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Data through 10-22-2010 | For Financial Professionals Only MOST Missouri's 529 Plan (Advisor) Plan Options Age-Based Tracks: 0 100% Morningstar Analyst Rating Top Above Average Average Below Average Bottom Analysis by Kailin Liu 10-22-2010 Missouri's MOST 529 Advisor Plan is serviceable, but there are better deals elsewhere. The plan features a broad range of asset classes and investment strategies. There is no age-based option, but advisors can choose among 20+ static-allocation and individualfund options spanning most major asset classes. Many of these options are well-regarded by Morningstar analysts, including American Funds American Mutual and PIMCO Total Return. The plan also has a few distinctive offerings, like three static-allocation options composed of iShares ETFs, as well as a clone of Scout International Fund that includes an anti-terror screen. A handful of the plan's options, such as Legg Mason Value and Hartford Growth Opportunities, have been relatively volatile and turned in huge losses in 2008. A well-informed advisor can help investors navigate the wide ranges of performance and investment styles available in this plan. Plan fees are neither egregious nor the most competitive. The A shares range from 0.69% to 1.45%, placing them in the low to middle range of their broker-sold peers. The money market option, which runs at 1.02% for A shares and 1.77% for C shares, is especially steep. Advisors can access comparably well-regarded, and sometimes identical, strategies for less in other states. Virginia's broker-sold CollegeAmerica plan, for example, features the full American Funds lineup at lower prices. An investor can buy A shares of American Funds American Mutual for 0.74% in the Virginia plan, compared with 1.18% here. Those who prefer passive investments can access the same iShares allocation options through the cheaper Arkansas iShares plan. Cost is important here because Missouri allows its residents to deduct 529 investments even if they go out of state. Residents can deduct up to $8,000 ($16,000 if filing jointly) of contributions to any 529 plan. And families with more than $25,000 invested in the plan are subject to a lower sales charge, a change implemented in October 2009. Investors have a fine set of investments to choose from here, but until Missouri drops this plan's fees below the competition's, it pays to shop around. Web Address Program Manager Trustee Advisor Sold Direct Sold Fee Range (Age-based) Minimum Initial Investment Annual State Tax Deduction (per Household) www.most529advisor.com Upromise Investments, Inc. Missouri Higher Education Savings Board Resident and non-resident — — $500 Single filing up to $8,000 Joint filing up to $16,000 Issuing State Missouri Static Portfolios/Funds: 21 Equity Allocation % for Age-Based Tracks 75 50 25 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 80 80 80 80 78 77 68 67 64 58 57 49 44 40 39 33 25 22 15 Plan Option Overview 09-30-2010 Option Name Overall Star Rating MO Adv The Hartford Sm Co A MO Adv T. Rowe Price Gr Stk A MO Adv Amercn Century Infl-Adj Bond A MO Adv Amercn Century Equity Gr A MO Adv PIMCO Total Return A MO Adv Columbia Md-Cap Idx A MO Adv Amercn Century Lg Co Val A MO Adv Amercn Century Premium MMkt A MO Adv Amercn Funds Amercn Mutual A MO Adv The Hartford Growth Opps A MO Adv Templeton Growth A MO Adv Van Kampen Comstock A MO Adv Moderate ETF A MO Adv Aggressive ETF A MO Adv Legg Mason Val A MO Adv UMB Intl Anti-Terror A MO Adv Columbia Sm-Cap Idx A MO Adv T. Rowe Price Intl Gr and Inc A MO Adv Van Kampen Eq & Inc A MO Adv Amercn Century Govt Bond A MO Adv Conservative ETF A QQ QQQ QQQQ QQQ QQQQQ QQQQ QQ — QQQQ Q QQQ QQQQ — — Q QQQQ QQQ QQ QQQ — — Current Underlying Equity % Fund Fees % 97.74 98.90 0.00 99.20 0.00 99.15 95.79 0.00 84.27 95.10 98.49 99.44 53.64 85.66 99.88 0.00 97.70 97.95 60.27 0.00 14.88 0.91 0.67 0.29 0.47 0.75 0.14 0.63 0.47 0.63 0.79 1.01 0.53 0.28 0.28 0.69 0.90 0.20 0.88 0.51 0.49 0.28 Total Fees % 1.46 1.22 0.84 1.02 1.30 0.69 1.18 1.02 1.18 1.34 1.31 1.08 0.83 0.83 1.24 1.45 0.75 1.43 1.06 1.04 0.83 Child's Age Industry Average 19 10 YTD 3-Year 5-Year Total Cat Rtn % Rank % Total Cat Rtn % Rank % Total Cat Rtn % Rank % 12.41 13.98 8.42 8.14 10.07 16.89 5.39 0.00 11.21 9.65 3.66 8.63 9.29 10.64 2.70 11.79 13.35 4.49 6.14 6.15 7.49 53 -6.80 8 -5.76 49 6.45 72 -8.31 43 9.94 41 -2.40 63 -10.79 51 1.20 12 -4.96 54 -9.87 65 -10.63 30 -7.13 47 — 20 — 98 -16.99 13 -3.65 36 -4.66 57 -9.94 98 -2.34 84 — 67 — 88 46 26 69 2 12 75 56 10 90 61 26 — — 99 9 64 57 46 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Current Equity % is as-of the most recent portfolio date available. For Category Rank %, 1 = highest rank, 100 = lowest rank. Highlights 09-30-2010 MO Adv The Hartford Sm Co A Asset Allocation 09-30-2010 Stocks Bonds Cash Other Top Asset Managers Hartford Mutual Funds MO Adv T. Rowe Price Gr Stk A % Asset Allocation 09-30-2010 97.74 0.00 2.04 0.10 % 100.00 Stocks Bonds Cash Other Top Asset Managers T. Rowe Price 529 Category 529 Category Static Small-Cap Equity Static Large Growth Return vs Category Risk vs Category Low Below Average Return vs Category Risk vs Category ©2010 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. “Morningstar,” and the Morningstar logo are registered marks of Morningstar, Inc. MO Adv Conservative ETF A % Asset Allocation 09-30-2010 98.90 0.00 1.10 0.00 % 100.00 % Stocks Bonds Cash Other Top Asset Managers 14.88 69.64 15.38 0.10 % iShares 100.00 529 Category Static Conservative Allocation Average Above Average — — Return vs Category Risk vs Category 529