.07
0.01
0.00
Large Cap
Mid-Small Cap
23.22
76.78
89.32
10.68
Value
Core
Growth
24.41
33.77
41.83
34.79
37.50
27.71
Portfolio
Core Growth High Growth
% Weighting
Benchmark %
1
2
3
4
5
12.50
12.50
12.50
12.50
12.50
Columbia Asset Allocation G
Delaware MN High-Yld Muni A Load Waived
Federated International Small Co A
JPMorgan Small Cap Equity Sel
Northern Institutional Balanced D
12.50
12.50
12.50
6 Phoenix Insight Small-Cap Opport I
7 T. Rowe Price Mid-Cap Value
8 Wilshire Small Company Growth Instl
Portfolio Statistics
Style Box Value Factors
Price/Prospective Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
Portfolio Constituents
Portfolio
Benchmark
17.66
2.60
1.16
10.28
1.35
14.95
2.59
1.47
10.50
1.82
13.73
16.19
12.14
3.74
5.09
10.53
17.01
11.28
9.36
9.47
20.03
3.12
1.30
12.43
16.67
2.82
1.58
11.77
17.55
6.87
10.13
36.74
22.08
8.20
14.61
34.80
5.30
6.91
A
5.47
—
—
—
—
—
—
Style Box Growth Factors
Long-Term Earning Growth %
Historical Earnings Growth %
Book Value Growth %
Sales Growth %
Cash Flow Growth %
Portfolio OverView
Composition
Cash
Stocks
Bonds
Other
Total
Portfolio %
Benchmark %
3.77
75.71
19.61
0.90
0.00
100.00
0.00
0.00
100.00
100.00
Portfolio %
Benchmark %
17.62
21.11
3.61
7.95
3.14
2.92
3.69
10.46
3.25
3.72
j Services
44.27
43.52
i
o
p
a
9.45
7.84
12.19
14.79
Equity Sector Breakdown
h Information
r
t
y
u
Software
Hardware
Media
Telecommunications
Portfolio %
Benchmark %
Americas
82.62
100.00
North America
Lartin America
81.83
0.79
100.00
0.00
Greater Europe
13.53
0.00
k Manufacturing
38.11
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
2.50
10.46
0.25
0.33
0.00
0.00
0.00
0.00
s
d
f
g
8.17
20.67
6.40
2.87
World Region Breakdown
Greater Asia
3.85
0.00
Japan
Australasia
Asia Developed
Asia Emerging
1.19
0.06
1.35
1.24
0.00
0.00
0.00
0.00
Portfolio %
Benchmark %
80.14
19.86
2.50
1.93
1.73
100.00
0.00
0.00
0.00
0.00
1.69
1.50
1.36
1.20
1.14
0.00
0.00
0.00
0.00
0.00
Top 10 Countries Breakdown
United States
Non-US
United Kingdom
France
Germany
Canada
Spain
Switzerland
Japan
Malaysia
Health Care
Consumer Services
Business Services
Financial Services
Consumer Goods
Industrial Materials
Energy
Utilities
Fixed-Income Sector Breakdown
US Government
US Mortgage
US Credit
Non-US
Cash
Portfolio %
8.56
36.20
33.49
1.23
20.51
AAA
AA
A
BBB
BB
B or Below B
Not Rated
Portfolio %
37.19
13.97
16.69
14.30
1.22
0.56
16.07
Price to Earnings
Price to Book Value
Price to Sales
Price to Cash Flow
11.73
7.60
Financial Ratios
4.10
ROE
%
Aggregate
XYZ(C)
20.10
ROA %
35.37 Aggregation
Portfolio
Net Margin %
Debt to Capital %
8.45
12.47
Cumulative Return
11.02
Fixed Income Style
Portfolio
Benchmark
Total Return %
3.45
Avg Eff Duration
192
Avg Eff Maturity
Avg Credit Quality
144
Benchmark %
Avg Wtd Coupon
—
96
Avg Wtd Price
—
48
—
Misc
—
0
% Market Value in Top 10 Holdings
—
Average Expense Ratio
-48
Morningstar DirectSM | Print Date: 2007-09-11
1997
Credit Rating Breakdown
Equity Valuation Price Multiples
1998
1999
2000
2001
Page 2 of 5
Data as of
2007-07-31
Portfolio
—
—
—
—
—
—
24
12
0
4.02
—
2002
2003
19.82
—
2004
2005
2006
2007
Benchmark
-24
-36
2001
2002
2003
Benchmark
S&P 500 TR
Trailing Returns
-12
2000
Risk-Free Rate
USTREAS T-Bill 3 Mon
1 Month
3 Month
6 Month
YTD
1 Year
3 Years
5 Years
10 Years
15 Years
Inception
Benchmark %
Rolling Return
—
3-Year Rolling Return %
Currency
USD
2004
2005
2006
2007
Total
Return
+/Benchmark
-3.04
-0.98
3.22
4.70
15.88
13.95
14.32
9.10
—
9.86
0.06
0.41
1.12
1.05
-0.25
2.19
2.50
3.12
—
—
Relative Statistics
Versus Benchmark
1-Yr
3-Yr
5-Yr
10-Yr
Alpha
Beta
R-Squared
Tracking Error
Information Ratio
Treynor Ratio
2.73
0.70
82.03
3.59
-0.07
15.11
2.15
0.99
78.15
3.84
0.57
10.02
4.56
0.73
74.88
5.55
0.45
15.61
3.61
0.70
70.19
8.15
0.38
7.68
Downside Deviation
Batting Average
2.14
50.00
1.97
61.11
3.48
63.33
4.73
59.17
Up Capture Ratio
Down Capture Ratio
Up Number Ratio
Down Number Ratio
Up Percentage Ratio
Down Percentage Ratio
84.32 107.69
53.76 89.91
1.00
0.89
0.67
0.89
0.33
0.59
1.00
0.67
98.97
74.89
0.93
0.88
0.60
0.71
86.94
66.74
0.95
0.89
0.51
0.72
Risk Statistics
Risk-Return
Portfolio
3-Yr Total Return %
Benchmark
Portfolio Constituents
Risk-Free Rate
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
33.00
3
28.00
23.00
1-Yr
3-Yr
5-Yr
10-Yr
Standard Deviation
Skewness
Kurtosis
6.32
-0.98
0.33
8.16
-0.29
-0.72
9.30
-0.31
-0.27
12.37
-0.63
1.01
Sharp Ratio
Sortino Ratio
Calmar Ratio
1.68
2.99
4.13
1.21
2.43
8.28
1.23
2.43
15.86
0.43
0.71
5.99
Positive Months
Negative Months
Worst Month
10
2
-3.04
25
11
-3.78
42
74
18
46
-5.88 -12.98
Max Drawdown
4
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
7
8
13.00
6
1
8.00
5
2
3.00
0.00
2.00
4.00
6.00
8.00
10.00
12.00
3.84
5.79
6.01
23.19
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
—
10.89
-2.05
6.75
-9.51
3.83
-2.69
4.65
-1.12
7.32
3.00
12.41
9.68
0.02 -12.68
10.10 -1.39
-2.96 2.86
6.95 -12.18
-5.58 -11.94
15.20
6.35
0.90 -0.25
2.18
5.09
-2.83 1.79
4.84
—
Calendar Returns
18.00
14.00
16.00
3-Yr Standard Deviation %
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Portfolio Aggregation Report
Detailed analysis of user-created aggregates including the portfolio’s investment style, composition, key fundamentals,
risk and return statistics, performance, and top 25 common holdings.
-1.65
—
13.63 10.04
15.50 22.83
-3.23 3.13
10.92 -5.73
3.42 -10.72
10.79 32.08
10.30 16.18
2.50
8.82
7.05 13.64
—
—
20
Portfolio and Lineup Comparison Reports
Release date 08/31/2007| NASD Members: For internal use or client reporting purposes only.
Page 1 of 2
Average of 2 Funds
Overall Rating
4.50
Benchmark
Morningstar US Market TR
Analysis
Composition %
Cash
US Stocks
Non-US Stocks
Bonds
Other
Not Classified
Average
Bmark
14.05
0.00
53.99 100.00
8.80
0.01
18.75
0.00
4.40
0.00
0.00
0.00
Current Investment Style %
Fixed-Income Investment Style %
Style
Value Core Growth
Maturity
Short Interm Long
38
35
12
Large Size
0
0
0
High Quality
5
7
2
Medium
0
65
0
Medium
1
0
0
Small
0
0
0
Low
Sector Weightings
% of Stocks
Average
Bmark
Regional Exposure
% Assets
Average
Bmark
Information
16.64
20.72 h
Americas
86.58
100.00
North America
Latin America
86.06
0.52
100.00
0.00
Greater Europe
Software
Hardware
Media
Telecom
1.64
3.18
3.09
8.73
3.87
9.90
3.34
3.61
r
t
y
u
43.77
44.42 j
9.56
6.84
2.35
25.02
11.65 i
7.89 o
Manufacturing
39.59
Cons Goods
Materials
Energy
Utilities
9.86
14.94
6.76
8.03
34.86 k
8.03 s
Service
Health Care
Cons Svcs
Bus Svcs
Financial
Not Classified
0.00
5.36 p
19.52 a
12.45 d
10.72 f
3.66 g
5
10
15
20
25
0.00
0.00
0.00
0.00
Greater Asia
2.72
0.00
Japan
Australasia
Asia Emerging
Asia Developed
0.00
0.79
0.00
1.93
0.00
0.00
0.00
0.00
Not Classified
0.00
0.00
30
35
40
45
50
Release date 08/31/2007| NASD Members: For internal use or client reporting purposes only.
Trailing Return Performance
YTD
Average of 2 Funds
1-Mo
3 Mo
12-Mo
Fundamental12.23
Analysis 13.02
12.90
Market
-2.23 Maturity
0.07
Geometric
3.60 Avg Capitalization
0.75 ($Mil)5
%7.64
of Stocks
Bmark
8.54 Average 8.71
Total Return as of 08/31/2007
4.10
0.69
-3.19
+/- S&P 500
-1.10
-0.80
0.09
+/- LB Agg
1.03
-0.53
-4.96
3 Yr
5 Yr
Annlzd
Annlzd
Annlzd
Annlzd
08/31/2007
10.35
11.67
12-Mo
Yr
Overall Rating
4.50
2006
17.39
4.10
% of US Stocks
-3.30 6.31
20.37
Distressed-12.19
0.10
-0.60
21.28 0.79
Hard Asset
9.31
12.92
Cyclical
16.55
18.54
Slow Growth
15.08
9.14
Classic Growth
31.29
34.32
Aggressive Growth
1.96
14.71
Speculative Growth 4.72
3.10
Not Available
0.62
0.17
3.23
0.22
1.60
-1.10
Net Margin
9.78
2.70
13.06
3.77
15.95
7.84
% of US Stocks-1.93
+/- S&P 500
-14.20
-20.94
-17.27
25.05
19.73
High Yield 20.17
9.51
-1.05
4.60
4.32
Type Weightings
Benchmark
Morningstar US Market TR
__
Valuation
7.19 Multiples
5.13
7.63
1999
Std Ret%
14.11
19.16
1998
15-Yr
25.38 Bmark
Average
2000
Total Return as of 08/31/2007
1997
1.02
Page 2 of 2
10 Yr
Average
4.30
5.35
99.11 100.00 Benchmark
0.89
0.00
0.00
2003 0.00 2004
2005
Developed Markets
Emerging Markets
Not Available
2001
2002
+/- LB Agg
0.00
3.98
6.35
0.08
0.29
0.00
% 0
Calendar-Year Performance
10.70
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
41,118.74
10 Yr
33,026.06
Price/Earnings
8.05
Price/Book
Price/Sales
08-2007
Price/Cash Flow
Profitability
ROE
1.03
ROA
Debt/Capital
Average
Bmark
16.40
2.56
1.57
11.00
16.95
2.77
1.53
11.76
Average
2005
__
__
__
__
Bmark
2006
2006
14.02
18.32
7.51
35.31
14.13
21.02
7.93
35.15
Interest Rate Risk
Average
Maturity
-
Duration (total portfolio)
Avg Credit Quality
4.04
A
Credit Quality
% of Bonds
Govt.
AAA
AA
A
BBB
0.00
31.22
1.66
3.85
9.52
BB
B
Below B
NR/NA
7.00
8.91
3.05
34.79
Potential Cap Gains Exposure
Gross Exp Ratio
Front-End Fees
Deferred Load
12b-1 Fee
Asset ($mil)
17.15
0.65
__
__
__
__
Fund Statistics
% 0
5
10
15
20
25
30
35
40
45
50
Risk Analysis
Risk and Return Statistics 3 Yr
5 Yr
Average
Standard Deviation
Mean
Sharpe Ratio
Morningstar Rating
Morningstar Risk
Morningstar Return
Bmark
10 Yr
Average
5.68 7.81
12.23 13.34
1.35 1.12
__
4.00
__
4.00
__
4.00
MPT Statistics
Bmark
Average
Bmark
7.19 11.12
13.02 13.09
1.34 0.90
__
4.50
__
3.50
__
4.50
8.05
10.35
0.81
4.50
2.00
4.50
14.98
6.94
0.28
__
__
__
© 2007 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not
Risk/Reward Scatterplot
constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) 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 other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental
Average
Individual Holding
Bmark
sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
3-Year Mean
Alpha
Beta
R-squared
3 Yr
5 Yr
10 Yr
Average
Average
Average
1.72
0.68
86.37
3.67
0.59
83.48
14.00
13.80
13.60
13.40
13.20
13.00
12.80
12.60
12.40
12.20
12.00
5.0
5.2
5.4
5.6
5.8
6.0
6.2
6.4
6.6
6.8
7.0
7.2
7.4
7.6
7.8
3-Year Standard Deviation
© 2007 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not
constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) 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 other losses 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.
Average Detail Report
A quick analysis of a portfolio containing up to 25 investments on an equal-weighted basis, benchmarked against the
Morningstar U.S. Market Index, a diversified broad market index that targets 97% market capitalization coverage.
4.81
0.41
58.22
21
Release date 09/11/2007| NASD Members: For internal use or client reporting purposes only.
Page 1 of 3
Stock Intersection
Investment List
Concentration Ratio
Brief Description
Type
Top 15 Stocks
Other
% of Portfolio
18.47
81.53
The Stock Intersection report is for informational purpose only. It reviews
the top 15 holdings in your portfolio to identify, at a glance, the portfolio's
overall weighting in a particular security or sector.
See how much of the portfolio
is concentrated in the top 15 stock
holdings.
Stock Intersection
The Portfolio Date is the date that the fund's portfolio was last updated. When making comparisons among funds, it is an important date to keep in mind.
It is possible that a fund's portfolio could be up to eight months old at the time of publication. See disclosures for more information.
Account Net
Assets (%)
Underlying Stocks/
Ticker
Account Holdings
Stock
Holding Portfolio
Sector
Date
2.70
AT&T, Inc.
T
1.71
American Funds Inc Fund of Amer A
AMECX
-
Telecommunications
03/31/2007
0.99
T. Rowe Price Capital Appreciation
PRWCX
-
06/30/2007
2.09
General Electric Company
GE
1.20
T. Rowe Price Capital Appreciation
PRWCX
-
06/30/2007
0.89
American Funds Inc Fund of Amer A
AMECX
-
03/31/2007
1.60
Tyco International, Ltd.
TYC
1.60
T. Rowe Price Capital Appreciation
PRWCX
1.17
Coca-Cola Company
KO
0.66
T. Rowe Price Capital Appreciation
PRWCX
-
06/30/2007
0.51
American Funds Inc Fund of Amer A
AMECX
-
03/31/2007
1.16
Chevron Corporation
CVX
1.16
American Funds Inc Fund of Amer A
AMECX
1.11
Pfizer Inc.
PFE
0.67
T. Rowe Price Capital Appreciation
PRWCX
-
06/30/2007
0.44
American Funds Inc Fund of Amer A
AMECX
-
03/31/2007
1.05
Murphy Oil Corporation
MUR
1.05
T. Rowe Price Capital Appreciation
PRWCX
1.05
International Paper Co.
IP
0.72
T. Rowe Price Capital Appreciation
PRWCX
-
06/30/2007
0.33
American Funds Inc Fund of Amer A
AMECX
-
03/31/2007
1.03
Microsoft Corporation
MSFT
0.87
T. Rowe Price Capital Appreciation
PRWCX
-
06/30/2007
0.16
American Funds Inc Fund of Amer A
AMECX
-
03/31/2007
1.01
Citigroup, Inc.
C
1.01
American Funds Inc Fund of Amer A
AMECX
0.95
Merck & Co., Inc.
MRK
0.62
American Funds Inc Fund of Amer A
AMECX
-
03/31/2007
0.33
T. Rowe Price Capital Appreciation
PRWCX
-
06/30/2007
Industrial Materials
Industrial Materials
-
06/30/2007
Consumer Goods
Energy
-
03/31/2007
Healthcare Services
Energy
-
06/30/2007
Industrial Materials
Software
Financial Services
-
03/31/2007
Healthcare Services
© 2007 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not
constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) 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 other losses 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.
Stock Intersection Report
Review the top 15 stock holdings in a portfolio to identify, at a glance, the portfolio’s overall weighting in a particular
security or sector.
Portfolio and Lineup Comparison Reports
Morningstar DirectSM | Print Date: 2007-09-24
Page 1 of 2
X-Ray
Holding Composition
Portfolio Constitutions
% Porfolio
Cash
Equity
Bonds
Other
Not Classified
Name
BlackRock Global Allocation A
Franklin Templeton Founding All A
15.04
60.41
19.68
4.87
0.00
Weight(%)
MktVal
50.00
50.00
5,000.00
5,000.00
100.00 10,000.00
Equity Exposure
Top Region:
Top Countries:
North America
United States
United Kingdom
Financials
Consumer Discretionary
Top Sectors:
53.93
52.03
8.66
13.52
7.03
0
10
20
30
40
50
60
70
80
90 100
World Regions
Investment Style
Fixed Income Style
Equity Style
Sht
33.0
16.0
5.0
5.0
3.0
1.0
1.0
0.0
>50%
25-50
10-25
0-10
0.0
Med
Mid
Sml
36.0
Int
0.0
Region
Lng
Hi
Gro
Low
Core
Lrg
Val
0.0
60.0
0.0
0.0
0.0
40.0
0.0
>50%
25-50
10-25
0-10
Not Classified 0.0%
Not Classified 0.0%
Market Cap
Mil
Portfolio
33,956.85
Avg Eff Duration (Yrs)
Avg Eff Maturity (Yrs)
Avg Credit Quality
4.42
2.72
BBB
Stock Sectors
fac
turin
g
vice
Ser
Information
Portfolio
j Service
i Health Care
o Cons Svcs
p Bus Svcs
a Financial
% Equity
% Equity
38.83
8.84
3.60
4.11
22.29
k Manufacturing 40.70
10.77
s Cons Goods
12.99
d Materials
9.78
f Energy
7.17
g Utilities
% Equity
h Information
r Software
t Hardware
y Media
u Telecom
20.47
3.44
5.07
5.48
6.47
% Equity
Americas
North America
Latin America
56.03
53.93
2.10
Greater Europe
United Kingdom
Europe Developed
Europe Emerging
Africa/Middle East
26.88
8.65
17.75
0.09
0.39
Greater Asia
Japan
Australasia
Asia Developed
Asia Emerging
17.09
6.45
0.93
6.89
2.82
Not Classified
Ma
nu
22
Market Maturity
Developed Markets
Emerging Markets
Not Available
0.01
94.60
5.39
0.01
Top Countries
Name
United States
United Kingdom
Japan
France
Germany
% Equity
Name
% Equity
52.03
8.66
6.45
3.94
3.82
Norway
Sweden
Taiwan
Belgium
Finland
0.84
0.83
0.78
0.75
0.58
South Korea
Switzerland
Hong Kong
Canada
Italy
3.10
2.02
1.99
1.91
1.73
Thailand
Denmark
MYS
Mexico
China
0.47
0.47
0.39
0.37
0.33
India
Netherlands
Brazil
Spain
Australia
1.62
1.54
1.41
1.02
0.87
Other
South Africa
Ireland
Israel
Hungary
0.24
0.23
0.19
0.15
0.09
Name
Chile
New Zealand
Austria
33
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content
providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising
from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
X-Ray Report
Summary analysis of the portfolio’s composition, investment style, sector breakdown, regional exposure and top holdings,
based on customized allocation of the portfolio’s constituents.
% Equity
0.09
0.05
0.01
98.97
23
Custom Reports
Morningstar Direct SM | Print Date: 2007-09-11
Page 1 of 1
Peer Group Analysis - US OE Large Growth
Fund Size
USD
Total Ret
YTD
(Daily)
USD
Total Ret
1 Yr
(Daily)
USD
Annual Report
Net Expense
Ratio
Sharpe Ratio
1 Yr (Mo-End)
USD
Beta
1 Yr (Mo-End)
USD
Information Ratio
1 Yr (Mo-End)
USD
P/E
Ratio (trailing)
Equity
Super Sector
Information %
Equity
Super Sector
Service %
Equity
Super Sector
Manufacturing %
QQQQ
QQQ
QQQQ
QQ
QQQ
3,860,684,472
74,693,514
60,455,961
394,334,580
4,939,741,905
9.31
6.05
6.97
6.07
8.34
19.20
14.65
17.48
14.36
17.49
1.42
2.11
0.50
1.85
1.50
2.00
1.28
1.37
1.11
1.50
0.76
0.82
0.99
0.90
0.89
1.38
-0.18
0.84
0.02
0.81
22.22
19.23
21.74
23.81
21.28
21.69
23.47
28.13
31.06
25.02
48.80
43.98
39.83
46.63
40.33
29.51
32.55
32.05
22.31
34.65
BlackRock Large Cap Growth R
Accessor Growth C
Alger Capital Appreciation Instl R
MainStay All Cap Growth A
ING Capital Guardian U.S. Eq S
QQQQ
QQ
QQQQQ
QQQ
QQQQ
1,079,890,780
171,420,476
337,714,370
319,584,455
540,950,705
6.00
-0.43
16.15
8.29
4.06
17.05
5.39
30.23
17.17
11.01
1.54
2.20
1.79
1.50
0.99
1.44
0.11
2.68
1.54
0.81
1.03
0.83
0.77
0.88
0.86
1.37
-5.07
2.68
0.88
-1.51
17.86
22.22
26.32
22.22
18.52
36.11
15.26
32.68
28.23
25.51
39.46
43.27
41.85
37.54
46.89
24.39
41.47
25.47
34.23
27.60
11
12
13
14
15
Delaware Optimum Large Cap Growth A
Jensen I
American Century Capital Growth Inv
Ivy Capital Appreciation Y
Excelsior Large Cap Growth R
QQ
QQ
QQQ
QQQQQ
QQQQ
919,177,577
2,254,214,638
5,737,879
328,211,238
810,332,475
5.29
2.51
8.65
11.28
9.57
16.07
11.57
17.97
23.03
20.50
1.69
0.65
1.00
1.27
1.69
1.44
0.96
1.54
2.58
1.86
0.86
0.95
0.89
0.69
0.61
0.51
-0.68
0.92
2.12
0.86
19.61
21.74
21.28
23.81
33.33
19.53
9.01
25.04
23.92
36.37
58.48
53.44
40.34
44.87
60.84
21.99
37.55
34.61
31.21
2.80
16
17
18
19
20
JHT U.S Large Cap Trust Series I
AIM Leisure R
MFS Aggressive Growth Allocation R1
Nationwide Inv Destinations Aggr R
Fidelity Advisor Diversified Stock I
QQQQ
QQQQ
QQQQ
QQQQ
QQQ
983,592,106
914,214,312
1,320,082,216
1,144,512,828
3,029,873,900
4.39
3.59
4.46
3.43
5.89
11.39
20.73
15.60
13.56
15.43
0.91
1.48
1.19
0.79
0.76
0.87
1.89
1.45
1.23
1.54
0.85
0.92
0.87
0.83
0.77
-1.31
1.74
0.62
-0.29
0.29
18.18
17.86
17.54
16.95
18.52
26.75
29.52
17.22
16.45
20.40
46.63
48.39
45.76
46.51
49.36
26.62
22.09
37.03
37.05
30.24
3.00
4.00
4.00
3.45
5.00
2.00
4.00
0.94
326,054,542
862,273,394
1,188,405,175
1,174,471,019
4,939,741,905
5,737,879
862,273,394
1,343,876,091
4.31
6.03
8.42
6.49
16.15
-0.43
6.03
3.58
14.16
16.56
18.28
16.50
30.23
5.39
16.56
5.13
0.97
1.45
1.69
1.34
2.20
0.50
1.45
0.48
1.20
1.45
1.62
1.46
2.68
0.11
1.45
0.58
0.81
0.86
0.90
0.85
1.03
0.61
0.86
0.10
-0.21
0.72
1.03
0.30
2.68
-5.07
0.72
1.64
18.43
21.28
22.22
21.21
33.33
16.95
21.28
3.80
20.18
25.03
28.55
24.57
36.37
9.01
25.03
7.03
41.47
46.13
48.49
46.16
60.84
37.54
46.13
6.09
25.20
30.73
34.62
29.27
41.47
2.80
30.73
8.41
Id
Name
Morningstar
Rating
Overall
1
2
3
4
5
Principal Inv LargeCap Growth AdvSign
PL Growth LT 529 AZ C
CMG Large Cap Growth
Loomis Sayles Growth C
American Century Growth R
6
7
8
9
10
Summary Statistics
1
2
3
4
5
6
7
8
Seventy-fifth Percentile
Fiftieth Percentile
Twenty-fifth Percentile
Average
Maximum
Minimum
Median
Standard Deviation
© Morningstar 2007. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or
its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or
losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results.
Grid Report
The ease of creating peer group lists from multiple universes, comprehensive benchmark and category average
databases as well as flexibility of selecting and customizing data views for the report allow our clients to improve the
depth and breadth of their comparative research projects and tailor peer group reporting to their needs.
24
Custom Reports
Morningstar DirectTM | Print Date: 2007-09-28
Page 1 of 1
Federated Capital Income A CAPAX
Currency : USD Morningstar Category : US OE Conservative Allocation
Fund Overview
Benchmark 1
Benchmark 2
S&P 500 TR
Russell 2000 TR
Portfolio Composition as of 2007-06-30
Morningstar Ratings as of 2007-08-31
%
Cash
Stocks
Bonds
Other
11.85
34.96
49.34
3.85
Total
100.00
Rating
Risk
Return
Risk-Adj Return
Investments Rated
Overall
3-Yr
5-Yr
QQQ
QQQQ
QQQQ
Q
—
—
—
381
0.19
3.82
3.62
381
0.58
5.68
5.10
222
1.30
-1.46
-2.76
100
Investment Growth as of 2007-08-31
27K
Growth of 10,000
10K line
23
Inv: 14,193.65
19
15
Bmark 1: 23,613.54
Bmark 2: 24,991.28
11
7
&
&
)
)
)
)
&
&
&
&
(
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007-08
26.62
-6.75
4.25
1
13.68
-14.90
16.23
15
1.16
-19.88
-20.09
84
-14.31
-2.43
-16.80
96
-23.89
-1.79
-3.41
98
19.89
-8.80
-27.37
9
-9.19
-0.09
-6.17
98
9.90
-0.98
-8.43
8
6.04
1.13
1.49
5
15.21
-0.59
-3.16
3
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-2.94
0.84
75
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History
Investment Return
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+/- Bmark 2
% Rank Category
10-Yr
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