Envision Full Sample Presentation withScenarios & Survivor NeedsPrepared for:Jim and Susan Taylor
Prepared by:Financial Advisor
Wells Fargo Advisors1 N. Jefferson Ave.St. Louis, MO 63103
Note: This is a sample report and does notcontain actual client data and/or securitiesinformation.
This report is not complete unless all pages, as noted, are included. Please read the information in 'Disclosures' found within this report for an explanation of the terms and concepts presented in thisreport. Envision is not a financial plan. It does not include advanced wealth planning strategies such as estate and tax planning. It also does not include detailed cash flow, real estate and businessanalyses. Envision is an investment planning tool designed to monitor changes in markets and life goals based on regular involvement and updates by you and your Financial Advisor. You should notbase major life decisions, such as retirement and spending goals, solely on Envision investment plan results. The Envision Process and delivery of this report do not create an advisory relationshipbetween the firm and you.
This is a preliminary report. It may not accurately reflect your current situation and life goals. It is intended as a discussion document. Your Financial Advisor can work with you to create or modify anInvestment Plan to specifically suit your needs.
Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose ValueThis Report is prepared by your Financial Advisor using software provided by Wells Fargo Advisors.
The value of the conversationThe Envision® process
IMPORTANT: The projections or other information Envision generates regarding the likelihood of various investment outcomes are hypothetical in nature, do notreflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time.
Envision methodology, selection criteria and key assumptions: Envision's simulation model incorporates assumptions on inflation, financial market returns, andrelationships between these variables based on an analysis of historical data. Using Monte Carlo simulations, Envision simulates thousands of potential outcomesover a lifetime of investing. The varying historical risk, return and correlation between the assets is based on indexes over several market cycles. Elements of thisreport's presentations and simulation results are under license from Financeware Inc. & Wealthcare Capital Management IP, LLC. U.S. Patents 7,562,040, 7,650,303,7,765,138 and 7,991,675. Other international patents approved and pending. All Rights Reserved.
John Hancock* Jim Taylor $15,000.00 $0.00 $0.00 $15,000.00
Sub Total $15,000.00 $0.00 $0.00 $15,000.00
Total Assets $2,066,667.82 $255,544.49 $851,700.62 $3,173,912.93
Liabilities
Description Type Jim SusanJoint &
DependentTotal
123 Main St. Mortgage* Mortgage $0.00 $0.00 $-200,000.00 $-200,000.00
Total Liabilities $0.00 $0.00 $-200,000.00 $ -200,000.00
Net Worth $2,066,667.82 $255,544.49 $651,700.62 $2,973,912.93
*This information is included for purposes of this Statement and is not included in the analysis of this Envision plan.
This Net Worth statement represents a portfolio of securities and assets and liabilities owned by you based on our records of transactions processed through us or supplemental information supplied by you. This report may not include all accounts inyour household. The above statement does not in any way supersede your statements, policies or trade confirmations, which we consider the only official and accurate records of your accounts or policies. We rely on you to review the accuracy andcompleteness of this analysis. This statement may differ from the Firm's profile information on your accounts.
The death benefit and cash value will be affected by any outstanding loans or withdrawals at the time of surrender.
John Hancock 1234567 Whole Life Jim Taylor Jim Taylor Susan Taylor $100,000 $500 $15,000 $0
NorthwesternMutual
1234567 Group Susan Taylor Susan Taylor Jim Taylor $100,000 $240 $0 $0
Total $200,000 $740 $15,000 $0
Long Term Care Insurance
CompanyPolicyNumber
InsuredAnnual
PremiumMonthlyBenefit
Benefit Period(Years)
Total BenefitPool
AnnualIncrease
EliminationPeriod(Days)
Genworth 8888-8 Jim Taylor $2,000 $4,030 3 $145,080 3.00% 180
Total $2,000 $4,030 $145,080
Disability Insurance
CompanyPolicyNumber
OwnerAnnual
PremiumMonthlyBenefit
Benefit Period(Years)
AnnualIncrease
EliminationPeriod(Days)
Met Life 888-88-8 Jim Taylor $3,204 $9,000 10 0.00% 180
Total $3,204 $9,000
The death benefit and cash value will be affected by any outstanding loans or withdrawals at the time of surrender.
Total Benefit Pool = Monthly Benefit * Benefit Period * 12
The policy details listed above have been based on information you, the client, provided to your Financial Advisor. Wells Fargo Advisors does not guarantee its accuracy or completeness. Please consult the policy literature provided by yourInsurance carrier for more complete information and a detailed description of any terms and conditions mentioned in this report.
Average Return: 8.7% Average Return: 8.3% Downside Risk: -12.5% Downside Risk: -8.1%
Conservative Growth:
Growth investors do not seek account income and their primary objective is capital appreciation. Conservative Growth investors seek maximum growth consistent with a relatively modest degree of risk. They are willing to acceptlower potential returns in exchange for lower risk. Equities may be a significant percentage of the account.
The Current allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value.
RETIREMENT • Review contributions to your employer's retirement savings plan in order to capture the full amount of your employer's
contribution.
GENERAL INVESTING • A concentrated equity position can result in a portfolio with higher volatility and, as a general rule, one holding should
not comprise more than 20% of your portfolio. Consider repositioning a portion of this holding into other investments tofurther diversify your portfolio.
LIABILITY MANAGEMENT • Consider using existing cash to pay off some or all of your debts.
INSURANCE • Review your existing insurance to make sure your term, death benefit, premium and other features of your policy(ies)
are suitable given your current and future financial goals.
Insurance products are offered through our affiliated nonbank insurance agencies.ESTATE
• Consult with your estate attorney to discuss whether estate strategies should be utilized to reduce potential probatefees.
We recommend you consult with your legal or tax advisor before making any Estate Planning decisions.
"Current Year" is defined as the period of time from now until the owner of the cash flow's next birthday.
This Action Plan Review identifies the current year's savings, asset allocation, withdrawals, goals, and income needs included in your Envision report, and also identifies the preceding year's goals that have been retired.Please review your actual report for a detailed analysis of additional, future assumptions you have made which may be critical to the success of your plan.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and returninformation, please see the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfoliofaces approximately a 5% chance each year of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of futureresults.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and whereunderlying holdings are not available for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Social Security $20,504 / $21,074 Gross Jim Taxable 62 / 62 Death / Death 2.50% / 2.50%Social Security $14,295 / $15,607 Gross Susan Taxable 62 / 62 Death / Death 2.50% / 2.50%
Savings
DescriptionAnnual Amount
Ideal/Accept.Owner Tax Status
Start AgeIdeal/Accept.
End AgeIdeal/Accept.
Annual IncreaseIdeal/Accept.
Deferred$40,000 /$40,000
Jim Deferred 52 / 52 Ret. / Ret. 0.00% / 0.00%
Deferred$15,000 /$15,000
Susan Deferred 52 / 52 Ret. / Ret. 0.00% / 0.00%
Taxable$20,000 /$30,000
Joint Taxable 52 / 52 Ret. / Ret. 0.00% / 0.00%
LiabilitiesDescription Borrower Type Interest Rate Balance Monthly Payment
123 Main St. Mortgage Joint Mortgage 5.75% $200,000 $3,684
Growth and Income investors seek current income, but also seek income and capitalgrowth over time. These investors are willing to forgo a portion of current income in orderto seek potential future growth. Conservative Growth and Income investors seek themaximum growth and income consistent with a relatively modest degree of risk. Theyare willing to accept lower potential returns in exchange for lower risk. Equities, generallydividend paying equities, may be some percentage of the account.
AcceptableLong TermGrowth &Income
64.0% -8.8% 8.5%
Growth and Income investors seek current income, but also seek income and capitalgrowth over time. These investors are willing to forgo a portion of current income inorder to seek potential future growth. Long Term Growth and Income investors seeka significant level of growth and income, are financially able and willing to risk losinga substantial portion of investment capital, and due to their long term horizon or otherfactors they pursue high risk, more aggressive strategies that may offer higher potentialreturns. High yield bonds and equities, generally dividend paying equities, may be theprimary assets in the account.
++All numbers provided for Education Goal calculations are hypothetical in nature and are based on assumptions entered into the calculation. You should check the figures to ensure they are reasonable and you should consult with the institution onthe accuracy of the information before making any investment decisions based on this information.*The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see theCapital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year ofexperiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
Allocations used within this plan may not have a greater downside risk than the risk range associated with the Acceptable Risk Profile.
Percent in Equities 31.0% 64.0%Downside Risk -3.4% -8.8%
The Strategic Allocation has been derived from what you indicated was your Ideal or Acceptable tolerance for Downside Risk as displayed on the Profile Summary Data report. The Disclosures include more detailed information.
Your PrioritiesThe Envision Priority Cards help you clarify your financial goals and prioritize your objectives. Using the cards as guidelines, the Envision Process also offers you the flexibility to adjust your priorities,when necessary, based on fluctuating market conditions or life-changing events.
Higher Priority Lower Priority
1 2 3 4 5 6 7
Risk Tolerance RetirementIncome Retirement Age Philanthropy
BusinessTransaction
& Succession Estate & Legacy
Education Goal IncreasingMedical Costs Travel Executive RV Taxes and
Your PrioritiesThe Envision Priority Matrix can help you clarify your financial goals and prioritize your objectives. Using the Matrix as a guide, the Envision process also offers you the flexibility to adjust your priorities,when necessary, based on fluctuating market conditions or life-changing events.
Goal Retire LaterReduce Retirement
SpendingReduce Size
of EstateTake More
Investment RiskSave More
To achieve our early retirement age(s), we would bewilling to: N/A
To achieve our higher spending target in retirement,we would prefer to: X N/A X
In order to achieve our larger estate goal, we wouldbe willing to: N/A
To reduce the investment risk in our portfolio, wewould be willing to: X X X N/A
We would like to reduce our current savings and toachieve this we would prefer to: X X N/A
To meet our education funding goals, we would bewilling to:
To meet our 'Executive RV ' other goal, we would bewilling to: X X X
To meet our 'Travel ' other goal, we would be willingto: X X X
Central to the Envision process is the Investment Plan Result calculation.With Envision, we simultaneously evaluate your goals, your strategic assetallocation and your assets to determine the likelihood that your investmentplan would have achieved your goals. The Envision process subjects yourinvestment plan to a sophisticated stress testing process that simulates 1,000market environments, both good and bad. Your Investment Plan Result isthe percentage of the 1,000 simulations in which your goals were met foryour Ideal, Acceptable, and Recommended Investment Plan. Remember,the simulations do not represent actual investment performance andare only intended to provide you with an opportunity to evaluate yourRecommended Investment Plan, including your asset allocation. TheDisclosures include more detailed information regarding the simulationprocess.
• Below Target
An Investment Plan Result below 75 means that your investment planwould not have achieved your goals in a large number of the historicalsimulations. You may wish to consider adjustments to your goals, yourallocation and/or your investments.
• Target Zone
An Investment Plan Result between 75 and 90 means that in many of thehistorical simulations your investment plan would have achieved yourgoals. You might be required to make changes to your RecommendedInvestment Plan in order to stay within your Target Zone, but thosechanges are likely to be minor.
• Above Target
An Investment Plan Result above 90 means that in a significantlylarge number of historical simulations your investment plan would haveachieved or exceeded your goals. You may wish to consider a less riskyallocation, or an adjustment to your goals.
Strategic Allocation Conservative Growth & Income (Age Now-End) Long Term Growth & Income (Age Now-End) Percent in Equities 31.0% 64.0% Downside Risk -3.4% -8.8%
Percent in Equities 31.0% 66.0% 64.0%Downside Risk -3.4% -8.1% -8.8%
Investment Plan Result 0 82 98
Conservative GrowthGrowth investors do not seek account income and their primary objective is capital appreciation. Conservative Growth investors seek maximum growth consistent with a relatively modest degree of risk. They are willing to accept lower potentialreturns in exchange for lower risk. Equities may be a significant percentage of the account. Please refer to the Disclosures for more detailed information.
This information is not used to update your client account profile information. Please contact your Financial Advisor if any changes are needed to update your client profile.
Your Recommended Investment Plan Result was calculated assuming that you will modify your strategic asset allocations, if applicable, throughout the life of the plan. The recommended strategic asset allocation reflected on this page illustrates thestrategic allocation you plan to implement now. Future allocations are illustrated on the Age Based Asset Allocation page.
The Target Zone may help you evaluate your Recommended Investment Plan.It does not represent a projection of future portfolio values. The Target Zonegraph is shown in Actual dollars.
The Target Zone and Plan Result is reflective of the strategic recommendedasset allocation. If your current portfolio is not consistent with therecommended allocation, then your probability of success may be significantlydifferent than the Plan Result displayed.
This information is not used to update your client account profile information. Please contact your Financial Advisor if any changes are needed to update your client profile.
Sensitivity AnalysisResults shown in Actual dollars
1 5 %
2 1 %
2 5 % 6 9 %
4 5 %
3 1 % 1 6 %
3 4 %
4 4 %
$1,780,000
$1,980,000
$2,180,000
$2,380,000
$2,580,000
$2,780,000
$2,980,000
$3,180,000
$3,380,000
$3,580,000
Inve
stm
ents
53 54 55 56 57 58
Age (Susan Taylor)
Above Target (90th Percentile) Below Target (75th Percentile) Investment As Of Date
At 1 year At 3 years At 5 yearsProbability of being above the Target Zone 16 % 34 % 44 %Investment Value greater than $2,705,888 $3,131,923 $3,532,588
Probability of being below the Target Zone 15 % 21 % 25 %Investment Value less than $2,238,478 $2,581,186 $3,005,808
Probability of being out of the Target Zone 31 % 55 % 69 %
Probability of being in the Target Zone 69 % 45 % 31 %
Envision allows you to track the value of your portfolio over time as it relates to the Target Zone. As markets change, and as your personal goals and objectives change, you may see your portfolio value move out of the Target Zone. This SensitivityAnalysis shows the probability of being both below and above the Target Zone over a one, three and five year period.
If your portfolio value happens to move out of the Target Zone, this is an opportunity to discuss what changes may have occurred in the market, or what has changed in your life based on the recommendations in the plan. As part of the Envisionreview process, you and your Financial Advisor may want to make adjustments to move you back into the Target Zone and give you reasonable confidence in achieving your goals.
Current Allocation Plan Result: 80 Strategic Allocation Plan Result: 82
Current Conservative Growth
Large Cap (62.25%)
Mid Cap (9.49%)
Small Cap (11.91%)
International Equity (6.20%)
Emerging Market Equity (0.67%)
Intermediate Fixed Inc (0.00%)
Long Term Fixed Income (0.04%)
REIT (0.02%)
Other (0.10%)
Cash Alternative (9.33%)
Large Cap (28.00%)
Mid Cap (10.00%)
Small Cap (8.00%)
International Equity (10.00%)
Emerging Market Equity (8.00%)
Short Term Fixed Income (8.00%)
Intermediate Fixed Inc (14.00%)
Long Term Fixed Income (4.00%)
High Yield Fixed Income (2.00%)
REIT (2.00%)
Commodities (4.00%)
Cash Alternative (2.00%)
Average Return: 8.7% Average Return: 8.3% Downside Risk: -12.5% Downside Risk: -8.1%
Important Information: This page illustrates how your plan result may differ if you do not adopt the recommended strategic allocation. The current allocation planresult assumes that your current allocation will remain unchanged over the duration of the plan. The strategic allocation plan result assumes that you implement therecommended allocation and any future age-based allocations if they were included in the plan. There is no assurance that the recommended portfolio's objectiveswill be obtained.Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value
Strategic Allocation illustrates how much of an investor's portfolio should be allocated to the various asset classes based on the recommended investment plan.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see theCapital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year ofexperiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification, the asset class assigned to that security is used.Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlying classification data is updated periodically and the frequency of updates will vary by fund. Whenrepositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFs and UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are notavailable for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Totals may not equal calculated amounts due to rounding differences.
The Disclosures include definitions of the terms on this page and other detailed information.
Investment Value $2,387,394 $2,152,657 $2,403,063 $2,289,089 $2,000,000 $2,250,000
Other Goal - Executive RV - Jim $250,000 $256,250 $250,000 $250,000 $250,000 $250,000
Other Goal - Travel - Jim $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
Education Goals - Brown University -John Taylor
$41,048 $41,048 $40,047 $40,047 $40,047 $40,047
Education Goals - University ofVirginia - Sara Taylor
$29,511 $29,511 $28,791 $28,791 $28,791 $28,791
Investment Plan Result 86 74 84 84 73 81* Cash flows are inflated once per year on the anniversary of the investment plan’s creation date. The inflating of cash flows is necessary to keep goals, savings, income sources, etc. up to date with their specified inflation rates.
+ This total does not include savings cash flows that start in the future. If future savings cash flows exist, they are included in the Envision analysis.
^ Social security benefits, if included in the plan prior to November 2011, are unavailable for display.
The table above indicates your Recommended Investment Plan and how changes to your goals and Investment Value have affected the Investment Plan Result over time. Investment Value includes assets currently held in accounts with our firm aswell as assets held at other firms. Values of assets held at other firms are based on information provided by you, and may not reflect current market value.
The Recommended Investment Plan assumes you implement the Strategic or Custom Allocation and includes expectations about savings and spending patterns that you provided. Please be sure to inform us of any changes to your goals, savingsand spending patterns and changes in the market value of assets held at other firms.
Your Recommended Investment Plan Result was calculated based on all of the information contained within your recommended plan as of the date in the column header.
Target Zone-Long TermResults shown in Actual dollars
$1,340,000
$1,810,000
$2,280,000
$2,750,000
$3,220,000
$3,690,000
$4,160,000
$4,630,000
$5,100,000
$5,570,000
$6,040,000
Inve
stm
ents
47 54 61 68 75 82 89 96 103
Age (Susan Taylor)
Above Target (90th Percentile) Below Target (75th Percentile) Investment As Of Date
The Target Zone and Plan Result is reflective of the strategic recommended asset allocation. If your current portfolio is not consistent with the recommended allocation,then your probability of success may be significantly different than the Plan Result displayed.
Monitoring Your Progress...
Investment markets, your financial goals, and your priorities can change over time. The Envision process recognizes that throughout your life things will change. Themonitoring process enables us to track your Investment Value so that, upon your request, we can monitor and review your progress towards your goals. Please besure to inform us of updates to your situation, including changes to your goals and priorities, so that we can work with you to monitor and modify your RecommendedInvestment Plan.
*The Investment Portfolio Need is the net amount required from the investment portfolio after all other income sources have been applied to the spending need. It does not represent income provided bythe investment portfolio nor should it be assumed that the spending need can be met with portfolio withdrawals.
The sources of funding cash flows are hypothetical in nature and should be used only as a guideline. This report may display spending needs and the corresponding sources of funding for up to fivedifferent years as determined by your financial advisor. The other income sources are based upon assumptions that you have provided. To determine how much the investment portfolio must provide inorder to meet spending needs, first, all available other income sources are matched against the spending need. If, all other income sources are not sufficient to meet the spending need, then the analysisassumes the remainder will be made up with the investment portfolio. This analysis does not consider Required Minimum Distributions or the potential need for leverage to be used.
Goal Funding Summary reflects any Social Security and Income Sources during retirement as well as estimated portfolio yield based off of the previous year's estimated taxable ending value. EstimatedPortfolio Taxable Income is based on current yield assumptions and there is no assurance that they will be obtained. In addition, the portfolio withdrawals necessary to meet your Goal Funding Needs foryour Recommended Investment Plan are reflected. This is based upon information you provided. Because this information is likely to change over time, your actual cash flow experience will differ. Youshould periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
Growth (Age Now-End) Percent in Equities 66.0% 66.0%
Downside Risk - 8.1% - 8.1%
Investment Plan Result 82 80
* Cash flows are inflated once per year on the anniversary of the investment plan’s creation date. The inflating of cash flows is necessary to keep goals, savings, income sources, etc. up to date with their specified inflation rates.
The Scenario Comparison is hypothetical and not your Recommended Investment Plan. It is designed to illustrate "what-if" scenarios. The information used to create these scenarios may or may not reflect your current situation or goals. Please referto your Envision Presentation for a Recommended Investment Plan that reflects your current situation and financial goals. Your Financial Advisor can work with you to create or modify your Recommended Investment Plan to suit your needs. Theinformation shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see the CapitalMarket Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year of experiencing aloss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
* Cash flows are inflated once per year on the anniversary of the investment plan’s creation date. The inflating of cash flows is necessary to keep goals, savings, other income, etc. up to date with their specified inflation rates.
+The Survivor Benefit amount shown here is for the first year only. Future benefits may be more or less.
Important InformationEstimated Total Coverage Needed: Indicates the total of your existing insurance plus your additional insurance need.
Existing Insurance Policies: Represents insurance coverage you identified as already having purchased.
Estimated Additional Insurance Needed: Represents the additional death benefit needed to meet the specific Survivor Goals stated in this survivor section.You may have additional estate or business planning needs which are beyond the scope of this analysis. Please consult with your Financial Advisor for additionalanalysis related to these issues.
The Survivor Needs page may include modified plan assumptions that anticipate the different needs you may have after the death of your spouse; your actualsituation may differ.
In anticipation of your survivor need, this analysis may exclude certain accounts identified in your Recommended Investment Plan.
Survivor Needs ResultEstimated Total Coverage Needed $2,010,000Existing Insurance Policies on Jim's Life $700,000 Estimated Additional Insurance Needed $1,310,000
* Cash flows are inflated once per year on the anniversary of the investment plan’s creation date. The inflating of cash flows is necessary to keep goals, savings, other income, etc. up to date with their specified inflation rates.
+The Survivor Benefit amount shown here is for the first year only. Future benefits may be more or less.
Important InformationEstimated Total Coverage Needed: Indicates the total of your existing insurance plus your additional insurance need.
Existing Insurance Policies: Represents insurance coverage you identified as already having purchased.
Estimated Additional Insurance Needed: Represents the additional death benefit needed to meet the specific Survivor Goals stated in this survivor section.You may have additional estate or business planning needs which are beyond the scope of this analysis. Please consult with your Financial Advisor for additionalanalysis related to these issues.
The Survivor Needs page may include modified plan assumptions that anticipate the different needs you may have after the death of your spouse; your actualsituation may differ.
In anticipation of your survivor need, this analysis may exclude certain accounts identified in your Recommended Investment Plan.
Growth (Age Now-End) Percent in Equities 66.0% 66.0% 66.0% 66.0%
Downside Risk -8.1% -8.1% -8.1% -8.1%
Total Value of Investments $2,208,913 $2,208,913 $2,208,913 $2,208,913
Investment Plan Results 82 81 66 78
Estimated annual cost for long-term care is based on the Delaware average semi-private room nursing home costs. Room rates were obtained from nursing homes that are licensed, provide both skilled and custodial care, and have a semi-privatepay rate for custodial care, not the Medicare or Medicaid reimbursed rate.
Estimated long-term care insurance premiums assume a healthy, non-smoker with no pre-existing conditions. The premium assumption is based on a four year benefit for semi-private room care with a 90 day elimination period. The numberprovided is only an estimate and your actual premium costs will be different based on: product, underwriting risk classification, policy features, and benefits selected. The benefit may not cover the entire cost of long-term care. Long-term careinsurance may not be suitable for everyone.
An Introduction to Estate PlanningMany investors need an estate plan.An estate plan is designed to provide security, define your legacy, and give a voice to your intentions and dreams.
During your lifetime, a well-considered estate plan helps protect your financial security. It can help you to:• Designate a trusted person to manage your finances, if you become incapacitated - either temporarily, or for an extended time.• Clarify your wishes regarding medical treatment, if you are unable to express them yourself.• Appoint someone to make medical decisions for you, if you cannot.• Help avoid the strictures of a court-supervised guardianship or conservatorship, if you become incapacitated.• Delegate financial tasks to a trusted person, if you are traveling, ill, or simply want to "retire" from routine or burdensome matters.
In the event of your death, your estate plan may be vitally important to the people you care about most. A thoughtful estate plan does more than dispose ofpossessions - it builds a foundation and structure for your legacy, and articulates your values. Your estate plan allows you to:• Appoint a guardian for minor children, and a trustee who can manage assets for them until a time that you select.• Create a distribution plan that reflects your life goals and values. What do you believe would have the most meaningful and beneficial impact on your heirs: an
outright distribution, all at once; a gradual distribution, in several stages; or a plan that provides a lifetime of income, with access to principal as a safety net?• Balance the interests and needs of your spouse, and children from a prior marriage, as you think best.• Protect assets for the benefit of a child with special needs.• Address the special issues that arise when you own a family business, farm, or unique real estate.• Utilize trusts to give a beneficiary's assets a significant measure of protection from creditors, divorce, the effects of substance abuse, or bad decision-making.
Building blocks of your estate planEstate planning encompasses much more than a will. In order to control where assets go and how they are distributed, it is important to understand the interactionbetween legal forms of ownership, the five basic estate planning documents, and beneficiary designations.
Legal forms of ownership can affect your estate plan, and estate taxes. Here are some basic concepts:• Individual ownership exists when an account, or property, is simply titled in your own name, for example "John Smith." Property titled in this way usually passes
under the terms of your will, or if you do not have a will, to "default" heirs designated by state law.• Joint tenancy with right of survivorship (JTWROS) is a form of ownership in which two or more persons own an undivided interest in property. A deceased
owner's share automatically passes to the surviving owner(s), and is not affected by the terms in your will or trust.• Tenancy in common is also a form of ownership in which two or more persons own an undivided interest in property, but a deceased owner's share does not
automatically pass to the surviving owner(s); instead, the deceased owner's will or trust will be controlling.• Tenancy by the entirety is a variation of joint tenancy with right of survivorship, which can exist only between a husband and wife. This form of ownership is
recognized in fewer than half of the states. In some states, it can be used for all types of property; in others, it can only be used for real estate. Property held intenancy by the entirety is regarded as belonging to the husband and wife indivisibly, and generally is not subject to claims of either spouse's individual creditors.
• Community property is a form of ownership applicable in 9 states (AZ, CA, ID, LA, NV, NM, TX, WA and WI). In addition, Alaska allows married couples to electcommunity property treatment. In these states, the law generally provides that all property acquired by either spouse during marriage is held as communityproperty, with each spouse having a one-half interest. Property acquired before the marriage, or property acquired by gift or inheritance, is referred to asseparate property. A deceased spouse can transfer one-half of the community property, plus his or her own separate property, under his or her will.
Five basic estate planning documents are frequently recommended.
• A will provides instructions for distributing property that you own, upon your death, utilizing the probate process. Some wills are very simple; others includecomplex planning provisions. Your attorney can help design a will that fits your needs and objectives.
• A durable power of attorney allows you to name a trusted person to manage your financial and personal affairs if you are incapacitated. This document isimportant for lifetime planning. The authority of the agent (or "attorney in fact") ends when you die.
• A durable power of attorney for health care is another lifetime planning document; it allows you to name a trusted person to make a wide variety of medicaldecisions if you cannot, including decisions about end-of-life care. It is very important to name a person who shares your views and values. This documentmay also be referred to as a health care directive or health care proxy.
• A living will expresses your intentions with regard to the use of life-sustaining measures in the event of a terminal illness. It expresses what you want but doesnot give anyone the authority to speak for you. Sometimes, this document or statement is combined with a durable power of attorney for health care.
• The revocable living trust is often used in states where the probate process is lengthy or expensive. By transferring assets into a revocable living trust, youcan provide for continued management of financial affairs during your lifetime and upon your death. Assets held in a revocable trust avoid the probate process.This may help to simplify the settlement process, and reduce the amount of personal information that becomes part of a public record. During your lifetime, youtypically act as your own trustee. You name a successor trustee to manage trust assets after your death. Some revocable trusts provide for a simple outrightdistribution of assets; others call for the creation of continuing trusts after death. Your attorney can help you determine whether or not a revocable trust isappropriate for your situation, and if it is, can customize a trust to fit your situation.
Beneficiary designations also have an important effect on your estate plan.• Assets such as IRAs, qualified retirement plans and life insurance policies pass according to a beneficiary designation. Ordinarily, these assets are not governed
by your will or trust, and are not subject to probate. If you fail to name a beneficiary, these assets typically must be paid to your estate (making a normallynon-probate asset subject to probate). Accordingly, it is very important to be sure you name both primary and contingent beneficiaries, and that you keep yourbeneficiary designations up do date. Many types of employee benefit plans also have beneficiary designations, including nonqualified deferred compensation(NQDC) plans, non-qualified stock options (NSOs), incentive stock options (ISOs), employee stock purchase plans (ESPPs), and restricted stock awards.
• Transfer on Death (TOD) designations are permitted for securities accounts in all states except Louisiana. Some states also permit TOD designations on othertypes of property. For bank accounts, the term Pay on Death (POD) designation is used. A TOD designation is another way to avoid the probate process.To make a TOD designation, you complete a simple account form. You can name one or more beneficiaries to receive an outright distribution of a particularaccount upon your death. During your lifetime, you retain sole ownership of the account, and you can revoke or change a TOD designation at any time. Whilethis can be a good way to make simple transfers, it is much more limiting than a will or living trust, because it is not comprehensive and does not allow youto provide for contingencies, or handle complex planning provisions.
Your estate planning teamYour attorney is your primary estate planning advisor. In addition to preparing your estate planning documents, your attorney can guide you in selecting tools andstrategies to fit your specific situation, and personal objectives. Your CPA is familiar with your income tax situation, and adds another valuable perspective to yourestate planning team. Your financial advisor can help you organize your financial information, define your goals, and provide information about estate planningconcepts. Your Envision plan is a good starting point for the estate planning process, and we encourage you to share it with your attorney.
Evaluate strategies in light of your values and life goalsAs you evaluate any advanced planning strategy, ask:• Does it reflect my values?• How does it affect my income and financial security?• Is it consistent with my time horizon, risk tolerance, and financial situation?• Will it help to accomplish my goals and dreams?• Does it build the type of legacy I want to create?• How does it affect the people I care about most?
We encourage you to begin a conversation with your financial advisor about your values and goals, and extend that conversation to your attorney and CPA, andyour family as well.
Understanding the Federal Estate TaxWho is affected by the federal estate tax?Individuals may be subject to estate tax if their taxable estate exceeds the "applicable exclusion." The federal estate tax is paid by the estate (before distributions tobeneficiaries). The estate tax return and full payment of the tax are due nine months after the date of death.
The applicable exclusion for 2011 and 2012 will be $5 million, essentially protecting estates below that amount from federal estate tax. A flat rate of 35%will apply, and the estate and gift exemptions are reunified. This two-year window should be a reason to take action now - not procrastinate. In two years,Congress will need to revisit the estate tax. The desire to raise revenue may lead Congress to limit or eliminate certain strategies that are available in 2011and 2012. If you are uncertain how these temporary new provisions affect your estate plan, you should make an appointment with your estate planningattorney to review your documents and strategies.
Some states impose their own estate taxes, in addition to the federal tax. The state thresholds for imposing tax are often lower than the federal applicable exclusion.The rules vary considerably from state to state.
Don't put off estate planning just because tax laws may change. Tax laws change frequently, so attorneys are experienced at building flexibility into estate planningdocuments.
What is included in my taxable estate?In federal tax law, the definition of the "taxable estate" is very broad - it basically encompasses the value of everything you own or control. For example, your taxableestate includes:• Cash, checking, savings, and money market accounts.• Investment securities, real estate and closely-held business interests, at fair market value.• Retirement plans and employee benefits, including IRAs and Roth IRAs, qualified retirement plans, incentive and non-qualified stock options, restricted stock,
employee stock purchase plans, and non-qualified deferred compensation.• Personal property, including autos, boats, household furnishings, jewelry, artwork, and collectibles.• All property held in revocable trusts.• The death benefit on life insurance policies that you own or control.• Property that you transferred to others, subject to a retained income interest or life estate.• Property over which you have a "general powers of appointment" (the unlimited power to transfer to another).It's important to understand that assets which pass outside of probate (such as revocable trusts, TOD accounts, IRAs and retirement plans, and life insurance) aregenerally still part of your taxable estate.
Special considerations for married couplesBy using a "credit shelter" or "bypass" trust strategy, married couples can take advantage of the "applicable exclusion" for both spouses.Here's how it works: A provision in your will or living trust directs that, if you are the first spouse to die, an amount equal to the applicable exclusion then in effect willbe allocated to the credit shelter trust. Typically, this trust will pay all of its income, and principal as needed, to the surviving spouse. (If you wish, your trust couldpermit distributions of income and principal to other beneficiaries as well.) The trust directs how any remaining principal will be distributed when the surviving spousedies. Typically, trust assets are distributed to children, either outright or in a continuing trust. The assets in a credit shelter trust are not part of the surviving spouse'staxable estate. In effect, the original principal, and any future growth, is "sheltered" from tax by the applicable exclusion of the first spouse to die. And the survivingspouse still has his or her own exclusion to apply at the time of the second death.
In order for a credit shelter trust to work, there must be assets to fund it. Asset titling, and beneficiary designations, should be arranged so that each spouse willhave assets available to fund a credit shelter trust.
New rules make the estate exclusion "portable" between spouses. In other words, a deceased spouse can pass on his or her unused exclusion to thesurviving spouse. This could allow a married couple to transfer up to $10 million without federal estate tax.• However, portability rules are scheduled to lapse after 2012.• For larger estates, it may still be advantageous to create a "credit shelter" trust at the first death.
Advanced estate planning strategiesFor single individuals with estates greater than the applicable exclusion or married couples with estates more than double the applicable exclusion, additional taxplanning strategies are available. These include annual exclusion gifts, irrevocable life insurance trusts, charitable trusts, and many more. Your financial advisor,attorney, and CPA can work together to help you put strategies in place that fit your financial situation and your personal values and goals.
Conservative IncomeIncome investors seek a maximum amount of income given their risk tolerance,and are willing to forgo capital appreciation and growth of income. ConservativeIncome investors seek the maximum amount of income consistent with amodest degree of risk. They are willing to accept a lower level of income inexchange for lower risk. Higher risk investments, such as high yield bonds andsome equities, are typically not a large percentage of the account.
Conservative Growth & IncomeGrowth and Income investors seek current income, but also seek income andcapital growth over time. These investors are willing to forgo a portion ofcurrent income in order to seek potential future growth. Conservative Growthand Income investors seek the maximum growth and income consistent witha relatively modest degree of risk. They are willing to accept lower potentialreturns in exchange for lower risk. Equities, generally dividend paying equities,may be some percentage of the account.
Conservative GrowthGrowth investors do not seek account income and their primary objective iscapital appreciation. Conservative Growth investors seek maximum growthconsistent with a relatively modest degree of risk. They are willing to acceptlower potential returns in exchange for lower risk. Equities may be a significantpercentage of the account.
Moderate IncomeIncome investors seek a maximum amount of income given their risk tolerance,and are willing to forgo capital appreciation and growth of income. ModerateIncome investors seek to balance the potential risk of capital loss withincreased income potential. Higher risk investments, such as high yield bondsand some equities, may be some percentage of the account.
Moderate Growth & IncomeGrowth and Income investors seek current income, but also seek income andcapital growth over time. These investors are willing to forgo a portion of currentincome in order to seek potential future growth. Moderate Growth and Incomeinvestors seek to balance the risk of capital loss with higher potential growthand income. High yield bonds and equities, generally dividend paying equities,may be a significant percentage of the account.
Moderate GrowthGrowth investors do not seek account income and their primary objective iscapital appreciation. Moderate Growth investors seek to balance potential riskof capital loss with their goal of higher potential growth. Equities may be theprimary asset in the account.
Long Term IncomeIncome investors seek a maximum amount of income given their risk tolerance,and are willing to forgo capital appreciation and growth of income. Long TermIncome investors seek a significant level of income, are financially able andwilling to risk losing a substantial portion of investment capital, and, due to theirlong term horizon or other factors, they employ higher risk, more aggressivestrategies that may offer higher potential income. Higher risk investments, suchas high yield bonds and some equities, may be a significant percentage of theaccount.
Long Term Growth & IncomeGrowth and Income investors seek current income, but also seek income andcapital growth over time. These investors are willing to forgo a portion of currentincome in order to seek potential future growth. Long Term Growth and Incomeinvestors seek a significant level of growth and income, are financially ableand willing to risk losing a substantial portion of investment capital, and due totheir long term horizon or other factors they pursue high risk, more aggressivestrategies that may offer higher potential returns. High yield bonds and equities,generally dividend paying equities, may be the primary assets in the account.
Long Term GrowthGrowth investors do not seek account income and their primary objective iscapital appreciation. Long Term Growth investors seek a significant level ofgrowth, are financially able and willing to risk losing a substantial portion ofinvestment capital, and due to their long term horizon or other factors, theyemploy higher risk, more aggressive strategies that may offer higher potentialreturns. Higher risk investments such as equities may be as much as 100%of the account.
Your actual asset allocation may vary from the Strategic or Custom Allocation, based upon your individual circumstances.There can be no guarantee that your investment goals will be reached by following a prescribed asset allocation model.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from bothhistorical observation and standard investment industry statistical calculations. For risk and return information, pleasesee the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potentialloss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance eachyear of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actualperformance. Past performance is not a guarantee of future results.
Current vs Strategic Allocation - Asset ClassCurrent Conservative Growth
Equity (90.53%)
Fixed Income (0.04%)
Cash Alternative (9.33%)
Other (0.10%)
Equity (66.00%)
Fixed Income (28.00%)
Alternative Investment (4.00%)
Cash Alternative (2.00%)
Average Return: 8.7% Average Return: 8.3%
Downside Risk: -12.5% Downside Risk: -8.1%
On this Current vs Strategic Allocation report, funds, ETFs and UITs that have balanced or global allocations may be assigned to multiple asset classes based ontheir underlying holdings.
Long Positions
Asset Class Current Strategic Difference Equity $ 1,999,720.72 90.53% $ 1,457,882.53 66.00% $ - 541,838.19 - 24.53%
Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value
Strategic Allocation illustrates how much of an investor's portfolio should be allocated to the various asset classes based on the recommended investment plan.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see theCapital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year ofexperiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification, the asset class assigned to that security is used.Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlying classification data is updated periodically and the frequency of updates will vary by fund. Whenrepositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFs and UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are notavailable for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Totals may not equal calculated amounts due to rounding differences.
The Disclosures include definitions of the terms on this page and other detailed information.
Market Values are based on closing prices and positions as of 12/5/2011 for security level holdings.
If we have included or if you have provided us with information on accounts managed by an affiliate of Wells Fargo Advisors, including fiduciary accounts at Wells Fargo Bank, N.A., you should understand that Wells Fargo Advisors has no authorityto manage or influence the management of such accounts. With respect to such accounts, the Strategic Allocation and Differences listed on this page are for information purposes only and should not be considered a recommendation from WellsFargo Advisors or your Financial Advisor. The views, opinions, asset allocation models and forecasts may differ from our affiliates.
Current vs Strategic Allocation - Asset Class TypeCurrent Conservative Growth
Domestic Equity (83.64%)
International Equity (6.87%)
Domestic Fixed Income (0.04%)
Alternative Income (0.02%)
Other (0.10%)
Cash Alternative (9.33%)
Domestic Equity (46.00%)
International Equity (18.00%)
Domestic Fixed Income (26.00%)
Alternative Income (4.00%)
Alternative Investment (4.00%)
Cash Alternative (2.00%)
Average Return: 8.7% Average Return: 8.3%
Downside Risk: -12.5% Downside Risk: -8.1%
On this Current vs Strategic Allocation report, funds, ETFs and UITs that have balanced or global allocations may be assigned to multiple asset classes based ontheir underlying holdings.
Long Positions
Asset Class Type Current Strategic Difference Domestic Equity $ 1,847,541.61 83.64% $ 1,016,099.95 46.00% $ - 831,441.67 - 37.64%
Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value
Strategic Allocation illustrates how much of an investor's portfolio should be allocated to the various asset classes based on the recommended investment plan.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see theCapital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year ofexperiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification, the asset class assigned to that security is used.Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlying classification data is updated periodically and the frequency of updates will vary by fund. Whenrepositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFs and UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are notavailable for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Totals may not equal calculated amounts due to rounding differences.
The Disclosures include definitions of the terms on this page and other detailed information.
Market Values are based on closing prices and positions as of 12/5/2011 for security level holdings.
If we have included or if you have provided us with information on accounts managed by an affiliate of Wells Fargo Advisors, including fiduciary accounts at Wells Fargo Bank, N.A., you should understand that Wells Fargo Advisors has no authorityto manage or influence the management of such accounts. With respect to such accounts, the Strategic Allocation and Differences listed on this page are for information purposes only and should not be considered a recommendation from WellsFargo Advisors or your Financial Advisor. The views, opinions, asset allocation models and forecasts may differ from our affiliates.
Current vs Strategic Allocation - Asset Class Sub TypeCurrent Conservative Growth
Large Cap (62.25%)
Mid Cap (9.49%)
Small Cap (11.91%)
International Equity (6.20%)
Emerging Market Equity (0.67%)
Intermediate Fixed Inc (0.00%)
Long Term Fixed Income (0.04%)
REIT (0.02%)
Other (0.10%)
Cash Alternative (9.33%)
Large Cap (28.00%)
Mid Cap (10.00%)
Small Cap (8.00%)
International Equity (10.00%)
Emerging Market Equity (8.00%)
Short Term Fixed Income (8.00%)
Intermediate Fixed Inc (14.00%)
Long Term Fixed Income (4.00%)
High Yield Fixed Income (2.00%)
REIT (2.00%)
Commodities (4.00%)
Cash Alternative (2.00%)
Average Return: 8.7% Average Return: 8.3%
Downside Risk: -12.5% Downside Risk: -8.1%
On this Current vs Strategic Allocation report, funds, ETFs and UITs that have balanced or global allocations may be assigned to multiple asset classes based ontheir underlying holdings.
Long Positions
Asset Class Sub Type Current Strategic Difference Large Cap $ 1,375,001.54 62.25% $ 618,495.62 28.00% $ - 756,505.92 - 34.25%
Asset Class Sub Type Current Strategic Difference Total: $ 2,208,912.93 100.00% $ 2,208,912.93 100.00% $ 0.00 0.00%
‡ The REIT (or REIT Equity based on asset class) category may contain Master Limited Partnerships (MLPs) due to a statistical relationship which represents how closely two variables (REITS and MLPs in this case) track each other's movement orprice changes.
Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value
Strategic Allocation illustrates how much of an investor's portfolio should be allocated to the various asset classes based on the recommended investment plan.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see theCapital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year ofexperiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification, the asset class assigned to that security is used.Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlying classification data is updated periodically and the frequency of updates will vary by fund. Whenrepositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFs and UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are notavailable for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Totals may not equal calculated amounts due to rounding differences.
The Disclosures include definitions of the terms on this page and other detailed information.
Market Values are based on closing prices and positions as of 12/5/2011 for security level holdings.
If we have included or if you have provided us with information on accounts managed by an affiliate of Wells Fargo Advisors, including fiduciary accounts at Wells Fargo Bank, N.A., you should understand that Wells Fargo Advisors has no authorityto manage or influence the management of such accounts. With respect to such accounts, the Strategic Allocation and Differences listed on this page are for information purposes only and should not be considered a recommendation from WellsFargo Advisors or your Financial Advisor. The views, opinions, asset allocation models and forecasts may differ from our affiliates.
Current vs Strategic Allocation - Asset Class DetailCurrent Conservative Growth
Large Cap Growth (37.85%)
Large Cap Value (4.88%)
Large Cap Blend (19.52%)
Mid Cap Growth (9.41%)
Mid Cap Value (0.08%)
Small Cap Growth (0.45%)
Small Cap Value (1.77%)
Small Cap Blend (9.68%)
International Equity (6.20%)
Emerging Market Equity (0.67%)
Intermediate Taxable Fixed Income (0.00%)
Long Term Taxable Fixed Income (0.04%)
REIT Equity (0.02%)
Other (0.10%)
Cash Alternative (9.33%)
Large Cap Growth (14.00%)
Large Cap Value (14.00%)
Mid Cap Growth (5.00%)
Mid Cap Value (5.00%)
Small Cap Growth (4.00%)
Small Cap Value (4.00%)
International Equity (10.00%)
Emerging Market Equity (8.00%)
Short Term Taxable Fixed Income (8.00%)
Intermediate Taxable Fixed Income (14.00%)
Long Term Taxable Fixed Income (4.00%)
High Yield Fixed Income (2.00%)
REIT Equity (2.00%)
Commodities (4.00%)
Cash Alternative (2.00%)
Average Return: 8.7% Average Return: 8.3%
Downside Risk: -12.5% Downside Risk: -8.1%
On this Current vs Strategic Allocation report, funds, ETFs and UITs that have balanced or global allocations may be assigned to multiple asset classes based ontheir underlying holdings.
Long Positions
Asset Class Detail Current Strategic Difference Large Cap Growth $ 836,083.80 37.85% $ 309,247.81 14.00% $ - 526,835.99 - 23.85%
Large Cap Value $ 107,762.66 4.88% $ 309,247.81 14.00% $ 201,485.15 9.12%
Large Cap Blend $ 431,155.08 19.52% $ 0.00 0.00% $ - 431,155.08 - 19.52%
‡ The REIT (or REIT Equity based on asset class) category may contain Master Limited Partnerships (MLPs) due to a statistical relationship which represents how closely two variables (REITS and MLPs in this case) track each other's movement orprice changes.
Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value
Strategic Allocation illustrates how much of an investor's portfolio should be allocated to the various asset classes based on the recommended investment plan.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see theCapital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year ofexperiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification, the asset class assigned to that security is used.Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlying classification data is updated periodically and the frequency of updates will vary by fund. Whenrepositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFs and UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are notavailable for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Totals may not equal calculated amounts due to rounding differences.
The Disclosures include definitions of the terms on this page and other detailed information.
Market Values are based on closing prices and positions as of 12/5/2011 for security level holdings.
If we have included or if you have provided us with information on accounts managed by an affiliate of Wells Fargo Advisors, including fiduciary accounts at Wells Fargo Bank, N.A., you should understand that Wells Fargo Advisors has no authorityto manage or influence the management of such accounts. With respect to such accounts, the Strategic Allocation and Differences listed on this page are for information purposes only and should not be considered a recommendation from WellsFargo Advisors or your Financial Advisor. The views, opinions, asset allocation models and forecasts may differ from our affiliates.
Current vs Strategic Allocation - Asset Class Detail with Securities
On this Current vs Strategic Allocation report, funds, ETFs and UITs that have balanced or global allocations may be assigned to multiple asset classes based ontheir underlying holdings.
Long Positions
Asset Class Detail % of Fund Current Strategic Difference Large Cap Growth $ 836,083.80 37.85% $ 309,247.81 14.00% $ - 526,835.99 - 23.85%
APPLE INC $ 89,373.84 4.05%
CATERPILLAR INC $ 37,425.07 1.69%
GROWTH FUND AMERICA FD A $ 517,721.95 23.44%
HOME DEPOT INC $ 13,289.51 0.60%
MICROSOFT CORP $ 24,645.19 1.12%
NEW ECONOMY FD SBI CL A $ 152,811.33 6.92%
SMALLCAP WORLD FUND CL A 1.1% $ 816.91 0.04%
Large Cap Value $ 107,762.66 4.88% $ 309,247.81 14.00% $ 201,485.15 9.12%
ALCOA INC $ 12,537.61 0.57%
CHEVRON CORPORATION $ 25,437.90 1.15%
LOWES COMPANIES INC $ 12,957.64 0.59%
SMALLCAP WORLD FUND CL A 0.7% $ 540.41 0.02%
WELLS FARGO COMPANY $ 56,289.10 2.55%
Large Cap Blend $ 431,155.08 19.52% $ 0.00 0.00% $ - 431,155.08 - 19.52%
‡ The REIT (or REIT Equity based on asset class) category may contain Master Limited Partnerships (MLPs) due to a statistical relationship which represents how closely two variables (REITS and MLPs in this case) track each other's movement orprice changes.
Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification, the asset class assigned to that security is used.Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlying classification data is updated periodically and the frequency of updates will vary by fund. Whenrepositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFs and UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are notavailable for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Totals may not equal calculated amounts due to rounding differences.
The Disclosures include definitions of the terms on this page and other detailed information. The securities detail can include information that you have provided and information based on our records. Our firm assumes no responsibility for theaccuracy or completeness of the information you provided.
Market Values are based on closing prices and positions as of 12/5/2011 for security level holdings.
If we have included or if you have provided us with information on accounts managed by an affiliate of Wells Fargo Advisors, including fiduciary accounts at Wells Fargo Bank, N.A., you should understand that Wells Fargo Advisors has no authorityto manage or influence the management of such accounts. With respect to such accounts, the Strategic Allocation and Differences listed on this page are for information purposes only and should not be considered a recommendation from WellsFargo Advisors or your Financial Advisor. The views, opinions, asset allocation models and forecasts may differ from our affiliates.
Your Recommended Investment Plan Result was calculated assuming that you will modify your strategic asset allocations, if applicable, throughout the life of the plan. The recommended strategic asset allocation reflected on this page illustrates thecurrent recommended strategic allocation. Future allocations are illustrated on the Age Based Asset Allocation page.
Each Strategic Allocation has a Historical Return and level of Downside Risk. An "efficient" portfolio allocation is designed to seek the maximum rate of return for the amount of risk assumed. The Efficient Frontier is created to represent the optimalrate of return attainable for any determined level of risk. In theory, the closer your portfolio allocation came to the efficient frontier, the more return you received for the amount of risk you assumed.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see theCapital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year ofexperiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
The downside risk and average return for the current allocation are calculated based on a classification of the underlying holdings for funds, ETFs, and UITs. For funds in alternative investment strategies and where underlying holdings are notavailable for classification, the asset class assigned to that security is used. Underlying classification data is updated periodically and the frequency of updates will vary by fund.
Account SummaryOn this Account Summary report, funds, ETFs and UITs that have balanced or global allocations may be assigned to multiple asset classes based on theirunderlying holdings.
88888888 (John's 529) (EXTERNAL)
Asset Allocation
Large Cap Growth (29.90%)
Large Cap Blend (25.03%)
Small Cap Blend (29.99%)
International Equity (15.08%)
Security Level - Long PositionsName Amount %
DAVIS NY VENTURE FD CL A $ 19,758.32 14.92
GROWTH FUND AMERICA FD A $ 39,590.50 29.90
HARTFORD CAP APPREC FD-A $ 13,391.38 10.11
KEELEY S/C VALU FD CL-A $ 39,719.13 29.99
TEMPLETON FOREIGN FD A $ 19,969.50 15.08
Long Mkt Value: $ 132,428.83Short Mkt Value: $ 0.00Cash Alternative Balance: $ 0.00Account Value: $ 132,428.83
88888888 (Sara's 529) (EXTERNAL)
Asset Allocation
Large Cap Growth (29.90%)
Large Cap Blend (19.98%)
Small Cap Blend (30.00%)
International Equity (20.11%)
Security Level - Long PositionsName Amount %
DAVIS NY VENTURE FD CL A $ 10,639.09 14.92
GROWTH FUND AMERICA FD A $ 21,317.96 29.90
HARTFORD CAP APPREC FD-A $ 3,605.37 5.06
KEELEY S/C VALU FD CL-A $ 21,387.22 30.00
TEMPLETON FOREIGN FD A $ 14,337.08 20.11
Long Mkt Value: $ 71,286.72Short Mkt Value: $ 0.00Cash Alternative Balance: $ 0.00Account Value: $ 71,286.72
Long Mkt Value: $ 255,544.49Short Mkt Value: $ 0.00Cash Alternative Balance: $ 0.00Account Value: $ 255,544.49
Security-Level Holdings: $2,208,912.93Asset Class-Level Holdings: $0.00Asset Class and Security Level Holdings: $0.00Total Holdings: $2,208,912.93
As an accommodation to you, we have included assets held away from our firm in external accounts. We assume no responsibility for the accuracy or completeness of the information you haveprovided with respect to these assets. We make no representation that we have performed due diligence on these assets. In some cases, we may update the pricing of securities. However, in somecases, the prices may not be updated. In addition, any transactions involving these assets will not be reflected unless you provide updated information. We rely on you to provide information in orderto update the values of your external accounts. The accuracy and completeness of the information you provide may materially affect the results and any recommendations contained in this report.
Your current portfolio allocation may classify assets based on the underlying holdings of global and balanced funds, ETFs, and UITs. Where underlying holdings are not available for classification,the asset class assigned to that security is used. Balanced funds generally invest in both stocks and bonds. Global funds generally invest in both international and domestic securities. Underlyingclassification data is updated periodically and the frequency of updates will vary by fund. When repositioning assets within your portfolio, it is important to note that underlying holdings of funds, ETFsand UIT shares cannot be bought or sold individually. You may only buy or sell shares of the actual funds, ETFs, and UITs.
The range of results are based upon the assumption that you implement theStrategic or Custom Allocation and continue with the savings and/or spendingpatterns you have indicated. These potential outcomes are also based uponthe historical information regarding asset classes discussed in the Disclosures.These results are intended to provide you with an opportunity to evaluate yourRecommended Investment Plan, including your asset allocation.
Envision stress tests your Recommended Investment Plan with 1,000simulations. The above table represents various scenarios from the Best to theWorst case for this investment plan.
• The Best case scenario indicates that in 5% of the simulations theinvestment plan achieved at least the corresponding Ending PlanWealth.
• The Median case scenario indicates that in 50% of the simulationsthe investment plan achieved at least the corresponding EndingPlan Wealth.
• The Worst case scenario indicates that in 95% of the simulationsthe investment plan achieved at least the corresponding EndingPlan Wealth.
There is no guarantee these results will be achieved. The At Death columnis based on either your life expectancy using standard mortality tables, or analternative age you have indicated. Please be sure to inform us of changes toyour goals, savings and spending patterns so we can incorporate changes intoyour Recommended Investment Plan.
Growth Detail GraphResults shown in Actual dollars
52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97
Inve
stm
ents
$75,000,000
$60,000,000
$45,000,000
$30,000,000
$15,000,000
$0
-$15,000,000
Age (Susan Taylor)
Using Monte Carlo simulation, Envision simulates one thousand different potential outcomes over a lifetime of investing. This graph reflects the range of results ofthe simulated trials based on your Recommended Investment Plan. It graphically displays every tenth trial, (from the 5th through the 95th), and also identifies which"target" trial simulated the minimum ending value needed for the plan to achieve its stated goals. While this diagram depicts a wide range of possible outcomes,there is no assurance that your actual investment plan will fall within this range.
The Percentile Rankings is a table representation of the Growth Detail Chart. It displays one hundred and one of the one thousand Monte Carlo simulations.
Percentile column displays every tenth trial from the highest ending value to the lowest ending value.
Ending Value for each Percentile is the corresponding ending investment value.
Age Investment Assets are Depleted is the age of the longest surviving client when the assets first drop below zero and never return to a positive balance.
Average Annual Simulated Return is based on the simulations associated with a specific Percentile, and represents the average return the simulation displayedfor that trial.
Total Investment Plan Target Values reflect the possible cash flow elements of your Recommended Investment Plan. This is based upon information you provided, tax assumptions, and the simulation results. Because this information is subject to change,your actual cash flows and results will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
*Tax Advantaged Assets are a sum of tax deferred, tax exempt and tax advantaged education assets.
Target Investment Plan Tax Treatment details cash flows and Ending Goal Values for your Recommended Investment Plan. This is based upon information you provided, tax assumptions, and the simulation results. Because this information is subjectto change, your actual cash flows and results will differ. Please note that these calculations are hypothetical and do not replace actual required minimum distribution calculations which should be made each year on an individualized basis. You shouldperiodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
Taxable Investment Plan Values details the gain/loss components (yield and appreciation) of your taxable assets, as well as, assumed income taxes for your Recommended Investment Plan. This is based upon information you provided, tax assumptions,and the simulation results. Because this information is subject to change, your actual cash flows and results will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personalsituation in order to keep your Recommended Investment Plan up-to-date.
*Tax Advantaged Assets are a sum of tax deferred, tax exempt and tax advantaged education assets.
Tax Advantaged Investment Plan Values details the gain/loss components (yield and appreciation) of your tax advantaged assets, as well as, assumed income taxes from your Recommended Investment Plan. This is based upon information youprovided, tax assumptions, and the simulation results. Because this information is subject to change, your actual cash flows and results will differ. Please note that these calculations are hypothetical and do not replace actual required minimumdistribution calculations which should be made each year on an individualized basis. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep yourRecommended Investment Plan up-to-date.
Results shown in Actual dollarsThe following table displays the detail of all planned contributions, withdrawals and income used in calculating the Investment Plan Result within Envision. The TotalNeed or Surplus is displayed in the last column. Need is reflected as a negative amount signifying necessary withdrawals from your investment assets. Surplus isreflected as a positive value signifying excess funds that would be added to your investment assets.
YearJim'sAge
Susan'sAge
Contributions($) Income Sources($) Total($)Withdrawals & Ret.
Contributions($) Income Sources($) Total($)Withdrawals & Ret.
Income Need($)Net($)
2036 77 77 0 61,080 61,080 259,552 - 198,472
2037 78 78 0 62,607 62,607 266,041 - 203,434
2038 79 79 0 64,172 64,172 272,692 - 208,520
2039 80 80 0 65,776 65,776 279,509 - 213,733
2040 81 81 0 67,421 67,421 286,497 - 219,076
2041 82 82 0 69,106 69,106 293,659 - 224,553
2042 83 83 0 70,834 70,834 301,001 - 230,167
2043 84 84 0 72,605 72,605 308,526 - 235,921
2044 85 85 0 74,419 74,419 316,239 - 241,820
2045 86 86 0 76,280 76,280 324,145 - 247,865
2046 87 87 0 78,187 78,187 332,249 - 254,062
2047 88 88 0 80,142 80,142 340,555 - 260,413
2048 89 89 0 82,145 82,145 349,069 - 266,924
2049 90 90 0 84,199 84,199 357,796 - 273,597
2050 91 91 0 86,304 86,304 366,740 - 280,436
2051 92 92 0 188,462 188,462 375,909 - 187,447
2052 93 93 0 52,049 52,049 385,307 - 333,258
2053 94 94 0 53,350 53,350 394,939 - 341,589
2054 95 95 0 54,683 54,683 404,813 - 350,130
Summary of Cash Flows reflects the contributions and withdrawals (expected inflows and outflows of funds) assumed for your Recommended Investment Plan. This is based upon information you provided. Because this information is likely to change overtime, your actual cash flow experience will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
Cash Flow Detail - Schedule of Contributions reflects cash flow elements of your Recommended Investment Plan. This is based upon information you provided. Because this information is likely to change over time, your actual cash flows will differ.You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
2034 75 75 Social Security (Jim):33,620 Social Security (Susan):24,516
2035 76 76 Social Security (Jim):34,460 Social Security (Susan):25,129
2036 77 77 Social Security (Jim):35,322 Social Security (Susan):25,758
2037 78 78 Social Security (Jim):36,205 Social Security (Susan):26,402
2038 79 79 Social Security (Jim):37,110 Social Security (Susan):27,062
2039 80 80 Social Security (Jim):38,038 Social Security (Susan):27,738
2040 81 81 Social Security (Jim):38,989 Social Security (Susan):28,432
2041 82 82 Social Security (Jim):39,964 Social Security (Susan):29,142
2042 83 83 Social Security (Jim):40,963 Social Security (Susan):29,871
2043 84 84 Social Security (Jim):41,987 Social Security (Susan):30,618
2044 85 85 Social Security (Jim):43,036 Social Security (Susan):31,383
2045 86 86 Social Security (Jim):44,112 Social Security (Susan):32,168
2046 87 87 Social Security (Jim):45,215 Social Security (Susan):32,972
2047 88 88 Social Security (Jim):46,346 Social Security (Susan):33,796
2048 89 89 Social Security (Jim):47,504 Social Security (Susan):34,641
2049 90 90 Social Security (Jim):48,692 Social Security (Susan):35,507
2050 91 91 Social Security (Jim):49,909 Social Security (Susan):36,395
2051 92 92Jim's Whole Life Benefit (Jim):100,000 Social Security (Jim):51,157 Social Security (Susan):37,305
2052 93 93 Social Security (Susan):37,955 Social Security (Susan):14,094
2053 94 94 Social Security (Susan):38,904 Social Security (Susan):14,446
2054 95 95 Social Security (Susan):39,876 Social Security (Susan):14,807
Cash Flow Detail - Schedule of Income from Other Sources reflects cash flow elements of your Recommended Investment Plan. This is based upon information you provided and in some cases, estimates for Social Security. Because this informationis likely to change over time, your actual cash flows will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended InvestmentPlan up-to-date.
Cash Flow Detail - Schedule of Withdrawals reflects cash flow elements of your Recommended Investment Plan. This is based upon information you provided. Because this information is likely to change over time, your actual cash flows will differ. Youshould periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
Investment AssumptionsDescription RatesPercentage of Capital Gains Long Term 50.00%
Yearly Asset Turnover Rate 100.00%
Life Expectancy AssumptionsDescription AgeLife Expectancy - Jim Taylor 92
Life Expectancy - Susan Taylor 95
Other AssumptionsDescription RatesGeneral Default Inflation Rate 2.50%
Estate Inflation Rate 2.50%
Tax rates for each year in the plan are estimated using the federal and state tax schedules as of January 2011, less estimated standard tax deductions. This plan assumes a 20% rate for longterm capital gains. Additionally, federal or state tax deductions for dependents have not been applied. For estimated tax calculations, unused capital losses are offset against future capitalgains. Each year in each simulation may have a unique tax rate associated with it due to the variability of returns and cash flows. Break points for the tax schedules are inflated at 2.5% per year.Due to the complicated nature of planning and calculating federal and state income tax rates, the rates and assumptions are estimates. Your actual situation will differ from these assumptions.This analysis does not constitute tax or legal advice. Please consult with your tax professional and attorney for legal and tax advice.
* Cash flows are inflated once per year on the anniversary of the investment plan’s creation date. The inflating of cash flows is necessary to keep goals, savings, income sources, etc. up to date with their specified inflation rates.
DisclosuresIMPORTANT: The projections or other information generated by Envisionregarding the likelihood of various investment outcomes are hypothetical innature, do not reflect actual investment results and are not guarantees of futureresults. Results may vary with each use and over time.
Envision MethodologyBased on accepted statistical methods, Envision uses a simulation modelto test your Ideal, Acceptable and Recommended Investment Plans. Thesimulation model uses assumptions about inflation, financial market returnsand the relationships among these variables. These assumptions were derivedfrom analysis of historical data (see Asset Class Assumptions disclosures formore information). Using Monte Carlo simulation Envision simulates 1,000different potential outcomes over a lifetime of investing varying historical risk,return, and correlation amongst the assets. Some of these scenarios willassume strong financial market returns, similar to the best periods of history forinvestors. Others will be similar to the worst periods in investing history. Mostscenarios will fall somewhere in between.
THE ENVISION PROCESS IS NOT FINANCIAL PLANNINGThe Envision process helps you and your Financial Advisor clearlyunderstand your personal values and goals. You and your FinancialAdvisor can then design a unique investment strategy suited toyour goals and financial situation. Unlike financial planning, however,Envision does not include advanced wealth planning strategies such asestate and tax planning. It also does not include detailed cash flow, realestate or business analyses.
The Envision ProcessThe Envision process is designed to help you achieve your most important financial goals.The Envision process begins by identifying your ideal financial goals. These become inputsto your Ideal Investment Plan. The next step is to identify tolerable adjustments to your IdealInvestment Plan - for example, retiring at 65 instead of 62. This is referred to as your AcceptableInvestment Plan. These two benchmarks, your Ideal and Acceptable Investment Plans, framethe Envision process. In formulating these two plans, you and your Financial Advisor identifyyour highest priority goals. The final step in the process is the creation of your RecommendedInvestment Plan. This provides a framework for allocating your assets to seek to achieve yourmost important financial goals. You will have the sole responsibility for determining whether, whenand how to implement any of the suggestions contained in the Recommended Investment Plan.Furthermore, by accepting this Envision report, there is no requirement that you implement any ofthe suggestions or otherwise conduct business through the firm or its affiliates.
Envision Investment Plan Result Interpretation and AssumptionsThe simulated investment returns are combined with your unique financial inflows (savings) andoutflows (spending goals). The end result is a statistical assessment expressed as a numberreferred to as the Investment Plan Result. An Investment Plan Result of 83, for example, meansthat in 830 of the 1,000 scenarios you would have successfully achieved all of your goals. Itis important to note that the Investment Plan Result reflects the assumption that yourassets are invested according to your Strategic (or Custom) allocation. It also reflects theassumption that you continue with the savings and spending patterns you have indicated
and which are incorporated into your Recommended Investment Plan. However, there isno guarantee that these results will be achieved.
You should not base your retirement or spending decisions solely on Envision investmentplan results.
Envision Analysis - The Target ZoneYour Envision analysis may suggest that your investment plan may have had a relatively highlikelihood of meeting your goals. This concept of having a relatively high likelihood is referred toas the Target Zone. The Target Zone is the range between the 75th and 90th percentile results.This means that between 750 and 900 of the 1,000 simulations resulted in successfully achievingthe goals of the investment plan. An Investment Plan Result that falls within this Target Zonesuggests that your investment plan had a reasonable chance of success in the simulations. Infact, at the 75th percentile level, in 250 of the 1,000 simulations, you would have failed to achieveyour financial goals. In some instances, simulations for your Acceptable Investment Plan may notprovide a Investment Plan Result in the Target Zone.
Asset Class AssumptionsSecurities are grouped in classes based on shared characteristics, such as maturity for bonds andsize of the corporation for stocks. The mix of classes best suited for an investor will depend onhis or her individual investment goals and tolerance for risk. It is generally understood that as aninvestor takes more risk, he or she can seek a higher rate of return over time.
Asset Class Assumptions - RiskRisk calculations are used to estimate how asset classes and combinations of classes mayrespond during negative market environments. The downside risk calculation represents a lossthat is unlikely to be exceeded in 19 out of 20 years. However, there is a 1 in 20 risk (5% probability)that the loss over a one-year period could be greater than the downside risk calculation. Risk andreturn figures are derived from standard investment industry statistical calculations. These are forcomparative purposes and not designed to predict actual performance. This is not the maximumloss your portfolio could experience.
Asset Class Assumptions - Portfolio ImplementationAs outlined above, it is assumed that the implemented portfolio matches the recommendedallocation model. In actuality, the implemented portfolio may or may not match the risk and returncharacteristics of the recommended model over time due to security selection, inability to investin the indices, and other factors. Also, there is no guarantee that portfolios will not exceed the risktolerance range or that historically derived results will be achieved in the future. Returns have notbeen reduced by sales charges or expenses typically associated with various types of investments.Your actual investment performance may be higher or lower than that of the asset class to which itwas assigned. Our assumptions about risks and returns for individual asset classes are combinedwith assumptions about the relationships between these returns (their correlation). Asset allocationcannot eliminate the risk of fluctuating prices and uncertain returns. We use our best efforts tocorrectly classify investments. However, no warranty of accuracy is made.
Equity Investments: Equity investments refer to buying stocks of United States companies.The investment return to the owner of stock (shareholder) is in the form of dividends and/or capitalappreciation. The market capitalization of companies is used to group large, medium (Mid), andsmall companies. Shareholders share in both the upside potential and the downside risk.
Capitalization: Market capitalization definitions differ but one example of capitalizationmethodology is that of Morningstar, which defines "large-capitalization" stocks as those stocks thatform the top 70% of the market capitalization of the stocks eligible to be included in the MorningstarUS Market Index (a diversified broad market index that represents approximately 97% of themarket capitalization of publicly traded U.S. Stocks). The Morningstar index methodology defines"mid-capitalization" stocks as those stocks that form the 20% of market capitalization betweenthe 70th and 90th percentile of the market capitalization and "small-capitalization" stocks as thosestocks that form the 7% of market capitalization between the 90th and 97th percentile of the marketcapitalization of the stocks eligible to be included in the Morningstar US Market Index.
Style: Blend (sometimes referred to as Core) investing is generally characterized as a strategythat seeks to balance the portfolio of stocks between the Growth and Value styles as marketconditions fluctuate. Stocks in the underlying index are designated as "growth" as they are issuedby companies that typically have higher than average historical and forecasted earnings, sales,equity and cash flow growth. Stocks in the underlying index are weighted according to the totalnumber of shares that are publicly owned and available for trading. Stocks in the underlyingindex are designated as "value" as they are issued by companies that typically have relatively lowvaluations based on price-to-earnings, price-to book value, price-to-sales, price-to-cash flow anddividend yields. The stocks in the underlying index are weighted according to the total number ofshares that are publicly owned and available for trading.
Fixed Income Securities (Bonds) : Bonds are promissory notes of a United Statescorporation or federal government entity (taxable bonds) or a state or local government entity(tax-exempt or municipal bonds). Bonds usually make a series of interest payments followed bya return of principal at maturity. If sold prior to maturity, the price that can be obtained for a bondmay be more or less than face value, depending on interest rates at the time the bond is sold andthe remaining term of the bond.
Fixed income securities include Treasuries (i.e., public obligations of the U.S. Treasury that haveremaining maturities of more than one year), Government-Related issues (i.e., agency, sovereign,supranational, and local authority debt), and Corporate Bonds.
Term: Short-term Bonds have effective maturities of six years or less, intermediate bonds haveeffective maturities between six and twelve years; and long-term bonds have maturities of twelveyears or longer.
Income from tax exempt bonds is generally free from federal and state taxes for residents of theissuing state. While the interest income is tax-free, capital gains if any are subject to taxes. Incomeof certain tax-exempt bonds may be subject to the Federal Alternative Minimum Tax (AMT).
Multi-Class: This category is primarily used to classify investments that include a substantialamount of both equity and fixed income investments, or some other combination of classes.
International Investments: International investments include any type of investment madein financially established markets outside of the United States. Various securities can be usedto invest in international markets, including but not limited to fixed income securities, AmericanDepository Receipts (ADRs), equities and funds.
As of June 2007 the MSCI Europe, Australasia, Far East Index (EAFE) consisted of the following21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
Investing in foreign securities such as International Investments, Emerging Markets Equity, andEmerging Markets Debt, presents certain and unique risks traditionally not associated withdomestic investment, such as currency fluctuation and political and economic changes. Thesetypes of investments may focus on certain geographical regions, thereby increasing vulnerabilityto adverse developments in that region. This may result in greater price volatility.
Emerging Markets Equity: Emerging Markets Equity consists of stocks issued by publiclytraded companies of the major developing countries around the world. Examples of these countrieswould include: Argentina, Brazil, China, Russia, and South Africa.
Alternative Income: Distinct from traditional Fixed Income is the Alternative Incomecategory, which includes Hi-Yield Debt, Emerging Markets Debt, and REITs. Such investmentsoffer greater income potential, but also higher levels of risk than traditional forms of debt.
High Yield Debt: High Yield Bonds are promissory notes of a corporation or government entitythat are considered to be below investment grade by bond rating services. The characterizationof a high yield bond reflects the creditworthiness of the issuer and potential concerns that interestpayments and return of principal may not be made as promised. High yield bonds may havematurities of various lengths.
Emerging Markets Debt: Emerging Markets Debt is comprised of external debt instrumentsin the developing markets. These instruments may be denominated in United States dollarsor in external currencies. A large portion of the emerging market debt is issued by Argentina,Brazil, Bulgaria, Columbia, Ecuador, Egypt, Mexico, Morocco, Nigeria, Panama, Peru, Philippines,Poland, Russia, South Africa, Turkey, Ukraine and Venezuela.
Real Estate Investment Trust (REIT): A REIT combines the capital of many investorsto either acquire or provide financing for real estate.
REIT Equity: An equity REIT usually assumes ownership status in the property in whichit invests, enabling its investors to earn dividends on rental income from the property andappreciation in property sale. Equity REITs are characterized as equities or alternative income,due to their unique qualities.
REIT Mortgage: A mortgage REIT usually invests in loans and mortgages secured by realestate and derives its income from mortgage interest and fees. Some mortgage REITs also borrowmoney from the banks and re-lend it at higher interest rates.
There are special risks associated with an investment in real estate, including credit risk, interestrate fluctuations and the impact of changing economic conditions.
Cash Alternatives: Cash Alternatives include liquid, short term and interest bearinginvestments. Examples are money market funds, Treasury bills and commercial paper. It ispossible to lose money by investing in cash alternatives.
Alternative Investments: Alternative Investments encompass a range of processes toprovide the investor with access to markets or investment strategies that are generally not easilyaccessible by individuals or smaller institutional investors. These often involve potentially higherrisk strategies, such as employing leverage and / or short sales.
Hedge funds are complex, speculative investment vehicles and are not suitable for all investors.They are generally open to qualified investors only and carry high costs, substantial risks, and maybe highly volatile. There is often limited (or even non-existent) liquidity and a lack of transparencyregarding the underlying assets.
Managed Futures: Managed futures funds combine the capital of many investors inorder to invest in the global futures and forward markets. This may include currencies, stockindices, financial instruments, energy products, metals, and agricultural products. Global futuresexchanges allow managers to diversify portfolios by geography and by product. Managed futuresare speculative investments that are subject to a significant amount of risk.
Fund of Hedge Fund (Fund of Funds): Currently three types of fund of funds areclassified in the Capital Markets Assumptions:
Hedge Funds - Aggressive: Hedge Funds Aggressive strategies maintain positions bothlong and short in primarily equity and equity derivative securities. A wide variety of investmentprocesses can be employed to arrive at an investment decision, including both quantitative andfundamental techniques; strategies can be broadly diversified or narrowly focused on specificsectors and can range broadly in terms of levels of net exposure, leverage employed, holdingperiod, concentrations of market capitalizations and valuation ranges of typical portfolios. HedgeFunds Aggressive managers would typically maintain at least 50% and may, in some cases, besubstantially invested in equities, both long and short. Aggressive Hedge funds generally seek tomake profits by buying a group of under-priced stocks/bonds and shorting a related group of over-priced stocks/bonds or indices.
Hedge Funds - Conservative: Investment Managers who maintain positions in whichthe investment thesis is predicated on realization of a valuation discrepancy in the relationshipbetween multiple securities. Managers employ a variety of fundamental and quantitativetechniques to establish investment theses, and security types range broadly across equity, fixedincome, derivative or other security types. Fixed income strategies are typically quantitativelydriven to measure the existing relationship between instruments and in some cases, identifyattractive positions in which the risk adjusted spread between these instruments represents anattractive opportunity for the investment manager. Hedge Funds Conservative positions may alsobe involved in corporate transactions.
Hedge Funds - Diversified: A Fund of Hedge Funds that falls under this category usuallyinvests with hedge funds that fall under relative value and hedged equities categories.
Hedg e funds are complex investment vehicles and are not suitable for all investors. Hedge fundsoften engage in the use of leverage and other speculative investment practices, such as shortsales, options, derivatives, futures and illiquid investments that may increase the risk of investmentloss.
Commodities: These assets are usually agricultural products such as corn, livestock, coffeeand cocoa or metals such as gold, copper and silver, or energy products such as oil and naturalgas. Each commodity generally has a common price internationally. For example, corn generallytrades at one price on commodity markets worldwide. Commodities can either be sold on thespot market for immediate delivery or on the commodities exchanges for later delivery. Trade oncommodities exchanges is usually in the form of future contracts.
Trading in futures of commodities and options is not appropriate for all persons, as the risk of lossis substantial. Therefore, except for those considered to be bona fide hedgers, only risk capitalshould be used in futures.
Other: This classification represents securities which could not be definitively classified becausethere is insufficient similarity between the security and the defined asset classes. There maybe inconsistencies in one or more of the following factors: historical performance, investmentobjective or asset composition. This analysis assigns relatively high downside risk and relativelylow returns to assets classified as 'Other' in order to conservatively assess their impact on theportfolio.
Envision ImplementedEnvision allows you to identify unrealistic expectations and create an investment plan of action.If this is the result, we will help you re-evaluate your goals, make adjustments, and create aRecommended Investment Plan that you feel is right for you. Whether you are already retired,planning for future retirement, or planning for other goals, the Envision process enables you tomonitor and test your Recommended Investment Plan throughout your lifetime. You can changeexisting goals or add new goals in future years. Through periodic monitoring, you can assess theimpact that your actual savings and spending patterns, investment returns and portfolio valueshave had on your Investment Plan result.
Report DisclosuresThe indexes mentioned in this report, such as the S&P 500 and MSCI EAFE are unmanagedindexes of common stock or fixed-income. Unmanaged indexes are for illustrative purposes only.An investor cannot invest directly in an index.
The material has been prepared or is distributed solely for information purposes and does notsupersede the proper use of your account statements and/or trade confirmations, which areconsidered to be the official and accurate records of your account activity. Any market pricesare only indications of market values, are subject to change, and may not reflect the value atwhich securities could be sold. Additionally, the report is prepared as of trade date, rather thansettlement date, and may be prepared on a different date than your statement. The informationcontained in this report may not reflect all holdings or transactions, their costs, or proceeds inyour account. Contact your Financial Advisor for further information. The report may also includeinformation you provided about assets held at other firms. Information on assets held away fromWells Fargo Advisors was provided by you and may not be covered by SIPC. We have reliedsolely on information from you regarding those assets. We do not verify or confirm those assetsheld with other firms or affiliates and you are responsible for notifying your Financial Advisor ofany changes in your externally held investments including cost basis. Incomplete or inaccuratecost basis will affect your plan results because the tax assumptions are incorrect. Due to timingissues, if this report includes assets held at Wells Fargo Trust Company, positions and marketdata should be verified. Before making any decisions please validate your account informationwith your Financial Advisor.
This report is not a substitute for your own records and the year-end 1099 form. Cost data andacquisition dates provided by you are not verified by our firm. Our firm does not render legal,accounting or tax advice. Please consult your legal tax advisors before taking any action that mayhave tax consequences.
Financeware, Inc. & Wealthcare Capital Management IP, LLC are separate entities and arenot directly affiliated with Wells Fargo Advisors, LLC.
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: WellsFargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo and Company.
Additional firm-sponsored strategic allocation models may be selected for your Investment Plan that may include updated asset allocation assumptions or mayvary slightly from these standard strategic allocation models. Please refer to your Current vs. Strategic Allocation page for an illustration of the allocation mix forthese models.
NameConservative
Income
ConservativeGrowth &
Income
ConservativeGrowth
ModerateIncome
ModerateGrowth &
Income
ModerateGrowth
Long TermIncome
Long TermGrowth &
Income
Long TermGrowth
Large Cap Growth 0.00% 5.00% 14.00% 5.00% 9.00% 14.00% 6.00% 12.00% 14.00%
Large Cap Value 2.00% 5.00% 14.00% 5.00% 10.00% 14.00% 6.00% 12.00% 14.00%
Capital Market AssumptionsCapital Market Assumptions for all asset classes assume a broadly diversified portfolio generally representative of the risks and opportunities of the asset class.To the extent that the investors portfolio is not as diversified as the assumptions made for the asset class, the return and risk potential for the portfolio may varysignificantly from the assumed Capital Market Assumptions.
The Capital Market Assumptions used within this illustration are based on a building-block approach of risk premiums and Sharpe Ratio Equivalency. The returnsfor each asset class reflect the premium above the short-term risk-free rate of return that investors are likely to demand in order to compensate for the risk ofholding those assets. Sharpe ratio equivalency provides a consistent comparison of long term risk premium across various asset classes for a 10-15 year timehorizon or a period, covering more than one economic cycle. These long-term assumptions may differ greatly from the short-term performance and volatilityexperienced by your actual investment holdings. There are no assurances that the estimates will be achieved. They have been provided as a guide to help youwith your investment planning.
Representative Index is provided to clients as an example of a public index that generally reflects the associated asset class. Capital Market Assumptions are notbased on the Representative Index. You cannot invest directly in an index.
Asset Class Downside Risk Average Annual Return1 Representative Index
Asset Class Downside Risk Average Annual Return1 Representative Index
REIT Mortgage -20.52% 7.21% NAREIT Mortgage REIT Index
Multi Class -10.64% 7.24% Blend 60% S&P 500/40% Barcap Govt./Credit Interm.
Managed Futures -12.99% 7.51% CISDM Fund / Pool Qualified Universe Index
Hedge Funds - Conservative -7.87% 6.58% Hedge Fund Research Incorporated (HFRI)*
Hedge Funds - Diversified -10.05% 7.84% Hedge Fund Research Incorporated (HFRI)*
Hedge Funds - Aggressive -15.08% 9.22% Hedge Fund Research Incorporated (HFRI)*
Commodities -19.84% 7.92% Goldman Sachs Commodity Total Return Index
Gold -12.96% 6.22% London PM Fixing
Other -25.96% 3.79% None
Cash Alternative 0.75% 3.19% U.S. 3 Month T-Bill
Additional Disclosures1 The Average Annual Return is time-weighted. It is a measure of the compound rate of growth of the asset class.
2 Various rating services, such as Standard and Poor's and Moody's Investor Service rate the creditworthiness of bonds. Investing in lower-rated debt securities or funds that invest in such securities involvesadditional risk because of the lower credit quality of the security or fund portfolio. These securities or funds are subject to a higher level of volatility and increased risk of default, or loss of principal.
3 Investing in small companies or mutual funds that invest in small companies involves additional risk. Smaller companies typically have a higher risk of failure and are not as well established as larger bluechip companies. Historically, smaller-company stocks have experienced a greater degree of price volatility than the overall market average.
4 International investing may involve special risks such as currency fluctuation, political instability, and different methods of accounting and reporting requirements.
Alternative investments carry specific investor qualifications which can include high income and net-worth requirements as well as relatively high investment minimums. They are complex investment vehicleswhich generally have high costs and substantial risks. They tend to be more volatile than other types of investments and present an increased risk of investment loss. There may also be a lack of transparencyas to the underlying assets. Alternative investments are subject to fewer regulatory requirements than mutual funds and other registered investment company products and thus may offer investors fewer legalprotections than they would have with more traditional investments. Additionally, there may be no secondary market for alternative investment interests and transferability may be limited or even prohibited.
Cash Alternative 200,000 9.1%Joint Account (88888888) 200,000 9.1%
- 200,000 1.00 200,000 9.1%
Portfolio Summary Total 2,208,913 100.0%
Total Portfolio Value as of 12/05/11:__$ 2,208,913
*Indicates that all or part of this position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified.The actual value and/or performance of these assets may differ from that shown.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Cash Alternative 200,000 200,000 0 - - 9.1%Cash Alternative 200,000 200,000 0 - - 9.1%
Portfolio Diversification Total 2,208,913 - - 100.0%
Total Portfolio Value as of 12/05/11:__$ 2,208,913
This report is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by our firm. Our firm does not render legal, accounting ortax advice. Transactions requiring tax considerations should be reviewed carefully with your accountant or tax advisor.
Unless indicated otherwise, the Price and Cost are adjusted on certain fixed income securities for amortization (if purchased at a premium), accretion (if purchased at a discount) and/or commission and fees.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Estimated Income Annualized (EIA) takes your current income, based on the current dividends or interest paid by your securities and multiplies it to create an annualized hypothetical figure. It does not reflectactual or future performance and should not be relied upon when making financial decisions. Estimated Yield Annualized (EYA) is the EIA divided by the current market value. It does not reflect changes inprice, which may fluctuate. All annualizations are based upon current positions using a simple mathematical calculation and assumes all figures remain constant for a year; any subsequent position changeswill affect these calculations. Calculations for certain types of securities could include a return of principal or capital gain, in which case the figures would be overstated. Past performance is not a guarantee offuture results. As these hypothetical calculations are solely based on mathematical principles, no consideration is given for premium or discount at purchase for bonds, which will affect the yield the investorwill realize on the bond if held to redemption date, called or sold prior to maturity. Dividend payments are made solely at the discretion of the issuer and are subject to be changed or eliminated at anytime. Estimated Income and Estimated Yield are estimates and the actual income and yield might be lower or higher than the estimated amounts. Estimated Yield reflects only the income generated by aninvestment. It does not reflect changes in price, which may fluctuate. Please note, EIA and EYA are only available on client reports.
Total Portfolio Value as of 12/05/11:__$ 2,208,913
This report is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by our firm. Our firm does not render legal, accounting ortax advice. Transactions requiring tax considerations should be reviewed carefully with your accountant or tax advisor.
Long-term investment assets are defined as assets that have been held for at least 366 days (more than one year) and may be subject to tax treatment as long-term capital gains. Conversely, short-terminvestment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Miscellaneous indicates insufficient data to determine holding term.
This report contains only positions that were closed since January 1 of the current year.
Adjusted Cost: Cost bases on certain fixed income securities have been adjusted for amortization, if purchased at a premium, or accretion, if purchased at a discount.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Realized Gain and Loss - Security DetailBy: Account Tax Status,Holding Term,Asset Class
Description Purch Date Orig Price Adj Price Close Price Purch Cost Adj Cost Proceeds($) Gain/LossPurch($) Adj($)
ID Quantity Close Date
Total Portfolio Value as of 12/05/11:__$ 2,208,913
This report is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by our firm. Our firm does not render legal, accounting ortax advice. Transactions requiring tax considerations should be reviewed carefully with your accountant or tax advisor.
Long-term investment assets are defined as assets that have been held for at least 366 days (more than one year) and may be subject to tax treatment as long-term capital gains. Conversely, short-terminvestment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Miscellaneous indicates insufficient data to determine holding term.
This report contains only positions that were closed since January 1 of the current year.
Adjusted price/cost on certain fixed income securities has been adjusted using amortization calculations for a premium or accretion for a discount.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Long Term 245,055 245,055 203,716 -41,339 -41,339Equity 245,055 245,055 203,716 -41,339 -41,339
Unrealized Gain and Loss Total 492,055 492,055 2,208,913 -36,639 -36,639
Total Portfolio Value as of 12/05/11:__$ 2,208,913
This report is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by our firm. Our firm does not render legal, accounting ortax advice. Transactions requiring tax considerations should be reviewed carefully with your accountant or tax advisor.
Long-term investment assets are defined as assets that have been held for at least 366 days (more than one year) and may be subject to tax treatment as long-term capital gains. Conversely, short-terminvestment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Term Not Available indicates insufficient data to determine holding term.
Adjusted Cost: Cost bases on certain fixed income securities have been adjusted for amortization, if purchased at a premium, or accretion, if purchased at a discount.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
ID Quantity* DAVIS NY VENTURE FD CL A 06/04/09 32.89 17,640 17,640 10,639 -7,001 -7,001NYVTX 323* GROWTH FUND AMERICA FD A 06/04/08 29.50 37,050 37,050 39,591 2,541 2,541AGTHX 1,342* GROWTH FUND AMERICA FD A 11/02/08 29.50 34,200 34,200 21,318 -12,882 -12,882AGTHX 723* HARTFORD CAP APPREC FD-A 01/13/08 30.11 13,650 13,650 13,391 -259 -259ITHAX 445* HARTFORD CAP APPREC FD-A 02/14/09 30.11 6,480 6,480 3,605 -2,875 -2,875ITHAX 120* KEELEY S/C VALU FD CL-A 03/22/07 23.75 34,200 34,200 21,387 -12,813 -12,813KSCVX 901* KEELEY S/C VALU FD CL-A 01/13/08 23.75 37,050 37,050 39,719 2,669 2,669KSCVX 1,672* TEMPLETON FOREIGN FD A 03/22/07 6.38 25,200 25,200 14,337 -10,863 -10,863TEMFX 2,247* TEMPLETON FOREIGN FD A 04/17/09 6.38 20,475 20,475 19,970 -506 -506TEMFX 3,130
Unrealized Gain and Loss Total 492,055 492,055 2,208,913 -36,639 -36,639
Total Portfolio Value as of 12/05/11:__$ 2,208,913
*Indicates that the position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified. The actualvalue and/or performance of these assets may differ from that shown.
This report is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by our firm. Our firm does not render legal, accounting ortax advice. Transactions requiring tax considerations should be reviewed carefully with your accountant or tax advisor.
Long-term investment assets are defined as assets that have been held for at least 366 days (more than one year) and may be subject to tax treatment as long-term capital gains. Conversely, short-terminvestment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Term Not Available indicates insufficient data to determine holding term.
Adjusted price/cost on certain fixed income securities has been adjusted using amortization calculations for a premium or accretion for a discount.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Initial Investment (Gain/Loss)By: Position LevelInitial Investment Gain/Loss does not include costs associated with reinvested shares from dividends and/or capital gains
ID Description Quantity Purch Date Mkt Price($) Initial Inv Cost($) Mkt Value($) Initial Inv Gain/Loss($)
Jim's Profit Share Plan (88888888) 427,806
HFMCX * HARTFORD MID CAP FD CL-A 11,078.29 17.93 198,634
ANEFX * NEW ECONOMY FD SBI CL A 6,247.40 24.46 152,811
SMCWX * SMALLCAP WORLD FUND CL A 2,231.48 34.22 76,361
John's 529 (88888888) 245,055 1,273,862 1,028,807
NYVTX * DAVIS NY VENTURE FD CL A 5,545.29 - 32.89 36,750 182,384 145,634
AGTHX * GROWTH FUND AMERICA FD A 17,549.90 - 29.50 71,250 517,722 446,472
ID Description Quantity Purch Date Mkt Price($) Initial Inv Cost($) Mkt Value($) Initial Inv Gain/Loss($)
Initial Investment Total 492,055 2,208,913 1,716,858
Total Portfolio Value as of 12/05/11:__$ 2,208,913
*Indicates that all or part of this position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified.The actual value and/or performance of these assets may differ from that shown.
This report does NOT include all of your cost lot information. This is not an accurate representation of your gains or losses from an IRS perspective and should not be used for tax purposes. The purpose ofthis report is to show how much your initial investments have changed including automatic reinvestments of dividends and capital gains and change in market value.
Purchase Date is the date you purchased the security. A (-) in the Purchase Date column indicated that you have multiple purchases of the security on multiple dates.
The Initial Inv Gain/Loss is the Mkt Value of the shares held minus the Initial Purchase Price of the purchases excluding the costs of the reinvestments as well as all fee charges and commissions.
If you purchased multiple lots of the security, the total of all Initial Investments is shown.
Mkt Price is the previous business day's closing price. Mkt Value is the value of the total number of shares currently held (shares purchased plus shares acquired via reinvestment) times the Mkt Price.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Initial Investment (Gain/Loss)By: Lot LevelInitial Investment Gain/Loss does not include costs associated with reinvested shares from dividends and/or capital gains
ID Description Quantity Purch Date Mkt Price($) Initial Inv Cost($) Mkt Value($) Initial Inv Gain/Loss($)
Jim's Profit Share Plan (88888888) 1,497,952
NYVTX * DAVIS NY VENTURE FD CL A 4,621.07 32.89 151,987
AGTHX * GROWTH FUND AMERICA FD A 15,485.20 29.50 456,813
ITHAX * HARTFORD CAP APPREC FD-A 7,697.57 30.11 231,774
HFMCX * HARTFORD MID CAP FD CL-A 11,078.29 17.93 198,634
WFC * WELLS FARGO COMPANY 1,503.61 05/14/09 26.74 40,207
Initial Investment Total 492,055 2,208,913 1,716,858
Total Portfolio Value as of 12/05/11:__$ 2,208,913
*Indicates that the position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified. The actualvalue and/or performance of these assets may differ from that shown.
This report does NOT include all of your cost lot information. This is not an accurate representation of your gains or losses from an IRS perspective and should not be used for tax purposes. The purpose ofthis report is to show how much your initial investments have changed including automatic reinvestments of dividends and capital gains and change in market value.
Purchase Date is the date you purchased the security. A blank will indicate unknown Purchase Date.
Initial Investment will not include the effects of sales charges and commissions. The Initial Investment Cost of reinvested lots will be shown as zero.
Mkt Price is the previous business day's closing price. Mkt Value is the value of the total number of shares times the Mkt Price.
The Initial Inv Gain/Loss is the Mkt Value of the shares held minus the Initial Purchase Price. It does not include the effects of fees charged or commissions.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Security Sub Type Market Value($) % Equity Equity Fund 1,701,668 84.7% Common Stock 307,245 15.3%
Security SubType Total
2,008,913 100.0%
Sector % Equity Consumer Discretionary 14.7% Consumer Staples 5.0% Energy 10.4% Financials 16.1% Health Care 10.5% Industrials 13.8% Information Technology 20.4% Materials 6.1% Telecom Services 2.0% Utilities 1.1% Unclassified 0.0%
Total 100.0%
Total Portfolio Value as of 12/05/11: $ 2,208,913
The securities included in the Sector section are Stocks, REITs, MLPs, Mutual Funds, ETFs, CEFs, sector specific UITs, Options and Warrants.
Funds include open end mutual funds, exchange-traded funds and closed end funds. Equity sectors are fully defined in the Equity Analysis section of the Understanding Your Portfolio report.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
*Indicates that all or part of this position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified.The actual value and/or performance of these assets may differ from that shown.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Stock StatisticsBy: Asset Class DetailSubtotals and totals are weighted averages based on market value of underlying securities
Large Cap Growth(53.6%)
Large Cap Value(34.9%)
Small Cap Value(11.5%)
Description Mkt Value($) Div Yld EPS($) P/E P/E LT Earnings PEG P/B Ratio BETA Mkt Cap Percent of1 Yr Fwd Current 1 Yr Fwd Grwth Ratio 2-3 yr $ in blns Stocks Port
3 - 5 yr
Large Cap Growth 164,734 1.10% 23.66 12.7x 10.3x 17.01% 0.6x 4.2x 1.13 231.25 53.6% 7.5%
Large Cap Value 107,222 2.29% 5.08 9.3x 8.9x 15.55% 0.8x 1.1x 1.67 113.26 34.9% 4.9%
Small Cap Value 35,289 0.08 -49.0x 27.1x 20.60% 1.3x 0.7x 3.73 0.55 11.5% 1.6%
EPS 1 Year Fwd - is the estimated earnings per share for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
Div Yld - Dividend Yield is calculated by dividing the indicated dividend by the market price. Dividends are not guaranteed and are subject to change or elimination. Past performance is not a guaranteeof future results.
P/E Current - is the price-to-earnings ratio as calculated by dividing the market price by the last 12 months' earnings per share. As with any ratio, it should not be used on a stand-alone basis but insteadshould be compared with its industry peers.
P/E 1 Yr Fwd - is the price-to-earnings ratio as calculated by dividing the market price by the estimated earnings for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
LT Earnings Grwth 3-5 yr - is the estimated 3-5-year earnings growth rate provided by First Call, a division of Thomson Reuters. This number represents the mean of analysts' long-term annual estimatesfor the specific holding. There is no assurance the earnings estimates stated will be achieved.
PEG Ratio - is the P/E to growth ratio as calculated by dividing the P/E 1 Yr Fwd by the LT Earnings Grwth 3-5 yr.
P/B Ratio - is Price to Book Ratio used to compare a stock's market value to its book value. It is calculated by dividing the current market price of the stock by the most recent quarter's book value (bookvalue equals total assets minus intangible assets and liabilities).
BETA 2-3 yr - is a measure of volatility, or systematic risk, of a security in comparison to the S&P 500. The BETA of the S&P 500 is 1.00.
Market Cap is market price multiplied by the number of shares outstanding.
Stock Statistics - Security DetailBy: Asset Class DetailSubtotals and totals are weighted averages based on market value of underlying securities
Large Cap Growth(53.6%)
Large Cap Value(34.9%)
Small Cap Value(11.5%)
Description Mkt Value($) Div Yld EPS($) P/E P/E LT Earnings PEG P/B Ratio BETA Mkt Cap Percent of1 Yr Fwd Current 1 Yr Fwd Grwth Ratio 2-3 yr $ in blns Stocks Port
Description Mkt Value($) Div Yld EPS($) P/E P/E LT Earnings PEG P/B Ratio BETA Mkt Cap Percent of1 Yr Fwd Current 1 Yr Fwd Grwth Ratio 2-3 yr $ in blns Stocks Port
*Indicates that all or part of this position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified.The actual value and/or performance of these assets may differ from that shown.
EPS 1 Year Fwd - is the estimated earnings per share for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
Div Yld - Dividend Yield is calculated by dividing the indicated dividend by the market price. Dividends are not guaranteed and are subject to change or elimination. Past performance is not a guaranteeof future results.
P/E Current - is the price-to-earnings ratio as calculated by dividing the market price by the last 12 months' earnings per share. As with any ratio, it should not be used on a stand-alone basis but insteadshould be compared with its industry peers.
P/E 1 Yr Fwd - is the price-to-earnings ratio as calculated by dividing the market price by the estimated earnings for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
LT Earnings Grwth 3-5 yr - is the estimated 3-5-year earnings growth rate provided by First Call, a division of Thomson Reuters. This number represents the mean of analysts' long-term annual estimatesfor the specific holding. There is no assurance the earnings estimates stated will be achieved.
PEG Ratio - is the P/E to growth ratio as calculated by dividing the P/E 1 Yr Fwd by the LT Earnings Grwth 3-5 yr.
P/B Ratio - is Price to Book Ratio used to compare a stock's market value to its book value. It is calculated by dividing the current market price of the stock by the most recent quarter's book value (bookvalue equals total assets minus intangible assets and liabilities).
BETA 2-3 yr - is a measure of volatility, or systematic risk, of a security in comparison to the S&P 500. The BETA of the S&P 500 is 1.00.
Market Cap is market price multiplied by the number of shares outstanding.
All statistical data on this report is provided by Thomson Reuters.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Total Portfolio Value as of 12/05/11:__$ 2,208,913
*Indicates that all or part of this position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified.The actual value and/or performance of these assets may differ from that shown.
RS - Relative Strength (Price Momentum): The 9-month relative strength measures each stock's price performance over a combination of the past 3, 6, and 9 months relative to a universe of approximately 7000 stocks. Since it is a percentile score,1 is the worst, 99 is the best. A stock with a 70 indicates that it ranks better than 70% of the approximately 7,000 equities universe it is evaluated against with respect to its price movement.
(QV) Quantitative Value, (QG) Quantitative Growth and (QC) Quantitative Core represent Quantitative Analysis (QA) based on models from the Prudential Equity Group. The quantitative recommendations are below:
Wells Fargo Securities, LLC is a separate, nonbank affiliate of Wells Fargo & Company and an affiliate of Wells Fargo Advisors.
S&P Earnings & Dividend (Quality) Rank - S&P's appraisal of the growth and stability of earnings and dividends over the past 10 years for individual companies are indicated by the following quality ranks. Quality Rankings are not intended to predictstock movements.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Total Portfolio Value as of 12/05/11:__$ 2,208,913
Total returns reflect market returns of securities and not holding returns based on your portfolio. Total Return percentage is provided by FactSet and takes into account price appreciation/depreciationand dividends paid.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Total Portfolio Value as of 12/05/11:__$ 2,208,913
*Indicates that all or part of this position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified.The actual value and/or performance of these assets may differ from that shown.
Total returns reflect market returns of securities and not holding returns based on your portfolio. Total Return percentage is provided by FactSet and takes into account price appreciation/depreciationand dividends paid.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Non-Standardized Average Total Returns as of 10/31/11Non-standardized returns do not include the effects of sales charges. Had sales charges been included, the quoted performance would be lower. Please see below for information
on the standardized performance of the funds.ID Description Total Return Relative to Peers
Net Asset Value (NAV) 1% Best,100% WorstPrice # of funds in category
Non-Standardized Average Total Returns as of 10/31/11Non-standardized returns do not include the effects of sales charges. Had sales charges been included, the quoted performance would be lower. Please see below for information
on the standardized performance of the funds.ID Description Total Return Relative to Peers
Net Asset Value (NAV) 1% Best,100% WorstPrice # of funds in category
SMCWX * SMALLCAP WORLD FUND CL A 8.27% 04/30/90 -16.13% 2.03% -0.67% 7.75% 5.75% 1.1%
*Indicates that all or part of this position is not held at our firm and information associated with this position was provided by you. The information provided for assets not held at our firm has not been verified.The actual value and/or performance of these assets may differ from that shown.
Mutual fund background information, rankings and performance data are provided by Morningstar, Inc. Non-standardized Returns are calculated based on the Net Asset Value of the mutual fund includingreinvestment of dividends and capital gains and DO NOT include the effects of sales charges. Had sales charges been included, the returns shown would have been lower. Annual expenses such as 12b-1fees and management expenses are accounted for in the figures. Other share classes with different sales charges are available. The return of each class will vary, depending upon its applicable sales charge.
Open End fund returns will only be displayed as returns on net asset value. Exchange Traded Funds and Closed End Funds will display returns both based on net asset value and on price (includingdistributions).
The Peer Rank shows the Open End Fund's rank against all open end funds within its investment category based on total return and DOES NOT include the effects of sales charges. Each rank is expressedas a percentile where 1=best and 100=worst. Ranking percentages may be rounded. Investment Category is obtained from Morningstar. While the information herein has been obtained from sources webelieve to be reliable, its accuracy and completeness are not guaranteed. Peer ranking is based on funds within the Morningstar category. The returns shown on the summary line for Open End Funds,Closed End Funds and Exchange Traded Funds in this Relative to Peers section show the average total returns for all the funds within the category as reported by Morningstar.
Standardized Average Annual Total Returns do include the maximum sales charge. The annual expense ratio represents the total of all of a fund's annual fund operating expenses, expressed asa percentage of the fund's average net assets.
This information represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. These returns reflectmarket returns of securities and not holding returns based on your portfolio. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less thantheir original cost. Mutual funds, Closed-End funds, and Exchange-Traded funds are sold by prospectus. Please consider the investment objectives, risks, charges and expenses carefullybefore investing. The prospectus, which contains this and other information, can be obtained by calling your financial advisor. Read it carefully before you invest.
The percentages in the 'Max Sales Charge' column which are appended with a 'D' represent funds with a deferred load. These percentages are not included in the standardized average total return numbers.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
Investing involves risk, including the possible loss of principal. This report is intended to provideyou with a descriptive overview of your current portfolio. The report may encompass one account ormultiple accounts as specified in the report. The material has been prepared or is distributed solelyfor information purposes and does not supersede the proper use of your Wells Fargo Advisorsclient statements and/or trade confirmations, which are considered to be the official and accuraterecords of your account activity. Any market prices are only indications of market values, aresubject to change, and may not reflect the value at which the securities could be sold. Reportedprices should not be considered actual bids. For these reports, in certain groupings, CorporateBonds includes Certificates of Deposit. Additionally, the report is prepared as of trade date, ratherthan settlement date, and may be prepared on a different date than your statement. The informationcontained in this report may not reflect all holdings or transactions, their costs, or proceeds in youraccount.
The report may also include information you provided about assets held at other firms. Informationon assets held away from Wells Fargo Advisors was provided by you and may not be coveredby SIPC. We have relied solely on information from you regarding those assets. We do not verifyor confirm those assets held with other firms or affiliates and you are responsible for notifyingyour Financial Advisor of any changes in your externally held investments including cost basis.Incomplete or inaccurate cost basis will affect your plan results because the tax assumptions areincorrect. Due to timing issues, if this report includes assets held at Wells Fargo Trust Company,positions and market data should be verified. Before making any decisions please validate youraccount information with your Financial Advisor. The financial data used to generate this reportis provided to Wells Fargo Advisors by third party vendors. While this information is believed tobe reliable, it has not been verified. Security ID will be ticker symbol, CUSIP number, SecurityNumber or, if you have provided us with a market value of a generic asset classification type,we will assign a dash. This report is not complete unless all pages noted are included. For moredetailed information, including current pricing, call your Financial Advisor.
If we have included or if you have provided us with information on accounts managed by anaffiliate of Wells Fargo Advisors, including fiduciary accounts at Wells Fargo Bank, N.A., you shouldunderstand that Wells Fargo Advisors has no authority to manage or influence the managementof such accounts. The views, opinions, asset allocation models and forecasts may differ from ouraffiliates.
To the extent that this report includes fixed income securities, you should be aware that thedescriptions of fixed income securities are general in nature and do not reflect important informationthat you should consider, such as but not limited to, yield, call features, credit quality, and varioustax implications. Before making any decisions regarding fixed income investments, contact youradvisor to obtain more detailed information regarding specific fixed income securities.
Copyright 2008, Standard & Poor'sThe sectors in this report are based on the Global Industry Classification Standard ('GICS'). Thesesectors may be different than those of other institutions or sources. The sector of each security isas of the date of this report and subject to change at any time and without notice.
GICS was developed by and is the exclusive property and a service mark of Morgan Stanley CapitalInternational Inc. ('MSCI') and Standard & Poor's, a division of The McGraw-Hill Companies, Inc.('S&P'). Neither MSCI, S&P nor any other party involved in making or compiling the GICS or anyGICS classifications makes any express or implied warranties or representations with respect tosuch standard or classification (or the results to be obtained by the use thereof), and all such partieshereby expressly disclaim all warranties of originality, accuracy, completeness, merchantabilityor fitness for a particular purpose with respect to any of such standard or classification. Withoutlimiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third partyinvolved in making or compiling the GICS or any GICS classifications have any liability for anydirect, indirect, special, punitive, consequential or any other damages (including lost profits) evenif notified of the possibility of such damages.
S&P provides sector classification for common stocks only. The 10 sectors used in this analysisare: Energy, Materials, Consumer Discretionary, Consumer Staples, Health Care, Financials,Information Technology, Telecom Services and Utilities. For sector-specific unit investment trusts,Wells Fargo Advisors, LLC has determined the sector assignment. Equity sectors are providedby Morningstar, Standard & Poors and FT Interactive. Equity positions for which sectors areunavailable through Standard & Poors and FT Interactive will be reflected in Unclassified.
Redemption date indicated is either maturity date (M), pre-refunded date (R), mandatory put ortender date (T), Dutch auction date or optional tender date (D), display date on perpetual securities(sixty years from report date) (P) or the date which would represent the average life of the maturitywhen measured from the date of this report (A). Because perpetual securities do not have a statedmaturity date, we assign a date of sixty years from the date of the report to enable us to provideapproximate yields and durations.
Stock Ratings Report
Analysts' stock ratings are defined as follows:
Credit Suisse Rating System:
1. Outperform: The stock's total return is expected to exceed the industry average by at least10-15% (or more, depending on perceived risk) over the next 12 months.
2. Neutral: The stock's total return is expected to be in line with the industry average (range ofplus or minus 10%) over the next 12 months.
3. Underperform: The stock's total return is expected to underperform the industry average by10-15% or more over the next 12 months.
Sanford Bernstein Rating System:
Bernstein rates stocks based on relative performance for the next 6-12 months versus the S&P500.
1. Outperform: Stocks should outpace the market index by more than 15% in the year ahead.
2. Market Perform: Stock should perform in line with the market index to within +/-15% in theyear ahead.
3. Underperform: Stock should trail the performance of the market index by more than 15%in the year ahead.
Standard & Poor's STARS(Stock Appreciation Ranking System)
5-STARS: STRONG BUY - Total return is expected to outperform the total return of the S&P 500Index by a wide margin over the coming 12 months, with shares rising in price on an absolutebasis.
4-STARS: BUY - Total return is expected to outperform the total return of the S&P 500 Indexover the coming 12 months, with shares rising in price on an absolute basis.
3-STARS: HOLD - Total return is expected to closely approximate that of the total return of theS&P 500 Index over the coming 12 months, with shares generally rising in price on an absolutebasis.
2-STARS: SELL - Total return is expected to underperform the total return of the S&P 500 Indexover the coming 12 months, and share price is not anticipated to show a gain.
1-STAR: STRONG SELL - Total return is expected to underperform the total return of the S&P500 Index by a wide margin over the coming 12 months, with shares falling in price on anabsolute basis.
Wells Fargo Securities, LLC Rating System
1. Outperform: The stock appears attractively valued, and they believe the stock's total returnwill exceed that of the market over the next 12 months. Buy
2. Market Perform: The stock appears appropriately valued, and they believe the stock's totalreturn will be in line with the market over the next 12 months. Hold
3. Underperform: The stock appears overvalued, and they believe the stock's total return willbe below the market over the next 12 months. Sell
There is no assurance that all expectations will be achieved.
Asset Class Descriptions
The asset class descriptions below are included solely to provide insight into how individualsecurities are tied to specific asset classes. We use our best efforts to correctly classifyinvestments. However, no warranty of accuracy is made.
Equity Investments: Equity investments refer to buying stocks of United States companies.The investment return to the owner of stock (shareholder) is in the form of dividends and/or capitalappreciation. The market capitalization of companies is used to group large, medium (Mid), andsmall companies. Shareholders share in both the upside potential and the downside risk.
Capitalization: Market capitalization definitions differ but one example of capitalizationmethodology is that of Morningstar, which defines "large-capitalization" stocks as those stocks thatform the top 70% of the market capitalization of the stocks eligible to be included in the MorningstarUS Market Index (a diversified broad market index that represents approximately 97% of themarket capitalization of publicly traded U.S. Stocks). The Morningstar index methodology defines"mid-capitalization" stocks as those stocks that form the 20% of market capitalization betweenthe 70th and 90th percentile of the market capitalization and "small-capitalization" stocks as thosestocks that form the 7% of market capitalization between the 90th and 97th percentile of the marketcapitalization of the stocks eligible to be included in the Morningstar US Market Index.
Style: Blend (sometimes referred to as Core) investing is generally characterized as a strategythat seeks to balance the portfolio of stocks between the Growth and Value styles as marketconditions fluctuate. Stocks in the underlying index are designated as "growth" as they are issuedby companies that typically have higher than average historical and forecasted earnings, sales,equity and cash flow growth. Stocks in the underlying i ndex are weighted according to the totalnumber of shares that are publicly owned and available for trading. Stocks in the underlyingindex are designated as "value" as they are issued by companies that typically have relatively lowvaluations based on price-to-earnings, price-to book value, price-to-sales, price-to-cash flow anddividend yields. The stocks in the underlying index are weighted according to the total number ofshares that are publicly owned and available for trading.
Cash Alternatives: Cash Alternatives include liquid, short term and interest bearinginvestments. Examples are money market funds, Treasury bills and commercial paper. It ispossible to lose money by investing in cash alternatives.
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: WellsFargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo and Company.
% of Portfolio weightings are based on the asset class market value compared with the total portfolio market value in your Envision Plan.
Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value as of the previous day's close of business.
Strategic Allocation illustrates how much of an investor's portfolio would need to be allocated to the various asset classes based on the strategic asset allocation.
Proposed Allocations reflect proposed adjustments to 'Current' Asset Class allocations.
The 'as of' date in the report title represents the date that the report is run.
This is a preliminary implementation plan. It is intended as a discussion document only.
Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.
This report is not the official record of your account. However, it has been prepared to assist you with your investment planning and is for informational purposes only. Your Client Statement is the officialrecord of your account. Therefore, if there are any discrepancies between the report and your Client Statement, you should rely on the client Statement and call your local Branch Manager with anyquestions.
This report is not complete without the plan Disclosures, please refer to the Disclosure page.
Market CommentaryA publication of the Wells Fargo Advisors National Sales Dept.
Dan Meehan, First Vice President - Business Development GroupPhil Nelson, Assitant Vice President - Business Development Group
October 2011 Recap
Staring into the abyss, the bull found its character. Stocks rallied in Octoberon signs the recovery was not headed over the cliff. Third-quarter earningsseason got off to a good start with more than 70% of S&P 500 companiesbeating analyst estimates. Better-than-expected updates on housing andmanufacturing data coupled with GDP growth of 2.5% in the most recentquarter suggested investor sentiment may have gotten too pessimistic. Moreimportant, European leaders finally worked in unison to deliver a plan toresolve the region's debt crisis. Proposed measures meant to help combata spread of the sovereign debt debacle included increasing the size of theEuropean Financial Stability Facility (EFSF) to 1 trillion euros, Greek debtholders accepting a voluntary 50% haircut and a recapitalization of Europeanbanks. As a result, the major averages rallied sharply to snap a five-monthlosing streak.
With the risk trade back on, the S&P 500 rose 10.93% to end the monthat 1,253.30. The rally sent the index back into positive territory for the yearby 1.30% on a total return basis. All 10 sectors participated in the advance.Cyclical stocks led the advance with gains of 17.60% by materials and 16.95%by the energy patch driven by higher commodity prices. M&A activity in techhelped boost the Nasdaq Composite to a total return of 11.20%. Small- andmid-cap stocks benefited with the return to risk assets with the S&P 600index up 14.99% and the S&P Mid-Cap 400 returned 13.75%. Despite laggingrelative to its peers, the Dow Jones Industrial Average posted a solid returnof 9.72% to improve its year-to-date performance to 5.45% with dividendsreinvested. The encouraging signs for the economy and Europe sent bids frombond land. Before a late-month rally, Treasuries fell the most since December2010, but managed to eke out minor gains of 0.03% in October, according toBank of America/Merrill Lynch data. This prompted the yield on the benchmark10-year note higher to 2.11%, up from its record intra-day low of 1.67% set onSeptember 23.
As we begin November, the Advisory Services Group (ASG) at Wells FargoAdvisors believes the rally during the past month has left the U.S. stock marketoverbought. Overall, with the S&P 500 index currently trading within ASG's
year-end target range of 1250 to 1300, it thinks the market could see a pullbackafter the strong October run. Therefore, it continues to advocate a balancedequity strategy with recommended overweight allocations to defensive telecomand utilities along with cyclical industrial and material sectors. Furthermore,investors should consider using the recent rally as an opportunity to reviewtheir portfolios to make sure they align with their investment objectives and risktolerance.
On the fixed-income front, ASG advises investors to consider shifting theirallocations into the corporate sector. It also recommends an allocation to thepreferred market, preferably through a diversified basket. ASG also believesmunicipal bonds continue to present relative value opportunities in single-A rated or better general obligation and essential service revenue bonds.Investors with a long-term investment horizon who are willing to be exposedto continued volatility, may also consider adding to high-yield allocations atcurrent levels.
Despite some positive developments out of the euro zone, ASG remainscautious as the plan has yet to be fully worked out and promises to becomplex. Overall, ASG believes international markets could remain in recenttrading ranges over the coming quarters. Therefore, it advises income-oriented investors to avoid taking on additional risks. However, growth-orientedinvestors may wish to consider using the current market stability to graduallytake their core positions up to ASG recommended levels and use ASG'sfavorite international markets to be tactically defensive.
Important Information, Risk Factors and Disclaimers
Asset allocation/diversification cannot eliminate the risk of fluctuating pricesand uncertain returns. There are no assurances that any target prices notedwill be achieved. Investing in fixed income securities involves certain risks suchas market risk if sold prior to maturity and credit risk, especially if investing inhigh yield bonds, which have lower ratings and are subject to greater volatility.All fixed income investments may be worth less than the original cost uponredemption or maturity. Bond prices fluctuate inversely to changes in interest-rates. Therefore, a general rise in interest rates can result in the decline ofthe value of your investment. Investing in foreign securities presents certainrisks not associated with domestic investments, such as currency fluctuation,political and economic instability, and different accounting standards. Thismay result in greater share price volatility. These risks are heightened inemerging markets. Investments that focus on certain geographical regions oron certain economic sectors increase their vulnerability to developments in thatregion or sector. This may result in greater price volatility. There are special
risks associated with investing in preferred securities. Preferred securitiesgenerally offer no voting rights with respect to the issuer. Preferred securitiesare generally subordinated to bonds or other debt instruments in an issuer'scapital structure, subjecting them to a greater risk of non-payment than moresenior securities. In addition, the issue may be callable which may negativelyimpact the return of the security. Preferred dividends are not guaranteed andare subject to deferral or elimination. The S&P 500 Index consists of 500stocks chosen for market size, liquidity, and industry group representation.It is a market value weighted index with each stock's weight in the Indexproportionate to its market value. An index is not managed and is unavailablefor direct investment.
The opinions expressed here reflect the judgment of the author as of the dateof the report and are subject to change without notice. Any market prices areonly indications of market values and are subject to change. The material hasbeen prepared or is distributed solely for information purposes and is not asolicitation or an offer to buy any security or instrument or to participate inany trading strategy. Additional information is available upon request. Pleasecontact your Financial Advisor.
Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value.Wells Fargo Advisorsis the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo AdvisorsFinancial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. 2011 Wells Fargo Advisors,LLC. All rights reserved. CAR# 1111-0632vA
Standardized ReturnsPerformance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund(s) will fluctuateso that an investor's shares when redeemed may be worth more or less than their original cost.
The current performance for the fund(s) illustrated may be higher or lower than the performance data quoted. Please visit https://returns.thomsononeadvisor.com/returns/ for the most recentmonth-end performance information.
Investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. These risks may include but are not limited to, the risks of investingin foreign securities, such as currency fluctuation, tax changes and political concerns. This illustration, including any accompanying reports and graphs, must be preceded or accompaniedby a current prospectus for each security included. The prospectus contains full details on fees and expenses and should be read carefully before investing or sending money.
Standardized Average Annual Total Returns for Quarter Ended 9/30/2011Returns for periods of less than one year are not annualized
Illustrated Items Inception Date Maximum Sales Charge 1 Year 5 Years 10 Years Since InceptionAmerican Funds Gr Fnd of Amer A 12/1/1973 5.75% Front -8.96% -2.14% 3.82% 12.86%
American Funds New Economy A 12/1/1983 5.75% Front -9.81% -0.70% 4.47% 9.81%
American Funds SMALLCAP World A 4/30/1990 5.75% Front -16.14% -0.67% 7.75% 8.27%
Davis New York Venture Fund A 2/17/1969 4.75% Front -9.70% -3.91% 2.90% 11.22%
Hartford Capital Apprec A 7/22/1996 5.50% Front -17.03% -4.09% 3.78% 10.77%
Hartford MidCap A 12/30/1997 5.50% Front -12.43% -0.32% 6.57% 9.47%
KEELEY Small Cap Value A 10/1/1993 4.50% Front -8.47% -3.11% 7.17% 9.76%
Templeton Foreign A 10/5/1982 5.75% Front -14.06% -2.16% 5.47% 10.50%
Average Annual Total Returns for Month Ended 10/31/2011Returns for periods of less than one year are not annualized
Illustrated Items Inception Date Maximum Sales Charge 1 Year 5 Years 10 Years Since InceptionAmerican Funds Gr Fnd of Amer A 12/1/1973 5.75% Front -3.48% -0.91% 4.28% 13.13%
American Funds New Economy A 12/1/1983 5.75% Front -5.22% 0.41% 5.02% 10.15%
American Funds SMALLCAP World A 4/30/1990 5.75% Front -11.03% 0.34% 7.99% 8.72%
Davis New York Venture Fund A 2/17/1969 4.75% Front -2.29% -2.49% 3.90% 11.47%
Hartford Capital Apprec A 7/22/1996 5.50% Front -10.90% -2.60% 4.72% 11.57%
Hartford MidCap A 12/30/1997 5.50% Front -3.11% 1.73% 7.33% 10.47%
KEELEY Small Cap Value A 10/1/1993 4.50% Front 2.35% -1.64% 8.18% 10.60%
Templeton Foreign A 10/5/1982 5.75% Front -8.75% -0.59% 6.24% 10.89%
Charges and Expenses
Fund Name Sales Charge Max CDSCManagement
FeeDistribution(12b-1) Fee
OtherExpenses Total
American Funds Gr Fnd of Amer A 5.75% 1.00% 0.27% 0.24% 0.17% 0.68%
American Funds New Economy A 5.75% 1.00% 0.41% 0.23% 0.22% 0.86%
American Funds SMALLCAP World A 5.75% 1.00% 0.64% 0.24% 0.21% 1.09%
Davis New York Venture Fund A 4.75% 0.50% 0.49% 0.24% 0.16% 0.89%
Hartford Capital Apprec A 5.50% 1.00% 0.65% 0.25% 0.25% 1.15%
Hartford MidCap A 5.50% 1.00% 0.73% 0.25% 0.27% 1.25%
KEELEY Small Cap Value A 4.50% 0.00% 0.92% 0.25% 0.19% 1.36%
Templeton Foreign A 5.75% 1.00% 0.62% 0.25% 0.32% 1.19%
Data in this report is provided by Thomson Reuters where available.
A portion of expenses for the following fund(s) have been waived in the past: American Funds Gr Fnd of Amer A, Hartford Capital Apprec A, Hartford MidCap A, KEELEY Small Cap Value A, AmericanFunds New Economy A, American Funds SMALLCAP World A. Past expense reductions by the fund's manager increased the fund's total returns.
The Standardized Average Annual Total Return figures shown above are calculated using formula in form N-1A as mandated by the Securities and Exchange Commission. Except where noted, thecalculations take into account the maximum sales and/or redemption charges currently in effect, and any annual expenses assessed. The figures assume a one-time lump sum investment and do notinclude the effect of taxation.
Several share classes shown above may not be available to all investors or may not be suitable for all investors given different sales charges, management fees, investment minimums, etc. Other shareclasses are shown for informational purposes only. Please consult a prospectus for information about all share classes.
Portfolio Composition data is based on information obtained from the investment company andis updated as of the date shown in the section's title. This data will vary over time. There is noguarantee that the underlying Fund, which this subaccount invests in, will continue to hold any oneparticular security or stay invested in any one particular country. The composition of the underlyingfund's holdings are subject to change.
NAV Total Returns are calculated based on the Net Asset Value of the mutual fund includingreinvestment of dividends and capital gains and DO NOT include the effects of sales charges.Annual expenses such as 12b-1 fees and management expenses are accounted for in the figures.The Load Adjusted returns take into account the effects of sales charges.
The Price History Graph shown on this report illustrates the past 5 years of historical performanceof the particular security. The volume bars below the graph are of month end totals.
First Call Earnings Estimate provides First Call's proprietary analyst consensus ranking on afive point scale (1=buy, 3=hold, 5=sell), calculated using the arithmetic mean of all contributinganalysts' quarterly and annual estimated earnings.
The Performance section shows the performance of YTD, 1 Year, 3 Year and 5 Year total returnfigures and lists, if applicable, the last stock split the company has completed.
Profitability Ratios, Operating Ratios and Total Ratios comprise a set of ratios showing the day-to-day performance of the particular company.
Income Statement is a financial statement showing a firm's revenue and expenses during aspecified period. Areas covered are Revenue, Expenses and Net Income.
The Balance Sheet shows the firm's financial condition at a specified point in time. Categoriesincluded in the Balance Sheet section are Total Assets ($Mil), Current Assets, Inventories, Non-Current Assets, Total Liabilities, Current Liability, Long Term Debt, and Total Equity.
The Cash Flow Statement (Annual) is a statement of the amount of cash inflows and outflows forthe particular company. The cash flow statement section includes Cash Flow from Operations,Depreciation and Amortization, Deferred Taxes, Income Sources, Capital Spending and Free CashFlows.
The Liquidity Ratios are used to identify company performance and potential investmentopportunities. Current Ratio, Quick Ratio, Debt/Equity, Leverage Ratio and Int Coverage from ContOps (International Coverage from Continuing Operations).
Return on Equity - The adjusted profit of a company divided by its equity. For instance, if theadjusted profit of a company is $10M and Equity is $100M, the Return on Equity is 10%.
Return on Assets - Indicator of profitability. Determined by dividing net income for the past 12months by total assets. Result is shown as a percentage.
Return on Invested Capital - The overall profit (or loss) on an investment expressed as apercentage of the total invested. For example: The company invests $5,000 in the shares ofanother company and some time later has received $100 in dividends with the value of the sharesnow $5,200. The return on investment is: [($100 + $5,200 - $5,000) /$5,000] x 100 = 6%.
Free Cash Flows - The amount of money that a business has at its disposal at any given time afterpaying out operating costs, interest payments on bank loans and bonds, salaries, research anddevelopment and other fixed costs.
Current Ratio - A test of liquidity showing the difference between current assets and currentliabilities. Calculated as: (current assets) divided by (current liabilities).
Quick Ratio - Ratio of liquid assets to current liabilities, taken as a measure of liquidity.
Leverage Ratio - The ratio of a company's long term debt, typically bonds and preferred stock, toits equity in its capital structure. The greater the long term debt, the greater the leverage.
Split Ratio - The proportion of new number of shares (post-split) divided by old number of shares(pre-split). For example, a split ratio of 2.00 is a two-for-one split giving each shareholder anadditional share for each share held.
Payout Ratio - The proportion of earnings paid out in dividends to shareholders, that is, dividendpayment divided by earnings.
Investment Category is provided by Morningstar, Inc. Asset Class is derived from MorningstarCategory. All Rights Reserved. The information contained here in: (1) is proprietary to Morningstarand/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to beaccurate, complete or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.
Top Holdings, Composition, Geographic Breakdown and Sector Weightings data is based onportfolio information obtained from the investment company, is updated as of the date shownin the section's title, and will vary over time. Geographic Breakdown and Sector Weightings arecalculated solely from the portfolio equity holdings.
Government FundsThe U.S. Government guarantee applies only to the underlying securities of the fund's portfolioand not to the value of the fund's shares.
Municipal Bond FundsCertain investors' income may be subject to the federal Alternative Minimum Tax (AMT), and stateand local taxes may also apply.
Insured Municipal Bond FundsInsurance pertains to the timely payment of principal and interest by the issuer of the underlyingsecurities, and not to the value of the fund's shares. Certain investors' income may be subject tothe federal Alternative Minimum Tax (AMT), and state and local taxes may also apply.
High-Yield FundsHigh-yield bonds, commonly known as junk bonds, are subject to greater loss of principal andinterest, including default risk, than higher-rated bonds. This may result in greater share pricevolatility.
Global or International FundsInvesting in foreign securities presents certain unique risks not associated with domesticinvestments, such as currency fluctuation and political and economic changes. This may result ingreater share price volatility.
The fund may focus its investments in certain geographical regions, thereby increasing itsvulnerability to developments in that region. This may result in greater share price volatility.
Real Estate FundsThe fund involves additional risk due to its narrow focus. There are special risks associated withan investment in real estate, including credit risk, interest rate fluctuations and the impact of variedeconomic conditions.
Sector FundsThe fund may focus its investments on certain economic sectors, thereby increasing itsvulnerability to any single economic, political or regulatory development. This may result in greatershare price volatility.
Non-Diversified (Concentrated) FundsThis fund is not diversified. Investing in a non-diversified fund involves greater risk than a diversifiedinvestment, because a loss resulting from a particular security's poor performance will have agreater impact on the fund's overall return.
The Rank shows the security's rank against all securities within its investment category (shown atthe top of the page) based on total return and DOES NOT include the effects of sales charges. Eachrank is expressed as a number where 1= best and 2 = second best, etc. Rankings are generatedby Thomson Reuters.
The Growth of $10,000 graph shown on this report illustrates the growth of a $10,000 investmentin the security over a period of 11 years or the security's lifetime in relation to its benchmark index,whichever is shorter. The effects of any applicable sales charges and fees are included.
The Returns Comparison section compares the Returns statistics of the chosen security againstthe average Return statistics of all securities in its investment category and the Market Indexrelative to that investment category. The investment category for the security can be found in theheader section at the top of each profile page and the relative Market Index can be found belowthe section.
MPT Statistics
The Modern Portfolio Theory (MPT) Statistics section shows the Standard Deviation, Alpha, Beta,R-squared, Sharpe and Treynor statistics for the item. Definitions of these statistics are includedat the end of the disclosures.
Standard deviation is a measure of a security's volatility, or variability in expected return. As such,it is a measure of risk since risk can be defined as the uncertainty of the expected return. Highernumbers indicate higher historical volatility. Standard deviation is most often used as a measureof risk relative to other securities or indexes. Standard Deviation does not measure all aspectsof investment risks.
The Beta coefficient is a measure of a security's volatility relative to the market. An index relevantto the security's stated investment category is used as the proxy for the market, and is consideredto have a 1.00 Beta. Therefore, if a security has a Beta of 1.50, it has been historically 50% morevolatile than the market for the period of years shown.
The Alpha coefficient is a measure of risk-adjusted return. This number represents the differencebetween the security's actual performance and the performance anticipated in light of the security'srisk posture and the market's behavior. A positive Alpha indicates that the manager has beensuccessful at security selection and/or market timing, and has produced a rate of return which ismore than commensurate with the security's risk posture.
R-squared is a measure of diversification relative to the market, as represented by an indexrelevant to the security's stated investment category. It tells us, in precise percentage terms, justhow closely a security's performance variation paralleled the market over the time period shown.
The Sharpe and Treynor Ratios are measures of risk-adjusted performance. Higher values aredesirable and indicate greater return per unit of risk. The Sharpe and Treynor Ratios measure riskby standard deviation and beta, respectively.
Geographic Breakdown displays the equity concentration by region of the underlying holdingswhen available and excludes fixed income holdings. The data represented is the most current asof the data date listed in the section title and will vary over time.
The Russell Midcap Growth Index offers investors access to the mid-cap growth segmentof the U.S. equity universe. The Russell Midcap Growth Index is constructed to provide acomprehensive and unbiased barometer of the mid-cap growth market. Based on ongoingempirical research of investment manager behavior, the methodology used to determine growthprobability approximates the aggregate mid-cap growth manager's opportunity set.
The Russell 1000 Growth Index offers investors access to the large-cap growth segment of the U.S.equity universe. The Russell 1000 Growth is constructed to provide a comprehensive and unbiasedbarometer of the large-cap growth market. Based on ongoing empirical research of investmentmanager behavior, the methodology used to determine growth probability approximates theaggregate large-cap growth manager's opportunity set.
S&P 500 Composite index is a capitalization weighted index that is designed to measure the equitymarket performance comprised of 500 stocks chosen for market size, liquidity, and industry grouprepresentation, with approximately 75% coverage of U.S. equities. The Index has over US$ 3.5trillion benchmarked, with index assets comprising approximately US$ 915 billion of this total. TheIndex is constructed to represent a broad range of industry segments in the U.S. economy.
The MSCI EAFE GTR Index, reported in U.S. dollars, based on share prices and reinvested grossdividends of approximately 1100 companies (only those securities deemed sufficiently liquid fortrading by investors) from the following 20 countries: Australia, Austria, Belgium, Denmark, Finland,France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand, Norway,Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The securities represented inthis index may be subject to investment risk, currency rate risk, economic and monetary policyrisk, differences in auditing standards and risks related to political and economic developments.
The MSCI World GTR index, reported in U.S. dollars, based on share prices and reinvestedgross dividends of approximately 1600 companies which are deemed sufficiently liquid for tradingby investors from the following 22 countries: Australia, Austria, Belgium, Canada, Denmark,Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand,Norway, Singapore, Spain, Sweden, Switzerland, U.K. and U.S. The securities represented in thisindex may be subject to investment risk, currency rate risk, economic and monetary policy risk,differences in auditing standards and risks related to political and economic developments.
The Russell 2000 Index offers investors access to the small-cap segment of the U.S. equityuniverse. The Russell 2000 is constructed to provide a comprehensive and unbiased small-capbarometer and is completely reconstituted annually to ensure larger stocks do not distort theperformance and characteristics of the true small-cap opportunity set. The Russell 2000 includesthe smallest 2000 securities in the Russell 3000.
The information included in this report is based upon data obtained from public sources believed tobe reliable; however, Thomson Reuters does not guarantee the completeness or accuracy thereof.
Cash Flow Statement (Annual)Cash Flow From Oper 1,981
Depr & Amor 1,451Deffered Taxes -287Other Income 817
Capital Spending 1,015Free Cash Flows 841
Profitability Ratios (as of 12/31/2010)Return on Equity (ROE) 2.0Return on Assets (ROA) 1.6Return on Invested Capital 2.2Pre-Tax Profit Margin (%) 2.5Post-Tax Profit Margin (%) 1.2Net Profit Margin (%) 1.2
Dividends (as of 12/31/2010)Current Div/Share 0.12Dividend Yield % 1.345 Year Growth % -27.52Payout Ratio % 49Split Ratio 2.00Last Split 06/12/2000
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $0.95 $3.08Dividend Yield % 1.34 2.13Net Profit Margin $1.21 $8.43Market Cap (Mil) $9,526 $21,08552 Week High $18.47 $45.8452 Week Low $8.45 $30.94P/E Current 9.42 -Price/Book 0.64 1.68Price/Sales 0.75 0.98Price/Cash Flow 4.13 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
12.42 3 4 5
Current Mean 2.4High 5Low 1Number of Analysts 19
Company OverviewSector MaterialsIndustry Metals & MiningAddress 390 Park Avenue, New York, NY
10022-4608Investor Relations +1 412 553-4545Alcoa Inc. (Alcoa) is engaged in the productionand management of aluminum, fabricatedaluminum, and alumina combined, throughits participation in mining, refining, smelting,fabricating, and recycling. During the yearended December 31, 2010, aluminumand alumina represent more than 80% ofAlcoa's revenues. Nonaluminum productsinclude precision castings and aerospaceand industrial fasteners. Alcoa's productsare used globally in aircraft, automobiles,commercial transportation, packaging, buildingand construction, oil and gas, defense, andindustrial applications. It is a global companyoperating in 31 countries. In addition, ithas investments and operating activitiesin Australia, Brazil, the People's Republicof China, Guinea, Iceland, Russia, andSaudi Arabia. During 2010, it completedthe acquisition of Three Rivers AluminumCompany doing business as Traco. In July2010, the Company completed the sale of itsTransportation Pro.
Liquidity Ratios (as of 12/31/2010)Current Ratio 1.31Quick Ratio 0.67Debt/Equity 0.68Leverage Ratio 6.52Initial Coverage from Cont.Operations 1.73
American Funds Gr Fnd of Amer AAGTHX Profile ReportCategory: Large GrowthAsset Class: Large Cap Growth Data as of 10/31/2011Composition (as of 9/30/2011)
Pie chart is not availablefor leveraged securities.
% Of PortfolioEquity 89.1Fixed Income 11.2Cash -0.3Other 0.0
OperationsFund Family American FundsCUSIP 399874106Fund Inception Date 12/1/1973Net Asset Value (NAV) $29.46Net Assets (10/31/2011) $55,932.90 MilTurnover (8/31/2011) 34.00%Last Income Dividend (12/21/2010) $0.2450Last Capital Gain (12/18/2007) $2.0570Dividend Yield (12 months) 0.78%Dividend Yield (30 days) 0.78%
Fees & ExpensesTotal Expense Ratio (Gross) 0.68%12b-1 Fee 0.24%Max Front End Sales Charge 5.75%Max Redemption Fee 0.00%Max Deferred Sales Charge 1.00%
North America 76.1
Latin America 0.5
Europe 5.0
Emerging Markets Europe 0.1
Asia-Pacific 3.0
Emerging Markets Asia 3.7
Middle East/North Africa 0.3
Africa 0.3
Other 0.3
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. Apple Inc ORD 4.32. Oracle Corp ORD 2.33. Amazon.com Inc ORD 2.34. Microsoft Corp ORD 1.75. Home Depot Inc ORD 1.6
6. DirecTv ORD 1.57. Us Treasury 3.750% 15-A (3.75%) 1.48. Philip Morris Internati 1.49. Costco Wholesale Corp O 1.310. Google Inc ORD 1.3
All holdings related data as of 9/30/2011
Fund DescriptionThe Fund seeks to provide long term growth ofcapital. The Fund invests primarily in commonstocks. The Fund also invests in convertiblespreferred stocks U.S. government securitiesbonds. The Fund may invest up to 15% ofassets in securities of issuers domiciled outsidethe United States and Canada. The Fund mayalso hold cash or money market instruments.The Fund emphasizes on companies thatappear to offer opportunities for long termgrowth and companies have good long terminvestment opportunities. The Fund relies onthe professional judgment of its investmentadviser to make decisions about the portfolioinvestments.
Year-To-Date -3.22 -1 Month 10.46 -3 Month -6.12 -1 Year 2.41 -8.963 Year 10.85 -1.395 Year 0.27 -2.1410 Year Average 4.90 3.8215 Year Average 8.90 7.7620 Year Average 9.82 9.11Since Inception 13.30 12.86† Load Adjusted Return data as of 9/30/2011
American Funds New Economy AANEFX Profile ReportCategory: Large GrowthAsset Class: Large Cap Growth Data as of 10/31/2011Composition (as of 9/30/2011)
Equity 84.2
Fixed Income 15.5
Cash 0.2
Other 0.2
% Of Portfolio
OperationsFund Family American FundsCUSIP 643822109Fund Inception Date 12/1/1983Net Asset Value (NAV) $24.57Net Assets (10/31/2011) $5,438.20 MilTurnover (11/30/2010) 47.00%Last Income Dividend (12/28/2010) $0.1730Last Capital Gain (12/26/2007) $2.3550Dividend Yield (12 months) 0.66%Dividend Yield (30 days) 0.66%
Fees & ExpensesTotal Expense Ratio (Gross) 0.86%12b-1 Fee 0.23%Max Front End Sales Charge 5.75%Max Redemption Fee 0.00%Max Deferred Sales Charge 1.00%
North America 49.7
Latin America 1.7
Europe 14.8
Emerging Markets Europe 1.2
Asia-Pacific 4.4
Emerging Markets Asia 10.6
Middle East/North Africa 0.1
Africa 0.0
Other 1.7
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. Apple Inc ORD 4.52. Us Treasury 3.750% 15-A (3.75%) 3.13. DirecTv ORD 1.64. AirAsia Bhd ORD 1.55. Ryanair Holdings PLC DR 1.5
6. Crown Castle Internatio 1.37. Texas Instruments Inc O 1.38. Union Pacific Corp ORD 1.39. Groupon Inc PFD 1.210. Amazon.com Inc ORD 1.2
All holdings related data as of 9/30/2011
Fund DescriptionThe Fund seeks to provide long-term growthof capital. The Fund invests primarily in stocksof companies in the services and informationareas of the global economy, although a portionof its assets may be invested outside theseareas. The Fund may invest a significantportion of its assets in issuers based outsideof the United States. The Fund may also holdcash or money market instruments. The Fundrelies on the professional judgment of itsinvestment adviser to make decisions aboutthe portfolio investments. The basic investmentphilosophy of the investment adviser is to seekto invest in attractively valued companies that,in its opinion, represent above-average long-term investment opportunities.
Year-To-Date -3.00 -1 Month 9.93 -3 Month -7.60 -1 Year 0.56 -9.813 Year 15.29 2.335 Year 1.61 -0.7010 Year Average 5.64 4.4715 Year Average 6.77 5.6220 Year Average 8.82 8.09Since Inception 10.38 9.81† Load Adjusted Return data as of 9/30/2011
American Funds SMALLCAP World ASMCWX Profile ReportCategory: World StockAsset Class: International Equity Data as of 10/31/2011Composition (as of 9/30/2011)
Equity 88.4
Fixed Income 11.3
Cash 0.0
Other 0.3
% Of Portfolio
OperationsFund Family American FundsCUSIP 831681101Fund Inception Date 4/30/1990Net Asset Value (NAV) $34.59Net Assets (10/31/2011) $12,969.40 MilTurnover (9/30/2010) 45.00%Last Income Dividend (12/28/2010) $0.5210Last Capital Gain (12/26/2007) $4.1670Dividend Yield (12 months) 1.42%Dividend Yield (30 days) 1.42%
Fees & ExpensesTotal Expense Ratio (Gross) 1.09%12b-1 Fee 0.24%Max Front End Sales Charge 5.75%Max Redemption Fee 0.00%Max Deferred Sales Charge 1.00%
North America 40.0
Latin America 2.2
Europe 19.3
Emerging Markets Europe 1.3
Asia-Pacific 9.2
Emerging Markets Asia 14.7
Middle East/North Africa 0.5
Africa 0.7
Other 0.7
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. Pharmasset Inc ORD 1.62. ENN Energy Holdings Ltd 1.23. Us Treasury 3.750% 15-A (3.75%) 1.04. Lululemon Athletica Inc 0.85. InterOil Corp ORD 0.8
6. Virgin Media Inc ORD 0.87. MSC Industrial Direct C 0.88. Sumber Alfaria Trijaya 0.79. AAC Technologies Holdin 0.710. East West Bancorp Inc O 0.7
All holdings related data as of 9/30/2011
Fund DescriptionThe Fund seeks to provide long term growthof capital. The Fund invests at least 80% ofits assets in equity securities of companieslocated around the world with small marketcapitalizations, measured at the time ofpurchase. The Fund relies on the professionaljudgment of its investment adviser to makedecisions about the portfolio investments. Thebasic investment philosophy of the investmentadviser is to seek to invest in attractively valuedcompanies that represent above average longterm growth opportunities. The Fund may alsohold cash or money market instruments.
Year-To-Date -10.99 -1 Month 9.98 -3 Month -12.05 -1 Year -5.61 -16.143 Year 18.02 2.035 Year 1.54 -0.6710 Year Average 8.63 7.7515 Year Average 6.77 5.5920 Year Average 8.55 7.90Since Inception 9.01 8.27† Load Adjusted Return data as of 9/30/2011
Cash Flow Statement (Annual)Cash Flow From Oper 31,772
Depr & Amor 1,814Deffered Taxes 2,868Other Income 27,090
Capital Spending 4,260Free Cash Flows 27,512
Profitability Ratios (as of 09/24/2011)Return on Equity (ROE) 41.7Return on Assets (ROA) 27.1Return on Invested Capital 41.7Pre-Tax Profit Margin (%) 31.5Post-Tax Profit Margin (%) 23.9Net Profit Margin (%) 23.9
Dividends (as of 09/24/2011)Current Div/Share 0.00Dividend Yield % 0.005 Year Growth % 0.00Payout Ratio % 0Split Ratio 2.00Last Split 02/28/2005
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $27.68 $3.08Dividend Yield % 0.00 2.13Net Profit Margin $23.87 $8.43Market Cap (Mil) $337,905 $21,08552 Week High $426.70 $45.8452 Week Low $310.50 $30.94P/E Current 13.13 -Price/Book 4.58 1.68Price/Sales 4.58 0.98Price/Cash Flow 10.72 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
1.71 2 3 4 5
Current Mean 1.7High 5Low 1Number of Analysts 56
Company OverviewSector Information TechnologyIndustry Computers & PeripheralsAddress 1 Infinite Loop, Cupertino, CA
95014Investor Relations +1 408 996-1010Apple Inc. (Apple) designs, manufacturesand markets a range of personal computers,mobile communication and media devices,and portable digital music players, and sells arange of related software, services, peripherals,networking solutions, and third-party digitalcontent and applications. It's products andservices include Macintosh (Mac) computers,iPhone, iPad, iPod, Apple TV, Xserve, aportfolio of consumer and professional softwareapplications, the Mac OS X and iOS operatingsystems, third-party digital content andapplications through the iTunes Store, anda range of accessory, service and supportofferings. The Company sells its productsglobally through its retail stores, online stores,and direct sales force and third-party cellularnetwork carriers, wholesalers, retailers, andvalue-added resellers. As of September 25,2010, the Company had opened a total of 317retail stores, including 233 stores in the UnitedStates and .
Liquidity Ratios (as of 09/24/2011)Current Ratio 1.61Quick Ratio 1.37Debt/Equity 0.00Leverage Ratio 0.00Initial Coverage from Cont.Operations 128.67
Cash Flow Statement (Annual)Cash Flow From Oper 5,523
Depr & Amor 2,296Deffered Taxes 0Other Income 3,227
Capital Spending 2,586Free Cash Flows 1,853
Profitability Ratios (as of 12/31/2010)Return on Equity (ROE) 27.6Return on Assets (ROA) 5.9Return on Invested Capital 8.6Pre-Tax Profit Margin (%) 8.8Post-Tax Profit Margin (%) 6.3Net Profit Margin (%) 6.3
Dividends (as of 12/31/2010)Current Div/Share 1.84Dividend Yield % 2.125 Year Growth % 10.35Payout Ratio % 40Split Ratio 2.00Last Split 07/14/2005
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $6.55 $3.08Dividend Yield % 2.12 2.13Net Profit Margin $6.34 $8.43Market Cap (Mil) $56,075 $21,08552 Week High $116.55 $45.8452 Week Low $67.54 $30.94P/E Current 13.24 -Price/Book 4.30 1.68Price/Sales 1.43 0.98Price/Cash Flow 7.64 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
12.12 3 4 5
Current Mean 2.1High 3Low 1Number of Analysts 24
Company OverviewSector IndustrialsIndustry MachineryAddress 100 North East Adams Street,
Peoria, IL 61629Investor Relations +1 309 675-1000Caterpillar Inc. (Caterpillar) is a manufacturerof construction and mining equipment, dieseland natural gas engines, industrial gasturbines and diesel-electric locomotives. TheCompany also is a service provider throughCaterpillar Financial Services, CaterpillarRemanufacturing Services, CaterpillarLogistics Services and Progress Rail Services.Caterpillar owns a portfolio of brands, whichincludes Anchor Coupling, AsiaTrak, Balderson,Barber-Greene, Cat, Cat Financial, CatLogistics, Cat Reman, Cat Rental Store,E-Ject, Eurenov, FG Wilson, Hindustan,Mak, Olympian, Perkins, Prentice, ProgressRail, Shandong Engineering Machinery Co.(SEM), Solar Turbines, Turbomach, TurnerPowertrain System,Verachtert and Xpart.It has remanufactured diesel engines andcomponents for its own machines and powersystems. On July 2011, the Company acquiredBucyrus International, Inc.
Liquidity Ratios (as of 12/31/2010)Current Ratio 1.44Quick Ratio 0.93Debt/Equity 2.63Leverage Ratio 18.88Initial Coverage from Cont.Operations 4.01
Cash Flow Statement (Annual)Cash Flow From Oper 32,697
Depr & Amor 13,063Deffered Taxes 559Other Income 19,075
Capital Spending 19,612Free Cash Flows 7,411
Profitability Ratios (as of 12/31/2010)Return on Equity (ROE) 19.3Return on Assets (ROA) 11.0Return on Invested Capital 17.3Pre-Tax Profit Margin (%) 13.9Post-Tax Profit Margin (%) 10.0Net Profit Margin (%) 10.0
Dividends (as of 12/31/2010)Current Div/Share 3.24Dividend Yield % 3.515 Year Growth % 8.98Payout Ratio % 30Split Ratio 2.00Last Split 09/13/2004
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $13.50 $3.08Dividend Yield % 3.51 2.13Net Profit Margin $10.03 $8.43Market Cap (Mil) $183,794 $21,08552 Week High $110.01 $45.8452 Week Low $80.41 $30.94P/E Current 6.84 -Price/Book 1.53 1.68Price/Sales 0.97 0.98Price/Cash Flow 4.63 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
1.91 2 3 4 5
Current Mean 1.9High 4Low 1Number of Analysts 24
Company OverviewSector EnergyIndustry Oil, Gas & Consumable FuelsAddress 6001 Bollinger Canyon Road, San
Ramon, CA 94583-2324Investor Relations +1 925 842-1000Chevron Corporation (Chevron) manages itsinvestments in subsidiaries and affiliates andprovides administrative, financial, managementand technology support to the United Statesand international subsidiaries that engage inpetroleum operations, chemicals operations,mining operations, power generation andenergy services. Upstream operations consistof exploring for, developing and producingcrude oil and natural gas; transporting crudeoil by international oil export pipelines;transporting, storage and marketing of naturalgas, and a gas-to-liquids project. Downstreamoperations consist of refining of crude oil intopetroleum products marketing of crude oiland refined products. In September 2010, theCompany completed acquisition of operatinginterests in three deepwater exploration blocksin the South China Sea's Pearl River MouthBasin. In February 2011, Chevron completedthe acquisition of Atlas Energy, Inc.
Liquidity Ratios (as of 12/31/2010)Current Ratio 1.68Quick Ratio 1.30Debt/Equity 0.11Leverage Ratio 1.07Initial Coverage from Cont.Operations 83.50
Davis New York Venture Fund ANYVTX Profile ReportCategory: Large BlendAsset Class: Large Cap Blend Data as of 10/31/2011Composition (as of 7/31/2011)
Equity 99.2
Fixed Income 0.1
Cash 0.7
Other 0.0
% Of Portfolio
OperationsFund Family Davis FundsCUSIP 239080104Fund Inception Date 2/17/1969Net Asset Value (NAV) $32.70Net Assets (11/30/2011) $14,630.90 MilTurnover (7/31/2011) 8.00%Last Income Dividend (12/1/2010) $0.3750Last Capital Gain (11/30/2000) $2.6400Dividend Yield (12 months) 1.09%Dividend Yield (30 days) 1.09%
Fees & ExpensesTotal Expense Ratio (Gross) 0.89%12b-1 Fee 0.24%Max Front End Sales Charge 4.75%Max Redemption Fee 0.00%Max Deferred Sales Charge 0.50%
North America 84.4
Latin America 1.5
Europe 10.5
Emerging Markets Europe 0.0
Asia-Pacific 1.9
Emerging Markets Asia 0.9
Middle East/North Africa 0.0
Africa 0.0
Other 0.0
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. American Express Co ORD 4.92. Bank of New York Mellon 4.63. Costco Wholesale Corp O 4.44. Wells Fargo & Co ORD 4.35. CVS Caremark Corp ORD 4.0
6. Occidental Petroleum Co 3.77. Eog Resources Inc ORD 3.68. Devon Energy Corp ORD 3.49. Loews Corp ORD 3.210. Canadian Natural Resour 3.1
All holdings related data as of 7/31/2011
Fund DescriptionThe Fund seeks long term growth of capital.The Advisors of the fund uses the Davisinvestment Discipline to invest the majority ofassets of the fund in equity securities issued bylarge companies with market capitalizations ofat least 10 billion. The Fund has the flexibilityto invest a limited portion of its assets incompanies of any size to invest in companieswhose shares may be subject to controversy, toinvest in foreign securities including depositaryreceipts and to invest in non equity securities.
Year-To-Date -4.78 -1 Month 11.07 -3 Month -5.41 -1 Year 2.59 -9.703 Year 8.77 -3.005 Year -1.54 -3.9110 Year Average 4.41 2.9015 Year Average 6.64 5.8420 Year Average 9.41 8.73Since Inception 11.59 11.22† Load Adjusted Return data as of 9/30/2011
Hartford Capital Apprec AITHAX Profile ReportCategory: Large BlendAsset Class: Large Cap Blend Data as of 10/31/2011Composition (as of 10/31/2011)
Equity 97.5
Fixed Income 0.3
Cash 2.0
Other 0.1
% Of Portfolio
OperationsFund Family Hartford Mutual FundsCUSIP 416645406Fund Inception Date 7/22/1996Net Asset Value (NAV) $30.55Net Assets (11/30/2011) $5,424.70 MilTurnover (10/31/2010) 70.00%Last Income Dividend (12/22/2008) $0.3135Last Capital Gain (11/14/2007) $3.7277Dividend Yield (12 months) 0.00%Dividend Yield (30 days) 0.00%
Fees & ExpensesTotal Expense Ratio (Gross) 1.15%12b-1 Fee 0.25%Max Front End Sales Charge 5.50%Max Redemption Fee 0.00%Max Deferred Sales Charge 1.00%
North America 67.8
Latin America 2.2
Europe 11.3
Emerging Markets Europe 0.0
Asia-Pacific 8.6
Emerging Markets Asia 2.1
Middle East/North Africa 3.4
Africa 1.1
Other 1.3
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. Ford Motor Co ORD 5.32. JPMorgan Chase & Co ORD 5.13. Teva Pharmaceutical Ind 3.44. Dow Chemical Co ORD 3.15. Google Inc ORD 3.0
6. Itochu Corp ORD 2.77. Chesapeake Energy Corp 2.78. Mitsubishi UFJ Financia 2.59. General Electric Compan 2.410. Oracle Corp ORD 2.4
All holdings related data as of 10/31/2011
Fund DescriptionThe Fund seeks growth of capital. The Fundseeks its goal by investing primarily in stocksselected on the basis of potential for capitalappreciation. The Fund may normally invest atleast 65 percent of its total assets in commonstocks of small, medium and large companies.The Fund may invest up to 35 percent of itstotal assets in securities of foreign issuersand non dollar securities, including emergingmarket securities. The sub adviser of the Fundidentifies companies that have substantial nearterm capital appreciation potential regardless ofcompany size or industry.
Year-To-Date -11.78 -1 Month 12.61 -3 Month -8.09 -1 Year -5.71 -17.033 Year 9.81 -4.095 Year -1.50 -4.0910 Year Average 5.32 3.7815 Year Average 10.64 9.5920 Year Average - -Since Inception 11.97 10.77† Load Adjusted Return data as of 9/30/2011
Hartford MidCap AHFMCX Profile ReportCategory: Mid-Cap GrowthAsset Class: Mid Cap Growth Data as of 10/31/2011Composition (as of 10/31/2011)
Equity 99.9
Fixed Income 0.0
Cash 0.1
Other 0.0
% Of Portfolio
OperationsFund Family Hartford Mutual FundsCUSIP 416645711Fund Inception Date 12/30/1997Net Asset Value (NAV) $20.67Net Assets (11/30/2011) $1,672.40 MilTurnover (10/31/2010) 56.00%Last Income Dividend (12/20/2007) $0.1109Last Capital Gain (11/14/2007) $3.9620Dividend Yield (12 months) 0.00%Dividend Yield (30 days) 0.00%
Fees & ExpensesTotal Expense Ratio (Gross) 1.25%12b-1 Fee 0.25%Max Front End Sales Charge 5.50%Max Redemption Fee 0.00%Max Deferred Sales Charge 1.00%
North America 97.6
Latin America 0.6
Europe 1.8
Emerging Markets Europe 0.0
Asia-Pacific 0.0
Emerging Markets Asia 0.0
Middle East/North Africa 0.0
Africa 0.0
Other 0.0
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. Verisign Inc ORD 2.22. Genpact Ltd ORD 2.13. PACCAR Inc ORD 1.94. M&T Bank Corp ORD 1.85. Watson Pharmaceuticals 1.8
6. Ensco PLC DR 1.77. Pioneer Natural Resourc 1.78. Harley-Davidson Inc ORD 1.69. Manpower Inc ORD 1.610. Mylan Inc ORD 1.6
All holdings related data as of 10/31/2011
Fund DescriptionThe Fund seeks long term growth of capital.The Fund seeks its goal by investing primarilyin stocks selected on the basis of potential forcapital appreciation. The Fund invests at least80 percent of its assets in common stocks ofmid capitalization companies. The Fund definesmid capitalization companies as companieswith market capitalizations within the collectiverange of the Russell Mid cap and S and P Midcap 400 Indices. The Fund may invest up to20 percent of its assets in securities of foreignissuers and non dollar securities.
Year-To-Date -6.09 -1 Month 14.33 -3 Month -6.85 -1 Year 2.53 -12.433 Year 12.42 -1.815 Year 2.89 -0.3210 Year Average 7.94 6.5715 Year Average - -20 Year Average - -Since Inception 10.92 9.47† Load Adjusted Return data as of 9/30/2011
Cash Flow Statement (Annual)Cash Flow From Oper 5,374
Depr & Amor 1,718Deffered Taxes 104Other Income 3,552
Capital Spending 1,096Free Cash Flows 2,709
Profitability Ratios (as of 01/30/2011)Return on Equity (ROE) 17.4Return on Assets (ROA) 9.1Return on Invested Capital 12.8Pre-Tax Profit Margin (%) 7.8Post-Tax Profit Margin (%) 4.9Net Profit Margin (%) 4.9
Dividends (as of 01/30/2011)Current Div/Share 1.16Dividend Yield % 3.185 Year Growth % 9.03Payout Ratio % 47Split Ratio 1.50Last Split 12/31/1999
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $2.33 $3.08Dividend Yield % 3.18 2.13Net Profit Margin $4.91 $8.43Market Cap (Mil) $57,050 $21,08552 Week High $39.79 $45.8452 Week Low $28.13 $30.94P/E Current 15.65 -Price/Book 2.84 1.68Price/Sales 0.85 0.98Price/Cash Flow 10.05 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
12.22 3 4 5
Current Mean 2.2High 4Low 1Number of Analysts 28
Company OverviewSector Consumer DiscretionaryIndustry Specialty RetailAddress 2455 Paces Ferry Road North
West, Atlanta, GA 30339Investor Relations +1 770 433-8211The Home Depot, Inc. (The Home Depot) is ahome improvement retailer. The Home Depotstores sells an assortment of building materials,home improvement and lawn and gardenproducts and provide a number of services.The Home Depot stores average approximately105,000 square feet of enclosed space, withapproximately 24,000 additional square feetof outside garden area. As of January 30,2010, the Company had 2,248 The HomeDepot stores located throughout the UnitedStates, including the Commonwealth of PuertoRico and the territories of the United StatesVirgin Islands and Guam, Canada, China andMexico. The Home Depot stores serve threeprimary customer groups: -It-Yourself (D-I-Y)Customers, Do-It-For-Me (D-I-F-M) customersand Professional Customers. During the fiscalyear ended January 30, 2010, the Companylaunched products, such as EcoSmart LEDlight bulbs, Commercial Electric electrical tools,Husky tool bags, Platinum Plus carpet.
Liquidity Ratios (as of 01/30/2011)Current Ratio 1.33Quick Ratio 0.16Debt/Equity 0.52Leverage Ratio 4.61Initial Coverage from Cont.Operations 10.89
KEELEY Small Cap Value AKSCVX Profile ReportCategory: Small BlendAsset Class: Small Cap Blend Data as of 10/31/2011Composition (as of 9/30/2011)
Equity 98.5
Fixed Income 0.0
Cash 1.5
Other 0.0
% Of Portfolio
OperationsFund Family Keeley FundsCUSIP 487300501Fund Inception Date 10/1/1993Net Asset Value (NAV) $23.47Net Assets (11/30/2011) $2,261.80 MilTurnover (9/30/2010) 9.00%Last Income Dividend (12/29/2009) $0.0370Last Capital Gain (12/27/2007) $0.6753Dividend Yield (12 months) 0.00%Dividend Yield (30 days) 0.00%
Fees & ExpensesTotal Expense Ratio (Gross) 1.36%12b-1 Fee 0.25%Max Front End Sales Charge 4.50%Max Redemption Fee 0.00%Max Deferred Sales Charge 0.00%
North America 97.1
Latin America 0.0
Europe 1.4
Emerging Markets Europe 0.0
Asia-Pacific 0.0
Emerging Markets Asia 0.0
Middle East/North Africa 0.0
Africa 0.0
Other 0.0
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. Treehouse Foods Inc ORD 1.32. Range Resources Corp OR 1.23. Fidelity Instl Governme 1.24. Westinghouse Air Brake 1.15. Colfax Corp ORD 1.1
6. ITC Holdings Corp ORD 1.17. Contango Oil & Gas Co O 1.18. Perrigo Co ORD 1.09. Genesee & Wyoming Inc O 1.010. Walter Investment Manag 1.0
All holdings related data as of 9/30/2011
Fund DescriptionThe Fund seeks capital appreciation. TheFund intends to pursue its investment objectiveby investing in companies with small marketcapitalization, which currently defined as$2.5 billion. The Fund may invest at least 80percent of its net assets plus the amount of anyborrowings for investment purposes in commonstocks and other equity type securities includingpreferred stock convertible debt securitiesand warrants of companies with small marketcapitalization.
Year-To-Date -6.01 -1 Month 15.67 -3 Month -9.59 -1 Year 7.17 -8.473 Year 9.13 -6.985 Year -0.73 -3.1110 Year Average 9.04 7.1715 Year Average 10.57 9.0620 Year Average - -Since Inception 11.07 9.76† Load Adjusted Return data as of 9/30/2011
Cash Flow Statement (Annual)Cash Flow From Oper 3,779
Depr & Amor 1,684Deffered Taxes -133Other Income 2,228
Capital Spending 1,329Free Cash Flows 1,879
Profitability Ratios (as of 01/28/2011)Return on Equity (ROE) 10.7Return on Assets (ROA) 6.6Return on Invested Capital 9.1Pre-Tax Profit Margin (%) 6.6Post-Tax Profit Margin (%) 4.1Net Profit Margin (%) 4.1
Dividends (as of 01/28/2011)Current Div/Share 0.42Dividend Yield % 1.855 Year Growth % 30.73Payout Ratio % 29Split Ratio 2.00Last Split 07/03/2006
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $1.38 $3.08Dividend Yield % 1.85 2.13Net Profit Margin $4.08 $8.43Market Cap (Mil) $28,577 $21,08552 Week High $27.45 $45.8452 Week Low $19.35 $30.94P/E Current 16.43 -Price/Book 1.61 1.68Price/Sales 0.72 0.98Price/Cash Flow 7.86 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
12.32 3 4 5
Current Mean 2.3High 5Low 1Number of Analysts 26
Company OverviewSector Consumer DiscretionaryIndustry Specialty RetailAddress 1000 Lowe's Blvd, Mooresville,
NC 28117Investor Relations +1 704 758-1000Lowe's Companies, Inc. (Lowe's) is a homeimprovement retailer. As of January 28, 2011,the Company operated 1,749 stores, consistedof 1,723 stores across 50 United States statesand 24 stores in Canada and two in Mexico.Its 1,749 stores represent approximately 197million square feet of retail selling space. TheCompany serves homeowners, renters andcommercial business customers. Individualhomeowners and renters complete variousprojects differently and vary along the spectrumof do-it-yourself (DIY) and do-it-for-me (DIFM).During the fiscal year ended January 28,2011 (fiscal 2010), it opened 42 new stores,including eight Canadian stores and two storesin Mexico. Its store openings included threeprimary prototypes: 117,000-square-foot (117K)and 103,000-square-foot (103K) stores forlarge markets and a 94,000-square-foot (94K)store to serve smaller markets. On October 16,2011, the Company closed 10 underperformingstores.
Liquidity Ratios (as of 01/28/2011)Current Ratio 1.40Quick Ratio 0.16Debt/Equity 0.36Leverage Ratio 3.61Initial Coverage from Cont.Operations 10.16
Cash Flow Statement (Annual)Cash Flow From Oper 29,997
Depr & Amor 2,537Deffered Taxes 2Other Income 27,458
Capital Spending 2,355Free Cash Flows 22,462
Profitability Ratios (as of 06/30/2011)Return on Equity (ROE) 44.8Return on Assets (ROA) 24.0Return on Invested Capital 38.5Pre-Tax Profit Margin (%) 40.1Post-Tax Profit Margin (%) 33.1Net Profit Margin (%) 33.1
Dividends (as of 06/30/2011)Current Div/Share 0.58Dividend Yield % 2.395 Year Growth % 7.18Payout Ratio % 22Split Ratio 2.00Last Split 02/18/2003
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $2.75 $3.08Dividend Yield % 2.39 2.13Net Profit Margin $33.10 $8.43Market Cap (Mil) $204,416 $21,08552 Week High $29.46 $45.8452 Week Low $23.65 $30.94P/E Current 8.84 -Price/Book 3.36 1.68Price/Sales 4.02 0.98Price/Cash Flow 7.08 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
12.12 3 4 5
Current Mean 2.1High 5Low 1Number of Analysts 36
Company OverviewSector Information TechnologyIndustry SoftwareAddress One Microsoft Way, Redmond,
WA 98052-6399Investor Relations +1 425 882-8080Microsoft Corporation is engaged in developing,licensing and supporting a range of softwareproducts and services. It also designs and sellshardware, and delivers online advertising tothe customers. It has five segments: Windows& Windows Live Division (Windows Division),Server and Tools, Online Services Division(OSD), Microsoft Business Division (MBD), andEntertainment and Devices Division (EDD). Itsproducts include operating systems for personalcomputers (PCs), servers, phones, andother intelligent devices; server applicationsfor distributed computing environments;productivity applications; business solutionapplications; desktop and server managementtools; software development tools; videogames, and online advertising. Its cloud-basedcomputing services include Bing and WindowsLive Essentials suite. In October 2011, itacquired Skype Global S.a r.l. In November2011, the Company acquired VideoSurf Inc.
Liquidity Ratios (as of 06/30/2011)Current Ratio 2.60Quick Ratio 2.36Debt/Equity 0.21Leverage Ratio 2.09Initial Coverage from Cont.Operations 96.16
Cash Flow Statement (Annual)Cash Flow From Oper 377
Depr & Amor 208Deffered Taxes 16Other Income 153
Capital Spending 169Free Cash Flows 180
Profitability Ratios (as of 12/25/2010)Return on Equity (ROE) -0.3Return on Assets (ROA) 1.5Return on Invested Capital 3.9Pre-Tax Profit Margin (%) -0.8Post-Tax Profit Margin (%) 0.3Net Profit Margin (%) 0.3
Dividends (as of 12/25/2010)Current Div/Share 0.00Dividend Yield % 0.005 Year Growth % 0.00Payout Ratio % 0Split Ratio 1.50Last Split 04/05/1999
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $-0.04 $3.08Dividend Yield % 0.00 2.13Net Profit Margin $0.30 $8.43Market Cap (Mil) $550 $21,08552 Week High $6.25 $45.8452 Week Low $1.75 $30.94P/E Current -49.00 -Price/Book 0.67 1.68Price/Sales 0.13 0.98Price/Cash Flow 1.45 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
12.92 3 4 5
Current Mean 2.9High 5Low 1Number of Analysts 18
Company OverviewSector Consumer DiscretionaryIndustry Specialty RetailAddress 6600 North Military Trail, Boca
Raton, FL 33496Investor Relations +1 561 438-4800Office Depot, Inc. (Office Depot) is a globalsupplier of office products and services. TheCompany operates in three business segments:North American Retail Division, North AmericanBusiness Solutions Division and InternationalDivision. The North American Retail Divisionincludes its retail office supply stores in theUnited States and Canada, which offers officesupplies and services, computers and businessmachines and related supplies, and officefurniture. The stores also offer a copy and printcenter offering printing, reproduction, mailingand shipping. The North American BusinessSolutions Division sells office supply productsand services in the United States and Canadadirectly to businesses through catalogs, InternetWebsites and a dedicated sales force. ItsInternational Division sells office products andservices through catalogs, Internet Websites, adedicated sales force and retail stores.
Liquidity Ratios (as of 12/25/2010)Current Ratio 1.32Quick Ratio 0.71Debt/Equity 0.96Leverage Ratio 8.62Initial Coverage from Cont.Operations -0.25
Templeton Foreign ATEMFX Profile ReportCategory: Foreign Large ValueAsset Class: International Equity Data as of 10/31/2011Composition (as of 9/30/2011)
Equity 97.7
Fixed Income 0.0
Cash 1.7
Other 0.6
% Of Portfolio
OperationsFund Family Franklin Templeton InvestmCUSIP 880196209Fund Inception Date 10/5/1982Net Asset Value (NAV) $6.59Net Assets (10/31/2011) $3,774.10 MilTurnover (8/31/2011) 35.00%Last Income Dividend (12/17/2010) $0.1243Last Capital Gain (12/19/2008) $1.9998Dividend Yield (12 months) 1.78%Dividend Yield (30 days) 1.78%
Fees & ExpensesTotal Expense Ratio (Gross) 1.19%12b-1 Fee 0.25%Max Front End Sales Charge 5.75%Max Redemption Fee 0.00%Max Deferred Sales Charge 1.00%
North America 3.7
Latin America 0.9
Europe 66.6
Emerging Markets Europe 1.2
Asia-Pacific 13.1
Emerging Markets Asia 12.2
Middle East/North Africa 0.0
Africa 0.0
Other 0.0
EQ Geographic Breakdown (% of Total)
Top Holdings % of Holdings % of Holdings
1. ROCHE HOLDING G PAR 3.12. ING Groep NV ORD 2.83. Sanofi SA ORD 2.74. Credit Suisse Group AG 2.55. GlaxoSmithKline PLC ORD 2.4
6. Samsung Electronics Co 2.47. Statoil ASA ORD 2.38. Tesco PLC ORD 2.39. Vodafone Group PLC ORD 2.110. Cisco Systems Inc ORD 2.0
All holdings related data as of 9/30/2011
Fund DescriptionThe Fund seeks long-term capital growth. TheFund invests primarily in the equity securities ofcompanies located outside the U.S., includingemerging markets. The Fund will invest at least80 percent of its net assets in foreign securitieswhich may include emerging markets. TheFund also invests in American, European andGlobal Depositary Receipts. When choosingequity investments for the Fund, the managerapplies a bottom-up, value-oriented, long-term approach, focusing on the market priceof company securities relative to the managerevaluation of the long-term earnings, assetvalue and cash flow potential of the company.
Year-To-Date -5.59 -1 Month 11.70 -3 Month -10.34 -1 Year -3.18 -14.063 Year 15.21 -0.665 Year 0.59 -2.1610 Year Average 6.87 5.4715 Year Average 6.04 4.9320 Year Average 7.45 6.52Since Inception 11.11 10.50† Load Adjusted Return data as of 9/30/2011
Cash Flow Statement (Annual)Cash Flow From Oper 24,324
Depr & Amor 1,500Deffered Taxes -2Other Income 0
Capital Spending 0Free Cash Flows 22,542
Profitability Ratios (as of 12/31/2010)Return on Equity (ROE) 10.5Return on Assets (ROA) 1.3Return on Invested Capital 4.5Pre-Tax Profit Margin (%) 20.2Post-Tax Profit Margin (%) 13.1Net Profit Margin (%) 13.1
Dividends (as of 12/31/2010)Current Div/Share 0.48Dividend Yield % 2.045 Year Growth % -17.61Payout Ratio % 9Split Ratio 2.00Last Split 08/14/2006
Fundamentals (as of 11/30/2011)Co. *S&P 500
Month End EPS $2.70 $3.08Dividend Yield % 2.04 2.13Net Profit Margin $13.12 $8.43Market Cap (Mil) $123,981 $21,08552 Week High $34.25 $45.8452 Week Low $23.02 $30.94P/E Current 8.71 -Price/Book 0.97 1.68Price/Sales 1.73 0.98Price/Cash Flow 4.80 6.63
First Call ConsensusBUY BUY/HOLD HOLD HOLD/SELL SELL
122 3 4 5
Current Mean 2High 5Low 1Number of Analysts 33
Company OverviewSector FinancialsIndustry Commercial BanksAddress 420 Montgomery Street, San
Francisco, CA 94163Investor Relations +1 866 249-3302Wells Fargo & Company (Wells Fargo) isa diversified financial services company.The Company provides banking, insurance,investments, mortgage banking, investmentbanking, retail banking, brokerage, andconsumer finance through banking stores,the Internet and other distribution channelsto consumers, businesses and institutionsin 50 states, the District of Columbia, andin other countries. The Company operatesin three segments: Community Banking,Wholesale Banking, and Wealth, Brokerageand Retirement. The Company provides otherfinancial services through subsidiaries engagedin various businesses, principally: wholesalebanking, mortgage banking, consumer finance,equipment leasing, agricultural finance,commercial finance, securities brokerageand investment banking, insurance agencyand brokerage services, computer and dataprocessing services, trust services andinvestment advisory services. In September2011, the Company acquir.
Liquidity Ratios (as of 12/31/2010)Current Ratio 0.00Quick Ratio 0.00Debt/Equity 1.80Leverage Ratio 10.26Initial Coverage from Cont.Operations 3.87
