Board of Directors Meeting
Ideas Changing the World Recommendations for Investments in the NCPA’s 403(b) and Rabbi Trust Plans
403(b) Recommendations: 1. Recommendations for disposition with regard to investments that in the estimate of our vendor, VLP Corporate Services, have failed to meet acceptable performance criteria: • • • •
Vanguard Total International Stock Index Fund – Recommendation: Keep PIMCO Total Return Fund - Recommendation: Keep BlackRock Inflation Protected Bond Fund - Recommendation: Keep American Funds Capital World Bond Fund – Recommendation: Place on watch list.
2. Recommend we close old Vanguard funds effective October 15, 2010. Letters will be sent to all participants, including former employees, informing them of the deadline for transferring investments to the current fund line-up. The letter will also inform all participants that if they do not elect to transfer the funds themselves, the transfer will be completed October 15, 2010. The mapping to be used is provided under Tab VI, page 118. Recommendations for Rabbi Trust: 3. Recommend we allow VLP Corporate Services to manage the Rabbi Trust assets using investment options beyond mutual funds offered in the existing plan.
Chairman’s Council Policy Forum Tab6:1
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World
Plan Summary High Level Summary of Plan Activity
$1,311,801.41
Beginning Balance as of January 1, 2010 Employee Contributions
98,044.11
Employer Contributions
0.00
Transfers and Rollovers
2,498.03 (66,661.32)
Withdrawals
(5,056.60)
Forfeitures
9,209.59
Earnings
(23,462.13)
Unrealized Gain / Loss
0.00
Loan Activity
(3,239.52)
Expenses Ending Balance as of August 31, 2010
$1,323,133.57
Vested Balance as of August 31, 2010
$1,285,573.01
Average Participant Balance as of August 31, 2010
$30,770.55
At the beginning of the period there were 49 participants with account balances. During the period 28 made contributions,1 entered the plan and 7 left the plan, resulting in 43 participants with account balances at the end of the period.
Chairman’s Council Policy Forum Tab6:2
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World
Account Totals Market Value of Accounts as of August 31, 2010 $1,323,133.57
Employee Deferrals 70.1% Employer Match 26.9% Loans 2.9% Rollovers 0.2% Total: 100.0%
Account Type
Amount
Percent
927,315.38
70.1 %
$355,736.90
26.9 %
2,305.58
0.2 %
Loans
37,775.71
2.9 %
Total:
$1,323,133.57
100.0 %
Employee Deferrals Employer Match Rollovers
This chart represents the dollar value of participant accounts held in each account type as a percentage of the total of all participant accounts as of August 31, 2010.
Chairman’s Council Policy Forum Tab6:3
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World
Participant Overview Market Value of Accounts as of August 31, 2010 $1,323,133.57 Participant Count
Average Balance
Total Balance
Active
Active
23
$40,648.29
934,910.62
9
35,957.95
323,621.53
11
5,872.86
64,601.42
43
$30,770.55
$1,323,133.57
Inactive - Employment status
Inactive - Employment status Ineligible - Service requirement
Ineligible - Service requirement Grand totals for all participants with account balances:
Chairman’s Council Policy Forum Tab6:4
Tuesday, September 21, 2010
SPONSOR: NATIONAL CENTER FOR POLICY ANALYSIS PLAN: NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN
FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Chairman’s Council Policy Forum Tab6:5
DAVID PARK SJP FINANCIAL SERVICES, LLC 300 CRESCENT COURT, SUITE 270 DALLAS, TEXAS 75201 214-624-1007
[email protected]
TO DISCUSS ANY OF THIS REPORT PLEASE CONTACT YOUR REPRESENTATIVE
RICHARD WALKER COO NATIONAL CENTER FOR POLICY ANALYSIS 12770 COIT ROAD SUITE 800 DALLAS, TEXAS 75251 (972) 308-6483
PLAN CONTACT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
HOW TO USE THIS REPORT: MONITORING REPORT SAMPLE
This Investment Report is intended to assist you in meeting your monitoring obligation. The report includes a Monitoring Report and a Performance Report. The Monitoring Report displays all of the plan’s investments alphabetically by asset class. Each investment displays the standards and criteria specified in the IPS and how the investment has performed with respect to those criteria over the current and seven previous periods.
Your plan’s Investment Policy Statement (IPS) requires monitoring of the plan’s investments to ensure that the investments are appropriate for the plan and its participants. In your Investment Policy Statement, standards and criteria have been established for purposes of monitoring plan investments.
INTRODUCTION
1
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:6
Tuesday, September 21, 2010
Description Fail Pass
Score 0 to 74 75 or greater
Chairman’s Council Policy Forum Tab6:7 The Performance Report provides additional detail concerning your plan’s investments. It includes indepth performance information for each investment and its benchmark, as well as risk/expense and other data.
3. Investment Note — The Monitor Report includes notes from previous investment reviews you have conducted and recorded. An investment may or may not have a note attached, based on your own prior decisions. The notes enable you to call attention to considerations about an investment that may be independent of the standards and criteria specified in the IPS.
Based on the calculated investment score, each investment will be classified using the following table
For some standards/periods, data may not be available. This report is configured to not include these items in the calculation of the score.
2. Monitor Score — The score is a percentage of the standards that meet the specified criteria for all reporting periods shown.
This approach is implemented for all time periods and standards. Investments that warrant attention are readily identifiable.
1. Period Highlight — Where an investment underperforms a standard/criteria in a particular time period, that period is highlighted in blue. For example, if your IPS specifies that an investment have a Morningstar rank of 4 stars and the investment has a 3 star rank for the most recent period, that period is highlighted in blue.
The Monitoring Report identifies investments that may merit your attention in three ways:
2
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
Top 50%
Return 3 Yr Rank Standard Dev 3 Yr Rank
Criteria
Standards
YOUR PLAN'S STANDARDS AND CRITERIA
3
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:8
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:9
against any particular firm/fund or investment fund manager.
The following evaluation was prepared by SJP Financial Services, LLC using information provided by the investment managers and other sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation by us for the purchase or sale of any securities. This report is not intended to and should not be construed to constitute a recommendation for or
4
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
73 - Fail 75 - Pass 76 - Pass 77 - Pass 80 - Pass 81 - Pass
BlackRock Infla. Protected Bond Fund (Svc) Goldman Sachs Short Duration Govt. Fund (A) American Funds Growth Fund of America (R4) Columbia International Value Fund (A) Principal High Yield Fund (A) Northern Small Cap Value Fund 87 - Pass 88 - Pass 90 - Pass 90 - Pass 90 - Pass 95 - Pass 95 - Pass 97 - Pass 98 - Pass 100 - Pass 100 - Pass 100 - Pass
Columbia Acorn Fund (Z) First Eagle Overseas Fund (A) Baron Growth Fund Oppenheimer Developing Markets Fund (Y) PIMCO Total Return Fund (Adm) Columbia Acorn International Fund (Z) Dreyfus Smallcap Stock Index Fund Sound Shore Fund Vanguard GNMA Fund (Inv) Am. Funds Cap. World Gro. & Inc. Fund (R4) Oakmark Equity & Income Fund (I) Perkins Mid Cap Value Fund (T)
100 - Pass
72 - Fail
PIMCO Total Return Fund (A)
66 - Fail
Vanguard Total International Stock Index Fund
100 - Pass
62 - Fail
American Funds Capital World Bond Fund (R4)
Sequoia Fund
60 - Fail
Schwab Investor Money Fund
Royce Premier Fund (Inv)
Score
Investment
YOUR PLAN'S SCORECARD
5
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:10
Tuesday, September 21, 2010
Notes:
Fund Category: Large Blend
Sequoia Fund
Notes:
Fund Category: Large Value
Sound Shore Fund
100
97
$1,834KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
12.1 years $3,002KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank
Chairman’s Council Policy Forum Tab6:11 Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
40%
32%
4%
2%
9%
10%
3%
Criteria
JUL 2010
27%
23%
Monitor History:
Ticker: SEQUX
25.3 years
Lowest 50%
45%
Gross Expense Ratio Rank
31%
44%
Top 50%
Top 50%
Alpha 3 Yr Rank
41%
40%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: SSHFX
$3,038KK
12 years
40%
33%
2%
2%
4%
11%
2%
Q2 2010
$1,706KK
25.2 years
27%
22%
40%
30%
42%
39%
36%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$2,946KK
11.8 years
38%
33%
7%
4%
15%
16%
8%
Q1 2010
$2,215KK
24.9 years
28%
23%
28%
25%
31%
35%
27%
Q1 2010
$2,071KK
24.4 years
28%
24%
21%
36%
27%
41%
23%
$2,841KK
11.5 years
39%
34%
21%
4%
29%
18%
15%
Q4 2009
$2,826KK
11.3 years
38%
35%
17%
6%
24%
20%
11%
Q3 2009
Monitor History
$2,117KK
24.7 years
27%
23%
33%
25%
35%
39%
28%
Q3 2009
Monitor History Q4 2009
$2,486KK
11 years
39%
36%
10%
7%
18%
20%
8%
Q2 2009
$1,778KK
24.2 years
27%
23%
11%
39%
14%
46%
16%
Q2 2009
$2,486KK
10.8 years
38%
34%
6%
4%
13%
11%
5%
Q1 2009
$1,400KK
23.9 years
26%
22%
12%
43%
12%
50%
22%
Q1 2009
6
$3,113KK
10.6 years
38%
35%
14%
3%
27%
9%
9%
Q4 2008
$1,623KK
23.7 years
26%
22%
32%
70%
29%
74%
47%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Mid-Cap Value
Perkins Mid Cap Value Fund (T)
Notes:
Fund Category: Large Growth
American Funds Growth Fund of America (R4)
100
76
$140,518KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
12 years $11,769KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank
Chairman’s Council Policy Forum Tab6:12 Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
33%
25%
15%
6%
23%
6%
8%
Criteria
JUL 2010
8%
7%
Monitor History:
Ticker: JMCVX
24.8 years
Lowest 50%
68%
Gross Expense Ratio Rank
33%
69%
Top 50%
Top 50%
Alpha 3 Yr Rank
23%
61%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: RGAEX
$12,180KK
11.9 years
34%
25%
11%
7%
18%
7%
5%
Q2 2010
$148,197KK
24.7 years
8%
7%
67%
33%
67%
23%
58%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$11,729KK
11.6 years
33%
24%
11%
7%
15%
7%
8%
Q1 2010
$153,349KK
24.4 years
8%
6%
60%
35%
61%
25%
56%
Q1 2010
$143,348KK
23.9 years
6%
5%
53%
40%
52%
27%
45%
$10,764KK
11.4 years
31%
22%
7%
7%
11%
5%
6%
Q4 2009
$9,750KK
11.1 years
30%
22%
7%
3%
13%
3%
4%
Q3 2009
Monitor History
$152,609KK
24.2 years
8%
6%
58%
33%
59%
26%
54%
Q3 2009
Monitor History Q4 2009
$6,519KK
10.9 years
33%
23%
5%
4%
6%
3%
4%
Q2 2009
$131,401KK
23.7 years
7%
6%
55%
36%
52%
26%
45%
Q2 2009
$4,927KK
10.6 years
31%
23%
4%
4%
6%
3%
4%
Q1 2009
$103,637KK
23.4 years
6%
6%
58%
26%
50%
19%
36%
Q1 2009
7
$4,980KK
10.4 years
15%
11%
5%
6%
6%
4%
4%
Q4 2008
$11,481KK
23.2 years
6%
6%
49%
29%
44%
24%
34%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Royce Premier Fund (Inv)
Notes:
Fund Category: Mid-Cap Growth
Columbia Acorn Fund (Z)
Notes:
Fund Category: Mid-Cap Blend
87
100
$5,392KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:13 15.3 years $14,813KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
7%
5%
32%
Gross Expense Ratio Rank
68%
31%
Top 50%
Top 50%
Alpha 3 Yr Rank
48%
33%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
39%
32%
7%
36%
7%
39%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: ACRNX
18.6 years
Top 50%
Return 3 Yr Rank
7%
Criteria
JUL 2010
Monitor History:
Ticker: RYPRX
$13,908KK
15.2 years
7%
5%
45%
70%
42%
50%
44%
Q2 2010
$5,190KK
18.5 years
38%
31%
3%
41%
7%
38%
5%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$15,627KK
14.9 years
6%
5%
50%
66%
49%
46%
50%
Q1 2010
$5,789KK
18.3 years
37%
30%
7%
41%
6%
42%
7%
Q1 2010 5%
4%
$4,858KK
17.8 years
38%
32%
4%
40%
5%
39%
$14,751KK
14.7 years
6%
5%
50%
66%
46%
44%
48%
Q4 2009
$14,072KK
30.8 years
6%
5%
43%
69%
39%
46%
43%
Q3 2009
Monitor History
$5,185KK
18 years
37%
31%
4%
39%
5%
42%
Q3 2009
Monitor History Q4 2009
$11,718KK
30.5 years
6%
5%
54%
62%
48%
40%
47%
Q2 2009
$3,911KK
17.5 years
38%
33%
5%
35%
7%
42%
9%
Q2 2009
$9,658KK
13.9 years
5%
4%
70%
45%
55%
25%
50%
Q1 2009
$2,880KK
17.3 years
36%
30%
12%
25%
13%
29%
15%
Q1 2009
8
$7,457KK
13.7 years
5%
4%
42%
31%
35%
19%
30%
Q4 2008
$2,636KK
17 years
37%
31%
6%
22%
5%
30%
8%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Small Blend
Dreyfus Smallcap Stock Index Fund
Notes:
Fund Category: Small Value
Northern Small Cap Value Fund
95
81
$1,423KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:14 10.3 years $970KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
6%
5%
38%
Gross Expense Ratio Rank
47%
41%
Top 50%
Top 50%
Alpha 3 Yr Rank
51%
42%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
14%
37%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: DISSX
9 years
Lowest 50%
44%
Gross Expense Ratio Rank
31%
52%
Top 50%
Top 50%
Alpha 3 Yr Rank
35%
39%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: NOSGX
$915KK
10.3 years
6%
5%
34%
51%
35%
52%
38%
Q2 2010
$1,324KK
8.9 years
14%
36%
55%
29%
59%
34%
41%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$956KK
10 years
6%
5%
40%
49%
43%
49%
40%
Q1 2010
$1,463KK
8.7 years
15%
35%
56%
29%
59%
32%
48%
Q1 2010
$1,318KK
8.2 years
14%
36%
66%
29%
67%
35%
55%
$881KK
9.8 years
6%
5%
43%
46%
44%
48%
41%
Q4 2009
$852KK
9.5 years
6%
5%
43%
43%
41%
47%
41%
Q3 2009
Monitor History
$1,363KK
8.4 years
14%
36%
62%
30%
65%
32%
53%
Q3 2009
Monitor History Q4 2009
$675KK
9.3 years
6%
5%
43%
48%
42%
45%
41%
Q2 2009
$1,093KK
7.9 years
13%
31%
62%
27%
61%
34%
44%
Q2 2009
$510KK
9 years
6%
5%
49%
34%
44%
36%
37%
Q1 2009
$906KK
7.7 years
14%
30%
33%
30%
38%
43%
31%
Q1 2009
$699KK
9
8.8 years
6%
5%
31%
26%
31%
24%
26%
Q4 2008
$1,106KK
7.4 years
14%
31%
17%
17%
17%
23%
18%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Baron Growth Fund
Notes:
Fund Category: Foreign Large Value
Columbia International Value Fund (A)
Notes:
Fund Category: Small Growth
77
90
$5,248KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:15 14.6 years $1,600KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
59%
49%
54%
Gross Expense Ratio Rank
14%
57%
Top 50%
Top 50%
Alpha 3 Yr Rank
17%
37%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
40%
29%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: NIVLX
15.6 years
Lowest 50%
46%
Gross Expense Ratio Rank
13%
47%
Top 50%
Top 50%
Alpha 3 Yr Rank
7%
34%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: BGRFX
$1,478KK
14.5 years
59%
48%
51%
15%
53%
17%
29%
Q2 2010
$5,589KK
15.5 years
39%
29%
48%
11%
49%
7%
30%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$1,803KK
14.3 years
55%
45%
60%
16%
59%
19%
42%
Q1 2010
$5,506KK
15.3 years
39%
30%
59%
13%
62%
8%
51%
Q1 2010
$5,055KK
14.8 years
39%
29%
50%
25%
49%
11%
44%
$1,693KK
14 years
55%
45%
53%
17%
54%
22%
39%
Q4 2009
$1,694KK
13.8 years
55%
45%
39%
14%
38%
20%
31%
Q3 2009
Monitor History
$5,262KK
15 years
39%
29%
61%
16%
63%
8%
51%
Q3 2009
Monitor History Q4 2009
$1,371KK
13.5 years
56%
47%
28%
17%
31%
25%
19%
Q2 2009
$8,828KK
14.5 years
39%
30%
44%
31%
43%
25%
33%
Q2 2009
$1,198KK
13.3 years
52%
44%
26%
19%
34%
26%
20%
Q1 2009
$3,433KK
14.3 years
39%
29%
43%
21%
35%
11%
23%
Q1 2009
$354KK
10
13.1 years
53%
44%
16%
16%
17%
26%
15%
Q4 2008
$4,058KK
14.1 years
37%
29%
53%
16%
48%
10%
28%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Vanguard Total International Stock Index Fund
Notes:
Fund Category: Foreign Small/Mid Value
First Eagle Overseas Fund (A)
Notes:
Fund Category: Foreign Large Blend
88
66
$26,162KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:16 2.8 years $7,526KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
36%
29%
1%
Gross Expense Ratio Rank
5%
14%
Top 50%
Top 50%
Alpha 3 Yr Rank
7%
2%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: SGOVX
2 years
Lowest 50%
22%
Gross Expense Ratio Rank
83%
20%
Top 50%
Top 50%
Alpha 3 Yr Rank
82%
28%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VGTSX
$7,526KK
2.8 years
34%
29%
2%
2%
15%
4%
2%
Q2 2010
$23,838KK
1.9 years
3%
3%
22%
86%
21%
82%
29%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$7,823KK
2.5 years
35%
35%
4%
6%
26%
4%
2%
Q1 2010
$27,194KK
1.7 years
3%
3%
19%
88%
19%
81%
25%
Q1 2010
$24,647KK
1.2 years
3%
3%
18%
88%
15%
83%
20%
$7,266KK
2.3 years
35%
33%
--
4%
28%
4%
2%
Q4 2009
$7,122KK
2 years
33%
31%
4%
2%
25%
4%
2%
Q3 2009
Monitor History
$26,044KK
1.4 years
3%
3%
17%
88%
18%
83%
24%
Q3 2009
Monitor History Q4 2009
$6,157KK
1.8 years
28%
27%
4%
4%
27%
4%
2%
Q2 2009
$20,155KK
0.9 years
3%
3%
17%
85%
14%
84%
22%
Q2 2009
$5,354KK
2 years
28%
27%
4%
7%
9%
7%
4%
Q1 2009
$15,641KK
0.7 years
3%
3%
15%
83%
11%
82%
23%
Q1 2009
11
$3,493KK
1.8 years
29%
29%
2%
6%
2%
5%
2%
Q4 2008
$17,746KK
0.4 years
2%
2%
22%
71%
18%
71%
31%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: World Stock
Am. Funds Cap. World Gro. & Inc. Fund (R4)
Notes:
Fund Category: Foreign Small/Mid Growth
Columbia Acorn International Fund (Z)
100
95
$4,927KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
17.4 years $69,436KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank
Chairman’s Council Policy Forum Tab6:17 Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
7%
6%
33%
44%
34%
39%
29%
Criteria
JUL 2010
13%
10%
Monitor History:
Ticker: RWIEX
10.6 years
Lowest 50%
4%
Gross Expense Ratio Rank
55%
7%
Top 50%
Top 50%
Alpha 3 Yr Rank
5% 34%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: ACINX
$71,953KK
17.3 years
7%
6%
41%
41%
40%
35%
36%
Q2 2010
$4,476KK
10.5 years
13%
10%
11%
41%
8%
36%
7%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$77,336KK
17 years
9%
6%
31%
44%
30%
35%
29%
Q1 2010
$4,701KK
10.3 years
14%
11%
--
51%
8%
38%
5%
Q1 2010 6%
6%
$4,112KK
9.8 years
14%
9%
12%
39%
9%
41%
$81,061KK
16.8 years
7%
5%
22%
39%
20%
32%
24%
Q4 2009
$75,596KK
16.5 years
8%
6%
--
40%
17%
32%
19%
Q3 2009
Monitor History
$4,428KK
10 years
15%
11%
--
44%
12%
43%
Q3 2009
Monitor History Q4 2009
$68,170KK
16.3 years
8%
6%
17%
36%
15%
29%
20%
Q2 2009
$3,333KK
9.5 years
13%
8%
5%
61%
8%
43%
8%
Q2 2009
$54,329KK
16 years
7%
6%
13%
37%
11%
31%
16%
Q1 2009
$2,485KK
5.9 years
10%
7%
14%
42%
12%
37%
14%
Q1 2009
12
$1,158KK
15.8 years
8%
7%
13%
36%
11%
35%
16%
Q4 2008
$2,375KK
5.7 years
9%
8%
8%
48%
10%
41%
10%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Intermediate-Term Bond
PIMCO Total Return Fund (A)
Notes:
Fund Category: Diversified Emerging Mkts
Oppenheimer Developing Markets Fund (Y)
72
90
$13,992KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:18 3%
23.2 years $239,329KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
55%
55%
4%
Top 50%
40%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
3% 37%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
17%
15%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: PTTAX
3.3 years
Lowest 50%
2%
Gross Expense Ratio Rank
15%
6%
Top 50%
Top 50%
Alpha 3 Yr Rank
2% 17%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: ODVYX
$233,952KK
23.2 years
54%
55%
3%
40%
3%
36%
3%
Q2 2010
$12,242KK
3.2 years
17%
14%
2%
19%
9%
18%
1%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$219,691KK
22.9 years
54%
54%
3%
53%
2%
38%
3%
Q1 2010
$12,436KK
2.9 years
17%
14%
1%
18%
6%
18%
1%
Q1 2010 2%
2%
$9,323KK
2.4 years
15%
11%
2%
20%
8%
18%
$201,742KK
22.7 years
56%
55%
3%
59%
2%
39%
3%
Q4 2009
$185,693KK
22.4 years
53%
54%
3%
63%
2%
40%
2%
Q3 2009
Monitor History
$11,200KK
2.7 years
18%
13%
2%
19%
7%
18%
Q3 2009
Monitor History Q4 2009
$159,072KK
22.2 years
53%
45%
4%
64%
2%
42%
2%
Q2 2009
$6,898KK
2.2 years
15%
11%
2%
20%
5%
22%
1%
Q2 2009
$138,352KK
21.9 years
53%
44%
8%
69%
6%
50%
4%
Q1 2009
$3,945KK
1.9 years
13%
11%
19%
15%
47%
19%
17%
Q1 2009
13
$31,103KK
21.7 years
51%
43%
9%
71%
8%
52%
7%
Q4 2008
$923KK
1.7 years
12%
11%
42%
13%
56%
15%
20%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Intermediate Government
Vanguard GNMA Fund (Inv)
Notes:
Fund Category: Intermediate-Term Bond
PIMCO Total Return Fund (Adm)
98
90
2%
$239,329KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:19 0.2 years $37,581KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
5%
4%
15%
Gross Expense Ratio Rank
39%
21%
Top 50%
Top 50%
Alpha 3 Yr Rank
32%
16%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
36%
43%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VFIIX
23.2 years
Lowest 50%
2%
Top 50%
40%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
2% 37%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: PTRAX
$37,031KK
15.5 years
5%
4%
15%
38%
21%
30%
18%
Q2 2010
$233,952KK
23.2 years
35%
42%
2%
39%
2%
36%
2%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$36,045KK
15.3 years
5%
4%
12%
37%
17%
30%
16%
Q1 2010
$219,691KK
22.9 years
35%
41%
2%
53%
1%
38%
2%
Q1 2010 2%
2%
$185,693KK
22.4 years
36%
41%
2%
64%
1%
40%
$36,381KK
15 years
5%
4%
14%
40%
20%
32%
17%
Q4 2009
$36,115KK
14.8 years
4%
4%
9%
42%
15%
30%
18%
Q3 2009
Monitor History
$201,742KK
22.7 years
37%
41%
2%
56%
1%
39%
Q3 2009
Monitor History Q4 2009
$33,970KK
14.5 years
4%
4%
6%
42%
9%
30%
13%
Q2 2009
$159,072KK
22.2 years
36%
29%
3%
64%
2%
42%
1%
Q2 2009
$32,612KK
14.3 years
3%
3%
12%
47%
15%
34%
19%
Q1 2009
$138,352KK
21.9 years
35%
29%
6%
69%
4%
50%
2%
Q1 2009
14
$14,725KK
14.1 years
3%
3%
20%
45%
20%
36%
23%
Q4 2008
$23,466KK
21.7 years
34%
29%
7%
72%
5%
52%
4%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: High Yield Bond
Principal High Yield Fund (A)
Notes:
Fund Category: Short Government
Goldman Sachs Short Duration Govt. Fund (A)
80
75
$3,816KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:20 1.2 years $3,141KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
34%
27%
18%
Top 50%
77%
48%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
26%
20%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
58%
50%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: CPHYX
14.6 years
Lowest 50%
13%
Top 50%
57%
7%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
47%
29%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: GSSDX
$3,002KK
1.2 years
35%
27%
14%
78%
46%
25%
19%
Q2 2010
$3,838KK
14.5 years
57%
49%
10%
53%
5%
43%
21%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$2,941KK
0.9 years
35%
27%
12%
78%
34%
26%
14%
Q1 2010
$3,768KK
14.3 years
61%
50%
8%
57%
5%
49%
13%
Q1 2010 6%
6%
$2,832KK
13.8 years
60%
48%
6%
54%
3%
46%
$2,877KK
0.7 years
35%
25%
9%
79%
30%
26%
14%
Q4 2009
$2,776KK
0.4 years
34%
25%
6%
84%
20%
29%
6%
Q3 2009
Monitor History
$3,570KK
14 years
61%
51%
6%
57%
3%
46%
Q3 2009
Monitor History Q4 2009
$2,387KK
0.2 years
33%
25%
2%
89%
13%
33%
2%
Q2 2009
$2,566KK
14.5 years
59%
50%
6%
54%
3%
44%
6%
Q2 2009
$1,710KK
11 years
34%
24%
7%
89%
10%
18%
6%
Q1 2009
$1,858KK
14.3 years
58%
48%
2%
58%
5%
50%
13%
Q1 2009
$811KK
15
10.8 years
27%
20%
1%
80%
3%
22%
3%
Q4 2008
$754KK
14 years
57%
47%
3%
55%
7%
54%
14%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
BlackRock Infla. Protected Bond Fund (Svc)
Notes:
Fund Category: World Bond
American Funds Capital World Bond Fund (R4)
Notes:
Fund Category: Inflation-Protected Bond
62
73
$3,297KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:21 23 years $10,995KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
38%
25%
70%
Gross Expense Ratio Rank
64%
72%
Top 50%
Top 50%
Alpha 3 Yr Rank
49%
65%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
53%
47%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: RCWEX
6.1 years
Lowest 50%
4%
Top 50%
41%
22%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
13%
14%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: BPRSX
$11,015KK
22.9 years
38%
26%
74%
64%
76%
50%
76%
Q2 2010
$3,227KK
6 years
52%
47%
3%
38%
20%
15%
10%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$11,211KK
22.7 years
39%
25%
62%
67%
70%
53%
59%
Q1 2010
$2,821KK
5.8 years
53%
49%
5%
58%
14%
17%
8%
Q1 2010 4%
3%
$1,705KK
5.3 years
53%
51%
4%
73%
12%
17%
$10,859KK
22.4 years
41%
24%
63%
59%
70%
54%
58%
Q4 2009
$9,385KK
22.2 years
40%
26%
48%
61%
64%
53%
52%
Q3 2009
Monitor History
$2,300KK
5.5 years
52%
55%
5%
51%
12%
16%
Q3 2009
Monitor History Q4 2009
$8,607KK
21.9 years
41%
24%
33%
59%
50%
51%
31%
Q2 2009
$1,249KK
5 years
52%
51%
7%
59%
11%
15%
6%
Q2 2009
$8,185KK
21.7 years
34%
24%
35%
65%
44%
51%
37%
Q1 2009
$649KK
4.8 years
53%
51%
3%
76%
7%
16%
3%
Q1 2009
$67KK
16
21.4 years
32%
22%
36%
66%
37%
47%
34%
Q4 2008
$8KK
4.6 years
51%
48%
3%
73%
7%
17%
3%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Oakmark Equity & Income Fund (I)
Notes:
Fund Category: Money Market Taxable
Schwab Investor Money Fund
Notes:
Fund Category: Moderate Allocation
60
100
$18,092KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:22 4.3 years $1,591KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
60%
50%
36%
Gross Expense Ratio Rank
--
--
Top 50%
Top 50%
Alpha 3 Yr Rank
85%
33%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
15%
13%
5%
5%
5%
7%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: SWRXX
14.8 years
Top 50%
Return 3 Yr Rank
4%
Criteria
JUL 2010
Monitor History:
Ticker: OAKBX
$1,606KK
4.2 years
60%
49%
38%
--
--
69%
34%
Q2 2010
$17,602KK
14.7 years
15%
12%
4%
5%
6%
8%
4%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$1,710KK
3.9 years
63%
54%
42%
--
--
77%
34%
Q1 2010
$18,688KK
14.4 years
16%
13%
2%
5%
2%
6%
2%
Q1 2010
$15,530KK
13.9 years
14%
12%
3%
5%
2%
7%
3%
$1,841KK
3.7 years
63%
54%
40%
--
--
68%
36%
Q4 2009
$1,968KK
3.4 years
60%
54%
38%
--
--
70%
34%
Q3 2009
Monitor History
$16,818KK
14.2 years
15%
12%
2%
5%
3%
6%
3%
Q3 2009
Monitor History Q4 2009
$2,174KK
3.2 years
61%
53%
33%
--
--
73%
31%
Q2 2009
$13,743KK
13.7 years
15%
12%
4%
5%
5%
5%
4%
Q2 2009
$2,402KK
2.9 years
59%
52%
33%
--
--
50%
31%
Q1 2009
$11,674KK
13.4 years
14%
12%
5%
2%
5%
4%
4%
Q1 2009
17
$2,357KK
2.7 years
58%
52%
40%
--
--
29%
36%
Q4 2008
$11,538KK
13.2 years
15%
13%
3%
3%
3%
2%
2%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:23
to the funds and the investment company. Please read it carefully before investing.
Note: For complete information about any fund contained herein please see the fund's prospectus and consider the investment objectives, risks, charges and expenses of the Investment Company carefully, before investing or sending money. The prospectus contains this and other important information related
In addition to the expense ratio of the fund there may be additional expenses for the plan including fees deducted from plan asset for recordkeeping services such as participant loan and distribution. The Plan pays 50bps (Basis Points) Investment Advisory Fees. Participants investing in the Model Portfolios are charged 100bps (Basis Points). For additional information on the Model Portfolios please refer the SJP Model Portfolio Disclosure Report.
As expense ratio is a fund's annual operating expenses expressed as a percentage of average net assets and includes management fees, administrative fees, and any marketing and distribution fees. Expense ratios directly reduce returns to investors. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does not reflect the fund's brokerage costs or any investor charges. For publicaly traded mutual funds, the net prospectus expense ratio is collected from the fund's most recent prospectus and provided by Morningstar. This is the percentage of fund assets paid for operating expenses and management fees. In contrast to the net expense ratio, the gross expense ratio does not reflect any fee waivers in effect during the time period. Morningstar pulls the prospectus gross expense ratio from the fund's most recent prospectus. Collective Trust Fund expense ratios and the Model Portfolio expense ratios are provided by the investment managers.
Investment options without a ticker symbol are Collective Trust Funds or Managed Portfolios, which are not publicly traded mutual funds and are not listed in public stock market listings such as the Wall Street Journal. Quarter-end returns are for the most recent quarter-end performance. (Quarter-end periods are 3/31, 6/30, 9/30, 12/31)
Investment returns and principal value of an investment will fluctuate so that when an investor's shares are redeemed, they may be worth more or less than the original cost. The returns represent past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, go to www.sjp401k.com. The 7-day yield more closely reflects the current earnings of the money market fund than the total return quotation.
18
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:24
Morningstar Mid Cap Growth Index -6.88%
-6.94%
-7.38%
-6.94%
-7.69%
-8.67%
-7.84%
-7.56%
-7.27%
-8.29%
-7.24%
-6.82%
-6.95%
-6.91%
-3.84%
-5.89%
-6.95%
-7.53%
3 Month Total
--
--
61%
--
--
75%
--
--
42%
--
--
36%
--
--
5%
--
--
57%
% Rank
4.07%
2.62%
3.69%
4.83%
3.39%
2.02%
4.87%
3.86%
0.51%
-4.74%
-2.02%
-2.29%
-1.43%
-0.76%
7.24%
0.53%
-0.26%
-2.32%
YTD
--
--
38%
--
--
73%
--
--
93%
--
--
55%
--
--
1%
--
--
88%
% Rank
22.26%
18.21%
20.62%
23.77%
19.45%
14.44%
24.93%
21.12%
12.95%
11.60%
11.88%
10.16%
11.52%
12.62%
12.67%
10.83%
12.92%
8.54%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
ACRNX
Category Average
Columbia Acorn Fund (Z)
MID-CAP GROWTH
Morningstar Mid Cap Index
Category Average
Royce Premier Fund (Inv) RYPRX
Morningstar Mid Cap Value Index
MID-CAP BLEND
Category Average
Perkins Mid Cap Value Fund (T) JMCVX
Morningstar Large Cap Growth Index
MID-CAP VALUE
Category Average
American Funds Growth Fund of America (R4) RGAEX
Morningstar Large Cap Index
LARGE GROWTH
Category Average
Sequoia Fund SEQUX
Morningstar Large Cap Value Index
LARGE BLEND
SSHFX
Ticker
Category Average
Sound Shore Fund
LARGE VALUE
Fund Name
Fund Performance and Benchmarks
--
--
29%
--
--
81%
--
--
97%
--
--
69%
--
--
47%
--
--
94%
% Rank
-5.58%
-5.24%
-3.44%
-4.98%
-5.32%
-0.40%
-5.07%
-5.52%
-1.18%
-5.53%
-5.57%
-6.16%
-6.92%
-6.96%
-2.00%
-11.08%
-8.20%
-7.61%
3 Year Annual
--
--
33%
--
--
7%
--
--
8%
--
--
61%
--
--
3%
--
--
40%
% Rank
2.12%
1.47%
2.71%
1.51%
0.81%
5.58%
0.62%
0.87%
3.87%
-0.83%
0.23%
1.06%
-0.20%
-0.22%
2.56%
-1.73%
-0.77%
-0.19%
5 Year Annual
--
--
38%
--
--
2%
--
--
8%
--
--
32%
--
--
8%
--
--
38%
% Rank
-1.45%
0.39%
8.43%
4.76%
4.26%
9.92%
8.53%
7.04%
10.09%
-8.57%
-2.52%
0.66%
-1.89%
0.09%
6.28%
2.36%
3.00%
4.45%
10 Year Annual
--
--
1%
--
--
3%
--
--
4%
--
--
12%
--
--
2%
--
--
25%
19
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Small Cap Index
Morningstar Small Cap Growth Index
Chairman’s Council Policy Forum Tab6:25
Morningstar Developed ex US Index -3.86%
-4.01%
-2.13%
-3.86%
-3.43%
-2.71%
-3.86%
-3.92%
-4.57%
-6.85%
-8.04%
-5.62%
-8.04%
-8.64%
-8.32%
-8.38%
-8.89%
-8.83%
3 Month Total
--
--
15%
--
--
32%
--
--
74%
--
--
15%
--
--
48%
--
--
50%
% Rank
-3.33%
1.72%
3.75%
-3.33%
-3.75%
-2.91%
-3.33%
-4.43%
-5.52%
4.83%
2.91%
4.82%
6.00%
4.18%
5.29%
7.20%
5.85%
5.04%
YTD
--
--
20%
--
--
35%
--
--
67%
--
--
27%
--
--
26%
--
--
62%
% Rank
7.50%
15.22%
12.94%
7.50%
7.28%
9.00%
7.50%
5.99%
1.84%
15.64%
16.97%
18.27%
23.16%
18.99%
18.89%
31.20%
21.30%
18.09%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Category Average
First Eagle Overseas Fund (A) SGOVX
Morningstar Developed ex US Index
FOREIGN SMALL/MID VALUE
Category Average
Vanguard Total International Stock Index Fund VGTSX
Morningstar Developed ex US Index
FOREIGN LARGE BLEND
Category Average
Columbia International Value Fund (A) NIVLX
Category Average
FOREIGN LARGE VALUE
BGRFX
Baron Growth Fund
SMALL GROWTH
Category Average
Dreyfus Smallcap Stock Index Fund DISSX
Morningstar Small Cap Value Index
SMALL BLEND
NOSGX
Ticker
Category Average
Northern Small Cap Value Fund
SMALL VALUE
Fund Name
Fund Performance and Benchmarks
--
--
67%
--
--
28%
--
--
92%
--
--
39%
--
--
40%
--
--
82%
% Rank
-9.56%
-9.82%
-0.31%
-9.56%
-9.92%
-8.19%
-9.56%
-10.34%
-9.36%
-4.34%
-5.74%
-4.17%
-2.70%
-5.07%
-4.12%
0.15%
-4.08%
-2.90%
3 Year Annual
--
--
2%
--
--
28%
--
--
37%
--
--
34%
--
--
42%
--
--
39%
% Rank
3.03%
3.15%
7.50%
3.03%
2.32%
4.05%
3.03%
1.82%
2.31%
0.75%
0.43%
0.80%
1.66%
0.48%
0.71%
2.21%
0.84%
0.81%
5 Year Annual
--
--
3%
--
--
22%
--
--
37%
--
--
46%
--
--
49%
--
--
52%
% Rank
2.61%
6.06%
12.56%
2.61%
1.14%
2.89%
2.61%
3.12%
4.33%
-1.91%
0.74%
6.30%
5.62%
5.95%
6.15%
10.91%
8.74%
7.19%
10 Year Annual
--
--
4%
--
--
23%
--
--
29%
--
--
7%
--
--
47%
--
--
80%
21
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Emerging Markets Index
Chairman’s Council Policy Forum Tab6:26
Morningstar Intermediate US Government Bond Index 4.94%
3.35%
3.77%
4.18%
2.79%
3.14%
3.09%
-1.69%
-1.45%
1.65%
-4.92%
-4.59%
-3.20%
-3.86%
-2.53%
-1.27%
3 Month Total
--
--
18%
--
--
29%
31%
--
--
6%
--
--
25%
--
--
26%
% Rank
7.67%
5.86%
6.48%
7.27%
6.67%
7.25%
7.14%
1.34%
2.19%
5.98%
-1.88%
-1.47%
-3.59%
-3.33%
1.80%
4.15%
YTD
--
--
23%
--
--
30%
32%
--
--
13%
--
--
77%
--
--
14%
% Rank
8.83%
7.95%
8.39%
9.78%
11.50%
12.22%
12.01%
20.89%
19.93%
26.64%
11.69%
11.39%
9.56%
7.50%
16.58%
20.30%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Category Average
Vanguard GNMA Fund (Inv) VFIIX
INTERMEDIATE GOVERNMENT
Morningstar Intermediate US Government/Corporate Bond Index
PIMCO Total Return Fund (Adm)
Category Average
PTTAX PTRAX
PIMCO Total Return Fund (A)
INTERMEDIATE-TERM BOND
Category Average
Oppenheimer Developing Markets Fund (Y) ODVYX
Morningstar Global Index
DIVERSIFIED EMERGING MKTS
Category Average
Am. Funds Cap. World Gro. & Inc. Fund (R4) RWIEX
Morningstar Developed ex US Index
WORLD STOCK
ACINX
Ticker
Category Average
Columbia Acorn International Fund (Z)
FOREIGN SMALL/MID GROWTH
Fund Name
Fund Performance and Benchmarks
--
--
32%
--
--
38%
40%
--
--
7%
--
--
62%
--
--
24%
% Rank
9.10%
6.94%
8.22%
8.26%
6.55%
10.96%
10.73%
0.83%
-3.42%
3.56%
-7.21%
-7.35%
-5.66%
-9.56%
-9.63%
-4.38%
3 Year Annual
--
--
16%
--
--
2%
3%
--
--
2%
--
--
29%
--
--
5%
% Rank
6.85%
5.27%
6.37%
6.36%
5.08%
7.67%
7.44%
16.41%
11.34%
15.96%
2.74%
1.80%
4.37%
3.03%
4.98%
8.45%
5 Year Annual
--
--
13%
--
--
3%
5%
--
--
3%
--
--
18%
--
--
7%
% Rank
6.93%
5.51%
6.41%
6.90%
5.84%
7.62%
7.39%
12.46%
10.56%
15.51%
1.94%
1.27%
6.53%
2.61%
3.48%
5.72%
10 Year Annual
--
--
8%
--
--
5%
7%
--
--
3%
--
--
9%
--
--
21%
22
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:27
Morningstar Moderate Target Risk Index -2.45%
-3.31%
-6.23%
4.13%
2.35%
2.37%
1.48%
1.04%
1.38%
0.96%
0.67%
0.82%
1.61%
1.53%
0.64%
3 Month Total
--
--
98%
--
--
52%
--
--
25%
--
--
51%
--
--
89%
% Rank
1.98%
1.61%
-0.98%
2.27%
3.96%
3.70%
4.39%
4.18%
4.18%
7.93%
7.22%
7.08%
2.76%
2.90%
1.70%
YTD
--
--
95%
--
--
51%
--
--
53%
--
--
53%
--
--
81%
% Rank
11.47%
11.88%
9.15%
4.47%
8.46%
7.84%
9.94%
9.35%
9.15%
23.35%
20.79%
17.82%
3.56%
4.13%
3.02%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Category Average
Oakmark Equity & Income Fund (I) OAKBX
Morningstar Global Government Bond Index
MODERATE ALLOCATION
Category Average
American Funds Capital World Bond Fund (R4) RCWEX
Morningstar TIPS Index
WORLD BOND
Category Average
BlackRock Infla. Protected Bond Fund (Svc) BPRSX
Credit Suisse High Yield Bond Index
INFLATION-PROTECTED BOND
Category Average
Principal High Yield Fund (A) CPHYX
Morningstar Short-Term US Government Bond Index
HIGH YIELD BOND
GSSDX
Ticker
Category Average
Goldman Sachs Short Duration Govt. Fund (A)
SHORT GOVERNMENT
Fund Name
Fund Performance and Benchmarks
--
--
88%
--
--
53%
--
--
53%
--
--
76%
--
--
67%
% Rank
-0.01%
-2.36%
1.73%
7.83%
7.20%
6.41%
6.99%
5.64%
7.38%
7.90%
5.77%
7.83%
5.41%
4.73%
5.80%
3 Year Annual
--
--
4%
--
--
65%
--
--
14%
--
--
20%
--
--
29%
% Rank
4.15%
1.88%
5.26%
5.94%
5.64%
5.70%
5.53%
4.45%
5.89%
7.16%
5.46%
8.39%
4.88%
4.19%
4.94%
5 Year Annual
--
--
3%
--
--
44%
--
--
4%
--
--
1%
--
--
23%
% Rank
4.72%
2.70%
8.83%
--
6.77%
7.71%
7.47%
6.43%
--
7.88%
5.63%
8.37%
4.86%
4.24%
4.82%
10 Year Annual
--
--
2%
--
--
20%
--
--
--
--
--
1%
--
--
26%
23
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:28
Morningstar Cash Index 0.03%
0.01%
0.00%
3 Month Total
--
--
36%
% Rank
0.06%
0.02%
0.01%
YTD
--
--
29%
% Rank
0.09%
0.04%
0.01%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
SWRXX
Ticker
Category Average
Schwab Investor Money Fund
MONEY MARKET TAXABLE
Fund Name
Fund Performance and Benchmarks
--
--
54%
% Rank
1.09%
1.35%
1.51%
3 Year Annual
--
--
33%
% Rank
2.47%
2.51%
2.63%
5 Year Annual
--
--
38%
% Rank
2.41%
2.26%
2.37%
10 Year Annual
--
--
39%
24
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:29
Morningstar Mid Cap Growth Index
Category Average
Columbia Acorn Fund (Z)
ACRNX
Morningstar Mid Cap Index
MID-CAP GROWTH
Category Average
Royce Premier Fund (Inv) RYPRX
Morningstar Mid Cap Value Index
MID-CAP BLEND
Category Average
Perkins Mid Cap Value Fund (T) JMCVX
Morningstar Large Cap Growth Index
MID-CAP VALUE
Category Average
American Funds Growth Fund of America (R4) RGAEX
Morningstar Large Cap Index
LARGE GROWTH
Category Average
Sequoia Fund SEQUX
Morningstar Large Cap Value Index
LARGE BLEND
SSHFX
Ticker
Category Average
Sound Shore Fund
LARGE VALUE
Fund Name
Historical Performance (Previous 8 Years)
42.05%
39.79%
39.65%
39.03%
37.81%
33.25%
36.05%
35.57%
30.37%
44.37%
36.02%
34.54%
24.76%
28.77%
15.38%
11.38%
24.10%
26.64%
2009
--
--
55%
--
--
61%
--
--
69%
--
--
51%
--
--
98%
--
--
31%
% Rank
-46.28%
-43.30%
-38.55%
-40.45%
-39.16%
-28.29%
-35.95%
-37.50%
-27.33%
-41.87%
-40.46%
-39.07%
-36.21%
-37.75%
-27.03%
-36.11%
-36.59%
-35.60%
2008
--
--
19%
--
--
10%
--
--
6%
--
--
40%
--
--
3%
--
--
40%
% Rank
19.70%
16.86%
7.69%
5.23%
5.54%
12.73%
-5.52%
1.01%
7.43%
12.34%
14.51%
10.88%
6.69%
6.13%
8.40%
-0.43%
2.09%
2.58%
2007
--
--
91%
--
--
7%
--
--
11%
--
--
70%
--
--
26%
--
--
51%
% Rank
9.63%
9.63%
14.45%
14.32%
13.39%
8.81%
18.81%
16.28%
15.25%
5.68%
7.93%
10.91%
15.91%
14.74%
8.34%
25.78%
18.34%
16.56%
2006
--
--
16%
--
--
87%
--
--
61%
--
--
24%
--
--
98%
--
--
74%
% Rank
16.27%
10.82%
13.11%
12.70%
9.58%
17.07%
11.54%
9.70%
10.36%
3.43%
7.87%
14.22%
4.87%
6.54%
7.78%
7.05%
6.68%
6.80%
2005
--
--
27%
--
--
6%
--
--
46%
--
--
12%
--
--
29%
--
--
45%
% Rank
15.45%
14.46%
21.51%
19.66%
16.96%
22.82%
24.30%
19.38%
18.36%
0.19%
9.42%
11.93%
9.54%
11.21%
4.66%
14.05%
13.97%
15.34%
2004
--
--
7%
--
--
10%
--
--
62%
--
--
26%
--
--
99%
--
--
31%
% Rank
40.02%
37.29%
45.68%
38.38%
39.48%
38.74%
35.94%
37.98%
39.33%
30.65%
29.72%
32.83%
27.04%
29.08%
17.12%
26.26%
29.17%
31.74%
2003
--
--
15%
--
--
35%
--
--
35%
--
--
27%
--
--
100%
--
--
26%
% Rank
-32.54%
-25.18%
-13.31%
-18.06%
-15.46%
-7.75%
-10.00%
-13.43%
-13.09%
-33.15%
-25.80%
-22.00%
-23.47%
-20.85%
-2.64%
-15.05%
-17.06%
-15.43%
2002
--
--
6%
--
--
13%
--
--
53%
--
--
24%
--
--
1%
--
--
41%
25
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403 (B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Small Cap Index
Morningstar Small Cap Growth Index
Chairman’s Council Policy Forum Tab6:30
Category Average
Morningstar Developed ex US Index
First Eagle Overseas Fund (A) SGOVX
Morningstar Developed ex US Index
FOREIGN SMALL/MID VALUE
Category Average
Vanguard Total International Stock Index Fund VGTSX
Morningstar Developed ex US Index
FOREIGN LARGE BLEND
Category Average
Columbia International Value Fund (A) NIVLX
Category Average
FOREIGN LARGE VALUE
BGRFX
Baron Growth Fund
SMALL GROWTH
Category Average
Dreyfus Smallcap Stock Index Fund DISSX
Morningstar Small Cap Value Index
SMALL BLEND
NOSGX
Ticker
Category Average
Northern Small Cap Value Fund
SMALL VALUE
Fund Name
Historical Performance (Previous 8 Years)
34.50%
44.59%
20.64%
34.50%
31.80%
36.73%
34.50%
30.62%
22.30%
32.98%
35.65%
34.24%
37.75%
32.84%
25.22%
40.28%
32.98%
17.77%
2009
--
--
93%
--
--
24%
--
--
83%
--
--
53%
--
--
78%
--
--
92%
% Rank
-43.82%
-45.89%
-20.97%
-43.82%
-44.04%
-44.10%
-43.82%
-42.46%
-35.62%
-39.92%
-40.87%
-39.18%
-36.07%
-35.63%
-30.77%
-31.67%
-32.53%
-23.43%
2008
--
--
2%
--
--
51%
--
--
13%
--
--
34%
--
--
17%
--
--
4%
% Rank
13.70%
6.08%
8.39%
13.70%
13.28%
15.52%
13.70%
9.68%
6.72%
11.08%
9.36%
6.59%
-0.66%
-0.58%
-0.62%
-8.15%
-5.75%
-8.71%
2007
--
--
38%
--
--
28%
--
--
74%
--
--
64%
--
--
46%
--
--
72%
% Rank
26.62%
26.01%
22.29%
26.62%
24.95%
26.64%
26.62%
26.16%
28.26%
10.04%
11.66%
15.50%
17.05%
15.82%
14.69%
20.03%
17.10%
20.28%
2006
--
--
80%
--
--
28%
--
--
30%
--
--
21%
--
--
57%
--
--
16%
% Rank
15.79%
17.81%
16.92%
15.79%
15.78%
15.57%
15.79%
13.55%
10.16%
5.77%
7.27%
5.71%
5.76%
7.16%
7.31%
5.12%
6.64%
8.06%
2005
--
--
56%
--
--
43%
--
--
85%
--
--
60%
--
--
46%
--
--
35%
% Rank
21.90%
25.01%
21.83%
21.90%
17.57%
20.84%
21.90%
21.67%
24.17%
13.48%
13.55%
26.61%
20.44%
19.56%
22.21%
24.03%
20.76%
22.58%
2004
--
--
52%
--
--
13%
--
--
31%
--
--
4%
--
--
26%
--
--
38%
% Rank
41.09%
48.09%
41.41%
41.09%
35.52%
40.34%
41.09%
38.02%
50.45%
52.65%
45.20%
31.75%
47.70%
42.47%
37.74%
48.87%
44.38%
41.57%
2003
--
--
82%
--
--
20%
--
--
1%
--
--
95%
--
--
70%
--
--
52%
% Rank
-15.33%
-5.41%
12.53%
-15.33%
-15.67%
-15.08%
-15.33%
-12.51%
-17.80%
-36.87%
-27.01%
-12.29%
-20.36%
-14.86%
-14.73%
-8.24%
-10.26%
-6.23%
2002
--
--
3%
--
--
41%
--
--
83%
--
--
2%
--
--
46%
--
--
21%
26
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403 (B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Emerging Markets Index
Chairman’s Council Policy Forum Tab6:31
Category Average
Morningstar Intermediate US Government Bond Index
Vanguard GNMA Fund (Inv) VFIIX
INTERMEDIATE GOVERNMENT
Morningstar Intermediate US Government/Corporate Bond Index
PIMCO Total Return Fund (Adm)
Category Average
PTTAX PTRAX
PIMCO Total Return Fund (A)
INTERMEDIATE-TERM BOND
Category Average
Oppenheimer Developing Markets Fund (Y) ODVYX
Morningstar Global Index
DIVERSIFIED EMERGING MKTS
Category Average
Am. Funds Cap. World Gro. & Inc. Fund (R4) RWIEX
Morningstar Developed ex US Index
WORLD STOCK
ACINX
Ticker
Category Average
Columbia Acorn International Fund (Z)
FOREIGN SMALL/MID GROWTH
Fund Name
Historical Performance (Previous 8 Years)
-1.43%
4.74%
5.29%
4.56%
13.99%
13.55%
13.33%
80.89%
73.67%
82.10%
35.52%
35.13%
32.29%
34.50%
48.29%
50.97%
2009
--
--
39%
--
--
46%
48%
--
--
22%
--
--
52%
--
--
20%
% Rank
14.08%
5.49%
7.22%
6.81%
-3.87%
4.55%
4.32%
-52.00%
-54.38%
-47.84%
-41.87%
-41.63%
-38.41%
-43.82%
-49.16%
-45.89%
2008
--
--
42%
--
--
15%
16%
--
--
13%
--
--
28%
--
--
31%
% Rank
10.29%
6.35%
7.01%
8.51%
5.03%
8.81%
8.57%
41.62%
37.25%
34.30%
12.79%
12.03%
17.43%
13.70%
12.44%
17.28%
2007
--
--
23%
--
--
2%
3%
--
--
69%
--
--
23%
--
--
34%
% Rank
3.55%
3.50%
4.33%
4.17%
4.18%
3.74%
3.51%
43.12%
32.58%
25.70%
22.43%
19.63%
22.23%
26.62%
27.76%
34.53%
2006
--
--
14%
--
--
66%
78%
--
--
97%
--
--
26%
--
--
19%
% Rank
1.08%
1.98%
3.33%
0.89%
1.84%
2.63%
2.41%
31.73%
32.75%
40.54%
11.92%
11.53%
14.62%
15.79%
26.26%
21.81%
2005
--
--
2%
--
--
11%
19%
--
--
9%
--
--
25%
--
--
64%
% Rank
3.00%
3.15%
4.13%
3.80%
4.19%
4.88%
4.65%
25.97%
24.43%
31.83%
16.56%
15.33%
19.33%
21.90%
24.17%
29.47%
2004
--
--
12%
--
--
22%
29%
--
--
9%
--
--
16%
--
--
18%
% Rank
2.73%
1.85%
2.49%
4.63%
5.59%
5.30%
5.07%
56.21%
56.08%
63.98%
35.43%
35.38%
38.99%
41.09%
56.55%
47.80%
2003
--
--
20%
--
--
40%
43%
--
--
21%
--
--
27%
--
--
73%
% Rank
13.48%
9.39%
9.68%
12.35%
8.23%
9.91%
9.69%
-5.30%
-5.93%
-2.31%
-18.98%
-18.30%
-7.16%
-15.33%
-12.31%
-16.10%
2002
--
--
42%
--
--
16%
22%
--
--
25%
--
--
7%
--
--
71%
27
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403 (B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:32
Category Average
Morningstar Cash Index
Schwab Investor Money Fund SWRXX
Morningstar Moderate Target Risk Index
MONEY MARKET TAXABLE
Category Average
Oakmark Equity & Income Fund (I) OAKBX
Morningstar Global Government Bond Index
MODERATE ALLOCATION
Category Average
American Funds Capital World Bond Fund (R4) RCWEX
Morningstar TIPS Index
WORLD BOND
Category Average
BlackRock Infla. Protected Bond Fund (Svc) BPRSX
Credit Suisse High Yield Bond Index
INFLATION-PROTECTED BOND
Category Average
Principal High Yield Fund (A) CPHYX
Morningstar Short-Term US Government Bond Index
HIGH YIELD BOND
GSSDX
Ticker
Category Average
Goldman Sachs Short Duration Govt. Fund (A)
SHORT GOVERNMENT
Fund Name
Historical Performance (Previous 8 Years)
0.11%
0.17%
0.16%
21.92%
24.20%
19.84%
2.55%
13.22%
10.64%
11.13%
10.88%
10.19%
54.22%
46.76%
41.90%
1.08%
3.16%
3.82%
2009
--
--
39%
--
--
78%
--
--
61%
--
--
52%
--
--
70%
--
--
36%
% Rank
1.50%
2.03%
2.41%
-22.19%
-27.71%
-16.18%
10.45%
-0.58%
-0.64%
-1.71%
-4.05%
0.14%
-26.17%
-25.68%
-21.34%
7.71%
4.58%
8.00%
2008
--
--
30%
--
--
3%
--
--
50%
--
--
3%
--
--
25%
--
--
11%
% Rank
4.51%
4.63%
4.82%
8.63%
6.35%
11.97%
10.82%
7.97%
8.58%
11.75%
10.17%
11.79%
2.65%
1.97%
5.72%
7.82%
6.06%
6.62%
2007
--
--
40%
--
--
7%
--
--
48%
--
--
5%
--
--
3%
--
--
27%
% Rank
4.76%
4.43%
4.49%
12.95%
11.61%
10.82%
6.07%
5.81%
7.58%
0.50%
0.23%
0.82%
11.92%
10.23%
14.46%
3.98%
3.62%
3.97%
2006
--
--
54%
--
--
62%
--
--
19%
--
--
17%
--
--
3%
--
--
23%
% Rank
2.94%
2.61%
2.63%
7.04%
5.27%
8.60%
-6.91%
-2.87%
-2.86%
2.95%
2.15%
3.56%
2.26%
2.71%
6.59%
1.61%
1.28%
1.07%
2005
--
--
56%
--
--
5%
--
--
37%
--
--
6%
--
--
2%
--
--
70%
% Rank
1.17%
0.80%
0.77%
11.48%
9.23%
10.36%
10.13%
9.25%
11.36%
8.52%
7.25%
--
11.95%
10.07%
11.43%
1.15%
1.16%
1.11%
2004
--
--
57%
--
--
32%
--
--
27%
--
--
--
--
--
19%
--
--
46%
% Rank
1.02%
0.63%
0.58%
22.48%
21.00%
23.21%
14.72%
14.67%
18.74%
8.18%
6.74%
--
27.94%
24.73%
28.10%
2.11%
1.28%
2.08%
2003
--
--
57%
--
--
27%
--
--
28%
--
--
--
--
--
24%
--
--
15%
% Rank
1.65%
1.25%
1.37%
-6.69%
-10.91%
-2.14%
19.24%
13.77%
16.53%
16.90%
14.72%
--
3.10%
-1.09%
3.66%
7.03%
6.73%
6.50%
2002
--
--
45%
--
--
3%
--
--
35%
--
--
--
--
--
12%
--
--
47%
28
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403 (B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:33
ODVYX
RWIEX
ACINX
SGOVX
VGTSX
NIVLX
BGRFX
DISSX
NOSGX
ACRNX
RYPRX
JMCVX
RGAEX
SEQUX
SSHFX
Ticker
31.42%
23.28%
27.70%
15.57%
27.73%
24.03%
23.06%
26.27%
25.75%
24.72%
24.22%
19.60%
20.87%
18.96%
21.14%
3 Year Std. Dev.
17%
39%
34%
7%
82%
17%
7%
51%
35%
48%
39%
6%
23%
10%
41%
% Rank
26.69%
18.90%
22.94%
12.98%
22.51%
19.71%
19.21%
21.46%
21.06%
20.16%
20.07%
15.91%
16.99%
15.45%
17.02%
5 Year Std. Dev.
20%
34%
38%
8%
81%
23%
7%
49%
37%
42%
42%
5%
23%
11%
37%
% Rank
5
4
5
5
3
3
4
3
3
3
4
5
3
5
3
Mstar 3 year Rating
2
3
3
1
4
2
1
3
3
3
3
1
2
2
3
Mstar 3 year Risk
5
4
4
5
4
3
4
3
3
4
5
5
4
5
4
Mstar 5 year Rating
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Oppenheimer Developing Markets Fund (Y)
DIVERSIFIED EMERGING MKTS
Am. Funds Cap. World Gro. & Inc. Fund (R4)
WORLD STOCK
Columbia Acorn International Fund (Z)
FOREIGN SMALL/MID GROWTH
First Eagle Overseas Fund (A)
FOREIGN SMALL/MID VALUE
Vanguard Total International Stock Index Fund
FOREIGN LARGE BLEND
Columbia International Value Fund (A)
FOREIGN LARGE VALUE
Baron Growth Fund
SMALL GROWTH
Dreyfus Smallcap Stock Index Fund
SMALL BLEND
Northern Small Cap Value Fund
SMALL VALUE
Columbia Acorn Fund (Z)
MID-CAP GROWTH
Royce Premier Fund (Inv)
MID-CAP BLEND
Perkins Mid Cap Value Fund (T)
MID-CAP VALUE
American Funds Growth Fund of America (R4)
LARGE GROWTH
Sequoia Fund
LARGE BLEND
Sound Shore Fund
LARGE VALUE
Fund Name
Risk / Expense
2
3
3
1
4
2
1
3
3
3
3
1
2
2
3
Mstar 5 year Risk
5
4
4
5
4
3
5
3
3
4
5
5
4
5
4
Mstar Overall Rating
1.08%
0.83%
0.99%
1.20%
0.32%
1.42%
1.35%
0.50%
1.00%
0.77%
1.15%
1.08%
0.70%
1.05%
0.94%
Net Expense Ratio
17%
7%
13%
36%
3%
59%
40%
6%
14%
7%
39%
33%
8%
40%
27%
% Rank
1.08%
0.83%
0.99%
1.20%
0.32%
1.42%
1.35%
0.51%
1.38%
0.77%
1.15%
1.08%
0.70%
1.05%
0.94%
Gross Expense Ratio
15%
6%
10%
29%
3%
49%
29%
5%
37%
5%
32%
25%
7%
32%
23%
% Rank
--
0.25%
--
0.25%
--
0.25%
0.25%
--
--
--
--
--
0.25%
--
--
12b-1 Fee
0.86%
0.38%
0.78%
0.75%
0.26%
1.00%
1.00%
0.25%
0.85%
0.65%
0.97%
0.78%
0.28%
1.00%
0.75%
Mgmt. Expense
0.22%
0.20%
0.21%
0.20%
0.06%
0.17%
0.10%
0.26%
0.53%
0.12%
0.18%
0.30%
0.17%
0.05%
0.19%
29
Other Expenses
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:34
SWRXX
OAKBX
RCWEX
BPRSX
CPHYX
GSSDX
VFIIX
0.51%
12.21%
9.22%
8.45%
13.70%
1.95%
3.33%
4.71%
4.71%
3 Year Std. Dev.
85%
7%
49%
13%
26%
47%
32%
37%
37%
% Rank
0.58%
9.83%
7.61%
7.01%
10.86%
1.64%
3.02%
4.25%
4.25%
5 Year Std. Dev.
78%
6%
49%
14%
25%
45%
32%
43%
43%
% Rank
--
5
3
4
4
3
4
5
5
Mstar 3 year Rating
--
1
3
2
2
3
3
3
3
Mstar 3 year Risk
--
5
3
5
5
3
4
5
5
Mstar 5 year Rating
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Schwab Investor Money Fund
MONEY MARKET TAXABLE
Oakmark Equity & Income Fund (I)
MODERATE ALLOCATION
American Funds Capital World Bond Fund (R4)
WORLD BOND
BlackRock Infla. Protected Bond Fund (Svc)
INFLATION-PROTECTED BOND
Principal High Yield Fund (A)
HIGH YIELD BOND
Goldman Sachs Short Duration Govt. Fund (A)
SHORT GOVERNMENT
Vanguard GNMA Fund (Inv)
INTERMEDIATE GOVERNMENT
PTTAX PTRAX
PIMCO Total Return Fund (Adm)
Ticker
PIMCO Total Return Fund (A)
INTERMEDIATE-TERM BOND
Fund Name
Risk / Expense
--
1
3
2
2
3
3
3
3
Mstar 5 year Risk
--
5
3
5
5
3
5
5
5
Mstar Overall Rating
0.61%
0.85%
0.91%
0.76%
0.95%
0.86%
0.23%
0.71%
0.90%
Net Expense Ratio
60%
15%
38%
53%
34%
58%
5%
36%
55%
% Rank
0.61%
0.85%
0.91%
0.92%
0.95%
0.91%
0.23%
0.89%
1.08%
Gross Expense Ratio
50%
13%
25%
47%
27%
50%
4%
43%
55%
% Rank
--
--
0.25%
0.25%
0.25%
0.25%
--
0.25%
0.25%
12b-1 Fee
0.33%
0.70%
0.46%
0.40%
0.51%
0.48%
0.20%
0.46%
0.65%
Mgmt. Expense
0.28%
0.15%
0.20%
0.27%
0.19%
0.18%
0.03%
0.18%
0.18%
30
Other Expenses
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:35
ODVYX
RWIEX
ACINX
SGOVX
VGTSX
NIVLX
BGRFX
DISSX
NOSGX
ACRNX
RYPRX
JMCVX
RGAEX
SEQUX
SSHFX
Ticker
11/18/1996
03/26/1993
09/23/1992
08/31/1993
04/29/1996
12/27/1995
12/30/1994
06/30/1997
03/31/1994
06/09/1970
12/31/1991
08/12/1998
11/30/1973
07/15/1970
05/03/1985
Inception
13.7
17.3
17.9
16.9
14.3
14.6
15.6
13.1
16.3
40.1
18.6
12
36.7
40
25.2
Product History
$13,992.20
$69,435.64
$4,927.34
$7,526.35
$26,161.94
$1,600.23
$5,248.03
$970.19
$1,422.89
$14,812.83
$5,391.99
$11,768.64
$140,517.69
$3,001.91
$1,833.65
Total Assets ($mil)
$15,182.35
$41,316.90
$2,078.00
$4,703.27
$24,719.63
$21,462.05
$2,484.43
$872.60
$779.90
$2,193.36
$2,028.55
$8,333.37
$36,567.44
$18,508.90
$30,175.11
Average Market Cap ($mil)
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Oppenheimer Developing Markets Fund (Y)
DIVERSIFIED EMERGING MKTS
Am. Funds Cap. World Gro. & Inc. Fund (R4)
WORLD STOCK
Columbia Acorn International Fund (Z)
FOREIGN SMALL/MID GROWTH
First Eagle Overseas Fund (A)
FOREIGN SMALL/MID VALUE
Vanguard Total International Stock Index Fund
FOREIGN LARGE BLEND
Columbia International Value Fund (A)
FOREIGN LARGE VALUE
Baron Growth Fund
SMALL GROWTH
Dreyfus Smallcap Stock Index Fund
SMALL BLEND
Northern Small Cap Value Fund
SMALL VALUE
Columbia Acorn Fund (Z)
MID-CAP GROWTH
Royce Premier Fund (Inv)
MID-CAP BLEND
Perkins Mid Cap Value Fund (T)
MID-CAP VALUE
American Funds Growth Fund of America (R4)
LARGE GROWTH
Sequoia Fund
LARGE BLEND
Sound Shore Fund
LARGE VALUE
Fund Name
Management
Justin Leverenz
Bepler/Denning
P. Egan
Abhay Deshpande
Kelly/Perre
Carlson/Brown/Woods
Ronald Baron
Thomas Durante
Robert Bergson
Charles McQuaid
Charles M. Royce
Thomas Perkins
James E. Drasdo
Robert D. Goldfarb
Burn III/Kane Jr.
Manager
3.3
17.4
10.6
2.8
2
14.6
15.6
10.3
9
15.3
18.6
12
24.8
12.1
25.3
Manager Tenure
127
443
204
151
1780
88
100
603
567
387
70
159
449
32
42
Number of Holdings
55%
44%
31%
8.65%
12%
19%
26.65%
25.48%
33.26%
27%
14%
88%
38%
15%
97%
Turnover Ratio
34%
34%
12%
7%
11%
10%
7%
23%
20%
8%
13%
64%
22%
22%
77%
% Rank
31
28.59%
18.59%
12.32%
25.92%
10.03%
22.82%
26.83%
5.66%
11.57%
11.98%
21.09%
12.82%
18.12%
53.76%
30.25%
% In Top 10
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:36
SWRXX
OAKBX
RCWEX
BPRSX
CPHYX
GSSDX
VFIIX
03/02/1994
11/01/1995
08/04/1987
06/28/2004
04/08/1998
08/15/1988
06/27/1980
05/11/1987
05/11/1987
Inception
16.4
14.7
23
6.1
12.3
22
30.1
23.2
23.2
Product History
$1,590.57
$18,091.97
$10,995.27
$3,297.13
$3,140.67
$3,816.06
$37,581.04
$239,328.62
$239,328.62
Total Assets ($mil)
--
$13,426.96
--
--
$571.16
--
--
--
--
Average Market Cap ($mil)
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Schwab Investor Money Fund
MONEY MARKET TAXABLE
Oakmark Equity & Income Fund (I)
MODERATE ALLOCATION
American Funds Capital World Bond Fund (R4)
WORLD BOND
BlackRock Infla. Protected Bond Fund (Svc)
INFLATION-PROTECTED BOND
Principal High Yield Fund (A)
HIGH YIELD BOND
Goldman Sachs Short Duration Govt. Fund (A)
SHORT GOVERNMENT
Vanguard GNMA Fund (Inv)
INTERMEDIATE GOVERNMENT
PTTAX PTRAX
PIMCO Total Return Fund (Adm)
Ticker
PIMCO Total Return Fund (A)
INTERMEDIATE-TERM BOND
Fund Name
Management
Management Team
Clyde McGregor
James Mulally
Stuart Spodek
Smith/Denkinger
James McCarthy
Michael Garrett
William Gross
William Gross
Manager
4.3
14.8
23
6.1
1.2
14.6
0.2
23.2
23.2
Manager Tenure
191
135
1047
159
259
359
29429
13237
13237
Number of Holdings
--
78%
106%
193%
57%
194%
272%
402%
402%
Turnover Ratio
--
64%
51%
84%
35%
68%
64%
80%
80%
% Rank
27.78%
30.43%
14.89%
59.46%
13.84%
57.26%
26.58%
42.56%
42.56%
32
% In Top 10
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:37
ODVYX
RWIEX
ACINX
SGOVX
VGTSX
NIVLX
BGRFX
DISSX
NOSGX
ACRNX
RYPRX
JMCVX
RGAEX
SEQUX
SSHFX
Ticker
0.23%
-0.18%
-0.06%
-0.02%
-0.21%
-0.33%
-0.12%
-0.07%
-0.03%
-0.06%
0.06%
-0.02%
-0.25%
-0.07%
-0.32%
3 Year Sharpe
2%
33%
4%
1%
22%
54%
46%
38%
44%
32%
7%
15%
68%
4%
45%
% Rank
17.30%
3.49%
7.39%
4.78%
3.48%
-0.26%
3.40%
4.91%
5.83%
5.13%
7.74%
4.92%
0.37%
3.24%
-1.09%
3 Year Alpha
6%
34%
7%
14%
20%
57%
47%
41%
52%
31%
7%
23%
69%
9%
44%
% Rank
1.16%
0.89%
1.06%
0.58%
1.07%
0.90%
1.04%
1.15%
1.12%
1.14%
1.08%
0.90%
0.96%
0.78%
0.96%
3 Year Beta
86%
57%
46%
96%
18%
87%
88%
54%
70%
33%
65%
95%
68%
99%
70%
% Rank
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Oppenheimer Developing Markets Fund (Y)
DIVERSIFIED EMERGING MKTS
Am. Funds Cap. World Gro. & Inc. Fund (R4)
WORLD STOCK
Columbia Acorn International Fund (Z)
FOREIGN SMALL/MID GROWTH
First Eagle Overseas Fund (A)
FOREIGN SMALL/MID VALUE
Vanguard Total International Stock Index Fund
FOREIGN LARGE BLEND
Columbia International Value Fund (A)
FOREIGN LARGE VALUE
Baron Growth Fund
SMALL GROWTH
Dreyfus Smallcap Stock Index Fund
SMALL BLEND
Northern Small Cap Value Fund
SMALL VALUE
Columbia Acorn Fund (Z)
MID-CAP GROWTH
Royce Premier Fund (Inv)
MID-CAP BLEND
Perkins Mid Cap Value Fund (T)
MID-CAP VALUE
American Funds Growth Fund of America (R4)
LARGE GROWTH
Sequoia Fund
LARGE BLEND
Sound Shore Fund
LARGE VALUE
Fund Name
Additional Statistics
89.54%
96.48%
94.90%
90.95%
98.03%
91.86%
90.75%
86.33%
84.35%
94.15%
88.14%
94.21%
94.59%
76.36%
92.22%
3 Year R Square
40%
4%
8%
70%
20%
91%
4%
64%
73%
1%
76%
19%
18%
99%
83%
% Rank
0.34%
-0.24%
-0.08%
-0.02%
-0.28%
-0.44%
-0.15%
-0.10%
-0.04%
-0.08%
0.08%
-0.03%
-0.32%
-0.10%
-0.38%
3 Year Sortino
2%
36%
5%
1%
23%
58%
44%
42%
46%
33%
7%
15%
69%
4%
39%
% Rank
2.08%
-7.62%
-5.24%
-2.50%
-8.70%
-11.66%
-5.12%
-4.57%
-3.62%
-4.04%
-1.44%
-2.59%
-7.61%
-4.02%
-9.12%
3 Year Treynor
2%
29%
5%
2%
22%
55%
40%
42%
42%
31%
7%
11%
66%
5%
45%
% Rank
1.26%
0.90%
0.92%
0.85%
0.48%
0.13%
0.37%
0.26%
0.37%
0.50%
0.75%
1.08%
0.13%
0.46%
-0.14%
3 Year Info Ratio
3%
11%
9%
6%
23%
39%
19%
43%
38%
24%
9%
4%
57%
19%
38%
33
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:38
SWRXX
OAKBX
RCWEX
BPRSX
CPHYX
GSSDX
VFIIX
2.18%
0.11%
0.60%
0.76%
0.53%
2.43%
2.06%
1.99%
1.95%
3 Year Sharpe
36%
5%
70%
4%
18%
13%
15%
2%
4%
% Rank
--
1.44%
-5.40%
-3.63%
-0.37%
2.65%
2.46%
3.47%
3.27%
3 Year Alpha
--
5%
72%
22%
48%
7%
21%
2%
3%
% Rank
--
0.81%
1.73%
1.58%
1.22%
0.30%
0.69%
0.94%
0.94%
3 Year Beta
--
96%
37%
60%
24%
44%
62%
61%
61%
% Rank
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Schwab Investor Money Fund
MONEY MARKET TAXABLE
Oakmark Equity & Income Fund (I)
MODERATE ALLOCATION
American Funds Capital World Bond Fund (R4)
WORLD BOND
BlackRock Infla. Protected Bond Fund (Svc)
INFLATION-PROTECTED BOND
Principal High Yield Fund (A)
HIGH YIELD BOND
Goldman Sachs Short Duration Govt. Fund (A)
SHORT GOVERNMENT
Vanguard GNMA Fund (Inv)
INTERMEDIATE GOVERNMENT
PTTAX PTRAX
PIMCO Total Return Fund (Adm)
Ticker
PIMCO Total Return Fund (A)
INTERMEDIATE-TERM BOND
Fund Name
Additional Statistics
--
87.33%
60.04%
60.54%
13.55%
43.48%
74.86%
68.14%
68.17%
3 Year R Square
--
93%
8%
3%
7%
57%
30%
38%
38%
% Rank
12.33%
0.14%
0.93%
1.13%
0.76%
8.14%
5.01%
4.10%
3.97%
3 Year Sortino
41%
5%
70%
5%
13%
5%
11%
5%
6%
% Rank
--
0.72%
3.05%
3.95%
5.47%
15.68%
10.21%
10.44%
10.20%
3 Year Treynor
--
4%
72%
18%
42%
13%
25%
4%
4%
% Rank
2.20%
0.34%
-0.18%
-0.04%
0.02%
-0.57%
0.28%
1.24%
1.16%
3 Year Info Ratio
36%
6%
60%
13%
20%
18%
15%
2%
2%
34
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:39
RYPRX
DISSX
JMCVX
NOSGX
SGOVX ACINX NIVLX ODVYX
SEQUX
SSHFX
Specialty
Foreign
RWIEX
Global
Blend
Domestic
Value
EQUITY
Investment Categories
VGTSX
BGRFX
ACRNX
RGAEX
Growth
OAKBX
Balanced
OTHER
GSSDX
Short
RCWEX
Global
SWRXX
Target
CPHYX
PTTAX PTRAX BPRSX VFIIX
Long
Intermediate
Domestic
Cash Equivalent
FIXED INCOME
ACINX Columbia Acorn International Fund (Z) Foreign Small/Mid Growth ACRNX Columbia Acorn Fund (Z) Mid-Cap Growth BGRFX Baron Growth Fund Small Growth BPRSX BlackRock Infla. Protected Bond Fund (Svc) Inflation-Protected Bond CPHYX Principal High Yield Fund (A) High Yield Bond DISSX Dreyfus Smallcap Stock Index Fund Small Blend GSSDX Goldman Sachs Short Duration Govt. Fund (A) Short Government JMCVX Perkins Mid Cap Value Fund (T) Mid-Cap Value NIVLX Columbia International Value Fund (A) Foreign Large Value NOSGX Northern Small Cap Value Fund Small Value OAKBX Oakmark Equity & Income Fund (I) Moderate Allocation ODVYX Oppenheimer Developing Markets Fund (Y) Diversified Emerging Mkts PTRAX PIMCO Total Return Fund (Adm) Intermediate-Term Bond PTTAX PIMCO Total Return Fund (A) Intermediate-Term Bond RCWEX American Funds Capital World Bond Fund (R4) World Bond RGAEX American Funds Growth Fund of America (R4) Large Growth RWIEX Am. Funds Cap. World Gro. & Inc. Fund (R4) World Stock RYPRX Royce Premier Fund (Inv) Mid-Cap Blend SEQUX Sequoia Fund Large Blend SGOVX First Eagle Overseas Fund (A) Foreign Small/Mid Value SSHFX Sound Shore Fund Large Value SWRXX Schwab Investor Money Fund Money Market Taxable VFIIX Vanguard GNMA Fund (Inv) Intermediate Government VGTSX Vanguard Total International Stock Index Fund Foreign Large Blend
Fund References
35
This grid provides a visual representation of the categories covered by the plan's investments. For domestic equity funds, the vertical axis shows the market capitalization of the fund's investments, and the horizontal axis shows the investment style. For domestic fixed income funds, the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration. Global, foreign, and specialty equity funds, as well as global fixed income funds, are also represented in the category grid. Three "Other" categories are displayed to distinguish balanced, target and cash investment types. Category assignment is based on information provided by Morningstar, your plan representative, or other sources, and may not always be consistent with information provided in the fund's prospectus.
Notes
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:40
Morningstar Risk is an assessment of the variations in a fund's monthly returns, with an emphasis on downward variation. It is calculated as the difference between Morningstar Return and Morningstar Risk-Adjusted Return. It is similar to standard deviation; the key difference is that standard deviation gives the same weight to upside and downside variation. Funds are ranked within their categories.
Manager Tenure indicates the period of time the lead manager has been managing the fund portfolio. For funds without a lead manager, tenure of the manager who has been with the fund the longest is reported. In the case of multiple lead managers, the tenure of the lead manager with the longest tenure is reported.
Information Ratio is a risk-adjusted performance measure and excess return and risk relative to a specific benchmark index.
Expense Ratio is the percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s net asset value (NAV). Sales charges are not included in the expense ratio. The net expense ratio reflects the expenses currently being charged by a fund, taking into account any applicable expense and fee waivers. The gross expense ratio does not reflect any fee or expense waivers that may be in effect.
Category Average provides the simple average of all fund returns within a particular Morningstar category.
Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is new and has no portfolio, Morningstar estimates where the Fund will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information.
Beta is a measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by comparing a fund’s excess return over Treasury bills to the market's excess return over Treasury bills, so a beta of 1.10 shows that the fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is expected to perform 15% worse than the market’s excess return during up markets and 15% better during down markets.
Benchmark is the index against which funds within a category are compared.
Average Market Capitalization – Morningstar defines the overall "size" of a stock fund's portfolio as the geometric mean of the market capitalization for all of the stocks it owns. It's calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization. This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean better identifies the portfolio's "center of gravity." That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio.
Asset Classes are the broad groupings of similar Morningstar categories and include Stock, Bond, Blended, and Cash/Stable Value.
Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
DEFINITIONS
36
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:41
Turnover Ratio is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year.
Treynor Ratio is a measurement of the returns earned in excess of that which could have been earned on a riskless investment (i.e. Treasury Bill) per each unit of market risk assumed. The Treynor ratio (sometimes called reward-tovolatility ratio) relates excess return over the risk-free rate to the additional risk taken; however systematic risk instead of total risk is used. The higher the Treynor ratio, the better the performance under analysis.
Total Return is determined each month by taking the change in monthly net asset value, reinvesting all income and capitalgains distributions during that month, and dividing by the starting net asset value. Reinvestments are made using the actual reinvestment net asset value, and daily payoffs are reinvested monthly. Morningstar does not adjust total returns for sales charges. Total return does account for management, administrative, 12b-1 fees and other costs taken out of fund assets. Returns for periods longer than one year are expressed as annualized returns.
Standard Deviation is the statistical measurement of dispersion about an average, which depicts how widely a stock or portfolio’s returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is most likely for a given investment. When a stock or portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility.
Sortino Ratio is similar to the Sharpe Ratio except it uses downside risk (downside deviation) in the denominator. Since upside variability is not necessary undesirable, the Sortino ratio is sometimes preferable to a Sharpe ratio. It measures the annualized rate of return for a given level of downside risk.
Sharpe Ratio is a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance. It can be used to compare two portfolios directly on how much excess return each portfolio achieved for a certain level of risk.
Rankings — returns and statistics for each fund are ranked relative to the returns and statistics for all other funds in each category.
R-squared reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. An Rsquared of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, index funds that invest only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low Rsquared indicates that very few of the fund’s movements can be explained by movements in its benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by movements in the benchmark index.
Peers include all of the funds that comprise a Morningstar category.
DEFINITIONS
37
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Individual portfolios within a category invest in similar types of securities and, therefore, share the same risk factors, Individual portfolios within a category can, in general, be expected to behave more similarly to one another than to portfolios outside the category, The aggregate performance of different categories differs materially over time, Categories have enough constituents to form the basis for reasonable peer group comparisons, and The distinctions between categories are meaningful to investors and assist in their pursuit of investing goals.
Chairman’s Council Policy Forum Tab6:42 Large-Cap Funds invest primarily in companies that rank in the top 70% of the capitalization of the U.S. equity market. Mid-Cap Funds focus on medium-size companies or own a mix of small-, mid- and large-cap stocks. The mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the capitalization of the U.S. equity market. Small-Cap Funds invest primarily in companies that rank in the bottom 10% of the capitalization of the U.S. equity market.
Value Funds include a predominance of stocks with low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). Blend Funds hold portfolios in which neither growth nor value characteristics predominate. Growth Funds include a predominance of stocks with fast growth measures (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).
Specialty Funds invest primarily in stocks of companies within a specific sector of the market and are classified by their stated investment objective or by the type of commodities they invest in. Covered sectors include: Communications, Financial, Health, Natural Resources, Real Estate, Technology, Miscellaneous Sectors, Broad Basket Commodities, Energy, Precious Metals, Agriculture, Industrial Metals, Consumer Discretionary, Consumer Staple, Industrials, Equity Energy, and Miscellaneous Commodities.
n n
n
Growth-Value Spectrum: Funds are assigned an overall style through an asset-weighted average of the value/growth scores of the stocks in the portfolio.
n
n
n
Market Capitalization:
Funds that primarily invest in U.S. stocks and other equity securities are generally subdivided based on market capitalization and position on the growth-value spectrum, but also include specialty funds that invest predominantly in one market sector.
STOCK FUNDS
n n n
n
n
Morningstar categories identify funds based on their actual investment styles as measured by their underlying portfolio holdings over a three-year period. If a fund does not have a portfolio history, Morningstar originally estimates its category identification before giving it a more permanent category assignment. Morningstar defines the driving principles behind its category classification system as:
CATEGORIES
38
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Foreign Large Funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios typically have less than 20% of assets invested in U.S. stocks. Foreign Small/Mid Funds primarily invest in stocks that fall in the bottom 30% of each economically integrated market (such as Europe or Asia ex-Japan). These portfolios typically will have less than 20% of assets invested in U.S. stocks.
Chairman’s Council Policy Forum Tab6:43 Value funds primarily hold stocks with low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). Blend funds hold portfolios in which neither growth nor value characteristics predominate. Growth funds primarily hold stocks with fast growth measures (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).
n
n
n
n
Europe Stock Funds invest at least 70% of total assets in equities and at least 75% of stocks in Europe. Many of these funds emphasize the region’s larger and more developed markets, including Britain, the Netherlands, Germany, France, and Switzerland. Many also invest in the region’s smaller markets, including the emerging markets of eastern Europe. Latin America Stock Funds invest at least 70% of total assets in equities and invest at least 75% of stock assets in Latin America. Most of these funds strongly favor the area’s large markets, specifically Brazil, Mexico, and Argentina. Smaller markets such as Peru or Columbia generally aren’t as well represented in these funds. Diversified Emerging Markets Funds invest at least 70% of total assets in equities and invest at least 50% of stock assets in emerging markets. These funds tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. Diversified Pacific/Asia Funds invest at least 70% of total assets in equities and invest at least 75% of stock assets in Pacific countries, including at least 10% in Japan. These funds have a wider investment range than other Asia-oriented portfolios. These funds can invest throughout the Pacific Rim, including Australia and New Zealand. As a result, country weightings for these portfolios vary tremendously, though most retain some exposure to Japan and Hong Kong.
More specialized international equity funds include:
n n
n
Foreign Large Funds may be classified as value, blend or growth funds, while Foreign Small/Mid Funds are categorized as either growth or value funds:
n
n
International Stock Funds that do not specialize in particular regions are categorized as Foreign Funds and further classified according to market capitalization and value/growth characteristics:
Long-Short Funds hold sizable stakes in both long and short positions . Some of these portfolios are market neutral, which means that they divide their exposure equally between long and short positions in an attempt to earn a modest return that is not tied to the market’s fortunes. Other portfolios that are not market neutral will shift their exposure to long and short positions depending upon their macro outlook or the opportunities they uncover through research.
STOCK FUNDS (cont.)
CATEGORIES
39
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
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Ideas Changing the World
Tuesday, September 21, 2010
Pacific/Asia (ex Japan) Stock Funds invest at least 70% of total assets in equities and at least 75% of stock assets in Pacific countries, with less than 10% in Japan. Most of these funds focus on export-oriented nations such as Hong Kong, Singapore, Taiwan, and Korea. Japan Stock Funds invest at least 70% of total assets in equities and at least 75% of stock assets in Japan. The Japanese stock market is one of the largest in the world, so Japan Stock Funds holdings vary significantly. Some funds concentrate on Japan’s larger companies, while others concentrate on smaller firms. World Stock Funds have few geographical limitations. It is common for these funds to invest the majority of their assets in the U.S., Europe, and Japan, with the remainder divided among the globe’s smaller markets. These funds typically have 20%-60% of assets in U.S. stocks.
Chairman’s Council Policy Forum Tab6:44 Conservative Allocation Funds invest in stocks, bonds, and cash, and tend to hold smaller positions in stocks than Moderate Allocation Funds. These funds typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash. Moderate Allocation Funds invest in stocks, bonds, and cash, and tend to hold larger positions in stocks than Conservative Allocation Funds. These funds typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. World Allocation Funds invest in stocks, bonds, and cash. While World Allocation Funds explore the whole world, most focus on the U.S., Canada, Japan, and the larger markets in Europe. These funds typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds.
Convertible Funds are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. To do so, they focus on convertible bonds and convertible preferred stocks. Convertible bonds allow investors to convert the bonds into shares of stock, usually at a preset price. These securities thus act a bit like stocks and a bit like bonds.
Target-Date Funds provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind for retirement or another goal. These funds aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches.
n
n
n
Blended (Balanced) Funds usually provide a blend of capital appreciation and income by investing in a combination of stocks, bonds, and cash. Blended funds also include Target-Date and Lifestyle Funds.
BLENDED FUNDS
n
n
n
STOCK FUNDS (cont.)
CATEGORIES
40
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Long Funds invest in securities with a duration of greater than 6 years or (if duration is unavailable) an average effective maturity of greater than or equal to 10 years. Intermediate Funds invest in securities with a duration of 3.5 to 6 years or (if duration is unavailable) an average effective maturity of 4 to 10 years. Short Funds invest in securities with a duration of 1 to 3.5 or (if duration is unavailable) an average effective maturity of 1 to 4 years.
Chairman’s Council Policy Forum Tab6:45
Emerging Markets Bond Funds invest more than 65% of assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest.
World Bond Funds invest 40% or more of their assets in foreign bonds. Some funds follow a conservative approach, favoring highquality bonds from developed markets. Others are more adventurous and own some lowerquality bonds from developed or emerging markets. Some funds invest exclusively outside the U.S., while others regularly invest in both U.S. and non-U.S. bonds.
Inflation-Protected Bond Funds primarily invest in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer of these types of securities.
Multisector Bond Funds seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These funds typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency at the level of BB (considered speculative for taxable bonds) and below.
High Yield Bond Funds concentrate on lower-quality bonds. These funds primarily invest in U.S. high-income fixedincome securities where at least 65% or more of bond assets are not rated or are rated by a major agency at the level of BB (considered speculative for taxable bonds) and below.
Bank Loan Funds primarily invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark such as the London interbank offered rate, or LIBOR.
Ultrashort Bond Funds invest primarily in investment-grade U.S. fixed-income issues with a duration of less than 1 year or (if duration is unavailable) an average effective maturity of less than 1 year. This category includes corporate and government bond funds, but excludes international, convertible, multisector, and high yield bond funds.
Short-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration of 1 to 3.5 years or (if duration is unavailable) an average effective maturity of 1 to 4 years.
Intermediate-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration of 3.5 to 6 years or (if duration is unavailable) an average effective maturity of 4 to 10 years.
Long-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration greater than 6 years or (if duration is unavailable) an average effective maturity greater than 10 years.
n
n
n
Government Funds have at least 90% of their bond holdings invested in bonds backed by the U.S. government or by government-linked agencies. and are further divided by duration:
Bond Funds invest primarily in fixed-income securities.
BOND FUNDS
CATEGORIES
41
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
The following statistics are not available for Money Market and Stable Value Funds: Alpha, Beta, R-squared, Treynor Ratio, Turnover Ratio, Morningstar Risk 3-Year and Morningstar Rating 3-Year.
Stable Value Funds typically invest in guaranteed investment contracts (GICs) and Synthetic GICs. Traditional GICs are contracts between insurance firms and a retirement plan guaranteeing investors a fixed rate of return. The more common synthetic GICs are high-quality, short- to intermediate-term bonds that are bound by insurance “wrappers.” I f a stable value portfolio falls below the rate of return set by the wrapper, the insurer pays the difference, keeping the fund stable.
Money Market Funds invest in short-term money market securities to provide a level of current income consistent with the preservation of capital.
CASH/STABLE VALUE FUNDS
CATEGORIES
42
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:46
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:47
contact your specific plan representative for more information regarding this data.
*This data has been provided by sources outside of Morningstar, Newkirk/MasteryPOINT and their content providers and is not warranted to be accurate, complete or timely. Please
Morningstar groups funds in categories based on the fund’s underlying portfolio holdings (portfolio statistics and compositions over the past three years). If a fund is new, Morningstar will estimate where the fund will fall until a more permanent category can be assigned. A fund’s category may change based on current information.
Alpha, Beta and R-squared statistics are calculated using the broad-based benchmark as determined by Morningstar. Morningstar does not provide Alpha, Beta and R-squared statistics using the broad-based benchmark for money market funds, and therefore these statistics do not appear for money market funds.
The Morningstar Rating for funds, commonly called the Star Rating, is a measure of a fund’s risk-adjusted return, relative to funds in its category. Funds are ranked from one to five stars. Funds are ranked within their categories and stars are assigned as follows: Top 10% – 5 Stars; Next 22.5% – 4 Stars; Middle 35% - 3 Stars; Next 22.5% - 2 Stars; Bottom 10% - 1 Star.
Total Assets displayed prior to 2/28/2009 reflect only the assets in the individual share class. Beginning with 2/28/2009 data, Total Assets displayed include the assets for all share classes of a fund. Total Assets are reported as of the end of the most recent month available to Morningstar.
The portfolio manager is the individual (or individuals) responsible for the overall fund strategy, as well as the buying and selling decisions of the securities in a fund’s portfolio. I f one manager is considered the lead manager for the fund, that individual’s name, along with the individual’s tenure, is listed. If more than one manager is designated as a lead manager, the lead manager with the longest tenure is listed. If no manager is identified as lead manager, the manager with the longest tenure is listed.
Unless otherwise noted, data displayed are from Morningstar, Inc., or are calculations based on Morningstar data. Historical data may be from S&P or be based on data from S&P. Investment data prior to 6/30/2008 are from Morningstar Xpress data files and may include statistics and rankings based on the earlier inception date of a predecessor share class even though performance is not available for comparable periods. All peer group ranks are calculated by Newkirk. Peer group ranks for performance, Standard Deviation, Beta, Alpha, R-Squared, Treynor, Sharpe, Sortino, and Expense Ratio are truncated to clarify when a standard has been met or surpassed. For example, funds with 24.1% and 24.9% peer group ranks for 1-Year Returns are listed as 24% to indicate that they would fail a 25% standard. Net Assets and Manager Tenure data also are truncated. For example, $49.1 million and $49.9 million for Net Assets are listed as $49 million to indicate that they would fail a $50-million standard.
Performance quoted represents past performance and cannot guarantee future results. Current performance may be lower or higher than the performance shown. Investment return and principal value will fluctuate.An investor's shares, when redeemed, may be worth more or less than their original purchase price. Performance includes the reinvestment of dividends and capital gains. Performance may be hypothetical performance from an older share class and restated by Morningstar to reflect any expense differences between the share classes.
There are no warranties, conditions, guaranties or representations, whether expressed or implied, in law or in fact, oral or in writing. Without limiting the foregoing, MasteryPOINT, its affiliates and each information provider or other third-party supplier expressly disclaims any condition of quality and any implied warranty of title, non-infringement, merchantability or fitness for a particular purpose. Under no circumstances will MasteryPOINT, Inc., its affiliates, their employees, contractors, agents, or any information provider or other thirdparty supplier be liable for any indirect, incidental, special or consequential damages for any errors in the information contained in this report or for any actions taken in reliance thereon, including lost profits, regardless of whether such damages could have been foreseen or prevented.
Third Party Educational Systems, Inc. (MasteryPOINT), Morningstar, Inc., or Newkirk Products, Inc. has made no implied or actual recommendations for action in this report. In providing access to and/or preparing this report, Neither MasteryPOINT, Morningstar, nor Newkirk shall be deemed an agent, fiduciary or co-fiduciary to, of, or for any Plan. Although the information contained within this report has been obtained from sources believed to be reliable, MasteryPOINT does not guarantee the accuracy, adequacy, completeness or availability of any information. Information is subject to change without notice.
This information was prepared by Newkirk Products, Inc. and is intended for distribution to retirement plans only. Copyright 2010 Morningstar, Inc. and Newkirk Products, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers or to Newkirk; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Newkirk nor Morningstar and its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
DISCLAIMERS
43
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS 403(B) PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
SPONSOR: NATIONAL CENTER FOR POLICY ANALYSIS PLAN: NCPA CLOSED FUNDS TO NEW INVESTMENTS
FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Chairman’s Council Policy Forum Tab6:48
DAVID PARK SJP FINANCIAL SERVICES, LLC 300 CRESCENT COURT, SUITE 270 DALLAS, TEXAS 75201 214-624-1007
[email protected]
TO DISCUSS ANY OF THIS REPORT PLEASE CONTACT YOUR REPRESENTATIVE
RICHARD WALKER COO NATIONAL CENTER FOR POLICY ANALYSIS 12770 COIT ROAD SUITE 800 DALLAS, TEXAS 75251 (972) 308-6483
PLAN CONTACT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
HOW TO USE THIS REPORT: MONITORING REPORT SAMPLE
This Investment Report is intended to assist you in meeting your monitoring obligation. The report includes a Monitoring Report and a Performance Report. The Monitoring Report displays all of the plan’s investments alphabetically by asset class. Each investment displays the standards and criteria specified in the IPS and how the investment has performed with respect to those criteria over the current and seven previous periods.
Your plan’s Investment Policy Statement (IPS) requires monitoring of the plan’s investments to ensure that the investments are appropriate for the plan and its participants. In your Investment Policy Statement, standards and criteria have been established for purposes of monitoring plan investments.
INTRODUCTION
1
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:49
Tuesday, September 21, 2010
Description Fail Pass
Score 0 to 74 75 or greater
Chairman’s Council Policy Forum Tab6:50 The Performance Report provides additional detail concerning your plan’s investments. It includes indepth performance information for each investment and its benchmark, as well as risk/expense and other data.
3. Investment Note — The Monitor Report includes notes from previous investment reviews you have conducted and recorded. An investment may or may not have a note attached, based on your own prior decisions. The notes enable you to call attention to considerations about an investment that may be independent of the standards and criteria specified in the IPS.
Based on the calculated investment score, each investment will be classified using the following table
For some standards/periods, data may not be available. This report is configured to not include these items in the calculation of the score.
2. Monitor Score — The score is a percentage of the standards that meet the specified criteria for all reporting periods shown.
This approach is implemented for all time periods and standards. Investments that warrant attention are readily identifiable.
1. Period Highlight — Where an investment underperforms a standard/criteria in a particular time period, that period is highlighted in blue. For example, if your IPS specifies that an investment have a Morningstar rank of 4 stars and the investment has a 3 star rank for the most recent period, that period is highlighted in blue.
The Monitoring Report identifies investments that may merit your attention in three ways:
2
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
Top 50%
Return 3 Yr Rank Standard Dev 3 Yr Rank
Criteria
Standards
YOUR PLAN'S STANDARDS AND CRITERIA
3
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:51
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:52
against any particular firm/fund or investment fund manager.
The following evaluation was prepared by SJP Financial Services, LLC using information provided by the investment managers and other sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation by us for the purchase or sale of any securities. This report is not intended to and should not be construed to constitute a recommendation for or
4
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:53
77 - Pass
Vanguard International Growth Fund (Inv)
79 - Pass
76 - Pass
Vanguard International Value Fund (Inv)
Vanguard Emerging Mkt. Stock Index Fund (Inv)
73 - Fail
Vanguard Small-Cap Value Index Fund (Inv)
77 - Pass
72 - Fail
Vanguard Windsor II Fund (Inv)
77 - Pass
72 - Fail
Vanguard Extended Market Index Fund (Inv)
Vanguard Total Stock Market Index Fund (Inv)
71 - Fail
Vanguard Mid-Cap Value Index Fund (Inv)
Vanguard Small-Cap Growth Index Fund (Inv)
70 - Fail
Vanguard U.S. Growth Fund (Inv)
58 - Fail
Vanguard Short-Term Invest. Grade Fund (Inv)
70 - Fail
58 - Fail
Vanguard Morgan Growth Fund (Inv)
Vanguard Long-Term Bond Index Fund
54 - Fail
Vanguard Inter. Term Invest. Grade Fund (Inv)
68 - Fail
54 - Fail
Vanguard Capital Value Fund (Inv)
Vanguard Intermed.-Term Bond Index Fund (Inv)
51 - Fail
Vanguard Value Index Fund (Inv)
68 - Fail
48 - Fail
Vanguard Global Equity Fund
Vanguard Explorer Fund (Inv)
45 - Fail
Vanguard Mid-Cap Index Fund (Inv)
66 - Fail
44 - Fail
Vanguard Windsor Fund (Inv)
63 - Fail
44 - Fail
Vanguard Strategic Equity Fund
Vanguard Intermed. Term Treasury Fund (Inv)
33 - Fail
Vanguard Growth & Income Fund (Inv)
Vanguard Diversified Equity Fund (Inv)
Score
Investment
YOUR PLAN'S SCORECARD
5
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:54
100 - Pass 100 - Pass
Vanguard PRIMECAP Fund (Adm) Vanguard Wellington Fund (Inv)
100 - Pass
Vanguard PRIMECAP Core Fund
100 - Pass
Vanguard Balanced Index Fund (Inv)
100 - Pass
98 - Pass
Vanguard Target Retirement 2015 Fund
Vanguard LifeStrategy Income Fund
98 - Pass
Vanguard Dividend Growth Fund (Inv)
100 - Pass
96 - Pass
Vanguard Target Retirement 2020 Fund
Vanguard LifeStrategy Growth Fund
91 - Pass
Vanguard Inflation Protected Secs. Fund (Inv)
100 - Pass
90 - Pass
Vanguard Total Bond Market Index Fund (Inv)
Vanguard Growth Index Fund (Inv)
87 - Pass
Vanguard Large Cap Index Fund (Inv)
100 - Pass
81 - Pass
Vanguard European Stock Index Fund (Inv)
100 - Pass
81 - Pass
Vanguard 500 Index Fund (Inv)
Vanguard Equity Income Fund
79 - Pass
Vanguard REIT Index Fund (Inv)
Vanguard Energy Fund
Score
Investment
YOUR PLAN'S SCORECARD
6
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Value
Vanguard Value Index Fund (Inv)
Notes:
Fund Category: Large Value
Vanguard Equity Income Fund
51
100
$4,108KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
15.6 years $12,078KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank
Chairman’s Council Policy Forum Tab6:55 Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
3%
3%
62%
59%
59%
55%
59%
Criteria
JUL 2010
4%
3%
26%
19%
26%
20%
Monitor History:
Ticker: VIVAX
6.6 years
Top 50%
Return 3 Yr Rank
19%
Criteria
JUL 2010
Monitor History:
Ticker: VEIPX
$11,280KK
15.5 years
3%
3%
58%
57%
56%
58%
56%
Q2 2010
$3,839KK
6.5 years
4%
3%
27%
17%
27%
19%
18%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$12,596KK
15.3 years
3%
3%
60%
64%
63%
59%
65%
Q1 2010
$4,238KK
6.3 years
4%
4%
36%
16%
36%
18%
27%
Q1 2010
$3,899KK
5.8 years
4%
3%
40%
17%
38%
18%
26%
$11,641KK
15 years
3%
3%
66%
60%
66%
60%
69%
Q4 2009
$11,030KK
14.8 years
2%
2%
60%
62%
59%
59%
64%
Q3 2009
Monitor History
$4,041KK
6 years
4%
4%
34%
18%
35%
18%
24%
Q3 2009
Monitor History Q4 2009
$9,207KK
14.5 years
2%
2%
58%
60%
54%
59%
60%
Q2 2009
$3,420KK
5.5 years
4%
3%
31%
16%
29%
16%
21%
Q2 2009
$7,681KK
14.3 years
2%
2%
55%
53%
51%
58%
56%
Q1 2009
$2,973KK
5.3 years
3%
3%
20%
19%
21%
20%
17%
Q1 2009
7
$2,618KK
14.1 years
2%
2%
46%
35%
38%
40%
37%
Q4 2008
$2,218KK
9 years
3%
2%
15%
6%
17%
5%
8%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Value
Vanguard Windsor II Fund (Inv)
Notes:
Fund Category: Large Value
Vanguard Windsor Fund (Inv)
72
44
$12,274KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
25.1 years $33,294KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:56 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
4%
4%
52%
Gross Expense Ratio Rank
56%
50%
Top 50%
Top 50%
Alpha 3 Yr Rank
54%
50%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VWNFX
2.1 years
Lowest 50%
56%
Gross Expense Ratio Rank
86%
56%
Top 50%
Top 50%
Alpha 3 Yr Rank
85%
71%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VWNDX
$31,404KK
25 years
4%
4%
53%
54%
52%
54%
52%
Q2 2010
$11,490KK
2 years
3%
3%
48%
86%
53%
85%
72%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$36,704KK
24.8 years
4%
4%
35%
56%
34%
55%
36%
Q1 2010
$13,448KK
1.8 years
3%
3%
50%
86%
50%
85%
60%
Q1 2010
$12,283KK
1.3 years
4%
3%
43%
84%
41%
84%
58%
$34,895KK
24.5 years
4%
4%
35%
57%
34%
55%
37%
Q4 2009
$33,320KK
24.3 years
4%
4%
43%
57%
41%
54%
44%
Q3 2009
Monitor History
$12,685KK
1.5 years
4%
4%
53%
84%
55%
84%
68%
Q3 2009
Monitor History Q4 2009
$29,195KK
24 years
4%
4%
34%
52%
31%
54%
38%
Q2 2009
$10,417KK
10.1 years
4%
3%
51%
84%
51%
84%
72%
Q2 2009
$24,942KK
23.8 years
4%
3%
36%
53%
32%
55%
41%
Q1 2009
$9,511KK
9.8 years
4%
3%
61%
84%
62%
82%
78%
Q1 2009
8
$18,229KK
23.6 years
3%
3%
49%
56%
44%
54%
50%
Q4 2008
$6,643KK
9.6 years
3%
3%
85%
80%
84%
82%
86%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Blend
Vanguard Capital Value Fund (Inv)
Notes:
Fund Category: Large Blend
Vanguard 500 Index Fund (Inv)
54
81
$91,640KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
2.1 years $689KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:57 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
9%
8%
8%
Gross Expense Ratio Rank
100%
3%
Top 50%
Top 50%
Alpha 3 Yr Rank
58% 100%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VCVLX
5.3 years
Lowest 50%
54%
Gross Expense Ratio Rank
46%
49%
Top 50%
Top 50%
Alpha 3 Yr Rank
43%
46%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VFINX
$659KK
2 years
9%
8%
7%
100%
3%
100%
75%
Q2 2010
$86,005KK
5.2 years
3%
3%
52%
50%
50%
43%
47%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$881KK
1.8 years
9%
8%
7%
100%
3%
100%
37%
Q1 2010
$97,855KK
4.9 years
3%
3%
50%
55%
49%
44%
48%
Q1 2010
$89,218KK
4.4 years
3%
3%
58%
59%
57%
42%
55%
$817KK
1.5 years
12%
10%
5%
100%
2%
100%
38%
Q4 2009
$743KK
1.3 years
12%
10%
4%
99%
1%
100%
27%
Q3 2009
Monitor History
$93,283KK
4.7 years
3%
3%
57%
55%
54%
44%
52%
Q3 2009
Monitor History Q4 2009
$490KK
1 years
13%
10%
10%
99%
6%
100%
83%
Q2 2009
$77,889KK
4.2 years
4%
3%
56%
47%
49%
42%
48%
Q2 2009
$256KK
0.8 years
5%
5%
57%
98%
83%
99%
96%
Q1 2009
$66,594KK
3.9 years
3%
2%
48%
45%
39%
40%
41%
Q1 2009
$276KK
9
0.6 years
6%
5%
93%
99%
97%
99%
97%
Q4 2008
$38,778KK
3.8 years
3%
2%
54%
32%
44%
30%
38%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Blend
Vanguard Dividend Growth Fund (Inv)
Notes:
Fund Category: Large Blend
Vanguard Diversified Equity Fund (Inv)
98
63
$1,208KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
4.5 years $3,486KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:58 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
7%
6%
13%
Gross Expense Ratio Rank
2%
17%
Top 50%
Top 50%
Alpha 3 Yr Rank
2%
6%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
8%
7%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VDIGX
5.1 years
Lowest 50%
47%
Gross Expense Ratio Rank
78%
46%
Top 50%
Top 50%
Alpha 3 Yr Rank
75%
58%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VDEQX
$3,250KK
4.4 years
7%
6%
16%
2%
22%
2%
6%
Q2 2010
$1,143KK
5.1 years
8%
7%
45%
79%
44%
75%
57%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$3,247KK
4.2 years
7%
6%
7%
2%
13%
2%
5%
Q1 2010
$1,350KK
4.8 years
7%
6%
40%
79%
42%
76%
50%
Q1 2010
$1,252KK
4.3 years
8%
7%
42%
77%
42%
74%
48%
$2,761KK
3.9 years
8%
7%
9%
3%
15%
3%
4%
Q4 2009
$2,267KK
3.7 years
7%
6%
13%
4%
20%
3%
5%
Q3 2009
Monitor History
$1,305KK
4.6 years
8%
6%
39%
79%
40%
74%
47%
Q3 2009
Monitor History Q4 2009
$2,005KK
3.4 years
7%
6%
5%
5%
8%
4%
3%
Q2 2009
$1,080KK
4.1 years
8%
7%
51%
75%
48%
73%
62%
Q2 2009
$1,745KK
3.2 years
6%
5%
2%
5%
2%
4%
1%
Q1 2009
$852KK
3.8 years
8%
6%
64%
75%
63%
69%
69%
Q1 2009
10
$1,778KK
2.9 years
7%
6%
2%
5%
3%
4%
2%
Q4 2008
$849KK
3.6 years
9%
7%
75%
75%
76%
70%
79%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Blend
Vanguard Large Cap Index Fund (Inv)
Notes:
Fund Category: Large Blend
Vanguard Growth & Income Fund (Inv)
87
33
$4,210KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
6.5 years $3,850KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:59 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
6%
5%
42%
Gross Expense Ratio Rank
58%
40%
Top 50%
Top 50%
Alpha 3 Yr Rank
51%
38%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
7%
6%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VLACX
2.5 years
Lowest 50%
80%
Gross Expense Ratio Rank
67%
80%
Top 50%
Top 50%
Alpha 3 Yr Rank
62%
81%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VQNPX
$3,578KK
6.4 years
5%
5%
44%
54%
42%
50%
39%
Q2 2010
$3,979KK
2.4 years
7%
6%
78%
67%
77%
61%
79%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$3,958KK
6.2 years
6%
5%
41%
55%
40%
51%
38%
Q1 2010
$4,690KK
2.2 years
7%
6%
87%
68%
88%
64%
88%
Q1 2010
$4,694KK
1.7 years
8%
7%
87%
68%
87%
64%
88%
$3,817KK
5.9 years
6%
5%
46%
51%
43%
50%
42%
Q4 2009
$3,779KK
5.7 years
6%
5%
46%
53%
46%
50%
44%
Q3 2009
Monitor History
$4,648KK
1.9 years
8%
6%
89%
68%
87%
63%
88%
Q3 2009
Monitor History Q4 2009
$3,223KK
5.4 years
6%
5%
42%
60%
40%
48%
40%
Q2 2009
$4,178KK
1.4 years
8%
6%
86%
65%
84%
64%
82%
Q2 2009
$2,704KK
5.2 years
4%
3%
38%
47%
29%
47%
35%
Q1 2009
$3,693KK
1.2 years
8%
6%
76%
69%
72%
65%
73%
Q1 2009
$376KK
5 years
4%
4%
39%
54%
34%
43%
33%
Q4 2008
11
$2,922KK
1 years
7%
6%
74%
66%
70%
61%
71%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Blend
Vanguard Total Stock Market Index Fund (Inv)
Notes:
Fund Category: Large Blend
Vanguard LifeStrategy Growth Fund
77
100
$7,038KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
15.6 years $131,006KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank
Chairman’s Council Policy Forum Tab6:60 Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
3%
3%
33%
70%
31%
64%
33%
Criteria
JUL 2010
5%
4%
29%
19%
31%
17%
Monitor History:
Ticker: VTSMX
15.8 years
Top 50%
Return 3 Yr Rank
21%
Criteria
JUL 2010
Monitor History:
Ticker: VASGX
$121,310KK
15.5 years
3%
3%
35%
70%
32%
65%
35%
Q2 2010
$6,656KK
15.8 years
5%
4%
31%
19%
31%
16%
19%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$131,034KK
15.3 years
3%
3%
33%
72%
33%
65%
36%
Q1 2010
$7,282KK
15.5 years
5%
4%
36%
22%
39%
19%
29%
Q1 2010
$6,754KK
15 years
4%
4%
29%
22%
29%
20%
23%
$120,013KK
15 years
3%
3%
37%
72%
36%
66%
40%
Q4 2009
$110,499KK
14.8 years
3%
3%
38%
72%
38%
65%
41%
Q3 2009
Monitor History
$7,005KK
15.3 years
4%
4%
34%
22%
35%
19%
26%
Q3 2009
Monitor History Q4 2009
$92,494KK
14.5 years
3%
3%
44%
69%
38%
63%
44%
Q2 2009
$6,185KK
14.8 years
5%
4%
29%
23%
26%
19%
20%
Q2 2009
$76,365KK
14.3 years
3%
3%
42%
65%
34%
59%
48%
Q1 2009
$5,298KK
14.5 years
5%
4%
25%
22%
20%
19%
18%
Q1 2009
12
$39,440KK
14.1 years
3%
2%
38%
61%
31%
55%
38%
Q4 2008
$6,016KK
14.3 years
5%
5%
21%
21%
18%
17%
16%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Growth
Vanguard Morgan Growth Fund (Inv)
Notes:
Fund Category: Large Growth
Vanguard Growth Index Fund (Inv)
58
100
$15,873KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
6.6 years $7,689KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank
Chairman’s Council Policy Forum Tab6:61 Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
3%
3%
65%
51%
63%
50%
63%
Criteria
JUL 2010
2%
2%
30%
41%
32%
32%
Monitor History:
Ticker: VMRGX
15.6 years
Top 50%
Return 3 Yr Rank
30%
Criteria
JUL 2010
Monitor History:
Ticker: VIGRX
$7,292KK
6.5 years
3%
3%
60%
50%
59%
49%
59%
Q2 2010
$14,825KK
15.5 years
2%
2%
38%
41%
37%
30%
33%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$8,300KK
6.3 years
3%
3%
62%
53%
62%
52%
64%
Q1 2010
$16,745KK
15.3 years
2%
2%
34%
37%
37%
28%
33%
Q1 2010
$14,678KK
14.8 years
2%
2%
45%
39%
42%
28%
37%
$7,930KK
6 years
3%
3%
67%
51%
66%
49%
66%
Q4 2009
$7,490KK
5.8 years
3%
3%
62%
55%
60%
50%
62%
Q3 2009
Monitor History
$15,670KK
15 years
2%
2%
36%
40%
39%
28%
34%
Q3 2009
Monitor History Q4 2009
$6,644KK
5.5 years
3%
2%
64%
56%
60%
49%
61%
Q2 2009
$12,793KK
14.5 years
2%
2%
37%
45%
35%
31%
30%
Q2 2009
$5,689KK
5.3 years
3%
2%
61%
52%
57%
49%
59%
Q1 2009
$10,738KK
14.3 years
2%
1%
38%
44%
31%
28%
28%
Q1 2009
13
$4,114KK
5 years
3%
2%
44%
68%
42%
56%
49%
Q4 2008
$4,279KK
14.1 years
2%
1%
40%
38%
34%
29%
30%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Growth
Vanguard PRIMECAP Fund (Adm)
Notes:
Fund Category: Large Growth
Vanguard PRIMECAP Core Fund
100
100
$4,432KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
25.8 years $26,873KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank
Chairman’s Council Policy Forum Tab6:62 Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
2%
2%
19%
40%
20%
29%
16%
Criteria
JUL 2010
4%
4%
15%
25%
16%
20%
Monitor History:
Ticker: VPMAX
5.6 years
Top 50%
Return 3 Yr Rank
12%
Criteria
JUL 2010
Monitor History:
Ticker: VPCCX
$25,288KK
25.7 years
2%
2%
23%
36%
24%
28%
21%
Q2 2010
$4,195KK
5.6 years
4%
4%
20%
27%
21%
21%
15%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$29,685KK
25.4 years
2%
2%
13%
35%
14%
27%
11%
Q1 2010
$4,861KK
5.3 years
4%
4%
15%
25%
16%
19%
12%
Q1 2010
$4,245KK
4.8 years
4%
3%
17%
33%
21%
20%
14%
$28,832KK
25.2 years
3%
2%
14%
38%
15%
27%
12%
Q4 2009
$27,017KK
24.9 years
2%
2%
20%
36%
22%
23%
16%
Q3 2009
Monitor History
$4,637KK
5.1 years
4%
4%
--
29%
18%
21%
14%
Q3 2009
Monitor History Q4 2009
$23,796KK
24.7 years
2%
2%
20%
30%
22%
21%
14%
Q2 2009
$3,423KK
4.6 years
4%
3%
24%
23%
26%
15%
15%
Q2 2009
$20,539KK
24.4 years
2%
2%
14%
36%
11%
23%
7%
Q1 2009
$2,731KK
4.3 years
4%
3%
17%
20%
15%
17%
7%
Q1 2009
14
$7,286KK
24.2 years
2%
2%
8%
17%
8%
13%
4%
Q4 2008
$2,681KK
4.1 years
4%
3%
17%
11%
16%
9%
8%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Mid-Cap Value
Vanguard Mid-Cap Value Index Fund (Inv)
Notes:
Fund Category: Large Growth
Vanguard U.S. Growth Fund (Inv)
71
70
$3,744KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
4 years $1,227KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:63 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
2%
2%
27%
Gross Expense Ratio Rank
72%
26%
Top 50%
Top 50%
Alpha 3 Yr Rank
70%
36%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VMVIX
6.3 years
Lowest 50%
67%
Gross Expense Ratio Rank
34%
67%
Top 50%
Top 50%
Alpha 3 Yr Rank
26%
60%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VWUSX
$1,144KK
3.9 years
2%
2%
28%
75%
28%
70%
39%
Q2 2010
$3,538KK
6.2 years
4%
3%
62%
32%
61%
25%
53%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$1,312KK
3.6 years
2%
2%
44%
75%
45%
71%
54%
Q1 2010
$4,111KK
6 years
4%
3%
59%
24%
59%
23%
54%
Q1 2010
$3,939KK
5.5 years
3%
3%
57%
27%
60%
20%
50%
$1,042KK
3.4 years
2%
2%
49%
75%
50%
72%
59%
Q4 2009
$1,140KK
3.1 years
2%
2%
47%
76%
49%
72%
57%
Q3 2009
Monitor History
$4,075KK
5.7 years
4%
3%
53%
21%
55%
19%
45%
Q3 2009
Monitor History Q4 2009
$806KK
2.9 years
2%
2%
--
--
--
--
--
Q2 2009
$3,493KK
5.2 years
3%
3%
60%
26%
58%
20%
46%
Q2 2009
$532KK
2.6 years
1%
1%
--
--
--
--
--
Q1 2009
$3,097KK
5 years
3%
3%
79%
23%
74%
20%
59%
Q1 2009
$217KK
15
2.4 years
1%
1%
--
--
--
--
--
Q4 2008
$2,482KK
4.7 years
4%
3%
88%
20%
85%
19%
67%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Mid-Cap Blend
Vanguard Mid-Cap Index Fund (Inv)
Notes:
Fund Category: Mid-Cap Blend
Vanguard Extended Market Index Fund (Inv)
45
72
$13,905KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
12.2 years $21,197KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:64 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
5%
5%
52%
Gross Expense Ratio Rank
67%
52%
Top 50%
Top 50%
Alpha 3 Yr Rank
64%
53%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
7%
6%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VIMSX
12.6 years
Lowest 50%
34%
Gross Expense Ratio Rank
76%
30%
Top 50%
Top 50%
Alpha 3 Yr Rank
72%
40%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VEXMX
$19,947KK
12.1 years
5%
5%
53%
66%
52%
65%
52%
Q2 2010
$12,937KK
12.5 years
7%
6%
31%
76%
30%
73%
43%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$21,760KK
11.9 years
5%
5%
48%
73%
52%
67%
53%
Q1 2010
$13,896KK
12.3 years
6%
6%
40%
75%
42%
74%
47%
Q1 2010
$11,961KK
11.8 years
6%
5%
44%
75%
38%
72%
42%
$19,486KK
11.6 years
5%
4%
55%
70%
54%
67%
55%
Q4 2009
$18,179KK
11.4 years
5%
5%
62%
68%
59%
62%
58%
Q3 2009
Monitor History
$12,546KK
12 years
6%
6%
43%
75%
43%
74%
49%
Q3 2009
Monitor History Q4 2009
$14,595KK
11.1 years
5%
5%
67%
69%
64%
59%
63%
Q2 2009
$10,175KK
11.5 years
6%
5%
50%
76%
48%
73%
51%
Q2 2009
$11,852KK
10.9 years
4%
3%
64%
69%
58%
62%
60%
Q1 2009
$8,066KK
11.3 years
5%
4%
58%
74%
55%
67%
60%
Q1 2009
16
$4,652KK
10.7 years
4%
3%
64%
75%
60%
62%
63%
Q4 2008
$3,080KK
11.1 years
4%
4%
50%
74%
44%
69%
50%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Small Value
Vanguard Small-Cap Value Index Fund (Inv)
Notes:
Fund Category: Mid-Cap Blend
Vanguard Strategic Equity Fund
73
44
$3,054KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
10.7 years $6,050KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:65 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
2%
2%
41%
Gross Expense Ratio Rank
76%
39%
Top 50%
Top 50%
Alpha 3 Yr Rank
75%
43%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
6%
6%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VISVX
4.5 years
Lowest 50%
90%
Gross Expense Ratio Rank
73%
89%
Top 50%
Top 50%
Alpha 3 Yr Rank
73%
89%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VSEQX
$5,615KK
10.6 years
2%
2%
48%
75%
41%
75%
45%
Q2 2010
$2,886KK
4.4 years
6%
6%
88%
76%
89%
74%
88%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$5,912KK
10.3 years
2%
2%
45%
79%
44%
79%
49%
Q1 2010
$3,296KK
4.2 years
6%
6%
93%
77%
93%
77%
92%
Q1 2010
$3,549KK
3.7 years
7%
6%
91%
76%
91%
74%
91%
$5,133KK
10.1 years
2%
2%
47%
79%
47%
79%
53%
Q4 2009
$5,055KK
9.8 years
2%
2%
46%
80%
39%
80%
54%
Q3 2009
Monitor History
$3,362KK
3.9 years
7%
6%
89%
76%
90%
75%
91%
Q3 2009
Monitor History Q4 2009
$3,915KK
9.6 years
2%
2%
43%
79%
40%
76%
50%
Q2 2009
$3,208KK
3.4 years
7%
6%
92%
75%
92%
74%
92%
Q2 2009
$3,075KK
9.3 years
1%
1%
41%
84%
39%
76%
57%
Q1 2009
$2,786KK
3.2 years
6%
5%
92%
79%
92%
73%
88%
Q1 2009
17
$2,435KK
9.1 years
1%
1%
42%
72%
40%
61%
50%
Q4 2008
$3,323KK
3 years
5%
5%
84%
80%
82%
75%
79%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Small Growth
Vanguard Small-Cap Growth Index Fund (Inv)
Notes:
Fund Category: Small Growth
Vanguard Explorer Fund (Inv)
77
68
$8,738KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
5.6 years $5,611KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:66 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
1%
1%
17%
Gross Expense Ratio Rank
89%
15%
Top 50%
Top 50%
Alpha 3 Yr Rank
83%
23%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
2%
2%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VISGX
20.4 years
Lowest 50%
52%
Gross Expense Ratio Rank
47%
52%
Top 50%
Top 50%
Alpha 3 Yr Rank
30%
50%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VEXPX
$5,290KK
5.5 years
1%
1%
21%
89%
16%
84%
30%
Q2 2010
$8,306KK
20.4 years
2%
2%
61%
46%
60%
28%
55%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$5,868KK
5.3 years
1%
1%
22%
88%
16%
81%
24%
Q1 2010
$9,279KK
20.1 years
2%
2%
57%
47%
58%
28%
55%
Q1 2010
$8,464KK
19.6 years
2%
2%
66%
38%
61%
28%
59%
$5,140KK
5 years
1%
1%
15%
88%
13%
81%
21%
Q4 2009
$4,969KK
4.8 years
1%
1%
13%
87%
10%
81%
17%
Q3 2009
Monitor History
$8,648KK
19.9 years
2%
2%
66%
44%
62%
26%
58%
Q3 2009
Monitor History Q4 2009
$3,911KK
4.5 years
1%
1%
18%
85%
14%
78%
28%
Q2 2009
$7,255KK
19.4 years
2%
2%
70%
34%
66%
27%
61%
Q2 2009
$2,829KK
4.3 years
1%
1%
28%
82%
21%
71%
38%
Q1 2009
$6,012KK
19.1 years
2%
2%
67%
32%
57%
24%
54%
Q1 2009
18
$1,871KK
4.1 years
1%
1%
30%
68%
23%
59%
34%
Q4 2008
$4,693KK
18.9 years
2%
2%
69%
43%
63%
24%
59%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Foreign Large Value
Vanguard International Value Fund (Inv)
Notes:
Fund Category: Real Estate
Vanguard REIT Index Fund (Inv)
76
79
$13,710KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
0.2 years $6,610KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:67 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
3%
2%
29%
Gross Expense Ratio Rank
57%
27%
Top 50%
Top 50%
Alpha 3 Yr Rank
58%
30%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VTRIX
14.2 years
Lowest 50%
21%
Gross Expense Ratio Rank
67%
16%
Top 50%
Top 50%
Alpha 3 Yr Rank
71%
31%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VGSIX
$5,969KK
9.5 years
3%
2%
28%
59%
26%
58%
29%
Q2 2010
$12,417KK
14.1 years
3%
3%
15%
68%
15%
71%
30%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$7,081KK
9.3 years
3%
3%
16%
57%
14%
58%
21%
Q1 2010
$13,131KK
13.9 years
3%
3%
22%
64%
24%
70%
35%
Q1 2010
$9,756KK
13.4 years
3%
3%
15%
62%
17%
68%
30%
$6,830KK
9 years
4%
4%
17%
57%
15%
56%
22%
Q4 2009
$6,668KK
8.8 years
4%
4%
20%
60%
21%
60%
21%
Q3 2009
Monitor History
$11,280KK
13.6 years
3%
3%
18%
66%
16%
72%
33%
Q3 2009
Monitor History Q4 2009
$5,533KK
8.5 years
4%
3%
27%
56%
23%
56%
26%
Q2 2009
$6,622KK
13.1 years
3%
3%
34%
60%
36%
66%
48%
Q2 2009
$4,469KK
8.3 years
4%
4%
25%
53%
18%
53%
33%
Q1 2009
$4,750KK
12.9 years
2%
2%
17%
56%
31%
69%
44%
Q1 2009
19
$5,250KK
8.1 years
3%
3%
28%
59%
18%
60%
36%
Q4 2008
$2,732KK
12.7 years
2%
2%
11%
50%
13%
66%
30%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: World Stock
Vanguard Global Equity Fund
Notes:
Fund Category: Foreign Large Blend
Vanguard International Growth Fund (Inv)
48
77
$15,398KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
15 years $3,702KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:68 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
2%
1%
72%
Gross Expense Ratio Rank
85%
68%
Top 50%
Top 50%
Alpha 3 Yr Rank
78%
83%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
6%
6%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VHGEX
7.5 years
Lowest 50%
14%
Gross Expense Ratio Rank
79%
12%
Top 50%
Top 50%
Alpha 3 Yr Rank
77%
18%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VWIGX
$3,421KK
14.9 years
2%
1%
67%
85%
63%
78%
83%
Q2 2010
$14,146KK
7.4 years
6%
6%
15%
78%
13%
77%
19%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$4,013KK
14.6 years
2%
1%
69%
87%
66%
80%
80%
Q1 2010
$16,325KK
7.2 years
6%
5%
12%
79%
12%
77%
15%
Q1 2010
$14,835KK
6.7 years
6%
5%
17%
76%
14%
76%
18%
$3,824KK
14.4 years
3%
3%
71%
86%
70%
78%
79%
Q4 2009
$3,813KK
14.1 years
3%
3%
61%
87%
62%
79%
72%
Q3 2009
Monitor History
$15,755KK
6.9 years
6%
5%
14%
76%
14%
78%
18%
Q3 2009
Monitor History Q4 2009
$3,377KK
13.9 years
3%
3%
68%
83%
67%
78%
80%
Q2 2009
$12,335KK
6.4 years
6%
5%
14%
82%
12%
77%
19%
Q2 2009
$2,953KK
13.6 years
3%
2%
61%
87%
50%
80%
78%
Q1 2009
$9,538KK
6.2 years
6%
5%
14%
80%
11%
79%
20%
Q1 2009
20
$3,567KK
13.4 years
4%
3%
50%
80%
47%
77%
62%
Q4 2008
$7,732KK
5.9 years
7%
5%
27%
80%
22%
78%
40%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Europe Stock
Vanguard European Stock Index Fund (Inv)
Notes:
Fund Category: Diversified Emerging Mkts
Vanguard Emerging Mkt. Stock Index Fund (Inv)
81
79
$44,307KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
17.6 years $12,148KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:69 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
4%
4%
38%
Gross Expense Ratio Rank
60%
35%
Top 50%
Top 50%
Alpha 3 Yr Rank
55%
43%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VEURX
15.6 years
Lowest 50%
33%
Gross Expense Ratio Rank
57%
27%
Top 50%
Top 50%
Alpha 3 Yr Rank
53%
36%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VEIEX
$10,841KK
17.5 years
4%
4%
45%
61%
40%
54%
47%
Q2 2010
$38,258KK
15.5 years
3%
3%
29%
58%
22%
54%
30%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$12,330KK
17.3 years
4%
4%
42%
63%
42%
55%
48%
Q1 2010
$37,440KK
15.3 years
3%
3%
26%
57%
22%
52%
25%
Q1 2010
$25,979KK
14.8 years
2%
2%
27%
61%
23%
56%
27%
$11,864KK
17 years
6%
6%
39%
62%
37%
57%
40%
Q4 2009
$11,106KK
16.8 years
6%
6%
40%
65%
43%
58%
42%
Q3 2009
Monitor History
$32,715KK
15 years
3%
2%
22%
58%
19%
57%
24%
Q3 2009
Monitor History Q4 2009
$11,964KK
16.5 years
6%
6%
37%
63%
31%
57%
38%
Q2 2009
$18,713KK
14.5 years
2%
2%
30%
63%
31%
59%
29%
Q2 2009
$10,842KK
16.3 years
6%
6%
32%
57%
28%
50%
36%
Q1 2009
$11,857KK
14.3 years
2%
2%
18%
71%
16%
61%
28%
Q1 2009
21
$10,342KK
16.1 years
4%
4%
38%
32%
32%
30%
29%
Q4 2008
$5,143KK
14.1 years
2%
2%
42%
53%
38%
45%
39%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Long-Term Bond
Vanguard Long-Term Bond Index Fund
Notes:
Fund Category: Equity Energy
Vanguard Energy Fund
70
100
$10,643KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
2.3 years $3,576KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank
Chairman’s Council Policy Forum Tab6:70 Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
17%
19%
52%
70%
67%
44%
36%
Criteria
JUL 2010
7%
7%
42%
10%
47%
15%
Monitor History:
Ticker: VBLTX
7.6 years
Top 50%
Return 3 Yr Rank
36%
Criteria
JUL 2010
Monitor History:
Ticker: VGENX
$3,492KK
2.2 years
17%
19%
42%
67%
70%
44%
36%
Q2 2010
$9,854KK
4.5 years
8%
8%
38%
17%
46%
17%
35%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$3,024KK
5.2 years
17%
17%
57%
64%
71%
44%
39%
Q1 2010
$11,526KK
4.3 years
5%
5%
41%
22%
46%
17%
39%
Q1 2010
$10,685KK
3.8 years
6%
6%
24%
23%
49%
17%
18%
$2,870KK
4.9 years
19%
19%
58%
65%
70%
47%
47%
Q4 2009
$2,852KK
4.7 years
13%
13%
53%
63%
69%
45%
43%
Q3 2009
Monitor History
$11,427KK
4 years
6%
6%
40%
17%
50%
17%
36%
Q3 2009
Monitor History Q4 2009
$2,679KK
4.4 years
12%
12%
25%
70%
46%
55%
7%
Q2 2009
$9,430KK
3.5 years
5%
5%
12%
26%
14%
17%
11%
Q2 2009
$2,729KK
4.2 years
11%
11%
17%
65%
30%
49%
10%
Q1 2009
$7,395KK
10.3 years
2%
2%
15%
31%
24%
16%
9%
Q1 2009
22
$2,518KK
4 years
11%
11%
10%
67%
14%
51%
7%
Q4 2008
$4,532KK
10 years
2%
2%
9%
26%
15%
19%
11%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Intermediate-Term Bond
Vanguard Intermed.-Term Bond Index Fund (Inv)
Notes:
Fund Category: Intermediate-Term Bond
Vanguard Inter. Term Invest. Grade Fund (Inv)
68
54
$15,344KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
2.3 years $12,178KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:71 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
4%
3%
45%
Gross Expense Ratio Rank
96%
81%
Top 50%
Top 50%
Alpha 3 Yr Rank
81%
11%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
4%
4%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VBIIX
2.2 years
Lowest 50%
64%
Gross Expense Ratio Rank
95%
83%
Top 50%
Top 50%
Alpha 3 Yr Rank
87%
26%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VFICX
$11,642KK
2.2 years
3%
3%
43%
96%
77%
80%
10%
Q2 2010
$14,855KK
16.7 years
4%
4%
62%
95%
81%
86%
30%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$10,299KK
16.1 years
3%
3%
46%
97%
74%
79%
23%
Q1 2010
$14,245KK
16.4 years
4%
3%
61%
94%
76%
85%
38%
Q1 2010
$13,521KK
15.9 years
4%
3%
56%
93%
73%
86%
43%
$9,656KK
15.9 years
4%
3%
42%
97%
69%
80%
21%
Q4 2009
$9,402KK
15.6 years
3%
3%
36%
95%
58%
77%
14%
Q3 2009
Monitor History
$13,774KK
16.2 years
4%
4%
58%
94%
74%
86%
43%
Q3 2009
Monitor History Q4 2009
$8,613KK
15.3 years
3%
3%
28%
97%
47%
82%
10%
Q2 2009
$11,533KK
15.7 years
4%
3%
53%
94%
71%
87%
47%
Q2 2009
$8,585KK
15.1 years
2%
2%
21%
99%
28%
87%
10%
Q1 2009
$9,636KK
15.4 years
3%
3%
50%
94%
68%
87%
56%
Q1 2009
23
$3,318KK
14.8 years
2%
2%
13%
98%
18%
86%
7%
Q4 2008
$3,060KK
15.2 years
3%
3%
46%
95%
63%
87%
54%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Intermediate Government
Vanguard Intermed. Term Treasury Fund (Inv)
Notes:
Fund Category: Intermediate-Term Bond
Vanguard Total Bond Market Index Fund (Inv)
66
90
$84,690KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
9.2 years $6,683KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:72 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
5%
5%
75%
Top 50%
96%
74%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
94%
12%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VFITX
17.7 years
Lowest 50%
19%
Top 50%
56%
41%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
18%
39%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VBMFX
$6,488KK
9.1 years
5%
5%
73%
96%
67%
94%
8%
Q2 2010
$82,855KK
17.6 years
4%
3%
17%
56%
35%
18%
31%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$6,009KK
8.8 years
5%
5%
69%
96%
62%
94%
12%
Q1 2010
$76,685KK
17.3 years
4%
3%
23%
55%
38%
18%
37%
Q1 2010
$63,567KK
16.8 years
3%
2%
15%
49%
23%
16%
23%
$5,954KK
8.6 years
5%
5%
59%
97%
50%
95%
9%
Q4 2009
$6,138KK
8.4 years
4%
4%
53%
97%
43%
93%
7%
Q3 2009
Monitor History
$67,871KK
17.1 years
4%
3%
20%
59%
33%
19%
30%
Q3 2009
Monitor History Q4 2009
$6,265KK
8.1 years
4%
4%
44%
97%
32%
94%
2%
Q2 2009
$57,430KK
16.6 years
3%
2%
11%
66%
16%
19%
13%
Q2 2009
$7,120KK
7.8 years
4%
4%
14%
97%
2%
94%
2%
Q1 2009
$54,017KK
16.3 years
2%
2%
9%
71%
11%
23%
8%
Q1 2009
24
$3,265KK
7.7 years
4%
4%
4%
97%
2%
92%
2%
Q4 2008
$29,687KK
16.1 years
2%
2%
7%
68%
9%
25%
8%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Inflation-Protected Bond
Vanguard Inflation Protected Secs. Fund (Inv)
Notes:
Fund Category: Short-Term Bond
Vanguard Short-Term Invest. Grade Fund (Inv)
91
58
$37,304KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
10.1 years $31,768KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:73 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
7%
6%
44%
Gross Expense Ratio Rank
29%
41%
Top 50%
Top 50%
Alpha 3 Yr Rank
60%
43%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
5%
4%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VIPSX
2.2 years
Lowest 50%
58%
Gross Expense Ratio Rank
85%
61%
Top 50%
Top 50%
Alpha 3 Yr Rank
76%
28%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VFSTX
$31,413KK
10 years
7%
6%
41%
28%
39%
57%
37%
Q2 2010
$36,741KK
27.5 years
5%
4%
56%
84%
60%
73%
27%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$29,661KK
9.8 years
7%
6%
41%
28%
38%
60%
42%
Q1 2010
$35,812KK
27.3 years
4%
4%
54%
83%
50%
75%
30%
Q1 2010
$29,993KK
26.8 years
3%
3%
50%
81%
52%
74%
36%
$27,599KK
9.5 years
8%
6%
35%
29%
32%
53%
38%
Q4 2009
$25,248KK
9.3 years
6%
5%
41%
26%
34%
51%
41%
Q3 2009
Monitor History
$32,788KK
27 years
4%
4%
55%
81%
51%
75%
34%
Q3 2009
Monitor History Q4 2009
$22,342KK
9 years
6%
5%
21%
30%
22%
50%
25%
Q2 2009
$24,891KK
26.5 years
4%
3%
49%
79%
53%
71%
43%
Q2 2009
$19,294KK
8.8 years
5%
5%
19%
28%
19%
49%
19%
Q1 2009
$20,417KK
26.3 years
3%
3%
49%
73%
53%
61%
52%
Q1 2009
25
$8,593KK
8.6 years
4%
4%
32%
36%
30%
51%
38%
Q4 2008
$9,179KK
26 years
3%
3%
47%
75%
55%
60%
51%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Moderate Allocation
Vanguard Balanced Index Fund (Inv)
Notes:
Fund Category: Conservative Allocation
Vanguard LifeStrategy Income Fund
100
100
$2,103KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
9.6 years $9,184KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank
Chairman’s Council Policy Forum Tab6:74 Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
1%
1%
20%
19%
20%
18%
17%
Criteria
JUL 2010
1%
1%
13%
10%
24%
9%
Monitor History:
Ticker: VBINX
15.8 years
Top 50%
Return 3 Yr Rank
21%
Criteria
JUL 2010
Monitor History:
Ticker: VASIX
$8,790KK
9.5 years
1%
1%
24%
19%
21%
17%
16%
Q2 2010
$2,030KK
15.8 years
1%
1%
12%
11%
22%
9%
13%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$9,473KK
9.3 years
1%
1%
24%
21%
24%
18%
22%
Q1 2010
$1,947KK
15.5 years
1%
1%
20%
10%
26%
9%
25%
Q1 2010
$1,761KK
15 years
1%
1%
16%
13%
18%
10%
15%
$9,019KK
9 years
1%
1%
32%
21%
30%
19%
25%
Q4 2009
$8,715KK
8.8 years
1%
1%
31%
24%
27%
18%
26%
Q3 2009
Monitor History
$1,834KK
15.3 years
1%
1%
26%
11%
29%
8%
25%
Q3 2009
Monitor History Q4 2009
$7,838KK
8.5 years
1%
1%
24%
23%
22%
19%
19%
Q2 2009
$1,695KK
14.8 years
1%
1%
7%
16%
10%
12%
7%
Q2 2009
$6,993KK
8.3 years
1%
1%
21%
24%
19%
20%
17%
Q1 2009
$1,564KK
14.5 years
1%
1%
6%
19%
6%
17%
8%
Q1 2009
26
$2,731KK
8 years
1%
1%
25%
16%
22%
11%
17%
Q4 2008
$1,639KK
14.3 years
1%
1%
8%
18%
7%
14%
8%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Target Date 2011-2015
Vanguard Target Retirement 2015 Fund
Notes:
Fund Category: Moderate Allocation
Vanguard Wellington Fund (Inv)
98
100
$49,245KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
Chairman’s Council Policy Forum Tab6:75 6.8 years $11,832KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
1%
1%
20%
Gross Expense Ratio Rank
18%
21%
Top 50%
Top 50%
Alpha 3 Yr Rank
18%
21%
Lowest 50%
Lowest 50%
Standard Dev 3 Yr Rank
Sharpe Ratio 3 Yr Rank
Top 50%
Return 3 Yr Rank
JUL 2010
2%
2%
--
29%
13%
28%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VTXVX
7.6 years
Top 50%
Return 3 Yr Rank
13%
Criteria
JUL 2010
Monitor History:
Ticker: VWELX
$10,918KK
6.7 years
1%
1%
23%
18%
21%
18%
22%
Q2 2010
$46,839KK
7.5 years
2%
2%
15%
29%
16%
27%
14%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$11,485KK
6.4 years
1%
1%
12%
19%
12%
19%
12%
Q1 2010
$50,323KK
7.3 years
2%
2%
11%
29%
12%
28%
11%
Q1 2010
$45,270KK
6.8 years
2%
2%
11%
32%
11%
29%
11%
$10,405KK
6.2 years
1%
1%
17%
25%
18%
21%
20%
Q4 2009
$9,507KK
5.9 years
1%
1%
19%
34%
25%
19%
22%
Q3 2009
Monitor History
$47,742KK
7 years
2%
2%
10%
30%
10%
28%
10%
Q3 2009
Monitor History Q4 2009
$8,016KK
5.7 years
1%
1%
20%
38%
25%
23%
21%
Q2 2009
$40,052KK
6.5 years
2%
2%
7%
34%
7%
29%
9%
Q2 2009
$6,812KK
5.4 years
1%
1%
23%
51%
24%
37%
25%
Q1 2009
$35,070KK
6.3 years
2%
2%
7%
35%
6%
27%
11%
Q1 2009
27
$7,051KK
5.3 years
1%
1%
13%
11%
12%
8%
11%
Q4 2008
$23,233KK
6 years
1%
1%
7%
32%
6%
27%
8%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Target Date 2016-2020
Vanguard Target Retirement 2020 Fund
96
4.2 years $8,347KK
Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
1%
1%
21%
Gross Expense Ratio Rank
39%
23%
Top 50%
Top 50%
Alpha 3 Yr Rank
35%
24%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VTWNX
$7,487KK
4.1 years
1%
1%
34%
40%
27%
36%
29%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$7,610KK
3.8 years
1%
1%
17%
30%
12%
30%
9%
Q1 2010
$6,577KK
3.6 years
2%
1%
19%
29%
14%
23%
14%
$5,706KK
3.3 years
1%
1%
18%
30%
19%
26%
17%
Q3 2009
Monitor History Q4 2009
$4,537KK
3.1 years
1%
1%
14%
33%
12%
32%
17%
Q2 2009
$3,759KK
2.8 years
1%
1%
--
--
--
--
--
Q1 2009
Chairman’s Council Policy Forum Tab6:76 28
$3,598KK
2.6 years
1%
1%
--
--
--
--
--
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:77
to the funds and the investment company. Please read it carefully before investing.
Note: For complete information about any fund contained herein please see the fund's prospectus and consider the investment objectives, risks, charges and expenses of the Investment Company carefully, before investing or sending money. The prospectus contains this and other important information related
In addition to the expense ratio of the fund there may be additional expenses for the plan including fees deducted from plan asset for recordkeeping services such as participant loan and distribution. The Plan pays 50bps (Basis Points) Investment Advisory Fees. Participants investing in the Model Portfolios are charged 100bps (Basis Points). For additional information on the Model Portfolios please refer the SJP Model Portfolio Disclosure Report.
As expense ratio is a fund's annual operating expenses expressed as a percentage of average net assets and includes management fees, administrative fees, and any marketing and distribution fees. Expense ratios directly reduce returns to investors. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does not reflect the fund's brokerage costs or any investor charges. For publicaly traded mutual funds, the net prospectus expense ratio is collected from the fund's most recent prospectus and provided by Morningstar. This is the percentage of fund assets paid for operating expenses and management fees. In contrast to the net expense ratio, the gross expense ratio does not reflect any fee waivers in effect during the time period. Morningstar pulls the prospectus gross expense ratio from the fund's most recent prospectus. Collective Trust Fund expense ratios and the Model Portfolio expense ratios are provided by the investment managers.
Investment options without a ticker symbol are Collective Trust Funds or Managed Portfolios, which are not publicly traded mutual funds and are not listed in public stock market listings such as the Wall Street Journal. Quarter-end returns are for the most recent quarter-end performance. (Quarter-end periods are 3/31, 6/30, 9/30, 12/31)
Investment returns and principal value of an investment will fluctuate so that when an investor's shares are redeemed, they may be worth more or less than the original cost. The returns represent past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, go to www.sjp401k.com. The 7-day yield more closely reflects the current earnings of the money market fund than the total return quotation.
29
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:78 VLACX VASGX VTSMX
Vanguard Growth & Income Fund (Inv)
Vanguard Large Cap Index Fund (Inv)
Vanguard LifeStrategy Growth Fund
Vanguard Total Stock Market Index Fund (Inv)
-8.29%
-7.24%
-8.50%
-7.20%
-7.38%
-7.15%
-7.07%
-6.95%
-6.91%
-7.14%
-4.09%
-6.91%
-6.37%
-5.83%
-7.62%
-8.37%
-6.73%
-5.89%
-6.95%
-8.10%
-8.21%
-6.76%
-4.79%
3 Month Total
--
--
87%
49%
52%
46%
44%
--
--
59%
6%
48%
30%
22%
74%
88%
39%
--
--
71%
74%
40%
14%
% Rank
-4.74%
-2.02%
-5.16%
-3.58%
-1.49%
-0.52%
-1.06%
-1.43%
-0.76%
0.57%
1.64%
-0.13%
0.24%
-1.25%
-0.85%
-0.54%
-0.18%
0.53%
-0.26%
-2.16%
-1.05%
0.74%
1.40%
YTD
--
--
93%
79%
40%
24%
32%
--
--
19%
9%
32%
25%
61%
53%
45%
34%
--
--
87%
62%
28%
18%
% Rank
11.60%
11.88%
7.84%
10.66%
12.77%
14.42%
13.77%
11.52%
12.62%
14.98%
13.57%
14.01%
13.16%
12.89%
13.67%
20.71%
13.72%
10.83%
12.92%
12.47%
13.95%
14.28%
14.34%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Morningstar Large Cap Growth Index
VWUSX
Vanguard U.S. Growth Fund (Inv)
VPMAX
Vanguard PRIMECAP Fund (Adm)
Category Average
VPCCX
Vanguard PRIMECAP Core Fund
VIGRX VMRGX
Vanguard Morgan Growth Fund (Inv)
Vanguard Growth Index Fund (Inv)
LARGE GROWTH
VQNPX
Vanguard Dividend Growth Fund (Inv)
Morningstar Large Cap Index
VDIGX
Vanguard Diversified Equity Fund (Inv)
VDEQX
Vanguard Capital Value Fund (Inv)
Category Average
VFINX VCVLX
Vanguard 500 Index Fund (Inv)
LARGE BLEND
VWNFX
Vanguard Windsor II Fund (Inv)
VWNDX
Vanguard Windsor Fund (Inv)
Morningstar Large Cap Value Index
VIVAX
Category Average
VEIPX
Vanguard Value Index Fund (Inv)
Ticker
Vanguard Equity Income Fund
LARGE VALUE
Fund Name
Fund Performance and Benchmarks
--
--
87%
62%
35%
21%
27%
--
--
15%
31%
24%
39%
44%
29%
4%
28%
--
--
53%
32%
28%
27%
% Rank
-5.53%
-5.57%
-6.07%
-2.91%
-2.29%
-6.32%
-4.12%
-6.92%
-6.96%
-6.09%
-5.07%
-6.43%
-8.54%
-2.82%
-7.23%
-7.22%
-6.82%
-11.08%
-8.20%
-8.32%
-9.55%
-8.83%
-5.83%
3 Year Annual
--
--
60%
16%
12%
63%
30%
--
--
33%
21%
38%
81%
6%
58%
58%
46%
--
--
50%
71%
59%
19%
% Rank
-0.83%
0.23%
-1.05%
3.04%
3.17%
0.53%
0.80%
-0.20%
-0.22%
0.27%
1.48%
0.14%
-1.74%
3.19%
-0.44%
0.72%
-0.25%
-1.73%
-0.77%
-0.70%
-1.56%
-0.65%
0.97%
5 Year Annual
--
--
73%
9%
8%
42%
36%
--
--
38%
17%
40%
84%
4%
55%
28%
50%
--
--
48%
68%
47%
19%
% Rank
-8.57%
-2.52%
-7.56%
1.58%
--
-0.94%
-2.67%
-1.89%
0.09%
0.06%
1.63%
--
-1.26%
2.05%
--
--
-0.86%
2.36%
3.00%
3.79%
3.37%
1.53%
3.77%
10 Year Annual
--
--
98%
8%
--
30%
54%
--
--
45%
25%
--
72%
21%
--
--
60%
--
--
36%
45%
79%
37%
30
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Mid Cap Value Index
Morningstar Small Cap Value Index
Chairman’s Council Policy Forum Tab6:79
Morningstar Real Estate Category Average -1.47%
-1.47%
-1.65%
-6.85%
-8.04%
-8.20%
-7.41%
-8.38%
-8.89%
-9.10%
-6.94%
-7.69%
-8.15%
-7.06%
-7.98%
-7.84%
-7.56%
-7.49%
3 Month Total
--
--
66%
--
--
55%
40%
--
--
55%
--
--
69%
32%
62%
--
--
48%
% Rank
15.12%
15.12%
15.88%
4.83%
2.91%
5.05%
4.40%
7.20%
5.85%
6.32%
4.83%
3.39%
2.55%
4.60%
5.18%
4.87%
3.86%
5.41%
YTD
--
--
34%
--
--
25%
30%
--
--
39%
--
--
66%
40%
26%
--
--
22%
% Rank
51.15%
51.15%
53.67%
15.64%
16.97%
20.77%
18.51%
31.20%
21.30%
23.57%
23.77%
19.45%
19.34%
24.22%
21.56%
24.93%
21.12%
26.19%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Category Average
Vanguard REIT Index Fund (Inv) VGSIX
REAL ESTATE
Morningstar Small Cap Growth Index
VISGX
Vanguard Small-Cap Growth Index Fund (Inv)
Category Average
VEXPX
Vanguard Explorer Fund (Inv)
SMALL GROWTH
Category Average
Vanguard Small-Cap Value Index Fund (Inv) VISVX
SMALL VALUE
VSEQX
Vanguard Strategic Equity Fund
Morningstar Mid Cap Index
VIMSX
Vanguard Mid-Cap Index Fund (Inv)
Category Average
VEXMX
Vanguard Extended Market Index Fund (Inv)
MID-CAP BLEND
VMVIX
Ticker
Category Average
Vanguard Mid-Cap Value Index Fund (Inv)
MID-CAP VALUE
Fund Name
Fund Performance and Benchmarks
--
--
30%
--
--
22%
37%
--
--
24%
--
--
54%
15%
36%
--
--
12%
% Rank
-4.73%
-4.73%
-2.95%
-4.34%
-5.74%
-3.32%
-5.45%
0.15%
-4.08%
-3.52%
-4.98%
-5.32%
-9.23%
-5.23%
-4.02%
-5.07%
-5.52%
-4.53%
3 Year Annual
--
--
31%
--
--
23%
50%
--
--
43%
--
--
89%
53%
40%
--
--
36%
% Rank
-0.18%
-0.18%
0.98%
0.75%
0.43%
2.22%
-0.01%
2.21%
0.84%
0.58%
1.51%
0.81%
-2.28%
1.35%
1.57%
0.62%
0.87%
--
5 Year Annual
--
--
35%
--
--
23%
58%
--
--
56%
--
--
91%
46%
40%
--
--
--
% Rank
9.10%
9.10%
9.72%
-1.91%
0.74%
5.15%
2.93%
10.91%
8.74%
7.60%
4.76%
4.26%
5.03%
5.50%
2.49%
8.53%
7.04%
--
10 Year Annual
--
--
39%
--
--
13%
25%
--
--
71%
--
--
48%
39%
78%
--
--
--
32
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:80
Morningstar Developed ex US Index
Category Average
Morningstar Energy Sector Index -10.44%
-9.14%
-9.01%
-3.86%
-2.94%
-2.01%
-1.69%
-1.45%
-0.98%
-4.92%
-4.59%
-5.22%
-3.86%
-3.43%
-2.32%
-3.86%
-3.92%
-4.03%
3 Month Total
--
--
32%
--
--
38%
--
--
42%
--
--
60%
--
--
19%
--
--
59%
% Rank
-5.73%
-7.82%
-6.81%
-3.33%
-4.15%
-6.17%
1.34%
2.19%
1.74%
-1.88%
-1.47%
-0.26%
-3.33%
-3.75%
-1.00%
-3.33%
-4.43%
-5.10%
YTD
--
--
52%
--
--
54%
--
--
53%
--
--
33%
--
--
12%
--
--
59%
% Rank
5.71%
6.77%
6.66%
7.50%
11.86%
6.33%
20.89%
19.93%
19.57%
11.69%
11.39%
13.27%
7.50%
7.28%
11.36%
7.50%
5.99%
5.89%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
VGENX
Vanguard Energy Fund
EQUITY ENERGY
Category Average
Vanguard European Stock Index Fund (Inv) VEURX
Morningstar Emerging Markets Index
EUROPE STOCK
Category Average
Vanguard Emerging Mkt. Stock Index Fund (Inv) VEIEX
Morningstar Global Index
DIVERSIFIED EMERGING MKTS
Category Average
Vanguard Global Equity Fund VHGEX
Morningstar Developed ex US Index
WORLD STOCK
Category Average
Vanguard International Growth Fund (Inv) VWIGX
Morningstar Developed ex US Index
FOREIGN LARGE BLEND
VTRIX
Ticker
Category Average
Vanguard International Value Fund (Inv)
FOREIGN LARGE VALUE
Fund Name
Fund Performance and Benchmarks
--
--
60%
--
--
61%
--
--
50%
--
--
29%
--
--
12%
--
--
44%
% Rank
-6.92%
-9.07%
-5.16%
-9.56%
-11.00%
-10.69%
0.83%
-3.42%
-1.56%
-7.21%
-7.35%
-10.66%
-9.56%
-9.92%
-6.69%
-9.56%
-10.34%
-8.94%
3 Year Annual
--
--
36%
--
--
43%
--
--
36%
--
--
83%
--
--
18%
--
--
30%
% Rank
4.29%
3.20%
5.84%
3.03%
2.37%
1.96%
16.41%
11.34%
12.27%
2.74%
1.80%
0.92%
3.03%
2.32%
4.96%
3.03%
1.82%
3.72%
5 Year Annual
--
--
16%
--
--
45%
--
--
32%
--
--
62%
--
--
15%
--
--
17%
% Rank
8.82%
9.17%
13.97%
2.61%
3.03%
1.78%
12.46%
10.56%
11.66%
1.94%
1.27%
5.88%
2.61%
1.14%
2.41%
2.61%
3.12%
4.22%
10 Year Annual
--
--
14%
--
--
56%
--
--
31%
--
--
10%
--
--
29%
--
--
31%
33
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Long-Term US Government/Corporate Bond Index
Chairman’s Council Policy Forum Tab6:81
Morningstar TIPS Index 1.48%
1.04%
1.32%
1.27%
1.07%
1.43%
4.94%
3.35%
5.07%
4.18%
2.79%
3.46%
5.34%
3.86%
6.64%
4.09%
6.67%
3 Month Total
--
--
33%
--
--
21%
--
--
5%
--
--
12%
1%
4%
--
--
4%
% Rank
4.39%
4.18%
4.20%
2.72%
3.25%
4.14%
7.67%
5.86%
7.91%
7.27%
6.67%
6.32%
9.32%
9.22%
11.00%
9.81%
11.59%
YTD
--
--
50%
--
--
24%
--
--
6%
--
--
61%
3%
4%
--
--
28%
% Rank
9.94%
9.35%
9.33%
4.30%
6.34%
7.97%
8.83%
7.95%
8.77%
9.78%
11.50%
8.75%
12.36%
14.69%
13.34%
16.13%
13.49%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Category Average
Vanguard Inflation Protected Secs. Fund (Inv) VIPSX
Morningstar Short-Term US Government/Corporate Bond Index
INFLATION-PROTECTED BOND
Category Average
Vanguard Short-Term Invest. Grade Fund (Inv) VFSTX
Morningstar Intermediate US Government Bond Index
SHORT-TERM BOND
Category Average
Vanguard Intermed. Term Treasury Fund (Inv) VFITX
INTERMEDIATE GOVERNMENT
VBMFX
Vanguard Total Bond Market Index Fund (Inv)
Morningstar Intermediate US Government/Corporate Bond Index
VBIIX
Vanguard Intermed.-Term Bond Index Fund (Inv)
Category Average
VFICX
Vanguard Inter. Term Invest. Grade Fund (Inv)
INTERMEDIATE-TERM BOND
VBLTX
Ticker
Category Average
Vanguard Long-Term Bond Index Fund
LONG-TERM BOND
Fund Name
Fund Performance and Benchmarks
--
--
38%
--
--
22%
--
--
27%
--
--
81%
36%
15%
--
--
72%
% Rank
6.99%
5.64%
6.38%
5.39%
3.90%
5.24%
9.10%
6.94%
8.81%
8.26%
6.55%
7.57%
9.10%
8.01%
9.99%
7.85%
9.48%
3 Year Annual
--
--
43%
--
--
28%
--
--
12%
--
--
39%
11%
26%
--
--
36%
% Rank
5.53%
4.45%
5.11%
4.86%
3.80%
4.95%
6.85%
5.27%
6.65%
6.36%
5.08%
5.88%
6.60%
6.15%
6.78%
5.67%
6.29%
5 Year Annual
--
--
31%
--
--
19%
--
--
8%
--
--
32%
12%
23%
--
--
35%
% Rank
7.47%
6.43%
7.12%
5.03%
4.07%
4.97%
6.93%
5.51%
6.97%
6.90%
5.84%
6.20%
7.32%
6.94%
7.99%
7.44%
8.04%
10 Year Annual
--
--
37%
--
--
17%
--
--
2%
--
--
36%
8%
12%
--
--
37%
34
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Conservative Target Risk Index
Chairman’s Council Policy Forum Tab6:82
Morningstar Lifetime Moderate 2020 Index -2.66%
-2.57%
-2.99%
-1.81%
-2.36%
-2.27%
-2.45%
-3.31%
-2.38%
-2.90%
0.98%
-0.86%
1.20%
3 Month Total
--
--
57%
--
--
42%
--
--
18%
36%
--
--
3%
% Rank
2.19%
2.15%
2.25%
2.61%
2.25%
2.74%
1.98%
1.61%
1.96%
3.07%
3.36%
3.43%
5.16%
YTD
--
--
40%
--
--
26%
--
--
38%
12%
--
--
11%
% Rank
---
12.75%
49%
--
--
48%
--
--
48%
34%
--
--
65%
% Rank
12.73%
12.80%
12.04%
12.65%
12.39%
11.47%
11.88%
12.14%
12.79%
7.75%
11.91%
10.50%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Category Average
Vanguard Target Retirement 2020 Fund VTWNX
Morningstar Lifetime Moderate 2015 Index
TARGET DATE 2016-2020
Category Average
Vanguard Target Retirement 2015 Fund VTXVX
Morningstar Moderate Target Risk Index
TARGET DATE 2011-2015
Vanguard Wellington Fund (Inv)
Category Average
VBINX VWELX
Vanguard Balanced Index Fund (Inv)
MODERATE ALLOCATION
VASIX
Ticker
Category Average
Vanguard LifeStrategy Income Fund
CONSERVATIVE ALLOCATION
Fund Name
Fund Performance and Benchmarks
-0.98%
-3.31%
-1.79%
0.45%
-2.76%
-0.72%
-0.01%
-2.36%
0.11%
-0.26%
4.42%
1.09%
3.13%
3 Year Annual
--
--
24%
--
--
21%
--
--
13%
17%
--
--
21%
% Rank
4.15%
1.62%
--
4.52%
1.89%
3.03%
4.15%
1.88%
4.49%
2.87%
4.99%
2.94%
4.22%
5 Year Annual
--
--
--
--
--
15%
--
--
5%
25%
--
--
17%
% Rank
4.60%
1.04%
--
4.98%
0.29%
--
4.72%
2.70%
6.34%
2.91%
5.64%
3.60%
4.73%
10 Year Annual
--
--
--
--
--
--
--
--
3%
45%
--
--
19%
35
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
VLACX VASGX VTSMX
Vanguard Growth & Income Fund (Inv)
Vanguard Large Cap Index Fund (Inv)
Vanguard LifeStrategy Growth Fund
Vanguard Total Stock Market Index Fund (Inv)
Chairman’s Council Policy Forum Tab6:83
Vanguard U.S. Growth Fund (Inv)
Morningstar Mid Cap Value Index
VMVIX
Category Average
Vanguard Mid-Cap Value Index Fund (Inv)
MID-CAP VALUE
VWUSX
Vanguard PRIMECAP Fund (Adm)
Morningstar Large Cap Growth Index
VPMAX
Vanguard PRIMECAP Core Fund
VPCCX
Vanguard Morgan Growth Fund (Inv)
Category Average
VIGRX VMRGX
Vanguard Growth Index Fund (Inv)
LARGE GROWTH
VQNPX
Vanguard Dividend Growth Fund (Inv)
Morningstar Large Cap Index
VDIGX
Vanguard Diversified Equity Fund (Inv)
VDEQX
Vanguard Capital Value Fund (Inv)
Category Average
VFINX VCVLX
Vanguard 500 Index Fund (Inv)
LARGE BLEND
VWNFX
Vanguard Windsor II Fund (Inv)
Morningstar Large Cap Value Index
VWNDX
Vanguard Windsor Fund (Inv)
VIVAX
Category Average
VEIPX
Vanguard Value Index Fund (Inv)
Ticker
Vanguard Equity Income Fund
LARGE VALUE
Fund Name
Historical Performance (Previous 8 Years)
36.05%
35.57%
37.61%
44.37%
36.02%
34.95%
34.60%
36.96%
36.10%
36.29%
24.76%
28.77%
28.70%
24.99%
27.60%
22.42%
21.74%
33.81%
81.46%
26.49%
11.38%
24.10%
27.05%
34.69%
19.58%
17.10%
2009
--
--
37%
--
--
49%
51%
39%
42%
41%
--
--
43%
71%
50%
83%
85%
18%
1%
57%
--
--
28%
10%
69%
85%
% Rank
-35.95%
-37.50%
-36.64%
-41.87%
-40.46%
-37.82%
-32.33%
-31.32%
-41.43%
-38.32%
-36.21%
-37.75%
-37.04%
-34.39%
-37.08%
-37.72%
-25.57%
-39.45%
-48.84%
-37.02%
-36.11%
-36.59%
-36.70%
-41.10%
-35.97%
-30.95%
2008
--
--
47%
--
--
29%
5%
4%
60%
34%
--
--
42%
20%
43%
57%
2%
72%
97%
41%
--
--
56%
84%
45%
12%
% Rank
-5.52%
1.01%
-4.37%
12.34%
14.51%
10.15%
11.61%
7.04%
11.22%
12.56%
6.69%
6.13%
5.49%
7.46%
6.29%
2.62%
7.00%
4.35%
-7.65%
5.39%
-0.43%
2.09%
2.23%
-3.30%
0.09%
4.86%
2007
--
--
85%
--
--
74%
65%
89%
68%
57%
--
--
52%
34%
43%
83%
38%
71%
100%
54%
--
--
53%
88%
69%
28%
% Rank
18.81%
16.28%
--
5.68%
7.93%
1.77%
12.49%
12.31%
11.09%
9.01%
15.91%
14.74%
15.51%
16.13%
15.49%
14.01%
19.58%
12.85%
18.90%
15.64%
25.78%
18.34%
18.25%
19.35%
22.15%
20.62%
2006
--
--
--
--
--
91%
17%
18%
23%
41%
--
--
36%
24%
36%
63%
7%
79%
9%
31%
--
--
53%
38%
9%
22%
% Rank
11.54%
9.70%
--
3.43%
7.87%
11.15%
8.67%
12.08%
9.09%
5.09%
4.87%
6.54%
5.98%
6.88%
6.12%
5.82%
4.23%
--
4.21%
4.77%
7.05%
6.68%
7.01%
4.99%
7.09%
4.37%
2005
--
--
--
--
--
25%
39%
18%
37%
71%
--
--
54%
39%
51%
56%
78%
--
79%
68%
--
--
44%
67%
43%
75%
% Rank
24.30%
19.38%
--
0.19%
9.42%
7.03%
18.47%
--
10.47%
7.20%
9.54%
11.21%
12.52%
12.58%
--
11.11%
11.02%
--
15.38%
10.74%
14.05%
13.97%
18.31%
13.38%
15.29%
13.57%
2004
--
--
--
--
--
70%
3%
--
38%
69%
--
--
29%
28%
--
46%
47%
--
10%
52%
--
--
10%
57%
31%
53%
% Rank
35.94%
37.98%
--
30.65%
29.72%
26.10%
37.96%
--
33.73%
25.92%
27.04%
29.08%
31.35%
28.52%
--
30.15%
29.20%
--
41.74%
28.50%
26.26%
29.17%
30.08%
37.01%
32.25%
25.14%
2003
--
--
--
--
--
63%
13%
--
24%
65%
--
--
23%
45%
--
31%
38%
--
4%
45%
--
--
36%
9%
23%
80%
% Rank
-10.00%
-13.43%
--
-33.15%
-25.80%
-35.80%
-24.47%
--
-23.52%
-23.68%
-23.47%
-20.85%
-20.96%
-15.84%
--
-21.92%
-23.16%
--
-28.07%
-22.15%
-15.05%
-17.06%
-16.86%
-22.25%
-20.91%
-15.65%
2002
--
--
--
--
--
93%
41%
--
35%
36%
--
--
44%
13%
--
53%
76%
--
96%
56%
--
--
51%
80%
75%
43%
36
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Small Cap Value Index
Chairman’s Council Policy Forum Tab6:84
Category Average
Morningstar Developed ex US Index
Vanguard International Growth Fund (Inv) VWIGX
Morningstar Developed ex US Index
FOREIGN LARGE BLEND
Category Average
Vanguard International Value Fund (Inv) VTRIX
Morningstar Real Estate Category Average
FOREIGN LARGE VALUE
Category Average
Vanguard REIT Index Fund (Inv) VGSIX
Morningstar Small Cap Growth Index
REAL ESTATE
VISGX
Vanguard Small-Cap Growth Index Fund (Inv)
Category Average
VEXPX
Vanguard Explorer Fund (Inv)
SMALL GROWTH
VISVX
Category Average
Vanguard Small-Cap Value Index Fund (Inv)
SMALL VALUE
Morningstar Mid Cap Index
VSEQX
Vanguard Strategic Equity Fund
VIMSX
Category Average
VEXMX
Vanguard Mid-Cap Index Fund (Inv)
Ticker
Vanguard Extended Market Index Fund (Inv)
MID-CAP BLEND
Fund Name
Historical Performance (Previous 8 Years)
34.50%
31.80%
41.63%
34.50%
30.62%
33.77%
30.77%
30.77%
29.58%
32.98%
35.65%
41.85%
36.21%
40.28%
32.98%
30.34%
39.03%
37.81%
32.06%
40.22%
37.43%
2009
--
--
12%
--
--
32%
--
--
46%
--
--
26%
44%
--
--
50%
--
--
71%
27%
34%
% Rank
-43.82%
-44.04%
-44.94%
-43.82%
-42.46%
-41.74%
-39.40%
-39.40%
-37.05%
-39.92%
-40.87%
-40.00%
-40.40%
-31.67%
-32.53%
-32.05%
-40.45%
-39.16%
-41.51%
-41.82%
-38.73%
2008
--
--
62%
--
--
42%
--
--
34%
--
--
40%
44%
--
--
53%
--
--
67%
68%
55%
% Rank
13.70%
13.28%
15.98%
13.70%
9.68%
12.66%
-17.02%
-17.02%
-16.46%
11.08%
9.36%
9.63%
5.06%
-8.15%
-5.75%
-7.07%
5.23%
5.54%
-1.84%
6.02%
4.33%
2007
--
--
26%
--
--
22%
--
--
43%
--
--
48%
70%
--
--
58%
--
--
90%
50%
64%
% Rank
26.62%
24.95%
25.92%
26.62%
26.16%
27.37%
32.66%
32.73%
35.07%
10.04%
11.66%
11.95%
9.70%
20.03%
17.10%
19.24%
14.32%
13.39%
13.43%
13.60%
14.27%
2006
--
--
39%
--
--
40%
--
--
44%
--
--
50%
63%
--
--
28%
--
--
45%
44%
36%
% Rank
15.79%
15.78%
15.00%
15.79%
13.55%
17.96%
11.50%
11.50%
11.89%
5.77%
7.27%
8.64%
9.28%
5.12%
6.64%
6.07%
12.70%
9.58%
9.97%
13.93%
10.29%
2005
--
--
46%
--
--
13%
--
--
62%
--
--
38%
33%
--
--
61%
--
--
51%
14%
48%
% Rank
21.90%
17.57%
18.95%
21.90%
21.67%
19.77%
31.59%
31.59%
30.76%
13.48%
13.55%
16.06%
13.75%
24.03%
20.76%
23.55%
19.66%
16.96%
20.49%
20.35%
18.71%
2004
--
--
33%
--
--
64%
--
--
73%
--
--
31%
49%
--
--
22%
--
--
22%
24%
31%
% Rank
41.09%
35.52%
34.45%
41.09%
38.02%
41.90%
37.00%
37.00%
35.65%
52.65%
45.20%
42.88%
44.25%
48.87%
44.38%
37.19%
38.38%
39.48%
43.83%
34.14%
43.43%
2003
--
--
50%
--
--
25%
--
--
67%
--
--
57%
49%
--
--
80%
--
--
24%
63%
27%
% Rank
-15.33%
-15.67%
-17.79%
-15.33%
-12.51%
-13.35%
4.33%
4.33%
3.75%
-36.87%
-27.01%
-15.41%
-24.58%
-8.24%
-10.26%
-14.20%
-18.06%
-15.46%
-13.14%
-14.61%
-18.06%
2002
--
--
69%
--
--
52%
--
--
51%
--
--
7%
37%
--
--
68%
--
--
40%
48%
73%
37
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Developed ex US Index
Chairman’s Council Policy Forum Tab6:85
Morningstar Energy Sector Index
Morningstar Long-Term US Government/Corporate Bond Index
VBMFX
Vanguard Total Bond Market Index Fund (Inv)
Morningstar Intermediate US Government/Corporate Bond Index
VBIIX
Vanguard Intermed.-Term Bond Index Fund (Inv)
Category Average
VFICX
Vanguard Inter. Term Invest. Grade Fund (Inv)
INTERMEDIATE-TERM BOND
Category Average
Vanguard Long-Term Bond Index Fund VBLTX
Category Average
LONG-TERM BOND
VGENX
Vanguard Energy Fund
EQUITY ENERGY
Category Average
Vanguard European Stock Index Fund (Inv) VEURX
Morningstar Emerging Markets Index
EUROPE STOCK
Category Average
Vanguard Emerging Mkt. Stock Index Fund (Inv) VEIEX
Morningstar Global Index
DIVERSIFIED EMERGING MKTS
VHGEX
Ticker
Category Average
Vanguard Global Equity Fund
WORLD STOCK
Fund Name
Historical Performance (Previous 8 Years)
4.56%
13.99%
5.93%
6.79%
17.73%
3.30%
18.09%
1.76%
19.46%
43.86%
38.36%
34.50%
46.12%
31.91%
80.89%
73.67%
75.98%
35.52%
35.13%
32.98%
2009
--
--
91%
86%
25%
--
--
98%
--
--
61%
--
--
57%
--
--
37%
--
--
48%
% Rank
6.81%
-3.87%
5.05%
4.93%
-6.16%
8.85%
-4.63%
8.64%
-37.30%
-50.97%
-42.87%
-43.82%
-49.45%
-44.73%
-52.00%
-54.38%
-52.81%
-41.87%
-41.63%
-46.66%
2008
--
--
11%
12%
63%
--
--
15%
--
--
12%
--
--
28%
--
--
37%
--
--
80%
% Rank
8.51%
5.03%
6.92%
7.61%
6.14%
7.54%
3.33%
6.59%
35.78%
41.05%
37.00%
13.70%
13.26%
13.82%
41.62%
37.25%
38.90%
12.79%
12.03%
11.67%
2007
--
--
13%
7%
30%
--
--
24%
--
--
68%
--
--
48%
--
--
40%
--
--
49%
% Rank
4.17%
4.18%
4.27%
3.91%
4.43%
2.88%
4.19%
2.67%
23.07%
12.56%
19.68%
26.62%
34.86%
33.42%
43.12%
32.58%
29.39%
22.43%
19.63%
23.59%
2006
--
--
36%
55%
28%
--
--
84%
--
--
10%
--
--
50%
--
--
75%
--
--
18%
% Rank
0.89%
1.84%
2.40%
1.75%
1.97%
4.14%
2.41%
5.32%
34.37%
45.85%
44.60%
15.79%
15.34%
9.26%
31.73%
32.75%
32.05%
11.92%
11.53%
11.77%
2005
--
--
20%
59%
46%
--
--
11%
--
--
60%
--
--
73%
--
--
58%
--
--
50%
% Rank
3.80%
4.19%
4.24%
5.22%
4.75%
7.30%
7.86%
8.40%
33.02%
33.43%
36.65%
21.90%
23.50%
20.86%
25.97%
24.43%
26.12%
16.56%
15.33%
20.09%
2004
--
--
47%
13%
26%
--
--
47%
--
--
22%
--
--
41%
--
--
33%
--
--
14%
% Rank
4.63%
5.59%
3.97%
5.65%
6.29%
5.51%
9.92%
5.50%
25.53%
29.43%
33.80%
41.09%
42.47%
38.70%
56.21%
56.08%
57.65%
35.43%
35.38%
44.51%
2003
--
--
66%
35%
30%
--
--
68%
--
--
22%
--
--
54%
--
--
33%
--
--
17%
% Rank
12.35%
8.23%
8.26%
10.85%
10.28%
14.06%
10.60%
14.35%
-13.80%
-10.31%
-0.62%
-15.33%
-10.48%
-17.95%
-5.30%
-5.93%
-7.43%
-18.98%
-18.30%
-5.61%
2002
--
--
57%
4%
9%
--
--
1%
--
--
13%
--
--
62%
--
--
65%
--
--
5%
38
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:86
Morningstar Conservative Target Risk Index
Morningstar Moderate Target Risk Index
Vanguard Wellington Fund (Inv)
Category Average
VBINX VWELX
Vanguard Balanced Index Fund (Inv)
MODERATE ALLOCATION
Category Average
Vanguard LifeStrategy Income Fund VASIX
Morningstar TIPS Index
CONSERVATIVE ALLOCATION
Category Average
Vanguard Inflation Protected Secs. Fund (Inv) VIPSX
Morningstar Short-Term US Government/Corporate Bond Index
INFLATION-PROTECTED BOND
Category Average
Vanguard Short-Term Invest. Grade Fund (Inv) VFSTX
Morningstar Intermediate US Government Bond Index
SHORT-TERM BOND
VFITX
Ticker
Category Average
Vanguard Intermed. Term Treasury Fund (Inv)
INTERMEDIATE GOVERNMENT
Fund Name
Historical Performance (Previous 8 Years)
21.92%
24.20%
22.20%
20.05%
9.61%
20.63%
12.08%
11.13%
10.88%
10.80%
4.18%
9.51%
14.03%
-1.43%
4.74%
-1.69%
2009
--
--
64%
77%
--
--
90%
--
--
34%
--
--
14%
--
--
93%
% Rank
-22.19%
-27.71%
-22.30%
-22.21%
-3.88%
-18.92%
-10.53%
-1.71%
-4.05%
-2.85%
4.89%
-2.92%
-4.74%
14.08%
5.49%
13.32%
2008
--
--
14%
14%
--
--
10%
--
--
60%
--
--
74%
--
--
4%
% Rank
8.63%
6.35%
8.34%
6.16%
8.04%
4.72%
6.70%
11.75%
10.17%
11.59%
7.31%
4.70%
5.86%
10.29%
6.35%
9.98%
2007
--
--
24%
54%
--
--
18%
--
--
9%
--
--
21%
--
--
2%
% Rank
12.95%
11.61%
14.97%
11.02%
6.74%
8.63%
7.93%
0.50%
0.23%
0.43%
4.14%
4.06%
4.99%
3.55%
3.50%
3.14%
2006
--
--
9%
58%
--
--
60%
--
--
25%
--
--
10%
--
--
68%
% Rank
7.04%
5.27%
6.82%
4.65%
3.31%
3.64%
3.23%
2.95%
2.15%
2.59%
1.57%
1.53%
2.20%
1.08%
1.98%
2.31%
2005
--
--
21%
61%
--
--
66%
--
--
23%
--
--
14%
--
--
33%
% Rank
11.48%
9.23%
11.17%
9.33%
6.52%
7.02%
6.01%
8.52%
7.25%
8.27%
1.46%
1.71%
2.11%
3.00%
3.15%
3.40%
2004
--
--
20%
48%
--
--
67%
--
--
21%
--
--
25%
--
--
42%
% Rank
22.48%
21.00%
20.75%
19.87%
10.03%
14.27%
10.77%
8.18%
6.74%
8.00%
3.07%
3.11%
4.20%
2.73%
1.85%
2.37%
2003
--
--
52%
58%
--
--
81%
--
--
20%
--
--
15%
--
--
22%
% Rank
-6.69%
-10.91%
-6.90%
-9.52%
4.62%
-3.29%
0.12%
16.90%
14.72%
16.61%
7.28%
5.28%
5.22%
13.48%
9.39%
14.15%
2002
--
--
15%
37%
--
--
22%
--
--
11%
--
--
54%
--
--
1%
39
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:87
Category Average
Morningstar Lifetime Moderate 2020 Index
Vanguard Target Retirement 2020 Fund VTWNX
Morningstar Lifetime Moderate 2015 Index
TARGET DATE 2016-2020
VTXVX
Ticker
Category Average
Vanguard Target Retirement 2015 Fund
TARGET DATE 2011-2015
Fund Name
Historical Performance (Previous 8 Years)
24.28%
25.42%
23.10%
21.34%
24.44%
21.30%
2009
--
--
70%
--
--
78%
% Rank
-26.27%
-30.63%
-27.04%
-21.83%
-29.34%
-24.06%
2008
--
--
22%
--
--
10%
% Rank
9.74%
6.04%
7.52%
9.74%
6.00%
7.55%
2007
--
--
31%
--
--
28%
% Rank
14.88%
12.22%
--
13.02%
11.73%
11.42%
2006
--
--
--
--
--
34%
% Rank
8.85%
5.81%
--
7.86%
5.15%
4.94%
2005
--
--
--
--
--
52%
% Rank
15.00%
9.85%
--
13.78%
7.94%
9.04%
2004
--
--
--
--
--
10%
% Rank
30.42%
21.41%
--
27.14%
18.40%
--
2003
--
--
--
--
--
--
% Rank
-11.30%
-12.21%
--
-8.57%
-12.48%
--
2002
--
--
--
--
--
--
40
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
VIVAX VWNDX VWNFX
Vanguard Windsor Fund (Inv)
Vanguard Windsor II Fund (Inv)
Chairman’s Council Policy Forum Tab6:88 VDEQX VDIGX VQNPX VLACX VASGX VTSMX
Vanguard Capital Value Fund (Inv)
Vanguard Diversified Equity Fund (Inv)
Vanguard Dividend Growth Fund (Inv)
Vanguard Growth & Income Fund (Inv)
Vanguard Large Cap Index Fund (Inv)
Vanguard LifeStrategy Growth Fund
Vanguard Total Stock Market Index Fund (Inv)
VPMAX VWUSX
Vanguard PRIMECAP Core Fund
Vanguard PRIMECAP Fund (Adm)
Vanguard U.S. Growth Fund (Inv)
Vanguard Mid-Cap Value Index Fund (Inv)
VSEQX
Vanguard Strategic Equity Fund
Vanguard Small-Cap Value Index Fund (Inv)
VISGX
Vanguard Small-Cap Growth Index Fund (Inv) 27.68%
24.83%
28.43%
26.16%
25.44%
26.15%
26.00%
21.02%
21.22%
20.72%
22.05%
21.30%
21.82%
19.64%
21.24%
21.70%
17.05%
22.44%
32.20%
21.14%
21.85%
23.92%
22.02%
19.89%
3 Year Std. Dev.
83%
30%
75%
73%
64%
72%
70%
26%
29%
20%
50%
32%
64%
17%
51%
62%
2%
75%
100%
43%
54%
85%
55%
20%
% Rank
22.76%
20.58%
22.91%
21.53%
20.60%
21.23%
--
17.09%
17.20%
16.73%
17.90%
17.17%
17.58%
15.80%
17.10%
17.47%
13.91%
18.11%
25.64%
17.03%
17.66%
19.38%
17.86%
16.01%
5 Year Std. Dev.
80%
27%
73%
75%
61%
72%
--
25%
28%
17%
48%
27%
61%
14%
47%
59%
2%
73%
100%
39%
52%
86%
56%
17%
% Rank
3
3
3
2
3
3
3
3
4
5
3
4
3
4
3
2
5
3
1
3
3
2
3
4
Mstar 3 year Rating
4
3
4
4
4
4
4
2
3
2
3
3
4
2
3
3
1
4
5
3
3
4
3
2
Mstar 3 year Risk
4
3
3
2
3
3
--
3
5
5
3
4
3
4
3
2
5
3
2
3
3
3
3
4
Mstar 5 year Rating
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
VEXPX
Vanguard Explorer Fund (Inv)
SMALL GROWTH
VISVX
VIMSX
Vanguard Mid-Cap Index Fund (Inv)
SMALL VALUE
VEXMX
Vanguard Extended Market Index Fund (Inv)
MID-CAP BLEND
VMVIX
VPCCX
Vanguard Morgan Growth Fund (Inv)
MID-CAP VALUE
VIGRX VMRGX
Vanguard Growth Index Fund (Inv)
LARGE GROWTH
VFINX VCVLX
Vanguard 500 Index Fund (Inv)
LARGE BLEND
VEIPX
Vanguard Value Index Fund (Inv)
Ticker
Vanguard Equity Income Fund
LARGE VALUE
Fund Name
Risk / Expense
4
2
4
4
3
4
--
2
3
2
3
3
3
2
3
3
1
4
5
3
3
4
3
2
Mstar 5 year Risk
4
4
3
2
3
3
3
2
5
5
3
4
3
4
3
2
5
3
2
3
3
3
3
4
Mstar Overall Rating
0.28%
0.54%
0.28%
0.30%
0.27%
0.30%
0.30%
0.49%
0.37%
0.54%
0.48%
0.28%
0.18%
0.23%
0.26%
0.35%
0.38%
0.43%
0.45%
0.18%
0.38%
0.33%
0.26%
0.36%
Net Expense Ratio
1%
2%
2%
6%
5%
7%
2%
3%
2%
4%
3%
2%
3%
5%
6%
7%
7%
8%
9%
3%
4%
3%
3%
4%
% Rank
0.28%
0.54%
0.28%
0.30%
0.27%
0.30%
0.30%
0.49%
0.37%
0.54%
0.48%
0.28%
0.18%
0.23%
0.26%
0.35%
0.38%
0.43%
0.45%
0.18%
0.38%
0.33%
0.26%
0.36%
Gross Expense Ratio
1%
2%
2%
6%
5%
6%
2%
3%
2%
4%
3%
2%
3%
4%
5%
6%
6%
7%
8%
3%
4%
3%
3%
3%
% Rank
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
12b1 Fee
0.23%
0.50%
0.23%
0.25%
0.22%
0.26%
0.24%
0.45%
0.34%
0.50%
0.44%
0.24%
0.15%
--
0.20%
0.31%
0.35%
--
0.40%
0.15%
0.34%
0.30%
0.22%
0.32%
Mgmt. Expense
0.05%
0.04%
0.05%
0.05%
0.05%
0.04%
0.06%
0.04%
0.03%
0.04%
0.04%
0.04%
0.03%
0.23%
0.06%
0.04%
0.03%
0.43%
0.05%
0.03%
0.04%
0.03%
0.04%
0.04%
41
Other Expenses
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:89 VBMFX
Vanguard Total Bond Market Index Fund (Inv)
Vanguard Intermed. Term Treasury Fund (Inv)
VASIX
VIPSX
VFSTX
7.27%
8.91%
4.19%
6.34%
4.17%
6.88%
7.64%
11.92%
29.62%
28.48%
34.18%
26.74%
27.41%
26.71%
40.53%
3 Year Std. Dev.
9%
60%
76%
94%
18%
81%
87%
44%
15%
55%
53%
78%
77%
58%
71%
% Rank
5.83%
7.37%
3.31%
5.36%
3.71%
5.82%
6.25%
10.19%
26.00%
23.06%
28.67%
21.66%
22.27%
21.88%
32.75%
5 Year Std. Dev.
10%
63%
71%
95%
21%
84%
87%
49%
17%
52%
50%
76%
73%
62%
70%
% Rank
4
3
4
4
4
4
4
3
5
3
3
2
4
3
3
Mstar 3 year Rating
2
3
4
5
2
4
4
3
2
3
3
4
4
3
4
Mstar 3 year Risk
4
3
4
4
4
4
4
3
5
3
3
2
4
4
3
Mstar 5 year Rating
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard LifeStrategy Income Fund
CONSERVATIVE ALLOCATION
Vanguard Inflation Protected Secs. Fund (Inv)
INFLATION-PROTECTED BOND
Vanguard Short-Term Invest. Grade Fund (Inv)
SHORT-TERM BOND
VFITX
VBIIX
INTERMEDIATE GOVERNMENT
VFICX
Vanguard Intermed.-Term Bond Index Fund (Inv)
VBLTX
VGENX
VEURX
VEIEX
VHGEX
VWIGX
VTRIX
VGSIX
Ticker
Vanguard Inter. Term Invest. Grade Fund (Inv)
INTERMEDIATE-TERM BOND
Vanguard Long-Term Bond Index Fund
LONG-TERM BOND
Vanguard Energy Fund
EQUITY ENERGY
Vanguard European Stock Index Fund (Inv)
EUROPE STOCK
Vanguard Emerging Mkt. Stock Index Fund (Inv)
DIVERSIFIED EMERGING MKTS
Vanguard Global Equity Fund
WORLD STOCK
Vanguard International Growth Fund (Inv)
FOREIGN LARGE BLEND
Vanguard International Value Fund (Inv)
FOREIGN LARGE VALUE
Vanguard REIT Index Fund (Inv)
REAL ESTATE
Fund Name
Risk / Expense
2
3
4
5
2
4
4
3
2
3
3
4
4
3
4
Mstar 5 year Risk
4
4
4
5
4
5
4
3
5
3
3
3
4
3
3
Mstar Overall Rating
0.23%
0.25%
0.24%
0.25%
0.22%
0.22%
0.24%
0.22%
0.38%
0.27%
0.40%
0.47%
0.53%
0.45%
0.26%
Net Expense Ratio
1%
7%
5%
5%
3%
4%
4%
17%
7%
4%
3%
2%
6%
3%
3%
% Rank
0.23%
0.25%
0.24%
0.25%
0.22%
0.22%
0.24%
0.22%
0.38%
0.27%
0.40%
0.47%
0.53%
0.45%
0.26%
Gross Expense Ratio
1%
6%
4%
5%
3%
3%
4%
19%
7%
4%
3%
1%
6%
2%
3%
% Rank
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
12b1 Fee
--
0.22%
0.21%
0.21%
0.18%
0.19%
0.21%
0.18%
0.35%
0.21%
0.30%
0.41%
0.47%
0.39%
0.22%
Mgmt. Expense
0.23%
0.03%
0.03%
0.04%
0.04%
0.03%
0.03%
0.04%
0.03%
0.06%
0.10%
0.06%
0.06%
0.06%
0.04%
42
Other Expenses
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:90
VTWNX
VTXVX 16.15%
14.58%
14.38%
13.64%
3 Year Std. Dev.
35%
18%
28%
18%
% Rank
--
11.63%
11.56%
10.94%
5 Year Std. Dev.
--
39%
28%
18%
% Rank
4
4
4
4
Mstar 3 year Rating
3
2
3
2
Mstar 3 year Risk
--
4
5
4
Mstar 5 year Rating
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard Target Retirement 2020 Fund
TARGET DATE 2016-2020
Vanguard Target Retirement 2015 Fund
TARGET DATE 2011-2015
VBINX VWELX
Vanguard Wellington Fund (Inv)
Ticker
Vanguard Balanced Index Fund (Inv)
MODERATE ALLOCATION
Fund Name
Risk / Expense
--
2
3
2
Mstar 5 year Risk
4
4
5
4
Mstar Overall Rating
0.18%
0.17%
0.34%
0.25%
Net Expense Ratio
1%
1%
2%
1%
% Rank
0.18%
0.17%
0.34%
0.25%
Gross Expense Ratio
1%
1%
2%
1%
% Rank
--
--
--
--
12b1 Fee
--
--
0.31%
0.21%
Mgmt. Expense
0.18%
0.17%
0.03%
0.04%
43
Other Expenses
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
VIVAX VWNDX VWNFX
Vanguard Windsor Fund (Inv)
Vanguard Windsor II Fund (Inv)
VLACX VASGX VTSMX
Vanguard Large Cap Index Fund (Inv)
Vanguard LifeStrategy Growth Fund
Vanguard Total Stock Market Index Fund (Inv)
Chairman’s Council Policy Forum Tab6:91 VPMAX VWUSX
Vanguard PRIMECAP Core Fund
Vanguard PRIMECAP Fund (Adm)
Vanguard U.S. Growth Fund (Inv)
Vanguard Mid-Cap Value Index Fund (Inv)
VSEQX
Vanguard Strategic Equity Fund
Vanguard Small-Cap Value Index Fund (Inv)
VISGX
Vanguard Small-Cap Growth Index Fund (Inv) 05/21/1998
12/11/1967
05/21/1998
08/14/1995
05/21/1998
12/21/1987
08/17/2006
01/06/1959
11/01/1984
12/09/2004
12/31/1968
11/02/1992
04/27/1992
09/30/1994
01/27/2004
12/10/1986
05/15/1992
06/10/2005
12/17/2001
08/31/1976
06/24/1985
10/23/1958
11/02/1992
03/21/1988
Inception
12.2
42.6
12.2
15
12.2
22.6
4
51.6
25.7
5.6
41.6
17.7
18.3
15.8
6.5
23.6
18.2
5.1
8.6
33.9
25.1
51.8
17.7
22.4
Product History
$5,610.84
$8,737.65
$6,049.89
$3,053.52
$21,196.94
$13,905.18
$1,226.80
$3,743.78
$26,872.85
$4,432.16
$7,688.89
$15,873.42
$131,005.68
$7,037.80
$3,849.95
$4,210.36
$3,485.71
$1,207.74
$688.84
$91,639.95
$33,293.57
$12,274.05
$12,077.68
$4,107.82
Total Assets ($mil)
$1,287.76
$1,955.89
$1,249.12
$2,900.96
$5,269.89
$1,793.49
$5,087.06
$48,774.18
$31,864.12
$26,342.40
$22,499.51
$35,999.00
$25,408.23
$28,266.70
$37,911.08
$42,405.21
$53,088.61
$22,328.59
$14,279.20
$46,012.97
$45,996.86
$23,640.92
$39,858.50
$45,589.39
Average Market Cap ($mil)
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
VEXPX
Vanguard Explorer Fund (Inv)
SMALL GROWTH
VISVX
VIMSX
Vanguard Mid-Cap Index Fund (Inv)
SMALL VALUE
VEXMX
Vanguard Extended Market Index Fund (Inv)
MID-CAP BLEND
VMVIX
VPCCX
Vanguard Morgan Growth Fund (Inv)
MID-CAP VALUE
VIGRX VMRGX
Vanguard Growth Index Fund (Inv)
LARGE GROWTH
VDIGX VQNPX
Vanguard Diversified Equity Fund (Inv)
Vanguard Growth & Income Fund (Inv)
VDEQX
Vanguard Capital Value Fund (Inv)
Vanguard Dividend Growth Fund (Inv)
VFINX VCVLX
Vanguard 500 Index Fund (Inv)
LARGE BLEND
VEIPX
Vanguard Value Index Fund (Inv)
Ticker
Vanguard Equity Income Fund
LARGE VALUE
Fund Name
Management
Gerard O'Reilly
John Granahan
Michael Buek
James Troyer
Donald Butler
Donald Butler
Donald Butler
John Jostrand
Howard Schow
Joel P. Fried
James Stetler
Gerard O'Reilly
Gerard O'Reilly
Management Team
Ryan Ludt
Oliver Buckley
Donald Kilbride
Duane Kelly
Peter Higgins
Michael Buek
James Barrow
James Mordy
Gerard O'Reilly
James Stetler
Manager
5.6
20.4
10.7
4.5
12.2
12.6
4
6.3
25.8
5.6
6.6
15.6
15.6
15.8
6.5
2.5
4.5
5.1
2.1
5.3
25.1
2.1
15.6
6.6
Manager Tenure
1002
979
991
660
459
3026
258
80
113
137
345
422
3390
5
754
138
50
9
149
506
236
170
422
159
Number of Holdings
38%
95%
33%
60%
21%
17%
47%
101%
4%
5%
87%
29%
5%
12%
8%
83%
24%
5%
300%
12%
41%
61%
31%
51%
Turnover Ratio
14%
46%
16%
53%
23%
17%
27%
62%
2%
2%
56%
15%
5%
19%
14%
68%
31%
6%
97%
19%
37%
55%
27%
45%
% Rank
4.87%
8.92%
4.33%
10.52%
5.44%
3.72%
9.43%
38.05%
33.67%
27.94%
22.63%
26.02%
15.40%
44
100.00%
17.43%
24.78%
26.27%
100.00%
23.13%
18.86%
27.48%
20.56%
30.26%
28.62%
% In Top 10
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:92 VBMFX
Vanguard Total Bond Market Index Fund (Inv)
Vanguard Intermed. Term Treasury Fund (Inv)
VASIX
VIPSX
VFSTX
09/30/1994
06/29/2000
10/29/1982
10/28/1991
12/11/1986
03/01/1994
11/01/1993
03/01/1994
05/23/1984
06/18/1990
05/04/1994
08/14/1995
09/30/1981
05/16/1983
05/13/1996
Inception
15.8
10.1
27.8
18.8
23.6
16.4
16.7
16.4
26.2
20.1
16.2
15
28.8
27.2
14.2
Product History
$2,103.22
$31,767.87
$37,304.04
$6,683.12
$84,689.56
$12,177.93
$15,344.33
$3,575.86
$10,642.90
$12,148.20
$44,307.23
$3,701.50
$15,397.77
$6,610.46
$13,710.24
Total Assets ($mil)
$39,646.54
--
--
--
--
--
--
--
$42,398.34
$37,357.24
$16,196.04
$16,076.39
$27,175.31
$30,668.15
$4,737.54
Average Market Cap ($mil)
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard LifeStrategy Income Fund
CONSERVATIVE ALLOCATION
Vanguard Inflation Protected Secs. Fund (Inv)
INFLATION-PROTECTED BOND
Vanguard Short-Term Invest. Grade Fund (Inv)
SHORT-TERM BOND
VFITX
VBIIX
INTERMEDIATE GOVERNMENT
VFICX
Vanguard Intermed.-Term Bond Index Fund (Inv)
VBLTX
VGENX
VEURX
VEIEX
VHGEX
VWIGX
VTRIX
VGSIX
Ticker
Vanguard Inter. Term Invest. Grade Fund (Inv)
INTERMEDIATE-TERM BOND
Vanguard Long-Term Bond Index Fund
LONG-TERM BOND
Vanguard Energy Fund
EQUITY ENERGY
Vanguard European Stock Index Fund (Inv)
EUROPE STOCK
Vanguard Emerging Mkt. Stock Index Fund (Inv)
DIVERSIFIED EMERGING MKTS
Vanguard Global Equity Fund
WORLD STOCK
Vanguard International Growth Fund (Inv)
FOREIGN LARGE BLEND
Vanguard International Value Fund (Inv)
FOREIGN LARGE VALUE
Vanguard REIT Index Fund (Inv)
REAL ESTATE
Fund Name
Management
Management Team
Volpert/Hollyer
Gregory Nassour
David Glocke
Kenneth Volpert
Joshua Barrickman
Gregory Nassour
Gregory Davis
Karl Bandtel
Duane Kelly
Duane Kelly
Arah/Ostrer/Hosking
James Anderson
Fry/Bennett
Gerard O'Reilly
Manager
15.8
10.1
2.2
9.2
17.7
2.3
2.2
2.3
7.6
17.6
15.6
15
7.5
0.2
14.2
Manager Tenure
5
32
1182
50
13589
1048
1170
921
121
481
839
796
182
247
99
Number of Holdings
27%
14%
59%
109%
80%
70%
69%
69%
27%
18%
12%
71%
51%
55%
16%
Turnover Ratio
35%
15%
38%
43%
34%
30%
29%
59%
36%
22%
8%
52%
33%
55%
6%
% Rank
45
100.00%
50.14%
9.52%
64.75%
10.82%
23.34%
7.51%
26.10%
38.31%
19.33%
13.02%
13.68%
19.60%
19.48%
43.47%
% In Top 10
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:93
VTWNX
VTXVX 06/07/2006
10/27/2003
07/01/1929
11/09/1992
Inception
4.1
6.8
81.1
17.7
Product History
$8,347.40
$11,831.88
$49,245.32
$9,184.32
Total Assets ($mil)
$25,256.06
$25,289.58
$64,424.28
$25,355.23
Average Market Cap ($mil)
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard Target Retirement 2020 Fund
TARGET DATE 2016-2020
Vanguard Target Retirement 2015 Fund
TARGET DATE 2011-2015
VBINX VWELX
Vanguard Wellington Fund (Inv)
Ticker
Vanguard Balanced Index Fund (Inv)
MODERATE ALLOCATION
Fund Name
Management
Duane Kelly
Duane Kelly
Edward Bousa
Michael Perre
Manager
4.2
6.8
7.6
9.6
Manager Tenure
6
6
739
7684
Number of Holdings
27%
37%
28%
55%
Turnover Ratio
59%
66%
29%
52%
% Rank
46
100.00%
100.00%
16.26%
10.56%
% In Top 10
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
VIVAX VWNDX VWNFX
Vanguard Windsor Fund (Inv)
Vanguard Windsor II Fund (Inv)
VDEQX VDIGX VQNPX VLACX VASGX VTSMX
Vanguard Capital Value Fund (Inv)
Vanguard Diversified Equity Fund (Inv)
Vanguard Dividend Growth Fund (Inv)
Vanguard Growth & Income Fund (Inv)
Vanguard Large Cap Index Fund (Inv)
Vanguard LifeStrategy Growth Fund
Vanguard Total Stock Market Index Fund (Inv)
Chairman’s Council Policy Forum Tab6:94 VPMAX VWUSX
Vanguard PRIMECAP Core Fund
Vanguard PRIMECAP Fund (Adm)
Vanguard U.S. Growth Fund (Inv)
Vanguard Mid-Cap Value Index Fund (Inv)
VSEQX
Vanguard Strategic Equity Fund
Vanguard Small-Cap Value Index Fund (Inv)
VISGX
Vanguard Small-Cap Growth Index Fund (Inv) -0.02%
-0.14%
-0.02%
-0.28%
-0.13%
-0.07%
-0.09%
-0.25%
-0.09%
-0.06%
-0.24%
-0.14%
-0.23%
-0.22%
-0.26%
-0.35%
-0.15%
-0.27%
-0.11%
-0.28%
-0.34%
-0.35%
-0.36%
-0.26%
3 Year Sharpe
17%
52%
41%
90%
52%
34%
27%
67%
19%
15%
65%
30%
33%
29%
42%
80%
13%
47%
8%
54%
52%
56%
62%
26%
% Rank
6.62%
2.99%
6.78%
-0.34%
3.63%
5.22%
4.65%
0.49%
3.91%
4.29%
0.74%
2.74%
1.06%
1.05%
0.42%
-1.63%
2.13%
0.12%
4.76%
-0.04%
-1.38%
-1.75%
-1.86%
0.24%
3 Year Alpha
15%
52%
39%
89%
52%
30%
26%
67%
20%
16%
63%
32%
31%
31%
40%
80%
17%
46%
3%
49%
50%
56%
59%
26%
% Rank
1.23%
1.12%
1.26%
1.18%
1.16%
1.19%
1.19%
0.96%
0.98%
0.95%
1.00%
0.98%
1.03%
0.92%
1.00%
1.02%
0.79%
1.05%
1.41%
1.00%
1.02%
1.11%
1.03%
0.92%
3 Year Beta
12%
54%
25%
28%
34%
25%
29%
67%
61%
76%
50%
60%
31%
82%
43%
34%
99%
23%
1%
55%
45%
15%
42%
82%
% Rank
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
VEXPX
Vanguard Explorer Fund (Inv)
SMALL GROWTH
VISVX
VIMSX
Vanguard Mid-Cap Index Fund (Inv)
SMALL VALUE
VEXMX
Vanguard Extended Market Index Fund (Inv)
MID-CAP BLEND
VMVIX
VPCCX
Vanguard Morgan Growth Fund (Inv)
MID-CAP VALUE
VIGRX VMRGX
Vanguard Growth Index Fund (Inv)
LARGE GROWTH
VFINX VCVLX
Vanguard 500 Index Fund (Inv)
LARGE BLEND
VEIPX
Vanguard Value Index Fund (Inv)
Ticker
Vanguard Equity Income Fund
LARGE VALUE
Fund Name
Additional Statistics
88.65%
90.73%
88.38%
91.55%
93.25%
92.33%
93.22%
93.32%
94.78%
94.27%
92.78%
95.03%
99.62%
98.88%
99.90%
98.94%
96.16%
98.44%
86.03%
100.00%
97.34%
96.23%
97.00%
94.57%
3 Year R Square
16%
4%
13%
35%
8%
27%
34%
28%
15%
21%
34%
13%
14%
21%
11%
20%
59%
28%
97%
5%
28%
49%
35%
67%
% Rank
-0.03%
-0.18%
-0.03%
-0.35%
-0.16%
-0.09%
-0.12%
-0.31%
-0.11%
-0.08%
-0.29%
-0.18%
-0.29%
-0.28%
-0.32%
-0.43%
-0.19%
-0.34%
-0.16%
-0.35%
-0.42%
-0.45%
-0.44%
-0.32%
3 Year Sortino
18%
52%
43%
90%
50%
34%
28%
67%
18%
15%
62%
30%
33%
29%
40%
80%
13%
47%
8%
53%
51%
63%
59%
24%
% Rank
-3.62%
-5.90%
-3.69%
-8.76%
-5.49%
-4.35%
-4.78%
-7.52%
-4.16%
-3.62%
-7.43%
-5.36%
-7.03%
-6.73%
-7.54%
-9.49%
-5.01%
-7.95%
-5.92%
-7.97%
-9.28%
-9.63%
-9.72%
-7.63%
3 Year Treynor
19%
50%
43%
89%
49%
36%
29%
64%
17%
13%
63%
29%
31%
25%
39%
79%
9%
47%
17%
48%
49%
55%
57%
24%
% Rank
0.33%
0.17%
0.29%
-0.29%
0.21%
0.33%
0.29%
0.13%
0.79%
0.88%
0.08%
0.56%
0.46%
0.65%
0.51%
-0.77%
0.71%
-0.15%
-0.03%
-1.01%
-0.43%
-0.53%
-0.53%
0.19%
3 Year Info Ratio
23%
45%
43%
91%
52%
41%
38%
57%
5%
3%
63%
16%
19%
12%
17%
83%
10%
57%
47%
89%
59%
67%
67%
20%
47
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:95 VBMFX
Vanguard Total Bond Market Index Fund (Inv)
Vanguard Intermed. Term Treasury Fund (Inv)
VASIX
VIPSX
VFSTX
0.30%
0.61%
0.96%
1.20%
1.50%
1.13%
0.89%
0.72%
-0.07%
-0.29%
0.09%
-0.33%
-0.16%
-0.26%
0.11%
3 Year Sharpe
13%
44%
58%
75%
19%
45%
64%
52%
42%
38%
33%
72%
14%
29%
21%
% Rank
2.29%
-4.27%
0.58%
-0.17%
-0.06%
-2.56%
-2.83%
-8.49%
4.36%
1.18%
14.09%
0.12%
4.87%
2.03%
13.77%
3 Year Alpha
24%
41%
61%
74%
41%
81%
83%
67%
47%
35%
27%
68%
12%
27%
16%
% Rank
0.49%
1.54%
0.55%
1.22%
1.00%
1.64%
1.54%
2.71%
1.08%
1.10%
1.26%
1.02%
1.06%
1.03%
1.61%
3 Year Beta
91%
72%
16%
5%
45%
5%
6%
31%
91%
41%
44%
16%
22%
44%
34%
% Rank
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard LifeStrategy Income Fund
CONSERVATIVE ALLOCATION
Vanguard Inflation Protected Secs. Fund (Inv)
INFLATION-PROTECTED BOND
Vanguard Short-Term Invest. Grade Fund (Inv)
SHORT-TERM BOND
VFITX
VBIIX
INTERMEDIATE GOVERNMENT
VFICX
Vanguard Intermed.-Term Bond Index Fund (Inv)
VBLTX
VGENX
VEURX
VEIEX
VHGEX
VWIGX
VTRIX
VGSIX
Ticker
Vanguard Inter. Term Invest. Grade Fund (Inv)
INTERMEDIATE-TERM BOND
Vanguard Long-Term Bond Index Fund
LONG-TERM BOND
Vanguard Energy Fund
EQUITY ENERGY
Vanguard European Stock Index Fund (Inv)
EUROPE STOCK
Vanguard Emerging Mkt. Stock Index Fund (Inv)
DIVERSIFIED EMERGING MKTS
Vanguard Global Equity Fund
WORLD STOCK
Vanguard International Growth Fund (Inv)
FOREIGN LARGE BLEND
Vanguard International Value Fund (Inv)
FOREIGN LARGE VALUE
Vanguard REIT Index Fund (Inv)
REAL ESTATE
Fund Name
Additional Statistics
90.61%
51.71%
28.86%
64.55%
98.49%
97.44%
68.19%
88.22%
59.54%
97.75%
89.48%
96.11%
97.37%
98.18%
70.55%
3 Year R Square
65%
66%
43%
67%
2%
3%
38%
16%
21%
6%
42%
7%
39%
10%
70%
% Rank
0.40%
0.89%
1.41%
2.35%
3.03%
2.06%
1.28%
1.29%
-0.09%
-0.38%
0.13%
-0.41%
-0.20%
-0.34%
0.14%
3 Year Sortino
14%
47%
60%
75%
17%
40%
67%
39%
42%
40%
32%
71%
13%
29%
26%
% Rank
4.02%
3.40%
7.42%
6.29%
6.42%
4.83%
4.47%
3.07%
-5.84%
-10.76%
-2.14%
-11.52%
-7.42%
-9.75%
-2.55%
3 Year Treynor
12%
41%
64%
72%
40%
69%
74%
65%
40%
40%
34%
74%
14%
25%
31%
% Rank
0.42%
-0.19%
-0.59%
0.31%
-0.11%
0.51%
0.08%
0.22%
0.09%
-0.08%
0.67%
-0.07%
0.76%
0.36%
0.15%
3 Year Info Ratio
34%
39%
24%
12%
45%
10%
30%
36%
27%
45%
39%
84%
11%
24%
31%
48
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:96
VTWNX
VTXVX -0.10%
-0.06%
--
-0.04%
3 Year Sharpe
21%
20%
--
20%
% Rank
-1.45%
-0.63%
0.17%
-0.31%
3 Year Alpha
23%
21%
13%
20%
% Rank
1.14%
1.03%
1.01%
0.96%
3 Year Beta
62%
83%
72%
82%
% Rank
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard Target Retirement 2020 Fund
TARGET DATE 2016-2020
Vanguard Target Retirement 2015 Fund
TARGET DATE 2011-2015
VBINX VWELX
Vanguard Wellington Fund (Inv)
Ticker
Vanguard Balanced Index Fund (Inv)
MODERATE ALLOCATION
Fund Name
Additional Statistics
99.08%
99.24%
98.30%
97.60%
3 Year R Square
1%
1%
8%
25%
% Rank
-0.13%
-0.07%
--
-0.04%
3 Year Sortino
21%
20%
--
18%
% Rank
-2.56%
-1.80%
-1.02%
-1.47%
3 Year Treynor
22%
21%
13%
18%
% Rank
-0.70%
-0.52%
0.06%
-0.11%
3 Year Info Ratio
42%
39%
13%
18%
49
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:97
VGENX VGSIX
Specialty
VWIGX VEURX VTRIX VEIEX
Foreign
VHGEX
Global
VISGX VEXPX
VISVX
VSEQX VIMSX VEXMX
VMVIX
VBINX VASIX VWELX
Balanced
OTHER
VFSTX
VPCCX VIGRX VPMAX VWUSX VMRGX
VQNPX VASGX VDIGX VDEQX +++
VEIPX VWNDX VIVAX VWNFX
Short
Growth
Blend
Global
VIPSX VBMFX VBIIX VFICX VFITX
Intermediate
Domestic
Cash Equivalent
FIXED INCOME
Value
Domestic
The +++ indicates that more plan investments fall within this category than can be shown.
EQUITY
Investment Categories
VTXVX VTWNX
Target
VBLTX
Long
VASGX Vanguard LifeStrategy Growth Fund Large Blend VASIX Vanguard LifeStrategy Income Fund Conservative Allocation VBIIX Vanguard Intermed.-Term Bond Index Fund (Inv) Intermediate-Term Bond VBINX Vanguard Balanced Index Fund (Inv) Moderate Allocation VBLTX Vanguard Long-Term Bond Index Fund Long-Term Bond VBMFX Vanguard Total Bond Market Index Fund (Inv) Intermediate-Term Bond VCVLX Vanguard Capital Value Fund (Inv) Large Blend VDEQX Vanguard Diversified Equity Fund (Inv) Large Blend VDIGX Vanguard Dividend Growth Fund (Inv) Large Blend VEIEX Vanguard Emerging Mkt. Stock Index Fund (Inv) Diversified Emerging Mkts VEIPX Vanguard Equity Income Fund Large Value VEURX Vanguard European Stock Index Fund (Inv) Europe Stock VEXMX Vanguard Extended Market Index Fund (Inv) Mid-Cap Blend VEXPX Vanguard Explorer Fund (Inv) Small Growth VFICX Vanguard Inter. Term Invest. Grade Fund (Inv) Intermediate-Term Bond VFINX Vanguard 500 Index Fund (Inv) Large Blend VFITX Vanguard Intermed. Term Treasury Fund (Inv) Intermediate Government VFSTX Vanguard Short-Term Invest. Grade Fund (Inv) Short-Term Bond VGENX Vanguard Energy Fund Equity Energy VGSIX Vanguard REIT Index Fund (Inv) Real Estate VHGEX Vanguard Global Equity Fund World Stock VIGRX Vanguard Growth Index Fund (Inv) Large Growth VIMSX Vanguard Mid-Cap Index Fund (Inv) Mid-Cap Blend VIPSX Vanguard Inflation Protected Secs. Fund (Inv) Inflation-Protected Bond VISGX Vanguard Small-Cap Growth Index Fund (Inv) Small Growth VISVX Vanguard Small-Cap Value Index Fund (Inv) Small Value VIVAX Vanguard Value Index Fund (Inv) Large Value VLACX Vanguard Large Cap Index Fund (Inv) Large Blend VMRGX Vanguard Morgan Growth Fund (Inv) Large Growth VMVIX Vanguard Mid-Cap Value Index Fund (Inv) Mid-Cap Value VPCCX Vanguard PRIMECAP Core Fund Large Growth (continued on next page)
Fund References
50
This grid provides a visual representation of the categories covered by the plan's investments. For domestic equity funds, the vertical axis shows the market capitalization of the fund's investments, and the horizontal axis shows the investment style. For domestic fixed income funds, the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration. Global, foreign, and specialty equity funds, as well as global fixed income funds, are also represented in the category grid. Three "Other" categories are displayed to distinguish balanced, target and cash investment types. Category assignment is based on information provided by Morningstar, your plan representative, or other sources, and may not always be consistent with information provided in the fund's prospectus.
Notes
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
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Ideas Changing the World
Tuesday, September 21, 2010
VPMAX Vanguard PRIMECAP Fund (Adm) Large Growth VQNPX Vanguard Growth & Income Fund (Inv) Large Blend VSEQX Vanguard Strategic Equity Fund Mid-Cap Blend VTRIX Vanguard International Value Fund (Inv) Foreign Large Value VTSMX Vanguard Total Stock Market Index Fund (Inv) Large Blend VTWNX Vanguard Target Retirement 2020 Fund Target Date 2016-2020 VTXVX Vanguard Target Retirement 2015 Fund Target Date 2011-2015 VWELX Vanguard Wellington Fund (Inv) Moderate Allocation VWIGX Vanguard International Growth Fund (Inv) Foreign Large Blend VWNDX Vanguard Windsor Fund (Inv) Large Value VWNFX Vanguard Windsor II Fund (Inv) Large Value VWUSX Vanguard U.S. Growth Fund (Inv) Large Growth
Fund References
51
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:98
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:99
Morningstar Risk is an assessment of the variations in a fund's monthly returns, with an emphasis on downward variation. It is calculated as the difference between Morningstar Return and Morningstar Risk-Adjusted Return. It is similar to standard deviation; the key difference is that standard deviation gives the same weight to upside and downside variation. Funds are ranked within their categories.
Manager Tenure indicates the period of time the lead manager has been managing the fund portfolio. For funds without a lead manager, tenure of the manager who has been with the fund the longest is reported. In the case of multiple lead managers, the tenure of the lead manager with the longest tenure is reported.
Information Ratio is a risk-adjusted performance measure and excess return and risk relative to a specific benchmark index.
Expense Ratio is the percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s net asset value (NAV). Sales charges are not included in the expense ratio. The net expense ratio reflects the expenses currently being charged by a fund, taking into account any applicable expense and fee waivers. The gross expense ratio does not reflect any fee or expense waivers that may be in effect.
Category Average provides the simple average of all fund returns within a particular Morningstar category.
Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is new and has no portfolio, Morningstar estimates where the Fund will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information.
Beta is a measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by comparing a fund’s excess return over Treasury bills to the market's excess return over Treasury bills, so a beta of 1.10 shows that the fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is expected to perform 15% worse than the market’s excess return during up markets and 15% better during down markets.
Benchmark is the index against which funds within a category are compared.
Average Market Capitalization – Morningstar defines the overall "size" of a stock fund's portfolio as the geometric mean of the market capitalization for all of the stocks it owns. It's calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization. This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean better identifies the portfolio's "center of gravity." That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio.
Asset Classes are the broad groupings of similar Morningstar categories and include Stock, Bond, Blended, and Cash/Stable Value.
Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
DEFINITIONS
52
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
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Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:100
Turnover Ratio is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year.
Treynor Ratio is a measurement of the returns earned in excess of that which could have been earned on a riskless investment (i.e. Treasury Bill) per each unit of market risk assumed. The Treynor ratio (sometimes called reward-tovolatility ratio) relates excess return over the risk-free rate to the additional risk taken; however systematic risk instead of total risk is used. The higher the Treynor ratio, the better the performance under analysis.
Total Return is determined each month by taking the change in monthly net asset value, reinvesting all income and capitalgains distributions during that month, and dividing by the starting net asset value. Reinvestments are made using the actual reinvestment net asset value, and daily payoffs are reinvested monthly. Morningstar does not adjust total returns for sales charges. Total return does account for management, administrative, 12b-1 fees and other costs taken out of fund assets. Returns for periods longer than one year are expressed as annualized returns.
Standard Deviation is the statistical measurement of dispersion about an average, which depicts how widely a stock or portfolio’s returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is most likely for a given investment. When a stock or portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility.
Sortino Ratio is similar to the Sharpe Ratio except it uses downside risk (downside deviation) in the denominator. Since upside variability is not necessary undesirable, the Sortino ratio is sometimes preferable to a Sharpe ratio. It measures the annualized rate of return for a given level of downside risk.
Sharpe Ratio is a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance. It can be used to compare two portfolios directly on how much excess return each portfolio achieved for a certain level of risk.
Rankings — returns and statistics for each fund are ranked relative to the returns and statistics for all other funds in each category.
R-squared reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. An Rsquared of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, index funds that invest only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low Rsquared indicates that very few of the fund’s movements can be explained by movements in its benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by movements in the benchmark index.
Peers include all of the funds that comprise a Morningstar category.
DEFINITIONS
53
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
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Ideas Changing the World
Tuesday, September 21, 2010
Individual portfolios within a category invest in similar types of securities and, therefore, share the same risk factors, Individual portfolios within a category can, in general, be expected to behave more similarly to one another than to portfolios outside the category, The aggregate performance of different categories differs materially over time, Categories have enough constituents to form the basis for reasonable peer group comparisons, and The distinctions between categories are meaningful to investors and assist in their pursuit of investing goals.
Chairman’s Council Policy Forum Tab6:101 Large-Cap Funds invest primarily in companies that rank in the top 70% of the capitalization of the U.S. equity market. Mid-Cap Funds focus on medium-size companies or own a mix of small-, mid- and large-cap stocks. The mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the capitalization of the U.S. equity market. Small-Cap Funds invest primarily in companies that rank in the bottom 10% of the capitalization of the U.S. equity market.
Value Funds include a predominance of stocks with low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). Blend Funds hold portfolios in which neither growth nor value characteristics predominate. Growth Funds include a predominance of stocks with fast growth measures (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).
Specialty Funds invest primarily in stocks of companies within a specific sector of the market and are classified by their stated investment objective or by the type of commodities they invest in. Covered sectors include: Communications, Financial, Health, Natural Resources, Real Estate, Technology, Miscellaneous Sectors, Broad Basket Commodities, Energy, Precious Metals, Agriculture, Industrial Metals, Consumer Discretionary, Consumer Staple, Industrials, Equity Energy, and Miscellaneous Commodities.
n n
n
Growth-Value Spectrum: Funds are assigned an overall style through an asset-weighted average of the value/growth scores of the stocks in the portfolio.
n
n
n
Market Capitalization:
Funds that primarily invest in U.S. stocks and other equity securities are generally subdivided based on market capitalization and position on the growth-value spectrum, but also include specialty funds that invest predominantly in one market sector.
STOCK FUNDS
n n n
n
n
Morningstar categories identify funds based on their actual investment styles as measured by their underlying portfolio holdings over a three-year period. If a fund does not have a portfolio history, Morningstar originally estimates its category identification before giving it a more permanent category assignment. Morningstar defines the driving principles behind its category classification system as:
CATEGORIES
54
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Foreign Large Funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios typically have less than 20% of assets invested in U.S. stocks. Foreign Small/Mid Funds primarily invest in stocks that fall in the bottom 30% of each economically integrated market (such as Europe or Asia ex-Japan). These portfolios typically will have less than 20% of assets invested in U.S. stocks.
Chairman’s Council Policy Forum Tab6:102 Value funds primarily hold stocks with low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). Blend funds hold portfolios in which neither growth nor value characteristics predominate. Growth funds primarily hold stocks with fast growth measures (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).
n
n
n
n
Europe Stock Funds invest at least 70% of total assets in equities and at least 75% of stocks in Europe. Many of these funds emphasize the region’s larger and more developed markets, including Britain, the Netherlands, Germany, France, and Switzerland. Many also invest in the region’s smaller markets, including the emerging markets of eastern Europe. Latin America Stock Funds invest at least 70% of total assets in equities and invest at least 75% of stock assets in Latin America. Most of these funds strongly favor the area’s large markets, specifically Brazil, Mexico, and Argentina. Smaller markets such as Peru or Columbia generally aren’t as well represented in these funds. Diversified Emerging Markets Funds invest at least 70% of total assets in equities and invest at least 50% of stock assets in emerging markets. These funds tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. Diversified Pacific/Asia Funds invest at least 70% of total assets in equities and invest at least 75% of stock assets in Pacific countries, including at least 10% in Japan. These funds have a wider investment range than other Asia-oriented portfolios. These funds can invest throughout the Pacific Rim, including Australia and New Zealand. As a result, country weightings for these portfolios vary tremendously, though most retain some exposure to Japan and Hong Kong.
More specialized international equity funds include:
n n
n
Foreign Large Funds may be classified as value, blend or growth funds, while Foreign Small/Mid Funds are categorized as either growth or value funds:
n
n
International Stock Funds that do not specialize in particular regions are categorized as Foreign Funds and further classified according to market capitalization and value/growth characteristics:
Long-Short Funds hold sizable stakes in both long and short positions . Some of these portfolios are market neutral, which means that they divide their exposure equally between long and short positions in an attempt to earn a modest return that is not tied to the market’s fortunes. Other portfolios that are not market neutral will shift their exposure to long and short positions depending upon their macro outlook or the opportunities they uncover through research.
STOCK FUNDS (cont.)
CATEGORIES
55
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Pacific/Asia (ex Japan) Stock Funds invest at least 70% of total assets in equities and at least 75% of stock assets in Pacific countries, with less than 10% in Japan. Most of these funds focus on export-oriented nations such as Hong Kong, Singapore, Taiwan, and Korea. Japan Stock Funds invest at least 70% of total assets in equities and at least 75% of stock assets in Japan. The Japanese stock market is one of the largest in the world, so Japan Stock Funds holdings vary significantly. Some funds concentrate on Japan’s larger companies, while others concentrate on smaller firms. World Stock Funds have few geographical limitations. It is common for these funds to invest the majority of their assets in the U.S., Europe, and Japan, with the remainder divided among the globe’s smaller markets. These funds typically have 20%-60% of assets in U.S. stocks.
Chairman’s Council Policy Forum Tab6:103 Conservative Allocation Funds invest in stocks, bonds, and cash, and tend to hold smaller positions in stocks than Moderate Allocation Funds. These funds typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash. Moderate Allocation Funds invest in stocks, bonds, and cash, and tend to hold larger positions in stocks than Conservative Allocation Funds. These funds typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. World Allocation Funds invest in stocks, bonds, and cash. While World Allocation Funds explore the whole world, most focus on the U.S., Canada, Japan, and the larger markets in Europe. These funds typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds.
Convertible Funds are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. To do so, they focus on convertible bonds and convertible preferred stocks. Convertible bonds allow investors to convert the bonds into shares of stock, usually at a preset price. These securities thus act a bit like stocks and a bit like bonds.
Target-Date Funds provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind for retirement or another goal. These funds aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches.
n
n
n
Blended (Balanced) Funds usually provide a blend of capital appreciation and income by investing in a combination of stocks, bonds, and cash. Blended funds also include Target-Date and Lifestyle Funds.
BLENDED FUNDS
n
n
n
STOCK FUNDS (cont.)
CATEGORIES
56
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Long Funds invest in securities with a duration of greater than 6 years or (if duration is unavailable) an average effective maturity of greater than or equal to 10 years. Intermediate Funds invest in securities with a duration of 3.5 to 6 years or (if duration is unavailable) an average effective maturity of 4 to 10 years. Short Funds invest in securities with a duration of 1 to 3.5 or (if duration is unavailable) an average effective maturity of 1 to 4 years.
Chairman’s Council Policy Forum Tab6:104
Emerging Markets Bond Funds invest more than 65% of assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest.
World Bond Funds invest 40% or more of their assets in foreign bonds. Some funds follow a conservative approach, favoring highquality bonds from developed markets. Others are more adventurous and own some lowerquality bonds from developed or emerging markets. Some funds invest exclusively outside the U.S., while others regularly invest in both U.S. and non-U.S. bonds.
Inflation-Protected Bond Funds primarily invest in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer of these types of securities.
Multisector Bond Funds seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These funds typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency at the level of BB (considered speculative for taxable bonds) and below.
High Yield Bond Funds concentrate on lower-quality bonds. These funds primarily invest in U.S. high-income fixedincome securities where at least 65% or more of bond assets are not rated or are rated by a major agency at the level of BB (considered speculative for taxable bonds) and below.
Bank Loan Funds primarily invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark such as the London interbank offered rate, or LIBOR.
Ultrashort Bond Funds invest primarily in investment-grade U.S. fixed-income issues with a duration of less than 1 year or (if duration is unavailable) an average effective maturity of less than 1 year. This category includes corporate and government bond funds, but excludes international, convertible, multisector, and high yield bond funds.
Short-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration of 1 to 3.5 years or (if duration is unavailable) an average effective maturity of 1 to 4 years.
Intermediate-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration of 3.5 to 6 years or (if duration is unavailable) an average effective maturity of 4 to 10 years.
Long-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration greater than 6 years or (if duration is unavailable) an average effective maturity greater than 10 years.
n
n
n
Government Funds have at least 90% of their bond holdings invested in bonds backed by the U.S. government or by government-linked agencies. and are further divided by duration:
Bond Funds invest primarily in fixed-income securities.
BOND FUNDS
CATEGORIES
57
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The following statistics are not available for Money Market and Stable Value Funds: Alpha, Beta, R-squared, Treynor Ratio, Turnover Ratio, Morningstar Risk 3-Year and Morningstar Rating 3-Year.
Stable Value Funds typically invest in guaranteed investment contracts (GICs) and Synthetic GICs. Traditional GICs are contracts between insurance firms and a retirement plan guaranteeing investors a fixed rate of return. The more common synthetic GICs are high-quality, short- to intermediate-term bonds that are bound by insurance “wrappers.” I f a stable value portfolio falls below the rate of return set by the wrapper, the insurer pays the difference, keeping the fund stable.
Money Market Funds invest in short-term money market securities to provide a level of current income consistent with the preservation of capital.
CASH/STABLE VALUE FUNDS
CATEGORIES
58
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
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Defined Contribution Plan Report NCPA 403(b) Closed Equity Funds 2 4 6
Correlation Matrix Standardized and Tax Adjusted Returns Benchmark Disclosure
Prepared For
Prepared By
NCPA Closed Equity Funds
SJP Financial Services, LLC 300 Crescent Court Suite 270 Dallas, TX 75201 (214) 624-1007
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NCPA 403(b) Closed Equity Funds Benchmark Morningstar US Market TR USD
Correlation Matrix
Plan Value ($Mil)
Total Number of Options
$0.00
36
Correlation Matrix 3 Year Investment Key
1
14 Vanguard Growth Index 15 Vanguard International Growth Inv 16 Vanguard International Value Inv 17 Vanguard Large Cap Index 18 Vanguard LifeStrategy Growth 19 Vanguard LifeStrategy Income 20 Vanguard Mid Capitalization Index 21 Vanguard Mid-Cap Value Index Inv 22 Vanguard Morgan Growth 23 Vanguard PRIMECAP Adm 24 Vanguard PRIMECAP Core 25 Vanguard REIT Index 26 Vanguard Small Cap Growth Index
1 Vanguard 500 Index Investor 2 Vanguard Balanced Index 3 Vanguard Capital Value 4 Vanguard Diversified Equity Inv 5 Vanguard Dividend Growth 6 Vanguard Emerging Mkts Stock Idx 7 Vanguard Energy 8 Vanguard Equity-Income 9 Vanguard European Stock Index 10 Vanguard Explorer Inv 11 Vanguard Extended Market Idx 12 Vanguard Global Equity 13 Vanguard Growth & Income
2
1
3
2
0.99
3
0.93 0.93
4
0.99 0.99 0.95
5
0.98 0.98 0.88 0.96
6
0.88 0.89 0.87 0.90 0.86
7
0.77 0.76 0.73 0.79 0.78 0.86
8
0.97 0.96 0.87 0.94 0.96 0.81 0.67
9
0.93 0.93 0.89 0.92 0.92 0.94 0.81 0.90
10
0.95 0.95 0.91 0.98 0.91 0.86 0.76 0.88 0.87
11
0.96 0.96 0.93 0.98 0.92 0.86 0.75 0.91 0.88 0.99
12
0.96 0.97 0.93 0.97 0.94 0.96 0.84 0.91 0.97 0.94 0.95
13
0.99 0.99 0.92 0.99 0.98 0.88 0.78 0.96 0.92 0.95 0.96 0.96
14
0.97 0.97 0.90 0.99 0.95 0.90 0.83 0.90 0.91 0.97 0.96 0.96 0.97
15
0.93 0.93 0.90 0.94 0.91 0.97 0.84 0.88 0.99 0.90 0.90 0.98 0.93 0.93
16
0.93 0.93 0.90 0.93 0.92 0.95 0.83 0.89 0.99 0.88 0.89 0.98 0.93 0.92 0.99
17
1.00 0.99 0.93 0.99 0.98 0.89 0.78 0.97 0.93 0.96 0.97 0.97 1.00 0.98 0.93 0.93
18
0.99 1.00 0.93 0.99 0.97 0.91 0.79 0.96 0.95 0.95 0.96 0.98 0.99 0.97 0.95 0.95 1.00
19
0.92 0.95 0.86 0.90 0.92 0.85 0.71 0.89 0.89 0.85 0.87 0.91 0.92 0.88 0.89 0.89 0.92 0.94
20
0.97 0.97 0.93 0.98 0.93 0.88 0.80 0.90 0.90 0.98 0.99 0.96 0.97 0.97 0.92 0.91 0.97 0.97 0.89
21
0.97 0.97 0.93 0.97 0.93 0.83 0.71 0.93 0.89 0.96 0.98 0.94 0.97 0.93 0.89 0.89 0.97 0.97 0.90 0.98
22
0.96 0.96 0.90 0.98 0.94 0.91 0.84 0.88 0.90 0.97 0.96 0.96 0.96 1.00 0.93 0.92 0.97 0.97 0.87 0.98 0.93
23
0.97 0.97 0.91 0.98 0.95 0.89 0.79 0.92 0.91 0.96 0.96 0.95 0.97 0.98 0.92 0.92 0.98 0.97 0.87 0.96 0.94 0.98
24
0.97 0.96 0.93 0.98 0.94 0.88 0.76 0.92 0.90 0.97 0.97 0.95 0.97 0.98 0.92 0.91 0.98 0.97 0.87 0.97 0.95 0.97 0.99
25
0.84 0.85 0.80 0.83 0.79 0.69 0.52 0.84 0.79 0.84 0.88 0.81 0.86 0.78 0.77 0.77 0.84 0.84 0.76 0.85 0.91 0.78 0.81 0.83
26
0.94 0.94 0.91 0.97 0.89 0.86 0.76 0.87 0.87 1.00 0.99 0.94 0.94 0.96 0.89 0.88 0.95 0.94 0.84 0.98 0.96 0.96 0.95 0.96 0.86
4 5 6 7 8 9 10 11 12 13
14 15 16 17 18 19 20 21 22 23 24 25 26
Degree of Correlation
High .70 to 1.0
Moderate .11 to .69
None .10 to -.10
The Correlation Matrix demonstrates the relationship of return patterns among investments. It is based upon the correlation coefficient, a number between -1.0 and 1.0. A perfect
Moderately Negative -.11 to -.69
Highly Negative -.70 to -1.0
A correlation coefficient of 0.0 indicates no linear relationship between the investments. Correlation information can be valuable in assessing the diversification effect of combining an investment with other investing options.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:107
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NCPA 403(b) Closed Equity Funds Correlation Matrix
Benchmark Morningstar US Market TR USD
Plan Value ($Mil)
Total Number of Options
$0.00
36
negative linear relationship between two investments has a correlation of -1.0, whereas a perfect positive linear relationship exists with a correlation of 1.0.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
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NCPA 403(b) Closed Equity Funds Standardized Returns Disclosure
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/ familyinfo.asp.
Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken in account, including M&E risk charges, fund-level expenses such as managementfees and operating fees, and policy-level administration fees, chargessuch as surrender, contract and sales charges.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Although money market seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Standardized Returns 06-30-2010
Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
10.10 7.27 1.80 -0.99 6.09
08-31-76 11-09-92 12-17-01 06-10-05 05-15-92
NA NA NA NA NA
NA NA NA NA NA
0.18 0.25 0.45 0.43 0.38
0.18 0.25 0.45 0.43 0.38
10.06 12.49 3.16 0.38 1.71
7.74 12.36 8.67 6.77 8.32
05-04-94 05-23-84 03-21-88 06-18-90 12-11-67
NA NA NA NA NA
NA NA NA NA NA
0.40 0.38 0.36 0.27 0.54
0.40 0.38 0.36 0.27 0.54
1.29 0.20 -2.39 0.27 3.69
1.52 4.75 -1.90 -3.80 1.14
9.58 7.29 8.51 6.82 10.67
12-21-87 08-14-95 12-10-86 11-02-92 09-30-81
NA NA NA NA NA
NA NA NA NA NA
0.30 0.47 0.35 0.28 0.53
0.30 0.47 0.35 0.28 0.53
4.84 14.63 14.21 11.23 26.70
2.38 -0.47 0.88 3.86 1.05
2.78 — 0.84 4.55 4.96
9.25 0.99 6.86 6.89 6.81
05-16-83 01-30-04 09-30-94 09-30-94 05-21-98
NA NA NA NA NA
NA NA NA NA NA
0.45 0.26 0.23 0.23 0.27
0.45 0.26 0.23 0.23 0.27
— — — — —
30.80 15.16 11.67 14.84 54.95
— 0.13 2.76 2.81 0.47
— -1.83 0.67 — 9.63
-1.96 9.50 4.65 3.33 9.33
08-24-06 12-31-68 11-12-01 12-09-04 05-13-96
NA NA NA NA NA
NA NA NA NA NA
0.30 0.48 0.37 0.54 0.26
0.30 0.48 0.37 0.54 0.26
— — — — —
22.77 27.26 22.03 13.26 13.58
2.21 0.25 -2.53 2.34 —
3.72 7.04 4.23 — —
4.97 5.34 8.03 3.99 1.17
05-21-98 05-21-98 08-14-95 10-27-03 06-07-06
NA NA NA NA NA
NA NA NA NA NA
0.28 0.28 0.30 0.17 0.18
0.28 0.28 0.30 0.17 0.18
Vanguard Windsor II Investor
— — — — —
15.87 9.46 15.89 12.41 13.11
-0.28 -1.24 -1.32 3.84 -1.57
-0.81 -8.34 1.09 5.92 3.28
7.40 9.58 7.59 8.00 9.86
04-27-92 01-06-59 11-02-92 07-01-29 06-24-85
NA NA NA NA NA
NA NA NA NA NA
0.18 0.49 0.26 0.34 0.38
0.18 0.49 0.26 0.34 0.38
Vanguard Windsor Investor
—
15.51
-2.42
2.81
10.93
10-23-58
NA
NA
0.33
0.33
BarCap US Agg Float Adj TR USD MSCI Europe USD Morningstar Moderately Cons Target Risk
— — —
9.59 2.70 10.02
— -2.66 4.04
— -2.19 4.81
— — —
— — —
— — —
— — —
— — —
— — —
Vanguard 500 Index Investor Vanguard Balanced Index Vanguard Capital Value Vanguard Diversified Equity Inv Vanguard Dividend Growth Vanguard Emerging Mkts Stock Idx Vanguard Energy Vanguard Equity-Income Vanguard European Stock Index Vanguard Explorer Inv Vanguard Extended Market Idx Vanguard Global Equity Vanguard Growth & Income Vanguard Growth Index Vanguard International Growth Inv Vanguard International Value Inv Vanguard Large Cap Index Vanguard LifeStrategy Growth Vanguard LifeStrategy Income Vanguard Mid Capitalization Index Vanguard Mid-Cap Value Index Inv Vanguard Morgan Growth Vanguard PRIMECAP Adm Vanguard PRIMECAP Core Vanguard REIT Index Vanguard Small Cap Growth Index Vanguard Small Cap Value Index Vanguard Strategic Equity Vanguard Target Retirement 2015 Vanguard Target Retirement 2020 Vanguard Total Stock Mkt Idx Vanguard US Growth Inv Vanguard Value Index Vanguard Wellington
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Std Ret % Std Ret % 10 Yr Since Inception
— — — — —
14.33 13.64 24.00 14.91 11.77
-0.87 2.39 -0.55 -1.02 2.60
-1.67 2.38 — — 1.38
— — — — —
21.79 3.36 15.46 4.32 20.28
11.72 5.53 0.17 0.26 -0.11
— — — — —
23.67 14.50 14.04 13.40 11.86
— — — — —
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
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NCPA 403(b) Closed Equity Funds Standardized Returns Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
— —
— —
— —
— —
— —
— —
3.97 -4.89 -1.22 -0.20 -0.92
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
1.07 -2.10 0.71 3.38 5.70
6.73 — 7.55 1.86 7.65
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
13.66 28.23 21.44 22.34 16.09
0.44 -1.51 1.81 0.12 -1.23
-5.40 6.41 -1.06 — 2.44
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
5.70 12.20 25.23 7.72 7.03
0.27 — -0.33 0.81 1.48
0.44 — 1.73 -0.38 0.56
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI AC World USD Morningstar Core Bond MCBI TR Russell 3000 Value TR USD MSCI EM NR USD Morningstar Moderate Target Risk
— — — — —
9.53 8.77 17.57 23.15 12.15
-0.88 5.79 -1.56 12.73 3.61
-2.05 6.65 2.74 — 4.14
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Russell 1000 Value TR USD DJ US Select REIT TR USD S&P MidCap 400 TR MSCI US Small Cap Value USD Morningstar Large Cap TR USD
— — — — —
16.92 55.68 24.93 24.58 11.64
-1.64 -0.36 2.21 -2.07 -0.86
2.38 9.74 5.30 6.02 -2.71
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI US Small&Mid Cap 2200 USD Morningstar US Growth TR USD Russell 2000 Value TR USD DJ US Total Full Cap TR USD S&P 500 TR
— — — — —
24.50 13.78 25.07 16.20 14.43
-0.23 -0.24 -0.51 -0.08 -0.79
2.32 -7.63 7.48 -0.67 -1.59
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI US Prime Market 750 GR USD MSCI US REIT GR USD MSCI AC World NR USD BarCap US Agg Bond TR USD USTREAS T-Bill Auction Ave 3 Mon
— — — — —
14.88 55.23 11.76 9.50 0.12
-0.34 0.11 1.16 5.54 2.68
-1.44 9.67 -0.28 6.47 2.58
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI ACWI/Energy NR USD MSCI EAFE NR USD Russell 1000 Growth TR USD Morningstar US Market TR USD
— — — —
0.18 5.92 13.62 15.57
3.02 0.88 0.38 -0.22
7.04 0.16 -5.14 -0.86
— — — —
— — — —
— — — —
— — — —
— — — —
— — — —
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Std Ret % Std Ret % 10 Yr Since Inception
Russell 2000 Growth TR USD Morningstar Moderately Aggr Target Risk
— —
17.96 13.92
1.14 2.74
-1.72 3.14
Morningstar Mid Cap TR USD Russell 3000 Growth TR USD Russell 1000 TR USD MSCI US Small Cap Growth USD Russell 3000 TR USD
— — — — —
26.32 13.95 15.24 22.49 15.72
1.27 0.44 -0.56 1.89 -0.48
Morningstar Mid Core TR USD MSCI US Broad Market USD Russell MidCap Value TR USD MSCI AC World Ex USA NR USD S&P North American Natural Resources TR
— — — — —
25.33 13.79 28.91 10.43 13.43
MSCI US Prime Market Growth GR USD MSCI US Mid Cap Value USD Russell 2500 Growth TR USD S&P Completion PR USD MSCI US Prime Market Value GR USD
— — — — —
MSCI Europe NR USD Mergent Dividend Achievers Select MSCI US Mid Cap 450 USD MSCI AC World Ex USA USD MSCI World Ex US NR USD
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
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Defined Contribution Plan Report Benchmark Disclosure Russell 2000 Growth TR USD Tracks the companies within the Russell 2000 Index that have higher price-to-book ratios and higher forecasted growth values. Morningstar Mid Cap TR USD Tracks the performance of mid cap stocks--stocks that represent the next 20 percent capitalization following the top 70 percent capitalization in the investable universe. Russell 3000 Growth TR USD Measures the performance of those Russell 3000 Index companies with higher price-tobook ratios and higher forecasted growth values. The Russell 3000 includes the largest U.S. companies by market capitalization, representing approximately 98% of the U.S. equity market. Russell 1000 TR USD Consists of the 1000 largest companies within the Russell 3000 index, which represents approximately 98% of the investable US equity market. Also known as the Market-Oriented Index, because it represents the group of stocks from which most active money managers choose. Russell 3000 TR USD Composed of the 3000 largest U.S. companies by market capitalization, representing approximately 98% of the U.S. equity market. Morningstar Mid Core TR USD Measures the performance of mid capitalization stocks that exhibit either: 1) both growth and value characteristics, or 2) neither growth nor value characteristics. Russell MidCap Value TR USD Tracks the companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. S&P North American Natural Resources TR A sector index that includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations. Russell 2500 Growth TR USD Measures the performance of stocks within the Russell 2500 Index with higher price-tobook ratios and higher forecasted growth values. MSCI Europe NR USD A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of September 2002, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. MSCI World Ex US NR USD This index measures the performance of the stock market in 21 non-U.S. industrialized countries. MSCI AC World USD A free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. As of April 2002 the MSCI ACWI Free Index consisted of 49 developed and emerging market country indices. Russell 3000 Value TR USD Measures the performance of those Russell 3000 Index companies with lower price-tobook ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes. Russell 1000 Value TR USD Tracks the companies within the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. S&P MidCap 400 TR © 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
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Page 7 of 7
Defined Contribution Plan Report Benchmark Disclosure This index is comprised of stocks in the middle-capitalization range, and includes approximately 10% of the capitalization of U.S. equity securities. Morningstar Large Cap TR USD Tracks the performance of large cap stocks-stocks that represent the top 70 percent capitalization of the investable universe. Morningstar US Growth TR USD Tracks the performance of stocks that are growing at a faster pace than the rest of the market. Russell 2000 Value TR USD Tracks the companies within the Russell 2000 Index that have lower price-to-book ratios and lower forecasted growth values. DJ US Total Full Cap TR USD This total market index consists of all U.S. headquartered equity securities with readily available price data. S&P 500 TR A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. BarCap US Agg Bond TR USD Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. USTREAS T-Bill Auction Ave 3 Mon As tracked by the Wall Street Journal, this benchmark measure the yields of bank-sponsored certificates of deposit. MSCI EAFE NR USD This Europe, Australasia, and Far East index is a market-capitalization-weighted index of 21 non-U.S., industrialized country indexes. Russell 1000 Growth TR USD Tracks the companies within the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. Morningstar US Market TR USD A rule-based, float-weighted index that tracks the performance of US stock market. The Index targets 97% capitalization of the investable universe.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:112
ß
®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 1 of 4
Defined Contribution Plan Report NCPA 403(b) Closed Fixed-Income Funds 2 3 4
Correlation Matrix Standardized and Tax Adjusted Returns Benchmark Disclosure
Prepared For
Prepared By
NCPA 403(b) Closed FixedIncome Funds
SJP Financial Services, LLC 300 Crescent Court Suite 270 Dallas, TX 75201 (214) 624-1007
Chairman’s Council Policy Forum Tab6:113
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 2 of 4
NCPA 403(b) Closed Fixed-Income Funds Benchmark Morningstar US Market TR USD
Correlation Matrix
Plan Value ($Mil)
Total Number of Options
$0.00
7
Correlation Matrix 3 Year Investment Key
1
5Vanguard Long-Term Bond Index Investor 2Vanguard Interm-Term Bond Index 6Vanguard Short-Term Investment-Grade 3Vanguard Interm-Term Investment-Grade7Vanguard Total Bond Market Index 4Vanguard Interm-Term Treasury 1Vanguard Inflation-Protected Secs
2
1
3
2
0.73
3
0.75 0.84
4
0.58 0.80 0.39
5
0.63 0.94 0.74 0.75
6
0.65 0.56 0.89 0.07 0.38
7
0.74 0.98 0.80 0.84 0.92 0.52
4 5 6 7
Degree of Correlation
High .70 to 1.0
Moderate .11 to .69
None .10 to -.10
The Correlation Matrix demonstrates the relationship of return patterns among investments. It is based upon the correlation coefficient, a number between -1.0 and 1.0. A perfect negative linear relationship between two investments has a correlation of -1.0, whereas a perfect positive linear relationship exists with a correlation of 1.0.
Moderately Negative -.11 to -.69
Highly Negative -.70 to -1.0
A correlation coefficient of 0.0 indicates no linear relationship between the investments. Correlation information can be valuable in assessing the diversification effect of combining an investment with other investing options.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:114
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Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 3 of 4
NCPA 403(b) Closed Fixed-Income Funds Standardized Returns Disclosure
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/ familyinfo.asp.
Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken in account, including M&E risk charges, fund-level expenses such as managementfees and operating fees, and policy-level administration fees, chargessuch as surrender, contract and sales charges.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Although money market seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Standardized Returns 06-30-2010
Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
7.22 6.81 6.30 7.02 7.75
06-29-00 03-01-94 11-01-93 10-28-91 03-01-94
NA NA NA NA NA
NA NA NA NA NA
0.25 0.22 0.24 0.25 0.22
0.25 0.22 0.24 0.25 0.22
4.95 6.20
7.09 6.91
10-29-82 12-11-86
NA NA
NA NA
0.24 0.22
0.24 0.22
5.25 5.79 5.37 0.88 6.21
5.92 6.65 6.21 0.16 7.00
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
16.49 17.86 9.50 0.12 14.43
5.57 5.66 5.54 2.68 -0.79
8.05 7.44 6.47 2.58 -1.59
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
15.57 9.52 14.68 13.54
-0.22 4.98 5.31 5.92
-0.86 7.46 6.94 7.38
— — — —
— — — —
— — — —
— — — —
— — — —
— — — —
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
— — — — —
9.51 13.39 16.80 8.26 16.52
4.71 5.96 5.48 6.12 5.59
7.21 7.24 6.84 6.92 8.13
Vanguard Total Bond Market Index
— —
8.69 9.28
4.68 5.48
BarCap Credit 1-5 Yr TR USD Morningstar Core Bond MCBI TR BarCap US Government TR USD MSCI EAFE NR USD BarCap US Treasury 5-10 Yr TR USD
— — — — —
9.11 8.77 6.46 5.92 9.28
BarCap US Govt/Credit Long TR USD BarCap US Credit 5-10 Yr TR USD BarCap US Agg Bond TR USD USTREAS T-Bill Auction Ave 3 Mon S&P 500 TR
— — — — —
Morningstar US Market TR USD BarCap US Treasury US TIPS TR USD BarCap US Credit TR USD BarCap US Govt/Credit 5-10 Yr TR USD
— — — —
Vanguard Inflation-Protected Secs Vanguard Interm-Term Bond Index Vanguard Interm-Term Investment-Grade Vanguard Interm-Term Treasury Vanguard Long-Term Bond Index Investor Vanguard Short-Term Investment-Grade
Std Ret % Std Ret % 10 Yr Since Inception
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:115
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®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 4 of 4
Defined Contribution Plan Report Benchmark Disclosure BarCap US Government TR USD Tracks the returns of U.S. Treasuries, agency bonds, and one- to three-year U.S. government obligations. MSCI EAFE NR USD This Europe, Australasia, and Far East index is a market-capitalization-weighted index of 21 non-U.S., industrialized country indexes. BarCap US Govt/Credit Long TR USD Includes the LB Government and LB Corporate Bond indices that have maturities of 10 years or longer. The returns we publish for the index are total returns, which include reinvestment of dividends. BarCap US Agg Bond TR USD Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. USTREAS T-Bill Auction Ave 3 Mon As tracked by the Wall Street Journal, this benchmark measure the yields of bank-sponsored certificates of deposit. S&P 500 TR A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. Morningstar US Market TR USD A rule-based, float-weighted index that tracks the performance of US stock market. The Index targets 97% capitalization of the investable universe. BarCap US Credit TR USD Tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SECregistered, investment-grade corporate debt. BarCap US Govt/Credit 5-10 Yr TR USD Represents a combination of the Government and Corporate Bond indices for bonds with maturities between 5 and 10 years. Includes both corporate (publicly-issued, fixed-rate, nonconvertible, investment grade, dollar-denominated, SEC-registered, corporate dept.) and government (Treasury Bond index, Agency Bond index, and Government index) indices. The returns we publish for the index are total returns, which include reinvestment of dividends.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:116
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Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:117
contact your specific plan representative for more information regarding this data.
*This data has been provided by sources outside of Morningstar, Newkirk/MasteryPOINT and their content providers and is not warranted to be accurate, complete or timely. Please
Morningstar groups funds in categories based on the fund’s underlying portfolio holdings (portfolio statistics and compositions over the past three years). If a fund is new, Morningstar will estimate where the fund will fall until a more permanent category can be assigned. A fund’s category may change based on current information.
Alpha, Beta and R-squared statistics are calculated using the broad-based benchmark as determined by Morningstar. Morningstar does not provide Alpha, Beta and R-squared statistics using the broad-based benchmark for money market funds, and therefore these statistics do not appear for money market funds.
The Morningstar Rating for funds, commonly called the Star Rating, is a measure of a fund’s risk-adjusted return, relative to funds in its category. Funds are ranked from one to five stars. Funds are ranked within their categories and stars are assigned as follows: Top 10% – 5 Stars; Next 22.5% – 4 Stars; Middle 35% - 3 Stars; Next 22.5% - 2 Stars; Bottom 10% - 1 Star.
Total Assets displayed prior to 2/28/2009 reflect only the assets in the individual share class. Beginning with 2/28/2009 data, Total Assets displayed include the assets for all share classes of a fund. Total Assets are reported as of the end of the most recent month available to Morningstar.
The portfolio manager is the individual (or individuals) responsible for the overall fund strategy, as well as the buying and selling decisions of the securities in a fund’s portfolio. I f one manager is considered the lead manager for the fund, that individual’s name, along with the individual’s tenure, is listed. If more than one manager is designated as a lead manager, the lead manager with the longest tenure is listed. If no manager is identified as lead manager, the manager with the longest tenure is listed.
Unless otherwise noted, data displayed are from Morningstar, Inc., or are calculations based on Morningstar data. Historical data may be from S&P or be based on data from S&P. Investment data prior to 6/30/2008 are from Morningstar Xpress data files and may include statistics and rankings based on the earlier inception date of a predecessor share class even though performance is not available for comparable periods. All peer group ranks are calculated by Newkirk. Peer group ranks for performance, Standard Deviation, Beta, Alpha, R-Squared, Treynor, Sharpe, Sortino, and Expense Ratio are truncated to clarify when a standard has been met or surpassed. For example, funds with 24.1% and 24.9% peer group ranks for 1-Year Returns are listed as 24% to indicate that they would fail a 25% standard. Net Assets and Manager Tenure data also are truncated. For example, $49.1 million and $49.9 million for Net Assets are listed as $49 million to indicate that they would fail a $50-million standard.
Performance quoted represents past performance and cannot guarantee future results. Current performance may be lower or higher than the performance shown. Investment return and principal value will fluctuate.An investor's shares, when redeemed, may be worth more or less than their original purchase price. Performance includes the reinvestment of dividends and capital gains. Performance may be hypothetical performance from an older share class and restated by Morningstar to reflect any expense differences between the share classes.
There are no warranties, conditions, guaranties or representations, whether expressed or implied, in law or in fact, oral or in writing. Without limiting the foregoing, MasteryPOINT, its affiliates and each information provider or other third-party supplier expressly disclaims any condition of quality and any implied warranty of title, non-infringement, merchantability or fitness for a particular purpose. Under no circumstances will MasteryPOINT, Inc., its affiliates, their employees, contractors, agents, or any information provider or other thirdparty supplier be liable for any indirect, incidental, special or consequential damages for any errors in the information contained in this report or for any actions taken in reliance thereon, including lost profits, regardless of whether such damages could have been foreseen or prevented.
Third Party Educational Systems, Inc. (MasteryPOINT), Morningstar, Inc., or Newkirk Products, Inc. has made no implied or actual recommendations for action in this report. In providing access to and/or preparing this report, Neither MasteryPOINT, Morningstar, nor Newkirk shall be deemed an agent, fiduciary or co-fiduciary to, of, or for any Plan. Although the information contained within this report has been obtained from sources believed to be reliable, MasteryPOINT does not guarantee the accuracy, adequacy, completeness or availability of any information. Information is subject to change without notice.
This information was prepared by Newkirk Products, Inc. and is intended for distribution to retirement plans only. Copyright 2010 Morningstar, Inc. and Newkirk Products, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers or to Newkirk; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Newkirk nor Morningstar and its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
DISCLAIMERS
59
NATIONAL CENTER FOR POLICY ANALYSIS NCPA CLOSED FUNDS TO NEW INVESTMENTS FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 1 of 13
Plan Comparison Report NCPA 403(b) Closed Funds NCPA 403(b) Plan 2 5 11
Diversification and Consistency Standardized and Tax Adjusted Returns Benchmark Disclosure
Prepared For
Prepared By
NCPA
SJP Financial Services, LLC 300 Crescent Court Suite 270 Dallas, TX 75201 (214) 624-1007
Chairman’s Council Policy Forum Tab6:118
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 2 of 13
NCPA 403(b) Closed Funds
NCPA 403(b) Plan
Diversification and Consistency
Diversification and Consistency
13
6
High
0
7
0
1
3
0
Med
1
3
2
1
1
2
Low
0
0
0
Equity Style Options*: 36
Fixed-Income Options*: 13
Blend
Growth
Short
Interm
Long
3
3
3
High
Large
9
Value
2
0
1
0
1
4
Med
Long
0
2
0
1
1
1
Low
Interm
Large
Short
Mid
Growth
Small
Blend
Mid
Style Count
Value
Small
Style Count
0
1
0
Equity Style Options*: 17
Fixed-Income Options*: 6
Style Consistency 07-31-2010
Style Consistency 07-31-2010
Consistency
Consistency
High
High
Med
Med
Low
Low 0 1 2 3 4 5 Number of Options
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Style Consistency is not available for 10 holdings.
0 1 2 3 4 5 Number of Options
6
7
8
9
10 11 12 13 14 15 16 17 18 19 20 21 22 23
* Style Consistency is not available for 5 holdings.
Style Detail 07-31-2010
Style Detail 07-31-2010 Type
Eq Style
FI Style Equity %Assets Trnover Style in Top10 Ratio % Constncy
Large Value (MF)
Avg
1
6
Medium
25
68
Vanguard Equity-Income Vanguard Value Index Vanguard Windsor II Investor Vanguard Windsor Investor
MF MF MF MF
1 1 1 1
— — — —
Medium High High Medium
28 29 28 20
51 31 41 61
Large Blend (MF)
Avg
4
6
Medium
32
78
Vanguard 500 Index Investor Vanguard Capital Value Vanguard Diversified Equity Inv Vanguard Dividend Growth Vanguard Growth & Income
MF MF MF MF MF
4 1 4 4 4
— — — — —
High Low High High High
19 24 100 29 25
12 300 5 24 83
Vanguard Large Cap Index Vanguard LifeStrategy Growth Vanguard Total Stock Mkt Idx
MF MF MF
4 4 4
— 4 —
High High High
18 100 15
8 12 5
Large Growth (MF)
Avg
7
9
Medium
30
Vanguard Growth Index Vanguard Morgan Growth Vanguard PRIMECAP Adm Vanguard PRIMECAP Core Vanguard US Growth Inv
MF MF MF MF MF
7 7 7 7 7
— — — — —
Medium Medium High High Medium
26 22 33 28 36
Mid-Cap Value (MF)
Avg
2
6
High
18
88
Vanguard Mid-Cap Value Index Inv
MF
2
—
High
9
47
Mid-Cap Blend (MF)
Avg
5
4
Medium
19
99
Vanguard Extended Market Idx Vanguard Mid Capitalization Index Vanguard Strategic Equity
MF MF MF
6 5 5
— — —
Medium Medium High
4 5 10
17 21 60
Type
Eq Style
FI Style Equity %Assets Trnover Style in Top10 Ratio % Constncy
Large Value (MF)
Avg
1
6
Medium
25
68
Sound Shore
MF
1
—
Medium
30
97
Large Blend (MF)
Avg
4
6
Medium
32
78
Sequoia
MF
7
—
Medium
54
15
101
Large Growth (MF)
Avg
7
9
Medium
30
101
29 87 4 5 101
American Funds Growth Fund of Amer R4 MF
7
—
Medium
18
38
Mid-Cap Value (MF)
Avg
2
6
High
18
88
Perkins Mid Cap Value T
MF
5
—
High
13
66
Mid-Cap Blend (MF)
Avg
5
4
Medium
19
99
Royce Premier Invmt
MF
8
—
Medium
22
14
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:119
ß
®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 3 of 13
NCPA 403(b) Closed Funds
NCPA 403(b) Plan
Diversification and Consistency
Diversification and Consistency
Mid-Cap Growth (MF)
Type
Eq Style
FI Style Equity %Assets Trnover Style in Top10 Ratio % Constncy
Avg
8
6
Medium
17
124
Type
Eq Style
FI Style Equity %Assets Trnover Style in Top10 Ratio % Constncy
Mid-Cap Growth (MF)
Avg
8
6
Medium
17
124
Columbia Acorn Z
MF
8
—
High
12
27
Small Value (MF)
Avg
3
—
High
16
76
Small Value (MF)
Avg
3
—
High
16
76
Vanguard Small Cap Value Index
MF
3
—
High
4
33
Northern Small Cap Value
MF
3
—
Medium
12
33
Small Blend (MF)
Avg
6
5
Medium
15
91
15
91
6
25
Small Blend (MF)
Avg
6
5
Medium
Dreyfus Small Cap Stock Index
MF
6
—
High
Small Growth (MF)
Avg
9
—
High
18
129
Small Growth (MF)
Avg
9
—
High
18
129
Vanguard Explorer Inv Vanguard Small Cap Growth Index
MF MF
9 9
— —
High High
8 5
95 38
Baron Growth Retail
MF
8
—
Medium
27
27
Real Estate (MF)
Avg
5
7
Low
50
135
Real Estate (MF)
Avg
5
7
Low
50
135
Vanguard REIT Index
MF
5
—
Medium
44
16
Foreign Large Value (MF)
Avg
1
9
High
13
62
Foreign Large Value (MF)
Avg
1
9
High
13
62
Vanguard International Value Inv
MF
1
—
High
17
55
Columbia International Value A
MF
1
—
High
23
19
Foreign Large Blend (MF)
Avg
4
6
High
16
102
Foreign Large Blend (MF)
Avg
4
6
High
16
102
Vanguard International Growth Inv
MF
7
—
High
18
51
Vanguard Total Intl Stock Index
MF
4
—
High
9
12
Foreign Small/Mid Value (MF)
Avg
2
—
Medium
11
75
Foreign Small/Mid Growth (MF)
Avg
8
—
Medium
7
121
Foreign Small/Mid Value (MF)
Avg
2
—
Medium
11
75
First Eagle Overseas A
MF
4
—
Medium
26
9
Foreign Small/Mid Growth (MF)
Avg
8
—
Medium
7
121
Columbia Acorn International Z
MF
8
—
Medium
12
31
World Stock (MF)
Avg
4
6
Medium
15
94
World Stock (MF)
Avg
4
6
Medium
15
94
Vanguard Global Equity
MF
1
—
High
11
71
American Funds Capital World G/I R4
MF
1
—
High
19
44
Europe Stock (MF)
Avg
4
—
Medium
15
168
Europe Stock (MF)
Avg
4
—
Medium
15
168
Vanguard European Stock Index
MF
4
—
High
19
18
Diversified Emerging Mkts (MF)
Avg
4
4
Medium
15
92
Diversified Emerging Mkts (MF)
Avg
4
4
Medium
15
92
Vanguard Emerging Mkts Stock Idx
MF
4
—
High
13
12
Oppenheimer Developing Markets Y
MF
7
—
Medium
29
55
Intermediate Government (MF)
Avg
—
4
—
58
333
Intermediate Government (MF)
Avg
—
4
—
58
333
Vanguard Interm-Term Treasury
MF
—
4
—
68
109
Vanguard GNMA
MF
—
1
—
30
272
Short Government (MF)
Avg
—
1
Low
55
194
Avg
—
9
—
36
124
Vanguard Long-Term Bond Index Investor MF
—
8
—
27
69
Long-Term Bond (MF)
Short Government (MF)
Avg
—
1
Low
55
194
Goldman Sachs Short Dur Govt A
MF
—
1
—
61
194
Long-Term Bond (MF)
Avg
—
9
—
36
124
Avg
—
5
—
42
223
Intermediate-Term Bond (MF)
Avg
—
5
—
42
223
Vanguard Interm-Term Bond Index MF Vanguard Interm-Term Investment-Grade MF Vanguard Total Bond Market Index MF
— — —
8 5 4
— — —
25 8 12
70 69 80
PIMCO Total Return A
MF
—
5
—
43
402
Short-Term Bond (MF)
Avg
—
2
Low
39
122
Short-Term Bond (MF)
Avg
—
2
Low
39
122
Vanguard Short-Term Investment-Grade
MF
—
2
—
8
59
Inflation-Protected Bond (MF)
Avg
5
7
Low
78
125
Inflation-Protected Bond (MF)
Avg
5
7
Low
78
125
Vanguard Inflation-Protected Secs
MF
—
4
—
53
14
BlackRock Inflation Protected Bond Svc
MF
—
7
—
36
193
High Yield Bond (MF)
Avg
2
6
Low
57
99
High Yield Bond (MF)
Avg
2
6
Low
57
99
Intermediate-Term Bond (MF)
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:120
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Page 4 of 13
NCPA 403(b) Closed Funds
NCPA 403(b) Plan
Diversification and Consistency
Diversification and Consistency
Type
Eq Style
FI Style Equity %Assets Trnover Style in Top10 Ratio % Constncy
Principal High Yield A World Bond (MF)
Avg
—
8
Low
24
155
19
56
100
27
Type
Eq Style
FI Style Equity %Assets Trnover Style in Top10 Ratio % Constncy
MF
9
6
Low
13
57
World Bond (MF)
Avg
—
8
Low
24
155
American Funds Capital World Bond R4
MF
—
5
—
15
106
Conservative Allocation (MF)
Avg
4
6
Medium
19
56
Conservative Allocation (MF)
Avg
4
6
Medium
Vanguard LifeStrategy Income
MF
4
5
High
Moderate Allocation (MF)
Avg
4
6
High
16
84
Moderate Allocation (MF)
Avg
4
6
High
16
84
Vanguard Balanced Index Vanguard Wellington
MF MF
4 1
4 5
— —
11 16
55 28
Oakmark Equity & Income I
MF
4
—
Medium
30
78
Target Date 2011-2015 (MF)
Avg
4
5
High
37
40
Target Date 2011-2015 (MF)
Avg
4
5
High
37
40
Vanguard Target Retirement 2015
MF
4
4
—
100
37
Target Date 2016-2020 (MF)
Avg
4
5
High
44
44
Target Date 2016-2020 (MF)
Avg
4
5
High
44
44
Vanguard Target Retirement 2020
MF
4
4
High
100
27
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:121
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Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 5 of 13
NCPA 403(b) Closed Funds Standardized Returns Disclosure
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/ familyinfo.asp.
Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken in account, including M&E risk charges, fund-level expenses such as managementfees and operating fees, and policy-level administration fees, chargessuch as surrender, contract and sales charges.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Although money market seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Standardized Returns 06-30-2010
Vanguard 500 Index Investor Vanguard Balanced Index Vanguard Capital Value Vanguard Diversified Equity Inv Vanguard Dividend Growth Vanguard Emerging Mkts Stock Idx Vanguard Energy Vanguard Equity-Income Vanguard European Stock Index Vanguard Explorer Inv Vanguard Extended Market Idx Vanguard Global Equity Vanguard Growth & Income Vanguard Growth Index Vanguard Inflation-Protected Secs Vanguard Interm-Term Bond Index Vanguard Interm-Term Investment-Grade Vanguard Interm-Term Treasury Vanguard International Growth Inv Vanguard International Value Inv Vanguard Large Cap Index Vanguard LifeStrategy Growth Vanguard LifeStrategy Income Vanguard Long-Term Bond Index Investor Vanguard Mid Capitalization Index Vanguard Mid-Cap Value Index Inv Vanguard Morgan Growth Vanguard PRIMECAP Adm Vanguard PRIMECAP Core Vanguard REIT Index Vanguard Short-Term Investment-Grade Vanguard Small Cap Growth Index Vanguard Small Cap Value Index Vanguard Strategic Equity Vanguard Target Retirement 2015 Vanguard Target Retirement 2020 Vanguard Total Bond Market Index Vanguard Total Stock Mkt Idx Vanguard US Growth Inv Vanguard Value Index
Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
10.10 7.27 1.80 -0.99 6.09
08-31-76 11-09-92 12-17-01 06-10-05 05-15-92
NA NA NA NA NA
NA NA NA NA NA
0.18 0.25 0.45 0.43 0.38
0.18 0.25 0.45 0.43 0.38
10.06 12.49 3.16 0.38 1.71
7.74 12.36 8.67 6.77 8.32
05-04-94 05-23-84 03-21-88 06-18-90 12-11-67
NA NA NA NA NA
NA NA NA NA NA
0.40 0.38 0.36 0.27 0.54
0.40 0.38 0.36 0.27 0.54
1.29 0.20 -2.39 0.27 4.71
1.52 4.75 -1.90 -3.80 7.21
9.58 7.29 8.51 6.82 7.22
12-21-87 08-14-95 12-10-86 11-02-92 06-29-00
NA NA NA NA NA
NA NA NA NA NA
0.30 0.47 0.35 0.28 0.25
0.30 0.47 0.35 0.28 0.25
13.39 16.80 8.26 11.86 4.84
5.96 5.48 6.12 3.69 2.38
7.24 6.84 6.92 1.14 2.78
6.81 6.30 7.02 10.67 9.25
03-01-94 11-01-93 10-28-91 09-30-81 05-16-83
NA NA NA NA NA
NA NA NA NA NA
0.22 0.24 0.25 0.53 0.45
0.22 0.24 0.25 0.53 0.45
— — — — —
14.63 14.21 11.23 16.52 26.70
-0.47 0.88 3.86 5.59 1.05
— 0.84 4.55 8.13 4.96
0.99 6.86 6.89 7.75 6.81
01-30-04 09-30-94 09-30-94 03-01-94 05-21-98
NA NA NA NA NA
NA NA NA NA NA
0.26 0.23 0.23 0.22 0.27
0.26 0.23 0.23 0.22 0.27
— — — — —
30.80 15.16 11.67 14.84 54.95
— 0.13 2.76 2.81 0.47
— -1.83 0.67 — 9.63
-1.96 9.50 4.65 3.33 9.33
08-24-06 12-31-68 11-12-01 12-09-04 05-13-96
NA NA NA NA NA
NA NA NA NA NA
0.30 0.48 0.37 0.54 0.26
0.30 0.48 0.37 0.54 0.26
— — — — —
8.69 22.77 27.26 22.03 13.26
4.68 2.21 0.25 -2.53 2.34
4.95 3.72 7.04 4.23 —
7.09 4.97 5.34 8.03 3.99
10-29-82 05-21-98 05-21-98 08-14-95 10-27-03
NA NA NA NA NA
NA NA NA NA NA
0.24 0.28 0.28 0.30 0.17
0.24 0.28 0.28 0.30 0.17
— — — — —
13.58 9.28 15.87 9.46 15.89
— 5.48 -0.28 -1.24 -1.32
— 6.20 -0.81 -8.34 1.09
1.17 6.91 7.40 9.58 7.59
06-07-06 12-11-86 04-27-92 01-06-59 11-02-92
NA NA NA NA NA
NA NA NA NA NA
0.18 0.22 0.18 0.49 0.26
0.18 0.22 0.18 0.49 0.26
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Std Ret % Std Ret % 10 Yr Since Inception
— — — — —
14.33 13.64 24.00 14.91 11.77
-0.87 2.39 -0.55 -1.02 2.60
-1.67 2.38 — — 1.38
— — — — —
21.79 3.36 15.46 4.32 20.28
11.72 5.53 0.17 0.26 -0.11
— — — — —
23.67 14.50 14.04 13.40 9.51
— — — — —
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:122
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®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 6 of 13
NCPA 403(b) Closed Funds Standardized Returns Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
8.00 9.86 10.93
07-01-29 06-24-85 10-23-58
NA NA NA
NA NA NA
0.34 0.38 0.33
0.34 0.38 0.33
— — -0.20 6.40 7.46
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
-0.88 5.54 -0.23 2.68 5.31
-2.05 6.47 2.32 2.58 6.94
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
3.21 8.77 13.43 9.28 6.38
0.01 5.79 5.70 6.21 1.35
1.80 6.65 7.65 7.00 0.59
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
10.43 10.02 11.64 17.57 18.59
3.38 4.04 -0.86 -1.56 5.21
1.86 4.81 -2.71 2.74 6.39
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
USTREAS T-Bill Cnst Mat Rate 2 Yr S&P Completion PR USD Russell 2000 TR USD Russell 1000 Growth TR USD Russell 1000 TR USD
— — — — —
1.90 22.34 21.48 13.62 15.24
4.14 0.12 0.37 0.38 -0.56
4.11 — 3.00 -5.14 -1.22
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Russell 2500 TR USD BofAML US HY Master II TR USD DJ US Select REIT TR USD MSCI AC World NR USD Morningstar Mid Cap TR USD
— — — — —
24.03 27.53 55.68 11.76 26.32
0.98 7.10 -0.36 1.16 1.27
4.15 7.12 9.74 -0.28 3.97
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI EM NR USD Russell MidCap Value TR USD DJ US Total Full Cap TR USD S&P 1500 Cons Discretionary TR MSCI US REIT GR USD
— — — — —
23.15 28.91 16.20 28.06 55.23
12.73 0.71 -0.08 -1.54 0.11
— 7.55 -0.67 -0.04 9.67
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
S&P 500 TR Russell 1000 Value TR USD MSCI EAFE NR USD Morningstar US Growth TR USD Morningstar Moderate Target Risk
— — — — —
14.43 16.92 5.92 13.78 12.15
-0.79 -1.64 0.88 -0.24 3.61
-1.59 2.38 0.16 -7.63 4.14
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Morningstar US Market TR USD MSCI Pacific NR USD Russell 2500 Growth TR USD BarCap US MBS TR USD MSCI World Ex US NR USD
— — — — —
15.57 6.41 21.44 7.47 7.03
-0.22 2.08 1.81 6.25 1.48
-0.86 -0.55 -1.06 6.54 0.56
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI EAFE&EM USD BarCap US Govt/Credit 5-10 Yr TR USD MSCI US Small Cap Value USD Citi HY Market Capped TR USD MSCI ACWI/Energy NR USD
— — — — —
7.10 13.54 24.58 — 0.18
0.42 5.92 -2.07 — 3.02
-0.70 7.38 6.02 — 7.04
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI US Mid Cap 450 USD Morningstar Sup/Manufacturing TR USD MSCI World USD S&P SmallCap 600 TR BarCap Credit 1-5 Yr TR USD
— — — — —
25.23 14.71 8.02 23.64 9.11
-0.33 2.97 -1.95 0.82 5.25
1.73 5.01 -2.76 5.56 5.92
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Citi WGBI NonUSD USD
—
1.52
4.98
6.44
—
—
—
—
—
—
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Vanguard Windsor Investor
— — —
12.41 13.11 15.51
3.84 -1.57 -2.42
5.92 3.28 2.81
Mergent Dividend Achievers Select BarCap US Agg Float Adj TR USD MSCI US Small Cap Growth USD BarCap Global Aggregate TR USD BarCap US Treasury US TIPS TR USD
— — — — —
12.20 9.59 22.49 5.00 9.52
— — 1.89 5.03 4.98
MSCI AC World USD BarCap US Agg Bond TR USD MSCI US Small&Mid Cap 2200 USD USTREAS T-Bill Auction Ave 3 Mon BarCap US Credit TR USD
— — — — —
9.53 9.50 24.50 0.12 14.68
MSCI EAFE Value NR USD Morningstar Core Bond MCBI TR S&P North American Natural Resources TR BarCap US Treasury 5-10 Yr TR USD MSCI EAFE GR USD
— — — — —
MSCI AC World Ex USA NR USD Morningstar Moderately Cons Target Risk Morningstar Large Cap TR USD Russell 3000 Value TR USD S&P Global Ex US Small TR USD
Vanguard Wellington Vanguard Windsor II Investor
Std Ret % Std Ret % 10 Yr Since Inception
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:123
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®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 7 of 13
NCPA 403(b) Closed Funds Standardized Returns Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
— — — —
— — — —
— — — —
— — — —
— — — —
— — — —
-4.89 3.14 -5.40 -1.44 6.41
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
-1.77 4.88 2.21 5.66 1.14
-2.17 5.11 5.30 7.44 -1.72
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
5.70 15.72 7.72 6.46 25.33
0.27 -0.48 0.81 5.37 1.07
0.44 -0.92 -0.38 6.21 6.73
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
25.07 16.09 8.28
-0.51 -1.23 6.24
7.48 2.44 6.41
— — —
— — —
— — —
— — —
— — —
— — —
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Std Ret % Std Ret % 10 Yr Since Inception
MSCI EM USD MSCI US Broad Market USD BarCap US Govt/Credit Long TR USD MSCI Europe USD
— — — —
20.58 13.79 16.49 2.70
10.19 -2.10 5.57 -2.66
7.50 — 8.05 -2.19
Russell 3000 Growth TR USD Morningstar Moderately Aggr Target Risk MSCI US Prime Market Growth GR USD MSCI US Prime Market 750 GR USD MSCI US Mid Cap Value USD
— — — — —
13.95 13.92 13.66 14.88 28.23
0.44 2.74 0.44 -0.34 -1.51
MSCI EAFE USD BarCap Government 1-5 Yr TR USD S&P MidCap 400 TR BarCap US Credit 5-10 Yr TR USD Russell 2000 Growth TR USD
— — — — —
3.13 4.18 24.93 17.86 17.96
MSCI Europe NR USD Russell 3000 TR USD MSCI AC World Ex USA USD BarCap US Government TR USD Morningstar Mid Core TR USD
— — — — —
Russell 2000 Value TR USD MSCI US Prime Market Value GR USD BarCap GNMA TR USD
— — —
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:124
ß
®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 8 of 13
NCPA 403(b) Plan Standardized Returns Disclosure
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/ familyinfo.asp.
Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken in account, including M&E risk charges, fund-level expenses such as managementfees and operating fees, and policy-level administration fees, chargessuch as surrender, contract and sales charges.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Although money market seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Standardized Returns 06-30-2010
Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
7.80 7.94 3.52 12.42 6.10
08-15-02 06-27-02 05-28-02 12-30-94 06-28-04
NA NA NA NA NA
NA NA NA NA NA
0.91 0.83 0.70 1.35 0.764
0.91 0.83 0.70 1.35 0.92
4.68 7.73 2.72 5.22 11.34
10.96 14.48 8.28 6.27 11.70
09-23-92 06-09-70 12-27-95 06-30-97 08-31-93
NA NA NA NA NA
NA NA NA NA NA
0.99 0.77 1.42 0.505 1.20
0.99 0.77 1.42 0.51 1.20
4.57 0.56 5.00 15.07 3.90
4.71 6.33 8.94 14.06 9.97
4.73 8.49 10.71 13.40 11.92
05-01-97 03-31-94 11-01-95 09-07-05 08-12-98
NA NA NA NA NA
NA NA NA NA NA
0.846 1.007 0.85 1.08 1.08
0.88 1.38 0.85 1.08 1.08
8.58 15.83 18.98 17.46 7.80
6.14 7.23 5.98 2.20 -0.81
6.92 7.75 9.94 6.06 3.94
6.81 7.17 11.52 14.05 10.15
01-13-97 04-08-98 12-31-91 07-15-70 05-03-85
NA NA NA NA NA
NA NA NA NA NA
— 0.95 1.15 1.05 0.94
0.91 0.95 1.15 1.05 0.94
— —
8.30 8.63
6.08 2.77
6.36 1.42
8.39 3.61
06-27-80 04-29-96
NA NA
NA NA
0.23 0.32
0.23 0.32
Mergent Dividend Achievers Select BarCap US Agg Float Adj TR USD MSCI US Small Cap Growth USD BarCap Global Aggregate TR USD BarCap US Treasury US TIPS TR USD
— — — — —
12.20 9.59 22.49 5.00 9.52
— — 1.89 5.03 4.98
— — -0.20 6.40 7.46
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI AC World USD BarCap US Agg Bond TR USD MSCI US Small&Mid Cap 2200 USD USTREAS T-Bill Auction Ave 3 Mon BarCap US Credit TR USD
— — — — —
9.53 9.50 24.50 0.12 14.68
-0.88 5.54 -0.23 2.68 5.31
-2.05 6.47 2.32 2.58 6.94
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI EAFE Value NR USD Morningstar Core Bond MCBI TR S&P North American Natural Resources TR BarCap US Treasury 5-10 Yr TR USD
— — — —
3.21 8.77 13.43 9.28
0.01 5.79 5.70 6.21
1.80 6.65 7.65 7.00
— — — —
— — — —
— — — —
— — — —
— — — —
— — — —
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
— — — — —
7.21 8.35 10.35 19.15 9.52
4.82 3.17 0.82 0.47 5.53
7.20 5.38 -0.02 5.79 —
— — — — —
18.91 23.20 -5.00 23.22 8.95
7.82 2.43 0.11 0.63 6.37
— — — — —
1.69 22.79 11.30 27.57 16.29
— — — — —
Vanguard Total Intl Stock Index
American Funds Capital World Bond R4 American Funds Capital World G/I R4 American Funds Growth Fund of Amer R4 Baron Growth Retail BlackRock Inflation Protected Bond Svc Columbia Acorn International Z Columbia Acorn Z Columbia International Value A Dreyfus Small Cap Stock Index First Eagle Overseas A Goldman Sachs Short Dur Govt A Northern Small Cap Value Oakmark Equity & Income I Oppenheimer Developing Markets Y Perkins Mid Cap Value T PIMCO Total Return A Principal High Yield A Royce Premier Invmt Sequoia Sound Shore Vanguard GNMA
4
Contractual waiver; expires 02/01/2009.
5
Non-contractual waiver that may expire at any time.
6
Non-contractual waiver that may expire at any time.
7
Non-contractual waiver that may expire at any time.
Std Ret % Std Ret % 10 Yr Since Inception
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:125
ß
®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 9 of 13
NCPA 403(b) Plan Standardized Returns 7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Std Ret % Std Ret % 10 Yr Since Inception
Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
MSCI EAFE GR USD
—
6.38
1.35
0.59
—
—
—
—
—
—
MSCI AC World Ex USA NR USD Morningstar Moderately Cons Target Risk Morningstar Large Cap TR USD Russell 3000 Value TR USD S&P Global Ex US Small TR USD
— — — — —
10.43 10.02 11.64 17.57 18.59
3.38 4.04 -0.86 -1.56 5.21
1.86 4.81 -2.71 2.74 6.39
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
USTREAS T-Bill Cnst Mat Rate 2 Yr S&P Completion PR USD Russell 2000 TR USD Russell 1000 Growth TR USD Russell 1000 TR USD
— — — — —
1.90 22.34 21.48 13.62 15.24
4.14 0.12 0.37 0.38 -0.56
4.11 — 3.00 -5.14 -1.22
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Russell 2500 TR USD BofAML US HY Master II TR USD DJ US Select REIT TR USD MSCI AC World NR USD Morningstar Mid Cap TR USD
— — — — —
24.03 27.53 55.68 11.76 26.32
0.98 7.10 -0.36 1.16 1.27
4.15 7.12 9.74 -0.28 3.97
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI EM NR USD Russell MidCap Value TR USD DJ US Total Full Cap TR USD S&P 1500 Cons Discretionary TR MSCI US REIT GR USD
— — — — —
23.15 28.91 16.20 28.06 55.23
12.73 0.71 -0.08 -1.54 0.11
— 7.55 -0.67 -0.04 9.67
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
S&P 500 TR Russell 1000 Value TR USD MSCI EAFE NR USD Morningstar US Growth TR USD Morningstar Moderate Target Risk
— — — — —
14.43 16.92 5.92 13.78 12.15
-0.79 -1.64 0.88 -0.24 3.61
-1.59 2.38 0.16 -7.63 4.14
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Morningstar US Market TR USD MSCI Pacific NR USD Russell 2500 Growth TR USD BarCap US MBS TR USD MSCI World Ex US NR USD
— — — — —
15.57 6.41 21.44 7.47 7.03
-0.22 2.08 1.81 6.25 1.48
-0.86 -0.55 -1.06 6.54 0.56
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI EAFE&EM USD BarCap US Govt/Credit 5-10 Yr TR USD MSCI US Small Cap Value USD Citi HY Market Capped TR USD MSCI ACWI/Energy NR USD
— — — — —
7.10 13.54 24.58 — 0.18
0.42 5.92 -2.07 — 3.02
-0.70 7.38 6.02 — 7.04
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI US Mid Cap 450 USD Morningstar Sup/Manufacturing TR USD MSCI World USD S&P SmallCap 600 TR BarCap Credit 1-5 Yr TR USD
— — — — —
25.23 14.71 8.02 23.64 9.11
-0.33 2.97 -1.95 0.82 5.25
1.73 5.01 -2.76 5.56 5.92
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Citi WGBI NonUSD USD MSCI EM USD MSCI US Broad Market USD BarCap US Govt/Credit Long TR USD MSCI Europe USD
— — — — —
1.52 20.58 13.79 16.49 2.70
4.98 10.19 -2.10 5.57 -2.66
6.44 7.50 — 8.05 -2.19
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
Russell 3000 Growth TR USD Morningstar Moderately Aggr Target Risk MSCI US Prime Market Growth GR USD MSCI US Prime Market 750 GR USD MSCI US Mid Cap Value USD
— — — — —
13.95 13.92 13.66 14.88 28.23
0.44 2.74 0.44 -0.34 -1.51
-4.89 3.14 -5.40 -1.44 6.41
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI EAFE USD BarCap Government 1-5 Yr TR USD S&P MidCap 400 TR BarCap US Credit 5-10 Yr TR USD Russell 2000 Growth TR USD
— — — — —
3.13 4.18 24.93 17.86 17.96
-1.77 4.88 2.21 5.66 1.14
-2.17 5.11 5.30 7.44 -1.72
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
MSCI Europe NR USD Russell 3000 TR USD MSCI AC World Ex USA USD BarCap US Government TR USD
— — — —
5.70 15.72 7.72 6.46
0.27 -0.48 0.81 5.37
0.44 -0.92 -0.38 6.21
— — — —
— — — —
— — — —
— — — —
— — — —
— — — —
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:126
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Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 10 of 13
NCPA 403(b) Plan Standardized Returns 7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Morningstar Mid Core TR USD
—
25.33
1.07
6.73
Russell 2000 Value TR USD MSCI US Prime Market Value GR USD BarCap GNMA TR USD
— — —
25.07 16.09 8.28
-0.51 -1.23 6.24
7.48 2.44 6.41
Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
—
—
—
—
—
—
— — —
— — —
— — —
— — —
— — —
— — —
Std Ret % Std Ret % 10 Yr Since Inception
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:127
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Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 11 of 13
Defined Contribution Comparison Report Benchmark Disclosure BarCap Global Aggregate TR USD The Lehman Brothers Global Aggregate Index is composed of the U.S. Aggregate Index, the Pan-European Index and the Japanese component of the Global Treasury Index. All issues must be fixed rate, nonconvertible and have at least one year remaining to maturity. Securities from countries classified as emerging markets are excluded. The index is weighted according to each countries market capitalization, except for Japan, which is weighted by the market capitalization of the 40 largest Japanese government bonds. MSCI AC World USD A free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. As of April 2002 the MSCI ACWI Free Index consisted of 49 developed and emerging market country indices. BarCap US Agg Bond TR USD Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. USTREAS T-Bill Auction Ave 3 Mon As tracked by the Wall Street Journal, this benchmark measure the yields of bank-sponsored certificates of deposit. BarCap US Credit TR USD Tracks the returns of all publicly issued, fixed-rate, nonconvertible, dollar-denominated, SECregistered, investment-grade corporate debt. S&P North American Natural Resources TR A sector index that includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper, and owners of plantations. Morningstar Large Cap TR USD Tracks the performance of large cap stocks-stocks that represent the top 70 percent capitalization of the investable universe. Russell 3000 Value TR USD Measures the performance of those Russell 3000 Index companies with lower price-tobook ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes. Russell 2000 TR USD Consists of the 2000 smallest companies in the Russell 3000 Index. Russell 1000 Growth TR USD Tracks the companies within the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. Russell 1000 TR USD Consists of the 1000 largest companies within the Russell 3000 index, which represents approximately 98% of the investable US equity market. Also known as the Market-Oriented Index, because it represents the group of stocks from which most active money managers choose. Russell 2500 TR USD Tracks the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index. Morningstar Mid Cap TR USD Tracks the performance of mid cap stocks--stocks that represent the next 20 percent capitalization following the top 70 percent capitalization in the investable universe. Russell MidCap Value TR USD Tracks the companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. DJ US Total Full Cap TR USD This total market index consists of all U.S. headquartered equity securities with readily available price data. © 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:128
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Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 12 of 13
Defined Contribution Comparison Report Benchmark Disclosure S&P 500 TR A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. Russell 1000 Value TR USD Tracks the companies within the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. MSCI EAFE NR USD This Europe, Australasia, and Far East index is a market-capitalization-weighted index of 21 non-U.S., industrialized country indexes. Morningstar US Growth TR USD Tracks the performance of stocks that are growing at a faster pace than the rest of the market. Morningstar US Market TR USD A rule-based, float-weighted index that tracks the performance of US stock market. The Index targets 97% capitalization of the investable universe. MSCI Pacific NR USD This index measures the performance of stock markets in Australia, Hong Kong, Japan, New Zealand, and Singapore, and Malaysia. Russell 2500 Growth TR USD Measures the performance of stocks within the Russell 2500 Index with higher price-tobook ratios and higher forecasted growth values. BarCap US MBS TR USD Includes 15- and 30-year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA). MSCI World Ex US NR USD This index measures the performance of the stock market in 21 non-U.S. industrialized countries. BarCap US Govt/Credit 5-10 Yr TR USD Represents a combination of the Government and Corporate Bond indices for bonds with maturities between 5 and 10 years. Includes both corporate (publicly-issued, fixed-rate, nonconvertible, investment grade, dollar-denominated, SEC-registered, corporate dept.) and government (Treasury Bond index, Agency Bond index, and Government index) indices. The returns we publish for the index are total returns, which include reinvestment of dividends. S&P SmallCap 600 TR This small cap index consists of 600 domestic stocks chosen for market size, liquidity, and industry group representation. Citi WGBI NonUSD USD A market-capitalization weighted index consisting of the government bond markets of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, Switzerland, and United Kingdom. Country eligibility is determined based upon market capitalization and investability criteria. The index includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of US$25 million. Government securities typically exclude floating or variable rate bonds. MSCI EM USD A capitalization-weighted index of stocks from 26 emerging markets that only includes issues that may be traded by foreign investors. BarCap US Govt/Credit Long TR USD Includes the LB Government and LB Corporate Bond indices that have maturities of 10 years or longer. The returns we publish for the index are total returns, which include reinvestment of dividends.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:129
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Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 13 of 13
Defined Contribution Comparison Report Benchmark Disclosure Russell 3000 Growth TR USD Measures the performance of those Russell 3000 Index companies with higher price-tobook ratios and higher forecasted growth values. The Russell 3000 includes the largest U.S. companies by market capitalization, representing approximately 98% of the U.S. equity market. BarCap Government 1-5 Yr TR USD Comprised of both the Treasury Bond index (all public obligations of the U.S. Treasury, excluding flower bonds and foreign-targeted issues) and the Agency Bond Index (all publicly issued debt of U.S. Government agencies and quasi-federal corporations and corporatedebt guaranteed by the U.S. Government). These bonds also must have maturities of one to five years. The returns we publish for the index are total returns, which include reinvestment of dividends. S&P MidCap 400 TR This index is comprised of stocks in the middle-capitalization range, and includes approximately 10% of the capitalization of U.S. equity securities. Russell 2000 Growth TR USD Tracks the companies within the Russell 2000 Index that have higher price-to-book ratios and higher forecasted growth values. MSCI Europe NR USD A free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. As of September 2002, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Russell 3000 TR USD Composed of the 3000 largest U.S. companies by market capitalization, representing approximately 98% of the U.S. equity market. BarCap US Government TR USD Tracks the returns of U.S. Treasuries, agency bonds, and one- to three-year U.S. government obligations. Morningstar Mid Core TR USD Measures the performance of mid capitalization stocks that exhibit either: 1) both growth and value characteristics, or 2) neither growth nor value characteristics. Russell 2000 Value TR USD Tracks the companies within the Russell 2000 Index that have lower price-to-book ratios and lower forecasted growth values. BarCap GNMA TR USD Composed of all fixed-rate, securitized mortgage pools backed by GNMA, with principal amounts outstanding in excess of $50 million. Subset of the Lehman Brothers MortgageBacked Securities Index.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:130
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Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World
Plan Summary High Level Summary of Plan Activity
$1,999,322.83
Beginning Balance as of January 1, 2010 Employee Contributions
0.00
Employer Contributions
120,000.00
Transfers and Rollovers
0.00
Withdrawals
0.00
Forfeitures
0.00 5,338.08
Earnings
(139,253.75)
Unrealized Gain / Loss
0.00
Loan Activity
(2,968.04)
Expenses Ending Balance as of August 31, 2010
$1,982,439.12
Vested Balance as of August 31, 2010
$1,982,439.12
Average Participant Balance as of August 31, 2010
$1,982,439.12
At the beginning of the period there were 1 participants with account balances. During the period 1 made contributions,0 entered the plan and 0 left the plan, resulting in 1 participants with account balances at the end of the period.
Chairman’s Council Policy Forum Tab6:131
Tuesday, September 21, 2010
SPONSOR: NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN PLAN:
FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Chairman’s Council Policy Forum Tab6:132
DAVID PARK SJP FINANCIAL SERVICES, LLC 300 CRESCENT COURT, SUITE 270 DALLAS, TEXAS 75201 214-624-1007
[email protected]
TO DISCUSS ANY OF THIS REPORT PLEASE CONTACT YOUR REPRESENTATIVE
LYNDA CAMPBELL PLAN ADMINISTRATOR NATIONAL CENTER FOR POLICY ANALYSIS 12770 COIT RD. SUITE 800 DALLAS, TX 75251 (972) 308-6478
[email protected]
PLAN CONTACT
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HOW TO USE THIS REPORT: MONITORING REPORT SAMPLE
This Investment Report is intended to assist you in meeting your monitoring obligation. The report includes a Monitoring Report and a Performance Report. The Monitoring Report displays all of the plan’s investments alphabetically by asset class. Each investment displays the standards and criteria specified in the IPS and how the investment has performed with respect to those criteria over the current and seven previous periods.
Your plan’s Investment Policy Statement (IPS) requires monitoring of the plan’s investments to ensure that the investments are appropriate for the plan and its participants. In your Investment Policy Statement, standards and criteria have been established for purposes of monitoring plan investments.
INTRODUCTION
1
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
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Ideas Changing the World
Chairman’s Council Policy Forum Tab6:133
Tuesday, September 21, 2010
Description Fail Pass
Score 0 to 74 75 or greater
Chairman’s Council Policy Forum Tab6:134 The Performance Report provides additional detail concerning your plan’s investments. It includes indepth performance information for each investment and its benchmark, as well as risk/expense and other data.
3. Investment Note — The Monitor Report includes notes from previous investment reviews you have conducted and recorded. An investment may or may not have a note attached, based on your own prior decisions. The notes enable you to call attention to considerations about an investment that may be independent of the standards and criteria specified in the IPS.
Based on the calculated investment score, each investment will be classified using the following table
For some standards/periods, data may not be available. This report is configured to not include these items in the calculation of the score.
2. Monitor Score — The score is a percentage of the standards that meet the specified criteria for all reporting periods shown.
This approach is implemented for all time periods and standards. Investments that warrant attention are readily identifiable.
1. Period Highlight — Where an investment underperforms a standard/criteria in a particular time period, that period is highlighted in blue. For example, if your IPS specifies that an investment have a Morningstar rank of 4 stars and the investment has a 3 star rank for the most recent period, that period is highlighted in blue.
The Monitoring Report identifies investments that may merit your attention in three ways:
2
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
Top 50%
Return 3 Yr Rank Standard Dev 3 Yr Rank
Criteria
Standards
YOUR PLAN'S STANDARDS AND CRITERIA
3
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
Board of Directors Meeting
Ideas Changing the World
Chairman’s Council Policy Forum Tab6:135
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:136
against any particular firm/fund or investment fund manager.
The following evaluation was prepared by SJP Financial Services, LLC using information provided by the investment managers and other sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation by us for the purchase or sale of any securities. This report is not intended to and should not be construed to constitute a recommendation for or
4
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
69 - Fail 75 - Pass 77 - Pass 100 - Pass 100 - Pass
Vanguard Windsor II Fund (Adm) Vanguard Capital Opportunity Fund (Adm) Vanguard PRIMECAP Core Fund Vanguard PRIMECAP Fund (Adm)
48 - Fail
Vanguard Global Equity Fund Vanguard Explorer Fund (Adm)
Score
Investment
YOUR PLAN'S SCORECARD
5
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
INVESTMENT REPORT
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Chairman’s Council Policy Forum Tab6:137
Tuesday, September 21, 2010
Notes:
Fund Category: Large Growth
Vanguard Capital Opportunity Fund (Adm)
Notes:
Fund Category: Large Value
Vanguard Windsor II Fund (Adm)
77
75
$33,294KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
12.5 years $7,864KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:138 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
3%
3%
15%
Top 50%
92%
13%
Gross Expense Ratio Rank
Top 50%
Alpha 3 Yr Rank
89%
25%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
3%
3%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VHCAX
25.1 years
Lowest 50%
48%
Gross Expense Ratio Rank
56%
47%
Top 50%
Top 50%
Alpha 3 Yr Rank
54%
48%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VWNAX
$7,378KK
12.4 years
3%
3%
16%
90%
13%
88%
28%
Q2 2010
$31,404KK
25 years
3%
3%
54%
54%
50%
54%
51%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$8,875KK
12.2 years
3%
3%
8%
85%
9%
85%
9%
Q1 2010
$36,704KK
24.8 years
3%
3%
33%
55%
32%
54%
35%
Q1 2010
$33,320KK
24.3 years
3%
3%
41%
56%
41%
54%
43%
$8,455KK
11.9 years
3%
3%
13%
83%
11%
84%
14%
Q4 2009
$7,841KK
11.7 years
3%
2%
12%
80%
12%
81%
13%
Q3 2009
Monitor History
$34,895KK
24.5 years
3%
3%
35%
57%
33%
55%
35%
Q3 2009
Monitor History Q4 2009
$6,673KK
11.4 years
3%
2%
8%
84%
8%
83%
11%
Q2 2009
$29,195KK
24 years
3%
2%
31%
51%
29%
54%
37%
Q2 2009
$5,447KK
11.2 years
3%
2%
9%
84%
7%
82%
17%
Q1 2009
$24,942KK
23.8 years
2%
2%
32%
56%
30%
55%
40%
Q1 2009
6
$2,715KK
10.9 years
2%
2%
8%
83%
6%
81%
16%
Q4 2008
$10,778KK
23.6 years
2%
2%
45%
57%
41%
54%
49%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: Large Growth
Vanguard PRIMECAP Fund (Adm)
Notes:
Fund Category: Large Growth
Vanguard PRIMECAP Core Fund
100
100
$4,432KK
Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
25.8 years $26,873KK
Top 50% Lowest 50% Top 50% Lowest 50% Top 50% Lowest 50% Lowest 50% 3 years or more $50 mil. or more
Return 3 Yr Rank Standard Dev 3 Yr Rank Alpha 3 Yr Rank Beta 3 Yr Rank
Chairman’s Council Policy Forum Tab6:139 Sharpe Ratio 3 Yr Rank Gross Expense Ratio Rank Net Expense Ratio Rank Manager Tenure Total Net Assets
2%
2%
19%
40%
20%
29%
16%
Criteria
JUL 2010
4%
4%
15%
25%
16%
20%
Monitor History:
Ticker: VPMAX
5.6 years
Top 50%
Return 3 Yr Rank
12%
Criteria
JUL 2010
Monitor History:
Ticker: VPCCX
$25,288KK
25.7 years
2%
2%
23%
36%
24%
28%
21%
Q2 2010
$4,195KK
5.6 years
4%
4%
20%
27%
21%
21%
15%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$29,685KK
25.4 years
2%
2%
13%
35%
14%
27%
11%
Q1 2010
$4,861KK
5.3 years
4%
4%
15%
25%
16%
19%
12%
Q1 2010
$4,245KK
4.8 years
4%
3%
17%
33%
21%
20%
14%
$28,832KK
25.2 years
3%
2%
14%
38%
15%
27%
12%
Q4 2009
$27,017KK
24.9 years
2%
2%
20%
36%
22%
23%
16%
Q3 2009
Monitor History
$4,637KK
5.1 years
4%
4%
--
29%
18%
21%
14%
Q3 2009
Monitor History Q4 2009
$23,796KK
24.7 years
2%
2%
20%
30%
22%
21%
14%
Q2 2009
$3,423KK
4.6 years
4%
3%
24%
23%
26%
15%
15%
Q2 2009
$20,539KK
24.4 years
2%
2%
14%
36%
11%
23%
7%
Q1 2009
$2,731KK
4.3 years
4%
3%
17%
20%
15%
17%
7%
Q1 2009
7
$7,286KK
24.2 years
2%
2%
8%
17%
8%
13%
4%
Q4 2008
$2,681KK
4.1 years
4%
3%
17%
11%
16%
9%
8%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Notes:
Fund Category: World Stock
Vanguard Global Equity Fund
Notes:
Fund Category: Small Growth
Vanguard Explorer Fund (Adm)
48
69
$8,738KK
Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
15 years $3,702KK
Lowest 50%
Chairman’s Council Policy Forum Tab6:140 Lowest 50% 3 years or more $50 mil. or more
Net Expense Ratio Rank Manager Tenure Total Net Assets
2%
1%
72%
Gross Expense Ratio Rank
85%
68%
Top 50%
Top 50%
Alpha 3 Yr Rank
78%
83%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
2%
2%
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VHGEX
20.4 years
Lowest 50%
51%
Gross Expense Ratio Rank
49%
50%
Top 50%
Top 50%
Alpha 3 Yr Rank
30%
47%
Sharpe Ratio 3 Yr Rank
Lowest 50%
Standard Dev 3 Yr Rank Lowest 50%
Top 50%
Return 3 Yr Rank
JUL 2010
Beta 3 Yr Rank
Criteria
Monitor History:
Ticker: VEXRX
$3,421KK
14.9 years
2%
1%
67%
85%
63%
78%
83%
Q2 2010
$8,306KK
20.4 years
2%
2%
58%
47%
57%
27%
52%
Q2 2010
IPS STANDARDS AND CRITERIA: STATUS REPORT
$4,013KK
14.6 years
2%
1%
69%
87%
66%
80%
80%
Q1 2010
$9,279KK
20.1 years
2%
2%
56%
48%
55%
28%
53%
Q1 2010
$8,464KK
19.6 years
2%
2%
61%
41%
58%
28%
57%
$3,824KK
14.4 years
3%
3%
71%
86%
70%
78%
79%
Q4 2009
$3,813KK
14.1 years
3%
3%
61%
87%
62%
79%
72%
Q3 2009
Monitor History
$8,648KK
19.9 years
2%
2%
62%
47%
61%
27%
56%
Q3 2009
Monitor History Q4 2009
$3,377KK
13.9 years
3%
3%
68%
83%
67%
78%
80%
Q2 2009
$7,255KK
19.4 years
2%
2%
67%
42%
64%
27%
58%
Q2 2009
$2,953KK
13.6 years
3%
2%
61%
87%
50%
80%
78%
Q1 2009
$6,012KK
19.1 years
2%
2%
63%
35%
56%
24%
52%
Q1 2009
8
$3,567KK
13.4 years
4%
3%
50%
80%
47%
77%
62%
Q4 2008
$1,839KK
18.9 years
1%
1%
67%
41%
63%
24%
57%
Q4 2008
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
MONITORING REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:141
to the funds and the investment company. Please read it carefully before investing.
Note: For complete information about any fund contained herein please see the fund's prospectus and consider the investment objectives, risks, charges and expenses of the Investment Company carefully, before investing or sending money. The prospectus contains this and other important information related
In addition to the expense ratio of the fund there may be additional expenses for the plan including fees deducted from plan asset for recordkeeping services such as participant loan and distribution. The Plan pays 50bps (Basis Points) Investment Advisory Fees. Participants investing in the Model Portfolios are charged 100bps (Basis Points). For additional information on the Model Portfolios please refer the SJP Model Portfolio Disclosure Report.
As expense ratio is a fund's annual operating expenses expressed as a percentage of average net assets and includes management fees, administrative fees, and any marketing and distribution fees. Expense ratios directly reduce returns to investors. The expense ratio typically includes the following types of fees: accounting, administrator, advisor, auditor, board of directors, custodial, distribution (12b-1), legal organizational, professional, registration, shareholder reporting, sub-advisor, and transfer agency. The expense ratio does not reflect the fund's brokerage costs or any investor charges. For publicaly traded mutual funds, the net prospectus expense ratio is collected from the fund's most recent prospectus and provided by Morningstar. This is the percentage of fund assets paid for operating expenses and management fees. In contrast to the net expense ratio, the gross expense ratio does not reflect any fee waivers in effect during the time period. Morningstar pulls the prospectus gross expense ratio from the fund's most recent prospectus. Collective Trust Fund expense ratios and the Model Portfolio expense ratios are provided by the investment managers.
Investment options without a ticker symbol are Collective Trust Funds or Managed Portfolios, which are not publicly traded mutual funds and are not listed in public stock market listings such as the Wall Street Journal. Quarter-end returns are for the most recent quarter-end performance. (Quarter-end periods are 3/31, 6/30, 9/30, 12/31)
Investment returns and principal value of an investment will fluctuate so that when an investor's shares are redeemed, they may be worth more or less than the original cost. The returns represent past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, go to www.sjp401k.com. The 7-day yield more closely reflects the current earnings of the money market fund than the total return quotation.
9
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Large Cap Value Index
Chairman’s Council Policy Forum Tab6:142
Morningstar Global Index -4.92%
-4.59%
-5.22%
-6.85%
-8.04%
-7.40%
-8.29%
-7.24%
-7.20%
-7.38%
-9.84%
-5.89%
-6.95%
-8.08%
3 Month Total
--
--
60%
--
--
40%
--
--
49%
52%
99%
--
--
70%
% Rank
-1.88%
-1.47%
-0.26%
4.83%
2.91%
4.50%
-4.74%
-2.02%
-3.58%
-1.49%
-4.61%
0.53%
-0.26%
-2.11%
YTD
--
--
33%
--
--
30%
--
--
79%
40%
89%
--
--
86%
% Rank
11.69%
11.39%
13.27%
15.64%
16.97%
18.72%
11.60%
11.88%
10.66%
12.77%
10.23%
10.83%
12.92%
12.60%
1 Year Total
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Category Average
Vanguard Global Equity Fund VHGEX
Morningstar Small Cap Growth Index
WORLD STOCK
Category Average
Vanguard Explorer Fund (Adm) VEXRX
SMALL GROWTH
VPMAX
Vanguard PRIMECAP Fund (Adm)
Morningstar Large Cap Growth Index
VPCCX
Vanguard PRIMECAP Core Fund
Category Average
VHCAX
Vanguard Capital Opportunity Fund (Adm)
LARGE GROWTH
VWNAX
Ticker
Category Average
Vanguard Windsor II Fund (Adm)
LARGE VALUE
Fund Name
Fund Performance and Benchmarks
--
--
29%
--
--
35%
--
--
62%
35%
67%
--
--
51%
% Rank
-7.21%
-7.35%
-10.66%
-4.34%
-5.74%
-5.28%
-5.53%
-5.57%
-2.91%
-2.29%
-3.69%
-11.08%
-8.20%
-8.23%
3 Year Annual
--
--
83%
--
--
47%
--
--
16%
12%
25%
--
--
48%
% Rank
2.74%
1.80%
0.92%
0.75%
0.43%
0.17%
-0.83%
0.23%
3.04%
3.17%
3.21%
-1.73%
-0.77%
-0.60%
5 Year Annual
--
--
62%
--
--
55%
--
--
9%
8%
8%
--
--
46%
% Rank
1.94%
1.27%
5.88%
-1.91%
0.74%
3.07%
-8.57%
-2.52%
1.58%
--
2.97%
2.36%
3.00%
3.88%
10 Year Annual
--
--
10%
--
--
24%
--
--
8%
--
3%
--
--
35%
10
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Morningstar Large Cap Value Index
Chairman’s Council Policy Forum Tab6:143
Category Average
Morningstar Global Index
Vanguard Global Equity Fund VHGEX
Morningstar Small Cap Growth Index
WORLD STOCK
Category Average
Vanguard Explorer Fund (Adm) VEXRX
SMALL GROWTH
VPMAX
Vanguard PRIMECAP Fund (Adm)
Morningstar Large Cap Growth Index
VPCCX
Vanguard PRIMECAP Core Fund
Category Average
VHCAX
Vanguard Capital Opportunity Fund (Adm)
LARGE GROWTH
VWNAX
Ticker
Category Average
Vanguard Windsor II Fund (Adm)
LARGE VALUE
Fund Name
Historical Performance (Previous 8 Years)
35.52%
35.13%
32.98%
32.98%
35.65%
36.45%
44.37%
36.02%
34.60%
36.96%
49.03%
11.38%
24.10%
27.17%
2009
--
--
48%
--
--
42%
--
--
51%
39%
9%
--
--
27%
% Rank
-41.87%
-41.63%
-46.66%
-39.92%
-40.87%
-40.29%
-41.87%
-40.46%
-32.33%
-31.32%
-39.00%
-36.11%
-36.59%
-36.63%
2008
--
--
80%
--
--
43%
--
--
5%
4%
39%
--
--
56%
% Rank
12.79%
12.03%
11.67%
11.08%
9.36%
5.26%
12.34%
14.51%
11.61%
7.04%
10.65%
-0.43%
2.09%
2.32%
2007
--
--
49%
--
--
70%
--
--
65%
89%
72%
--
--
53%
% Rank
22.43%
19.63%
23.59%
10.04%
11.66%
9.88%
5.68%
7.93%
12.49%
12.31%
16.88%
25.78%
18.34%
18.37%
2006
--
--
18%
--
--
62%
--
--
17%
18%
4%
--
--
51%
% Rank
11.92%
11.53%
11.77%
5.77%
7.27%
9.46%
3.43%
7.87%
8.67%
12.08%
8.35%
7.05%
6.68%
7.15%
2005
--
--
50%
--
--
33%
--
--
39%
18%
42%
--
--
42%
% Rank
16.56%
15.33%
20.09%
13.48%
13.55%
13.92%
0.19%
9.42%
18.47%
--
21.78%
14.05%
13.97%
18.44%
2004
--
--
14%
--
--
47%
--
--
3%
--
2%
--
--
10%
% Rank
35.43%
35.38%
44.51%
52.65%
45.20%
44.45%
30.65%
29.72%
37.96%
--
49.69%
26.26%
29.17%
30.22%
2003
--
--
17%
--
--
48%
--
--
13%
--
3%
--
--
36%
% Rank
-18.98%
-18.30%
-5.61%
-36.87%
-27.01%
-24.50%
-33.15%
-25.80%
-24.47%
--
-27.88%
-15.05%
-17.06%
-16.79%
2002
--
--
5%
--
--
37%
--
--
41%
--
63%
--
--
50%
12
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
VPMAX
Vanguard PRIMECAP Fund (Adm)
Vanguard Explorer Fund (Adm)
Chairman’s Council Policy Forum Tab6:144
VHGEX
26.74%
24.83%
21.22%
20.72%
24.84%
21.86%
3 Year Std. Dev.
78%
30%
29%
20%
89%
54%
% Rank
21.66%
20.58%
17.20%
16.73%
20.32%
17.67%
5 Year Std. Dev.
76%
27%
28%
17%
88%
52%
% Rank
2
3
4
5
3
3
Mstar 3 year Rating
4
3
3
2
4
3
Mstar 3 year Risk
2
3
5
5
4
3
Mstar 5 year Rating
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard Global Equity Fund
WORLD STOCK
VEXRX
VPCCX
SMALL GROWTH
VHCAX
Vanguard PRIMECAP Core Fund
VWNAX
Ticker
Vanguard Capital Opportunity Fund (Adm)
LARGE GROWTH
Vanguard Windsor II Fund (Adm)
LARGE VALUE
Fund Name
Risk / Expense
4
2
3
2
4
3
Mstar 5 year Risk
3
3
5
5
4
3
Mstar Overall Rating
0.47%
0.34%
0.37%
0.54%
0.41%
0.27%
Net Expense Ratio
2%
2%
2%
4%
3%
3%
% Rank
0.47%
0.34%
0.37%
0.54%
0.41%
0.27%
Gross Expense Ratio
1%
2%
2%
4%
3%
3%
% Rank
--
--
--
--
--
--
12b1 Fee
0.41%
0.30%
0.34%
0.50%
0.38%
0.24%
Mgmt. Expense
0.06%
0.04%
0.03%
0.04%
0.03%
0.03%
13
Other Expenses
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
VPMAX
Vanguard PRIMECAP Fund (Adm)
Vanguard Explorer Fund (Adm)
Chairman’s Council Policy Forum Tab6:145
VHGEX
08/14/1995
12/11/1967
11/01/1984
12/09/2004
08/14/1995
06/24/1985
Inception
15
42.6
25.7
5.6
15
25.1
Product History
$3,701.50
$8,737.65
$26,872.85
$4,432.16
$7,863.61
$33,293.57
Total Assets ($mil)
$16,076.39
$1,955.89
$31,864.12
$26,342.40
$13,424.14
$45,996.86
Average Market Cap ($mil)
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard Global Equity Fund
WORLD STOCK
VEXRX
VPCCX
SMALL GROWTH
VHCAX
Vanguard PRIMECAP Core Fund
VWNAX
Ticker
Vanguard Capital Opportunity Fund (Adm)
LARGE GROWTH
Vanguard Windsor II Fund (Adm)
LARGE VALUE
Fund Name
Management
Arah/Ostrer/Hosking
John Granahan
Howard Schow
Joel P. Fried
Theo Kolokotrones
James Barrow
Manager
15
20.4
25.8
5.6
12.5
25.1
Manager Tenure
796
979
113
137
113
236
Number of Holdings
71%
95%
4%
5%
12%
41%
Turnover Ratio
52%
46%
2%
2%
6%
37%
% Rank
13.68%
8.92%
33.67%
27.94%
32.71%
27.48%
14
% In Top 10
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
VPMAX
Vanguard PRIMECAP Fund (Adm)
Vanguard Explorer Fund (Adm)
Chairman’s Council Policy Forum Tab6:146
VHGEX
-0.33%
-0.14%
-0.09%
-0.06%
-0.07%
-0.33%
3 Year Sharpe
72%
51%
19%
15%
15%
48%
% Rank
0.12%
3.16%
3.91%
4.29%
4.75%
-1.28%
3 Year Alpha
68%
50%
20%
16%
13%
47%
% Rank
1.02%
1.12%
0.98%
0.95%
1.11%
1.02%
3 Year Beta
16%
52%
61%
76%
9%
45%
% Rank
The checked column denotes that the field is being monitored for this plan. Shaded values indicate that the value did not meet the criteria.
Vanguard Global Equity Fund
WORLD STOCK
VEXRX
VPCCX
SMALL GROWTH
VHCAX
Vanguard PRIMECAP Core Fund
VWNAX
Ticker
Vanguard Capital Opportunity Fund (Adm)
LARGE GROWTH
Vanguard Windsor II Fund (Adm)
LARGE VALUE
Fund Name
Additional Statistics
96.11%
90.76%
94.78%
94.27%
89.52%
97.34%
3 Year R Square
7%
4%
15%
21%
64%
28%
% Rank
-0.41%
-0.18%
-0.11%
-0.08%
-0.10%
-0.41%
3 Year Sortino
71%
50%
18%
15%
16%
47%
% Rank
-11.52%
-5.74%
-4.16%
-3.62%
-4.35%
-9.20%
3 Year Treynor
74%
48%
17%
13%
18%
47%
% Rank
-0.07%
0.19%
0.79%
0.88%
0.37%
-0.40%
3 Year Info Ratio
84%
41%
5%
3%
34%
56%
15
% Rank
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:147
VWNAX
Specialty
Foreign
VHGEX
Global
Blend
Domestic
Value
EQUITY
Investment Categories
VEXRX
VPCCX VPMAX VHCAX
Growth
Balanced
OTHER
Short
Global
Intermediate
Domestic
Cash Equivalent
FIXED INCOME
Target
Long
VEXRX Vanguard Explorer Fund (Adm) Small Growth VHCAX Vanguard Capital Opportunity Fund (Adm) Large Growth VHGEX Vanguard Global Equity Fund World Stock VPCCX Vanguard PRIMECAP Core Fund Large Growth VPMAX Vanguard PRIMECAP Fund (Adm) Large Growth VWNAX Vanguard Windsor II Fund (Adm) Large Value
Fund References
16
This grid provides a visual representation of the categories covered by the plan's investments. For domestic equity funds, the vertical axis shows the market capitalization of the fund's investments, and the horizontal axis shows the investment style. For domestic fixed income funds, the vertical axis shows the average credit quality of the bonds owned, and the horizontal axis shows interest rate sensitivity as measured by a bond's duration. Global, foreign, and specialty equity funds, as well as global fixed income funds, are also represented in the category grid. Three "Other" categories are displayed to distinguish balanced, target and cash investment types. Category assignment is based on information provided by Morningstar, your plan representative, or other sources, and may not always be consistent with information provided in the fund's prospectus.
Notes
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
PERFORMANCE REPORT
Board of Directors Meeting
Ideas Changing the World
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:148
Morningstar Risk is an assessment of the variations in a fund's monthly returns, with an emphasis on downward variation. It is calculated as the difference between Morningstar Return and Morningstar Risk-Adjusted Return. It is similar to standard deviation; the key difference is that standard deviation gives the same weight to upside and downside variation. Funds are ranked within their categories.
Manager Tenure indicates the period of time the lead manager has been managing the fund portfolio. For funds without a lead manager, tenure of the manager who has been with the fund the longest is reported. In the case of multiple lead managers, the tenure of the lead manager with the longest tenure is reported.
Information Ratio is a risk-adjusted performance measure and excess return and risk relative to a specific benchmark index.
Expense Ratio is the percentage of fund assets paid for operating expenses and management fees, including 12b-1 fees, administrative fees, and all other asset-based costs incurred by the fund, except brokerage costs. Fund expenses are reflected in the fund’s net asset value (NAV). Sales charges are not included in the expense ratio. The net expense ratio reflects the expenses currently being charged by a fund, taking into account any applicable expense and fee waivers. The gross expense ratio does not reflect any fee or expense waivers that may be in effect.
Category Average provides the simple average of all fund returns within a particular Morningstar category.
Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is new and has no portfolio, Morningstar estimates where the Fund will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information.
Beta is a measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. Morningstar calculates beta by comparing a fund’s excess return over Treasury bills to the market's excess return over Treasury bills, so a beta of 1.10 shows that the fund has performed 10% better than its benchmark index in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the fund’s excess return is expected to perform 15% worse than the market’s excess return during up markets and 15% better during down markets.
Benchmark is the index against which funds within a category are compared.
Average Market Capitalization – Morningstar defines the overall "size" of a stock fund's portfolio as the geometric mean of the market capitalization for all of the stocks it owns. It's calculated by raising the market capitalization of each stock to a power equal to that stock's stake in the portfolio. The resulting numbers are multiplied together to produce the geometric mean of the market caps of the stocks in the portfolio, which is reported as average market capitalization. This number is different from the fund's median market cap--the capitalization of the median stock in its portfolio. The geometric mean better identifies the portfolio's "center of gravity." That is, it provides more accurate insight into how market trends (as defined by capitalization) might affect the portfolio.
Asset Classes are the broad groupings of similar Morningstar categories and include Stock, Bond, Blended, and Cash/Stable Value.
Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
DEFINITIONS
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Chairman’s Council Policy Forum Tab6:149
Turnover Ratio is a measure of the fund’s trading activity which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets. A turnover ratio of 100% or more does not necessarily suggest that all securities in the portfolio have been traded. In practical terms, the resulting percentage loosely represents the percentage of the portfolio’s holdings that have changed over the past year.
Treynor Ratio is a measurement of the returns earned in excess of that which could have been earned on a riskless investment (i.e. Treasury Bill) per each unit of market risk assumed. The Treynor ratio (sometimes called reward-tovolatility ratio) relates excess return over the risk-free rate to the additional risk taken; however systematic risk instead of total risk is used. The higher the Treynor ratio, the better the performance under analysis.
Total Return is determined each month by taking the change in monthly net asset value, reinvesting all income and capitalgains distributions during that month, and dividing by the starting net asset value. Reinvestments are made using the actual reinvestment net asset value, and daily payoffs are reinvested monthly. Morningstar does not adjust total returns for sales charges. Total return does account for management, administrative, 12b-1 fees and other costs taken out of fund assets. Returns for periods longer than one year are expressed as annualized returns.
Standard Deviation is the statistical measurement of dispersion about an average, which depicts how widely a stock or portfolio’s returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that is most likely for a given investment. When a stock or portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility.
Sortino Ratio is similar to the Sharpe Ratio except it uses downside risk (downside deviation) in the denominator. Since upside variability is not necessary undesirable, the Sortino ratio is sometimes preferable to a Sharpe ratio. It measures the annualized rate of return for a given level of downside risk.
Sharpe Ratio is a risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance. It can be used to compare two portfolios directly on how much excess return each portfolio achieved for a certain level of risk.
Rankings — returns and statistics for each fund are ranked relative to the returns and statistics for all other funds in each category.
R-squared reflects the percentage of a fund’s movements that can be explained by movements in its benchmark index. An Rsquared of 100 indicates that all movements of a fund can be explained by movements in the index. Thus, index funds that invest only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low Rsquared indicates that very few of the fund’s movements can be explained by movements in its benchmark index. An R-squared measure of 35, for example, means that only 35% of the fund’s movements can be explained by movements in the benchmark index.
Peers include all of the funds that comprise a Morningstar category.
DEFINITIONS
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Individual portfolios within a category invest in similar types of securities and, therefore, share the same risk factors, Individual portfolios within a category can, in general, be expected to behave more similarly to one another than to portfolios outside the category, The aggregate performance of different categories differs materially over time, Categories have enough constituents to form the basis for reasonable peer group comparisons, and The distinctions between categories are meaningful to investors and assist in their pursuit of investing goals.
Chairman’s Council Policy Forum Tab6:150 Large-Cap Funds invest primarily in companies that rank in the top 70% of the capitalization of the U.S. equity market. Mid-Cap Funds focus on medium-size companies or own a mix of small-, mid- and large-cap stocks. The mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the capitalization of the U.S. equity market. Small-Cap Funds invest primarily in companies that rank in the bottom 10% of the capitalization of the U.S. equity market.
Value Funds include a predominance of stocks with low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). Blend Funds hold portfolios in which neither growth nor value characteristics predominate. Growth Funds include a predominance of stocks with fast growth measures (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).
Specialty Funds invest primarily in stocks of companies within a specific sector of the market and are classified by their stated investment objective or by the type of commodities they invest in. Covered sectors include: Communications, Financial, Health, Natural Resources, Real Estate, Technology, Miscellaneous Sectors, Broad Basket Commodities, Energy, Precious Metals, Agriculture, Industrial Metals, Consumer Discretionary, Consumer Staple, Industrials, Equity Energy, and Miscellaneous Commodities.
n n
n
Growth-Value Spectrum: Funds are assigned an overall style through an asset-weighted average of the value/growth scores of the stocks in the portfolio.
n
n
n
Market Capitalization:
Funds that primarily invest in U.S. stocks and other equity securities are generally subdivided based on market capitalization and position on the growth-value spectrum, but also include specialty funds that invest predominantly in one market sector.
STOCK FUNDS
n n n
n
n
Morningstar categories identify funds based on their actual investment styles as measured by their underlying portfolio holdings over a three-year period. If a fund does not have a portfolio history, Morningstar originally estimates its category identification before giving it a more permanent category assignment. Morningstar defines the driving principles behind its category classification system as:
CATEGORIES
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Foreign Large Funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios typically have less than 20% of assets invested in U.S. stocks. Foreign Small/Mid Funds primarily invest in stocks that fall in the bottom 30% of each economically integrated market (such as Europe or Asia ex-Japan). These portfolios typically will have less than 20% of assets invested in U.S. stocks.
Chairman’s Council Policy Forum Tab6:151 Value funds primarily hold stocks with low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow). Blend funds hold portfolios in which neither growth nor value characteristics predominate. Growth funds primarily hold stocks with fast growth measures (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).
n
n
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n
Europe Stock Funds invest at least 70% of total assets in equities and at least 75% of stocks in Europe. Many of these funds emphasize the region’s larger and more developed markets, including Britain, the Netherlands, Germany, France, and Switzerland. Many also invest in the region’s smaller markets, including the emerging markets of eastern Europe. Latin America Stock Funds invest at least 70% of total assets in equities and invest at least 75% of stock assets in Latin America. Most of these funds strongly favor the area’s large markets, specifically Brazil, Mexico, and Argentina. Smaller markets such as Peru or Columbia generally aren’t as well represented in these funds. Diversified Emerging Markets Funds invest at least 70% of total assets in equities and invest at least 50% of stock assets in emerging markets. These funds tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. Diversified Pacific/Asia Funds invest at least 70% of total assets in equities and invest at least 75% of stock assets in Pacific countries, including at least 10% in Japan. These funds have a wider investment range than other Asia-oriented portfolios. These funds can invest throughout the Pacific Rim, including Australia and New Zealand. As a result, country weightings for these portfolios vary tremendously, though most retain some exposure to Japan and Hong Kong.
More specialized international equity funds include:
n n
n
Foreign Large Funds may be classified as value, blend or growth funds, while Foreign Small/Mid Funds are categorized as either growth or value funds:
n
n
International Stock Funds that do not specialize in particular regions are categorized as Foreign Funds and further classified according to market capitalization and value/growth characteristics:
Long-Short Funds hold sizable stakes in both long and short positions . Some of these portfolios are market neutral, which means that they divide their exposure equally between long and short positions in an attempt to earn a modest return that is not tied to the market’s fortunes. Other portfolios that are not market neutral will shift their exposure to long and short positions depending upon their macro outlook or the opportunities they uncover through research.
STOCK FUNDS (cont.)
CATEGORIES
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Pacific/Asia (ex Japan) Stock Funds invest at least 70% of total assets in equities and at least 75% of stock assets in Pacific countries, with less than 10% in Japan. Most of these funds focus on export-oriented nations such as Hong Kong, Singapore, Taiwan, and Korea. Japan Stock Funds invest at least 70% of total assets in equities and at least 75% of stock assets in Japan. The Japanese stock market is one of the largest in the world, so Japan Stock Funds holdings vary significantly. Some funds concentrate on Japan’s larger companies, while others concentrate on smaller firms. World Stock Funds have few geographical limitations. It is common for these funds to invest the majority of their assets in the U.S., Europe, and Japan, with the remainder divided among the globe’s smaller markets. These funds typically have 20%-60% of assets in U.S. stocks.
Chairman’s Council Policy Forum Tab6:152 Conservative Allocation Funds invest in stocks, bonds, and cash, and tend to hold smaller positions in stocks than Moderate Allocation Funds. These funds typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash. Moderate Allocation Funds invest in stocks, bonds, and cash, and tend to hold larger positions in stocks than Conservative Allocation Funds. These funds typically have 50% to 70% of assets in equities and the remainder in fixed income and cash. World Allocation Funds invest in stocks, bonds, and cash. While World Allocation Funds explore the whole world, most focus on the U.S., Canada, Japan, and the larger markets in Europe. These funds typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds.
Convertible Funds are designed to offer some of the capital-appreciation potential of stock funds while also supplying some of the safety and yield of bond funds. To do so, they focus on convertible bonds and convertible preferred stocks. Convertible bonds allow investors to convert the bonds into shares of stock, usually at a preset price. These securities thus act a bit like stocks and a bit like bonds.
Target-Date Funds provide a diversified exposure to stocks, bonds, and cash for those investors who have a specific date in mind for retirement or another goal. These funds aim to provide investors with an optimal level of return and risk, based solely on the target date. Over time, management adjusts the allocation among asset classes to more conservative mixes as the target date approaches.
n
n
n
Blended (Balanced) Funds usually provide a blend of capital appreciation and income by investing in a combination of stocks, bonds, and cash. Blended funds also include Target-Date and Lifestyle Funds.
BLENDED FUNDS
n
n
n
STOCK FUNDS (cont.)
CATEGORIES
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Long Funds invest in securities with a duration of greater than 6 years or (if duration is unavailable) an average effective maturity of greater than or equal to 10 years. Intermediate Funds invest in securities with a duration of 3.5 to 6 years or (if duration is unavailable) an average effective maturity of 4 to 10 years. Short Funds invest in securities with a duration of 1 to 3.5 or (if duration is unavailable) an average effective maturity of 1 to 4 years.
Chairman’s Council Policy Forum Tab6:153
Emerging Markets Bond Funds invest more than 65% of assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East, and Asia make up the rest.
World Bond Funds invest 40% or more of their assets in foreign bonds. Some funds follow a conservative approach, favoring highquality bonds from developed markets. Others are more adventurous and own some lowerquality bonds from developed or emerging markets. Some funds invest exclusively outside the U.S., while others regularly invest in both U.S. and non-U.S. bonds.
Inflation-Protected Bond Funds primarily invest in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer of these types of securities.
Multisector Bond Funds seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These funds typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency at the level of BB (considered speculative for taxable bonds) and below.
High Yield Bond Funds concentrate on lower-quality bonds. These funds primarily invest in U.S. high-income fixedincome securities where at least 65% or more of bond assets are not rated or are rated by a major agency at the level of BB (considered speculative for taxable bonds) and below.
Bank Loan Funds primarily invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark such as the London interbank offered rate, or LIBOR.
Ultrashort Bond Funds invest primarily in investment-grade U.S. fixed-income issues with a duration of less than 1 year or (if duration is unavailable) an average effective maturity of less than 1 year. This category includes corporate and government bond funds, but excludes international, convertible, multisector, and high yield bond funds.
Short-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration of 1 to 3.5 years or (if duration is unavailable) an average effective maturity of 1 to 4 years.
Intermediate-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration of 3.5 to 6 years or (if duration is unavailable) an average effective maturity of 4 to 10 years.
Long-Term Bond Funds invest primarily in corporate and other investment-grade U.S. fixed-income issues with a duration greater than 6 years or (if duration is unavailable) an average effective maturity greater than 10 years.
n
n
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Government Funds have at least 90% of their bond holdings invested in bonds backed by the U.S. government or by government-linked agencies. and are further divided by duration:
Bond Funds invest primarily in fixed-income securities.
BOND FUNDS
CATEGORIES
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The following statistics are not available for Money Market and Stable Value Funds: Alpha, Beta, R-squared, Treynor Ratio, Turnover Ratio, Morningstar Risk 3-Year and Morningstar Rating 3-Year.
Stable Value Funds typically invest in guaranteed investment contracts (GICs) and Synthetic GICs. Traditional GICs are contracts between insurance firms and a retirement plan guaranteeing investors a fixed rate of return. The more common synthetic GICs are high-quality, short- to intermediate-term bonds that are bound by insurance “wrappers.” I f a stable value portfolio falls below the rate of return set by the wrapper, the insurer pays the difference, keeping the fund stable.
Money Market Funds invest in short-term money market securities to provide a level of current income consistent with the preservation of capital.
CASH/STABLE VALUE FUNDS
CATEGORIES
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Chairman’s Council Policy Forum Tab6:154
Tuesday, September 21, 2010
Chairman’s Council Policy Forum Tab6:155
contact your specific plan representative for more information regarding this data.
*This data has been provided by sources outside of Morningstar, Newkirk/MasteryPOINT and their content providers and is not warranted to be accurate, complete or timely. Please
Morningstar groups funds in categories based on the fund’s underlying portfolio holdings (portfolio statistics and compositions over the past three years). If a fund is new, Morningstar will estimate where the fund will fall until a more permanent category can be assigned. A fund’s category may change based on current information.
Alpha, Beta and R-squared statistics are calculated using the broad-based benchmark as determined by Morningstar. Morningstar does not provide Alpha, Beta and R-squared statistics using the broad-based benchmark for money market funds, and therefore these statistics do not appear for money market funds.
The Morningstar Rating for funds, commonly called the Star Rating, is a measure of a fund’s risk-adjusted return, relative to funds in its category. Funds are ranked from one to five stars. Funds are ranked within their categories and stars are assigned as follows: Top 10% – 5 Stars; Next 22.5% – 4 Stars; Middle 35% - 3 Stars; Next 22.5% - 2 Stars; Bottom 10% - 1 Star.
Total Assets displayed prior to 2/28/2009 reflect only the assets in the individual share class. Beginning with 2/28/2009 data, Total Assets displayed include the assets for all share classes of a fund. Total Assets are reported as of the end of the most recent month available to Morningstar.
The portfolio manager is the individual (or individuals) responsible for the overall fund strategy, as well as the buying and selling decisions of the securities in a fund’s portfolio. I f one manager is considered the lead manager for the fund, that individual’s name, along with the individual’s tenure, is listed. If more than one manager is designated as a lead manager, the lead manager with the longest tenure is listed. If no manager is identified as lead manager, the manager with the longest tenure is listed.
Unless otherwise noted, data displayed are from Morningstar, Inc., or are calculations based on Morningstar data. Historical data may be from S&P or be based on data from S&P. Investment data prior to 6/30/2008 are from Morningstar Xpress data files and may include statistics and rankings based on the earlier inception date of a predecessor share class even though performance is not available for comparable periods. All peer group ranks are calculated by Newkirk. Peer group ranks for performance, Standard Deviation, Beta, Alpha, R-Squared, Treynor, Sharpe, Sortino, and Expense Ratio are truncated to clarify when a standard has been met or surpassed. For example, funds with 24.1% and 24.9% peer group ranks for 1-Year Returns are listed as 24% to indicate that they would fail a 25% standard. Net Assets and Manager Tenure data also are truncated. For example, $49.1 million and $49.9 million for Net Assets are listed as $49 million to indicate that they would fail a $50-million standard.
Performance quoted represents past performance and cannot guarantee future results. Current performance may be lower or higher than the performance shown. Investment return and principal value will fluctuate.An investor's shares, when redeemed, may be worth more or less than their original purchase price. Performance includes the reinvestment of dividends and capital gains. Performance may be hypothetical performance from an older share class and restated by Morningstar to reflect any expense differences between the share classes.
There are no warranties, conditions, guaranties or representations, whether expressed or implied, in law or in fact, oral or in writing. Without limiting the foregoing, MasteryPOINT, its affiliates and each information provider or other third-party supplier expressly disclaims any condition of quality and any implied warranty of title, non-infringement, merchantability or fitness for a particular purpose. Under no circumstances will MasteryPOINT, Inc., its affiliates, their employees, contractors, agents, or any information provider or other thirdparty supplier be liable for any indirect, incidental, special or consequential damages for any errors in the information contained in this report or for any actions taken in reliance thereon, including lost profits, regardless of whether such damages could have been foreseen or prevented.
Third Party Educational Systems, Inc. (MasteryPOINT), Morningstar, Inc., or Newkirk Products, Inc. has made no implied or actual recommendations for action in this report. In providing access to and/or preparing this report, Neither MasteryPOINT, Morningstar, nor Newkirk shall be deemed an agent, fiduciary or co-fiduciary to, of, or for any Plan. Although the information contained within this report has been obtained from sources believed to be reliable, MasteryPOINT does not guarantee the accuracy, adequacy, completeness or availability of any information. Information is subject to change without notice.
This information was prepared by Newkirk Products, Inc. and is intended for distribution to retirement plans only. Copyright 2010 Morningstar, Inc. and Newkirk Products, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers or to Newkirk; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Newkirk nor Morningstar and its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
DISCLAIMERS
24
NATIONAL CENTER FOR POLICY ANALYSIS NATIONAL CENTER FOR POLICY ANALYSIS NON QUALIFIED PLAN FOR PERIOD ENDING 31 JULY 2010
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Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 1 of 4
Defined Contribution Plan Report NCPA Non-Qualified Plan 2 3 4
Correlation Matrix Standardized and Tax Adjusted Returns Benchmark Disclosure
Prepared For
Prepared By
NCPA Non-Qualified Plan
SJP Financial Services, LLC 300 Crescent Court Suite 270 Dallas, TX 75201 (214) 624-1007
Chairman’s Council Policy Forum Tab6:156
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 2 of 4
NCPA Non-Qualified Plan Benchmark Morningstar US Market TR USD
Correlation Matrix
Plan Value ($Mil)
Total Number of Options
$0.00
6
Correlation Matrix 3 Year Investment Key
1
4 Vanguard PRIMECAP Adm 5 Vanguard PRIMECAP Core 6 Vanguard Windsor II Adm
1 Vanguard Capital Opportunity Adm 2 Vanguard Explorer Adm 3 Vanguard Global Equity
2
1
3
2
0.97
3
0.93 0.94
4
0.98 0.96 0.95
5
0.98 0.97 0.95 0.99
6
0.92 0.93 0.95 0.96 0.96
4 5 6
Degree of Correlation
High .70 to 1.0
Moderate .11 to .69
None .10 to -.10
The Correlation Matrix demonstrates the relationship of return patterns among investments. It is based upon the correlation coefficient, a number between -1.0 and 1.0. A perfect negative linear relationship between two investments has a correlation of -1.0, whereas a perfect positive linear relationship exists with a correlation of 1.0.
Moderately Negative -.11 to -.69
Highly Negative -.70 to -1.0
A correlation coefficient of 0.0 indicates no linear relationship between the investments. Correlation information can be valuable in assessing the diversification effect of combining an investment with other investing options.
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:157
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®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
Page 3 of 4
NCPA Non-Qualified Plan Standardized Returns Disclosure
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/ familyinfo.asp.
Standardized Returns assume reinvestment of dividends and capital gains. It depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken in account, including M&E risk charges, fund-level expenses such as managementfees and operating fees, and policy-level administration fees, chargessuch as surrender, contract and sales charges.
An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation more closely reflects the current earnings of the money market fund than the total return quotation. Although money market seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. Standardized Returns 06-30-2010
Inception Date
Max Front Load %
Max Back Load %
Net Exp Ratio %
Gross Exp Ratio %
5.79 4.04 7.29 4.65 3.33
11-12-01 11-12-01 08-14-95 11-12-01 12-09-04
NA NA NA NA NA
NA NA NA NA NA
0.41 0.34 0.47 0.37 0.54
0.41 0.34 0.47 0.37 0.54
3.38
1.49
05-14-01
NA
NA
0.27
0.27
-0.88 -0.08 0.38 2.57 -0.34
-2.05 -0.67 -5.14 -2.60 -1.44
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
8.77 17.96 21.44 14.43 5.92
5.79 1.14 1.81 -0.79 0.88
6.65 -1.72 -1.06 -1.59 0.16
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
15.57 9.50 0.12 21.30 11.76
-0.22 5.54 2.68 1.37 1.16
-0.86 6.47 2.58 -1.99 -0.28
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
—
16.92
-1.64
2.38
—
—
—
—
—
—
7-Day Yield
Std Ret % 1 Yr
Std Ret % 5 Yr
Vanguard PRIMECAP Core
— — — — —
12.54 20.51 14.50 11.67 14.84
2.75 0.07 0.20 2.76 2.81
1.98 1.85 4.75 0.67 —
Vanguard Windsor II Adm
—
13.22
-1.46
MSCI AC World USD DJ US Total Full Cap TR USD Russell 1000 Growth TR USD NYSE Arca Tech 100 PR MSCI US Prime Market 750 GR USD
— — — — —
9.53 16.20 13.62 17.96 14.88
Morningstar Core Bond MCBI TR Russell 2000 Growth TR USD Russell 2500 Growth TR USD S&P 500 TR MSCI EAFE NR USD
— — — — —
Morningstar US Market TR USD BarCap US Agg Bond TR USD USTREAS T-Bill Auction Ave 3 Mon Russell Mid Cap Growth TR USD MSCI AC World NR USD Russell 1000 Value TR USD
Vanguard Capital Opportunity Adm Vanguard Explorer Adm Vanguard Global Equity Vanguard PRIMECAP Adm
Std Ret % Std Ret % 10 Yr Since Inception
© 2010 Morningstar, Inc. All rights reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may not be copied or redistributed, (3) do not constitute investment advice offered by Morningstar, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.
Chairman’s Council Policy Forum Tab6:158
ß
®
Tuesday, September 21, 2010
Board of Directors Meeting
Ideas Changing the World Defined Contribution Plan Report | Data updated through 07-31-2010 | FINRA Members: For internal use or client reporting purposes only.
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Defined Contribution Plan Report Benchmark Disclosure MSCI AC World USD A free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. As of April 2002 the MSCI ACWI Free Index consisted of 49 developed and emerging market country indices. DJ US Total Full Cap TR USD This total market index consists of all U.S. headquartered equity securities with readily available price data. Russell 1000 Growth TR USD Tracks the companies within the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. NYSE Arca Tech 100 PR The Pacific Stock Exchange is a price-weighted index of 100 exchange-listed and over the counter technology stocks. Russell 2000 Growth TR USD Tracks the companies within the Russell 2000 Index that have higher price-to-book ratios and higher forecasted growth values. Russell 2500 Growth TR USD Measures the performance of stocks within the Russell 2500 Index with higher price-tobook ratios and higher forecasted growth values. S&P 500 TR A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. MSCI EAFE NR USD This Europe, Australasia, and Far East index is a market-capitalization-weighted index of 21 non-U.S., industrialized country indexes. Morningstar US Market TR USD A rule-based, float-weighted index that tracks the performance of US stock market. The Index targets 97% capitalization of the investable universe. BarCap US Agg Bond TR USD Govt/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. USTREAS T-Bill Auction Ave 3 Mon As tracked by the Wall Street Journal, this benchmark measure the yields of bank-sponsored certificates of deposit. Russell Mid Cap Growth TR USD Tracks the companies within the Russell Midcap Index with higher price-to-book ratios and higher forecasted growth values. Russell 1000 Value TR USD Tracks the companies within the Russell 1000 with lower price-to-book ratios and lower forecasted growth values.
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Chairman’s Council Policy Forum Tab6:159
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Tuesday, September 21, 2010
