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QUARTERLYINVESTMENTREVIEW

THIRDQUARTER2010

MarketsUpdate:AQuarterinReview
ThirdQuarter2010

USLarge Companies Stocks +11.29%

USSmall Company Stocks +11.29%

USValue Stocks

USREIT Stocks

Interna9onal Developed Stocks +16.14%

Emerging Markets Stocks +18.16%

USBond Market

USTreasury OneMonth TreasuryBills +0.04%

+10.13%

+13.22%

+2.48%

STOCKS

BONDS

Marketsegment(Indexrepresenta9on)asfollows:USLargeCompanyStocks(S&P500Index);USSmallCompanyStocks(Russell2000Index),USValueStocks(Russell1000ValueIndex).USReal EstateMarket(DowJonesUSSelectREITIndex),Interna9onalDeveloped(MSCIWorldexUSAIndex(netdiv.)),EmergingMarkets(MSCIEmergingMarketsIndex(grossdiv.)),USBondMarket (BarclaysCapitalUSAggregateBondIndex),andTreasury(OneMonthUSTreasuryBills).TheS&PdataareprovidedbyStandard&Poor'sIndexServicesGroup.RusselldatacopyrightRussell Investment Group 19952010, all rights reserved.MSCI data copyright MSCI 2010, all rights reserved. Dow Jones data (formerly Dow Jones Wilshire) provided by Dow Jones Indexes. Barclays CapitaldataprovidedbyBarclaysBankPLC.USlongtermbonds,bills,andina9ondataStocks,Bonds,Bills,andIna9onYearbook,IbbotsonAssociates,Chicago(annuallyupdatedworkby RogerG.IbbotsonandRexA.Sinqueeld). Indexperformancedoesnotreecttheexpensesassociatedwiththemanagementofanactualporfolio. Pastperformanceisnotaguaranteeof futureresults.

MarketsUpdate:AQuarterinReview
ThirdQuarter2010 The US equity market rallied strongly in the third quarter, reversing the dismal performance of the second quarter. The broadUSmarketgainedover11%inthequarter,withmostassetclassesdeliveringdoubledigitposi9vereturns. Performanceinotherdevelopedmarketswasgenerallygood,especiallyinScandinaviaandAustralia.However,therewas muchdispersioninperformanceattheindividualcountrylevel.Ireland,whichcon9nuestofaceseverescalandnancial problems, and Japan had small posi9ve returns, while the Scandinavian countries all had quarterly returns in excess of 25%.TheUSdollarlostgroundagainstmostmajorcurrencies,especiallytheeuroandtheAustraliandollar,whichgreatly helpedthedollardenominatedreturnsofdevelopedmarketequi9es. Emergingmarketshadevenbelerperformancethandevelopedmarkets,andwerethetopperformingassetclassforthe period.Asinthecaseofdevelopedmarkets,therewasmuchdispersionintheperformanceofdierentemergingmarkets, although most emergingmarketsmanagedtoendthequarterwithdoubledigitreturns. TheUS dollar alsolost ground againstthemainemergingmarketcurrenciesinthethirdquarter,whichcontributedposi9velytothedollardenominated returnsofemergingmarketequi9es. Inthethirdquarter,valuestocksunderperformedgrowthstocksacrossallmarketcapitaliza9onsegmentsintheUSandin otherdevelopedmarkets.Inemergingmarkets,ontheotherhand,valuestockshadmixedperformancerela9vetogrowth stocks.Smallcapvaluestocksoutperformedsmallcapgrowthstocks,whilelargecapvaluestocksunderperformedlarge capgrowthstocks. Alongthemarketcapitaliza9ondimension,smallcapsnarrowlytrailedlargecapsintheUS.Inotherdevelopedmarkets andinemergingmarkets,ontheotherhand,smallcapsgreatlyoutperformedlargecapsinthequarter. Notwithstandingthecon9nuedweaknessinthecommercialandresiden9alrealestatemarkets,realestatesecuri9eshad excellentreturnsinthethirdquarterandverygoodperformancerela9vetootherassetclasses. Fixed income securi9es had good returns in the third quarter. Declining longterm rates rewarded investors who were exposedtotermrisk.Intermediategovernmentsecuri9esandina9onprotectedsecuri9esdidpar9cularlywell.
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TimelineofEvents:AQuarterinReview
ThirdQuarter2010 TheUSCongress passesthe FinancialReform Bill,themost sweepingchanges tonancial regula9onsince theGreat Chinaovertakes Depression. Japantobecome theworldssecond largesteconomy. FloodsinPakistan causewide devasta9on,with over17million peopleaectedand 5millionpeopleles homeless.

SouthAfricahosts theFIFAsoccer WorldCup, markingthe con9nentsrst 9metoentertain theworldslargest spor9ngevent.

Fivemonthsaserarig explosionintheGulfof Mexico,BPpermanently sealstheleakingoilwell.

Jul15

Jul31

Aug15

Aug31

Sep15

AgriculturalBank ofChinaraises $19.2billion,in oneoftheworlds GoldmanSachs largesteverini9al sellescivilfraud chargesbrought publicoerings. bytheSEC, agreeingtopay ane.

Hundredsofres eruptinseveral regionsacross Russia,leadingto hazardous condi9onsin Moscowanda reduc9oninwheat availableforexport.

ThelastUS combatunits withdrawfrom Iraq.

TheTeaParty movementgains notorietyinseveral primaryelec9ons acrossthecountry.

AIGagreedwiththe Treasuryandthe FederalReserveBank ofNewYorkonaplan toreturnthe insurancegroupto fullprivateownership overthenexttwo years,adrama9c accelera9onofthe previous9metable.
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BeyondtheQuarter:SurveyofLongTermPerformance
AsofSeptember30,2010 Annualized(%)
Index 1YearEnding 9/30/2010 3YearsEnding 5YearsEnding 9/30/2010 9/30/2010 10YearsEnding 9/30/2010 20YearsEnding 9/30/2010 SinceIncep9on (Incep9ondate)

USLargeCompanyStocks S&P500Index USSmallCapStocks Russell2000Index USValueStocks Russell1000ValueIndex USRealEstateInvestmentTrustStocks DowJonesUSSelectREITIndex Interna9onalStocks MSCIWorldexUSAIndex MSCIEmergingMarketsIndex(grossdiv.) Bonds SBBILongTermCorporateBonds SBBIOneMonthUSTreasuryBills

10.16

7.16

0.64

0.43

9.05

9.77
(01/1926)

13.34

4.29

1.60

3.99

10.28

11.29
(01/1979)

8.91

9.38

0.48

2.59

9.97

11.93
(01/1979)

30.14

6.98

1.36

10.12

11.23

12.39
(01/1978)

4.14 20.54

8.96 1.20

2.42 13.08

2.91 13.77

6.30 11.60

9.40
(01/1970)

13.87
(01/1988)

13.33 0.09

9.80 0.93

6.82 2.43

8.55 2.35

8.65 3.55

5.96
(01/1926)

3.63
(01/1926)

TheS&PdataareprovidedbyStandard&Poor'sIndexServicesGroup.RusselldatacopyrightRussellInvestmentGroup19952010,allrightsreserved.MSCIdatacopyrightMSCI2010,all rightsreserved.DowJonesdata(formerlyDowJonesWilshire)providedbyDowJonesIndexes.USlongtermbonds,bills,andina9ondataStocks,Bonds,Bills,andIna9onYearbook, IbbotsonAssociates,Chicago(annuallyupdatedworkbyRogerG.IbbotsonandRexA.Sinqueeld).Indexesarenotavailablefordirectinvestment.Indexperformancedoesnotreectthe expensesassociatedwiththemanagementofanactualporfolio.Pastperformanceisnotaguaranteeoffutureresults.

ChangeinValueof$10,000InvestedinVariousMarkets
October1,2009September30,2010

CHANGEINVALUEOF$1 AssetClass USLargeCompanyStocks USSmallCapStocks USValueStocks USRealEstateInvestmentTrustStocks Interna9onalDevelopedStocks EmergingMarketStocks FixedIncomeCorporateBonds ShortTermGovernmentBonds Index S&P500 Russell2000 Russell1000Value DowJonesUSSelectREIT MSCIWorldexUSA MSCIEmergingMarkets(grossdiv.) LongTermCorporateBonds OneMonthUSTreasuryBills 1Year $1.10 $1.13 $1.09 $1.30 $1.04 $1.21 $1.13 $1.00 5Years $1.03 $1.08 $0.98 $1.07 $1.13 $1.85 $1.39 $1.13 10Years $0.96 $1.48 $1.29 $2.62 $1.33 $3.63 $2.27 $1.26 20Years $5.66 $7.07 $6.69 $8.41 $3.39 $8.99 $5.25 $2.01
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TheS&PdataareprovidedbyStandard&Poor'sIndexServicesGroup.RusselldatacopyrightRussellInvestmentGroup19952010,allrightsreserved.MSCIdatacopyrightMSCI2010,all rightsreserved.DowJonesdata(formerlyDowJonesWilshire)providedbyDowJonesIndexes.USlongtermbonds,bills,andina9ondataStocks,Bonds,Bills,andIna9onYearbook, IbbotsonAssociates,Chicago(annuallyupdatedworkbyRogerG.IbbotsonandRexA.Sinqueeld).Indexesarenotavailablefordirectinvestment.Indexperformancedoesnotreectthe expensesassociatedwiththemanagementofanactualporfolio.Pastperformanceisnotaguaranteeoffutureresults.

ValueofStockMarketsAroundtheWorld
January1990September2010
Weights Numberof Countries UnitedStates DevelopedMarkets EmergingMarkets Total 1 23 21 45 Numberof Stocks 2,954 3,613 2,629 9,196 TotalValue 12.82Trillion 12.98Trillion 4.07Trillion 29.87Trillion September30,2010 42.91% 43.45% 13.64% 100.00% ChangeFrom PreviousQuarter 1.29% 0.72% 0.56% 01/909/10 Average 44.66% 50.47% 4.87%

Globalmarketcapitaliza9onweightsarenotsta9c,theyvaryacross9me.
Developedmarketssecuri9esandcommodi9esdataprovidedbyBloomberg.EmergingMarketsdataprovidedbyInterna9onalFinanceCorpora9on.TheRussell3000Indexisusedastheproxy fortheUSmarket.TheproxiesforthenonUSdevelopedandemergingmarketsaretherespec9vedevelopedcountryandemergingcountrypor9onsfromtheMSCIAllCountryWorldIMIexUSA Index.TheproxiesfortheUK,Canada,andAustraliaaretherelevantsubsetsofthedevelopedmarketproxy.

TheRandomnessofQuarterlyReturns
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 Highest 15.05 14.52 3.66 2.14 0.58 4.78 23.36 1.02 34.84 35.44 9.18 9.81 8.40 18.16 ? Return 6.98 2.71 1.97 0.52 0.53 0.43 0.20 0.03 31.46 21.04 8.58 8.85 0.02 16.14 ?

Thistableshowsfromtoptobolom div.) the highest returning asset classes each year over the last 14 quarters. ) Each asset class is color coded basedonthelegendbelow.

6.28 2.56 0.93 1.13 0.80 1.12 21.15 11.01 25.86 19.36 6.04 6.79 4.13 13.22 4.93 2.03 1.62 8.69 1.17 6.11 21.94 12.43 20.68 19.28 4.22 5.39 8.29 11.29 4.42 1.42 3.33 8.72 2.49 8.37 22.18 13.14 16.69 18.24 3.88 2.45 9.93 11.29 1.26 1.14 4.58 9.45 2.72 8.54 26.12 14.95 15.93 15.61 2.44 1.53 11.14 10.13 1.88 0.24 5.80 9.90 5.32 20.67 27.56 16.77 8.24 11.09 0.01 1.35 11.43 Lowest Return 9.36 3.09 13.54 10.92 5.39 26.86 39.95 33.92 0.02 0.03 2.17 0.01 13.63 4.98 0.04

? ? ? ? ? ?

USLargeCapStocks(S&P500) USSmallCapStocks(Russell2000) USLargeValueStocks(Russell1000Value) Interna9onalDevelopedStocks(MSCIWorldexUSA) EmergingMarketsStocks(MSCIEmergingMarkets) RealEstate(DowJonesUSSelectREIT) OneMonthUSTreasuryBills LongTermCorporateBonds

Thelackofapalernindicatesthatpickingwhichassetclasses willbethebestorworstperformersisvirtuallyimpossible. InQ42008,forexample,theMSCIEmergingMarketsIndexwas thesecondtoworstperformingassetclass.Aquarterlaterit wasrightupatthetop. Porfolioscombiningthesevariousinvestmentswillavoid extremereturns.

TheS&PdataareprovidedbyStandard&Poor'sIndexServicesGroup.RusselldatacopyrightRussellInvestmentGroup19952010,allrightsreserved.MSCIdatacopyrightMSCI2010,all rightsreserved.DowJonesdata(formerlyDowJonesWilshire)providedbyDowJonesIndexes.USlongtermbonds,bills,andina9ondataStocks,Bonds,Bills,andIna9onYearbook, IbbotsonAssociates,Chicago(annuallyupdatedworkbyRogerG.IbbotsonandRexA.Sinqueeld). Indexesarenotavailablefordirectinvestment.Indexperformancedoesnotreectthe expensesassociatedwiththemanagementofanactualporfolio.Pastperformanceisnotaguaranteeoffutureresults.

ReturnsofGloballyDiversiedPorfolios
AsofSeptember30,2010 Annualized(%)
Q32010 100%GlobalStocks 75/25 50/50 25/75 100%TreasuryBills 14.46 10.83 7.22 3.62 0.04 OneYear 8.95 7.01 4.88 2.57 0.09 ThreeYears 6.97 4.48 2.34 0.53 0.93 FiveYears 2.93 3.20 3.20 2.94 2.43 TenYears 2.13 2.49 2.65 2.60 2.35 TwentyYears 7.83 6.99 6.00 4.84 3.55

Posi9vevs.Nega9veMonths:January1988September2010,Total273months

January1988startdatebasedonthelatestcommonindexincep9on. GlobalStocksrepresentedbyMSCIAllCountryWorldIndex(grossdiv.)andTreasuryBillsrepresentedbyUSOneMonth TreasuryBills.DatacopyrightMSCI2010,allrightsreserved.Stocks,Bonds,Bills,andIna9onYearbook,IbbotsonAssociates,Chicago(annuallyupdatedworkbyRogerG.IbbotsonandRex A.Sinqueeld).Indexesarenotavailablefordirectinvestment.Indexperformancedoesnotreecttheexpensesassociatedwiththemanagementofanactualporfolio.Pastperformanceisnot aguaranteeoffutureresults.

USStockReturns
AsofSeptember30,2010 Returns(%) AssetClass Marketwide LargeCap LargeCap LargeCapValue LargeCapGrowth SmallCap SmallCapValue SmallCapGrowth Index Russell3000 S&P500 Russell1000 Russell1000Value Russell1000Growth Russell2000 Russell2000Value Russell2000Growth Q32010
11.52 11.29 11.56 10.13 13.00 11.29 9.72 12.82

OneYear
10.96 10.16 10.75 8.91 12.66 13.34 11.84 14.78

ThreeYears Annualized
6.60 7.16 6.79 9.38 4.36 4.29 4.99 3.75

Historically,valuestocks,asmeasuredbythera9oofbooktomarketequity(BtM),haveoutperformed growthstocksoverthelongterm.Duringthethirdquartervaluestocksunderperformedgrowthstocks. Historically,smallstockshaveexperiencedhigherreturnsthanlargestocksoverthelongterm.Duringthe thirdquartersmallcapsstocksgenerallyunderperformedlargecapstocks.

Russelldata copyright Russell Investment Group19952010,allrightsreserved.TheS&Pdata areprovidedbyStandard&Poor's IndexServicesGroup.Indexesarenotavailablefor direct investment.Indexperformancedoesnotreecttheexpensesassociatedwiththemanagementofanactualporfolio.Pastperformanceisnotaguaranteeoffutureresults.

Interna9onalStockReturns
AsofSeptember30,2010
AssetClass Marketwide DevelopedLargeCap DevelopedSmallCap DevelopedValue DevelopedGrowth EmergingMarketsLargeCap EmergingMarketsSmallCap EmergingMarketsValue EmergingMarketsGrowth Index MSCIAllCountryWorldexUSA MSCIWorldexUSA MSCIWorldexUSASmallCap MSCIWorldexUSAValue MSCIWorldexUSAGrowth MSCIEmergingMarkets MSCIEmergingMarketsSmall MSCIEmergingMarketsValue MSCIEmergingMarketsGrowth Q32010 16.58 16.14 17.75 15.83 16.44 18.23 20.48 16.76 19.31

Returns(%)
OneYear 7.56 4.14 10.86 0.23 8.69 20.05 32.32 19.11 21.34 ThreeYears Annualized 7.42 8.96 6.31 9.97 8.02 1.59 1.26 0.75 3.74

IMPACTOFCURRENCYFLUCTUATIONSONRETURNSFORINVESTORSINUSDOLLARS
OneYearReturnsinUSDollarsandLocalCurrency ThreeYearAnnualizedReturnsinUSDollarsandLocalCurrency

MSCIdatacopyrightMSCI2010,allrightsreserved.Interna9onaldevelopedrepresentedbyMSCIWorldexUSAindexandEmergingMarketsbyMSCIEmergingMarketsIndex.Indexesarenot availablefordirectinvestment.Indexperformancedoesnotreecttheexpensesassociatedwiththemanagementofanactualporfolio.Pastperformanceisnotaguaranteeoffutureresults.

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MSCICountryReturnsinUSDollarsandLocalCurrency
AsofSeptember30,2010 ThirdQuarter2010Returns
Return US Dollars 1.Poland 2.Chile . . . 40.UnitedStates . 44.Japan 45.Ireland 5.83% 3.55% 0.91% 13.46% 6.74% 9.91% 11.36% 11.36% 35.46% 32.55% Return Local Currency 16.79% 16.89% Impactof Currency 18.67% 15.66% 1.Chile 2.Philippines . . 26.UnitedStates . . 44.Ireland 45.Greece 25.12% 52.38% 19.83 49.02 5.29% 3.36% 9.62% 9.62%

OneYearReturnsinUSDollarsandLocalCurrency
Return US Dollars 57.13% 52.35% Return Local Currency 37.99% 41.11% Impactof Currency 19.14% 11.24%

TENYEARPERFORMANCERANKINGOFMARKETSAROUNDTHEWORLDINUSDOLLARSASOFJUNE30,2010
1.Colombia2.Peru3.Indonesia4.CzechRepublic5.Egypt6.Brazil7.Russia8.India9.Chile10.Mexico11.Thailand12.SouthAfrica 13.Morocco14.Korea15.Denmark16.Hungary17.Australia18.Malaysia19.China20.Norway21.Philippines22.Singapore23. Canada24.Austria25.Poland26.Switzerland27.Turkey28.Israel29.HongKong30.Spain31.NewZealand32.Sweden33. Germany34.UnitedKingdom35.Portugal36.Netherlands37.Belgium38.France39.USA40.Taiwan41.Japan42.Italy43.Ireland44. Greece45.Finland
MSCIdatacopyrightMSCI2010,allrightsreserved.

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RealEstateInvestmentTrusts(REIT)Stocks
AsofSeptember30,2010 Returns(%)
Index DowJonesUSSelectREITIndex S&PGlobalexUSREITIndex Q32010 13.22 21.88 OneYear 30.14 10.09 ThreeYears Annualized 6.98 13.26

NumberofREITStocks

TotalValueofREITStocks

WorldexUS $226B 56%

US $265B

NumberofREITstocksandtotalvaluebasedonthetwoindices.DowJonesUSSelectREITIndexdataprovidedbyDowJones.S&PGlobalexUSREITIndexdataprovidedbyStandardand Poors.Indexesarenotavailablefordirectinvestment.Indexperformancedoesnotreecttheexpensesassociatedwiththemanagementofanactualporfolio.Pastperformanceisnota guaranteeoffutureresults.

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BondReturns
AsofSeptember30,2010 Returns(%)
Q32010 0.04 0.04 0.25 0.83 5.64 6.71 3.40 2.48 One Year 0.09 0.13 0.91 2.83 13.37 18.44 5.81 8.89 ThreeYears Annualized 0.93 1.13 2.60 4.45 10.84 8.75 6.04 6.91 Index OneMonthUSTreasuryBills(SBBI) BankofAmericaMerrillLynchThreeMonthTBills BankofAmericaMerrillLynchOneYearUSTreasuryNote Ci9groupWorldGovernmentBond15Years(hedged) USLongTermGovernmentBonds(SBBI) BarclaysCapitalCorporateHighYield BarclaysCapitalMunicipalBonds BarclaysCapitalUSTIPSIndex USTreasuryYieldCurve

BondYieldsAcrossDierentBondIssuers

YieldCurvedatafromFederalReserve.StateandLocalBondsarefromtheBondBuyerIndex,generalobliga9on,20yearstomaturity,mixedquality.HighQualityCorporateBondsrepresent the Moodys seasoned Aaa Corporate Yield. Investment Grade Corporate Bonds represent the Moodys seasoned Baa Corporate Yield. Barclays Capital data, formerly Lehman Brothers, providedbyBarclaysBankPLC.USlongtermbonds,bills,ina9on,andxedincomefactordataStocks,Bonds,Bills,andIna9on(SBBI)Yearbook,IbbotsonAssociates,Chicago(annually updatedworkbyRogerG.IbbotsonandRexA.Sinqueeld).Ci9groupbondindexescopyright2010byCi9group.TheMerrillLynchIndicesareusedwithpermission;copyright2010Merrill Lynch, Pierce, Fenner & Smith Incorporated; all rights reserved. Indexes are not available for direct investment. Index performance does not reect the expenses associated with the managementofanactualporfolio.Pastperformanceisnotaguaranteeoffutureresults.

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TheTabletopGuidetoMutualFunds
Iseverythingyouneedtoknowaboutmutualfundinves9ngcontainedonanapkin? Probablynot.ButarecentMorningstarstudysuggeststhatkeepingthisbitoffolded wisdominyourpocketmightbemorehelpfulthanconsul9nganarmyofexpertsin thesearchforclevermoneymanagers.Morningstarexaminedvebroadcategories ofequityandxedincomefundsovermul9pleperiodsbeginningin2005,2006, 2007and2008andendinginMarch2010.Fundsweresortedintoquin9lesbased onexpensesandtheperformanceofthecheapestfundswascomparedtothatof themostexpensive.TheycomputedtotalreturnforfundssurvivingthroughMarch 2010aswellasa"successra9o"measuringthepercentageoftheini9alcohortthat wentontosurviveandoutperformtheirpeers.Unsurprisingly,cheapfunds outperformedtheirexpensivecousins.Commen9ngontheresults,Morningstar DirectorofMutualFundResearchRusselKinnelobserved:"Ineverysingle.me periodanddatapointtested,lowcostfundsbeathighcostfunds."1 AsimilarexerciseevaluatedthesamefundsusingtheMorningstarRa9ngsassignedatthebeginningofeach9meperiod.The ra9ngsshowedpredic9vepoweraswell,althoughnotaspronouncedastheexpensesra9os."Ingeneral,"Kinelstates,"5star mutualfundsbeat1starfundsonourthreemeasures,althoughtherewereexcep9ons.Alltold,thestarsguidedinvestorstobeler resultsin59outof70(84%)observa9ons.Sowhichmeasureismoreusefulforinvestorsfundexpensesorra9ngs?Morningstar declinestocrownachampion,ndingmeritinboth.Expenseswereamorereliablepredictor("theyworkedevery9me"),while starscouldbehelpful"Iniden9fyingfundsthatmightbemergedoutofexistence." Forreasonsuncleartous,thepredic9vepowerofexpensesinthisexercisewasmorepronouncedamongequityfundsthanxed incomeorbalancedvehicles.Amongbothdomes9candinterna9onalequityfunds,totalreturnsinevery9meperiodwerehigher forthecheapestfundscomparedtothe5starfunds.Morningstarconcludesthat"Investorsshouldmakeexpensera9osaprimary testinfundselec9on.Theyares9llthemostdependablepredictorofperformance.Soundsgoodtous. Waiter,Illkeepthatnapkin.
1.RusselKinnel."FundSpyHowFundExpenseRa.osandStarRa.ngsPredictSuccess"Morningstar,August9,2010. ThissketchbyCarlRichardsoriginallyappearedinTheNewYorkTimes.MoreofhissketchescanbefoundatBehaviorgap.com.

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Crestline Capital, LLC


MichaelMoore 1120CrestlineCourtLakeOswegoOR97034 Telephone:5036354457 mike@crestlinecapital.net www.crestlinecapital.net

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