As servicer to nearly $2 trillion in assets, State Street Investment Analytics is in a unique position to capture information on markets and managers, providing flexible comparison tools and information. The State Street Universe^® - Combined contains performance and asset allocation data on more than 1,250 funds and 17,200 portfolios with assets in excess of US$1.8 trillion. The State Street Universe - Original contains performance and asset allocation data on more than 230 funds and 4,000 portfolios, with assets in excess of $1.4 trillion.

State Street Universes offer a host of benefits:

• Full access to all universes
• Custom universe creation capability
• Efficient reporting and data delivery available online
• Presentation quality reporting
• Consistent calculation methodology
• Monthly availability of certain universe rankings

Both individual portfolios and total funds are ranked against appropriate standard universes using consistent methodologies. Available universes include master trusts, asset pools, asset classes, asset allocation, U.S. equity and fixed income portfolios, and global portfolios, as well as regional EAFE, Europe, and emerging markets. Styles include large-, mid- and small-cap on a growth, value or neutral basis. In addition, our customers have the ability to create their own universes based on such criteria as plan size, asset allocation and investment mandate. This universe provides comparative data on a monthly basis via online or hard copy reports.

State Street Universe^® reports are divided into three sections:

Total Fund Performance
Total fund cumulative performance and consecutive period performance is ranked against a variety of peer groups. Asset class level returns are also ranked against asset class level returns of other plans and the total plan’s asset allocation percentages are ranked against a variety of peer groups.

Individual Manager Performance
This section ranks managers’ performance against a broad base of similar managers.

Equity Style
This section provides a more detailed comparison of domestic equity portfolios. Here, we use a proprietary model that analyzes the individual holdings of every domestic equity portfolio in our database to establish style universes such as large-cap growth, mid-cap growth, small-cap value, large-cap neutral, and more. We then rank each portfolio in the customer’s plan against the universe appropriate for that particular portfolio. We are pleased to provide more information on our methodology on request.