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Columbus Circle Investors Morgan Stanley Strategy Status: Closed – Strategy closed to new accounts and closed to additional Large Cap Equity Growth assets Fiduciary Services Columbus Circle Investors Style: Large Cap Growth Firm Assets Under Management: $15.3 billion Metro Center One Station Place, 8th Floor South Firm Strategy Assets Under Management: $9.2 billion Stamford, Connecticut 06902 Year Founded: 1975 Professional Staff: 23^ PRODUCT OVERVIEW Firm Ownership: Principal Global Investors Columbus Circle Investors (CCI)/Principal Global Investors LLC’s (Principal) Large Cap Equity Growth strategy is managed using CG IAR Status: Not Applicable CCI's Positive Momentum & Positive Surprise investment philosophy. This philosophy is based on the belief that positive momentum * in a company’s progress plus positive surprise in reported results could produce rising stock prices. Simply, when a company is PORTFOLIO STATISTICS experiencing positive fundamental change in business momentum and is exceeding investor expectations, CCI believes that growth rates ---------------03/13---------------- 09/12 Russell should accelerate. CCI believes that this strategy leads to participation in strong long term trends which provide an ideal backdrop for CCI S&P 500 CCI positive momentum and results. The composition of portfolios evolves as CCI seeks holdings in areas of high growth and positive 1000 Gr surprise. CCI develops the model portfolio for the strategy, and Principal manages the accounts (including trading in client accounts and Number of stock holdings 58 576 500 60 account administration). CCI's investment process may, at times, result in portfolios that will be over/underweighted in particular Weighted average dividend yield 1.1% 1.7% 2.1% 1.0% sectors/industries versus the S&P 500 Index. Weighted average P/E ratio 1 61.90x 18.44x 15.92x 40.20x Weighted average portfolio beta 1.29 0.91 0.94 — + TARGET PORTFOLIO CHARACTERISTICS Mega capitalization 0.0% 32.5% 38.6% 0.0% + Number of stock holdings: 40 to 55 Large capitalization 0.0% 49.1% 50.4% 0.0% + Average dividend yield: Below the S&P 500 Medium capitalization 0.0% 17.8% 10.9% 0.0% Small capitalization + 0.0% 0.6% 0.0% 0.0% P/E ratio: Below the S&P 500 Micro capitalization + 0.0% 0.0% 0.0% 0.0% Cash level over market 0 to 5% cycle: RISK CONSIDERATIONS PORTFOLIO'S EQUITY SECTOR WEIGHTINGS + * Risk (standard deviation): Above the S&P 500 Investing in securities entails risks, including: -------------------------03/13------------------------- 09/12 Russell 1000 Average turnover rate: 75 to 100% Equity portfolios are subject to the basic stock Sector CCI S&P 500 CCI Use ADRs: 0 to 15% market risk that a particular security, or securities Gr Energy 5.40 4.22 10.92 4.02 in general, may decrease in value. Capitalization: Mega, Large and Medium companies Materials 6.54 3.89 3.43 4.17 Industrials 14.89 12.94 10.11 8.25 MANAGER'S INVESTMENT PROCESS MANAGER'S INVESTMENT STRATEGY Consumer Discretionary 16.37 16.86 11.63 18.44 Consumer Staples 3.93 12.91 10.96 5.72 • CCI analyzes macroeconomic, long term trends and industry £ Top-down / portfolio structures based on Health Care 13.97 12.86 12.53 11.93 dynamics seeking to identify 6-10 leading indicators for a specific economic trends company’s business X Bottom-up / portfolio structure based on Financials 6.54 4.87 15.92 7.35 Information Technology 30.01 28.94 18.02 32.44 • Consensus expectations for each company’s leading indicators are individual securities Telecomm Services 0.00 2.30 2.97 3.36 determined. CCI analysts gauge expectations through contact with company management, competitors, suppliers, Wall Street analysts, Utilities 0.00 0.21 3.51 0.00 and the trade press/internet Cash/Cash Equivalents 2.35 0.00 0.00 4.32 • Actual company results are compared with expectations. Stocks whose collective businesses are experiencing momentum/surprise % PROCESS BASED ON are considered attractive for purchase and companies selling short or PORTFOLIO'S TOP FIVE EQUITY HOLDINGS * % in line with expectations are avoided 0 Asset allocation - cash vs. stock • 20 Industry or sector weighting Apple Inc. 4.2 CCI seeks to construct a portfolio of companies with positive 80 Stock Selection Google Inc. Cl A 3.4 momentum and positive surprise. The portfolio is diversified across Pfizer Inc. 3.4 investment themes and subject to client guidelines Discover Financial Services 3.3 • CCI typically invests in companies with market capitalizations of + * Visa Inc. 3.2 greater than $3 billion PORTFOLIO'S ALLOCATION HISTORY (%) 03/13 12/12 09/12 06/12 U.S. Stocks 98 96 96 93 Cash/Cash 2 4 4 7 Equivalents ^As of 12/31/2012. Information as of 03/31/2013 is not yet available. 1The P/E used here is calculated by the harmonic mean. +Total may not equal 100% due to rounding. *As represented by Columbus Circle Investors. Past performance is no guarantee of future results. This profile is not complete without pages 3 and 4, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2013, unless otherwise noted. All data are subject to change. Page 1 of 4 Morgan Stanley Strategy Status: Closed – Strategy closed to new accounts and closed to additional Large Cap Equity Growth assets Fiduciary Services RISK/RETURN ANALYSIS – 5 YEARS ENDING 03/31/13 AVERAGE ANNUAL TOTAL RETURN (%) – PERIODS ENDING 03/31/13 STD ROR CCI (Gross) 22.41 4.58 INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 03/31/13 CCI (Net) 22.38 1.49 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annualized Std. Dev. Russell 1000 Gr 21.79 7.30 CCI (Gross) 30.63 11.26 12.58 10.82 24.22 -41.18 27.32 19.46 -3.54 16.86 9.43 17.96 S&P 500 21.63 5.81 CCI (Net) 27.00 8.04 9.33 7.61 20.72 -43.18 23.75 16.05 -6.32 13.42 6.24 17.94 90-Day T-Bills 0.22 0.25 Russell 1000 Gr 29.75 6.30 5.26 9.07 11.81 -38.44 37.21 16.71 2.64 15.25 8.62 17.14 S&P 500 28.68 10.88 4.91 15.80 5.49 -37.00 26.46 15.06 2.11 16.00 8.53 17.00 RISK VOLATILITY PORTFOLIO'S QUARTERLY RETURNS (%) PORTFOLIO'S RISK STATISTICS – PERIODS 1 2 Quarter 1 Quarter 2 Quarter 3 Quarter 4 ENDING 03/31/13 Gross Net Gross Net Gross Net Gross Net 3 Year 5 Year 2003 0.62 -0.13 15.52 14.77 3.22 2.47 8.88 8.13 Standard Deviation 19.91% 22.41% Standard Deviation of Primary 2004 2.75 2.00 0.67 -0.08 -4.45 -5.20 12.57 11.82 18.89% 21.79% Benchmark 2005 -1.25 -2.00 3.72 2.97 8.30 7.55 1.49 0.74 Sharpe Ratio 0.56 0.19 2006 4.90 4.15 -2.99 -3.74 2.30 1.55 6.45 5.70 Sharpe Ratio of Primary 2007 1.84 1.09 7.49 6.74 8.91 8.16 4.19 3.44 0.69 0.32 Benchmark 2008 -12.09 -12.84 2.10 1.35 -12.79 -13.54 -24.86 -25.61 Alpha -2.13% -2.52% 2009 -5.35 -6.10 9.54 8.79 15.86 15.11 5.99 5.24 Beta 1.04 1.01 2010 6.75 6.00 -11.88 -12.63 13.02 12.26 12.36 11.62 Downside Risk 2.40% 3.88% 2011 3.43 2.68 0.76 0.01 -14.71 -15.36 8.51 7.78 R-Squared 0.98 0.97 2012 16.99 16.16 -5.41 -6.11 6.63 5.83 -0.97 -1.73 Tracking Error 2.70% 4.07% 2013 9.05 8.27 Information Ratio -0.68 -0.67 Related Fiduciary Services *04/01/08-12/31/08 ** 01/01/13-03/31/13 Number Of Up Qtrs. Down Qtrs. 2 + 1. Statistics are calculated using gross of fee CCI (Gross) 13 7 PORTFOLIO DIVERSIFICATION - R (10 YEARS ENDING 03/13) 2 performance only. CCI (Net) 13 7 R 2. Russell 1000 Gr was used as the primary benchmark Russell 1000 Gr 13 7 CCI vs. S&P 500 0.88 and the 90-Day U.S. T-Bill Index as the risk-free CCI vs. Russell 1000 Gr 0.94 S&P 500 12 8 benchmark. +Statistics are calculated using gross of fee performance only. See page 3 for a discussion of the sources of the performance data used to calculate the performance results and related analyses on page 2. Past performance is no guarantee of future results. This profile is not complete without pages 3 and 4, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2013, unless otherwise noted. All data are subject to change. Page 2 of 4 Morgan Stanley Strategy Status: Closed – Strategy closed to new accounts and closed to additional Large Cap Equity Growth assets Fiduciary Services ADV brochure, which is available at www.morganstanley.com/ADV or on request from your Financial Advisor or IMPORTANT NOTES AND DISCLOSURES Private Wealth Advisor. Fiduciary Services is a separately managed account program sponsored by Morgan Stanley. For periods for which COMPOSITE DISCLOSURES sufficient data is available, the profile shows a composite of client accounts managed by the investment manager in the Fiduciary Services program.
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