From 1986 through 2005 the S&P 500 Index averaged 11.9% per year. During the same 20-year period, the average equity mutual fund investor averaged 3.9%. Why? At CGF, we attribute this to: Investors frequently buy and sell at sub-optimal times Investors' portfolios are not aligned with their risk tolerance Investors are attracted to yesterdays winners

*SOURCE: Dalbar, Inc. Quantitative Analysis of Investor Behavior - 2005. Represents average annually compounded returns of equity indices vs. equity mutual fund investors; based on the length of time shareholders actually remain invested in a fund and the historic performance of the funds appropriate index. Past performance is no guarantee of future results. Investors cannot invest directly in an index.