IN THIS ISSUE

Report of the Quarter

Enhanced Issuer Reporting

We offer enhanced issuer coverage levels, available in our compliance monitoring capability that assists you in managing specific elements of risk by monitoring investment objectives and guidelines. Our post-trade compliance capability provides a consistent approach to monitoring investments on a regular basis, allowing for more efficient and effective oversight management.

Issuer coverage has been enhanced by incorporating the complex relationship between security identifiers, base issuers, affiliates and subsidiaries. We are able to provide three (3) levels of issuer coverage:

• Base Level
• Parent Level
• Ultimate Parent Level

Corporate, Equity, Government, Money Market, Mortgage, Municipal and Preferred securities are linked to base, parent and ultimate parent issuers. Compliance Monitor uses this information to monitor exposures to base, parent, and ultimate parent issuers at the total fund, asset class, and/or investment manager level.

This functionality allows you to isolate or include counterparty risk to various issuer levels. To monitor the credit worthiness of the issuing company, you now have access to the Moody’s, S&P and Fitch issuer and counterparty credit ratings. OTC (over-the-counter) derivatives, including credit default swaps, are also captured to highlight investment and counterparty risk.

Within this sample report, exposure to Wells Fargo, at the Ultimate Parent level, is reported for the Total Fund portfolio. As you can see from the security level detail, this Total Fund portfolio has exposure to Wells Fargo in the form of Wells Fargo, Wachovia, and First Union fixed income bonds and mortgages, rolled up from Base to Parent, and Ultimate Parent Issuer levels. You have the flexibility to choose the level of Issuer reporting that is required, as well as the security level components within the report.

If you have any questions about this report or any of our products and services, please contact your Investment Analytics Consultant.