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ACTIVE PORTFOLIO ENHANCEMENT® Performance
January 1999 through March 2013
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Stable Growth Performance
January 2009 through March 2013
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Fixed Income Performance
January 2010 through March 2013 
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Notes
(1) These accounts include the effects of Bell’s management fee, mutual fund expenses, Schwab transaction fees, short-term redemption fees, and cash holdings.
(2) These returns do not include the effects of the items described in Note 1.

Important Disclosures
Past performance is no guarantee of future results. Future returns may differ significantly due to materially different economic and market conditions. With the exception of the Nasdaq Composite, returns assume the reinvestment of dividends and capital gain distributions. These investments involve risk and the possibility of loss – including principal.

Accounts that qualify as part of the Active Portfolio Enhancement strategy are those that employ a combination of Class 1 through 4 only.  Accounts that qualify as part of the Stable Growth strategy are those that employ a combination of Class 4 (Total Return) Funds, Class 5 (Fixed Income) Funds and/or individual bonds such as TIPS, and cash and/or cash equivalents. Accounts that qualify as part of the Fixed Income strategy are those that solely invest in Class 5 (Fixed Income) Funds and cash and/or money market funds.

For the purposes of these calculations, the term "average" is defined as a simple average—not a weighted average. Only fee-paying clients who fully employ the above stated strategy are included in the return calculations. Client accounts that hold individual securities or funds not recommended by Bell; employ hedging, market timing, socially responsible, or any other strategy not representative the above stated strategy; or maintain cash allocations greater than ten percent of the portfolio (except for Stable Growth) are not included in the calculation. We believe that removing these accounts makes the results more representative of the above stated strategy.  Additionally, only client accounts that were managed for the full period (i.e. year or year-to-date period) are included in the calculation. Accounts opened mid-year are not included in that specific year's reported results. We do not believe this policy has any material effect on the stated results.

The S&P 500 Index is an unmanaged, market-cap weighted index of large-cap stocks commonly used to represent the U.S. stock market. More information can be found at www.standardandpoors.com. The MSCI EAFE Index is an unmanaged, unhedged, market-cap weighted index of foreign stocks commonly used to represent developed stock market outside of the United States. More information can be found at www.mscibarra.com. The Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market-cap weighted index of government and corporate bonds, mortgage-backed securities, and other asset-backed securities commonly used to represent the U.S. bond market. More information can be found at www.barcap.com. The 50% S&P 500 Index/50% Barclays Capital U.S. Aggregate Bond Index is an equally-weighted, annually-rebalanced index that is comprised of the two aforementioned indices.  None of these indices can be invested in directly. The composition and volatility of Bell's client accounts vary and may significantly deviate from these indices over time.