Open-End Mutual Fund Analysis

Quarterly Reference Guide – Designed for Use by Investment Representatives
Formatted to provide succinct, useful information to investment representatives

Customized to financial institution’s preferred vendors

Proprietary, quantitative based ranking system based on return and risk adjusted
  return performance

Vendor offerings ranked in 12 - 15 investment objective and/or style categories

Information provided for each fund:
   • Historical returns – 3 month – 15 year
   • Historical return & risk adjusted returns – standard deviation, alpha, beta, Sharpe Ratio, Morningstar rating
   • Expenses – sales charges, expense ratios, 12b-1 fees
   • Equity Portfolio Allocations – cash, stocks, foreign stocks, bonds
   • Fixed Income Allocations – SEC yield, distributed yield, average maturity, average coupon, average price

Municipal Bond category customized to client’s geographic footprint nSales charge summary for each vendor, front-load, back-load, and level-load pricing formats.

Open-End Mutual Fund Provider Analysis

Annual Analysis – Designed for Use by Investment Program Management
Formatted to provide succinct, useful information to investment program management in evaluating current
  and potential vendors

Evaluates vendors and potential vendors based on return, risk-adjusted return, and expense efficiency across
  their product line

Vendor offerings ranked in 12 - 15 investment objective and/or style categories

Rankings are compiled to provide average ranking for each vendor

Vendors are compared to each other, and to the universe of similar vendors

Ranking criteria:
   • Historical returns & risk adjusted returns – 3 year return, 3 year Sharpe Ratio, average Morningstar ratings
   • Expense efficiency – Front-load, back-load, and level-load pricing formats

Product line analysis – comparison of number of product offerings in each investment objective / style category for each vendor.

Closed-End Fund Analysis

Quarterly Reference Guide – Designed for Use by Investment Representatives
Formatted to provide succinct, useful information to investment representatives

Covers the entire universe of closed-end funds

Proprietary, quantitative based ranking system based on return and risk adjusted
  return performance

Closed-end funds ranked in 13 investment objective categories

Information provided for each fund:
   • Historical Market & NAV returns – 3 month – 10 year
   • Historical NAV return & risk adjusted returns – standard deviation 3, 5, 10 year, alpha, beta,
     Morningstar rating
   • Historical premium / discount averages – current and each of past five years
   • Equity Portfolio Allocations – cash, stocks, foreign stocks, bonds, convertible; information economy,
     service economy, manufacturing economy
   • Fixed Income Allocations – cash, stocks, bonds; average portfolio credit quality, maturity, duration,
     coupon, price
   • Leverage

Municipal Bond category customized to client’s geographic footprint.

Closed-End Fund New Issue Analysis

Qualitative Analysis
Proposed investment methodology nProspectus portfolio constraints

Potential for investment objective, style drift

Diversification

Initial portfolio characteristics

Specific risk factors

Derivative policy

Effects of potential leverage

Advantages / disadvantages of closed-end structure

Manager background and experience

Investor suitability recommendations

Quantitative Analysis
Historical return and risk characteristics of investment class / style

Manager return and risk adjusted return history compared to peer group

Expense analysis compared to similar offerings