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Investment Objective Long-term capital appreciation with equal consideration for income generation. Intended for investors who can tolerate some short-term volatility of in the pursuit of medium-term returns. |  | Investment Strategy The Portfolio is invested in US and international equity mutual funds, with a small amount (generally less than 2%) amount invested in US money market funds for liquidity. Funds are selected using the SBI methodology described in How We Invest. Investment Risks Equity investing involves fundamental economic and market risks. Some funds in the portfolio may invest in derivatives and thus introduce a small degree of such risk. Investing in fixed income securities such as bonds involves interest rate risk. When interest rates rise, the value of fixed income securities generally decreases. |
Hypothetical Growth of $10,000 
| Annual Return | | Portfolio
| Index*
| | YTD | -10.1%
| -9.5% | 2007
| 10.7
| 6.5
| 2006
| 7.5
| 9.4
| 2005
| 7.0
| 3.6
| 2004
| 10.6
| 7.6
| | 2003 | 16.9
| 15.8
| | 2002 | 0.7 | -6.7
| 2001
| 8.1
| -1.8
| 2000
| 5.0
| 3.2
| 1999
| 36.9 | 9.6
| | 1998** | 10.7 | 10.5
| | Portfolio Statistics*** | | Portfolio
| Index
| Std Dev
| 7.2
| 5.9
| Beta
| 1.1 | | R-Sqrd
| 79
| | Sharpe
| -.25
| | | Traynor | -1.6
| | | | | | | | | | 1 Yr
| -9.0 | -9.6
| | 3 Yr An | 2.3
| 2.2
| 5 Yr An
| 5.7 | 4.5
| 10 Yr An
| 8.7
| 4.5
| |
NOTES: * The index for the SBI Balanced Portfolio is comprised of 50% S&P 500 Index and 50% Lehman Bros. US Aggregate Index.. ** 1998 return is July - December. *** All statistics are calculated on a three year basis unless otherwise specified. | Where actual returns are not available, pre-inception data has been used. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE PERFORMANCE.Management Fees | Account Value | Monthly
| Annual
| First $250,000
| .17%
| 2.0%
| Next $500,000
| .13
| 1.5
| | Next $250,000 | .08
| 1.0
| Over $1,000,000
| *
| *
| | * Note: All rate fee schedules for accounts with greater than $1 million are negotiable. In certain circumstances, fees may be reduced at AthenaInvest's discretion. |
Investment Manager C. Thomas Howard, PhD | bio Minimum Investment $25,000 Recommended Time Horizon 3-5 years Portfolio Turnover
Expected to exceed 100% on an annual basis. Trading Activity Funds are continually monitored to ensure they meet SBI criteria. Most trading occurs at the beginning of the month, with asset class rebalancing occurring on a annual basis.
DISCLOSURES Pre-Inception Methodology SBI portfolio rebalancing occurs at the beginning of each month using data available at that time. The three step investing process is: 1) identify the five top ranked strategies, 2) select the DR5SM funds with within each these strategies, and 3) select the AlphaIQSM 40 and 50 funds within these DR5 funds. An equal investment is made in each of the resulting funds. Dataset Based on all strategy identified open end, active, unique (multiple share classes eliminated) US equity mutual funds (1095 funds end of 1997, 2119 funds end of 2007). Annual returns reported above are simple averages over funds in a particular portfolio for a particular month. Fund return is average over all share classes that existed in that month and are net of automatically deducted management and other fees, but not of fees, such as load charges, third party management fees, and SBI trading costs. Returns include the reinvestment of all dividends and capital gain distributions. Sources September 2008 AthenaInvest and Thomson Reuters Financial databases
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE PERFORMANCE.
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SBI Portfolios 
Fact Sheet (
