Plan Investing: Vanguard Select Funds Info

Chicago Blower Corporation Profit Sharing and 401(k) Plan

The Plans' Vanguard Select Funds are objectively selected by CCAS from over 200 candidates through rigorous proprietary screening processes. Additionally, as part of its engagement responsibilities with the Plans' Trustees, CCAS monitors each fund in this Select group for significant changes in management, investing strategy, peer-group and benchmark comparative performance, as well as more subtle operating characteristics.

This monitoring and evaluation process helps you to be assured that the Vanguard funds you are employing for your Plan account are among the best available to comprise a "team" of investments to work for you. Should CCAS's monitoring disclose a clearly better candidate for a position on that team, we will alert the Trustees of that recommendation and, with their consent, make the replacement after notifying you of the action. You will be given ample opportunity to re-direct your account investments ahead of that action if you so choose.

These Funds are selected for attributes of portfolio manager continuity, stability against stated objectives, performance against benchmarks and category peers, and overall diversification against the other funds selected in this venue as well as the Auto-Balanced Vanguard Funds Venue. This diversification against other Vanguard Select Funds criteria is vitally important in constructing any portfolio of investments - and especially important in a long-term retirement portfolio. A portfolio of funds that operate with controlled and limited correlation can help to buffer investors from the ravages of downside volatility.

The funds range from conservative Money Market to substantially more aggressive (that is, volatile) Emerging Markets and Energy sector stock funds. Within that range are both prominent as well as less-well-known funds employing a wide variety of strategies across the entire scope of financial investment categories deemed appropriate for general retirement investing.

Comprehensive and timely information on each of the mutual funds in the Plans' Vanguard Select Funds Venue is available through the table below.

Note that the share class detailed in the table is the share class currently utilized by the Plan for that particular fund. The Plan Administrator will, at all times, employ the share class with the lowest shareholder expense structure available to the Plans' Trust at that time. In general, as the Plans assets increase, Vanguard will allow the Plan Administrator to convert previously purchased, higher expense-level shares to share classes with operating expense ratios (OER's) more advantageous to the Plans' participants. The actual share class you purchased and own at any time can be identified in the Plan Balances section of your Plan Account Personal Information. The Transactions History section will detail all share classes of any fund transacted throughout your history with the Plan.

Current Prospectus, the most recent Fund Financial Reports, and Fund Fact Sheets, all published by the funds' distributors, should be downloaded and reviewed before making any investment. Morningstar© Mutual Funds "Quick-Take" independently published reports for each fund are also available with a click!

You should also be aware of any Redemption (or Purchase) Fees associated with investing in the a fund. Funds that authorize such fees against shareholder positions are noted below under the Redemption or Purchase Fees column heading. Be sure you read and understand the nature of and rules governing the assessment of these fees before directing any of your account balance into such a fund. In general, these fees are in place to benefit current shareholders by penalizing other shareholders who might be motivated to use the fund for short-term trading, thereby driving up the cost of longer-term investors to hold the fund. For this reason, these fees are extracted from trading shareholders and spread back to the accounts of residual shareholders.

To aid you in selecting a proper mix of the Vanguard Select Funds relative to your investing objectives, CCAS has designed four very different Sample Portfolios, each appropriate to a specific risk/return investor profile. The four Sample Portfolios utilize increasing allocations to stock-oriented funds depending upon the intended investor's "investing time horizon" - that is, the number of years before the investor will begin to spend the money in the Plan account for whatever its intended purpose.

The four Sample Portfolios are generally designed with "time horizons" and "asset allocations" - that is, the portion of the account invested in money markets vs. bonds vs. stocks - as follows:

These guideline portfolios are just four of an infinite set of variations that can be constructed using the mutual funds in the Plan's Vanguard Select Funds venue. They are intended to illustrate how your account can be mixed to result in your assumption of four very different levels of 'Investment Risk'. They are also designed to minimize overlap across investing styles and securities categories; in short, providing maximum diversification using the set of Vanguard Select Funds available. They are not intended to be a precise indicator of future risk or return levels.

In fact, the relative degree of risk and return across each Sample Portfolio can vary significantly over shorter time periods. That is, 'conservative' mixes have sometimes outperformed 'aggressive' mixes. Only you (or your professional financial advisor) can determine the mix appropriate to your investing objectives. Note that the graphic at the bottom right of this page can provide a helpful resource when completing your investment directives for your account. It's available as a printable Acrobat file by clicking here.

Ultra-Short Term Investor Portfolio	Short Term Investor Portfolio	Medium Term Investor Portfolio	Long Term Investor Portfolio
Relative Risk Comparison		4-in-1 Sample Portfolios