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Advent Portfolio Exchange®
Sample Reports
AdventSoftware, Inc.
The software described in this document is furnished under a license agreement. The software may be used orcopied only in accordance with the terms of the agreement. No part of this document may be reproduced ortransmitted in any form or by any means, electronic or mechanical, including photocopying and recording, for anypurpose without the express written permission of Advent Software, Inc. Information in this document may berevised from time to time without notice.
U.S. Government Users: Use, duplication, or disclosure is subject to the restrictions as set forth in the Rights inTechnical Data and Computer Software clause at DFARS 252.227-7013 subparagraph (c)(1)(ii), or the CommercialComputer Software—Restricted Rights at CFR 52.227-19, subparagraphs (c)(1) and (2), as applicable. Manufactureris Advent Software, Inc., 600 Townsend Street, San Francisco, CA 94103.
Copyright © April 2009 by Advent Software, Inc. All rights reserved.
Note: All names of individuals or companies that may appear in any displays herein are fictitious. Any similarity tothe names of any persons living or dead or of any company is unintentional and strictly coincidental.
Part Number: REPAPX0409Publication Date: April 2009
Advent, the Advent logo, Advent Software, Inc., and Advent Portfolio Exchange are registered trademarks of AdventSoftware, Inc. All other products or services mentioned herein are service marks, trademarks, or registered trade-marks of their respective companies. Information subject to change without notice.
c Printed on recycled paper
Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Portfolio Reports
Portfolio Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Account Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Portfolio Summary (View 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Portfolio Appraisal Multicurrency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Unrealized Gains and Losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Management Reports
Monthly Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Fixed Income Reports
Fixed Income Distribution Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Fixed Income Portfolio Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
Performance Reports
Performance Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Performance History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
Performance by Asset Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Portfolio Performance Cross Reference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14
Manager of Managers Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15
Analytics Reports
Attribution by Selected Groupings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Contribution Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Contribution Detail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Exposure by Selected Groupings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19
Ex-Post Risk Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20
Automated Client Report Package
Quarterly Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
2
Reports demonstrate the soundness of your investmentdecisions, the professionalism of your firm, and thecommitment to your client service. With Advent Port-folio Exchange® (APX), you can create sophisticated,customized, and comprehensive reports that are essen-tial for attracting a loyal client base and for supportinginvestment management decisions.
Extensive SelectionAPX report categories include appraisals, realized/unre-alized gains and losses, cash activity, purchase and sale,management and trading, cross-reference, commission,fundamental data, billing, performance, and even SECexam preparedness. Choose from more than 100 stan-dard reports or run a report from the Extended Libraryof Reports, a set of more than 70 reports that Adventcreated as a result of client input. With so many highquality, ready-to-use reports, APX equips you with all thereporting capabilities you need.
Flexible, Automated Reporting on DemandAPX lets you automatically run, print, and collect daily,monthly, and quarterly reports. Set up macros so yoursystem generates reports overnight and has them readyfirst thing in the morning. Automatically export reportdata into Microsoft Excel, parsed and ready for youranalysis. Or, run multiple reports at once.
Outstanding, Customizable Reportingand GraphicsGive your clients and prospects sophisticated reportsthat are as polished in presentation as they are rich incontent. Run reports for any time period. Add text toreports with footnotes and disclaimers. Use graphics inreports, combine several reports or charts onto a singlepage or customize packages of reports and other docu-ments for specific clients. Create reports that accommo-date client specifications, proposal criteria, or in-houseresearch needs—in real time. The APX Help System,which is built into your software, includes detailedinstructions to help you create reports that communicateeffectively with your clients.
Custom EngineeringYou can even design customized reports with the easy-to-use Report Writer Pro. If your firm has special report-ing needs, Advent’s team of expert report writers canhelp. They are experienced at customizing reports tomeet your unique business needs. For more information,email Advent’s custom engineering team [email protected].
Stand Apart from the RestThe look of APX reports is unrivaled, sure to make yourreporting packages stand out. Instantly create high-impact graphics, including pie charts, line graphs, barcharts, and more—all at the touch of a key. Select from avariety of fonts, sizes, and styles. Give your reports a sig-nature look that matches your corporate identity.
APX Offers a Breadth of Possibilities
Tangible BenefitsBetter decisions, increased productivity, fewer errors,lower overhead, and superior client service. These bene-fits enable you to market your business with the highestlevel of professionalism and allow you to devote yourefforts to maintaining and growing your clientele. APXelevates the clarity and efficiency of your daily opera-tions and helps lay the groundwork for your business tothrive.
With APX, you gain:� Sophisticated portfolio accounting and performancemeasurement capabilities
� Accurate, timely data for your investment decisionmaking
� Superior, customizable reporting and graphics� Built-in compliance with SEC, GIPS, and other industryregulations
� Integrated multicurrency capabilities� Flexibility, ease of use, and automation� Integration of your information flow� The ability to grow your business without increasingyour overhead
A Proven TechnologyAdvent Software pioneered the first PC-based portfoliomanagement software in 1983. This developmentmarked an automation revolution in the investmentindustry’s back offices. In 1993, Advent introduced Axys,the first Windows-based portfolio management system,again setting a new industry standard. The introductionof APX in 2005 raised the bar yet again by providing anend-to-end solution for accounting and reporting, clientservice, and marketing. Today, more investment man-agement organizations rely on Advent Software portfoliomanagement solutions than on any other system to runtheir mission-critical operations.
For More InformationFor a full catalog of APX reports or for more informationon APX, call your representative.
Note: Some reports in this guide have been reduced insize to allow display of all details.
Introduction
The reports you need, when you need them, the way you want them.
3
Portfolio SummaryThis compound report displays portfolio activity,the top 10 holdings, and the actual allocationversus the target allocation.
Featured reports include:
Activity: Table showing portfolio activity
Top 10 Holdings: the Largest Holdings report
Actual Allocation and Target Allocation: Port-folio Summary report graphed for two differentdata sets
Portfolio SummaryBalanced Fund (#2)
December 31, 2008
Top 10 Holdings
Securities Market Value Pct.
ActivityFrom 9-30-08 to 12-31-08
Portfolio Value on 9-30-08 33,412,290Accrued Interest 221,930
Contributions 57,200,000
Withdrawals -31,000,000
Realized Gains 353,180
Unrealized Gains 1,670,528
Interest 1,451,925
Dividends 153,208
Change in Accrued Interest 282,317
Management Fees -253,549
Portfolio Value on 12-31-08 62,987,582Accrued Interest 504,247
Target Allocation
10.0%
45.0%
45.0%
Actual Allocation
72.0%
28.0%
Vanguard Index TR 500 1,723,045 2.71Portfolio FD 40Whole Foods Mkt Inc Com 680,054 1.07Schlumberger Ltd Com 657,300 1.04International Business Machs 594,890 0.94Coca Cola Co Com 584,470 0.92Oracle Corp Com 584,333 0.92Boeing Co Com 580,595 0.91Intel Corp Com 579,523 0.91Google Inc Cl A 578,615 0.91Kellogg Co Com 575,120 0.91
Equity 28.0Fixed Income 72.0Cash 0.0Other 0.0
Equity 45.0Fixed Income 45.0Cash 10.0Other 0.0
4
Account
Review
Account ReviewBalanced FundDecember 31, 2008
Activity Summary
Time Weighted Return
94
96
98
100
102
104
106
108
110
12/31/2008 3/31/2008 6/30/2008 9/30/2008
Time Period
Cu
mu
lati
ve T
WR
Account S&P 500 S&P and Lehman Blend
Top Industry Segments
Sectors Market Value Pct.
Target Allocation
10%
45%
45%
Equity (45.0%)Fixed Income (45.0%)Cash (10.0%)
Portfolio Value on 12-31-06 33,412,290Accrued Interest 221,930
Contributions 57,200,000Withdrawals -31,000,000Realized Gains 353,180Unrealized Gains 1,670,528Interest 1,451,925Dividends 153,208Change in Accrued Interest 282,317Management Fees -253,549
Portfolio Value on 9-30-07 62,987,582Accrued Interest 504,247
Technology 3,697,487 5.82Consumer Discretionary 3,640,516 5.73Consumer Staples 2,322,413 3.66Large Cap MF 2,255,042 3.55Health Care 1,609,280 2.53Financials 1,465,597 2.31Utilities 1,044,913 1.65Energy 657,300 1.04Industrials 580,595 0.91Materials 488,549 0.77
Actual Allocation
12%
48%
40%
Equity (40.0%)Fixed Income (48.0%)Cash (12.0%)
Account ReviewThis compound report displays pie charts showing a portfolio’starget allocation and actual allocation. It also displays an activitysummary, top 10 industry segments, and a bar chart of quarterlytime weighted returns.
Featured reports include:
Target Allocation and Actual Allocation: Portfolio Summary reportgraphed for two different data sets
Activity Summary: the Activity report
Time Weighted Return: a bar chart of performance at various pointsin time
Top Industry Segments: the Largest Holdings report displayingindustry groups for the stock portfolio
5
Portfo
lioSum
mary
(View
2)Portfolio Summary(View 2)
This compound report displays the company logo, a pie chart show-ing the portfolio’s asset classes, a table displaying the asset classesand their market values, a pie chart of the portfolio’s sectors, a barchart of the portfolio’s fixed income distribution by maturity, the top10 stocks, and performance history by asset class.
Featured Reports Include:
Asset Class Summary: the Portfolio Summary report run to graph byasset class in a pie chart
Asset Class Summary: a Report Writer report using the PortfolioSummary template that displays the asset class name, market value,and percent of assets in a table
Sector Summary: a Portfolio Summary report pie chart that dis-plays sectors
Bond Distribution by Maturity: the Fixed Income Distributionreport run to graph distribution by maturity
Top 10 Stocks: the Largest Holdings report run to display thetop 10 securities from the stock portion of the portfolio
Performance: a graph of the Performance History by AssetClass report
Portfolio Summary (View 2)Balanced FundDecember 31, 2008
Asset Class Summary
5.3%
68.2%
26.6%
Equity 16,790,686
Fixed Income 43,109,659
Cash 3,334,662
Sector Summary
9.8%8.8%
5.4%
18.9%5.8% 5.8%
10.9%
16.8%
2.3%
2.1%
3.0%
10.4%
Technology MF 2,136,856
Energy 615,796
Materials 441,016
Industrials 483,654
Consumer Discretionary 3,455,176
Consumer Staples 2,254,983
Health Care 1,198,227
Financials 1,193,267
Technology 3,896,317
Utilities 1,115,394
Corporate Bonds 1,822,200
Technology 2,014,696
Asset Class Summary
Class Market Value Assets
Performance
0
20
40
60
80
100
120
140
160
12/3
1/20
042/
28/2
005
4/30
/200
56/
30/2
005
8/31
/200
510
/31/
2005
12/3
1/20
052/
28/2
006
4/30
/200
66/
30/2
006
8/31
/200
610
/31/
2006
12/3
1/20
062/
28/2
007
4/30
/200
76/
30/2
007
8/31
/200
710
/31/
2007
12/3
1/20
07
Time Period
Cu
mu
lati
ve T
WR
Equity Fixed Income Cash Other Total
Bond Distribution by Maturity
0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000
Under 1 Yr
1 Yr - 3 Yrs
3 Yrs - 5 Yrs
5 Yrs - 7 Yrs
7 Yrs - 10 Yrs
Over 10 Yrs
Distribution by Maturity
Series 1
Top 10 Equity Holdings
Securities Market Value Pct.
Vanguard Index Tr 4 1,656,138 2.62Netflix Inc Com 730,453 1.16Google Inc Cl A 705,310 1.12Coca Cola Co Com 624,133 0.99Merck & Co Inc Com 620,615 0.98McDonalds Corp Com 617,377 0.98Schlumberger Ltd Com 615,796 0.97Oracle Corp Com 609,434 0.96Intel Corp Com 597,451 0.94Nike Inc Cl B 586,511 0.93Total 7,363,217 11.64
Equity 16,790,686 26.6Fixed Income 43,109,659 68.2Cash 3,334,662 5.3
Total Portfolio 63,235,007 100.0
Asset Pct
All values are in U.S. dollars.
6
Portfolio AppraisalMulticurrency
This report displays portfolio holdings by foreigncurrency, security type, industry sector, industrygroup, and individual security as of a specifieddate. You can opt to display unsupervised assets
on this report. In multicurrency mode, values aredisplayed in local currency and reporting cur-rency as appropriate.
Repor&ng Currency: US DollarLocal Currency Repor&ng Currency
Unit Total Market Market Pct.Quan&ty Security Cost Cost Price Value Value Assets Yield
Australian Dollar (FX = 0.6972)Cash Accounts (AUD)
201,527 Australian Dollar Cash 1.00 201,527 1.00 201,527 104,504 3.6 0.0201,527 201,527 104,504 3.6 0.0
Australian Dollar Total 201,527 201,527 104,504 3.6 0.0
Euro (FX = 0.7194)Common Stock (EUR)
2,950 Accor 1,402.22 4,136,550 35.11 103,574 143,973 3.6 11.43,000 Club Mediterranee 441.67 1,325,000 11.98 35,940 49,958 1.3 0.05,000 Na"xis 362.60 1,813,000 1.25 6,250 8,688 0.2 400.05,000 Suez 470.00 2,350,000 34.59 172,950 240,409 6.1 9.5
9,624,550 318,714 443,028 11.2 16.7
Cash Accounts (EUR)8,025,087 Euro Cash 1.00 8,025,087 1.00 8,025,087 11,155,251 282.0 0.0
8,025,087 8,025,087 11,155,251 282.0 0.0
Euro Total 17,649,637 8,343,802 11,598,279 293.2 0.6
Pound Sterling (FX = 1.4378)Common Stock (GBP)
10,000 Barclays 7.31 73,100 1.53 15,340 22,055 0.6 43.473,100 15,340 22,055 0.6 43.4
Cash Accounts (GBP)46,900 Bri"sh Pound Sterling 1.00 46,900 1.00 46,900 67,431 1.7 0.0
46,900 46,900 67,431 1.7 0.0
Pound Sterling Total 120,000 62,240 89,486 2.3 10.7
US Dollar (FX = 1.0000)Common Stock
30,000 Advent So�ware Inc Com 6.35 190,650 19.97 599,100 599,100 15.1 0.0211,600 Cantex Mine Development 1.73 366,078 0.09 20,102 20,102 0.5 0.0
Corp Com5,000 Coca Cola Co Com 48.00 240,000 45.27 226,350 226,350 5.7 3.4
20,000 Intel Corp Com 15.00 300,000 14.66 293,200 293,200 7.4 3.811,000 Johnson & Johnson Com 25.41 279,500 59.83 658,130 658,130 16.6 3.16,000 Nike Inc Cl B 29.00 174,000 51.00 306,000 306,000 7.7 1.8
1,550,228 2,102,882 2,102,882 53.2 2.1
Cash AccountsCash Account -9,976,573 -9,976,573 -9,976,573 -252.2 -2.9Dividend Accrual (usd) 1,500 1,500 1,500 0.0 0.0
-9,975,073 -9,975,073 -9,975,073 -252.1 -2.9
US Dollar Total -8,424,845 -7,872,191 -7,872,191 -199.0 -4.2
TOTAL PORTFOLIO 3,956,078 100.0
Por!olio AppraisalGlobal Fund
December 31, 2008
7
Unrealized Gainsand Losses
This report details the cost basis, market value,and unrealized gain or loss for a portfolio’s cur-rent positions as of a specified date. You can optto display unsupervised assets on this report.
Unit Total Market Unrealized %Date Quan"ty Security Cost Cost Price Value Gain/Loss G/L
Government Notes and Bonds11-15-97 350,000 United States Treas Bds 133.41 466,922 145.87 510,535 43,613 9.3
9.250% Due 02-15-1604-25-98 370,000 United States Treas Bds 124.91 462,153 147.80 546,849 84,695 18.3
8.125% Due 08-15-1902-14-97 400,000 U S Treasury Bonds 115.66 462,625 151.62 606,500 143,875 31.1
8.000% Due 11-15-21
1,391,700 1,663,884 272,184 19.6
Mutual Funds (USD)06-30-06 785.172 Fidelity Advisor Ser II 29.00 22,770 5.66 4,444 -18,326 -80.5
Hi Incm Adv B09-22-06 17.520 Vanguard Index FDS 100.00 1,752 83.09 1,456 -296 -16.9
500 Por'olio
24,522 5,900 -18,622 -75.9
Common Stock11-17-97 47,200 Angelica Corp Com 19.90 939,516 0.03 1,416 -938,100 -99.804-26-98 10,600 Bank of New York 59.03 625,742 28.33 300,298 -325,444 -52.0
Mellon Corp Com11-17-97 17,300 Barnes & Noble Inc Com 27.09 468,700 15.00 259,500 -209,200 -44.604-26-98 20,600 Baxter Intl Inc Com 27.26 561,659 53.59 1,103,954 542,295 96.611-17-97 12,400 Black & Decker Corp Com 37.84 469,247 41.81 518,444 49,197 10.511-17-97 24,794 Chevron Corp New Com 37.93 940,320 73.97 1,834,012 893,692 95.004-26-98 21,100 Conagra Foods Inc Com 29.09 613,852 16.50 348,150 -265,702 -43.304-26-98 13,200 Consolidated Edison 45.00 594,058 38.93 513,876 -80,182 -13.5
Inc Com11-17-97 36,943 Dow Chem Co Com 30.14 1,113,644 15.09 557,470 -556,175 -49.904-26-98 2,669 Hewle) Packard Co Com 229.98 613,817 36.29 96,858 -516,959 -84.204-26-98 4,220 Interna(onal Business 72.73 306,926 84.16 355,155 48,229 15.7
Machs Com04-26-98 32,100 Motorola Inc Com 17.18 551,555 4.43 142,203 -409,352 -74.204-26-98 19,100 PG&E Corp Com 32.09 612,967 38.71 739,361 126,394 20.611-17-97 18,500 Raytheon Co Com New 50.72 938,274 51.04 944,240 5,966 0.605-30-03 17,768 State Str Corp Com 40.13 713,030 39.33 698,815 -14,214 -2.0
10,063,308 8,413,753 -1,649,555 -16.4
Cash AccountsCash Account 15,301,836 15,301,836Dividend Accrual (usd) 39,416 39,416
15,341,252 15,341,252
TOTAL PORTFOLIO 26,820,782 25,424,788 -1,395,994 -5.2
Unrealized Gains and LossesBalanced Fund
Bank One 990123462December 31, 2008
8
Monthly ManagementSummary
This compound report displays the marketvalues of all accounts using a balanced strategyas of a specified date. The report shows a break-down by portfolio. This report can be chartedusing the integrated APX link with MicrosoftExcel.
Featured reports include:
Total Assets: a Report Writer report using thePortfolio Register template that displays theinception date and market value
Performance: a bar chart showing year-to-datereturn by portfolio
Assets under Management: a pie chart show-ing assets under management
Monthly Management Summary
Account Performance
Circle
Enter
tainm
ent
Pamela
Hargr
ove
Neal H
urwitz
John
McD
erm
ott
Scott
Mike
l
Victor
Mor
itz
Patric
iaNola
n
Jack
Pixie
KenRoll
ins
Pennin
gton
Balanc
edFun
d
S&P50
0Adj
for Divi
dend
s
S&P50
0 75/Le
hman
Agg. 2
5
Portfolio
Yea
rto
Dat
eR
etu
rn
Assets Under Management
42.9%
6.8% 6.7% 4.5%2.3%
6.8%
10.5%
2.9%
6.2%10.3%
Circle Entertainment 15,288,569
Pamela Hargrove 9,132,391
Neal Hurwitz 4,273,101
John McDermott 15,480,739
Scott Mikel 10,119,364
Victor Moritz 3,426,645
Patricia Nolan 6,618,731
Jack Pixie 9,955,544
Ken Rollins 10,099,736
Pennington Balanced Fund 59,648,091
Total Assets
144,042,911
Circle Entertainment 01-08-98 15,288,569Pamela Hargrove 02-11-98 9,132,391Neal Hurwitz 02-21-98 4,273,101John McDermott 03-09-98 15,480,739Scott Mikel 04-11-98 10,119,364Victor Moritz 05-13-98 3,426,645Patricia Nolan 07-20-98 6,618,731Jack Pixie 08-17-98 9,955,544Ken Rollins 09-26-98 10,099,736Pennington Balanced Fund 11-01-98 59,648,091
Monthly Management SummaryBalanced Strategy
December 31, 2008
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
NameDate
OpenedCurrent
Market Value
9
Fixed IncomeDistribution Summary
This compound report displays the fixed incomedistribution by maturity and by coupon.
Featured reports include:
Distribution by Maturity and Coupon: theFixed Income Distribution report run to displaydistribution by maturity and coupon
Distribution by Maturity: a bar chart of theFixed Income Distribution report showingmaturity
Distribution by Coupon: a bar chart of theFixed Income Distribution report graphingcoupon
Distribution by Maturity
Under 1 Yr
1 Yr - 3 Yrs
3 Yrs - 5 Yrs
5 Yrs - 7 Yrs
7 Yrs - 10 Yrs
Over 10 Yrs
Distribution by Maturity
Series1
Distribution by Coupon
Under 1%
1% - 3%
3% - 5%
5% - 7%
7% - 10%
Distribution by Coupon
Distribution by Maturity and Coupon
Distribution by Maturity
% Bond Average Average AverageMaturity Number Mkt Value Holdings Y T M Coupon Duration
Under 1 Yr 7 15,106,189 33.1 4.2 4.676% 0.31 Yr - 3 Yrs 2 4,829,097 10.6 5.0 3.445% 1.73 Yrs - 5 Yrs 1 1,503,180 3.3 5.1 5.000% 3.35 Yrs - 7 Yrs 4 13,303,523 29.1 4.8 5.167% 3.97 Yrs - 10 Yrs 1 2,060,537 4.5 2.3 2.000% 7.6Over 10 Yrs 4 8,902,477 19.5 5.2 5.989% 8.1
Distribution by Coupon
% Bond Average Average AverageCoupon % Number Mkt Value Holdings Y T M Coupon Duration
Under 1% 2 2,693,761 5.9 4.5 0.000% 3.41% - 3% 1 2,060,537 4.5 2.3 2.000% 7.63% - 5% 6 9,941,239 21.8 4.4 3.902% 1.15% - 7% 9 28,909,091 63.3 4.8 5.571% 3.67% - 10% 1 2,100,375 4.6 4.8 8.125% 8.1
Fixed Income Distribution SummaryBalanced FundDecember 31, 2008
Series1
2,00
0,00
0
4,00
0,00
0
6,00
0,00
0
8,00
0,00
0
10,0
00,0
00
12,0
00,0
00
14,0
00,0
00
16,0
00,0
000 0
5,00
0,00
0
10,0
00,0
00
15,0
00,0
00
20,0
00,0
00
25,0
00,0
00
30,0
00,0
00
10
Fixed IncomePortfolio Distribution
This compound report displays the fixed incomedistribution summary information, a graph ofdistribution by S&P rating, and a graph of distri-bution by maturity.
Featured reports include:
Summary Information: the Fixed Income Distri-bution report run to display the summary only
Distribution by S&P Rating: a bar chart of theFixed Income Distribution report graphing S&Prating
Distribution by Maturity: a bar chart of theFixed Income Distribution report graphingmaturity
Distribution By Maturity
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
Under 1 Yr 1 Yr–3 Yrs 3 Yrs–5 Yrs 5 Yrs–7 Yrs 7 Yrs–10 Yrs Over 10 Yrs
Distribution By S&P Rating
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
AAA AA+ AA AA- A+ A-1+ Not Rated
Summary Information
Summary Information
Fixed Income Portfolio DistributionBalanced FundDecember 31, 2008
Par Value 43,062,705Market Value 45,705,003Total Cost 44,447,707Net Gain/Loss 1,257,295Annual Income 2,133,727Accrued Interest 504,247Number of Issues 19
Average YTM 4.62Average Maturity (yrs) 7.30Average Coupon 4.83Average Duration 3.45
Totals Weighted Averages
11
PerformanceSummary
This compound report displays a performancesummary table for quarter to date, year to date,latest five year, inception to date, and caninclude other customized time periods.
Featured reports include:
Performance Summary: a summary ofperformance
Growth of a Dollar: from a single starting point
Performance History Summary: the perform-ance of each asset class or benchmark over therelated period of time
Performance
Quarter To Date Year To Date Latest 5 Year
Dates
PERFORMANCE HISTORY SUMMARY
Balanced Fund Equity Fixed Income S&P 500 Barcap Dynamic Global Barcap Blend
Performance Summary
Quarter Year Latest InceptionTo Date To Date 5 Year To Date
Growth of a Dollar
From 12-31-07 to 12-31-08
10000
20000
30000
40000
50000
60000
Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Dec-08
Time Period
Mar
ket
Val
ue
(in
Th
ou
san
ds)
Account Beginning Market Value +/- Flows
Performance SummaryBalanced FundDecember 31, 2008
Balanced Fund 4.05 6.15 46.62 21.01Equity 7.92 9.63 68.42 35.23Fixed Income 2.97 6.10 13.48 61.61S&P 500 2.02 9.09 74.21Barcap Dynamic Global 2.56 0.63 28.61 Barcap Blend 2.02 7.44 65.12
0
10
20
30
40
50
60
70
80
TW
R
12
Performance HistoryThis compound report displays the performancehistory for the portfolio in a table and a barchart, and displays a graph of performance his-tory by asset class.
Featured reports include:
Performance History: the Performance Historyreport
Performance Summary: a bar chart of the Per-formance Summary report
Performance by Asset Class: a graph of per-formance history by asset class
Performance Summary
0
2
4
6
8
10
12
14
16
18
TW
R
Month To Date Quarter To Date Year To Date Latest 1 Year Latest 5 Year Since 12-31-98
Dates
PERFORMANCE HISTORY SUMMARY
Account Equity S&P 500 Fixed Income Barcap Dynamic Global Barcap Blend
Performance History
Month Quarter Year Latest Latest Since To Date To Date To Date 1 Year 5 Year 12-31-98
Performance By Asset Class
0
20
40
60
80
100
120
140
160
180
12/3
1/19
95
12/3
1/20
06
1/31
/200
7
2/28
/200
7
3/31
/200
7
4/30
/200
7
5/31
/200
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6/30
/200
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7/31
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Time Period
Cu
mu
lati
veT
WR
Equity Fixed Income Cash Other Total
Performance HistoryBalanced FundDecember 31, 2008
Account 1.49 4.04 6.13 9.07 7.95 6.13 Equity 3.96 7.79 9.18 16.36 17.53 9.18S&P 500 3.72 2.02 9.09 16.35 15.43 9.09
Fixed Income 0.63 2.85 5.66 5.84 2.47 5.66 Barcap Dynamic Global 1.35 2.56 0.63 2.02 5.16 0.63 Barcap Blend 3.02 2.02 7.44 13.17 10.54 7.44
13
Performance byAsset Class
This report shows performance by asset class forequities, fixed income securities, and cash andequivalents over a specified period. It calculatesa dollar-weighted internal rate of return (IRR) forthe period using the Average Capital Basemethod or the Discounted Cash Flow method.
Performance can be calculated net or gross offees and can be annualized. Fees can beaccrued and allocated across asset classes. Thisreport can be charted using the integrated APXlink with Microsoft Excel.
Performance by Asset ClassGross of FeesBalanced Fund
From 12-31-07 to 12-31-08
Equity Fixed Income Other Cash Total Por�olio
Market Value on 12-31-07 16,790,686 42,493,864 0 3,334,662 62,619,212597,51600597,5160tseretnIdeurccA
Purchases/Contribu ons 2,324,734 0 0 22,041,371 305,000
301,962-638,395,2-0102,264,61-071,472,5-slawardhtiW/selaS
00000nIsrefsnarT
00000tuOsrefsnarT
315,881-00970,3-434,581-sniaGdezilaeR
449,460,7-00181,350,2-467,110,5-sniaGdezilaernU
261,118,1677,1920783,915,10emocnItseretnI
698,172000698,172emocnIdnediviD
144,06-00144,06-0tseretnIdeurccAniegnahC
Market Value on 12-31-08 8,915,948 25,494,790 0 23,073,972 57,484,710453,55500453,5550tseretnIdeurccA
361,862,36351,977,410605,479,23405,415,51esaBlatipaCegarevA
148,032,5-677,1920413,795-203,529,4-seeFerofebniaGlatoT
%72.8-%79.1%00.0%18.1-%57.13-sraeY00.1rofRRI
%72.8-%79.1%00.0%18.1-%57.13-RRIdezilaunnA
14
Portfolio PerformanceCross Reference
Por�olio Performance Cross ReferenceNet of Fees
From Incep�on to 12-31-08
Time Weighted Returns
Month Quarter Year Last 12 Incep�onTo Date To Date To Date Months To Date
Por olio-90.0ztiwomorbAlirpA 15.46 -30.10 -30.10 22.55
42.3236.62-36.62-75.31-21.1-srebmahCecnerwaL05.8327.61-27.61-13.63-03.0xoFevetS
.01-55.1esaCnavE 66 -30.39 -30.39 216.58Mar n and Carolyn Case -2.67 -18.90 -37.40 -37.40 33.88
72.60193.14-93.14-56.02-41.3-esaCnitraM67.0366.91-66.91-39.9-92.5rehsielFteragraM95.0372.91-72.91-66.9-23.5sdloFcirE70.5198.298.288.149.1ldieHnhoJ
.81-09.2-Kelly Cooper 78 -40.05 -40.05 4.8718.082.73-82.73-94.71-34.2-ARIldieHnhoJ
General Avia on Pension 0.69 -15.45 -27.73 -27.73 -11.9237.2302.91-02.91-98.8-81.5tnomaLyduJ
Jane Allen Trust FBO Carl Allen -0.60 -2.95 -10.58 -10.58 17.58Jon Allen Trust FBO Carl Allen -0.60 -2.97 -10.66 -10.66 21.63Jane Abraham Living Trust FBO CarlAbraham
-1.13 -11.15 -20.94 -20.94 -25.92
Michael Fox Growth Por�olio 2.36 -13.77 -31.90 -31.90 116.77
IndexS&P 500 Adj for Dividends 1.06 -21.96 -37.03 -37.03S&P 500 75/Barclays Agg. 25 2.95 -15.14 -30.01 -30.01
15
Manag
erofManag
ersReport
YAnnualized
Russell 3000 6 30% 13 52% 16 98% 16 32% 25 31% 22 15%
Manager of ManagersPerformance Summary
As of June 30, 2008
Asset Class Market Value% of
AssetsQTD
ReturnTD
Return 1 Year 3 Year 5 Year 10 YearSince
Inception Inception DateEquity
DomesticLarge Cap
SF Bay Large Cap Growth $3,356,683 9.7% 3.50% 4.50% 5.00% 7.00% 4/3/2007S&P 500 Total Return 4.21% 12.68% 5.70% 9.00%
Beverly Hills Select $6,112,604 17.7% 8.65% 14.74% 16.00% 18.23% 2/15/2006S&P 500 Citigroup Value 2.03% 9.13% 13.05% 16.52%
Mid CapADC Asset Management $1,825,945 5.3% -5.51% 3.75% 5.59% 9/30/2007
Russell 2000 Midcap 0.02% 9.35% 9.54%
Small CapT. Rowe Price Small-Cap Value $1,154,554 3.3% 2.54% 16.78% 20.52% 12.56% 18.56% 23.52% 1/15/2003
Lipper Small-Cap Core Funds -2.50% 5.95% 12.52% 15.85% 23.52% 21.45%
Domestic Equity Sub-Total $12,449,786 36.1% 6.53% 15.89% 18.23% 12.56% 18.56% 19.85% 1/15/2003Russell 3000 6.30% 13 52%. 16 98% 16 32%. . 25 31% 22 15%. .
InternationalJulius Baer Int'l Fund $3,910,248 11.3% 3.46% 23.44% 26.36% 8/31/2007
MSCI EAFE Total Return 12.64% 36.31% 24.53%
Total Equity Managers $28,809,820 83.5% 4.00% 6.00% 18.75% 12.56% 18.56% 22.04% 1/15/2003
Fixed IncomeGeneral Intermediate
IShares TR Barclays US Agg B $1,734,892 5.0% -0.11% 2.12% 3.90% 6.25% 4/30/2006Barclays Aggregate Bond Index 1.00% 4.05% 5.76% 8.50%
Inflation IndexedIShares US Tips Bond Fund $2,348,910 6.8% 1.24% 2.57% 4.59% 3.67% 3.49% 7/31/2005
US Consumer Price Index 0.89% 1.98% 3.87% 3.45% 3.02%
Total Fixed Income $4,083,802 11.8% 1.05% 2.50% 4.37% 3.67 6.01% 4/30/2006
Alternative InvestmentsHedge Funds
Bayview Investment Partners $1,626,519 48.46% -0.61% 3.20% 5.70% 6.25% 9/30/2006S&P 500 Total Return 2.03% 9.13% 7.50% 8.50%
Total Alternative Investments $1,626,519 4.7% -0.61% 3.20% 5.70% 6.25% 9/30/2006
Total $34,520,141 100.0% 3.65% 5.76% 16.45% 12.20% 18.56% 21.89% 1/15/2003Composite Benchmark 3.50% 6.45% 18.23% 15.17% 17.65% 19.56%
Manager of ManagersReport
This powerful report consolidates the performance of multiple fundmanagers. Funds are broken out by asset class, including bothdomestic and international equity, fixed income, and alternative
investments. The performance of each fund is thenreviewed against a benchmark for a specific time period.
16
Attrib
utionby
SelectedGroupings
Attribution by Selected GroupingsEquity Fund vs. Equity Benchmark
12-31-06 – 12-31-07
Portfolio Benchmark Difference Attribution EffectsIndustry Sector Avg Wgt Return Contrib Avg Wgt Return Contrib Avg Wgt Return Contrib Alloc Select Total
+ Energy 4.58 39.06 1.79 9.85 25.35 2.50 -5.27 13.71 -0.71 -0.41 0.63 0.21
+ Materials 5.13 12.36 0.63 2.99 21.75 0.65 2.13 -9.39 -0.02 0.09 -0.48 -0.39
+ Industrials 25.44 14.30 3.64 11.21 14.01 1.57 14.23 0.29 2.07 -0.50 0.07 -0.43
+ Consumer Discretionary 9.23 33.00 3.05 10.56 19.67 2.08 -1.33 13.33 0.97 -0.03 1.23 1.20
+ Consumer Staples 15.93 14.73 2.35 9.48 14.88 1.41 6.45 -0.15 0.94 -0.17 -0.02 -0.19
+ Health Care 8.85 22.16 1.96 12.64 8.81 1.11 -3.79 13.34 0.85 0.33 1.18 1.51
+ Financials 14.92 16.53 2.47 21.61 20.09 4.34 -6.68 -3.56 -1.87 -0.17 -0.53 -0.70
– Information Technology 11.49 19.97 2.29 14.95 12.15 1.82 -3.46 7.81 0.48 0.19 0.90 1.08
Hewlett Packard Co Com 2.42 45.21 1.09 0.81 45.21 0.37 1.60 0.00 0.72 0.44 0.00 0.44
IBM 5.83 19.77 1.15 1.09 19.77 0.22 4.74 0.00 0.94 0.11 0.00 0.11
Intel Corp Com 1.41 -17.18 -0.24 0.99 -17.18 -0.17 0.41 0.00 -0.07 -0.14 0.00 -0.14
Microsoft 1.84 15.83 0.29 1.96 15.83 0.31 -0.12 0.00 -0.02 0.00 0.00 0.00
+ Telecom Services 4.44 43.18 1.92 3.32 39.58 1.32 1.11 3.59 0.60 0.25 0.16 0.41
+ Utilities 0.00 0.00 0.00 3.39 21.29 0.72 -3.39 -21.29 -0.72 -0.13 0.00 -0.13
Total 100.00 20.09 20.09 100.00 17.51 17.51 0.00 2.57 2.57 -0.56 3.13 2.57
Energy
Materials
Industrials
Consumer Discretionary
Consumer Staples
Health Care
Financials
Information Technology
Telecom Services
Utilities
-1 0 1 2 -1 0 1 2 -1 0 1 2
Allocation Effect Selection Effect Total Effect
Attribution bySelected Groupings
This report shows the attribution effects for each of your reportingsegments. You can expand each segment all the way down to thelowest level for which data is available (in many cases, security level).
17
Contrib
utionSum
mary
Contribution SummaryEquity Fund vs. Equity Benchmark
12-31-06 – 12-31-07
Performance SummaryPortfolio Return 20.09Benchmark Return 17.51Active Return 2.57
Largest WeightsSecurity Avg Wgt Return ContribIBM 5.83 19.77 1.15Boeing Co Com 5.60 28.38 1.593M Co Com 5.41 2.98 0.16Altria Group Inc Com 5.40 19.87 1.07Caterpillar Inc Del Com 4.83 7.86 0.38Total 27.07 4.36 4.36
Industry Sector
Security
Top Performers Avg Wgt Return ContribTelecom Services 4.44 43.18 1.92Energy 4.58 39.06 1.79Consumer Discretionary 9.23 33.00 3.05Health Care 8.85 22.16 1.96Information Technology 11.49 19.97 2.29Total 38.58 11.00 11.00
Bottom Performers Avg Wgt Return ContribMaterials 5.13 12.36 0.63Industrials 25.44 14.30 3.64Consumer Staples 15.93 14.73 2.35Financials 14.92 16.53 2.47Information Technology 11.49 19.97 2.29Total 72.91 11.38 11.38
Bottom Contributors Avg Wgt Return ContribMaterials 5.13 12.36 0.63Energy 4.58 39.06 1.79Telecom Services 4.44 43.18 1.92Health Care 8.85 22.16 1.96Information Technology 11.49 19.97 2.29Total 34.48 8.59 8.59
Bottom Performers Avg Wgt Return ContribIntel Corp Com 1.41 -17.18 -0.24Wal Mart 3.28 0.13 0.00Home Depot Inc Com 2.69 1.01 0.033M Co Com 5.41 2.98 0.16Alcoa Inc Com 2.13 3.49 0.07Total 14.91 0.03 0.03
Bottom Contributors Avg Wgt Return ContribIntel Corp Com 1.41 -17.18 -0.24Wal Mart 3.28 0.13 0.00Home Depot Inc Com 2.69 1.01 0.03Alcoa Inc Com 2.13 3.49 0.073M Co Com 5.41 2.98 0.16Total 14.91 0.03 0.03
Top Contributors Avg Wgt Return ContribIndustrials 25.44 14.30 3.64Consumer Discretionary 9.23 33.00 3.05Financials 14.92 16.53 2.47Consumer Staples 15.93 14.73 2.35Information Technology 11.49 19.97 2.29Total 77.02 13.79 13.79
Top Performers Avg Wgt Return ContribGeneral Mtrs Corp Com 1.89 63.96 1.21AT&T Inc Com 2.05 53.16 1.09Hewlett Packard Co Com 2.42 45.21 1.09Disney Walt Co Com Disney 2.07 44.26 0.92Merck & Co Inc Com 2.68 42.66 1.14Total 11.10 5.45 5.45
Top Contributors Avg Wgt Return ContribExxon Mobil 4.58 39.06 1.79Boeing Co Com 5.60 28.38 1.59General Mtrs Corp Com 1.89 63.96 1.21IBM 5.83 19.77 1.15Merck & Co Inc Com 2.68 42.66 1.14Total 20.58 6.88 6.88
ContributionSummary
This report shows how each segment contributed to your portfolio’soverall performance and optionally compares it to a benchmark.Because you can run this report without a benchmark, you can use itto focus on your portfolio’s absolute performance. For example, you
can show a portfolio’s top and bottom five performers andcontributors within each of your reporting segments, such asindustry sector and security.
18
Contrib
utionDetail
Contribution DetailEquity Fund vs. Equity Benchmark
12-31-06 – 12-31-07
Portfolio Benchmark DifferenceSecurity Avg Wgt Return Contrib Avg Wgt Return Contrib Avg Wgt Return ContribExxon Mobil 4.58 39.06 1.79 3.34 39.06 1.30 1.24 0.00 0.48
Boeing Co Com 5.60 28.38 1.59 0.54 28.38 0.15 5.06 0.00 1.44
General Mtrs Corp Com 1.89 63.96 1.21 0.13 63.96 0.08 1.77 0.00 1.13
IBM 5.83 19.77 1.15 1.09 19.77 0.22 4.74 0.00 0.94
Merck & Co Inc Com 2.68 42.66 1.14 0.70 42.66 0.30 1.97 0.00 0.84
Hewlett Packard Co Com 2.42 45.21 1.09 0.81 45.21 0.37 1.60 0.00 0.72
AT&T Inc Com 2.05 53.16 1.09 0.96 53.16 0.51 1.09 0.00 0.58
Altria Group Inc Com 5.40 19.87 1.07 1.36 19.87 0.27 4.04 0.00 0.80
Disney Walt Co Com Disney 2.07 44.26 0.92 0.52 44.26 0.23 1.55 0.00 0.69
McDonalds Corp 2.58 34.63 0.89 0.39 34.63 0.13 2.19 0.00 0.76
Verizon Communications Com 2.39 34.61 0.83 0.84 34.61 0.29 1.55 0.00 0.54
JP Morgan Chase & Co Com 3.08 25.60 0.79 1.29 25.60 0.33 1.79 0.00 0.46
American Express Co Com 3.82 19.09 0.73 0.57 19.09 0.11 3.25 0.00 0.62
Coca Cola Co Com 3.08 23.10 0.71 0.76 23.10 0.18 2.32 0.00 0.54
Honeywell Intl Inc Com 2.86 24.14 0.69 0.29 24.14 0.07 2.58 0.00 0.62
Citigroup 3.44 19.55 0.67 2.06 19.55 0.40 1.37 0.00 0.27
United Technologies Corp Com 4.32 13.65 0.59 0.53 13.65 0.07 3.79 0.00 0.52
Du Pont 3.00 18.64 0.56 0.33 18.64 0.06 2.67 0.00 0.50
Procter & Gamble Co Com 4.18 13.36 0.56 1.64 13.36 0.22 2.54 0.00 0.34
Johnson & Johnson Com 4.37 12.44 0.54 1.55 12.44 0.19 2.81 0.00 0.35
Caterpillar Inc Del Com 4.83 7.86 0.38 0.39 7.86 0.03 4.44 0.00 0.35
Microsoft 1.84 15.83 0.29 1.96 15.83 0.31 -0.12 0.00 -0.02
American Intl Group 4.59 6.05 0.28 1.43 6.05 0.09 3.16 0.00 0.19
Pfizer 1.80 15.22 0.27 1.59 15.22 0.24 0.21 0.00 0.03
General Electric 2.41 9.35 0.23 3.03 9.35 0.28 -0.61 0.00 -0.06
3M Co Com 5.41 2.98 0.16 0.49 2.98 0.01 4.92 0.00 0.15
Alcoa Inc Com 2.13 3.49 0.07 0.22 3.49 0.01 1.90 0.00 0.07
Home Depot Inc Com 2.69 1.01 0.03 0.68 1.01 0.01 2.02 0.00 0.02
Wal Mart 3.28 0.13 0.00 0.98 0.13 0.00 2.30 0.00 0.00
Contribution DetailThis report shows information broken out to the most detailed levelin a “flattened” view as opposed to a nested view. For example, if
you group the report primarily by industry sector, then by asset class,and then by security, this report shows just the security level.
19
Exposure
bySelected
Groupings
Exposure by Selected GroupingsEquity Fund
12-31-06 – 12-31-07
Energy
Materials
Industria
ls
Consumer
Discretionary
Consumer
Staples
Health
Care
Financials
Inform
ationTechnology
TelecomServices
Utilities
Cash
Portfolio Benchmark DifferenceIndustry Sector AvgWgt AvgWgt AvgWgt
+ Energy 13.89 13.77 0.12
+ Materials 1.83 3.52 -1.70
+ Industrials 19.44 1.73 17.71
+ Consumer Discretionary 9.06 2.14 6.92
+ Consumer Staples 7.56 8.03 -0.47
+ Health Care 0.00 14.01 -14.01
+ Financials 17.70 37.39 -19.69
+ Information Technology 7.41 0.99 6.42
+ Telecom Services 15.73 10.90 4.83
+ Utilities 0.00 0.95 -0.95
+ Cash 7.37 6.55 0.81
Total 100.00 100.00 0.00
40
20
0
-20Portfolio Avg WgtBenchmark Ave WgtDifference Avg Wgt
Exposure bySelected Groupings
This report shows the weight of each reporting segment. You canexpand each segment down to the lowest level for which data isavailable (in many cases, security level).
20
Ex Post Risk StatisticsThis report shows statistics that measure thevolatility and actual realized risk of the portfolioin the past based on past portfolio returns,benchmark returns, a minimum acceptablereturn, and risk-free rates. It helps you compare
a portfolio’s volatility to the benchmark’s volatil-ity, see how far portfolio returns dipped belowyour minimum acceptable return, and see how aportfolio’s return dipped below benchmarkreturns.
Portfolio Benchmark Difference
Absolute Risk (Volatility)
Monthly Range 9.81% 7.48% 2.34%Monthly Standard Deviation 2.50% 2.08% 0.42%Annualized Standard Deviation 8.65% 7.19% 1.46%
Downside Risk
Annual Minimum Acceptable Return 0.00% 0.00%Monthly Minimum Acceptable Return 0.00% 0.00%Monthly Downside Probability 8.33% 16.67% -8.33%Monthly Expected Downside Value -0.32% -0.54% 0.22%Monthly Downside Deviation -1.15% -1.54% 0.39%Monthly VAR of $1,000 at 95% confidence -$24 -$27 $3
Benchmark-Relative Risk
Correlation 0.84R-Squared 0.71Monthly Tracking Error 1.29%Annualized Tracking Error 4.46%
Risk-Adjusted Return
Modigliani & Modigliani (M-Squared) 16.86% 8.06% 8.80%Sharpe Ratio 2.34 1.12 1.22Sortino Ratio 5.07 1.51 3.56Information Ratio 2.74Treynor Ratio 0.20
Regression
Beta 1.01Monthly Alpha 1.01%Annualized Alpha 12.81%CAPM Beta 1.01CAPM Monthly Alpha 1.01%CAPM Annualized Alpha 12.81%
Ex-Post Risk StatisticsBalanced Fund vs. Blended Benchmark
12-31-07 – 12-31-08
21
Quarterly StatementThis page illustrates the ability of APX to createcustom packages with a table of contents and acover. APX also incorporates disparate APXreports, Microsoft Word and Excel files, andAdobe PDF files.
Quarterly StatementAutomated Client Package Generation
January 22, 2009
Mr. Robert Antony Blackrock101 Market Street Floor 24 Philadelphia, PA 94014
Dear Mr. Antony:
I’m happy to share the results of another great quarter with you! Despite the market’s ups and downs, we came through with healthy numbers, and we’re well-positioned to continue this trend.
Please let me know if you have any questions about the enclosed reports. I’ll contact you shortly to arrange our quarterly meeting.
Sincerely,
Melissa Jones Wilder Portfolio Manager Advent Capital Strategies
1
Table of Contents
Packager Cover Letter ..................................................... 1
Attribution Overview ..................................................... 2
Portfolio Review ..................................................... 3
Portfolio Appraisal ..................................................... 4
Portfolio Performance ..................................................... 6 Advent SoftwarePORTFOLIO SUMMARY
Michael Fox Growth PortfolioUSEQ1
Goldman Sachs 990123660December 31, 2008
Top 10 Holdings
Cash Account 2,597,417 22.28NETFLIX INC COM 687,948 5.90NIKE INC CL B 604,860 5.19APOLLO GROUP INC CL A 521,016 4.47WAL MART STORES INC COM 520,237 4.46ARCHER DANIELS MIDLAND CO COM 498,759 4.28MCDONALDS CORP COM 497,520 4.27JOHNSON & JOHNSON COM 433,169 3.72UST INC COM 423,218 3.63ORACLE CORP COM 401,407 3.44
ActivityFrom 09-30-08 to 12-31-08
Portfolio Value on 09-30-08 11,508,137Contributions 1,695,021Withdrawals 0Realized Gains 115,727Unrealized Gains -1,710,062Interest 19,336Dividends 58,083Management Fees -29,022
Portfolio Value on 12-31-08 11,657,220
Target Allocation
Target Allocation
10.0%0.0%
0.0%
90.0%
E
Actual Allocation
Actual Allocation
22.5%
0.0%
0.0%
77.5%
Equity (90.0%) 77.5Fixed Income (0.0%) 0.0Other (0.0%) 0.0Cash (10.0%) 22.5
3
Advent SoftwarePORTFOLIO APPRAISALMichael Fox Growth Portfolio
USEQ1Goldman Sachs 990123660
December 31, 2008
Unit Total Market Pct.Quantity Security Cost Cost Price Value Assets Yield
Common Stock77 AMERICAN INTL
GROUP INC COM65.03 5,040 1.57 122 0.0 51.0
6,800 APOLLO GROUP INC CL A
52.06 354,008 76.62 521,016 4.5 0.0
100 APPLE INC COM 100.00 10,000 85.35 8,535 0.1 0.017,300 ARCHER DANIELS
MIDLAND CO COM16.13 279,049 28.83 498,759 4.3 1.6
8,300 BANK OF AMERICA CORPORATION COM
46.54 386,282 14.08 116,864 1.0 9.1
4,640 BOEING CO COM 94.43 438,142 42.67 197,989 1.7 3.78,530 COCA COLA CO COM 50.01 426,544 45.27 386,153 3.3 3.4
17,470 CORNING INC COM 9.34 163,228 9.53 166,489 1.4 2.113,070 DISNEY WALT CO
COM DISNEY35.35 462,032 22.69 296,558 2.5 1.5
24,384 DUKE ENERGY CORP NEW COM
5.87 143,145 15.01 366,004 3.1 5.9
8,120 GANNETT INC COM 54.36 441,434 8.00 64,960 0.6 20.07,310 GENERAL MTRS
CORP COM41.40 302,639 3.20 23,392 0.2 31.2
850 GOOGLE INC CL A 99.03 84,178 307.65 261,502 2.2 0.118,800 INTEL CORP COM 16.49 309,954 14.66 275,608 2.4 3.84,240 INTERNATIONAL
BUSINESS MACHS COM
113.47 481,114 84.16 356,838 3.1 1.9
11,430 INTL PAPER CO COM 36.36 415,595 11.80 134,874 1.2 8.57,240 JOHNSON &
JOHNSON COM22.45 162,556 59.83 433,169 3.7 3.1
8,620 KELLOGG CO COM 51.11 440,527 43.85 377,987 3.2 2.88,000 MCDONALDS CORP
COM47.19 377,521 62.19 497,520 4.3 3.2
8,960 MERCK & CO INC COM 17.20 154,134 30.40 272,384 2.3 5.05,340 MERRILL LYNCH & CO
INC COM21.01 112,220 0.03 187 0.0 4,000.0
23,016 NETFLIX INC COM 12.14 279,475 29.89 687,948 5.9 1.711,860 NIKE INC CL B 32.44 384,790 51.00 604,860 5.2 1.817,000 NTT DOCOMO INC 13.44 228,480 19.62 333,540 2.9 ?22,640 ORACLE CORP COM 17.80 402,991 17.73 401,407 3.4 0.0
915 PFIZER INC COM 22.13 20,249 17.71 16,205 0.1 7.25,250 SCHLUMBERGER LTD
COM77.12 404,890 42.33 222,232 1.9 2.0
17,190 SPECTRA ENERGY CORP COM
25.10 431,526 15.74 270,571 2.3 5.8
6,100 UST INC COM 60.02 366,122 69.38 423,218 3.6 3.57,822 VMWARE INC CL A
COM75.03 586,895 23.69 185,303 1.6 ?
9,280 WAL MART STORES INC COM
12.51 116,139 56.06 520,237 4.5 1.7
12,400 WHOLE FOODS MKT INC COM
42.28 524,282 9.44 117,056 1.0 8.5
9,695,180 9,039,488 77.5 2.8
Cash AccountsCash Account 2,597,417 2,597,417 22.3 2.9
4
Advent SoftwarePerformance Overview
Michael Fox Growth PortfolioUSEQ1
Goldman Sachs 990123660December 31, 2008
Performance
-40
-35
-30
-25
-20
-15
-10
-5
0
5
10
TWR
Month To Date Quarter To Date Year To Date Latest 1 Year Latest 3 Year Inception To DateDates
PERFORMANCE HISTORY SUMMARY
Account Equity S&P 500 Adj for Dividends S&P 500 75/Lehman Agg. 25
PerformanceDecember 31, 2008
MonthQuarter Year Latest 1
Latest 3
Inceptio
ToDate
ToDate
ToDate
Year Year To Date
Account 2.36 -13.77 -31.90 -31.90 -8.83 4.95Equity 3.16 -14.73 -33.13 -33.13 -7.66 1.39S&P 500 Adj for Dividends
1.06 -21.96 -37.03 -37.03 -8.40 6.66
S&P 500 75/Lehman Agg. 25
2.95 -15.14 -30.01 -30.01 -5.96 6.29
Growth of a DollarFrom 09-30-08 to 12-31-08
0
2000
4000
6000
8000
10000
12000
14000
Sep-08 Oct-08 Nov-08 Dec-08
Time Period
Mar
ketV
alue
(inTh
ousa
nds)
Account Beginning Market Value +/- Flows
6
Advent Software, Inc.600 Townsend Street, San Francisco, CA 94103800-727-0605 415-543-7696
666 Third Avenue, New York, NY 10017212-398-1188
16/F, Cheung Kong Center, 2 Queen’s RoadCentral, Hong Kong+852 2297 2280
One Bedford Avenue, WC1B 3AU London, UK+44 20 7631 9240
www.advent.com