About PSN Enterprise

If you need training, have questions, comments or suggestions concerning our software; please contact our PSN Client Service Team:

PSN Enterprise, a product developed by Informa Investment Solutions, is the most comprehensive and easy to use investment manager database available. PSN Enterprise is a web-based application that will be the keystone in building your separate account business.

PSN Enterprise is powered by the PSN investment manager database. Since 1984, PSN has been recognized as the premier investment manager database. We earned this reputation because of PSN’s wealth of accurate data, flexibility, exclusive functions and exceptional service.

Informa Investment Solutions serves as an objective, third-party supplier of information. We maintain no affiliations with any of the investment managers we track, and pride ourselves in providing purely impartial data. And all PSN information is primary data. We solicit the information directly from the source, which makes the data more consistent and reliable.

PSN boasts a global database of more than 1,300 investment managers, representing more than 5,000 US, global and international investment products. This expansive database assures you a thorough representation of the investment management arena.

When you use PSN data in PSN Enterprise, you get immediate access to high-quality, detailed information on each firm capturing over 1,000 data points.

PSN Enterprise's investment manager profiles provide in-depth information on each manager and their product offerings, including assets, fee structure, composite holdings, and historical returns and statistics. In addition to quantitative data, PSN Enterprise also includes objective, narrative data. Categories, such as investment philosophy, portfolio construction biographies of senior investment professionals, enhance your analysis with valuable insight.

PSN Enterprise offers you unmatched power to manipulate and evaluate the wealth of information in the PSN database. Match your investment objectives with the right investment manager in minutes. All the information you need is at your fingertips.

PSN Enterprise gives you the ability to measure performance, conduct detailed statistical analysis and assess risk. The system has built-in formulas for the sophisticated calculations that investment professionals require. From beta and information ratio, to downside risk and upside uncertainty, PSN Enterprise executes the calculations you need. You can select your own date ranges and benchmarks in your analysis. Or, you can use over 2 million pre-generated statistical calculations for quick performance comparisons.

PSN Enterprise keeps it simple. We give you all the functions you need without slowing you down with too many choices to make and too many buttons to click. Either choose from our convenient pre-saved universes or screen on key data fields to create your own custom peer groups. You can save your favorite universes for later retrieval. What was once an arduous process can now be accomplished with speed, versatility and ease.

Include proprietary information in your analysis by using the Self-Entered Module. Enter monthly or quarterly returns on any individual account, mutual fund, hedge fund, composite, index, etc. Once entered, you may include these portfolios in any of your PSN Enterprise evaluations.

Combine the returns of indices, investment products, or your Self-Entered data with PSN Enterprise’s blended portfolio analysis. You can even rebalance or change allocation over time. Create one or more scenarios and compare them against each other to arrive at a suitable recommendation. Once created, blends can be saved and automatically updated for future use in a new or existing report.

Determine a product’s return-based style as compared to standard benchmarks. The Style Analyzer allows you to look at a manager’s style exposure and drift compared to other manager with the same investment style. Historical, rolling time period and current style analysis information can be displayed in graphical or tabular format. Style analysis is available for all major asset classes.

Before choosing allocation percentages for your blended portfolio, inspect an efficient frontier that contains a list of possible optimal portfolio combinations. Let PSN Enterprise show you the optimal solution based on your risk and return preferences. Options include manager and asset class optimization.

Define report columns using any data field within PSN Enterprise and arrange the information as you see fit. Your reports will be thorough and easy to understand. View it, print it or download it to an Excel spreadsheet.

Strengthen your comparative analysis with graphs and reports. Choose from PSN Enterprise's wide selection of options and produce professional-quality output, without utilizing different software. Customize your output by easily changing fonts, colors, styles, observations, benchmarks, date ranges and statistics. You can even import your own logo.

Modify graphs and reports for one-time use, or save them as custom templates which can be updated with new data. Graphs and reports can be saved within PSN Enterprise or exported to other Microsoft Windows software.

Report Designer will allow you to design your own report templates by combining data, graphs, text, and images. Using text blocks and graphics from our library or creating your own, you can do a side-by-side comparison of two or more managers or products, and the choice of content and placement is completely customizable. Features include drag and drop, resizing and menus to customize both individual sections of the report, or to set parameters for the entire presentation. Report templates created by the report designer can be reused and modified to meet your changing needs.

PSN Enterprise enables you to combine multiple graph and report templates to create presentation for different clients or prospects. Maintain consistency and save time preparing for your next meeting. The instant proposal function compiles reports, graphs, market commentary, compliance information, proprietary fact-sheets, and third party output to create a complete business or client presentation. Presentations can be saved for individual use or shared between specified users.

Each report template in PSN Enterprise contains its own intelligence by storing the default criteria of each report. Our batch production system enables you to group multiple report templates into a single presentation. Viewing or printing a large presentation is now just a few keystrokes away.

If performance monitoring or batch reporting production is your requirement, PSN Enterprise gives you the power and ease to batch produce countless presentations quickly and efficiently.

Every client is different. We, at Informa Investment Solutions, pride ourselves in our ability to create custom solutions for our client’s unique needs. Add extra data fields or develop your own reports with help from our team of skilled developers. PSN Enterprise is flexible enough to handle any requirement. There is no denying that PSN is the most complete data source for separate account information. But maybe separate account information is not all your need. We made PSN Enterprise so flexible that it can handle multiple data sources, such as mutual funds, hedge funds and other investment information.

We provide unlimited product training and technical support. Once we get you started, we don't disappear. Our experienced support team is available to offer assistance, Monday through Friday, 8:30 AM to 6:00 PM (ET). Help is always just a phone call away.

For over 25 years, Informa Investment Solutions has been providing consultants, brokers, investment managers, and plan sponsors with separate account information. Extensive data, user-friendly application, and easy deployment make PSN Enterprise the ideal separate account solution. Informa Investment Solutions has the experience and knowledge to build your separate account business.

System Requirement

User Access Rights

Informa Investment Solutions has granted the user access to the PSN Enterprise system and data based on one user connected to a functional email address. This is a web-based application it is not contingent on user location. As long as there is an Internet connection, the user will be able to gain access to PSN Enterprise using the same user name (email address) and password.

At the time of login, we will authenticate the user using information provided to us by the user’s organization. ONLY AUTHORIZED USERS WILL BE ALLOWED TO ENTER INTO THE SYSTEM.

Other users who are connected to the Internet may not use PSN Enterprise unless they are also valid users of PSN Enterprise, each with their own user name (email address) and password. Because the security is imbedded in the software, please contact us regarding new users so that we can activate each new user and give them their own access to PSN Enterprise.

Client Service

If you need training, have questions, comments or suggestions concerning our software; please contact the client services by using one of the following methods:

Training & Support

Training sessions and support are available at the user’s convenience. We provide one on one as well as group training both on-site, off-site or by telephone depending on the client’s request. Once we get you started, we won't disappear. We stay behind the scenes to offer you help when it's needed. Our experienced support team is available for questions, Monday through Friday, 8:00 AM to 5:00 PM (ET). Help is always just a phone call away.

We offer product training that is tailored to meet your specific needs. By applying the principles of the product directly to your work, the training is much more effective. We will walk through real-life work scenarios together to help you apply the Informa Investment Solutions product directly to your work. We also help customize product features to your specifications to help you save time in the future.

v Brush-Up Training ~ a review of the main product features and instruction for new features

v Master Training ~ for experienced users or trainers who want to use PSN to its full potential

We realize that your work schedule is challenging. That's why we offer considerable flexibility in our training sessions. We will conduct training for one person, or the entire team. And, we are willing to come to you, or we can hold the training in our offices in White Plains, New York. (30 Minutes north of New York City). Though we would rather get to know you in person, we also offer training by phone.

Personal Support

All client service calls are returned in one business day or less. Close to 100% of calls are answered immediately or in less than one hour. There is also a help system in our software for those who prefer to figure it out for themselves.

On Line Support

As a user of our system, you will be provided with an online user reference guide. The guide contains quick steps on how to perform certain functions within the system. Detailed definition on data and modules are just small parts of this helpful user reference guide. To keep users informed of the latest enhancement to the product they licensed, we created IIS Messenger, our own mass email system. IIS Messenger was developed by our own programming department as a client service tool and has evolved into an Informa Investment Solutions product offering.

Client Forum

Every year Informa Investment Solutions surveys our clients to find out what new enhancements they would like in the product they licensed. This is done through electronic survey, phone survey, individual face-to-face meetings, as well as client group meetings. After compiling the responses, we try to best accommodate our client’s wishes.

Our philosophy is quite simple. We created databases and applications to service the investment community so feedback from the investment community is vital. Thanks to our ongoing client communication effort and our open-door policy, many improvements to our manager information system are generated from actual client comments.

2. About PSN Data

When it’s time to research investment managers, we at Informa Investment Solutions understand your need for the most accurate, complete and up-to-date information. We offer you just that. In September of 2006, the industry’s two most comprehensive investment manager databases, M-Search and PSN Data, were combined to form the much enhanced PSN database.

Consistently updating and validating the data from investment managers is key to maintaining the integrity of the database and has been our core competency for more than 20 years. No one else in the industry can make that claim.

Data Collection and Validation

Manager Neighborhood is Informa’s central data collection site for investment managers. Due to the deep penetration of PSN data into the market, participating managers understand and appreciate the importance of including their data in the database. Informa charges no fee to investment managers for participation, and managers have 24/7 online access to Manager Neighborhood to allow for data input whenever it’s convenient for them. To ensure the most-up-to-date information, managers must report on a regular basis in accordance with published deadlines.

Because the quality and reliability of the data is as important as the quantity of information provided in the database, data completeness and accuracy are crucial. Data analysts of the M-Search and PSN teams have been combined to form a dedicated, highly knowledgeable team working together to apply best practices in data validation. Each member of our experienced team of data analysts is assigned to specific managers with whom they work closely to secure and validate the data.

The PSN database is powered by a rigorous data validation process designed by Informa that incorporates steps to ensure that the most complete and accurate data resides in the database at all times. Our process consists of four separate checks to provide data validation prior to the uploading of information to the database.

Prior to the final data being uploaded to the PSN database, there are additional automated checks that are run before the production cycle begins. Some examples of checks done at this phase of the process include the following:

· Duplicate firm names and duplicate product names under the same firm. Names do not have to match exactly for an alert to occur. Similar names will be flagged for the data analyst to manually review.

· Firm/product “orphans”. Products must have an accompanying firm and each firm must have at least one product.

As with the other sets of checks, no data is published until all issues have been resolved.

Informa employs this meticulous data verification process to make certain that you are accessing information that has been continuously validated.

Client Feedback about Data

Questions about the data? Simply contact Client Service. Client service will inform the Data Services department who will immediately contact the investment manager in question.

Users can call or email the Client Service division with any suggestion about manager inclusion or data. Some clients ask us to solicit a manager to join our database so they can remain anonymous. Other clients will call the investment manager directly and tell them to join PSN.

Participating in the PSN Database

To satisfy the needs of our diverse client base, Informa Investment Solutions is constantly on the lookout for new managers and investment products. Many of our clients make inclusion in PSN the mandatory starting point for all their searches.

We welcome your suggestions and referrals for firms and/or products: simply send your request to psndata@informais.com and we will do the rest. If you prefer, you can contact the manager and ask the manager to send us the information listed below.

An investment management firm can participate in the PSN database by sending an e-mail to psndata@informais.com with the following information:

2. Data Contact information (the data contact is responsible for submitting the required information and communicating with Informa Investment Solutions on any data issues)

Upon receiving that email, the Data Services department of Informa Investment Solutions will set up the new database participant, and contact the Data Contact. The Data Contact can then provide complete data through Manager Neighborhood.

3. PSN Enterprise Reference Guide

PSN Enterprise is a web-based application. Each licensed user is assigned a Login Name and Password to access PSN Enterprise on our company’s web site: www.informais.com. The information (graph and report templates, universes, custom templates, batched presentations, self-entered products and hybrids) created under the user’s Login Name and Password is proprietary to the user.

Selection is the first screen to appear when you open PSN. This screen allows the user to locate and select the product(s) or retrieve a specific universe (either a PSN Published Universe or a User Created Universe) to view (and select the product(s) within this universe) before going to the Report area to generate graphs, reports or Firm/Product profiles.

The Search screen allows the user to screen for a universe by selecting from the criteria listed in the Search Toolbar. The criteria available consist of Firm level data information (Firm Basics) and Product level (Product Basics) data information. The user can also screen for a universe based on statistical performance (Statistics or Advanced Stats).

Takes manager research and reporting to an important next level. Logic enables investment professionals to apply and effectively showcase their intellectual capital, fiduciary process, research philosophy and repeatable process.

The Quick-Stat screen allows the user to view calculated statistic performance for products, the product assigned benchmark, ADV Part I and II, Marketing Brochures, Compliance/Attestation Letter, Return Based Style Category breakdown, Latest Returns Available for products, Manager Web Site and Advanced View (create custom view).

The Self-Entered System is the user’s own input system. This allows the user to create or import proprietary products. This is maintained in PSN. The self-entered products can be used as a comparison against other products in the PSN database.

The Hybrid System allows the user to create hypothetical manager blends or index blends. Once created, the hybrid products can be used as a comparison against other products in the PSN database.

The Reports screen allows the user to create and save graphs, pre-set reports, custom reports (to export to Excel), Universe Reports and generate Firm and Product data and narrative profiles.

The Report Writer is located here. This function allows the user to create a custom report to export to Excel. Available to select: Firm Information, Product Information and Statistical Performance.

Depending on the PSN Version, the Statistics Writer function is also here. This function allows the user to create a statistical performance report which is exportable to Excel.

The Batch Reports screen allows the user to compile graph templates (System and User Created), Firm and Product data and narrative profiles or Report Designer custom templates into a presentation. The presentation can then be generated in batch mode for multiple selected products. The output can be saved as a PDF file or PowerPoint file (graphs only). The saved presentation can be re-used again.

The Report Designer screen allows the user to create custom templates using available graphs, firm and product data and narrative information. The custom templates can be used again in the Reports and Batch Reports areas.

The Setup screen allows the user to re-set certain settings system wide. This includes system ending date, headings and footnotes in graphs and default colors and symbols in graphs.

Selection

Selection is the first screen to appear when you open PSN. At the Selection screen, you are able to:

Data Set

For the entire help system, we will use the term “product or products” to indicate one or more items from one or more of the data sets listed above.

Universe

The universe drop down box lists the PSN Published Universes. There are two types of PSN Universes available. The first type is Manager Defined universes based on Primary Fields: Primary Investment Style, Primary Market Capitalization and for Fixed Income Primary Maturity. These Primary Fields are located in the Product Data Profile. A participating manager is asked to choose only one option for these fields.

The second type is Return Based Style Analysis (RBSA) universes. To retrieve a PSN Universe:

Locate a Product

In the Locate box, type in the first few letters of the firm name and click on the Go button.

Note: Use the Locate Option drop down window (click on >>) to locate a firm by: Any of the words, All of the words or Exact Phrase.

Clear All

The Clear All button is used to turn off the selected products across all data sets. To turn off the checkmark(s) next to the product(s), click on the Clear All button.

Save/Copy Selected

This button is used to re-arrange the order of appearance (the selected products) in the graph legend. To use the function:

Retrieve Universe

The Retrieve Universe button allows the user to retrieve user created universes. User created universes can be created using the Search function or by hand selecting the products to create a custom universe. To use this function:

Note: When you save a universe, it becomes a static universe. By clicking on the Load <name of saved universe> button, you are retrieving the same list of products that met your criteria at the time the Universe was created. If you want the universe to be dynamic (new products added to the saved universe over time), check off Update members after loading before clicking on the Load <name of saved universe> button. The system re- screens the universe with the same criteria listing. This function should be done on the 15^th of every month when the manager database is updated.

Delete a Saved Universe or Custom Universe

Copy Product(s) to the Self-Entered System

This function is used when a manager is missing a return(s) for a product and you want to transfer the historical returns to the Self-Entered System. You have the option to enter the missing return(s) and save as a self-entered product. You can graph the product as a self- entered product:

Select Universe

The Select Universe button will be activated when the user retrieves a PSN Published Universe or a saved universe from the Universe drop down window. To use the function:

Export ROR

The Export ROR button is used to export the historical returns of a retrieved universe. To use the function:

Compare Selected

The Compare Selected function is used to isolate the selected products and view their performance. To use the function:

· Go to the Search area and construct a universe by selecting from the criteria listed.

· Click the View Results button to retrieve your new universe members and the corresponding product and manager count.

· Click the Save Universe button to save the results as a User Created Universe.

· Select a PSN Published Universe from the Universe drop-down box. Once the universe is selected, screen down the universe further by clicking on Search.

· Add screening criteria as required and then save your universe by clicking on Query and Keep Results as Universe or Save Universe buttons.

Product Basics

Product level information including database and asset class, investment styles, market capitalization, decision making process, fixed maturity, fixed duration, AIMR-PPS/GIPS compliant, open for investment, offered as mutual/commingled fund, offered as wrap/tamp program, performance incentive fee, manager tenure, manager designated benchmark, wrap products and wrap sponsor.

Firm Basics

Firm level information including location, type, legal structure, year founded, percentage owned by employees, total assets under management, tax-exempt and taxable assets, non-US assets, ownership, minority owned and firm ownership break-down.

Assets Breakdown

Firm assets break-down by investment approaches (US Equity, US Fixed, US Balanced, US Cash, International Equity, International Fixed, International Balanced, International Cash, Global Equity, Global Fixed, Global Balanced and Global Cash), U.S. Tax Exempt, U.S. Taxable and Non-US client assets and client types.

Statistics

Available for searching based on statistical performance. The Statistics screen is set up in a drop-down window format with the following:

Select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected benchmark

Select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected minimum value, maximum value or a range in value.

Select the statistic, time period, and comparison universe, rank is (greater than, less than, greater or equal and less or equal) and Percentile

Styles

Select the Equity or Fixed Income investment styles for screening. The manager is asked to rank each investment style from 1 to 5: 1= Very Important, 2= Important, 3=Utilized, 4=Not Utilized and 5=Not Important.

Advanced Statistics (Adv Stats)

Select a statistic(s) and enter a Custom Date range(s) for statistical performance screening.

Product Information

Select Product Information in the following categories: Total Assets and Accounts, Fees and Portfolio Turnover, Assets and Accounts by Tax Status, Total Assets and Accounts by Account Type and Median Account Size.

Fixed Income Information (Fixed)

Here are some of the available fields: Average Maturity, Average Duration, Average Yield to Maturity %, Average Coupon%, Quality Distribution, Sector Distribution, Maturity Distribution and Duration Distribution

Equity Information

Here are some of the available fields: % In ADR's Low and High, % In Ordinary Shares Low and High, % Cash Reserve Low and High, % In Hedged Low and High, of Stocks Low and High, Max in one Security %, Max in one Industry %, Max in one Sector %, Max in Equity % , (balanced products only), Max in U.S. %, Max in Single Non-U.S. Country %, Max Outside of U.S. %, Micro Capitalization (<500 $Million), Small Capitalization (>500 $Million - <2 $Billion), Medium Capitalization (2-10 $Billion), Large Capitalization (10-50 $Billion), Mega Capitalization (> 50 $Billion), Industry Sector Breakdown, Equity Characteristics.

Global

Select Global Product information in the following categories: Query for Developed Countries, Query for Emerging Countries and Query for Geographic Regions.

Narratives

Firm Narrative - Here are some of the available fields: Organization and Ownership, Product Offerings and Services, Business Objectives and Strategy, Investment Approaches, Senior Investment Professional information (Name, Professional Accreditation, Present Job Position, Undergraduate Institution, Previous Company Name, Responsibilities in this Firm, etc.)

Product Narrative - Here are some of the available fields: Investment Philosophy, Investment Decision-Making Process, Portfolio Construction, Investment Approach, Key Investment Officer information (Name, Professional Accreditation, Present Job Position, Undergraduate Institution, Previous Company Name, Responsibilities in this Firm, etc.)

Available functions in the Search screen:

Click on this button anytime you wish to see the list (including manager and product count) that matched your criteria. To come back, click on the Search tab again.

Click on this button when you want to complete your current search session and save your criteria and the list of products.

Click on this button when you want to start fresh, delete all of your current criteria and bring the entire universe of products back.

Click on this button when you want to complete your current search session and save your criteria and the list of products.

Click on this button when you want to delete all of your current criteria and bring the entire universe of products back.

Note: You can also retrieve a PSN Published Universe (from the Universe drop-down window at the Selection screen) as the starting point, and click Search to screen down further.

· Select the desired Database and Asset Class: U.S. Equity, U.S. Fixed Income, U.S. Balanced, Non-U.S. Equity, Non-U.S. Fixed Income, Non-U.S. Balanced, Global Equity, Global Fixed Income and Global Balanced

· To create an Equity Universe: Under the Equity Options, select the desired Investment Style(s), Market Capitalization(s) or Equity Decision Making Process(s)

· To create a Universe Fixed Income: Under the Fixed Options, select the desired Fixed Income Style(s), Fixed Maturity(s), Fixed Decision Making(s) or Fixed Duration(s)

Note: At any time, to view your screening results, click the View Results button. The system will process the screening and show the current criteria selected and the current firm/product count. Click Search to go back or click the Save Universe button to save results as user universe.

· For Non-U.S. or Global Universe with a specific Geographic Concentration region, select the desired region in the Geographic Concentration:

Asian (Ex-Japan), Canadian, Continental Europe, EAFE, EAFE (Ex-Japan), EAFE (Ex-Pacific Basin), EAFE (Ex-UK), Emerging Markets (All Regions), Europe (Ex-UK), Europe (including UK), Global, International (Non-U.S.), Japan Only, Latin America, Other, Pacific (Ex-Japan), Pacific Basin or United Kingdom

· Select the desired Investment Approach: Index Enhanced, Index Passive or Active

· Under Other Options, select the desired product data fields. Here are some of the available fields: Offered as Mutual Fund, Offered as Commingle Fund, and Open for Investment, AIMR –PPS/GIPS Compliant

· Select the desired Minimum Fee and Account Size. Here are some of the available fields: Institutional or High Net Worth SMA Minimum Annual Fee and Account Size, Mutual Fund Minimum Annual Fee and Account Size, Hedge Fund Minimum Annual Fee and Account Size

· Other available product data fields to select for screening include: Manager Tenure, Weighted Average Market Cap, Manager Designated Benchmark and Wrap Sponsor

Note: At any time, to view your screening results, click the View Results button. The system will process the screening and show the current criteria selected and the current firm/product count. Click Search to go back or click the Save Universe button to save results as user universe.

· Select the desired Firm Type, Legal Structure and Year Found and %Employee Owned

· Select the desired Firm Assets. Enter the minimum and/or maximum assets amount in Millions (i.e. 1000 = 1 Billion) for screening. Here are some of the available firm assets: Total Assets Under Management, Total U.S. Tax-Exempt Assets, Total U.S. Taxable Assets, Total U.S. Assets and Total Non-U.S. Assets

· Select the desired Firm Ownership by entering the minimum and/or maximum percentage: American Indian/Alaskan Native, Hispanic, Women, Asian, African American, Disabled, Disabled Veteran and Overall

· Select the Assets Breakdown category to screen for Investment Approach and Client Assets:

· Select the desired Investment Approach. Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

· Select the desired U.S. Tax Exempt client asset(s). Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

· Select the desired U.S. Taxable client asset(s). Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

· Select the desired Non-U.S. client asset(s). Enter the Minimum and/or Maximum value in Millions (i.e. 1000 = 1 Billion)

· Select Statistics category to screen based on performance. There are three options:

From the drop-down boxes, select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected benchmark

From the drop-down boxes, select the statistic, time period, operator (greater than, less than, greater or equal and less or equal), relative to a selected minimum value, maximum value or a range in value

From the drop-down boxes, select the statistic, time period, and comparison universe, rank is (greater than, less than, greater or equal and less or equal) and Percentile

Note: At any time, to view your screening results, click the View Results button. The system will process the screen and show the current criteria selected and the current firm/product count. Click Search to go back to screening or click the Save Universe button to save results as user universe.

· Select the Advanced Statistic (Adv Stats) category to screen based on performance

· Click the Select Statistic drop-down window to select the desired statistic. The Date Range box will appear

· In the Type of Date Range drop-down box, select the macro dates from the listing:

Latest Month, Latest Quarter, Year to Date, 1 Yr, 2 Yr, 3 Yr, 4 Yr, 5 Yr, 6 Yr, 7 Yr, 8 Yr, 9 Yr, 10 Yr

· To enter your own custom date, use the Date Range boxes. Type in the beginning date and the ending date

Note: For certain statistics, you are required to select an appropriate Risk Index. Select the risk index from the Risk Index drop-down box or click the orange button (with 3 dots) to bring up the Data Set drop-down box and select from the available data sets.

· You have the option to screen for products that outperform a Value. Enter the Minimum and/or Maximum Value

· Select the Period Type: Quarterly or Monthly. The system defaults is Quarterly

· You have the option to screen for products that outperform based on Percentile. Enter the desired percentile Minimum and/or Maximum Value

· For Equity Universe, select the Product Information (Product Info) category to screen for: Product Total Assets and Accounts, Fees and Portfolio Turnover, Assets and Accounts by Tax Status, Total Assets and Accounts by Client Type, Median Account Size

· For Fixed Income Universe, select Fixed Income (Fixed) category to screen for: Average Maturity, Average Duration, Average Yield to Maturity %, Average Coupon %, Quality Distribution, Sector Distribution, Maturity Distribution and Duration Distribution

Query for Developed Countries, Query for Emerging Countries and query for Geographic Regions

· Select the Narratives category to screen for qualitative information in the Firm and Product Narratives. The available fields include:

Firm Narrative - Here are some of the available fields: Organization and Ownership, Product Offerings and Services, Business Objectives and Strategy, Investment Approaches, Senior Investment Professional information (Name, Professional Accreditation, Present Job Position, Undergraduate Institution, Previous Company Name, Responsibilities in this Firm, etc.)

Create a Custom Universe by Hand Selecting the Products:

· At the Selection screen, locate and check off the square box next to each product(s). Use the Data Set drop down window to locate other product types (market index, self-entered product, hybrid, mutual fund, etc.).

· All the selected products will be listed in the window. Use the black Up and Down buttons to the right of the screen to change the order of appearance. (Note: the order of appearance will be saved. This will be the same order as seen in the legend of the graph(s) when you go to the Reports area).

· Enter Short Abbreviation and Description for the universe and click the Save button

How to Merge Universes

· At the Selection screen on the main tool bar, click Retrieve Universe button (located in the upper right hand corner of the screen)

· Under Universe Option, select the universe type (PSN Published Universes, Non-Published Universes, etc). The universes will be loaded into the window for you to select

· Select the universe and click the > button to add to the Universe to be Included window. Repeat to add more.

· The Universe Directory screen will appear. The merged universe will be listed

· To retrieve the merged universe, under the Name column, select the universe name and click on Load <name of universe> button

PSN Logic

Logic enables investment professionals to efficiently apply and effectively showcase their

Put Logic to work for you today! Contact PSN Client Services today for a personalized tour or training on Logic or any aspect of PSN’s manager research and due diligence solutions.

Quick-Stat

The Quick-Stat screen allows the user to view: (this function is not available for Self Entered and Hybrid Products:

· Calculated statistic performance for selected universe. This can be exported to Excel.

· ADV Part I and II, Marketing Brochures, Compliance /Attestation Letter. The user can view the information on-line or save as PDF file

· Latest returns available for products. Returns are posted the next business day in PSN

· Advance View allows user to create custom performance and data columns to view and export to Excel

Statistics

The Statistic screen shows calculated performance for a selected statistic (use the Current Stat drop down window to choose the desired statistic.) Available dates shown on this screen are: Latest Month, Quarter, 1 Year, 2 Year, 3 Year, 4 Year, 5 Year, 6 Year, 7 Year, 8 Year, 9 Year and 10 Year. To sort performance descending, click once on the column header name. The Statistics screen is refreshed on the 15^th of every month.

Latest

Returns are refreshed on the next business day after a manager updates their performance. The Latest screen allows the user to view the latest returns as of that day. You can also view the returns prior to the latest year by clicking on the Year drop down window to the right of the screen.

Advance View

The Advance View function allows the user to re-select the performance/data columns to view. The user can also save this view. To create a new view and export to Excel:

Note:Advance View only works with Data Set: PRODUCTS. Load a universe or select the desired product(s) at the Selection screen before going to Advance View

Benchmarks

The Benchmarks screen lists the PSN Designated Benchmark for the product (each product is assigned a PSN default benchmark base on how the manager completes the Primary Investment Style, Primary Market Capitalization and for Fixed Income Primary Maturity fields in the Product Data Profile), the Manager’s Designated Benchmark selection and the product’s assignment to a PSN Published Universe.

Return Based Style

The Return Based Style Analysis category breaks-down (T-Bills, Large Value, Large Growth, Medium Value, Medium Growth, Small Value, and Small Growth).

Manager ABC

The product’s ADV Part I, ADV Part II, Marketing Brochures and Compliance/ Attestation and a short video. Letter are available to view online or download by saving as a PDF file.

Manager Web

This screen allows the user to click on the manager’s web link to go directly to the manager’s home web site to do more research.

Universe Counts

Universe count gives you the count of available managers within a universe and the count of how many have data as of the current quarter.

Self-Entered System

The Self-Entered System is located on the main tool bar. This is the user’s input system for proprietary return sets (products, indexes and portfolios). The user has the option to maintain a separate database in PSN using the Self-Entered System. Once the self-entered product is saved, it is available to be graphed with other products in the PSN database. To create a self-entered product:

Self-Entered Product:

· You have the option to assign a Default Benchmark or a Default Universe for the self-entered product. In the Reports area under the Single Manager tab (manager versus benchmark analysis); the system will bring up the assigned benchmark for the self-entered product as comparison. If you create any universe charts, the system will also bring up the assigned universe.

· Enter the inception year in the Performance begins on year (yyyy) box. This field is required to generate the ROR grid for inputting returns. Click the Accept button.

· The historical return grid will appear at the bottom of the screen. Enter the returns. Click the Tab key to move over to the next box.

Note:If you have the historical returns in Excel with the following: Single column format, left justified, Earliest Dates to Latest dates from top to bottom and negative number using minus sign (no brackets), you can select the Import Historical Rates of Returns button:

· Step 1 - Enter the first quarter or month for which you have return information

· Step 2 - Copy and Paste the returns from Excel spreadsheet to the available window

Upload Center

You can use the Upload Center function to import a large number of self-entered products into PSN. The import file has to be in the PSN specified format:

· Your CSV file cannot exceed 500K. Depending on the performance history of each record, this roughly translates to 500 self-entered products or so.

· Each record must be completed and dictated by the RECORD FORMAT for the Upload Center.

· Once the upload process is started, you can proceed to perform other tasks in PSN Enterprise.

· If a record is new, that record will be inserted into the system by the upload process.

· If a record currently exists in PSN Enterprise, it will be updated by the upload process.

· An email will be sent to your inbox once the entire upload process is completed.

Each record in the CSV file must be in the following format ("RECORD FORMAT"):

· Once the process is completed, you will receive a confirmation e-mail from IIS informing you of the status of your upload.

· Once the self-entered product is saved, it will be available for you to select for reporting. To select the self-entered product, go to the Selection screen. In the Data Set drop down window, bring up the Self-Entered listing.

Hybrids

The Hybrid System is located on the main tool bar. It is a powerful tool that allows the blending of any combination of manager returns and market indexes to help you determine what mixture of products will meet your risk and return criteria. PSN will calculate the performance of the hybrid based upon your mixture and re-balancing criteria. The hybrid can be profiled and incorporated in any graph or report as a separate product.

· At the Selection screen, locate and select the members to create your hybrid

· Type in the Initial Amount (optional). Use this option if you want to generate the hybrid mixing results to export to Excel or to proceed to the Advanced function to add Contributions, Withdrawals and Fees.

· The default Time Period is Common (The system will find the common start date for all members). You have the option to select the following Time Periods:

Longest - System selects start date based on product with the greatest longevity.

Other - Use if you want to select a specific quarter/month start date by entering Start Date field with the user selected date.

· Select the Rebalance Period from drop down menu requiring the system to restore the original percentage allocations to the blend members for the period selected. System defaults to No Rebalance.

· Type in the percentage for each member under the Allocation % column (total must equal to 100%)

· To create a custom benchmark for your manager blend, select I want to Build Custom Benchmark. The system will choose a default benchmark for each item using the same allocations as those applied to the hybrid members. The user can re-select the benchmark by using the drop down box to the right of the item. Select the appropriate risk index for each member.

· Under the Advanced button, you have the option to set up Contributions/Withdrawal, Add Fees and Add Rebalanced Thresholds for your hybrid:

Contributions/Withdrawal:

· In the Beginning Date drop-down box, select the beginning date (the default date is the common date for all members)

· In the Amount drop-down box, type in the dollar amount (i.e.: 10,000). Use minus sign for Withdrawal (i.e.: -10,000)

Add Fees:

· In the Beginning Date drop-down box, select the beginning date (the default date is the common date for all members)

· In the Percent drop-down box, type in the fee percentage (i.e.: ten percent = 10)

· Check off the De-annualize if you want the system to proportion the annual fee percentage for each member on a quarterly basis

· This function allows the user to set the allocation limit for each member. For example, if the initial weighting for member A is 75% and the actual allocation (based on performance) is 90%, you can apply an Up Threshold of 10, which means the system will force a rebalance (back to 75%) if the actual allocation for the member exceeds 85%.

· In the Product drop-down box, select the member you want to set the threshold

· In the Up Threshold drop-down box, enter the offset from the initial allocation. If the actual allocation goes above the initial %, plus this offset, the system will force rebalance

· In the Down Threshold drop-down box, enter the offset from the initial allocation. If the actual allocation goes below initial %, minus this offset, the system will force rebalance

· Once all desired settings have been applied, click the Save Mix button to save the Hybrid

· Click the Blended Results button to view the mixing report. Click on Export to Excel button to extract mixing report to Excel

· Click the Return & Risk button to view the saved hybrid statistics: ROR, Standard Deviation and Dollar Growth.

· Once the Hybrid product is saved, it will be available for you to select for reporting. To select the Hybrid product, go to the Selection screen. In the Data Set drop down window, bring up the Hybrid listing.

This function is located in the Hybrids area. It is used to find an optimal solution (preferred percentages) that is efficient in building the hybrid (Note: make sure all members have same end date).

Asset Allocation Optimizer:

· At the Selection screen, locate and select the members to create your hybrid

· The default Time Period is Common (The system will find the common start date for all members). You have the option to select the following Time Periods:

Longest - System selects start date based on product with the greatest longevity.

Other - Use if you want to select a specific quarter/month start date by entering Start Date field with the user selected date.

· Under Chart Parameters to the left, select Allocate Manager Selection for manager blend or Allocate Indices Selection for index blend

· To the right of the screen is the Efficient Frontier curve. Each point on the curve represents the return versus risk tolerance.

· Select a point that represents your return versus risk tolerance. The system will apply the appropriate allocation for each member based on your selection.

· Click on Accept button at the bottom left of the screen to go back to the Hybrids/Options screen. The system will re-apply the percentage for each member based on the Risk Tolerance point selection.

Allocation– Shows the ROR, standard deviation and allocation for each point on the efficient frontier curve. It allows you to sort and select a point.

Correlation – Shows how the members correlate to each other. It allows you to edit the correlation matrix and/or ROR and Standard Deviation.

Best/Worst– Shows the best and worst returns (calendar years) and the best and worst risk (rolling three years) for the members

Risk Tolerance – Shows the color-coded risk legend from low risk to high risk

Constraints – Allows the user to apply minimum and maximum allocations for each member

Group Constraints– Allows the user to link more than one member together as a group and apply minimum and maximum allocations for the group.

Monte Carlo

The Monte Carlo function is located in the Hybrids area. Thisfunction allows the user to apply the available parameter settings to view the probability of growth over time for the portfolio.

· At the Selection screen, locate and select the members to create your hybrid

· Select one of the following the Mixing Mode:
If member has no ROR for a period, rebalance its % to the rest of the members

· The default Time Period is Common (The system will find the common start date for all members). You have the option to select the following Time Periods:

Longest - System selects start date based on product with the greatest longevity.

Other - Use if you want to select a specific quarter/month start date by entering Start Date field with the user selected date.

· Type in the percentage for each member under the Allocation % column (total must equal to 100%).

· The Parameters listing is located on the left side of the screen. Available parameters to apply:

Number of Iterations – The default is 1000. You can enter another value from 500 to 5000.

Initial Amount- Enter to desired initial amount (i.e. $1 Million entered as 1000000)

Note:The Annual ROR and Standard Deviation values listed are based on the historical returns of the hybrid

· The results will be shown on two graphs located on the left side of the screens:

This graph will plot (in a line format) the growth of the Portfolio Value over Time and the probability in percentage of achieving the expected growth.

This graph will plot (in a bar format) the growth of the Portfolio Value over Time.

Note:The Monte Carlo button is also located in the Asset Allocation Optimizer.

Reports

All graphs and reports are generated by default in a PDF file format. However, the user can click on the Export button at the bottom of the screen to export to: Microsoft PowerPoint, Word, Excel or Windows Metafile.

For Multiple Dates graph templates, you have the option to select up to 12 dates. For Multiple Statistics graph templates, you have the option to select up to 12 statistics.

The Reports screen is divided into two areas. The graph or report output is on the right side. The menu is on the left side of the screen and listed in a tab format. Here are the available tabs:

Multiple Managers

Available system graph and report templates that can accommodate up to 30 observations (products, risk indexes, mutual funds, self-entered products and hybrids); the Report Writer (or Statistics Writer) is also located here.

Single Manager

Available system graph and report templates that can accommodate only one selected product and the PSN Default Benchmark for the product (Note: the user can re-select the benchmark); manager versus benchmark analysis.

Single Blended Portfolio

Available system graph and report templates that will let the user create and graph a custom manager blend or index blend on the fly with the option to save the hybrid blend. The graph format is the same as Single Manager: Only one Product versus Benchmark analysis.

Multiple Scenario Options

Available system graph and report templates that will let the user create and graph a custom manager blend or index blend on the fly with the option to save the hybrid blend. The user is able to add “multiple scenarios” of differing percentage allocations for of the blend members and rebalance modes of the hybrid. The multiple scenarios will be listed in the graph(s) for comparison.

PSN Profiles

The PSN Profiles display all the data available for PSN Firm and Product listings within multiple profile formats. Depending on your subscription level these may include:

Manager ABC

Universe Reports

Best and Worst Performers- Select the universe, the statistic and one date. This report highlights the Best and Worst performers within the universe. The use has the option to select the number of products to highlight (i.e. the top 10 and the bottom 10).

Distribution Threshold- Select the universe, the statistic and multiple dates. This report allows the user to highlight the universe in different tiles (user enters the desired tile, it can be 10, 20, 25, etc.) for multiple date ranges.

Percentile Report- Select up to 8 universes and up to 8 system macro dates. The report highlights the Distribution break down (High, First Quartile, Median, Third Quartile, Low and Mean) for each selected universe.

Percentile Writer- Select the products (to generate the report), multiple statistics, multiple dates and universes. This report shows the value and the percentile ranking for each selected products within the selected Universe. Also included is the distribution break down for each statistic (High, First Quartile, Median, Third Quartile, Low and Mean).

Universe Fee - Select up to 8 universes and one date. This report highlights the Distribution break down (High, First Quartile, Median, Third Quartile, Low and Mean) for $Million Account Size, $5 Million Account Size, $10 Million Account Size, $25 Million Account Size, $50 Million Account Size and $100 Million Account Size. The dollar amount is in thousands.

Universe Percentile- Select one universe, select one statistic with multiple dates or one date with multiple dates. This report highlights the percentile ranking and value for each product within the selected universe. All the Universe Reports can be export to Excel.

Private Templates

User Uploaded Reports

Reports uploaded from an external source. Available file format to import: Adobe PDF, Microsoft Word, Excel, PowerPoint and Text file. Once uploaded into PSN, it is saved as a template. The uploaded template can now be used in the Batch Report area to create presentation.

Public

These are Graph and Report Templates previously saved by the user and transferred (by the user) to this Public Folder. This function allows the user to share the saved templates with other colleagues (they must be assigned user licenses to access to PSN). In order for this function to work, everyone (PSN user licenses) must be grouped together under a department name (i.e. Marketing, Research, etc.) by PSN.

Report Designer

These are the customized templates created and saved by the user using the Report Designer function on the main toolbar. Please see: Report Designer in section 3

Custom Benchmark

This function allows the user to create and build a custom benchmark (index blend) to use as a comparison for the selected product under the Single Manager tab. To create a Custom Benchmark:

· Use the Type drop down box to locate and select the members to build a custom benchmark. Available types include: market indexes, products, self-entered products, mutual funds, etc.

· Enter the percentage allocation for each member. The total has to equal to 100%

· In the Benchmark dropdown window located on top of the main Reports screen, scroll down the market index list and highlight Custom Benchmark to activate the one just created. Any graphs selected under the Single Manager tab will now show the selected product versus the custom benchmark created.

Proposal (Add to Proposal)

This function allows you to add your current graph or report as displayed on the screen to your current proposal. Once added, you can continue with one of the following:

· To change the order of the profiles and graphs selected, highlight the report that you want to change from the Compile window and use the Up and Down arrow buttons to the right of the list to re-arrange the order.

· Click on the Add More button if you want to continue adding graphs or reports to your current proposal

· To delete any of the selected profiles or graphs, highlight the profile or graph and click on the Delete Highlighted button

· Click on the Save (floppy disk) icon at the top of the PDF window to save the final proposal to a PDF file.

· Select file name and where to save the file and click on the Save button to continue.

· Click on the Print icon to the right of the Save icon to print the current proposal

Note: The Add to Proposal function allows you to compile graphs and reports “on the fly”. The proposal will not be saved in PSN. If you would like the system to save your presentations, use the Batch Reports function located on the main tool bar.

Import Logo

Note: The No Logo button allows you to view a report without a logo. To bring back the PSN logo, click onto the PSN Logo button. This button does not appear if PSN logo is the current default.

Colors

For selected graph only. Click on this function if you want to specify your preferred color for each observation plotted on a report or graph. To modify the color, click on the color box for the one you want to change. Select the new color from this grid and click on the Graph button to continue.

Import Reports

The Import Reports function allows you to upload reports from an external source. Available file format to import: Adobe PDF, Microsoft Word, Excel, PowerPoint and Text file. Once uploaded into PSN, it is saved as a template. The uploaded template can now be used in the Batch Report area to create presentation or the Add to Proposal function. How to import an external report:

· The external report is now listed as a template in the User Uploaded Reports tab

Settings

Allows you to quickly change any default graph settings or to roll the system ending date to selected ending date.

Change Names/Order

The Custom Name function allows you to re-label the names of the products as shown by default in the graph legend. Enter the new name under the Custom Description box for each product. Click the Graph button to generate to output. This function is used “on the fly”. This will not be saved in the template.

The Save Template button will save the modified graph or report as a private template for later retrieval. The saved template will be listed under the Private Templates tab.

Click on this button if you want to delete one or more previously saved report templates.

The Export button will export the current graph and report to an external working environment. These include: MS Power Point, MS Word, MS Excel, Windows Metafile and Adobe Acrobat. To export this report or graph, choose the environment that you want. Click on the Download button to continue. You will be prompted to save or to open to file.

The Report Writer function (available in the Platinum Version) is located in the Reports area under the Multiple Managers tab. This function allows the user to create a custom report in a column format to export to Excel. The user has the option to select data fields from the following categories:

Performance information including Product Performance Benchmark, Compliance Classification, Equal or Dollar Weighted, Verification Firm, and calculated statistics

· To generate a report for selected products, at the Selection screen, located and select the products before proceeding to the Reports/Report Writer area

· To generate a report for a PSN Universe or User Created Universe, at the Selection screen, select ANY product before proceeding to the Reports/Report Writer area. When you are running a report on a universe, they system will generate the report output quicker if you load the universe in the Report Writer area (the Universe option is available to select a universe).

· When you select the Report Writer, a system default report will appear. To re-select the data columns on the report, click the Modify button at the bottom of the screen.

· The Report Writer screen will appear. Available functions on the tool bar:

The Column Selection screen contains the data fields available to select. The data fields are categorized by Firm Information, Product Information and Performance.

The Format Columns screen lists all selected data fields to be generated on the report

You have the option to customized 4 lines of headings or 3 lines of Footnotes. Click on this option if you want to change current default headings and/or footnotes for the graph. Use the macros (Firm Name, Product Name, Latest Date, etc.) provided whenever you can. This practice is more efficient since the system will reflect changes based on the macro used.

The Fonts screen allows you to change general font type, font size, case, style and color settings for the graph.

The Universe screen allows the user to select a universe to run the report. Available Universe categories are listed under the Universe Option. They include the PSN Published Universes or select a saved universe created by the user located in the Non-Published Universes category.

· Highlight the default field(s) to delete and click Delete Item button at the bottom of the screen

· Choose the desired data fields located in the Firm Information, Product information and Performance tabs

· Click this option if you want to change the dates. Select from the Type of Date Range drop down window. Available macro dates: Latest Qtr, Year to Date, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 and Since Inception (relative only for the first selected product). The macro dates will roll to the next quarter ending automatically when you save the graph.

· To enter your own custom dates, use the Date Range boxes to enter the beginning date and ending date. The custom date ranges entered by the user will not roll to the next quarter automatically. The dates have to be updated manually.

· You have the option to select the Period Type: Quarterly or Monthly calculation. The system defaults to Quarterly

· You have the option to set up rolling date periods. For example, to setup up 8 Calendar Year Periods: In the Date Range boxes type in the most current Calendar Year: 12/2006 – 12/2007. For the #of Rolling Periods drop down window, select 7. For the #of Trailing Months drop down box, select 12. Click the Add Rolling Periods button. They system will set up the following calendar years:

· If you are generating the report for the selected products, click the View Report button at the bottom of the screen

· If you are running the report for a PSN universe or User Created Universe, select Universe located on top of the screen. Under Universe Option, select the desired universe and click on the View Report button

Note: If you are running the report for a universe and want the system to generate the summarization (High, First Quartile, Median, Third Quartile, Low, Mean, Count and Sum) for each selected column, go to Format Columns, highlight the data field to summarize (from the selected data fields listed on the left side of the screen), locate Column on the right side of the screen. Under Column, select Summarize. Repeat as needed.

· Once the report is generated to view on the screen (in a PDF output format), if you want to export the report to Excel, click the Export button at the bottom of the screen.

· If you want to re-use this report again, click the Save Template button. The saved report template will be listed under the Private Templates tab.

Statistics Writer

The Statistics Writer allows the user to create a calculated statistical report to export to Excel.

· To generate a report for selected products, at the Selection screen, located and select the products before proceeding to the Reports/ Statistics Writer area

· To generate a report for a PSN Universe or User Created Universe at the Selection screen, select ANY product before proceeding to the Reports/ Statistics Writer area. When you are running a report on a universe, they system will generate the report output quicker if you load the universe in the / Statistics Writer area (the Universe option is available to select a universe).

· When you select the Statistics Writer, a system default report will appear. To re-select the data columns on the report, click the Modify button at the bottom of the screen.

· The Statistics Writer screen will appear. Available functions on the tool bar:

The Universe screen allows the user to select a universe to run the report. Available Universe categories are listed under the Universe Option. They include the PSN Publish Universes or select a saved universe created by the user located in the Non-Published Universes category.

· Highlight the default field(s) to delete and click Delete Item button at the bottom of the screen

· You have the option to select the Period Type: Quarterly or Monthly calculation. The system defaults to Quarterly

· You have the option to set up rolling date periods. For example, to setup up 8 Calendar Year Periods: In the Date Range boxes type in the most current Calendar Year: 12/2004 – 12/2005. For the #of Rolling Periods drop down window, select 7. For the #of Trailing Months drop down box, select 12. Click the Add Rolling Periods button. They system will set up the following calendar years:

· If you are generating the report for the selected products, click the View Report button at the bottom of the screen.

Note: If you are running the report for a universe and want the system to generate the summarization (High, First Quartile, Median, Third Quartile, Low, Mean, Count and Sum) for each selected column, go to Format Columns, highlight the data field to summarized (from the selected data fields listed on the left side of the screen), locate Column on the right side of the screen. Under Column, select Summarize. Repeat as needed.

· Once the report is generated to view on the screen, if you want to export the report to Excel, click the Export button at the bottom of the screen.

· If you want to re-use this report again, click the Save Template button. The saved report template will be listed under the Private Templates tab.

Dynamic Style

By default, the Return Based Style Analysis information in PSN is available only for PSN Products. It remains static until the next monthly update. Also, the style categories cannot be changed.

· Create custom style category models by re-selecting the benchmarks and generating the information via Style Analysis graphs.

· Generate Return Based Style Analysis on Self-Entered Products, Hybrids and Mutual Funds

· Generate style information using less than 5 years historical: 20 rolling periods on a monthly basis.

· Select Styles (located on the right side of the tool bar). The Style Models Directory will appear

· Under Select Index, select the desired risk indexes using the drop down button

· You have the option to rename the risk index. Under Custom Name, enter the new name for each risk index

Note: You can select PSN products, Self-Entered Products, Hybrids or Mutual Funds

· If you select more than one product, under the Multiple Managers tab (select up to 30
products), the available graph is the Style Quadrant graph to compare the products together

· If you select one product and want to do manager versus benchmark comparison, under Single Manager tab, available graphs are the Style Quadrant, Style Allocation History or Style Summary graphs.

· The default graph will appear. Click the Modify button at the bottom of the page

· You have the option to select Period Type: Quarterly or Monthly. The system defaults to Quarterly

· For the Style Quadrant Graph, you have the option to select what to show: Summary, History or Both

Note: The appropriate custom model(s) created by the user will appear for the selected graph. For example, the Style Quadrant graph can accommodate 4 factors (risk indexes) per style model and 8 factors (risk indexes) per model for balanced products. The Style Allocation History graph can accommodate up to 11 factors (risk indexes) per model.

Batch Reports

The Batch Reports function allows the user to create, edit and save presentations. The user is able to select saved graph / report templates and profiles to create a presentation.

Presentation Directory

Type

Multiple Replacement- Select this option if you want to create a presentation that will enable you to make multiple replacements at run time:

· When a MULTIPLE TEMPLATE is encountered, ALL OBSERVATIONS of the template will be replaced with your entire selected product list

· When a SINGLE TEMPLATE is encountered, replacement will be ONE PRODUCT AT A TIME UNTIL YOUR ENTIRE SELECTION IS EXHAUSTED for that template

Note: # of pages = # of multiple templates + (# of products * # single template)

Single Replacement- Select this option if you want to create a presentation that will enable you to do the following at run time:

· Produce the selected presentation by plotting the FIRST OBSERVATION of each template with a product from your selected product list

· Replacement will be ONE PRODUCT AT A TIME UNTIL YOUR ENTIRE SELECTION IS EXHAUSTED.

Note: # of pages = # of templates * # of products you have selected to run the batch production

Templates

· The Templates screen will appear. Select the graphs and report templates that you would like to add to your presentation

· Double click on the left to add your graph/report selection or highlight graph/report selection and click on Add Template

· You can modify the following options on the Batch Reports toolbar. You can either keep or replace all of the following selections.

· If your selection is to KEEP, then the batch production process will use all defaults for this category as previously saved in each template. If your selection is to REPLACE, then the batch production process will use all replacement values as modified under this tab. Make the appropriate changes by specifying your criteria and clicking on Replace or just simply click on another tab to continue with setting up your presentation.

Dates

This function allows you to modify the date setting for the entire presentation. Choose from the available date ranges or type in your own custom date range.

Benchmarks

This function allows you to modify the benchmark setting for the entire presentation. Choose the appropriate replacement benchmark from the available options.

Footnotes

This function allows you to modify the footnote setting for the entire presentation. Choose from the available Macro’s or type in the information.

Universe

This function allows you to modify the universe setting for the entire presentation. Choose the appropriate Universe by opening the various categories and clicking on the appropriate Universe.

Fonts

This function allows you to modify the font setting for the entire presentation. Choose the appropriate fonts.

Options

This function allows you to change the graph dimensions to 2D or from color to black and white.

Colors

This function allows you to modify the color setting for the entire presentation. Click the Key color and select a color.

Stamping

· This function allows you to number the pages or add custom text in the presentation. If your selection is to Apply, then the batch production process will stamp every page with the settings. Choose from the available macros or type in the information.

· Click the Save button if you want to save the setup of the current presentation. This is highly recommended before starting the production process.

· Click the Start Production button to continue. Confirm the production process by clicking on the Start Production button again.

View: User has the option to click on the name of each graph/report that you want to see as the presentation is being produced. Note: you may proceed to other areas of the software as the final presentation is being generated by minimizing this screen.

Presentation is ready: View final results, the entire contents of the presentation will be in one file.

Report Designer

Report Designer allows the user to design their own unique report templates by combining data, graphs, text and images. Features include drag and drop, resizing and menus to customize both individual sections of the report, or to set parameters for the entire report. Report templates can be reused and modified to meet your changing needs.

· Create fact sheets that can be used for multiple managers and are instantly updated each quarter

· At the Selection screen, select your products and/or market indexes using the Data Set drop down window. Use the Locate box to search for a specific manager/product name (Note: most PSN graphs allow a maximum of eight observations)

· Select Presentation Type. Multiple Managers is used to place more than one observation in the legend of the graph. Most PSN graphs allow a maximum of eight observations. Single Manager is used to place one observation in the legend of the graph including the PSN assigned default benchmark. When finished, click the Save button.

Select this function to view/retrieve/edit your saved Report Designer presentation

Modify Presentation

Modify all objects or certain objects in the presentation using the following tools: Dates, Benchmarks, Universe, Fonts, Options, Colors, Symbols, Page, Observations, Blend(s).

Modify the selected object using the following tools: Position, Dates, Statistics, Headers & Footnotes, Options, Fonts and Observations.

Objects will align to the first object selected on the page. Multiple objects can be selected and aligned by holding down the Shift key on your PC while selecting objects for alignment. The target objects will then align to the primary object using the Top Sides and Left Sides options, as required.

Based on the objects selected, the user can re-size the width and height of the selected objects to either Shrink to the Smallest or Grow to the Largest. The re-sizing function is always relative to the objects selected. The primary object (either largest or smallest) will determine the size of the selected target modules. Multiple objects can be selected and re-sized by holding down the Shift key on your PC while selecting objects for re-sizing.

To the left of the screen are available graphs, profile blocks and narrative blocks to select. The Multiple Managers tab is the system default for graphs and is used when you want to display more than one manager on a graph. Use the graphs listed in the Single Manager tab if you want to display manager versus benchmark analysis. You may also choose from Single Blended Portfolio, and Multi-Scenario tabs. Select the Profile Blocks tab to access the firm and product data blocks that exist as unique sections in our firm data and product data profiles. Select the Narrative Blocks tab to access the firm and product narrative blocks that exist as unique sections in our firm narrative and product narrative. Select the Performance Profile Blocks tab to access the graph legend blocks.

Note: Graph templates created in Reports by the user are available to use in the Report Designer under the Private Graph Templates tab. Public graph templates are also available to use in Report Designer under the Public Graph Templates tab.

The default page set-up is Landscape. To change page set-up to Portrait, click on the drop down button to the right of Landscape and select Portrait.

· When you select a graph, profile block or narrative block, the item will appear on the design page layout to the right.

· To move the item, click on it and drag with your mouse to where you would like it to appear on the page.

· Objects can be aligned or resized quickly by using the Align or Size button explained earlier.

· To modify your selected item, click on it and select the Modify Object button. The Modify Object screen will appear. Select the following functions on the toolbar to modify your object:

Modify Object

This function is used to re-set the object position and size on the page. Click Apply button to save the change. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved object can be used again in other designs.

This function is used to re-select the desired dates (Note: the system default dates for most PSN graphs are Latest Qtr, 1, 2, 3, 5, and 10 year periods ending latest quarter). Click Apply button to save the change. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved object can be used again in other designs

This function is used to re-select the desired statistic(s). Click Apply button to save the change. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved object can be used again in other designs

This function is used to re-select the desired universe when applicable. The universe option includes PSN Published Universes and Non-Published Universes created by the user. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved object can be used again in other designs

This function is used to customize the heading and footnote areas. There are four lines available for headings and three lines for footnotes. Click Apply button to save the change. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved object can be used again in other designs

This function is used to re-format the look of the graph (3D format, visible legend (simple/value), vertical/horizontal titles, etc.). Click Apply button to save the change. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved object can be used again in other designs.

This function is used to change the fonts (heading case, justification, font type/style/size) and color for the heading, footnote, legend and axis areas. Click Apply button to save the change. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved object can be used again in other designs.

This function is used to re-arrange the order of appearance for the selected products and/or market indexes in the legend of the graph object. Most PSN graphs allow a maximum of eight observations. The maximum eight products are represented by the term Key #1, Key #2, Key #3, Key #4, Key #5, Key #6, Key #7 and Key #8. The system default benchmarks for the eight products are represented by the term Default Benchmark for Key #1, Default Benchmark for Key #2, Default Benchmark for Key #3, Default Benchmark for Key #4, Default Benchmark for Key #5, Default Benchmark for Key #6, Default Benchmark for Key #7 and Default Benchmark for Key #8.

If the object is a narrative, you may edit the narrative here. Click Apply button to save the change. To save this formatted function, provide a name and click on the Save Object As button. The saved object will be listed in the Object Directory on the main design page or as a Private/Shared Object on the design page. Saved objects can be used again in other designs

· After applying the changes, click on Design to go back to the design page layout screen.

· At the design page layout screen, Click on the Save button to save all your changes to the presentation.

· The Report Designer saved presentations are now available to compile using the Batch Reports function on the PSN main toolbar.

To modify all objects or certain objects in the presentation, click on the Modify Presentation button. The Modify Presentation screen will appear. Modify Presentation has similar functions as Modify Objects except it will affect the entire presentation.

To situate objects on the report designer grid the user can ‘eyeball’ the location of a given module and place it on the page. To refine the position and size of the object, use the MODIFY OBJECT selection from the toolbar. This will access numerical information based on the X/Y Axis of the grid. X/Y information appears in the lower left corner of the main Design page.

The upper left corner of the design page grid reflects the lowest numerical quantity for the X/Y Axis; essentially 0/0. As you move the cursor toward the lower right corner of the grid the X/Y numbers increase proportionately until they reach their maximum in the far right bottom corner.

The object position coordinates are determined by the positioning on the grid of the upper left corner of each selected object. Place the 4 arrow cursor at this point to determine these values while noting the X/Y information at the base of the page. This point equates with the numerical values you see in Object Position: Left and Top.

The user can re-size a selected object by reassigning the values in the Width/Height fields. The original values can be increased or decreased, as required, to alter the size of a specific object. This function is very useful if you want your objects to be identical in size. For example, if you want 2 selected modules to have identical widths and heights, and the original module dimensions are 300 x 200, you can input the same values for your new object and it will match the dimensions of the primary object.

Object Directory

This function is used to view/retrieve/edit your saved formatted objects. It is also used to create a new Text or Image object.

· Select Text to add custom text, select Macro Text to also use the System default macro fields (Firm Name, Firm Abbrev, Product Name, Product Abbrev, and Today’s Date) or select Key Macro Text to add a custom text to a select observation(s).

Note: If you select to create a Macro Text Object, along with the option to add basic macro fields (firm name, product name, etc.), you can also select the field’s macro button to access data fields from Firm Information, Product Information and Performance categories.

· The next screen allows you to add your text, re-select the font style/type/size and the position of the object.

· Click on the Save Object button to save your object. This text object is now available for your use and is listed under your Private/Shared Objects tab.

· Click on the drop down button to the right of the Object Type window and select Image

· The next screen allows you to upload an image and re-select the position of the object

· Click on the Save Object button to save your object. This image object is now available for your use and is listed under your Private/Shared Image Objects tab.

Presentation Directory

· At the Selection screen, use the Locate box to locate and select your observation(s)

· Under Presentation Name column, click on the name of a saved presentation

· The design layout screen will appear for you to preview the presentation or to edit

Setup

The Setup screen contains available system wide settings. The user has the option to change settings for current session or permanently. All changes are applied system wide.

System

User can select an ending date different than the default system ending date for reports and graphs. Input ending month or quarter you require for your output.

Ending Date in the macros will be the system ending date. Default period type will be monthly. - Choose this option to create output with monthly intervals.

Ending Date in the macros will be the last ending quarter month i.e. 3, 6, 9 or 12. Default period type will be quarterly. – Select this option to generate output with quarterly intervals.

User can select system-wide instructions for system to handle hybrid members with no ROR for a given period.

Users can now choose to Build Custom Benchmark While Building the Hybrid and apply this option permanently from the Setup menu.

Give you the option to ignore all products that check YES as having simulated data. Give you the option to ignore all products that check YES to have data from a prior firm.

PSN can now translate product and firm data, including asset values, minimum account size and fees as well as returns, into 23 different global currencies. Currency calculations can be applied to over 30 years of data, simply by clicking on Set Up>System in the blue main toll bar and changing the default currency in the drop down available. After changing the currency (for the current session or permanently) all graphs and output will appear in the new base currency.

Output includes products and managers actively participating in the PSN database.

Check this option to always keep benchmarks at the bottom of the graph’s legend.

Set Number of Products in Browser View

Feature allows the user to permanently select the number of products in view on the Selection page.

Set Time Out

Feature allows user to set the time PSN Enterprise will automatically log out without any activity. The default is currently 45 minutes but can be set for up to 2 hours.

Graph Settings

Include Benchmark as a key to 'Multiple Managers' graphs - Selecting this option will place your benchmark in the body of the graph. It will also appear in the legend of the graph and set it as a key or intersection point when utilizing 4 quadrant graphs. If you select a graph that uses the benchmark as a computational reference point, it will NOT appear as an individual member of the output.

Include Benchmark as a key to 'Single Manager' graphs - Selecting this option will place your benchmark in the body of the graph. It will also appear in the legend of the graph and set it as a key or intersection point when utilizing 4 quadrant graphs. If you select a graph that uses the benchmark as a computational reference point, it will NOT appear as an individual member of the output.

Include Benchmark as a key to 'Single Blended Portfolio' graphs - Selecting this option will place your benchmark in the body of the graph. It will also appear in the legend of the graph and set it as a key or intersection point when utilizing 4 quadrant graphs. If you select a graph that uses the benchmark as a computational reference point, it will NOT appear as an individual member of the output.

Include Single Managers as keys to 'Single Blended Portfolio' graphs - Selecting this option will include the individual members of the Blend in the body of the graph and in the legend.

Generate second page with blend allocation - If you want your output to include the allocation, in percentage terms, of your Blend - check this box. A second page will be generated displaying this information.

Remove blend members with 0 percent from the legend – If a member of your hybrid has 0% allocation, it will not appear in the blend allocation legend.

Include Benchmark as a key to 'Multiple Scenarios' graphs. – See explanation above.

Include Single Managers as keys to 'Multiple Scenarios' graphs. - Selecting this option will include the individual members of the Blend in the body of the graph and in the legend.

Generate second page with blend(s) allocation. - If you want your output to include the allocation of your Blend in percentage terms, check this box. A second page will be generated displaying this information.

Remove blend members with 0 percent from the legend - If a member of your hybrid has 0% allocation it will not appear in the blend allocation legend.

Colors

User’s color choices are saved between graphs and between sessions. When running a report, users can select different colors for their observations. These color choices are stored in the database so the next time the user logs in, he/she does not have to re-select the scheme again.

Headers

The option allows the user to re-enter 4 lines of headers and 3 lines of footnotes for graphs and reports. This can be saved for the current session or applied permanently.

Fonts

The option allows the user to re-set the font for the following: Heading Font, Footnote Font, Axis Font and Legend Font. This can be saved for current session or applied permanently.

Folders

The user has the option to re-organize the private templates into different folders.

Styles

This function allows the user to create custom Style (Return Based Style Analysis) Models to be used in the Style Graphs with the Dynamic Style function activated. The user can select the desired risk indexes to represent the user defined style categories.

We are very excited to introduce Presentation Designer, a very user friendly & intuitive reporting tool for PSN. Presentation Designer allows user to quickly craft a customized presentation; saving time and automating the report process for future use.

Presentation Designer

· Use the Data Set window to bring up the product category (i.e. Product – Gross of Fees, Market Indices, Self-Entered and Hybrids)

· Select Presentation Designer on the main tool bar (highlighted; to the far right of tool bar):

· Locate Create a new presentation window and enter name of new presentation. Also select presentation type: Multiple Managers (default) or Single Manager (focused on selected manager vs. comparison benchmark)

The Presentation View window will appear. The Presentation Designer Tool Bar is above the window area:

Download As PDF – View current page template or entire presentation via PDF output

Page Properties – Select page mode: Landscape or Portrait, add page border, background color and edit page margins

Apply Template – Allows users to access saved templates and add to current page template

Add Objects – Add report objects (i.e. graph objects, macro text objects, narrative text objects) to page template

Object Properties – Edit object properties such as: dates, statistics, headings/footnotes and fonts

Data Properties- Re-select product(s) and benchmark to display in presentation

Presentation Properties – Edit changes to a report object and apply to all report objects or selected

Library – Allows user to create folders to organize saved presentations, page templates and report objects

Setting - Select Rendering Quality: Low (default) or High (very CPU and memory intensive). Also, option to display grid on page template.

Exit Designer – Exit Presentation Designer and back to PSN Enterprise / Selection screen

· Click Create New Page; see screenshot below. A new page template will appear:

· Click Page Properties to select page mode: Landscape (default) or Portrait, set page margins, border styles/width/color and background color:

· Click on Edit Layout to start designing spaces on the page template for report object(s) placement:

Use mouse to slice the page template into spaces for report object(s) placement. Right click on mouse to move line to Left, Right, Grow, Shrink or Delete:

· Click Add Object to locate and select report object(s) to place on page template:

· Select report object category (i.e. Multiple Managers, Single Manager). Enter object name in the Search objects window; hit enter on keyboard:

· Click Add to Page button to add object to page template (Note: report object will be placed on page in available spaces from left to right); or use mouse to drag object out and drop to desired space on page:

· To edit report object, click object on page, right click and select Properties:

· Available to edit under Properties: Dates, Statistics, Headers & Footnotes, Options, Fonts and Observations.

· NOTE: Options give user wide range flexibility to edit object’s General Appearance, Symbols and Lines, Legend, Axis, Texts and Descriptions:

· Click x to save changes and exit Properties. Repeat steps to edit other report object(s) on page template.

· Alternatively, instead of right click on mouse to select Properties, user can click the report object on page template to edit and select Object Properties icon / Advanced (highlighted):

Presentation Designer Reference Guide

· Below is an example of a finished page template. The following were changed in Object Properties:

Change look from 2-D to 3-D, reselected dates: Latest, 1, 3 and 5, update headings for both objects, Performance Bar: remove vertical and horizontal lines, change legend font size. Growth of Investment: remove legend and remove vertical lines. Click Save Page icon (highlighted) to save changes to current page template:

· NOTE: For wide screen monitor, right click on selected object, select Properties. The Properties menu can be visible to the left of the screen by clicking Toggle dock mode (circled in red, next to x). This will allow user to edit object using Properties menu and see changes to page template at same time:

· To add another page template, click Create New Page (highlighted) and repeat previous steps to design new page:

Here is an example of additional page templates added to current presentation. To view presentation as PDF output, click Download as PDF icon / select down arrow and Download Presentation as PDF (highlighted):

Sharing User Information

User Information can be shared among PSN users from the same firm and the users have to be grouped by PSN to a department name (i.e. Marketing, Research, Sales, Consultant Group, etc.).

Users can be grouped to more than one department. The owner/originator (of the shared information) is the only one who can edit and update the shared information.

Graph and Report Templates

· When the user creates a graph or report and clicks the Save Template button, the user can:

· Save the template to appear under the user’s Private Templates tab and at the same time, under Share Your Work, select the department(s) listed to share under Groups Visible to you for Distribution

· The shared template will be listed under the Public tab (in Reports area) for other users (in the department) to use

· The shared template cannot be altered. Only the owner can edit and update the shared template.

Universes or custom universes created by the User

· Universes and custom Universe can be shared. To share a saved universe(s) or custom universe (s):

· Select the universe(s) and custom universe(s) to share by placing a checkmark inside the square box located to the right side of each universe and custom universe. Note: To select all universes and custom universes to share, click the Select All button at the bottom of the screen.

· Under Share Your Work, select the department(s) listed to share underGroups Visible to you for Distribution

The other users in the department can select any products in the shared universe or custom universe to create a graph or report by going to the Universe drop down window at the Selection screen and selecting the shared universe or custom set from the listing.

The shared universes or custom universes cannot be altered. Only the owner can edit and update them.

Note: When the user saves a universe or custom universe for the first time by clicking the Save Universe button, Save Current Universe button or Query and Keep Results as Universe button, the user can:

Save the universe or custom universe to appear under the user’s Universe Directory (under the Retrieve Universe button) and at the same time, under Share Your Work, select the department listed to share under Groups Visible to you for Distribution.

The shared universe or custom universe will be listed under the Universe drop down box at the Selection screen. The other users in the department can retrieve the shared universe or custom universe and use any products listed to create a graph or report.

The shared universe or custom universe cannot be altered. Only the owner can edit and update the shared universe or custom universe.

Hybrids created by the User

· Select the hybrid(s) to share by placing a checkmark inside the square box located to the right side of each hybrid. Note: To select all hybrids to share, click the Select All button at the bottom of the screen.