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Microsoft 401(k) Plan

 

         for participants in the Microsoft Corporation 401(k) Plan
 
DISCLAIMERS
No Plan Provider Liability All information and material in this newsletter and on our company's website is provided as a service to Pariveda clients and prospective clients. Pariveda has neither relationships with, nor endorsements from, the companies whose 401(k) plans we monitor and evaluate. Pariveda, Inc. retains sole responsibility for, and right to, all content appearing in this newsletter and on the Pariveda website.

Company Stock Recommendations Pariveda may provide opinions, advice and recommendations on a company's stock if the retirement plan includes it as an investment option for plan participants. Investors considering Parivea's stock-specific advice are advised that our views may differ significantly from those expressed by other advisors or the company itself. It is the investor's responsibility to evaluate Pariveda's advice, as well as alternative sources of information and opinion, in the context of their personal financial situation before coming to an independent decision on whether the company's stock merits investement at any time.

Inside Information Plan participants are further advised that they cannot purchase or sell company stock on the basis of material, non-public inside information. Futhermore, as set forth in our "Insider Trading Policy" if Pariveda employees or anyone affiliated with our company comes into possession of inside information through relationships with individuals affiliated with companies whose retirement palns we cover, we are restricted from using that information on behalf of anyone, including Pariveda clients.

No Implied Guarantees While we continually strive to add value through our recommendations, historical model performance numbers noted in this newsletter and on the company's website are not guarantees of future results and should not be interpreted as such.

MODEL PERFORMANCE

Perfomance Disclosures

 

Gross Returns  The returns an individual following Pariveda's 401k Advisor recommendations would have achieved independently.

 

Net-of-Fee Returns    The returns an individual would have achieved if Pariveda had managed their account following the 401k

Advisor model recommendations, net of advisory fees of 0.60% per year (our highest standard fee).
CURRENT MODEL PORTFOLIOS
Microsoft 401(k) Blog:
Model Portfolios - as of July 1, 2010 Model Portfolios - as of July 1, 2010
Submitted by bmurphy. on 07-18-2010.

The funds we're holding in our model portfolios continue to be the best performing within the Microsoft "Core" 401(k) plan and, as our market outlook remains cautious, we're making only small trades in the models this quarter.
More
INVESTMENT OPTIONS COMMENTARY
Microsoft 401(k) Blog:
Model Portfolios - as of July 1, 2010 Model Portfolios - as of July 1, 2010
Submitted by bmurphy. on 07-18-2010.

The funds we're holding in our model portfolios continue to be the best performing within the Microsoft "Core" 401(k) plan and, as our market outlook remains cautious, we're making only small trades in the models this quarter.
Model Trades - June 30, 2010 Model Trades - June 30, 2010
Submitted by bmurphy. on 07-18-2010.

Specific trades needed to get from last quarter’s to our current model portfolios are here.
Performance Summary - June 30, 2010 Performance Summary - June 30, 2010
Submitted by bmurphy. on 07-18-2010.

Quarterly Performance Review - as of June 30, 2010 Quarterly Performance Review - as of June 30, 2010
Submitted by bmurphy. on 07-18-2010.

Our model's defensive positioning allowed us to modestly out-perform their respective benchmarks by in Q2. Microsoft shares were particularly hard hit, but we continue to view the company’s shares favorably.
Cumulative Performance - as of June 30, 2010 Cumulative Performance - as of June 30, 2010
Submitted by bmurphy. on 07-18-2010.

Our recommendations have added modestly to Microsoft 401(k) Plan participant accounts throughout our history with the plan.
More
MARKET COMMENTARY & THOUGHTS
Microsoft 401(k) Blog:
Risk, Not Compensated, is Folly Risk, Not Compensated, is Folly
Submitted by bmurphy. on 07-16-2010.

We take a look at the current cross-currents influencing the financial markets - from economic statistics, to market structure, to valuation and conclude the risks far outweigh the possible rewards at this time. The case for maintaining a defensive stance.
Grant/Rosenberg - "The Great Debate" Grant/Rosenberg - "The Great Debate"
Submitted by bmurphy. on 04-13-2010.

An interesting debate between Jim Grant & David Rosenberg on the likelihood of deflation or inflation over the next decade.
Short-term Sentiment vs. Long-term Valuation Short-term Sentiment vs. Long-term Valuation
Submitted by bmurphy. on 04-13-2010.

The optimal investment strategy at any time boils down to evaluating two simple factors - market sentiment and valuations. If both are positive, full steam ahead. If both negative, you're probably well into a market correct, but get out nonetheless. The most excrutiating environments for investors come when sentiment and valuation are diametrically opposed to one another - now is one of those times.
Recovery-‘Lite’ Recovery-‘Lite’
Submitted by bmurphy. on 04-13-2010.

We're in the midst of an impressive recovery by all statistical measures - unless you read beyond the headlines, that it.
A Tough Time to Get Aggressive A Tough Time to Get Aggressive
Submitted by bmurphy. on 01-16-2010.

While markets have vaulted higher over the last nine months, it's tough to make the case they're now cheap, or even modestly attractively valued. Growth in earnings has got to come through - either driven by an expansion in top-line sales, or further cost-cutting.
More

If you have any questions on the above analysis, or would like Pariveda to review your personal situation in more detail, feel free to contact us at MSFT401k@pariveda.com

Until next quarter, best wishes for continued success!
 
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