PORTFOLIO OBJECTIVES
|
|
- Kerry Rich
- 7 years ago
- Views:
Transcription
1 Save The Investor. Save The World DEERFIELD BOULEVARD MASON, OHIO P: (513) F: (513) PORTFOLIO OBJECTIVES Aggressive Growth Strategy - Page 2 Long - Term Growth Strategy - Page 8 Balanced Growth Strategy - Page 11 Income and Growth Strategy - Page 20
2 AGGRESSIVE GROWTH STRATEGY Annualized Compound Returns (%) All data as of 12/31/2012 Aggressive Growth Gross of Fees Aggressive Growth Net of Fees Aggressive Benchmark 95% EQUITY 5% FIXED INCOME ASSETS UNDER MANAGEMENT as of 12/31/ % 17.04% 15.88% 17.85% 17.79% 16.93% 50% Domestic Equity 45% Int l Equity TOTAL AUM: $3.599 Billion TOTAL CLIENTS: 16,666 TOTAL AGGRESSIVE GROWTH OBJECTIVE: $334 Million Portfolio Inception: July 1, % 7.13% 7.85% 0.94% 0.13% 10.87% 9.19% 8.64% 8.92% 7.20% 6.84% 5% Fixed Income MATSON MONEY AGGRESSIVE GROWTH STYLE STANDARD -0.48% 1-Year 3-Year 5-Year 10-Year Inception Std. Deviation Investment Objective Since capital growth is the only goal in this investment strategy, the investor must also accept the high degree of risk inherent in the stock market. The Aggressive Growth Portfolio provides the greatest growth potential of the four and exposes the client to the greatest degree of volatility. Matson Money will focus the client s portfolio in equity funds to help produce better long-term returns. This is a long-term investment strategy of at least ten years. Annual withdrawals may not be appropriate with this investment strategy due to the short-term volatility of the stock market. U.S. Small Cap U.S. Large Cap Value Int l Small Company* Int l Large Cap Value Value* Small Cap* *Matson Fund Platform Only U.S. Micro Cap* U.S. Small Cap Value U.S. Large Company Int l Small Cap Value Int l Large Cap These accounts are invested in various passive DFA mutual funds according to the objective of the management style and rebalanced periodically. Actual results of accounts under Matson Money s management may have been materially different from results shown herein because of differences in the inception date of the account and restrictions. Net of fee results are time-weighted and dollar-weighted and are net of transaction costs, investment advisory fees, and any custodial fees which may have been paid. Gross of fee results are time-weighted and dollar-weighted and are net of transaction costs and any custodial fees which may have been paid. Performance results assume reinvestment of dividends and income plus capital appreciation. Past performance is not to be construed as a guarantee of future performance. $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $- Sep-92 Apr-93 Nov-93 Jun-94 Jan-95 Aug-95 Mar-96 Oct-96 May-97 Dec-97 Jul-98 Feb-99 Aggressive Growth Sep-99 Apr-00 Nov-00 Jun-01 Jan-02 Aug-02 Mar-03 Oct-03 May-04 Dec-04 Jul-05 Feb-06 Sep-06 Apr-07 Nov-07 Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 All investing involves risk and costs. Your advisor can provide you with more information about the risks and costs associated with specific programs. No investment strategy (including asset allocation and diversification strategies) can ensure peace of mind, assure profit, or protect against loss. This booklet is based on the views of Matson Money, Inc. Other persons may analyze investing from a different perspective. Nothing included herein is intended to infer that the approach to investing espoused in this booklet will assure any particular results. See accompaning GIPS report for disclosures and additional information, including benchmark information. This page must be accompanied with GIPS reports and disclosures. 1 Past performance is not to be construed as a guarantee of future performance. PORTFOLIO CHARACTERISTICS * Portfolio Time Horizon 10+ years Number of Unique Holdings in Funds 12, Dividends Distributed by Funds 1.41% 2012 Short-Term Gains Distributed by Funds 0.00% 2012 Long-Term Gains Distributed by Funds 0.73% Portfolio Weighted Expense Ratio % Unique Holdings based upon data obtained from DFA for each underlying mutual fund *Matson Fund Platform 2. Based on 12/31/12 Free Market Fund prospectus Benchmark Net of Fees Gross of Fees 4
3 AGGRESSIVE GROWTH COMPOSITE PERFORMANCE FOR 1997 TO 2012 Year End Total Firm Assets USD Assets Number of Accounts % of Non-Fee-Paying Gross Annual Performance Results Net Benchmark Dispersion 2012 $3,599 $334 4, % 18.48% 17.04% 15.88% 0.399% 2011 $3,026 $305 5, % -9.73% % -7.73% 0.751% 2010 $2,904 $346 4, % 19.53% 17.88% 17.35% 0.73% 2009 $2,407 $314 5, % 34.53% 32.50% 30.98% 1.620% 2008 $1,922 $251 5, % % % % 1.217% 2007 $2,579 $431 4, % 5.54% 3.89% 3.08% 1.319% 2006 $2,180 $336 3, % 22.69% 20.78% 18.25% 0.922% 2005 $1,504 $216 2, % 13.26% 11.38% 11.34% 0.726% 2004 $1,043 $144 1, % 22.89% 20.93% 18.58% 1.054% 2003 $709 $105 1, % 48.58% 46.05% 41.33% 2.280% 2002 $475 $70 1, % -9.25% % % 1.795% 2001 $482 $ % 0.19% -1.47% -9.82% 0.868% 2000 $432 $ % -1.37% -2.98% -7.72% 1.973% 1999 $403 $ % 19.94% 17.95% 20.98% 3.036% 1998 $332 $ % 6.78% 4.98% 11.55% 1.758% 1997 $315 $ % 8.18% 6.35% 6.22% 0.431% 2 Aggressive Growth Aggressive Growth contains all discretionary Aggressive Growth accounts that invest primarily in equities, are high risk, and have a time horizon of greater than ten years. For comparison purposes the composite is measured against a blend of the following indices; 5% One Month T-Bills, 25% Standard & Poor s 500 Index, 25% Russell 2000 Index, 17.5% MSCI EAFE Index (net div), 27.5% MSCI EAFE Small Cap Index, calculated monthly, prior to 2009 the benchmark was calculated quarterly. Prior to June 30, 1996, the composite was measured against a different blend of indices, which was changed to more accurately represent the composite strategy. Additional information regarding the previous blended benchmark is available upon request. Beginning January 1, 1999, the minimum account size for this composite is $1000. Prior to 1999, the number of accounts included in the composite is reported as the number of client relationships. A client relationship may be comprised of multiple portfolios. From 1999 forward, the number of accounts reflects the total number of separate portfolios. Matson Money, Inc. ( Matson ) is an independent SEC registered investment adviser. Matson Money is comprised of a bundled company retirement account platform and a standard fee only money management platform. The firm maintains a complete list and description of composites, which is Matson Money, Inc. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. The firm was been independently verified for the periods October 1, 1991 through June 30, 1996 by Berge & Company CPAs. Matson Money, Inc. has been verified for the periods January 1, 1999 through December 31, 2012 by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Aggressive Growth has been examined for the periods January 1, 1999 through December 31, The verification and performance examination reports are Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Beginning July, 1, 2002, composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 50% of portfolio s beginning asset value. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. In addition to management fees and transaction costs, net of fee returns have been reduced by asset based custodial fees and other administrative fees. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are The investment management fee schedule, under the private account asset allocation program, for the composite is 2% on the first $500 thousand, 1% on the next $500 thousand, 0.75% on the next $3 million, and 0.50% on the remainder. The investment management fee schedule, under the matson fund program, for the composite is in the range of 1.40% to 0.25%, of which Matson Money receives none of this fee under this program. Actual investment advisory fees incurred by clients may vary. Matson Money, Inc. changed its name from Abundance Technologies in December Furthermore, Abundance Technologies, Inc. changed its name from Matrix Asset Allocation in September Matson Money s valuation policy materially differs from the recommended hierarchy in the GIPS Valuation Principles. The Aggressive Growth was created July 1, The 2012 three year annualized standard deviation for the Aggressive Growth Gross o f Fees and Net Of Fees were 18.94% and 18.82% compared to the benchmarks standard deviation of 17.18%. The 2011 three year annualized standard deviation for the Aggressive Growth Gross o f Fees and Net Of Fees were 23.33% and 23.21% compared to the benchmarks standard deviation of 20.55% McGriff Video Production, LLC., an Ohio limited liability company and a wholly-owned subsidiary of Matson Money, Inc. MPSv _AGG
4 Aggressive Growth Portfolio 95% Eq / 5% Fi DFA United Kingdom Small Company 0.900% International Large Cap Portfolio 2.249% DFA Asia Pacific Small Company 0.585% DFA Canadian Small Company 0.562% Five Year Global Fixed Income 0.750% 2.000% Treasury Inflation Protected Securities 0.150% Short Term Government 0.240% Two Year Global Fixed Income 0.750% One Year Fixed Income 0.750% Intermediate Government 0.360% International Small Value Cap % US Micro Cap Portfolio 7.498% International Value III Portfolio % US Large Cap Value Portfolio % Value Portfolio 2.205% Small Cap Portfolio 2.205% 2.362% DFA Japan Small Co 1.012% Continental Small Company Portfolio 1.440% US Large Company Portfolio 7.498% US Small Cap Portfolio 7.498% US Small Cap Value Portfolio % 12,929 Unique Holdings 19 Distinct Asset Categories* 46 Total Countries *As of 12/31/2012 *Asset Class of International Small comprised of 5 separate funds: Japan Small Co, continental Small Co, Canadian Small Co, Asia Pacific Small Co, and UK Small Co. ADPC_
5 LONG-TERM GROWTH STRATEGY Annualized Compound Returns (%) All data as of 12/31/12 75% EQUITY 25% FIXED INCOME 42.5% Domestic Equity 32.5% Int l Equity ASSETS UNDER MANAGEMENT as of 12/31/12 TOTAL AUM: $3.599 Billion TOTAL CLIENTS: 16,666 TOTAL LONG-TERM GROWTH OBJECTIVE: $1.247 Billion Portfolio Inception: July 1, 1992 Long Term Growth Gross of Fees Long Term Growth Net of Fees Long Term Growth Benchmark 13.09% 13.75% 13.81% 13.34% 13.42% 14.85% 7.06% 6.50% 8.24% 7.97% 7.76% 9.43% 7.68% 6.18% 7.61% 25% Fixed Income Investment Objective The Long-Term Growth Portfolio provides a reasonably high rate of growth without the full degree of risk usually found in the stock market. The primary goal is long-term capital growth while the secondary goal is preservation of capital. In order to achieve long-term capital growth, greater volatility, including the risk of negative returns, will be encountered than with the choice of the Income and Growth or Balanced Growth strategies. This investment strategy does not, however, expose investors to the full capital risk of the stock market. Returns will not compare with the stock market on a year-to-year basis, but should be less volatile than stock market returns. Six to nine years may be required to realize this investment strategy. Annual withdrawals may not be appropriate with this objective due to the short-term volatility of the stock market. MATSON MONEY LONG-TERM GROWTH STYLE STANDARD Two-Year Global Fixed Income* Intermediate Gov t U.S. Micro Cap* Five-Year Gov t Fixe Income U.S. Large Cap Value Int l Small Company* Int l Large Cap Value Value* Small Cap* Inflation Protected Securities *Matson Fund Platform Only One-Year Fixed Income Five-Year Gov t U.S. Small Cap U.S. Small Cap Value U.S. Large Company Int l Small Cap Value Int l Large Cap These accounts are invested in various passive DFA mutual funds according to the objective of the management style and rebalanced periodically. Actual results of accounts under Matson Money s management may have been materially different from results shown herein because of differences in the inception date of the account and restrictions. Net of fee results are time-weighted and dollar-weighted and are net of transaction costs, investment advisory fees, and any custodial fees which may have been paid. Gross of fee results are time-weighted and dollar-weighted and are net of transaction costs Performance and any custodial results fees for Matrix which Management may have been Styles paid. Performance are for all accounts of each management style under results Matrix s assume management reinvestment for of at dividends least one quarter and income plus capital beginning appreciation. with Past the performance first quarter is not of 1993, to be construed other as a guarantee than of future variable performance. annuity accounts, with a minimum account size of $1,000 and that have fees paid directly All investing out of the involves account risk and and no costs. other Your fees advisor taken can provide you out with of more the account. information These about accounts the are risks invested and costs in associated with various specific passive programs. DFA No mutual investment funds strategy according (including to the asset allocation objective and diversification of the management strategies) style can ensure and rebalanced peace of mind, assure profit, periodically. or protect against Actual loss. results of accounts under Matrix s management may have been materially different This booklet from is results based shown on the herein views of because Matson of Money, Inc. Other differences persons may in analyze the inception investing date from of the a account different and perspective. Nothing restrictions. included herein Results is intended are time-weighted to infer that and the dollarweighted. Gross returns are gross of transaction approach to investing costs espoused and in any this custodial booklet fees. will Net assure results any particular are net of results. investment See accompaning transaction GIPS costs, report investment for disclosures advisory and additional fees, and any custodial fees. Performance results and information, comparative including indices benchmark assume reinvestment information. of This page must dividends be accompanied and income with GIPS plus reports capital appreciation. and disclosures. Past performance is not to be construed as a guarantee Past performance of future is performance. not to be construed Actual 1as Matrix a guarantee of future Investment performance. Performance for the Long Term Growth portfolio for the year of 1992 is only for the period of July 1, 1992 to December 31, $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $- Sep-92 Apr-93 PORTFOLIO CHARACTERISTICS * Portfolio Time Horizon 6 9 years Number of Unique Holdings in Funds 12, Dividends Distributed by Funds 1.28% 2012 Short-Term Gains Distributed by Funds 0.00% 2012 Long-Term Gains Distributed by Funds 0.70% Portfolio Weighted Expense Ratio % Unique Holdings based upon data obtained from DFA for each underlying mutual fund *Matson Money Fund Platform 2. Based on 12/31/12 Free Market Fund prospectus 2.00% 0.55% 1.70% 1-Year 3-Year 5-Year 10-Year Inception Std. Deviation Nov-93 Jun-94 Jan-95 Aug-95 Mar-96 Oct-96 May-97 Dec-97 Jul-98 Feb-99 Sep-99 Long Term Growth Apr-00 Nov-00 Jun-01 Jan-02 Aug-02 Long Term Growth Benchmark(Qtrly) Long Term Growth Gross of Fees (Qtrly) Long Term Growth Net of Fees (Qtrly) Mar-03 Oct-03 May-04 Dec-04 Jul-05 Feb-06 Sep-06 Apr-07 Nov-07 Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 6
6 LONG-TERM GROWTH COMPOSITE PERFORMANCE FOR 1997 TO 2012 Year End Total Firm Assets USD Assets Number of Accounts % of Non-Fee-Paying Gross Annual Performance Results Net Benchmark Dispersion 2012 $3,599 $1,247 12, % 14.85% 13.42% 13.34% 0.692% 2011 $3,026 $1,109 12, % -6.60% -7.84% -4.16% 0.795% 2010 $2,904 $1,155 10, % 16.16% 14.54% 14.94% 0.782% 2009 $2,407 $1,117 10, % 26.86% 24.96% 24.92% 2.067% 2008 $1,922 $926 10, % % % % 1.842% 2007 $2,579 $1,265 9, % 5.42% 3.72% 4.30% 0.730% 2006 $2,180 $1,062 7, % 18.46% 16.56% 15.32% 1.069% 2005 $1,504 $715 5, % 10.27% 8.45% 8.60% 0.948% 2004 $1,043 $465 3, % 17.96% 16.08% 14.69% 1.129% 2003 $709 $315 2, % 37.26% 35.03% 32.07% 2.354% 2002 $475 $224 2, % -6.24% -7.79% % 1.570% 2001 $482 $229 2, % 1.80% 0.12% -5.56% 1.986% 2000 $432 $207 1, % 0.24% -1.42% -4.19% 1.865% 1999 $403 $185 1, % 16.18% 14.15% 16.75% 2.338% 1998 $332 $ % 7.11% 5.15% 12.32% 0.702% 1997 $315 $ % 9.86% 7.92% 8.81% 0.602% 2 Long-Term Growth Long-Term Growth contains all discretionary Long-Term Growth accounts that invest primarily in equities, are medium to high risk, and have a time horizon of six to ten years. For comparison purposes the composite is measured against a blend of the following indices; 20% Barclays Intermediate Government Credit Bond Index (1-10 year), 5% One Month T-Bills, 22.5% Standard & Poor s 500 Index, 20% Russell 2000 Index, 15% MSCI EAFE Index (net div), 17.5% MSCI EAFE Small Cap Index, calculated monthly, prior to 2009 the benchmark was calculated quarterly. Prior to June 30, 1996, the composite was measured against a different blend of indices, which was changed to more accurately represent the composite strategy. Additional information regarding the previous blended benchmark is Beginning January 1, 1999, the minimum account size for this composite is $1000. Prior to 1999, the number of accounts included in the composite is reported as the number of client relationships. A client relationship may be comprised of multiple portfolios. From 1999 forward, the number of accounts reflects the total number of separate portfolios. Matson Money, Inc. ( Matson ) is an independent SEC registered investment adviser. Matson Money is comprised of a bundled company retirement account platform and a standard fee only money management platform. The firm maintains a complete list and description of composites, which is Matson Money, Inc. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. The firm was been independently verified for the periods October 1, 1991 through June 30, 1996 by Berge & Company CPAs. Matson Money, Inc. has been verified for the periods January 1, 1999 through December 31, 2012 by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Long-Term Growth has been examined for the periods January 1, 1999 through December 31, The verification and performance examination reports are Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Beginning July, 1, 2002, composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 50% of portfolio s beginning asset value. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. In addition to management fees and transaction costs, net of fee returns have been reduced by asset based custodial fees and other administrative fees. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are The investment management fee schedule, under the private account asset allocation program, for the composite is 2% on the first $500 thousand, 1% on the next $500 thousand, 0.75% on the next $3 million, and 0.50% on the remainder. The investment management fee schedule, under the matson fund program, for the composite is in the range of 1.40% to 0.25%, of which Matson Money receives none of this fee under this program. Actual investment advisory fees incurred by clients may vary. Matson Money, Inc. changed its name from Abundance Technologies in December Furthermore, Abundance Technologies, Inc. changed its name from Matrix Asset Allocation in September Matson Money s valuation policy materially differs from the recommended hierarchy in the GIPS Valuation Principles. The Long-Term Growth was created July 1, The 2012 three year annualized standard deviation for the Long-Term Growth Gross of Fees and Net Of Fees were 14.70% and 14.57% compared to the benchmarks standard deviation of 13.33%. The 2011 three year annualized standard deviation for the Long-Term Growth Gross of Fees and Net Of Fees were 18.08% and 17.97% compared to the benchmarks standard deviation of 16.16%. The 2011 three year annualized standard deviation for the Long-Term Growth Gross of Fees and Net Of Fees were 18.08% and 17.97% compared to the benchmarks standard deviation of 16.16% McGriff Video Production, LLC., an Ohio limited liability company and a wholly-owned subsidiary of Matson Money, Inc. MPSv _LTG
7 Long-Term Growth 85% Eq / 15% Fi International Small Value Cap % International Value III Portfolio % Value Portfolio 1.898% DFA United Kingdom Small Company 0.775% DFA Asia Pacific Small Company 0.504% International Large Cap Portfolio 1.937% DFA Canadian Small Company 0.484% 2.000% Five Year Global Fixed Income 3.249% Treasury Inflation Protected Securities 0.650% Short Term Government 1.040% Two Year Global Fixed Income 3.249% Intermediate Government 1.560% One Year Fixed Income 3.249% US Micro Cap Portfolio 6.936% Small Cap Portfolio 1.898% US Large Cap Value Portfolio % 2.034% DFA Japan Small Co 0.872% Continental Small Company Portfolio 1.240% US Small Cap Value Portfolio % US Large Company Portfolio 6.936% US Small Cap Portfolio 6.936% 12,929 Unique Holdings 19 Distinct Asset Categories* 46 Total Countries *As of 12/31/2012 *Asset Class of International Small comprised of 5 separate funds: Japan Small Co, continental Small Co, Canadian Small Co, Asia Pacific Small Co, and UK Small Co.
8 LONG-TERM GROWTH STRATEGY Annualized Compound Returns (%) All data as of 12/31/12 75% EQUITY 25% FIXED INCOME 42.5% Domestic Equity 32.5% Int l Equity ASSETS UNDER MANAGEMENT as of 12/31/12 TOTAL AUM: $3.599 Billion TOTAL CLIENTS: 16,666 TOTAL LONG-TERM GROWTH OBJECTIVE: $1.247 Billion Portfolio Inception: July 1, 1992 Long Term Growth Gross of Fees Long Term Growth Net of Fees Long Term Growth Benchmark 13.09% 13.75% 13.81% 13.34% 13.42% 14.85% 7.06% 6.50% 8.24% 7.97% 7.76% 9.43% 7.68% 6.18% 7.61% 25% Fixed Income Investment Objective The Long-Term Growth Portfolio provides a reasonably high rate of growth without the full degree of risk usually found in the stock market. The primary goal is long-term capital growth while the secondary goal is preservation of capital. In order to achieve long-term capital growth, greater volatility, including the risk of negative returns, will be encountered than with the choice of the Income and Growth or Balanced Growth strategies. This investment strategy does not, however, expose investors to the full capital risk of the stock market. Returns will not compare with the stock market on a year-to-year basis, but should be less volatile than stock market returns. Six to nine years may be required to realize this investment strategy. Annual withdrawals may not be appropriate with this objective due to the short-term volatility of the stock market. MATSON MONEY LONG-TERM GROWTH STYLE STANDARD Two-Year Global Fixed Income* Intermediate Gov t U.S. Micro Cap* Five-Year Gov t Fixe Income U.S. Large Cap Value Int l Small Company* Int l Large Cap Value Value* Small Cap* Inflation Protected Securities *Matson Fund Platform Only One-Year Fixed Income Five-Year Gov t U.S. Small Cap U.S. Small Cap Value U.S. Large Company Int l Small Cap Value Int l Large Cap These accounts are invested in various passive DFA mutual funds according to the objective of the management style and rebalanced periodically. Actual results of accounts under Matson Money s management may have been materially different from results shown herein because of differences in the inception date of the account and restrictions. Net of fee results are time-weighted and dollar-weighted and are net of transaction costs, investment advisory fees, and any custodial fees which may have been paid. Gross of fee results are time-weighted and dollar-weighted and are net of transaction costs Performance and any custodial results fees for Matrix which Management may have been Styles paid. Performance are for all accounts of each management style under results Matrix s assume management reinvestment for of at dividends least one quarter and income plus capital beginning appreciation. with Past the performance first quarter is not of 1993, to be construed other as a guarantee than of future variable performance. annuity accounts, with a minimum account size of $1,000 and that have fees paid directly All investing out of the involves account risk and and no costs. other Your fees advisor taken can provide you out with of more the account. information These about accounts the are risks invested and costs in associated with various specific passive programs. DFA No mutual investment funds strategy according (including to the asset allocation objective and diversification of the management strategies) style can ensure and rebalanced peace of mind, assure profit, periodically. or protect against Actual loss. results of accounts under Matrix s management may have been materially different This booklet from is results based shown on the herein views of because Matson of Money, Inc. Other differences persons may in analyze the inception investing date from of the a account different and perspective. Nothing restrictions. included herein Results is intended are time-weighted to infer that and the dollarweighted. Gross returns are gross of transaction approach to investing costs espoused and in any this custodial booklet fees. will Net assure results any particular are net of results. investment See accompaning transaction GIPS costs, report investment for disclosures advisory and additional fees, and any custodial fees. Performance results and information, comparative including indices benchmark assume reinvestment information. of This page must dividends be accompanied and income with GIPS plus reports capital appreciation. and disclosures. Past performance is not to be construed as a guarantee Past performance of future is performance. not to be construed Actual 1as Matrix a guarantee of future Investment performance. Performance for the Long Term Growth portfolio for the year of 1992 is only for the period of July 1, 1992 to December 31, $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $- Sep-92 Apr-93 PORTFOLIO CHARACTERISTICS * Portfolio Time Horizon 6 9 years Number of Unique Holdings in Funds 12, Dividends Distributed by Funds 1.28% 2012 Short-Term Gains Distributed by Funds 0.00% 2012 Long-Term Gains Distributed by Funds 0.70% Portfolio Weighted Expense Ratio % Unique Holdings based upon data obtained from DFA for each underlying mutual fund *Matson Money Fund Platform 2. Based on 12/31/12 Free Market Fund prospectus 2.00% 0.55% 1.70% 1-Year 3-Year 5-Year 10-Year Inception Std. Deviation Nov-93 Jun-94 Jan-95 Aug-95 Mar-96 Oct-96 May-97 Dec-97 Jul-98 Feb-99 Sep-99 Long Term Growth Apr-00 Nov-00 Jun-01 Jan-02 Aug-02 Long Term Growth Benchmark(Qtrly) Long Term Growth Gross of Fees (Qtrly) Long Term Growth Net of Fees (Qtrly) Mar-03 Oct-03 May-04 Dec-04 Jul-05 Feb-06 Sep-06 Apr-07 Nov-07 Jun-08 Jan-09 Aug-09 Mar-10 Oct-10 May-11 Dec-11 Jul-12 6
9 LONG-TERM GROWTH COMPOSITE PERFORMANCE FOR 1997 TO 2012 Year End Total Firm Assets USD Assets Number of Accounts % of Non-Fee-Paying Gross Annual Performance Results Net Benchmark Dispersion 2012 $3,599 $1,247 12, % 14.85% 13.42% 13.34% 0.692% 2011 $3,026 $1,109 12, % -6.60% -7.84% -4.16% 0.795% 2010 $2,904 $1,155 10, % 16.16% 14.54% 14.94% 0.782% 2009 $2,407 $1,117 10, % 26.86% 24.96% 24.92% 2.067% 2008 $1,922 $926 10, % % % % 1.842% 2007 $2,579 $1,265 9, % 5.42% 3.72% 4.30% 0.730% 2006 $2,180 $1,062 7, % 18.46% 16.56% 15.32% 1.069% 2005 $1,504 $715 5, % 10.27% 8.45% 8.60% 0.948% 2004 $1,043 $465 3, % 17.96% 16.08% 14.69% 1.129% 2003 $709 $315 2, % 37.26% 35.03% 32.07% 2.354% 2002 $475 $224 2, % -6.24% -7.79% % 1.570% 2001 $482 $229 2, % 1.80% 0.12% -5.56% 1.986% 2000 $432 $207 1, % 0.24% -1.42% -4.19% 1.865% 1999 $403 $185 1, % 16.18% 14.15% 16.75% 2.338% 1998 $332 $ % 7.11% 5.15% 12.32% 0.702% 1997 $315 $ % 9.86% 7.92% 8.81% 0.602% 2 Long-Term Growth Long-Term Growth contains all discretionary Long-Term Growth accounts that invest primarily in equities, are medium to high risk, and have a time horizon of six to ten years. For comparison purposes the composite is measured against a blend of the following indices; 20% Barclays Intermediate Government Credit Bond Index (1-10 year), 5% One Month T-Bills, 22.5% Standard & Poor s 500 Index, 20% Russell 2000 Index, 15% MSCI EAFE Index (net div), 17.5% MSCI EAFE Small Cap Index, calculated monthly, prior to 2009 the benchmark was calculated quarterly. Prior to June 30, 1996, the composite was measured against a different blend of indices, which was changed to more accurately represent the composite strategy. Additional information regarding the previous blended benchmark is Beginning January 1, 1999, the minimum account size for this composite is $1000. Prior to 1999, the number of accounts included in the composite is reported as the number of client relationships. A client relationship may be comprised of multiple portfolios. From 1999 forward, the number of accounts reflects the total number of separate portfolios. Matson Money, Inc. ( Matson ) is an independent SEC registered investment adviser. Matson Money is comprised of a bundled company retirement account platform and a standard fee only money management platform. The firm maintains a complete list and description of composites, which is Matson Money, Inc. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. The firm was been independently verified for the periods October 1, 1991 through June 30, 1996 by Berge & Company CPAs. Matson Money, Inc. has been verified for the periods January 1, 1999 through December 31, 2012 by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Long-Term Growth has been examined for the periods January 1, 1999 through December 31, The verification and performance examination reports are Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Beginning July, 1, 2002, composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 50% of portfolio s beginning asset value. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. In addition to management fees and transaction costs, net of fee returns have been reduced by asset based custodial fees and other administrative fees. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are The investment management fee schedule, under the private account asset allocation program, for the composite is 2% on the first $500 thousand, 1% on the next $500 thousand, 0.75% on the next $3 million, and 0.50% on the remainder. The investment management fee schedule, under the matson fund program, for the composite is in the range of 1.40% to 0.25%, of which Matson Money receives none of this fee under this program. Actual investment advisory fees incurred by clients may vary. Matson Money, Inc. changed its name from Abundance Technologies in December Furthermore, Abundance Technologies, Inc. changed its name from Matrix Asset Allocation in September Matson Money s valuation policy materially differs from the recommended hierarchy in the GIPS Valuation Principles. The Long-Term Growth was created July 1, The 2012 three year annualized standard deviation for the Long-Term Growth Gross of Fees and Net Of Fees were 14.70% and 14.57% compared to the benchmarks standard deviation of 13.33%. The 2011 three year annualized standard deviation for the Long-Term Growth Gross of Fees and Net Of Fees were 18.08% and 17.97% compared to the benchmarks standard deviation of 16.16%. The 2011 three year annualized standard deviation for the Long-Term Growth Gross of Fees and Net Of Fees were 18.08% and 17.97% compared to the benchmarks standard deviation of 16.16% McGriff Video Production, LLC., an Ohio limited liability company and a wholly-owned subsidiary of Matson Money, Inc. MPSv _LTG
10 Long-Term Growth 75% Eq / 25% Fi International Small Value Cap % International Value III Portfolio 9.748% DFA United Kingdom Small Company 0.650% DFA Asia Pacific Small Company 0.422% International Large Cap Portfolio 1.625% DFA Canadian Small Company 0.406% 2.000% Five Year Global Fixed Income 5.749% Treasury Inflation Protected Securities 1.150% Short Term Government 1.840% Two Year Global Fixed Income 5.749% Intermediate Government 2.760% Value Portfolio 1.592% Small Cap Portfolio 1.592% One Year Fixed Income 5.749% 1.706% DFA Japan Small Co 0.731% Continental Small Company Portfolio 1.040% US Large Company Portfolio 6.374% US Large Cap Value Portfolio % US Micro Cap Portfolio 6.374% US Small Cap Portfolio 6.374% US Small Cap Value Portfolio % 12,929 Unique Holdings 19 Distinct Asset Categories* 46 Total Countries *As of 12/31/2012 *Asset Class of International Small comprised of 5 separate funds: Japan Small Co, continental Small Co, Canadian Small Co, Asia Pacific Small Co, and UK Small Co.
11 BALANCED GROWTH STRATEGY Annualized Compound Returns (%) All data as of 12/31/12 50% EQUITY 50% FIXED INCOME 30% Domestic Equity 20% Int l Equity ASSETS UNDER MANAGEMENT as of 12/31/12 TOTAL AUM: $3.599 Billion TOTAL CLIENTS: 16,666 TOTAL BALANCED GROWTH OBJECTIVE: $1.444 Billion Portfolio Inception: October 1, % Balanced Growth Gross of Fees Balanced Growth Net of Fees Balanced Growth Benchmark 9.01% 9.05% 6.72% 5.49% 7.23% 6.77% 5.89% 7.51% 6.77% 4.79% 6.11% 9.91% 9.40% 8.38% 50% Fixed Income MATSON MONEY BALANCED GROWTH STYLE STANDARD 2.61% 1.20% 2.87% Investment Objective The Balanced Growth Portfolio has two purposes: to preserve capital and to obtain capital growth. Choosing this investment strategy for your investments indicates a need for a balance between capital preservation and long-term growth. This investment strategy will result in Matson Money choosing more stable and less volatile mutual fund investment strategies than with the choice of a longerterm growth investment strategy. Inherent in this position is that the earning potential of your investment will be less than in the Long- Term Growth or Aggressive Growth investment strategies, but this investment strategy should also be less volatile over time while earning a premium above short-term rates. The risk of capital loss and negative returns cannot be eliminated, but with this choice your portfolio will be subjected to less capital risk than is characteristic of the stock market. While the rate of return cannot be compared to the stock market, the investment manager will be expected to exceed the returns form Money Market Funds and three-month Treasury Bills. To realize this strategy, no less than a fullmarket cycle of three to five years is required. Two-Year Fixed income Two-Year Global Fixed Income* Intermediate Gov t* U.S. Small Cap Value U.S. Large Company Int l Small Cap Value Int l Large Cap Value* Inflation Protected Securities One-Year Fixed Income Five-Year Gov t U.S. Micro Cap* U.S. Small Cap U.S. Large Cap Value Int l Small Company* Int l Large Cap Value Small Cap* *Matson Fund Platform Only These accounts are invested in various passive DFA mutual funds according to the objective of the management style and rebalanced periodically. Actual results of accounts under Matson Money s management may have been materially different from results shown herein because of differences in the inception date of the account and restrictions. Net of fee results are time-weighted and dollar-weighted and are net of transaction costs, investment advisory fees, and any custodial fees which may have been paid. Gross of fee results are time-weighted Performance and results dollar-weighted for Matson and are net Money of transaction costs and Management any custodial Styles fees are which for all may accounts have been of each paid. Performance results management assume style reinvestment under Matrix s of dividends management and income for plus capital appreciation. at least one Past quarter performance beginning is with not to the be first construed quarter as a guarantee of future of 1993, performance. other than Actual variable Matson annuity Money accounts, Investment with Performance a minimum account size of $1,000 and that have for fees the paid Balanced directly Growth out of Portfolio the account for the and year no of other 1991 is only for the period fees of taken October out 1, of 1991 the to account. December These 31, accounts All are investing invested involves in various risk passive and costs. DFA Your mutual advisor funds can provide you according to the objective of the management with style more and information rebalanced about periodically. the risks Actual and results costs associated with specific of accounts programs. under No investment Matrix s management strategy (including may asset allocation and have diversification been materially strategies) different can from ensure results peace shown of mind, assure profit, or herein protect because against loss. of differences in the inception date of the account and restrictions. Results are This time-weighted booklet is based and dollar-weighted. on the views of Gross Matson returns Money, Inc. Other persons are gross may of analyze transaction investing costs from and a different any custodial perspective. Nothing included fees. Net herein results is are intended net of to investment infer that transaction the approach to investing espoused costs, investment this booklet advisory will assure fees, and any any particular custodial results. fees. Performance results and comparative indices See assume accompaning reinvestment GIPS of dividends report for and disclosures income plus and additional information, capital appreciation. including Past benchmark performance information. is not to be This page must be construed accompanied as a with guarantee GIPS reports of future and performance. disclosures. Actual Matrix Investment Performance for the Past Balanced performance Growth is portfolio not to be for construed the year of as 1991 a guarantee is of future performance. only the period of October 1, 1991 to December 1 31, $5.00 $4.50 $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $- 1-Year 3-Year 5-Year 10-Year Inception Std. Deviation Dec-91 Jul-92 Feb-93 Sep-93 Apr-94 Nov-94 Jun-95 Jan-96 PORTFOLIO CHARACTERISTICS * Portfolio Time Horizon 3 5 years Number of Unique Holdings in Funds 12, Dividends Distributed by Funds 1.13% 2012 Short-Term Gains Distributed by Funds 0.00% 2012 Long-Term Gains Distributed by Funds 0.67% Portfolio Weighted Expense Ratio % Unique Holdings based upon data obtained from DFA for each underlying mutual fund *Matson Money Fund Platform 2. Based on 12/31/12 Free Market Fund prospectus Aug-96 Mar-97 Oct-97 May-98 Dec-98 Balanced Growth Jul-99 Feb-00 Sep-00 Apr-01 Nov-01 Jun-02 Balanced Growth Benchmark(Qtrly) Balanced Growth Gross of Fees (Qtrly) Balanced Growth Net of Fees (Qtrly) Jan-03 Aug-03 Mar-04 Oct-04 May-05 Dec-05 Jul-06 Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10 Mar-11 Oct-11 May-12 Dec-12
12 BALANCED GROWTH COMPOSITE PERFORMANCE FOR 1997 TO 2012 Year End Total Firm Assets USD Assets Number of Accounts % of Non-Fee-Paying Gross Annual Performance Results Net Benchmark Dispersion 2012 $3,599 $1,444 11, % 10.71% 9.40% 9.91% 1.152% 2011 $3,026 $1,161 10, % -3.57% -4.77% -0.74% 0.795% 2010 $2,904 $977 7, % 11.91% 10.44% 11.58% 1.028% 2009 $2,407 $640 5, % 19.03% 17.27% 17.93% 0.967% 2008 $1,922 $504 4, % % % % 0.961% 2007 $2,579 $595 3, % 5.91% 4.20% 5.25% 0.726% 2006 $2,180 $517 3, % 13.94% 12.07% 11.27% 0.622% 2005 $1,504 $379 2, % 7.68% 5.88% 6.29% 0.520% 2004 $1,043 $272 1, % 12.52% 10.73% 10.34% 0.916% 2003 $709 $204 1, % 24.04% 21.93% 21.63% 1.236% 2002 $475 $131 1, % -2.62% -4.27% -4.78% 0.974% 2001 $482 $128 1, % 2.37% 0.64% -1.08% 0.497% 2000 $432 $ % 2.02% 0.31% 0.12% 1.039% 1999 $403 $ % 12.24% 10.29% 11.29% 2.067% 1998 $332 $ % 7.61% 5.69% 12.34% 0.829% 1997 $315 $ % 9.13% 7.15% 8.97% 0.394% 2 Balanced Growth Balanced Growth contains all discretionary Balanced Growth accounts that invest primarily in a balanced strategy, are moderate risk, and have a time horizon of three to five years. For comparison purposes the composite is measured against a blend of the following indices; 40% Barclays Intermediate Government Credit Bond Index (1-10 year), 10% One Month T-Bills, 20% Standard & Poor s 500 Index, 10% Russell 2000 Index, 7.5% MSCI EAFE Index (net div), 12.5% MSCI EAFE Small Cap Index, calculated monthly, prior to 2009 the benchmark was calculated quarterly. Prior to June 30, 1996, the composite was measured against a different blend of indices, which was changed to more accurately represent the composite strategy. Additional information regarding the previous blended benchmark is Beginning January 1, 1999, the minimum account size for this composite is $1000. Prior to 1999, the number of accounts included in the composite is reported as the number of client relationships. A client relationship may be comprised of multiple portfolios. From 1999 forward, the number of accounts reflects the total number of separate portfolios. Matson Money, Inc. ( Matson ) is an independent SEC registered investment adviser. Matson Money is comprised of a bundled company retirement account platform and a standard fee only money management platform. The firm maintains a complete list and description of composites, which is Matson Money, Inc. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. The firm was been independently verified for the periods October 1, 1991 through June 30, 1996 by Berge & Company CPAs. Matson Money, Inc. has been verified for the periods January 1, 1999 through December 31, 2012 by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Balanced Growth has been examined for the periods January 1, 1999 through December 31, The verification and performance examination reports are Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Beginning July, 1, 2002, composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of 50% of portfolio s beginning asset value. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. In addition to management fees and transaction costs, net of fee returns have been reduced by asset based custodial fees and other administrative fees. The annual composite dispersion presented is an assetweighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are The investment management fee schedule, under the private account asset allocation program, for the composite is 2% on the first $500 thousand, 1% on the next $500 thousand, 0.75% on the next $3 million, and 0.50% on the remainder. The investment management fee schedule, under the matson fund program, for the composite is in the range of 1.40% to 0.25%, of which Matson Money receives none of this fee under this program. Actual investment advisory fees incurred by clients may vary. Matson Money, Inc. changed its name from Abundance Technologies in December Furthermore, Abundance Technologies, Inc. changed its name from Matrix Asset Allocation in September Matson Money s valuation policy materially differs from the recommended hierarchy in the GIPS Valuation Principles. The Balanced Growth was created October 1, The 2012 three year annualized standard deviation for the Balanced Growth Gross of Fees and Net Of Fees were 9.94% and 9.83% compared to the benchmarks standard deviation of 8.56%. The 2011 three year annualized standard deviation for the Balanced Growth Gross of Fees and Net Of Fees were 12.18% and 12.08% compared to the benchmarks standard deviation of 10.62% McGriff Video Production, LLC., an Ohio limited liability company and a wholly-owned subsidiary of Matson Money, Inc. MPSv _BAL
13 Balanced Growth Portfolio 60% Eq / 40% Fi International Value III Portfolio 7.799% Value Portfolio 1.274% International Small Value Cap % Small Cap Portfolio 1.274% International Large Cap Portfolio 1.300% DFA Asia Pacific Small Company 0.338% DFA United Kingdom Small Company 0.520% DFA Canadian Small Company 0.325% 2.000% Five Year Global Fixed Income 9.499% Treasury Inflation Protected Securities 1.900% Short Term Government 3.040% 1.365% DFA Japan Small Co 0.585% Continental Small Company Portfolio 0.832% US Large Company Portfolio 5.099% Two Year Global Fixed Income 9.499% Intermediate Government 4.559% One Year Fixed Income 9.499% US Small Cap Portfolio 5.099% US Small Cap Value Portfolio 8.499% US Large Cap Value Portfolio % US Micro Cap Portfolio 5.099% 12,929 Unique Holdings 19 Distinct Asset Categories* 46 Total Countries *As of 12/31/2012 *Asset Class of International Small comprised of 5 separate funds: Japan Small Co, continental Small Co, Canadian Small Co, Asia Pacific Small Co, and UK Small Co.
Hillswick Asset Management, LLC Core Fixed Income Composite
Year End (Millions) USD (Millions) Assets Number of Accounts Hillswick Asset Management, LLC Core Fixed Income Gross Aggregate Gov't/Credit Dispersion Barclays Capital Aggregate Gov't/Credit 2014 1,372
More informationAshland Partners & Company LLP. Independent Accountant's Verification and Performance Examination Report. Horizon Asset Management LLC:
Ashland Partners & Company LLP Independent Accountant's Verification and Performance Examination Report Horizon Asset Management LLC: We have examined whether (1) Horizon Asset Management Institutional
More informationNavellier Tactical U.S. Equity Sector Plus
Navellier Tactical U.S. Equity Sector Plus B-063014/NCD-14-846 www.navellier.com Tactical Series 1 U.S. Equity Sector Plus Navellier Tactical U.S. Equity Sector Plus Model a hypothetical example Hypothetical
More informationEmerging Markets Equity
Fact Sheet as of March 31, 2016 Emerging Markets Equity FIRM OVERVIEW Founded: 1974 Staff Total: 317 Investment Professionals: 52 Ownership: Employee-owned Investment Style: Value Investment Process: Bottom-up
More informationCorporate Bond Strategy
Corporate Bond Strategy FIRM OVERVIEW Established more than a decade ago by the former CIO of a major money manager and a research analyst in Buffalo, NY. $650 million in AUM for private clients, foundations,
More informationNavigating Rising Rates with Active, Multi-Sector Fixed Income Management
Navigating Rising Rates with Active, Multi-Sector Fixed Income Management With bond yields near 6-year lows and expected to rise, U.S. core bond investors are increasingly questioning how to mitigate interest
More informationDimensional vs. ETF After-Tax Comparison
Dimensional vs. ETF After-Tax Comparison Data as of March 31, 2014 This information is provided for institutional investors and registered investment advisors, and is not intended for public use. Dimensional
More informationManaging for the future. Annual Report 2005 Additional Information
Managing for the future Annual Report 2005 Additional Information Annual Report 2005 Additional Information I. Tables of returns 1. Auditors Report... 1 2. General Notes... 2 3. Short Term Investments...
More informationSAMPLE. Smith family. An investment proposal for. Prepared by Bill Smith December 02, 2013
An investment proposal for Smith family Prepared by Bill Smith December 02, 2013 Contents Smith family Executive summary Recommended investments Recommended income solution Portfolio illustration Symmetry
More informationDimensional Fund Advisors
Dimensional Fund Advisors Putting Financial Science to Work for You Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Consider the investment
More informationUBS Financial Services Inc. September 30, 2011. Prepared for: Managed Accounts Consulting. Your Branch Office and Financial Advisor: ACCOUNT PROFILE
UBS Financial Services Inc. 1200 Harbor Boulevard Weehawken, NJ 07086-6791 September 30, 2011 ACCOUNT PROFILE Financial Advisor: Program: Investment Advisor: CHARLES ALVARE Managed Accounts Consulting
More informationGIPS List of Composite Descriptions. Perkins Composites...11. Fixed Income Composites... 14. Global Macro Composites...19. Alternative Composites...
GIPS List of Composite Descriptions Updated 6/4/2015 Janus Equity Composites...2 Perkins Composites....11 Fixed Income Composites... 14 Global Macro Composites...19 Alternative Composites.....19 Allocation
More informationAre you protected against market risk?
Are you protected against market risk? The Aston Hill Capital Growth Fund provides low volatility access to U.S. equities with a strong focus on downside protection. Since taking over management of the
More informationSEI Income Portfolio. Investment Policy Statement
SEI Income Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet your long-term investment
More informationAT&T Global Network Client for Windows Product Support Matrix January 29, 2015
AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network
More informationReport for Joe Sample
Report for Joe Sample Period Ending: 7/31/2015 Advisor: Sample Advisor Performance Overview New IFA Index Portfolio 51 Prepared for Joe Sample Year to Date (1/1/2015-7/31/2015) Since Inception (2/3/2010-7/31/2015)
More informationSponsored By: ValMark Advisers, Inc. 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 www.valmarksecurities.com
ACCESS PLUS Wrap Fee Program Disclosure Document to be presented with ValMark Advisers, Inc. ADV Part 2A Sponsored By: ValMark Advisers, Inc. 130 Springside Drive, Suite 300 Akron, Ohio 44333-2431 www.valmarksecurities.com
More informationInvestment Management Of Virginia - A Tutorial
International Portfolio 3 rd Quarter, 2015 Table of Contents Company Overview 3 History and Organization 4 Portfolio Managers 5 Portfolio Description 6 Benchmark and Universe 7 Portfolio Objectives 8 Investment
More informationFixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research
Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3
More informationannual report additional information
2010 annual report additional information Annual Report 2010 Additional Information I. Tables of returns 1. Auditors Report... 1 2. General Notes... 4 3. Short Term Investments... 6 4. Real Return Bonds...
More informationOverview. October 2013. Investment Portfolios & Products. Approved for public distribution. Investment Advisory Services
Equity Risk Management Strategy Overview Approved for public distribution October 2013 Services Portfolios & Products Equity Risk Management Strategy* Tactical allocation strategy that seeks to adjust
More informationFREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS.
FREE MARKET U.S. EQUITY FUND FREE MARKET INTERNATIONAL EQUITY FUND FREE MARKET FIXED INCOME FUND of THE RBB FUND, INC. PROSPECTUS December 31, 2014 Investment Adviser: MATSON MONEY, INC. 5955 Deerfield
More informationBlackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares
Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone For Accredited Investors Only As of November 30th, 2015 Investment approach Blackstone Alternative Alpha Fund II ( BAAF
More informationINTERNATIONAL SMALL CAP STOCK INVESTING
INTERNATIONAL SMALL CAP STOCK INVESTING J U N E 3 0, 2 0 1 4 Copyright 2014 by Lord, Abbett & Co. LLC. All rights reserved. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.
More informationGlossary of Investment Terms
online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt
More informationA portfolio that matches your plans.
A portfolio that matches your plans. Amerivest Core Portfolios powered by Morningstar Associates Expert investment management Tailored portfolio recommendations Straightforward, competitive pricing Dedicated
More informationIntelligent Systematic Value Investing
Intelligent Systematic Value Investing 2 ND Quarter 2015 Overview of the Markets Contents: A NEWSLETTER FOR OUR CLIENTS Investment Overview Required Disclosures GIPS Compliant Performance Reports Global
More informationMontag & Caldwell Fixed Income Strategy
Montag & Caldwell Fixed Income Strategy Montag & Caldwell utilizes a total return approach to fixed income portfolio management. Both sector weightings and weighted average duration targets are actively
More informationThe Coming Volatility
The Coming Volatility Lowell Bolken, CFA Vice President and Portfolio Manager Real estate Securities June 18, 2015 www.advantuscapital.com S&P 500 Percent Daily Change in Price September 2008 to April
More informationSAMPLE INVESTMENT POLICY STATEMENT
SAMPLE INVESTMENT POLICY STATEMENT 2003 Prepared by: Jay D. Ahlbeck, CLU, ChFC JDA & Associates Securities and Advisory Services offered through Mutual Service Corporation, a Registered Investment Advisor,
More informationThe Case for Active Management in the Large Cap Growth Equity Universe
The Case for Active Management in the Large Cap Growth Equity Universe Pioneer US Concentrated Growth Strategy This case for active management examines risk-adjusted returns among large cap growth managers
More informationAdditional series available. Morningstar TM Rating. Funds in category. Equity style Market cap %
Sun Life BlackRock Canadian Equity Fund Series A $11.7604 Net asset value per security (NAVPS) as of July 08, 2016 $0.1379 1.19% Benchmark S&P/TSX Capped Composite Index Fund category Canadian Focused
More informationWhen rates rise, do stocks fall?
PRACTICE NOTE When rates rise, do stocks fall? The performance of equities and other return-seeking assets in rising and falling interest rate scenarios, January 1970 through September 2013 William Madden,
More informationRoyal American Financial Advisors, LLC A Registered Investment Advisor FORM ADV PART 2A BROCHURE
Royal American Financial Advisors, LLC A Registered Investment Advisor 27192 Newport Rd., Suite 4 Menifee, CA 92584 (951) 679-2065 Office (951) 679-2660 Fax www.myinvestmentcoach.com 3/29/2015 FORM ADV
More informationInvestment Policy Statement
Investment Policy Statement Prepared on: February 04, 2013 Prepared for: Sample Individual Client 432 Elm St Chicago IL 60630 Executive Summary Client Name: Sample Individual Client Client Type: Individual
More informationSTATEMENT OF INVESTMENT POLICIES AND OBJECTIVES. WASHINGTON AND LEE UNIVERSITY The General Endowment Fund. Approved May 2007
STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES WASHINGTON AND LEE UNIVERSITY The General Endowment Fund Approved May 2007 This statement is issued by the investment committee of the board of trustees
More informationWEEKLY ASSET ALLOCATION REPORT
WEEKLY ASSET ALLOCATION REPORT January 11, 2016 Stanley Yeung Quantitative Research Analyst Stanley.yeung@TrimTabs.com +1 (415) 324-5873 CONTENTS TACTICAL ASSET ALLOCATION 3 TRIMTABS ASSET ALLOCATION PORTFOLIOS
More informationStatement of Investment Policy. Alabama College Education Savings Program (ACES) Trust Fund. The CollegeCounts 529 Fund
Statement of Investment Policy Alabama College Education Savings Program (ACES) Trust Fund The CollegeCounts 529 Fund Approved by the Board of Directors November 19, 2014 1 Authority and Purpose The Alabama
More informationFive strategies for dealing with difficult markets
When markets are volatile, it s natural to be worried about the impact on your portfolio. And when you re worried, you want to take action. Five strategies for dealing with difficult markets However, it
More informationAsset Allocation: Your Critical Investment Decision
Asset Allocation: Your Critical Investment Decision Despite what you might read in the financial media, choosing the best-performing investments is not the key to achieving your long-term success. Unfortunately,
More informationDeutsche Alternative Asset Allocation VIP
Alternative Deutsche Alternative Asset Allocation VIP All-in-one exposure to alternative asset classes : a key piece in asset allocation Building a portfolio of stocks, bonds and cash has long been recognized
More informationThe Morningstar Category TM Classifications for 529 Investment Options
The Morningstar Category TM Classifications for 529 Investment Options (for 529 portfolios available for sale in the United States) Morningstar Methodology Paper October 31, 2013 2013 Morningstar, Inc.
More informationAlphaSolutions Reduced Volatility Bull-Bear
AlphaSolutions Reduced Volatility Bull-Bear An investment model based on trending strategies coupled with market analytics for downside risk control Portfolio Goals Primary: Seeks long term growth of capital
More informationSprott Diversified Yield Fund
Sprott Diversified Yield Fund SPROTT ASSET MANAGEMENT LP ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2013 26JUL201212454834 The annual management report of fund performance is an analysis and explanation
More informationA: SGEAX C: SGECX I: SGEIX
A: SGEAX C: SGECX I: SGEIX NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Salient Global Equity Fund The investment objective of the Salient Global Equity Fund (the Fund ) is to seek long term capital
More informationSizing Up Target Date Funds
Sizing Up Target Date Funds Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. Presenters Thomas W. Rose is a relationship manager
More informationCurrency Risk, In Context. Seafarer Capital Partners, LLC. March 2015
Currency Risk, In Context Seafarer Capital Partners, LLC March 2015 Disclosures ALPS Distributors, Inc. is the distributor for the Seafarer Overseas Growth and Income Fund. This material must be accompanied
More informationINVESTMENT POLICY STATEMENT. Creighton University 403(b) Retirement Plan
INVESTMENT POLICY STATEMENT For Creighton University 403(b) Retirement Plan November 2008 Cornerstone Advisors Asset Management, Inc. 74 West Broad Street, Suite 340 Bethlehem, PA 18018 TABLE OF CONTENTS
More informationModernizing Portfolio Theory & The Liquid Endowment UMA
Modernizing Portfolio Theory & The Liquid Endowment UMA Michael Featherman, CFA Director of Portfolio Strategies November 2012 Modern Portfolio Theory Definition and Key Concept Modern Portfolio Theory
More informationSLVO Silver Shares Covered Call ETN
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 April 15, 2014 SLVO Silver Shares Covered Call ETN Credit Suisse AG, Investor Solutions April 2014 Executive Summary Credit Suisse Silver
More informationAsset Allocation Model Portfolios
February 2014 Asset Allocation Model Portfolios Christopher Eckert Portfolio Management Director Senior Vice President/Financial Advisor 320 Post Road West Westport, CT 06880 PHONE: 203-222-4057 TOLL-FREE:
More informationNavigator Global Equity ETF
Portfolio Allocation Portfolio Overview Clark Capital Management Group is an employee-owned, independent Investment Advisory firm providing institutional-quality investment solutions to individuals, corporations,
More informationBRANDES INTERNATIONAL EQUITY FUND. Summary Prospectus
BRANDES INTERNATIONAL EQUITY FUND Summary Prospectus Class I Ticker Symbol: BIIEX Class E Ticker Symbol: BIEEX Class A Ticker Symbol: BIEAX Class C Ticker Symbol: BIECX Class R6 Ticker Symbol: BIERX February
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationCalPERS 457 Plan Target Retirement Date Funds
CalPERS 457 Plan Target Retirement Date s September 30, 2015 Overview Target Retirement Date s (the "" or "s") are a series of diversified funds, each of which has a predetermined underlying asset mix
More informationSUN LIFE GLOBAL INVESTMENTS (CANADA) INC.
SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the financial year ended December 31, 2015 Sun Life Milestone 2020 Fund This annual management report of fund
More informationTD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Managed Retirement Funds. Financial Reports May 31, 2015
TD Ameritrade Trust Company Collective Investment s for Employee Benefit Plans s Financial Reports May 31, 2015 Contents Independent Auditor s Report 1-2 Financial Statements Statements of Financial Condition
More informationNavigator International Equity/ADR
CCM-16-06-637 As of 6/30/2016 Navigator International Navigate Global Equities with a Disciplined, Research-Backed Approach to Security Selection With heightened volatility and increased correlations across
More informationBlackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares
Blackstone Alternative Alpha Fund II (BAAF II) Advisor Class III Shares Blackstone For Purchase by Accredited Investors Only As of May 31st, 2016 Investment approach Fund net performance 1, 2, 3 Blackstone
More informationTotal-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations
ATTACHMENT 2 Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations May 27, 2015 Office of the Chief Investment Officer Contents For Discussion at Committee
More information7. Foreign Investments in India
93 Foreign Investments in India ISMR 7. Foreign Investments in India Introduction From 1992, Foreign Institutional Investors (FIIs) have been allowed to invest in all securities traded on the primary and
More informationThe Fundamentals of Asset Class Investing
The Fundamentals of Asset Class Investing The first goal of any financial plan should be to avoid outliving your money. FPO IMAGE NEED FINAL SELECTION 1 Investing is About You We are living longer. No
More informationAlternative Sector Rotation Strategy
Alternative Sector Rotation Strategy Alternative Sector Rotation Strategy INVESTMENT OBJECTIVE: Seeks long term growth of capital by investing in alternative asset classes as a way to compliment a traditional
More informationEvolution of GTAA Investment Styles. In This Issue: June 2012
June 2012 ALPHA GROUP TOPIC The Alpha Group researches investment managers. In This Issue: n Evolution of GTAA Investment Styles n Risk-Parity vs. GTAA Managers n Implementation n Investing in a GTAA Strategy
More informationVoya Life Companies Asset Allocation Solutions
Voya Life Companies Asset Allocation Solutions Voya Global Perspectives Portfolio Voya Retirement Portfolios Custom Allocation Models This material must be preceded or accompanied by the variable universal
More informationWINDHAVEN DIVERSIFIED GROWTH STRATEGY QUARTERLY PROFILE JUNE 30, 2013
WINDHAVEN DIVERSIFIED GROWTH STRATEGY QUARTERLY PROFILE JUNE 30, 2013 INVESTMENT PHILOSOPHY Windhaven Investment Management, Inc. is an SEC-registered* investment advisor managing more than $17 billion
More informationSpectrum Growth Fund Spectrum Income Fund Spectrum International Fund
PROSPECTUS PRSGX RPSIX PSILX T. Rowe Price Spectrum Growth Fund Spectrum Income Fund Spectrum International Fund May 1, 2016 Three broadly diversified growth, income, and international funds that invest
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationCOMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*
COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun
More informationToll Free: Local: Fax:
The Vanguard Index Funds that form 20 Portfolios are similar, but not identical to the IFA Indices. The two primary differences are the availability of asset classes and the overall average duration of
More informationSUN LIFE GLOBAL INVESTMENTS (CANADA) INC.
SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE for the period ended June 30, 2015 Sun Life Templeton Global Bond Fund Sun Life Templeton Global Bond Fund This
More informationTHE EMPIRE LIFE INSURANCE COMPANY
THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated
More informationPRINCIPAL ASSET ALLOCATION QUESTIONNAIRES
PRINCIPAL ASSET ALLOCATION QUESTIONNAIRES FOR GROWTH OR INCOME INVESTORS ASSET ALLOCATION PRINCIPAL ASSET ALLOCATION FOR GROWTH OR INCOME INVESTORS Many ingredients go into the making of an effective investment
More informationIFA Target Date Index Portfolios
IFA Portfolios Portfolios are appropriate investments for investors of all ages because they provide a risk appropriate one-step solution. They are designed to be a buy-and-hold, lifetime investment. This
More informationSCOTT & WHITE RETIREMENT/401(K) PLAN Plan Number 090337 Plan Information as of 05/16/2015
SCOTT & WHITE RETIREMENT/401(K) PLAN Plan Number 090337 Plan Information as of 05/16/2015 This legally required notice includes important information to help you compare the investment options under your
More informationRegistered Investment Advisor. 595 E. Colorado Blvd., Suite 518 Pasadena, CA 91101 (626) 535-0630 www.dorseywrightmm.com
Registered Investment Advisor 595 E. Colorado Blvd., Suite 518 Pasadena, CA 91101 (626) 535-0630 www.dorseywrightmm.com Process We use Relative Strength to identify Fast stocks and Slow stocks Like building
More informationRisk-Adjusted Benchmarks Measuring Portfolio Risk Against Return
Risk-Adjusted Benchmarks Measuring Portfolio Risk Against Return In-depth Look at the Science Behind Our Benchmarks If the industry professional presenting this material is associated with a broker dealer
More informationMaking Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor. October, 2008
Making Sense of Market Volatility: Retirement Planning Strategies for the Everyday Investor October, 2008 1 Market Ups and Downs Recent news is full of anxiety-causing developments: Credit crunch Bank
More informationSchwab Target Funds. Go paperless today. Simplify your financial life by viewing these documents online. Sign up at schwab.
Annual report dated October 31, 2015, enclosed. Schwab Target Funds Schwab Target 2010 Fund Schwab Target 2015 Fund Schwab Target 2020 Fund Schwab Target 2025 Fund Schwab Target 2030 Fund Schwab Target
More information5Strategic. decisions for a sound investment policy
5Strategic decisions for a sound investment policy 1 An investment policy sets your course for the long term. Managers of billion-dollar pension and endowment funds know it s nearly impossible to beat
More informationINVESTMENT POLICY STATEMENT. For. The Animation Guild 401(k) Plan
INVESTMENT POLICY STATEMENT For The Animation Guild 401(k) Plan Effective TABLE OF CONTENTS Investment Policy Statement Page Purpose...1 Statement of Plan Investment Objectives...2 Roles & Responsibilities...3
More informationEssential Beta: More Than Leveraged Bonds
Essential Beta: More Than Leveraged Bonds FQ Insight by Ed Peters Introduction isk parity is an asset allocation approach based upon risk rather than capital. In particular, it does not add a leverage
More informationBrandes Corporate Focus Fixed Income
Fact Sheet / Through 31 December 2015 (currency reported in USD) Brandes Corporate Focus Fixed Income FIRM OVERVIEW Founded: 1974 Staff Total: 325 Investment Professionals: 53 Ownership: 100% Employee
More informationSAMPLE CLIENT QUARTERLY REPORT 6789 MAIN STREET SUITE 100 CHICAGO, IL 54321
SAMPLE CLIENT QUARTERLY REPORT 6789 MAIN STREET SUITE 100 CHICAGO, IL 54321 Notice to Investors Regarding Custodian Account Statements: You are encouraged to read the statements you receive from the custodian
More informationFinding income and managing risk in a near-zero interest-rate environment
Aging Workforce Series Finding income and managing risk in a near-zero interest-rate environment William Martin, Head of Fixed-Income Portfolio Management TIAA-CREF Executive Summary Yields in traditional
More informationTHE METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN AND TRUST FINANCIAL STATEMENTS DECEMBER 31, 2012 AND 2011
THE METROPOLITAN ST. LOUIS SEWER DISTRICT DEFERRED COMPENSATION PLAN AND TRUST FINANCIAL STATEMENTS DECEMBER 31, 2012 AND 2011 Contents Page Independent Auditors Report...1-2 Management s Discussion And
More informationMISSISSIPPI ORP. Net. Gross Fund. Fund. Fund. Inception. Stability of Principal
P E R F O R M A N C E U P D A T E MISSISSIPPI ORP Average Annual Total Returns as of: 01/31/2016 (shown in percentages) Mutual funds offered through a retirement plan are investments designed for retirement
More informationGlobal Pension Finance Watch Year-End 2015. Mixed Financial Results for Pension Plans in 2015
Brazil Canada Eurozone Japan Switzerland U.K. U.S. Global Pension Finance Watch Year-End Mixed Financial Results for Pension Plans in Fourth quarter returns were positive across all regions, while interest
More informationVanguard PRIMECAP Core Fund As of June 30, 2013
Product Summary Multi-cap equity, investing in a broad spectrum of stocks covering both growth and value stocks and a range of industries. Seeks long-term capital appreciation. Invests in out-of-favor
More informationStatement of Investment Policies and Objectives. University of Rochester Retirement Plan. April 2014
Statement of Investment Policies and Objectives University of Rochester Retirement Plan April 2014 Contents Purpose 1 Philosophy 2 Delegation of Responsibilities 3 Investment Structure and Investment Option
More informationMutual Funds Made Simple. Brighten your future with investments
Mutual Funds Made Simple Brighten your future with investments About Invesco Aim When it comes to investing, your sights are set on a financial summit a college diploma, new home or secure retirement.
More informationADVISOR PROGRAM PORTFOLIO CONSTRUCTION
FUTURE SCHOLAR 529 COLLEGE SAVINGS PLAN ADVISOR PROGRAM PORTFOLIO CONSTRUCTION Age-based option Your financial advisor can help you select an age-based target allocation track, or Aggressive that fits
More informationDefined Contribution Plans Investment Policy Statement
Defined Contribution Plans Investment Policy Statement Adopted April 29, 2003 Amended June 8, 2004 Amended July 19, 2005 Amended June 17, 2008 Amended September 22, 2009 Amended April 23, 2013 Amended
More informationManning & Napier Earnings Release Supplement. For the period ended September 30, 2015
Manning & Napier Earnings Release Supplement For the period ended September 30, 2015 Forward Looking Statements This presentation contains forward-looking statements. Such statements can be identified
More informationWashington, DC 20210 Submitted via email to: e-ori~dolgov
/, - i., ~ ALUANCEBERNSTEIN Investments July 24, 2007 Daniel A. Netto Senior Vice President and Senior Retirement Plan Counsel Office of Regulations and Interpretations Employee Benefits Security Administration,
More informationTHE EMPIRE LIFE INSURANCE COMPANY
THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2013 Unaudited Issue Date: August 9, 2013 These condensed interim consolidated financial
More informationENDOWMENT FUND. Investment Policy Statement
ENDOWMENT FUND Investment Policy Statement Amended ) January 20, 2010 Amended January 19, 2012 Amended Table of Contents I. INTRODUCTION... 3 II. GENERAL INFORMATION... 3 III. INVESTMENT PLAN... 4 A. SPENDING
More information2016 Reviewed Interim Results for the six months ended 31 March 2016. 17 May 2016
2016 Reviewed Interim Results for the six months ended 31 March 2016 17 May 2016 Agenda Highlights Business update Institutional Retail Financial results Closing remarks 1 Highlights Highlights as at 31March
More informationI.A.M. National 401(k) Plan. Investment Options Summary
I.A.M. National 401(k) Plan Investment Options Summary The I.A.M. National 401(k) Plan offers a diverse investment lineup to meet the varied needs of our participants. The lineup includes 12 Retirement
More informationImportant Information on Your Investment Options, Fees, and Other Expenses for the JPMorgan Chase 401(k) Savings Plan: Fee Disclosure Notice
November 2014 Important Information on Your Investment Options, Fees, and Other Expenses for the JPMorgan Chase 401(k) Savings Plan: Fee Disclosure Notice Important: This notice refers to the 401(k) Savings
More information