Spring 2008 Features Spotlight: Retirement Income 32 Adding the Income Dimension A new framework allows advisors to fully examine a portfolio’s sustainable income levels and the risks of it coming up short. 36 Do’s and Don’ts of RMDs When clients begin taking required minimum distributions, follow these strategies to maximize the value of their IRAs. 40 An Attractive Yield is Only Skin Deep To find high-quality dividend payers worthy of a retirement portfolio, investors should focus on income growth rates. 42 Mutual Funds Get in the Game With its new retirement-income funds, the industry gets off to an intriguing start in helping retiring shareholders “decumulate.” 47 Beyond Target Date Morningstar’s Target-Plus Indexes work past investors’ retirement date. Morningstar Conversation 53 The Last Holdout Standing firm against falling returns and assets, Richard Pzena stockpiles beaten-up financials. His is a conviction few share. Undiscovered Managers 60 A Bird of a Different Feather Ralph Shive doesn’t care about style boxes, relative performance, or Wall Street. He just wants to make money for his clients. 64 First-Class Thinker To Alex Motola, who studied to become a professor of medieval history, the life of the mind needs a daily challenge. 3