Aggressive Portfolio

Conservative Portfolio

Moderate Portfolio

Growth Portfolio

Aggressive Growth Portfolio

Tactical Asset Allocation

Strategic Asset Allocation

Dynamic Advisors Program

AGGRESSIVE GROWTH PROGRAM
More concerned with maximizing long-term returns than minimizing possible short-term losses. Seeks Capital Appreciation. Willing to accept high volatility.

U.S. Large Cap Equity	54	%
U.S. Small Cap Equity	18	%
International Equity	14	%
Mid Cap Equity	14	%

Expected Return 1	9.75	%
Standard Deviation 2	14.36	%

% Equity	100	%
% Fixed Income	0	%

Note: All values in percent.

The Aggressive Growth Investor	The growth investor is more concerned about maximizing long-term returns rather than minimizing possible short-term losses.
Portfolio:	Aggressive
Appropriate Time Horizon:	Ten years or more
Portfolio Characteristics:	High volatility
	Seeks to have at least a 90% chance of achieving a non-negative return over a 3-year holding period. There is still some marginal protection against downside risk, but a lesser degree of concern with short-term loss potential is assumed.
	Seeks to have at least a 75% chance of keeping pace with expected inflation over the 3-year holding period and 90% chance over a 5-year span.*
	Seeks to achieve a return that outpaces expected inflation by approximately 11% over a 20 year holding period. The actual performance of a given asset allocation model may be greater or less than the projected return.

*The criteria is the same for all investors. It is assumed that a high probability of achieving the minimal investment goal of keeping pace with inflation is desired by all investors over this typical period of investment performance evaluation.

1. The Expected Return for a particular investment objective is a weighted average of the expected returns of each asset class. The expected return of a particular asset class is calculated by adding historical risk premiums associated with that asset class to the current risk free rate, which is the yield on a 20-year U.S. Treasury bond, as reported in the Wall Street Journal on May , 1999. Weighting of each asset class may change in response to changes in market conditions as determined by Ibbotson Associates.

2. The Expected Standard Deviation is a measure of market volatility. It is calculated by taking the past performance of the various asset classes and determining the range of possible future performances. A probability is attached to the chances of the portfolio performance deviating from the expected return. The greater the probability, the greater the risk.