Envision Full Sample Presentation with Scenarios & Survivor Needs November 16, 2010

Transcription

November 16, 2010
Envision Full Sample Presentation with
Scenarios & Survivor Needs
Prepared for:
Jim and Susan Taylor
Prepared by:
Financial Advisor
Wells Fargo Advisors
1 N. Jefferson Ave.
St. Louis, MO 63103
Note: This is a sample report and does not
contain actual client data and/or securities
information.
This report is not complete unless all pages, as noted, are included. Please read the information in 'Disclosures' found within this report for an explanation of the terms and concepts presented in this
report. Envision is not a financial plan. It does not include a detailed analysis of insurance, real estate investment or savings strategies. It also does not cover estate and tax planning. The Envision
Process and delivery of this report do not create an advisory relationship between the firm and you.
This is a preliminary report. It may not accurately reflect your current situation and life goals. It is intended as a discussion document. Your Financial Advisor can work with you to create or modify an
Investment Plan to specifically suit your needs.
Investment and Insurance Products:
NOT FDIC Insured
NO Bank Guarantee
MAY Lose Value
This Report is prepared by your Financial Advisor using software provided by Wells Fargo Advisors.
© 2010 Wells Fargo Advisors, LLC and Financeware, Inc. All Rights Reserved.
Page 1 of 173
This is a Preliminary Report
Envision
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Jim & Susan
Table Of Contents
11/16/2010
Cover Page
1
The Envision Process
5
Net Worth Statement
6
Net Worth By Type Graph
8
Net Worth By Person Graph
9
Insurance Summary
10
Liabilities Summary
11
Envision Action Plan Review - Client Notes
12
Profile Summary Data
16
Your Goals
20
The Investment Plan Result
21
Investment Plan Result for Your Goals
22
Recommended Investment Plan
24
Achieving Your Goals
26
Sensitivity Analysis
28
Current vs. Strategic Allocation Plan Results
29
Monitoring Your Recommended Investment Plan
30
Target Zone-Long Term
32
Sources of Funding
33
Goal Funding Summary - Recommended Investment Plan
34
Scenario Comparison
35
Survivor Needs Results
37
Introduction to Estate Planning
41
Introduction to Estate Taxes
43
Federal Estate Tax Changes
45
Strategic Allocation Investment Objectives
46
The Strategic Allocations
47
Current vs Strategic Allocation - Asset Class
50
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Jim & Susan
Current vs Strategic Allocation - Asset Class with Securities
51
Current vs Strategic Allocation - Asset Class Type
52
Current vs Strategic Allocation - Asset Class Type with Securities
53
Current vs Strategic Allocation - Asset Class Sub Type
55
Current vs Strategic Allocation - Asset Class Sub Type with Securities
57
Current vs Strategic Allocation - Asset Class Detail
59
Current vs Strategic Allocation - Asset Class Detail with Securities
61
Current vs Strategic Efficient Frontier
63
Age Based Asset Allocations
64
Account Summary
66
Range of Simulation Possible Outcomes
69
Growth Detail Graph
70
Growth Detail Percentile Rankings
71
Total Investment Plan Target Values - Recommended Investment Plan
75
Target Investment Plan Tax Treatment - Recommended Investment Plan
77
Target Taxable Investment Plan Value - Recommended Investment Plan
79
Target Tax Advantaged Investment Plan Values - Recommended Investment Plan
81
Summary of Cash Flows - Recommended Investment Plan
83
Cash Flow Detail - Contributions - Recommended Investment Plan
86
Cash Flow Detail - Income from Other Sources - Recommended Investment Plan
88
Cash Flow Detail - Withdrawals - Recommended Investment Plan
90
Investment Plan Assumptions
93
Disclosures
94
Portfolio Summary
101
Portfolio Summary - Security Detail
102
Portfolio Diversification
104
Portfolio Diversification - Security Detail
109
Realized Gain and Loss
114
Realized Gain and Loss - Security Detail
115
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Unrealized Gain and Loss
116
Unrealized Gain and Loss - Security Detail
117
Initial Investment (Gain/Loss) - Position
120
Initial Investment (Gain/Loss) - Lot
122
Equity Overview
124
Equity Sector Weightings
125
Equity Sector Weightings - Security Detail
126
Stock Statistics
130
Stock Statistics - Security Detail
132
Stock Ratings
134
Stock Returns
136
Stock Returns - Security Detail
137
Funds Performance
138
Understanding Your Portfolio
142
Implementation Plan - Summary - Asset Class Sub Type
145
Implementation Plan - Account Detail - Asset Class Sub Type
148
Market Commentary
150
Standardized Returns
152
Fact Sheet Disclosures
154
Fact Sheets
156
Page 4 of 173
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The value of the conversation
The Envision process
SM
IMPORTANT: The projections or other information Envision generates regarding the likelihood of various investment outcomes are hypothetical in nature, do not
reflect actual investment results, and are not guarantees of future results. Results may vary with each use and over time.
Envision methodology, selection criteria and key assumptions: Envision's simulation model incorporates assumptions on inflation, financial market returns, and
relationships between these variables based on an analysis of historical data. Using Monte Carlo simulations, Envision simulates thousands of potential outcomes
over a lifetime of investing. The varying historical risk, return and correlation between the assets is based on indexes over several market cycles. Elements of this
report's presentations and simulation results are under license from Financeware Inc. U.S. Patents 7,562,040, 7,650,303 and 7,765,138. Other U.S. and international
patents pending. All Rights Reserved.
11/16/2010
Page 5 of 173
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Net Worth Statement
Investment Assets
Internal/
External
Accounts included in the Envision Plan
Jim's Profit Share Plan
88888888
External
Taxation
Jim
Susan
Joint &
Dependent
Total
Deferred
$1,545,542.41
$0.00
$0.00
$1,545,542.41
External
Deferred
$0.00
$299,171.06
$0.00
$299,171.06
External
Tax Advantaged
Education
$143,130.11
$0.00
$0.00
$143,130.11
88888888
External
Tax Advantaged
Education
$131,586.04
$0.00
$0.00
$131,586.04
Joint Account
88888888
External
Taxable
$0.00
$0.00
$260,690.21
$260,690.21
$1,820,258.56
$299,171.06
$260,690.21
$2,380,119.83
Jim
Susan
Joint &
Dependent
Total
$0.00
$0.00
$0.00
$0.00
Jim
Susan
$0.00
Account Description
Susan's IRA
88888888
John's 529
88888888
Sara's 529
Sub Total
Investment Assets
Internal/
External
Accounts not included in the Envision Plan
Sub Total
Account Description
Taxation
Personal Assets
Description
Sports Collectibles*
123 Home St.*
Type
Collectibles
Home/Real
Estate
Sub Total
$0.00
Joint &
Dependent
$100,000.00
$100,000.00
$0.00
$0.00
$500,000.00
$500,000.00
$0.00
$0.00
$600,000.00
$600,000.00
Jim
Susan
$350,000.00
$0.00
Total
Business Assets
Description
Type
Taylor Dental*
LLC
11/16/2010
Joint &
Dependent
$0.00
Total
$350,000.00
Page 6 of 173
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Business Assets
Description
Type
Sub Total
Jim
Susan
$350,000.00
$0.00
Jim
Susan
$8,000.00
Joint &
Dependent
$0.00
Total
$350,000.00
Insurance Cash Value
Company
Jim's Whole Life Policy*
Owner
Jim Taylor
Sub Total
Total Assets
$0.00
Joint &
Dependent
$0.00
$8,000.00
$8,000.00
$0.00
$0.00
$8,000.00
$2,178,258.56
$299,171.06
$860,690.21
$3,338,119.83
Jim
Susan
$0.00
Total
Liabilities
Description
123 Main St. Mortgage*
Type
Mortgage
Total Liabilities
Net Worth
$0.00
Joint &
Dependent
$-200,000.00
$-200,000.00
$0.00
$0.00
$-200,000.00
$ -200,000.00
$2,178,258.56
$299,171.06
$660,690.21
$3,138,119.83
Total
*This information is included for purposes of this Statement and is not included in the analysis of this Envision plan.
This Net Worth statement represents a portfolio of securities and assets and liabilities owned by you based on our records of transactions processed through us or supplemental information supplied by you. This report may not include all accounts in
your household. The above statement does not in any way supersede your statements, policies or trade confirmations, which we consider the only official and accurate records of your accounts or policies. We rely on you to review the accuracy and
completeness of this analysis. This statement may differ from the Firm's profile information on your accounts.
The death benefit and cash value will be affected by any outstanding loans or withdrawals at the time of surrender.
11/16/2010
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Net Worth By Type Graph
Net Worth Breakdown by Type
$3,600,000
$3,200,000
$2,800,000
$2,400,000
$2,000,000
$1,600,000
$1,200,000
$800,000
$400,000
$0
($400,000)
Assets
Liabilities
As s e t s
( $ 3 ,3 3 8 ,1 1 9 )
Lia b ilit ie s
( - $ 2 0 0 ,0 0 0 )
Ne t W o r t h
( $ 3 ,1 3 8 ,1 1 9 )
Mortgage
Net Worth
Personal Assets
Net Worth
Business Assets
Insurance Cash Value
Investment Assets
11/16/2010
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Net Worth By Person Graph
Net Worth Breakdown by Person
$3,600,000
$3,200,000
$2,800,000
$2,400,000
$2,000,000
$1,600,000
$1,200,000
$800,000
$400,000
$0
($400,000)
Assets
Liabilities
As s e t s
( $ 3 ,3 3 8 ,1 1 9 )
Lia b ilit ie s
( - $ 2 0 0 ,0 0 0 )
Jim
Joint & Dependent
Net Worth
Ne t W o r t h
( $ 3 ,1 3 8 ,1 1 9 )
Total Net Worth
Susan
Joint & Dependent
11/16/2010
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Insurance Summary
Life Insurance
Company
Policy
Number
Jim's Group
Term
Jim's Whole Life
Policy
Susan's Group
Term
Total
Death
Annual
Benefit Premium
Cash
Value
Loan
Value
$0
$0
$0
$100,000
$500
$8,000
$0
$100,000
$0
$0
$0
$800,000
$500
$8,000
$0
Total Benefit
Pool
Annual
Increase
Elimination
Period(Days)
$145,080
3.00%
180
Annual
Increase
Elimination
Period(Days)
0.00%
180
Type
Owner
Insured
Beneficiary
Group
Jim Taylor
Jim Taylor
Susan Taylor
$600,000
Whole Life
Jim Taylor
Jim Taylor
Susan Taylor
Group
Susan Taylor
Susan Taylor
Jim Taylor
Long Term Care Insurance
Company
Policy
Number
Insured
Genworth
8888-8
Jim Taylor
Total
Annual
Premium
Monthly Benefit Period
Benefit
(Years)
$2,000
$4,030
$2,000
$4,030
3
$145,080
Disability Insurance
Company
Policy
Number
Owner
Met Life
888-88-8
Jim Taylor
Total
Annual
Premium
Monthly Benefit Period
Benefit
(Years)
$3,204
$9,000
$3,204
$9,000
10
The death benefit and cash value will be affected by any outstanding loans or withdrawals at the time of surrender.
Total Benefit Pool = Monthly Benefit * Benefit Period * 12
The policy details listed above have been based on information you, the client, provided to your Financial Advisor. Wells Fargo Advisors does not guarantee its accuracy or completeness. Please consult the policy literature provided by your
Insurance carrier for more complete information and a detailed description of any terms and conditions mentioned in this report.
11/16/2010
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Liabilities Summary
General Liabilities
Description
Borrower
Interest
Rate
Type
Balance
Sub Total
Monthly
Payment
$0.00
Mortgages
Description
123 Main St. Mortgage
Borrower
Loan Type
Lender
Joint
30 Yr Fixed
Wells Fargo
Interest
Rate
Balance
Monthly
Payment
5.75% $-200,000.00
$3,684.00
Sub Total
$-200,000.00
Total Liabilities
$-200,000.00
11/16/2010
Year
Closed
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Envision Action Plan Review - Client Notes
Current Year Savings
On Target
Client Notes
Updated Amount
_______________
Contribute $40,000 to Jim's tax deferred savings - Deferred
_______________
Contribute $15,000 to Susan's tax deferred savings - Deferred
_______________
Contribute $20,000 to Joint taxable savings - Taxable
___________________________________________________________________________________________
___________________________________________________________________________________________
Asset Allocation
On Target
As discussed, adjustments should be made to your current investment holdings to bring the allocation in line with
the Conservative Growth portfolio
11/16/2010
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Current
Conservative Growth
Large Cap (59.81%)
Large Cap (28.00%)
Mid Cap (12.05%)
Mid Cap (10.00%)
Small Cap (10.81%)
Small Cap (8.00%)
International Equity (8.92%)
Cash Alternative (8.40%)
Emerging Market Equity (9.00%)
Short Term Fixed Income (8.00%)
Intermediate Fixed Inc (13.00%)
Long Term Fixed Income (5.00%)
High Yield Fixed Income (2.00%)
REIT (2.00%)
Commodities (3.00%)
Average Return:
Downside Risk:
8.6%
-14.0%
Average Return:
Downside Risk:
8.3%
-8.3%
Conservative Growth:
Growth investors do not seek account income and their primary objective is capital appreciation. Conservative Growth investors seek maximum growth consistent with a relatively modest degree of risk. They are willing to accept
lower potential returns in exchange for lower risk. Equities may be a significant percentage of the account.
The Current allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value.
Client Notes
___________________________________________________________________________________________
___________________________________________________________________________________________
Survivor Needs
On Target
Updated Amount
_______________
Client Notes
Estimated Additional Insurance Needed on Jim: $1,170,000
___________________________________________________________________________________________
___________________________________________________________________________________________
11/16/2010
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Client Action Items
RETIREMENT
• Review contributions to your employer's retirement savings plan in order to capture the full amount of your employer's
contribution.
GENERAL INVESTING
• A concentrated equity position can result in a portfolio with higher volatility and, as a general rule, one holding should
not comprise more than 20% of your portfolio. Consider repositioning a portion of this holding into other investments to
further diversify your portfolio.
LIABILITY MANAGEMENT
• Consider using existing cash to pay off some or all of your debts.
INSURANCE
• Review your existing insurance to make sure your term, death benefit, premium and other features of your policy(ies)
are suitable given your current and future financial goals.
Insurance products are offered through our affiliated nonbank insurance agencies.
ESTATE
• Consult with your estate attorney to discuss whether estate strategies should be utilized to reduce potential probate
fees.
We recommend you consult with your legal or tax advisor before making any Estate Planning decisions.
Additional Client Notes
__________________________________________________________________________________________________________
__________________________________________________________________________________________________________
__________________________________________________________________________________________________________
__________________________________________________________________________________________________________
__________________________________________________________________________________________________________
11/16/2010
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"Current Year" is defined as the period of time from now until the owner of the cash flow's next birthday.
This Action Plan Review identifies the current year's savings, asset allocation, withdrawals, goals, and income needs included in your Envision report, and also identifies the preceding year's goals that have been retired.
Please review your actual report for a detailed analysis of additional, future assumptions you have made which may be critical to the success of your plan.
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return
information, please see the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio
faces approximately a 5% chance each year of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future
results.
11/16/2010
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Profile Summary Data
Personal Information
Name
Date of Birth
Jim Taylor
Susan Taylor
01/01/1958
01/01/1958
Annual Income
Projected Annual Social Security (First Year)
Ideal/Accept.
$250,000
$60,000
$20,894 /$21,377
$14,520 /$15,848
Life Goals
Description
Ideal Value
Retirement Age - Jim
Retirement Age - Susan
Retirement Spending Need (Annual Increase)
Estate Goal (Annual Increase)
55
55
$180,000 (2.50%)
$2,000,000 (2.50%)
Education Goals
Acceptable Value
62
62
$120,000 (2.50%)
$500,000 (2.50%)
++
Name
Date of Birth
John
Sara
01/01/1993
01/01/1996
Ages
18 - 21
18 - 21
Institution
Brown University
University of Virginia
Ideal Value
Acceptable Value
Annual Increase
$41,048
$29,511
$41,048
$29,511
2.50%
2.50%
Start Age
Ideal/Accept.
End Age
Ideal/Accept.
Annual Increase
Ideal/Accept.
Other Goals
Description
Executive RV
Travel
Annual Amount
Ideal/Accept.
$400,000 /
$250,000
$20,000 /
$10,000
Net or Gross
Owner
Net
Jim
Ret. / Ret.
Ret. / Ret.
2.50% / 2.50%
Net
Jim
60 / 60
70 / 65
0.00% / 0.00%
Other Income
Description
Partnership Buyout
11/16/2010
Annual Amount
Ideal/Accept.
Net or
Gross
Owner
Tax Status
$75,000 / $75,000
Gross
Jim
Taxable
Start Age
Ideal/Accept.
End Age
Ideal/Accept.
Annual Increase
Ideal/Accept.
62 / 62
66 / 66
2.50% / 2.50%
Page 16 of 173
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Other Income
Description
Annual Amount
Ideal/Accept.
$100,000 /
$100,000
Jim's Whole Life Benefit
Net or
Gross
Owner
Tax Status
Start Age
Ideal/Accept.
End Age
Ideal/Accept.
Annual Increase
Ideal/Accept.
Net
Jim
Taxable
Death / Death
Death / Death
0.00% / 0.00%
Savings
Description
Deferred
Deferred
Taxable
Annual Amount
Ideal/Accept.
$40,000 /
$40,000
$15,000 /
$15,000
$20,000 /
$30,000
Start Age
Ideal/Accept.
End Age
Ideal/Accept.
Annual Increase
Ideal/Accept.
Deferred
52 / 52
Ret. / Ret.
0.00% / 0.00%
Susan
Deferred
52 / 52
Ret. / Ret.
0.00% / 0.00%
Joint
Taxable
52 / 52
Ret. / Ret.
0.00% / 0.00%
Interest Rate
Balance
Monthly Payment
5.75%
$200,000
$3,684
Owner
Tax Status
Jim
Liabilities
Description
Borrower
Type
Joint
Mortgage
Total Liabilities :
11/16/2010
$200,000
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Risk & Return*
Income Requirements
+++
Not expecting to need income from the portfolio for several years; investment strategy should emphasize growth.
Investment
Objective
Equity
%
Downside
Risk
Average
Return (as
of 05/2010)
Description
Ideal
Portfolio
Conservative
Growth &
Income
35.0%
-4.1%
6.8%
Growth and Income investors seek current income, but also seek income and capital
growth over time. These investors are willing to forgo a portion of current income in order
to seek potential future growth. Conservative Growth and Income investors seek the
maximum growth and income consistent with a relatively modest degree of risk. They
are willing to accept lower potential returns in exchange for lower risk. Equities, generally
dividend paying equities, may be some percentage of the account.
Acceptable
Portfolio
Moderate
Growth
83.0%
-11.0%
9.1%
Growth investors do not seek account income and their primary objective is capital
appreciation. Moderate Growth investors seek to balance potential risk of capital loss with
their goal of higher potential growth. Equities may be the primary asset in the account.
Priorities
Goal
Retire Later
To achieve our early retirement age(s), we
would be willing to:
To achieve our higher spending target in
retirement, we would prefer to:
Reduce Retirement
Spending
Reduce Size
of Estate
N/A
X
Take More
Investment Risk
Save More
N/A
X
In order to achieve our larger estate goal, we
N/A
To reduce the investment risk in our
portfolio, we would be willing to:
X
We would like to reduce our current savings
and to achieve this we would prefer to:
X
X
X
X
N/A
N/A
To meet our education funding goals, we
To meet our other goals, we would be willing
to:
11/16/2010
X
X
X
Page 18 of 173
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++
All numbers provided for Education Goal calculations are hypothetical in nature and are based on assumptions entered into the calculation. You should check the figures to ensure they are reasonable and you should consult with the institution on
the accuracy of the information before making any investment decisions based on this information.
+++
Although you may have indicated that you have no need for current income from your portfolio, we recognize that you may wish to select a strategic allocation with an income component since it may be more aligned with your risk tolerance.
Generally, income producing portfolios generate a lower investment return but correspondingly have a lower investment risk.
*
The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see the
Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year of
experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
11/16/2010
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Your Goals
Retirement Age
Jim
Susan
Annual Retirement Spending
Other Goals
Executive RV
Travel
Annual Education Goals
John
Sara
Annual Savings
Deferred
Deferred
Taxable
Other Sources of Income (Annual)
Partnership Buyout
Annual Social Security
Jim
Susan
Susan
Estate Goal
Strategic Allocation
Percent in Equities
Downside Risk
Ideal
Acceptable
55
55
62
62
$180,000
$120,000
$400,000 (Age Ret.-Ret.)
$20,000 (Age 60-70)
$250,000 (Age Ret.-Ret.)
$10,000 (Age 60-65)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$20,000 (Age 52-Ret.)
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$30,000 (Age 52-Ret.)
$75,000 (Age 62-66)
$100,000 (Age Death-Death)
$75,000 (Age 62-66)
$20,894 (Age 62-Death)
$14,520 (Age 62-Death)
$6,373 (Age 93-End)
$21,377 (Age 62-Death)
$15,848 (Age 62-Death)
$5,529 (Age 93-End)
$2,000,000
$500,000
Conservative Growth & Income
35.0%
-4.1%
Moderate Growth
83.0%
-11.0%
The Strategic Allocation has been derived from what you indicated was your Ideal or Acceptable tolerance for Downside Risk. The Disclosures include more detailed information.
11/16/2010
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The Investment Plan Result
Below Target
Target Zone
Above Target
<50
75
What is the Investment Plan Result?
•
Central to the Envision process is the Investment Plan Result calculation.
With Envision, we simultaneously evaluate your goals, your strategic asset
allocation and your assets to determine the likelihood that your investment
plan would have achieved your goals. The Envision process subjects your
investment plan to a sophisticated stress testing process that simulates 1,000
market environments, both good and bad. Your Investment Plan Result is
the percentage of the 1,000 simulations in which your goals were met for
your Ideal, Acceptable, and Recommended Investment Plan. Remember,
the simulations do not represent actual investment performance and
are only intended to provide you with an opportunity to evaluate your
Recommended Investment Plan, including your asset allocation. The
Disclosures include more detailed information regarding the simulation
process.
11/16/2010
90
100
Below Target
An Investment Plan Result below 75 means that your investment plan
would not have achieved your goals in a large number of the historical
simulations. You may wish to consider adjustments to your goals, your
allocation and/or your investments.
•
Target Zone
An Investment Plan Result between 75 and 90 means that in many of the
historical simulations your investment plan would have achieved your
goals. You might be required to make changes to your Recommended
Investment Plan in order to stay within your Target Zone, but those
changes are likely to be minor.
•
Above Target
An Investment Plan Result above 90 means that in a significantly
large number of historical simulations your investment plan would have
achieved or exceeded your goals. You may wish to consider a less risky
allocation, or an adjustment to your goals.
Page 21 of 173
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Investment Plan Result For Your Goals
Below Target
Target Zone
<50
Above Target
75
90
100
<=50
Retirement Age
Jim
Susan
99
Ideal
Acceptable
55
55
62
62
$180,000
$120,000
$400,000 (Age Ret.-Ret.)
$20,000 (Age 60-70)
$250,000 (Age Ret.-Ret.)
$10,000 (Age 60-65)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$20,000 (Age 52-Ret.)
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$30,000 (Age 52-Ret.)
$75,000 (Age 62-66)
$75,000 (Age 62-66)
$20,894 (Age 62-Death)
$14,520 (Age 62-Death)
$6,373 (Age 93-End)
$21,377 (Age 62-Death)
$15,848 (Age 62-Death)
$5,529 (Age 93-End)
$2,000,000
$500,000
Other Goals
Executive RV
Travel
John
Sara
Annual Savings
Deferred
Deferred
Taxable
Partnership Buyout
Jim
Susan
Susan
Estate Goal
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Below Target
<50
Jim & Susan
Target Zone
Above Target
75
90
<=50
Percent in Equities
Downside Risk
Investment Plan Result
11/16/2010
100
99
Ideal
Acceptable
35.0%
-4.1%
Moderate Growth
83.0%
-11.0%
0
99
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Recommended Investment Plan
Below Target
<50
Target Zone
Above Target
75
90
100
<=50
99
86
Retirement Age
Jim
Susan
Other Goals
Executive RV
Travel
John
Sara
Annual Savings
Deferred
Deferred
Taxable
Partnership Buyout
Jim
Susan
Susan
Estate Goal
11/16/2010
Ideal
Recommended
Acceptable
55
55
60
60
62
62
$180,000
$145,000
$120,000
$400,000 (Age Ret.-Ret.)
$20,000 (Age 60-70)
$250,000 (Age Ret.-Ret.)
$15,000 (Age 60-70)
$250,000 (Age Ret.-Ret.)
$10,000 (Age 60-65)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$20,000 (Age 52-Ret.)
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$20,000 (Age 52-Ret.)
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$30,000 (Age 52-Ret.)
$75,000 (Age 62-66)
$75,000 (Age 62-66)
$75,000 (Age 62-66)
$20,894 (Age 62-Death)
$14,520 (Age 62-Death)
$6,373 (Age 93-End)
$21,345 (Age 62-Death)
$15,555 (Age 62-Death)
$5,790 (Age 93-End)
$21,377 (Age 62-Death)
$15,848 (Age 62-Death)
$5,529 (Age 93-End)
$2,000,000
$1,000,000
$500,000
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Below Target
Target Zone
<50
Above Target
75
90
100
<=50
99
86
Percent in Equities
†
Downside Risk
†
Ideal
Recommended
Acceptable
Conservative
Growth (Age Now-74)
Moderate Growth
35.0%
67.0%
83.0%
-4.1%
-8.3%
-11.0%
Moderate Growth &
Income (Age 75-End)
0
86
99
Conservative Growth
Growth investors do not seek account income and their primary objective is capital appreciation. Conservative Growth investors seek maximum growth consistent with a relatively modest degree of risk. They are willing to accept lower potential
returns in exchange for lower risk. Equities may be a significant percentage of the account. Please refer to the Disclosures for more detailed information.
This information is not used to update your client account profile information. Please contact your Financial Advisor if any changes are needed to update your client profile.
Your Recommended Investment Plan Result was calculated assuming that you will modify your strategic asset allocations, if applicable, throughout the life of the plan. The recommended strategic asset allocation reflected on this page illustrates the
strategic allocation you plan to implement now. Future allocations are illustrated on the Age Based Asset Allocation page.
†
Percent in Equities and Downside Risk apply to the Strategic Allocation for the current time period.
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Achieving Your Goals
Retirement Age
Jim
Susan
60
60
Other Goals
Executive RV
Travel
$3,170,000
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$3,000,000
Investments
Annual Savings
Deferred
Deferred
Taxable
$2,830,000
$2,660,000
$2,490,000
$2,320,000
$2,150,000
$40,000 (Age 52-Ret.)
$15,000 (Age 52-Ret.)
$20,000 (Age 52-Ret.)
Other Sources of
Income (Annual)
Partnership Buyout
Social Security
Jim
Susan
Susan
67.0%
-8.3%
Moderate Growth &
Income (Age 75-End)
$1,640,000
52
53
54
55
56
Age (Susan Taylor)
Above Target (90th Percentile)
Conservative
Growth (Age Now-74)
†
$1,810,000
$75,000 (Age 62-66)
$1,000,000
$1,980,000
51
$21,345 (Age 62-Death)
$15,555 (Age 62-Death)
$5,790 (Age 93-End)
Estate Goal
11/16/2010
$3,340,000
$250,000 (Age Ret.-Ret.)
$15,000 (Age 60-70)
John - Brown University
Sara - University of Virginia
Percent in Equities
†
Downside Risk
$145,000
Below Target (75th Percentile)
Investment As Of Date
The Target Zone may help you evaluate your Recommended Investment Plan.
It does not represent a projection of future portfolio values. The Target Zone
graph is shown in Actual dollars.
The Target Zone and Plan Result is reflective of the strategic recommended
asset allocation. If your current portfolio is not consistent with the
recommended allocation, then your probability of success may be significantly
different than the Plan Result displayed.
86
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This information is not used to update your client account profile information. Please contact your Financial Advisor if any changes are needed to update your client profile.
†
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Sensitivity Analysis
Results shown in Actual dollars
$3,820,000
53%
$3,620,000
50%
$3,420,000
Investments
30%
29%
$3,220,000
$3,020,000
33%
$2,820,000
$2,620,000
67%
$2,420,000
17%
$2,220,000
17%
$2,020,000
4%
$1,820,000
53
54
55
56
57
58
Age (Susan Taylor)
At 1 year
At 3 years
At 5 years
29 %
$2,787,397
4%
$2,248,220
50 %
$3,167,847
17 %
$2,679,673
53 %
$3,622,720
17 %
$3,017,625
Probability of being out of the Target Zone
33 %
67 %
70 %
Probability of being in the Target Zone
67 %
33 %
30 %
Probability of being above the Target Zone
Investment Value greater than
Probability of being below the Target Zone
Investment Value less than
Envision allows you to track the value of your portfolio over time as it relates to the Target Zone. As markets change, and as your personal goals and objectives change, you may see your portfolio value move out of the Target Zone. This Sensitivity
Analysis shows the probability of being both below and above the Target Zone over a one, three and five year period.
If your portfolio value happens to move out of the Target Zone, this is an opportunity to discuss what changes may have occurred in the market, or what has changed in your life based on the recommendations in the plan. As part of the Envision
review process, you and your Financial Advisor may want to make adjustments to move you back into the Target Zone and give you reasonable confidence in achieving your goals.
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Current vs Strategic Allocation - Plan Results
Current Allocation Plan Result: 81
Strategic Allocation Plan Result: 86*
Current
Conservative Growth
Large Cap (59.81%)
Large Cap (28.00%)
Mid Cap (12.05%)
Mid Cap (10.00%)
Small Cap (10.81%)
Small Cap (8.00%)
REIT (2.00%)
Commodities (3.00%)
Average Return:
Downside Risk:
8.6%
-14.0%
Average Return:
Downside Risk:
8.3%
-8.3%
Important Information: This page illustrates how your plan result may differ if you do not adopt the recommended strategic allocation. The current allocation plan
result assumes that your current allocation will remain unchanged over the duration of the plan. The strategic allocation plan result assumes that you implement the
recommended allocation and any future age-based allocations if they were included in the plan. There is no assurance that the recommended portfolio's objectives
will be obtained.
Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value
Strategic Allocation illustrates how much of an investor's portfolio should be allocated to the various asset classes based on the recommended investment plan.
*A Strategic Allocation Plan Result is based on future changes to the recommended portfolio. Please see the Age Based Allocations report page for details on future recommended portfolios.
Totals may not equal calculated amounts due to rounding differences.
The Disclosures include definitions of the terms on this page and other detailed information.
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Monitoring Your Recommended Investment Plan
The cash flows for this plan were last inflated on 6/22/2010*
Recommended
11/16/2010
10/01/2010
07/01/2010
04/01/2010
01/01/2010
10/01/2009
Jim's Retirement Age
60
60
60
60
60
60
Susan's Retirement Age
60
60
60
60
60
60
$145,000
$145,000
$148,625
$140,000
$140,000
$140,000
$1,000,000
$1,000,000
$1,025,000
$500,000
$500,000
$500,000
Conservative
Growth
Conservative
Growth
Conservative Moderate Growth &
Growth
Income
Conservative
Growth
Conservative
Growth
$75,000
$75,000
$95,000
$95,000
$95,000
$85,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$75,000
$75,000
$76,875
$75,000
$75,000
$75,000
$2,380,120
$2,387,394
$2,152,657
$2,403,063
$2,289,089
$2,000,000
$250,000
$250,000
$256,250
$250,000
$250,000
$250,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$41,048
$41,048
$41,048
$40,047
$40,047
$40,047
$29,511
$29,511
$29,511
$28,791
$28,791
$28,791
86
86
74
84
84
73
Estate Goal
++
+
Other Income - Jim's Whole Life
Benefit - Jim
Other Income - Partnership Buyout Jim
Investment Value
Other Goal - Executive RV - Jim
Other Goal - Travel - Jim
Education Goals - Brown University John Taylor
Education Goals - University of
Virginia - Sara Taylor
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Recommended
07/01/2009
04/01/2009
01/01/2009
10/01/2008
07/01/2008
04/01/2008
Jim's Retirement Age
60
60
60
60
60
60
Susan's Retirement Age
60
58
60
60
60
60
$140,000
$140,000
$169,793
$169,793
$169,793
$166,464
Estate Goal
$500,000
$500,000
$530,604
$530,604
$530,604
$520,200
Conservative Moderate Growth &
Growth
Income
Legacy
Conservative
Growth
Legacy
Conservative
Growth
Legacy
Conservative
Growth
Legacy
Conservative
Growth
++
+
Other Income - Jim's Whole Life
Benefit - Jim
Other Income - Partnership Buyout Jim
Investment Value
Other Goal - Executive RV - Jim
Other Goal - Travel - Jim
Education Goals - Brown University John Taylor
Education Goals - University of
Virginia - Sara Taylor
$85,000
$64,000
$90,202
$90,202
$90,202
$88,434
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$75,000
$75,000
$79,591
$79,591
$79,591
$78,030
$2,250,000
$2,257,296
$2,255,000
$2,255,000
$2,255,000
$2,255,000
$250,000
$250,000
$159,181
$159,181
$159,181
$156,060
$15,000
$15,000
N/A
N/A
N/A
N/A
$40,047
$30,000
$31,836
$31,836
$31,836
$31,212
$28,791
$31,836
$31,836
$31,836
$31,836
$31,212
81
82
52
64
62
63
* Cash flows are inflated once per year on the anniversary of the investment plan’s creation date. The inflating of cash flows is necessary to keep goals, savings, other income, etc. up to date with their specified inflation rates.
+ This total does not include savings cash flows that start in the future. If future savings cash flows exist, they are included in the Envision analysis.
The table above indicates your Recommended Investment Plan and how changes to your goals and Investment Value have affected the Investment Plan Result over time. Investment Value includes assets currently held in accounts with our firm as
well as assets held at other firms. Values of assets held at other firms are based on information provided by you, and may not reflect current market value.
The Recommended Investment Plan assumes you implement the Strategic or Custom Allocation and includes expectations about savings and spending patterns that you provided. Please be sure to inform us of any changes to your goals, savings
and spending patterns and changes in the market value of assets held at other firms.
Your Recommended Investment Plan Result was calculated based on all of the information contained within your recommended plan as of the date in the column header.
++
The recommended strategic asset allocation reflected on this page illustrates the strategic allocation you plan to implement now. Future allocations are illustrated on the Age Based Asset Allocation page.
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Target Zone-Long Term
$5,730,000
$5,240,000
Investments
$4,750,000
$4,260,000
$3,770,000
$3,280,000
$2,790,000
$2,300,000
$1,810,000
$1,320,000
48
55
62
69
76
83
90
97
Age (Susan Taylor)
The Target Zone and Plan Result is reflective of the strategic recommended asset allocation. If your current portfolio is not consistent with the recommended allocation,
then your probability of success may be significantly different than the Plan Result displayed.
Monitoring Your Progress...
Investment markets, your financial goals, and your priorities can change over time. The Envision process recognizes that throughout your life things will change. The
monitoring process enables us to track your Investment Value so that, upon your request, we can monitor and review your progress towards your goals. Please be
sure to inform us of updates to your situation, including changes to your goals and priorities, so that we can work with you to monitor and modify your Recommended
Investment Plan.
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Sources of Funding
Age 60 (Jim)
Spending Needs at Age 60
Investment Portfolio Need*
(100.00%)
Age 65 (Jim)
Sources of Funding
Retirement Spending
Executive RV
Travel
$ 176,668
$ 304,601
$ 15,000
Total
$ 496,269
Social Security - Jim (11.04%)
Social Security - Susan (8.04%)
Partnership Buyout (38.79%)
Investment Portfolio Need* (42.13%)
None Specified
Total
$0
Investment Portfolio Need* = $ 496,269
Sources of Funding
Retirement Spending
Travel
$ 199,884
$ 15,000
Total
$ 214,884
Social Security - Jim
Social Security - Susan
Partnership Buyout
$ 23,720
$ 17,286
$ 83,344
Total
$ 124,350
Age 75 (Jim)
Social Security - Jim (13.30%)
Social Security - Susan (9.69%)
Investment Portfolio Need* (77.01%)
Sources of Funding
Retirement Spending
$ 255,869
Total
$ 255,869
Social Security - Jim
Social Security - Susan
$ 34,038
$ 24,805
Total
$ 58,843
*The Investment Portfolio Need is the net amount required from the investment portfolio after all other income sources have been applied to the spending need. It does not represent income provided by
the investment portfolio nor should it be assumed that the spending need can be met with portfolio withdrawals.
The sources of funding cash flows are hypothetical in nature and should be used only as a guideline. This report may display spending needs and the corresponding sources of funding for up to five
different years as determined by your financial advisor. The other income sources are based upon assumptions that you have provided. To determine how much the investment portfolio must provide in
order to meet spending needs, first, all available other income sources are matched against the spending need. If, all other income sources are not sufficient to meet the spending need, then the analysis
assumes the remainder will be made up with the investment portfolio. This analysis does not consider Required Minimum Distributions or the potential need for leverage to be used.
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Goal Funding Summary - Recommended Investment Plan
Social Security
Estimated Taxable Portfolio Income
Other Income
Portfolio Withdrawal
Net Goal Funding Need
$450,000
$400,000
Income Need
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
60/60
64/64
68/68
72/72
76/76
80/80
84/84
88/88
92/92
Age (Jim / Susan)
Goal Funding Summary reflects any Social Security and Other Income during retirement as well as estimated portfolio yield based off of the previous year's estimated taxable ending value. Estimated
Portfolio Taxable Income is based on current yield assumptions and there is no assurance that they will be obtained. In addition, the portfolio withdrawals necessary to meet your Goal Funding Needs for
your Recommended Investment Plan are reflected. This is based upon information you provided. Because this information is likely to change over time, your actual cash flow experience will differ. You
should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
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Scenario Comparison
Below Target
Target Zone
<50
Above Target
75
90
78
84
100
86
Scenario #1 Recommended
Retirement Age
60
Jim
60
Susan
$145,000
Other Goals
N/A
Gift to Northwestern
N/A
4yr stay in nursing home
N/A
LTC Premium
$250,000 (Age Ret. - Ret.)
Executive RV
$15,000 (Age 60 - 70)
Travel
$41,048 (Age 18-21)
John - Brown University
Sara - University of
$29,511 (Age 18-21)
Virginia
Annual Savings
$40,000 (Age 52 - Ret.)
Deferred
$15,000 (Age 52 - Ret.)
Deferred
$20,000 (Age 52 - Ret.)
Taxable
$75,000 (Age 62 - 66)
Partnership Buyout
11/16/2010
Scenario #2 - Gift to
Northwestern University
Scenario #3 - 4yr stay in
Nursing Home for Jim
Scenario #4 - Cost of LTC
Insurance premiums
60
60
$145,000
60
60
$145,000
60
60
$145,000
$100,000 (Age 60 - 60)
N/A
N/A
$250,000 (Age Ret. - Ret.)
$15,000 (Age 60 - 70)
N/A
$71,900 (Age 70 - 73)
N/A
$250,000 (Age Ret. - Ret.)
$15,000 (Age 60 - 70)
N/A
N/A
$4,000 (Age 53 - Death)
$250,000 (Age Ret. - Ret.)
$15,000 (Age 60 - 70)
$41,048 (Age 18-21)
$41,048 (Age 18-21)
$41,048 (Age 18-21)
$29,511 (Age 18-21)
$29,511 (Age 18-21)
$29,511 (Age 18-21)
$40,000 (Age 52 - Ret.)
$15,000 (Age 52 - Ret.)
$20,000 (Age 52 - Ret.)
$40,000 (Age 52 - Ret.)
$15,000 (Age 52 - Ret.)
$20,000 (Age 52 - Ret.)
$40,000 (Age 52 - Ret.)
$15,000 (Age 52 - Ret.)
$20,000 (Age 52 - Ret.)
$75,000 (Age 62 - 66)
$75,000 (Age 62 - 66)
$75,000 (Age 62 - 66)
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Below Target
Target Zone
Above Target
<50
75
90
78
84
100
86
Jim
Susan
Susan
Estate Goal
†
Percent in Equities
†
Downside Risk
Scenario #1 Recommended
$100,000 (Age Death Death)
Scenario #2 - Gift to
Northwestern University
Scenario #3 - 4yr stay in
Nursing Home for Jim
Scenario #4 - Cost of LTC
Insurance premiums
$21,345 (Age 62 - Death)
$15,555 (Age 62 - Death)
$5,790 (Age 93 - End)
$1,000,000
Conservative
Growth (Age Now-74)
Moderate Growth &
Income (Age 75-End)
$21,345 (Age 62 - Death)
$15,555 (Age 62 - Death)
$5,790 (Age 93 - End)
$1,000,000
Conservative
Growth (Age Now-74)
Moderate Growth &
Income (Age 75-End)
$21,345 (Age 62 - Death)
$15,555 (Age 62 - Death)
$5,790 (Age 93 - End)
$1,000,000
Conservative
Growth (Age Now-74)
Moderate Growth &
Income (Age 75-End)
$21,345 (Age 62 - Death)
$15,555 (Age 62 - Death)
$5,790 (Age 93 - End)
$1,000,000
Conservative
Growth (Age Now-74)
Moderate Growth &
Income (Age 75-End)
67.0%
67.0%
67.0%
67.0%
- 8.3%
- 8.3%
- 8.3%
- 8.3%
86
84
78
84
†
The Scenario Comparison is hypothetical and not your Recommended Investment Plan. It is designed to illustrate "what-if" scenarios. The information used to create these scenarios may or may not reflect your current situation or goals. Please refer
to your Envision Presentation for a Recommended Investment Plan that reflects your current situation and financial goals. Your Financial Advisor can work with you to create or modify your Recommended Investment Plan to suit your needs. The
information shown is based on asset class data through 05/2010. Risk and return figures are derived from both historical observation and standard investment industry statistical calculations. For risk and return information, please see the Capital
Market Assumptions table in the disclosure section of this report. Downside risk represents the potential loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each year of experiencing a
loss this large or larger. They are for illustrative purposes and are not designed to predict actual performance. Past performance is not a guarantee of future results.
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Survivor Goals - Jim Survives
The cash flows for this plan were last inflated on 6/22/2010 *
Liabilities to be Paid Immediately
$200,000
Final Expenses
$10,000
Decedent's Annual Income Replacement
$41,000 (Age Now-Ret.)
Survivor Goals
Retirement Age
Estate Goal
60
$120,000
$500,000
Education Goals
Brown University - John
University of Virginia - Sara
$41,048 (Age 18-21)
$29,511 (Age 18-21)
Savings
Deferred
$60,000 (Age 51-Ret.)
Other Sources of Income
Partnership Buyout
$75,000 (Age 62-66)
Social Security
+
$24,014
$21,345 (Age 62-Death)
Social Security Survivor Benefits
Jim's Retirement Benefit
Conservative Growth
67.0%
- 8.3%
Percent in Equities
Downside Risk
Total Value of Investments
$2,380,120
Plan Result
86
Survivor Needs Result
Estimated Total Coverage Needed
Existing Insurance Policies on Susan's Life
11/16/2010
$40,000
$100,000
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Estimated Additional Insurance Needed
$0
+
The Survivor Benefit amount shown here is for the first year only. Future benefits may be more or less.
Important Information
Estimated Total Coverage Needed: Indicates the total of your existing insurance plus your additional insurance need.
Existing Insurance Policies: Represents insurance coverage you identified as already having purchased.
Estimated Additional Insurance Needed: Represents the additional death benefit needed to meet the specific Survivor Goals stated in this survivor section.
You may have additional estate or business planning needs which are beyond the scope of this analysis. Please consult with your Financial Advisor for additional
analysis related to these issues.
The Survivor Needs page may include modified plan assumptions that anticipate the different needs you may have after the death of your spouse; your actual
situation may differ.
In anticipation of your survivor need, this analysis may exclude certain accounts identified in your Recommended Investment Plan.
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Survivor Goals - Susan Survives
The cash flows for this plan were last inflated on 6/22/2010 *
Liabilities to be Paid Immediately
$200,000
Final Expenses
$10,000
Decedent's Annual Income Replacement
$185,000 (Age Now-Ret.)
Survivor Goals
Retirement Age
Estate Goal
60
$120,000
$500,000
Education Goals
Brown University - John
University of Virginia - Sara
$41,048 (Age 18-21)
$29,511 (Age 18-21)
Social Security
+
$35,917
$19,954 (Age 62-Death)
Social Security Survivor Benefits
Susan's Retirement Benefit
Conservative Growth
67.0%
- 8.3%
Percent in Equities
Downside Risk
Total Value of Investments
$2,380,120
Plan Result
86
Survivor Needs Result
Estimated Total Coverage Needed
Existing Insurance Policies on Jim's Life
$1,870,000
$700,000
Estimated Additional Insurance Needed
$1,170,000
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+
The Survivor Benefit amount shown here is for the first year only. Future benefits may be more or less.
Estimated Total Coverage Needed: Indicates the total of your existing insurance plus your additional insurance need.
Existing Insurance Policies: Represents insurance coverage you identified as already having purchased.
Estimated Additional Insurance Needed: Represents the additional death benefit needed to meet the specific Survivor Goals stated in this survivor section.
You may have additional estate or business planning needs which are beyond the scope of this analysis. Please consult with your Financial Advisor for additional
analysis related to these issues.
The Survivor Needs page may include modified plan assumptions that anticipate the different needs you may have after the death of your spouse; your actual
situation may differ.
In anticipation of your survivor need, this analysis may exclude certain accounts identified in your Recommended Investment Plan.
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Introduction to Estate Planning
Whether or not one is subject to the payment of estate taxes, there are several non-tax aspects to be considered when preparing for the eventual disposition of
property upon one's death. In most cases, a will or living trust, durable power of attorney, and advance medical directive are advisable, as well as the careful choices
about beneficiaries, property ownership form, and life insurance. First, a look at the will, and how ownership and beneficiary selection come into play.
What is a will?
A will is a written document directing the disposition of the decedent's property upon his or her death. Just about everyone needs a will. Why?
•
•
•
•
To name a personal guardian for your minor children
To name your executor
To leave property generally best left by a will, such as art, heirlooms and collectibles
To make specific bequests
What property cannot be transferred by will? Some of your most valuable assets will not pass under the terms of your will. The following property will be transferred
based on naming beneficiaries, by choosing to own property in joint tenancy, or creating a living trust.
•
•
•
•
•
•
Joint tenancy (with rights of survivorship) property
Pay on Death bank accounts
Transfer on Death securities accounts
Life insurance proceeds payable to a named beneficiary
Funds in retirement plans payable to a named beneficiary
Property in a living trust
Legal Forms of Ownership
How are your assets titled? Do you understand the tax impact? Here is a description of the most basic legal forms of ownership.
•
•
•
•
•
Individual Property Ownership. Individual property ownership is usually designated by the person's own name, such as "Joe Smith".
Tenants in Common. In a tenancy in common, two or more individuals own undivided interests in property. Usually all tenants in common own equal undivided
interests in the property. When a tenant in common dies, their share of the property will pass to their heirs by will or state law.
Joint Tenants with Right of Survivorship (JTWROS). When a joint tenant who owns property subject to a right of survivorship dies, their interest passes
in equal shares to the surviving joint tenants.
Tenants by the Entirety. This ownership form, available only for a husband and wife, in about half of the states, has the same survivorship characteristic as
a joint tenancy with right of survivorship. Tenants by the entirety may afford additional creditor protection.
Community Property. In nine states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), a husband and wife
may own property in the form of community property. Generally, property acquired during the marriage while the husband and wife lived in a community property
state is treated as community property unless the property was acquired by inheritance or gift. Upon the death of the first spouse, their one-half interest in the
community property passes to their heirs or distributes. The surviving spouse will automatically retain their one-half interest.
Special Account Designations
In nearly all states, bank accounts and certain other types of financial arrangements can be titled so that at the death of the owner the account is automatically
payable to a specified beneficiary. These forms of ownership are known as payable on death or POD (for bank accounts) or transfer on death or TOD (for securities
accounts). These types of ownership are typically used to reduce some administrative costs at death and to facilitate the distribution of assets.
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Living Trusts
An inter vivos or living trust is a revocable trust created during the lifetime of the grantor. The grantor places his or her property into a trust to be managed by a
trustee for a specified period of time or until the death of the grantor.
Living trusts are commonly used for the purpose of bypassing probate. However, the creation of a living trust may also protect against legal incompetency or incapacity
of the grantor or the beneficiaries.
There may be less expensive ways to avoid probate, such as joint tenancy and TOD account designations.
For federal income tax purposes all income from the trust is taxed to the grantor at the grantor's individual income tax rate, because the grantor is considered to
be the owner of the trust property.
Durable Power of Attorney and Advance Directive
The last two documents that most individuals should consider in planning their estate are the durable power of attorney and the advance directive. A durable power
of attorney provides a trusted person power over your financial affairs for one who has become unable to manage them. When this kind of help is needed but no
agent has been designated, a court will have to appoint and supervise someone, which is an expensive process.
Advance directive (also called a living will) is used to indicate one's wishes about end-of-life medical treatment, in case one is unable to communicate this choice.
Life Insurance
The needs of the surviving family members should be considered as part of estate planning. Life insurance should be purchased by those on whom people depend
for support. Many different types or forms of insurance are available depending on the individual's needs and resources.
This is for information purposes only and was obtained from sources we believe to be reliable. We have not independently verified this information and we do not
warrant that it is complete or accurate. This is not legal or tax advice. You should consult your legal and/or tax advisors for additional information. We disclaim all
liability to any person for any loss caused by errors or omissions in this information.
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Introduction to Estate Taxes
The federal estate tax is designed to tax the property of a deceased person, and is usually payable nine months after the date of death. In order to assess the potential
impact of this tax, one should review the components of the gross estate, and the subtractions available to reach the taxable estate value, and the level of amounts
which may be exempt from tax. State death taxes may be charged independently of the federal estate tax, and they can vary from state to state.
Gross Estate
The gross estate includes all property of any description, wherever located, to the extent the decedent had any interest in the property at the time of death. It may
even include property previously given away or over which the decedent had no control at the time of death. A recent financial statement should disclose most of
what comprises the gross estate, but the following list should suffice for obtaining an estimate of the gross estate:
•
•
•
•
•
•
•
Cash Alternative
Liquid assets, such as stocks and other securities
Real estate
Personal property, including household goods and collections
Business interests
Life insurance owned or insurance payable to estate and,
Employee benefits, including IRAs
Note: Keep in mind in determining the gross estate, it is also important to determine how the assets are titled (separate, joint, community, etc.).
Taxable Estate
Although the actual calculation of the taxable estate amount can be complex, for estimation purposes begin with the gross estate amount. From this amount, subtract:
•
•
•
•
Administrative expenses (including funeral expenses)
Debts
Amounts left to a surviving spouse
Amounts left to charity
to determine the decedent's taxable estate.
IMPORTANT:
Federal estate taxes are scheduled to be repealed in 2010. However, many observers believe that Congress will not allow this tax to expire as scheduled. At the time
this section was written, Congress had not yet decided the fate of federal estate taxes. The discussion below assumes that Congress acts to extend 2009 estate tax
rules into 2010. Be sure to check with your tax advisor to determine current estate tax rules for 2010.
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The Smaller Estate - Below the Federal Exclusion
When one has less than the federal applicable exclusion, $3.5 million (under 2009 tax laws), in taxable property at death, federal estate taxes should not be an
issue, although there may be state death taxes to consider. In most of these cases, effective estate planning includes a will or living trust, durable power of attorney,
advance medical directive, and careful selection of beneficiaries.
The Intermediate Estate - Married Couples with $3,500,000 to $7,000,000 (under 2009 tax laws)
The intermediate estate refers only to married couples whose aggregated estates have a value in excess of one applicable exclusion amount but below twice the
exclusion amount. A married couple with an intermediate sized estate may eliminate all federal estate tax with the use of "bypass planning", the usual form of which
involves an arrangement in which the first to die spouse places assets equal in value to his or her exemption in trust for the surviving spouse as income beneficiary.
Note that in an intermediate estate, that similar results could be obtained by passing all property to the surviving spouse, but with provision for a "disclaimer trust".
The disclaimer trust would come into being only if the surviving spouse disclaimed, or refused to accept, a portion of the estate under the will. When funded as a
result of such a disclaimer, the trust would function in exactly the same way as the bypass trust, except that the surviving spouse would decide exactly how much
property, if any, was to go into the trust.
The Large Estate - Where Federal Estate Tax Applies
With a large estate - over $3,500,000 for individuals and over $7,000,000 for married couples - federal estate tax will apply under the 2009 tax law. Accordingly, the
use of tax planning techniques beyond unified credit, and bypass planning is necessary to reduce or eliminate estate taxes. A large estate would apply to a single
individual if he or she has an estate in excess of the applicable exclusion amount and to a married couple whose aggregate estate exceeds double the applicable
exclusion amount. Here, beyond the unified credit and bypass planning, the suitable tools and techniques to consider include lifetime giving, life insurance trusts,
and charitable trusts.
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Federal Estate Tax Changes
The following table depicts the levels of federal estate tax charged on taxable estates of various sizes in several different years of death.
Although the actual calculation of the taxable estate amount can be complex, for estimation purposes, begin with the gross estate amount: all property in which the
decedent had any interest at the time of death. From that amount, subtract: administrative expenses (including funeral expenses), debts, amounts left to a surviving
spouse, amounts left to charity to determine the approximate taxable estate.
Note: This table does not reflect state death taxes, which may be independent of the federal estate tax.
Estate Tax Estimator *
Year of Death
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011+
Top Rate %
55
50
49
48
47
46
45
45
45
repealed
55
1,000,000
1,000,000
1,500,000
1,500,000
2,000,000
2,000,000
2,000,000
3,500,000
repealed
1,000,000
Credit Exemption 675,000
Estate Size
Estate Tax Net of Credit
$1,000,000
125,000
0
0
0
0
0
0
0
0
0
0
$1,500,000
335,000
210,000
210,000
0
0
0
0
0
0
0
210,000
$2,000,000
560,000
435,000
435,000
225,000
225,000
0
0
0
0
0
435,000
$2,500,000
805,000
680,000
680,000
465,000
460,000
230,000
225,000
225,000
0
0
680,000
$3,000,000
1,070,000
930,000
925,000
705,000
695,000
460,000
450,000
450,000
0
0
945,000
$3,500,000
1,345,000
1,180,000
1,170,000
945,000
930,000
690,000
675,000
675,000
0
0
1,220,000
$4,000,000
1,620,000
1,430,000
1,415,000
1,185,000
1,165,000
920,000
900,000
900,000
225,000
0
1,495,000
$5,000,000
2,170,000
1,930,000
1,905,000
1,665,000
1,635,000
1,380,000
1,350,000
1,350,000
675,000
0
2,045,000
$6,000,000
2,720,000
2,430,000
2,395,000
2,145,000
2,105,000
1,840,000
1,800,000
1,800,000
1,125,000
0
2,595,000
$7,000,000
3,270,000
2,930,000
2,885,000
2,625,000
2,575,000
2,300,000
2,250,000
2,250,000
1,575,000
0
3,145,000
$8,000,000
3,820,000
3,430,000
3,375,000
3,105,000
3,045,000
2,760,000
2,700,000
2,700,000
2,025,000
0
3,695,000
$9,000,000
4,370,000
3,930,000
3,865,000
3,585,000
3,515,000
3,220,000
3,150,000
3,150,000
2,475,000
0
4,245,000
$10,000,000
4,920,000
4,430,000
4,355,000
4,065,000
3,985,000
3,680,000
3,600,000
3,600,000
2,925,000
0
4,795,000
*Based on the "Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)"
The Economic Growth and Tax Relief Reconciliation Act of 2001 is subject to a "Sunset Provision." Under the "Sunset Provision," in 2011, all tax law changes revert
to year 2001 levels, unless Congress acts to extend 2009 rules, or 2010 rules, or create new rules for taxing estates.
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Strategic Allocation Investment Objectives
Conservative Income
Income investors seek a maximum amount of income given their risk tolerance,
and are willing to forgo capital appreciation and growth of income. Conservative
Income investors seek the maximum amount of income consistent with a
modest degree of risk. They are willing to accept a lower level of income in
exchange for lower risk. Higher risk investments, such as high yield bonds and
some equities, are typically not a large percentage of the account.
Moderate Growth
Growth investors do not seek account income and their primary objective is
capital appreciation. Moderate Growth investors seek to balance potential risk
of capital loss with their goal of higher potential growth. Equities may be the
primary asset in the account.
Long Term Income
Growth and Income investors seek current income, but also seek income and
capital growth over time. These investors are willing to forgo a portion of
current income in order to seek potential future growth. Conservative Growth
and Income investors seek the maximum growth and income consistent with
a relatively modest degree of risk. They are willing to accept lower potential
returns in exchange for lower risk. Equities, generally dividend paying equities,
may be some percentage of the account.
and are willing to forgo capital appreciation and growth of income. Long Term
Income investors seek a significant level of income, are financially able and
willing to risk losing a substantial portion of investment capital, and, due to their
long term horizon or other factors, they employ higher risk, more aggressive
strategies that may offer higher potential income. Higher risk investments, such
as high yield bonds and some equities, may be a significant percentage of the
account.
Conservative Growth
Long Term Growth & Income
capital appreciation. Conservative Growth investors seek maximum growth
consistent with a relatively modest degree of risk. They are willing to accept
lower potential returns in exchange for lower risk. Equities may be a significant
percentage of the account.
capital growth over time. These investors are willing to forgo a portion of current
income in order to seek potential future growth. Long Term Growth and Income
investors seek a significant level of growth and income, are financially able
and willing to risk losing a substantial portion of investment capital, and due to
their long term horizon or other factors they pursue high risk, more aggressive
strategies that may offer higher potential returns. High yield bonds and equities,
generally dividend paying equities, may be the primary assets in the account.
Moderate Income
and are willing to forgo capital appreciation and growth of income. Moderate
Income investors seek to balance the potential risk of capital loss with
increased income potential. Higher risk investments, such as high yield bonds
and some equities, may be some percentage of the account.
Moderate Growth & Income
capital growth over time. These investors are willing to forgo a portion of current
income in order to seek potential future growth. Moderate Growth and Income
investors seek to balance the risk of capital loss with higher potential growth
and income. High yield bonds and equities, generally dividend paying equities,
may be a significant percentage of the account.
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Long Term Growth
capital appreciation. Long Term Growth investors seek a significant level of
growth, are financially able and willing to risk losing a substantial portion of
investment capital, and due to their long term horizon or other factors, they
employ higher risk, more aggressive strategies that may offer higher potential
returns. Higher risk investments such as equities may be as much as 100%
of the account.
Your actual asset allocation may vary from the Strategic or Custom Allocation, based upon your individual circumstances.
There can be no guarantee that your investment goals will be reached by following a prescribed asset allocation model.
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The Strategic Allocations
Conservative Income
Conservative Growth
Average Return:
5.0%
Average Return:
8.3%
Downside Risk:
-1.5%
Downside Risk:
-8.3%
Large Cap (2.00%)
Large Cap (28.00%)
Mid Cap (2.00%)
Mid Cap (10.00%)
Small Cap (8.00%)
Intl Fixed Income (5.00%)
Emerging Market Debt (2.00%)
REIT (3.00%)
REIT (2.00%)
Commodities (3.00%)
Average Return:
6.8%
Downside Risk:
-4.1%
Moderate Income
Average Return:
6.2%
Downside Risk:
-3.2%
Large Cap (14.00%)
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Mid Cap (4.00%)
Large Cap (11.00%)
Small Cap (4.00%)
Mid Cap (2.00%)
Small Cap (2.00%)
REIT (3.00%)
REIT (3.00%)
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Long Term Income
Average Return:
7.8%
Average Return:
6.9%
Downside Risk:
-7.1%
Downside Risk:
-5.2%
Large Cap (23.00%)
Large Cap (12.00%)
Mid Cap (8.00%)
Mid Cap (4.00%)
Small Cap (6.00%)
Small Cap (4.00%)
REIT (3.00%)
REIT (3.00%)
Moderate Growth
Average Return:
Downside Risk:
Average Return:
9.1%
Downside Risk:
8.8%
-10.4%
-11.0%
Large Cap (29.00%)
Large Cap (26.00%)
Mid Cap (12.00%)
Mid Cap (14.00%)
Small Cap (10.00%)
Small Cap (14.00%)
REIT (2.00%)
REIT (3.00%)
Commodities (3.00%)
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The information shown is based on asset class data through 05/2010. Risk and return figures are derived from both
historical observation and standard investment industry statistical calculations. For risk and return information, please
see the Capital Market Assumptions table in the disclosure section of this report. Downside risk represents the potential
loss the allocation could experience in a severe market downturn. The portfolio faces approximately a 5% chance each
year of experiencing a loss this large or larger. They are for illustrative purposes and are not designed to predict actual
performance. Past performance is not a guarantee of future results.
Long Term Growth
Average Return:
Downside Risk:
9.7%
-12.8%
Large Cap (24.00%)
Mid Cap (16.00%)
Small Cap (16.00%)
REIT (2.00%)
Commodities (3.00%)
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Current vs Strategic Allocation - Asset Class
Current
Conservative Growth
Equity (91.60%)
Equity (67.00%)
Fixed Income (28.00%)
Alternative Investment (3.00%)
Average Return:
8.6%
Downside Risk: -14.0%
Average Return:
Downside Risk:
8.3%
-8.3%
Long Positions
Asset Class
Equity
Fixed Income
Alternative Investment
Cash Alternative
Total:
$ 2,180,119.83
$ 0.00
$ 0.00
$ 200,000.00
$ 2,380,119.83
Current
91.60%
0.00%
0.00%
8.40%
100.00%
$ 1,594,680.29
$ 666,433.55
$ 71,403.59
$ 47,602.40
$ 2,380,119.83
Strategic
67.00%
28.00%
3.00%
2.00%
100.00%
Difference
$ - 585,439.54
- 24.60%
$ 666,433.55
28.00%
$ 71,403.59
3.00%
$ - 152,397.60
- 6.40%
$ 0.00
0.00%
Market Values are based on closing prices and positions as of 11/15/2010 for security level holdings.
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Current vs Strategic Allocation - Asset Class with Securities
Long Positions
Asset Class Type
Equity
ALCOA INC
APPLE INC
CATERPILLAR INC
CHEVRON CORPORATION
DAVIS NY VENTURE FD CL A
GROWTH FUND AMERICA FD A
HARTFORD CAP APPREC FD-A
HARTFORD MID CAP FD CL-A
HOME DEPOT INC
KEELEY S/C VALU FD CL-A
LOWES COMPANIES INC
MICROSOFT CORP
NEW ECONOMY FD SBI CL A
OFFICE DEPOT INC
SMALLCAP WORLD FUND CL A
TEMPLETON FOREIGN FD A
WELLS FARGO COMPANY
Current
$ 2,180,119.83
91.60%
$ 11,930.20
0.50%
$ 142,863.94
6.00%
$ 56,225.95
2.36%
$ 27,620.10
1.16%
$ 204,489.09
8.59%
$ 442,080.23
18.57%
$ 272,555.82
11.45%
$ 265,708.09
11.16%
$ 14,393.80
0.60%
$ 257,386.37
10.81%
$ 12,558.52
0.53%
$ 24,716.98
1.04%
$ 165,711.73
6.96%
$ 21,196.52
0.89%
$ 90,506.43
3.80%
$ 121,820.80
5.12%
$ 48,355.26
2.03%
Strategic
$ 1,594,680.29
67.00%
Difference
$ - 585,439.54
- 24.60%
Fixed Income
$ 0.00
0.00%
$ 666,433.55
28.00%
$ 666,433.55
28.00%
$ 0.00
0.00%
$ 71,403.59
3.00%
$ 71,403.59
3.00%
$ 200,000.00
$ 200,000.00
$ 2,380,119.83
8.40%
8.40%
100.00%
$ 47,602.40
2.00%
$ - 152,397.60
- 6.40%
$ 2,380,119.83
100.00%
$ 0.00
0.00%
Cash Alternative
Cash Alternative
Total :
The Disclosures include definitions of the terms on this page and other detailed information. The securities detail can include information that you have provided and information based on our records. Our firm assumes no responsibility for the
accuracy or completeness of the information you provided.
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Current vs Strategic Allocation - Asset Class Type
Current
Conservative Growth
Domestic Equity (82.68%)
Domestic Equity (46.00%)
Domestic Fixed Income (26.00%)
Alternative Income (4.00%)
Alternative Investment (3.00%)
Average Return:
8.6%
Average Return:
Downside Risk:
8.3%
-8.3%
Long Positions
Asset Class Type
Domestic Equity
International Equity
Domestic Fixed Income
Alternative Income
Cash Alternative
Total:
$ 1,967,792.60
$ 212,327.23
$ 0.00
$ 0.00
$ 0.00
$ 200,000.00
$ 2,380,119.83
Current
82.68%
8.92%
0.00%
0.00%
0.00%
8.40%
100.00%
$ 1,094,855.12
$ 452,222.77
$ 618,831.16
$ 95,204.79
$ 71,403.59
$ 47,602.40
$ 2,380,119.83
Strategic
46.00%
19.00%
26.00%
4.00%
3.00%
2.00%
100.00%
Difference
$ - 872,937.48
- 36.68%
$ 239,895.54
10.08%
$ 618,831.16
26.00%
$ 95,204.79
4.00%
$ 71,403.59
3.00%
$ - 152,397.60
- 6.40%
$ 0.00
0.00%
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Current vs Strategic Allocation - Asset Class Type with Securities
Long Positions
Asset Class Type
Domestic Equity
ALCOA INC
APPLE INC
CATERPILLAR INC
CHEVRON CORPORATION
HOME DEPOT INC
LOWES COMPANIES INC
MICROSOFT CORP
OFFICE DEPOT INC
WELLS FARGO COMPANY
Current
$ 1,967,792.60
82.68%
$ 11,930.20
0.50%
$ 142,863.94
6.00%
$ 56,225.95
2.36%
$ 27,620.10
1.16%
$ 204,489.09
8.59%
$ 442,080.23
18.57%
$ 272,555.82
11.45%
$ 265,708.09
11.16%
$ 14,393.80
0.60%
$ 257,386.37
10.81%
$ 12,558.52
0.53%
$ 24,716.98
1.04%
$ 165,711.73
6.96%
$ 21,196.52
0.89%
$ 48,355.26
2.03%
Strategic
$ 1,094,855.12
46.00%
Difference
$ - 872,937.48
- 36.68%
$ 212,327.23
$ 90,506.43
$ 121,820.80
8.92%
3.80%
5.12%
$ 452,222.77
19.00%
$ 239,895.54
10.08%
Domestic Fixed Income
$ 0.00
0.00%
$ 618,831.16
26.00%
$ 618,831.16
26.00%
Alternative Income
$ 0.00
0.00%
$ 95,204.79
4.00%
$ 95,204.79
4.00%
$ 0.00
0.00%
$ 71,403.59
3.00%
$ 71,403.59
3.00%
$ 200,000.00
$ 200,000.00
$ 2,380,119.83
8.40%
8.40%
100.00%
$ 47,602.40
2.00%
$ - 152,397.60
- 6.40%
$ 2,380,119.83
100.00%
$ 0.00
0.00%
Cash Alternative
Cash Alternative
Total :
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Current vs Strategic Allocation - Asset Class Sub Type
Current
Conservative Growth
Large Cap (59.81%)
Large Cap (28.00%)
Mid Cap (12.05%)
Mid Cap (10.00%)
Small Cap (10.81%)
Small Cap (8.00%)
REIT (2.00%)
Commodities (3.00%)
Average Return:
8.6%
Average Return:
Downside Risk:
8.3%
-8.3%
Long Positions
Asset Class Sub Type
Large Cap
Mid Cap
Small Cap
Emerging Market Equity
Short Term Fixed Income
Intermediate Fixed Inc
Long Term Fixed Income
High Yield Fixed Income
REIT
Commodities
Cash Alternative
Total:
11/16/2010
$ 1,423,501.62
$ 286,904.61
$ 257,386.37
$ 212,327.23
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 200,000.00
$ 2,380,119.83
Current
59.81%
12.05%
10.81%
8.92%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.40%
100.00%
$ 666,433.55
$ 238,011.98
$ 190,409.59
$ 238,011.98
$ 214,210.78
$ 190,409.59
$ 309,415.58
$ 119,005.99
$ 47,602.40
$ 47,602.40
$ 71,403.59
$ 47,602.40
$ 2,380,119.83
Strategic
28.00%
10.00%
8.00%
10.00%
9.00%
8.00%
13.00%
5.00%
2.00%
2.00%
3.00%
2.00%
100.00%
Difference
$ - 757,068.07
- 31.81%
$ - 48,892.63
- 2.05%
$ - 66,976.78
- 2.81%
$ 25,684.75
1.08%
$ 214,210.78
9.00%
$ 190,409.59
8.00%
$ 309,415.58
13.00%
$ 119,005.99
5.00%
$ 47,602.40
2.00%
$ 47,602.40
2.00%
$ 71,403.59
3.00%
$ - 152,397.60
- 6.40%
$ 0.00
0.00%
Page 55 of 173
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Jim & Susan
11/16/2010
Page 56 of 173
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Jim & Susan
Current vs Strategic Allocation - Asset Class Sub Type with Securities
Long Positions
Large Cap
ALCOA INC
APPLE INC
CATERPILLAR INC
CHEVRON CORPORATION
HOME DEPOT INC
LOWES COMPANIES INC
MICROSOFT CORP
WELLS FARGO COMPANY
Current
$ 1,423,501.62
59.81%
$ 11,930.20
0.50%
$ 142,863.94
6.00%
$ 56,225.95
2.36%
$ 27,620.10
1.16%
$ 204,489.09
8.59%
$ 442,080.23
18.57%
$ 272,555.82
11.45%
$ 14,393.80
0.60%
$ 12,558.52
0.53%
$ 24,716.98
1.04%
$ 165,711.73
6.96%
$ 48,355.26
2.03%
Strategic
$ 666,433.55
28.00%
Difference
$ - 757,068.07
- 31.81%
Mid Cap
OFFICE DEPOT INC
$ 286,904.61
$ 265,708.09
$ 21,196.52
12.05%
11.16%
0.89%
$ 238,011.98
10.00%
$ - 48,892.63
- 2.05%
Small Cap
$ 257,386.37
$ 257,386.37
10.81%
10.81%
$ 190,409.59
8.00%
$ - 66,976.78
- 2.81%
$ 212,327.23
$ 90,506.43
$ 121,820.80
8.92%
3.80%
5.12%
$ 238,011.98
10.00%
$ 25,684.75
1.08%
$ 0.00
0.00%
$ 214,210.78
9.00%
$ 214,210.78
9.00%
$ 0.00
0.00%
$ 190,409.59
8.00%
$ 190,409.59
8.00%
$ 0.00
0.00%
$ 309,415.58
13.00%
$ 309,415.58
13.00%
11/16/2010
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Jim & Susan
Long Positions
Current
$ 0.00
0.00%
$ 0.00
0.00%
$ 47,602.40
2.00%
$ 47,602.40
2.00%
REIT
$ 0.00
0.00%
$ 47,602.40
2.00%
$ 47,602.40
2.00%
Commodities
$ 0.00
0.00%
$ 71,403.59
3.00%
$ 71,403.59
3.00%
$ 200,000.00
$ 200,000.00
$ 2,380,119.83
8.40%
8.40%
100.00%
$ 47,602.40
2.00%
$ - 152,397.60
- 6.40%
$ 2,380,119.83
100.00%
$ 0.00
0.00%
Cash Alternative
Cash Alternative
Total :
Strategic
$ 119,005.99
5.00%
Difference
$ 119,005.99
5.00%
11/16/2010
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Jim & Susan
Current vs Strategic Allocation - Asset Class Detail
Current
Conservative Growth
Large Cap Growth (35.54%)
Large Cap Value (4.22%)
Large Cap Blend (20.04%)
Mid Cap Growth (5.00%)
Mid Cap Value (5.00%)
Small Cap Growth (4.00%)
Small Cap Blend (10.81%)
Small Cap Value (4.00%)
Short Term Taxable Fixed Income (8.00%)
Intermediate Taxable Fixed Income (13.00%)
Long Term Taxable Fixed Income (5.00%)
REIT Equity (2.00%)
Commodities (3.00%)
Average Return:
8.6%
Average Return:
Downside Risk:
8.3%
-8.3%
Long Positions
Asset Class Detail
Large Cap Growth
Large Cap Value
Large Cap Blend
Mid Cap Growth
Mid Cap Value
Small Cap Growth
Small Cap Value
Small Cap Blend
Short Term Taxable Fixed Income
11/16/2010
$ 845,992.63
$ 100,464.08
$ 477,044.91
$ 265,708.09
$ 21,196.52
$ 0.00
$ 0.00
$ 257,386.37
$ 212,327.23
$ 0.00
$ 0.00
Current
35.54%
4.22%
20.04%
11.16%
0.89%
0.00%
0.00%
10.81%
8.92%
0.00%
0.00%
$ 333,216.78
$ 333,216.78
$ 0.00
$ 119,005.99
$ 119,005.99
$ 95,204.79
$ 95,204.79
$ 0.00
$ 238,011.98
$ 214,210.78
$ 190,409.59
Strategic
14.00%
14.00%
0.00%
5.00%
5.00%
4.00%
4.00%
0.00%
10.00%
9.00%
8.00%
Difference
$ - 512,775.85
- 21.54%
$ 232,752.70
9.78%
$ - 477,044.91
- 20.04%
$ - 146,702.10
- 6.16%
$ 97,809.47
4.11%
$ 95,204.79
4.00%
$ 95,204.79
4.00%
$ - 257,386.37
- 10.81%
$ 25,684.75
1.08%
$ 214,210.78
9.00%
$ 190,409.59
8.00%
Page 59 of 173
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Jim & Susan
Long Positions
Asset Class Detail
Intermediate Taxable Fixed Income
Long Term Taxable Fixed Income
REIT Equity
Commodities
Cash Alternative
Total:
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 0.00
$ 200,000.00
$ 2,380,119.83
Current
0.00%
0.00%
0.00%
0.00%
0.00%
8.40%
100.00%
$ 309,415.58
$ 119,005.99
$ 47,602.40
$ 47,602.40
$ 71,403.59
$ 47,602.40
$ 2,380,119.83
Strategic
13.00%
5.00%
2.00%
2.00%
3.00%
2.00%
100.00%
Difference
$ 309,415.58
13.00%
$ 119,005.99
5.00%
$ 47,602.40
2.00%
$ 47,602.40
2.00%
$ 71,403.59
3.00%
$ - 152,397.60
- 6.40%
$ 0.00
0.00%
11/16/2010
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Current vs Strategic Allocation - Asset Class Detail with Securities
Long Positions
Asset Class Detail
Large Cap Growth
APPLE INC
CATERPILLAR INC
HOME DEPOT INC
MICROSOFT CORP
Current
$ 845,992.63
35.54%
$ 142,863.94
6.00%
$ 56,225.95
2.36%
$ 442,080.23
18.57%
$ 14,393.80
0.60%
$ 24,716.98
1.04%
$ 165,711.73
6.96%
Strategic
$ 333,216.78
14.00%
Large Cap Value
ALCOA INC
CHEVRON CORPORATION
LOWES COMPANIES INC
WELLS FARGO COMPANY
$ 100,464.08
$ 11,930.20
$ 27,620.10
$ 12,558.52
$ 48,355.26
4.22%
0.50%
1.16%
0.53%
2.03%
$ 333,216.78
14.00%
$ 232,752.70
9.78%
Large Cap Blend
$ 477,044.91
$ 204,489.09
$ 272,555.82
20.04%
8.59%
11.45%
$ 0.00
0.00%
$ - 477,044.91
- 20.04%
Mid Cap Growth
$ 265,708.09
$ 265,708.09
11.16%
11.16%
$ 119,005.99
5.00%
$ - 146,702.10
- 6.16%
$ 21,196.52
$ 21,196.52
0.89%
0.89%
$ 119,005.99
5.00%
$ 97,809.47
4.11%
Small Cap Growth
$ 0.00
0.00%
$ 95,204.79
4.00%
$ 95,204.79
4.00%
Small Cap Value
$ 0.00
0.00%
$ 95,204.79
4.00%
$ 95,204.79
4.00%
$ 257,386.37
$ 257,386.37
10.81%
10.81%
$ 0.00
0.00%
$ - 257,386.37
- 10.81%
Mid Cap Value
OFFICE DEPOT INC
Small Cap Blend
11/16/2010
Difference
$ - 512,775.85
- 21.54%
Page 61 of 173
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Long Positions
Asset Class Detail
Current
Strategic
Difference
$ 212,327.23
$ 90,506.43
$ 121,820.80
8.92%
3.80%
5.12%
$ 238,011.98
10.00%
$ 25,684.75
1.08%
$ 0.00
0.00%
$ 214,210.78
9.00%
$ 214,210.78
9.00%
$ 0.00
0.00%
$ 190,409.59
8.00%
$ 190,409.59
8.00%
$ 0.00
0.00%
$ 309,415.58
13.00%
$ 309,415.58
13.00%
$ 0.00
0.00%
$ 119,005.99
5.00%
$ 119,005.99
5.00%
$ 0.00
0.00%
$ 47,602.40
2.00%
$ 47,602.40
2.00%
REIT Equity
$ 0.00
0.00%
$ 47,602.40
2.00%
$ 47,602.40
2.00%
Commodities
$ 0.00
0.00%
$ 71,403.59
3.00%
$ 71,403.59
3.00%
$ 200,000.00
$ 200,000.00
$ 2,380,119.83
8.40%
8.40%
100.00%
$ 47,602.40
2.00%
$ - 152,397.60
- 6.40%
$ 2,380,119.83
100.00%
$ 0.00
0.00%
Cash Alternative
Cash Alternative
Total :
11/16/2010
Page 62 of 173
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Jim & Susan
Current vs Strategic - Efficient Frontier
10
Long Term Growth
Average Return (%)
Moderate Growth
9
Conservative Growth
8
Long Term Income
7
Moderate Income
Conservative Income
6
5
1
4
7
10
13
16
Downside Risk (%)
Average Return:
Downside Risk:
Current Allocation
8.6%
-14.0%
Conservative Growth
8.3%
-8.3%
Your Recommended Investment Plan Result was calculated assuming that you will modify your strategic asset allocations, if applicable, throughout the life of the plan. The recommended strategic asset allocation reflected on this page illustrates the
current recommended strategic allocation. Future allocations are illustrated on the Age Based Asset Allocation page.
Each Strategic Allocation has a Historical Return and level of Downside Risk. An "efficient" portfolio allocation is designed to seek the maximum rate of return for the amount of risk assumed. The Efficient Frontier is created to represent the optimal
rate of return attainable for any determined level of risk. In theory, the closer your portfolio allocation came to the efficient frontier, the more return you received for the amount of risk you assumed.
11/16/2010
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Jim & Susan
Age Based Asset Allocations
Conservative Growth
Average Return:
8.3%
Average Return:
7.8%
Downside Risk:
-8.3%
Downside Risk:
-7.1%
Age Now - 74
Age 75 - End
Large Cap (28.00%)
Large Cap (23.00%)
Mid Cap (10.00%)
Mid Cap (8.00%)
Small Cap (8.00%)
Small Cap (6.00%)
REIT (2.00%)
Commodities (3.00%)
REIT (3.00%)
11/16/2010
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This analysis is designed to illustrate your anticipated strategic allocations throughout the life of the plan. The age
selected is based on the primary client's age. Please remember to update your goals with your Financial Advisor
periodically, since you may determine that your actual strategic allocations should differ. The information shown is based
on historical market indexes or related asset class data through 05/2010.
Downside Risk represents the loss the allocation would have potentially experienced in a particularly negative market
environment in any 12 month period. Risk and return for actual securities would differ. Past performance is not a
guarantee of future results. The Disclosures at the end of this report include more detailed information.
11/16/2010
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Account Summary
88888888 (John's 529) (EXTERNAL)
Asset Allocation
Security Level - Long Positions
Name
Long Mkt Value:
Short Mkt Value:
Cash Alternative Balance:
Account Value:
Amount
%
$ 21,266.87
$ 42,681.72
$ 14,521.42
$ 44,613.64
$ 20,046.46
14.86
29.82
10.15
31.17
14.01
$ 143,130.11
$ 0.00
$ 0.00
$ 143,130.11
88888888 (Sara's 529) (EXTERNAL)
Asset Allocation
Name
Long Mkt Value:
Short Mkt Value:
Account Value:
11/16/2010
Amount
%
$ 19,630.95
$ 39,398.51
$ 6,702.19
$ 41,181.82
$ 24,672.57
14.92
29.94
5.09
31.30
18.75
$ 131,586.04
$ 0.00
$ 0.00
$ 131,586.04
Page 66 of 173
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Jim & Susan
88888888 (Joint Account) (EXTERNAL)
Asset Allocation
Name
Amount
%
APPLE INC
OFFICE DEPOT INC
$ 40,818.27
$ 6,056.15
15.66
2.32
WELLS FARGO COMPANY
$ 13,815.79
5.30
Long Mkt Value:
Short Mkt Value:
Account Value:
$ 60,690.21
$ 0.00
$ 200,000.00
$ 260,690.21
88888888 (Jim's Profit Share Plan) (EXTERNAL)
Asset Allocation
Name
Long Mkt Value:
Short Mkt Value:
Account Value:
11/16/2010
Amount
%
$ 163,591.27
$ 360,000.00
$ 251,332.21
$ 265,708.09
$ 171,590.91
$ 165,711.73
$ 90,506.43
$ 77,101.77
10.58
23.29
16.26
17.19
11.10
10.72
5.86
4.99
$ 1,545,542.41
$ 0.00
$ 0.00
$ 1,545,542.41
Page 67 of 173
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88888888 (Susan's IRA) (EXTERNAL)
Asset Allocation
Name
ALCOA INC
APPLE INC
CATERPILLAR INC
CHEVRON CORPORATION
HOME DEPOT INC
LOWES COMPANIES INC
MICROSOFT CORP
OFFICE DEPOT INC
WELLS FARGO COMPANY
Long Mkt Value:
Short Mkt Value:
Account Value:
Security-Level Holdings:
Asset Class-Level Holdings:
Asset Class and Security Level Holdings:
Total Holdings:
Amount
%
$ 11,930.20
$ 102,045.67
3.99
34.11
$ 56,225.95
$ 27,620.10
$ 14,393.80
$ 12,558.52
$ 24,716.98
$ 15,140.37
$ 34,539.47
18.79
9.23
4.81
4.20
8.26
5.06
11.55
$ 299,171.06
$ 0.00
$ 0.00
$ 299,171.06
$2,380,119.83
$0.00
$0.00
$2,380,119.83
As an accommodation to you, we have included assets held away from our firm in external accounts. We assume no responsibility for the accuracy or completeness of the information you have
provided with respect to these assets. We make no representation that we have performed due diligence on these assets. In some cases, we may update the pricing of securities. However, in some
cases, the prices may not be updated. In addition, any transactions involving these assets will not be reflected unless you provide updated information. We rely on you to provide information in order
to update the values of your external accounts. The accuracy and completeness of the information you provide may materially affect the results and any recommendations contained in this report.
11/16/2010
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Jim & Susan
Range of Simulation Possible Outcomes
Percentile
Year 5
Year 10
Year 15
Year 20
Year 25
At Death
Recommended
Best
$5,202,933
$8,154,082
$13,167,324
$20,124,580
$26,693,325
$72,542,756
25th
$4,222,783
$6,156,015
$9,045,105
$11,958,915
$15,897,527
$35,320,462
50th
$3,682,831
$4,847,472
$6,586,299
$8,321,162
$10,505,535
$20,510,856
75th
$3,185,364
$3,902,261
$4,803,187
$5,695,618
$6,691,529
$8,708,528
Worst
$2,607,258
$2,560,534
$2,850,266
$2,567,123
$2,067,552
$-3,772,077
The range of results are based upon the assumption that you implement the
Strategic or Custom Allocation and continue with the savings and/or spending
patterns you have indicated. These potential outcomes are also based upon
the historical information regarding asset classes discussed in the Disclosures.
These results are intended to provide you with an opportunity to evaluate your
Recommended Investment Plan, including your asset allocation.
•
The Best case scenario indicates that in 5% of the simulations the
investment plan achieved at least the corresponding Ending Plan
Wealth.
•
The Median case scenario indicates that in 50% of the simulations
the investment plan achieved at least the corresponding Ending
Plan Wealth.
Envision stress tests your Recommended Investment Plan with 1,000
simulations. The above graph and table represent various scenarios from the
Best to the Worst case for this investment plan.
•
The Worst case scenario indicates that in 95% of the simulations
the investment plan achieved at least the corresponding Ending
Plan Wealth.
There is no guarantee these results will be achieved. The At Death column
is based on either your life expectancy using standard mortality tables, or an
alternative age you have indicated. Please be sure to inform us of changes to
your goals, savings and spending patterns so we can incorporate changes into
your Recommended Investment Plan.
11/16/2010
Page 69 of 173
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Jim & Susan
Growth Detail Graph
$81,000,000
$65,000,000
Investments
$49,000,000
$33,000,000
$17,000,000
$1,000,000
-$15,000,000
52
55
58
61
64
67
70
73
76
79
82
85
88
91
94
97
Age (Susan Taylor)
Using Monte Carlo simulation, Envision simulates one thousand different potential outcomes over a lifetime of investing. This graph reflects the range of results of
the simulated trials based on your Recommended Investment Plan. It graphically displays every tenth trial, (from the 5th through the 95th), and also identifies which
"target" trial simulated the minimum ending value needed for the plan to achieve its stated goals. While this diagram depicts a wide range of possible outcomes,
there is no assurance that your actual investment plan will fall within this range.
11/16/2010
Page 70 of 173
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Jim & Susan
Growth Detail Percentile Rankings
11/16/2010
Percentile
Ending Value
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
$210,766,874
$123,296,399
$103,396,746
$90,332,650
$80,140,908
$72,542,756
$69,952,874
$67,137,297
$62,818,722
$60,595,033
$56,824,764
$54,971,247
$53,416,536
$50,562,064
$48,830,895
$46,041,901
$44,902,355
$43,110,478
$41,621,250
$41,011,818
$40,163,180
$39,094,717
$38,488,622
$37,259,017
$36,404,444
$35,320,462
$34,495,955
$33,706,202
$32,793,965
$32,144,370
$31,041,342
$30,398,487
$29,517,877
$28,961,574
Age (Susan)
Investment Assets
are Depleted
Average Annual
Simulated Return
12.81%
11.66%
11.09%
10.79%
10.84%
10.32%
10.05%
10.20%
10.00%
10.06%
9.66%
9.74%
9.70%
9.43%
9.35%
9.66%
9.49%
9.03%
9.50%
9.26%
9.11%
9.82%
9.43%
9.10%
9.09%
9.05%
8.67%
8.48%
8.81%
8.32%
8.71%
8.50%
8.82%
8.63%
Page 71 of 173
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11/16/2010
Jim & Susan
Percentile
Ending Value
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
$28,573,557
$28,054,160
$27,435,316
$27,058,604
$26,290,934
$25,760,524
$25,405,354
$24,708,415
$23,973,448
$23,560,972
$23,159,959
$22,820,562
$22,284,443
$21,849,448
$21,399,997
$20,917,849
$20,510,856
$20,157,558
$19,655,627
$18,881,214
$18,277,614
$17,966,836
$17,558,445
$17,201,346
$16,677,277
$16,223,961
$15,764,183
$15,036,415
$14,379,233
$14,081,065
$13,591,040
$13,314,837
$12,894,107
$12,414,275
$11,953,673
$11,552,815
$10,632,177
Age (Susan)
Investment Assets
are Depleted
Average Annual
Simulated Return
8.31%
7.95%
8.91%
8.19%
8.79%
8.55%
8.22%
8.36%
8.29%
8.31%
7.82%
8.12%
7.89%
8.10%
7.60%
7.73%
7.90%
7.47%
8.99%
7.76%
7.98%
7.96%
7.97%
8.27%
7.22%
8.65%
8.77%
7.75%
8.20%
7.84%
7.65%
7.01%
8.07%
6.73%
7.03%
7.15%
7.26%
Page 72 of 173
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Jim & Susan
Average Annual
Simulated Return
Ending Value
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
$10,199,851
$10,044,223
$9,435,536
$9,065,943
$8,708,528
$8,350,543
$7,911,158
$7,641,811
$7,310,320
$6,274,471
$5,870,177
$5,308,112
$5,055,561
$4,486,189
$3,734,979
8.14%
7.43%
6.70%
6.44%
7.15%
6.67%
6.87%
6.45%
6.40%
6.77%
7.30%
6.39%
7.09%
6.49%
7.31%
$3,247,656
7.66%
$2,748,373
$1,710,692
$1,225,837
$702,638
$-460,804
$-1,266,861
$-2,013,948
$-2,731,687
$-3,772,077
$-4,405,465
$-5,302,391
$-6,006,336
$-7,940,126
$-10,930,191
6.88%
5.77%
6.19%
5.95%
6.29%
7.13%
4.68%
6.75%
6.13%
5.02%
4.63%
4.73%
7.47%
2.00%
Target
87
88
89
90
91
92
93
94
95
96
97
98
99
100
+
Age (Susan)
Investment Assets
are Depleted
Percentile
+
94
92
90
88
85
84
82
80
76
71
Target Percentile represents the last trial that simulates the achievement of the plan's stated goals.
11/16/2010
Page 73 of 173
Envision
SM
Jim & Susan
The Percentile Rankings is a table representation of the Growth Detail Chart. It displays one hundred and one of the one thousand Monte Carlo simulations.
Percentile column displays every tenth trial from the highest ending value to the lowest ending value.
Ending Value for each Percentile is the corresponding ending investment value.
Age Investment Assets are Depleted is the age of the longest surviving client when the assets first drop below zero and never return to a positive balance.
Average Annual Simulated Return is based on the simulations associated with a specific Percentile, and represents the average return the simulation displayed
for that trial.
11/16/2010
Page 74 of 173
Envision
SM
Jim & Susan
Total Investment Plan Target Values - Recommended Investment Plan
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
11/16/2010
Jim's
Age
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
Susan's
Age
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
Net Need/
Surplus($)
75,000
32,926
31,874
30,796
- 2,884
41,611
40,776
39,921
- 421,269
- 196,085
- 85,141
- 86,894
- 88,691
- 90,534
- 92,422
- 176,708
- 180,750
- 184,894
- 189,141
- 178,495
- 182,957
- 187,531
- 192,220
- 197,025
- 201,951
- 206,999
- 212,174
- 217,479
- 222,916
- 228,489
- 234,201
Gain/
Loss($)
364,166
415,368
238,039
- 12,129
256,903
69,372
- 296,070
169,173
- 187,397
- 54,442
93,556
406,921
188,803
- 14,618
- 34,844
48,136
32,117
334,609
588,387
304,115
384,704
564,284
955,796
369,384
- 275,833
- 84,472
- 32,939
459,468
793,827
611,113
397,429
Taxes($)
- 17,312
- 14,672
- 8,792
- 3,926
- 6,361
- 4,520
- 4,757
- 18,587
- 5,682
- 40,519
- 40,932
- 41,776
- 42,642
- 43,529
- 44,439
- 71,643
- 73,256
- 74,908
- 73,422
- 67,041
- 68,897
- 70,876
- 73,003
- 74,309
- 75,612
- 77,869
- 80,006
- 82,759
- 85,211
- 87,180
- 89,240
Ending Goal
Value($)
2,801,974
3,235,597
3,496,718
3,511,459
3,759,117
3,865,580
3,605,530
3,796,036
3,181,688
2,890,641
2,858,125
3,136,375
3,193,844
3,045,163
2,873,458
2,673,244
2,451,355
2,526,162
2,851,985
2,910,565
3,043,414
3,349,292
4,039,865
4,137,915
3,584,519
3,215,179
2,890,060
3,049,290
3,534,990
3,830,434
3,904,422
Page 75 of 173
Envision
SM
Year
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
Jim & Susan
Jim's
Age
83
84
85
86
87
88
89
90
91
92
93
94
95
Susan's
Age
83
84
85
86
87
88
89
90
91
92
93
94
95
Net Need/
Surplus($)
- 240,056
- 246,057
- 252,209
- 258,514
- 264,977
- 271,601
- 278,391
- 285,351
- 292,485
- 199,797
- 346,353
- 355,012
- 363,887
Gain/
Loss($)
- 17,033
261,637
683,155
87,772
862,317
608,535
689,658
455,477
619,792
- 528,776
8,706
584,737
130,517
Taxes($)
- 91,189
- 93,915
- 96,789
- 98,772
- 102,074
- 104,483
- 107,254
- 111,943
- 120,837
- 134,512
- 119,788
- 112,416
- 154,596
Ending Goal
Value($)
3,556,143
3,477,808
3,811,965
3,542,452
4,037,718
4,270,168
4,574,181
4,632,364
4,838,834
3,975,749
3,518,314
3,635,624
3,247,656
Total Investment Plan Target Values reflect the possible cash flow elements of your Recommended Investment Plan. This is based upon information you provided, tax assumptions, and the simulation results. Because this information is subject to change,
your actual cash flows and results will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
11/16/2010
Page 76 of 173
Envision
SM
Jim & Susan
Target Investment Plan Tax Treatment - Recommended Investment Plan
Year
Jim's Age
Susan's
Age
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
11/16/2010
Ending
Goal
Value($)
2,801,974
3,235,597
3,496,718
3,511,459
3,759,117
3,865,580
3,605,530
3,796,036
3,181,688
2,890,641
2,858,125
3,136,375
3,193,844
3,045,163
2,873,458
2,673,244
2,451,355
2,526,162
2,851,985
2,910,565
3,043,414
3,349,292
4,039,865
4,137,915
3,584,519
3,215,179
2,890,060
3,049,290
3,534,990
3,830,434
3,904,422
Taxable
Assets($)
303,265
353,550
390,768
405,487
448,792
472,554
451,604
565,793
55,911
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tax
Tax Advantaged
Advantaged
Education($)
Assets($)*
2,498,710
316,749
2,882,048
321,630
3,105,950
302,166
3,105,972
256,913
3,310,325
197,825
3,393,026
168,087
3,153,925
120,989
3,230,243
0
3,125,777
0
2,890,641
0
2,858,124
0
3,136,375
0
3,193,845
0
3,045,163
0
2,873,459
0
2,673,244
0
2,451,356
0
2,526,162
0
2,851,985
0
2,910,565
0
3,043,415
0
3,349,292
0
4,039,865
0
4,137,915
0
3,584,519
0
3,215,178
0
2,890,060
0
3,049,290
0
3,534,990
0
3,830,434
0
3,904,422
0
Net RMD($)
73,609
84,699
89,043
95,726
107,870
133,092
141,769
128,721
121,519
114,344
124,671
148,838
167,532
Gain/
Loss($)
Taxes($)
Effective
Tax Rate%
364,166
415,368
238,039
- 12,129
256,903
69,372
- 296,070
169,173
- 187,397
- 54,442
93,556
406,921
188,803
- 14,618
- 34,844
48,136
32,117
334,609
588,387
304,115
384,704
564,284
955,796
369,384
- 275,833
- 84,472
- 32,939
459,468
793,827
611,113
397,429
- 17,312
- 14,672
- 8,792
- 3,926
- 6,361
- 4,520
- 4,757
- 18,587
- 5,682
- 40,519
- 40,932
- 41,776
- 42,642
- 43,529
- 44,439
- 71,643
- 73,256
- 74,908
- 73,422
- 67,041
- 68,897
- 70,876
- 73,003
- 74,309
- 75,612
- 77,869
- 80,006
- 82,759
- 85,211
- 87,180
- 89,240
29.57
29.53
29.44
29.36
29.41
29.39
29.40
30.14
29.43
22.13
25.51
25.50
25.48
25.47
25.46
25.44
25.43
25.42
25.19
24.47
24.49
24.51
24.54
24.50
24.45
24.48
24.50
24.55
24.58
24.57
24.56
Net Cash
Flow($)
75,000
32,926
31,874
30,796
- 2,884
41,611
40,776
39,921
- 421,269
- 196,085
- 85,141
- 86,894
- 88,691
- 90,534
- 92,422
- 176,708
- 180,750
- 184,894
- 189,141
- 178,495
- 182,957
- 187,531
- 192,220
- 197,025
- 201,951
- 206,999
- 212,174
- 217,479
- 222,916
- 228,489
- 234,201
Page 77 of 173
Envision
SM
Jim & Susan
Year
Jim's Age
Susan's
Age
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
83
84
85
86
87
88
89
90
91
92
93
94
95
83
84
85
86
87
88
89
90
91
92
93
94
95
Ending
Goal
Value($)
3,556,143
3,477,808
3,811,965
3,542,452
4,037,718
4,270,168
4,574,181
4,632,364
4,838,834
3,975,749
3,518,314
3,635,624
3,247,656
Taxable
Assets($)
0
0
0
0
0
0
0
3,950
19,713
155,713
87,833
11,979
0
Tax
Tax Advantaged
Advantaged
Education($)
Assets($)*
3,556,143
0
3,477,809
0
3,811,965
0
3,542,452
0
4,037,718
0
4,270,169
0
4,574,181
0
4,628,414
0
4,819,120
0
3,820,037
0
3,430,482
0
3,623,645
0
3,247,656
0
Net RMD($)
Gain/
Loss($)
Taxes($)
Effective
Tax Rate%
178,748
171,835
175,692
200,710
196,423
233,191
258,710
289,301
307,748
338,095
279,254
265,193
295,917
- 17,033
261,637
683,155
87,772
862,317
608,535
689,658
455,477
619,792
- 528,776
8,706
584,737
130,517
- 91,189
- 93,915
- 96,789
- 98,772
- 102,074
- 104,483
- 107,254
- 111,943
- 120,837
- 134,512
- 119,788
- 112,416
- 154,596
24.54
24.57
24.61
24.58
24.63
24.62
24.63
24.74
25.06
25.51
27.60
27.25
28.60
Net Cash
Flow($)
- 240,056
- 246,057
- 252,209
- 258,514
- 264,977
- 271,601
- 278,391
- 285,351
- 292,485
- 199,797
- 346,353
- 355,012
- 363,887
*Tax Advantaged Assets are a sum of tax deferred, tax exempt and tax advantaged education assets.
Target Investment Plan Tax Treatment details cash flows and Ending Goal Values for your Recommended Investment Plan. This is based upon information you provided, tax assumptions, and the simulation results. Because this information is subject
to change, your actual cash flows and results will differ. Please note that these calculations are hypothetical and do not replace actual required minimum distribution calculations which should be made each year on an individualized basis. You should
periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
11/16/2010
Page 78 of 173
Envision
SM
Jim & Susan
Target Taxable Investment Plan Value - Recommended Investment Plan
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
11/16/2010
Jim's
Age
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
Susan's
Age
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
Taxable
Assets($)
303,265
353,550
390,768
405,487
448,792
472,554
451,604
565,793
55,911
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Portfolio
Income($)
6,894
8,020
9,350
10,334
10,724
11,869
12,497
11,943
14,963
1,479
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Appreciation($)
Taxes($)
32,992
36,936
16,660
- 11,690
18,942
- 3,586
- 48,691
9,246
- 42,895
- 2,435
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
- 17,312
- 14,671
- 8,792
- 3,926
- 6,360
- 4,520
- 4,756
- 4,904
- 5,682
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net Cash
Flow($)
20,000
20,000
20,000
20,000
20,000
20,000
20,000
97,903
- 476,270
- 54,954
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Page 79 of 173
Envision
SM
Year
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
Jim & Susan
Jim's
Age
86
87
88
89
90
91
92
93
94
95
Susan's
Age
86
87
88
89
90
91
92
93
94
95
Taxable
Assets($)
0
0
0
0
3,950
19,713
155,713
87,833
11,979
0
Portfolio
Income($)
0
0
0
0
0
141
703
5,553
3,132
427
Appreciation($)
Taxes($)
0
0
0
0
0
388
- 2,857
- 5,212
11,466
3
0
0
0
0
0
- 29
- 144
- 1,122
- 633
- 86
Net Cash
Flow($)
0
0
0
0
3,950
15,263
138,298
- 67,099
- 89,819
- 12,322
Taxable Investment Plan Values details the gain/loss components (yield and appreciation) of your taxable assets, as well as, assumed income taxes for your Recommended Investment Plan. This is based upon information you provided, tax assumptions,
and the simulation results. Because this information is subject to change, your actual cash flows and results will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal
situation in order to keep your Recommended Investment Plan up-to-date.
11/16/2010
Page 80 of 173
Envision
SM
Jim & Susan
Target Tax Advantaged Investment Plan Values - Recommended Investment Plan
Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
Jim's Age
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
11/16/2010
Susan's Tax Advantaged Tax Deferred
Age
Assets($)*
Assets($)
52
2,498,710
2,181,961
53
2,882,048
2,560,418
54
3,105,950
2,803,784
55
3,105,972
2,849,059
56
3,310,325
3,112,500
57
3,393,026
3,224,939
58
3,153,925
3,032,936
59
3,230,243
3,230,243
60
3,125,777
3,125,777
61
2,890,641
2,890,641
62
2,858,124
2,858,124
63
3,136,375
3,136,375
64
3,193,845
3,193,845
65
3,045,163
3,045,163
66
2,873,459
2,873,459
67
2,673,244
2,673,244
68
2,451,356
2,451,356
69
2,526,162
2,526,162
70
2,851,985
2,851,985
71
2,910,565
2,910,565
72
3,043,415
3,043,415
73
3,349,292
3,349,292
74
4,039,865
4,039,865
75
4,137,915
4,137,915
76
3,584,519
3,584,519
77
3,215,178
3,215,178
78
2,890,060
2,890,060
79
3,049,290
3,049,290
80
3,534,990
3,534,990
81
3,830,434
3,830,434
82
3,904,422
3,904,422
83
3,556,143
3,556,143
84
3,477,809
3,477,809
85
3,811,965
3,811,965
Tax Exempt Tax Advantaged
Assets($)
Education($)
0
316,749
0
321,630
0
302,166
0
256,913
0
197,825
0
168,087
0
120,989
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Gross Portfolio
Appreciation ($)
RMD($) Income($)
56,051
268,228
66,082
304,329
76,220
135,809
82,141
- 92,914
82,142
145,095
87,547
- 26,457
89,733
- 349,611
83,411
64,573
85,429
- 244,894
82,666
- 136,152
76,448
17,108
75,588
331,333
82,946
105,856
84,466
- 99,084
80,535
- 115,378
75,993
- 27,857
70,699
- 38,581
64,830
269,779
- 92,196 66,808
521,578
- 107,622 75,426
228,689
- 113,694 76,974
307,730
- 123,215 80,488
483,797
- 140,727 88,577
867,218
- 176,413 144,058
225,326
- 188,087 147,555
- 423,388
- 169,081 127,820
- 212,292
- 158,383 114,651
- 147,589
- 148,208 103,056
356,411
- 163,064 108,735
685,092
- 197,485 126,055
485,058
- 224,002 136,590
260,839
- 239,535 139,228
- 156,261
- 229,429 126,809
134,829
- 234,987 124,015
559,140
Net Cash
Flow($)
0 55,000
0 12,926
0 11,874
0 10,796
0 - 22,884
0 21,611
0 20,776
- 13,684 - 57,982
0 55,000
- 40,519 - 141,131
- 40,932 - 85,141
- 41,776 - 86,894
- 42,642 - 88,691
- 43,529 - 90,534
- 44,439 - 92,422
- 71,643 - 176,708
- 73,256 - 180,750
- 74,908 - 184,894
- 73,422 - 189,142
- 67,041 - 178,495
- 68,897 - 182,957
- 70,876 - 187,531
- 73,002 - 192,219
- 74,309 - 197,025
- 75,612 - 201,951
- 77,870 - 206,999
- 80,006 - 212,174
- 82,759 - 217,479
- 85,212 - 222,915
- 87,180 - 228,488
- 89,240 - 234,201
- 91,190 - 240,056
- 93,915 - 246,057
- 96,789 - 252,209
Taxes($)
Page 81 of 173
Envision
Year
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
SM
Jim & Susan
Jim's Age
86
87
88
89
90
91
92
93
94
95
Susan's Tax Advantaged Tax Deferred
Age
Assets($)*
Assets($)
86
3,542,452
3,542,452
87
4,037,718
4,037,718
88
4,270,169
4,270,169
89
4,574,181
4,574,181
90
4,628,414
4,628,414
91
4,819,120
4,819,120
92
3,820,037
3,820,037
93
3,430,482
3,430,482
94
3,623,645
3,623,645
95
3,247,656
3,247,656
Tax Exempt Tax Advantaged
Assets($)
Education($)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Gross Portfolio
Net Cash
Appreciation ($) Taxes($)
RMD($) Income($)
Flow($)
- 270,352 135,931
- 48,159 - 98,772 - 258,514
- 264,362 126,320
735,997 - 102,074 - 264,977
- 317,931 143,981
464,554 - 104,483 - 271,602
- 355,847 152,270
537,387 - 107,253 - 278,391
- 401,244 163,111
292,365 - 111,942 - 289,301
- 428,557 165,044
454,219 - 120,809 - 307,749
- 472,463 171,846
- 698,467 - 134,368 - 338,096
- 397,920 136,219
- 127,853 - 118,666 - 279,254
- 376,976 122,328
447,812 - 111,784 - 265,192
- 421,354 129,216
870 - 154,511 - 351,565
*Tax Advantaged Assets are a sum of tax deferred, tax exempt and tax advantaged education assets.
Tax Advantaged Investment Plan Values details the gain/loss components (yield and appreciation) of your tax advantaged assets, as well as, assumed income taxes from your Recommended Investment Plan. This is based upon information you
provided, tax assumptions, and the simulation results. Because this information is subject to change, your actual cash flows and results will differ. Please note that these calculations are hypothetical and do not replace actual required minimum
distribution calculations which should be made each year on an individualized basis. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your
Recommended Investment Plan up-to-date.
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Summary of Cash Flows - Recommended Investment Plan
$360,000
$270,000
$180,000
$90,000
$0
($90,000)
($180,000)
($270,000)
($360,000)
($450,000)
($540,000)
52/52
57/57
62/62
67/67
72/72
77/77
82/82
87/87
92/92
Age (Jim / Susan)
Contributions and Other Income
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Withdrawals and Ret. Income Need
Net Surplus/Need
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The following table displays the detail of all planned contributions, withdrawals and income used in calculating the Investment Plan Result within Envision. The Total
Need or Surplus is displayed in the last column. Need is reflected as a negative amount signifying necessary withdrawals from your investment assets. Surplus is
reflected as a positive value signifying excess funds that would be added to your investment assets.
Year
Jim's
Age
Susan's
Age
Contributions($)
Other Income($)
Total($)
Withdrawals & Ret.
Income Need($)
Net($)
2010
52
52
75,000
0
75,000
0
75,000
2011
53
53
75,000
0
75,000
42,074
32,926
2012
54
54
75,000
0
75,000
43,126
31,874
2013
55
55
75,000
0
75,000
44,204
30,796
2014
56
56
75,000
0
75,000
77,884
- 2,884
2015
57
57
75,000
0
75,000
33,389
41,611
2016
58
58
75,000
0
75,000
34,224
40,776
2017
59
59
75,000
0
75,000
35,079
39,921
2018
60
60
75,000
0
75,000
496,269
- 421,269
2019
61
61
0
0
0
196,085
- 196,085
2020
62
62
0
115,472
115,472
200,612
- 85,140
2021
63
63
0
118,358
118,358
205,253
- 86,895
2022
64
64
0
121,317
121,317
210,009
- 88,692
2023
65
65
0
124,350
124,350
214,884
- 90,534
2024
66
66
0
127,459
127,459
219,881
- 92,422
2025
67
67
0
48,296
48,296
225,003
- 176,707
2026
68
68
0
49,503
49,503
230,253
- 180,750
2027
69
69
0
50,741
50,741
235,635
- 184,894
2028
70
70
0
52,009
52,009
241,151
- 189,142
2029
71
71
0
53,309
53,309
231,804
- 178,495
2030
72
72
0
54,642
54,642
237,599
- 182,957
2031
73
73
0
56,008
56,008
243,539
- 187,531
2032
74
74
0
57,408
57,408
249,628
- 192,220
2033
75
75
0
58,843
58,843
255,869
- 197,026
2034
76
76
0
60,315
60,315
262,265
- 201,950
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2035
Jim's
Age
77
Susan's
Age
77
61,822
Withdrawals & Ret.
Income Need($)
268,822
- 207,000
2036
78
63,368
63,368
275,542
- 212,174
2037
0
64,953
64,953
282,431
- 217,478
80
0
66,576
66,576
289,492
- 222,916
81
81
0
68,241
68,241
296,729
- 228,488
2040
82
82
0
69,947
69,947
304,147
- 234,200
2041
83
83
0
71,695
71,695
311,751
- 240,056
2042
84
84
0
73,488
73,488
319,545
- 246,057
2043
85
85
0
75,325
75,325
327,533
- 252,208
2044
86
86
0
77,208
77,208
335,722
- 258,514
2045
87
87
0
79,138
79,138
344,115
- 264,977
2046
88
88
0
81,117
81,117
352,718
- 271,601
2047
89
89
0
83,144
83,144
361,536
- 278,392
2048
90
90
0
85,223
85,223
370,574
- 285,351
2049
91
91
0
87,354
87,354
379,838
- 292,484
2050
92
92
0
189,537
189,537
389,334
- 199,797
2051
93
93
0
52,714
52,714
399,068
- 346,354
2052
94
94
0
54,032
54,032
409,044
- 355,012
2053
95
95
0
55,383
55,383
419,270
- 363,887
Year
Contributions($)
Other Income($)
Total($)
0
61,822
78
0
79
79
2038
80
2039
Net($)
Summary of Cash Flows reflects the contributions and withdrawals (expected inflows and outflows of funds) assumed for your Recommended Investment Plan. This is based upon information you provided. Because this information is likely to change over
time, your actual cash flow experience will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
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Cash Flow Detail - Contributions - Recommended Investment Plan
2010
Jim's
Age
52
Susan's
Age
52
2011
53
53
Deferred (Jim):40,000 Taxable (Joint):20,000 Deferred (Susan):15,000
2012
54
54
2013
55
55
2014
56
56
2015
57
57
2016
58
58
2017
59
59
2018
60
60
2019
61
61
--
2020
62
62
--
2021
63
63
--
2022
64
64
--
2023
65
65
--
2024
66
66
--
2025
67
67
--
2026
68
68
--
2027
69
69
--
2028
70
70
--
2029
71
71
--
2030
72
72
--
2031
73
73
--
2032
74
74
--
2033
75
75
--
2034
76
76
--
Year
11/16/2010
Cash Flow Detail($)
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Year
Jim's
Age
Susan's
Age
2035
77
77
--
2036
78
78
--
2037
79
79
--
2038
80
80
--
2039
81
81
--
2040
82
82
--
2041
83
83
--
2042
84
84
--
2043
85
85
--
2044
86
86
--
2045
87
87
--
2046
88
88
--
2047
89
89
--
2048
90
90
--
2049
91
91
--
2050
92
92
--
2051
93
93
--
2052
94
94
--
2053
95
95
--
Cash Flow Detail($)
Cash Flow Detail - Schedule of Contributions reflects cash flow elements of your Recommended Investment Plan. This is based upon information you provided. Because this information is likely to change over time, your actual cash flows will differ.
You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
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Cash Flow Detail - Income from Other Sources - Recommended Investment Plan
2010
Jim's
Age
52
Susan's
Age
52
2011
53
53
--
2012
54
54
--
2013
55
55
--
2014
56
56
--
2015
57
57
--
2016
58
58
--
2017
59
59
--
2018
60
60
--
2019
61
61
2020
62
62
-Partnership Buyout (Jim):77,394 Social Security (Jim):22,026 Social Security (Susan):16,052
2021
63
63
2022
64
64
2023
65
65
2024
66
66
2025
67
67
Social Security (Jim):27,937 Social Security (Susan):20,359
2026
68
68
2027
69
69
2028
70
70
2029
71
71
2030
72
72
2031
73
73
2032
74
74
Year
11/16/2010
Cash Flow Detail($)
--
Partnership Buyout (Jim):79,328 Social Security (Jim):22,577 Social Security (Susan):16,453
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Year
Jim's
Age
Susan's
Age
2033
75
75
2034
76
76
2035
77
77
2036
78
78
2037
79
79
2038
80
80
2039
81
81
2040
82
82
2041
83
83
2042
84
84
2043
85
85
2044
86
86
2045
87
87
2046
88
88
2047
89
89
2048
90
90
2049
91
91
2050
92
92
2051
93
93
Jim's Whole Life Benefit (Jim):100,000 Social Security (Jim):51,793
Social Security (Susan):37,744
Social Security (Susan):38,416 Social Security (Susan):14,298
2052
94
94
2053
95
95
Cash Flow Detail($)
Cash Flow Detail - Schedule of Income from Other Sources reflects cash flow elements of your Recommended Investment Plan. This is based upon information you provided and in some cases, estimates for Social Security. Because this information
is likely to change over time, your actual cash flows will differ. You should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment
Plan up-to-date.
11/16/2010
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Cash Flow Detail - Withdrawals - Recommended Investment Plan
Year
Jim's
Age
Susan's
Age
2010
52
52
--
2011
53
53
Education (John):42,074
2012
54
54
2013
55
55
2014
56
56
2015
57
57
Education (Sara):33,389
2016
58
58
2017
59
59
2018
60
60
Executive RV (Jim):304,601
2019
61
61
Retirement Goal (Jim):181,085
Travel (Jim):15,000
2020
62
62
Travel (Jim):15,000
2021
63
63
Travel (Jim):15,000
2022
64
64
Travel (Jim):15,000
2023
65
65
Travel (Jim):15,000
2024
66
66
Travel (Jim):15,000
2025
67
67
Travel (Jim):15,000
2026
68
68
Travel (Jim):15,000
2027
69
69
Travel (Jim):15,000
2028
70
70
Travel (Jim):15,000
2029
71
71
11/16/2010
Cash Flow Detail($)
Travel (Jim):15,000
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Year
Jim's
Age
Susan's
Age
2030
72
72
2031
73
73
2032
74
74
2033
75
75
2034
76
76
2035
77
77
2036
78
78
2037
79
79
2038
80
80
2039
81
81
2040
82
82
2041
83
83
2042
84
84
2043
85
85
2044
86
86
2045
87
87
2046
88
88
2047
89
89
2048
90
90
2049
91
91
2050
92
92
2051
93
93
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Cash Flow Detail($)
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Year
Jim's
Age
Susan's
Age
2052
94
94
2053
95
95
Cash Flow Detail($)
Cash Flow Detail - Schedule of Withdrawals reflects cash flow elements of your Recommended Investment Plan. This is based upon information you provided. Because this information is likely to change over time, your actual cash flows will differ. You
should periodically review this information with your Financial Advisor and discuss any changes to your goals and personal situation in order to keep your Recommended Investment Plan up-to-date.
11/16/2010
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Investment Plan Assumptions
Tax Assumptions
Description
Filing State
Filing Status
Pre-Retirement Tax Rates Post-Retirement Tax Rates
Delaware
Delaware
Joint
Joint
Investment Assumptions
Description
Percentage of Capital Gains Long Term
Yearly Asset Turnover Rate
Annual Investment Expenses
Rates
50.00%
100.00%
0.00%
Life Expectancy Assumptions
Description
Life Expectancy - Jim Taylor
Life Expectancy - Susan Taylor
Age
92
95
Other Assumptions
Description
General Default Inflation Rate
Estate Inflation Rate
Rates
2.50%
2.50%
Tax rates for each year in the plan are estimated using the federal and state tax schedules as of December 2009, less estimated standard tax deductions. This plan assumes a 20% rate for long
term capital gains. Additionally, federal or state tax deductions for dependents have not been applied. For estimated tax calculations, unused capital losses are offset against future capital
gains. Each year in each simulation may have a unique tax rate associated with it due to the variability of returns and cash flows. Break points for the tax schedules are inflated at 2.5% per year.
Due to the complicated nature of planning and calculating federal and state income tax rates, the rates and assumptions are estimates. Your actual situation will differ from these assumptions.
This analysis does not constitute tax or legal advice. Please consult with your tax professional and attorney for legal and tax advice.
11/16/2010
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Disclosures
IMPORTANT: The projections or other information generated by Envision
regarding the likelihood of various investment outcomes are hypothetical in
nature, do not reflect actual investment results and are not guarantees of future
results. Results may vary with each use and over time.
Envision Methodology
Based on accepted statistical methods, Envision uses a simulation model
to test your Ideal, Acceptable and Recommended Investment Plans. The
simulation model uses assumptions about inflation, financial market returns
and the relationships among these variables. These assumptions were derived
from analysis of historical data (see Asset Class Assumptions disclosures for
more information). Using Monte Carlo simulation Envision simulates 1,000
different potential outcomes over a lifetime of investing varying historical risk,
return, and correlation amongst the assets. Some of these scenarios will
assume strong financial market returns, similar to the best periods of history for
investors. Others will be similar to the worst periods in investing history. Most
scenarios will fall somewhere in between.
THE ENVISION PROCESS IS NOT FINANCIAL PLANNING
The Envision process helps you and your Financial Advisor clearly
understand your personal values and goals. You and your Financial
Advisor can then design a unique investment strategy suited to
your goals and financial situation. Unlike financial planning, however,
Envision does not include a detailed analysis of insurance, real estate
investment or savings strategies. It also does not cover estate and tax
planning.
The Envision Process
The Envision process is designed to help you achieve your most important financial goals.
The Envision process begins by identifying your ideal financial goals. These become inputs
to your Ideal Investment Plan. The next step is to identify tolerable adjustments to your Ideal
Investment Plan - for example, retiring at 65 instead of 62. This is referred to as your Acceptable
Investment Plan. These two benchmarks, your Ideal and Acceptable Investment Plans, frame
the Envision process. In formulating these two plans, you and your Financial Advisor identify
your highest priority goals. The final step in the process is the creation of your Recommended
Investment Plan. This provides a framework for allocating your assets to seek to achieve your
most important financial goals. You will have the sole responsibility for determining whether, when
and how to implement any of the suggestions contained in the Recommended Investment Plan.
Furthermore, by accepting this Envision report, there is no requirement that you implement any of
the suggestions or otherwise conduct business through the firm or its affiliates.
Envision Investment Plan Result Interpretation and Assumptions
The simulated investment returns are combined with your unique financial inflows (savings) and
outflows (spending goals). The end result is a statistical assessment expressed as a number
referred to as the Investment Plan Result. An Investment Plan Result of 83, for example, means
that in 830 of the 1,000 scenarios you would have successfully achieved all of your goals. It
is important to note that the Investment Plan Result reflects the assumption that your
assets are invested according to your Strategic (or Custom) allocation. It also reflects the
assumption that you continue with the savings and spending patterns you have indicated
11/16/2010
and which are incorporated into your Recommended Investment Plan. However, there is
no guarantee that these results will be achieved.
Envision Analysis - The Target Zone
Your Envision analysis may suggest that your investment plan may have had a relatively high
likelihood of meeting your goals. This concept of having a relatively high likelihood is referred to
as the Target Zone. The Target Zone is the range between the 75th and 90th percentile results.
This means that between 750 and 900 of the 1,000 simulations resulted in successfully achieving
the goals of the investment plan. An Investment Plan Result that falls within this Target Zone
suggests that your investment plan had a reasonable chance of success in the simulations. In
fact, at the 75th percentile level, in 250 of the 1,000 simulations, you would have failed to achieve
your financial goals. In some instances, simulations for your Acceptable Investment Plan may not
provide a Investment Plan Result in the Target Zone.
Asset Class Assumptions
Securities are grouped in classes based on shared characteristics, such as maturity for bonds and
size of the corporation for stocks. The mix of classes best suited for an investor will depend on
his or her individual investment goals and tolerance for risk. It is generally understood that as an
investor takes more risk, he or she can seek a higher rate of return over time.
Asset Classification for mutual funds, variable annuities and exchange-traded funds are derived
from Morningstar Categories. Morningstar, Inc. All Rights Reserved. The information contained
herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor
its content providers are responsible for any damages or losses arising from any use of this
information.
Asset Class Assumptions - Risk
Risk calculations are used to estimate how asset classes and combinations of classes may
respond during negative market environments. The downside risk calculation represents a loss
that is unlikely to be exceeded in 10 out of 20 years. However, there is a 1 in 20 risk (5% probability)
that the loss over a one-year period could be greater than the downside risk calculation. Risk and
return figures are derived from standard investment industry statistical calculations. These are for
comparative purposes and not designed to predict actual performance. This is not the maximum
loss your portfolio could experience.
Asset Class Assumptions - Portfolio Implementation
As outlined above, it is assumed that the implemented portfolio matches the recommended
allocation model. In actuality, the implemented portfolio may or may not match the risk and return
characteristics of the recommended model over time due to security selection, inability to invest
in the indices, and other factors. Also, there is no guarantee that portfolios will not exceed the risk
tolerance range or that historically derived results will be achieved in the future. Returns have not
been reduced by sales charges or expenses typically associated with various types of investments.
Your actual investment performance may be higher or lower than that of the asset class to which it
was assigned. Our assumptions about risks and returns for individual asset classes are combined
with assumptions about the relationships between these returns (their correlation). Asset allocation
cannot eliminate the risk of fluctuating prices and uncertain returns. We use our best efforts to
correctly classify investments. However, no warranty of accuracy is made.
Equity Investments:
Equity investments refer to buying stocks of United States companies.
The market capitalization of companies is used to group large, medium (Mid) and small companies.
The investment return to the owner of stock (shareholder) is in the form of dividends and/or capital
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appreciation. The market capitalization of companies is used to group large, medium (Mid), and
small companies. Shareholders share in both the upside potential and the downside risk.
Capitalization:
Market capitalization definitions differ but one example of capitalization
methodology is that of Morningstar, which defines "large-capitalization" stocks as those stocks that
form the top 70% of the market capitalization of the stocks eligible to be included in the Morningstar
US Market Index (a diversified broad market index that represents approximately 97% of the
market capitalization of publicly traded U.S. Stocks). The Morningstar index methodology defines
"mid-capitalization" stocks as those stocks that form the 20% of market capitalization between
the 70th and 90th percentile of the market capitalization and "small-capitalization" stocks as those
stocks that form the 7% of market capitalization between the 90th and 97th percentile of the market
capitalization of the stocks eligible to be included in the Morningstar US Market Index.
Style: Blend (sometimes referred to as Core) investing is generally characterized as a strategy
that seeks to balance the portfolio of stocks between the Growth and Value styles as market
conditions fluctuate. Stocks in the underlying index are designated as "growth" as they are issued
by companies that typically have higher than average historical and forecasted earnings, sales,
equity and cash flow growth. Stocks in the underlying index are weighted according to the total
number of shares that are publicly owned and available for trading. Stocks in the underlying
index are designated as "value" as they are issued by companies that typically have relatively low
valuations based on price-to-earnings, price-to book value, price-to-sales, price-to-cash flow and
dividend yields. The stocks in the underlying index are weighted according to the total number of
shares that are publicly owned and available for trading.
Fixed Income Securities (Bonds) :
Bonds are promissory notes of a United States
corporation or federal government entity (taxable bonds) or a state or local government entity
(tax-exempt or municipal bonds). Bonds usually make a series of interest payments followed by
a return of principal at maturity. If sold prior to maturity, the price that can be obtained for a bond
may be more or less than face value, depending on interest rates at the time the bond is sold and
the remaining term of the bond.
Fixed income securities include Treasuries (i.e., public obligations of the U.S. Treasury that have
remaining maturities of more than one year), Government-Related issues (i.e., agency, sovereign,
supranational, and local authority debt), and Corporate Bonds.
Term: Short-term Bonds have effective maturities of six years or less, intermediate bonds have
effective maturities between six and twelve years; and long-term bonds have maturities of twelve
years or longer.
Income from tax exempt bonds is generally free from federal and state taxes for residents of the
issuing state. While the interest income is tax-free, capital gains if any are subject to taxes. Income
of certain tax-exempt bonds may be subject to the Federal Alternative Minimum Tax (AMT).
Investing in foreign securities such as International Investments, Emerging Markets Equity, and
Emerging Markets Debt, presents certain and unique risks traditionally not associated with
domestic investment, such as currency fluctuation and political and economic changes. These
types of investments may focus on certain geographical regions, thereby increasing vulnerability
to adverse developments in that region. This may result in greater price volatility.
Emerging Markets Equity:
Emerging Markets Equity consists of stocks issued by publicly
traded companies of the major developing countries around the world. Examples of these countries
would include: Argentina, Brazil, China, Russia, and South Africa.
Alternative Income:
Distinct from traditional Fixed Income is the Alternative Income
category, which includes Hi-Yield Debt, Emerging Markets Debt, and REITs. Such investments
offer greater income potential, but also higher levels of risk than traditional forms of debt.
High Yield Debt: High Yield Bonds are promissory notes of a corporation or government entity
that are considered to be below investment grade by bond rating services. The characterization
of a high yield bond reflects the creditworthiness of the issuer and potential concerns that interest
payments and return of principal may not be made as promised. High yield bonds may have
maturities of various lengths.
Emerging Markets Debt: Emerging Markets Debt is comprised of external debt instruments
in the developing markets. These instruments may be denominated in United States dollars
or in external currencies. A large portion of the emerging market debt is issued by Argentina,
Brazil, Bulgaria, Columbia, Ecuador, Egypt, Mexico, Morocco, Nigeria, Panama, Peru, Philippines,
Poland, Russia, South Africa, Turkey, Ukraine and Venezuela.
Real Estate Investment Trust (REIT):
A REIT combines the capital of many investors
to either acquire or provide financing for real estate.
REIT Equity:
An equity REIT usually assumes ownership status in the property in which
it invests, enabling its investors to earn dividends on rental income from the property and
appreciation in property sale. Equity REITs are characterized as equities or alternative income,
due to their unique qualities.
REIT Mortgage: A mortgage REIT usually invests in loans and mortgages secured by real
estate and derives its income from mortgage interest and fees. Some mortgage REITs also borrow
money from the banks and re-lend it at higher interest rates.
There are special risks associated with an investment in real estate, including credit risk, interest
rate fluctuations and the impact of changing economic conditions.
Cash Alternatives:
amount of both equity and fixed income investments, or some other combination of classes.
Cash Alternatives include liquid, short term and interest bearing
investments. Examples are money market funds, Treasury bills and commercial paper. It is
possible to lose money by investing in cash alternatives.
International Investments: International investments include any type of investment made
Alternative Investments:
Multi-Class: This category is primarily used to classify investments that include a substantial
in financially established markets outside of the United States. Various securities can be used
to invest in international markets, including but not limited to fixed income securities, American
Depository Receipts (ADRs), equities and funds.
As of June 2007 the MSCI Europe, Australasia, Far East Index (EAFE) consisted of the following
21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France,
Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
11/16/2010
Alternative Investments encompass a range of processes to
provide the investor with access to markets or investment strategies that are generally not easily
accessible by individuals or smaller institutional investors. These often involve potentially higher
risk strategies, such as employing leverage and / or short sales.
Hedge funds are complex, speculative investment vehicles and are not suitable for all investors.
They are generally open to qualified investors only and carry high costs, substantial risks, and may
be highly volatile. There is often limited (or even non-existent) liquidity and a lack of transparency
regarding the underlying assets.
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Managed Futures:
Managed futures funds combine the capital of many investors in
order to invest in the global futures and forward markets. This may include currencies, stock
indices, financial instruments, energy products, metals, and agricultural products. Global futures
exchanges allow managers to diversify portfolios by geography and by product. Managed futures
are speculative investments that are subject to a significant amount of risk.
Fund of Hedge Fund (Fund of Funds):
Currently three types of fund of funds are
classified in the Capital Markets Assumptions:
Hedge Fund Aggressive:
Hedge Fund Aggressive strategies maintain positions both
long and short in primarily equity and equity derivative securities. A wide variety of investment
processes can be employed to arrive at an investment decision, including both quantitative and
fundamental techniques; strategies can be broadly diversified or narrowly focused on specific
sectors and can range broadly in terms of levels of net exposure, leverage employed, holding
period, concentrations of market capitalizations and valuation ranges of typical portfolios. Hedge
Fund Aggressive managers would typically maintain at least 50% and may, in some cases, be
substantially invested in equities, both long and short. Aggressive Hedge funds generally seek to
make profits by buying a group of under-priced stocks/bonds and shorting a related group of overpriced stocks/bonds or indices.
Hedge Fund Conservative: Investment Managers who maintain positions in which the
investment thesis is predicated on realization of a valuation discrepancy in the relationship
between multiple securities. Managers employ a variety of fundamental and quantitative
techniques to establish investment theses, and security types range broadly across equity, fixed
income, derivative or other security types. Fixed income strategies are typically quantitatively
driven to measure the existing relationship between instruments and in some cases, identify
attractive positions in which the risk adjusted spread between these instruments represents an
attractive opportunity for the investment manager. Hedge Fund Conservative positions may also
be involved in corporate transactions.
Diversified: A Fund of Hedge Funds that falls under this category usually invests with hedge
funds that fall under relative value and hedged equities categories.
Hedge funds are complex investment vehicles and are not suitable for all investors. Hedge funds
often engage in the use of leverage and other speculative investment practices, such as short
sales, options, derivatives, futures and illiquid investments that may increase the risk of investment
loss.
Commodities: These assets are usually agricultural products such as corn, livestock, coffee
and cocoa or metals such as gold, copper and silver, or energy products such as oil and natural
gas. Each commodity generally has a common price internationally. For example, corn generally
trades at one price on commodity markets worldwide. Commodities can either be sold on the
spot market for immediate delivery or on the commodities exchanges for later delivery. Trade on
commodities exchanges is usually in the form of future contracts.
Trading in futures of commodities and options is not appropriate for all persons, as the risk of loss
is substantial. Therefore, except for those considered to be bona fide hedgers, only risk capital
should be used in futures.
Other: This classification represents securities which could not be definitively classified because
low returns to assets classified as 'Other' in order to conservatively assess their impact on the
portfolio.
Envision Implemented
Envision allows you to identify unrealistic expectations and create an investment plan of action.
If this is the result, we will help you re-evaluate your goals, make adjustments, and create a
Recommended Investment Plan that you feel is right for you. Whether you are already retired,
planning for future retirement, or planning for other goals, the Envision process enables you to
monitor and test your Recommended Investment Plan throughout your lifetime. You can change
existing goals or add new goals in future years. Through periodic monitoring, you can assess the
impact that your actual savings and spending patterns, investment returns and portfolio values
have had on your Investment Plan result.
Report Disclosures
The indexes mentioned in this report, such as the S&P 500 and MSCI EAFE are unmanaged
indexes of common stock or fixed-income. Unmanaged indexes are for illustrative purposes only.
An investor cannot invest directly in an index.
The material has been prepared or is distributed solely for information purposes and does not
supersede the proper use of your account statements and/or trade confirmations, which are
considered to be the official and accurate records of your account activity. Any market prices are
only indications of market values, are subject to change, and may not reflect the value at which
securities could be sold. Additionally, the report is prepared as of trade date, rather than settlement
date, and may be prepared on a different date than your statement. The information contained in
this report may not reflect all holdings or transactions, their costs, or proceeds in your account.
Contact your Financial Advisor for further information. The report may also include information
you provided about assets held at other firms. We have relied solely on information from you
regarding those assets. Due to timing issues, if this report includes assets held at Wells Fargo
Trust Company, positions and market data should be verified. Before making any decisions please
validate your account information with your Financial Advisor.
This report is not a substitute for your own records and the year-end 1099 form. Cost data and
acquisition dates provided by you are not verified by our firm. Our firm does not render legal,
accounting or tax advice. Please consult your legal tax advisors before taking any action that may
have tax consequences.
© 2010 Wells Fargo Advisors, LLC.
© 2001-2010 Financeware, Inc. U.S. Patents 7,562,040, 7,650,303 and 7,765,138. Other U.S.
and international patents pending. All Rights Reserved.
Financeware, Inc. is a separate entity and is not directly affiliated with Wells Fargo Advisors,
LLC
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells
Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, nonbank affiliates of Wells Fargo and Company. HD Vest Investment ServicesSM does not operate
under the trade name Wells Fargo Advisors.
HD Vest Investment ServicesSM Member SIPC is a non-bank subsidiary of Wells Fargo &
Company, and an affiliate of Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial
Network, LLC.
there is insufficient similarity between the security and the defined asset classes. There may
be inconsistencies in one or more of the following factors: historical performance, investment
objective or asset composition. This analysis assigns relatively high downside risk and relatively
11/16/2010
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Strategic Allocations (Standard)
Additional firm-sponsored strategic allocation models may be selected for your Investment Plan that may include updated asset allocation assumptions or may
vary slightly from these standard strategic allocation models. Please refer to your Current vs. Strategic Allocation page for an illustration of the allocation mix for
these models.
Large Cap Growth
Conservative
Conservative
Growth &
Growth
Income
0.00%
7.00%
14.00%
6.00%
Moderate
Growth &
Income
12.00%
13.00%
6.00%
Long Term
Growth &
Income
15.00%
Large Cap Value
2.00%
7.00%
14.00%
5.00%
11.00%
13.00%
6.00%
14.00%
12.00%
Mid Cap Growth
0.00%
Mid Cap Value
0.00%
2.00%
5.00%
2.00%
5.00%
0.00%
4.00%
7.00%
0.00%
6.00%
8.00%
0.00%
4.00%
7.00%
0.00%
6.00%
8.00%
Mid Cap Blend
2.00%
0.00%
0.00%
2.00%
0.00%
0.00%
4.00%
0.00%
0.00%
Small Cap Growth
0.00%
2.00%
4.00%
0.00%
3.00%
7.00%
0.00%
5.00%
8.00%
Small Cap Value
Small Cap Blend
0.00%
2.00%
4.00%
0.00%
3.00%
7.00%
0.00%
5.00%
8.00%
0.00%
0.00%
0.00%
2.00%
0.00%
0.00%
4.00%
0.00%
0.00%
2.00%
6.00%
10.00%
4.00%
7.00%
16.00%
6.00%
10.00%
22.00%
Emerging Market
Equity
Short Term Taxable
Fixed Income
Intermediate
Taxable Fixed
Income
Long Term Taxable
Fixed Income
International Fixed
Income
Emerging Market
Debt
High Yield Fixed
Income
REIT Equity
0.00%
4.00%
9.00%
0.00%
6.00%
11.00%
0.00%
8.00%
15.00%
30.00%
10.00%
8.00%
20.00%
5.00%
3.00%
7.00%
0.00%
0.00%
40.00%
25.00%
13.00%
25.00%
17.00%
4.00%
20.00%
5.00%
0.00%
5.00%
18.00%
5.00%
10.00%
8.00%
3.00%
15.00%
3.00%
0.00%
5.00%
3.00%
0.00%
5.00%
3.00%
0.00%
5.00%
3.00%
0.00%
2.00%
3.00%
0.00%
7.00%
4.00%
0.00%
10.00%
5.00%
0.00%
4.00%
4.00%
2.00%
9.00%
8.00%
2.00%
12.00%
10.00%
0.00%
3.00%
3.00%
2.00%
3.00%
3.00%
2.00%
3.00%
3.00%
2.00%
Commodities
0.00%
0.00%
3.00%
0.00%
0.00%
3.00%
0.00%
0.00%
3.00%
Cash Alternative
5.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
2.00%
Name
11/16/2010
Conservative
Income
Moderate
Income
Moderate
Growth
Long Term
Income
Long Term
Growth
12.00%
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Capital Market Assumptions
Capital Market Assumptions for all asset classes assume a broadly diversified portfolio generally representative of the risks and opportunities of the asset class.
To the extent that the investors portfolio is not as diversified as the assumptions made for the asset class, the return and risk potential for the portfolio may vary
significantly from the assumed Capital Market Assumptions.
The Capital Market Assumptions used within this illustration are based on a building-block approach of risk premiums and Sharpe Ratio Equivalency. The returns
for each asset class reflect the premium above the short-term risk-free rate of return that investors are likely to demand in order to compensate for the risk of
holding those assets. Sharpe ratio equivalency provides a consistent comparison of long term risk premium across various asset classes for a 10-15 year time
horizon or a period, covering more than one economic cycle. These long-term assumptions may differ greatly from the short-term performance and volatility
experienced by your actual investment holdings. There are no assurances that the estimates will be achieved. They have been provided as a guide to help you
with your investment planning.
Representative Index is provided to clients as an example of a public index that generally reflects the associated asset class. Capital Market Assumptions are not
based on the Representative Index. You cannot invest directly in an index.
Asset Class
Downside Risk
1
Average Annual Return Representative Index
Large Cap Growth
-16.82%
8.66%
Morningstar Large Cap Growth©
Large Cap Value
-15.96%
8.30%
Morningstar Large Cap Value©
Large Cap Blend
-16.17%
8.46%
S & P 500
Mid Cap Growth
-19.24%
9.15%
Morningstar Mid Cap Growth©
Mid Cap Value
-18.42%
8.82%
Morningstar Mid Cap Value©
-18.88%
8.94%
Morningstar Mid Cap Blend©
-20.58%
9.49%
Morningstar Small Cap Growth©
3
-19.69%
9.27%
Morningstar Small Cap Value©
3
-20.14%
9.38%
Morningstar Small Cap Blend©
-17.19%
8.88%
MSCI EAFE Index
-24.34%
10.53%
0.22%
3.78%
BarCap Govt/Credit 1-3 Yr TR USD (%Total Return)
-4.04%
4.61%
BarCap US Govt/Credit Interm. TR USD (%Total Return)
-7.80%
4.88%
BarCap US Govt/Credit Long TR USD (%Total Return)
Short Term Tax Exempt Fixed Income
-4.13%
3.00%
BarCap 2-4 Year Municipal Bond Index
Intermediate Tax Exempt Fixed Income
-6.68%
3.30%
BarCap 8-12 Year Municipal Bond Index
-10.11%
3.61%
BarCap 22+ year Municipal Bond Index
-5.91%
5.26%
ML Global Sovereign Bond Index
-14.19%
7.58%
J.P. Morgan Emerging Markets Bond Index Plus
-14.29%
7.48%
ML US High Yield Cash Pay
REIT Equity
-14.79%
7.61%
NAREIT Equity REIT Index
Mid Cap Blend
3
Small Cap Growth
Small Cap Value
Small Cap Blend
4
Long Term Tax Exempt Fixed Income
4
International Fixed Income
Emerging Market Debt
2
11/16/2010
MSCI Emerging Market Index
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1
Average Annual Return Representative Index
Asset Class
Downside Risk
REIT Mortgage
-20.52%
7.21%
NAREIT Mortgage REIT Index
Multi Class
-10.64%
7.24%
Blend 60% S&P 500/40% Barcap Govt./Credit Interm.
Managed Futures
-12.99%
7.51%
CISDM Fund / Pool Qualified Universe Index
Hedge Fund Conservative
-7.87%
6.58%
Hedge Fund Research Incorporated (HFRI)*
Hedge Fund - Diversified
-10.05%
7.84%
Hedge Fund Aggressive
-15.08%
9.22%
Commodities
-19.84%
7.92%
Goldman Sachs Commodity Total Return Index
Gold
-12.96%
6.22%
London PM Fixing
Other
-25.96%
3.79%
None
0.75%
3.19%
U.S. 3 Month T-Bill
Cash Alternative
Additional Disclosures
1
The Average Annual Return is time-weighted. It is a measure of the compound rate of growth of the asset class.
2
Various rating services, such as Standard and Poor's and Moody's Investor Service rate the creditworthiness of bonds. Investing in lower-rated debt securities or funds that invest in such securities involves
additional risk because of the lower credit quality of the security or fund portfolio. These securities or funds are subject to a higher level of volatility and increased risk of default, or loss of principal.
3
Investing in small companies or mutual funds that invest in small companies involves additional risk. Smaller companies typically have a higher risk of failure and are not as well established as larger blue
chip companies. Historically, smaller-company stocks have experienced a greater degree of price volatility than the overall market average.
4
International investing may involve special risks such as currency fluctuation, political instability, and different methods of accounting and reporting requirements.
* Hedge Fund Research, Inc. ©2010, www.hedgefundresearch.com
Alternative investments carry specific investor qualifications which can include high income and net-worth requirements as well as relatively high investment minimums. They are complex investment vehicles
which generally have high costs and substantial risks. They tend to be more volatile than other types of investments and present an increased risk of investment loss. There may also be a lack of transparency
as to the underlying assets. Alternative investments are subject to fewer regulatory requirements than mutual funds and other registered investment company products and thus may offer investors fewer legal
protections than they would have with more traditional investments. Additionally, there may be no secondary market for alternative investment interests and transferability may be limited or even prohibited.
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Portfolio Insight
11/16/2010
© 2010 Wells Fargo Advisors, LLC. All Rights Reserved.
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Portfolio Summary
By: Security Sub Type
Common Stock (15.1%)
Fund (76.5%)
Total
Common Stock
Joint Account (88888888)
Susan's IRA (88888888)
Fund
Jim's Profit Share Plan (88888888)
John's 529 (88888888)
Cash Alternative
Portfolio Summary Total
$
%
359,861
212,416
147,446
15.1%
8.9%
6.2%
1,820,259
521,926
1,298,332
76.5%
21.9%
54.5%
200,000
200,000
8.4%
8.4%
2,380,120
100.0%
Total Portfolio Value as of 11/15/10:__$ 2,380,120
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions.
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Portfolio Summary - Security Detail
By: Security Sub Type
Common Stock (15.1%)
Fund (76.5%)
Total
ID
Description
Common Stock
AAPL
* APPLE INC
ODP
* OFFICE DEPOT INC
WFC
* WELLS FARGO COMPANY
AA
* ALCOA INC
CAT
* CATERPILLAR INC
CVX
* CHEVRON CORPORATION
HD
* HOME DEPOT INC
LOW
* LOWES COMPANIES INC
MSFT
* MICROSOFT CORP
Fund
HFMCX
* HARTFORD MID CAP FD CL-A
ANEFX
* NEW ECONOMY FD SBI CL A
SMCWX
* SMALLCAP WORLD FUND CL A
John's 529 (88888888)
NYVTX
* DAVIS NY VENTURE FD CL A
AGTHX
* GROWTH FUND AMERICA FD A
ITHAX
* HARTFORD CAP APPREC FD-A
KSCVX
* KEELEY S/C VALU FD CL-A
TEMFX
* TEMPLETON FOREIGN FD A
Quantity
Price
465
4,679
1,749
307.04
4.53
27.65
890
687
325
459
585
943
13.40
81.82
84.86
31.39
21.46
26.20
13,006
6,714
2,412
20.43
24.68
37.53
6,200
15,073
8,229
11,364
17,478
32.98
29.33
33.12
22.65
6.97
Cash Alternative
11/16/2010
$
%
359,861
212,416
142,864
21,197
48,355
147,446
11,930
56,226
27,620
14,394
12,559
24,717
15.1%
8.9%
6.0%
0.9%
2.0%
6.2%
0.5%
2.4%
1.2%
0.6%
0.5%
1.0%
1,820,259
521,926
265,708
165,712
90,506
1,298,332
204,489
442,080
272,556
257,386
121,821
76.5%
21.9%
11.2%
7.0%
3.8%
54.5%
8.6%
18.6%
11.5%
10.8%
5.1%
200,000
200,000
8.4%
8.4%
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Total
ID
-
Description
Quantity
200,000
Price
1.00
Portfolio Summary Total
$
200,000
%
8.4%
2,380,120 100.0%
*
Indicates that all or part of this position is not held at Wells Fargo Advisors, LLC and information associated with this position was provided by you.
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Portfolio Diversification
By: Asset Class Type
Initial Investment Gain/Loss does not include costs associated with reinvested shares from dividends and/or capital gains.
Initial Inv
Cost($)
Market
Value($)
Initial Inv
Unrealized
G/L($)
Est Annual
Income($)
Est Annual
Yield(%)
% of Account
1,545,542
-
-
100.0%
Domestic Equity
1,377,934
-
-
89.2%
167,608
-
-
10.8%
Unless indicated otherwise, the Price and Cost are adjusted on certain fixed income securities for amortization (if purchased at a premium), accretion (if purchased at a discount) and/or commission and
fees. The summary values for Cost and Unrealized Gain/Loss may include values based on a combination of adjusted and original cost basis. Common stocks should always reflect adjusted cost.
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Initial Inv
Cost($)
Market
Value($)
Initial Inv
Unrealized
G/L($)
Est Annual
Income($)
Est Annual
Yield(%)
% of Account
John's 529 (88888888)
127,335
143,130
15,795
-
-
9.3%
Domestic Equity
106,860
123,084
16,224
-
-
8.0%
20,475
20,046
-429
-
-
1.3%
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Initial Inv
Cost($)
Market
Value($)
Initial Inv
Unrealized
G/L($)
Est Annual
Income($)
Est Annual
Yield(%)
% of Account
247,000
260,690
13,690
-
-
16.9%
Domestic Equity
47,000
60,690
13,690
-
-
3.9%
Cash Alternative
200,000
200,000
0
-
-
12.9%
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Initial Inv
Cost($)
Market
Value($)
Initial Inv
Unrealized
G/L($)
Est Annual
Income($)
Est Annual
Yield(%)
% of Account
117,720
131,586
13,866
-
-
8.5%
Domestic Equity
92,520
106,913
14,393
-
-
6.9%
25,200
24,673
-527
-
-
1.6%
Sara's 529 (88888888)
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Initial Inv
Cost($)
Market
Value($)
Initial Inv
Unrealized
G/L($)
Est Annual
Income($)
Est Annual
Yield(%)
% of Account
222,340
299,171
76,831
-
-
19.4%
Domestic Equity
222,340
299,171
76,831
-
-
19.4%
This report is not a substitute for your own records and the year-end 1099 form. Cost data and acquisition dates provided by you are not verified by our firm. Our firm does not render legal, accounting or
tax advice. Transactions requiring tax considerations should be reviewed carefully with your accountant or tax advisor.
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions, including definitions of Estimated Annual Income and Yield.
Estimated Annual Income (EAI) is a forecast of dividends and interest payments for the future 12-month period, beginning with the whole month following this report. However, some exceptions do exist. For
example, open end mutual fund income estimates reflect the summation of the prior 12 months of dividends, and our data providers may choose to apply the same methodology to other unique circumstances.
Generally speaking, however, estimates are approximations based upon prior (or if available declared) payments and are not intended to project or predict future distributions. Estimates are based upon
current positions and subsequent position changes will affect these estimates. Interest payments may be affected by the financial condition of the issuer. EAI for certain types of securities could include
a return of principal or capital gain, in which case the EAI would be overstated. Past performance is not a guarantee of future results and actual income might be lower or higher than the estimated
amounts; which means the Estimated Annual Yield (if provided) could similarly be overstated and should not be relied upon in absolute terms. The current yield on bonds is simply the EAI divided by the
current market value. No consideration is given for premium or discount at purchase, which affect the yield the investor will realize on the bond if held to redemption date, called or sold prior to maturity.
Dividend payments are made solely at the discretion of the issuer and are subject to be changed or eliminated at any time. Estimated income for bank deposit sweep accounts is calculated using rates which
are subject to daily fluctuation. As such, estimates may be rendered obsolete in less than one day.
11/16/2010
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Portfolio Diversification - Security Detail
By: Asset Class Type
Initial Investment Gain/Loss does not include costs associated with reinvested shares from dividends and/or capital gains.
Quantity Description
Initial Inv
Date
Initial Inv
Price($)
Initial Inv
Cost($)
Market
Price($)
Initial Inv
Market
Est Annual Est Annual
Unrealized
Value($)
Income($)
Yield(%)
G/L($)
% of
Account
1,545,542
-
-
100.0%
Domestic Equity
4,960 * DAVIS NY VENTURE FD CL A
12,274 * GROWTH FUND AMERICA FD A
7,589 * HARTFORD CAP APPREC FD-A
13,006 * HARTFORD MID CAP FD CL-A
7,576 * KEELEY S/C VALU FD CL-A
6,714 * NEW ECONOMY FD SBI CL A
32.98
29.33
33.12
20.43
22.65
24.68
1,377,934
163,591
360,000
251,332
265,708
171,591
165,712
-
-
89.2%
10.6%
23.3%
16.3%
17.2%
11.1%
10.7%
37.53
6.97
167,608
90,506
77,102
-
-
10.8%
5.9%
5.0%
2,412 * SMALLCAP WORLD FUND CL A
11,062 * TEMPLETON FOREIGN FD A
*
Indicates that the position is not held at Wells Fargo Advisors, LLC and information associated with this position was provided by you.
11/16/2010
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Jim & Susan
Initial Inv
Date
John's 529 (88888888)
Initial Inv
Price($)
Initial Inv
Cost($)
Market
Price($)
127,335
Initial Inv
Market
Unrealized
Value($)
Income($)
Yield(%)
G/L($)
% of
Account
143,130
15,795
-
-
9.3%
Domestic Equity
645 * DAVIS NY VENTURE FD CL A
438 * HARTFORD CAP APPREC FD-A
04/17/09
06/04/08
01/13/08
01/13/08
106,860
19,110
37,050
13,650
37,050
32.98
29.33
33.12
22.65
123,084
21,267
42,682
14,521
44,614
16,224
2,157
5,632
871
7,564
-
-
8.0%
1.4%
2.8%
0.9%
2.9%
04/17/09
20,475
20,475
6.97
20,046
20,046
-429
-429
-
-
1.3%
1.3%
*
11/16/2010
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Envision
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Jim & Susan
Initial Inv
Date
Initial Inv
Price($)
Domestic Equity
133 * APPLE INC
1,337 * OFFICE DEPOT INC
500 * WELLS FARGO COMPANY
Cash Alternative
200,000
Initial Inv
Cost($)
Market
Price($)
247,000
47,000
20,000
10,500
16,500
05/05/03
01/26/05
08/13/04
1.00
200,000
200,000
Initial Inv
Market
Unrealized
Value($)
Income($)
Yield(%)
G/L($)
% of
Account
260,690
13,690
-
-
16.9%
307.04
4.53
27.65
60,690
40,818
6,056
13,816
13,690
20,818
-4,444
-2,684
-
-
3.9%
2.6%
0.4%
0.9%
1.00
200,000
200,000
0
0
-
-
12.9%
12.9%
*
11/16/2010
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Jim & Susan
Initial Inv
Date
Sara's 529 (88888888)
Initial Inv
Price($)
Initial Inv
Cost($)
Market
Price($)
117,720
Initial Inv
Market
Unrealized
Value($)
Income($)
Yield(%)
G/L($)
% of
Account
131,586
13,866
-
-
8.5%
Domestic Equity
595 * DAVIS NY VENTURE FD CL A
202 * HARTFORD CAP APPREC FD-A
06/04/09
11/02/08
02/14/09
03/22/07
92,520
17,640
34,200
6,480
34,200
32.98
29.33
33.12
22.65
106,913
19,631
39,399
6,702
41,182
14,393
1,991
5,199
222
6,982
-
-
6.9%
1.3%
2.5%
0.4%
2.7%
03/22/07
25,200
25,200
6.97
24,673
24,673
-527
-527
-
-
1.6%
1.6%
*
11/16/2010
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Jim & Susan
Initial Inv
Date
Domestic Equity
890 * ALCOA INC
332 * APPLE INC
687 * CATERPILLAR INC
325 * CHEVRON CORPORATION
459 * HOME DEPOT INC
585 * LOWES COMPANIES INC
943 * MICROSOFT CORP
3,342 * OFFICE DEPOT INC
1,249 * WELLS FARGO COMPANY
Initial Inv
Price($)
Initial Inv
Cost($)
Market
Price($)
222,340
09/22/06
06/14/03
04/13/08
03/27/06
02/01/08
02/01/08
03/12/04
10/22/08
05/14/09
222,340
13,125
37,500
35,625
26,750
11,340
11,875
27,250
23,250
35,625
13.40
307.04
81.82
84.86
31.39
21.46
26.20
4.53
27.65
Initial Inv
Market
Unrealized
Value($)
Income($)
Yield(%)
G/L($)
% of
Account
299,171
76,831
-
-
19.4%
299,171
11,930
102,046
56,226
27,620
14,394
12,559
24,717
15,140
34,539
76,831
-1,195
64,546
20,601
870
3,054
684
-2,533
-8,110
-1,086
-
-
19.4%
0.8%
6.6%
3.6%
1.8%
0.9%
0.8%
1.6%
1.0%
2.2%
*
This report is not complete without the Understanding Your Portfolio report which contains important terms and definitions, including definitions of Estimated Annual Income and Yield.
Estimated Annual Income (EAI) is a forecast of dividends and interest payments for the future 12-month period, beginning with the whole month following this report. However, some exceptions do exist. For
example, open end mutual fund income estimates reflect the summation of the prior 12 months of dividends, and our data providers may choose to apply the same methodology to other unique circumstances.
Generally speaking, however, estimates are approximations based upon prior (or if available declared) payments and are not intended to project or predict future distributions. Estimates are based upon
current positions and subsequent position changes will affect these estimates. Interest payments may be affected by the financial condition of the issuer. EAI for certain types of securities could include
a return of principal or capital gain, in which case the EAI would be overstated. Past performance is not a guarantee of future results and actual income might be lower or higher than the estimated
amounts; which means the Estimated Annual Yield (if provided) could similarly be overstated and should not be relied upon in absolute terms. The current yield on bonds is simply the EAI divided by the
current market value. No consideration is given for premium or discount at purchase, which affect the yield the investor will realize on the bond if held to redemption date, called or sold prior to maturity.
Dividend payments are made solely at the discretion of the issuer and are subject to be changed or eliminated at any time. Estimated income for bank deposit sweep accounts is calculated using rates which
are subject to daily fluctuation. As such, estimates may be rendered obsolete in less than one day.
11/16/2010
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Jim & Susan
Realized Gain and Loss
By: Account Tax Status,Holding Term,Asset Class
Purch Cost
Adj Cost
Proceeds($)
Gain/Loss
Purch($)
Adj($)
Long-term investment assets are defined as assets that have been held for at least 366 days (more than one year) and may be subject to tax treatment as long-term capital gains. Conversely, short-term
investment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Miscellaneous indicates insufficient data to determine holding term.
This report contains only positions that were closed since January 1 of the current year.
Adjusted Cost: Cost bases on certain fixed income securities have been adjusted for amortization, if purchased at a premium, or accretion, if purchased at a discount.
11/16/2010
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Jim & Susan
Realized Gain and Loss - Security Detail
Description
ID
Purch Date
Quantity
Orig Price
Adj Price Close Price
Purch Cost
Adj Cost
Proceeds($)
Gain /Loss
Purch($)
Adj($)
Close Date
investment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Miscellaneous indicates insufficient data to determine holding term.
This report contains only positions that were closed since January 1 of the current year.
Adjusted price/cost on certain fixed income securities has been adjusted using amortization calculations for a premium or accretion for a discount.
11/16/2010
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Jim & Susan
Unrealized Gain and Loss
Taxable Accounts
Long Term
Equity
Term Not Available
Cash Alternative
Tax Deferred Accounts
Long Term
Equity
Purch Cost
Adj Cost
Mkt Value($)
247,000
247,000
260,690
13,690
13,690
47,000
47,000
47,000
47,000
60,690
60,690
13,690
13,690
13,690
13,690
200,000
200,000
200,000
200,000
200,000
200,000
0
0
0
0
222,340
222,340
1,844,713
76,831
76,831
222,340
222,340
222,340
222,340
299,171
299,171
76,831
76,831
76,831
76,831
Term Not Available
Equity
Tax Advantaged Education Accounts
Long Term
Equity
Unrealized Gain and Loss Total
Gain/Loss
Purch($)
Adj($)
1,545,542
1,545,542
245,055
245,055
274,716
29,661
29,661
245,055
245,055
245,055
245,055
274,716
274,716
29,661
29,661
29,661
29,661
714,395
714,395
2,380,120
120,182
120,182
investment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Term Not Available indicates insufficient data to determine holding term.
Adjusted Cost: Cost bases on certain fixed income securities have been adjusted for amortization, if purchased at a premium, or accretion, if purchased at a discount.
11/16/2010
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Unrealized Gain and Loss - Security Detail
Description
ID
Purch Date
Orig Price
Adj Price
Mkt Price
Purch Cost Adj Cost
Mkt Value($)
Gain /Loss
Purch($)
Adj($)
Quantity
Taxable Accounts
Long Term
Equity
* APPLE INC
AAPL
* OFFICE DEPOT INC
ODP
WFC
247,000
260,690
13,690
13,690
47,000
47,000
60,690
13,690
13,690
05/05/03
307.04
47,000
20,000
47,000
20,000
60,690
40,818
13,690
20,818
13,690
20,818
01/26/05
4.53
10,500
10,500
6,056
-4,444
-4,444
08/13/04
27.65
16,500
16,500
13,816
-2,684
-2,684
200,000
200,000
200,000
0
0
200,000
200,000
200,000
200,000
200,000
200,000
0
0
0
0
222,340
222,340
1,844,713
76,831
76,831
222,340
222,340
299,171
76,831
76,831
133
1,337
500
Term Not Available
Cash Alternative
1.00
-
247,000
1.00
1.00
200,000
Tax Deferred Accounts
Long Term
Equity
* ALCOA INC
AA
* APPLE INC
AAPL
* CATERPILLAR INC
CAT
CVX
11/16/2010
09/22/06
13.40
222,340
13,125
222,340
13,125
299,171
11,930
76,831
-1,195
76,831
-1,195
06/14/03
307.04
37,500
37,500
102,046
64,546
64,546
04/13/08
81.82
35,625
35,625
56,226
20,601
20,601
03/27/06
84.86
26,750
26,750
27,620
870
870
890
332
687
325
Page 117 of 173
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Description
ID
Quantity
* HOME DEPOT INC
HD
459
LOW
585
* MICROSOFT CORP
MSFT
943
* OFFICE DEPOT INC
ODP
3,342
WFC
1,249
Jim & Susan
Purch Date
Orig Price
Adj Price
Mkt Price
Purch Cost Adj Cost
31.39
11,340
11,340
14,394
3,054
3,054
02/01/08
21.46
11,875
11,875
12,559
684
684
03/12/04
26.20
27,250
27,250
24,717
-2,533
-2,533
10/22/08
4.53
23,250
23,250
15,140
-8,110
-8,110
05/14/09
27.65
35,625
35,625
34,539
-1,086
-1,086
1,545,542
Equity
NYVTX
4,960
AGTHX
12,274
ITHAX
7,589
HFMCX
13,006
KSCVX
7,576
ANEFX
6,714
SMCWX
2,412
TEMFX
11,062
32.98
1,545,542
163,591
29.33
360,000
33.12
251,332
20.43
265,708
22.65
171,591
24.68
165,712
37.53
90,506
6.97
77,102
Tax Advantaged Education
Accounts
Long Term
11/16/2010
Gain /Loss
Purch($)
Adj($)
02/01/08
Term Not Available
Equity
NYVTX
645
Mkt Value($)
04/17/09
32.98
245,055
245,055
274,716
29,661
29,661
245,055
245,055
274,716
29,661
29,661
245,055
19,110
245,055
19,110
274,716
21,267
29,661
2,157
29,661
2,157
Page 118 of 173
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Description
Jim & Susan
Purch Date
ID
Quantity
NYVTX
595
AGTHX
1,455
AGTHX
1,343
ITHAX
438
ITHAX
202
KSCVX
1,818
KSCVX
1,970
TEMFX
3,540
TEMFX
2,876
Orig Price
Adj Price
Mkt Price
Purch Cost Adj Cost
Mkt Value($)
Gain /Loss
Purch($)
Adj($)
06/04/09
32.98
17,640
17,640
19,631
1,991
1,991
06/04/08
29.33
37,050
37,050
42,682
5,632
5,632
11/02/08
29.33
34,200
34,200
39,399
5,199
5,199
01/13/08
33.12
13,650
13,650
14,521
871
871
02/14/09
33.12
6,480
6,480
6,702
222
222
03/22/07
22.65
34,200
34,200
41,182
6,982
6,982
01/13/08
22.65
37,050
37,050
44,614
7,564
7,564
03/22/07
6.97
25,200
25,200
24,673
-527
-527
04/17/09
6.97
20,475
20,475
20,046
-429
-429
714,395
714,395
2,380,120
120,182
120,182
Unrealized Gain and Loss Total
*
investment assets are those that have been held for one year or less and may be subject to tax treatment as short-term capital gains. Term Not Available indicates insufficient data to determine holding term.
Adjusted price/cost on certain fixed income securities has been adjusted using amortization calculations for a premium or accretion for a discount.
11/16/2010
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Jim & Susan
Initial Investment (Gain/Loss)
By: Position Level
Initial Investment Gain/Loss does not include costs associated with reinvested shares from dividends and/or capital gains
ID
Description
Quantity Purch Date
Mkt Price($)
Initial Inv Cost($)
Mkt Value($) Initial Inv Gain/Loss($)
521,926
HFMCX
* HARTFORD MID CAP FD CL-
13,005.78
20.43
265,708
ANEFX
6,714.41
24.68
165,712
SMCWX
* SMALLCAP WORLD FUND CL
2,411.58
37.53
90,506
John's 529 (88888888)
NYVTX
* DAVIS NY VENTURE FD CL
AGTHX
245,055
1,298,332
1,053,277
6,200.40
-
32.98
36,750
204,489
167,739
* GROWTH FUND AMERICA FD
15,072.63
-
29.33
71,250
442,080
370,830
ITHAX
* HARTFORD CAP APPREC FD-
8,229.34
-
33.12
20,130
272,556
252,426
KSCVX
11,363.64
-
22.65
71,250
257,386
186,136
TEMFX
17,477.88
-
6.97
45,675
121,821
76,146
343,375
412,416
69,041
307.04
57,500
142,864
85,364
1.00
200,000
200,000
0
AAPL
* APPLE INC
465.30
-
200,000.00
ODP
* OFFICE DEPOT INC
4,679.14
-
4.53
33,750
21,197
-12,553
WFC
1,748.83
-
27.65
52,125
48,355
-3,770
125,965
147,446
21,481
AA
* ALCOA INC
890.31
09/22/06
13.40
13,125
11,930
-1,195
CAT
* CATERPILLAR INC
687.19
04/13/08
81.82
35,625
56,226
20,601
CVX
325.48
03/27/06
84.86
26,750
27,620
870
HD
* HOME DEPOT INC
458.55
02/01/08
31.39
11,340
14,394
3,054
LOW
585.21
02/01/08
21.46
11,875
12,559
684
MSFT
* MICROSOFT CORP
943.40
03/12/04
26.20
27,250
24,717
-2,533
11/16/2010
Page 120 of 173
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ID
Jim & Susan
Description
Quantity Purch Date
Mkt Price($)
Initial Investment Total
Initial Inv Cost($)
714,395
2,380,120
1,665,725
*
This report does NOT include all of your cost lot information. This is not an accurate representation of your gains or losses from an IRS perspective and should not be used for tax purposes. The purpose of
this report is to show how much your initial investments have changed including automatic reinvestments of dividends and capital gains and change in market value.
Purchase Date is the date you purchased the security. A (-) in the Purchase Date column indicated that you have multiple purchases of the security on multiple dates.
The Initial Inv Gain/Loss is the Mkt Value of the shares held minus the Initial Purchase Price of the purchases excluding the costs of the reinvestments as well as all fee charges and commissions.
If you purchased multiple lots of the security, the total of all Initial Investments is shown.
Mkt Price is the previous business day's closing price. Mkt Value is the value of the total number of shares currently held (shares purchased plus shares acquired via reinvestment) times the Mkt Price.
11/16/2010
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Initial Investment (Gain/Loss)
By: Lot Level
Initial Investment Gain/Loss does not include costs associated with reinvested shares from dividends and/or capital gains
ID
Description
Quantity Purch Date
Mkt Price($)
Initial Inv Cost($)
NYVTX
AGTHX
1,545,542
4,960.32
32.98
163,591
12,274.12
29.33
360,000
ITHAX
7,588.53
33.12
251,332
HFMCX
* HARTFORD MID CAP FD CL-
13,005.78
20.43
265,708
KSCVX
7,575.76
22.65
171,591
ANEFX
6,714.41
24.68
165,712
SMCWX
* SMALLCAP WORLD FUND CL
2,411.58
37.53
90,506
TEMFX
11,061.95
6.97
77,102
John's 529 (88888888)
NYVTX
AGTHX
127,335
143,130
15,795
644.84
04/17/09
32.98
19,110
21,267
2,157
1,455.22
06/04/08
29.33
37,050
42,682
5,632
ITHAX
438.45
01/13/08
33.12
13,650
14,521
871
KSCVX
1,969.70
01/13/08
22.65
37,050
44,614
7,564
TEMFX
2,876.11
04/17/09
6.97
20,475
20,046
-429
247,000
260,690
13,690
307.04
20,000
40,818
20,818
1.00
200,000
200,000
0
AAPL
* APPLE INC
132.94
05/05/03
200,000.00
ODP
* OFFICE DEPOT INC
WFC
1,336.90
01/26/05
4.53
10,500
6,056
-4,444
499.67
08/13/04
27.65
16,500
13,816
-2,684
117,720
131,586
13,866
Sara's 529 (88888888)
NYVTX
AGTHX
11/16/2010
595.24
06/04/09
32.98
17,640
19,631
1,991
1,343.28
11/02/08
29.33
34,200
39,399
5,199
Page 122 of 173
Envision
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Jim & Susan
ID
Description
ITHAX
KSCVX
TEMFX
Quantity Purch Date
Mkt Price($)
Initial Inv Cost($)
202.36
02/14/09
33.12
6,480
6,702
222
1,818.18
03/22/07
22.65
34,200
41,182
6,982
3,539.82
03/22/07
6.97
25,200
24,673
-527
222,340
299,171
76,831
AA
* ALCOA INC
890.31
09/22/06
13.40
13,125
11,930
-1,195
AAPL
* APPLE INC
332.36
06/14/03
307.04
37,500
102,046
64,546
CAT
* CATERPILLAR INC
687.19
04/13/08
81.82
35,625
56,226
20,601
CVX
325.48
03/27/06
84.86
26,750
27,620
870
HD
* HOME DEPOT INC
458.55
02/01/08
31.39
11,340
14,394
3,054
LOW
585.21
02/01/08
21.46
11,875
12,559
684
MSFT
* MICROSOFT CORP
943.40
03/12/04
26.20
27,250
24,717
-2,533
ODP
* OFFICE DEPOT INC
3,342.25
10/22/08
4.53
23,250
15,140
-8,110
WFC
1,249.17
05/14/09
27.65
35,625
34,539
-1,086
714,395
2,380,120
1,665,725
Initial Investment Total
*
This report does NOT include all of your cost lot information. This is not an accurate representation of your gains or losses from an IRS perspective and should not be used for tax purposes. The purpose of
this report is to show how much your initial investments have changed including automatic reinvestments of dividends and capital gains and change in market value.
Purchase Date is the date you purchased the security. A blank will indicate unknown Purchase Date.
Initial Investment will not include the effects of sales charges and commissions. The Initial Investment Cost of reinvested lots will be shown as zero.
Mkt Price is the previous business day's closing price. Mkt Value is the value of the total number of shares times the Mkt Price.
The Initial Inv Gain/Loss is the Mkt Value of the shares held minus the Initial Purchase Price. It does not include the effects of fees charged or commissions.
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Equity Overview
Security Sub Type
Security Sub Type
Sector
Market Value($)
% Equity
Equity Fund
Common Stock
1,820,259
359,861
83.5%
16.5%
Security Sub
Type Total
2,180,120
100.0%
Sector
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Telecom Services
Utilities
Unclassified
Total
% Equity
12.9%
5.0%
8.8%
16.7%
9.8%
15.1%
22.1%
6.0%
2.2%
1.4%
0.0%
100.0%
Total Portfolio Value as of 11/15/10: $ 2,380,120
The securities included in the Sector section are Stocks, REITs, MLPs, Mutual Funds, ETFs, CEFs, sector specific UITs, Options and Warrants.
Funds include open end mutual funds, exchange-traded funds and closed end funds. Equity sectors are fully defined in the Equity Analysis section of the Understanding Your Portfolio report.
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Equity Sector Weightings
By: Sector
Subtotals and totals are weighted averages based on market value
Sector
Index: S&P 500
% of Equity
40 %
32 %
24 %
16 %
8%
0%
Consumer
Discretionary
Consumer
Staples
Energy
Financials
Health
Care
Industrials
Information
Technology
Market Value
Consumer Staples
Energy
Financials
Health Care
Industrials
Materials
Telecom Services
Utilities
Unclassified
Equity Sector Weightings Total
Materials
$
282,069
108,197
191,003
364,436
214,464
328,388
481,375
131,826
47,432
30,982
%
12.9%
5.0%
8.8%
16.7%
9.8%
15.1%
22.1%
6.0%
2.2%
1.4%
Index
%
10.6%
11.2%
11.1%
15.4%
11.5%
10.7%
19.3%
3.6%
3.1%
3.6%
2,180,172
100.0%
100.0%
Telecom
Services
Utilities
Unclassified
Guidance
Evenweight
Underweight
Evenweight
Underweight
Underweight
Overweight
Underweight
Overweight
Overweight
Overweight
Total Portfolio Value as of 11/15/10 : $2,380,120
Index Weightings as of 11/15/10
The securities included in this report are Stocks, REITs, MLPs, Mutual Funds, ETFs, CEFs, sector specific UITs, Options and Warrants.
The Index is the index selected by your Financial Advisor for comparison. Index sectors are as of date indicated on the report.
Sector Guidance, if shown, is the most recent sector guidance provided by Advisory Services Group and does not take into account a client's risk tolerance or investment objectives and is not intended
as a recommendation.
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Equity Sector Weightings - Security Detail
By: Sector
Subtotals and totals are weighted averages based on market value
ID
Description
NYVTX
Fund%
Market Value
$
%
5.7%
282,069
11,635
12.9%
0.5%
AGTHX
14.6%
64,632
3.0%
ITHAX
16.9%
46,007
2.1%
HFMCX
12.9%
34,329
1.6%
HD
* HOME DEPOT INC
14,394
0.7%
KSCVX
26,665
1.2%
LOW
12,559
0.6%
ANEFX
21,161
1.0%
ODP
* OFFICE DEPOT INC
21,197
1.0%
SMCWX
18.5%
16,771
0.8%
TEMFX
10.4%
12,718
0.6%
16.4%
108,197
33,516
5.0%
1.5%
Consumer Staples
NYVTX
10.4%
12.8%
AGTHX
7.4%
32,847
1.5%
ITHAX
6.8%
18,398
0.8%
HFMCX
1.3%
3,507
0.2%
KSCVX
4.4%
11,402
0.5%
ANEFX
0.6%
1,011
0.0%
SMCWX
5.3%
4,788
0.2%
TEMFX
2.2%
2,729
0.1%
Energy
CVX
191,003
27,620
8.8%
1.3%
NYVTX
14.7%
29,999
1.4%
AGTHX
10.6%
46,772
2.1%
ITHAX
6.2%
16,953
0.8%
HFMCX
6.8%
18,015
0.8%
KSCVX
10.8%
27,695
1.3%
ANEFX
2.3%
3,811
0.2%
11/16/2010
Index
%
Guidance
10.6%
Evenweight
11.2%
Underweight
11.1%
Evenweight
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ID
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Description
Fund%
Market Value
7.0%
$
6,299
%
0.3%
11.4%
13,839
0.6%
Financials
NYVTX
29.8%
364,436
60,876
16.7%
2.8%
AGTHX
11.3%
49,911
2.3%
ITHAX
18.0%
49,033
2.2%
HFMCX
15.2%
40,361
1.9%
KSCVX
17.1%
43,884
2.0%
ANEFX
21.3%
35,280
1.6%
SMCWX
13.1%
11,811
0.5%
TEMFX
20.5%
24,925
1.1%
WFC
48,355
2.2%
SMCWX
TEMFX
Health Care
NYVTX
11.4%
214,464
23,353
9.8%
1.1%
AGTHX
12.4%
54,862
2.5%
ITHAX
17.3%
47,098
2.2%
HFMCX
12.7%
33,639
1.5%
KSCVX
3.7%
9,549
0.4%
ANEFX
13.9%
23,001
1.1%
SMCWX
10.7%
9,684
0.4%
TEMFX
10.9%
13,278
0.6%
328,388
56,226
15.1%
2.6%
Industrials
CAT
* CATERPILLAR INC
NYVTX
6.8%
13,946
0.6%
AGTHX
8.1%
35,720
1.6%
ITHAX
9.5%
25,866
1.2%
HFMCX
20.6%
54,603
2.5%
KSCVX
35.5%
91,424
4.2%
ANEFX
13.1%
21,708
1.0%
SMCWX
17.1%
15,458
0.7%
TEMFX
11.0%
13,437
0.6%
481,375
142,864
22.1%
6.6%
AAPL
* APPLE INC
11/16/2010
Index
%
Guidance
15.4%
Underweight
11.5%
Underweight
10.7%
Overweight
19.3%
Underweight
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Description
Fund%
Market Value
7.7%
$
15,664
%
0.7%
NYVTX
AGTHX
25.3%
111,714
5.1%
ITHAX
17.7%
48,133
2.2%
HFMCX
20.4%
54,231
2.5%
KSCVX
3.0%
7,747
0.4%
MSFT
* MICROSOFT CORP
24,717
1.1%
ANEFX
28.1%
46,532
2.1%
SMCWX
16.0%
14,436
0.7%
TEMFX
12.6%
15,337
0.7%
Materials
AA
* ALCOA INC
131,826
11,930
6.0%
0.5%
NYVTX
7.2%
14,662
0.7%
AGTHX
8.0%
35,278
1.6%
ITHAX
5.9%
16,054
0.7%
HFMCX
4.3%
11,399
0.5%
KSCVX
11.8%
30,475
1.4%
ANEFX
1.1%
1,823
0.1%
SMCWX
9.2%
8,318
0.4%
TEMFX
1.6%
1,888
0.1%
Telecom Services
NYVTX
0.4%
47,432
859
2.2%
0.0%
AGTHX
1.7%
7,339
0.3%
ITHAX
1.9%
5,042
0.2%
HFMCX
1.3%
3,534
0.2%
ANEFX
5.8%
9,678
0.4%
SMCWX
1.0%
905
0.0%
TEMFX
16.5%
20,076
0.9%
Utilities
AGTHX
0.7%
30,982
3,006
1.4%
0.1%
HFMCX
4.6%
12,090
0.6%
KSCVX
3.3%
8,545
0.4%
ANEFX
1.0%
1,723
0.1%
SMCWX
2.3%
2,036
0.1%
11/16/2010
Index
%
Guidance
3.6%
Overweight
3.1%
Overweight
3.6%
Overweight
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ID
TEMFX
Jim & Susan
Description
Fund%
2.9%
Market Value
$
3,582
%
0.2%
2,180,172
100.0%
Index
%
Guidance
Unclassified
Equity Sector Weightings Total
100.0%
Total Portfolio Value as of 11/15/10 : $2,380,120
*
The Index is the index selected by your Financial Advisor for comparison. Index sectors are as of date indicated on the report.
Sector Guidance, if shown, is the most recent sector guidance provided by Advisory Services Group and does not take into account a client's risk tolerance or investment objectives and is not intended
as a recommendation.
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Stock Statistics
By: Asset Class Detail
Subtotals and totals are weighted averages based on market value of underlying securities
Large Cap Growth(66.2%)
Large Cap Value(27.9%)
Mid Cap Value(5.9%)
Description
Mkt Value($)
Div Yld
EPS($)
1 Yr Fwd
Large Cap Growth
238,201
0.95%
10.73
20.7x
12.6x
10.80%
0.6x
Large Cap Value
100,464
1.64%
0.21
7.6x
1.6x
1.75%
0.1x
Mid Cap Value
Stock Statistics Total
21,197
359,861
P/E
P/E
Current 1 Yr Fwd
LT Earnings
Grwth
3 - 5 yr
PEG P/B Ratio
Ratio
-56.0x
1.08%
7.16
12.6x
8.8x
7.63%
0.4x
BETA
2-3 yr
Mkt Cap
$ in blns
Percent of
Stocks
Port
5.5x
1.40
208.09
66.2%
10.0%
1.4x
1.26
122.29
27.9%
4.2%
1.5x
3.54
1.24
5.9%
0.9%
4.2x
1.49
171.96
100.0%
15.1%
EPS 1 Year Fwd - is the estimated earnings per share for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
Div Yld - Dividend Yield is calculated by dividing the indicated dividend by the market price. Dividends are not guaranteed and are subject to change or elimination. Past performance is not a guarantee
of future results.
P/E Current - is the price-to-earnings ratio as calculated by dividing the market price by the last 12 months' earnings per share. As with any ratio, it should not be used on a stand-alone basis but instead
should be compared with its industry peers.
P/E 1 Yr Fwd - is the price-to-earnings ratio as calculated by dividing the market price by the estimated earnings for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
LT Earnings Grwth 3-5 yr - is the estimated 3-5-year earnings growth rate provided by First Call, a division of Thomson Reuters. This number represents the mean of analysts' long-term annual estimates
for the specific holding. There is no assurance the earnings estimates stated will be achieved.
PEG Ratio - is the P/E to growth ratio as calculated by dividing the P/E 1 Yr Fwd by the LT Earnings Grwth 3-5 yr.
P/B Ratio - is Price to Book Ratio used to compare a stock's market value to its book value. It is calculated by dividing the current market price of the stock by the most recent quarter's book value (book
value equals total assets minus intangible assets and liabilities).
BETA 2-3 yr - is a measure of volatility, or systematic risk, of a security in comparison to the S&P 500. The BETA of the S&P 500 is 1.00.
Market Cap is market price multiplied by the number of shares outstanding.
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All statistical data on this report is provided by Thomson Reuters.
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Stock Statistics - Security Detail
By: Asset Class Detail
Subtotals and totals are weighted averages based on market value of underlying securities
Large Cap Growth(66.2%)
Large Cap Value(27.9%)
Mid Cap Value(5.9%)
Description
ID
Large Cap Growth
* APPLE INC
AAPL
* CATERPILLAR INC
CAT
* HOME DEPOT INC
HD
* MICROSOFT CORP
MSFT
Mkt Value($)
Quantity
687
459
943
Large Cap Value
* ALCOA INC
AA
890
CVX
325
LOW
585
WFC
1,749
Mid Cap Value
* OFFICE DEPOT INC
ODP
11/16/2010
4,679
EPS($)
1 Yr Fwd
P/E
P/E
Current 1 Yr Fwd
0.95%
10.73
20.7x
12.6x
10.80%
0.6x
17.21
20.3x
17.9x
18.00%
15
1.0x
Mkt Price
238,201
465
Div Yld
142,864
307.04
56,226
81.82
14,394
31.39
24,717
26.20
2.17%
LT Earnings
Grwth
3 - 5 yr
# Estimates
PEG P/B Ratio
Ratio
26.7x
BETA
2-3 yr
Mkt Cap
$ in blns
Percent of
Stocks
Port
5.5x
1.40
208.09
66.2%
10.0%
6.1x
1.35
282.56
39.7%
6.0%
5.4x
1.85
51.44
15.6%
2.4%
3.01%
2.18
18.0x
14.4x
2.6x
0.77
52.36
4.0%
0.6%
2.44%
2.62
11.3x
10.0x
4.2x
1.00
224.75
6.9%
1.0%
100,464
1.64%
0.21
7.6x
1.6x
1.4x
1.26
122.29
27.9%
4.2%
11,930
13.40
27,620
84.86
12,559
21.46
48,355
27.65
0.89%
-43.5x
1.1x
2.12
13.78
3.3%
0.5%
3.37%
10.2x
1.7x
0.69
171.94
7.7%
1.2%
1.6x
1.00
30.44
3.5%
0.5%
16.4x
1.3x
1.45
144.55
13.4%
2.0%
21,197
-56.0x
1.5x
3.54
1.24
5.9%
0.9%
21,197
4.53
-56.0x
1.5x
3.54
1.24
5.9%
0.9%
2.03%
0.73%
1.67
16.8x
13.0x
1.75%
14.00%
10
0.1x
0.9x
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Description
ID
Stock Statistics Total
Quantity
Mkt Value($)
Div Yld
EPS($)
1 Yr Fwd
Mkt Price
359,861
1.08%
7.16
P/E
P/E
Current 1 Yr Fwd
12.6x
8.8x
LT Earnings
Grwth
3 - 5 yr
# Estimates
7.63%
PEG P/B Ratio
Ratio
0.4x
4.2x
BETA
2-3 yr
Mkt Cap
$ in blns
1.49
171.96
Percent of
Stocks
Port
100.0%
15.1%
*Indicates that the position is not held at Wells Fargo Advisors, LLC and information associated with this position was provided by you.
EPS 1 Year Fwd - is the estimated earnings per share for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
Div Yld - Dividend Yield is calculated by dividing the indicated dividend by the market price. Dividends are not guaranteed and are subject to change or elimination. Past performance is not a guarantee
of future results.
P/E Current - is the price-to-earnings ratio as calculated by dividing the market price by the last 12 months' earnings per share. As with any ratio, it should not be used on a stand-alone basis but instead
should be compared with its industry peers.
P/E 1 Yr Fwd - is the price-to-earnings ratio as calculated by dividing the market price by the estimated earnings for the next 12 months. There is no assurance that any forward looking statistics will be achieved.
LT Earnings Grwth 3-5 yr - is the estimated 3-5-year earnings growth rate provided by First Call, a division of Thomson Reuters. This number represents the mean of analysts' long-term annual estimates
for the specific holding. There is no assurance the earnings estimates stated will be achieved.
PEG Ratio - is the P/E to growth ratio as calculated by dividing the P/E 1 Yr Fwd by the LT Earnings Grwth 3-5 yr.
P/B Ratio - is Price to Book Ratio used to compare a stock's market value to its book value. It is calculated by dividing the current market price of the stock by the most recent quarter's book value (book
value equals total assets minus intangible assets and liabilities).
BETA 2-3 yr - is a measure of volatility, or systematic risk, of a security in comparison to the S&P 500. The BETA of the S&P 500 is 1.00.
Market Cap is market price multiplied by the number of shares outstanding.
All statistical data on this report is provided by Thomson Reuters.
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Stock Ratings
By: Security Type Detail
ID
Description
Market
Value($)
RS
Quant Info
QG
QC
QV
Stock-Consumer Discretionary
HD
* HOME DEPOT INC
LOW
ODP
* OFFICE DEPOT INC
48,149
14,394
12,559
21,197
37
24
14
3
3
4
3
4
5
4
2
5
1
1
2
3
3
2
2
2
1
Stock-Energy
CVX
27,620
27,620
59
4
1
1
1
5
Stock-Financials
WFC
48,355
48,355
27
2
Stock-Industrials
CAT
* CATERPILLAR INC
56,226
56,226
87
1
Stock-Information Technology
AAPL
* APPLE INC
MSFT
* MICROSOFT CORP
167,581
142,864
24,717
90
24
1
1
1
2
2
1
1
5
3
Stock-Materials
AA
* ALCOA INC
11,930
11,930
55
2
3
3
1
4
Stock Ratings Total
359,861
1
1
2
Fundamental Rating
CS* S&P SB WFS
% Stock
% Port
A
AC
13.4%
4.0%
3.5%
5.9%
2.0%
0.6%
0.5%
0.9%
1
A-
7.7%
7.7%
1.2%
1.2%
4
1
A-
13.4%
13.4%
2.0%
2.0%
4
1
A+
15.6%
15.6%
2.4%
2.4%
B
B+
46.6%
39.7%
6.9%
7.0%
6.0%
1.0%
B-
3.3%
3.3%
0.5%
0.5%
1
1
1
2
S&P E&D
Rating
100.0%
15.1%
*
RS - Relative Strength (Price Momentum): The 9-month relative strength measures each stock's price performance over a combination of the past 3, 6, and 9 months relative to a universe of approximately 7000 stocks. Since it is a percentile score,
1 is the worst, 99 is the best. A stock with a 70 indicates that it ranks better than 70% of the approximately 7,000 equities universe it is evaluated against with respect to its price movement.
(QV) Quantitative Value, (QG) Quantitative Growth and (QC) Quantitative Core represent Quantitative Analysis (QA) based on models from the Prudential Equity Group. The quantitative recommendations are below:
QV1, QG1, QC1: (Positive)
QV2, QG2, QC2: (Positive)
QV3, QG3, QC3: (Neutral)
QV4, QG4, QC4: (Negative)
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QV5, QG5, QC5: (Negative)
* Investment decisions should not be completed without a thorough reading of the correspondent research report.
CS (Credit Suisse): Outperform (1), Neutral (2), Underperform (3)
S&P (Standard and Poor's): Strong Buy (5), Buy (4), Hold (3), Sell (2), Strong Sell (1)
SB (Sanford Bernstein): Outperform (1), Market Perform (2), Underperform (3)
WFS (Wells Fargo Securities, LLC): Outperform (1), Market Perform (2), Underperform (3)
Wells Fargo Securities, LLC is a separate, nonbank affiliate of Wells Fargo & Company and an affiliate of Wells Fargo Advisors.
S&P Earnings & Dividend (Quality) Rank - S&P's appraisal of the growth and stability of earnings and dividends over the past 10 years for individual companies are indicated by the following quality ranks. Quality Rankings are not intended to predict
stock movements.
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Stock Returns
Securities
Market
Unrealized
Values($) Gain/Loss($)
1 Mo
Total Return Percentage
3 Mo
YTD
%Stock
%Port
52 Week
3
48,149
-8,816
-2.30%
11.78%
-11.53%
-8.16%
13.4%
2.0%
Stock-Energy
1
27,620
870
1.50%
10.65%
13.35%
12.94%
7.7%
1.2%
Stock-Financials
1
48,355
-3,770
17.48%
7.21%
3.16%
0.59%
13.4%
2.0%
Stock-Industrials
1
56,226
20,601
3.17%
20.98%
47.29%
42.80%
15.6%
2.4%
2
167,581
82,831
-1.71%
21.00%
37.07%
41.31%
46.6%
7.0%
Stock-Materials
1
11,930
-1,195
2.29%
26.23%
-16.08%
2.64%
3.3%
0.5%
Stock Returns Total
9
359,861
90,521
1.93%
17.29%
24.03%
25.99%
100.0%
15.1%
Total returns reflect market returns of securities and not holding returns based on your portfolio. Total Return percentage is provided by FactSet and takes into account price appreciation/depreciation
and dividends paid.
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Stock Returns - Security Detail
ID
Description
Market
Unrealized
Values($) Gain/Loss($)
1 Mo
Total Return Percentage
3 Mo
YTD
%Stock
%Port
52 Week
HD
* HOME DEPOT INC
LOW
ODP
* OFFICE DEPOT INC
48,149
14,394
12,559
21,197
-8,816
3,054
684
-12,553
-2.30%
2.25%
0.06%
-6.79%
11.78%
15.92%
10.12%
9.95%
-11.53%
11.02%
-6.59%
-29.77%
-8.16%
18.42%
0.00%
-31.05%
13.4%
4.0%
3.5%
5.9%
2.0%
0.6%
0.5%
0.9%
Stock-Energy
CVX
27,620
27,620
870
870
1.50%
1.50%
10.65%
10.65%
13.35%
13.35%
12.94%
12.94%
7.7%
7.7%
1.2%
1.2%
Stock-Financials
WFC
48,355
48,355
-3,770
-3,770
17.48%
17.48%
7.21%
7.21%
3.16%
3.16%
0.59%
0.59%
13.4%
13.4%
2.0%
2.0%
Stock-Industrials
CAT
* CATERPILLAR INC
56,226
56,226
20,601
20,601
3.17%
3.17%
20.98%
20.98%
47.29%
47.29%
42.80%
42.80%
15.6%
15.6%
2.4%
2.4%
167,581
142,864
24,717
82,831
85,364
-2,533
-1.71%
-2.45%
2.58%
21.00%
23.26%
7.94%
37.07%
45.70%
-12.80%
41.31%
50.18%
-9.91%
46.6%
39.7%
6.9%
7.0%
6.0%
1.0%
11,930
11,930
-1,195
-1,195
2.29%
2.29%
26.23%
26.23%
-16.08%
-16.08%
2.64%
2.64%
3.3%
3.3%
0.5%
0.5%
359,861
90,521
1.93%
17.29%
24.03%
25.99%
100.0%
15.1%
AAPL
* APPLE INC
MSFT
* MICROSOFT CORP
Stock-Materials
AA
* ALCOA INC
Stock Returns Total
*
Total returns reflect market returns of securities and not holding returns based on your portfolio. Total Return percentage is provided by FactSet and takes into account price appreciation/depreciation
and dividends paid.
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Funds Performance
By: Category
Non-Standardized Average Total Returns as of 10/31/10
Non-standardized returns do not include the effects of sales charges. Had sales charges been included, the quoted performance would be lower. Please see below for information
on the standardized performance of the funds.
ID
Description
Total Return
Relative to Peers
YTD
Net Asset Value (NAV)
Price
1 yr
3 yr
5 yr
10 yr
1 yr
1% Best,100% Worst
# of funds in category
3 yr
5 yr
10 yr
Foreign Large Value
Open End Fund
TEMFX
5.80%
10.25%
-6.04%
4.91%
6.26%
9.47%
-9.92%
2.85%
4.51%
34%
11%
12%
23%
369
287
220
129
15.61%
-6.71%
1.54%
0.58%
Large Blend
Open End Fund
NYVTX
ITHAX
4.07%
5.61%
12.87%
15.63%
-7.72%
-7.96%
0.73%
3.29%
1.95%
3.95%
80%
73%
71%
23%
1,960
1,721
1,439
761
46%
76%
15%
11%
1,960
1,721
1,439
761
18.17%
-5.83%
2.40%
-1.44%
74%
57%
40%
13%
1,734
1,514
1,287
768
Large Growth
Open End Fund
AGTHX
ANEFX
6.11%
9.38%
15.01%
17.22%
-6.17%
-4.90%
2.73%
5.13%
1.45%
1.38%
53%
38%
10%
13%
1,734
1,514
1,287
768
25.93%
-5.03%
3.89%
1.09%
66%
37%
33%
13%
765
683
600
367
Mid-Cap Growth
Open End Fund
HFMCX
11/16/2010
12.69%
24.44%
-3.71%
5.25%
5.44%
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Non-Standardized Average Total Returns as of 10/31/10
Non-standardized returns do not include the effects of sales charges. Had sales charges been included, the quoted performance would be lower. Please see below for information
on the standardized performance of the funds.
ID
Description
Total Return
Relative to Peers
YTD
Price
1 yr
3 yr
5 yr
10 yr
1 yr
1% Best,100% Worst
# of funds in category
3 yr
5 yr
10 yr
Small Blend
Open End Fund
KSCVX
10.49%
21.89%
-8.95%
1.92%
9.36%
25.20%
-3.95%
2.56%
6.20%
80%
92%
61%
14%
646
559
480
256
16.44%
-7.25%
3.73%
2.40%
4%
36%
7%
21%
836
610
479
265
World Stock
Open End Fund
SMCWX
11/16/2010
17.79%
27.85%
-5.78%
7.55%
4.71%
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Description
Standardized Average Total Returns as of 09/30/10
Standardized performance includes the effects of sales charges as of the most recent quarter end.
Return Since
Inception
1 yr
3 yr
5 yr
10 yr
Inception
Date
Max
Sales Charge
Annual
Exp Ratio
Foreign Large Value
TEMFX
11.26%
10/05/82
-4.63%
-7.80%
1.87%
5.02%
5.75%
1.2%
Large Blend
NYVTX
11.57%
02/17/69
3.02%
-9.18%
-0.80%
1.22%
4.75%
0.9%
ITHAX
12.59%
07/22/96
1.64%
-9.81%
0.81%
2.51%
5.50%
1.2%
Large Growth
AGTHX
13.73%
11/30/73
1.59%
-8.54%
0.34%
0.23%
5.75%
0.7%
ANEFX
10.38%
12/01/83
2.28%
-6.83%
2.74%
0.12%
5.75%
0.9%
10.92%
12/31/97
9.09%
-5.66%
3.06%
4.37%
5.50%
1.4%
10.85%
10/01/93
5.93%
-10.50%
-0.72%
8.54%
4.50%
1.4%
9.32%
04/30/90
12.26%
-7.07%
4.61%
2.70%
5.75%
1.2%
Mid-Cap Growth
HFMCX
Small Blend
KSCVX
World Stock
SMCWX
*
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Non-Standardized Average Annual Total Returns
Mutual fund background information, rankings and performance data are provided by Morningstar, Inc. Non-standardized Returns are calculated based on the Net Asset Value of the mutual fund including
reinvestment of dividends and capital gains and DO NOT include the effects of sales charges. Had sales charges been included, the returns shown would have been lower. Annual expenses such as 12b-1
fees and management expenses are accounted for in the figures. Other share classes with different sales charges are available. The return of each class will vary, depending upon its applicable sales charge.
Open End fund returns will only be displayed as returns on net asset value. Exchange Traded Funds and Closed End Funds will display returns both based on net asset value and on price (including
distributions).
The Peer Rank shows the Open End Fund's rank against all open end funds within its investment category based on total return and DOES NOT include the effects of sales charges. Each rank is expressed
as a percentile where 1=best and 100=worst. Ranking percentages may be rounded. Investment Category is obtained from Morningstar. While the information herein has been obtained from sources we
believe to be reliable, its accuracy and completeness are not guaranteed. Peer ranking is based on funds within the Morningstar category. The returns shown on the summary line for Open End Funds,
Closed End Funds and Exchange Traded Funds in this Relative to Peers section show the average total returns for all the funds within the category as reported by Morningstar.
Standardized Average Annual Total Returns do include the maximum sales charge. The annual expense ratio represents the total of all of a fund's annual fund operating expenses, expressed as
a percentage of the fund's average net assets.
This information represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. These returns reflect
market returns of securities and not holding returns based on your portfolio. The investment return and principal value will fluctuate, and shares, when sold, may be worth more or less than
their original cost. Mutual funds, Closed-End funds, and Exchange-Traded funds are sold by prospectus. Please consider the investment objectives, risks, charges and expenses carefully
before investing. The prospectus, which contains this and other information, can be obtained by calling your financial advisor. Read it carefully before you invest.
The percentages in the 'Max Sales Charge' column which are appended with a 'D' represent funds with a deferred load. These percentages are not included in the standardized average total return numbers.
11/16/2010
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Understanding Your Portfolio
General Information
This report is intended to provide you with a descriptive overview of your current portfolio. The
report may encompass one account or multiple accounts as specified in the report. The material
has been prepared or is distributed solely for information purposes and does not supersede the
proper use of your Wells Fargo Advisors client statements and/or trade confirmations, which are
considered to be the official and accurate records of your account activity. Any market prices are
only indications of market values, are subject to change, and may not reflect the value at which
the securities could be sold. Reported prices should not be considered actual bids. For these
reports, in certain groupings, Corporate Bonds includes Certificates of Deposit. Additionally, the
report is prepared as of trade date, rather than settlement date, and may be prepared on a different
date than your statement. The information contained in this report may not reflect all holdings or
transactions, their costs, or proceeds in your account.
Information used to compile this report is derived from many sources and may include information
you have provided about assets not held at Wells Fargo Advisors, which may or may not be
identified as being held away. Any transactions involving assets will not be reflected unless you
provide updated information The financial data used to generate this report is provided to Wells
Fargo Advisors, LLC by third party vendors. While this information is believed to be reliable, it
has not been verified. Due to occasional technical and timing issues, there is a possibility that our
data sources are incomplete. Security ID will be ticker symbol, CUSIP number, Security Number
or, if you have provided us with a market value of a generic asset classification type, we will
assign a dash. This report is not complete unless all pages noted are included. For more detailed
information, including current pricing, call your Financial Advisor.
or fitness for a particular purpose with respect to any of such standard or classification. Without
limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party
involved in making or compiling the GICS or any GICS classifications have any liability for any
direct, indirect, special, punitive, consequential or any other damages (including lost profits) even
if notified of the possibility of such damages.
S&P provides sector classification for common stocks only. The 10 sectors used in this analysis
are: Energy, Materials, Consumer Discretionary, Consumer Staples, Health Care, Financials,
Information Technology, Telecom Services and Utilities. For sector-specific unit investment trusts,
Wells Fargo Advisors, LLC has determined the sector assignment. Equity sectors are provided
by Morningstar, Standard & Poors and FT Interactive. Equity positions for which sectors are
unavailable through Standard & Poors and FT Interactive will be reflected in Unclassified.
Redemption date indicated is either maturity date (M), pre-refunded date (R), mandatory put or
tender date (T), Dutch auction date or optional tender date (D), display date on perpetual securities
(sixty years from report date) (P) or the date which would represent the average life of the maturity
when measured from the date of this report (A). Because perpetual securities do not have a stated
maturity date, we assign a date of sixty years from the date of the report to enable us to provide
approximate yields and durations.
Stock Ratings Report
Analysts' stock ratings are defined as follows:
Credit Suisse Rating System:
To the extent that this report includes fixed income securities, you should be aware that the
descriptions of fixed income securities are general in nature and do not reflect important information
that you should consider, such as but not limited to, yield, call features, credit quality, and various
tax implications. Before making any decisions regarding fixed income investments, contact your
advisor to obtain more detailed information regarding specific fixed income securities.
1. Outperform: The stock's total return is expected to exceed the industry average by at least
10-15% (or more, depending on perceived risk) over the next 12 months.
2. Neutral: The stock's total return is expected to be in line with the industry average (range of
plus or minus 10%) over the next 12 months.
Asset Classes for mutual funds, variable annuities and exchange-traded funds are derived from
Morningstar Categories. Morningstar, Inc. All Rights Reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed;
and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from any use of this information.
Sanford Bernstein Rating System:
Sector Analysis
Bernstein rates stocks based on relative performance for the next 6-12 months versus the S&P
500.
Copyright 2008, Standard & Poor's
The sectors in this report are based on the Global Industry Classification Standard ('GICS'). These
sectors may be different than those of other institutions or sources. The sector of each security is
as of the date of this report and subject to change at any time and without notice.
GICS was developed by and is the exclusive property and a service mark of Morgan Stanley Capital
International Inc. ('MSCI') and Standard & Poor's, a division of The McGraw-Hill Companies, Inc.
('S&P'). Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any
GICS classifications makes any express or implied warranties or representations with respect to
such standard or classification (or the results to be obtained by the use thereof), and all such parties
hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability
11/16/2010
3. Underperform: The stock's total return is expected to underperform the industry average by
10-15% or more over the next 12 months.
1. Outperform: Stocks should outpace the market index by more than 15% in the year ahead.
2. Market Perform: Stock should perform in line with the market index to within +/-15% in the
year ahead.
3. Underperform: Stock should trail the performance of the market index by more than 15%
in the year ahead.
Standard & Poor's STARS(Stock Appreciation Ranking System)
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5-STARS: STRONG BUY - Total return is expected to outperform the total return of the S&P 500
Index by a wide margin over the coming 12 months, with shares rising in price on an absolute
basis.
4-STARS: BUY - Total return is expected to outperform the total return of the S&P 500 Index
over the coming 12 months, with shares rising in price on an absolute basis.
3-STARS: HOLD - Total return is expected to closely approximate that of the total return of the
S&P 500 Index over the coming 12 months, with shares generally rising in price on an absolute
basis.
2-STARS: SELL - Total return is expected to underperform the total return of the S&P 500 Index
over the coming 12 months, and share price is not anticipated to show a gain.
1-STAR: STRONG SELL - Total return is expected to underperform the total return of the S&P
500 Index by a wide margin over the coming 12 months, with shares falling in price on an
absolute basis.
Wells Fargo Securities, LLC Rating System
1. Outperform: The stock appears attractively valued, and they believe the stock's total return
will exceed that of the market over the next 12 months. Buy
2. Market Perform: The stock appears appropriately valued, and they believe the stock's total
return will be in line with the market over the next 12 months. Hold
Style: Blend (sometimes referred to as Core) investing is generally characterized as a strategy
that seeks to balance the portfolio of stocks between the Growth and Value styles as market
conditions fluctuate. Stocks in the underlying index are designated as "growth" as they are issued
by companies that typically have higher than average historical and forecasted earnings, sales,
equity and cash flow growth. Stocks in the underlying index are weighted according to the total
number of shares that are publicly owned and available for trading. Stocks in the underlying
index are designated as "value" as they are issued by companies that typically have relatively low
valuations based on price-to-earnings, price-to book value, price-to-sales, price-to-cash flow and
dividend yields. The stocks in the underlying index are weighted according to the total number of
shares that are publicly owned and available for trading.
Cash Alternatives:
Cash Alternatives include liquid, short term and interest bearing
investments. Examples are money market funds, Treasury bills and commercial paper. It is
possible to lose money by investing in cash alternatives.
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells
Fargo Advisors, LLC, and Wells Fargo Advisors Financial Network, LLC, Members SIPC, nonbank affiliates of Wells Fargo and Company. HD Vest Investment ServicesSM does not operate
under the trade name Wells Fargo Advisors.
HD Vest Investment ServicesSM Member SIPC is a non-bank subsidiary of Wells Fargo &
Company, and an affiliate of Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial
Network, LLC.
3. Underperform: The stock appears overvalued, and they believe the stock's total return will
be below the market over the next 12 months. Sell
There is no assurance that all expectations will be achieved.
Asset Class Descriptions
The asset class descriptions below are included solely to provide insight into how individual
securities are tied to specific asset classes. We use our best efforts to correctly classify
investments. However, no warranty of accuracy is made.
Equity Investments: Equity investments refer to buying stocks of United States companies.
The market capitalization of companies is used to group large, medium (Mid) and small companies.
The investment return to the owner of stock (shareholder) is in the form of dividends and/or capital
appreciation. The market capitalization of companies is used to group large, medium (Mid), and
small companies. Shareholders share in both the upside potential and the downside risk.
Capitalization:
Market capitalization definitions differ but one example of capitalization
methodology is that of Morningstar, which defines "large-capitalization" stocks as those stocks that
form the top 70% of the market capitalization of the stocks eligible to be included in the Morningstar
US Market Index (a diversified broad market index that represents approximately 97% of the
market capitalization of publicly traded U.S. Stocks). The Morningstar index methodology defines
"mid-capitalization" stocks as those stocks that form the 20% of market capitalization between
the 70th and 90th percentile of the market capitalization and "small-capitalization" stocks as those
stocks that form the 7% of market capitalization between the 90th and 97th percentile of the market
capitalization of the stocks eligible to be included in the Morningstar US Market Index.
11/16/2010
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Implementation
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Implementation Plan Summary as of 09/07/2010
By: Asset Class Sub Type
The Current value of the assets included in this Implementation plan is $ 2,380,120
The value of the assets added to this Implementation plan is $ 0
The total Proposed value of the assets within this portfolio is $ 2,380,120
Asset Class
Current ($) as of
11/15/2010
% of Portfolio
Total
60%
Large Cap
12%
10%
10%
Small Cap
$ 2,380,120
666,433
286,904
237,195
238,012
257,387
9%
11%
10%
212,327
0%
3%
$ 2,380,120
721,493
11%
6%
8%
Strategic ($)
1,423,502
30%
28%
Mid Cap
$ 2,380,120
Proposed ($)
151,696
190,409
259,537
238,012
0
73,916
9%
214,210
0%
0
14%
8%
11/16/2010
344,944
190,409
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Asset Class
Current ($) as of
11/15/2010
0
% of Portfolio
0%
REIT
Commodities
10%
13%
Strategic ($)
246,389
309,415
0%
4%
5%
0
0%
2%
2%
0
0%
3%
2%
0
0%
3%
3%
0
98,555
119,006
49,277
47,602
73,916
47,602
73,916
71,403
8%
Cash Alternative
Proposed ($)
200,000
2%
2%
49,286
47,607
Total
$ 2,380,120
$ 2,380,120
$ 2,380,120
% of Portfolio weightings are based on the asset class market value compared with the total portfolio market value in your Envision Plan.
Current Allocation indicates how an investor's portfolio is allocated based on Wells Fargo Advisors asset classifications and current market value as of the previous day's close of business.
Strategic Allocation illustrates how much of an investor's portfolio would need to be allocated to the various asset classes based on the strategic asset allocation.
Proposed Allocations reflect proposed adjustments to 'Current' Asset Class allocations.
The 'as of' date in the report title represents the date that the report is run.
Amounts have been rounded to the nearest dollar.
This is a preliminary implementation plan. It is intended as a discussion document only.
Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns.
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This report is not the official record of your account. However, it has been prepared to assist you with your investment planning and is for informational purposes only. Your Client Statement is the official
record of your account. Therefore, if there are any discrepancies between the report and your Client Statement, you should rely on the client Statement and call your local Branch Manager with any
questions.
This report is not complete without the plan Disclosures, please refer to the Disclosure page.
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Implementation Plan Details by Account as of 09/07/2010
By: Asset Class Sub Type
The Current value of the assets included in this Implementation plan is $ 2,380,120
The value of the assets added to this Implementation plan is $ 0
The total Proposed value of the assets within this portfolio is $ 2,380,120
Joint Account, 88888888, Ext - Taxable
Current: $ 260,690
Proposed Money Added: $ 0
Proposed Value: $ 260,690
Asset Class Buys
Asset Class Sells
Cash Alternative
$ 150,714
Total
$ 150,714
$ 112,815
$ 37,899
Total
$ 150,714
Jim's Profit Share Plan, 88888888, Ext - Tax Deferred
Current: $ 1,545,542
Proposed Value: $ 1,545,542
Asset Class Buys
Asset Class Sells
Large Cap
Mid Cap
Small Cap
Total
$ 799,506
$ 148,264
$ 169,015
$ 1,116,785
Large Cap
Mid Cap
Small Cap
REIT
Commodities
Total
$ 159,118
$ 98,555
$ 147,832
$ 47,210
$ 73,916
$ 150,000
$ 144,490
$ 98,555
$ 49,277
$ 73,916
$ 73,916
$ 1,116,785
Sara's 529, 88888888, Ext - Tax Advantaged Education
Current: $ 131,587
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Sara's 529, 88888888, Ext - Tax Advantaged Education
Asset Class Sells
Large Cap
Small Cap
$ 26,175
$ 40,564
Total
$ 66,739
Asset Class Buys
$ 66,739
Total
$ 66,739
John's 529, 88888888, Ext - Tax Advantaged Education
Current: $ 143,130
Asset Class Sells
Asset Class Buys
Large Cap
Small Cap
$ 35,446
$ 43,944
$ 15,390
$ 64,000
Total
$ 79,390
Total
$ 79,390
Implementation Plan Details by Account illustrates the proposed adjustments to allocations in each of your plan accounts.
Amounts have been rounded to the nearest dollar.
This report is not complete without the plan Disclosures, please refer to the Disclosure page.
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Market Commentary
A publication of the Wells Fargo Advisors National Sales Dept.
October Recap 2010
Similar to September, October bucked its historical losing ways. Markets
continued to rally in anticipation of further quantitative easing by the Fed and a
Republican resurgence in the mid-term elections. Also providing a boost was
the generally positive overtone to third-quarter earnings season; this helped
offset the mixed message on the economy and increased scrutiny over bank
foreclosure practices, and the possibility of having to buy back bad loans. As
a result, the major indices gained for a second straight month.
The S&P 500 rose 3.68% to end October at 1183.26. Driving the performance
of the index were the gains in material (+6.57%) and technology (+6.45%)
sectors. Telecom was the laggard, declining a modest 0.12% during the month.
Tech's strong performance during the month bolstered the Nasdaq Composite
index to a 5.86% gain to lead the major domestic indices. The return to risk
extended during the month with the 10.55% drop in the CBOE Volatility Index in
October. Investor appetite for risk was also seen at the asset class level with the
4.18% increase by the S&P Small-Cap 600. The S&P Mid-Cap 400's advance
of 3.37% for the month improved the index's year-to-date gain to 14.10%. The
Dow Jones Industrial Average was the relative underperformer with at 3.06%
gain for the month by the large-cap index.
International markets also experienced another month of positive returns.
Emerging markets continued to benefit from higher commodity prices and the
weaker dollar, albeit at a more modest pace in October, resulting in a 2.81%
advance in the MSCI Emerging Market index. In Latin America, Argentina's
Merval was the notable outperformer. The index followed up the 13.10%
rise in September with a 13.77% gain in October. In Asia, China's CSI 300
index advanced 15.14% despite the country's surprise increase of interest
rates by 0.25% to slow the economy's pace. Japan's attempt at quantitative
easing failed to curb its currency's ascent. As a result, the Nikkei 225 index
declined 1.78% for October and is now off 12.74% year-to-date as yen strength
dampens demand for the nation's exports. European markets rose, benefitting
from the talk of quantitative easing while sovereign debt chatter died down.
Germany's DAX rose 5.98%, followed by the 3.19% gain in France's CAC 40
and 2.28% increase by the U.K.'s FTSE 100 index.
Bonds underperformed relative to equities in October as it appeared investors
were willing to take on more risk. Yields of long-dated Treasuries backed up on
11/16/2010
speculation the Fed would prescribe a smaller dose of stimulus than expected.
As a result, the total return for the BofA/Merrill Lynch U.S. Treasuries Master
Index was a negative 0.19%. The best performing sector in bondland was highyield securities; the BofA/Merrill Lynch High Yield Constrained index's total
return was 2.15% for the month.
As we begin November, the Advisory Services Group (ASG) at Wells Fargo
Advisors believes the market could be vulnerable to a pullback in the near-term
if the election results and Fed actions fail to exceed elevated expectations.
ASG will be watching other variables, such as China, to monitor the health
of the global recovery. However, ASG remains longer-term positive on the
stock market due to the broad recovery in corporate profits and the economy.
Therefore, they continue to believe the S&P 500 index will achieve their
mid-year 2011 target range of 1200-1220. Currently, ASG advises clients to
overweight to the Industrial, Material, Telecom Services and Utility sectors.
For international exposure, ASG continues to recommend an overweight to
emerging markets and underweight exposure to the developed countries.
Emerging-market countries they view as near-term attractive include Brazil,
Chile, India, Malaysia, Mexico, South Korea and Taiwan.
With allocations in fixed-income, ASG continues to recommend investors stay
short with their duration targets. In addition, ASG continues to favor highquality investment-grade corporate debt and general obligation and essential
purpose municipal bonds. For investors with a higher tolerance for risk, ASG
advises a slight overweight to high-yield debt securities. ASG also suggests
income investors consider adding high-quality, dividend-paying stocks to their
portfolios as there are a number of instances in which the dividend yield is more
attractive relative to the yield on outstanding debt and may also help lower
interest rate risk.
Important Information, Risk Factors and Disclaimers
Asset allocation/diversification cannot eliminate the risk of fluctuating prices
and uncertain returns. Investments that focus on certain geographical regions
or economic sectors increase their vulnerability to developments in that
region or sector. This may result in greater price volatility. Investing in
foreign securities presents certain unique risks not associated with domestic
investments, such as currency fluctuation and political and economic changes.
This may result in greater price volatility. Investing in fixed income securities
involves certain risks such as market risk if sold prior to maturity and credit
risk, especially if investing in high yield bonds, which have lower ratings and
are subject to greater volatility. All fixed income investments may be worth
less than the original cost upon redemption or maturity. Bond prices fluctuate
Page 150 of 173
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inversely to changes in interest-rates. Therefore, a general rise in interest rates
can result in the decline of the value of your investment. Income from municipal
securities is generally free from federal taxes and state taxes for residents of
the issuing state. While the interest income is tax-free, capital gains, if any,
will be subject to taxes. Income for some investors may be subject to the
federal Alternative Minimum Tax (AMT). Dividends are not guaranteed and are
subject to change or elimination. Stocks offer long-term growth potential, but
may fluctuate more and provide less current income than other investments.
An investment in the stock market should be made with an understanding of
the risks associated with common stocks, including market fluctuations. There
are no assurances that any target price will be achieved. The S&P 500 Index
consists of 500 stocks chosen for market size, liquidity, and industry group
representation. It is a market value weighted index with each stock's weight in
the Index proportionate to its market value. An index is not managed and is
unavailable for direct investment.
The opinions expressed here reflect the judgment of the author as of the date
of the report and are subject to change without notice. Any market prices are
only indications of market values and are subject to change. The material has
been prepared or is distributed solely for information purposes and is not a
solicitation or an offer to buy any security or instrument or to participate in
any trading strategy. Additional information is available upon request. Please
contact your Financial Advisor.
Investment and Insurance Products: NOT FDIC Insured NO Bank
Guarantee MAY Lose Value
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC,
and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company. H.D.
Vest Investment ServicesSM, Member SIPC is a non-bank subsidiary of Wells Fargo & Company, and an affiliate of
Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC 2010 Wells Fargo Advisors, LLC. All rights
reserved. CAR# 1110-0643
11/16/2010
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Standardized Returns
Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment in the fund(s) will fluctuate
so that an investors shares when redeemed maybe worth more or less than their original cost.
The current performance for the fund(s) illustrated may be higher or lower than the performance data quoted.
Investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. The Fund's prospectus, which contains this and other important
information about the Fund, can be obtained from your Financial Advisor. Please read the prospectus carefully before investing.
Standardized Average Annual Total Returns for Quarter Ended 9/30/2010
Returns for periods of less than one year are not annualized
Illustrated Items
Inception Date Maximum Sales Charge
1 Year
5 Years
10 Years Since Inception
American Funds Gr Fnd of Amer A
12/1/1973
5.75% Front
1.58%
0.33%
0.23%
13.34%
American Funds New Economy A
12/1/1983
5.75% Front
2.28%
2.74%
0.12%
10.37%
American Funds SMALLCAP World A
4/30/1990
5.75% Front
12.25%
4.61%
2.70%
9.32%
Davis New York Venture Fund A
2/17/1969
4.75% Front
3.02%
-0.80%
1.22%
11.65%
Hartford Capital Apprec A
7/22/1996
5.50% Front
1.64%
0.81%
2.51%
12.59%
Hartford MidCap Fd A
12/30/1997
5.50% Front
9.09%
3.06%
4.37%
10.91%
KEELEY Small Cap Value Fd A
10/1/1993
4.50% Front
5.93%
-0.72%
8.18%
10.64%
Templeton Foreign A
10/5/1982
5.75% Front
-4.58%
1.88%
5.02%
11.26%
Average Annual Total Returns for Month Ended 10/31/2010
Returns for periods of less than one year are not annualized
Illustrated Items
Inception Date Maximum Sales Charge
1 Year
5 Years
10 Years Since Inception
12/1/1973
5.75% Front
8.40%
1.52%
0.85%
13.43%
12/1/1983
5.75% Front
10.48%
3.89%
0.78%
10.53%
4/30/1990
5.75% Front
20.50%
6.29%
4.09%
9.47%
2/17/1969
4.75% Front
7.51%
-0.25%
1.45%
11.69%
7/22/1996
5.50% Front
9.27%
2.13%
3.36%
12.89%
12/30/1997
5.50% Front
17.60%
4.07%
4.84%
11.11%
10/1/1993
4.50% Front
16.40%
0.99%
8.50%
10.80%
Templeton Foreign A
10/5/1982
5.75% Front
3.91%
3.67%
5.64%
11.43%
Charges and Expenses
Fund Name
Sales Charge
Max CDSC
Management
Fee
Distribution
(12b-1) Fee
Other
Expenses
Total
5.75%
1.00%
0.27%
0.23%
0.19%
0.69%
5.75%
1.00%
0.42%
0.23%
0.30%
0.95%
11/16/2010
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Fund Name
Sales Charge
Max CDSC
Management
Fee
Distribution
(12b-1) Fee
Other
Expenses
Total
5.75%
1.00%
0.65%
0.24%
0.36%
1.25%
4.75%
0.50%
0.49%
0.24%
0.19%
0.92%
5.50%
1.00%
0.65%
0.25%
0.32%
1.22%
5.50%
1.00%
0.75%
0.25%
0.36%
1.36%
4.50%
0.00%
0.92%
0.25%
0.22%
1.39%
Templeton Foreign A
5.75%
1.00%
0.62%
0.25%
0.32%
1.19%
Data in this report is provided by Thomson Reuters where available.
A portion of expenses for the following fund(s) have been waived in the past: American Funds Gr Fnd of Amer A, Hartford Capital Apprec A, Hartford MidCap Fd A, KEELEY Small Cap Value Fd A, American
Funds New Economy A, American Funds SMALLCAP World A. Past expense reductions by the fund's manager increased the fund's total returns.
The Standardized Average Annual Total Return figures shown above are calculated using formula in form N-1A as mandated by the Securities and Exchange Commission. Except where noted, the
calculations take into account the maximum sales and/or redemption charges currently in effect, and any annual expenses assessed. The figures assume a one-time lump sum investment and do not
include the effect of taxation.
Several share classes shown above may not be available to all investors or may not be suitable for all investors given different sales charges, management fees, investment minimums, etc. Other share
classes are shown for informational purposes only. Please consult a prospectus for information about all share classes.
11/16/2010
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Fact Sheet Disclosures
Product Profiles
Portfolio Composition data is based on information obtained from the investment company and
is updated as of the date shown in the section's title. This data will vary over time. There is no
guarantee that the underlying Fund, which this subaccount invests in, will continue to hold any one
particular security or stay invested in any one particular country. The composition of the underlying
fund's holdings are subject to change.
NAV Total Returns are calculated based on the Net Asset Value of the mutual fund including
reinvestment of dividends and capital gains and DO NOT include the effects of sales charges.
Annual expenses such as 12b-1 fees and management expenses are accounted for in the figures.
The Load Adjusted returns take into account the effects of sales charges.
Free Cash Flows - The amount of money that a business has at its disposal at any given time after
paying out operating costs, interest payments on bank loans and bonds, salaries, research and
development and other fixed costs.
Current Ratio - A test of liquidity showing the difference between current assets and current
liabilities. Calculated as: (current assets) divided by (current liabilities).
Quick Ratio - Ratio of liquid assets to current liabilities, taken as a measure of liquidity.
Leverage Ratio - The ratio of a company's long term debt, typically bonds and preferred stock, to
its equity in its capital structure. The greater the long term debt, the greater the leverage.
The Price History Graph shown on this report illustrates the past 5 years of historical performance
of the particular security. The volume bars below the graph are of month end totals.
Split Ratio - The proportion of new number of shares (post-split) divided by old number of shares
(pre-split). For example, a split ratio of 2.00 is a two-for-one split giving each shareholder an
additional share for each share held.
First Call Earnings Estimate provides First Call's proprietary analyst consensus ranking on a
five point scale (1=buy, 3=hold, 5=sell), calculated using the arithmetic mean of all contributing
analysts' quarterly and annual estimated earnings.
Payout Ratio - The proportion of earnings paid out in dividends to shareholders, that is, dividend
payment divided by earnings.
The Performance section shows the performance of YTD, 1 Year, 3 Year and 5 Year total return
figures and lists, if applicable, the last stock split the company has completed.
Profitability Ratios, Operating Ratios and Total Ratios comprise a set of ratios showing the dayto-day performance of the particular company.
Income Statement is a financial statement showing a firm's revenue and expenses during a
specified period. Areas covered are Revenue, Expenses and Net Income.
The Balance Sheet shows the firm's financial condition at a specified point in time. Categories
included in the Balance Sheet section are Total Assets ($Mil), Current Assets, Inventories, NonCurrent Assets, Total Liabilities, Current Liability, Long Term Debt, and Total Equity.
The Cash Flow Statement (Annual) is a statement of the amount of cash inflows and outflows for
the particular company. The cash flow statement section includes Cash Flow from Operations,
Depreciation and Amortization, Deferred Taxes, Other Income, Capital Spending and Free Cash
Flows.
The Liquidity Ratios are used to identify company performance and potential investment
opportunities. Current Ratio, Quick Ratio, Debt/Equity, Leverage Ratio and Int Coverage from Cont
Ops (International Coverage from Continuing Operations).
Return on Equity - The adjusted profit of a company divided by its equity. For instance, if the
adjusted profit of a company is $10M and Equity is $100M, the Return on Equity is 10%.
Investment Category is provided by Morningstar, Inc. Asset Class is derived from Morningstar
Category. All Rights Reserved. The information contained here in: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be
accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information.
Top Holdings, Composition, Geographic Breakdown and Sector Weightings data is based on
portfolio information obtained from the investment company, is updated as of the date shown
in the section's title, and will vary over time. Geographic Breakdown and Sector Weightings are
calculated solely from the portfolio equity holdings.
Government Funds
The U.S. Government guarantee applies only to the underlying securities of the fund's portfolio
and not to the value of the fund's shares.
Municipal Bond Funds
Certain investors' income may be subject to the federal Alternative Minimum Tax (AMT), and state
and local taxes may also apply.
Insured Municipal Bond Funds
Insurance pertains to the timely payment of principal and interest by the issuer of the underlying
securities, and not to the value of the fund's shares. Certain investors' income may be subject to
the federal Alternative Minimum Tax (AMT), and state and local taxes may also apply.
Return on Assets - Indicator of profitability. Determined by dividing net income for the past 12
months by total assets. Result is shown as a percentage.
High-Yield Funds
High-yield bonds, commonly known as junk bonds, are subject to greater loss of principal and
interest, including default risk, than higher-rated bonds. This may result in greater share price
volatility.
Return on Invested Capital - The overall profit (or loss) on an investment expressed as a
percentage of the total invested. For example: The company invests $5,000 in the shares of
another company and some time later has received $100 in dividends with the value of the shares
now $5,200. The return on investment is: [($100 + $5,200 - $5,000) /$5,000] x 100 = 6%.
Global or International Funds
Investing in foreign securities presents certain unique risks not associated with domestic
investments, such as currency fluctuation and political and economic changes. This may result in
greater share price volatility.
Geographic Concentration Funds
11/16/2010
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The fund may focus its investments in certain geographical regions, thereby increasing its
vulnerability to developments in that region. This may result in greater share price volatility.
Real Estate Funds
The fund involves additional risk due to its narrow focus. There are special risks associated with
an investment in real estate, including credit risk, interest rate fluctuations and the impact of varied
economic conditions.
Sector Funds
The fund may focus its investments on certain economic sectors, thereby increasing its
vulnerability to any single economic, political or regulatory development. This may result in greater
share price volatility.
Non-Diversified (Concentrated) Funds
This fund is not diversified. Investing in a non-diversified fund involves greater risk than a diversified
investment, because a loss resulting from a particular security's poor performance will have a
greater impact on the fund's overall return.
The Rank shows the security's rank against all securities within its investment category (shown at
the top of the page) based on total return and DOES NOT include the effects of sales charges. Each
rank is expressed as a number where 1= best and 2 = second best, etc. Rankings are generated
by Thomson Reuters.
The Growth of $10,000 graph shown on this report illustrates the growth of a $10,000 investment
in the security over a period of 11 years or the security's lifetime in relation to its benchmark index,
whichever is shorter. The effects of any applicable sales charges and fees are included.
The Returns Comparison section compares the Returns statistics of the chosen security against
the average Return statistics of all securities in its investment category and the Market Index
relative to that investment category. The investment category for the security can be found in the
header section at the top of each profile page and the relative Market Index can be found below
the section.
MPT Statistics
The Modern Portfolio Theory (MPT) Statistics section shows the Standard Deviation, Alpha, Beta,
R-squared, Sharpe and Treynor statistics for the item. Definitions of these statistics are included
at the end of the disclosures.
Standard deviation is a measure of a security's volatility, or variability in expected return. As such,
it is a measure of risk since risk can be defined as the uncertainty of the expected return. Higher
numbers indicate higher historical volatility. Standard deviation is most often used as a measure
of risk relative to other securities or indexes. Standard Deviation does not measure all aspects
of investment risks.
The Beta coefficient is a measure of a security's volatility relative to the market. An index relevant
to the security's stated investment category is used as the proxy for the market, and is considered
to have a 1.00 Beta. Therefore, if a security has a Beta of 1.50, it has been historically 50% more
volatile than the market for the period of years shown.
The Alpha coefficient is a measure of risk-adjusted return. This number represents the difference
between the security's actual performance and the performance anticipated in light of the security's
risk posture and the market's behavior. A positive Alpha indicates that the manager has been
successful at security selection and/or market timing, and has produced a rate of return which is
more than commensurate with the security's risk posture.
11/16/2010
R-squared is a measure of diversification relative to the market, as represented by an index
relevant to the security's stated investment category. It tells us, in precise percentage terms, just
how closely a security's performance variation paralleled the market over the time period shown.
The Sharpe and Treynor Ratios are measures of risk-adjusted performance. Higher values are
desirable and indicate greater return per unit of risk. The Sharpe and Treynor Ratios measure risk
by standard deviation and beta, respectively.
Geographic Breakdown displays the equity concentration by region of the underlying holdings
when available and excludes fixed income holdings. The data represented is the most current as
of the data date listed in the section title and will vary over time.
The Russell Midcap Growth Index offers investors access to the mid-cap growth segment
of the U.S. equity universe. The Russell Midcap Growth Index is constructed to provide a
comprehensive and unbiased barometer of the mid-cap growth market. Based on ongoing
empirical research of investment manager behavior, the methodology used to determine growth
probability approximates the aggregate mid-cap growth manager's opportunity set.
The Russell 1000 Growth Index offers investors access to the large-cap growth segment of the U.S.
equity universe. The Russell 1000 Growth is constructed to provide a comprehensive and unbiased
barometer of the large-cap growth market. Based on ongoing empirical research of investment
manager behavior, the methodology used to determine growth probability approximates the
aggregate large-cap growth manager's opportunity set.
S&P 500 Composite index is a capitalization weighted index that is designed to measure the equity
market performance comprised of 500 stocks chosen for market size, liquidity, and industry group
representation, with approximately 75% coverage of U.S. equities. The Index has over US$ 3.5
trillion benchmarked, with index assets comprising approximately US$ 915 billion of this total. The
Index is constructed to represent a broad range of industry segments in the U.S. economy.
The MSCI EAFE Index is a total return index, reported in U.S. dollars, based on share prices
and reinvested gross dividends of approximately 1100 companies (only those securities deemed
sufficiently liquid for trading by investors) from the following 20 countries: Australia, Austria,
Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia,
Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, and the United
Kingdom. The securities represented in this index may be subject to investment risk, currency
rate risk, economic and monetary policy risk, differences in auditing standards and risks related
to political and economic developments.
The MSCI World Index is a total return index, reported in U.S. dollars, based on share prices
and reinvested gross dividends of approximately 1600 companies which are deemed sufficiently
liquid for trading by investors from the following 22 countries: Australia, Austria, Belgium, Canada,
Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands,
New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, U.K. and U.S. The securities
represented in this index may be subject to investment risk, currency rate risk, economic and
monetary policy risk, differences in auditing standards and risks related to political and economic
developments.
The Russell 2000 Index offers investors access to the small-cap segment of the U.S. equity
universe. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap
barometer and is completely reconstituted annually to ensure larger stocks do not distort the
performance and characteristics of the true small-cap opportunity set. The Russell 2000 includes
the smallest 2000 securities in the Russell 3000.
The information included in this report is based upon data obtained from public sources believed to
be reliable; however, Thomson Reuters does not guarantee the completeness or accuracy thereof.
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Hartford Capital Apprec AITHAX
Profile Report
Category: Large Blend
Asset Class: Large Cap Blend
Operations
Composition (as of 9/30/2010)
Fund Family
Hartford Mutual Funds
CUSIP
416645406
Fund Inception Date
7/22/1996
$32.40
Net Assets (10/31/2010)
$8,535.30 Mil
Turnover (10/31/2009)
77.00%
Last Income Dividend (12/22/2008)
$0.3135
Last Capital Gain (11/14/2007)
$3.7277
Dividend Yield (12 months)
0.00%
Dividend Yield (30 days)
0.00%
% Of Portfolio
Equity
Total Expense Ratio (Gross)
12b-1 Fee
Max Front End Sales Charge
Max Redemption Fee
Max Deferred Sales Charge
98.9
Fixed Income
0.2
Cash
0.8
Other
0.1
Fees & Expenses
1.22%
0.25%
5.50%
0.00%
1.00%
North America
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
67.2
Latin America
0.0
Europe
16.1
Emerging Markets Europe
0.5
Asia-Pacific
7.2
Emerging Markets Asia
3.6
Middle East/North Africa
1.9
Africa
1.9
Other
0.5
% of Holdings
1. Ford Motor ORD
2. ACE Ltd ORD
3. Kraft Foods ORD
4. Wells Fargo & Company O
5. The Goldman Sachs Group
All holdings related data as of 9/30/2010
The Fund seeks growth of capital. The Fund
seeks its goal by investing primarily in stocks
selected on the basis of potential for capital
appreciation. The Fund may normally invest at
least 65 percent of its total assets in common
stocks of small, medium and large companies.
The Fund may invest up to 35 percent of its
total assets in securities of foreign issuers
and non dollar securities, including emerging
market securities. The sub adviser of the Fund
identifies companies that have substantial near
term capital appreciation potential regardless of
company size or industry.
MPT Stats
EQ Geographic Breakdown (% of Total)
Top Holdings
Data as of 10/31/2010
Fund Description
5.5
3.0
2.6
2.6
2.6
5 Year 10 Year
22.45
20.49
4.10
6.43
1.15
1.12
90
88
0.05
0.09
0.08
0.13
EQ Sector Weightings (%) (9/30/2010)
% of Holdings
6. General Electric ORD
7. Oracle Corp ORD
8. Pfizer ORD
9. Dow Chemical ORD
10. JPMorg Chas ORD
3 Year
27.70
2.18
1.15
92
-0.31
-0.64
2.6
2.5
2.5
2.5
2.4
Financials
Health Care
Industrials
Consumer Staples
Materials
Energy
Telecom Services
Utilities
Unclassified
Total Returns (%)
19.0
18.4
17.0
13.8
8.7
6.8
6.6
6.5
2.0
0.0
1.3
NAVLoad-Adjusted†
Year-To-Date
5.61
1 Month
4.85
3 Month
8.51
1 Year
15.63
1.64
3 Year
-7.96
-9.81
5 Year
3.30
0.81
10 Year Average
3.95
2.51
15 Year Average
20 Year Average
Since Inception
13.33
12.59
† Load Adjusted Return data as of 9/30/2010
11/16/2010
Copyright© 2010. Thomson Reuters. All Rights Reserved.
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KEELEY Small Cap Value Fd AKSCVX
Profile Report
Category: Small Blend
Asset Class: Small Cap Blend
Operations
Fund Family
Keeley Funds
CUSIP
487300501
Fund Inception Date
10/1/1993
$21.90
Net Assets (10/31/2010)
$3,335.60 Mil
Turnover (9/30/2009)
22.03%
$0.0370
$0.6753
0.16%
0.16%
% Of Portfolio
Equity
12b-1 Fee
Max Redemption Fee
99.4
Fixed Income
0.0
Cash
0.6
Other
0.0
Fees & Expenses
MPT Stats
North America
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
97.8
Latin America
0.0
Europe
1.6
0.0
Asia-Pacific
0.0
0.0
0.0
Africa
0.0
Other
0.0
% of Holdings
1. Genesee & Wyo ORD
2. ITC Holdings Corp ORD
3. Hill Rom Holdings Inc O
4. AMERCO ORD
5. Hanover Insurnce ORD
The Fund seeks capital appreciation. The
Fund intends to pursue its investment objective
by investing in companies with small market
capitalization, which currently defined as
$2.5 billion. The Fund may invest at least 80
percent of its net assets plus the amount of any
borrowings for investment purposes in common
stocks and other equity type securities including
preferred stock convertible debt securities
and warrants of companies with small market
capitalization.
1.39%
0.25%
4.50%
0.00%
0.00%
Top Holdings
Data as of 10/31/2010
Fund Description
1.3
1.3
1.3
1.2
1.2
5 Year 10 Year
27.79
22.98
-1.18
4.46
1.08
0.93
88
82
-0.01
0.31
-0.02
0.62
% of Holdings
6. Westinghouse Air Brake
7. Gaylord Entmt ORD
8. Bucyrus Intl ORD
9. Hcc Insurance Holdings
10. Tennant Co ORD
3 Year
33.81
-4.91
1.08
89
-0.28
-0.77
1.2
1.2
1.1
1.1
1.1
Industrials
Financials
Materials
Energy
Consumer Staples
Health Care
Utilities
Telecom Services
Unclassified
Total Returns (%)
36.2
15.3
12.3
10.9
10.7
4.1
3.8
3.1
2.8
0.0
0.9
NAVLoad-Adjusted†
Year-To-Date
10.49
1 Month
3.45
3 Month
7.25
1 Year
21.89
5.93
3 Year
-8.95
-10.50
5 Year
1.93
-0.72
10 Year Average
9.36
8.18
15 Year Average
11.64
10.47
20 Year Average
Since Inception
11.31
10.64
11/16/2010
Page 157 of 173
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SM
Jim & Susan
American Funds New Economy AANEFX
Profile Report
Category: Large Growth
Asset Class: Large Cap Growth
Operations
Fund Family
American Funds
CUSIP
643822109
Fund Inception Date
12/1/1983
$24.60
Net Assets (10/31/2010)
$5,877.00 Mil
Turnover (11/30/2009)
51.00%
$0.1120
$2.3550
0.43%
0.43%
% Of Portfolio
Equity
12b-1 Fee
Max Redemption Fee
88.4
Fixed Income
8.2
Cash
3.2
Other
0.2
Fees & Expenses
0.95%
0.23%
5.75%
0.00%
1.00%
North America
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
51.2
Latin America
5.1
Europe
16.4
1.2
Asia-Pacific
3.6
9.8
1.0
Africa
0.0
Other
0.1
% of Holdings
1. Google Inc. ORD
2. United States Treasury (3.50%)
4. Ryanair Holdings PLC DR
5. Apple Inc ORD
The Fund seeks to provide long-term growth
of capital. The Fund invests primarily in stocks
of companies in the services and information
areas of the global economy, although a portion
of its assets may be invested outside these
areas. The Fund may invest a significant
portion of its assets in issuers based outside
of the United States. The Fund may also hold
cash or money market instruments. The Fund
relies on the professional judgment of its
investment adviser to make decisions about
the portfolio investments. The basic investment
philosophy of the investment adviser is to seek
to invest in attractively valued companies that,
in its opinion, represent above-average longterm investment opportunities.
MPT Stats
Top Holdings
Data as of 10/31/2010
Fund Description
3.1
2.3
2.3
2.2
1.9
5 Year 10 Year
20.29
21.12
1.80
4.05
1.05
1.01
94
90
0.14
-0.03
0.23
-0.06
% of Holdings
6. Oracle Corp ORD
7. Qualcomm Inc ORD
8. Rovi Corp ORD
9. Netease.com Inc DR
10. AirAsia Bhd ORD
3 Year
24.92
-0.79
1.05
95
-0.22
-0.45
1.9
1.9
1.7
1.5
1.5
Financials
Health Care
Industrials
Telecom Services
Energy
Materials
Consumer Staples
Utilities
Unclassified
Total Returns (%)
28.1
19.9
14.2
13.9
13.2
6.0
2.6
1.2
0.6
0.6
0.0
NAVLoad-Adjusted†
Year-To-Date
9.38
1 Month
4.59
3 Month
11.06
1 Year
17.22
2.28
3 Year
-4.90
-6.84
5 Year
5.13
2.74
10 Year Average
1.38
0.12
15 Year Average
7.75
6.89
20 Year Average
10.48
9.91
Since Inception
10.76
10.37
11/16/2010
Page 158 of 173
Envision
SM
Jim & Susan
Hartford MidCap Fd AHFMCX
Profile Report
Category: Mid-Cap Growth
Asset Class: Mid Cap Growth
Operations
Fund Family
Hartford Mutual Funds
CUSIP
416645711
Fund Inception Date
12/30/1997
$20.16
Net Assets (10/31/2010)
$2,275.80 Mil
Turnover (10/31/2009)
91.00%
$0.1109
$3.9620
0.00%
0.00%
% Of Portfolio
Equity
12b-1 Fee
Max Redemption Fee
96.7
Fixed Income
0.0
Cash
3.3
Other
0.0
Fees & Expenses
MPT Stats
North America
93.3
Latin America
0.0
Europe
2.2
0.0
Asia-Pacific
0.0
0.0
1.2
Africa
0.0
Other
0.0
% of Holdings
1. Paccar Inc ORD
2. Southwest Airlines Co O
3. Netapp Inc ORD
4. Verisign Inc ORD
5. Lennox International In
The Fund seeks long term growth of capital.
The Fund seeks its goal by investing primarily
in stocks selected on the basis of potential for
capital appreciation. The Fund invests at least
80 percent of its assets in common stocks of
mid capitalization companies. The Fund defines
mid capitalization companies as companies
with market capitalizations within the collective
range of the Russell Mid cap and S and P Mid
cap 400 Indices. The Fund may invest up to
20 percent of its assets in securities of foreign
issuers and non dollar securities.
1.36%
0.25%
5.50%
0.00%
1.00%
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
Top Holdings
Data as of 10/31/2010
Fund Description
1.9
1.9
1.7
1.7
1.6
5 Year 10 Year
19.77
18.94
1.23
4.69
0.86
0.73
97
90
0.15
0.17
0.29
0.37
% of Holdings
6. Discovery Communication
7. Watson Pharmaceuticals
8. Expeditors Internationa
9. Beckman Coulter Inc OR
10. Rockwell Collins Inc OR
3 Year
23.97
-0.86
0.85
98
-0.18
-0.43
1.6
1.6
1.5
1.4
1.4
Industrials
Financials
Health Care
Energy
Utilities
Materials
Consumer Staples
Telecom Services
Unclassified
Total Returns (%)
20.9
20.8
14.7
12.8
12.6
6.5
4.6
4.5
1.3
1.3
0.0
NAVLoad-Adjusted†
Year-To-Date
12.69
1 Month
3.33
3 Month
8.21
1 Year
24.44
9.09
3 Year
-3.71
-5.66
5 Year
5.25
3.06
10 Year Average
5.44
4.37
15 Year Average
20 Year Average
Since Inception
11.60
10.91
11/16/2010
Page 159 of 173
Envision
SM
Jim & Susan
Davis New York Venture Fund ANYVTX
Profile Report
Category: Large Blend
Asset Class: Large Cap Blend
Operations
Fund Family
Davis Funds
CUSIP
239080104
Fund Inception Date
2/17/1969
$32.24
Net Assets (10/31/2010)
$19,162.90 Mil
5.00%
$0.2100
$2.6400
0.62%
0.62%
% Of Portfolio
Equity
12b-1 Fee
Max Redemption Fee
96.4
Fixed Income
1.5
Cash
2.1
Other
0.0
Fees & Expenses
MPT Stats
North America
82.7
Latin America
1.8
Europe
9.1
0.0
Asia-Pacific
1.9
1.0
0.0
Africa
0.0
Other
0.0
% of Holdings
1. American Express Co ORD
2. Wells Fargo & Company O
3. Berkshire Hathaway Inco
4. Costco Wholesale Corpor
5. EOG Resources ORD
The Fund seeks long term growth of capital.
The Advisors of the fund uses the Davis
investment Discipline to invest the majority of
assets of the fund in equity securities issued by
large companies with market capitalizations of
at least 10 billion. The Fund has the flexibility
to invest a limited portion of its assets in
companies of any size to invest in companies
whose shares may be subject to controversy, to
invest in foreign securities including depositary
receipts and to invest in non equity securities.
0.92%
0.24%
4.75%
0.00%
0.50%
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
Top Holdings
Data as of 10/31/2010
Fund Description
4.7
4.3
4.2
3.7
3.6
5 Year 10 Year
19.61
17.14
1.25
3.75
1.05
0.97
97
93
-0.07
-0.01
-0.11
-0.01
% of Holdings
6. The Bank Of New York Me
7. Occidental Petroleum Co
8. Loews Corp ORD
9. CVS Care ORD
10. Devon Energy Corp ORD
3 Year
24.51
1.50
1.06
97
-0.34
-0.68
3.5
3.3
3.0
3.0
2.9
Financials
Consumer Staples
Energy
Health Care
Materials
Industrials
Telecom Services
Utilities
Unclassified
Total Returns (%)
29.3
16.7
14.7
11.0
8.0
6.9
6.5
6.5
0.5
0.0
0.0
NAVLoad-Adjusted†
Year-To-Date
4.07
1 Month
2.64
3 Month
6.68
1 Year
12.87
3.02
3 Year
-7.72
-9.18
5 Year
0.73
-0.80
10 Year Average
1.95
1.22
15 Year Average
7.96
7.24
20 Year Average
11.24
10.64
Since Inception
11.81
11.65
11/16/2010
Page 160 of 173
Envision
SM
Jim & Susan
Templeton Foreign ATEMFX
Profile Report
Category: Foreign Large Value
Asset Class: International Equity
Operations
Fund Family
Franklin Templeton Investm
CUSIP
880196209
Fund Inception Date
10/5/1982
$6.93
Net Assets (10/31/2010)
$4,084.60 Mil
31.05%
$0.0954
$1.9998
1.30%
1.30%
% Of Portfolio
Equity
12b-1 Fee
Max Redemption Fee
96.6
Fixed Income
0.0
Cash
0.4
Other
3.0
Fees & Expenses
1.19%
0.25%
5.75%
0.00%
1.00%
North America
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
3.5
Latin America
1.0
Europe
65.8
Asia-Pacific
14.5
9.9
0.0
Africa
0.0
Other
0.0
% of Holdings
3.9
3.7
3.2
2.5
2.3
% of Holdings
6. Samsung Electronics Co
7. Taiwan Semiconductor Ma
8. Telefonica SA ORD
9. Singapore Telecommunica
10. Telenor ASA ORD
3 Year
30.43
4.27
1.08
96
-0.22
-0.53
5 Year 10 Year
24.39
19.92
0.97
2.58
1.07
0.99
96
93
0.11
0.20
0.21
0.34
2.0
1. Vodafone Group Plc ORD
2. ING Groep NV ORD
3. Sanofi-Aventis SA ORD
4. KKR and CO LP
5. France Telecom SA ORD
The Fund seeks long-term capital growth. The
Fund invests primarily in the equity securities of
companies located outside the U.S., including
emerging markets. The Fund will invest at least
80 percent of its net assets in foreign securities
which may include emerging markets. The
Fund also invests in American, European and
Global Depositary Receipts. When choosing
equity investments for the Fund, the manager
applies a bottom-up, value-oriented, longterm approach, focusing on the market price
of company securities relative to the manager
evaluation of the long-term earnings, asset
value and cash flow potential of the company.
MPT Stats
Top Holdings
Data as of 10/31/2010
Fund Description
2.2
2.2
2.1
2.1
2.0
Financials
Telecom Services
Energy
Industrials
Health Care
Utilities
Consumer Staples
Materials
Unclassified
Total Returns (%)
18.8
17.6
13.1
12.1
11.8
9.6
8.8
3.2
2.4
1.7
0.9
NAVLoad-Adjusted†
Year-To-Date
5.80
1 Month
5.16
3 Month
11.42
1 Year
10.25
-4.58
3 Year
-6.04
-7.80
5 Year
4.91
1.88
10 Year Average
6.26
5.02
15 Year Average
7.22
6.26
20 Year Average
8.33
7.82
Since Inception
11.65
11.26
11/16/2010
Page 161 of 173
Envision
SM
Jim & Susan
American Funds Gr Fnd of Amer AAGTHX
Profile Report
Category: Large Growth
Asset Class: Large Cap Growth
Operations
Fund Family
American Funds
CUSIP
399874106
Fund Inception Date
12/1/1973
$29.00
Net Assets (10/31/2010)
$64,096.70 Mil
38.00%
$0.2108
$2.0570
0.69%
0.69%
% Of Portfolio
Equity
12b-1 Fee
Max Redemption Fee
89.1
Fixed Income
9.6
Cash
1.2
Other
0.0
Fees & Expenses
0.69%
0.23%
5.75%
0.00%
1.00%
North America
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
76.1
Latin America
2.9
Europe
6.5
0.0
Asia-Pacific
1.0
1.6
1.1
Africa
0.0
Other
0.0
% of Holdings
1. Oracle Corp ORD
2. Google Inc. ORD
3. Microsoft Corp ORD
4. Apple Inc ORD
The Fund seeks to provide long term growth of
capital. The Fund invests primarily in common
stocks. The Fund also invests in convertibles
preferred stocks U.S. government securities
bonds. The Fund may invest up to 15% of
assets in securities of issuers domiciled outside
the United States and Canada. The Fund may
also hold cash or money market instruments.
The Fund emphasizes on companies that
appear to offer opportunities for long term
growth and companies have good long term
investment opportunities. The Fund relies on
the professional judgment of its investment
adviser to make decisions about the portfolio
investments.
MPT Stats
Top Holdings
Data as of 10/31/2010
Fund Description
3.5
3.4
2.3
1.6
1.6
5 Year 10 Year
18.39
18.23
-0.43
3.52
0.96
0.89
96
92
0.03
-0.04
0.05
-0.06
% of Holdings
6. Union Pacific Corp ORD
7. JPMorg Chas ORD
8. Philip Morris Internati
9. Merck & Company Incorpo
10. Corning ORD
3 Year
22.52
-2.48
0.96
98
-0.30
-0.60
1.3
1.3
1.3
1.2
1.1
Health Care
Financials
Energy
Industrials
Materials
Consumer Staples
Telecom Services
Utilities
Unclassified
Total Returns (%)
25.7
14.9
11.8
11.2
10.5
8.2
8.0
6.8
1.7
0.7
0.7
NAVLoad-Adjusted†
Year-To-Date
6.11
1 Month
4.20
3 Month
8.61
1 Year
15.01
1.58
3 Year
-6.17
-8.54
5 Year
2.73
0.33
10 Year Average
1.45
0.23
15 Year Average
9.32
8.46
20 Year Average
11.71
11.05
Since Inception
13.61
13.34
11/16/2010
Page 162 of 173
Envision
SM
Jim & Susan
American Funds SMALLCAP World ASMCWX
Profile Report
Category: World Stock
Asset Class: International Equity
Operations
Fund Family
American Funds
CUSIP
831681101
Fund Inception Date
4/30/1990
$37.14
Net Assets (10/31/2010)
$14,957.30 Mil
56.00%
$0.1960
$4.1670
0.50%
0.50%
% Of Portfolio
Equity
12b-1 Fee
Max Redemption Fee
89.7
Fixed Income
5.2
Cash
4.7
Other
0.4
Fees & Expenses
1.25%
0.24%
5.75%
0.00%
1.00%
North America
Standard Deviation
Alpha (%)
Beta
R-Squared (%)
Sharpe
Treynor
39.3
Latin America
2.6
Europe
17.7
Asia-Pacific
11.0
16.3
0.4
Africa
0.8
Other
0.2
% of Holdings
1.4
1.1
1.0
0.9
0.8
% of Holdings
6. Pacific Rubiales ORD
7. Dah Sing Financial Hold
8. Modern Times Group MTG
9. Msc Industrial Direct C
10. Thoratec ORD
3 Year
29.43
3.11
1.14
94
-0.22
-0.48
5 Year 10 Year
24.15
22.69
4.17
2.87
1.15
1.18
92
86
0.22
0.11
0.37
0.18
1.5
2. ENN Energy Holdings Ltd
3. Kingboard Chemical Hold
4. Container Corporation o
5. Aac Acoustic Technologi
The Fund seeks to provide long term growth
of capital. The Fund invests at least 80% of
its assets in equity securities of companies
located around the world with small market
capitalizations, measured at the time of
purchase. The Fund relies on the professional
judgment of its investment adviser to make
decisions about the portfolio investments. The
basic investment philosophy of the investment
adviser is to seek to invest in attractively valued
companies that represent above average long
term growth opportunities. The Fund may also
hold cash or money market instruments.
MPT Stats
Top Holdings
Data as of 10/31/2010
Fund Description
0.8
0.7
0.7
0.7
0.7
Industrials
Financials
Health Care
Materials
Energy
Consumer Staples
Utilities
Telecom Services
Unclassified
Total Returns (%)
18.4
17.8
15.8
12.0
11.1
9.0
7.1
4.8
2.0
0.9
1.1
NAVLoad-Adjusted†
Year-To-Date
17.79
1 Month
3.69
3 Month
12.27
1 Year
27.85
12.25
3 Year
-5.78
-7.07
5 Year
7.56
4.61
10 Year Average
4.71
2.70
15 Year Average
8.38
7.42
20 Year Average
10.76
10.23
Since Inception
9.78
9.32
11/16/2010
Page 163 of 173
Envision
SM
Jim & Susan
Microsoft Corp. MSFT (NASDAQ)
Latest Price : $ 26.2 (11/15/2010)
Profile Report
Shares Outstanding (Mil) : 8,556 (11/12/2010)
Price Graph (up to 60 months)
Fundamentals (as of 11/12/2010)
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
Co.
$2.32
1.98
$30.26
$224,754
$31.58
$22.73
11.32
4.25
4.69
9.40
First Call Consensus
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2
Performance (as of 10/31/2010)
20 %
15 %
10 %
5%
0%
-5 %
-10 %
-15 %
Total Returns (%)
S&P 500 (%)
Software
One Microsoft Way, Redmond,
WA 98052-6399
Investor Relations
+1 425 882-8080
Sector
Industry
Address
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
-11.23
6.11
-2.01
14.19
-8.40
-8.59
2.50
-0.40
-0.42
-1.87
11.74
4.85
19.84
7.03
Financial Statement (as of 06/30/2010)
Income Statement ($Mil)
Balance Sheet (as of 06/30/2010)
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
7500
5000
2500
0
Q4
Q1
Q2
2009
Q3
2010
20000
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
10000
0
Q4
Q1
2009
Q2
Q3
22,851
2,507
-220
20,564
1,977
16,296
2010
Profitability Ratios (as of 06/30/2010)
Return on Equity (ROE)
Return on Assets (ROA)
Return on Invested Capital
Pre-Tax Profit Margin (%)
Post-Tax Profit Margin (%)
Net Profit Margin (%)
86,113
55,676
37,385
740
30,437
39,938
26,147
4,939
46,175
Cash Flow Statement (Annual)
Revenue - Expenses
11/16/2010
2
4
1
38
Current Mean
High
Low
Number of Analysts
*Benchmark: S&P 500 Composite Index
Q3
2
Company Overview
Total Returns (%)
S&P 500 (%)
Q3
1
43.8
23.0
38.7
40.4
30.3
30.3
Dividends (as of 06/30/2010)
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
Microsoft Corporation is engaged in developing,
manufacturing, licensing and supporting a
range of software products and services
for different types of computing devices.
Its software products and services include
operating systems for personal computers,
servers and intelligent devices; server
applications for distributed computing
environments; information worker productivity
applications; business solutions applications;
computing applications; software development
tools, and video games. It operates in five
segments: Windows & Windows Live Division
(Windows Division), Server and Tools, Online
Services Division, Microsoft Business Division,
and Entertainment and Devices Division. It
also designs and sells hardware, including the
Xbox 360 gaming and entertainment console
and accessories, the Zune digital music and
entertainment device and accessories, and
Microsoft personal computer (PC) hardware
products. In December 2009, it acquir.
Liquidity Ratios (as of 06/30/2010)
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
Initial Coverage from Cont.Operations
2.13
1.93
0.13
1.07
166.65
0.52
1.98
21.06
24
2.00
02/18/2003
Page 164 of 173
Envision
SM
Jim & Susan
Office Depot Inc. ODP (NYSE)
Latest Price : $ 4.53 (11/15/2010)
Profile Report
Shares Outstanding (Mil) : 277 (11/12/2010)
Co.
$-0.08
0.00
$-4.91
$1,241
$9.19
$3.36
-56.00
1.49
0.14
3.35
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2.9
Total Returns (%)
S&P 500 (%)
0%
Total Returns (%)
S&P 500 (%)
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
-30.39
6.11
-25.79
14.19
-37.91
-8.59
-30.42
-0.40
-5.97
-1.87
-9.20
4.85
4.32
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
250
Q4
Q1
Q2
Q3
-500
2009
2010
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
2500
1250
0
Q4
Q1
2009
Q2
Q3
11/16/2010
89
224
326
-461
131
0
2010
4,809
3,206
660
1,253
1,602
3,664
2,428
663
774
Revenue - Expenses
Q3
Specialty Retail
6600 North Military Trail, Boca
Raton, FL 33496
Investor Relations
+1 561 438-4800
Sector
Industry
Address
-40 %
Q3
2.9
4
1
20
Company Overview
-20 %
0
2
Current Mean
High
Low
Number of Analysts
20 %
-250
1
-58.7
-11.0
-26.9
-2.8
-4.9
-4.9
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
Office Depot, Inc. (Office Depot) is a global
supplier of office products and services. The
Company operates in three business segments:
North American Retail Division, North American
Business Solutions Division and International
Division. The Company's sales are processed
through multiple channels, consisting of office
supply stores, a contract sales force, an
outbound telephone account management
sales force, Internet sites, direct marketing
catalogs and call centers, supported by the
network of supply chain facilities and delivery
operations. Office Depot operates wholly owned
entities, majority owned entities or participates
in other ventures covering 40 countries and
has alliances in an additional 11 countries. As
of December 26, 2009, the Company sold to
customers in 51 countries throughout North
America, Europe, Asia and Latin America. As
of January 23, 2010, Office Depot had 21 North
American supply chain facilities in the 15 st.
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
1.32
0.73
0.93
8.57
-2.45
0.00
0.00
0.00
0
1.50
04/05/1999
Page 165 of 173
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SM
Jim & Susan
Wells Fargo & Co. WFC (NYSE)
Latest Price : $ 27.65 (11/15/2010)
Profile Report
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
Co.
$1.68
0.73
$12.32
$144,551
$34.25
$23.02
16.39
1.30
1.24
3.34
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2.2
Total Returns (%)
S&P 500 (%)
15 %
10 %
Financials
Commercial Banks
420 Montgomery Street, San
Francisco, CA 94163
Investor Relations
+1 866 878-5865
Sector
Industry
Address
0%
-5 %
-10 %
Total Returns (%)
S&P 500 (%)
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
-2.95
6.11
-4.64
14.19
-5.95
-8.59
0.06
-0.40
4.08
-1.87
11.68
4.85
17.20
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
2500
0
Q4
Q1
Q2
2009
Q3
2010
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
25000
12500
0
Q4
Q1
2009
Q2
Q3
43,051
264
-2
0
0
38,748
2010
1,240,434
0
27,080
0
0
1,126,075
0
163,366
103,301
Revenue - Expenses
11/16/2010
2.2
5
1
31
Company Overview
5%
Q3
2
Current Mean
High
Low
Number of Analysts
20 %
Q3
1
9.3
1.3
3.9
18.1
12.3
12.3
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
0.20
0.73
-27.52
54
2.00
08/14/2006
Wells Fargo & Company is a diversified
financial services company. The Company
provides retail, commercial and corporate
banking services through banking stores
located in 39 states and the District of
Columbia. It provides other financial services,
through subsidiaries engaged in various
businesses, principally wholesale banking,
mortgage banking, consumer finance,
equipment leasing, agricultural finance,
commercial finance, securities brokerage
and investment banking, insurance agency
and brokerage services, computer and data
processing services, trust services, investment
advisory services, mortgage-backed securities
servicing and venture capital investment.
The Company operates in three segments:
Community Banking, Wholesale Banking,
and Wealth, Brokerage and Retirement. As of
December 31, 2009, the Company provided
banking, insurance, investments, mortgage
and consumer finance from more than 10,000
stores under various types of own.
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
0.00
0.00
2.35
15.81
1.91
Page 166 of 173
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Jim & Susan
Caterpillar Inc. CAT (NYSE)
Profile Report
Latest Price : $ 81.82 (11/15/2010)
Co.
$3.04
2.17
$2.76
$51,436
$83.84
$50.50
26.66
5.37
1.10
10.94
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2.6
Total Returns (%)
S&P 500 (%)
2
40 %
Current Mean
High
Low
Number of Analysts
20 %
Company Overview
60 %
-20 %
Total Returns (%)
S&P 500 (%)
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
41.49
6.11
46.45
14.19
5.00
-8.59
11.19
-0.40
19.13
-1.87
14.90
4.85
17.25
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
500
0
Q3
Q4
Q1
Q2
2009
Q3
2010
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
10000
5000
0
Q4
Q1
2009
Q2
Q3
3,300
2,336
0
964
2,316
0
2010
57,324
26,789
4,867
6,360
30,535
48,024
19,292
21,847
8,740
Revenue - Expenses
Q3
2.6
5
1
25
Industrials
Machinery
100 North East Adams Street,
Peoria, IL 61629
Investor Relations
+1 309 675-1000
Sector
Industry
Address
0%
11/16/2010
1
12.1
2.9
4.3
1.8
2.8
2.8
Caterpillar Inc. (Caterpillar) provides
construction and mining equipment, diesel
and natural gas engines, and industrial gas
turbines. The Company operates primarily
through three lines of business: Machinery,
Engines and Financial Products. Machinery
includes the design, manufacture, marketing
and sales of construction, mining and forestry
machinery. Engines line of business includes
the design, manufacture, marketing and sales
of engines for Caterpillar machinery, electric
power generation systems, locomotives,
marine, petroleum, construction, industrial,
agricultural and other applications and related
parts. Financial Products line of business
consists primarily of Caterpillar Financial
Services Corporation (Cat Financial), Caterpillar
Insurance Holdings, Inc. (Cat Insurance) and
their respective subsidiaries.
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
1.39
0.97
3.62
25.00
1.40
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
1.76
2.17
13.58
27
2.00
07/14/2005
Page 167 of 173
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Jim & Susan
Apple Inc. AAPL (NASDAQ)
Profile Report
Latest Price : $ 307.04 (11/15/2010)
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
Co.
$15.15
0.00
$21.54
$282,558
$321.30
$188.68
20.33
6.13
4.49
16.39
BUY
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
BUY/HOLD
HOLD
HOLD/SELL
SELL
2
3
4
5
1.6
Total Returns (%)
S&P 500 (%)
40 %
Current Mean
High
Low
Number of Analysts
20 %
Company Overview
60 %
-20 %
Total Returns (%)
S&P 500 (%)
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
42.83
6.11
59.67
14.19
16.58
-8.59
39.20
-0.40
40.87
-1.87
26.32
4.85
20.48
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
5000
2500
0
Q3
Q4
Q1
Q2
2009
Q3
2010
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
20000
10000
0
Q4
Q1
2009
Q2
Q3
17,383
1,027
1,440
14,916
2,005
15,378
2010
75,183
41,678
25,727
1,051
33,505
27,392
20,722
0
47,791
Revenue - Expenses
Q3
1.6
5
1
54
Computers & Peripherals
1 Infinite Loop, Cupertino, CA
95014
Investor Relations
+1 408 996-1010
Sector
Industry
Address
0%
11/16/2010
1
35.3
22.8
30.5
28.5
21.5
21.5
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
Apple Inc. (Apple) designs, manufactures
and markets a range of personal computers,
mobile communication and media devices,
and portable digital music players, and sells a
range of related software, services, peripherals,
networking solutions, and third-party digital
content and applications. It's products and
services include Macintosh (Mac) computers,
iPhone, iPad, iPod, Apple TV, Xserve, a
portfolio of consumer and professional software
applications, the Mac OS X and iOS operating
systems, third-party digital content and
applications through the iTunes Store, and
a range of accessory, service and support
offerings. The Company sells its products
globally through its retail stores, online stores,
and direct sales force and third-party cellular
network carriers, wholesalers, retailers, and
value-added resellers. As of September 25,
2010, the Company had opened a total of 317
retail stores, including 233 stores in the United
States and .
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
2.01
1.72
0.00
0.00
128.67
0.00
0.00
0.00
0
2.00
02/28/2005
Page 168 of 173
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Jim & Susan
Alcoa Inc. AA (NYSE)
Profile Report
Latest Price : $ 13.4 (11/15/2010)
Co.
$-0.31
0.89
$-6.24
$13,779
$17.60
$9.81
-43.52
1.07
0.82
9.99
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2.5
Total Returns (%)
S&P 500 (%)
10 %
0%
-30 %
Total Returns (%)
S&P 500 (%)
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
-17.90
6.11
6.82
14.19
-29.23
-8.59
-9.56
-0.40
-1.87
4.85
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
Q4
Q1
Q2
2009
Q3
2010
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
5000
2500
0
Q4
Q1
2009
Q2
Q3
253
1,311
-596
-462
1,682
0
2010
35,514
7,022
1,553
2,328
28,492
19,994
5,414
9,014
12,365
Revenue - Expenses
11/16/2010
Materials
Metals & Mining
390 Park Avenue, New York, NY
10022-4608
Investor Relations
+1 412 553-4707
Sector
Industry
Address
-20 %
Q3
2.5
5
1
17
Company Overview
-10 %
Q3
2
Current Mean
High
Low
Number of Analysts
20 %
125
0
-125
-250
-375
1
-9.6
-2.4
-3.4
-8.0
-6.2
-6.2
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
Alcoa Inc.. Alcoa Inc. (Alcoa) is engaged in
the production and management of primary
aluminum, fabricated aluminum, and alumina
combined. The Company's products are
used worldwide in aircraft, automobiles,
commercial transportation, packaging, building
and construction, oil and gas, defense, and
industrial applications. Alcoa is a global
company operating in 31 countries. Based upon
the country where the point of sale occurred,
the United States (U.S.) and Europe generated
52% and 27%, respectively, of Alcoa's sales
during the year ended December 31, 2009. In
addition, Alcoa has investments and operating
activities in Australia, Brazil, China, Iceland,
Guinea, Russia, and the Kingdom of Saudi
Arabia. Alcoa's operations consist of four
worldwide segments: Alumina, Primary Metals,
Flat-Rolled Products, and Engineered Products
and Solutions. In August 2010, the Company
acquired Traco, a maker of windows and doors
for the commercial buildi.
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
1.30
0.69
0.80
7.29
-1.59
0.12
0.89
-27.52
23
2.00
06/12/2000
Page 169 of 173
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Jim & Susan
Lowe's Companies Inc. LOW (NYSE)
Latest Price : $ 21.46 (11/15/2010)
Profile Report
Co.
$1.29
2.03
$3.78
$30,437
$28.54
$19.35
16.81
1.57
0.73
8.55
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2
20 %
15 %
10 %
5%
0%
-5 %
-10 %
-15 %
Total Returns (%)
S&P 500 (%)
2
3
1
28
Current Mean
High
Low
Number of Analysts
Specialty Retail
1000 Lowe's Blvd, Mooresville,
NC 28117
Investor Relations
+1 704 758-1000
Sector
Industry
Address
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
-7.11
6.11
11.02
14.19
-13.32
-8.59
-10.18
-0.40
4.64
-1.87
11.99
4.85
18.99
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
1000
500
0
Q4
Q1
Q2
2009
Q3
2010
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
10000
0
Q4
Q1
2009
Q2
Q3
3,688
1,733
-123
2,078
1,799
1,498
2010
33,005
9,732
1,057
8,249
23,273
13,936
7,355
4,528
19,069
Revenue - Expenses
Q3
2
Company Overview
Total Returns (%)
S&P 500 (%)
Q3
1
9.6
6.0
8.2
6.0
3.8
3.8
Lowe's Companies, Inc. (Lowe's) is a home
improvement retailer. As of January 29, 2010,
the Company operated 1,710 stores, consisted
of 1,694 stores across 50 United States states
and 16 stores in Canada. Its 1,710 stores
represent approximately 193 million square feet
of retail selling space. The Company serves
homeowners, renters and commercial business
customers. Homeowners and renters primarily
consist of do-it-yourself (DIY) customers and
do-it-for-me (DIFM) customers who utilize its
installed sales programs, as well as others
buying for personal and family use. Commercial
business customers include those who work in
the construction, repair/remodel, commercial
and residential property management, or
business maintenance professions. During
the fiscal year ended January 29, 2010 (fiscal
2009), it opened 62 stores, including five
Canadian stores.
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
1.32
0.14
0.27
2.37
9.45
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
0.44
2.03
36.47
22
2.00
07/03/2006
Home Depot Inc HD (NYSE)
Profile Report
11/16/2010
Page 170 of 173
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Jim & Susan
Latest Price : $ 31.39 (11/15/2010)
Co.
$1.75
3.01
$4.02
$52,357
$37.03
$26.35
17.97
2.60
0.74
10.85
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2.1
Total Returns (%)
S&P 500 (%)
1
20 %
10 %
Company Overview
30 %
-10 %
Total Returns (%)
S&P 500 (%)
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
9.28
6.11
27.02
14.19
2.83
-8.59
-2.80
-0.40
-1.52
-1.87
10.61
4.85
15.39
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
1000
500
0
Q3
Q4
Q1
Q2
2009
Q3
2010
20000
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
10000
0
Q4
Q1
Q2
2009
40,865
13,900
1,427
10,188
26,965
21,472
10,363
8,662
19,393
Revenue - Expenses
Q3
2.1
5
1
30
Specialty Retail
2455 Paces Ferry Road North
West, Atlanta, GA 30339
Investor Relations
+1 770 433-8211
Sector
Industry
Address
0%
Q3
4,604
1,806
-227
3,025
966
2,113
The Home Depot, Inc. is a home improvement
retailer. The Home Depot stores sell an
assortment of building materials, home
improvement and lawn and garden products
and provide a number of services. The
Home Depot stores average approximately
105,000 square feet of enclosed space, with
approximately 24,000 additional square feet
of outside garden area. As of January 31,
2010, it had 2,244 The Home Depot stores
located throughout the United States, including
the Commonwealth of Puerto Rico and the
territories of the United States Virgin Islands
and Guam (U.S.), Canada, China and Mexico.
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
14.3
7.6
10.6
6.0
4.0
4.0
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
0.95
3.01
22.59
57
1.50
12/31/1999
Chevron Corp. CVX (NYSE)
Latest Price : $ 84.86 (11/15/2010)
1.34
0.23
0.50
4.47
6.89
2010
11/16/2010
2
Current Mean
High
Low
Number of Analysts
Profile Report
Page 171 of 173
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Jim & Susan
Month End EPS
Dividend Yield %
Net Profit Margin
Market Cap (Mil)
52 Week High
52 Week Low
P/E Current
Price/Book
Price/Sales
Price/Cash Flow
Co.
$8.37
3.37
$6.58
$171,942
$86.19
$66.83
10.21
1.70
0.97
5.58
BUY
BUY/HOLD
*S&P 500
$2.49
1.90
$6.60
$21,636
$37.54
$25.78
1.69
0.85
6.12
HOLD
HOLD/SELL
SELL
3
4
5
2
Total Returns (%)
S&P 500 (%)
10 %
5%
Energy
Oil, Gas & Consumable Fuels
6001 Bollinger Canyon Road, San
Ramon, CA 94583-2324
Investor Relations
+1 925 842-1000
Sector
Industry
Address
-5 %
-10 %
Total Returns (%)
S&P 500 (%)
YTD
1 Year
3 Year
5 Year
10 Year
15 Year
20 Year
10.33
6.11
11.94
14.19
0.01
-8.59
11.27
-0.40
10.88
-1.87
12.39
4.85
12.11
7.03
Net Income
Expenses
Total Assets ($Mil)
Current Assets
Cash
Inventories
Non-Current Assets
Total Liabilities
Current Liabilities
Long Term Debt
Total Equity
Revenue
Net Income
5000
2500
0
Q4
Q1
Q2
2009
Q3
2010
Cash Flow From Oper
Depr & Amor
Deffered Taxes
Other Income
Capital Spending
Free Cash Flows
50000
25000
0
Q4
Q1
2009
Q2
Q3
22,800
12,110
467
10,223
19,843
0
2010
163,353
37,216
8,822
5,529
126,137
70,792
26,211
10,130
91,914
Revenue - Expenses
11/16/2010
2
3
1
21
Company Overview
0%
Q3
2
Current Mean
High
Low
Number of Analysts
15 %
Q3
1
11.7
6.5
10.5
9.5
6.6
6.6
Current Div/Share
Dividend Yield %
5 Year Growth %
Payout Ratio %
Split Ratio
Last Split
Chevron Corporation (Chevron) manages its
investments in subsidiaries and affiliates, and
provides administrative, financial, management
and technology support to United States
and international subsidiaries that engage
in fully integrated petroleum operations,
chemicals operations, mining operations, power
generation and energy services. Exploration
and production (upstream) operations consist of
exploring for, developing and producing crude
oil and natural gas, and also marketing natural
gas. Refining, marketing and transportation
(downstream) operations relate to refining
crude oil and converting natural gas into
finished petroleum products; marketing crude
oil and the many products derived from
petroleum, and transporting crude oil, natural
gas and petroleum products by pipeline,
marine vessel, motor equipment and rail car.
Chemicals operations include the manufacture
and marketing of commodity petrochemicals,
plastics for industria.
Current Ratio
Quick Ratio
Debt/Equity
Leverage Ratio
1.42
1.01
0.11
1.10
50.63
2.88
3.37
10.17
51
2.00
09/13/2004
Page 172 of 173
Envision
SM
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Jim & Susan
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Envision Full Sample Presentation with Scenarios & Survivor Needs November 16, 2010

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Envision Full Sample Presentation with Scenarios &amp; Survivor Needs November 16, 2010

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Envision Full Sample Presentation with Scenarios & Survivor Needs November 16, 2010