TIAA-CREF - CREF Equity Index

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TIAA-CREF - CREF Equity Index

  1. 1. TIAA-CREF - CREF Equity Index CREF Variable Annuity Accounts Equity Index The CREF Equity Index Account seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the U.S., as represented by a broad stock market index. Unit value as of 06/08/2007: $102.13 Total return year-to-date as of 06/08/2007: 7.27% 3-month cumulative rate of return as of 03/31/2007: 1.16% Net invested assets as of 03/31/2007: $11.48 billion Expense charge*: 0.41% Inception date: 04/29/1994 Investment class: U.S. Equity 30-day | 90-day | 180-day 1-Year | 3-Year | 5-Year | 10-Year Performance Comparison Performance Data Average Annual Total Returns as of 06/08/2007 as of 05/31/2007 Unit Net YTD Since 1 Year 3 Year 5 Year 10 Year Value Change Return Inception Equity Index $102.13 +1.13% 7.27% 22.02% 13.42% 9.82% 7.94% 11.46% Russell 3000® Index† -- +1.13% 7.48% 22.58% 13.89% 10.28% 8.26% 11.81% The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. * We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. † The Russell 3000® Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization, and it measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index. Russell 3000 is a trademark and service mark of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. You cannot invest directly in this index. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity http://www.tiaa-cref.org/performance/retirement/profiles/1004.html (1 of 2)6/11/2007 7:08:13 AM
  2. 2. TIAA-CREF - CREF Equity Index Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed. C35463 © 2007 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 http://www.tiaa-cref.org/performance/retirement/profiles/1004.html (2 of 2)6/11/2007 7:08:13 AM
  3. 3. TIAA-CREF - CREF Global Equities CREF Variable Annuity Accounts Global Equities The CREF Global Equities Account seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks. Unit value as of 06/08/2007: $109.13 Total return year-to-date as of 06/08/2007: 7.96% 3-month cumulative rate of return as of 03/31/2007: 1.90% Net invested assets as of 03/31/2007: $16.00 billion Expense charge*: 0.52% Inception date: 05/01/1992 Investment class: World 30-day | 90-day | 180-day 1-Year | 3-Year | 5-Year | 10-Year Performance Comparison Performance Data Average Annual Total Returns as of 06/08/2007 as of 05/31/2007 Unit Net YTD Since 1 Year 3 Year 5 Year 10 Year Value Change Return Inception Global Equities $109.13 +1.01% 7.96% 24.22% 16.82% 12.17% 7.10% 10.12% Morgan Stanley Capital International World Index† -- +0.07% 7.98% 24.51% 17.82% 12.74% 7.63% 9.83% The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. The risks that the account is subject to include market risk, company risk, small-cap risk and foreign investment risks. * We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. † The Morgan Stanley Capital International (MSCI) World Index is an aggregate of 23 developed market countries. MSCI calculates indices by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indices using GDP weightings for countries. You cannot invest directly in this index. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other http://www.tiaa-cref.org/performance/retirement/profiles/1002.html (1 of 2)6/11/2007 7:11:41 AM
  4. 4. TIAA-CREF - CREF Global Equities information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed. C35463 © 2007 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 http://www.tiaa-cref.org/performance/retirement/profiles/1002.html (2 of 2)6/11/2007 7:11:41 AM
  5. 5. TIAA-CREF - CREF Growth CREF Variable Annuity Accounts Growth The CREF Growth Account seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth. Unit value as of 06/08/2007: $69.97 Total return year-to-date as of 06/08/2007: 7.98% 3-month cumulative rate of return as of 03/31/2007: 1.18% Net invested assets as of 03/31/2007: $11.87 billion Expense charge*: 0.48% Inception date: 04/29/1994 Investment class: U.S. Equity 30-day | 90-day | 180-day 1-Year | 3-Year | 5-Year | 10-Year Performance Comparison Performance Data Average Annual Total Returns as of 06/08/2007 as of 05/31/2007 Unit Net YTD Since 1 Year 3 Year 5 Year 10 Year Value Change Return Inception Growth $69.97 +1.26% 7.98% 19.50% 8.56% 6.06% 3.44% 8.31% Russell 1000® Growth Index† -- +1.16% 8.17% 20.37% 9.70% 7.50% 4.96% 9.74% The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. * We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. † The Russell 1000 Growth Index is a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000® Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 with higher price-to- book ratios and higher relative forecasted growth rates. You cannot invest directly in these indices. Russell 1000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other http://www.tiaa-cref.org/performance/retirement/profiles/1003.html (1 of 2)6/11/2007 7:12:10 AM
  6. 6. TIAA-CREF - CREF Growth information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed. C35463 © 2007 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 http://www.tiaa-cref.org/performance/retirement/profiles/1003.html (2 of 2)6/11/2007 7:12:10 AM
  7. 7. TIAA-CREF - CREF Stock CREF Variable Annuity Accounts Stock The CREF Stock Account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. Unit value as of 06/08/2007: $262.73 Total return year-to-date as of 06/08/2007: 8.51% 3-month cumulative rate of return as of 03/31/2007: 2.29% Net invested assets as of 03/31/2007: $132.93 billion Expense charge*: 0.47% Inception date: 08/01/1952 Investment class: U.S./International Equity 30-day | 90-day | 180-day 1-Year | 3-Year | 5-Year | 10-Year Performance Comparison Performance Data Average Annual Total Returns as of 06/07/2007 as of 05/31/2007 Unit Net YTD Since 1 Year 3 Year 5 Year 10 Year Value Change Return Inception Stock $259.93 -1.89% 7.35% 23.82% 15.68% 11.41% 8.15% 10.72% CREF Composite Index† -- -1.61% 7.13% 23.64% 15.93% 11.74% 8.56% -- The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. * We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results. † The account's benchmark is a composite index weighted to reflect the relative sizes of the domestic and foreign segments. Most of the benchmark's return comes from the performance of the Russell® 3000 Index, an unmanaged index of stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The remaining portion comes from the performance of the Morgan Stanley Capital International Europe, Australasia, and Far East plus Canada Index, which represents foreign stock markets. You cannot invest directly in this index. TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other http://www.tiaa-cref.org/performance/retirement/profiles/1001.html (1 of 2)6/11/2007 7:12:29 AM
  8. 8. TIAA-CREF - CREF Stock information. Please read the prospectus carefully before investing. TIAA (Teachers Insurance and Annuity Association) New York, NY issues annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed. C35463 © 2007 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017 http://www.tiaa-cref.org/performance/retirement/profiles/1001.html (2 of 2)6/11/2007 7:12:29 AM
  9. 9. Release Date: 03-31-2007 TIAA-CREF Instl International Eq Retire TRERX .................................................................................................................................................................................................................................................................................................................................................... Benchmark Overall Morningstar Rating™ Morningstar Return Morningstar Risk MSCI World ex US NDTR_D QQQQ Above Average Above Average Out of 546 Foreign Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail. Investment Strategy from investment's prospectus Performance The investment seeks favorable long-term returns. 40 Total Return% The fund uses the dual investment management 30 as of 03-31-07 strategy and invests at least 80% of assets in equity Investment 20 Benchmark securities of foreign issuers. The adviser manages the funds 10 sector and country exposure against the MSCI EAFE index in 0 order to control risk. It may invest in emerging markets to -10 varying degrees, depending on the prevalence of stock -20 specific opportunities. The fund sometimes hold a significant Average annual, if greater amount of stocks of smaller, lesser-known companies. -30 than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception 7.20 23.45 20.57 . . 24.83 Fund Return % Fees and Expenses as of 02-01-07 7.20 23.45 20.57 . . 24.83 Load-Adj. Return % Prospectus Gross Expense Ratio 0.84% 4.01 19.60 20.01 . . . Benchmark Return % Maximum Sales Charge . 3.45 17.61 18.60 . . . Category Average % ................................................................................................................................................................................................................ 12b-1 Fee . . . QQQQ . . . Morningstar Rating™ Redemption Fee . . . 546 . . . # of Funds in Category Operations and Management Quarter End Returns as of 03-31-07 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Inception Date 10-01-02 Fund Return % 7.20 23.45 20.57 . . 24.83 Portfolio Manager(s) Christopher Semenuk Standardized Return % 7.20 23.45 20.57 . . 24.83 Shigemi (Amy) Hatta Management Company Teachers Advisors, Inc. Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. Telephone 800-842-2776 The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may Web Site www.tiaa-cref.org be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Growth of $10,000 as of 03-31-07 Investment Benchmark Benchmark Description: MSCI World ex US NDTR_D 50 MSCI World ex U.S. NDTR_D Index: This measures the 40 performance of the stock market in the following countries: 30 Australia, Austria, Belgium, Canada, Denmark, Finland, 20 France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, 10K Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland and the United Kingdom. NDTR_D 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07 indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In Portfolio Analysis as of 12-31-06 addition, NDTR_D indexes subtract withholding taxes Composition as of 12-31-06 % Assets Morningstar Style Box™ as of 12-31-06 % Mkt Cap retained at the source, for foreigners who do not benefit Cash 2.4 Large Med Giant 28.41 .......................................................... from a double taxation treaty. U.S. Stocks 0.0 Large 56.55 Foreign Stocks 97.3 Medium 14.06 Bonds 0.0 Small 0.93 Small Category Description: Foreign Large Blend .......................................................... Other 0.3 Foreign large-blend funds invest in a variety of big, Micro 0.05 Value Blend Growth international stocks. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. They tend to invest the rest in Top 10 Holdings as of 12-31-06 % Assets Morningstar World Regions as of 12-31-06 Fund% S&P 500% emerging markets such as Hong Kong, Brazil, Mexico and Bayer 5.85 Americas 0.37 100.00 ........................................................................................................... Thailand. These funds typically will have less than 20% of Deutsche Post 5.57 North America 0.05 100.00 assets invested in U.S. stocks. Vinci 4.21 Latin America 0.32 0.00 Fiat 4.08 Accor 3.96 Greater Europe 73.54 0.00 ........................................................................................................... ........................................................................................................... DANONE Grp 3.82 United Kingdom 10.28 0.00 Fortum Oyj 3.68 Europe Developed 61.46 0.00 Gea Grp Ag, Bochum 3.04 Europe Emerging 1.77 0.00 Phonak Holding Ltd 2.83 Africa/Middle East 0.04 0.00 iShares MSCI EAFE Index 2.63 Greater Asia 26.09 0.00 ........................................................................................................... ........................................................................................................... Japan 18.53 0.00 Total Number of Stock Holdings 164 Total Number of Bond Holdings 0 Australasia 4.04 0.00 Annual Turnover Ratio % 164 Asia Developed 2.34 0.00 Total Fund Assets ($mil) 1,364.3 Asia Emerging 1.18 0.00 ©2007 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.
  10. 10. Release Date: 03-31-2007 TIAA-CREF Instl Large-Cap Value Retire TRLCX .................................................................................................................................................................................................................................................................................................................................................... Benchmark Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell 1000 Value QQQQ Above Average Above Average Out of 1100 Large Value funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail. Investment Strategy from investment's prospectus Performance The investment seeks a favorable long-term total return. 40 Total Return% The fund uses the dual investment management 30 as of 03-31-07 strategy and invests at least 80% of assets in equity Investment 20 Benchmark securities of large domestic companies, as defined by the 10 Russell 1000 Value index, that appear undervalued by the 0 market based on our evaluation of their potential worth. It -10 may invest up to 20% of total assets in foreign investments. -20 Average annual, if greater -30 than 1 year. Fees and Expenses as of 02-01-07 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Prospectus Gross Expense Ratio 0.75% 2.19 15.48 14.58 . . 19.21 Fund Return % Maximum Sales Charge . 2.19 15.48 14.58 . . 19.21 Load-Adj. Return % 12b-1 Fee . 1.24 16.83 14.42 . . . Benchmark Return % Redemption Fee . 1.13 13.95 11.77 . . . Category Average % ................................................................................................................................................................................................................ . . QQQQ . . . Morningstar Rating™ Operations and Management . . 1100 . . . # of Funds in Category Fund Inception Date 10-01-02 Portfolio Manager(s) Richard Cutler Quarter End Returns as of 03-31-07 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Thomas Kolefas Fund Return % 2.19 15.48 14.58 . . 19.21 Management Company Teachers Advisors, Inc. Standardized Return % 2.19 15.48 14.58 . . 19.21 Telephone 800-842-2776 Web Site www.tiaa-cref.org Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may Benchmark Description: Russell 1000 Value be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Russell 1000 Value Index: Measures the performance of Growth of $10,000 as of 03-31-07 Investment Benchmark those Russell 1000 companies with lower price-to-book 25 ratios and lower forecasted growth values. The Russell 1000 20 Index measures the performance of the 1,000 largest U.S. 15 companies based on total market capitalization, which 10K represent approximately 92% of the investable U.S. equity 5 market. 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07 Category Description: Large Value Large-value funds focus on big companies that are less Portfolio Analysis as of 12-31-06 expensive or growing more slowly than other large-cap Composition as of 12-31-06 % Assets Morningstar Style Box™ as of 12-31-06 % Mkt Cap stocks. These funds often feature investments in energy, Giant 34.57 Cash 0.0 Large Med .......................................................... financial, or manufacturing sectors. U.S. Stocks 89.7 Large 35.37 Foreign Stocks 9.8 Medium 25.99 Bonds 0.0 Small 3.85 Small .......................................................... Other 0.4 Micro 0.22 Value Blend Growth Top 10 Holdings as of 12-31-06 % Assets Morningstar Sectors as of 12-31-06 Fund% S&P 500% Altria Group, Inc. 3.52 h Information 12.69 20.00 ............................................................................................................ J.P. Morgan Chase & Co. 3.28 r Software 0.67 3.67 SunTrust Banks, Inc. 2.76 t Hardware 5.39 8.99 Chevron Corporation 2.61 American International Group 2.42 y Media 2.09 3.61 ........................................................................................................... u Telecommunication 4.54 3.73 Honeywell International, Inc. 2.41 j Service 53.59 45.54 Gap, Inc. 2.36 ............................................................................................................ Bank of America Corporation 2.30 i Healthcare Service 8.92 11.94 Bank of New York Company, Inc. 1.91 o Consumer Service 9.60 7.96 Morgan Stanley 1.82 p Business Service 2.11 4.00 ........................................................................................................... a Financial Service 32.96 21.64 Total Number of Stock Holdings 165 k Manufacturing 33.71 34.48 Total Number of Bond Holdings 0 ............................................................................................................ Annual Turnover Ratio % 115 s Consumer Goods 9.01 8.66 Total Fund Assets ($mil) 799.8 d Industrial Materials 9.58 12.11 f Energy 10.56 9.94 g Utilities 4.56 3.77 ©2007 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.
  11. 11. Release Date: 03-31-2007 TIAA-CREF Instl Mid-Cap Growth Retire TRGMX .................................................................................................................................................................................................................................................................................................................................................... Benchmark Overall Morningstar Rating™ Morningstar Return Morningstar Risk Russell Midcap Growth QQQ Average Average Out of 829 Mid-Cap Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for more detail. Investment Strategy from investment's prospectus Performance The investment seeks a favorable long-term total return. 40 Total Return% The fund uses the dual investment management 30 as of 03-31-07 strategy and invests at least 80% of assets in equity Investment 20 Benchmark securities of medium-sized domestic companies, as defined 10 by the Russell Midcap Growth index, that present the 0 opportunity for growth. It may invest up to 20% of total -10 assets in foreign investments. -20 Average annual, if greater -30 than 1 year. Fees and Expenses as of 02-01-07 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Prospectus Gross Expense Ratio 0.81% 3.13 2.03 10.68 . . 19.19 Fund Return % Maximum Sales Charge . 3.13 2.03 10.68 . . 19.19 Load-Adj. Return % 12b-1 Fee . 3.96 6.90 12.41 . . . Benchmark Return % Redemption Fee . 4.08 4.09 10.74 . . . Category Average % ................................................................................................................................................................................................................ . . QQQ . . . Morningstar Rating™ Operations and Management . . 829 . . . # of Funds in Category Fund Inception Date 10-01-02 Portfolio Manager(s) George E. Ted Scalise Quarter End Returns as of 03-31-07 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Gregory B. Lutrell Fund Return % 3.13 2.03 10.68 . . 19.19 Management Company Teachers Advisors, Inc. Standardized Return % 3.13 2.03 10.68 . . 19.19 Telephone 800-842-2776 Web Site www.tiaa-cref.org Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may Benchmark Description: Russell Midcap Growth be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. Russell Midcap Growth Index: Market-weighted total return Growth of $10,000 as of 03-31-07 Investment Benchmark index that measures the performance of companies within 25 the Russell Midcap Index having higher price-to-book ratios 20 and higher forecasted growth values. The Russell Midcap 15 Index includes firms 201 through 1000, based on market 10K capitalization, from the Russell 3000 Index. The Russell 3000 5 Index represents 98% of the of the investable US equity market. 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 03 - 07 Category Description: Mid-Cap Growth Portfolio Analysis as of 12-31-06 Some mid-cap growth funds invest in stocks of all sizes, thus Composition as of 12-31-06 % Assets Morningstar Style Box™ as of 12-31-06 % Mkt Cap leading to a mid-cap profile, but others focus on midsize Giant 0.00 Cash 0.0 Large Med .......................................................... companies. Mid-cap growth funds target firms that are U.S. Stocks 97.5 Large 29.00 projected to grow faster than other mid-cap stocks, therefore Foreign Stocks 2.5 Medium 63.98 commanding relatively higher prices. Many of these stocks Bonds 0.0 Small 5.79 Small are found in the volatile technology, health-care, and .......................................................... Other 0.0 services sectors. Micro 1.22 Value Blend Growth Top 10 Holdings as of 12-31-06 % Assets Morningstar Sectors as of 12-31-06 Fund% S&P 500% Intuitive Surgical, Inc. 2.12 h Information 27.77 20.00 ............................................................................................................ Coach, Inc. 2.07 r Software 7.61 3.67 NII Holdings, Inc. 1.94 t Hardware 12.94 8.99 Hilton Hotels Corporation 1.89 International Game Tech. 1.88 y Media 2.50 3.61 ........................................................................................................... u Telecommunication 4.72 3.73 Allergan, Inc. 1.83 j Service 44.45 45.54 Thermo Fisher Scientific, Inc. 1.70 ............................................................................................................ Paychex, Inc. 1.67 i Healthcare Service 14.59 11.94 Polo Ralph Lauren Corporation 1.67 o Consumer Service 9.69 7.96 Rockwell Collins, Inc. 1.62 p Business Service 10.18 4.00 ........................................................................................................... a Financial Service 9.99 21.64 Total Number of Stock Holdings 105 k Manufacturing 27.80 34.48 Total Number of Bond Holdings 0 ............................................................................................................ Annual Turnover Ratio % 147 s Consumer Goods 10.37 8.66 Total Fund Assets ($mil) 295.2 d Industrial Materials 9.56 12.11 f Energy 6.70 9.94 g Utilities 1.17 3.77 ©2007 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. 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 information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

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