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2013 SunTrust 2nd Quarter Investment ReviewInvestment Review
Village of North Palm Beach
General Employees' Pension Plan
Second Quarter 2013
Blake Myton
First Vice President & Investment Advisor
SunTrust Bank, Inc.
Institutional Investment Solutions
407 - 237 -5816
blake.myton @suntrust.com
,1u�iG
SuNTRuST
Lisa Allen
Vice President, Trust Advisor
SunTrust Bank, Inc.
Employee Benefit Solutions
404 - 827 -6724
lisa.allen @suntrust.com
Table of Contents
I. Market and Economic Update
11. Sun Trust Portfolio Composition and Performance
111. Fund Fact Sheets
IV. Appendix
• All Available Sun Trust Platform Options
• Disclosures
SU NTIZUST
,1o�iG
SuNTRuST
1. Market and Economic Update
Performance Summary Through June 2013
index - -
1:111 s I 1
If, 1
I:hiiYA
72: 113
72: 113
3126113
12131112
72:112
72712
MSCI ACWI (net)
(2.92) (0.42)
6.05
16.57
12.36
2.30
U.S. Fed Funds Rate
0.25
0.25
0.25
0.25
0.25
0.25
MSCI World (net)
(2.46) 0.65
8.43
18.58
13.72
2.70
European Central Bank Rate
0.50
0.50
0.75
0.75
0.75
1.00
MSCI EAFE LCL (net)
(3.65) 1.21
11.01
24.93
8.97
1.16
Bank of England Rate
0.50
0.50
0.50
0.50
0.50
0.50
MSCI EAFE USD (net)
(3.55) (0.98)
4.10
18.62
10.04
(0.63)
Bank of Japan Rate
0.10
0.10
0.10
0.10
0.10
0.10
MSCI Emerging Markets LCL (net)
(5.09) (4.42)
(4.89)
6.09
5.00
2.11
USA LIBOR - 3 Month
0.27
0.27
0.28
0.31
0.36
0.46
MSCI Emerging Markets USD (net)
(6.37) (8.08)
(9.57)
2.87
3.38
(0.43)
TED Spread (bps) - 3 Month
0.24
0.24
0.22
0.26
0.26
0.37
Dow Jones Industrial Average
(1.25) 2.92
15.20
18.87
18.23
8.64
2 Yr U.S. Treasury
0.36
0.36
0.24
0.26
0.23
0.31
S &P 500
(1.34) 2.91
13.82
20.60
18.45
7.01
10 Yr U.S. Treasury
2.49
2.49
1.85
1.76
1.63
1.65
Nasdaq 100
(2.33) 3.61
10.09
12.87
20.03
10.66
10 -2 yr slope
2.13
2.13
1.61
1.51
1.40
1.34
Russell 1000
(1.36) 2.65
13.91
21.24
18.63
7.12
Barclays Municipal Bond
2.91
2.91
2.20
2.17
2.17
2.45
Russell 1000 Growth
(1.88) 2.06
11.80
17.07
18.68
7.47
BofAML High Yield Master
6.56
6.56
5.63
6.11
6.52
7.29
Russell 1000 Value
(0.88) 3.20
15.90
25.32
18.51
6.67
BofAML Corporate Master
3.40
3.40
2.78
2.75
2.84
3.35
Russell MidCap
(1.21) 2.21
15.45
25.41
19.53
8.28
Russell Mid Cap Growth
(1.22) 2.87
14.70
22.88
19.53
7.61
Currencies
Russell Mid Cap Value
(1.19) 1.65
16.10
27.65
19.53
8.87
Euro ($/€)
1.30
1.30
1.28
1.32
1.29
1.27
Russell 2000
(0.51) 3.08
15.86
24.21
18.67
8.77
Yen (¥ /$)
99.34
99.34
94.02
86.47
77.80
79.79
Russell 2000 Growth
(0.62) 3.74
17.44
23.67
19.97
8.89
GBP ($/£)
1.52
1.52
1.52
1.63
1.61
1.57
Russell 2000 Value
(0.41) 2.47
14.39
24.76
17.33
8.59
FTSE NAREIT Equity Index
(2.19) (2.13)
5.79
10.21
18.46
7.72
Commodities
DJ -UBS Commodity Index
(4.71) (9.45) (10.47)
(8.01)
(0.26)
(11.61)
Light Crude Oil ($ /barrel)
96.56
96.56
97.23
91.82
92.19
84.96
Barclays Aggregate
(1.55) (2.32)
(2.44)
(0.69)
3.51
5.19
Gold ($ /ort)
1,223.70
1,223.70
1,595.70
1,675.80
1,773.90 1,604.20
Barclays Intermediate Govt & Credit
(1.20) (1.70)
(1.45)
0.28
3.14
4.57
BofAML U.S. Treasury Master
(1.26) (2.23)
(2.47)
(2.00)
3.04
4.45
CIBOE Volatility Index
BofAML U.S. Treasuries Inflation- Linked
(3.78) (7.38)
(7.94)
(5.15)
4.69
4.43
CBOE VIX
16.86
16.86
12.70
18.02
15.73
17.08
Barclays U.S. Treasury Bellwethers (2 Yr)
(0.04) (0.09)
0.00
0.27
0.77
2.15
Barclays U.S. Treasury Bellwethers (10
(2.66) (4.57)
(4.87)
(4.20)
4.64
5.89
Hedge Fund Performance
1
• 1
YTD
Barclays Municipal Bond
(2.83) (2.97)
(2.69)
0.24
4.46
5.33
HFRXGlobal Hedge Fund Index
(1.33)
0.03
3.16
5.50
1.19
(2.08)
BofAML U.S. Corporate Master
(2.76) (3.36)
(3.31)
1.75
5.80
7.17
HFRX Equity Hedge Index
(1.89)
(0.52)
4.59
8.34
0.02
(3.77)
BofAML High Yield Master
(2.64) (1.35)
1.50
9.57
10.43
10.63
HFRI Fund of Funds
(1.44)
(0.03)
3.28
7.18
2.97
(0.63)
Citigroup WGBI (USD)
(0.58) (2.97)
(5.66)
(4.50)
2.72
3.04
HFRX Macro
(0.66)
(1.11)
(1.07)
(0.26)
(2.14)
(5.02)
Citigroup WGBI (USD) Hedged
(1.00) (1.45)
(0.62)
1.66
3.04
4.51
HFRX Distressed Securities Index
(1.30)
1.12
2.53
0.44
0.90
(6.93)
JP Morgan EMBI Global
(5.03) (6.06)
(8.22)
1.24
7.85
8.63
HFRXAbso�
(0.02)
1.00
1.71
2.48
0.22
(3.50)
U.S. Style % Total Returns
QTD
(Russell Indexes)
YTD
19.8
S&P 00 Sector
19.5 20.3
% Total Returns
■QTD mYTD
Value Core Growth
Value Core Growth
15.2
13.8
mom Large
Mid
mom
mom
-.-
6.8
0.5
9.8
7.3
3.8
2.8
6.4
1.7
10.6 9.9
1.0
�: Small
mom
®®®
0 4
-1.8
-2.7
Cons Disc
Cons Staples
Energy Financials Health Care
Industrials
Info Tech
Materials
Telecom
Utilities
Data Source: FactSet It is not possible to invest directly in an index.
'A/
Past performance is not a guarantee of future results. Please see Disclosure slides for
important information.
SuNTRuST
1
Strategy Summary July 2013
Our risk posture is neutral given sluggish global growth and US monetary policy
Portfolio Risk ♦ uncertainty. However, better US relative economic growth, generally accommodative
(Standard Deviation) central banks, and attractive equity market valuations vs. bonds are positives.
Yields remain at low unattractive levels. In the midst of sluggish global growth, the
Government Bonds
absence of inflation and the possibility of the Federal Reserve tapering asset
(Treas uryand MBS)
purchases, w e expect interest rates w ill remain w ithin a range, w ith an upw and bias.
Favorable corporate fundamentals and low default rates justify allocations to
Corporate Bonds
investment -grade corporates and high yield bonds (including leveraged loans). While
(Invest. Grade and HY)
future price gains may be limited, spreads remain above their pre- crisis levels.
While emerging market bond fundamentals currently remain intact (i.e., sovereign
macro /credit conditions and yields at attractive levels), the implications of the end of
Foreign Bonds
loose monetary policy by the Fed has created a less hospitable /more volatile
environment over the near term, w hich supports a continued underw eight.
Economic growth in the US is expected to exceed most of the developed world.
Large Cap
Moreover, US large caps possess positive attributes such as reasonable valuations,
US Equity
strong balance sheets and attractive dividend yields and diverse revenue streams.
Given their leverage to the US economy, we maintain a position in smaller cap equities
Mid and Small Cap
US Equity
based on earnings growth potential, improved lending conditions and the potential for
elevated corporate cash balances to support increased M&A activity.
Economic data show a modest improvement although euro zone surveys still indicate
Developed International
♦
contraction. However, continued liquidity from central banks and the easing up on euro
Equity
zone austerity measures are supportive of stabilizing growth and our neutral stance.
Emerging markets face headwinds such as sluggish global growth, lower commodity
Emerging International
♦
prices, and a stronger US dollar. However, relative valuations have improved, and the
Equity
recent underperformance may be overdone as growth expectations have reset.
We continue to believe diversifying strategies, including hedge funds, may help to
Non -Traditional
�+
reduce risks and could expand the opportunity set. However, market dynamics are
Strategies
more challenging for commodities until global growth prospects solidify.
Notes: Neutral = within 10% of Long -Term Target ;
Over / Underw eight =over 11% deviation from Long -Term Target 001
Past performance is not a guarantee of future results.
Please see Disclosure slides for important information. SuNTRuST
Investment Overview
■ Interest rates climbed as markets chaffed at the suggestion that the Fed may begin tapering its bond buying program
— The benchmark 10 -year US Treasury yield briefly surged above 2.60% for the first time since August 2011 before settling at
2.48% by month end, pushing returns for mostfixed income sectors further into negative territory for the first half of the year
— While not growing as fast as potential, the Fed believes that the US economy is on the mend. Accordingly, the extraordinary
measures taken to boost growth will not be maintained indefinitely
— At his second quarter press conference, Chairman Bernanke reiterated that the Fed will moderate bond purchases at some
point based on improving economic data, but Fed officials spent rest of the month reassuring markets that policy will remain
accommodative for some time even with a tapering of its quantitative easing program
— Most investors, on the other hand, voted with their feet as bond mutual funds experienced heavy outflows for the month
■ US stocks stumbled in June, snapping a seven month rally, while global stocks continued to see red
— Although major US equity indices dipped for the month, most posted solid returns for the second quarter, led by small caps
— An unusual trio of telecom, utilities and consumer discretionary were the top US sectors for the month; despite a
tepid quarter, six of the ten sectors still have double -digit gains on a year -to -date basis
— Major international equity indices fell for the second straight month, though currency fluctuations were less of a factor;
emerging markets were pummeled in June and were the only major global equity marketthat fell in the first half of 2013
— Real estate indices declined in sympathy with equities for the month, while precious metals dragged heavily on commodity
returns, which were down nearly 10% for the quarter
SuNT'RUST
3
June 2013 Market Returns
■ US stocks stumbled in June, snapping a seven
month rally; however, returns were still solid for
the second quarter and are up double- digits this
year. Major international markets fell for the
second straight month, but developed
international stocks remain in positive territory
this year. On the other hand, emerging markets
were hit hard in June and are the only major
equity market down thus far in 2013.
International Equities
QTD
YTD
12 Months
Global Markets (in US $)
Developed Countries (MSCI EAFE) (net)
-1.0%
4.1%
MSCI AC World Equity Index (net)
-0.4%
6.1%
16.6%
Citi World BIG USD un- hedged
-2.4%
-4.4%
-1.7%
US Equities
month end. That pushed most fixed income
Large -Cap US Stocks (S &P 500)
2.9%
13.8%
20.6%
Small -Cap US Stocks (Russell 2000)
3.1%
15.9%
24.2%
■ US stocks stumbled in June, snapping a seven
month rally; however, returns were still solid for
the second quarter and are up double- digits this
year. Major international markets fell for the
second straight month, but developed
international stocks remain in positive territory
this year. On the other hand, emerging markets
were hit hard in June and are the only major
equity market down thus far in 2013.
International Equities
■ The benchmark 10 -year US Treasury yield
Developed Countries (MSCI EAFE) (net)
-1.0%
4.1%
18.6%
briefly surged above 2.60% for the first time
Emerging Markets (MSCI EM) (net)
-8.1%
-9.6%
2.9%
since August 2011 before settling at 2.48% by
US Fixed Income
month end. That pushed most fixed income
US Treasury Bonds (Benchmark 10 Yr.)
-4.6%
-4.9%
-4.2%
sectors further into negative territory for the
Barclays Aggregate Bond Index
-2.3%
-2.4%
-0.7%
BofAML High Yield Master
-1.4%
1.5%
9.6%
first half of the year as bond mutual funds
Barclays Municipal Bond Index
-3.0%
-2.7%
0.2%
experienced heavy outflows for the month.
International Bonds
Citi World BIG non -USD un- hedged
-2.5%
-5.9%
-2.5%
■ Real estate indices fell in sympathy with equity
JPM Emerging Mkts Bond Index
-6.1%
-8.2%
1.2%
indices for the month but are up for 2013.
Non- Traditional
Sagging prices for precious metals more than
REITs (DJ US Select RESI Index)
-1.3%
5.7%
7.7%
offset flat energy prices, dragging commodity
Commodities (Dow Jones UBS)
-9.5%
-10.5%
-8.0%
returns lower in June. The DJ -UBS Commodity
A #returns In USdO//ars Data Source:Factset
Index shed nearly 10% for the quarter.
i
Past performance is not a guarantee of future results.
Please see Disclosure slides for important information. SuNTRuST
4
Market Ov a ry iew
Strong first half for developed global stocks, while emerging market stocks and commodities were clobbered
US stocks stumbled in June,
snapping a seven month
rally; however, returns were
still solid for the second
quarter and are up
double- digits for the year.
Major international markets
fell forthe second straight
month, but developed
international stocks remain
in positive territorythis year.
On the other hand, emerging
markets were hit hard in
June and are the only major '
equity market down thus far
in 2013. Commodities, which
have struggled all year, were
down 10.5% for the first half.
Data source: Morningstar Direct. Returns are represented by the following indices: Barclays Municipal Bond Index, Citi World BIG
Index, Barclays Aggregate Bond Index, MSCI EAFE, Barclays US Corporate High Yield Index S &P500 Stock Index, DJ UBS Commodity
Total Return Index, MSCI Emerging Markets Index, Russe112000 Stock Index.
''A/
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRUsT
5
Major Market Returns
Through June 2013
■QTD YTD
0 °
15.9%
13.8%
14%
10%
6%
2.9%
3.1%
4.1
%
2%
■
■
1.4%
■
-
-2.4%
-2.7%-2.4%
o
_6%
-3.0%
-4.4%
-10%
-8.1% o
-9.6 /o
-9.5%
-10.5%
-14%
C3
ca
Y
U
m m
m
m
0
06
�5-
0
=
Q
m
2:
o
U
o
w
Data source: Morningstar Direct. Returns are represented by the following indices: Barclays Municipal Bond Index, Citi World BIG
Index, Barclays Aggregate Bond Index, MSCI EAFE, Barclays US Corporate High Yield Index S &P500 Stock Index, DJ UBS Commodity
Total Return Index, MSCI Emerging Markets Index, Russe112000 Stock Index.
''A/
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRUsT
5
Economic Overview
US economic data has been generally positive
US retail sales, which
include food and auto sales,
continue to march higher.
Total year -to -date sales
through May were up 3.7%
compared to the same
period a year ago, having
increased for seven of the
past eight months through
May, with Februaryas the
only downtick.
Nonstore retailers, such as
online and mail- order, rose
11.3% year - over -year in May,
while building material and
garden equipment /supplies
sales were up 10.1% from
last year. US auto sales in
June rose to 15.9 million on
a seasonally- adjusted
annual rate, the strongest
pace since November 2007.
US Retail Sales, including Food & Autos
Through May 2013
$425
a
_
$400
a
$375
0
$350
D $325
$300
May -07 May -09 May -11 May -13
Data source: Bloomberg
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRuST
6
Economic Overview
Steady job growth but the unemployment rate basically unchanged
June nonfarm payrolls
increased by 195,000 jobs,
taking the six -month
average to 202,000.
Meanwhile, the
unemployment rate was
essentially unchanged at
7.6% through June.
The job situation presents a
challenge for the Federal
Reserve: steadyenough to
merit ratcheting back
stimulus, but not strong
enough to completely
remove it.
Monthly Change in US Non -farm Payrolls
Through May 2013
600
500
400
300
0
r 200
100
-100
-200
May -10 May -11 May -12 May -13
Data source: Bureau of Labor Statistics
A/
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRuST
Equity Market Overview
US stocks stumbled in June, snapping a seven month rally, while global stocks continued to see red
Although primary US equity
indices dipped for the month
of June, they posted solid
returns for the second
quarter and double -digit
gains for the first half.
Major international equity
indices fell for the second
straight month. Emerging
marketswere pummeled in
June and were the only
major global equity sector
negative for the year.
An unusual trio of telecom,
utilities and consumer
discretionary stocks led in
June and posted gains.
Despite a tepid quarter, six
of the ten sectors still have
double -digit gains for 2013.
US & International Equity Market Returns
Through June 2013
US (S &P 500) . 2.9%
13.8%
Developed Int'I USD (EAFE) -1.0% '
4.1%
Developed Int'I Local (EAFE) ' 1.2%
11.0%
-
Emrg Int'I USD (MSCI EM)
-9.6%
Emrg Int'I Local (MSCI EM) -4.4% _
-4.9%
■ QTD YTD
Returns are represented by the following indices: S &P 500 Stock Index, MSCI Emerging Market Index in US
dollars and local currencies, MSCI EAFE developed country index in US dollars and local currencies. Data source:
Morningstar
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRUST
8
Equity Market Overview, continued
Emerging Markets troubles continue, but believe opportunities remain
With the prospects of higher
US interest rates, capital
inflows to take advantage of
re lative ly highe r yie Ids in
emerging markets (EM) have
reversed. Consequently, EM
currencies have sold off
significantly, which has
weighed on equities. At the
same time, a stronger US
dollar has pressured
commodities, many of which
are produced in EM
countries, hurting their
economies. While we do not
advise overweighting EM, we
still see value in maintaining
an allocation. Notably, more
than 50% of world economic
growth is expected to come
from EM and collectivelythe
EM consumer is now larger
than that of the US.
Major Market Performance Year -to -Date
Indexed from 100, through June, 2013
S &P 500 Dev9 Intl Emerging Mkts
125
120
115
110
105
100
95
90
85
Jan -13 Feb -13 Mar -13 Apr -13 May -13 Jun -13
Data source: FactSet
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRuST
9
Commodity Market Overview
Precious metals dragged down commodity returns
Weaker than expected
Chinese economic trends and
a strongerUS dollar have
weighed on global commodity
prices. This was reflected in a
sharp decline in June and a
negative 10.5 %second
quarterretum forthe DJ -UBS
Commodity Index.
All four of the major
commodity index groups fell
in the quarter. Both precious
and industrial metals sold off
more than 10%
While most of the spotlight
was on the plunge in gold
prices, silver fell even further,
declining roughly 44 %during
the past three months.
Commodity Index and Sector Returns
Through June 2013
■ QTD YTD
0%
-5% 1-2.0%
-4.5%
-10% -8.5% -7.5%
- 10.4% -9.5%
-20% -17.4%
-25%
- 25.5%
-30%
- 29.6%
-35%
Industrial Precious Metals Energy Agriculture DJ -UBS
Metals Commodity
Index
Returns are represented by the follow indices: DJ -UBS Commodity Index and the follow ing Sector Sub - Indexes of the
DJ UBS Commodity Index: Industrial Metals, Precious Metals, Energy and Agriculture. Data source: Morningstar.
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRuST
10
Alternatives Investment Overview
Hedge funds post first monthly decline for 2013 in June
The spike in volatility in the
latter part of the second
quarter had a generally
negative impact on
alternative strategies,
although, as expected,
broad measures of June
hedge fund returns
exceeded long -only
traditional strategies.
The first two months of the
quarter seemed relatively
calm as strategies generally
compounded returns from
the first quarter. However,
June saw an increase in
overall market volatility,
which punished funds that
were more exposed to
market risks.
Comparative HFRI Hedge Fund Returns
Yearto Date Through June 2013
■YTD June
Fund Weighted Composite
3.6%
Equity Hedge
5.3%
-1.4%
Macro: Systematic Diversified
-0.5%
-1.8°°
Relative Value
3.3%
-0.9%
Fund of Funds Diversified
3.5%
-1.2%
Barclays Aggregate Bond
-2.4%
-1.6%
S &P 500
13.8%
-1.3%
Data Source: Hedge Fund Research, Factset
Hedge fund aivestaig aivolves substmtial risks and may not be suitable for all clients. Hedge fmd are ki tended for sophisticated
investors who can bear the economic risks involved. Hedge fmd may engage ki leveragaig and speculative aivestmentpractices
that may increase the risk of aivestment loss, can be illiquid, and are not required to provide periodic pricing or valuation
information to investors. Hedge fund may aivolve complex taxstructures, have delajs ki distributing tax information, arenot
subject to the same regulatoryrequirements as mutual funds andoften charge higher fees.
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SUNT)RUST
11
Taxable Bond Market Overview
Returns are represented by the following indices: Barclays Municipal Bond Index, Cti World
BIG Index, Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index,
Barclays Bellwether 10 and 30year US Treasury Index, Barclays Financial Institutions Bond
Index, Barclays MBS FDced Rate Bond Index and Barclays US Investment Grad=_ Corporate
Index.
Investment Company Institute
Fixed Income Market Sector Returns
Weekly Mutual Fund Flows
ThroughJune2013
Through June2013
$10
6%
$5
■QTD YTD
_
0 $0
4%
m
.s, -$10
2%
1.4%
-$20
o °r°
0%
-14
�
-$30
Equity Fund Flows
-$35
3 z.4_�G°
.°r .r
Sep -12 Dec -12 Mar -13 Jun -13
-6%
-3.4% -3.40/,i -4.40%
41 .69/o
- 4.9 /
-8%
-6.1
-10%
-s.0%
-12%
�
N
N N
0 0
}
}
>_
O O U 00 00
m
O
O
L
Q m - 0)
T
2
U °� O Q
H
H
co
U)
Returns are represented by the following indices: Barclays Municipal Bond Index, Cti World
BIG Index, Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index,
Barclays Bellwether 10 and 30year US Treasury Index, Barclays Financial Institutions Bond
Index, Barclays MBS FDced Rate Bond Index and Barclays US Investment Grad=_ Corporate
Index.
■ The benchmark 10 -year US Treasury yield briefly surged
above 2.60% for the first time since August 2011 before
settling at 2.48% by month end. Higher rates across all
markets pushed returns for most fixed income sectors
further into negative territory for the first half of the year.
US Treasuries were hit the hardest, especially those with
longer maturities, such as the 30 -year. High yield, which
hung onto a slim gain year to date, was the lone exception.
■ After several years of strong inflows, bond mutual funds
saw a surge of outflows in May and June. These outflows
contributed to the sharp price swings, which were
compounded by reluctant institutional buyers such as
insurance companies and pension funds.
■ Entering 2013, we cautioned that investors should lower
their bond return expectations. Nothing that has occurred to
date has changed that view. While we expect rates to rise
further this year, we believe tame inflation and portfolio
income requirements will buffer the increase, as the recent
rise in bond yields does provide attractive spreads relative
to holding cash. We recommend investors focus on shorter -
terM less rate - sensitive bonds as well as corporate bonds.
Data source: FactSet
Past performance is not a guarantee of future results. Please see Disclosure slides for important information.
12
SuNT'RUST
Investment Company Institute
Weekly Mutual Fund Flows
ThroughJune2013
$15
$10
$5
_
0 $0
-$5
m
.s, -$10
-$15
-$20
Bond Fund Flows
-$25
-$30
Equity Fund Flows
-$35
Jun -12
Sep -12 Dec -12 Mar -13 Jun -13
■ The benchmark 10 -year US Treasury yield briefly surged
above 2.60% for the first time since August 2011 before
settling at 2.48% by month end. Higher rates across all
markets pushed returns for most fixed income sectors
further into negative territory for the first half of the year.
US Treasuries were hit the hardest, especially those with
longer maturities, such as the 30 -year. High yield, which
hung onto a slim gain year to date, was the lone exception.
■ After several years of strong inflows, bond mutual funds
saw a surge of outflows in May and June. These outflows
contributed to the sharp price swings, which were
compounded by reluctant institutional buyers such as
insurance companies and pension funds.
■ Entering 2013, we cautioned that investors should lower
their bond return expectations. Nothing that has occurred to
date has changed that view. While we expect rates to rise
further this year, we believe tame inflation and portfolio
income requirements will buffer the increase, as the recent
rise in bond yields does provide attractive spreads relative
to holding cash. We recommend investors focus on shorter -
terM less rate - sensitive bonds as well as corporate bonds.
Data source: FactSet
Past performance is not a guarantee of future results. Please see Disclosure slides for important information.
12
SuNT'RUST
Tax - Exempt Bond Market Overview
AA General Obligations Municipal Bonds
Corn parative Yields as of June 30, 2013
8% Tax Exempt Yield
6.s °% o
7% ■Taxable Equivalent Yield @ 43.4% Tax Rate
6%
5% 5.0%
4% 3.9%
2.8% 2.8%
3%
2% 1.6%
1 % 0.6%
0%
2Years 5Years 10Years 20Years
Maturity
Municipal Bond Yield Curves
AAA General Obligation Bonds
6.0%
5.0%
4.0%
3.0% i
2.0% 6/28/2013
1.0% 12/31 /2012
0.0%
1.5% ------------------------------- - - - - --
1.0% -------- I -1 -0.5% - - -- - ------- `----
0.0%
1 2 3 5 7 10 15 20 25 30
Maturity(years)
■ For the second consecutive month, municipal bonds were
punished by rising interest rates. The Barclays Municipal
Bond Index fell 2.83% for the month, which wiped out a
small year -to -date gain. Also, municipal bond mutual funds
saw heavy outflows during May and June according to
Lipper US Fund Flow data, which likely exacerbated the
downdraft.
■ We anticipate that the recent volatility within fixed income
markets will likely continue until interest rates stabilize. Yet,
despite the bond market selloff, there are inherent benefits
to municipal bonds. Particularly in an environment where
some states —such as California, Maryland and Minnesota —
and the federal government are increasing income taxes,
the tax - exempt characteristics of municipal bonds become
more valuable. Thus, current tax policy, valuations, and
improving fundamentals should provide some near -term
support. Moreover, growth in outstanding state debt has
been decelerating significantly the past few years. On a
taxable equivalent basis municipal bonds yields appear
attractive relative to US Treasuries.
A portion of income may be subject to state taxes and federal alternative
minimum tax (AMT) for indi\,idualsand corporations. Capital gainsearned on
Datasource: Factset, Bloomberg tax exempt investmentsare taxable.
C'
Past performance is not a guarantee of future results. Please see Disclosure slides for important information. SuNTRusT
13
,1o�iG
SuNTRuST
ll. Sun Trust Portfolio Composition and Performance
❑oliry Benchmark*
T-Adl Equity
7541 .SR P - VM/2.5% M.- fCi FAFF Inr1Px
Fixed Income
Barclays Aggregate Pond
5 hort Term
S5 oay Treasury 610
14,00%
17 UO%
M00%
& 0078
fi OO90
4.{NJ9v'
2 0096
0. 00%
5%
t 2. r936
Quarter Calendar Fiscal 1 Year 3 years
Year -to- -Date Year- to-DQte
■ North Palm Beach ■ 11nlicyl3enchmark
* Policy Benchmark - 45% S &P 500115% MSCI SAFE/ 40% Barclays Aggregate
** Net of Fee Approximation based on an annual Investment Advisory Fee of 0.29%
Please refer to appendix for full disclosure.
Years 10 Years inception taDate
(218MOnths)
Period ending June 30, 2013.
Returns for time periods 12 months and greater are annualized
Source: First Rate investment performance system
14 SUNT RUST
Calendar
Fiscal
Inception
Mgrket
Year -to -Date
Year -ta -Date
to -Date
Value
3 NTunlhs
(ff PAUnllrsj
(9 MUJFPlii5] 1 Year
3 Years
5 Years IU Years
(2IS MUFOIlis;
0.23
5.26
6.O.? 11.79
11.21
5.14 6.24
6.94
$ 6,459,649
1.79
11.33
12.78 34.35
15.61
5-53 T.19
5.52
1.94
T1.. ?4
MI.ns- M. 77
7E. -:?-IT
r.7,fl 7..31
744
$ 3,5531673
2.61
1 4.51
5.97
-2.32
-2.44
-2.24 -0.59
3.51
5:19 4.52
6.12
$ 214,06T
4.00
0.90
0.11
0.02
0.44 2.1-6
0.93
0.01
0. 04
0.06 0.09
0.09
0.19 1.55
2.81
t 2. r936
Quarter Calendar Fiscal 1 Year 3 years
Year -to- -Date Year- to-DQte
■ North Palm Beach ■ 11nlicyl3enchmark
* Policy Benchmark - 45% S &P 500115% MSCI SAFE/ 40% Barclays Aggregate
** Net of Fee Approximation based on an annual Investment Advisory Fee of 0.29%
Please refer to appendix for full disclosure.
Years 10 Years inception taDate
(218MOnths)
Period ending June 30, 2013.
Returns for time periods 12 months and greater are annualized
Source: First Rate investment performance system
14 SUNT RUST
Quarter
Portfolio Additions/Withdrawals
Additions
Withdra-.•,a
M" Add Wort s/Wit h d rawa I s
Portfolio Earnings
Net Accrued Income
Interest and Dividends
Gains/Losses
Total P,rtfoIli, Kngs
Fisca#
Year -to -Date
Portfolio AdditionsjWithdra4uals
$ 162,441.16 Additions
$ (45,401.77) WIthdra-rlaIs
y# Total Add itionsjWithdrawaIs -
556,260.43
$ (119,405.07)
$ 721.03
$ 201,175.91
$ 409.047.08
610,344.02
Period ending June 30, 2013
Please refer to appendix for full disclosure. Source: First Rate investment performance system. Data includes accrued income
15
SUNTRUST
Portfolio Earnings
(13,815.25)
NetArcrued Income
46,438.53
Interest and Dividends
S (21,3 = 8.70
GainsfLosses
$ r1,8Q4.59
TZ Poftf G lF�rmngs
556,260.43
$ (119,405.07)
$ 721.03
$ 201,175.91
$ 409.047.08
610,344.02
Period ending June 30, 2013
Please refer to appendix for full disclosure. Source: First Rate investment performance system. Data includes accrued income
15
SUNTRUST
Calendar
Fiscal
inception
Market
Vala 3
Muj"ths
fear -to -Date Year -to -Date
(6 months] (9 months] i YeQF
3 Years
5 Yeal3
10 Years (218
ho -Date
Wonths]
Poircy denchmark*
6.94
O.L2
0.23
5.30
5,116
b,03
II.19
71.21
S,I4
6.24
it
r
Total Equity
$
G,059,609
L79
11.33
12.78
19.35
15.61
5.53
719
X62
75% S&P 500125% %SCI E4 FE Index
1.94
11.39
10.05
20.11
16.35
5,10
7.39
7.49
Large Lap (3 rowth funds
$
1,198,ubo
1.8b
1133
10.01
1b.48
11.10
1.01
1.41
Russeff 1000 Growth Odex
2.06
11.80
10.33
1707
18.68
7.47
7.40
7.53
Large Cap Value funds
$
1,993,122
2.94
15.33
17.19
25.05
18.47
9.22
--
Ftusseff low VU1ue Index
3,20
15.30
1767
25.32
18.51
6.67
7.79
9.31
Mid Cap Growth Fnndn
$
4+19,234
1_S7
14.93
17.74
133.54
--
--
--
--
Russell Widr-ap Growth in dex
2.07
14.70
15.54
22.88
19.53
7.61
9.94
Mid Cap Value Funds
$
456,249
5.56
19.17
21.12
25.21
--
--
--
Russell Mfdcapvaluefndex
1,65
15.10
20.65
27.65
19.53
8,87
10,92
Small Cap Growth Funds
$
253,454
1.58
15.26
19.18
25.33
21.32
7.91
Russeff 2000 Growth
3.74
17.44
17.96
23.67
19.97
8.89
9.52
Small Cap Value Funds
$
253,378
2.08
13.57
19.69
25.85
--
KOSS2ff 2000 Val in dx
2.47
14.39
1 .6, 07
24.77
17.-33
8.59
9.30
10.47
Intl Fr3nity- DPvPlnpPrl
$
riw,357
-O.li9
3.r,R
4.615
17.12
8.331
-2.7.4
MSC7 EA F6 In dex (Met)
0.95
4,10
1-7,94
18.62
10.04
0.63
7.67
4.56
Intl Equity- Emerging
$
256,754
-3.95
-3.78
4.64
7.87
A4SCf EM (Wet)
-8,08
-9.57
-4.53
2.87
3.38
-0.43
13.66
--
BareiaysAggregate Bond
-2.32
-2.44
-2.24
-0.69
3.51
5.19
4.52
6.12
Bund Fuirdb
$
3,223,084
-2.76
-2.49
-2.53
-0.94
3.51
5.39
4.45
--
uarcfaysAggregate Bon d
-2132
-2.44
-2'24
-O.b9
3.51
5,19
4.52
b.12
High Yield Bond Funds
$
33-0,b1S
-1.04
1.18
4.45
--
--
--
--
--
CfarcJays tligh Yield C7orrd
-1114
1.42
4.75
9.50
10.74
10.94
4.91
7 79
ShortTerm9
214,057
FOLD
0.04
4.41
0.01
0.02
0.45
2.161
97I7nyTrarxsriryRa3
0.01
0.04
n. n6
0.09
0.09
0.19
7.59
2.R7
* Policy Benchmark - 45% S &P 500115% MSCI EAFEI40% Barclays Aggregate
Period ending June 30, 2013.
** Net of Fee Approximation based on an annual Investment Advisory Fee of 0.29%
Returns for time periods 12
months and greater are annualized
Please for full disclosure.
Source: First Rate
investment performance
system
1711
refer to appendix
SUNTRUST
16
Internaticnal Equity - Emerging
FIBLX
US OF Bank Loan
* * **
-0.OL
(441
261
2.3L
1613) 6.12 (67)
7.22
6.29
(69) 5.12
3.92
OR) 434
3.98
(491 1.58
C.06
1.86 1178 0.77
1.46 12.50 107
PIMCO Investment Grace Corp Bd Instl
PIGIX
Interm -Term Bond
* * * **
4.29
(941
-3.14
Oppenheimer Developing Market= Y
ODVYX
Emerging WE
ssssvr
-395
(111
-3.78
119)
7.87
123)
8.13
171
5A8
(4)
18.05
(L)
5.50
C.92
26.04
1.03
M5Ct FM NR L50
i
* **
-2.43
4.57
287
- -0.85 -
3.38
- 5.11
-0.43
0.10
13.66
Barcroye W Agg Borrd TR U50 ■
C.00
1.40 m
International Core Equity- Developed
5.19
4.52
Domestic Short Term Bonds
MFS Res=_arh International I
MRSIX
Foreign Large Blend
* * **
-0.55
(341
3A3
131)
16.98
(43)
11.19
(16)
0.05
13L)
8.68
(191
0.74
1.0D
23.20
0.97
Manning & Napier World Opportunities A
EXWAX
Foreign Large Blend
* * **
-1.23
(581
3.74
126)
17.41
(37)
8.43
(74)
0.15
124)
9.67
(7)
1.60
1.00
23.84
1.09
WO U..FE NR
11+� -0.
SUNTRUST
17
Small Cap Graurth
Invesco Small Cap Gnm&rth R5
GTSVX
Small Growth
tfff
1.88
(79)
15.26
(59)
25.36
(24)
2059
[28]
9.88
(a2)
9.96
1[371
1.64
C.89
21.86
0.83
Russs1120M Growth rP USD
R
0.00
1.
Small Cap Value
Cambiar Small Cap InAl
CAMR
Small Blend
k**
2.68
(48)
13.87
[76]
25.85
(32]
19.49
(22)
_1.27
(9)
117
0.94
24.34
1.07
Russe11200D Value TR USC
b
1733
959 11111111jW0000-
C.06
1.06
2W
Mid Cap Growth
Goldmar Sachs Grovrtti bppertunities Instl
GG61X
hlid�ap Growth
* * **
1.52
(52)
10.53
1781
18.57
(62)
16.99
(58)
8.54
119)
10.14
(311
1.05
C.97
22.06
0.99
Russell Mid Cop Growth rP WD
22.88
1953
a
1.00
22.38
Mid Cap Value
Scares Dvw Jones Select Dividend Index
DIN
ETF W -Cap Value
* * **
1.75
-
13.75
-
18.15
-
18.93
-
9.59
-
3.89
C.81
17.68
0.40
JPMargan Mid Cap Value lnstl
FLMVY
Mid -Cap Value
I i iririr
2.35
(53)
15.26
(601
25.68
(51)
2D.68
171
'0.44
1211
10.72
(221
2.L2
C.84
19.23
0.76
Russ-11 Mid Cop Value TR W
Large Cap Growth
55are -- Russell 1DK Growth Index
IWF
ETF Large Growth
* * **
2.02
-
11.70
-
16.81
-
18A4
-
7.29
-
7.21
-
-0.16
1.00
18.55
0.20
Russ-?? YOGI Growth TP USU
1
17.07
C.00
I.0D
1�
Large Cap Value
i5rare= Russell 1000 Vak a Index
IWD
ETF Large Value
* **
3.14
-
15.75
-
25.02
-
18.26
-
6.53
-
7.63
-
-0.12
1.00
19.59
0.20
Russ-fl 1007 Value TR USD r
1851
0.00
1.00
19.64
_
High Yield Bonds
!Share=- iBoxm $ High Yield Ccrporate 3d
HYG
ETF High Yield Bond
+*
4.87
-
D.31
-
7.61
-
9.75
-
8.24
-
-2.24
C.98
13.94
0.50
Bercroys US Cog 0a ote Nigh 'Yield TR USU
49
'0.54
8.91
UG
1.06
13.91
Bank Loans
Eaton Vance Floating Rate I
MvreiaysbrRvrkIoonOW
Domestic Intermediate Bond
FIBLX
US OF Bank Loan
* * **
-0.OL
(441
261
2.3L
1613) 6.12 (67)
7.22
6.29
(69) 5.12
3.92
OR) 434
3.98
(491 1.58
C.06
1.86 1178 0.77
1.46 12.50 107
PIMCO Investment Grace Corp Bd Instl
PIGIX
Interm -Term Bond
* * * **
4.29
(941
-3.14
1 96) 3.58 (9)
7.90
Ill 9.97
(1) 7.06
(L) 2.35
1.y 7 7.21 0.50
!Share=- iBoxx $ Invest Grade Carp Bonc
LU
ETF Long -Term Bond
**
-1.39
-
4.93
- 6.5o -
6.07
- 7.30
- 4.93
- -2.86
2.05 9.' 8 0.15
Varg.aard Total Bond Market ETF
BND
ETF Irrterm -Term Bond
* **
-2.43
-
-2.46
- -0.85 -
3.35
- 5.11
-
0.10
1.01 3.77 0.10
Barcroye W Agg Borrd TR U50 ■
5.19
4.52
Domestic Short Term Bonds
Varguard Short-Term Bond ETF
BSV
FTFShort -Term Bond
iririr
-0.82
-
-0.55
- (143 -
1.82
- 3.28
-
0.74
C.86 1.91 0.10
i9grcrays Govemmemtl -5 r
2.86
3.13
Please refer to appendix for full
disclosure.
Period Ending June 30, 2013.
p
SUNTRUST
17
Cash arrge Cap
cguiurrlon"s 9ki.5 r
2.2%
=rxelmto e
36.2:5
rnternational
5.755
Mid cup
1a39b
ap
J..Z A
Total Equity
$ 6,656,230
61.7%
$
5,796,x66
Large Gaffs
iShares Russell 1(40 Growth Index ETF
$ 1,798,D6C•
14.3%
$
1,553,083
2.5%
iShares Russell 1000 Value Index ETF
$ 1,552,932
15.2%
$
1,543,'_23
0.5%
IM6 Cans
Gcldman Sachs G -owth Opport.anities 1
$ 4- 49,235
UX
$
480,'66
-0.3%
iShares TR Russell Ididcao Value Index Fund
$ -
oxpA
$
386,574
-3.9%
JPMorgar Mid Cap Val.Ae
$ 456,249
L.M
$
-
4.6%
iShares Dow Jones Select Dividend ETF
$ 356,862
L.C,%
$
393,080
0.0°%
Sri all Cans
Invesco Small Cap Growth 1
$ 253,454
2.69f
$
290,683
-0.4%
Cambiar Small Cap Value 1
$ 253,378
MDA
$
192,921
0.6%
InkernaHona)
1AFS Research Internatinral 1
$ 285,157
299E
$
286,732
0.0°%
Manning & Napier World Opportuinities 1
$ 284,200
2.5 °k
$
287,735
0.0°%
Opperheinmer Developing Markets Y
$ 286,750
2. SIX
$
38',369
-1.C%
Total Fixed Income
$ 3,552,328
36.2%
$
3,M aM
Vanguard Total Bond Market ETF
$ 2,481,641
25.3%
$
2,566,326
-0.9%
Eaton Vance Flcatirg Rate Bond
$ 167,399
1.7°k
$
169,051
0.0°%
iShares iboxx $High Yield Bond ETF
$ 215,601
2.89E
$
168,887
1.1%
iShares IBOXX Invt Grade Carp Bd ETF
$ 162,676
1.19#
$
294,758
-1.3%
PIMC4 Inv Grade Corp Bord 1
$ 274,605
2.89E
$
289,688
-4.2%
Vanguard Sho-t Term Bond ETF
$ 190,406
1.99f
$
192,594
0.0%
Total Cash Equivalents
$ 214,055
2.2%
$
207,1$5
Fedrrated T•sy Obligation Money Market 1
$ 214,Oe5
2.29E
$
207,'85
0.1%
Period ending June 30, 2013
Please refer to appendix for full disclosure.
18 SUNTRUST
,Jo�iG
SuNTRusT
lll. Fund Fact Sheets
Exchange Traded Fund US Equity Large Cap Growth
Firm Overview
BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York
City, NY. The Firm provides investment management, risk management, advisory
services, separate account products, mutual funds, iShares (exchange- traded funds),
and other pooled investment vehicles for institutional and retail clients worldwide. On
February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge
Merrill Lynch's investment management business, Merrill Lynch Investment Managers,
and BlackRock to create a new independent company that will operate under the
BlackRock name. Additionally, in December 2009, BlackRock completed its merger
with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single
majority stockholder and has a majority of independent directors. Merrill Lynch & Co.,
Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial
Services Group, Inc., and Barclays PLC own economic interests in BlackRock
approximating 34.1%, 24.6% and 19.9 %, respectively, with the remainder owned by
institutional and individual investors, as well as BlackRock employees.
Asset Allocation 6/28/2013
Objective
The iShares Russell 1000 Growth Index Fund seeks investment returns that
correspond to the price and yield performance, before fees and expenses, of the
Russell 1000 Growth Index (the "Index "), which measures the performance of the
large- capitalization growth sector of the U.S. equity market. A subset of the Russell
1000 Index, the Index measures the performance of those companies with relatively
higher P/B ratios and higher forecasted growth.
The Fund uses a representative sampling strategy, seeking to track the Index. The
securities selected are expected to have, in the aggregate, investment characteristics
(based on factors such as market capitalization and industry weightings), fundamental
characteristics (such as return variability and yield), and liquidity measures similar to
those of the Index. The Fund generally invests at least 90% of its assets in securities
of the Index and in depositary receipts representing securities of the Index.
Region Analysis 6/28/2013
US /Car
99.9% Equity Eu
0 0.1% Other
Asia /Ps
tada
ope
icific
1.5%
10.1%
0% 20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Russell 1000 Growth
Minimum Investment
Manager
Team
Manager Tenure
3.4 Yrs
Shareclass Inception
5/2000
Shareclass Assets
$19.3 Billion
# of Holdings
576
Annual Turnover (2012)
19%
Expense Ratio Gross
20 bps
Expense Ratio Net
20 bps
Website
www.ishares.com
Phone
800 - 474 -2737
Characteristics 6/28/2013
Market Cap
48,069.01
3 Year Earnings Growth
20.02
Dividend Yield
1.75%
Price To Book
4.37
Price To Earnings
19.55
Price To Sales
1.90
Price To Cash Flow
12.34
Return on Equity
2 Jh12%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
19
Exchange Traded Fund US Equity Large Cap Growth
Returns through 613012013
Trailing Performance
Calendar Performance
Apple Inc
4.74%
Microsoft Corporation
20
Google, Inc. Class A
2.92%
40
2.67%
Coca -Cola Co
2.00%
Verizon Communications Inc
1.83%
Philip Morris International, Inc.
15
PepsiCo Inc
1.64%
20
1.52%
Oracle Corporation
1.42%
10 'M9
ti
0
■
5
WWW
-20
0
-40
1 Qtr YTD 1 Year 3 Year
5 Year 7 Year
10 Year
2012 2011
2010 2009
2008
2007
ETF NAV = ETF Mkt Val
M R1000G
ETF NAV
ETF Mkt Val _
R1000G
Performance
_
Since
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
ETF (NAV)
2.02
16.84
18.44
7.29
6.81
7.21
0.42
ETF (Mkt Val)
1.92
16.58
18.40
7.24
6.75
7.18
0.41
Benchmark
2.06
17.07
18.68
7.47
6.99
7.40
2013 YTD
2012
2011
2010
2009
2008
2007
ETF (NAV)
11.70
15.03
2.47
16.47
36.94
(38.48)
11.63
ETF (Mkt Val)
11.43
15.22
2.33
16.52
36.70
(38.22)
11.55
Benchmark
11.81
15.26
2.64
16.71
37.21
(38.44)
11.81
Past performance is no guarantee of future results. Chart is for illustrative purposes only and
is not representative
of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most
recent month end, you
may reference the fund's
website or call
the 800 number
located under Key Facts on page one of this document.
Equity Sectors 6/28/2013
Materials
Information Technology
Healthcare
Telecommunications
Consumer Discretionary
Consumer Staples
Industrials
Financials
Energy
Utilities
c
Percentage of Equity
30%
Equity - Top Portfolio Holdings 6/28/2013
Portfolio %
Apple Inc
4.74%
Microsoft Corporation
3.33%
Google, Inc. Class A
2.92%
International Business Machines Corp
2.67%
Coca -Cola Co
2.00%
Verizon Communications Inc
1.83%
Philip Morris International, Inc.
1.74%
PepsiCo Inc
1.64%
Home Depot, Inc.
1.52%
Oracle Corporation
1.42%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
20
Exchange Traded Fund US Equity Large Cap Value
Firm Overview
BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York
City, NY. The Firm provides investment management, risk management, advisory
services, separate account products, mutual funds, iShares (exchange- traded funds),
and other pooled investment vehicles for institutional and retail clients worldwide. On
February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge
Merrill Lynch's investment management business, Merrill Lynch Investment Managers,
and BlackRock to create a new independent company that will operate under the
BlackRock name. Additionally, in December 2009, BlackRock completed its merger
with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single
majority stockholder and has a majority of independent directors. Merrill Lynch & Co.,
Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial
Services Group, Inc., and Barclays PLC own economic interests in BlackRock
Asset Allocation 6/28/2013
99.8% Equity
0.3% Cash
approximating 34.1%, 24.6% and 19.9 %, respectively, with the remainder owned by
institutional and individual investors, as well as BlackRock employees.
Objective
The iShares Russell 1000 Value Index Fund seeks investment results that correspond
generally to the price and yield performance, before fees and expenses, of the Russell
1000 Value Index. The index measures the performance of large capitalization stocks
in the U.S. equity market. A subset of the Russell 1000 Index, the index measures the
performance of those companies with relatively lower P/B ratios and lower forecasted
growth. A passive approach is used to achieve the investment objective. The Fund
uses a replication strategy - investing in substantially all of the securities in the index in
approximately the same proportions - to seek to track the index.
Region Analysis 6/28/2013
U S /Canada
Europe 11.4/
0% 20% 40% 60% 80% 100
Returns through 613012013
Key Facts
Benchmark
Russell 1000 Value
Minimum Investment
Manager
Team
Manager Tenure
3.4 Yrs
Shareclass Inception
5/2000
Shareclass Assets
$17.9 Billion
# of Holdings
697
Annual Turnover (2012)
21%
Expense Ratio Gross
21 bps
Expense Ratio Net
20 bps
Website
www.ishares.com
Phone
800 - 474 -2737
Characteristics 6/28/2013
Market Cap
43,235.50
3 Year Earnings Growth
12.19
Dividend Yield
2.50%
Price To Book
1.67
Price To Earnings
14.71
Price To Sales
1.20
Price To Cash Flow
8.37
Return on Equity
12.44%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- �_ ^UN T S �
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. Ru
21
Exchange Traded Fund US Equity Large Cap Value
Returns through 613012013
Trailing Performance
Portfolio %
Exxon Mobil Corporation
Calendar Performance
General Electric Co
2.89%
Chevron Corp
30
Wells Fargo & Co
2.38%
20
2.36%
Berkshire Hathaway Inc Class B
2.34%
Procter & Gamble Co
25
AT &T Inc
2.29%
Pfizer Inc
,
Johnson & Johnson
2.15%
20
0
15
10
AIL
-20
5
0
-40
1 Qtr YTD 1 Year 3 Year
5 Year 7 Year
10 Year
2012 2011
2010
2009 2008
2007
ETF NAV = ETF Mkt Val
M R1000V
ETF NAV
= ETF Mkt Val
M R1000V
Performance
Since
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
ETF (NAV)
3.14
25.02
18.26
6.53
4.43
7.63
5.38
ETF (Mkt Val)
3.23
25.00
18.30
6.54
4.56
7.65
5.38
Benchmark
3.20
25.32
18.51
6.67
4.57
7.79
2013 YTD
2012
2011
2010
2009
2008
2007
ETF (NAV)
15.75
17.28
0.21
15.30
19.64
(36.83)
(0.29)
ETF (Mkt Val)
15.62
17.46
0.12
15.49
19.18
(36.47)
(0.61)
Benchmark
15.90
17.51
0.39
15.51
19.69
(36.85)
(0.17)
Past performance is no guarantee of future results. Chart is for illustrative purposes only and
is not representative
of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most
recent month end, you
may reference the fund's website or call
the 800 number
located under Key Facts on page one of this document.
Equity Sectors 6/28/2013
Materials M3.3
Information Technology
Healthcare
Telecommunications
Consumer Discretionary
Consumer Staples
Industrials
Financials
Energy
Utilities
c
Percentage of Equity
30%
Equity - Top Portfolio Holdings 6/28/2013
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
22
Portfolio %
Exxon Mobil Corporation
4.97%
General Electric Co
2.89%
Chevron Corp
2.74%
Wells Fargo & Co
2.38%
JPMorgan Chase & Co
2.36%
Berkshire Hathaway Inc Class B
2.34%
Procter & Gamble Co
2.30%
AT &T Inc
2.29%
Pfizer Inc
2.20%
Johnson & Johnson
2.15%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
22
Mutual Fund US Equity Mid Cap Growth
Firm Overview
Goldman Sachs Asset Management LP ( "GSAM ") serves as the investment advisor
for the Goldman Sachs Funds. GSAM is an affiliate of Goldman, Sachs & Co., a New
York City -based global investment banking, securities and investment management
firm. Founded in 1869, Goldman Sachs & Co. provides a wide range of services
worldwide to corporations, financial institutions, governments, and high- net -worth
individuals.
Objective
Goldman Sachs Growth Opportunity Fund seeks long -term growth of capital by
investing in high - quality growth businesses.
Process
The Fund must invest at least 90% of assets in equity investments with a primary
focus on mid -cap companies. The management team looks for long -term growth
companies at favorable prices. Characteristics of growth companies include strong
business franchises, favorable long -term prospects, and excellent management.
Strong business franchises are defined by GSAM as those that have an established
brand name, dominant market share, pricing power, recurring revenue stream, free
cash flow, and high return on invested capital. Favorable long -term prospects include
predictable and sustainable growth, a long product life cycle, an enduring competitive
advantage, and favorable demographic trends. Management should be rational in their
Asset Allocation 3/31/2013
capital allocation, have a consistent operating history, and have their incentives
aligned with shareholders.
Holdings become candidates for sale if the company's long -term fundamentals
deteriorate or if the fundamentals were initially incorrectly assessed, the price of the
stock substantially exceeds what the team determines to be the worth of the business,
a holding grows beyond with which the team is comfortable from a risk management
standpoint, a company pursues a strategy that the team does not believe will
maximize shareholder value, or if the company's market cap and character no longer
fits the team's definition of a mid -cap company.
Personnel
Steven Barry is a Managing Director of the firm as well as Chief Investment Officer of
Fundamental and Growth Equity. Mr. Barry has primary responsibility for investment
research in industrials and multi- industry companies. Prior to joining Goldman Sachs
in 1999, he was a portfolio manager at Alliance Capital Management. Mr. Barry holds
BA degrees in Mathematics and Economics from Boston College.
Scott Kolar is Chairman of the Investment Committee and a Senior Portfolio Manager
for the Fund. Prior to joining GSAM, he worked at Liberty Investment Management.
Mr. Kolar earned a BA degree in Government from Harvard University.
Region Analysis 3/31/2013
US /Car
98.8% Equity Eu
0 0.0% Cash
0 1.2% Other
Asia /Ps
tada
-ope
icific
2.2%
0.8%
0% 20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Russell Midcap Growth
Minimum Investment
Manager
Barry/ Rabinowitz
Manager Tenure
7.9 Yrs
Shareclass Inception
5/1999
Shareclass Assets
$3.1 Billion
# of Holdings
82
Annual Turnover (2012)
59%
Expense Ratio Gross
114 bps
Expense Ratio Net
99 bps
Website
www.gs.com
Phone
800 - 526 -7384
Characteristics 3/31/2013
Market Cap
7,893.76
3 Year Earnings Growth
25.69
Dividend Yield
0.72%
Price To Book
3.63
Price To Earnings
22.47
Price To Sales
2.47
Price To Cash Flow
15.54
Return on Equity
1 �&09%
All per ©2013 E p estnet All Rights fees
eesYVed.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
23 UN 11�U�7
Mutual Fund US Equity Mid Cap Growth
Trailing Performance
Calendar Performance
25 60
20 40
15 20
0
10 -20
5 -40
0 -60
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
= MF = RMG
Performance
Returns through 613012013
2012 2011 2010 2009 2008 2007
W MF MR RMG
Since
Q2 2013 1 Year 3 Year 5 Year 7 Year 10 Year Inception
MF 1.52 18.57 16.99 8.54 9.25 10.14 11.26
Benchmark 2.87 22.88 19.53 7.61 7.10 9.94
2013 YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
MF 10.93 19.58 (3.70) 19.10 58.21 (39.97) 19.87 6.51 4.84 16.42 33.01
Benchmark 14.70 15.81 (1.65) 26.38 46.29 (44.32) 11.43 10.66 12.09 15.48 42.72
Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Equity Sectors 3/31/2013
Materials -4.8
Information Technology
7
Healthcare 14.3
Telecommunications -6.2
Consumer Discretionary 20.6
Consumer Staples -6.5
Industrials 8.7
Financials 13.2
Energy -5.1
Utilities
0% 5% 10% 15% 20% 25%
Percentage of Equity
Equity - Top Portfolio Holdings 3/31/2013
Portfolio %
SBA Communications Corp
3.28%
CBRE Group Inc
2.34%
Agilent Technologies Inc
2.13%
Dollar General Corporation
2.12%
Equinix, Inc.
2.11%
Amphenol Corp
2.09%
PVH Corp
2.05%
Activision Blizzard, Inc.
2.05%
IntercontinentalExchange, Inc.
2.02%
MSCI, Inc.
2.01%
All performance
Y. ©2013 E p estnet All Rights fees (NA.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
24 UN 11�U�7
Exchange Traded Fund US Equity Mid Cap Value
Firm Overview
BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York
City, NY. The Firm provides investment management, risk management, advisory
services, separate account products, mutual funds, iShares (exchange- traded funds),
and other pooled investment vehicles for institutional and retail clients worldwide. On
February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge
Merrill Lynch's investment management business, Merrill Lynch Investment Managers,
and BlackRock to create a new independent company that will operate under the
BlackRock name. Additionally, in December 2009, BlackRock completed its merger
with Barclays Global Investors ( "BGI ").
Objective
The iShares Dow Jones Select Dividend Index Fund seeks investment results that
correspond generally to the price and yield performance, before fees and expenses, of
Asset Allocation 6t28t2013
99.4% Equity
0 0.7% Other
the Dow Jones Select Dividend Index. The Index measures the performance of a
selected group of equity securities issued by companies that have provided relatively
high dividend yields on a consistent basis overtime. The Index is comprised of 100 of
the highest dividend - yielding securities (excluding REITs) in the Dow Jones U.S. Total
Market Index, a broad -based index representative of the total market for U.S. equity
securities.
To be included in the Index, the securities must have had a flat -to- positive dividend -
per -share growth rate for each of the last five years; must have an average five -year
dividend payout ratio of 60% or less; and, must have a minimum three -month average
trading volume of 200,000 shares a day. The Index is reconstituted annually.
The Fund uses a replication strategy - investing in substantially all of the securities in
the Index in approximately the same proportions - to track the Index.
Region Analysis 6t28t2013
US /Canada
Europe
Returns through 613012013
Key Facts
Benchmark
Dow Jones Select Dividend
Minimum Investment
Manager
Team
Manager Tenure
3.4 Yrs
Shareclass Inception
11/2003
Shareclass Assets
$12.4 Billion
# of Holdings
103
Annual Turnover (2012)
16%
Expense Ratio Gross
40 bps
Expense Ratio Net
40 bps
Website
www.ishares.com
Phone
800 - 474 -2737
Characteristics 6/28/2013
Market Cap
12,918.85
3 Year Earnings Growth
6.15
Dividend Yield
4.12%
Price To Book
2.13
Price To Earnings
15.93
)0%
Price To Sales
1.27
Price To Cash Flow
7.90
Return on Equity
2Jh1 6%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
25
Exchange Traded Fund US Equity Mid Cap Value
Trailing Performance
20
15
10
5
0 oil
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
ETF NAV = ETF Mkt Val = DJDVY
Calendar Performance
20
0
-20
-40
Returns through 613012013
2012 2011 2010 2009 2008 2007
W ETF NAV = ETF Mkt Val _W DJDVY
Performance
Portfolio %
Lorillard, Inc.
3.68%
Lockheed Martin Corporation
3.01%
Chevron Corp
2.14%
Philip Morris International, Inc.
2.02%
Entergy Corp
1.98%
McDonald's Corporation
1.86%
Kimberly -Clark Corporation
Since
Integrys Energy Group Inc
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
ETF (NAV)
1.75
18.15
18.93
9.59
4.16
6.33
ETF (Mkt Val)
1.82
18.09
18.91
9.59
4.13
6.33
Benchmark
1.85
18.44
19.35
10.37
4.82
7.85
2013 YTD
2012
2011
2010
2009
2008
2007
ETF (NAV)
13.75
10.52
11.90
17.69
10.99
(33.00)
(5.37)
ETF (Mkt Val)
13.79
10.48
11.81
17.79
10.77
(32.64)
(5.77)
Benchmark
13.84
10.84
12.42
18.32
11.13
(30.97)
(5.16)
Past performance is no guarantee of future results. Chart is for illustrative purposes only and
is not representative
of the future performance of any particular
portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent
month end, you may reference the fund's
website or call the
800 number
located under Key Facts on page one of this document.
Eauitv Sectors 6/28/2013 Eauitv - Top Portfolio HoldinaS 6/28/2013
Materials -6.3
Information Technology 1 1.3
Healthcare _4
Telecommunications .2.5
Consumer Discretionary 9.4
Consumer Staples
Industrials
Financials
Energy _3.7
Utilities
0% 5% 10
13.9
11.2
17.3
30.5
15% 20% 25% 30% 35%
Percentage of Equity
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � N T R T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 1tU51
26
Portfolio %
Lorillard, Inc.
3.68%
Lockheed Martin Corporation
3.01%
Chevron Corp
2.14%
Philip Morris International, Inc.
2.02%
Entergy Corp
1.98%
McDonald's Corporation
1.86%
Kimberly -Clark Corporation
1.82%
Integrys Energy Group Inc
1.63%
Watsco, Inc.
1.57%
Clorox Company
1.53%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � N T R T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 1tU51
26
Mutual Fund US Equity Small Cap Value
Firm Overview
Cambiar Investors LLC ( "Cambiar "), located in Denver, Colorado was founded in 1973
to manage value- oriented equity portfolios for institutional and individual investors. In
1990, Cambiar became a wholly -owned subsidiary of Old Mutual (formerly United
Asset Management). In 2001, the management and senior investment professionals
formed a limited liability company, called Cambiar LLC, and completed a management
buyout from the parent company. Old Mutual retained a minority interest until January
2004, when Cambiar LLC purchased the remaining interest, making the firm 100%
employee owned.
Objective
The Cambiar Small Cap Fund seeks long -term capital appreciation.
Process
Under normal circumstances, the Fund invests at least 80% of its net assets in
common stocks of small cap companies. The Fund considers small -cap companies to
be those with market capitalizations not greater than either that of the largest company
in the Russell 2000 Index ($3.2 billion as of July 31, 2011) or $3.5 billion, whichever is
greater at the time of purchase.
Cambiar's investment professionals work as a team to develop investment ideas by
analyzing company and industry statements, monitoring Wall Street and other
research sources and interviewing company management. The Adviser also evaluates
economic conditions and fiscal and monetary policies. Cambiar's approach focuses
first on individual stocks and then on industries or sectors. The Adviser tries to select
quality companies: possessing above - average financial characteristics; having
seasoned management; enjoying product or market advantages; whose stock is
selling at a low relative historical valuation based on ratios such as price -to- earnings,
Asset Allocation 5/31/2013
Returns through 613012013
price -to -book, price -to -sales and price -to -cash flow; experiencing positive Key Facts
developments not yet recognized by the markets, such as positive changes in Benchmark
management, improved margins, corporate restructuring or new products; and /or Russell 2000 Value
possessing significant appreciation potential within 12 to 18 months.
The Adviser may sell a stock because: it realizes positive developments and achieves
its target price; it experiences exaggerated price moves relative to actual
developments; it becomes over weighted in the portfolio; or it experiences a change in
or deteriorating fundamentals.
Personnel
Brian Barish, CFA, President, Director of Research, joined the Cambiar in 1997. He
serves as the Lead Manager of the investment team of the Cambiar Opportunity Fund
and Co- Manager of the Cambiar Small Cap Fund. He focuses on the technology,
media, aerospace, and defense sectors. Prior to joining the firm, Mr. Barish served as
Director of Emerging Markets Research for Lazard Freres & Co., a New York based
investment bank. He has also served as a securities analyst with Bear, Stearns & Co.
and Arnhold S. Bleichroeder, a New York based research firm. Mr. Barish received a
BA degree in Economics and Philosophy from the University of California, Berkeley.
Andrew Baumbusch, Principal, joined the Adviser in 2004. He co- manages the
Cambiar Opportunity Fund and Cambiar Small Cap Fund with a focus on the
industrials, media and telecom sectors. Prior to joining the firm, Mr. Baumbusch
served as an investment analyst at Franklin Templeton, Atrium Capital and Alex Brown
& Sons. Mr. Baumbusch earned a BA degree in Economics from Princeton University
and an MBA from Stanford University.
Region Analysis 4/30/2013
US /Canada
97.1% Equity Europe .4/
2.9% Cash
Unclassified 10.5/
0% 20% 40% 60% 80% 100%
Minimum Investment
$5 Million
Manager
Team
Manager Tenure
7.5 Yrs
Shareclass Inception
10/2008
Shareclass Assets
$594.4 Million
# of Holdings
53
Annual Turnover (2012)
70%
Expense Ratio Gross
119 bps
Expense Ratio Net
107 bps
Website
www.cambiar.com
Phone
866 - 777 -8227
Characteristics 5/31/2013
Market Cap
2,014.27
3 Year Earnings Growth
5.01
Dividend Yield
1.21%
Price To Book
1.59
Price To Earnings
17.55
Price To Sales
0.84
Price To Cash Flow
8.98
Return on Equity
9.82%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
27
Trailing Performance
30
25
20
15
10
5
0
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
= MF R2000V
Performance
Q2 2013 1 Year 3 Year 5 Year
MF 2.68 25.85 19.49
Benchmark 2.47 24.76 17.33 8.59
Calendar Performance
60
40
20
0 -
-20
-40
2012
7 Year 10 Year
4.64 9.30
Returns through 613012013
2011 2010 2009 2008 2007
= MF = R2000V
Since
Inception
20.02
2013 YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
MF 13.87 13.40 (1.16) 35.93 45.40
Benchmark 14.38 18.05 (5.50) 24.50 20.58 (28.92) (9.78) 23.48 4.71 22.25 46.02
Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Equity SectorS 5/31/2013 Equity - Top Portfolio Holdings 5/31/2013
Materials
Information Technology
Healthcare
Telecommunications
Consumer Discretionary
Consumer Staples 5.8
Industrials
Financials
Energy
Utilities
0% 5%
Portfolio %
1 SEI Daily Income Government A
2.91%
15.7 Harman International Industries, Inc.
2.16%
-13.4 Cabot Corporation
2.14%
Atmel Corporation
2.12%
Diebold Incorporated
2.12%
15.3 Magellan Health Services, Inc.
2.12%
Exelis Inc
2.11%
16.9 AerCap Holdings N.V.
2.11%
Darling International, Inc.
2.10%
-13.8 Teradyne Inc
2.09%
-11.1
10% 15% 20%
Percentage of Equity
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
28
Mutual Fund US Equity Small Cap Growth
Firm Overview
Invesco Ltd. ( "Invesco ") is an independent global investment manager that provides a
range of investment strategies and vehicles to retail, institutional, and high net worth
clients around the world. Headquartered in Atlanta, Georgia, the firm was created by
the combination of two asset management businesses: INVESCO and AIM, both of
which had been founded in the 1970s.
Objective
The Fund's investment objective is long -term growth of capital by investing in small
companies that experienced above average long -term growth in earnings and that
management believes have excellent prospects for future growth.
Process
The Fund invests, under normal circumstances, at least 80% of net assets (plus
borrowings for investment purposes) in securities of small - capitalization issuers. In
complying with the 80% investment requirement, the Fund may also invest in the
following investments with economic characteristics similar to the Fund's direct
investments: derivatives, exchange- traded funds (ETF), and American Depositary
Receipts. These derivatives and other investments may have the effect of leveraging
the Fund's portfolio. Additionally, the Fund may also invest up to 25% of its total assets
in foreign securities.
The Fund considers an issuer to be a small - capitalization issuer if it has a market
capitalization, at the time of purchase, no larger than the largest capitalized issuer
included in the Russell 2000 Index during the most recent 11 -month period (based on
month -end data) plus the most recent data during the current month. As of December
31, 2009, the capitalization of companies in the Russell 2000 Index range from $16
million to $3.7 billion.
In selecting investments, the portfolio managers utilize a disciplined portfolio
construction process that diversifies the Fund based on the industry group
diversification of the Russell 2000 Growth Index and generally maintains a maximum
deviation from index industry groups of 350 basis points. The security selection
process is based on a three -step process that includes fundamental, valuation and
Asset Allocation 3/31/2013
timeliness analysis focused on identifying high quality, fundamentally sound issuers
operating in an attractive industry; attractively valued securities given their growth
potential over a one- to two -year horizon; and the "timeliness" of a purchase,
respectively. The timeliness analysis includes a review of relative price strength,
trading volume characteristics and trend analysis to look for signs of deterioration. If a
stock shows signs of deterioration, it is generally not considered as a candidate for the
portfolio.
The portfolio managers consider selling a security if a change in industry or issuer
fundamentals indicates a problem, the price target set at purchase is exceeded or a
change in technical outlook indicates poor relative strength.
Personnel
Juliet Ellis, CFA, is a Managing Director and the Lead Senior Portfolio Manager of the
AIM Small Cap Equity, AIM Small Cap Growth, AIM V.I. Small Cap Equity, and AIM
V.I. Small Cap Growth Funds. Prior to joining AIM in 2004, she served as senior
portfolio manager and managing director with JPMorgan Fleming Asset Management.
Ms. Ellis received a BA degree in Economics and Political Science from Indiana
University.
Juan Hartsfield, CFA, is Portfolio Manager and (lead manager with respect to the
Fund's investments in the leisure sector). From 2000 to 2004, he was a co- portfolio
manager with JPMorgan Fleming Asset Management. Mr. Hartsfield received a BS
degree in Petroleum Engineering from the University of Texas and an MBA from the
University of Michigan.
Clay Manley, CFA, is a Portfolio Manager of the Small Cap Growth Fund and has
been responsible for the fund since 2008. He has been associated Invesco and /or its
affiliates since 2001. Mr. Manley earned a BA degree in History and Geology from
Vanderbilt University and an MBA from Emory University.
Region Analysis 3/31/2013
US /Canada
97.2% Equity
2.1% Cash
0 0.7% Other
Europe 10.3/
0% 20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Russell 2000 Growth
Minimum Investment
$10 Million
Manager
Team
Manager Tenure
7.6 Yrs
Shareclass Inception
3/2002
Shareclass Assets
$677 Million
# of Holdings
124
Annual Turnover (2012)
24%
Expense Ratio Gross
83 bps
Expense Ratio Net
83 bps
Website
www.invesco.com /us
Phone
404 - 892 -0896
Characteristics 3/31/2013
Market Cap
2,757.56
3 Year Earnings Growth
22.19
Dividend Yield
0.61%
Price To Book
2.93
Price To Earnings
21.39
Price To Sales
1.54
Price To Cash Flow
13.60
Return on Equity
14.12%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
29
Mutual Fund US Equity Small Cap Growth
Trailing Performance
30
25
20
15
10
5
0
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
= MF R2000G
Performance
Calendar Performance
40
20 ■
0
-20
-40
2012
Returns through 613012013
2011 2010 2009 2008 2007
= MF R2000G
Since
Q2 2013 1 Year 3 Year 5 Year 7 Year 10 Year Inception
MF 1.88 25.36 20.59 9.88 8.07 9.96 7.50
Benchmark 3.73 23.66 19.96 8.88 6.89 9.62
2013 YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
MF 15.26 18.77 (0.81) 26.82 35.16 (38.53) 11.85 14.76 8.93 7.41 39.83
Benchmark 17.43 14.59 (2.91) 29.09 34.47 (38.54) 7.05 13.34 4.15 14.31 48.53
Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Equity SectorS 3/31/2013
Materials _3.7
Information Technology -
Healthcare -
Telecommunications 0 1.2
Consumer Discretionary -
Consumer Staples -2.3
Industrials
Financials
Energy -7
Utilities 10.9
0% 5%
Equity - Top Portfolio Holdings 3/31/2013
Costar Group, Inc.
25.9 Manhattan Associates, Inc.
178 Aspen Technology, Inc.
ValueClick, Inc.
SolarWinds, Inc.
-14.6 Cymer, Inc.
SBA Communications Corp
-15.5 Parexel International Corporation
Penn National Gaming
N1 TransDigm Group Inc
10% 15% 20% 25% 30%
Percentage of Equity
Portfolio %
1.51%
1.44%
1.37%
1.36%
1.32%
1.25%
1.18%
1.14%
1.13%
1.04%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
30
Mutual Fund Global Equity Large Cap Core
Firm Overview
Manning & Napier Advisors, Inc. ( "Manning & Napier ") was established in 1970 in
Rochester, NY. Manning & Napier provides domestic & non -U.S. equity, fixed income,
multi -asset class, and multiple manager investment solutions to clients consisting of
Taft - Hartley and Corporate benefit plans, individuals, endowments, foundations, and
municipalities. The firm is 100% employee owned.
Objective
The Fund seeks to maximize long -term growth by investing principally in the common
stocks of companies located around the world. The Fund invests at least 90% of
assets in non -U.S. equities chosen from a broad range of markets, including
developed and emerging markets and consisting of any market capitalization.
Process
Manning & Napier's equity investment approach is based on a combination of
qualitative company selection strategies and pricing disciplines. Manning & Napier
uses a team approach consisting of numerous analysts sharing research with Manning
& Napier's Senior Research Group in order to make investment decisions. The
investment team uses a bottom -up strategy that focuses on individual security
selection in order to make investment decisions.
The investment team analyzes factors such as the management, financial condition,
and market position of individual companies and selects those that they believe will
make attractive long -term investments. In selecting individual securities, the
investment team uses fundamental analysis and looks for one or more of the following
characteristics: strong strategic profiles (e.g., strong market position, benefits from
technology, market share gains in a mature market, high barriers to entry); companies
Asset Allocation 5/31/2013
well - positioned to benefit from an anticipated upturn in an industry sub - sector due to
sharply reduced competition and improving demand; and, companies trading at very
low valuations relative to fundamental or break -up value (companies with hidden asset
or cash flow value).
In order to make a purchase, an analyst must prove that a stock meets the strategy
and pricing disciplines of the firm by receiving a sign -off from an analyst "partner ". The
recommendation then goes before the Senior Research Group for review. The role of
this group is to rate the final recommendation according to strategy fit and pricing. In
this way, the group is involved only at the final decision making stage, while the
analytical work is performed by those with industry expertise. The Fund invests
primarily in the common stock of foreign companies, but may also invest in ADRs and
ETFs. The portfolio has no constraints to position or industry weights in the portfolio.
Securities will be sold if they are deemed to be fully valued.
Personnel
Manning & Napier's Senior Research Group establishes the broad investment policies
and guidelines used in the management of the Fund. A team of analysts work with the
members of the Senior Research Group to develop stock recommendations for the
Fund in line with the Senior Research Group's policies and guidelines. The research
includes Christian Andreach, CFA, Co -Head, Senior Analyst and Managing Director
and Ebrahim Busheri, CFA, Senior Analyst and Managing Director.
Region Analysis 5/31/2013
US /Canada _16.b%
Europe
Japan -7%
= 95.1% Equity
5.0% Cash Asia /Pacific -6.9%
Latin America 03.9%
E. Europe /Africa 10.6%
0% 20% 40% 60% 80%
Returns through 613012013
Key Facts
Benchmark
Russell Developed Large Cap
Minimum Investment
$2,000
Manager
Team
Manager Tenure
9.1 Yrs
i Shareclass Inception
9/1996
Shareclass Assets
$7 Billion
# of Holdings
76
Annual Turnover (2012)
52%
Expense Ratio Gross
109 bps
Expense Ratio Net
109 bps
Website
www.manning - napier.com
Phone
800 - 466 -3863
Characteristics 5/31/2013
Market Cap
17,387.66
3 Year Earnings Growth
10.45
Dividend Yield
2.21%
Price To Book
1.81
Price To Earnings
20.57
Price To Sales
1.08
Price To Cash Flow
9.92
Return on Equity
10.85%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
31
Mutual Fund Global Equity Large Cap Core
Trailing Performance
20
15
10
5
0
-5
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
= MF = RDLC
Performance
Calendar Performance
40
20 -
0 -
-20
-40
-60
2012 2011
Returns through 613012013
111111111111M� in
2010 2009 2008 2007
MF 11 RDLC
Since
Q2 2013 1 Year 3 Year 5 Year 7 Year 10 Year Inception
MF (1.23) 17.41 8.43 0.75 3.60 9.67 8.45
Benchmark 0.69 19.16 13.98 2.99 3.59 7.45
2013 YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
MF 3.74 18.81 (16.14) 9.23 39.12 (40.07) 15.12 33.88 11.33 25.42 30.80
Benchmark 8.71 16.16 (5.69) 12.43 31.51 (41.19) 9.23 20.12 9.60 15.07 33.77
Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Q,,,.+,.. -- .,..,..- E t T P rtf I' H Id'
Materials
Information Technology
Healthcare
Telecommunications -3.7
Consumer Discretionary
Consumer Staples
Industrials
Financials -4.1
Energy
Utilities
0% 5%
-9.8
.8.4
-8.9
13
15
18.3
10% 15% 20%
Percentage of Equity
Liu l y - Op O O 10 O I"US 5/31/2013
Portfolio %
Dreyfus Cash Management Instl
4.85%
Schlumberger NV
4.44%
Tesco PLC
3.31%
Ryanair Holdings PLC ADR
3.14%
Amdocs Ltd.
3.02%
Talisman Energy Inc
2.87%
Fanuc Corp
2.55%
Encana Corp
2.50%
Accor SA
2.41%
CRH PLC
2.19%
All performance
Y. ©2013 E p estnet All Rights fees (NA.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
32 UN 11�U�7
Mutual Fund International Equity Large Cap Core
Firm Overview
MFS Investment Management ( "MFS ") is a majority -owned subsidiary of Sun Life
Financial. MFS employees retain a significant ownership percentage in the company
and the firm offers a program whereby key senior management and senior investment
professionals have the opportunity to further participate in equity ownership of the firm.
The firm offers a full spectrum of financial products to both institutional and retail
investors.
Objective
The MFS Research International Portfolio seeks capital appreciation by investing in
the equity of foreign companies, including emerging markets. Also, the Fund may
invest in companies regardless of market capitalization and may allocate a large
percentage of assets to one country, a few countries or one geographical region.
Additionally, derivatives may be used in the Fund as an alternative to direct
investments, as a hedging technique or simply to earn income or enhance returns. The
MFS investment philosophy is based upon the belief that stock prices follow
sustainable earnings growth and accelerating cash flows, and that bottom -up
fundamental research provides the best means of consistently identifying high - quality
investments.
Process
The Research International Fund is managed with an analyst- driven decision making
approach as opposed to a traditional portfolio manager led process. The MFS
Research International team, which is organized by sector and spread across the
globe (Mexico City, Boston, London, Singapore, Tokyo and Sydney), conducts
qualitative and quantitative fundamental research by visiting management teams of
companies, assessing market conditions, examining current and historical financial
records, and building models to analyze the balance sheets and project earnings and
cash flow growth. The entire team meets via videoconference on a weekly basis and
in- person twice per year (in either Boston or London) to discuss ideas, while individual
Asset Allocation 5/31/2013
sector teams meet at least once a month. The Fund, in achieving diversification, can
be invested broadly across regions, industries, styles and market capitalizations.
However, since the team favors high - quality companies with above average potential
for sustainable earnings growth and strong free cash flows, the Fund tends to have a
large cap bias. The Fund's "core" style allows the team flexibility to select both growth
and value companies for inclusion, and the portfolio typically consists of 100 to 120
holdings that are considered the team's "highest conviction ideas." The Fund remains
sector neutral to the MSCI EAFE Index, with no more than 25% allocated to one
industry. Additonally, emerging market exposure is limited to 25% of the portfolio while
individual position sizes are maxed out at 5 %. The team's sell discipline is triggered if
a company reaches its target price, a fundamental change occurs such as
deteriorating cash flow generation or a better opportunity is presented.
Personnel
All of the international analysts contribute ideas to the portfolio, but the team is
overseen by Jose Luis Garcia and Thomas Melendez.
Jose Luis Garcia is an Investment Officer and an Equity Research Analyst at MFS. In
addition, he oversees the analyst team that manages the international research
portfolios. Jose Luis joined MFS in 2002. Previously, he was CEO of Telefonica 13213 in
Mexico City. Mr. Garcia received a bachelor's degree from Boston College and a
M.B.A. from Harvard University.
Thomas Melendez is an Investment Officer and an Associate Portfolio Manager of the
global equity portfolios at MFS. Mr. Melendez joined MFS in 2002 with more than ten
years experience. He earned his bachelor's degree from Long Island University and
M.B.A. from Columbia University.
Region Analysis 5/31/2013
US /Canada 11.7%
Europe
Japan 21.9 %
� 98.9% Equity
1.1% Cash Asia /Pacific _13.4/
Latin America 03.3%
E. Europe /Africa 10.7/
0% 20%
40% 60%
Returns through 613012013
Key Facts
Benchmark
Russell Developed ex North
America Large Cap
Minimum Investment
Manager
Garcia/ Melendez
Manager Tenure
8.1 Yrs
Shareclass Inception
1/1997
Shareclass Assets
$1.7 Billion
# of Holdings
110
Annual Turnover (2012)
37%
Expense Ratio Gross
97 bps
Expense Ratio Net
97 bps
Website
www.mfs.com
Phone
800 - 343 -2829
Characteristics 5/31/2013
Market Cap
33,132.82
3 Year Earnings Growth
12.88
Dividend Yield
2.88%
Price To Book
1.51
Price To Earnings
14.95
Price To Sales
1.22
Price To Cash Flow
8.79
Return on Equity
14.41%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
33
Mutual Fund International Equity Large Cap Core
Trailing Performance
20
15
10
5
0
-5
1 Qtr YTD 1 Year
= MF
Performance
3 Year 5 Year 7 Year 10 Year
RDxNALC
Calendar Performance
40
20 -
0 _
-20
-40
-60
2012 2011
= MF
Returns through 613012013
2010 2009 2008 2007
RDxNALC
Equity SectorS 5/31/2013 Equity - Top Portfolio Holdings 5/31/2013
Materials 7.2
Information Technology -8.2
Healthcare
Telecommunications -5.3
Consumer Discretionary
Consumer Staples
Industrials
Financials
Energy 7.9
Utilities _3.1
0% 5% 10% 15%
Percentage of Equity
Portfolio %
Royal Dutch Shell PLC Class A
2.70%
Nestle SA
2.56%
Since
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
MF (0.55)
16.98
11.19
0.05
2.52
8.68
7.14
Benchmark (0.86)
19.13
10.24
(0.40)
1.64
7.84
2013 YTD
2012
2011
2010
2009
2008
2007 2006 2005 2004 2003
MF 3.43
16.98
(10.61)
11.22
31.43
(42.46)
13.24 27.70 16.62 20.85 33.03
Benchmark 4.25
17.67
(12.40)
8.39
33.72
(44.02)
11.64 27.09 13.41 20.09 39.42
Past performance is no guarantee of future results. Chart
is for
illustrative purposes
only and is not representative
of the
future performance of any particular portfolio or security. Current
performance may be lower or higher than performance
data quoted. To obtain performance
current to the most recent month end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Equity SectorS 5/31/2013 Equity - Top Portfolio Holdings 5/31/2013
Materials 7.2
Information Technology -8.2
Healthcare
Telecommunications -5.3
Consumer Discretionary
Consumer Staples
Industrials
Financials
Energy 7.9
Utilities _3.1
0% 5% 10% 15%
Percentage of Equity
Portfolio %
20% 25%
All performance
Y. ©2013 E p estnet All Rights fees (NA.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
34 UN 11�U�7
Royal Dutch Shell PLC Class A
2.70%
Nestle SA
2.56%
0.3
Novartis AG
2.31%
Roche Holding AG
2.21%
GlaxoSmithKline PLC
2.14%
■12
Rio Tinto PLC
1.96%
110.8
Westpac Banking Corp
1.91%
-12.5
Honda Motor Co Ltd
1.88%
BP PLC
1.85%
Danone
1.83%
20% 25%
All performance
Y. ©2013 E p estnet All Rights fees (NA.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
34 UN 11�U�7
Mutual Fund Emerging Markets Equity All Cap Growth
Firm Overview
OppenheimerFunds Inc. ( "Oppenheimer ") was formed in 1960 as an affiliate of
Oppenheimer & Co. Inc., a securities brokerage firm now known as CIBC
Oppenheimer Corporation. Oppenheimer, then known as Oppenheimer Management
Corporation, was the investment adviser to one mutual fund, the Oppenheimer Fund.
Oppenheimer is owned by its senior management and Massachusetts Mutual Life
Insurance Company.
Objective
The Fund aggressively seeks capital appreciation through investment in companies
with high growth potential in emerging and developing foreign markets. Oppenheimer's
approach is to identify trends, such as the spread of affluence and new technologies
that they believe will fuel long -term growth worldwide, which they believe will lead
them to promising companies at advantageous prices.
Process
The Fund mainly invests in common stocks of issuers in emerging and developing
markets throughout the world. Under normal market conditions, the Fund will invest at
least 80% of its net assets plus borrowings for investment purposes, in equity
securities of issuers whose principal activities are in at least three developing markets.
The portfolio manager evaluates investment opportunities on a company -by- company
basis. They conduct fundamental analysis of a company's financial statements and
management structure. They also consider the company's operations and product
development, as well as its position in its industry. Generally, characteristics sought
when choosing investments include: companies that enjoy a strong competitive
position in their industry; companies with a proven management record and the ability
Asset Allocation 5/31/2013
n,°, 2%
to take advantage of business opportunities; companies with newer or established
business that are entering into a growth cycle; companies with accelerating earnings
growth and cash flow whose stock is selling at a reasonable price; and, companies in
diverse industries and countries to help reduce the risks of foreign investing, such as
currency fluctuations and stock market volatility. The Fund has the flexibility to invest
in both small and larger companies and is diversified by several countries in order to
help lower the volatility of emerging markets.
The portfolio manager also considers the effect of worldwide trends on the growth of
particular business sectors and looks for companies that may benefit from those
trends. The trends currently considered include: mass affluence, new technologies,
restructuring, and aging. The portfolio manager does not invest any fixed amount of
the Fund's assets according to these criteria and the trends that are considered may
change over time. The portfolio manager monitors individual issuers for changes in the
factors above, which may trigger a decision to sell a security.
Personnel
Justin Leverenz, CFA, is responsible for the day -to -day management of the Fund's
investments. Mr. Leverenz has been a vice president and portfolio manager of the
Fund since May 2007. Prior to joining the firm, Mr. Leverenz was the Head of
Research for Goldman Sachs in Taiwan and Head of Asian Technology Research
Pan -Asia. He is a portfolio manager and an officer of other portfolios in the
OppenheimerFunds complex. Mr. Leverenz earned both a BA degree and an MA from
the University of California.
Region Analysis 5/31/2013
Europe 15.2%
Asia /Pacific =44.2%
� 91.9% Equity
6.1% Cash
0 2.0% Other Latin America 18.4%
E. Europe /Africa -14.1%
0% 10% 20% 30% 40% 50%
Returns through 613012013
Key Facts
Benchmark
Russell Emerging Markets
Large Cap
Minimum Investment
Manager
Leverenz
Manager Tenure
6.2 Yrs
Shareclass Inception
9/2005
Shareclass Assets
$15.2 Billion
# of Holdings
113
Annual Turnover (2012)
20%
Expense Ratio Gross
103 bps
Expense Ratio Net
103 bps
Website
www.oppenheimerfunds.com
Phone
800 - 981 -2871
Characteristics 5/31/2013
Market Cap
17,470.37
3 Year Earnings Growth
19.47
Dividend Yield
1.86%
Price To Book
2.40
Price To Earnings
18.86
Price To Sales
2.17
Price To Cash Flow
12.55
Return on Equity
21.79%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
35
Trailing Performance
15
10
5
0 -
-5
-10
z== MM
Calendar Performance
100
80
60
40
20 _
0 _
-20
-40
-60
Returns through 613012013
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2012 2011 2010 2009 2008 2007
= MF MW REMLC = MF 11 REMLC
Performance
Equity Sectors 5/31/2013 Equity - Top Portfolio Holdings 5/31/2013
Materials -4.9
Information Technology -
Healthcare _3.3
Telecommunications _3.7
Consumer Discretionary -
Consumer Staples
Industrials -3.7
Financials
Energy -
Utilities
0% 5%
Portfolio %
Oppenheimer Institutional Money Market E
6.10%
18.4 Baidu, Inc. ADR
3.87%
Tencent Holdings Ltd.
2.73%
Since
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
MF (3.95)
7.87
8.13
5.48
10.01
1.64%
11.34
Benchmark (7.67)
3.50
3.76
(0.05)
6.07
13.86
2013 YTD
2012
2011
2010
2009
2008
2007 2006 2005 2004 2003
MF (3.78)
21.29
(17.85)
27.39
82.10
(47.84)
34.30 25.70
Benchmark (9.08)
17.84
(18.26)
20.45
81.23
(54.54)
39.99 33.63 33.53 24.21 54.36
Past performance is no guarantee of future results. Chart
is for
illustrative purposes
only and is not representative
of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance
data quoted. To obtain performance
current to the most recent month
end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Equity Sectors 5/31/2013 Equity - Top Portfolio Holdings 5/31/2013
Materials -4.9
Information Technology -
Healthcare _3.3
Telecommunications _3.7
Consumer Discretionary -
Consumer Staples
Industrials -3.7
Financials
Energy -
Utilities
0% 5%
Portfolio %
Oppenheimer Institutional Money Market E
6.10%
18.4 Baidu, Inc. ADR
3.87%
Tencent Holdings Ltd.
2.73%
America Movil, S.A.B. de C.V. ADR
2.44%
OJSC Magnit
2.29%
-13.1 NHN Corporation
2.21%
21.5 OAO Novatek GDR
2.05%
Housing Development Finance Corp Ltd.
2.04%
Carlsberg AS
1.77%
20 Anglo American PLC
1.64%
-11.2
10% 15% 20% 25%
Percentage of Equity
All performance
Y. ©2013 E p estnet All Rights fees (NA.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
36 UN 11�U�7
Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade
Firm Overview
The Vanguard Group ( "Vanguard ") began operations on May 1, 1975. The Vanguard
Funds are independent investment companies that jointly own the Vanguard Group,
the management company that provides services to the funds on an at -cost basis.
This organizational structure dictates that profits from the company are returned to the
fund shareholders in the form of lower expenses.
Objective
The Fund's investment approach is a "passive management" and is designed to track
the performance of the Barclays Capital U.S. Aggregate Float Adjusted Index, which
Asset Allocation 3/31/2013
6.6%
93.3% Fixed
6.6% Cash
0
0.1% Other
represents a wide spectrum of public, investment - grade, taxable, and fixed income
securities in the United States. The Fund does this by sampling the Index, meaning
that it holds a range of securities that, in the aggregate, approximates the full Index in
terms of key risk factors and other characteristics. All of the Fund's investments will be
selected through the sampling process and at least 80% of the Fund's assets will be
invested in bonds held in the Index. The Fund maintains a dollar- weighted average
maturity consistent with that of the Index, which generally ranges between 5 and 10
years.
Region Analysis 3/31/2013
US /Canada
Europe
Japan
Asia /Pacific
Latin America -
E. Europe /Africa-
Unclassified
0%
20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Barclays Intermediate
Aggregate
Minimum Investment
Manager
Barrickman/ Volpert
Manager Tenure
10.5 Yrs
Shareclass Inception
4/2007
Shareclass Assets
$16.8 Billion
# of Holdings
15783
Annual Turnover (2012)
80%
Expense Ratio Gross
10 bps
Expense Ratio Net
10 bps
Website
www.vanguard.com
Phone
877 - 662 -7447
Characteristics 3/31/2013
Duration
5.3
Average Maturity
7.30
Coupon Percent
3.77
Average Credit Quality
AA
Current Yield
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
37
83.2%
3.4%
0.2%
0.5%
1.4%
0.2%
4.4%
20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Barclays Intermediate
Aggregate
Minimum Investment
Manager
Barrickman/ Volpert
Manager Tenure
10.5 Yrs
Shareclass Inception
4/2007
Shareclass Assets
$16.8 Billion
# of Holdings
15783
Annual Turnover (2012)
80%
Expense Ratio Gross
10 bps
Expense Ratio Net
10 bps
Website
www.vanguard.com
Phone
877 - 662 -7447
Characteristics 3/31/2013
Duration
5.3
Average Maturity
7.30
Coupon Percent
3.77
Average Credit Quality
AA
Current Yield
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
37
Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade
Trailing Performance
6
4
2
0 ,-2
-4
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
Returns through 613012013
Calendar Performance
8
6
4
2
0
2012 2011 2010 2009 2008 2007
ETF NAV = ETF Mkt Val
W BCIntAgg
Portfolio %
ETF NAV
ETF Mkt Val
BCIntAgg
0.63%
Performance
0.63%
US Treasury Note 1 %
0.60%
US Treasury Note 0.375%
0.58%
FHLMC 3.5%
0.56%
US Treasury Note 0.25%
0.54%
US Treasury Note 0.375%
0.53%
Fannie Mae Single Family TBA 3% 2043 -04 -01
0.52%
US Treasury Note 2.125%
_
Since
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
ETF (NAV)
(2.42)
(0.84)
3.35
5.11
5.15
ETF (Mkt Val)
(2.56)
(1.11)
3.28
5.03
5.11
Benchmark
(1.78)
(0.12)
3.03
4.76
5.28
4.30
2013 YTD
2012
2011
2010
2009
2008
2007
ETF (NAV)
(2.45)
3.95
7.71
6.51
6.03
5.18
ETF (Mkt Val)
(2.64)
3.79
7.92
6.20
3.33
7.66
Benchmark
(1.63)
3.56
5.97
6.15
6.46
4.86
7.02
Past performance is no guarantee of future results. Chart is for illustrative purposes only and
is not representative of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you
may reference the fund's website or call the
800 number
located under Key Facts on page one of this document.
Fixed Sectors 3/31/2013
Treasury
Agency /Quasi Agcy _5.1%
Supranational 01.4%
Agency MBS 23%
Non -Agcy MBS 10.9%
CMBS .1.3%
Asset Backed (ABS) 1 0.4 %
Corporate Bond 21.7%
Preferred Stock 10.1%
Cash & Equivalents _6.6%
Municipals 10.9%
0% 10% 20% 30% 40%
Percentage of Fixed
Fixed - Top Portfolio Holdings 3/31/2013
Portfolio %
US Treasury Bond 6.25%
0.69%
Fannie Mae Single Family TBA 3.5% 2043 -04 -01
0.63%
US Treasury Note 0.375%
0.63%
US Treasury Note 1 %
0.60%
US Treasury Note 0.375%
0.58%
FHLMC 3.5%
0.56%
US Treasury Note 0.25%
0.54%
US Treasury Note 0.375%
0.53%
Fannie Mae Single Family TBA 3% 2043 -04 -01
0.52%
US Treasury Note 2.125%
0.51%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
38
Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade
Firm Overview
BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York
City, NY. The Firm provides investment management, risk management, advisory
services, separate account products, mutual funds, iShares (exchange- traded funds),
and other pooled investment vehicles for institutional and retail clients worldwide. On
February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge
Merrill Lynch's investment management business, Merrill Lynch Investment Managers,
and BlackRock to create a new independent company that will operate under the
BlackRock name. Additionally, in December 2009, BlackRock completed its merger
with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single
majority stockholder and has a majority of independent directors. Merrill Lynch & Co.,
Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial
Services Group, Inc., and Barclays PLC own economic interests in BlackRock
approximating 34.1%, 24.6% and 19.9 %, respectively, with the remainder owned by
institutional and individual investors, as well as BlackRock employees.
Objective
The iShares iBoxx $ Investment Grade Corporate Bond Fund seeks investment results
that correspond to the performance of the corporate bond market as defined by the
Asset Allocation 6/28/2013
iBoxx $ Liquid Investment Grade Index (the "Index "), which measures the performance
of a fixed number of liquid, investment grade corporate bonds. The Index is a subset of
the iBoxx USD Corporate Bond Index, an index of over 2,700 investment grade bonds.
Currently, the bonds eligible for inclusion in the Index include U.S. dollar- denominated,
SEC - registered corporate bonds that: are issued by companies domiciled in the U.S.,
Canada, Western Europe, or Japan; are rated investment grade by a nationally
recognized rating agency; have at least $750 million of outstanding face value; and,
are less than five years since issue date and have at least three years to maturity.
The Fund uses a representative sampling strategy, seeking to track the Index. The
securities selected are expected to have, in the aggregate, investment characteristics
(based on factors such as market capitalization and industry weightings), fundamental
characteristics (such as return variability and yield), and liquidity measures similar to
those of the Index. The Fund generally invests at least 90% of its assets in securities
of the Index and at least 95% of its assets in investment grade corporate bonds.
Region Analysis 6/28/2013
US /Canada
Europe _12.7/
99.7% Fixed Japan 10.4/
0.3% Cash
Asia /Pacific 11.6/
Latin America 10.4/
1.7 / 0% 20% 40% 60% 80% 100
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON-
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved.
39
Returns through 613012013
Key Facts
Benchmark
Barclays US Credit
Minimum Investment
Manager
Mauro/ Radell
Manager Tenure
2.5 Yrs
Shareclass Inception
7/2002
Shareclass Assets
$19.5 Billion
# of Holdings
1087
Annual Turnover (2012)
4%
Expense Ratio Gross
15 bps
Expense Ratio Net
15 bps
Website
www.ishares.com
Phone
800 - 474 -2737
Characteristics 6/28/2013
Duration
7.7
Average Maturity
Coupon Percent
4.97
Average Credit Quality
BBB
Current Yield
S N RUST
Exchange Traded Fund US Fixed Income Intermediate Term Investment Grade
Trailing Performance
8
6
4
2
0
-2
-4
-6
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
ETF NAV ! ETF Mkt Val BCCredit
Calendar Performance
20
15
10
5
0
-5
Returns through 613012013
2012 2011 2010 2009 2008 2007
= ETF NAV = ETF Mkt Val = BCCredit
Performance
Portfolio %
Goldman Sachs Grp 6.75%
0.36%
Merrill Lynch Co Inc Mtn Be 6.875%
0.36%
At &T 5.35%
0.34%
Goldman Sachs Grp 6.15%
0.32%
Jpmorgan Chase 3.15%
0.32%
Ubs Ag Stamford Brh 5.875%
0.31%
France Telec 31 SrN
_
Since
Jpmorgan Chase 6%
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
ETF (NAV)
(4.39)
0.50
6.07
7.30
6.48
4.93
5.91
ETF (Mkt Val)
(4.34)
0.33
5.95
7.27
6.45
4.90
5.92
Benchmark
(3.44)
0.84
5.47
6.97
6.47
5.10
2013 YTD
2012
2011
2010
2009
2008
2007
ETF (NAV)
(4.93)
11.68
8.89
9.15
12.10
(0.33)
3.73
ETF (Mkt Val)
(4.62)
10.58
9.73
9.33
8.46
2.40
3.75
Benchmark
(3.60)
9.37
8.35
8.47
16.04
(3.08)
5.11
Past performance is no guarantee of future results. Chart is for illustrative purposes only and
is not representative
of the future performance of any particular
portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent
month end, you may reference the fund's
website or call the
800 number
located under Key Facts on page one of this document.
Fixed Sectors 6/28/2013 Fixed - Top Portfolio Holdings 6/28/2013
Corporate Bond
Cash & Equivalents 10.3/
0% 20% 40% 60% 80%
Percentage of Fixed
100%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
40
Portfolio %
Goldman Sachs Grp 6.75%
0.36%
Merrill Lynch Co Inc Mtn Be 6.875%
0.36%
At &T 5.35%
0.34%
Goldman Sachs Grp 6.15%
0.32%
Jpmorgan Chase 3.15%
0.32%
Ubs Ag Stamford Brh 5.875%
0.31%
France Telec 31 SrN
0.31%
Jpmorgan Chase 6%
0.30%
Goldman Sachs Grp 6.25%
0.30%
General Elec Cap Corp Mtn Be 6.875%
0.30%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
40
Mutual Fund US Fixed Income Long Term Investment Grade
Firm Overview
Pacific Investment Management Company, LLC ( "PIMCO ") was founded in 1971 as a
subsidiary of Pacific Mutual Insurance Company, now known as Pacific Life. Currently,
Allianz AG owns approximately 97% of PIMCO's parent company, Allianz Global
Investors of America, LP, leaving Pacific Life with approximately 3 %. PIMCO, located
in Newport Beach, California, is the Global Fixed Income Management Leader for
Allianz AG and operates as a separate, autonomous subsidiary. PIMCO offers
separate account services in addition to mutual funds for individual and institutional
investors.
Objective
The PIMCO Investment Grade Corporate Bond Fund seeks total return, consistent
with preservation of capital, by investing mainly in investment grade corporate fixed
income securities rated Baa or higher by Moody's or another rating agency.
Process
The Fund seeks to achieve its investment objective by investing under normal
circumstances at least 80% of its assets in a diversified portfolio of investment grade
corporate fixed income securities of varying maturities, which may be represented by
forwards or derivatives such as options, futures contracts, or swap agreements.
Assets not invested in investment grade corporate fixed income securities may be
invested in other types of fixed income instruments. The average portfolio duration of
Asset Allocation 3/31/2013
Fixed 169.1%
Cash
Other J 7.6%
-100% -50% 0% 50% 100% 150% 200%
this Fund normally varies within +/- two years of the duration of the Barclays US Credit
Index.
The Fund invests primarily in investment grade debt securities, but may invest up to
10% of its total assets in high yield securities rated B or Ba by Moody's, or equivalently
rated by S &P or Fitch, or, if unrated, determined by PIMCO to be of comparable
quality. The Fund may invest up to 30% of its total assets in securities denominated in
foreign currencies, and may invest beyond this limit in U.S. dollar- denominated
securities of foreign issuers. The Fund may invest up to 15% of its total assets in
securities that are economically tied to emerging market countries. The Fund may also
invest up to 10% of its total assets in preferred stocks. The Fund may invest all of its
assets in derivative instruments, such as options, futures contracts or swap
agreements, or in mortgage- or asset - backed securities.
Personnel
Mark Kiesel is an Executive Vice President of the firm, Portfolio Manager of the Fund,
and a Senior Member of the Investment Strategy and portfolio management group. Mr.
Kiesel also heads the investment -grade corporate bond desk and manages corporate
portfolios for the firm. He joined PIMCO in 1996, and previously served as PIMCO's
head of equity derivatives and as a senior credit analyst. Mr. Kiesel received his BA
degree from the University of Michigan and an MBA degree from the University of
Chicago.
Region Analysis 3/31/2013
US /Canada 67.2%
Europe _12.29
Japan I0.2%
Asia /Pacific 12.2%
Latin America 05.8%
E. Europe /Africa I0.1 %
Unclassified 81.4%
0% 20% 40% 60% 80% 100%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS
ONLY. ©2013 Envestnet. All Rights Reserved.
41
Returns through 613012013
Key Facts
Benchmark
Barclays Aggregate
Minimum Investment
$1 Million
Manager
Kiesel
Manager Tenure
10.6 Yrs
Shareclass Inception
4/2000
Shareclass Assets
$5.4 Billion
# of Holdings
1640
Annual Turnover (2012)
124%
Expense Ratio Gross
50 bps
Expense Ratio Net
50 bps
Website
investments. pimco.com
Phone
800 - 387 -4626
Characteristics 3/31/2013
Duration
6.7
Average Maturity
10.37
Coupon Percent
4.01
Average Credit Quality
Current Yield
S N RUST
Mutual Fund US Fixed Income Long Term Investment Grade
Trailing Performance
10
8
6
4
2
0 . ■
-2
-4
-6
1 Qtr YTD
Performance
Krim7 7
1 Year 3 Year 5 Year 7 Year 10 Year
= MF BCAgg
Calendar Performance
20
15
10
5
0
Returns through 613012013
2012 2011 2010 2009 2008 2007
= MF BCAgg
Fixed SectorS 3/31/2013 Fixed - Top Portfolio HoldinQS 3/31/2013
Treasury
-26.3%
Agency /Quasi Agcy
10.8%
Intr Rate Derivatives
43.8%
Since
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
MF (4.29)
3.58
7.90
9.97
8.99
7.06
8.46
Benchmark (2.33)
(0.69)
3.51
5.19
5.60
4.52
-60% -40% -20% 0% 20% 40% 60%
2013 YTD
2012
2011
2010
2009
2008
2007 2006 2005 2004 2003
MF (3.14)
14.99
6.86
11.72
18.74
1.89
7.15 4.18 2.53 6.02 10.38
Benchmark (2.44)
4.21
7.84
6.54
5.93
5.24
6.97 4.33 2.43 4.34 4.11
Past performance is no guarantee of future results. Chart
is for illustrative purposes
only and is not representative
of the
future performance of any particular portfolio or security. Current
performance may be lower or higher than performance
data quoted.
To obtain performance
current to the most recent month
end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Fixed SectorS 3/31/2013 Fixed - Top Portfolio HoldinQS 3/31/2013
Treasury
-26.3%
Agency /Quasi Agcy
10.8%
Intr Rate Derivatives
43.8%
Agency MBS
12.8%
Non -Agcy MBS
04.2%
CMBS
10.1%
Asset Backed (ABS)
04.2%
Bank Loan
12.1%
Corporate Bond
1.06%
Preferred Stock
10.8%
Cash & Equivalents
Municipals
I1.1
Derivatives
-28.8%
-80%
-60% -40% -20% 0% 20% 40% 60%
Percentage of Fixed
Portfolio %
US Treasury Note 2%
5.36%
US Treasury Note 1.625%
2.87%
US Treasury Bond 4.75%
2.29%
US Treasury Bond 2.75%
1.79%
Italy(Rep Of) 4.75%
1.48%
US Treasury Note 3.125%
1.30%
Spain(Kingdom Of) 4.25%
1.26%
US Treasury Note 2.125%
1.18%
Fin Fut Us 10yr Clot 06/19/13
1.06%
Italian Btp Bond
1.04%
All performance
Y. ©2013 E p estnet All Rights fees (NA.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
42 U�111�U�7
Exchange Traded Fund US Fixed Income Short Term Investment Grade
Firm Overview
The Vanguard Group ( "Vanguard ") began operations on May 1, 1975. The Vanguard
Funds are independent investment companies that jointly own the Vanguard Group,
the management company that provides services to the funds on an at -cost basis.
This organizational structure dictates that profits from the company are returned to the
fund shareholders in the form of lower expenses. Vanguard is organized into two
major operating divisions, the Individual Investor Group and the Institutional Investor
Group, both of which offer a variety of investment services.
Objective
The Fund's investment approach is designed to track the performance of the Barclays
Capital U.S. 1 -5 Year Government/ Credit Float Adjusted Index, with a short -term
dollar weighted average maturity. The investment team uses a "passive management"
Asset Allocation 3/31/2013
2.9%
or index style to investing. The Fund looks at all medium and larger issues of U.S.
government, investment -grade corporate, and investment -grade international dollar -
denominated bonds that have maturities between 1 and 5 years and are publically
issued. The Fund does this by sampling the Index, meaning that it holds a range of
securities that, in the aggregate, approximates the full Index in terms of key risk factors
and other characteristics. All of the Fund's investments will be selected through the
sampling process and at least 80% of the Fund's assets will be invested in bonds held
in the Index. The Fund maintains a dollar- weighted average maturity consistent with
that of the Index, which generally does not exceed three years.
Region Analysis 3/31/2013
US /Canada
Europe
Japan
97.1% Fixed Asia /Pacific
2.9% Cash
0 0.0% Other Latin America -
E. Europe /Africa
Unclassified
0%
0
20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Barclays 1 -5 Year US Govt/
Credit
Minimum Investment
Manager
Barrickman/ Pu
Manager Tenure
0.4 Yrs
Shareclass Inception
4/2007
Shareclass Assets
$12.4 Billion
# of Holdings
1596
Annual Turnover (2012)
51%
Expense Ratio Gross
10 bps
Expense Ratio Net
10 bps
Website
www.vanguard.com
Phone
877 - 662 -7447
Characteristics 3/31/2013
Duration
2.7
Average Maturity
2.80
Coupon Percent
2.09
Average Credit Quality
AA
Current Yield
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
43
89.3
1 .1%
0.8%
0.2%
0.3%
0
20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Barclays 1 -5 Year US Govt/
Credit
Minimum Investment
Manager
Barrickman/ Pu
Manager Tenure
0.4 Yrs
Shareclass Inception
4/2007
Shareclass Assets
$12.4 Billion
# of Holdings
1596
Annual Turnover (2012)
51%
Expense Ratio Gross
10 bps
Expense Ratio Net
10 bps
Website
www.vanguard.com
Phone
877 - 662 -7447
Characteristics 3/31/2013
Duration
2.7
Average Maturity
2.80
Coupon Percent
2.09
Average Credit Quality
AA
Current Yield
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
43
Exchange Traded Fund US Fixed Income Short Term Investment Grade
Trailing Performance
6
4
2
0
-2
1 Qtr YTD
ETF NAV
1 Year 3 Year 5 Year 7 Year 10 Year
M ETF Mkt Val BC1 -5G /C
Calendar Performance
10
8
6
4
2
0
Returns through 613012013
2012 2011 2010 2009 2008 2007
= ETF NAV = ETF Mkt Val _ BC1 -5G /C
Performance
Portfolio %
US Treasury
Note 0.25%
2.49%
US Treasury
Note 2.25%
1.50%
US Treasury
Note 2.625%
1.42%
US Treasury
Note 2.5%
1.42%
Since
Note 0.75%
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
ETF (NAV)
(0.80)
0.45
1.82
3.28
1.27%
US Treasury
3.84
ETF (Mkt Val)
(0.77)
0.38
1.77
3.24
3.83
Benchmark
(0.75)
0.60
1.97
3.37
4.20
3.37
2013 YTD
2012
2011
2010
2009
2008
2007
ETF (NAV)
(0.54)
1.98
3.04
4.00
4.44
5.48
ETF (Mkt Val)
(0.55)
1.99
2.95
3.89
1.54
8.47
Benchmark
(0.48)
2.24
3.14
4.08
4.62
5.12
7.27
Past performance is no guarantee of future results. Chart is for illustrative purposes only and
is not representative
of the future performance of any particular
portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent
month end, you may reference the fund's
website or call the
800 number
located under Key Facts on page one of this document.
Fixed SectorS 3/31/2013 Fixed - Top Portfolio HoldingS 3/31/2013
Treasury 62.8%
Agency /Quasi Agcy _9.3%
Supranational 03.2%
Securitized 10.2/
Corporate Bond 21.5%
Preferred Stock
Cash & Equivalents .2.9%
Municipals 10.1%
0% 20% 40% 60%
Percentage of Fixed
80%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
44
Portfolio %
US Treasury
Note 0.25%
2.49%
US Treasury
Note 2.25%
1.50%
US Treasury
Note 2.625%
1.42%
US Treasury
Note 2.5%
1.42%
US Treasury
Note 0.75%
1.36%
US Treasury
Note 0.625%
1.32%
US Treasury
Note 1.75%
1.31%
US Treasury
Note 2.375%
1.27%
US Treasury
Note 0.625%
1.27%
US Treasury
Note 2.25%
1.24%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
44
Mutual Fund Floating Rate Loans Short Term High Yield
Firm Overview
Eaton Vance Corporation ( "Eaton Vance "), which dates back to 1924, is a Boston -
based, publicly traded investment management firm. Through its subsidiaries, Eaton
Vance is an adviser and distributor of investment products for individual and
institutional clients. The firm has managed mutual funds since 1931.
Objective
Eaton Vance's philosophy is focused on preservation of par value for shareholders to
generate good risk - adjusted returns. Eaton Vance believes a well diversified portfolio
from both a sector and security perspective combined with an intense credit culture
that is constantly screening and monitoring credits is the best way to achieve its goal.
Process
The Fund will invest at least 80% of its total assets in income producing floating rate
loans and other floating rate debt securities. The Fund may also invest up to 25% in
foreign senior loans. Eaton Vance has a five step credit selection process that starts
with a fundamental overview of a company, the transaction, and industry dynamic.
Quantitative analysis is done to model stability of cash flows, operating leverage, debt
pay down ability, and downside protection. The loan structure is analyzed from both a
legal and collateral coverage perspective. Risk is then assessed on the issue looking
at both third party and internal ratings and risk scores. Finally, the team does relative
Asset Allocation 4/30/2013
value analysis to rank the risk /reward of the transaction. The portfolio is constructed
with risk controls in place to limit sector and security risk.
Personnel
Scott H. Page, CFA, is a Vice President and Co- Director of Eaton Vance's senior loan
funds. He has been a member of Eaton Vance's Bank Loan Team since 1989 and was
named Co- Manager in July 1996. Previous associations: Investment Officer,
Dartmouth College Investment Office; Assistant Vice President, Citicorp (Leveraged
Finance); Credit Review Officer, Chase Manhattan Bank. Mr. Page earned his MBA
from the Amos Tuck School at Dartmouth College in 1987 and his BA from Williams
College in 1981.
Craig P. Russ is a Vice President, Portfolio Manager, and Senior Analyst of Eaton
Vance's senior loan funds. Craig has been a member of Eaton Vance's Bank Loan
Team since 1997. Mr. Russ focuses on credit analysis within the Media /telecom
industry and is a co- manager for several Eaton Vance senior loan funds. Previous
associations: Vice President Specialized Lending Division State Street Bank. Mr. Russ
earned his BA from Middlebury College.
Region Analysis 4/30/2013
US /Canada 12.7%
0.3% Equity Europe 10.8/
90.9% Fixed
EM 8.0% Cash Latin America 0.2%
0 0.8% Other
Unclassified 87.5
0% 20% 40% 60% 80% 100
Returns through 613012013
Key Facts
Benchmark
Credit Suisse Leveraged Loan
Minimum Investment
$250,000
Manager
Page/ Russ
Manager Tenure
9 Yrs
Shareclass Inception
1/2001
Shareclass Assets
$8.4 Billion
# of Holdings
706
Annual Turnover (2012)
42%
Expense Ratio Gross
77 bps
Expense Ratio Net
77 bps
Website
www.eatonvance.com
Phone
800 - 225 -6265
Characteristics 4/30/2013
Duration
0.2
Average Maturity
Coupon Percent
6.96
Average Credit Quality
B
Current Yield
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
45
Mutual Fund Floating Rate Loans Short Term High Yield
Trailing Performance
8
6
4
2
0
-2
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year
MF CSLevLn
Performance
Q2 2013 1 Year 3 Year 5 Year
MF (0.01) 6.12 6.29 5.12
Benchmark 0.43 7.63 6.84 5.76
Returns through 613012013
Calendar Performance
60
40
20
0
-20
-40
2012 2011 2010 2009 2008 2007
= MF CSLevLn
Since
7 Year 10 Year Inception
4.26 4.34 4.29
4.65 5.16
2013 YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
MF 2.01 8.27 2.44 9.55 46.51 (30.25) 2.01 6.48 4.63 3.68 6.12
Benchmark 2.81 9.42 1.80 9.97 44.88 (28.75) 1.87 7.35 5.68 5.61 11.00
Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Fixed Sectors 4/30/2013 Fixed - Top Portfolio Holdings 4/30/2013
Securitized
Bank Loan
Corporate Bond 13.3%
Cash & Equivalents M8.1%
0% 20%
Portfolio %
HJ HEINZ COMPANY TERM LOAN B2
1.14%
ASURION LLC FIRST LIEN
0.98%
FMG RES AUG 2006 FLOATING COUPON MATURITY 20171018
0.85%
ALLIANCE BOOTS HOLDINGS LIMITE GBP TERM LOAN B4
0.84%
88.6% INTELSAT JACKSON HOLDINGS LTD TERM LOAN B1
0.82%
MEG ENERGY CORP FLOATING COUPON MATURITY 20200331
0.78%
CHRYSLER GROUP FLOATING COUPON MATURITY 20170524
0.76%
NBTY INC FLOATING COUPON MATURITY 20171001
0.71%
WEIGHT WATCHERS INTERNATIONAL TERM LOAN B2
0.68%
LAUREATE EDUCATI FLOATING COUPON MATURITY 20180616
0.67%
40% 60% 80% 100%
Percentage of Fixed
All performance
Y. ©2013 E p estnet All Rights fees (NA.V ). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS S_ ^ TR ST
46 UN 11�U�7
Exchange Traded Fund US Fixed Income Intermediate Term High Yield
Firm Overview
BlackRock Inc. ( "BlackRock ") was founded in 1988 and is headquartered in New York
City, NY. The Firm provides investment management, risk management, advisory
services, separate account products, mutual funds, iShares (exchange- traded funds),
and other pooled investment vehicles for institutional and retail clients worldwide. On
February 15, 2006, BlackRock and Merrill Lynch announced an agreement to merge
Merrill Lynch's investment management business, Merrill Lynch Investment Managers,
and BlackRock to create a new independent company that will operate under the
BlackRock name. Additionally, in December 2009, BlackRock completed its merger
with Barclays Global Investors ( "BGI "). BlackRock's ownership structure has no single
majority stockholder and has a majority of independent directors. Merrill Lynch & Co.,
Inc., a wholly -owned subsidiary of Bank of America Corporation, The PNC Financial
Services Group, Inc., and Barclays PLC own economic interests in BlackRock
Asset Allocation 6/28/2013
approximating 34.1%, 24.6% and 19.9 %, respectively, with the remainder owned by
institutional and individual investors, as well as BlackRock employees.
Objective
The Fund seeks results that correspond generally to the price and yield performance,
before fees and expenses, of the US dollar high yield corporate bond market as
defined by the iBoxx $ Liquid High Yield Index. The Index is a rules -based index
consisting of the most liquid and tradable US dollar- denominated, high yield corporate
bonds for sale in the US, as determined by iShares. The number of issues in the Index
changes from time to time. Although the Fund will generally invest at least 90% its
assets in the securities of the Index, at times it may invest up to 20% of its assets in
certain futures, options and swap contracts, cash and cash equivalents, and high yield
corporate bonds not included in the Index. This is done when the firm believes these
securities will help the Fund track the Index more closely.
Region Analysis 6/28/2013
US /Car
Eu
98.1% Fixed
1.6% Cash
0 0.3% Other Asia /Ps
Latin Am(
tada
87.5 %
rope 8.5%
icific 1.1%
;rica I1
0% 20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Barclays US Corporate High
Yield
Minimum Investment
Manager
Mauro/ Radell
Manager Tenure
2.5 Yrs
Shareclass Inception
4/2007
Shareclass Assets
$13.9 Billion
# of Holdings
812
Annual Turnover (2012)
13%
Expense Ratio Gross
50 bps
Expense Ratio Net
50 bps
Website
www.ishares.com
Phone
800 - 474 -2737
Characteristics 6/28/2013
Duration
4.1
Average Maturity
Coupon Percent
7.34
Average Credit Quality
B
Current Yield
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
47
Exchange Traded Fund US Fixed Income Intermediate Term High Yield
Trailing Performance
12
10
8
6
4
2
0 .
-2
-4
1 Qtr YTD
M ETF NAV
Performance
1 Year 3 Year 5 Year 7 Year 10 Year
= ETF Mkt Val = BCHY
Calendar Performance
60
40
20
0
-20
-40
2012 2011
= ETF NAV
Returns through 613012013
2010 2009 2008 2007
M ETF Mkt Val _W BCHY
Fixed Sectors 6/28/2013 Fixed - Top Portfolio Holdings 6/28/2013
Securitized 10.1%
Corporate Bond
Preferred Stock 10.3%
Cash & Equivalents 11.7%
0%
20% 40% 60% 80% 100%
Percentage of Fixed
Portfolio %
Sprint Nextel 144A 9%
0.50%
Hca 6.5%
0.48%
First Data 12.625%
Since
Springleaf Fin 6.9%
Q2 2013
1 Year
3 Year
5 Year
7 Year
10 Year
Inception
ETF (NAV)
(1.87)
7.61
9.79
8.24
0.35%
6.28
ETF (Mkt Val)
(2.20)
6.14
9.93
7.93
5.96
Benchmark
(1.43)
9.50
10.75
10.94
9.03
8.91
2013 YTD
2012
2011
2010
2009
2008
2007
ETF (NAV)
0.31
13.83
5.89
12.07
40.69
(23.88)
ETF (Mkt Val)
(0.08)
11.66
6.77
11.89
28.45
(17.37)
Benchmark
1.42
15.81
4.98
15.12
58.21
(26.16)
1.87
Past performance is no guarantee of future results. Chart is for illustrative purposes only and
is not representative
of the future performance of any particular
portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent
month end, you may reference the fund's
website or call the
800 number
located under Key Facts on page one of this document.
Fixed Sectors 6/28/2013 Fixed - Top Portfolio Holdings 6/28/2013
Securitized 10.1%
Corporate Bond
Preferred Stock 10.3%
Cash & Equivalents 11.7%
0%
20% 40% 60% 80% 100%
Percentage of Fixed
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
48
Portfolio %
Sprint Nextel 144A 9%
0.50%
Hca 6.5%
0.48%
First Data 12.625%
0.42%
Springleaf Fin 6.9%
0.40%
Reynolds Grp Issuer 5.75%
0.39%
Ally Finl 8.3%
0.38%
Dish Dbs 5.875%
0.38%
Icahn Enterprises Lp /Corp 8%
0.37%
Samson Invt 144A 9.75%
0.36%
Hawk Acquisition Sub 144A 4.25%
0.35%
All performance presented is net of fees (NAV unless otherwise indicated). Please see disclosure at the end of this report for additional important information. FOR ONE -ON- � NTR T
T
ONE PRESENTATIONS ONLY. ©2013 Envestnet. All Rights Reserved. �U1V 11tU51
48
Mutual Fund US Equity Mid Cap Value
Firm Overview
JPMorgan Investment Management Inc. ( "JPMIM ") is an indirect, wholly -owned
subsidiary of JPMorgan Chase & Co. ( "JPM Chase "). JPM Chase, headquartered in
New York City, NY, provides investment banking services, financial transaction
processing, asset and wealth management, as well as other financial services to
institutions and individuals. JPMIM reviews, supervises, and administers each fund's
investment program and operates within JPMorgan Asset Management, a division of
JPM Chase.
Objective
The Fund seeks the growth of capital appreciation through a traditional value
investment approach. The Fund's investment universe is comprised of medium -sized
domestic companies with market capitalizations between $1 billion and $20 billion.
Process
After an initial market capitalization screen, the research process begins by analyzing
company specific factors. The investment team uses a bottom -up approach which
bases stock selection on a company's fundamentals, specifically looking for those with
solid financials, a viable business plan, and capable management. The research effort
draws from proprietary and secondary sources, advisor relationships, trade shows,
conferences, site visits, and management meetings. The principal driver of this
process is stock selection, as opposed to sector allocation. The Fund seeks to invest
in strong but undervalued companies, which have the ability to grow the intrinsic value
per share. The team defines strong companies as those that have sustainable
competitive positions, low business cyclicality, high returns on invested capital, and
proven management.
Asset Allocation 5/31/2013
The Fund invests in common stocks and real estate investment trusts (REITs). A stock
may be sold due to a change in the company's fundamentals or because of a change
in the original reason for purchase. The portfolio managers may also sell a position if
new investment opportunities emerge to displace portfolio holdings with less attractive
valuations.
Personnel
Jonathan Simon, CPA, Managing Director, heads the U.S. Equity Value Group and
manages this as well as multiple other JPMIM funds. Mr. Simon has been an
employee of the firm since 1980, when he started as an analyst in its London office.
He joined the New York office in 1983 and became a portfolio manager in 1987. Mr.
Simon holds an MA degree in Mathematics from Oxford University.
Lawrence Playford, CFA, CPA, a Vice President, has been a Portfolio Manager on the
Fund since 2004 after joining the investment team in 2003. Mr. Playford joined the firm
in 1993 as a financial analyst. He holds a BA degree in Accounting from the University
of Notre Dame and an MBA in Finance from Fordham University.
Gloria Fu, a Vice President, is an Analyst and Portfolio Manager on the Fund. Ms. Fu
joined the firm in 2002 and became a portfolio manager in 2006. Prior to joining the
firm, she was a sell -side analyst at Robertson Stephens. Ms. Fu holds BA and MA
degrees in Hotel Administration from Cornell University.
Region Analysis 4/30/2013
US /Canada
95.9% Equity
4.1% Cash
Unclassified 10.7/
0% 20% 40% 60% 80% 100%
Returns through 613012013
Key Facts
Benchmark
Russell Midcap Value
Minimum Investment
$3 Million
Manager
Team
Manager Tenure
10.8 Yrs
Shareclass Inception
11/1997
Shareclass Assets
$6.6 Billion
# of Holdings
107
Annual Turnover (2012)
30%
Expense Ratio Gross
102 bps
Expense Ratio Net
76 bps
Website
www.jpmorganchase.com
Phone
866- 535 -9248
Characteristics 5/31/2013
Market Cap
9,615.92
3 Year Earnings Growth
17.30
Dividend Yield
1.86%
Price To Book
2.09
Price To Earnings
14.18
Price To Sales
1.06
Price To Cash Flow
9.32
Return on Equity
17.55%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
49
Mutual Fund US Equity Mid Cap Value
Trailing Performance
Calendar Performance
Returns through 613012013
30 40
25 20
20 ■
15 0 -
10 -20
5
0 -40
1 Qtr YTD 1 Year 3 Year 5 Year 7 Year 10 Year 2012 2011 2010 2009 2008 2007
= MF = RMV MF RMV
Performance
Since
Q2 2013 1 Year 3 Year 5 Year 7 Year 10 Year Inception
MF 2.35 25.68 20.68 10.40 7.79 10.72 13.08
Benchmark 1.66 27.66 19.53 8.87 6.45 10.92
2013 YTD 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
MF 15.26 20.48 2.42 23.34 26.75 (32.90) 2.83 17.33 9.41 20.99 30.62
Benchmark 16.10 18.51 (1.38) 24.75 34.21 (38.44) (1.42) 20.22 12.65 23.70 38.06
Past performance is no guarantee of future results. Chart is for illustrative purposes only and is not representative of the future performance of any particular portfolio or security. Current
performance may be lower or higher than performance data quoted. To obtain performance current to the most recent month end, you may reference the fund's website or call the 800 number
located under Key Facts on page one of this document.
Equity SectorS 5/31/2013
Materials
Information Technology
8
1
Healthcare -I5
Telecommunications 10.3
Consumer Discretionary 21.7
Consumer Staples -4.7
Industrials 10
Financials 26.9
Energy -7
Utilities 8.4
0% 5% 10% 15% 20% 25% 30%
Percentage of Equity
Equity - Top Portfolio Holdings 5/31/2013
JPMorgan Prime Money Market Inst
Loews Corporation
Marsh & McLennan Companies, Inc.
Ball Corporation
Kohl's Corp
Ameriprise Financial Inc
Analog Devices Inc
AutoZone Inc
Amphenol Corp
Fifth Third Bancorp
Portfolio %
4.10%
1.74%
1.65%
1.63%
1.58%
1.52%
1.51%
1.50%
1.45%
1.45%
All performance presented is net of fees (NAV). Please see disclosure at the end of this report for additional important information. FOR ONE -ON -ONE PRESENTATIONS l./ii �_ ^UN T S �
ONLY. ©2013 Envestnet. All Rights Reserved. Ru
50
,1o�iG
SuNTRuST
IV. Appendix
All Available Sun Trust Platform Options
Disclosures
Real Estate
SPDR Daw Jon es RE Er
RWR
ETF Real Estate
# -1.36
- 5.50
- 7.87
- 7.40
- 17.78 -
6.91
- 1C.48 - -102
1.06
33.30 0.25
i5h arc s Dow Jon es US Real Estate
IYR
ETF Real Estate
#k* -3.62
- 4.36
- 6.31
- 7.68
- 16.41 -
6.47
- 9.33 - -138
0.59
31.13 141
SPDR Dowlones Intl Real Estate
R.WX
ETF Global Real Estate
Ark #* -5.85
- 45B
- 7.17
- 16.53
- 15.55 -
2.42
- - - -2.05
0.65
25.31 0.59
T. Rowe Price REal Estate
TRREM
Real Estate
* -0.85
(3) 5.06
1461 6.1-8
1751 6.64
1671 11.5L 126)
7.43
136) 11.05 (29) D L2
1.06
33.59 0.78
D1USReu1FstateTRUS➢
8.34
-0 26
0.06
1.00
3L�
2.39
-17.23
0.84
2x54
Natural Resources
Freferred Securities
RS Global Natural Resouces Y R5NYX Natural Rasources sir *: -1.15 1531 -2.71 1451 -7.93 1521 2.67 1601 8.29 134 -3.30 119) 12.65 124) -9.91 1.24 27.29 1.12
.%aW4rror8h funer,'crrn 1'tr,urol Resor.•rces 9.64 - 182 11.87 -10.74 1.26 27.19
Commodiiies
SPDR Gold Share,
ETF Commodities PreciDus Metals
-25.50
-
-28.52
-
23.09
-
-25.73
-
-1.81
-
4.67
-
-
-
5d0
0.17
22.07
14C,
PIMCO Corrrrodity Real RA Strat Instl
PCRIX
Commodities Broad Basket
# **
-15.25
1931
-15.74
1271
-20.61
1811
-11.00
1731
2.76
124)
-9.19
(7)
4.84
(1)
-15.' 6
115
25.21
0.74
W UBS Commodity TR USU
-0 26
-11.61
2.39
-17.23
0.84
2x54
Freferred Securities
!Shares 5&P U.S. Pmferrel Stock In
PFF
ETF Lang -Tear Bone
k#
-1.69
-
1.19
-
2.90
-
6.70
-
8.79
-
7.46
-
-
-
-D. id
0.59
25.02
0.48
Pdnaipal F•efertrd Securities Inst
PPSIX
Long -Tenn Bond
k*
-1.64
1121
1.21
1101
4.27
1111
1C.OL
1111
10.79
116)
10.43
116)
5.69
(39)
4.04
0.E5
-7.37
0.75
S&P Preferred
J&M
1.CO
25.27
1 ntern at! on 21 E q uity - E mergi ng
Vanguard FTSE Emerging Markets ETF
VWO
ETF Diversified Emerging Mkts
**
-3.40
-
-10.79
-
-168
-
1.54
-
3.27
-
-0.68
-
-
-
-a 13
1.02
28.44
0.1£
iShares MSCI Emerging Mark --"
EEM
ETF Diversified Emerging Mkts
t# r
8.03
-
-10.00
-
1199
-
2.06
-
2.81
-
-1.17
-
13.13
(1)
-0r81
0.59
27.51
7.69
Dpuen -ieimar Developing Markets Y
ODVYX
D'nrersified Emerging Mkts
* * *T
-3.95
(111
-3.78
(191
0.65
1231
7.87
(231
8.13
(7)
5.48
(4)
18.09
(1)
5.50
0.92
26.04
1.03
MSCI rM MR L'SD
International Value Equity- Developed
Federatec Intl Strategic Val Div Instl
IVFIX
Foreign Large Value
* * * *x
-410
1971
0.61
1831
3.04
1991
9.60
1991
11.78
111)
0.80
114)
-
-
'.0l
0.6'
_9.42
0.86
MSC1 FAFE tar3eVvlue VR VSD
-1.01
211
9 -21
!7.57
4.02
-1.39
6-79
0- 61�
International Core Equity - Developed
Artisar I nternati or a I Value Investor
ARTU
Foreign Large Blend
* * * **
:.16
(5)
8.79
(1)
16.72
(2)
26.6L
(1)
16.43
(1)
9.06
(1)
1'_.07
(1)
9.29
6.77
19.79
1.22
SPDR MSCI KM (ex -US)
CWI
ETF Foreign Large Blend
1 k#
-3.43
-
430
-
5.25
-
12.58
-
7.68
-
-0.61
-
-
-
0.08
1.01
23.3B
0.34
i5hares MSCI EAFE Index
EFA
ETF Foreign Large Blend
#k*
-0.93
-
4.13
-
10.91
-
18.56
-
9.92
-
-0.68
-
7.54
-
-0106
1.CO
22.8B
0.34
Vanguard Developed Markets Irdex Inv
VCMIX
Foreign Large Blend
# *
0.9B
1481
3.38
1321
1120
1201
18.26
1261
10.49
133)
-0.45
142)
7.74
(37)
0.30
1.02
23.74
0.20
.Scout International
UMB`NX
Foreign Large Growth
#k #*
-1.59
1421
1 ,L8
1471
8.68
1381
16.86
1231
10.82
143)
-.80
131)
9.59
(25)
2.30
0.53
21.93
1.00
MFS Research hterrational I
MRSUS
Foreign Large Blend
# **
0.55
1341
3A3
1311
9.57
1461
1E.98
1431
11.19
116)
0.05
131)
8.68
(19)
0.74
1.00
23.20
0.97
Manning & Narier Wald CppartunitiesA
DWAY
Foreign Large Blend
# # #x
-1.23
1581
3.74
1261
9.77
1441
11.41
1371
8.43
174)
0.75
120)
9.67
(7)
'.60
1.CO
23.84
1.05
M50 WE NR USO
4.10
1x94
18.62
=4
-0t61
7.67
a W
1.W
22.98
Small Cap Growth
!Shares Russell 2000 Growth Index
111'0
ETF Small Growth
* **
3.77
-
17.50
-
18.06
-
23.86
-
20.OL
-
8.96
-
9.58
-
0.07
1.CO
27.26
0.25
T. Rowe Price Diversified Sm Cap Growth
PRDSl(
Small Growth
3.26
1501
16.23
1461
17.8L
1341
24.62
1301
22.61
110)
10.78
119)
10.09
(33)
2.12
0.54
23.05
•7.91
InVesco Small Cap GrovRh RE
GTSVX
Small Growth
* * **
1.88
1791
15.26
1591
19.21
1151
25.36
1241
20.59
123)
9.88
132)
9.96
(37)
_.64
0.89
21.85
0.83
Russell 2t7PP GruWA TP. USD
17. 23.67
19.97
£•d'9
9.62
0.00
1.0
24.28
Please refer to appendix for full disclosure.
N
Period Ending June 30, 2013. �s�s
SUNDIUST
Small Cap Core
i517AHSRus =- 61120061ndex
IWM
ETF Small Blend
= **
3.09
-
15.87
-
'8.D7
-
24.26
-
18.66
-
8.84
-
9.50
0.04
1.00
24.02
0.23
i5hares Core S&P Small-CapETF
IJR
ETF Small Blend
*k�*
3.98
-
16.26
-
'8.83
-
25,24
-
20,20
-
9.87
-
14.66 -
1.'8
0.97
23.52
0.16
Russo-ll2006 rN 05V
3.W
3586 �
=1
18.67
S
0..99
1.00
74,07'
Small Cap Value
i6h are sRusae112006Valuelncex
M'PI
ETFSmal1VaIue
* *#
2.43
14.29
-
'7.91
-
24.0
-
17.16
-
8.S1
-
S.15
-0r77
1.00
24.24
0.37
All 312CINFJ5mall -Cap Valuelnstl
PSVIX
SmallVa1ue
* * *+rs
0.24
(93)
12.66
(SO)
'5.81
1571
22.63
1791
16.44
(53)
3.55
160)
1115 14]
1.55
0.?5
15.09
0.79
PerkinaSmall Cap Value I
1500X:
Small'dalce
*x
1.20
(84)
12.59
(81)
'5.56
1891
'8.52
1921
11,7E
(94)
K.E5
127)
10,36 1351
3.24
037
15.14
0.89
1+u1_cr 'is IuePartnersSmallCap
VVPSX
SmallBICrC
*s *xx
1.77
(72)
17.82
(16)
23.57
1111
3D.51
1111
23.24
(5)
-
-
- -
1.25
Rid ,=SNorth Small Cap'JRILF - Equityl
SCETY
SmallB1anc
*x * *x
0.0D
(93)
11.79
(90)
'8.3B
1441
22??
1591
16.93
(74)
11.11
19)
1210 (4)
3.27
0.87
21.93
1.20
:am )i2rSmall Cap lnstl
CA,MZX
Small Blend
* **
2.68
(48)
13.87
(76)
=9.68
1291
25.85
132E
19AS
(28)
11,27
19)
- -
3.17
0.94
24.34
1.47
Russ.11 Zt?66'7o1ue 1R
SMid Cap Care
EatanVanwA .tlarta Capital SMlQCapI
EISMX
Mid- Cap Guawth
*x * *x
2.18
(40)
15.72
(13)
19.75
[51
24,66
1111
21.47
(5)
19.73
11)
12,48 (1]
6.28
1.03
20.73
1.OD
Schrader US Small &Mid Cap Opp Inv
SMpI}f
Mid -Cap GrrnMh
* * *+
2.70
(30)
15.07
(22)
15.98
1331
26,57
1431
15,68
(72)
7,18
134)
- -
0.36
0.98
18.73
1.47
Rusself 2500 TR 11517
25.61
19.57
9.2
10.34
1.30
1.21
2313
SMid Cap Value
CR615rnaII,141id Cap Value I i rt
CRIAY
Mid-CapBlend
* *x*
053
(901
12.89
(77)
''.2
[681
22.55
[711
14A7
(45)
3.1E
129)
-
1.25
1.02
?7.00
0.88
Russell 2500 VVWue TR t15F
29.37
2688
MM
141
10.15
1.57
120
2.3.0E
Mid Cap G nowt h
15hamsRw--- ;IIklidrapGrowthlnlei
ILVP
ETF Mid- Cap Grouuth
* *t
2.83
-
14.60
-
'652
-
22.70
-
19.29
-
7.41
-
5.71 -
-0.IR
1.00
22.35
0.25
Goldmai 5ach =- Gro%vth Cpporturities Instl
GGOIX
Mid-Zap Growth
* *x*
152
(62)
10.93
(78)
'2.82
[711
'857
[611
15.99
(50)
8.54
119)
1C %14 131]
1.D5
0.97
22.06
0.99
Russell Wid C7p GrmA TR I LSD
474
1f G4
'qW61
4.94
ao
1.00
22.38'
Mid Cap Core
le3•Bridp Mid Cap CareIS
LSIRX
Mid-Cap Blend
* **
3.18
(19)
14.70
(49)
'9.35
1391
26:76
1351
1?.eC
(20)
8.15
129)
5.18 1501
0.27
0.95
21.80
0.8'
;F DR S&P I.fidCap 40D
IrIBY
- TFllid -Cap Blend
* *x*
0.96
-
14,43
-
'8.46
-
24,67
-
19.11
-
R,EB
-
10,42 -
0.37
0.99
22.10
0.25
iShares Rus =ell h'idcap hcex
I,"
AFrrlid -Cap Blend
* *x*
2.1?
-
15.35
-
'8.6!
-
25.22
-
1 ?.3E
-
9,1E
-
WAS -
-0.11
LOG
22.26
0.2_
i5haresCoreS&P NlC -Cep ETF
I1H
6TFL1id -Cap Blend
* *x*
0.99
-
14.55
-
'8.67
-
25.79
-
19.28
-
8.75
-
17.61 -
0.56
0.99
22.11
0.'5
Russefr Wid Cup TH U50
2.21
15.45
19.17
25A1
19-0 � �
0.00
1.00
22JI
Mid Cap Valu e
SharesRus_ IIMidcapl+alualrcex
IMs
ETFrdid -Cap Value
* #x+
1.59
-
15.97
-
2D.45
-
27.36
-
2 ?.2E
-
9,13
-
1015 -
-0.12
1.00
22.63
0.28
RSVDILCY
R5NX
Mid -Cap Blend
*s
2.56
(33)
18.09
(13)
23.44
1141
3'31
1131
102
(83)
!.6E
183)
11.02 191
3.!9
0.96
22.76
1.04
Rid ; etNorthMid -Cap ValueEquity I
SIATX
Mid-Cap Value
* *x+
13D
(33)
12.6D
(89)
'9.34
1601
21.15
1421
1755
(59)
12,21
14)
12.11 121
3.48
0.91
2112
1.07
1PIdlorgan Mid Cap lralua lrstl
FLMVX
Mid -Cap Value
+ * * «*
2.35
(53)
15.26
(60)
'_85)
1701
25,68
1611
2.7.68
(7)
1140
121)
14.72 1221
2.42
0.84
15.23
0.76
Russell Wid Cup LA-Le TR 1150
M
I.65
I&JO
20.65
274
OA0
1.00
22 YO
Please refer to appendix for full disclosure.
Period Ending
June
30, 2013.
SuNTRUST
52
Large Cap Growth
i5hares Russell 10D6 Growth Index
IWF
ETF Large Gro•vth
* * **
2:32
-
_1.73
-
_0.18
-
16.84
-
18.44
7.29
7.21
-
-0.16
1.CO
' 8155
12C
Victory Large Cap Growth I
Vi
Large Growtn
*x
-OA9
(95)
7.03
(94)
2.30
(98)
8.19
(98)
14.58
(80)
3.19
183)
-
-
-3.94
1.CO
'9.49
135
T. 20+,ce Price Instl Large Cap Growth
Tl
Large Growth
* * **
4.45
151
'3.19
(18)
'2.59
(27)
19.36
(30)
18.86
(13)
8.85
110)
8.30
119)
0.76
1.12
21.31
3.57
Ridg21Vorth Large Cap Growth Stock I
STCAX
Large Growth
+x*
MB
187)
6.69
(95)
5.20
(93)
11.92
(90)
17.48
(33)
6.35
138)
5.92
177)
-1.27
1.C5
-9.83
11
Harbor Capital Appreciation Instl
HACA?(
Large Growth
* * **
2.35
136)
9.43
(71)
8.09
(71)
14.16
(76)
16.74
(47)
6.85
129)
1.78
129)
-0.35
0.57
- 8.35
•).BE
Calvert Equity I
CEYIX
Large Growth
*rx
•7.97
(80)
9.99
(64)
-0.19
(47)
16.89
(51)
16.33
(53)
6,4?
135)
7.11
147)
-0.84
0.59
- &93
•7.5E
ASTON /Morrtag & Caldwell Growth I
h1CGIX
Large Growth
* * **
•7.42
(88)
'0.65
(55)
8.80
(63)
15.63
(55)
15.79
(63)
5.69
148)
6.85
154)
-0.90
0.E7
-b.41
151
Russell 1300 C-th TR U�
]1.80
]0.33
IZ07
18.69
7.47
7.40
0.00
1.00
Large Cap Care
ClearBridge Appreciation I
SAM
Large Blenc
* *r **
2.33
(63)
'2.82
(68)
-1.58
(77)
19.05
(71)
17.14
(46)
6.86
129)
7.82
124)
0.62
0.85
-5.79
166
SPDR S &P 500
SPY
ETF Large Blend
* * **
2.34
-
' 3.76
-
'331)
-
20.44
-
18.32
-
6.93
-
7.20
-
-0.06
1.00
'&37
1M
i5hares Russell 10D0lndex
IWB
ETF Large Blend
* * **
2.62
-
_3.83
-
_193
-
21.09
-
18.46
-
7.02
-
7.55
-
-0.09
1.92
'8.80
0.1E
i5hares Core 5&P SOD ETF
i
ETF Large Blend
* * **
2.90
-
'3.79
-
'3.35
-
20.52
-
18.34
-
6.96
-
7.23
-
-0.04
I.CO
'8.39
0:77
VangumdlnAltutionallncexI
VINR{
Large Blenc
* * **
2.91
(35)
'3.81
[41)
-338
(52)
20.51
(49)
18.43
(18)
7.04
1241
7.30
1351
0.03
I.CO
' 8.41
3.M
Vanguard 5001rdexSignal
VIFSX
Large Blend
* * **
2.90
(36)
'18D
(41)
-3.36
(53)
20.55
(50)
18.42
(18)
7.03
124)
7.25
137)
0.02
1.CO
' 8,41
D:35
Vaiguard5001rdexInv
VFINX
Large Blend
* * **
2.37
(37)
'3.74
(43)
-3.27
(55)
20.42
(51)
18.28
(21)
6.91
127)
7.18
141)
-0.09
1.CO
-&41
•117
Vanguard 5001rdexAdmiral
VHAX
Large Blend
* * **
230
(36)
'3.81
(41)
-3.36
(53)
20.55
(49)
18.42
(18)
7.03
124)
7.28
135)
0.02
1.CO
&42
D:35
JPMorganUS Equity lnstl
1MUEX
Large Blenc
* * * **
3.70
(18)
'4,63
(25)
15.27
(23)
23.38
(22)
17.97
(28)
8.20
(9)
8.46
115)
1.06
1.C1
&75
164
5&R 500 712 USD
2A3
33.
20.60
18.45
7.01
All
OAR
3.
Large Cap Value
SPDRS &P Dividend
SM
ETF Large Value
* *rx*
1.21
-
'5.6D
-
'6.83
-
22.91
-
17.47
-
12.45
-
-
--
6A9
O.El
17.52
0.35
i5hares 11000 Value Index
IWD
ETF Large Value
*rr
3.11
-
'5.75
-
'7.46
-
25.02
-
18.26
-
6.53
-
1.63
150)
-0.12
1.CO
-9.59
•7.2C
i5hares DowJone5 to ect D'vidend Index
DVY
ETF Mid -Cap Value
* * **
1.15
-
'3.75
-
_4.03
-
1 &15
-
18.93
-
9.59
-
-
--
3.89
0.81
_7.68
14C
Financial Select5ec- o-EPDR
XLF
ETF Financial
**
7.14
-
_9.36
-
26.35
-
35.05
-
13.91
-
1.27
-
-0.12
--
-6.03
1.45
30.59
•7.19
RidgeWorth Large Cap Vail- Equity I
STVTX
Large Value
* * **
3.11
(58)
_4,36
[69)
_7.48
(31)
25.18
(31)
17.67
(37)
8A7
119)
8.67
113)
2.06
0.52
_ 8.33
•185
Hart'ard Dividend & Groveth Y
Hill
Large Value
* * *k
3.86
(36)
'S .01
(49)
-5.48
(57)
21.63
(64)
17.20
(47)
1
139)
8.59
116)
0.69
0.89
'7.63
3.65
Federated Strategic ValueDividendlnstl
SVAIX
Large Value
* * **
1.52
1S8)
'1.013
(96)
9.20
(97)
12.88
(97)
17.34
(44)
7.76
122)
-
-
3A7
0.58
'3.46
0.81
JHancock3 Disciplined Value I
JVLLK
Large Value
* *v **
5.73
[51
'7.27
(12)
-M2
(19)
2&1D
(12)
19.38
191
9A4
(5)
9.54
(5)
2.83
4.55
-&86
0.88
Russel 1000 Vlriue TR USP
35.90 �7.
1.00
19.64'
Al 51raiegies
AbaoltteStrategies I
A5FIx
Multi altemative
* * *+r
153
(13)
1.99
(31)
D.44
(66)
1.07
(79)
2.80
(60)
2.70
117)
-
-
0.67
0.24
6.03
1.73
Wasatch Long /Short Investor
FMLSX
Long /Short Equity
* * **
-D.13
(72)
9.05
(30)
-1.47
(18)
16.95
(16)
11.88
(23)
6.42
124)
-
-
1.20
0.71
'4,47
1.27
Aberdeen Equity Long -Snort Inst
GGUIX
Long /Short Equity
+rx*
1133
(50)
5.41
(54)
6.55
(45)
8.63
(49)
4.72
(55)
0.91
174)
4.97
145)
-1.52
0.29
6.63
1.26
Blacki Global Long /Short Credit Inst1
BGCB(
Nontraditional Bond
-
-0.04
114)
0.9�
(25)
3.44
(15)
5.82
(21)
-
-
-
--
-
-
1.31
Osterweis Strategic Ircome
OSTIX
Multisector Bond
* * **
-0.18
161
2.69
15)
4.96
(12)
7.45
(23)
7,49
(34)
8.00
137)
7.22
117)
4.04
0.32
4.70
093
International Bonds - Emerging Markets
Goldman Sachs Local Emrg Mkts Debt Instl
GIMDX
Emerging Markets Bond
r
-7.68
175)
-7.98
(50)
-3.59
(34)
2.13
(41)
6.01
(51)
4.13
189)
-
-
-2.51
1.C3
'6.26
191
I'll Emerging local Bond InAl
PELE?L
Emerging Markets Band
**
-8.70
192)
-8.86
(83)
-549
(81)
-1.32
(87)
5.16
175)
6.61
170)
-
-
-0.27
1.C4
'b.U4
U.K
1RM GB1 EM Ml bul Diversified
-�'+t
-332
6.71
ia2�
1. GO
1527
International Bonds - Developed
I'll Foreign Bond 1USD-Hedgedl I
PFORX
World Bond
* * **
-3.01
(31)
-1.53
(15)
D.33
(14)
5.39
(6)
5.83
(15)
8.21
(3)
5.49
(17)
556
0.52
4.85
0.5C
I'll Foreign Bond 1Unhedged) I
PFUO(
World Banc
***
-0.83
(79)
-8.57
(96)
-10.34
(96)
- 3.72
(85)
5.30
(M)
5.68
130)
-
-
251
0.78
11,2t
0.5C
JPM G5i Gfobvl 7R Hdg USD
Please refer to appendix for full
disclosure.
Period Ending
June
30,
2013.
SuNTRuST
53
Global Bonds
Templetor Global Bond Acv
TGBAX
World Band
is * **
-2.73
122)
-1.36
(121
2.42
(3)
7.95
12)
5.84
(91
9.63
111
9.24
(1)
E.42
0.8L
9.64
4.65
PINCC Clocal 3ona (USD- Hedgedj I
PGBI.K
World Band
t tt*
-3.18
136)
-2.10
(251
-0.8S
(30)
3.25
(231
5.5°
(16)
7.27
(12)
5.53
130)
533
Db4
A7
0.55
Bamlan Glooar Aggregate TR USO
-2.79
4.833
-5.28
-2. IM
3.55
3.68
4.19
0.00
1.00
High Yield Bonds
Neuberger Berman High Income Bond Instl
NHILX
High Yield Bond
tt*
'.39
143)
1.15
(461
4.22
(50)
8.70
(521
5.86
(49)
1_.22
[4]
7.89
(35)
1.62
0.86
_2.11
0.70
Ridge lDrIth High Inoome I
STHTX
High Yield Bond
+t *+r **
'.29
135)
1.81
(261
5.88
(17)
.61
(211
10.91
(13)
14.70
1111
9.22
(2)
-.36
0.95
' 3.85
0.77
RidgeN'orth Seix High Yield I
SAMHX
High Yield Bond
t **
'.49
153)
0.96
(561
4.97
(30)
9.50
(351
3.93
(36)
8.52
(59)
6.72
183)
-0Z5
0.78
'1.17
0.57
i5hvas iBoxx $ High 1'ieL Co•corate Bd
HYG
ETF High Yield Bord
**
..87
-
0.31
-
3.45
-
7.61
-
5.75
-
8.24
-
-
-2.20
0.98
_33t
0.50
Brmlan W Cnrpora,e Hl;h Y,'e1d
-1.44
1.41
4.75
149
(7�
10..94
A91
woo
1,00
1191
Bank Loans
Powar$nares Senior Loan Port
BKLN
ETF Bank Loa
-
-0.38
-
1.64
-
2.88
-
6.70
-
-
-
-
-
-
0.66
Ridgeal'.rth Seix FlDating RT High Inc I
SAMBX
Bank Loan
x t+r*
C.02
147)
2.03
(561
3.85
(41)
6.97
(341
E.95
(35)
5.23
(34)
-
-
2.29
0.67
8.58
0.52
Eaton'uan-e Floating Rate I
FIBLX
Bank Loan
# #+
-0.0'
149)
2.01
(601
3.47
(62)
6.12
(671
6.23
(63)
5.12
(33)
4.34
149)
1.5E
0.86
' �,.78
0.77
A4omirwsfar Oardr Loon P.W
0.05
2.31
391
7.22
7.17
3.91
398
laix
IM
IZ50ANNim
Inflation Protected
Shares Barclays TIPS Band
TIP
ETF InHatior- Protected Bond
* tt*
-6.99
-
-1.42
-
-6.82
-
-4.E6
-
ME
-
4.26
-
-
-
-0.14
1.00
7. ED
0.20
PIMCCI -5 Year US TIPS Indaz7F
STPZ
ETF InHation- Prote-cta -d Bond
*
-2.89
-
-2.50
-
-2.15
-
-1.13
-
2.06
-
-
-
-
-
0.20
haRln,r- USTreaswy L'S TIPS
QS
-739
-f 75
-478
d63
441
519
0.00
1110
-
Domestic Long Tenn Bond
Loomis Saylas 3ona Insd
LSBDX
k'IultisectarBond
* * **
-'-.39
123)
0.85
(231
3.94
(19)
8.88
(161
R.5B
(12)
8.27
(30)
8.40
111)
5.26
0.38
' 2.32
0.53
Va °guard Lo -g -Term 3ond Index ETF
BLV
ETF Long -Term Bond
* **
-6.217
-
-1.69
-
-7.5E
--
-4.75
-
6.K,
-
8.L7
-
-
-
-0.16
1.D1
' 1.8L
0.10
gorrlan US Govt/CredALaw TH USO
AM
-791
-7.56
A69
7.01
8.50
621
LLOO
1. OD
IL65 _
Domestic Intermediate Bond
PIMCO Inve,-ment Grade Corp Bd imtl
PIGIX
Intermediate -Tew Bond
* * # **
-4.29
199)
-2.1t
(861
-0.94
(23)
3.58
19)
7.93,
(11
9.97
111
7.06
(1)
2.35
1.47
7.21 _
0.50
JPMorgan Government Bond Sele:t
HLGAX
Intermediate Government
* * * **
-2.8'
131)
-2.62
(621
-2.54
(36)
-1.52
(391
1K
(61
5.15
(10)
4.79
(6)
-0.07
1.07
t.52
0.!9
PIN CC Total Retain Intel
PTMR
Intermediate -Tear Bond
* *+r♦*
-3.60
194)
-102
(311
-1.85
(52)
1.20
(3$1
4.67
(35)
7.26
(14)
5.97
(5)
2.39
0.92
t.4'
0.16
RidgeWErth Total Return Bond I
SAMFX
Intermediate -Terry Bond
t tt*
-2.50
137)
-2.85
(721
-2.52
(79)
-D. ED
(771
2.73
(63)
631
(32)
SAG
126)
1.21
0.97
3.87
0.39
Ridgeal'arth ;are Bond Fund I
STIGX
Interediate -Tear Bond
* **
-2.53
139)
-2.65
(601
-2.55
(80)
-1.:9
(831
12:,
(30)
6.DI]
(40)
4.8_
133)
:1.02
1.16
t.64
0.39
Ridgeul'orth Irnerrrediate Bond I
SAMIr.
Intenredlate-Terrr Bond
*
--.82
110)
-1.57
(151
-i.G2
(34)
-0.14
(661
2.54
(92)
5:)6
(69)
4.36
152)
0.87
0.80
3.24
0.35
Varguard Total Bord Market Irdex I
)7BTIX
Inte mediate -Tear Bond
**
-2.42
136)
-2.48
(491
-2.35
(72)
-0.E3
(821
2.42
(73)
5.18
(65)
4.54
144)
-D.r4
1.01
3.78
0.37
Varguand Total Bord Market Irdex Sig ral
VBTSA
Interrediate -Tear Bond
* **
-2.42
13D)
-2.48
(501
-2.36
(73)
-0.B5
(321
1.4C,
(74)
5.14
(66)
4.47
146)
-0.07
1.01
3.78
0.10
Shar_s Barclays 2- 7YearTreas -ry ?one
El
ETF Intermediate Govemmert
* **
-2.06
-
-1.88
-
-1.9 Q
-
-1..8
-
2.92
-
4154
-
-
-
'.51
0.76
3.97
0.15
Shares Core Total US Bord Market ETF
AGG
ETF Intermediate -Term Bond
* **
-2.42
-
-2.52
-
-2.32
-
-0.E4
-
2.25
-
438
-
-
-
-0.26
1.01
3.8'
U.]8
Shares iBoxx $ Invest Grade Corp Bond
LQD
ETF LDrg -Term Bond
**
-4.39
-
-7.93
-
-3.85
-
0.50
-
6.01
-
7.30
-
4.93
-
-2.116
2.05
9.18
0.15
Va °guard Total Bo -d Varket ETF
BND
ETF Intermediate -Term Bond
* **
-2.43
-
-2.46
-
-2.35
-
-0.E5
-
335
-
5.11
-
-
-D.1D
1.D1
3.77
0.10
Ba-;la, W Ag; Bord TR V50
-2.32
-1.44
3151
Mmr�
4.52
u06
1A0
3.73
-
Please refer to appendix for full disclosure.
Period
Ending
June 30,
2013.
�ill111
SUNTRUST
54
Mortgage Bonds
Oesterr Asset Mxtgage Backed5ec I
565n
InterrceciatR-Term Borc
*_ * ** 2.--8
111
3.13
(11
5.10
(11
7.97
(1) E.ss
14) 7,55
11M E,29 1191 5,42 0.35
2.59
0.67
Doublel-ine Total Return BarC I
CBLTX
Interrceciate -Term Borc
* * * ** -1,59
171
43L
(41
0A5
(71
3.94
(6) 8.71
11) -
- - -
423
0.51
RidgeVnorthLtd- TermFeceralMortg Secs I
SLMTX
IntermeoiatF�uowernment
x ** -2.46
1621
-2,35
(361
-2,5L
(351
-1,L2
(34) 2.75
128) 4,91
122) 3,7E 1481 1,41 0.66
2.96
0.67
Vanguard Mortgage- 53.1ked5ec Idx5ignal
VMM
Intermediate Term Borc
* -1,52
1131
-1,91
(2141
-2,31
(701
-1,07
(68) 2.44
193) -
- - -
2,36
0.12
iqare=_ 33 clays MBS Bond
MBH
F1F1ntermediat?Terrr Band
*x 2,24
-
-2,17
-
4,17
-
-1."
- 2.11
- 4,47
- - - lk� 0.63
2.88
0.27
B'ordup 05 k7? Bond rR USE)
OA3
-
1.82
-
2,28
-
-2.24
-
-0.69
11111�1
'.9'
.00
3.73
SHY
Dernestic Short Term Bonds
= *+
•C,12
-
0;16
-
-0,02
0.20
-
G.70
-
1,77
-
2,47
RIMCO LaaK DuratlDi listl
PTLEX
Siort-T2-n Bond
*_ * +*
-1.25
1SR1
-143
(661
-),R7
(B01
1.33
(47)
2.82
172)
4,24
117)
3,8E
1101
2,61
0.20
3.86
0A6
RidgeVacrth SinI -Tarn Bond I
SSFY
S1ort-Term Bond
= *+
-C,42
1221
423
(391
411
(521
0.86
(60)
1.67
167)
2,72
164)
2,93
1491
2,46
0.03
2.54
0A8
i5Fa re; - 3a-cIBys 1.3 faa•Crecit Bond
CSl
3TF Short-Term Bcrc
= *+
•C,2s
-
0.00
-
0.35
-
1.58
-
2.14
-
2,36
-
-
-
2,78
0.14
2.88
0.20
Vanguard Short-Term Bcrc :TF
vi
3TF Short-Term Borc
= *+
-C.22
-
455
-
-O,"-0
OA3
-
1.82
-
2,28
-
-
-
0,7s
0.86
'.9'
0.10
i5ha re; - Barclays 1 -3 Vea•Treasury Bond
SHY
TF Short Sawwnment
= *+
•C,12
-
0;16
-
-0,02
0.20
-
G.70
-
1,77
-
2,47
[1)
4,02
0.58
'-.'-2
0.15
Vanguard Short-Term GD%t Bd Idx ETF
VGSH
ETF Short Government
= **
-C,15
-
-7r }5
-
0.01
-
0.23
-
0.74
-
-
-
-
-
0.12
IBmdogs GauemwAr 1 -5 Y, T R 11SD
-0.65
A249
-043
0.02
WX
1.00
1.78
Dernestir Ulira Short Bond
SPDR Barclays' 2 Month T -Bill
BIL
ETF Ultrashort Bond
*_
-C,C1
-
-0;73
-
-].33
-
-0,0"-
-
-4.03
-
C,, 14
-
-
-
-0.03
-0.0'
0.'4
0.13
RidgeVacrth US Gov Sec Ultra-Short Bd I
SICA
Ultrashort Band
*_ * +#
•C,22
1611
0;76
(551
-116
(301
0.53
(62)
1.24
146)
2,31
113)
2,83
(1]
1,66
0.15
0.75
0.39
RidgeViorth Ultra -Short Bond I
5155X:
Ultrashort Band
* ***
-0,21
1701
-7;75
(541
0.21
(501
0.87
(42)
1.22
148)
192
131)
2,E2
191
-0.33
0.75
'.98
0.34
PIMCO Short-Term Insd
PTSHX:
Ultrashort Band
* * * **
-CA4
(821
-7;76
(561
0A0
(231
1A?
(16)
1.58
121)
2,42
17)
2,76
[3]
CAS
0.63
2.'9
0A5
Goldman Sach = 3nian -cc Income Instl
GEIIX
Ultrashort Band
* *+
d,,17
1431
0.08
(361
0.22
(451
0.76
(51)
0.62
165)
1,37
153)
2,15
1381
0.20
0.50
'.07
0.35
Fecerated Ult-as iort Bond Instl
FULIX
Ultrashort Bard
* * * **
-C,42
1311
-7,77
(571
0.35
(291
1.35
(201
1.82
114)
267
12)
2,59
(6]
0,60
0.6?
'.78
0.36
FccErated CT Ultrashort Duration Instl
FGUSX
Ultrashort Borc
* *+
-C,12
1341
•7,7%
(521
- ,);.7 -'
(731
0.19
(M)
C.41
177)
0.22
175)
2.07
1461
0.20
0.1?
0.57
0.25
Federated Adjustode Rate SacsInstl
FEUGX
Shxt Government
* *+
{•48
1341
-1,Ll
(231
-160
(301
0.02
(23)
0•.71
166)
1,51
166)
2,58
1511
0,36
0.49
1.21
0.64
gardoys 5G?8I -3 v GvrzQ%1 -3Y crp TR tw
13
1.70
100
I.59
Money Market
Fecerated Prime Obligatiors Instl
POW
Money Market Taxable
0.02
171
0.04
(71
0.0?
(61
0.11
(6)
0.1E
14)
0,47
13)
MS
[4]
0,20
0.00
0.2'
0.20
Fecerated Treasure Obligs I7 = -tl
TDI%X
MOneV Market Taxable
0.00
1351
0.00
(361
0.01
(411
0.01
(40)
0.01
140)
0.14
169)
1,5.
1361
0.06
0.00
0."
0.20
Gtl T remL y 13013 Man UX
4.42
0.03
M
0.06
0.09
0.13
1.63
aW
0.00
0.12
Please refer to appendix for full disclosure.
55
Period Ending June 30, 2013.
SuNTRUST
Important Disclosures
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.r
SuNT uST
Important Disclosures
Asset Allocation does not assure a profit or protect against loss in declining financial markets
Emerging Markets: Investing in the securities of such companies and countries involves certain considerations not usually associated with investing
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High Yield Fixed Income Investments, also known as junk bonds, are considered speculative, involve greater risk of default and tend to be more
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International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include potential economic
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Important Disclosures
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SuNT uST
Important Disclosures
BarCap Aggregate Bond Index: The broadest measure of the taxable U.S. bond market, including most Treasury, agency, corporate,
mortgage- backed, asset - backed, and international dollar- denominated issues, all with investment -grade ratings (rated Baa3 or above by
Moody's) and maturities of one year or more.
BarCap US Corporate High Yield: The U.S. Corporate High -Yield Index the covers the USD- denominated, non - investment grade, fixed -
rate, taxable corporate bond market. Securities are classified as high -yield if the middle rating of Moody's, Fitch, and S &P is Bat /BB + /BB+
or below. The index excludes Emerging Markets debt.
BarCap US Treasury Long Index: includes public obligations of the US Treasury with maturities of 10 years or more.
CBOE VIX: The CBOE Volatility Index° is a key measure of market expectations of near -term volatility conveyed by S &P 500 stock index
option prices. Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment
and market volatility. VIX is often referred to as the "investor fear gauge ".
Dow Jones Wilshire RESI Index: designed to provide measures of real estate securities that serve as proxies for direct real estate
investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate. To be included, a
company must be both an equity owner and operator of commercial and /or residential real estate. A company must have a minimum total
market capitalization of at least $200 million at the time of its inclusion, and at least 75% of the company's total revenue must be derived
from the ownership and operation of real estate assets
MSCI All- Country World ex -US Index: is a free float- adjusted market capitalization weighted index that is designed to measure the equity
market performance of developed and emerging markets, ex -US equities.
MSCI All Country World Index: is a free float- adjusted market capitalization weighted index that is designed to measure the equity market
performance of developed and emerging markets.
MSCI EAFE Index: The MSCI EAFE Index® comprises 21 MSCI country indices, representing the developed markets outside of North
America: Europe, Australasia and the Far East.
MSCI Emerging Markets Index: is a free float- adjusted market capitalization index that is designed to measure equity market
performance of emerging markets. As of May 27, 2010 the index consisted of the following 21 emerging market country indices: Brazil,
Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland,
Russia, South Africa, Taiwan, Thailand, and Turkey.
Note: Indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment.
SuNTRUST
Important Disclosures
The MSCI Europe Index is a free float- adjusted market capitalization weighted index that is designed to measure the equity market
performance of the developed markets in Europe. As of June 2007, the Index consisted of the following 16 developed market country
indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland, and the United Kingdom.
Russell 2000 Index: is comprised of 2000 smaller company stocks and is generally used as a measure of small -cap stock performance.
S &P 500 Index: The S &P 500 Index is comprised of 500widely -held securities considered to be representative of the stock market in
general.
S &P Equal Weight Index (S &P EWI). The index is the equal- weight version of the widely regarded S &P 500. The index has the same
constituents as the capitalization weighted S &P 500, but each company in the index is allocated a fixed weight of 0.20% at each
quarterly rebalancing
Barclays U.S. Municipal Index: covers the USD- denominated long -term tax exempt bond market. The index has four main sectors:
state and local general obligation bonds, revenue bonds, insured bonds, and pre- refunded bonds.
DJ -UBS Commodity Index is composed of futures contracts on physical commodities. It currently includes 19 commodity futures in
seven sectors. The weightings of the commodities are calculated in accordance with rules that ensure that the relative proportion of each
of the underlying individual commodities reflects its global economic significance and market liquidity.
MSCI BRIC Index is a free float- adjusted market capitalization weighted index that is designed to measure the equity market
performance of the following four emerging market country indices: Brazil, Russia, India and China.
The MSCI AC (All Country) Asia ex Japan Index is a free float- adjusted market capitalization weighted index that is designed to
measure the equity market performance of Asia, excluding Japan. As of March2009 the Index consisted of the following 10 developed
and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and
Thailand
MSCI Germany: every listed security in the market is identified. Securities are free float adjusted, classified in accordance with the
Global Industry Classification Standard (GICSO), and screened by size, liquidity and minimum free float.
Note: Indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment.
SuNTRUST