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					Our Goal   Protecting Investments Delivering Success




 Services Available for                     A retirement
                                            plan that
     Retirement Plans                       provides
                                            active
                                            investment
                                            management
                                            with a view
                                            toward value-
                                            added risk
                                            reduction.
Flexible Plan Investments, Ltd.

Firm Highlights
     Founded February 1, 1981
     65+ employees
     12 regional wholesalers                             Client Communications
     400+ B/D or RIA contracts                            including:
     Over 20,000 participants in                           – Quarterly Client
      Over 1,000 retirement                                   Newsletter
      plans                                                 – Weekly Hotline
                                                            – Daily web access




For Financial Professional or Plan Sponsor Use Only.
                                                                  www.flexibleplan.com
Who We Are
     Research-driven
       – CFA-led Research Department with over 90 years
         combined experience in market analysis
     Compliance-focused
       – Over 100 years combined legal experience with
         three attorneys on staff
       – Separate Compliance Officer
     Service-oriented
       –    12 regional external representatives
       –    11 person internal support team
       –    Client services call center
       –    Interactive website
For Financial Professional or Plan Sponsor Use Only.
                         ―More Firms Turn to Money
                         Managers As Do-It-Yourself
                            Retirement Falters‖
                     “Corporations are increasingly bringing in
                     professional money managers to run their
                         employees’ retirement accounts.”
                                                 (WSJ, April 30, 2002)
          “…self-management of 401(k) assets… [is] a do-it-
                    yourself appendectomy kit.”
                                                 (WSJ, April 30, 2002)
For Financial Professional or Plan Sponsor Use Only.
Managed Account Service
    Co-Fiduciary for Participants Electing
     Management
       – Assign appropriate investment profile to
         participants electing investment management
       – Actively manage 12 dynamic asset allocation
         profiles for participants
       – Present managed account program at
         enrollment meetings
       – Provide quarterly Individual Investment Policy
         Statements, quarterly newsletters, & two
         weekly market updates

For Financial Professional or Plan Sponsor Use Only.
Why?

    The Investment Company Institute
     found that 60% of all current 401(k)
     participants have never changed
     their original asset allocation from
     the day they first enrolled.




                                               Source: IOMA 2002 Report on Managing 401(k) Plans.
For Financial Professional or Plan Sponsor Use Only.
Bear Markets Hurt — The Facts

 Bear Market defined: > 20% decline
 Average frequency since 1929: A new
  bear market begins every 5.29 years
 Average duration of a bear market: 18.1
  months
 Average bear market decline: 38.2%
 Average time lost making up a bear
  market loss: 3.5 years

 SOURCE: FPI 2004.

For Financial Professional or Plan Sponsor Use Only.
Passive Asset Allocation

    Pros
       – Diversification = Risk Management
    Cons
       – Mediocre by definition
       – Lack of responsiveness
       – Contrary to human nature



For Financial Professional or Plan Sponsor Use Only.
Dynamic Asset Allocation

       – Introduced in 1995 As “Evolution”
       – An Alternative to “Passive Asset
         Allocation”
               • Weekly Vs. Quarterly Portfolio Review
               • Responsive to Market Changes
               • Able to Go 100% to Cash
       – Over 95% of FPI Clients Use a Variation
         of This Process

For Financial Professional or Plan Sponsor Use Only.
Picking Winners in the Race




For Financial Professional or Plan Sponsor Use Only.
Evolution Technology
      All-inclusive investment universe
         – Every Morningstar style box
         – International Investments
         – Bond and Cash Investments
  Weekly performance ranking
  Two quantitative Buy Signals
         – Strongest Performers
         – Turnaround Picks
  Each Investment has a Minimum Holding Period
   and thereafter a Stop Loss
  The higher cash is ranked, the more you hold


For Financial Professional or Plan Sponsor Use Only.
Strategy Matrix
    Portfolio Weighting for participants choosing management
                                 (Equity Portfolio % / Bond Portfolio %)
                                                          RISK PROFILE
     TIME HORIZON
                                       CONSERVATIVE        MODERATE          AGGRESSIVE

                                          Income Only    Moderate Income      Aggressive
 Short Term
                                           (0% / 100%)     (40% / 60%)        (80% / 20%)
                                         Conservative
                                                            Moderate       Aggressive Equity
 Intermediate Term                          Income
                                                           (50% / 50%)       (90% / 10%)
                                          (10% / 90%)
                                         Conservative    Moderate Equity   Aggressive Growth
 Long Term
                                          (20% / 80%)     (60% / 40%)          (95% / 5%)
                                         Conservative
                                                         Moderate Growth      Equity Only
 Extended                                    Equity
                                                           (70% / 30%)        (100% / 0%)
                                          (30% / 70%)
For Financial Professional or Plan Sponsor Use Only.
    Asset
    Allocation as
    of 02/27/2003
    Sample Client
      Moderate
       Growth
     70% Equity
     30% Bond




For Financial Professional or Plan Sponsor Use Only.
    Asset
    Allocation as
    of 03/13/2003
    Sample Client
      Moderate
       Growth
     70% Equity
     30% Bond




For Financial Professional or Plan Sponsor Use Only.
    Asset
    Allocation as
    of 04/03/2003
    Sample Client
      Moderate
       Growth
     70% Equity
     30% Bond




For Financial Professional or Plan Sponsor Use Only.
Mutual Fund Redemption Fees
    2003 – Mutual Fund Trading Scandal
       – NY Attorney General Eliot Spitzer Investigation
         of after hours and preferred trading
       – Result - many fund companies impose
         minimum holding periods (typically 30, 60, or
         90 days) and redemption fees
       – Managers investment options are reduced
               • Primarily specialty products including Rydex,
                 Profunds, or Direxion
               • Select traditional funds


For Financial Professional or Plan Sponsor Use Only.
The Evolution Mutual Funds

    Funds are not “Fund of Funds”
    Invest instead in:
       – Stock Baskets
       – Closed End Funds
       – ETFs
    These differ from trading Mutual Funds:
       – No trading restrictions
       – Trading does not affect existing or remaining
         shareholders


For Financial Professional or Plan Sponsor Use Only.
Managed Equity & Bond Funds

What’s an ETF?
    An Exchange Traded Fund
       –    No trading restrictions
       –    Registered 1940 Act Investment Company
       –    Trades on stock exchange throughout the day
       –    Buy and sell like funds but pay a commission
       –    Most track an index, sector or country
       –    Low management fees
       –    Very tax efficient portfolio
       –    Trading does not affect existing or remaining
            shareholders

For Financial Professional or Plan Sponsor Use Only.
Managed Equity Fund – ETFs

Why do we care about equity ETFs?
    International Exposure for Managed
     Equity Fund
       – Over 50 single country, regional and foreign index
         ETFs available
       – Currently we utilize 5 regional ETFs:
               • EPP – MSCI Pacific
               • IEV – S&P Europe 350
               • EFA – MSCI EAFE
               • EEM – MSCI Emerging Mkts
               • ILF – S&P Latin America 40
For Financial Professional or Plan Sponsor Use Only.
Managed Equity Fund – Stock Baskets

What’s a Stock Basket?
    15 to 30 individual stocks
    Bought in equal dollar amounts
    Based on a single stock selection
     screening process
    Each represents a separate portfolio
    Each represents a mutual fund clone
    No trading restrictions
    No shareholder cost impact from trading

For Financial Professional or Plan Sponsor Use Only.
Managed Equity Fund

    Is FPI trying to pick stocks?
       – No – established quantitative stock
         selection screens are used
               • Examples:
                       – Lowest P/E, Highest Dividend Yield, Peter Lynch,
                         Warren Buffet
       – Sources: books, interviews, articles,
         academic publications


For Financial Professional or Plan Sponsor Use Only.
Managed Equity Fund
“Market Mavens” portfolio baskets
   AllSeason - inspired by - Martin Zweig, chairman of the Zweig Funds
   CANSLIM - inspired by - William O’Neil, publisher of Investors Business Daily
   Capture - inspired by - James O’Shaughnessy’s best selling “What Works on Wall Street”
   Champion - inspired by - T. Rowe Price’s Growth Investment Strategy
   Contrarian - inspired by - David Dreman’s "New Contrarian Investment Strategy”
   Element - inspired by - John Neff, former portfolio manager of the Vanguard Windsor Fund
   Endeavor - inspired by - David and Tom Gardner, founders of the Motley Fool website
   Excel - inspired by - Richard Driehaus’, founder of Driehaus Capital Management
   GARP - inspired by - Philip Fisher’s “Common Stocks and Uncommon Profits"
   Harbor - inspired by - Josef Lakonishok’s book "Investment Titans
   Harvest - inspired by - James O’Shaughnessy’s “What Works on Wall Street”
   Omaha - inspired by - Warren Buffett's approach as described in the book “Buffettology”
   Peerless - inspired by - Peter Lynch’s book, "One Up on Wall Street"
   Progress - inspired by - The editor of the California Technology Stock Letter, Michael Murphy
   Prudent - inspired by - Benjamin Graham’s book “Intelligent Investor”
   Victors - inspired by - William O'Neil study "Greatest Stock Market Winners
   Vision - inspired by - John Templeton, founder of Templeton Mutual Funds
For Financial Professional or Plan Sponsor Use Only.
Managed Equity Fund

       Stock Selection Screens (1995-2004)
       – In research, simply applying the 30
         screens:
               • Outperformed, on a return basis, the S&P 500
                 by an average of 4.5% per year
               • Reduced Maximum Loss from 45.8% for the
                 S&P 500 to 23.8%

                                                   Past performance does not guarantee future performance.
                                              Fund profile Disclosures delivered with this presentation are an
                                                                             integral part of this presentation.


For Financial Professional or Plan Sponsor Use Only.
Evolution Managed Equity Fund

 Research Report Results - 1995-2004: Hypothetical
                                                                              Evolution
                   S&P 500                                    “Passive”*     Mgd. Equity
    Return          12.00%                                     16.50%          17.50%
    Risk            17. 1%                                     15.50%          12.60%
    Risk-Adj. Ret.     0.48                                       0.82             1.1
    Beta              1.0                                         0.78            0.48
    Alpha             0.0                                       6.30%           9.80%
    Max. Loss      -45.80%                                    -23.80%         -18.60%
             *Passive is composed of only those baskets meeting screening criteria for each year.
      Passive and S&P are shown for informational purposes only. All charts and graphs cover the
   time period from 1995 - 2004. Hypothetical Research Reports and Glossary are integral parts of
                      this presentation. See ADV and Prospectus for additional risk considerations.
For Financial Professional or Plan Sponsor Use Only.   Do Not Redistribute
Managed Bond Fund

 Need Exposure To:
 – Government bonds
 – Corporate bonds
 – Long and intermediate term bonds
 – Various quality ratings: high quality and junk
   bonds
 – Foreign Debt
 – Ability to go short in rising interest rate
   environment (limited to 25%)

For Financial Professional or Plan Sponsor Use Only.
Evolution Managed Bond Fund

    Research Report Results - 1995-2004: Hypothetical
                                         DJ                                  Ev Bond Fund
                                     Corp Bond            Passive*             After Fees
              Return                        3.5%             5.2%               5.6%
               Risk                         4.4%             4.9%               4.5%
        Risk-Adj. Ret.                      -0.07             0.29               0.41
                Beta                        1.00              0.54               0.23
               Alpha                        0.0%             1.6%               1.9%
           Max. Loss                       -13.0%            -7.5%              -6.1%
            *Passive is composed of only those baskets meeting screening criteria for each year.
    Passive and DJ Corp. Bond are shown for informational purposes only. All charts and graphs
cover the time period from 1995 - 2004. Hypothetical Research Reports and Glossary are integral
             parts of this presentation. See ADV and Prospectus for additional risk considerations.

For Financial Professional or Plan Sponsor Use Only.   Do Not Redistribute
Evolution Funds Disclosure
The Research Report results are HYPOTHETICAL. See Glossary for explanation of testing methodologies.
The performance results depicted have been produced by application of selected mathematical
calculation criteria to historical price data. Unless otherwise noted, results DO NOT represent actual
trading or the experience of any client during the periods shown, nor do they reflect the impact on
decision making of economic or market factors experienced during actual management of funds.
Occasionally, cloned or surrogate data or indices have been used to create these hypothetical results.
Advisory fees vary between 1% to 2.6%, less minimum credit of .3%, yearly dependent on assets under
management. The maximum effective percentage, 2.3%, is prorated and deducted quarterly.
Expenses of the funds are included to the extent they are reflected in the NAV. Other fees may apply.
Distributions have been invested. As individual tax rates vary, taxes have not been considered.
No index is directly tradable. Actual investment performance of any trading strategy may frequently be
materially different than the results shown. Some securities used in the model may not be available for
future use. As supplemental information, a listing of all assumed trades and other data used to
generate the referenced results is available upon request.
                              PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
Performance results for the period, generally encompassing 1999 and the first quarter of 2000, shown in
the hypothetical testing, was driven by substantial price appreciation in a relatively small number of
equity issues, notably in various technology sectors, traded primarily on the Nasdaq. Such performance
is historical information and should not be relied upon as necessarily representative of investment
performance of any strategy to the current date nor be extrapolated into expectations for the future.
Inquiry for more current results is advised, particularly in light of the adverse market performance of
many indices for the period commencing in 2000. Inherent in any investment is the potential for loss as
well as the potential for gain. A list of all recommendations made within the immediately preceding
year is available upon written request.
For Financial Professional or Plan Sponsor Use Only.
Managed Account Performance
          Performance of suitability-based accounts for one-year period ending 3/31/06




For Financial Professional or Plan Sponsor Use Only.   PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.
                                    Fund Performance Disclosure
      Index Fund returns are after dividends. Since index dividends are posted after the end of each month, they are retroactively
        prorated on a daily basis (which tends to understate returns if the end date range is inclusive of the current partial month).
 The investment program for the accounts included in the Fund includes trading and investment in securities in addition to those that
   may be included in the S&P 1500. Generally, such index may not be comparable to the Fund due to the differences between the
  index and the Fund’s objectives, diversification, represented industries, number and type of component investments, their volatility
and the weight ascribed to them. The index should not be considered a benchmark, and is not comparable to the Fund’s returns for
 the reasons set forth above. Rather, it is simply indicative of the market environment in which the returns were achieved. No index is
                                                              a directly tradable investment.
   The Vanguard Total Bond Market Index Fund returns may not include all of the types of bonds included in the Evolution Managed
Bond Fund, many of which have varying volatility, different returns and greater and lesser risk. The Vanguard Total Bond Market Index
Fund seeks to match the performance of the Lehman Brothers Aggregate Bond index as closely as possible before the deduction of
fund expenses. Generally, such index may not be comparable to the Fund due to the differences between the index and the Fund’s
      objectives, diversification, represented industries, number and type of component investments, their volatility and the weight
     ascribed to them. The Fund and underlying index should not be considered a benchmark, and is not comparable to the Fund’s
  returns for the reasons set forth above. Rather, it is simply indicative of the market environment in which the returns were achieved.
                                                        No index is a directly tradable investment.
     For actively managed participant plan accounts, the maximum current management fee in effect is 1.5%. Use of the Evolution
     Funds, as illustrated will generate an annual credit of 1%, reduced by platform charges, if any. As a result, actual fees may vary
  between 0.5% and approximately 1.05% annually. For these illustration purposes, the latter fee has been deducted from the annual
  returns, although fees are actually prorated and deducted quarterly. All mutual fund fees and expenses are included to the extent
   they are reflected in net asset value and not offset against management fees; other fees may apply. As individual tax rates vary,
                                                             taxes have not been considered.
Rafferty Asset Management, LLC serves as the Fund's Investment Adviser and Flexible Plan Investments, Ltd. serves as the Fund's sub-
       adviser. Read the Potomac Prospectus and Flexible Plan Investments' Brochure Form ADV Part II Carefully Before Investing.
 In deciding whether to invest in the Funds described, you should carefully consider the investment objectives, risks, and the charges
    and expenses of the investment company before investing. Read the Prospectus carefully before investing. The Prospectus and
     Funds’ SAI contain information regarding the above considerations and more. You may obtain a Prospectus and SAI by calling
    Potomac Funds at (800) 851-0511 or writing Evolution Managed Funds, P.O. Box 1993, Milwaukee, WI 53201-1993 or download the
                                        PDF from http://www.potomacfunds.com/download_materials.jsp.
This is provided for information purposes only and should not be used or construed as an indicator of future performance, an offer to
    sell, a solicitation of an offer to buy, or a recommendation for any security. Flexible Plan Investments, Ltd. cannot guarantee the
                                               suitability or potential value of any particular investment.
   The performance data quoted above represents past performance and does not guarantee future results. The investment return
      and principal value of an investment will fluctuate; an investors shares, when redeemed, may be worth more or less than their
   original cost; and are subject to a number of risks that could affect the value of shares. Investments in mutual funds are subject to
  market risk, including the potential loss of principal invested. Investing in the Potomac Funds may be more volatile than investing in
broadly diversified funds. Specific risk factors are detailed in the fund prospectus. It is important that investors review and understand
       these risks before making an investment. All results include any dividends paid and are assumed to be reinvested. Current
       performance may be lower or higher than the performance quoted. Please call 800-851-0511 to obtain current month-end
                                                                performance information.
              For Financial Professional or Plan Sponsor Use Only. Markets, LLC. Date of First Use: October 10, 2005.
                                 Distributed by Rafferty Capital
Equity Fund Holdings




Fund Holdings As Of 05/09/2005
     Daily Transparency
   available on our Website
For Financial Professional or Plan Sponsor Use Only.   NOT FOR PUBLIC DISTRIBUTION
Fund Holdings Disclosure

Holdings are subject to change without notice. There is no assurance that
the bonds listed under “Bond Positions” or the stocks listed under “Equity
Positions” are held beyond the “as of” date.
This is not an offer to buy or sell securities. In deciding whether to
participate in the management services that may use these funds, you
should carefully consider the investment objectives, risks, and the charges
and expenses. READ THE POTOMAC PROSPECTUS AND FLEXIBLE PLAN
INVESTMENTS' BROCHURE FORM ADV PART II CAREFULLY BEFORE INVESTING.
The Prospectus and Funds' SAI contain information regarding the above
considerations and more. You may obtain a Prospectus and SAI by
clicking (Prospectus) link on previous page, calling Potomac Funds at
(800) 851-0511, writing Evolution Managed Funds, P.O. Box 1993,
Milwaukee, WI 53201-1993, or downloading the PDF from
http://www.potomacfunds.com/download_materials.jsp.

For Financial Professional or Plan Sponsor Use Only.
Fund Internal Fees

    Annual Operating Expenses: 1.75% Cap*
       – Management Fees - 1.00%
               • 0.40% - Rafferty
               • 0.60% - Flexible Plan
       – Other Expenses - 0.75%
               • Fixed Fund Admin Costs (Registration fees, printing, etc.)
                 0.35% - will fall as assets grow
               • Sub TA Fees - 0.15% - available to pay platform fees
               • 12(b)(1) Fees - 0.25% - available to pay platform fees


            *New Prospectus will include requirement of Rafferty payment of any fees over 1.75%

For Financial Professional or Plan Sponsor Use Only.
Pricing


    Evolution Managed Mutual Funds Are
     Designed to Be Used with FPI
     Management.

    SEC rules require FPI to credit any
     management fees that it receives from
     the funds dollar-for-dollar against its
     advisory fees.


For Financial Professional or Plan Sponsor Use Only.
Why Offer Managed Accounts?
    No Charge to the Plan Sponsor
    Reduced Fiduciary Liability
    Employee Time Saved
    Help Employees Have the Means to Retire
    Satisfied Employees




For Financial Professional or Plan Sponsor Use Only.
Why Offer Managed Accounts?

      Best Answer:
      Because Participants Want Them!
      “This is in its infancy right now, but we see
      tremendous demand coming”?
      Neil Wolfson, national partner, KPMG LLP, WSJ,
      April 30, 2002

For Financial Professional or Plan Sponsor Use Only.
Summary of Advantages

 Eliminate Fund Relations/Trading Restriction
  Issues
 Reduce Administrative Costs
       – It’s a Buy and Hold Position
       – The Trading Occurs Within the Mutual Funds
    We Take the Fund Management Fees and
     Credit Them to the Participants Resulting in
     Very Competitive Fees


For Financial Professional or Plan Sponsor Use Only.
Reducing Fiduciary Liability

There are two methods provided by
  ERISA:
       • 404(c) – Participant Directed Accounts
       • 405(d) – Use a Registered Investment
         Manager to make the Trading
         Decisions




For Financial Professional or Plan Sponsor Use Only.
How Does 405(d) Also Provide Protection?

    Under Title I of the Employee Retirement Income
     Security Act of 1974 (ERISA), named fiduciaries of
     plans may appoint investment managers to
     manage plan assets. If the investment manager
     is a registered investment adviser, bank or
     insurance company, and meets the other
     requirements for being an “investment manager”
     as defined in section 3(38) of ERISA, the plan
     trustees are relieved from certain obligations
     relating to the assets for which the investment
     manager is responsible.
                                                       Source: ERISA section 405(d)
For Financial Professional or Plan Sponsor Use Only.
Reducing Fiduciary Liability

Which to rely on for most plan assets?

                        404(c)                            405(d)
               Requirements:                           Requirements:
               20 Steps to 404(c)                      Hire a Registered
               Compliance                              Investment
                                                       Advisor


For Financial Professional or Plan Sponsor Use Only.
Further Benefits to the Plan

    Default Management Option Further
     Reduces Plan Sponsor Liability
       – ERISA Provides That Employers Utilizing
         an RIA Are Not Liable for Decisions
         Made by the RIA
               • The Default Option Provides the Opportunity
                 for More Employees to Be Managed
                 Resulting in Less Exposure to Liability for the
                 Employer


For Financial Professional or Plan Sponsor Use Only.
How Does Default Work?

    Participants Have Two Choices and a
     Default Result for Those Who Fail to
     Choose
       – They May Elect to Self-Direct Their Own
         Account
       – They May Choose to Have Flexible Plan
         Manage Their Account Based on the Results of
         a Suitability Questionnaire
       – Those Who Fail to Elect Will Be Managed in
         One of 4 Age-Related, Moderate Portfolios
       – Costs Are the Same As Managed Accounts
         and Borne by the Default Participant Accounts
For Financial Professional or Plan Sponsor Use Only.
Bottom Line

 Plan sponsors are seeking “unbiased”
  investment advice and a co-fiduciary
  partner
 The co-fiduciary role is still unique, but we
  expect most sponsors will eventually
  engage a co-fiduciary partner to help
  them select and monitor plan investments




For Financial Professional or Plan Sponsor Use Only.
Market values are normally updated by 6:00 PM EST. In order to allow transactions to settle, the latest available ending data for return computations may lag the present data by
up to one week. Only settled trades are included in the calculation. In addition, since daily information is appended onto past data files, corrections are not retroactively posted to
past data but are, instead, reflected in daily postings as they occur. Furthermore, reinvested dividend shares will not be included in participant accounts until after the payable
date. As a result, returns may be inaccurate if the period measured does not encompass the date of any trade and the settlement, correction or dividend payable date.
Account transaction information is obtained from third party service providers, which merely upload, without verification, the information provided to them. These factors may tend
to overstate or understate returns within an allowable test range. Mutual fund pricing is obtained from Track Data Corporation and is believed to be reliable, however, Flexible
Plan Investments, Ltd. makes no guarantee as to its accuracy.
                                                                        FLEXIBLE PLAN INVESTMENTS, LTD
                                                                  PARTICIPANT MODEL ACCOUNT DISCLOSURE
For the identified investment management profiles shown, results are equally weighted geometrically linked returns and include all actual fee paying portfolios managed by
advisor at the product reported on, or for the subset noted, that have returns reviewed for the full period shown. Participant account returns are added to the calculation after
each account is accepted for management and funded. In order to allow returns to be reported for any period requested by the user, the returns shown are a simple daily
average of returns of the participantaccount(s) less an annual fee of 1.5% prorated and withdrawn quarterly.
While our original methodologies continue to be used, enhancements have been made on several occasions. It is believed these have had a positive impact on returns, the
extent of which is not precisely quantifiable, but as these are actual returns, to the extent described, the effects of these enhancements are reflected. Efforts to develop new
methodologies are ongoing and may resultin further changes.
These are model account returns, not actual retirement plan fund performance returns of the participant account. The results for the identified investment management
profile shown represent the actual account transactions. However, since daily pricing and account balances were unavailable for each plan prior to November 13, 2003, and as
plan pricing varies, we used corresponding, publicly available mutual fund prices to compute the daily percent change value and account valuations used in the rate of return
calculation until that date. Actual account fees, which are reflected in each fund's net asset value, will be higher than the internal fees of the corresponding mutual funds, resulting
in the model account returns being overstated during the period by the amount of the fees actually imposed. Effective November 14, 2003 daily prices and account balances for
each plan and the return numbers thereafter reflect that additional information. Except as noted, all mutual fund fees and expenses are included to the extent they are reflected in
the funds' net asset values; in addition, other retirement plan costs and fees that are charged irrespective of the mode of investment may also apply. Dividends are reinvested.
However,as individual tax rates vary, and these are qualified plan investments where taxes are deferred,taxes have not been considered.
Specific mutual funds or indices may outperform or under perform these results. In the future, various mutual funds in a given plan's fund universe may no longer be available
due to the result of advisor's, sponsor's or fund advisor's periodic review, fund consolidations and/or exchange conditions imposed by the funds. Mutual fund results will vary
based upon their volatility as they relate to the indices shown. Performance between selected dates may be misleading as indicative of overall performance of a profile since the
dates chosen by the operator of the program may have been selected to present optimum performance and may not be representative of investment performance of any profile
during a differentperiod. Inquiry for current results is always advised.
Index returns are after dividends. Since Index dividends are posted after the end of each month, they are retroactively prorated on a daily basis (which tends to understate
returns if the end date range is inclusive of the current partial month).The Dow Jones Corporate Bond Index includes fixed rate debt issues rated investment grade or higher by
national rating services. Investments by bond funds utilized in generating the above returns may not be similarly rated. The investment program for the accounts included in the
profiles includes trading and investment in securities in addition to those that may be included in the S&P 500. Generally, such indexes may not be comparable to the identified
profiles due to the differences between the indexes' and the profiles' objectives, diversification, represented industries, number and type of component investments, their volatility
and the weight ascribed to them. Neither of these indexes should be considered a benchmark, and they are not comparable to the profile returns for the reasons set forth above.
Rather, they are simply indicative of the market environmentin which the returns were achieved. No index is a directly tradable investment.
                                                        PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS
There can be no assurance that the investment objectives of an account will be achieved or that the historical investment performance reflected in the profile is indicative of the
investment performance that will be achieved in the future. Inherent in any investment is the potential for loss as well as the potential for gain. A list of all recommendations made
within the immediately preceding year is available upon written request.                                                                                                     FPI 5035
             For Financial Professional or Plan Sponsor Use Only.                                                                                                          #495-1105
Our Goal   Protecting Investments Delivering Success




                                            A retirement
                                            plan that
 Services Available for                     provides
                                            active
                                            investment
     Retirement Plans                       management
                                            with a view
                                            toward value-
                                            added risk
                                            reduction.