The peer group of Domestic All-Cap Core Equity Managers was created using information collected through the PSN investment manager questionnaire and uses only gross of fee returns. In the event net of fee returns had been used, the rankings may have come out differently. The Domestic All-Cap Core Equity peer group includes domestic equity investment products for which managers responding to the PSN manager questionnaire selected “core” as the primary equity style and “All-Cap” or “no primary capitalization” as their primary capitalization range. REIT and convertible products are excluded. The peer group of Domestic All-Cap Core Equity Managers is comprised of 115 managers who reported to the PSN database and 149 investment products.

Investment products must have an R-Squared of 0.80 or greater relative to the style benchmark (S&P 500 Index) for the recent five year period. Moreover, investment products must have returns greater than the style benchmark for the three latest three-year rolling periods. After that IIS selects only the investment products which standard deviation for the five year period is equal or less than the median standard deviation for the peer group. The top ten returns for the latest three-year period then become the “4 Star Top Guns.” PSN database information is intended for use by qualified investment professionals.