Express Jet JP Morgan Aggressive Model Portfolio Snapshot

Release date 5/31/2013| Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 11 of of 213
Express Jet JP Morgan Aggressive Model
Portfolio Snapshot
Portfolio Value Benchmark Account Number Report Currency
10,000.00 S&P 500 TR USD USD
Analysis
Asset Allocation Portfolio Portfolio Portfolio Bmark Equity Investment Style % Fixed-Income Investment Style %
Long Short Net Net
Total Stock Holdings
380
-100 -50 0 50 100
Cash 3.64 6.64 -3.00 0.00
US Stock 56.12 0.00 56.12 98.80
Non US Stock 24.42 0.00 24.42 1.20
Bond 15.55 0.63 14.91 0.00
Other 7.55 0.00 7.55 0.00
Not Classified 0.00 0.00 0.00 0.00
Total 107.28 7.28 100.00 100.00 0-10 10-25 25-50 >50
16
Value
Core
19
24
4 5 21
1 2 8
Growth
Large
Mid
Small
Not Classified %
0.00
Ltd
0
Mod
0
Ext
0
0 0 0
0 0 0
0-10 10-25 25-50 >50
High
Med
Low
Total Bond Holdings
18864
Not Classified %
100.00
Stock Analysis
Performance (Return as of date 5/31/2013)
Stock Sectors
Sens
Benchmark
Portfolio
Stock Regions
Greater Asia Americas Greater Europe
Investment Activity Graph
Portfolio
Benchmark
Initial Mkt Value: 3,885.71
Final Mkt Value: 10,000.00
10.0K
8.0
6.0
4.0
Defen
Cycl
2.0
75%
2004
2007
2010
2013
0.0
Portfolio % Bmark %
Defen 22.15 26.00
Cons Defensive 6.23 10.37
Healthcare 12.48 12.47
Utilities 3.44 3.16
Sens 47.45 41.61
Comm Svcs 4.18 3.96
Energy 7.69 10.57
Industrials 14.19 9.95
Technology 21.39 17.13
Cycl 30.42 32.39
Basic Matls 4.70 3.18
Cons Cyclical 9.54 11.45
Financial Svcs 14.62 15.59
Real Estate 1.56 2.17
Not Classified -0.02 0.00
Portfolio % Bmark %
Americas 73.38 98.80
North America 71.05 98.80
Central/Latin 2.33 0.00
Greater Asia 6.72 0.00
Japan 2.60 0.00
Australasia 0.18 0.00
Asia Developed 0.91 0.00
Asia emerging 3.03 0.00
Greater Europe 19.90 1.20
United Kingdom 4.85 0.19
Europe Developed 12.52 1.01
Europe Emerging 1.08 0.00
Africa/Middle East 1.45 0.00
Not Classified 0.00 0.00
Trailing Returns 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr
Portfolio Return 6.54 21.32 12.81 5.63 10.07
Benchmark Return 8.22 27.28 16.87 5.43 7.58
+/- Benchmark Return -1.68 -5.95 -4.06 0.20 2.49
Time Period Return Best % Worst %
3 Months 26.75 (03/09-05/09) -29.65 (09/08-11/08)
1 Year 52.86 (03/09-02/10) -37.13 (12/07-11/08)
3 Years 24.88 (03/09-02/12) -10.02 (03/06-02/09)
Portfolio Yield Yield %
Trailing 12 Month 1.58
Performance Disclosure
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 shares, when redeemed, may be worth more or less than their original cost.
Current performance may be lower or higher than return data quoted herein. For
information current to the most recent month-end, please visit
http://www.morningstaradvisor.com/familyinfo.asp
Holdings
Top 7 holdings out of 7 Ticker Type Holding Value % Assets
American Century Equity Income Instl ACIIX MF 2,500.00 25.00
Morgan Stanley Inst Mid Cap Growth P MACGX MF 2,300.00 23.00
JPMorgan Large Cap Growth R6 JLGMX MF 1,500.00 15.00
Dodge & Cox International Stock DODFX MF 1,300.00 13.00
PIMCO Total Return Admin PTRAX MF 1,000.00 10.00
Buffalo Small Cap BUFSX MF 900.00 9.00
Janus Overseas T JAOSX MF 500.00 5.00
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Release date 5/31/2013| Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 22 of of 213
Express Jet JP Morgan Aggressive Model
Portfolio Snapshot
Portfolio Value Benchmark Account Number Report Currency
10,000.00 S&P 500 TR USD USD
Risk Analysis
Risk/Reward Scatterplot Portfolio Holding B-mark 3-Year Mean
1.0 2.8 4.6 6.4 8.2 10.0 11.8 13.6 15.4 17.2 19.0 20.8 22.6 24.4 26.2
3-Year Standard Deviation
20.00
17.60
15.20
12.80
10.40
8.00
5.60
3.20
0.80
-1.60
-4.00
Risk and Return Statistics 3 Yr 5 Yr 10 Yr
As of Date 5/31/2013 Portfolio B-mark Portfolio B-mark Portfolio B-mark
Standard Deviation
Mean
Sharpe Ratio
13.47
12.81
0.96
14.02
16.87
1.18
17.64
5.63
0.39
18.85
5.43
0.36
13.94
10.07
0.64
14.57
7.58
0.46
Performance History Graph Portfolio Quarterly Return +/- Benchmark in %
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
8.0
6.0
4.0
2.0
B-mark
MPT Statistics 3 Yr 5 Yr 10 Yr
As of Date 5/31/2013
Alpha
Beta
R-squared
-2.40
0.92
92.68
0.58
0.91
94.31
-2.0
-4.0
-6.0
-8.0
2.73
0.92
93.01
Fundamental Analysis
Market Maturity Geometric Avg Capitalization (Mil) Valuation Multiples Portfolio B-mark Credit Quality
% of Bonds
% of Stocks
Developed Markets
Emerging Markets
Not Available
92.11
7.89
0.00
100.00
0.00
0.00
Portfolio
Benchmark
17,053.67
60,333.36
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Type Weightings
% of Stocks
High Yield
Distressed
Hard Asset
Cyclical
Slow Growth
Classic Growth
Aggressive Growth
Speculative Growth
Not Available
Portfolio
2.41
0.72
6.88
41.09
10.81
0.34
23.30
12.27
2.18
B-mark
2.83
0.37
12.01
41.75
12.02
0.64
22.12
6.36
1.90 % 0 5 10 15 20 25 30 35 40 45 50 Profitability
% of Stocks
Net Margin
ROE
ROA
Debt/Capital
Fund Statistics
19.60
2.43
1.62
10.86
16.86
2.35
1.50
10.06
Portfolio B-mark
2011 2012 2012
13.34
20.26
9.50
31.64
10.99
15.64
7.41
33.66
Potential Cap Gains Exposure
Avg Net Exp Ratio
Avg Gross Exp Ratio
13.00
21.00
8.00
35.00
13.14
0.79
0.79
AAA
AA
A
BBB
BB
B
Below B
NR/NA
Interest Rate Risk
Maturity
Duration (total portfolio)
Avg Credit Quality
62.93
8.85
12.78
7.87
2.95
1.97
0.98
1.67
Portfolio
6.73
4.73
-
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Release date 5/31/2013| Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 33 of of 213
Express Jet JP Morgan Aggressive Model
Portfolio Snapshot
Portfolio Value Benchmark Account Number Report Currency
10,000.00 S&P 500 TR USD USD
Non-Load Adjustment Returns (Return as of date 5/31/2013)
Total 7 holdings as of 5/31/2013 Type Holdings % of
Holding 7-day 1 Yr 3 Yr 5 Yr 10 Yr Max Front
Date Assets
Value Yield Ret % Ret % Ret % Ret % Load %
__
American Century Equity Income Instl MF 3/31/2013 25.00 2,500.00 0.00 23.20 14.21 6.34 7.92
Morgan Stanley Inst Mid Cap Growth P MF 3/31/2013 23.00 2,300.00 0.00 20.38 13.62 5.83 11.89 5.25
__
JPMorgan Large Cap Growth R6 MF 4/30/2013 15.00 1,500.00 0.00 15.60 17.64 5.65 8.11
__
Dodge & Cox International Stock MF 3/31/2013 13.00 1,300.00 0.00 35.71 11.52 0.40 11.96
__
PIMCO Total Return Admin MF 3/31/2013 10.00 1,000.00 0.00 4.16 5.93 7.38 5.99
__
Buffalo Small Cap MF 3/31/2013 9.00 900.00 0.00 28.76 13.49 9.65 11.52
__
Janus Overseas T MF 3/31/2013 5.00 500.00 0.00 18.16 -1.73 -5.11 11.52
Max Back
Load %
__
__
__
__
__
__
__
Performance Disclosure
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 shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data
quoted herein. For information current to the most recent month-end, please visit http://advisor.morningstar.com/familyinfo.asp.
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.
American Century Equity
Income Instl (USD)
Performance 05-31-2013
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %
2011 3.62 1.01 -10.27 10.67 3.93
2012 5.99 -0.43 5.80 -0.08 11.57
2013 8.95 — — — 12.17
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 23.20 14.21 6.34 7.92 8.20
Std 03-31-2013 14.69 — 6.49 8.99 8.08
Total Return 23.20 14.21 6.34 7.92 8.20
+/- Std Index -4.08 -2.66 0.91 0.34 —
+/- Cat Index -9.52 -2.38 1.61 -0.10 —
% Rank Cat 90 70 14 31
No. in Cat 1214 1049 941 605
7-day Yield —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
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
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-345-2021 or visit
www.americancentury.com.
Fees and Expenses
Sales Charges
Front-End Load %
Deferred Load %
NA
NA
Fund Expenses
Management Fees % 0.74
12b1 Expense %
NA
Gross Expense Ratio % 0.75
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1049 funds 941 funds 605 funds
Morningstar Rating TM 3Q 5Q 5Q
Morningstar Risk Low Low Low
Morningstar Return Avg +Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 9.63 12.85 10.21
Mean 14.21 6.34 7.92
Sharpe Ratio 1.43 0.53 0.63
MPT Statistics Standard Index Best Fit Index
Morningstar US
Value TR USD
Alpha 2.80 3.33
Beta 0.66 0.65
R-Squared 92.24 95.38
12-Month Yield 2.57%
30-day SEC Yield 2.29%
Potential Cap Gains Exp 18.11%
Morningstar Analyst Rtg TM
„ Silver 01-11-2013
Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat
QQQQQ S&P 500 TR USD Russell 1000 Value US OE Large Value
1,049 US OE Large Value
TR USD
1 1 1 1 1 1 1 1 1 1 1 1
66 75 69 69 75 78 70 73 73 71 71 72
_ _ ( ) * ( & ) * & ) _
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History
100k
80k
60k
40k
20k
10k
4k
Investment Style
Equity
Stock %
Growth of $10,000
American Century Equity
Income Instl
22,272
Category Average
17,338
Standard Index
17,847
Performance Quartile
(within category)
6.53 7.79 8.11 7.82 8.59 7.80 6.02 6.56 7.21 7.28 7.82 8.73 NAV/Price
-4.79 24.65 12.61 2.66 19.82 1.88 -19.89 12.45 13.51 3.93 11.57 12.17 Total Return %
17.31 -4.03 1.73 -2.26 4.02 -3.62 17.10 -14.01 -1.55 1.81 -4.43 -3.21 +/- Standard Index
10.73 -5.38 -3.88 -4.40 -2.43 2.05 16.96 -7.24 -1.99 3.54 -5.94 -4.77 +/- Category Index
— — 53 86 28 50 1 95 47 19 83 — % Rank Cat
— — 1220 1296 1371 1432 1433 1272 1240 1258 1208 1272 No. of Funds in Cat
Portfolio Analysis 03-31-2013
Asset Allocation % Net % Long % Short %
Cash 2.45 2.46 0.00
US Stocks 63.86 63.86 0.00
Non-US Stocks 7.80 7.80 0.00
Bonds 0.61 0.61 0.00
Other/Not Clsfd 25.28 25.28 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small
Fixed-Income Style
Ltd Mod Ext
High Med Low
Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.8 0.93 1.06
P/C Ratio TTM 8.0 0.80 0.92
P/B Ratio TTM 1.9 0.80 1.00
Geo Avg Mkt Cap
$mil
45019 0.75 0.80
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon 2.95
Avg Wtd Price 113.35
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stock % Rel Std Index
Americas 89.1 0.90
Greater Europe 10.1 8.40
Greater Asia 0.8 —
Share Chg
since
12-2012
Share
Amount
Holdings:
483 Total Stocks , 5 Total Fixed-Income,
83% Turnover Ratio
Page 1 of 7
Page 4 of 21
% Net
Assets
Y 395,799 Wells Fargo & Co, San Francisco Ca 4.95
Y 6 mil Johnson & Johnson 4.87
Y 5 mil Procter & Gamble Co 3.73
Y 3 mil Exxon Mobil Corporation 2.87
T 8 mil Royal Dutch Shell PLC Class A 2.41
T 4 mil Northern Trust Corporation 2.29
Y 2 mil Stanley Uts 18 2.25
T 5 mil Merck & Co Inc 2.15
Y 6 mil Marsh & McLennan Companies, Inc. 2.14
Y 6 mil AT&T Inc 2.14
T 188 mil Lifepoint Hospitals Cv 3.5% 2.00
7 mil Pfizer Inc 1.96
T 2 mil Chevron Corp 1.96
T 3 mil PNC Financial Services Group Inc 1.88
T 6 mil Tyco International Ltd 1.86
Sector Weightings Stocks % Rel Std Index
h Cyclical 25.9 0.80
r Basic Materials 2.4 0.77
t Consumer Cyclical 3.3 0.28
y Financial Services 19.8 1.27
u Real Estate 0.4 0.20
j Sensitive 39.0 0.94
i Communication Services 5.7 1.45
o Energy 16.6 1.57
p Industrials 10.5 1.05
a Technology 6.2 0.36
k Defensive 35.0 1.35
s Consumer Defensive 9.0 0.87
d Healthcare 14.9 1.20
f Utilities 11.1 3.51
Operations
Family:
Manager:
Tenure:
Objective:
American Century Investments
Multiple
18.5 Years
Equity-Income
Base Currency:
Ticker:
Minimum Initial Purchase:
Min Auto Investment Plan:
USD
ACIIX
$5 mil
$5 mil
Purchase Constraints:
A/C
Incept: 07-08-1998
Type:
MF
Total Assets:
$10,333.54 mil
©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or 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.
ß ®

Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.
Buffalo Small Cap (USD)
Morningstar Analyst Rtg TM
´ Bronze 03-18-2013
Page 2 of 7
Page 5 of 21
Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat
QQQQ S&P 500 TR USD Russell 2000 US OE Small Growth
633 US OE Small Growth
Growth TR USD
Performance 05-31-2013
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %
2011 5.65 -1.70 -22.19 17.98 -4.67
2012 14.48 -0.39 3.24 1.87 19.93
2013 9.80 — — — 17.57
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 28.76 13.49 9.65 11.52 12.40
Std 03-31-2013 15.02 — 10.75 13.22 12.03
Total Return 28.76 13.49 9.65 11.52 12.40
+/- Std Index 1.49 -3.38 4.22 3.94 —
+/- Cat Index -2.10 -3.97 1.96 1.62 —
% Rank Cat 30 85 12 7
No. in Cat 717 633 567 367
7-day Yield —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
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
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-492-8332 or visit
www.buffalofunds.com.
Fees and Expenses
Sales Charges
Front-End Load %
Deferred Load %
NA
NA
Fund Expenses
Management Fees % 1.00
12b1 Expense %
NA
Gross Expense Ratio % 1.01
Risk and Return Profile
3 Yr 5 Yr 10 Yr
633 funds 567 funds 367 funds
Morningstar Rating TM 2Q 4Q 5Q
Morningstar Risk Avg Avg Avg
Morningstar Return -Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 20.36 23.17 19.26
Mean 13.49 9.65 11.52
Sharpe Ratio 0.72 0.50 0.58
MPT Statistics Standard Index Best Fit Index
Morningstar Small
Cap TR USD
Alpha -7.64 -3.39
Beta 1.34 1.05
R-Squared 85.70 93.14
12-Month Yield —
30-day SEC Yield —
Potential Cap Gains Exp 41.65%
9 9 9 9 9 9 9 9 9 9 9 9
96 93 91 99 93 97 95 90 96 97 96 97
* & & ) * ) & * ) ( & _
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History
100k
80k
60k
40k
20k
10k
4k
Investment Style
Equity
Stock %
Growth of $10,000
Buffalo Small Cap
25,643
Category Average
18,728
Standard Index
17,847
Performance Quartile
(within category)
14.80 22.18 27.65 25.44 26.94 24.17 16.37 22.48 26.21 24.93 28.17 33.12 NAV/Price
-25.75 51.23 28.82 3.22 13.95 -0.33 -29.84 37.49 16.59 -4.67 19.93 17.57 Total Return %
-3.65 22.55 17.94 -1.69 -1.84 -5.82 7.16 11.03 1.53 -6.78 3.92 2.20 +/- Standard Index
4.52 2.69 14.52 -0.94 0.61 -7.37 8.70 3.02 -12.50 -1.76 5.34 -0.60 +/- Category Index
42 20 2 77 25 84 2 38 96 62 5 — % Rank Cat
630 696 711 723 763 829 834 778 758 764 743 748 No. of Funds in Cat
Portfolio Analysis 03-31-2013
Asset Allocation % Net % Long % Short %
Cash 3.40 3.40 0.00
US Stocks 90.09 90.09 0.00
Non-US Stocks 6.52 6.52 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small
Fixed-Income Style
Ltd Mod Ext
High Med Low
Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 28.5 1.69 1.26
P/C Ratio TTM 17.4 1.73 1.25
P/B Ratio TTM 3.5 1.48 1.16
Geo Avg Mkt Cap
$mil
1913 0.03 0.89
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stock % Rel Std Index
Americas 94.6 0.96
Greater Europe 5.4 4.49
Greater Asia 0.0 —
Share Chg
since
12-2012
Share
Amount
Holdings:
63 Total Stocks , 0 Total Fixed-Income,
34% Turnover Ratio
% Net
Assets
Y 4 mil Align Technology, Inc. 3.93
Y 3 mil Hexcel Corporation 3.13
Y 5 mil Adtran, Inc. 3.01
T 1 mil Lufkin Industries, Inc. 3.00
Y 2 mil Corporate Executive Board Company 2.93
Y 2 mil Semtech Corporation 2.69
Y 1 mil Stratasys Ltd 2.62
Y 2 mil Life Time Fitness, Inc. 2.57
Y 726,900 CoStar Group, Inc. 2.51
Y 807,750 AthenaHealth, Inc. 2.47
Y 2 mil NeuStar, Inc. 2.45
T 2 mil Fresh Market, Inc. 2.38
Y 2 mil Dealertrack Technologies Inc 2.31
Y 1 mil ACI Worldwide, Inc. 2.26
T 2 mil Polypore International, Inc. 2.16
Sector Weightings Stocks % Rel Std Index
h Cyclical 28.9 0.89
r Basic Materials 0.0 0.00
t Consumer Cyclical 16.4 1.43
y Financial Services 8.6 0.55
u Real Estate 4.0 1.82
j Sensitive 58.0 1.40
i Communication Services 2.5 0.64
o Energy 3.9 0.37
p Industrials 18.9 1.90
a Technology 32.7 1.91
k Defensive 13.0 0.50
s Consumer Defensive 2.5 0.24
d Healthcare 10.6 0.85
f Utilities 0.0 0.00
Operations
Family:
Manager:
Tenure:
Objective:
Base Currency:
Buffalo
Multiple
15.2 Years
Small Company
USD
Ticker:
BUFSX
Minimum Initial Purchase: $2,500
Min Auto Investment Plan: $100
Minimum IRA Purchase: $250
Purchase Constraints: C
Incept: 04-14-1998
Type:
MF
Total Assets:
$3,263.64 mil
©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or 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.
ß ®

Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.
Dodge & Cox International
Stock (USD)
Performance 05-31-2013
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %
2011 2.52 0.46 -21.72 4.23 -15.97
2012 12.72 -8.34 7.41 9.06 21.03
2013 3.64 — — — 8.95
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 35.71 11.52 0.40 11.96 8.37
Std 03-31-2013 11.28 — 1.09 13.43 8.04
Total Return 35.71 11.52 0.40 11.96 8.37
+/- Std Index 4.10 0.51 2.01 3.64 —
+/- Cat Index 9.92 2.39 2.02 2.56 —
% Rank Cat 4 19 10 3
No. in Cat 773 705 609 322
7-day Yield —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
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
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-621-3979 or visit
www.dodgeandcox.com.
Fees and Expenses
Sales Charges
Front-End Load %
Deferred Load %
NA
NA
Fund Expenses
Management Fees % 0.60
12b1 Expense %
NA
Gross Expense Ratio % 0.64
Risk and Return Profile
3 Yr 5 Yr 10 Yr
705 funds 609 funds 322 funds
Morningstar Rating TM 4Q 3Q 5Q
Morningstar Risk +Avg High High
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 19.27 26.56 20.63
Mean 11.52 0.40 11.96
Sharpe Ratio 0.66 0.14 0.57
MPT Statistics Standard Index Best Fit Index
MSCI World Ex US
NR USD
Alpha 0.21 0.67
Beta 1.04 1.06
R-Squared 95.94 96.54
12-Month Yield —
30-day SEC Yield —
Potential Cap Gains Exp -6.74%
Morningstar Analyst Rtg TM
ΠGold 04-02-2013
Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat
QQQQ
MSCI EAFE NR MSCI ACWI Ex US OE Foreign Large
705 US OE Foreign Large
Blend
USD
USA NR USD Blend
1 1 1 1 1 1 4 4 4 4 4 4
96 83 90 93 95 97 98 98 97 99 98 98
_ _ _ _ _ _ _ _ _ _ & _
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History
100k
80k
60k
40k
20k
10k
4k
Investment Style
Equity
Stock %
Growth of $10,000
Dodge & Cox International
Stock
28,434
Category Average
18,343
Standard Index
19,980
Performance Quartile
(within category)
15.81 23.48 30.64 35.03 43.66 46.02 21.90 31.85 35.71 29.24 34.64 37.74 NAV/Price
-13.11 49.42 32.46 16.75 28.01 11.71 -46.69 47.46 13.69 -15.97 21.03 8.95 Total Return %
2.83 10.84 12.22 3.21 1.67 0.54 -3.31 15.69 5.94 -3.83 3.71 1.01 +/- Standard Index
1.84 8.59 11.56 0.13 1.36 -4.94 -1.16 6.01 2.54 -2.26 4.20 4.46 +/- Category Index
— — — — — — — — — — 16 — % Rank Cat
— — — — — — — — — — 786 826 No. of Funds in Cat
Portfolio Analysis 03-31-2013
Asset Allocation % Net % Long % Short %
Cash 0.00 0.00 0.00
US Stocks 6.99 6.99 0.00
Non-US Stocks 91.48 91.48 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 1.53 1.53 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small
Fixed-Income Style
Ltd Mod Ext
High Med Low
Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.2 0.93 0.95
P/C Ratio TTM 6.6 0.97 0.90
P/B Ratio TTM 1.4 0.93 0.85
Geo Avg Mkt Cap
$mil
36394 1.08 1.07
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stock % Rel Std Index
Americas 11.4 284.68
Greater Europe 73.3 1.12
Greater Asia 15.3 0.44
Share Chg
since
12-2012
Share
Amount
Holdings:
87 Total Stocks , 0 Total Fixed-Income,
10% Turnover Ratio
Page 3 of 7
Page 6 of 21
% Net
Assets
T 7 mil Roche Holding AG 4.01
T 16 mil Sanofi 3.83
T 25 mil Naspers Ltd 3.69
21 mil Lafarge SA 3.31
45 mil Royal Philips Electronics NV 3.08
T 46 mil Credit Suisse Group 2.81
16 mil Novartis AG ADR 2.71
T 401 mil Vodafone Group PLC 2.66
103 mil HSBC Holdings PLC 2.57
Y 10 mil Bayer AG 2.51
Y 236 mil Barclays PLC 2.44
T 44 mil Hewlett-Packard Co 2.43
20 mil GlaxoSmithKline PLC ADR 2.18
11 mil Swiss Re AG 2.15
T 110 mil Mitsubishi Electric Corp 2.07
Sector Weightings Stocks % Rel Std Index
h Cyclical 38.8 0.86
r Basic Materials 7.2 0.78
t Consumer Cyclical 6.9 0.62
y Financial Services 23.4 1.10
u Real Estate 1.3 0.37
j Sensitive 41.6 1.43
i Communication Services 13.0 2.48
o Energy 5.3 0.75
p Industrials 8.2 0.71
a Technology 15.1 2.87
k Defensive 19.6 0.76
s Consumer Defensive 2.6 0.22
d Healthcare 17.0 1.66
f Utilities 0.0 0.00
Operations
Family:
Manager:
Tenure:
Objective:
Base Currency:
Dodge & Cox
Multiple
12.1 Years
Foreign Stock
USD
Ticker:
DODFX
Minimum Initial Purchase: $2,500
Min Auto Investment Plan: $2,500
Minimum IRA Purchase: $1,000
Purchase Constraints: —
Incept: 05-01-2001
Type:
MF
Total Assets:
$44,729.42 mil
©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or 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.
ß ®

Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.
JPMorgan Large Cap Growth
R6 (USD)
Performance 05-31-2013
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %
2011 5.21 1.77 -11.83 9.30 3.18
2012 16.83 -5.71 4.46 -2.34 12.37
2013 6.39 — — — 11.50
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 15.60 — — — 12.97
Std 03-31-2013 2.34 — — — 11.69
Total Return 15.60 17.64 5.65 8.11 12.97
+/- Std Index -11.67 0.77 0.22 0.53 —
+/- Cat Index -6.95 0.45 -0.63 0.36 —
% Rank Cat 93 9 28 26
No. in Cat 1715 1513 1327 868
7-day Yield —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
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
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-480-4111 or visit
www.jpmorganfunds.com.
Fees and Expenses
Sales Charges
Front-End Load %
Deferred Load %
NA
NA
Fund Expenses
Management Fees % 0.50
12b1 Expense %
NA
Gross Expense Ratio % 0.65
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1513 funds 1327 funds 868 funds
Morningstar Rating TM 5W 4W 4W
Morningstar Risk Avg -Avg Avg
Morningstar Return High +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.29 19.10 15.62
Mean 17.64 5.65 8.11
Sharpe Ratio 1.14 0.37 0.47
MPT Statistics Standard Index Best Fit Index
Alpha 0.67 —
Beta 1.01 —
R-Squared 85.85 —
12-Month Yield —
30-day SEC Yield —
Potential Cap Gains Exp 10.24%
Morningstar Analyst Rtg TM
´ Bronze 09-26-2012
Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat
WWWW S&P 500 TR USD Russell 1000 US OE Large Growth
1,513 US OE Large Growth
Growth TR USD
7 7 7 7 7 7 7 7 7 7 7 7
98 96 100 99 100 100 93 99 95 97 98 95
_ _ _ _ _ _ _ _ _ & ) _
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History
100k
80k
60k
40k
20k
10k
4k
Investment Style
Equity
Stock %
Growth of $10,000
JPMorgan Large Cap Growth
R6
17,376
Category Average
15,146
Standard Index
17,847
Performance Quartile
(within category)
— — — — — — — — 20.92 21.57 24.09 26.83 NAV/Price
-28.38 27.28 7.02 4.90 6.21 23.70 -39.56 34.81 22.68 3.18 12.37 11.50 Total Return %
-6.28 -1.40 -3.86 -0.01 -9.58 18.21 -2.56 8.34 7.61 1.07 -3.63 -3.87 +/- Standard Index
-0.50 -2.47 0.72 -0.36 -2.86 11.89 -1.12 -2.40 5.97 0.54 -2.88 -2.44 +/- Category Index
— — — — — — — — — 7 81 — % Rank Cat
— — — — — — — — — 1683 1681 1787 No. of Funds in Cat
Portfolio Analysis 04-30-2013
Asset Allocation % Net % Long % Short %
Cash 5.25 5.25 0.00
US Stocks 87.38 87.38 0.00
Non-US Stocks 7.37 7.37 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small
Fixed-Income Style
Ltd Mod Ext
High Med Low
Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 23.1 1.37 1.16
P/C Ratio TTM 15.5 1.54 1.24
P/B Ratio TTM 5.1 2.15 1.51
Geo Avg Mkt Cap
$mil
45335 0.75 1.00
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stock % Rel Std Index
Americas 94.1 0.95
Greater Europe 5.9 4.94
Greater Asia 0.0 —
Share Chg
since
03-2013
Share
Amount
Holdings:
70 Total Stocks , 0 Total Fixed-Income,
28% Turnover Ratio
Page 4 of 7
Page 7 of 21
% Net
Assets
Y 1 mil Apple Inc 4.46
T 580,875 Google, Inc. Class A 4.19
779,300 MasterCard Incorporated Class A 3.77
Y 2 mil Biogen Idec Inc 3.71
5 mil Home Depot, Inc. 3.04
2 mil Sherwin-Williams Company 2.64
T 6 mil Gilead Sciences Inc 2.62
2 mil Visa, Inc. 2.58
Y 1 mil Amazon.com Inc 2.50
1 mil Regeneron Pharmaceuticals, Inc. 2.44
2 mil Union Pacific Corp 2.24
T 3 mil American Tower Corp 2.16
T 6 mil Comcast Corp Class A 2.13
T 5 mil eBay Inc 2.11
T 3 mil ASML Holding NV ADR 1.94
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.5 1.16
r Basic Materials 7.3 2.29
t Consumer Cyclical 18.7 1.63
y Financial Services 9.3 0.60
u Real Estate 2.3 1.05
j Sensitive 37.3 0.90
i Communication Services 3.2 0.81
o Energy 4.1 0.39
p Industrials 7.9 0.79
a Technology 22.1 1.29
k Defensive 25.2 0.97
s Consumer Defensive 7.3 0.70
d Healthcare 17.9 1.43
f Utilities 0.0 0.00
Operations
Family:
Manager:
Tenure:
Objective:
JPMorgan
Multiple
8.8 Years
Growth
Base Currency:
USD
Ticker:
JLGMX
Minimum Initial Purchase: $15 mil
Purchase Constraints: —
Incept: 11-30-2010
Type:
MF
Total Assets:
$11,343.40 mil
©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or 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.
ß ®

Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.
Janus Overseas T (USD)
Performance 05-31-2013
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %
2011 1.28 -8.31 -27.83 0.30 -32.78
2012 19.92 -16.77 3.44 8.88 12.42
2013 -1.87 — — — 2.19
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 18.16 -1.73 -5.11 11.52 9.86
Std 03-31-2013 -8.01 — -4.10 12.86 9.72
Total Return 18.16 -1.73 -5.11 11.52 9.86
+/- Std Index -13.46 -12.73 -3.51 3.20 —
+/- Cat Index -11.04 -13.76 -3.97 3.37 —
% Rank Cat 91 97 99 10
No. in Cat 249 221 177 105
7-day Yield —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
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
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-525-0020 or visit www.janus.com.
Fees and Expenses
Sales Charges
Front-End Load %
Deferred Load %
NA
NA
Fund Expenses
Management Fees % 0.44
12b1 Expense %
NA
Gross Expense Ratio % 0.76
Risk and Return Profile
3 Yr 5 Yr 10 Yr
221 funds 177 funds 105 funds
Morningstar Rating TM 1Q 1Q 3Q
Morningstar Risk High High High
Morningstar Return Low Low +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 25.25 30.50 24.59
Mean -1.73 -5.11 11.52
Sharpe Ratio 0.05 -0.03 0.50
MPT Statistics Standard Index Best Fit Index
MSCI EM Latin
America NR USD
Alpha -13.19 -1.82
Beta 1.20 0.99
R-Squared 74.74 82.90
12-Month Yield —
30-day SEC Yield —
Potential Cap Gains Exp -33.54%
Morningstar Analyst Rtg TM
„ Silver 11-21-2012
Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat
QQ
MSCI EAFE NR MSCI EAFE Growth US OE Foreign Large
221 US OE Foreign Large
Growth
USD
NR USD
Growth
7 7 7 7 7 7 7 7 4 1 4 4
90 97 97 97 96 98 99 98 97 100 100 100
) * * & & & ) & & ) ) _
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History
100k
80k
60k
40k
20k
10k
4k
Investment Style
Equity
Stock %
Growth of $10,000
Janus Overseas T
23,832
Category Average
18,999
Standard Index
19,980
Performance Quartile
(within category)
15.29 20.66 24.26 31.83 46.30 53.91 24.10 42.50 50.64 31.42 34.19 34.94 NAV/Price
-23.89 36.79 18.58 32.39 47.21 27.76 -52.75 78.12 19.28 -32.78 12.42 2.19 Total Return %
-7.95 -1.80 -1.67 18.85 20.87 16.59 -9.37 46.34 11.53 -20.64 -4.90 -5.75 +/- Standard Index
-7.86 4.80 2.45 19.11 24.88 11.31 -10.05 48.76 7.03 -20.67 -4.44 -6.71 +/- Category Index
83 29 25 1 1 2 90 2 16 98 88 — % Rank Cat
214 226 221 213 243 220 251 266 261 251 250 264 No. of Funds in Cat
Portfolio Analysis 03-31-2013
Asset Allocation % Net % Long % Short %
Cash 0.00 0.00 0.00
US Stocks 15.94 15.94 0.00
Non-US Stocks 84.06 84.06 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small
Fixed-Income Style
Ltd Mod Ext
High Med Low
Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 12.9 0.85 0.76
P/C Ratio TTM 8.9 1.30 1.03
P/B Ratio TTM 1.3 0.89 0.59
Geo Avg Mkt Cap
$mil
10057 0.30 0.39
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stock % Rel Std Index
Americas 29.5 737.33
Greater Europe 19.5 0.30
Greater Asia 51.0 1.47
Share Chg
since
12-2012
Share
Amount
Holdings:
55 Total Stocks , 0 Total Fixed-Income,
26% Turnover Ratio
Page 5 of 7
Page 8 of 21
% Net
Assets
Y 318 mil Li & Fung Ltd. 7.87
Y 26 mil Reliance Industries Ltd. 6.65
20 mil Petroleo Brasileiro SA Petrobras A 5.91
3 mil Nintendo Company, Ltd. 5.04
Y 17 mil Delta Air Lines Inc 4.98
Y 8 mil United Continental Holdings Inc 4.74
Y 25 mil Banco Bilbao Vizcaya Argentaria SA 3.85
6 mil Cobalt International Energy, Inc. 3.14
Y 434 mil Evergrande Real Estate Group Ltd. 3.14
3 mil Jazz Pharmaceuticals PLC 3.08
87 mil John Keells Holdings PLC 3.03
Y 11 mil ARM Holdings PLC 2.64
Y 34 mil DLF Ltd. 2.61
Y 68 mil Shangri-La Asia Ltd. 2.40
Y 3 mil Deutsche Bank AG 2.35
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.1 0.80
r Basic Materials 2.7 0.29
t Consumer Cyclical 12.1 1.09
y Financial Services 14.7 0.69
u Real Estate 6.7 1.91
j Sensitive 56.6 1.95
i Communication Services 0.0 0.00
o Energy 20.5 2.90
p Industrials 24.4 2.13
a Technology 11.7 2.23
k Defensive 7.2 0.28
s Consumer Defensive 2.0 0.17
d Healthcare 4.9 0.48
f Utilities 0.4 0.10
Operations
Family:
Manager:
Tenure:
Objective:
Janus
Brent Lynn
12.4 Years
Foreign Stock
Base Currency:
USD
Ticker:
JAOSX
Minimum Initial Purchase: $2,500
Purchase Constraints: —
Incept: 05-02-1994
Type:
MF
Total Assets:
$5,412.91 mil
©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or 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.
ß ®

Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.
Morgan Stanley Inst Mid Cap
Growth P (USD)
Performance 05-31-2013
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %
2011 8.15 2.96 -19.25 3.31 -7.11
2012 17.50 -9.35 0.53 1.95 9.17
2013 9.16 — — — 15.51
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.06 11.59 4.69 11.29 9.70
Std 03-31-2013 -3.90 — 5.92 12.26 9.42
Total Return 20.38 13.62 5.83 11.89 10.06
+/- Std Index -6.90 -3.26 0.40 4.31 —
+/- Cat Index -6.38 -3.80 -0.42 1.66 —
% Rank Cat 78 73 37 5
No. in Cat 702 639 561 413
7-day Yield —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
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
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 800-548-7786 or visit
www.morganstanley.com/im.
Fees and Expenses
Sales Charges
Front-End Load % 5.25
Deferred Load %
NA
Fund Expenses
Management Fees % 0.50
12b1 Expense % 0.25
Gross Expense Ratio % 0.96
Risk and Return Profile
3 Yr 5 Yr 10 Yr
639 funds 561 funds 413 funds
Morningstar Rating TM 2Q 3Q 4Q
Morningstar Risk Avg Avg +Avg
Morningstar Return -Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.27 22.98 18.91
Mean 13.62 5.83 11.89
Sharpe Ratio 0.82 0.35 0.60
MPT Statistics Standard Index Best Fit Index
Morningstar Mid
Growth TR USD
Alpha -3.88 -1.86
Beta 1.09 0.95
R-Squared 78.78 88.80
12-Month Yield —
30-day SEC Yield —
Potential Cap Gains Exp 24.15%
Morningstar Analyst Rtg TM
ΠGold 11-14-2012
Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat
QQQ S&P 500 TR USD Russell Mid Cap US OE Mid-Cap
639 US OE Mid-Cap Growth
Growth TR USD Growth
8 8 8 8 8 8 8 8 8 8 8 8
98 87 95 98 94 97 94 96 94 95 96 95
( & & & * & ( & & ( ) _
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History
100k
80k
60k
40k
20k
10k
4k
Investment Style
Equity
Stock %
Growth of $10,000
Morgan Stanley Inst Mid Cap
Growth P
24,812
Category Average
18,644
Standard Index
17,847
Performance Quartile
(within category)
11.86 16.87 20.53 24.24 26.58 32.49 17.10 27.31 36.20 31.77 33.40 38.58 NAV/Price
-31.01 42.24 21.70 18.07 9.87 22.59 -47.37 59.71 32.69 -7.11 9.17 15.51 Total Return %
-8.91 13.56 10.81 13.16 -5.93 17.10 -10.37 33.24 17.62 -9.22 -6.83 0.13 +/- Standard Index
-3.60 -0.47 6.22 5.97 -0.79 11.16 -3.04 13.42 6.30 -5.46 -6.64 -0.61 +/- Category Index
69 20 3 5 41 17 74 3 6 73 90 — % Rank Cat
786 890 903 936 994 967 934 812 759 751 737 722 No. of Funds in Cat
Portfolio Analysis 03-31-2013
Asset Allocation % Net % Long % Short %
Cash 1.39 1.39 0.00
US Stocks 74.93 74.93 0.00
Non-US Stocks 20.36 20.36 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 3.32 3.32 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small
Fixed-Income Style
Ltd Mod Ext
High Med Low
Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 28.7 1.70 1.51
P/C Ratio TTM 17.3 1.72 1.23
P/B Ratio TTM 4.1 1.75 1.25
Geo Avg Mkt Cap
$mil
7060 0.12 1.00
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stock % Rel Std Index
Americas 84.9 0.86
Greater Europe 11.6 9.66
Greater Asia 3.5 —
Share Chg
since
12-2012
Share
Amount
Holdings:
56 Total Stocks , 0 Total Fixed-Income,
26% Turnover Ratio
Page 6 of 7
Page 9 of 21
% Net
Assets
Y 4 mil Motorola Solutions, Inc. 3.85
Y 7 mil Edenred SA 3.66
T 4 mil Solera Holdings, Inc. 3.66
Y 5 mil Brookfield Infrastructure Partners 3.20
Y 4 mil Illumina, Inc. 3.05
Y 3 mil Verisk Analytics, Inc. 2.95
Y 12 mil De Master Blenders 2.87
T 3 mil Gartner, Inc. Class A 2.76
Y 979,345 LinkedIn Corp 2.74
Y 957,902 Salesforce.com, Inc. 2.73
T 3 mil Dollar Tree Stores, Inc. 2.59
T 2 mil AthenaHealth, Inc. 2.59
T 2 mil Stericycle, Inc. 2.58
T 2 mil Rockwood Holdings Inc 2.57
T 6 mil Progressive Corporation 2.53
Sector Weightings Stocks % Rel Std Index
h Cyclical 23.8 0.73
r Basic Materials 5.7 1.79
t Consumer Cyclical 7.0 0.61
y Financial Services 11.1 0.71
u Real Estate 0.0 0.00
j Sensitive 58.1 1.40
i Communication Services 0.0 0.00
o Energy 2.7 0.26
p Industrials 20.6 2.07
a Technology 34.8 2.03
k Defensive 18.1 0.70
s Consumer Defensive 7.9 0.76
d Healthcare 6.8 0.54
f Utilities 3.5 1.09
Operations
Family:
Manager:
Tenure:
Objective:
Morgan Stanley
Multiple
11.4 Years
Growth
Base Currency:
USD
Ticker:
MACGX
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-31-1997
Type:
MF
Total Assets:
$6,273.69 mil
©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or 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.
ß ®

Release date 05-31-2013 | FINRA Members: For internal use or client reporting purposes only.
PIMCO Total Return Admin
(USD)
Performance 05-31-2013
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %
2011 1.04 1.80 -1.12 2.16 3.91
2012 2.81 2.73 3.09 1.10 10.08
2013 0.54 — — — -0.50
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 4.16 5.93 7.38 5.99 7.26
Std 03-31-2013 7.65 — 7.50 6.39 7.39
Total Return 4.16 5.93 7.38 5.99 7.26
+/- Std Index 3.24 1.35 1.88 1.33 —
+/- Cat Index 1.93 -1.07 0.02 0.50 —
% Rank Cat 32 34 16 10
No. in Cat 1191 1010 878 614
7-day Yield —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics.
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
shares, when sold or redeemed, may be worth more or less than
their original cost.
Current performance may be lower or higher than return data
quoted herein. For performance data current to the most recent
month-end, please call 888-877-4626 or visit
www.pimco.com/investments.
Fees and Expenses
Sales Charges
Front-End Load %
Deferred Load %
NA
NA
Fund Expenses
Management Fees % 0.46
12b1 Expense % 0.25
Gross Expense Ratio % 0.71
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1010 funds 878 funds 614 funds
Morningstar Rating TM 4Q 4Q 5Q
Morningstar Risk +Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 3.57 4.21 4.11
Mean 5.93 7.38 5.99
Sharpe Ratio 1.61 1.65 1.01
MPT Statistics Standard Index Best Fit Index
Barclays US Credit
TR USD
Alpha 1.84 0.64
Beta 0.88 0.74
R-Squared 45.28 72.30
12-Month Yield 3.63%
30-day SEC Yield 1.59%
Potential Cap Gains Exp 3.29%
Morningstar Analyst Rtg TM
„ Silver 09-07-2012
Overall Morningstar Rtg TM Standard Index Category Index Morningstar Cat
QQQQQ
Barclays US Agg
US OE Intermediate-
Bond TR USD
Term Bond
1,010 US OE Intermediate-
Term Bond
5 5 5 4 5 8 5 5 0 0 0 0
63 52 40 44 71 13 52 50 55 64 91 89
& * & & ( & & * * ) & _
Barclays US
Govt/Credit 5-10 Yr
TR USD
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 05-13 History
100k
80k
60k
40k
20k
10k
4k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
PIMCO Total Return Admin
20,626
Category Average
17,098
Standard Index
18,108
Performance Quartile
(within category)
10.67 10.71 10.67 10.50 10.38 10.69 10.14 10.80 10.85 10.87 11.24 11.07 NAV/Price
9.91 5.30 4.88 2.63 3.74 8.81 4.55 13.55 8.56 3.91 10.08 -0.50 Total Return %
-0.34 1.19 0.54 0.20 -0.60 1.84 -0.69 7.62 2.02 -3.94 5.87 0.41 +/- Standard Index
-3.12 -0.67 -0.42 0.80 -0.07 1.26 -0.51 7.05 -0.86 -6.88 2.87 0.46 +/- Category Index
16 33 16 10 64 2 13 47 28 88 13 — % Rank Cat
784 952 1035 1043 1092 1097 1135 1123 1164 1195 1165 1249 No. of Funds in Cat
Portfolio Analysis 03-31-2013
Asset Allocation % Net % Long % Short %
Cash -50.32 16.12 66.44
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 147.63 153.97 6.34
Other/Not Clsfd 2.68 2.72 0.03
Total 100.00 172.80 72.80
Equity Style
Value Blend Growth
Large Mid Small
Fixed-Income Style
Ltd Mod Ext
High Med Low
Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM — — —
P/C Ratio TTM — — —
P/B Ratio TTM — — —
Geo Avg Mkt Cap
$mil
— — —
Avg Eff Maturity 6.73
Avg Eff Duration 4.73
Avg Wtd Coupon 3.40
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stock % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
12-2012
Share
Amount
Holdings:
0 Total Stocks , 12,082 Total Fixed-Income,
380% Turnover Ratio
Page 7 of 7
Page 10 of 21
% Net
Assets
T 146,160 Fin Fut Euro$ Cme 06/15/15 12.56
mil
35,754 mil Irs Usd 3mls/1.50000s 03/18/15-16 12.47
99,656 mil Fin Fut Euro$ Cme 12/14/15 8.55
0 Fin Fut Us 10yr Cbt 06/19/13 3.16
29,021 mil Fin Fut Euro$ Cme 03/14/16 2.49
27,304 mil Fin Fut Euro$ Cme 09/14/15 2.34
Y 6,695 mil US Treasury Note 1.625% 2.28
R 5,775 mil Fannie Mae Single Family TBA 3% 20 2.06
0 Irs Usd 3mlq/2.75000s 06/19/13-43 -2.06
T 11 mil Brazil(Fed Rep Of) 10% 1.93
R 5,567 mil US Treasury Note 0.75% 1.93
T 4,854 mil US Treasury Note 1.92
4,123 mil Irs Usd 3mls/4.25000s 06/15/11-41 -1.82
0 Ois Usd Fedl01/1.0 10/15/15 Cme 1.55
T 4,245 mil US Treasury Note 0.75% 1.47
Sector Weightings Stocks % Rel Std Index
h Cyclical — —
r Basic Materials — —
t Consumer Cyclical — —
y Financial Services — —
u Real Estate — —
j Sensitive — —
i Communication Services — —
o Energy — —
p Industrials — —
a Technology — —
k Defensive — —
s Consumer Defensive — —
d Healthcare — —
f Utilities — —
Operations
Family:
Manager:
Tenure:
Objective:
PIMCO
William Gross
26.1 Years
Corporate Bond - General
Base Currency:
Ticker:
Minimum Initial Purchase:
Purchase Constraints:
USD
PTRAX
$1 mil
A
Incept: 09-08-1994
Type:
MF
Total Assets:
$285,162.30 mil
©2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account
information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for
informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any
trading decisions, damages or 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.
ß ®

Page 111 of 21 11
Disclosure for Standardized and Tax Adjusted Returns
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 shares, when redeemed, may be
worth more or less than their original cost. Current performance may be lower
or higher than return data quoted herein. For information current to the most
recent month-end, please visit
http://www.morningstaradvisor.com/familyinfo.asp
An investment in the fund is not insured or guaranteed by the FDIC or any other
government agency. The current yield quotation more closely reflects the
current earnings of the money market fund than the total return quotation.
Although the fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the fund.
Standardized Returns assume reinvestment of dividends and capital gains. It
depicts performance without adjusting for the effects of taxation, but are
adjusted to reflect sales charges and ongoing fund expenses. If adjusted for
taxation, the performance quoted would be significantly reduced. For variable
annuities, additional expenses will be taken in account, including M&E risk
charges, fund-level expenses such as management fees and operating fees,
and policy-level administration fees, charges such as surrender, contract and
sales charges.
After-tax returns are calculated using the highest individual federal marginal
income tax rates, and do not reflect the impact of state and local taxes. Actual
after tax returns depend on the investor's tax situation and may differ from
those shown. The after tax returns shown are not relevant to investors who
hold their fund shares through tax-deferred arrangements such as 401(k) plans
or an IRA. After-tax returns exclude the effects of either the alternative
minimum tax or phase-out of certain tax credits. Any taxes due are as of the
time the distributions are made, and the taxable amount and tax character of
each distribution is as specified by the fund on the dividend declaration date.
Due to foreign tax credits or realized capital losses, after-tax returns may be
greater than before tax returns. After-tax returns for exchange-traded funds are
based on net asset value.
Annualized returns 3/31/2013
Standardized Return (%)
7-day
1 Yr 5 Yr 10 Yr Since
Inception
Yield __
American Century Equity Income Inst...
__
Morgan Stanley Inst Mid Cap Growth ...
__
JPMorgan Large Cap Growth R6
__
Dodge & Cox International Stock
__
PIMCO Total Return Admin
__
Buffalo Small Cap
__
Janus Overseas T
Barclays US Agg Bond TR USD 3.77 5.47 5.02 - -
Barclays US Credit TR USD 7.00 7.52 5.96 - -
MSCI ACWI Ex USA NR USD 8.36 -0.39 10.93 - -
MSCI EAFE NR USD 11.25 -0.89 9.69 - -
MSCI EM Latin America NR USD -4.34 0.36 22.85 - -
MSCI World Ex US NR USD 10.43 -0.75 9.95 - -
Morningstar Mid Growth TR USD 11.23 7.00 11.69 - -
Morningstar Small Cap TR USD 17.38 9.84 12.75 - -
Maximum
Inception Date Front Load __
14.69 6.49 8.99 8.08 7/8/1998
-3.90 5.92
__
12.26
__
9.42 1/31/1997 5.25
__
2.34
11.69 11/30/2010
__
11.28 1.09 13.43 8.04 5/1/2001
__
7.65 7.50 6.39 7.39 9/8/1994
__
15.02 10.75 13.22 12.03 4/14/1998
__
-8.01 -4.10 12.86 9.72 5/2/1994
Maximum
Defer Load __
__
__
__
__
__
__
Net Exp
Ratio %
Gross Exp
Ratio %
0.75 0.75
0.96 0.96
0.65 0.65
0.64 0.64
0.71 0.71
1.01 1.01
0.76 0.76
Return after Taxes (%) on Distribution on Distribution and Sales of Shares
1 Yr 5 Yr 10 Yr Since
Inception
Inception
Date
1 Yr 5 Yr 10 Yr Since
Inception
American Century Equity Income Instl 13.32 5.42 7.26 5.87 7/8/1998 8.76 4.69 6.71 5.57
Morgan Stanley Inst Mid Cap Growth P -4.49 5.59
__
12.06
__
8.18 1/31/1997 -1.37 4.71
__
10.31
__
7.43
JPMorgan Large Cap Growth R6 2.06
11.56 11/30/2010 1.37
9.01
Dodge & Cox International Stock 10.45 0.07 12.59 7.30 5/1/2001 6.55 0.48 11.15 6.46
PIMCO Total Return Admin 5.57 5.22 4.41 4.97 9/8/1994 5.00 5.06 4.30 4.86
Buffalo Small Cap 13.82 10.39 12.41 11.25 4/14/1998 9.97 8.60 11.16 10.27
Janus Overseas T -9.04 -4.77 12.09 8.95 5/2/1994 -4.29 -3.04 10.85 8.25
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Page 122 of 21 11
Disclosure for Standardized and Tax Adjusted Returns(continued)
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 shares, when redeemed, may be
worth more or less than their original cost. Current performance may be lower
or higher than return data quoted herein. For information current to the most
recent month-end, please visit
http://www.morningstaradvisor.com/familyinfo.asp
An investment in the fund is not insured or guaranteed by the FDIC or any other
government agency. The current yield quotation more closely reflects the
current earnings of the money market fund than the total return quotation.
Although the fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the fund.
Standardized Returns assume reinvestment of dividends and capital gains. It
depicts performance without adjusting for the effects of taxation, but are
adjusted to reflect sales charges and ongoing fund expenses. If adjusted for
taxation, the performance quoted would be significantly reduced. For variable
annuities, additional expenses will be taken in account, including M&E risk
charges, fund-level expenses such as management fees and operating fees,
and policy-level administration fees, charges such as surrender, contract and
sales charges.
After-tax returns are calculated using the highest individual federal marginal
income tax rates, and do not reflect the impact of state and local taxes. Actual
after tax returns depend on the investor's tax situation and may differ from
those shown. The after tax returns shown are not relevant to investors who
hold their fund shares through tax-deferred arrangements such as 401(k) plans
or an IRA. After-tax returns exclude the effects of either the alternative
minimum tax or phase-out of certain tax credits. Any taxes due are as of the
time the distributions are made, and the taxable amount and tax character of
each distribution is as specified by the fund on the dividend declaration date.
Due to foreign tax credits or realized capital losses, after-tax returns may be
greater than before tax returns. After-tax returns for exchange-traded funds are
based on net asset value.
Annualized returns 3/31/2013
Standardized Return (%)
Yield
Inception Date
Morningstar US Market TR USD 14.36 6.47 9.37 - -
Morningstar US Value TR USD 17.05 4.70 9.28 - -
Russell 1000 Growth TR USD 10.09 7.30 8.62 - -
Russell 2000 Growth TR USD 14.52 9.04 11.61 - -
Russell 3000 Value TR USD 18.71 5.05 9.33 - -
Russell Mid Cap Growth TR USD 12.76 7.98 11.53 - -
S&P 500 TR USD 13.96 5.81 8.53 - -
USTREAS T-Bill Auction Ave 3 Mon 0.09 0.28 1.72 - -
7-day
1 Yr 5 Yr 10 Yr Since
Inception
Maximum
Front Load
Maximum
Defer Load
Net Exp
Ratio %
Gross Exp
Ratio %
Return after Taxes (%) on Distribution on Distribution and Sales of Shares
1 Yr 5 Yr 10 Yr Since
Inception
Inception
Date
1 Yr 5 Yr 10 Yr Since
Inception
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Benchmark Disclosure
Page 133 of 21 11
Barclays US Agg Bond TR USD :
Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed
Securities Index.
Barclays US Credit TR USD :
Tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated,
SEC-registered, investment-grade corporate debt.
MSCI ACWI Ex USA NR USD :
MSCI EAFE NR USD :
This Europe, Australasia, and Far East index is a market-capitalization-weighted index
of 21 non-U.S., industrialized country indexes.
MSCI EM Latin America NR USD :
MSCI World Ex US NR USD :
This index measures the performance of the stock market in 21 non-U.S. industrialized
countries.
Morningstar Mid Growth TR USD :
Measures the performance of the mid capitalization stocks that are growing at a faster
pace than the rest of the market.
Morningstar Small Cap TR USD :
Tracks the performance of small cap stocks--stocks that represent the next 7 percent
capitalization following the top 90 percent capitalization in the investable universe.
Morningstar US Market TR USD :
A rule-based, float-weighted index that tracks the performance of US stock market.
The Index targets 97% capitalization of the investable universe.
Morningstar US Value TR USD :
Tracks the performance of stocks considered undervalued across all capitalizations.
Russell 1000 Growth TR USD :
Tracks the companies within the Russell 1000 with higher price-to-book ratios and
higher forecasted growth values.
Russell 2000 Growth TR USD :
Tracks the companies within the Russell 2000 Index that have higher price-to-book
ratios and higher forecasted growth values.
Russell 3000 Value TR USD :
Measures the performance of those Russell 3000 Index companies with lower
price-to-book ratios and lower forecasted growth values. The stocks in this index are
also members of either the Russell 1000 Value or the Russell 2000 Value indexes.
Russell Mid Cap Growth TR USD :
Tracks the companies within the Russell Midcap Index with higher price-to-book ratios
and higher forecasted growth values.
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Benchmark Disclosure(continued)
Page 144 of 21 11
S&P 500 TR USD :
A market capitalization-weighted index of 500 widely held stocks often used as a
proxy for the stock market.
USTREAS T-Bill Auction Ave 3 Mon :
As tracked by the Wall Street Journal, this benchmark measure the yields of
bank-sponsored certificates of deposit.
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Portfolio Snapshot Report
Disclosure Statement
General
Investment portfolios illustrated in this report can be scheduled or
unscheduled. With an "unscheduled" portfolio, the user inputs only the
portfolio holdings and their current allocations. Morningstar calculates
returns using the given allocations assuming monthly rebalancing. Taxes,
loads, and sales charges are not taken into account.
With "scheduled" portfolios, users input the date and amount for all
investments into and withdrawals from each holding, as well as tax rates,
loads, and other factors that would have affected portfolio performance.
A hypothetical illustration is one type of scheduled portfolio.
Both scheduled and unscheduled portfolios are theoretical, for illustrative
purposes only, and are not reflective of an investor's actual experience.
For both scheduled and unscheduled portfolios, the performance data given
represents past performance and should not be considered indicative of future
results. Principal value and investment return of stocks, mutual funds, and
variable annuity/life products will fluctuate, and an investor's shares/units
when redeemed will be worth more or less than the original investment.
Stocks, mutual funds, and variable annuity/life products are not FDIC-insured,
may lose value, and are not guaranteed by a bank or other financial institution.
Portfolio statistics change over time.
Used as supplemental sales literature, the Portfolio Snapshot report must be
preceded or accompanied by the fund/policy's current prospectus or equivalent.
In all cases, this disclosure statement should accompany the Portfolio Snapshot
report. Morningstar is not itself an FINRA-member firm.
The underlying holdings of the portfolio are not federally or FDIC-insured and
are not deposits or obligations of, or guaranteed by, any financial institution.
Investment in securities involve investment risks including possible loss of
principal and fluctuation in value.
The information contained in this report is from the most recent information
available to Morningstar as of the release date, and may or may not be an
accurate reflection of the current composition of the securities included in
the portfolio. There is no assurance that the weightings, composition and
ratios will remain the same.
Items to Note Regarding Certain Underlying Securities
A closed-end fund is an investment company, which typically makes one public
offering of a fixed number of shares. Thereafter, shares are traded on a
secondary market such as the New York Stock Exchange. As a result, the
secondary market price may be higher or lower than the closed-end fund's net
asset value (NAV). If these shares trade at a price above their NAV, they are
said to be trading at a premium. Conversely, if they are trading at a price
below their NAV, they are said to be trading at a discount.
Page 155 of 21 11
above their NAV, they are said to be trading at a premium. Conversely, if they
are trading at a price below their NAV, they are said to be trading at a discount.
A money market fund is an investment company that invests in commercial paper,
banker's acceptances, repurchase agreements, government securities, certificates
of deposit and other highly liquid securities, and pays money market rates of
interest. Money markets are not FDIC-insured, may lose money, and are not
guaranteed by a bank or other financial institution. Although the money market
seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible
to lose money by investment in the fund.
Unit investment trust (UIT) is an investment company organized under a trust
agreement between a sponsor and trustee. UITs typically purchase a fixed portfolio
of securities and then sell units in the trust to investors. The major difference
between a UIT and a mutual fund is that a mutual fund is actively managed, while
a UIT is not. On a periodic basis, UITs usually distribute to the unit holder their
pro rata share of the trust's net investment income and net realized capital gains,
if any. If the trust is one that invests only in tax-free securities, then the
income from the trust is also tax-free. UITs generally make one public offering
of a fixed number of units. However, in some cases, the sponsor will maintain a
secondary market that allows existing unit holders to sell their units and for new
investors to buy units.
Variable annuities are tax-deferred investments structured to convert a sum of
money into a series of payments over time. Variable annuity policies have
limitations and are not viewed as short-term liquid investments. An insurance
company's fulfillment of a commitment to pay a minimum death benefit, a schedule
of payments, a fixed investment account guaranteed by the insurance company, or
another form of guarantee depends on the claims-paying ability of the issuing
insurance company. Any such guarantee does not affect or apply to the investment
return or principal value of the separate account and its subaccount. The financial
ratings quoted for an insurance company do not apply to the separate account and
its subaccount. If the variable annuity subaccount is invested in a money-market
fund, although it seeks to preserve a stable per share value (i.e. $1.00 per share),
it is possible to lose money by investment in the fund.
Variable life insurance is a cash-value life insurance that has a variable cash
value and/or death benefit depending on the investment performance of the
subaccount into which premium payments are invested. Unlike traditional life
insurance, variable life insurance has inherent risks associated with it, including
market volatility, and is not viewed as a short-term liquid investment. For more
information on a variable life product, including each subaccount, please read the
current prospectus. Please note, the financial ratings noted on the report are
quoted for an insurance company and do not apply to the separate account and
its subaccount. If the variable life subaccount is invested in a money-market fund,
although it seeks to preserve a stable per share value (i.e. $1.00 per share),
it is possible to lose money by investment in the fund.
Pre-inception Returns
The analysis in this report may be based, in part, on adjusted historical returns for
periods prior to the fund's actual inception. These calculated returns reflect the
historical performance of the oldest share class of the fund, adjusted to reflect the
fees and expenses of this share class. These fees and expenses are referenced in
the report's list of holdings and again on the standardized returns page. When
pre-inception data are presented in the report, the header at the top of the report
will indicate this and the affected data elements will be displayed in italics.
An exchange-traded fund (ETF) is an investment company that typically has an
While the inclusion of pre-inception data provides valuable insight into the
investment objective of striving to achieve a similar return as a particular
probable long-term behavior of newer share classes of a fund, investors should be
market index. The ETF will invest in either all or a representative sample of
aware that an adjusted historical return can only provide an approximation of that
the securities included in the index it is seeking to imitate. Like closed-end
behavior. For example, the fee structures between a retail share class will vary
funds, ETFs can be traded on a secondary market and thus have a market price that
from that of an institutional share class, as retail shares tend to have higher
may be higher or lower than its net asset value. If these shares trade at a price
operating expenses and sales charges. These adjusted historical returns are not
actual returns. Calculation methodologies utilized by Morningstar may differ from
those applied by other entities, including the fund itself.
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Portfolio Snapshot Report
Disclosure Statement (continued)
Scheduled Portfolio Trailing Returns
Scheduled Portfolios are customized by the user to account for loads, taxes,
cash flows, and specific investment dates. Scheduled portfolios use the
portfolio's investment history to calculate final market values and returns.
For scheduled portfolios,both individual holding and portfolio returns are
internal-rate-of-return calculations that reflect the timing and dollar size of
all purchases and sales. For stocks and mutual funds, sales charges and tax
rates are taken into account as specified by the user (except in the pre-tax
returns, which reflect the impact of sales charges but not taxes). Note that in
some scheduled portfolio illustrations, dividends and capital gains distributions,
if applicable, are reinvested at the end of the month in which they are made
at the month-end closing price. This can cause discrepancies between
calculated returns and actual investor experience.
Scheduled Portfolio Returns-Based Performance Data
For scheduled portfolios, the monthly returns used to calculate alphas, betas,
R-squareds, standard deviations, Sharpe ratios, and best/worst time-period
data are internal rates of return.
Important VA Disclosure for Scheduled Portfolios
For variable annuity products, policy level charges (other than front-end loads,
if input by the advisor) are not factored into returns. When withdrawals and
liquidations are made, increases in value over the purchase price are taxed
at the capital gains rate that currently is in effect. This is not reflective of
the actual tax treatment for these products, which requires the entire with-
drawal to be taxed at the income tax rate. If adjusted for sales charges and
the effects of taxation, the subaccount returns would be reduced.
Scheduled Portfolio Investment Activity Graph
The historic portfolio values that are graphed are those used to track the
portfolio when calculating returns.
Unscheduled Portfolio Returns
Monthly total returns for unscheduled portfolios are calculated by applying the
ending period holding weightings supplied by the user to an individual holding's
monthly returns. When monthly returns are unavailable for a holding (ie. Due to
it not being in existence during the historical period being reported), the
remaining portfolio holdings are re-weighted to maintain consistent proportions.
Inception dates are listed in the Disclosure for Standardized and Tax Adjusted
Returns. Trailing returns are calculated by geometrically linking these
weighted-average monthly returns. Unscheduled portfolio returns thus assume
monthly rebalancing. Returns for individual holdings are simple time-weighted
trailing returns. Neither portfolio returns nor holding returns are adjusted
for loads or taxes, and if adjusted for, would reduce the returns stated. The
returns stated assume the reinvestment of dividends and capital gains. Mutual
fund returns include all ongoing fund expenses. VA/VL returns reflect subaccount
level fund expenses, including M&E expenses, administration fees, and actual
ongoing fund level expenses.
Unscheduled Portfolio Investment Activity Graph
The historic performance data graphed is extrapolated from the ending port-
folio value based on the monthly returns.
Benchmark Returns
Benchmark returns may or may not be adjusted to reflect ongoing expenses
such as sales charges. An investment's portfolio may differ significantly
from the securities in the benchmark.
Page 166 of 21 11
Returns for custom benchmarks are calculated by applying user-supplied
weightings to each benchmark's returns every month. Trailing returns are
calculated by geometrically linking these weighted-average monthly returns.
Custom benchmark returns thus assume monthly rebalancing.
Standardized Returns
For mutual funds, standardized return is total return adjusted for sales charges,
and reflects all ongoing fund expenses. Following this disclosure statement,
standardized returns for each portfolio holding are shown.
For money market mutual funds, standardized return is total return adjusted for
sales charges and reflects all ongoing fund expenses. Current 7-day yield more
closely reflects the current earnings of the money market fund than the total
return quotation.
For VA subaccounts, standardized return is total return based on its inception
date within the separate account and is adjusted to reflect recurring and
non-recurring charges such as surrender fees, contract charges, maximum front-
end load, maximum deferred load, maximum M&E risk charge, administration
fees, and actual ongoing fund-level expenses.
For ETFs, the standardized returns reflect performance, both at market price
and NAV price, without adjusting for the effects of taxation or brokers
commissions. These returns are adjusted to reflect all ongoing ETF expenses
and assume reinvestment of dividends and capital gains. If adjusted, the effects
of taxation would reduce the performance quoted.
The charges and expenses used in the standardized returns are obtained from
the most recent prospectus and/or shareholder report available to Morningstar.
For mutual funds and VAs, all dividends and capital gains are assumed to be
reinvested. For stocks, stock acquired via divestitures is assumed to be
liquidated and reinvested in the original holding.
Non-Standardized Returns
For mutual funds, total return is not adjusted for sales charges and reflects
all ongoing fund expenses for various time periods. These returns assume
reinvestment of dividends and capital gains. If adjusted for sales charges and
the effects of taxation, the mutual fund returns would be reduced. Please note
these returns can include pre-inception data and if included, this data will be
represented in italics.
For money market funds, total return is not adjusted for sales charges
and reflects all ongoing fund expenses for various time periods. These returns
assume reinvestment of dividends and capital gains. If adjusted for
sales charges and the effects of taxation, the money market returns would
be reduced.
For VA and VL subaccounts, non-standardized returns illustrate performance
that is adjusted to reflect recurring and non-recurring charges such as
surrender fees, contract charges, maximum front-end load, maximum deferred
load, maximum M&E risk charge, administrative fees and underlying fund-level
expenses for various time periods. Non-Standardized performance returns
assume reinvestment of dividends and capital gains. If adjusted for the
effects of taxation, the subaccount returns would be significantly reduced.
Please note that these returns can include pre-incpetion data and if included,
this data will be represented in italics.
Investment Advisory Fees
The investment(s) returns do not necessarily reflect the deduction of all
investment advisory fees. Client investment returns will be reduced if addi-
tional advisory fees are incurred such as deferred loads, redemption fees,
wrap fees, or other account charges.
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Portfolio Snapshot Report
Disclosure Statement (continued)
Investment Style
The Morningstar Style Box combines the various funds investment strategies.
For the equity style box, the vertical axis shows the market capitalization of
the stocks owned and the horizontal axis shows investment style (value, blend,
or growth). For the fixed-income style box, the vertical axis shows the average
credit quality of the bonds owned and the horizontal axis shows interest rate
sensitivity as measured by a bond's duration (short, intermediate, or long).
Risk and Return
Standard deviation is a statistical measure of the volatility of a portfolio's
returns around its mean.
Sharpe ratio uses a portfolio's standard deviation and total return to determine
reward per unit of risk.
Alpha measures the difference between a portfolio's actual returns and its
expected performance, given its beta and the actual returns of the benchmark
index. Alpha is often seen as a measurement of the value added or subtracted
by a portfolio's manager.
Beta is a measure of the degree of change in value one can expect in a portfolio
given a change in value in a benchmark index. A portfolio with a beta greater
than one is generally more volatile than its benchmark index, and a portfolio
with a beta of less than one is generally less volatile than its benchmark index.
Page 177 of 21 11
The return on assets (ROA) is the percentage a company earns on its assets in
a given year. The calculation is net income divided by end-of-year total
assets, multiplied by 100.
The Return on Equity (ROE) is the percentage a company earns on its
shareholders' equity in a given year. The calculation is net income divided
by end-of-year net worth, multiplied by 100.
Market Maturity shows the percentage of a holding's common stocks that are
domiciled in developed and emerging markets.
The below referenced data elements listed below are a weighted average of
the fixed income holdings in the portfolio.
The average credit quality is derived by taking the weighted average of the
credit rating for each bond in the portfolio.
Average maturity is used for holdings in the taxable fixed-income category,
this is a weighted average of all the maturities of the bonds in a portfolio,
computed by weighting each maturity date by the market value of the security.
Credit quality breakdowns are shown for corporate-bond holdings and depicts
the quality of bonds in the underlying portfolio. The analysis reveals the percentage
of fixed-income securities that fall within each credit-quality rating as
assigned by Standard & Poor's or Moody's.
debt). This figure is not provided for financial companies.
Debt as a percentage of capital is calculated by dividing long-term debt by total
capitalization (the sum of common equity plus preferred equity plus long-term
debt). This figure is not provided for financial companies.
R-squared reflects the percentage of a portfolio's movements that are explained
by movements in its benchmark index, showing the degree of correlation between
the portfolio and a benchmark. This figure is also helpful in assessing how
likely it is that alpha and beta are statistically significant.
Fundamental Analysis
The below referenced data elements are a weighted average of the equity
holdings in the portfolio.
The median market capitalization of a subaccount's equity portfolio gives you a
measure of the size of the companies in which the subaccount invests.
The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratios of
the stocks in a subaccount's portfolio. Price/cash-flow shows the ability of a
business to generate cash and acts as a gauge of liquidity and solvency.
The Price/Book ratio is a weighted average of the price/book ratios of all the
stocks in the underlying fund's portfolio. The P/B ratio of a company is calculated
by dividing the market price of its stock by the company's per-share book value.
Stocks with negative book values are excluded from this calculation.
Duration is a time measure of a bond's interest-rate sensitivity.
Net Margin is a measure of profitability. It is equal to annual net income
divided by revenues from the same period for the past five fiscal years,
multiplied by 100.
Type Weightings divide the stocks in a given holding's portfolio into eight
type designations each of which defines a broad category of investment
characteristics. Not all stocks in a given holding's portfolio are assigned
a type. These stocks are grouped under NA.
The below referenced data elements listed below are a weighted average of the
total holdings in the portfolio.
The average expense ratio is the percentage of assets deducted each year for
operating expenses, management fees, and all other asset-based costs incurred
by the fund, excluding brokerage fees. Please note for mutual funds, variable
annuities/life, ETF and closed-end funds we use the gross prospectus ratio as
provided in the prospectus. For separate accounts and stocks we pull the
audited expense ratio from the annual report.
The Price/Earnings ratio is a weighted average of the price/earnings ratios of the
stocks in the underlying fund's portfolio. The P/E ratio of a stock is calculated
by dividing the current price of the stock by its trailing 12 months' earnings per
share. In computing the average, Morningstar weights each portfolio holding by
the percentage of equity assets it represents.
The Price/Sales ratio is a weighted average of the price/sales ratios of the
stocks in the underlying fund's portfolio. The P/S ratio of a stock is calculated
by dividing the current price of the stock by its trailing 12 months' revenues per
share. In computing the average, Morningstar weights each portfolio holding by
the percentage of equity assets it represents.
Potential capital gains exposure is the percentage of a holding's total assets
that represent capital appreciation.
Investment Risk
Market Price Risk: The market price of ETF's traded on the secondary market is
subject to the forces of supply and demand and thus independent of the ETF's
NAV. This can result in the market price trading at a premium or discount to
the NAV which will affect an investors value.
Market Risk: The market prices of ETF's can fluctuate as to the result of
several factors such as security-specific factors or general investor
sentiment. Therefore, investors should be aware of the prospect of market
fluctuations and the impact it may have on the ETF market price.
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Page 188 of 21 11
Portfolio Snapshot Report
Disclosure Statement (continued)
International Emerging Market Funds/Subaccounts: The investor should note
that funds and subaccounts that invest in international securities take on
special additional risks. These risks include, but are not limited to,
currency risk, political risk, and risk associated with varying accounting
standards. Investing in emerging markets normally accentuates these risks.
Sector Funds/Subaccounts: The investor should note that funds and subacc-
ounts that invest exclusively in one sector or industry involve additional
risks. The lack of industry diversification subjects the investor to increased
industry-specific risks.
Non-Diversified Funds/Subaccounts: The investor should note that funds or
subaccounts that invest more of their assets in a single issuer involve
additional risks, including share price fluctuations, because of the increased
concentration of investments.
Small Cap Funds/Subaccounts: The investor should note that funds and
subaccounts that invest in stocks of small companies involve additional risks.
Smaller companies typically have a higher risk of failure, and are not as well
established as larger blue-chip companies. Historically, smaller-company
stocks have experienced a greater degree of price volatility than the overall
market average.
Mid Cap Funds/Subaccounts: The investor should note that funds and
subaccounts that invest in companies with market capitalizations below $10
billion involve additional risks. The securities of these companies may be more
volatile and less liquid than the securities of larger companies.
High-Yield Bond Funds/Subaccounts: The investor should note that funds and
subaccounts that invest in lower-rated debt securities (commonly referred to
as junk bonds) involve additional risks because of the lower credit quality of
the securities in the portfolio. The investor should be aware of the possible
higher level of volatility and increased risk of default.
Tax-Free Municipal Bond Funds: The investor should note that the income
from tax-free municipal bond funds may be subject to state and local taxation
and the Alternative Minimum Tax.
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Mutual Fund Detail Report
Disclosure Statement
The Mutual Fund Detail Report is to be used as supplemental sales literature,
and therefore must be preceded or accompanied by the fund's current prospectus
and a disclosure statement. Please read the prospectus carefully. In all
cases, this disclosure statement should accompany the Mutual Fund Detail
Report. Morningstar is not itself a FINRA-member firm. Portfolio information
is based on the most recent information available to Morningstar
Pre-inception Returns
The analysis in this report may be based, in part, on adjusted historical
returns for periods prior to the fund's actual inception. These calculated
returns reflect the historical performance of the oldest share class of the
fund, adjusted to reflect the fees and expenses of this share class. These
fees and expenses are referenced in the report's Performance section
When pre-inception data are presented in the report, the header at the
top of the report will indicate this. In addition, the pre-inception
data included in the report will appear in italics
While the inclusion of pre-inception data provides valuable insight into
the probable long-term behavior of newer share classes of a fund, investors
should be aware that an adjusted historical return can only provide an
approximation of that behavior. For example, the fee structures between a
retail share class will vary from that of an institutional share class, as
retail shares tend to have higher operating expenses and sales charges.
These adjusted historical returns are not actual returns. Calculation
methodologies utilized by Morningstar may differ from those applied by other
entities, including the fund itself
Performance
The performance data given represents past performance and should not be
considered indicative of future results. Principal value and investment return
will fluctuate, so that an investor's shares when redeemed may be worth more or
less than the original investment. Fund portfolio statistics change over time.
The fund is not FDIC-insured, may lose value and is not guaranteed by a bank or
other financial institution
Total return reflects performance without adjusting for sales charges or
the effects of taxation, but is adjusted to reflect all actual ongoing fund
expenses and assumes reinvestment of dividends and capital gains. If adjusted
for sales charges and the effects of taxation, the performance quoted would
be reduced
Standardized Total Return is reflected as of month- and quarter-end time
periods. It depicts performance without adjusting for the effects of taxation,
but is adjusted for sales charges, all ongoing fund expenses, and assumes
reinvestment of dividends and capital gains. If adjusted for the effects of
taxation, the performance quoted would be reduced. The sales charge used in
the calculation was obtained from the fund's most recent prospectus and/or
shareholder report available to Morningstar. Standardized returns never
include pre-inception history
Morningstar % Rank within Morningstar Category does not account for a fund's
sales charge (if applicable). Rankings will not be provided for periods less
than one year
Growth of $10,000
The graph compares the growth of $10,000 in a fund with that of an index and
with that of the average for all funds in its Morningstar category. The total
returns are not adjusted to reflect sales charges or the effects of taxation,
but are adjusted to reflect actual ongoing fund expenses, and assume
reinvestment of dividends and capital gains. If adjusted, sales charges would
reduce the performance quoted. The index is an unmanaged portfolio of specified
securities and cannot be invested in directly. The index and the category
average do not reflect any initial or ongoing expenses. A fund's portfolio may
differ significantly from the securities in the index. The index is chosen by
Morningstar
If pre-inception data is included in the analysis, it will be graphed.
Page 199 of 21 11
Risk and Return
The Morningstar Rating is calculated for funds with at least a three-year
history. It is calculated based on a Morningstar Risk-Adjusted Return
measure that accounts for variation in a fund's monthly performance,
placing more emphasis on downward variations and rewarding consistent
performance. The top 10% of funds in each category receive 5 stars, the
next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5%
receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar
Rating for a mutual fund is derived from a weighted average of the
performance figures associated with its three-, five- and 10-year (if
applicable) Morningstar Rating metrics
Please note that some Morningstar proprietary calculations, including the
Morningstar Rating, may be calculated based on adjusted historical returns
(pre-inception returns). If the extended performance rating is in effect,
the "stars" are represented as unshaded stars. For each mutual fund with
at least a three-year history, Morningstar calculates a Morningstar Rating
based on a Morningstar Risk-Adjusted Return measure that accounts for
variation in a fund's adjusted monthly performance, placing more emphasis
on downward variations and rewarding consistent performance. The top 10%
of funds in each category receive 5 stars, the next 22.5% receive 4 stars,
the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom
10% receive 1 star. This investment's independent Morningstar Rating metric
is then compared against the open-end mutual fund universe's actual
performance breakpoints to determine its extended performance rating. The
Overall Morningstar Rating for a mutual fund is derived from a weighted
average of the actual performance figures associated with its three-, fiveand
10-year (if applicable) Morningstar Rating metrics
Morningstar Return rates a mutual fund's performance relative to other funds
in its Morningstar Category. It is an assessment of a fund's excess return
over a risk-free rate (the return of the 90-day Treasury Bill), after
adjusting for all applicable loads and sales charges, in comparison with the
mutual funds in its Morningstar Category. In each Morningstar Category, the
top 10% of funds earn a High Morningstar Return (HIGH), the next 22.5% Above
Average (+AVG), the middle 35% Average (AVG), the next 22.5% Below Average
(-AVG), and the bottom 10% Low (LOW). Morningstar Return is measured for up
to three time periods (three-, five-, and 10 years). These separate measures
are then weighted and averaged to produce an overall measure for the mutual
fund. Funds with less than three years of performance history are not rated
Morningstar Risk evaluates a mutual fund's downside volatility relative to
that of other funds in its Morningstar Category. It is an assessment of the
variations in a fund's monthly returns, with an emphasis on downside
variations, in comparison with the mutual funds in its Morningstar Category.
In each Morningstar Category, the 10% of funds with the lowest measured risk
are described as Low Risk (LOW), the next 22.5% Below Average (-AVG), the
middle 35% Average (AVG), the next 22.5% Above Average (+AVG), and the top
10% High (HIGH). Morningstar Risk is measured for up to three time period
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Page 10 20 of 21 11
(three-, five-, and 10 years). These separate measures are then weighted and
averaged to produce an overall measure for the mutual fund. Funds with less
than three years of performance history are not rated
If pre-inception returns are included in this analysis, the risk and return
profile data calculated on the basis of these returns will appear in italics
Risk Measures
The risk measures below are calculated for funds with at least a threeyear
history
Standard deviation is a statistical measure of the volatility of the fund's
returns
Mean represents the annualized geometric return for the period shown.
The Sharpe ratio uses standard deviation and excess return to determine
reward per unit of risk
Alpha measures the difference between a fund's actual returns and its
expected performance, given its level of risk (as measured by beta).
Alpha is often seen as a measure of the value added or subtracted by
a portfolio manager
Beta is a measure of a fund's sensitivity to market movements. A portfolio with
a beta greater than 1 is more volatile than the market, and a portfolio with a
beta less than 1 is less volatile than the marke
R-squared reflects the percentage of a fund's movements that are explained
by movements in its benchmark index, showing the degree of correlation
between the fund and the benchmark. This figure is also helpful in assessing
how likely it is that alpha and beta are statistically significant
Risk measures calculated using pre-inception data, if included in the
analysis, will be presented in italics
Portfolio Analysis
The Morningstar Style Box reveals a fund's investment strategy. For equity
funds the vertical axis shows the market capitalization of the stocks owned
and the horizontal axis shows investment style (value, blend or growth). For
fixed-income funds the vertical axis shows the average credit quality of the
bonds owned, and the horizontal axis shows interest rate sensitivity as
measured by a bond's duration (short, intermediate or long)
Equity Portfolio Statistics
The referenced data elements below are a weighted average of the equity
holdings in the portfolio
The Price/Earnings ratio is a weighted average of the price/earnings
ratios of the stocks in the underlying fund's portfolio. The P/E ratio
of a stock is calculated by dividing the current price of the stock by
its trailing 12-months' earnings per share. In computing the average,
Morningstar weights each portfolio holding by the percentage of equity
assets it represents
The Price/Cash Flow ratio is a weighted average of the price/cash-flow
ratios of the stocks in a fund's portfolio. Price/cash-flow shows the
ability of a business to generate cash and acts as a gauge of liquidity
and solvency
The Price/Book ratio is a weighted average of the price/book ratios of
all the stocks in the underlying fund's portfolio. The P/B ratio of a
company is calculated by dividing the market price of its stock by the
company's per-share book value. Stocks with negative book values are
excluded from this calculation
The geometric average market capitalization of a fund's equity portfolio
offers a measure of the size of the companies in which the mutual fund
invests
Fixed-Income Portfolio Statistics
The referenced data elements below are a weighted average of the fixed
income holdings in the portfolio
Duration is a time measure of a bond's interest rate sensitivity.
Average effective duration is a weighted average of the duration of the
underlying fixed income securities within the portfolio
Average effective maturity is a weighted average of all the maturities
of the bonds in a portfolio, computed by weighting each maturity date by
the market value of the security
Average credit quality is calculated by taking the weighted average of
the credit rating for each bond in the portfolio
Average weighted coupon is generated from the fund's portfolio by
weighting the coupon of each bond by its relative size in the portfolio.
Coupons are fixed percentages paid out on a fixed-income security on an
annual basis
Average weighted price is generated from the fund's portfolio by weighting
the price of each bond by its relative size in the portfolio. This number
reveals if the fund favors bonds selling at prices above or below face value
(premium or discount securities, respectively). A higher number indicates a
bias toward premiums. This statistic is expressed as a percentage of par
(face) value
Turnover Ratio is a decent proxy for how frequently a manager trades his or
her portfolio. The inverse of a fund's turnover ratio is the average holding
period for a security in the fund. As turnover increases, a fund's brokerage
costs typically rise as well
Operations
Purchase constraints denote if a mutual fund has any of the following
qualities: Qualified Access (A), Institutional (T), Closed to New
Investments, (C) or Closed to All Investments (L). Because these
qualities can all act as restrictions and/or requirements for investment,
they are grouped together
Potential capital gains exposure is the percentage of a mutual fund's
total assets that represent capital appreciation
Investment Risk
International Funds/Emerging Market Funds: The investor should note that
funds that invest in international securities involve special additional risks.
These risks include, but are not limited to, currency risk, political risk, and
risk associated with varying accounting standards. Investing in emerging
markets may accentuate these risks
Sector Funds: The investor should note that funds that invest exclusively in
one sector or industry involve additional risks. The lack of industry diversification
subjects the investor to increased industry-specific risks
Non-Diversified Funds: The investor should note that funds that reinvest more
© 2013 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided
by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not
an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or 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.

Page 11 21 of 21 11
of their assets in a single issuer involve additional risks, including share
price fluctuations, because of the increased concentration of investments
Small-Cap Funds: The investor should note that funds that invest in stocks of
small companies involve additional risks. Smaller companies typically have a
higher risk of failure, and are not as well established as larger blue-chip
companies. Historically, smaller-company stocks have experienced a greater
degree of market volatility that the overall market average
Mid Cap Funds: The investor should note that funds that invest in companies
with market capitalization below $10 billion involve additional risks. The
securities of these companies may be more volatile and less liquid than the
securities of larger companies
High-Yield Bond Funds: The investor should note that funds that invest in
lower-rated debt securities (commonly referred as junk bonds) involve
additional risks because of the lower credit quality of the securities in the
portfolio. The investor should be aware of the possible higher level of
volatility, and increased risk of default
Tax-Free Municipal Bond Funds: The investor should note that the income
from tax-free municipal bond funds may be subject to state and local
taxation and the Alternative Minimum Tax
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