MFI

It’s been half a year since we launched our Morning-star Analyst Ratings. It’s a good time to take a look at where things stand so you can have some perspec-tive. It’s too early to judge performance, of course, but we can see how the ratings are breaking down.

The analyst ratings are deep fundamental dives on a fund’s prospects. We examine funds based on five pillars: People, Price, Performance, Parent, and Process. We then rate each fund Gold, Silver, Bronze, Neutral, or Negative.

So far we have rated more than 800 funds on our way to rating 1,500. We have 500 funds in FundInvestor, so you’re not seeing all of the funds that we rate but mostly the best and biggest of that group. Thus, the portion rated in the FundInvestor 500 naturally skews higher than the full list of our rated funds. In addition, it’s worth keeping in mind that the 1,500 we will rate are worth covering either because they are compelling investments or simply big funds from a list of nearly 7,000 total funds.

We don’t have a set curve for ratings, but if we were to rate all of the funds in the United States, you’d see a higher percentage of Neutral and Negative.

As of the end of May, here is the breakdown: Gold 169, Silver 190, Bronze 203, Neutral 212, and Negative 54. As we rate the rest of our coverage list, I’d expect Neutral will grow the fastest. It is already the largest bucket, and it will likely take up

quite a lot of our ratings. The reason is that many funds don’t really stand out either because they have short track records or long but mediocre records.

You may have wondered why there are no Negative-rated funds in FundInvestor, but rest assured we are giving Negative ratings. It’s just that I choose better funds for the 500 list. I do include some of the largest funds, which doesn’t necessarily mean they’re among the best, so it is always possible one will get a Negative rating. In fact, we had rated Fidelity Magellan FMAGX a Negative before we launched the ratings last fall, but we changed it to Neutral when manager Jeffrey Feingold replaced Harry Lange.

Although the ratings are subjective, they’re not about our gut feelings. We gather a lot of data in doing our analysis. Besides obvious things such as expense ratios and total returns, we look at index overlap, R-squared, tracking error, and returns relative to a benchmark on a yearly basis to understand how indexlike a fund is. To understand whether a fund’s asset base is bloated, we look at assets, days trad-ing volume in top holdings, changes in total stocks, and concentration in the top 10 holdings. To under-stand a fund’s risk levels, we look at performance on a risk-adjusted basis and at portfolio-level risks. For instance, to understand a bond portfolio, we home in on yield relative to category and benchmark, credit breakdowns, and weighting by issuer.

The subjective part comes in bringing that data to- gether and in assessing a fund’s management, analysts, and strategy. Still, the average figures for each grade level validate the qualitative process quantitatively. When looking at expense ratios, Morn-ingstar Ratings for funds (“star ratings”), manager

FundInvestor

Continued on Page 2

Research and recommendations for the serious fund investor

An Update on the Morningstar Analyst Rating

Fund Report 4Laudus Growth Investors U.S. Large Cap Growth

Morningstar Research 8Target-Date Funds Put to the Test

The Contrarian 10Are Investors Right to Sell These Funds?

Red Flags 11Old Dogs, New Tricks

Market Overview 12

Leaders & Laggards 13

Manager Changes and News 14

FundInvestor Focused 10 16

Tracking Morningstar 18 Analyst Ratings

Income Strategist 20

FundInvestor 500 22

FundInvestor 500 Spotlight 23

Follow Russ on Twitter @RussKinnel

Russel Kinnel, Director of Fund Research and Editor

SM

June 2012 Volume 20Number 10

2

tenure, and investor returns figures for each group, you can see a stair step down.

For Gold funds, the average expense ratio is 0.61%, the average star rating is 3.86, the longest manager tenure is an average of 12.7 years, and the average investor return ranking is 31 (1best and 100worst.) For Silver, the average expense ratio is 0.84%, average star rating is 3.6, longest manager tenure is an average of 11.1, and average investor return rank is 31. Those figures decline down to Negative-rated funds, which have an average fee of 0.98%, average star rating of 2.2, longest manager tenure average of 5.7, and average investor return rank of 72.2.

To see what our ratings are saying about fund companies, I calculated a GPA for the 10 biggest fund companies. I assigned a 4 for Gold, a 3.5 for Silver, a 3 for Bronze, a 2 for Neutral, and a 1 for Negative.

We still have nearly 700 funds to go, so these figures may well change depending on how good the remaining funds we rate are. Here is how it broke down. Honor roll: Vanguard 3.6, American 3.4, PIMCO 3.4, T. Rowe Price 3.4, and JP Morgan 3.0.And the rest: Fidelity 2.9, Franklin Templeton 2.8, BlackRock 2.6, Columbia 2.3, and Oppenheimer 2.3.

To get a 3.4 or better for a large number of funds, a company has to have a lot of strong suits rather than just one, though it’s interesting that Vanguard and T. Rowe Price are closer to being strong across the board than American, which has weak bond funds, and PIMCO, which is only just building up a presence in equities.

On the lower end, Columbia and Oppenheimer need to improve on a lot of fronts. Columbia landed three equity funds in the Negative bin, while Oppen-heimer has three bond funds, a commodity fund, and a stock fund in Negative.

Outside of the top 10, American Century received 2.6 as its funds lean toward the middle. It received no Gold ratings and only one Negative. MFS rated a 3.2

because the firm has steadily improved the quality of its research.

Updating RatingsYou’ll also be seeing more changes to existing ratings, as we continue to update and monitor changes at funds. We aim to review a rating quickly after a significant event such as a manager change. However, we will also keep looking for more-subtle shifts or details we hadn’t uncovered before.

For example, we took Vanguard International Explorer VINEX down a notch in May because performance continued to deteriorate and the manager given 10% of the portfolio doesn’t have a long track record. Neither signals a disaster, but it illustrates how we will continue to evaluate funds after we’ve rated them.

Updating Performance of Our RatingsI’ll continue to update performance of our ratings on Page 18 and on mfi.morningstar.com. For now, I’m just showing how the Gold ratings (formerly Fund Analyst Picks) have done because that’s where our track record is the longest. The other ratings levels have only been around for a few months, but over time we’ll provide more information about how each level is doing.

In the meantime, let’s see how our ratings have done over the past 10 years. As you can see from the graphs, the average Gold (or Analyst Pick) fund has outperformed most of the benchmarks, with the exception of municipal bonds, where some of our lower-risk muni funds have lagged the benchmark. In our defense, you can’t buy a muni index mutual fund. Versus muni peer groups, our performance has been excellent, as the batting averages on Page 18 illustrate.

We hope to build on our pick success with our more-complete Morningstar Analyst Ratings. Already we have rated more than twice as many funds as we had under our Picks and Pans system. In addition, the Analyst Ratings will let you track funds that fall somewhere between our top and bottom rungs. œContact Russel Kinnel at [email protected]

An Update on the Morningstar Analyst Rating Continued From Cover

3Morningstar FundInvestor June 2012

10-Year Growth of 10K: U.S. Diversified Equity vs. S&P 500 17,000

15,000

13,000

11,000

9,000

7,000

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

p Gold p Benchmark

10-Year Growth of 10K: Muni National Long vs. Barclays Muni

10-Year Growth of 10K: Foreign vs. MSCI EAFE

10-Year Growth of 10K: Taxable Bond vs. Barclays Agg

29,000

25,000

21,000

17,000

13,000

9,000

p Gold p Benchmark

18,500

17,000

15,500

14,000

12,500

11,000

p Gold p Benchmark

Data through May 31, 2012.

18,500

17,000

15,500

14,000

12,500

11,000

p Gold p Benchmark

4

Laudus Growth Investors US Large Cap GrLGILX

Morningstar Analyst Rating

´

Morningstar Category Category Index Total Assets Inception Date Domicile Currency Morningstar RatingUS OE Large Growth Russell 1000 Growth TR USD 1,083

Mil USD10/14/97 USA USD QQQQQ

Style Map

DeepValue

CoreValue

Core CoreGrowth

HighGrowth

Micro

Small

Mid

LargeGiant

Regional Exposure

Americas96.9%

Europe &Africa0.0%

Asia &Australia3.1%

People

Lawrence Kemp 01/02

Total Named Managers 1

Analyst View

Russel KinnelDirector of Fund Research

Morningstar Analyst Rating ´Morningstar PillarsProcess | Page 2-3 ∞ PositivePerformance | Page 4 ∞ PositivePeople | Page 5 ∞ PositiveParent | Page 6 § NegativePrice | Page 7 ∞ Positive

Morningstar Analyst RatingMorningstar evaluates mutual funds based on five key pillars, which itsanalysts believe lead to funds that are more likely to outperform over thelong term on a risk-adjusted basis.

Analyst Rating Spectrum

Œ „ ´ ‰ Á

A hidden gem.

AAPL

May 03, 2012 | This is one of the better focused-growth funds you're likely to find.

Lawrence Kemp and his seven-analyst,New York-based team at subadvisor UBS havebuilt a strategy that has successfully avoided thepitfalls seen at most focused-growth funds. Byblending in three stock types, they haven'tsuffered the brutal droughts that plague so manyfocused-growth funds.

Kemp groups stocks into three types:classic-growth stocks to be bought on temporaryweakness, elite "hyper growth phase" compan-ies worth paying up for (such as Apple ),and cyclical growth such as oil. He also pays at-tention to price momentum in an attempt to haveat least some stocks that are rallying.

The fund hasn't had a calendar year inlarge growth's bottom quartile, and it even man-aged top-third performances in 2007 and 2008despite the fact that it always stays fully inves-ted in equities. Thus, you have a fund with top-decile returns over the trailing three-, five-, and10-year periods. In fact, the fund has produced

top-quartile returns in 78% of the rolling three-year periods over the past decade. Just as sur-prising as that record is the fact that few indi-vidual investors have found the fund, which has$1 billion in assets. The team is actually running$10 billion in this strategy, however, as institu-tional investors have warmed up to the teamfaster than individuals.

Kemp and his team have executed thestrategy quite well and that owes in part to theexperience of the team. Six of the seven ana-lysts have more than 10 years' experience. Theteam has consistently added value through stockselection since taking over this fund in 2002.

Sealing this fund's appeal is its reason-able expense ratio of 0.78%. That's well belowthe average large-growth fund.

We wouldn't suggest that this fund willalways avoid downturns, but its ability to do so iscertainly encouraging. We rate it Bronze, in part,because we have had the fund under coveragefor less than a year and we want to get to knowmanagement better.

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

5K

10K

15K

20K

Performance 05/31/12Growth of 10,000Annualized USD

ValueUSD

Ret%

Fund 17,458 5.50Category 12,455 2.13Index 13,847 3.18

Full Manager ChangePartial Manager ChangeBear Market

Morningstar RatingQQQQQQQQQQQQQQQ

( * & & ( & * & ( & _ Quartile Rank in Category

56 34 15 7 66 24 27 8 57 21 — Percentile Rank in Category-28.61 29.71 11.98 14.36 5.50 18.25 -37.74 49.58 14.46 1.19 9.41 % Total Return USD

-0.96 1.05 4.18 7.65 -1.56 4.90 2.93 13.90 -1.07 3.65 2.94 +/- Category-0.72 -0.04 5.68 9.10 -3.58 6.44 0.69 12.37 -2.25 -1.46 2.24 +/- Index

7 7 7 7 7 7 7 7 7 7 0 ProcessEquity Style Box

Asset AllocationStock Bond Cash Other

Super Sector41 28 29 26 26 27 30 24 10 19 — % x Defensive35 46 45 51 48 50 39 47 59 49 — % w Sensitive24 26 26 22 26 23 31 29 31 32 — % m Cyclical

0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.80 0.78 0.78 — % Price Expense Ratio

Morningstar Global Fund Report | Print Date: June 01, 2012 | FINRA Members: For internal use or client reporting purposes only.

©2012 Morningstar, Inc. All rights reserved. The information, data, analyses, and opinions contained herein (1) include the confidential and proprietary information of Morningstar, Inc., (2) may not be copied orredistributed, (3) do not constitute investment advice offered by Morningstar, Inc., (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (5) are not warranted to becorrect, complete or accurate. Morningstar, Inc. shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses or opinions or their use. AnalystRatings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Morningstar’s current expectations about future events; therefore involves unknown risksand uncertain-ties that may cause Morningstar’s expectations not to occur or to differ significantly from what was expected. Morningstar does not represent its Analyst Ratings to be guarantees nor should they be viewedas an assessment of a fund’s or the fund’s underlying securities creditworthiness.

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´

Process: ApproachMorningstar Category Category Index Index ProxyUS OE Large Growth Russell 1000 Growth TR USD iShares Russell 1000

Growth Index

Focused--not myopic.

Process Pillar ∞ Positive

May 03, 2012 | This fund follows a disciplined fo-cused-growth strategy.

Management aims to tone down the ex-tremes of a concentrated strategy by using threestock types: classic growth, elite growth, andcyclical growth. The upshot is that the fund ismore diversified and consistent than most fo-

cused-growth funds.Lawrence Kemp and team will shift

weightings in each bucket depending on whatappears more attractive. They do have somehard-and-fast parameters, though. They limittheir top name to 8% of assets, and they won'tdeviate from the Russell 1000 Growth bench-mark's sector weightings by more than 15 per-centage points. In addition, they sell any stockthat falls below a market-cap limit of $2.5 billionand keep names under $5 billion to a minimum.Finally, foreign equities are capped at 20%, and

they have not yet come close to that. The resultis rather pure large-growth exposure.

The team blends growth and valuestrategies, but the overall tilt is always togrowth. They are more valuation-sensitive withclassic-growth and cyclical-growth names, butelite-growth names are allowed a little moreroom to run. They will, however, trim positions asthey approach fair value. On the growth side,though, they like stocks with positive price mo-mentum and, of course, strong growth rates.

Equity Style Box 12/31/11

DeepValue

CoreValue

Core CoreGrowth

HighGrowth

Micro

Small

Mid

LargeGiant

FundCategory AverageIndex Proxy

Centroid: Weightedaverage of equityholdings

Zone: 75% of fund’sequity holdings

Style Box Factors 12/31/11

Market Cap Fund 3-Yr Avg Category Proxy

Giant/Large 80.7 85.7 77.5 78.0Mid 19.2 14.3 19.8 20.8Small/Micro 0.0 0.0 2.7 1.2

Avg Market Cap Bil USD 30.3 31.7 40.4 39.9

Value Measures Fund 3-Yr Avg Category Proxy

Price/Prospect. Earnings 17.6 18.4 14.4 14.9Price/Book 3.4 3.0 3.0 3.5Price/Sales 2.2 2.2 1.9 1.6Price/Cash Flow 11.5 10.9 10.2 9.8Dividend Yield 1.1 1.3 1.5 1.9

Growth Measures Fund 3-Yr Avg Category Proxy

Long-Term Earnings % 16.3 14.4 17.9 12.4Historical Earnings % 22.3 17.1 66.6 13.6Sales % 14.4 11.7 41.1 5.6Cash Flow % 12.2 12.0 60.6 8.4Book-Value % 15.0 13.9 43.9 11.4

Asset Allocation 12/31/11

Current Allocation 3-Year Average Assets % Fund 3-Yr Avg Category Proxy

U.S. Equities 92.8 94.7 89.9 99.4Non-U.S. Equities 4.3 3.5 7.4 0.5Bonds 0.0 0.0 0.2 0.0Cash 2.9 1.8 2.3 0.1Other 0.0 — 0.2 0.0

Regional Exposure 12/31/11

Market Type Equity % Fund 3-Yr Avg Category Proxy

Developed 95.6 98.0 98.7 99.9Emerging 4.4 2.0 1.3 0.1

Top 5 Countries Equity % Fund 3-Yr Avg Category Proxy

United States 95.6 96.0 92.4 99.5China 3.1 1.9 0.8 0.0Argentina 1.3 0.3 0.1 0.0Canada 0.0 0.7 1.3 0.1Ireland 0.0 0.0 0.2 0.1

Economic Moat 12/31/11

Moat Rating Fund 3-Yr Avg Category Proxy

Wide Moat 30.8 40.1 47.7 49.1Narrow Moat 57.8 51.0 40.3 41.0No Moat 11.4 8.9 12.0 10.0

Coverage Ratio 96.0 95.2 92.4 94.8

Key Ratios 12/31/11

Fund 3-Yr Avg Category Proxy

Net Margin % 15.3 15.0 16.3 15.0ROA % 12.1 10.6 12.1 12.3Debt/Total Capital % 25.1 26.3 26.6 34.5ROE % 23.4 21.9 24.9 30.1

Sector Delta 12/31/11

Defe

nsive

Sensitive

Cyclical

FundIndex Proxy

Larger sector concentrationsversus the index move theinvestment to the corner of thetriangle corresponding to thatequity Super Sector.

Equity Sector Breakdown 12/31/11

Sectors Fund 3-Yr Avg Category Proxy

xDefensive 19.0 20.0 19.4 23.6

sConsumer Defensive 9.9 6.3 6.7 13.4

dHealthcare 9.2 13.7 12.4 10.1

fUtilities 0.0 0.0 0.3 0.1

wSensitive 48.6 49.6 51.1 54.6

iCommunication Serv. 2.6 2.6 1.5 3.0

oEnergy 8.5 6.9 9.3 10.7

p Industrials 6.7 12.1 11.3 14.6

aTechnology 30.9 28.0 29.0 26.2

mCyclical 32.4 30.4 29.5 21.8

rBasic Materials 6.1 3.4 3.5 4.7

tConsumer Cyclical 20.0 15.9 18.4 12.3

yFinancial Services 6.2 11.1 7.3 3.1

uReal Estate 0.0 0.0 0.3 1.7



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6



´

Process: PortfolioMorningstar Category Category Index Index ProxyUS OE Large Growth Russell 1000 Growth TR USD iShares Russell 1000

Growth Index

Process Pillar ∞ Positive

AAPLGOOG

AMZN

May 03, 2012 | Lawrence Kemp and companyhave been shifting more to the elite-growth binat the expense of classic growth--hence the bigweightings in the Apples and Googles

of the world. It was a timely shift as Appleand Amazon.com have been surging. Themove is also apparent from the fact that a full

CVSMCD

CXO SLB

three fourths of the portfolio now resides in largegrowth. The sector weightings also show thefund near its peak in technology but light in ba-sic materials and health care.

The other bins are not empty, though.Classic-growth names CVS Caremark andMcDonald's are in the top 10. In addition, asmattering of cyclical names such as Concho Re-sources and Schlumberger can be foundin the portfolio. Although none of those arebrand-new to the portfolio, all were made largepositions in the fourth quarter.

NTAP

CBT

The fund does have relatively new posi-tions, too. It added NetApp because themanagers believe Wall Street has underestim-ated its ability to withstand competitive threats.They added the cyclical Cabot , which gotcheap because of depressed natural gas prices.

Kemp and team add and trim positionsizes as they slip further from and grow closer totheir fair value estimate. Thus, turnover tends tobe high--typically in the neighborhood of 100%--even though many of the names have been in theportfolio for years.

Similarity to Index Proxy 05/30/12

Index Proxy Overlap

Proxy Fund

Circle size represents number ofholdings.

Number of Equity Holdings

Fund 46Index Proxy 588

Fund Overlap With Index Proxy

Holdings Overlap 41Asset Overlap 23.5%

Largest Common Holdings Fund % Proxy %

Apple, Inc. 6.71 7.82Google, Inc. A 4.31 2.16McDonald's Corporation 2.97 1.36Qualcomm, Inc. 2.73 1.40Schlumberger NV 1.47 1.27

Largest Distinct Holdings Fund %

CVS Caremark Corp 3.16Ssc Goverment Mm Gvxx 2.86Baidu, Inc. ADR 2.18CME Group, Inc. A 2.03Mercadolibre, Inc. 1.26

Portfolio Holdings 12/31/11

Current Portfolio Date Previous Portfolio Date Equity Holdings Bond Holdings Assets in Top 10 Holdings Turnover Ratio (Reported)12/31/11 09/30/11 46 0 37% 96%

Top 10 Holdings Country Assets % Assets % Proxy %12/31/11 09/30/11 12/31/11

FirstBought

DaysTrading

MorningstarRating for Stocks

EconomicMoat

Sector 1-Yr TotalRet %

T Apple, Inc. USA 6.71 7.53 7.82 03/05 <1 QQQQ Narrow aTechnology 66.10

T Google, Inc. A USA 4.31 3.88 2.16 09/04 <1 QQQQ Wide aTechnology 9.80

T Visa, Inc. USA 4.02 3.20 0.29 06/11 <1 QQQ Wide yFinancial Services 43.12

T Amazon.com Inc USA 3.67 4.77 1.11 03/08 <1 QQQQ Wide tConsumer Cyclical 8.25

T Estee Lauder Cos Inc A USA 3.19 2.63 0.18 06/11 <1 Q Narrow sConsumer Defensive 6.67

T CVS Caremark Corp USA 3.16 2.51 — 12/10 <1 QQQ Narrow sConsumer Defensive 17.64

T Express Scripts USA 3.07 2.63 0.62 12/08 <1 QQQQ Wide dHealthcare -12.37

T Las Vegas Sands Corp USA 3.05 3.26 0.27 09/10 <1 QQQQ Narrow tConsumer Cyclical 11.77

T Priceline.com, Inc. USA 2.97 2.55 0.46 09/09 <1 QQQ None tConsumer Cyclical 21.41

TMcDonald's Corporation USA 2.97 3.37 1.36 12/08 <1 QQQQ Wide tConsumer Cyclical 12.89

Change since last portfolio: T Increase Y Decrease RNew

New Holdings Largest Purchases % Assets Sector

Ssc Goverment Mm Gvxx 2.86EOG Resources 1.60 oNetApp, Inc. 1.58 aDollar General Corporation 1.22 sMonsanto Company 0.76 r

Eliminated Holdings Largest Sales % Assets Sector

Precision Castparts Corp. 2.49 pFreeport-McMoRan Copper & Gold B 0.74 rFocus Media Holding, Ltd. ADR 0.71 t

Largest Position Changes Current % Prior %

R Ssc Goverment Mm Gvxx 2.86 0.00

R EOG Resources 1.60 0.00

R NetApp, Inc. 1.58 0.00

R Dollar General Corporation 1.22 0.00

Y Precision Castparts Corp. 0.00 2.49



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´

PerformanceMorningstar Category Category IndexUS OE Large Growth Russell 1000 Growth TR

USD

A strong decade.

Performance Pillar ∞ Positive

May 03, 2012 | This fund has produced a brilliant10 years worth of results under current manage-ment. Laudus (aka Schwab) hired the UBS teamled by Lawrence Kemp in January 2002, and theresults have been impressive.

The fund's cumulative return since then is97% compared with 53% for the Russell 1000

Growth Index through March 31, 2012. Its trail-ing 10-year returns land in the top 5% of largegrowth. Moreover, it's not a matter of just one ortwo good years. The fund's three-year returnshave been in the top quartile in 78% of therolling periods over the past 10 years while itspent no time in the bottom quartile over therolling three-year periods.

Another striking aspect is that the fundheld up nicely in the 2008 bear market. It lost38% that year, which was better than its peersand benchmark. It, however, was middling in the

snapback year of 2009. Many focused funds withmoderate risk profiles produced similar results bycarrying big cash stakes, but this fund stays fullyinvested.

While results have been stellar, itwouldn't be realistic to expect any focused fundto be free from bouts of poor performance as afew top stocks could easily hold the fund backjust as they have driven it to strong performancein the past.

Morningstar Rating and Risk 05/31/12

Period Load-AdjReturn %

MorningstarRet vs Cat

MorningstarRisk vs Cat

MorningstarRating

3 Years 17.61 — — —5 Years 4.91 — — —10 Years 7.18 — — —

Overall Rating —

3-Year Return and Risk Analysis 05/31/12

13

15

17

19

21

15 16 17 18 19 20 21

Total Return %

Standard Deviation

Fund Category Index

Return/Risk Analysis 05/31/12

Fund Category Index

Standard Deviation 17.98 17.94 16.47Sharpe Ratio 0.99 0.81 1.03

R-Squared 90.95 93.49 —Beta 1.07 1.08 —Alpha 1.62 -1.79 —

Maximum Drawdown

Fund Category Index

Max Drawdown (%) -45.34 — -47.99Peak Date 11/07 — 11/07Valley Date 02/09 — 02/09Max Drawdown (Months) 16.00 — 16.00

Trailing Returns (Annualized) 05/31/12

TotalRet %

InvestorRet %

% Rankin Cat

CatRet %

IndexRet %

1 Year 1.65 — — -3.18 1.493 Years 17.61 — — 13.95 16.895 Years 4.91 — — 0.25 2.0110 Years 7.18 — — 4.03 4.72Tenure 01/02 5.76 — — 2.37 3.38Inception 10/97 4.36 — — 2.88 3.10

Rolling-Returns Summary 05/31/12

0

10

11

79%36-Month Rolling Periods107 Observations, 8 Years

The shading and percentagescorrespond to how often thefund’s returns landed in eachcategory quartile.

3-Year Performance Attribution 04/30/12

Attribution % Fund Category Median Range (90% of Category)

-10

-5

0

5

10

Sector Country Stock Fee Total

Factor Fund CategoryMedian

Percentile95th 5th

Sector Allocation -0.72 -1.17 -3.53 0.75Country Allocation — — — —Stock Selection 3.76 -0.91 -6.57 5.63Fee -0.96 0.85 1.37 0.20

Total Attribution 1.51 — — —Performance Attribution Index Proxy:iShares Russell 1000 Growth Index

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-40

-20

0

20

40

60

80

History 05/31/1212-Month Rolling Return %

Fund

Full Manager ChangePartial Manager Change

( * & & ( & * & ( & _ Quartile Rank in Cat

56 34 15 7 66 24 27 8 57 21 — Percentile Rank in Cat-28.61 29.71 11.98 14.36 5.50 18.25 -37.74 49.58 14.46 1.19 9.41 % Total Return USD

-0.96 1.05 4.18 7.65 -1.56 4.90 2.93 13.90 -1.07 3.65 2.94 +/- Category-0.72 -0.04 5.68 9.10 -3.58 6.44 0.69 12.37 -2.25 -1.46 2.24 +/- Index

0.00 0.00 0.00 0.09 0.19 0.13 0.00 0.56 0.10 0.00 0.00 % Income Return



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8

In 2011, target-date funds produced their worst abso-lute and relative returns since 2008 as measured against the Morningstar target-date category average returns. Those results were, of course, mild com-pared with the wreckage of the financial crisis. The worst-performing category, Target Date 2050+, produced a 4.1% loss, compared with a 39% loss in 2008. The 2011–15 category finished slightly in the red, with a 0.27% loss versus a 27.7% loss in 2008.

Still, 2011 was a tough year for most mutual funds. Most categories turned in absolute losses in 2011. Moreover, every target-date category average trailed two major broad U.S. benchmarks, the S&P 500 Index (2.11%) and the Barclays US Aggregate Bond Index (7.8%). Target-date categories also trailed the Morn-ingstar moderate-allocation category (1.7%), a decent proxy for balanced funds.

Target-date funds’ difficulties can be traced largely to investors’ behavior last year. Amid questions of economic stability in the United States and Europe, investors sought safety in government bonds and well-capitalized large-cap stocks, boosting indexes like the S&P 500 and Barclays Aggregate at the expense of riskier market segments. A glance at the returns of benchmark indexes shows how this played out: Moves into small-cap, non-U.S., or emerging-markets stocks produced progressively greater losses. Thus, broad diversification—one of the highly promoted features of target-date funds and a key to strong returns in 2009 and 2010—proved to be detrimental in 2011. Target-date series with exposure to most anything beyond the basic asset classes lagged relative to benchmarks or less-adventuresome peers. In addition, active managers had great difficulty keeping up with indexes in 2011, and most target-date series remain actively managed.

Comparing Risk-Adjusted ReturnsAnother way to evaluate performance is by comparing risk-adjusted returns. In its ratings of target-date series, Morningstar primarily evaluates series’ performance through Morningstar Risk-Adjusted Return, a return measure that penalizes funds for months of downside volatility. MRAR and other risk-adjusted return measures provide a more meaningful view of performance than straight total returns because they incorporate the effects of volatility.

In calculating its Performance score for the Morning-star Target-Date Series Ratings, Morningstar considers how much the MRAR for funds in a series deviates from peer averages, using a weighted average of three-year, five-year, and, if applicable, 10-year figures. When evaluating these time periods, consider some caveats: 2008 has effectively dropped off of series’ three-year return histories while remaining on the record for five-year histories. As such, target-date series that lack a five-year history may have better Performance scores than might otherwise be expected. Of the 29 funds dated 2015, for example, 13 have only three-year histories to include.

The bar graph on the facing page details how each 2015 fund’s weighted MRAR differs from the category MRAR. The 2015 funds are particularly relevant to the series’ broader risk profile because these shareholders are closest to retirement.

Among 2015 funds, so-called “to” strategies, which generally feature lower equity allocations that terminate at retirement, produce most of the top MRARs. This is the case even though several of these series feature only three-year records that exclude 2008. Among the top-ranking “to” series are those from Russell, Allianz, American Century, and JP Morgan. Impressively, though, some series that feature more-aggressive glide paths, in particular T. Rowe Price, show favorable MRAR metrics. The bottom of the list tends to be populated by series with more-aggressive glide paths or asset mixes, as well as underperforming underlying holdings.

Target-Date Funds Put to the TestMorningstar Research | Josh Charlson


Among the 2040 funds, the range of equity alloca-tions are more closely bunched, but the trends are similar. The two highest MRAR figures belong to Invesco and PIMCO, both series with unusual strategies that emphasize much greater allocations to commodities (among other differences). Other winners have more-conservative glide paths and asset mixes, although T. Rowe Price again appears among the top series. Those with the worst deviations from the average are largely similar to the names that appear in the group of 2015 funds, including Goldman Sachs, AllianceBernstein, and DWS. Poor underlying fund performance along-side aggressive positioning has made for unfa- vorable combinations in these cases.

Choose With CareThe risk/return profiles of target-date series can vary dramatically from one target-date provider to another, and within funds of the same series. Investors should pay close attention to risk-adjusted return to better understand how their target-date series may behave in the future. At the same time, keep in mind the unusual nature of the financial markets over the past few years. While more-con-servative target-date series have on average out-performed during this period, that pattern may not continue over longer, more-normalized periods. Select a target-date series whose philosophy and risk profile best matches your own risk preferences. œContact Josh Charlson at [email protected]

Morningstar Risk-Adjusted Return Deviation From Fund Category

2015 Funds

Hartford Target Retirement 2015 R4

Russell LifePoints 2015 Strategy R1

Franklin Templeton 2015 Retire Trgt A

American Century LIVESTRONG 2015 Instl

Allianz Glbl Inv Solutions 2015 Inst

JPMorgan SmartRetirement 2015 Instl

BlackRock Lifecycle Prepared 2015 Inv A

T. Rowe Price Retirement 2015

Fidelity Advisor Freedom 2015 I

Vanguard Target Retirement 2015 Inv

Principal LifeTime 2015 Instl

GuideStone Funds MyDestination 2015 GS4

Fidelity Freedom 2015

American Funds Trgt Date Ret 2015 A

JHancock2 Lifecycle 2015 1

Vantagepoint Milestone 2015

TIAA-CREF Lifecycle 2015 Instl

Schwab Target 2015

Putnam RetirementReady 2015 Y

Legg Mason Target Retirement 2015 I

ING Solution 2015 Port I

Wells Fargo Advantage DJ Target 2015 I

DWS LifeCompass 2015 S

AllianceBern 2015 Retirement Strat I

Goldman Sachs Retirement Str 2015 Instl

Columbia Retirement Plus 2015 Z

Nationwide Destination 2015 Instl Svc

ING Index Solution 2015 Port S

Oppenheimer Transition 2015 A

Data as of Dec. 31, 2011. Source: Morningstar, Inc.

0 5–1 4–3 2–2 3–4 1

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Investors continue to be wary of U.S.-equity funds four years after the last bear market began. Overall, the asset class continues to be in net redemptions. And even outside U.S. equities, funds with a couple of weak years of returns are being redeemed. Looking at the funds with the heaviest year-to-date redemptions among the Morningstar FundInvestor 500, I see some where investors are wise to bail out and others where they may regret selling. From the list of the 15 most-redeemed funds, I’ve selected three to hold and three to sell.

Good Funds Worth a LookDavis New York Venture NYVTXIt’s understandable that this fund would be redeemed as its five-year returns are crummy. A fondness for financials and a lack of Apple AAPL shares have made for a significant slump. However, the long- term results tell a different story. Chris Davis and Ken Feinberg have produced strong returns over the 10- and 15-year periods, and they haven’t changed their stripes. They still run a Warren Buffett strategy supported by deep research as they seek compa-nies with good management and the ability to reinvest capital at a high rate of return. This fund and near-clone Selected American SLADX likely have better days ahead.

Fidelity Dividend Growth FDGFXInvestors often underrate manager changes, and that’s quite clearly the case here. Larry Rakers took the helm in 2008, and the fund has beaten the S&P 500 by a cumulative 40.6% to 29.8% in that time. Moreover, Rakers produced brilliant results at Fidelity Balanced FBALX before that. The fact that the fund struggled before he took over isn’t really meaningful. Rakers’ eclectic style is very different from his predecessor’s mega-cap quality strategy. Rakers takes a value approach, but he tries to get Fidelity analysts’ best ideas into his wide-ranging portfolio. This is one of the best Fidelity funds—only many investors haven’t figured it out yet.

Funds to AvoidFidelity Magellan FMAGXThis fund’s manager change is less encouraging than Fidelity Dividend Growth’s. First, Jeff Feingold’s record at his previous fund was good but not as good as Rakers’. Second, he’s moved up to a much larger fund, and we don’t yet have a lot to go on in terms of strategy or returns since he took over in September 2011. Maybe he’ll have the right combina-tion to turn Fidelity Magellan around, but it’s too early to get on board.

Columbia Value & Restructuring UMBIXI don’t know if David Williams’ retirement or the fund’s dismal 10.8% loss in 2011 has spurred redemptions, but it’s probably the right thing to do anyway. Williams built a brilliant record largely on his own with little help from analysts or comanagers. Guy Pope and J. Nicholas Smith were named comanagers in 2009, but they became lead managers only this April. Thus, the fund really has a clean slate, and management must prove itself.

Fidelity Diversified International FDIVXThis fund has suffered from asset bloat. Its strong return years are far in the past. The only positive is that it has been redeemed for a few years now and may be approaching a more manageable level. If this $23 billion fund were to shed a few billion more, it might be worth a look again. œ

Funds Under Fire: Keep Them or Dump Them?The Contrarian | Russel Kinnel

Our Contrarian ApproachI go against the grain to find overlooked funds that may be ready to rally.

Funds Under Fire

Fund Name YTD Flows USD Fund Size USDManager Tenure Years (Longest)


Expense Ratio %

Davis NY Venture A NYVTX -2,777,230,207 22,232,642,388 16.67 Œ 0.89

Fidelity Diversified Intl FDIVX -2,544,580,539 20,549,097,921 11.17 ‰ 0.90

Fidelity Magellan FMAGX -1,895,724,629 14,535,177,656 0.75 ‰ 0.60

Columbia Val & Restrct UMBIX -1,660,755,362 3,019,901,557 3.33 ‰ 0.94

Fidelity Div Growth FDGFX -1,252,061,932 7,459,287,168 3.75 • 0.93

Selected Arnerican Shrs SLADX -377,841,450 5,686,123,017 17.50 Œ 0.61

Data through April 2012.


One of the trickier types of manager changes is one in which the new manager is experienced but is trying to run a different strategy for the first time. Success in one area doesn’t always translate to another. If you own a fund in that situation, give it a long, hard look before you decide to hold on.

When successful managers struggle in new territory, the consequences can include fund liquidation. Oppenheimer Champion Income OPCHX presents a cautionary tale. After the fund suffered a cata-strophic 79% loss in 2008, Oppenheimer replaced its managers with the veteran team running Bronze-rated Oppenheimer Senior Floating Rate OOSAX. Led by Joseph Welsh, the new team took a purer approach to high-yield investing, buying only below-investment-grade corporate bonds—particularly B and CCC rated issues. Welsh and his team of eight analysts spe- cifically avoided stakes in mortgage-backed securities, which had plagued their predecessors. Welsh and company continued to produce strong results at their bank-loan charge, which sported a higher-quality portfolio. But Champion Income’s distinct high-yield profile proved its own challenge, as different factors can affect the performance of below-investment-grade bonds. During the three years under Welsh and company through April 2012, Champion Income lagged 87% of its high-yield category peers and acted with more volatility, measured by standard deviation. On May 21, Oppenheimer signaled an end for Champion Income, announcing the lagging fund’s assets would be merged into multisector bond-fund Oppenheimer Global Strategic Income OPSIX.

At Fidelity, it’s not uncommon to see portfolio managers running smaller, more narrowly focused industry funds get promoted to run diversified funds. For example, in January, Fidelity named Daniel Kelley, portfolio manager of the $220 million Fidelity Select Construction & Housing FSHOX,

to manage the $1.2 billion large-cap growth Fidelity Trend FTRNX. It’s unlikely Kelley will make ex- tensive changes to the portfolio, but he will employ a distinct approach from his predecessor. The fund’s sector weightings will remain in line with the Russell 1000 Growth Index’s, but Kelley will employ a valuation-conscious approach, adding high-quality stocks with solid balance sheets. Though Kelley’s record at his previous fund is impressive, his lack of experience outside that narrow investment universe led us to assign a Negative rating to the fund.

In January, Fidelity Select Banking FSRBX manager Vincent Montemaggiore was installed at the helm of Fidelity Overseas FOSFX, a diversified international fund. Breaking from his predecessor’s growth-at-a-reasonable-price approach, Montemaggiore will use quantitative screens focused on valuation and return on invested capital. He is working to make the fund less concentrated, too, bringing the top 10 holdings down to 18% of assets in March from 36% of assets in December. In April, Chris Lee, the portfolio manager of the $200 million Fidelity Select Consumer Finance FSLVX, was promoted to lead the $1.8 billion Fidelity Growth Strategies FDEGX. It’s an open question how Lee and Montemaggiore do at these funds, but it’s probably not worth sticking around.

Aster Investment Management faced a different challenge when founder Rick Aster died in February. Aster was lead manager at Meridian Growth MERDX since the fund’s inception. James England, portfolio manager of Meridian Value MVALX, was brought in to lead Meridian Growth. To assist England, Aster Investment Management rehired Larry Cordisco, who had helped run Meridian Value before leaving the firm in late 2011. The firm also retained William Tao, who had worked with Aster on Meridian Growth for nearly five years. Thus, there is an experienced team but one on unfamiliar ground with a growth fund. We rate the fund Neutral because of ongoing management contract negotia-tions and partly because of the uncertainty about management’s ability to run a growth strategy. œContact Flynn Murphy at [email protected]

Old Dogs, New TricksRed Flags | Flynn Murphy

What is Red Flags?Red Flags is designed to alert you to funds’ hidden risks. Such risks can take many forms, including asset bloat, the departure of a solid manager, or a focus on an overhyped asset class. Not every fund featured in Red Flags is a sell, and in fact, some are good long-term holdings. But investors should be prepared for a potentially bumpier ride in the near future.

12

Unsettling eurozone news about the Greek and Spanish crises and mixed U.S. economic indicators slowly dragged the markets down in May. The S&P 500 slipped 6% by month-end. Large caps fared slightly better than small caps, as the Russell 2000 lost 6.6% in the same period.

The natural-resources fund category, which invests heavily in basic-materials stocks, lost 12.22% for the month. T. Rowe Price New Era PRNEX lost 13.3% in the month. Yet avoidance of basic-materials stocks did not protect diversified funds from other minefields in the market. Among mid-cap blend funds, Ariel Appreciation CAAPX and Westport Select Cap WPSRX had no assets in basic materials and still landed in the bottom quintile of their categories for the month.

Meanwhile, both developed and emerging markets continued to suffer in May. The MSCI EAFE Index lost 11.4% for the month, while the MSCI Emerging Markets Index shed 11.4%. The markets in Europe, Latin America, Japan, and China were all hit hard. The Europe, Latin America, Japan, and China-region fund categories lost between 10% and 13% in May. The Latin America stock-fund category fared the worst of all fund categories with a 12.65% loss.

A flight to quality spurred a Treasury rally. The muni-national intermediate category gained 0.61% on average; intermediate-term bond funds were flat. PIMCO Total Return PTTRX gained 0.85%. Long government funds performed the best of all fund categories again in May with an average gain of 8.43%. Vanguard Long-Term Treasury VUSUX gained 7.8%. œContact Kailin Liu at [email protected]

Total Return % Through A N N U A L I Z E D 05-31-12 1Mo YTD 3Yr 5Yr 10Yr

Benchmark PerformanceEurope’s Woes Weigh on Markets Market Overview | Kailin Liu

Large Growth -7.4 6.5 13.7 -0.2 3.3Large Blend -6.7 4.0 12.6 -1.9 3.3Large Value -6.7 2.7 12.0 -3.5 3.1

Mid-Cap Growth -7.5 5.4 16.1 -0.1 5.1Mid-Cap Blend -7.3 3.5 15.1 -1.3 5.5Mid-Cap Value -6.8 3.8 15.5 -1.5 5.5

Small Growth -7.8 3.9 16.8 -0.6 4.9Small Blend -7.2 2.9 15.8 -1.6 5.5Small Value -6.9 2.6 16.2 -1.4 6.0

Aggressive Allocation -6.0 2.7 10.5 -1.0 4.2Conservative Allocation -2.6 2.6 9.2 2.4 4.1Moderate Allocation -4.4 3.2 10.3 0.3 4.1

Communications -6.5 0.1 10.3 -4.7 5.3Financials -7.5 7.0 6.6 -10.1 -0.2Global Real Estate -6.7 7.8 13.1 -6.9 7.8Health -3.6 9.1 15.9 3.7 6.3Natural Resources -12.2 -7.8 3.5 -3.7 8.1Precious Metals -9.7 -15.9 2.4 4.0 11.3Real Estate -4.3 8.8 27.5 -1.7 9.4Technology -9.1 6.7 15.7 2.1 5.2Utilities -2.8 0.4 13.2 -0.7 7.4

S&P 500 -6.0 5.2 14.9 -0.9 4.1S&P MidCap 400 -6.5 5.9 18.9 1.7 7.2Russell 2000 -6.6 3.4 16.5 -0.7 5.9

Diversified Asia/Pac. Stock -9.2 2.0 5.5 -4.0 5.7Diversified Emerg. Mkts. -10.6 0.5 7.3 -2.0 11.1Europe Stock -12.3 -1.4 4.4 -7.9 4.6Foreign Large Blend -10.6 -1.4 4.0 -6.9 3.5Foreign Large Growth -10.4 0.7 6.9 -4.9 4.4Foreign Large Value -11.0 -4.2 2.3 -8.0 3.7Foreign Small/Mid Growth -9.9 3.5 10.8 -4.2 8.5Foreign Small/Mid Value -11.3 0.6 8.0 -6.6 6.3Latin American Stock 0.0 0.0 0.0 0.0 0.0World Stock -8.7 1.1 8.6 -3.8 4.4

MSCI EAFE -11.5 -3.8 3.4 -7.3 4.0MSCI World -8.6 0.8 9.0 -4.1 4.0MSCI Emerging Markets -11.7 -1.1 5.4 -2.2 10.1MSCI Europe -12.3 -5.1 2.9 -8.4 3.9MSCI Latin America -13.5 -5.8 3.7 -1.5 14.9MSCI Pacific -10.1 -1.3 4.5 -5.1 4.2

High-Yield Bond -1.5 4.7 14.6 4.8 7.1Intermediate-Term Bond 0.5 3.1 8.5 5.5 4.9Muni National Long 1.0 5.1 8.0 4.9 4.6World Bond -1.6 1.6 7.0 5.7 6.4

BarCap US Agg Bond TR USD 0.9 2.3 7.1 6.7 5.7BofAML US HY Master II TR -1.2 4.9 16.6 7.4 8.8BarCap Municipal TR USD 0.8 3.8 7.3 5.9 5.4


LeadersBridgeway Blue Chip 35 Index BRLIXThis fund gained 3.25% in the trailing 12-month period, beating out 98% of its peer group. The fund tracks a custom index of the 35 largest U.S. companies by market cap, with a limit of four companies per sector. The portfolio’s market cap is several times larger than the category average, and this has helped the fund tremendously as mega-cap stocks handily outperformed those of more modest size. Blue-chip holdings like Apple AAPL, Visa V, and Microsoft MSFT turned in double-digit returns.

First Eagle Overseas SGOVXThis fund lost 9.72% in the past 12 months, but this pales in comparison to its category average loss of 19.12%. The fund’s management team buys companies of any size that are cheap relative to the value of their underlying assets and are strong players in their industries. The fund also holds more bonds, gold, and cash than its typical peer. This defensive tilt protected the fund from the non-U.S. markets’ fall in the past 12 months. In addition, the managers enjoyed a few successful Japanese stock picks, like Japanese bicycle-part manufac- turer Shimano SHM.

Janus Venture JAVTXThis fund lost 1.7% in the past 12 months, landing squarely in the top decile of its category. Managers Chad Meade and Brian Schaub look for small-cap funds with healthy growth potential but emphasize quality in the form of sustainable competitive advantages and business models that do not depend on economic conditions to generate cash. They also follow a disciplined valuation process. Meade and Schaub also use this process to evaluate which stocks offer the most reward with the least risk and invest more in those holdings. Several holdings

such as AthenaHealth ATHN and Carter’s CRI have gained over 50% in the past 12 months. LaggardsLongleaf Partners LLPFXThis fund lost 12.45% in the trailing 12 months, compared with a 4.64% average loss for the category. Managers Mason Hawkins and Staley Cates have employed their deep-value, extremely concen-trated, and low-turnover approach for over 20 years here. One bad stock pick in such a concentrated portfolio can wreak havoc on returns, as top holding Chesapeake Energy’s CHK whopping 49% loss has here. The stock has been hit by revelations about controversial CEO Aubrey McClendon’s leader-ship. Although Longleaf has been generally sup-portive of McClendon, it has pushed for a number of changes including a move to separate the CEO and chairman roles.

Third Avenue Value TAVFXThis world-stock fund lost 19.43% in the past 12 months, landing in the bottom quintile of its category. A handful of Hong Kong real estate firms, such as Henderson Land Development HLDCY, dragged down fund performance as their stock prices tum- bled. Manager Ian Lapey has trimmed the fund’s huge weighting in these firms in an effort to reduce risk.

Turner Midcap Growth TMGFXThis fund lost 15.27% in the trailing 12 months, below 95% of its category peers. Manager Chris McHugh, like other Turner managers, picks high-momentum stocks and is willing to pay up for them. However, McHugh keeps the portfolio in mid-cap holdings and typically doesn’t stray much from the fund’s benchmark sector allocations. However, in the past 12 months, the fund has been overweight relative to peers in the technology sector, and to make matters worse, the picks haven’t worked out. For instance, Acme Packet APKT and SanDisk SND took double-digit tumbles during their tenure in the portfolio. œ

Ten Worst-Performing Funds

Fund Name YTD Cat Rank %

CGM Focus 99CGM Realty 99FPA Capital 99Longleaf Partners Interna 99Queens Road Small Cap Val 99Schneider Value 99Thornburg Value A 99Westport Select Cap R 99Fidelity Municipal Income 98Litman Gregory Masters Eq 98

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Ten Best-Performing Funds

Fund Name YTD Cat Rank %

Ariel Discovery Investor 1Artisan Growth Opportunit 1Artisan International Inv 1Artisan Mid Cap Inv 1Fairholme 1Fidelity Capital Apprecia 1GoodHaven 1PIMCO Investment Grade Co 1Touchstone Sands Capital 1Tweedy, Browne Global Val 1

3

Bridgeway Index Fund and First Eagle Overseas Hold Up WellLeaders & Laggards | Kailin Liu

14

Vanguard Shuts High-Yield FundVanguard shut its High-Yield Corporate VWEHX to new investors because inflows have surged. Vanguard said it has seen $2 billion in inflows the past six months.

“While issuance of high-yield securities remains strong (the first quarter of 2012 saw the highest amount on record), we remain sensitive to the poten-tial liquidity challenges that can arise in the market,” Vanguard said in a statement. “Because of this potential, we’ve determined that limiting cash flow into the fund is in the best interest of its existing investors. This move will help the fund’s advisor, Wellington Management Company, continue to execute its high-quality approach to high- yield investing.”

So, is this a sign of a top in high yield? Maybe, but it didn’t signal disaster the last time. Vanguard previously closed the fund in June 2003. The fund lost about 5% of its value within six weeks thereafter, but the high-yield market rebounded pretty quickly so that the fund recouped those losses by the end of November. After that, the fund produced tepid but positive calendar-year returns of 8.5%, 2.8%, 8.2%, and 2%. Then came the 21.3% loss in 2008 and a strong rebound the following two years.

The last time around, the fund was reopened about six months after closing.

Vanguard Cutting Fees—AgainVanguard also announced a number of small fee cuts at its funds. Vanguard Dividend Growth’s VDIGX expense ratio dropped from 0.34%, and the abovementioned High-Yield Corporate’s Investor share class cut expenses by 2 basis points, though the Admiral share class did not change.

In addition, Vanguard has removed redemption fees at 33 funds because the firm decided the fees were

Fund Manager Changes Fund News

Leuthold Asset Allocation LAALX Impact: Negative 05-05-12

Leuthold fund manager Andrew Engel died, the firm announced recently. Engel sat on the firm’s asset- allocation committee, worked on the firm’s major trend index, and helped run Leuthold Core Investment LCORX and Leuthold Asset Allocation LAALX. Both of those funds had solid records during Engel’s tenure. Engel’s death comes nine months after Steve Leuthold, the firm’s founder, stepped back from his comanager roles at the funds. Veteran comanagers remain at both of Engel’s funds. | Our Take: Because a number of managers guided the funds, we are not changing our rating.

Oakmark Select OAKLX Impact: Negative 07-30-12

Comanager Henry Berghoef plans to retire at the end of July. Berghoef has assisted lead manager Bill Nygren, who will continue to run the fund, since 2000. He also served as director of U.S. research for Oakmark’s parent company, Harris Associates, from 2003 through 2011. The firm plans to name Berg-hoef’s successor by May 2013. | Our Take: We are keeping the fund rated Gold because Nygren has a strong record as lead manager.

Parnassus Equity Income PRBLX Impact: Neutral 05-01-12

Benjamin Allen was named comanager of Parnassus Equity Income PRBLX on May 1. Allen has been director of research at the firm, so it’s fair to say he’s had a hand in its past success. Parnassus says Allen and Todd Ahlsten will split coverage of the holdings but Ahlsten will retain final say over the portfolio. | Our Take: The change won’t likely lead to a dramatic change, but we’ll be monitoring the fund to see what impact it has. We have started the fund with a Bronze rating.

T. Rowe Price Global Stock PRGSX Impact: Neutral 10-01-12

T. Rowe Price Global Technology PRGTX Impact: Negative 10-01-12

Rob Gensler is going to retire at year-end and hand the reins of T. Rowe Price Global Stock PRGSX to David Eiswert on Oct. 1, 2012. Eiswert had run T. Rowe Price Global Technology and will turn that fund over to Joshua Spencer on June 1, 2012. | Our Take: This seems like a clear negative for the Global Tech fund as Spencer is a tech analyst without a fund track record. For Global Stock, it looks like a mixed bag. Eiswert has a strong four-year track record at the tech fund, but Gensler had a strong sector-fund record when he took over Global, and his tenure there has been disappointing. Gensler was much more of a trader and short- term investor than most of his T. Rowe peers, so it will be interesting to see how Eiswert adapts to running a diversified fund.

Vanguard Primecap VPMCX Impact: Negative 04-11-12

Primecap comanager Howard Schow died at the age of 84. Schow was a comanager on the three funds Primecap ran for Vanguard and three funds run under the Primecap Odyssey label. The assets that Schow managed will be distributed among the remaining members of the team who are highly experienced investors with excellent track records. | Our Take: Take a look at the record of Vanguard Primecap VPMCX and Vanguard Capital Opportunity VHCOX and you’ll see he made a lot of money for a lot of people. He didn’t just do it by selecting good stocks, though. He was one of the leaders who built Primecap into a firm that attracted outstanding investors who wanted to make a career at the firm. This is probably the hard- est thing to do in the investment world.

On the practical side, this news doesn’t change our thesis on the funds as Primecap has a deep team of managers and analysts supporting its funds. We will maintain the funds’ current ratings of Gold.


not needed to discourage market-timers. A 2% redemption fee was removed from actively managed funds like Vanguard International Explorer VINEX and from index offerings like Vanguard Total World Stock VTWSX. A 1% redemption fee was removed from several sector funds, including Gold-rated Vanguard Energy VGENX and Silver-rated Vanguard REIT Index VGSIX. Not all Vanguard funds dropped these types of fees, though. Vanguard FTSE All-World ex-US Small Cap Index VFSVX still charges purchase and redemption fees to offset the costs of investing in some illiquid foreign markets.

CorrectionIn John Rekenthaler’s Morningstar Research article in the April issue, we had the allocation category’s investor returns and total returns flipped. The correct figures follow:p Aggressive Allocation: equal-weighted 10-year return—2.85%, asset-weighted return—3.14%p Moderate Allocation: equal-weighted 10-year return—3.12%, asset-weighted return—4.2%p Conservative Allocation: equal-weighted 10-year return—3.67%, asset-weighted return—4.7%.At mfi.morningstar.com, we have replaced the PDF of this issue with one that has the correct figures.

Leuthold Manager Engel DiesLeuthold Fund manager Andrew Engel died, the firm announced recently. Engel sat on the firm’s asset-allocation committee, worked on the firm’s major trend index, and helped run Leuthold Core Invest-ment LCORX and Leuthold Asset Allocation LAALX. Both of those funds had solid records during Engel’s tenure. Engel’s death comes nine months after Steve Leuthold, the firm’s founder, stepped back from his comanager roles at the funds. Veteran comanagers remain at both of Engel’s funds.

Former Seligman Manager in Insider- Trading CaseThe amount of profits involved was rather small and the manager pretty obscure, but it’s still discour-aging to see a fund manager caught up in an insider-trading scandal.

The SEC announced that former Seligman Communi-cations and Information comanager Reema Shah pleaded guilty to securities fraud charges in the case and is barred permanently from the securities industry.

The SEC says that Shah and a Yahoo executive swapped insider tips and that the Seligman fund she comanaged and others at the firm netted a $389,000 profit from trading based on insider infor-mation on Yahoo.

Artisan Goes Global (Again)Artisan Growth Opportunities ARTRX is getting a name and mandate change. The fund, which was launched in 2008, will be rebranded Artisan Global Opportunities to reflect its increasing international exposure. (Foreign stocks now account for 34% of assets, up from 11% in early 2009.) The name change also follows a broader trend at the firm. Artisan has launched two other global funds the past five years.

New York Direct-Sold 529 Plan Drops Fees New York’s direct-sold 529 plan just became the cheapest of any nationally available plan. New York announced all of the plan’s investment options dropped each of their total expense ratios to 0.17% from the previous price of 0.25%. Vanguard serves as the plan’s investment manager, and with the fees now at 0.17%, the plan’s expenses are roughly in line with those charged by the Gold-rated Vanguard Target Retirement Series of mutual funds. The 529 plan investment options have typically been more expensive than their mutual fund counterparts, such as target-date funds. The fee cuts were part of a new, seven-year contract agreement between Vanguard, Upromise Investments (the plan’s pro- gram manager), and the state of New York. The plan has over $11 billion in assets and is the largest direct-sold plan in the nation.

New York has a second advisor-sold 529 plan that has also undergone some changes. Last year, the state announced that JP Morgan Asset Management would take over as investment manager, replacing Columbia Management. On May 7, 2012, the assets in the plan officially transitioned to JP Morgan. œ

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Jensen Quality Growth JENSX still lives up to its name, even though its peers have caught up to it on some fronts. The management team continues to fish from a fairly small pond—companies that have generated returns on equity of at least 15% for each of the previous 10 years. From there, it seeks out firms with solid growth prospects that are trading at large discounts to their estimates of future cash flows.

However, that pond has grown a bit and management responded by being even choosier. Corporate bal-ance sheets have become quite strong and the economy has improved, so the universe of quality companies has grown larger. Indeed, the Jensen team’s annual screening to create its pool of superior ROE generators has yielded a growing number of names in each of the past three years after a bear-market decline. Thus, more funds own more com-panies that score well on at least some measures of quality. In addition, quality was the star of 2011, so some quality names are trading at higher prices than they had in years before.

In response, Jensen has gotten even choosier about valuations. Recent purchases haven’t been quite as defensive and rock-solid financially as previous ones, and they have more room to grow in the margins department—although they still qualify as high-quality fare. Indeed, 19 of the fund’s 29 hold-ings at the end of March 2012 were judged to have wide economic moats by Morningstar’s equity analysts, a rating given to just 10% of the companies that they cover. This means the analysts believe the firms have competitive advantages that are sus-tainable over long periods and should earn high returns on invested capital.

One recent example of the fund’s more valuation-sensitive buys is medical-testing firm Laboratory Corporation of America (Labcorp) LH, first

bought in 2011’s sharp stock market decline in the third quarter. That industry is dominated by Labcorp and Quest Diagnostics DGX. They thrive on scale, which leads to better access to hospitals and doctors’ offices and lower costs—the latter is vitally impor-tant in today’s health-care environment, given declining Medicare reimbursements and reform legis-lation. Thus, Labcorp has a history of gobbling up smaller competitors and has taken on some leverage at times in order to pursue this strategy.

While the fund’s managers generally prefer com-panies that generate organic growth, the advantages of scale in the testing industry combined with Labcorp’s strong track record as an acquisitor helped the stock clear the high hurdle to get into the concentrated portfolio of less than 30 holdings. Eric Schoenstein, Jensen’s director of research and a comanager of the fund since 2004, says Labcorp has been smart about its acquisitions, making sure that its targets are on the same testing platform as Labcorp to ensure a smooth transition.

According to Schoenstein, management has also done a fine job of cutting costs after acquisitions, and the firm has effectively wielded the pricing power it has garnered from its size. He acknowledges the risk if the firm makes a poor purchase or two, but the management team’s track record inspires confi- dence. And although the firm has lately taken on more debt, it’s still in solid financial shape according to Morningstar’s equity analysts. Finally, although the stock has risen significantly from its low in 2011’s third quarter, it’s reasonably priced at 15 times earn-ings and 11 times its projected 2012 profits.

Shedding Slow MoversOn the flip side, the fund has sold a couple of more-staid, highly defensive firms over the past year, including restaurant supplier Sysco SYY. That company’s balance sheet is considered to be more solid than Labcorp’s, and it still meets the 15% ROE requirement, but the Jensen managers became disenchanted with its growth prospects. The company needs to see volume growth, according to Schoenstein, in order to enjoy the efficiencies af- forded by its leading position within the restaurant

Jensen’s Evolving Pursuit of GrowthThe FundInvestor Focused 10 | Greg Carlson


industry. It saw little volume growth in late 2010 and 2011, he says, and food cost inflation has instead been the company’s main driver of growth. The man-agers didn’t like that balance and sold the stock in 2011’s third quarter, even though it had been a decent performer that year.

Some of the firm’s recent buys are in strong financial shape but have nevertheless taken on debt because current interest rates are so low. One example is medical-products maker Becton Dickinson BDX, which was purchased in the first quarter of 2011. The management team believes its shares are currently cheap, so it has borrowed money to buy back stock. That might be a pretty risky strategy in other situations, but, given how cheap money is, the firm’s competitive advantages, and its modest valuation (12 times 2012 earnings), it appears to be a prudent bet.

Still SturdyIts character has changed a bit lately, but it’s still a sturdy and very attractive long-term holding. True, in 2011’s choppy market, it didn’t hold up as well as one might expect—it finished that year with a 1% loss, just 1.4 percentage points ahead of the large-growth category norm and 3.2 behind the S&P 500. (The fund usually shines in such markets.) But Schoenstein points out that when the market turned down in 2011, investors focused purely on slow-growing mega- caps rather than what the firm deems quality growth companies. (The fund has never fixated on the

market’s behemoths; its average market capitalization is often well below the group norm.) In 2012, it has performed like its old self. It trails its typical peer for the year to date through May 21, but it’s held up quite well as the market has retreated in the second quarter after a rally. Its long-term record is still impressive on a risk-adjusted basis. It has outpaced more than 80% of peers (and beaten the S&P 500 by an annualized 1.6 percentage points) over the trail-ing 15 years and suffered much less volatility.

A Shifting Management TeamLike the portfolio, the management team has also slowly evolved. Two of the three managers who were either on the fund when it launched in late 1992 or joined a few months later (Robert Zagunis) have retired. And the next most-tenured manager, Bob Millen, retired in early 2011. The most experienced current manager other than Zagunis is Schoenstein, with an eight-year tenure. Robert McIver’s been a manager for seven years, Kurt Havnaer for five, and Allen Bond and Kevin Walkush were promoted to manager positions a year ago.

Management has hired people well in advance of retirements, sometimes simply adding the right person even when departures were not imminent. Thus, we’re confident the original managers’ long-standing strategy and the firm’s distinctive culture have been preserved. œContact Greg Carlson at [email protected]

The FundInvestor Focused 10

Fund Name Category Manager Name (Tenure)5-Yr Total Return %

5-Yr Cat Rank %

# of Stock Holdings

Turn- over %

Expense Ratio Top Three Holdings

Brown Capital Mgmt BCSIX Small Growth Management Team (19.92) 7.66 1 42 21.00 1.29 Gen-Probe, Tyler Tech, Abaxis

Clipper CFIMX Large Blend Davis; Feinberg (6.42) -4.35 89 26 15.00 0.75 American Express, Oaktree, Costco

Fairholme FAIRX Large Value Berkowitz (12.50) -0.80 15 13 43.95 1.02 AIG, AIA, Sears

FMI Large Cap FMIHX Large Blend Management Team (10.50) 1.63 4 28 28.00 0.97 3M, Sysco, Wal-Mart

FPA Crescent FPACX Mod Allocation Romick (19.00) 3.25 5 43 32.00 1.25 CVS Caremark, Aon, Wal-Mart

Jensen Quality Growth JENSX Large Growth Management Team (19.42) 1.14 35 29 7.00 0.92 P&G, Pepsi, Omnicom

Longleaf Partners LLPFX Large Blend Hawkins; Cates (25.17) -4.64 90 24 23.55 0.91 Chesapeake, Loews, DIRECTV

Mairs & Power Growth MPGFX Large Blend Frels; Henneman (12.50) 1.71 4 46 2.78 0.72 Valspar, Pentair, 3M

Oakmark Select OAKLX Large Blend Nygren; Berghoef (15.58) -1.17 34 20 16.00 1.07 Discovery, TE Connectivity, Liberty

Sequoia SEQUX Large Blend Goldfarb; Poppe (14.00) 4.06 1 37 3.00 1.03 Valeant Pharma, Berkshire Hathaway, TJX


We shine the spotlight on 10 funds from the FundInvestor 500 that follow a focused, low-turnover strategy.

18

Emerging markets are an intriguing challenge for managers and fund investors alike. Today these markets offer more than a way to add some zip to your portfolio. They also offer a way to escape the debt-burdened economies and the brunt of a possible Greek exit from the euro.

Thus, they may deserve a bigger part of your portfolio. As emerging markets have gotten more sophisti- cated, a greater variety of strategies and approaches are now available in mutual fund form. There are bond funds in local-currency debt as well as the longer-standing dollar-denominated debt. There also are a significant amount of convertibles and divi-dend-paying stocks, and funds that invest in those securities, too.

You now have almost as much variety in emerging-markets funds as you do among offerings that focus on the developed world, and that can help you to round out your portfolio without driving up risk too far. You can choose a more aggressive fund but make it a small part of your portfolio, or you can have a bigger weighting in a lower-risk fund. You can even have some of both in order to further diversify your holdings.

With that in mind, I’ve pulled the Silver- and Gold-rated emerging-markets funds in the Morningstar 500 and ranked them by their biggest loss over any time period. We call it the maximum drawdown—which essentially tells you the worst loss you could have suffered if you’d bought at the top and sold at the bottom.

Lower RiskPIMCO Emerging Markets Local Bond PELBX had a worst loss of 25%. The appeal of this Gold-rated fund is clear. You diversify away from the dollar and euro and do so in a tamer format because you own

debt rather than equities. By bond fund standards it’s high risk, but it’s clearly high reward, too.

Matthews Asian Growth & Income MACSX suffered a max drawdown of 38.1%, which is terrific by emerging-markets standards. The fund is about 80% stock; the rest is in convertible bonds, corporate bonds, government bonds, and preferred stocks. Even the equities it buys tend to be a tad less risky as management favors dividend-payers. Also of note: Matthews Asia Dividend MAPIX, which we haven’t rated but suffered a max drawdown of just 35%.

Silver-rated Fidelity New Markets Income FNMIX invests mostly in dollar-denominated bonds, but it has still done a good job on risk. Manager John Carl-son’s max drawdown was 39.6% because he follows a cautious strategy of investing in the safest bets and trimming areas vulnerable to short-term problems.

Higher RiskVanguard Emerging Markets Index VEMAX is Silver-rated for its low cost and quite broad exposure to emerging-markets stocks. However, like all index funds it is fully invested and that exposes it to short-term pain. Hence this fund’s max drawdown of 62.65%. The fund’s diversification helps trim losses a bit, but when emerging-markets equities sell off it’s often en masse and this fund pays the price. Even so, the fund has produced strong returns over the long haul.

Silver-rated Matthews India Investor MINDX shed 69.1% at worst. Matthews does a good job of stock-picking and even avoids some of the higher-risk stocks. Yet there’s only so far you can go with a single-country emerging-markets fund. Clearly, this is a fund you limit to 5% or less of your portfolio.Matthews Pacific Tiger MAPTX is a brilliant play on Asia given Matthews’ depth and experience there. But take note of its 69.2% max drawdown. Again, long-term returns here are awesome, but if you plan on investing in this one for less than 10 years, you’re in the wrong fund. œ

Emerging-Markets Funds for the Cautious or Aggressive InvestorTracking Morningstar Analyst Ratings | Russel Kinnel

What Are Morningstar Analyst Ratings?

Our ratings are chosen for long-term success. Analysts assess a fund’s competitive advantages by analyzing people, process, parent, performance, and price. They do rigorous analysis and then submit their ratings to a committee that vets their work for thoroughness and consistency.


Tracking Gold-Rated Funds

Silver or Gold Emerging-Markets Funds

0

8000

16000

24000

32000

24,000

16,000

8,000

Growth of $10,000 (06-2002 to 05-2012)

Fidelity New Markets Income FNMIX | QQQQ | •

p Fund Return (%) 200.45

p Category Return (%) 152.55

Process ∞ Positive Performance ∞ Positive

People ∞ Positive

Parent ¶ Neutral Price ∞ Positive

0

10500

21000

31500

42000

31,500

21,000

10,500

Growth of $10,000 (06-2002 to 05-2012)

Matthews Asian Growth & Inc Investor MACSX | QQQQQ | •

p Fund Return (%) 196.88 p Category Return (%) 179.46

Process ∞ Positive

Performance ∞ Positive

People ∞ Positive

Parent ∞ Positive Price ∞ Positive

0

7500

15000

22500

30000

22,500

15,000

7,500

Growth of $10,000 (11-2005 to 05-2012)

Matthews India Investor MINDX | QQQQ | •




People ∞ Positive

Parent ∞ Positive

Price ∞ Positive

Asset GroupTrailing 10 Years

Batting Average % Picks in Top QuartileTrailing 5 Years Batting Average % Picks in Top Quartile

Trailing 3 Years Batting Average % Picks in Top Quartile

Balanced 90.82 54.3% 86.08 44.8% 87.16 50.0%

International Stock 69.77 44.4% 64.05 20.0% 58.61 29.8%

Municipal Bond 92.89 71.4% 89.62 65.0% 43.52 22.2%

Taxable Bond 84.03 65.3% 89.44 57.9% 62.98 45.7%

U.S. Stock 66.88 38.6% 64.61 27.9% 61.25 40.6%


06 07 08 09 10 11 12

07 08 09 10 11 12 07 08 09 10 11 12

0

11000

22000

33000

44000

33,000

22,000

11,000

Growth of $10,000 (06-2002 to 05-2012)

Matthews Pacific Tiger Investor MAPTX | QQQQ | Œ




People ∞ Positive

Parent ∞ Positive

Price ∞ Positive

Return Data through May 31, 2012.

0

4500

9000

13500

18000

13,500

9,000

4,500

Growth of $10,000 (01-2007 to 05-2012)

PIMCO Emerging Local Bond Instl PELBX | QQ | Œ



Performance ¶ Neutral

People ∞ Positive

Parent ¶ Neutral

Price ∞ Positive0

5500

11000

16500

22000

16,500

11,000

5,500

Growth of $10,000 (07-2006 to 05-2012)

Vanguard Emerging Mkts Stock Idx Adm VEMAX | QQQQ | •


Process ∞ Positive Performance ¶ Neutral People ¶ Neutral

Parent ∞ Positive Price ∞ Positive

03 04 05 06 07 08 09 10 11 03 04 05 06 07 08 09 10 11

03 04 05 06 07 08 09 10 11

20

Vanguard’s Managed Payout Funds may not be the perfect income-producing solutions, but they can be good ones.

The three funds—Vanguard Managed Payout Growth Focus VPGFX, Growth & Distribution Focus VPGDX, and Distribution Focus VPDFX—launched into the maw of 2008’s vicious bear market. Losses quickly forced them to reduce their monthly payments and tap shareholders’ principal to fund payouts. That unpleasant debut kept investors away. Since then, however, the funds’ results and payouts have recovered, lending credence to Vanguard’s claim that the endowmentlike offerings and their distribution methods were built to last.

These funds try to turn savings into income streams that won’t dry up. They’re among the cheapest of a subset of monthly payment funds launched in recent years. Vanguard’s funds distinguish themselves by trying to invest like miniendowments to support their disbursements without depleting principal. Rather than piling into higher-yielding securities and letting shareholders live off the distributions, these use Vanguard funds (and some derivatives for commodi-ties exposure) to implement an active asset-allocation strategy that aims to make shareholders’ money last while fueling monthly payouts. Growth Focus targets 3% of a hypothetical three-year account value, Growth & Distribution 5%, and Distribution 7%.

As funds of funds they use highly rated funds, such as Vanguard Total Stock Market Index VTSAX, Vanguard Total Bond Market Index VBTLX, Vanguard Total International Stock Index VTIAX, and REIT indexes, to get asset-class exposure. The investment committee tweaks the funds’ alloca-tions based on the managers’ long-term outlook but does not try to time the market. Overall, the com-mittee, led by firm CIO Gus Sauter, has been slightly

contrarian and opportunistic. For example, it added corporate-bond exposure via Vanguard Interme-diate-Term Investment-Grade VFICX during the financial crisis and held on for three years. More recently, the relatively more bond-oriented Distribu-tion Focus fund has avoided Treasury Inflation-Protected Securities because their real yields don’t look promising. Instead of owning Vanguard Inflation-Protected Securities, the Distribution Focus fund has about twice as much as its benchmark suggests in Vanguard Market Neutral VMNIX, which tries to generate returns that beat the three-month U.S. Treasury bill with low correlations with other markets.

The funds’ monthly payouts may catch the eye of investors eager to live off their nest eggs. But note the dollar amounts of the funds’ distributions will fluctuate year to year with performance, and the fund can use capital gains, income, and return of capital to fund payouts. The funds’ payout rule tries to control principal erosion and simplify the task of adjusting withdrawal rates to market conditions by tying monthly payment size to performance. These funds won’t magically transform a small balance into an income stream you can live off indefinitely. A min-imum $25,000 investment in the Growth & Distribu-tion fund, for instance, currently generates payments of less than $100 per month according to Vanguard’s online calculator. The funds work best for those who already have amassed significant savings.

Note that these funds aren’t annuities. They can lose money, and their payments can vary from year to year based on their trailing three-year results. The funds also have different risk profiles. Growth Focus is the most aggressive and offers the best chance to generate inflation-beating payment growth, but also the smallest payout rate and most volatility. Growth & Distribution is the middle-of-the-road fund, and Distribution Focus offers the highest payout rate but smallest odds of beating inflation. So far, each of the funds has been more volatile than rival payout offerings, but they’ve beaten their internal benchmarks since inception and have accrued more gains to fund their payments. There are no guarantees here, but they can be useful tools. œContact Dan Culloton at [email protected]

Vanguard’s Managed Payout Funds Income Strategist | Dan Culloton


Bond-Market Snapshot

Maturity

6.00

5.00

4.00

3.00

2.00

1.00

Yield to maturity of current bills, notes, and bonds p Current (05-31-12) p One Year Ago (05-31-11) Interest-Rate Review

1 mo 3 6 1 yr 2 3 5 7 10 20 30

04-30-12

7.00

6.50

5.00

4.50

3.00

1.50

0.00

98 99 00 01 02 03 04 05 06 07 08 09 10 11

98 99 00 01 02 03 04 05 06 07 08 09 10 11

15.00

12.00

9.00

6.00

3.00

0

Fear spurred a flight to safety in May amid signs of a deteriorating financial situation in the eurozone and weak economic data at home and abroad. Long Treasuries were the market’s biggest winners, gaining 7.4% for the month as the yield on the long bond dropped half a percent to end the month below 2.7%. Inter-mediate Treasuries came in second place, inching up 2.8% as the 10-year dipped below 1.6% for the first time ever. Treasury Inflation-Protected Securities also benefitted from the flight to quality, gaining 1.7%. Most muni indexes posted modest gains, with long munis adding the most at 1.4%. Meanwhile, the more credit-sensitive areas of the market lagged. The high-yield corporate indexes lost roughly 1.3%, while the commercial mortgage-backed securities sector gave back 0.2%.

Treasury and Municipal-Bond Yields

High-Yield and Treasury-Bond Yields

Treasury Yield Curve (%)

Municipal-Bond Spread Snapshot

Unattractive 1.73

Attractive -1.83

04-30-12

High-Yield Bond Spread Snapshot

Attractive 10.71

Unattractive 2.01

p Vanguard Interm-Term Tax-Exempt p Vanguard Interm-Term U.S. Treasury

p Vanguard High-Yield Corporate p Vanguard Interm-Term U.S. Treasury

Data as of May 31, 2012. Yield Spread: The difference between yields on differing debt instruments, calculated by deducting the yield of one instrument from another. The higher the yield spread, the greater the difference between the yields offered by each instrument. For municipal bonds, a smaller spread is attractive because munis typically pay smaller yields than Treasuries. For high-yield bonds, a wider spread is more attractive because junk bonds typically pay higher yields than Treasuries.

May 31, 2012 -1.09

High 1.73

Low -1.83

Average 0.26

Last Month (04-30-12) -1.07

A Year Ago (05-31-11) -1.24

May 31, 2012 5.02

High 10.71

Low 2.01

Average 4.11

Last Month (04-30-12) 4.74

A Year Ago (05-31-11) 4.02

22

We’ve been running four pages of our global fund reports in each issue on Pages 4–8 for a few months now. I’d like your feedback.

Do you like the depth of having four pages on one fund, or would you rather have four one-page reports (like the one on the facing page) so that you can cover more funds each month? You can gain access to all 500 one-page reports on our website (mfi.morning-star.com) each month, but I know that some readers like to do all their research on paper rather than the Internet. Please let me know which you prefer.

You can send me an email at [email protected] with the words “Fund Report” in the subject. Or you can send me a letter to this address: Morningstar Inc., 22 W. Washington, Chicago, IL 60602.

Columbia Dividend Income Joins 500I’m adding Columbia Dividend Income GSFTX to the Morningstar 500. The fund has been a strong performer employing a rather straightforward dividend strategy. The Silver-rated fund aims for stocks with growing dividends and strong free cash flow. The fund’s strong long-term performance owes a lot to outperformance in down years such as 2008. It tends to lag in big rallies.

The fund has four comanagers; two have been with the fund for a long time, and two are recent additions. Scott Davis became a comanager in 2001, and Dick Dahlberg, an MFS veteran, has been on the fund since 2003. Mike Barclay and Putnam veteran David King were named comanagers in 2011. For more, see the facing page.

Westwood LargeCap Value Institutional Goes OutTo make room, I’m dropping Westwood LargeCap Value Institutional WHGLX. The fund has a small asset base, and it is now difficult for individual investors to access. Moreover, longtime lead manager Susan Byrne has stepped down from the fund. œ

Summary of ChangesAdd Drop

Columbia Dividend Income Westwood LgCap Val Institutional

Analyst Rating Upgraded From To

Columbia Acorn International Z ´ •

Analyst Rating Downgraded From To

Vanguard International Explr Inv • ´

New Morningstar Analyst RatingsFund Rating

Allianz RCM Technology Instl •

American Funds Tax-Exempt Bond A ‰

Artisan Small Cap Investor ´

ASTON/Fairpointe Mid Cap N •

Bridgeway Blue Chip 35 Index •

Bridgeway Ultra-Small Company Market ´

Buffalo Small Cap ´

Fidelity Stock Selector Sm Cp ‰

Laudus Growth Investors US Large Cap Gr ´

Leuthold Asset Allocation Retail ´

MainStay MAP I ´

Matthews India Investor •

Neuberger Berman Large Cap Value Inv ‰

Rainier Small/Mid Cap Equity ‰

T. Rowe Price Media & Telecommunications •

T. Rowe Price New Era ‰

Touchstone Sands Capital Select Growth Z ´

Wells Fargo Advantage S/T Muni Bd Inv •

How Do You Like Your Fund Reports?Changes to the 500 | Russel Kinnel

What is Morningstar FundInvestor 500?The Morningstar FundInvestor 500 features the industry’s best and most notable funds. Use the list to get new investment ideas and track the funds you already own.FundInvestor subscribers have access to one-page monthly reports on all 500 funds on mfi.morningstar.com. Just type in the name or ticker of the fund in the search box.


24

Morningstar 500 Morningstar Rating

Total Return % 05-31-12

Total Return % Category Rank

Yield %

Stand- ard Devia- tion (R²)

Risk Relative to Category

vs. Category5Best

A N N U A L I Z E D 1Best, 100WorstYTD 1 Yr 3 Yr 5 Yr 10 Yr YTD 1 Yr 3 Yr 5 Yr 10 Yr


Historical Risk Historical Performance

Domestic Equity

Large Growth — 6.5 -3.3 13.7 -0.2 3.3 — — — — — — 17.9 (93) —

Amana Trust Growth AMAGX „ QQQQQ 4.5 -2.8 12.7 2.4 8.8 79 51 65 17 1 0.0 14.67 (96) Low American Century Growth Inv TWCGX ´ QQQQ 7.5 -0.5 15.6 2.8 4.8 37 28 23 13 28 0.5 17.01 (96) Avg American Century Ultra Inv TWCUX ´ QQQQ 6.3 -0.8 15.9 2.1 3.0 54 31 21 20 73 0.0 17.84 (95) Avg American Funds AMCAP A AMCPX Œ QQQ 5.5 -1.5 14.3 0.7 4.7 68 38 42 41 30 0.4 16.64 (98) -Avg American Funds Growth Fund of Amer A AGTHX „ QQQ 6.5 -4.8 10.9 -1.1 5.1 52 66 86 71 22 0.7 16.66 (97) -Avg

American Funds New Economy A ANEFX Œ ] QQQ 8.5 -5.1 12.6 0.1 5.7 19 70 65 52 14 0.5 17.60 (93) Avg ASTON/Montag & Caldwell Growth N MCGFX Œ ] QQQQ 5.0 2.4 11.8 2.8 3.7 74 10 76 12 57 0.5 13.70 (96) Low Brandywine Blue BLUEX — QQ 5.0 -9.6 9.2 -5.4 3.0 75 90 96 98 73 0.0 19.06 (91) +Avg Calamos Growth A CVGRX ´ QQ 4.0 -12.3 12.8 -1.0 5.1 82 97 63 69 22 0.0 19.43 (88) +Avg CGM Focus CGMFX ˇ Q 0.5 -19.8 -0.3 -5.4 5.5 99 99 100 99 17 0.0 26.31 (82) High

Chase Growth N CHASX ´ QQQQ 9.0 1.6 11.4 0.6 3.8 13 13 80 45 54 0.0 14.87 (91) Low Fidelity FFIDX — QQQ 6.5 -4.3 12.3 -0.9 4.0 51 63 69 68 48 0.7 16.89 (97) -Avg Fidelity Blue Chip Growth FBGRX ˇ QQQQ 7.8 -3.3 17.6 3.0 4.1 31 54 10 10 44 0.1 19.47 (94) +Avg Fidelity Contrafund FCNTX „ ] QQQQQ 8.4 2.1 15.7 2.4 7.5 20 11 22 17 3 0.1 14.92 (93) Low Fidelity Export & Multinational FEXPX — QQQ 5.8 -4.0 11.9 -1.6 5.2 62 60 75 80 21 0.9 16.97 (97) -Avg

Fidelity Growth Company FDGRX „ QQQQQ 10.2 -0.5 19.0 4.1 7.8 5 28 6 6 1 0.1 18.86 (92) +Avg Fidelity Growth Discovery FDSVX — QQQQ 8.1 -0.9 17.7 1.3 4.8 24 32 9 33 27 0.2 18.89 (95) +Avg Fidelity Independence FDFFX — QQ 8.7 -10.1 14.2 -0.3 4.4 15 93 43 57 38 0.3 23.39 (90) High Fidelity Magellan FMAGX ˇ Q 6.7 -10.7 8.4 -4.1 1.4 48 95 97 97 97 0.7 19.30 (95) +Avg Fidelity New Millennium FMILX — QQQQ 4.4 -2.2 16.8 2.4 6.3 80 45 15 17 9 0.4 17.62 (94) Avg

Harbor Capital Appreciation Instl HACAX Œ QQQQ 9.1 1.0 15.1 2.9 4.8 12 15 31 12 28 0.1 17.71 (91) Avg Janus Growth & Income T JAGIX ˇ [ QQ 5.5 -4.8 10.0 -2.4 3.2 66 66 93 88 70 1.0 18.24 (94) Avg Janus Research T JAMRX — QQQQ 5.8 -5.1 15.1 0.8 5.6 62 69 31 40 15 0.6 17.73 (95) Avg Janus T JANSX ˇ QQ 7.8 -3.5 11.8 -0.8 2.9 29 56 75 66 76 0.4 16.98 (94) -Avg Janus Twenty T JAVLX ˇ QQQQ 11.5 -0.3 9.5 2.0 7.6 3 26 95 23 2 0.1 19.69 (91) +Avg

Jensen Quality Growth J JENSX Œ QQQ 3.4 -5.0 13.2 1.1 3.4 88 69 58 35 66 1.1 14.92 (93) Low Laudus Growth Investors US Large Cap Gr LGILX ´ QQQQQ 9.4 1.7 17.6 4.9 7.2 10 13 10 3 4 0.0 17.98 (91) Avg Legg Mason ClearBridge Aggressive Gr A SHRAX — ] QQQ 6.3 -3.1 17.0 -0.5 4.7 54 53 13 59 31 0.0 20.30 (88) High Litman Gregory Masters Equity Instl MSEFX ´ QQ 1.1 -11.7 13.1 -3.4 3.1 98 96 60 94 72 0.0 18.50 (92) +Avg Litman Gregory Masters Focused Opp Instl MSFOX ´ QQQ 4.5 -0.1 15.6 -1.5 — 79 24 23 79 — 0.5 16.37 (91) -Avg

LKCM Equity Instl LKEQX — [ QQQQ 4.2 -0.8 15.0 1.7 5.2 81 30 32 27 22 0.6 16.26 (97) -Avg Madison Mosaic Investors Y MINVX — QQQ 3.1 -1.4 12.3 -0.4 2.7 89 37 70 58 81 0.9 14.79 (96) Low Marsico Focus MFOCX ´ QQQ 8.2 1.6 14.9 1.1 4.3 23 13 34 36 40 0.0 18.84 (94) +Avg Marsico Growth MGRIX ´ QQQ 8.4 0.6 15.5 0.2 4.2 20 18 25 49 44 0.0 18.80 (94) +Avg Morgan Stanley Focus Growth A AMOAX Œ QQQ 6.9 -8.0 19.2 2.6 4.5 45 84 6 15 36 0.0 19.92 (81) High

PRIMECAP Odyssey Growth POGRX Œ QQQ 3.5 -8.6 14.5 0.9 — 87 86 39 38 — 0.4 18.73 (90) +Avg PRIMECAP Odyssey Stock POSKX Œ ] QQQQ 2.4 -3.9 13.9 0.4 — 94 59 49 47 — 1.2 15.55 (97) Low RS Capital Appreciation A RCAPX — QQ 2.3 -2.4 11.7 -1.0 2.8 94 48 76 68 80 0.1 16.95 (95) -Avg T. Rowe Price Blue Chip Growth TRBCX ´ QQQQ 10.2 4.2 17.0 1.8 5.1 5 5 13 25 22 0.1 18.35 (94) +Avg T. Rowe Price Growth & Income PRGIX ´ QQQ 4.7 -3.2 13.3 -0.7 3.6 77 54 56 65 58 1.2 15.79 (99) -Avg

T. Rowe Price Growth Stock PRGFX ˇ QQQQ 10.9 3.0 17.1 1.4 5.7 3 8 12 33 15 0.0 18.51 (94) +Avg T. Rowe Price New America Growth PRWAX Œ QQQQ 3.8 -4.0 14.7 3.1 6.0 84 60 37 9 12 0.2 17.25 (97) Avg Touchstone Sands Capital Select Growth Z PTSGX ´ QQQQQ 13.8 8.0 23.8 6.6 7.6 1 1 2 1 2 0.0 18.96 (87) +Avg USAA Aggressive Growth USAUX — QQQ 6.0 -4.1 13.1 -0.5 3.3 59 61 59 61 68 0.0 18.94 (95) +Avg Vanguard Capital Opportunity Inv VHCOX Œ ] QQQQ 2.3 -10.6 10.8 -0.1 7.3 94 94 87 55 4 0.5 19.74 (93) +Avg

Vanguard FTSE Social Index Inv VFTSX — Q 4.3 -3.3 14.1 -3.5 2.2 81 54 45 95 89 1.2 17.11 (97) Avg Vanguard Growth Equity Inv VGEQX — QQQ 9.1 1.8 16.6 0.1 3.8 13 12 17 51 51 0.4 16.47 (96) -Avg Vanguard Growth Index Adm VIGAX — QQQQ 7.6 2.0 17.1 2.2 4.8 34 11 12 20 27 1.2 17.00 (97) Avg

Russell 1000 Growth Index 7.2 1.5 16.9 2.0 4.7S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1

Legend

E New this month][ Increase/decrease in ratingNR No Morningstar Rating; fund less than three years old.

Red # Lowest return in groupGreen # Highest return in groupItalic # Extended performance

Current Portfolio Style Costs Operations25

Current Equity Style Box

Price/EarnRatio

Price/BookRatio

AverageMarketCap($Mil)

Top Three Sectors (% of Stock)

Total# ofHold-ings

Turn-over%

Recent Composition (% of Assets) Sales

Charge %

Expense Ratio %

NAV ($)

Total Assets ($Mil) Portfolio Manager (Tenure Years)Cash Stock Bond Other Foreign

Large Growth — 6.5 -3.3 13.7 -0.2 3.3 — — — — — — 17.9 (93) —

Amana Trust Growth AMAGX „ QQQQQ 4.5 -2.8 12.7 2.4 8.8 79 51 65 17 1 0.0 14.67 (96) Low American Century Growth Inv TWCGX ´ QQQQ 7.5 -0.5 15.6 2.8 4.8 37 28 23 13 28 0.5 17.01 (96) Avg American Century Ultra Inv TWCUX ´ QQQQ 6.3 -0.8 15.9 2.1 3.0 54 31 21 20 73 0.0 17.84 (95) Avg American Funds AMCAP A AMCPX Œ QQQ 5.5 -1.5 14.3 0.7 4.7 68 38 42 41 30 0.4 16.64 (98) -Avg American Funds Growth Fund of Amer A AGTHX „ QQQ 6.5 -4.8 10.9 -1.1 5.1 52 66 86 71 22 0.7 16.66 (97) -Avg

American Funds New Economy A ANEFX Œ ] QQQ 8.5 -5.1 12.6 0.1 5.7 19 70 65 52 14 0.5 17.60 (93) Avg ASTON/Montag & Caldwell Growth N MCGFX Œ ] QQQQ 5.0 2.4 11.8 2.8 3.7 74 10 76 12 57 0.5 13.70 (96) Low Brandywine Blue BLUEX — QQ 5.0 -9.6 9.2 -5.4 3.0 75 90 96 98 73 0.0 19.06 (91) +Avg Calamos Growth A CVGRX ´ QQ 4.0 -12.3 12.8 -1.0 5.1 82 97 63 69 22 0.0 19.43 (88) +Avg CGM Focus CGMFX ˇ Q 0.5 -19.8 -0.3 -5.4 5.5 99 99 100 99 17 0.0 26.31 (82) High

Chase Growth N CHASX ´ QQQQ 9.0 1.6 11.4 0.6 3.8 13 13 80 45 54 0.0 14.87 (91) Low Fidelity FFIDX — QQQ 6.5 -4.3 12.3 -0.9 4.0 51 63 69 68 48 0.7 16.89 (97) -Avg Fidelity Blue Chip Growth FBGRX ˇ QQQQ 7.8 -3.3 17.6 3.0 4.1 31 54 10 10 44 0.1 19.47 (94) +Avg Fidelity Contrafund FCNTX „ ] QQQQQ 8.4 2.1 15.7 2.4 7.5 20 11 22 17 3 0.1 14.92 (93) Low Fidelity Export & Multinational FEXPX — QQQ 5.8 -4.0 11.9 -1.6 5.2 62 60 75 80 21 0.9 16.97 (97) -Avg

Fidelity Growth Company FDGRX „ QQQQQ 10.2 -0.5 19.0 4.1 7.8 5 28 6 6 1 0.1 18.86 (92) +Avg Fidelity Growth Discovery FDSVX — QQQQ 8.1 -0.9 17.7 1.3 4.8 24 32 9 33 27 0.2 18.89 (95) +Avg Fidelity Independence FDFFX — QQ 8.7 -10.1 14.2 -0.3 4.4 15 93 43 57 38 0.3 23.39 (90) High Fidelity Magellan FMAGX ˇ Q 6.7 -10.7 8.4 -4.1 1.4 48 95 97 97 97 0.7 19.30 (95) +Avg Fidelity New Millennium FMILX — QQQQ 4.4 -2.2 16.8 2.4 6.3 80 45 15 17 9 0.4 17.62 (94) Avg

Harbor Capital Appreciation Instl HACAX Œ QQQQ 9.1 1.0 15.1 2.9 4.8 12 15 31 12 28 0.1 17.71 (91) Avg Janus Growth & Income T JAGIX ˇ [ QQ 5.5 -4.8 10.0 -2.4 3.2 66 66 93 88 70 1.0 18.24 (94) Avg Janus Research T JAMRX — QQQQ 5.8 -5.1 15.1 0.8 5.6 62 69 31 40 15 0.6 17.73 (95) Avg Janus T JANSX ˇ QQ 7.8 -3.5 11.8 -0.8 2.9 29 56 75 66 76 0.4 16.98 (94) -Avg Janus Twenty T JAVLX ˇ QQQQ 11.5 -0.3 9.5 2.0 7.6 3 26 95 23 2 0.1 19.69 (91) +Avg

Jensen Quality Growth J JENSX Œ QQQ 3.4 -5.0 13.2 1.1 3.4 88 69 58 35 66 1.1 14.92 (93) Low Laudus Growth Investors US Large Cap Gr LGILX ´ QQQQQ 9.4 1.7 17.6 4.9 7.2 10 13 10 3 4 0.0 17.98 (91) Avg Legg Mason ClearBridge Aggressive Gr A SHRAX — ] QQQ 6.3 -3.1 17.0 -0.5 4.7 54 53 13 59 31 0.0 20.30 (88) High Litman Gregory Masters Equity Instl MSEFX ´ QQ 1.1 -11.7 13.1 -3.4 3.1 98 96 60 94 72 0.0 18.50 (92) +Avg Litman Gregory Masters Focused Opp Instl MSFOX ´ QQQ 4.5 -0.1 15.6 -1.5 — 79 24 23 79 — 0.5 16.37 (91) -Avg

LKCM Equity Instl LKEQX — [ QQQQ 4.2 -0.8 15.0 1.7 5.2 81 30 32 27 22 0.6 16.26 (97) -Avg Madison Mosaic Investors Y MINVX — QQQ 3.1 -1.4 12.3 -0.4 2.7 89 37 70 58 81 0.9 14.79 (96) Low Marsico Focus MFOCX ´ QQQ 8.2 1.6 14.9 1.1 4.3 23 13 34 36 40 0.0 18.84 (94) +Avg Marsico Growth MGRIX ´ QQQ 8.4 0.6 15.5 0.2 4.2 20 18 25 49 44 0.0 18.80 (94) +Avg Morgan Stanley Focus Growth A AMOAX Œ QQQ 6.9 -8.0 19.2 2.6 4.5 45 84 6 15 36 0.0 19.92 (81) High

PRIMECAP Odyssey Growth POGRX Œ QQQ 3.5 -8.6 14.5 0.9 — 87 86 39 38 — 0.4 18.73 (90) +Avg PRIMECAP Odyssey Stock POSKX Œ ] QQQQ 2.4 -3.9 13.9 0.4 — 94 59 49 47 — 1.2 15.55 (97) Low RS Capital Appreciation A RCAPX — QQ 2.3 -2.4 11.7 -1.0 2.8 94 48 76 68 80 0.1 16.95 (95) -Avg T. Rowe Price Blue Chip Growth TRBCX ´ QQQQ 10.2 4.2 17.0 1.8 5.1 5 5 13 25 22 0.1 18.35 (94) +Avg T. Rowe Price Growth & Income PRGIX ´ QQQ 4.7 -3.2 13.3 -0.7 3.6 77 54 56 65 58 1.2 15.79 (99) -Avg

T. Rowe Price Growth Stock PRGFX ˇ QQQQ 10.9 3.0 17.1 1.4 5.7 3 8 12 33 15 0.0 18.51 (94) +Avg T. Rowe Price New America Growth PRWAX Œ QQQQ 3.8 -4.0 14.7 3.1 6.0 84 60 37 9 12 0.2 17.25 (97) Avg Touchstone Sands Capital Select Growth Z PTSGX ´ QQQQQ 13.8 8.0 23.8 6.6 7.6 1 1 2 1 2 0.0 18.96 (87) +Avg USAA Aggressive Growth USAUX — QQQ 6.0 -4.1 13.1 -0.5 3.3 59 61 59 61 68 0.0 18.94 (95) +Avg Vanguard Capital Opportunity Inv VHCOX Œ ] QQQQ 2.3 -10.6 10.8 -0.1 7.3 94 94 87 55 4 0.5 19.74 (93) +Avg

Vanguard FTSE Social Index Inv VFTSX — Q 4.3 -3.3 14.1 -3.5 2.2 81 54 45 95 89 1.2 17.11 (97) Avg Vanguard Growth Equity Inv VGEQX — QQQ 9.1 1.8 16.6 0.1 3.8 13 12 17 51 51 0.4 16.47 (96) -Avg Vanguard Growth Index Adm VIGAX — QQQQ 7.6 2.0 17.1 2.2 4.8 34 11 12 20 27 1.2 17.00 (97) Avg

— 14.9 2.8 33,361 a 27 t 16 p 13 — 75 3 96 0 0 7 — 1.23 — 1,595 —

AMAGX 7 15.4 3.0 32,693 a 40 d 16 p 13 74 5 8 92 0 0 18 NL 1.14 25.32 2,144 Kaiser/Salam (18.3/4.4)TWCGX 7 16.3 3.4 49,676 a 31 t 15 s 12 125 79 0 99 0 1 2 Clsd 0.98 26.40 8,522 LeGard/Woodhams (13.2/14.7)TWCUX 7 16.4 3.2 48,586 a 32 t 15 d 12 83 13 0 99 0 1 7 NL 0.99 24.37 5,955 Lee/Li (3.5/3.5)AMCPX 7 15.1 2.3 27,158 a 22 d 20 p 12 223 31 12 88 0 0 4 5.75 0.73 19.86 24,818 Management TeamAGTHX 7 14.8 2.3 40,671 a 21 t 15 d 13 424 34 5 92 0 3 16 5.75 0.68 30.59 126,214 Management Team

ANEFX 7 14.7 1.9 19,865 a 25 d 16 t 16 195 45 7 87 0 6 32 5.75 0.85 25.79 7,694 Management TeamMCGFX 7 16.8 3.5 66,988 s 24 t 20 a 19 37 63 7 93 0 0 2 NL 1.06 24.04 3,610 Ronald Canakaris (17.6)BLUEX 7 15.1 2.4 30,233 a 35 t 28 o 13 38 234 4 96 0 0 6 NL 1.09 24.14 931 Management TeamCVGRX 7 18.0 3.2 26,184 a 41 t 12 d 11 100 85 5 95 0 0 16 4.75 1.26 48.24 7,785 Management TeamCGMFX 1 10.2 1.3 19,542 p 23 y 21 t 20 22 496 0 105 -5 0 13 NL 1.05 25.78 1,442 G. Heebner (14.8)

CHASX 7 16.5 3.9 36,093 a 24 t 21 d 13 41 82 2 98 0 0 2 NL 1.24 18.70 147 Management TeamFFIDX 7 14.2 2.3 43,253 a 22 d 14 t 13 138 88 2 98 0 0 11 NL 0.58 33.17 5,020 John D. Avery (10.3)FBGRX 7 16.4 3.0 35,404 a 33 t 21 s 12 310 132 0 100 0 0 9 NL 0.92 45.72 14,303 Sonu Kalra (2.9)FCNTX 7 17.0 2.9 43,257 a 28 t 22 y 13 402 55 5 95 0 0 12 NL 0.81 73.10 79,493 William Danoff (21.7)FEXPX 7 14.5 2.5 38,088 a 24 d 15 s 15 125 109 4 96 0 0 10 NL 0.83 21.88 1,936 Heather Carrillo (2.3)

FDGRX 7 17.7 3.4 26,031 a 34 t 17 d 15 297 36 1 99 0 0 9 Clsd 0.84 89.16 40,623 Steven Wymer (15.4)FDSVX 7 18.4 3.4 24,006 a 34 t 16 p 15 169 72 2 98 0 0 12 NL 0.62 14.77 1,034 Jason Weiner (5.3)FDFFX 7 14.3 2.7 18,250 t 26 a 22 d 11 162 93 0 100 0 0 12 NL 0.70 23.53 3,392 Robert Bertelson (5.6)FMAGX 7 14.2 2.2 36,740 a 23 t 15 y 14 258 99 1 99 0 0 7 NL 0.53 67.08 14,535 Jeffrey S. Feingold (0.7)FMILX 4 14.5 2.0 14,006 d 17 a 16 y 15 225 69 6 93 1 0 9 NL 0.99 30.14 1,904 John Roth (5.9)

HACAX 7 20.0 3.6 41,663 a 32 t 26 d 12 74 53 2 98 0 0 12 NL 0.66 40.27 14,909 Spiros Segalas (22.1)JAGIX 7 14.8 2.5 36,096 t 22 a 15 y 14 81 65 0 95 2 3 9 NL 0.90 31.35 3,670 Marc Pinto (4.6)JAMRX 7 16.1 2.7 29,594 a 28 t 21 p 13 110 88 1 98 0 1 18 NL 0.87 29.73 3,486 James Goff (6.3)JANSX 7 17.1 3.2 33,631 a 28 t 21 d 12 80 90 5 95 0 0 16 NL 0.89 29.44 8,413 Coleman/Wilson (4.6/1.1)JAVLX 7 16.8 3.2 49,402 t 29 a 28 d 16 37 56 1 99 0 0 17 Clsd 0.93 56.94 8,578 Ron Sachs (4.4)

JENSX 7 16.2 3.7 33,857 p 29 d 22 a 21 30 7 1 99 0 0 0 NL 0.92 27.33 3,716 Management TeamLGILX 7 17.6 3.4 30,262 a 31 t 20 s 10 48 96 3 97 0 0 4 NL 0.78 13.61 1,083 Lawrence Kemp (10.4)SHRAX 7 15.2 2.2 18,883 d 35 o 18 a 15 57 6 0 100 0 0 10 5.75 1.28 116.78 4,918 Bauman/Freeman (3.1/28.6)MSEFX 7 14.2 1.7 14,382 y 24 a 18 p 15 88 71 0 100 0 0 13 NL 1.26 12.56 281 Management TeamMSFOX 7 13.9 1.6 52,829 y 33 a 17 s 15 20 33 0 100 0 0 21 NL 1.34 10.42 56 Management Team

LKEQX 7 15.7 2.4 22,980 a 19 p 15 d 15 81 20 4 96 0 0 1 NL 0.80 15.99 120 Management TeamMINVX 7 14.5 2.2 45,455 y 21 s 17 p 16 36 36 5 95 0 0 7 NL 0.99 16.90 34 Halford/Sekelsky (2.1/22.4)MFOCX 7 17.3 3.6 50,955 t 27 a 21 y 13 34 82 5 95 0 0 3 NL 1.33 19.05 993 Management TeamMGRIX 7 17.2 3.7 46,323 t 33 a 20 p 15 54 67 3 96 0 1 8 NL 1.33 20.78 705 Management TeamAMOAX 7 23.0 2.6 37,577 a 43 p 17 t 15 36 32 2 97 0 1 20 5.25 0.96 35.96 1,497 Management Team

POGRX 7 17.3 2.8 13,062 d 40 a 27 p 9 117 13 4 96 0 0 9 NL 0.66 15.46 1,954 Management TeamPOSKX 7 14.7 2.6 31,280 d 28 a 22 p 14 104 24 10 90 0 0 13 NL 0.66 14.62 1,235 Management TeamRCAPX 7 15.7 2.1 40,324 y 23 a 19 p 19 27 47 7 93 0 0 7 4.75 1.25 21.79 63 Management TeamTRBCX 7 18.5 3.3 46,280 a 28 t 25 p 16 138 44 0 99 0 1 3 NL 0.77 42.59 14,280 Larry Puglia (18.9)PRGIX 7 14.5 2.3 40,593 d 14 p 14 y 14 103 9 1 99 0 0 4 NL 0.71 20.80 1,184 Thomas Huber (5.3)

PRGFX 7 19.6 3.6 42,517 a 32 t 23 p 16 126 30 1 98 0 2 5 NL 0.70 35.31 29,648 Robert Bartolo (4.6)PRWAX 7 17.1 2.7 18,191 a 30 p 23 d 16 139 32 7 92 0 1 5 NL 0.81 33.02 3,388 Joseph Milano (9.9)PTSGX 7 22.0 4.6 44,712 a 36 t 25 d 13 29 19 2 98 0 0 3 NL 1.42 11.60 2,434 Frank Sands, Jr. (11.8)USAUX 7 15.9 3.1 40,994 a 38 t 14 p 12 133 63 2 98 0 0 3 NL 1.02 34.11 841 Management TeamVHCOX 7 15.6 2.3 17,093 a 35 d 30 p 14 124 9 2 98 0 0 13 Clsd 0.48 30.18 7,059 Management Team

VFTSX 4 14.1 1.9 35,146 d 23 y 23 a 16 345 11 0 100 0 0 1 NL 0.29 7.73 534 Christine Franquin (0.5)VGEQX 7 17.9 3.2 37,986 a 29 t 22 d 12 89 44 6 94 0 0 6 NL 0.52 11.77 731 Brewis/McCarragher (4.2/3.4)VIGAX 7 16.2 3.4 45,987 a 30 t 15 p 13 401 23 0 100 0 0 1 NL 0.10 34.11 23,224 Gerard O’Reilly (17.4)

Russell 1000 Growth Index 7.2 1.5 16.9 2.0 4.7S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1

Bold # Cheapest QuintileEquity Style Box

Val Blnd Grth Lrg Mid Sm

Sectors

h Cyclical

r Basic Materials

t Consumer Cyclical

y Financial Services

u Real Estate

j Sensitive

i Communication Svs

o Energy

p Industrials

a Technology

k Defensive

s Consumer Def

d Healthcare

f Utilities

26




Yield %



vs. Category5Best




Domestic Equity

Large Growth (cont’d) — 6.5 -3.3 13.7 -0.2 3.3 — — — — — — 17.9 (93) —

Vanguard Morgan Growth Inv VMRGX ˇ QQQQ 7.8 -2.6 15.7 0.1 5.1 30 49 22 51 23 0.5 18.37 (95) Avg Vanguard PRIMECAP Core Inv VPCCX Œ QQQQ 1.6 -7.1 13.1 1.2 — 97 81 60 34 — 1.2 16.76 (97) -Avg Vanguard PRIMECAP Inv VPMCX Œ QQQQ 2.3 -7.1 12.5 1.1 6.3 94 81 67 37 9 1.1 17.14 (97) -Avg

Large Blend — 4.0 -4.5 12.6 -1.9 3.3 — — — — — — 17.0 (97) —

Amana Trust Income AMANX „ ] QQQQQ 0.8 -4.4 11.1 2.1 8.4 92 58 74 3 1 1.5 13.49 (95) Low American Funds Fundamental Investors A ANCFX Œ QQQQ 3.4 -6.0 11.8 -1.2 5.8 64 68 63 34 5 1.7 16.86 (98) Avg American Funds Invmt Co of America A AIVSX „ QQQ 4.1 -3.1 11.1 -1.6 4.0 53 47 74 50 32 2.1 15.73 (99) -Avg Ameristock AMSTX — QQQ 1.9 -3.2 12.6 -1.8 1.9 84 48 53 54 89 1.2 15.86 (95) -Avg BBH Core Select N BBTEX „ QQQQQ 5.6 1.7 16.4 4.7 6.2 13 4 5 1 3 0.5 13.10 (95) Low

Bridgeway Blue Chip 35 Index BRLIX „ QQQQ 5.0 3.3 13.7 0.2 3.8 32 2 38 12 39 2.0 15.02 (98) -Avg Clipper CFIMX Œ QQ 2.2 -4.4 15.1 -4.4 0.7 81 58 13 90 96 1.4 14.81 (92) -Avg Davis NY Venture A NYVTX Œ ] QQQ 3.5 -7.2 10.7 -3.3 4.0 64 78 79 81 30 0.6 16.19 (97) -Avg Domini Social Equity Inv DSEFX — QQQ 6.7 -1.7 15.3 -1.0 3.3 6 32 11 29 62 0.6 16.59 (96) Avg Dreyfus Appreciation DGAGX „ QQQQQ 1.8 0.3 14.8 0.7 3.7 85 10 17 8 47 1.8 14.08 (94) Low

Fidelity Capital Appreciation FDCAX — ] QQQQQ 13.2 3.6 17.3 0.4 6.4 1 2 4 10 3 0.2 18.94 (86) High Fidelity Dividend Growth FDGFX „ QQ 5.0 -10.2 14.2 -1.3 2.9 34 89 32 38 73 0.5 21.45 (96) High Fidelity Spartan 500 Index Inv FUSEX — QQQQ 5.1 -0.5 14.9 -1.0 4.1 25 15 16 28 29 1.9 16.04 (100) Avg Fidelity Spartan Total Market Index Inv FSTMX — QQQQ 5.2 -1.8 15.5 -0.6 4.8 23 34 9 21 13 1.8 16.72 (100) Avg First Eagle US Value A FEVAX „ QQQQ 1.1 -0.5 11.5 3.6 7.3 90 16 67 1 2 0.8 11.32 (96) Low

FMI Large Cap FMIHX Œ QQQQQ 4.7 -2.1 13.3 1.6 7.1 43 37 45 4 2 1.1 14.90 (94) -Avg Gabelli Asset AAA GABAX — QQQQQ 2.3 -6.4 15.8 0.5 6.5 80 71 8 9 3 0.4 16.93 (96) +Avg Janus Contrarian T JSVAX — QQ 8.2 -9.1 7.3 -6.0 6.1 2 85 97 95 3 0.0 18.99 (87) +Avg Legg Mason Cap Mgmt Value A LGVAX ˇ [ Q 3.8 -3.8 10.7 -9.9 -0.2 58 54 80 99 98 0.8 18.08 (95) +Avg Litman Gregory Masters Value Instl MSVFX ´ QQ -1.0 -11.2 11.4 -5.7 2.6 97 92 70 94 82 0.6 16.58 (89) Avg

Longleaf Partners LLPFX Œ [ Q 0.4 -12.5 13.0 -4.6 3.3 94 94 48 91 62 0.5 19.17 (87) High MainStay MAP I MUBFX ´ QQQQ 2.6 -6.3 12.3 -1.7 5.5 75 70 56 50 6 1.4 16.94 (99) Avg Mairs & Power Growth Inv MPGFX — QQQQQ 8.8 2.4 16.2 1.7 5.9 2 3 5 4 4 1.3 16.23 (92) Avg Manning & Napier Equity EXEYX — QQQ 1.8 -9.8 10.3 -1.7 4.9 85 88 84 52 11 0.2 17.71 (96) +Avg Muhlenkamp MUHLX — [ Q 2.3 -8.2 8.0 -7.4 1.6 81 82 95 98 92 0.1 15.31 (91) -Avg

Oakmark I OAKMX Œ QQQQ 5.6 -0.6 16.7 1.0 4.4 14 18 5 7 20 0.8 17.45 (97) +Avg Oakmark Select I OAKLX Œ QQQ 5.2 -2.9 17.1 -1.2 3.9 25 45 4 35 36 0.2 18.94 (93) High Parnassus Equity Income - Inv PRBLX — QQQQQ 3.4 -0.7 13.4 3.2 6.6 64 19 44 2 2 1.2 14.11 (93) Low Royce Special Equity Multi-Cap Service RSEMX ´ NR 4.0 2.4 — — — 55 3 — — — 0.6 — (—) Schwab S&P 500 Index SWPPX — QQQQ 5.1 -0.5 14.8 -0.9 4.1 27 15 16 26 28 1.9 15.99 (100) -Avg

Schwab Total Stock Market Index SWTSX — QQQQ 5.2 -1.6 15.5 -0.4 4.9 24 31 9 18 11 1.8 16.56 (100) Avg Selected American Shares D SLADX Œ QQ 3.6 -6.5 11.3 -2.7 4.2 62 72 71 72 24 0.7 16.17 (98) -Avg Sequoia SEQUX Œ QQQQQ 5.3 6.1 17.4 4.1 5.8 21 1 4 1 4 0.0 11.99 (83) Low T. Rowe Price Dividend Growth PRDGX „ QQQQ 4.1 -0.5 13.4 0.1 4.5 53 16 42 13 19 1.5 15.08 (99) -Avg T. Rowe Price Spectrum Growth PRSGX „ QQQQ 4.5 -6.2 13.7 -0.9 5.5 49 70 37 26 6 1.0 18.35 (98) +Avg

Thornburg Value A TVAFX ´ [ Q -3.0 -22.2 4.6 -5.5 2.5 99 99 99 93 83 0.0 20.58 (90) High Torray TORYX — ] QQQ 1.1 -3.2 13.7 -3.1 1.9 90 48 38 77 89 1.1 13.54 (93) Low Vanguard 500 Index Admiral VFIAX Œ QQQQ 5.1 -0.4 14.9 -0.9 4.1 25 15 14 26 27 2.0 16.04 (100) Avg Vanguard Capital Value Inv VCVLX ´ QQ 4.7 -16.7 13.4 -3.9 4.4 45 98 43 87 20 1.0 24.09 (95) High Vanguard Dividend Growth Inv VDIGX Œ QQQQQ 2.1 2.6 14.0 2.2 5.4 82 2 34 2 — 2.0 12.81 (94) Low

Vanguard Growth & Income Inv VQNPX — QQQ 5.5 0.4 14.4 -2.2 3.4 15 9 27 63 59 1.8 16.20 (99) Avg Vanguard Tax-Managed Capital App Adm VTCLX Œ QQQQ 5.2 -1.5 15.0 -0.7 4.7 23 30 13 23 16 1.6 16.64 (100) Avg Vanguard Tax-Managed Growth & Inc Adm VTGLX Œ QQQQ 5.1 -0.5 14.9 -1.0 4.1 26 15 15 28 27 1.9 16.03 (100) Avg Vanguard Total Stock Mkt Idx Adm VTSAX Œ QQQQ 5.2 -1.8 15.6 -0.5 4.9 23 34 9 19 12 1.9 16.81 (100) Avg Weitz Value WVALX „ QQQ 5.4 4.1 17.3 -2.9 3.3 18 2 4 75 62 0.2 14.54 (93) -Avg

Russell 1000 Value Index 3.5 -3.9 13.7 -3.6 4.2S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1

Legend





Price/EarnRatio

Price/BookRatio



Total# ofHold-ings

Turn-over%


Charge %

Expense Ratio %

NAV ($)


Large Growth (cont’d) — 6.5 -3.3 13.7 -0.2 3.3 — — — — — — 17.9 (93) —

Vanguard Morgan Growth Inv VMRGX ˇ QQQQ 7.8 -2.6 15.7 0.1 5.1 30 49 22 51 23 0.5 18.37 (95) Avg Vanguard PRIMECAP Core Inv VPCCX Œ QQQQ 1.6 -7.1 13.1 1.2 — 97 81 60 34 — 1.2 16.76 (97) -Avg Vanguard PRIMECAP Inv VPMCX Œ QQQQ 2.3 -7.1 12.5 1.1 6.3 94 81 67 37 9 1.1 17.14 (97) -Avg

Large Blend — 4.0 -4.5 12.6 -1.9 3.3 — — — — — — 17.0 (97) —

Amana Trust Income AMANX „ ] QQQQQ 0.8 -4.4 11.1 2.1 8.4 92 58 74 3 1 1.5 13.49 (95) Low American Funds Fundamental Investors A ANCFX Œ QQQQ 3.4 -6.0 11.8 -1.2 5.8 64 68 63 34 5 1.7 16.86 (98) Avg American Funds Invmt Co of America A AIVSX „ QQQ 4.1 -3.1 11.1 -1.6 4.0 53 47 74 50 32 2.1 15.73 (99) -Avg Ameristock AMSTX — QQQ 1.9 -3.2 12.6 -1.8 1.9 84 48 53 54 89 1.2 15.86 (95) -Avg BBH Core Select N BBTEX „ QQQQQ 5.6 1.7 16.4 4.7 6.2 13 4 5 1 3 0.5 13.10 (95) Low

Bridgeway Blue Chip 35 Index BRLIX „ QQQQ 5.0 3.3 13.7 0.2 3.8 32 2 38 12 39 2.0 15.02 (98) -Avg Clipper CFIMX Œ QQ 2.2 -4.4 15.1 -4.4 0.7 81 58 13 90 96 1.4 14.81 (92) -Avg Davis NY Venture A NYVTX Œ ] QQQ 3.5 -7.2 10.7 -3.3 4.0 64 78 79 81 30 0.6 16.19 (97) -Avg Domini Social Equity Inv DSEFX — QQQ 6.7 -1.7 15.3 -1.0 3.3 6 32 11 29 62 0.6 16.59 (96) Avg Dreyfus Appreciation DGAGX „ QQQQQ 1.8 0.3 14.8 0.7 3.7 85 10 17 8 47 1.8 14.08 (94) Low

Fidelity Capital Appreciation FDCAX — ] QQQQQ 13.2 3.6 17.3 0.4 6.4 1 2 4 10 3 0.2 18.94 (86) High Fidelity Dividend Growth FDGFX „ QQ 5.0 -10.2 14.2 -1.3 2.9 34 89 32 38 73 0.5 21.45 (96) High Fidelity Spartan 500 Index Inv FUSEX — QQQQ 5.1 -0.5 14.9 -1.0 4.1 25 15 16 28 29 1.9 16.04 (100) Avg Fidelity Spartan Total Market Index Inv FSTMX — QQQQ 5.2 -1.8 15.5 -0.6 4.8 23 34 9 21 13 1.8 16.72 (100) Avg First Eagle US Value A FEVAX „ QQQQ 1.1 -0.5 11.5 3.6 7.3 90 16 67 1 2 0.8 11.32 (96) Low

FMI Large Cap FMIHX Œ QQQQQ 4.7 -2.1 13.3 1.6 7.1 43 37 45 4 2 1.1 14.90 (94) -Avg Gabelli Asset AAA GABAX — QQQQQ 2.3 -6.4 15.8 0.5 6.5 80 71 8 9 3 0.4 16.93 (96) +Avg Janus Contrarian T JSVAX — QQ 8.2 -9.1 7.3 -6.0 6.1 2 85 97 95 3 0.0 18.99 (87) +Avg Legg Mason Cap Mgmt Value A LGVAX ˇ [ Q 3.8 -3.8 10.7 -9.9 -0.2 58 54 80 99 98 0.8 18.08 (95) +Avg Litman Gregory Masters Value Instl MSVFX ´ QQ -1.0 -11.2 11.4 -5.7 2.6 97 92 70 94 82 0.6 16.58 (89) Avg

Longleaf Partners LLPFX Œ [ Q 0.4 -12.5 13.0 -4.6 3.3 94 94 48 91 62 0.5 19.17 (87) High MainStay MAP I MUBFX ´ QQQQ 2.6 -6.3 12.3 -1.7 5.5 75 70 56 50 6 1.4 16.94 (99) Avg Mairs & Power Growth Inv MPGFX — QQQQQ 8.8 2.4 16.2 1.7 5.9 2 3 5 4 4 1.3 16.23 (92) Avg Manning & Napier Equity EXEYX — QQQ 1.8 -9.8 10.3 -1.7 4.9 85 88 84 52 11 0.2 17.71 (96) +Avg Muhlenkamp MUHLX — [ Q 2.3 -8.2 8.0 -7.4 1.6 81 82 95 98 92 0.1 15.31 (91) -Avg

Oakmark I OAKMX Œ QQQQ 5.6 -0.6 16.7 1.0 4.4 14 18 5 7 20 0.8 17.45 (97) +Avg Oakmark Select I OAKLX Œ QQQ 5.2 -2.9 17.1 -1.2 3.9 25 45 4 35 36 0.2 18.94 (93) High Parnassus Equity Income - Inv PRBLX — QQQQQ 3.4 -0.7 13.4 3.2 6.6 64 19 44 2 2 1.2 14.11 (93) Low Royce Special Equity Multi-Cap Service RSEMX ´ NR 4.0 2.4 — — — 55 3 — — — 0.6 — (—) Schwab S&P 500 Index SWPPX — QQQQ 5.1 -0.5 14.8 -0.9 4.1 27 15 16 26 28 1.9 15.99 (100) -Avg

Schwab Total Stock Market Index SWTSX — QQQQ 5.2 -1.6 15.5 -0.4 4.9 24 31 9 18 11 1.8 16.56 (100) Avg Selected American Shares D SLADX Œ QQ 3.6 -6.5 11.3 -2.7 4.2 62 72 71 72 24 0.7 16.17 (98) -Avg Sequoia SEQUX Œ QQQQQ 5.3 6.1 17.4 4.1 5.8 21 1 4 1 4 0.0 11.99 (83) Low T. Rowe Price Dividend Growth PRDGX „ QQQQ 4.1 -0.5 13.4 0.1 4.5 53 16 42 13 19 1.5 15.08 (99) -Avg T. Rowe Price Spectrum Growth PRSGX „ QQQQ 4.5 -6.2 13.7 -0.9 5.5 49 70 37 26 6 1.0 18.35 (98) +Avg

Thornburg Value A TVAFX ´ [ Q -3.0 -22.2 4.6 -5.5 2.5 99 99 99 93 83 0.0 20.58 (90) High Torray TORYX — ] QQQ 1.1 -3.2 13.7 -3.1 1.9 90 48 38 77 89 1.1 13.54 (93) Low Vanguard 500 Index Admiral VFIAX Œ QQQQ 5.1 -0.4 14.9 -0.9 4.1 25 15 14 26 27 2.0 16.04 (100) Avg Vanguard Capital Value Inv VCVLX ´ QQ 4.7 -16.7 13.4 -3.9 4.4 45 98 43 87 20 1.0 24.09 (95) High Vanguard Dividend Growth Inv VDIGX Œ QQQQQ 2.1 2.6 14.0 2.2 5.4 82 2 34 2 — 2.0 12.81 (94) Low

Vanguard Growth & Income Inv VQNPX — QQQ 5.5 0.4 14.4 -2.2 3.4 15 9 27 63 59 1.8 16.20 (99) Avg Vanguard Tax-Managed Capital App Adm VTCLX Œ QQQQ 5.2 -1.5 15.0 -0.7 4.7 23 30 13 23 16 1.6 16.64 (100) Avg Vanguard Tax-Managed Growth & Inc Adm VTGLX Œ QQQQ 5.1 -0.5 14.9 -1.0 4.1 26 15 15 28 27 1.9 16.03 (100) Avg Vanguard Total Stock Mkt Idx Adm VTSAX Œ QQQQ 5.2 -1.8 15.6 -0.5 4.9 23 34 9 19 12 1.9 16.81 (100) Avg Weitz Value WVALX „ QQQ 5.4 4.1 17.3 -2.9 3.3 18 2 4 75 62 0.2 14.54 (93) -Avg

— 14.9 2.8 33,361 a 27 t 16 p 13 — 75 3 96 0 0 7 — 1.23 — 1,595 —

VMRGX 7 16.7 3.3 29,094 a 36 t 16 p 13 323 55 2 97 0 1 5 NL 0.41 18.83 8,690 Management TeamVPCCX 7 14.9 2.6 34,691 a 28 d 25 p 17 136 9 3 97 0 0 16 Clsd 0.51 13.70 4,510 Management TeamVPMCX 7 14.9 2.5 40,382 a 34 d 27 p 16 119 8 2 98 0 0 13 Clsd 0.45 63.15 27,671 Management Team

— 12.3 1.9 38,130 a 17 y 14 p 12 — 66 2 93 2 0 9 — 1.11 — 2,495 —

AMANX 4 13.8 2.8 37,283 p 28 d 17 s 17 66 3 11 88 0 0 19 NL 1.20 31.77 1,270 Kaiser/Salam (22.4/4.4)ANCFX 7 14.0 2.2 39,215 a 17 p 15 o 12 287 28 5 94 0 2 20 5.75 0.63 36.49 51,543 Management TeamAIVSX 4 12.5 2.0 70,054 a 18 p 16 o 15 277 28 5 91 1 3 10 5.75 0.61 28.09 58,791 Management TeamAMSTX 1 11.8 1.5 48,377 a 30 y 24 t 12 33 90 0 100 0 0 6 NL 0.91 35.82 180 Gerber/Ngim (16.8/12.4)BBTEX 4 14.3 2.2 57,931 s 24 y 23 d 16 31 17 9 91 0 0 16 NL 1.00 15.73 1,475 Management Team

BRLIX 4 13.1 2.0 134,356 a 24 y 18 s 13 37 19 0 100 0 0 0 NL 0.15 7.79 267 Management TeamCFIMX 4 13.9 1.4 33,691 y 57 s 18 o 8 28 15 2 97 0 1 14 NL 0.75 63.90 996 Davis/Feinberg (6.4/6.4)NYVTX 7 13.1 1.6 37,049 y 31 s 15 o 12 91 8 2 97 0 0 18 4.75 0.89 33.62 21,491 Davis/Feinberg (16.7/14.1)DSEFX 4 12.5 2.1 29,538 a 22 d 12 y 12 140 87 1 99 0 0 7 NL 1.23 31.65 707 Donald Tunnell (3.1)DGAGX 4 12.8 2.6 112,044 s 30 o 21 a 14 55 3 4 96 0 0 15 NL 0.97 41.08 4,382 Management Team

FDCAX 7 14.0 2.6 19,993 t 34 a 18 p 11 74 182 11 89 0 0 3 NL 0.90 27.88 5,453 J. Shiel (6.6)FDGFX 7 13.5 1.7 14,347 a 21 p 13 y 12 547 67 1 98 0 1 17 NL 0.93 27.15 7,459 Lawrence Rakers (3.7)FUSEX 4 13.6 2.1 55,143 a 19 y 13 p 12 508 5 1 99 0 0 2 NL 0.10 46.61 28,121 Management TeamFSTMX 4 13.9 2.0 30,857 a 18 y 13 p 12 3,285 17 2 98 0 0 2 NL 0.10 37.89 11,070 Management TeamFEVAX 4 13.7 1.8 21,772 y 22 a 19 p 11 84 19 19 72 2 7 4 5.00 1.18 16.84 2,584 Management Team

FMIHX 4 13.8 2.3 36,957 s 19 p 19 y 18 30 28 6 94 0 0 12 NL 0.97 15.97 5,087 Management TeamGABAX 4 14.5 2.0 13,014 p 25 s 20 t 17 526 8 0 100 0 0 18 NL 1.37 48.69 2,779 Management TeamJSVAX 7 12.7 2.3 14,342 a 25 o 24 t 18 40 130 0 100 0 0 19 NL 0.78 13.32 2,662 Daniel Kozlowski (0.9)LGVAX 4 12.2 1.9 69,922 a 24 y 17 d 16 48 47 0 98 0 2 4 5.75 1.01 39.11 2,153 Gay/Peters (6.2/1.6)MSVFX 4 12.1 1.4 21,072 y 19 t 12 i 12 46 19 0 100 0 0 22 NL 1.36 11.56 80 Management Team

LLPFX 1 12.7 1.5 19,035 y 28 t 16 a 13 28 24 10 86 0 4 11 NL 0.91 26.76 7,492 Cates/Hawkins (18.2/25.2)MUBFX 4 12.5 1.7 48,373 y 19 a 14 o 13 201 44 3 97 0 0 13 NL 0.89 31.63 1,784 Management TeamMPGFX 4 14.9 2.4 13,344 p 38 d 18 r 13 47 3 2 98 0 0 0 NL 0.72 77.03 2,120 Frels/Henneman (12.5/6.4)EXEYX 7 16.7 2.0 18,179 a 26 t 15 y 12 70 54 0 100 0 0 1 NL 1.05 17.70 1,679 Management TeamMUHLX 4 12.1 1.8 25,801 y 22 d 19 a 17 52 43 5 98 -3 -1 1 NL 1.25 52.34 435 Ronald Muhlenkamp (23.6)

OAKMX 4 13.0 1.9 45,805 t 24 y 22 a 20 57 18 5 95 0 0 7 NL 1.04 44.03 5,674 Grant/Nygren (12.2/12.2)OAKLX 4 13.4 1.8 25,858 t 33 a 21 y 15 21 16 6 94 0 0 4 NL 1.07 29.42 2,760 Berghoef/Nygren (12.2/15.6)PRBLX 7 17.0 2.7 17,411 s 22 d 19 p 18 45 63 3 97 0 0 5 NL 0.94 27.17 4,269 Ahlsten/Allen (11.1/0.1)RSEMX 4 14.0 2.8 24,009 t 29 a 24 p 21 39 5 8 92 0 0 0 NL 1.39 11.07 63 Charles Dreifus (1.4)SWPPX 4 12.8 1.9 50,806 a 18 y 13 p 12 503 3 1 97 0 1 0 NL 0.09 20.57 12,403 Management Team

SWTSX 4 13.1 1.9 28,648 a 18 p 13 y 13 2,282 1 1 98 0 1 0 NL 0.09 23.79 2,008 Hong/Mano (0.3/13.0)SLADX 7 14.4 1.7 38,425 y 33 s 17 o 11 91 11 4 96 0 0 19 NL 0.61 40.84 5,539 Davis/Feinberg (17.5/14.1)SEQUX 7 16.3 2.3 21,123 t 23 p 22 d 21 39 3 26 74 0 0 17 Clsd 1.00 153.15 5,716 Goldfarb/Poppe (13.9/6.1)PRDGX 4 14.4 2.4 34,489 y 17 p 16 t 13 120 10 1 99 0 0 3 NL 0.68 24.22 2,478 Thomas Huber (12.2)PRSGX 7 13.3 1.9 24,927 a 17 t 16 y 15 12 13 3 96 0 1 30 NL 0.80 17.61 3,309 Charles Shriver (1.1)

TVAFX 1 12.3 1.1 14,118 y 22 a 20 d 16 48 64 0 97 0 3 13 4.50 1.28 28.41 2,642 Browne/Maran (6.3/6.3)TORYX 1 12.4 2.1 40,932 y 23 a 17 d 16 34 13 6 94 0 0 0 NL 1.17 31.13 325 Torray/Fialco (21.5/4.1)VFIAX 4 13.8 2.1 55,677 a 19 y 14 p 12 516 4 0 100 0 0 0 NL 0.05 121.21 103,173 Michael Buek (20.4)VCVLX 5 12.8 1.4 10,826 y 19 a 15 t 14 136 149 0 97 0 3 14 Clsd 0.58 9.66 647 Higgins/Palmer (4.0/2.5)VDIGX 4 13.6 2.6 60,323 p 19 s 18 d 15 50 13 0 97 0 3 6 NL 0.31 15.75 9,939 Donald Kilbride (6.3)

VQNPX 4 13.3 2.1 53,209 a 20 y 15 s 11 824 120 3 97 0 0 0 NL 0.32 27.94 4,022 Management TeamVTCLX 4 14.0 2.1 39,722 a 18 y 13 p 12 629 2 0 100 0 0 0 NL 0.12 65.58 4,398 Michael Buek (17.8)VTGLX 4 13.8 2.1 55,696 a 19 y 14 p 12 503 6 0 100 0 0 0 NL 0.12 58.95 2,877 Michael Perre (5.9)VTSAX 4 14.1 2.0 31,099 a 19 y 13 p 12 3,302 5 0 100 0 0 1 NL 0.05 32.79 181,287 Gerard O’Reilly (17.4)WVALX 7 15.3 2.3 43,401 a 22 y 17 s 15 33 31 21 79 0 0 8 NL 1.20 31.74 898 Management Team

Russell 1000 Value Index 3.5 -3.9 13.7 -3.6 4.2S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1



Sectors

h Cyclical

r Basic Materials

t Consumer Cyclical


u Real Estate

j Sensitive

i Communication Svs

o Energy

p Industrials

a Technology

k Defensive

s Consumer Def

d Healthcare

f Utilities

28




Yield %



vs. Category5Best




Domestic Equity

Large Blend (cont’d) — 4.0 -4.5 12.6 -1.9 3.3 — — — — — — 17.0 (97) —

Yacktman YACKX Œ QQQQQ 2.4 -0.2 16.8 7.4 9.9 78 13 4 1 1 1.0 12.85 (90) Low Yacktman Focused YAFFX „ QQQQQ 2.0 -0.2 15.9 8.4 10.5 84 13 7 1 1 0.6 12.11 (89) Low

Large Value — 2.7 -5.5 12.0 -3.5 3.1 — — — — — — 16.7 (96) —

Allianz NFJ Large Cap Value D PNBDX ´ QQ 1.6 -4.3 11.4 -5.7 2.9 77 38 58 86 70 1.8 15.54 (97) -Avg American Beacon Lg Cap Value Inv AAGPX ´ QQQQ 4.5 -4.2 12.9 -3.5 4.6 9 37 34 51 19 2.1 17.42 (98) Avg American Century Equity Income Inv TWEIX „ ] QQQQQ 1.6 -1.0 11.5 0.5 5.6 79 16 57 6 5 2.6 10.89 (94) Low American Century Value Inv TWVLX „ QQQQ 2.4 -3.1 12.4 -2.1 4.4 60 25 42 31 24 1.7 14.67 (97) -Avg American Funds American Mutual A AMRMX Œ QQQQ 3.3 0.7 14.0 0.1 4.7 35 9 19 9 15 2.5 12.78 (97) Low

American Funds Washington Mutual A AWSHX Œ ] QQQQ 2.4 0.9 14.6 -1.2 3.9 58 8 14 18 40 2.4 13.90 (96) Low Ariel Focus Investor ARFFX — QQQ 0.1 -10.5 10.8 -3.5 — 93 90 70 51 — 0.6 18.88 (94) +Avg Artisan Value Fund Investor Shares ARTLX „ [ QQQ 2.7 -1.8 14.3 -1.5 — 50 20 17 21 — 0.8 15.19 (93) -Avg Auxier Focus Inv AUXFX — ] QQQQQ 1.4 -2.8 11.7 1.4 5.7 81 24 53 2 5 1.0 11.50 (95) Low EColumbia Dividend Income Z GSFTX „ ] QQQQQ 3.2 2.7 14.3 0.9 5.2 36 3 16 4 9 2.5 13.34 (97) Low

Columbia Value & Restructuring Z UMBIX ˇ QQ 2.5 -13.2 11.6 -4.0 5.2 56 95 55 59 9 1.3 22.55 (92) High Diamond Hill Large Cap A DHLAX „ QQQQ 1.1 -4.1 12.1 -0.9 6.1 87 36 45 16 3 1.1 15.47 (96) -Avg Dodge & Cox Stock DODGX Œ QQQ 4.1 -8.3 12.4 -5.0 4.1 17 78 43 76 33 1.8 18.58 (98) +Avg Fairholme FAIRX „ [ QQQ 15.3 -15.5 6.7 -0.8 7.6 1 98 99 15 1 0.0 23.24 (71) High Fidelity Equity Dividend Income FEQTX — ] QQQ 4.1 -5.7 12.0 -4.0 3.0 15 55 49 60 70 2.2 18.18 (96) +Avg

Fidelity Equity-Income FEQIX — QQ 3.4 -8.1 11.8 -4.6 2.8 32 76 52 70 74 2.4 18.28 (97) +Avg GoodHaven GOODX ˇ NR 6.4 5.8 — — — 1 1 — — — 0.1 — (—) Homestead Value HOVLX — ] QQQQ 3.0 -5.5 13.9 -2.5 4.7 43 53 20 37 15 1.6 17.73 (97) +Avg Invesco Van Kampen Comstock A ACSTX „ QQQ 3.7 -5.5 14.0 -2.5 3.9 24 52 19 36 40 1.4 17.35 (98) Avg Invesco Van Kampen Growth and Income A ACGIX „ QQQ 3.2 -5.1 12.4 -2.1 4.2 36 47 42 31 29 1.4 17.29 (97) Avg

Lord Abbett Affiliated A LAFFX — Q 2.7 -10.3 9.2 -4.6 2.3 49 88 89 70 86 1.4 19.08 (98) +Avg MainStay ICAP Equity I ICAEX — QQQQ 1.7 -5.2 13.0 -1.8 4.0 74 48 32 25 35 1.8 16.63 (97) Avg MainStay ICAP Select Equity I ICSLX — QQQQ 1.7 -6.1 12.4 -1.7 5.5 76 58 42 24 6 2.0 16.59 (97) Avg Mutual Beacon A TEBIX ´ QQ 2.1 -7.4 10.4 -4.6 3.7 68 70 78 72 48 2.6 14.33 (93) -Avg Mutual Shares A TESIX ´ QQQ 1.9 -7.3 10.8 -3.8 3.8 72 68 71 56 43 2.2 14.03 (94) Low

Neuberger Berman Large Cap Value Inv NPRTX ˇ Q 0.7 -16.3 9.4 -5.6 3.5 89 98 88 85 53 0.5 21.60 (96) High Perkins Large Cap Value T JPLTX — WWW 2.3 -5.2 10.7 — — 62 48 73 — — 1.1 — (—) Sound Shore SSHFX „ QQQ 5.0 -7.8 9.4 -3.0 3.8 5 73 87 43 44 1.1 18.08 (95) +Avg T. Rowe Price Equity Income PRFDX Œ [ QQQ 3.8 -3.3 13.9 -2.0 4.2 22 27 20 29 31 2.1 16.73 (97) Avg T. Rowe Price Value TRVLX ˇ QQQ 3.0 -6.8 13.7 -2.4 4.3 43 65 23 35 27 1.4 18.34 (98) +Avg

TCW Dividend Focused N TGIGX ˇ QQQ 4.9 -5.4 15.1 -3.6 4.1 7 51 10 52 33 1.4 19.02 (98) +Avg Vanguard Equity-Income Inv VEIPX „ QQQQQ 2.5 2.6 16.6 0.3 5.2 55 3 4 7 9 2.8 13.86 (95) -Avg Vanguard High Dividend Yield Index Inv VHDYX „ QQQQ 2.8 3.6 16.3 -0.6 — 48 2 5 14 — 2.8 14.02 (94) -Avg Vanguard US Value Inv VUVLX ˇ QQQ 4.0 -2.7 13.9 -3.3 3.0 17 23 20 48 68 2.1 16.71 (98) Avg Vanguard Value Index Adm VVIAX — QQQ 3.1 -4.1 13.2 -3.4 4.2 41 36 29 49 31 2.7 16.01 (98) Avg

Vanguard Windsor II Investor VWNFX „ QQQQ 4.4 -1.4 14.1 -2.6 4.5 11 18 18 39 21 2.2 16.53 (99) Avg Vanguard Windsor Investor VWNDX ˇ [ QQ 4.6 -6.4 12.8 -4.1 3.4 9 61 36 62 56 1.6 18.72 (98) +Avg Wasatch Large Cap Value Investor FMIEX — QQQQ 0.9 -8.9 9.1 -1.6 5.8 88 81 90 22 4 1.5 16.59 (98) Avg

Mid-Cap Growth — 5.4 -7.9 16.1 -0.1 5.1 — — — — — — 19.5 (88) —

Akre Focus Retail AKREX ´ NR 7.3 12.8 — — — 23 1 — — — 0.1 — (—) Artisan Mid Cap Inv ARTMX „ QQQQ 10.8 -1.7 20.7 4.7 7.9 1 10 8 5 15 0.0 19.49 (83) Avg Baron Asset Retail BARAX — QQQ 5.3 -5.5 15.3 -0.8 5.8 55 34 66 68 50 0.0 18.11 (91) -Avg Baron Growth Retail BGRFX ´ ] QQQQ 4.3 -3.9 17.1 1.1 6.9 70 23 40 45 34 0.0 17.15 (85) -Avg Brandywine BRWIX — Q 4.5 -19.8 7.0 -7.1 1.5 67 99 99 99 98 0.0 21.47 (84) +Avg

Buffalo Mid Cap BUFMX „ QQQ 4.7 -7.3 15.6 1.4 7.1 65 46 59 42 29 0.0 19.87 (90) Avg

Russell 1000 Value Index 3.5 -3.9 13.7 -3.6 4.2Russell MidCap Growth Index 6.1 -6.3 18.5 1.2 7.0

Legend





Price/EarnRatio

Price/BookRatio



Total# ofHold-ings

Turn-over%


Charge %

Expense Ratio %

NAV ($)


Large Blend (cont’d) — 4.0 -4.5 12.6 -1.9 3.3 — — — — — — 17.0 (97) —

Yacktman YACKX Œ QQQQQ 2.4 -0.2 16.8 7.4 9.9 78 13 4 1 1 1.0 12.85 (90) Low Yacktman Focused YAFFX „ QQQQQ 2.0 -0.2 15.9 8.4 10.5 84 13 7 1 1 0.6 12.11 (89) Low

Large Value — 2.7 -5.5 12.0 -3.5 3.1 — — — — — — 16.7 (96) —

Allianz NFJ Large Cap Value D PNBDX ´ QQ 1.6 -4.3 11.4 -5.7 2.9 77 38 58 86 70 1.8 15.54 (97) -Avg American Beacon Lg Cap Value Inv AAGPX ´ QQQQ 4.5 -4.2 12.9 -3.5 4.6 9 37 34 51 19 2.1 17.42 (98) Avg American Century Equity Income Inv TWEIX „ ] QQQQQ 1.6 -1.0 11.5 0.5 5.6 79 16 57 6 5 2.6 10.89 (94) Low American Century Value Inv TWVLX „ QQQQ 2.4 -3.1 12.4 -2.1 4.4 60 25 42 31 24 1.7 14.67 (97) -Avg American Funds American Mutual A AMRMX Œ QQQQ 3.3 0.7 14.0 0.1 4.7 35 9 19 9 15 2.5 12.78 (97) Low

American Funds Washington Mutual A AWSHX Œ ] QQQQ 2.4 0.9 14.6 -1.2 3.9 58 8 14 18 40 2.4 13.90 (96) Low Ariel Focus Investor ARFFX — QQQ 0.1 -10.5 10.8 -3.5 — 93 90 70 51 — 0.6 18.88 (94) +Avg Artisan Value Fund Investor Shares ARTLX „ [ QQQ 2.7 -1.8 14.3 -1.5 — 50 20 17 21 — 0.8 15.19 (93) -Avg Auxier Focus Inv AUXFX — ] QQQQQ 1.4 -2.8 11.7 1.4 5.7 81 24 53 2 5 1.0 11.50 (95) Low EColumbia Dividend Income Z GSFTX „ ] QQQQQ 3.2 2.7 14.3 0.9 5.2 36 3 16 4 9 2.5 13.34 (97) Low

Columbia Value & Restructuring Z UMBIX ˇ QQ 2.5 -13.2 11.6 -4.0 5.2 56 95 55 59 9 1.3 22.55 (92) High Diamond Hill Large Cap A DHLAX „ QQQQ 1.1 -4.1 12.1 -0.9 6.1 87 36 45 16 3 1.1 15.47 (96) -Avg Dodge & Cox Stock DODGX Œ QQQ 4.1 -8.3 12.4 -5.0 4.1 17 78 43 76 33 1.8 18.58 (98) +Avg Fairholme FAIRX „ [ QQQ 15.3 -15.5 6.7 -0.8 7.6 1 98 99 15 1 0.0 23.24 (71) High Fidelity Equity Dividend Income FEQTX — ] QQQ 4.1 -5.7 12.0 -4.0 3.0 15 55 49 60 70 2.2 18.18 (96) +Avg

Fidelity Equity-Income FEQIX — QQ 3.4 -8.1 11.8 -4.6 2.8 32 76 52 70 74 2.4 18.28 (97) +Avg GoodHaven GOODX ˇ NR 6.4 5.8 — — — 1 1 — — — 0.1 — (—) Homestead Value HOVLX — ] QQQQ 3.0 -5.5 13.9 -2.5 4.7 43 53 20 37 15 1.6 17.73 (97) +Avg Invesco Van Kampen Comstock A ACSTX „ QQQ 3.7 -5.5 14.0 -2.5 3.9 24 52 19 36 40 1.4 17.35 (98) Avg Invesco Van Kampen Growth and Income A ACGIX „ QQQ 3.2 -5.1 12.4 -2.1 4.2 36 47 42 31 29 1.4 17.29 (97) Avg

Lord Abbett Affiliated A LAFFX — Q 2.7 -10.3 9.2 -4.6 2.3 49 88 89 70 86 1.4 19.08 (98) +Avg MainStay ICAP Equity I ICAEX — QQQQ 1.7 -5.2 13.0 -1.8 4.0 74 48 32 25 35 1.8 16.63 (97) Avg MainStay ICAP Select Equity I ICSLX — QQQQ 1.7 -6.1 12.4 -1.7 5.5 76 58 42 24 6 2.0 16.59 (97) Avg Mutual Beacon A TEBIX ´ QQ 2.1 -7.4 10.4 -4.6 3.7 68 70 78 72 48 2.6 14.33 (93) -Avg Mutual Shares A TESIX ´ QQQ 1.9 -7.3 10.8 -3.8 3.8 72 68 71 56 43 2.2 14.03 (94) Low

Neuberger Berman Large Cap Value Inv NPRTX ˇ Q 0.7 -16.3 9.4 -5.6 3.5 89 98 88 85 53 0.5 21.60 (96) High Perkins Large Cap Value T JPLTX — WWW 2.3 -5.2 10.7 — — 62 48 73 — — 1.1 — (—) Sound Shore SSHFX „ QQQ 5.0 -7.8 9.4 -3.0 3.8 5 73 87 43 44 1.1 18.08 (95) +Avg T. Rowe Price Equity Income PRFDX Œ [ QQQ 3.8 -3.3 13.9 -2.0 4.2 22 27 20 29 31 2.1 16.73 (97) Avg T. Rowe Price Value TRVLX ˇ QQQ 3.0 -6.8 13.7 -2.4 4.3 43 65 23 35 27 1.4 18.34 (98) +Avg

TCW Dividend Focused N TGIGX ˇ QQQ 4.9 -5.4 15.1 -3.6 4.1 7 51 10 52 33 1.4 19.02 (98) +Avg Vanguard Equity-Income Inv VEIPX „ QQQQQ 2.5 2.6 16.6 0.3 5.2 55 3 4 7 9 2.8 13.86 (95) -Avg Vanguard High Dividend Yield Index Inv VHDYX „ QQQQ 2.8 3.6 16.3 -0.6 — 48 2 5 14 — 2.8 14.02 (94) -Avg Vanguard US Value Inv VUVLX ˇ QQQ 4.0 -2.7 13.9 -3.3 3.0 17 23 20 48 68 2.1 16.71 (98) Avg Vanguard Value Index Adm VVIAX — QQQ 3.1 -4.1 13.2 -3.4 4.2 41 36 29 49 31 2.7 16.01 (98) Avg

Vanguard Windsor II Investor VWNFX „ QQQQ 4.4 -1.4 14.1 -2.6 4.5 11 18 18 39 21 2.2 16.53 (99) Avg Vanguard Windsor Investor VWNDX ˇ [ QQ 4.6 -6.4 12.8 -4.1 3.4 9 61 36 62 56 1.6 18.72 (98) +Avg Wasatch Large Cap Value Investor FMIEX — QQQQ 0.9 -8.9 9.1 -1.6 5.8 88 81 90 22 4 1.5 16.59 (98) Avg

Mid-Cap Growth — 5.4 -7.9 16.1 -0.1 5.1 — — — — — — 19.5 (88) —

Akre Focus Retail AKREX ´ NR 7.3 12.8 — — — 23 1 — — — 0.1 — (—) Artisan Mid Cap Inv ARTMX „ QQQQ 10.8 -1.7 20.7 4.7 7.9 1 10 8 5 15 0.0 19.49 (83) Avg Baron Asset Retail BARAX — QQQ 5.3 -5.5 15.3 -0.8 5.8 55 34 66 68 50 0.0 18.11 (91) -Avg Baron Growth Retail BGRFX ´ ] QQQQ 4.3 -3.9 17.1 1.1 6.9 70 23 40 45 34 0.0 17.15 (85) -Avg Brandywine BRWIX — Q 4.5 -19.8 7.0 -7.1 1.5 67 99 99 99 98 0.0 21.47 (84) +Avg

Buffalo Mid Cap BUFMX „ QQQ 4.7 -7.3 15.6 1.4 7.1 65 46 59 42 29 0.0 19.87 (90) Avg

— 12.3 1.9 38,130 a 17 y 14 p 12 — 66 2 93 2 0 9 — 1.11 — 2,495 —

YACKX 4 13.6 2.3 54,008 s 36 t 17 d 17 51 3 12 87 0 1 1 NL 0.80 17.93 7,289 Management TeamYAFFX 4 13.8 2.4 55,565 s 42 t 16 d 16 50 2 16 84 0 1 1 NL 1.25 19.15 5,901 Management Team

— 11.4 1.6 38,845 y 19 d 13 o 13 — 80 3 95 0 1 7 — 1.17 — 1,643 —

PNBDX 1 10.8 1.5 45,043 y 19 o 16 d 14 61 19 1 99 0 0 2 NL 1.11 13.94 751 Management TeamAAGPX 1 11.3 1.4 53,341 y 27 a 12 o 11 181 90 2 97 0 0 12 NL 0.95 18.44 7,571 Management TeamTWEIX 1 13.5 1.8 36,775 y 20 p 14 s 14 106 115 1 73 4 22 4 Clsd 0.96 7.36 9,147 Management TeamTWVLX 1 12.4 1.5 35,250 y 24 d 16 o 12 130 62 5 95 0 0 11 NL 1.01 5.78 2,021 Management TeamAMRMX 1 13.8 2.3 43,095 p 22 d 13 t 12 216 23 9 86 3 2 4 5.75 0.62 26.56 21,552 Management Team

AWSHX 4 13.1 2.3 70,895 p 21 o 14 d 13 160 25 2 96 0 2 7 5.75 0.63 28.93 55,100 Management TeamARFFX 1 11.9 1.7 36,981 y 29 a 19 d 15 29 40 3 97 0 0 0 NL 1.25 9.83 30 Bobrinskoy/Fidler (6.9/6.9)ARTLX 4 11.8 1.5 33,579 a 30 y 27 o 15 34 78 8 92 0 0 8 NL 1.09 10.26 666 Management TeamAUXFX 4 11.5 2.0 30,866 s 35 d 22 y 12 176 20 24 68 7 0 9 NL 1.25 15.83 232 J. Jeffrey Auxier (12.9)GSFTX 1 13.5 2.5 58,187 d 14 y 14 s 12 92 20 3 96 0 1 6 NL 0.79 13.97 5,430 Management Team

UMBIX 1 11.3 1.7 21,610 p 22 o 21 r 13 51 9 0 98 0 2 16 NL 0.94 45.48 2,928 Pope/Smith (3.3/3.3)DHLAX 1 12.7 1.8 49,907 d 19 y 19 o 16 48 16 3 97 0 0 0 5.00 1.12 15.12 1,350 Management TeamDODGX 4 12.5 1.4 46,479 y 21 a 19 d 19 76 16 0 99 0 1 16 NL 0.52 105.28 36,797 Management TeamFAIRX 1 14.1 0.3 25,357 y 77 t 14 u 5 26 44 4 95 1 0 14 NL 1.01 26.70 6,725 Bruce Berkowitz (12.4)FEQTX 1 13.3 2.2 61,603 s 15 a 14 p 14 139 82 1 99 0 0 9 NL 0.67 18.03 4,501 Scott Offen (0.6)

FEQIX 1 12.1 1.7 47,531 y 20 d 15 s 13 298 80 2 93 1 4 15 NL 0.67 42.46 8,334 Management TeamGOODX 1 12.2 1.5 12,374 y 34 a 26 p 22 33 12 3 67 3 27 4 NL 1.10 21.51 150 Pitkowsky/Trauner (1.2/1.2)HOVLX 1 12.0 1.9 31,382 p 27 d 22 a 17 44 6 2 98 0 0 4 NL 0.70 31.62 544 Management TeamACSTX 1 11.6 1.4 52,972 y 23 d 14 o 12 76 10 3 97 0 0 14 5.50 0.84 15.72 7,711 Management TeamACGIX 1 12.9 1.7 48,764 y 23 s 13 d 12 75 23 7 93 0 0 8 5.50 0.83 19.11 6,064 Management Team

LAFFX 1 12.4 1.6 54,853 y 24 o 14 d 13 122 16 3 97 0 0 2 5.75 0.84 10.79 6,239 Daniel Frascarelli (2.9)ICAEX 1 12.2 1.6 67,726 y 23 d 15 a 14 41 74 5 95 0 0 8 NL 0.90 36.24 920 Senser/Wenzel (17.4/17.4)ICSLX 1 12.2 1.6 80,221 y 19 a 17 o 14 31 71 4 96 0 0 6 NL 0.90 34.43 3,518 Senser/Wenzel (14.4/14.4)TEBIX 4 12.7 1.5 25,622 s 18 y 17 d 16 152 51 12 81 5 2 31 5.75 1.14 11.85 3,951 Correa/Hormozi (5.3/2.5)TESIX 4 12.7 1.4 26,814 s 21 d 17 y 15 197 29 7 87 5 1 23 5.75 1.16 20.18 14,076 Management Team

NPRTX 1 12.0 1.3 53,344 y 33 d 13 o 13 86 41 7 93 0 0 -1 Clsd 0.85 24.52 1,628 Eli Salzmann (0.5)JPLTX 1 12.7 1.6 35,946 y 22 d 19 o 11 111 43 11 89 0 0 9 NL 1.05 12.84 126 Perkins/Preloger (3.4/3.4)SSHFX 1 12.1 1.5 33,582 y 27 d 17 a 16 40 61 2 98 0 0 13 NL 0.94 31.00 1,463 Management TeamPRFDX 1 12.5 1.7 33,852 y 21 p 14 o 13 129 15 4 95 1 1 5 NL 0.68 23.82 23,737 Brian Rogers (26.6)TRVLX 1 12.2 1.6 33,727 y 23 d 16 o 11 127 53 1 97 0 2 7 NL 0.85 23.21 12,801 Mark Finn (2.4)

TGIGX 1 12.3 1.7 29,991 y 17 t 15 a 14 55 38 1 99 0 0 5 NL 1.17 10.70 575 Diane Jaffee (10.6)VEIPX 1 12.7 2.1 60,706 s 17 p 14 o 13 164 29 3 95 0 2 5 NL 0.31 22.29 7,884 Management TeamVHDYX 1 13.0 2.2 59,964 s 19 p 14 o 13 440 16 0 100 0 0 0 NL 0.25 18.29 4,591 Michael Perre (5.6)VUVLX 1 11.8 1.6 28,344 y 23 d 12 o 12 179 60 1 99 0 0 1 NL 0.29 10.61 504 Management TeamVVIAX 1 12.2 1.5 46,120 y 22 o 14 d 13 416 23 0 100 0 0 1 NL 0.10 20.97 15,688 Gerard O’Reilly (17.4)

VWNFX 1 12.2 1.7 51,221 y 20 d 14 s 13 269 23 2 98 0 0 7 NL 0.35 26.91 34,588 Management TeamVWNDX 1 12.1 1.6 27,985 y 20 d 16 a 13 169 49 3 97 0 0 15 NL 0.39 13.36 11,699 Management TeamFMIEX 1 11.8 1.6 29,863 y 18 o 16 d 14 74 26 3 97 0 0 6 NL 1.10 13.25 1,407 Shive/Shinnick (15.7/3.5)

— 16.9 2.7 5,923 a 21 p 19 t 17 — 95 2 97 0 0 7 — 1.32 — 889 —

AKREX 7 18.1 2.0 14,083 y 46 t 30 i 8 29 25 22 74 0 4 1 NL 1.45 14.43 955 Charles T. Akre, Jr. (2.8)ARTMX 8 23.8 3.9 8,442 a 35 t 19 d 16 73 63 4 96 0 0 7 Clsd 1.24 36.48 5,510 Management TeamBARAX 8 22.9 3.4 6,880 t 24 p 24 a 13 64 24 1 98 0 0 3 NL 1.33 48.10 2,437 Andrew Peck (8.9)BGRFX 8 20.5 2.5 3,001 p 23 t 16 a 14 104 14 0 98 0 1 7 NL 1.32 53.21 6,222 Ronald Baron (17.4)BRWIX 8 15.7 2.6 8,582 a 28 p 27 t 22 76 234 2 98 0 0 2 NL 1.09 23.31 1,057 Management Team

BUFMX 8 20.1 2.6 5,196 t 25 a 22 p 18 47 31 4 96 0 0 3 NL 1.02 16.33 651 Management Team

Russell 1000 Value Index 3.5 -3.9 13.7 -3.6 4.2Russell MidCap Growth Index 6.1 -6.3 18.5 1.2 7.0



Sectors

h Cyclical

r Basic Materials

t Consumer Cyclical


u Real Estate

j Sensitive

i Communication Svs

o Energy

p Industrials

a Technology

k Defensive

s Consumer Def

d Healthcare

f Utilities

30




Yield %



vs. Category5Best




Domestic Equity

Mid-Cap Growth (cont’d) — 5.4 -7.9 16.1 -0.1 5.1 — — — — — — 19.5 (88) —

Champlain Mid Cap Adv CIPMX „ QQQ 4.8 -5.1 15.7 — — 63 31 58 — — 0.0 15.43 (92) Low Columbia Acorn Select Z ACTWX ˇ QQ 8.0 -10.1 14.6 -2.7 7.2 13 68 72 85 26 1.8 22.68 (89) High Columbia Acorn Z ACRNX ´ QQQQ 6.6 -6.2 18.1 1.0 8.8 32 40 26 46 4 0.3 20.42 (91) Avg FAM Value Inv FAMVX ´ QQQ 5.6 -2.9 14.0 -0.5 4.6 49 18 78 63 74 0.0 15.07 (90) Low Fidelity Mid-Cap Stock FMCSX — QQ 4.9 -6.2 18.2 -0.8 5.4 62 40 25 67 59 0.2 20.98 (90) +Avg

FPA Perennial FPPFX „ QQQ 1.3 -8.3 15.0 1.3 6.5 91 53 69 42 41 0.0 20.21 (85) Avg Janus Enterprise T JAENX ´ QQQQ 5.7 -4.3 17.6 2.5 8.3 48 25 35 27 8 0.0 17.22 (91) -Avg Meridian Growth MERDX ˇ QQQQQ 6.2 -0.8 20.1 5.0 8.3 37 8 10 4 7 0.2 18.04 (89) -Avg Meridian Value MVALX ˇ QQQ 5.8 -1.7 13.6 -0.3 6.0 45 10 81 60 47 0.4 18.11 (94) -Avg Neuberger Berman Genesis Inv NBGNX „ QQQQ 1.2 -4.3 16.2 3.3 8.7 91 25 51 18 5 1.7 16.50 (85) Low

Nicholas NICSX — QQQQ 3.1 -2.0 17.5 2.4 5.1 82 12 36 28 64 0.4 16.29 (94) Low PRIMECAP Odyssey Aggressive Growth POAGX Œ QQQQ 6.2 -6.0 20.7 3.3 — 37 37 7 17 — 0.0 20.66 (84) +Avg Rainier Small/Mid Cap Equity RIMSX ˇ [ QQ 4.7 -7.6 17.1 -2.9 6.8 64 49 39 87 37 0.0 21.81 (90) High Royce Premier Invmt RYPRX Œ QQQQ 1.3 -9.0 15.4 3.3 10.2 90 61 64 18 1 0.3 19.99 (87) Avg T. Rowe Price Mid-Cap Growth RPMGX Œ QQQQQ 5.3 -5.4 18.4 3.5 8.3 55 33 22 15 7 0.0 18.31 (92) -Avg

Turner Midcap Growth Investor TMGFX ´ QQQ 3.3 -15.3 16.3 0.0 5.7 81 95 50 59 52 0.0 22.02 (87) High Vanguard Mid Cap Growth Inv VMGRX ´ QQQQ 7.0 -2.1 18.6 2.3 6.7 26 13 21 31 37 0.2 18.42 (89) -Avg Wasatch Heritage Growth WAHGX — QQQQ 2.9 -4.5 16.9 1.5 — 83 26 43 41 — 0.1 16.68 (86) Low Westport R WPFRX Œ QQQQQ 3.9 -1.8 16.0 3.7 8.1 76 11 55 12 12 0.0 17.17 (90) -Avg Westport Select Cap R WPSRX „ QQQ -2.1 -14.7 12.5 -1.0 5.1 99 94 90 69 65 0.0 21.11 (76) +Avg

Mid-Cap Blend — 3.5 -9.2 15.1 -1.3 5.5 — — — — — — 19.9 (90) —

Ariel Appreciation Investor CAAPX ´ QQ 3.5 -12.0 18.3 -0.4 4.4 57 77 9 36 79 0.4 23.92 (94) High Ariel Investor ARGFX ´ Q 2.6 -15.8 18.5 -3.3 3.6 63 88 6 76 91 0.2 26.24 (90) High ASTON/Fairpointe Mid Cap N CHTTX „ [ QQQ -0.3 -11.5 17.4 2.0 7.8 89 70 23 4 7 0.2 22.64 (84) +Avg Fidelity Leveraged Company Stock FLVCX „ QQQ 8.3 -12.0 15.9 -3.1 14.0 2 76 41 74 1 1.1 24.22 (91) High Fidelity Low-Priced Stock FLPSX „ QQQQ 3.6 -5.5 15.8 0.8 8.0 57 12 45 19 7 0.7 17.11 (96) -Avg

Fidelity Small Cap Stock FSLCX — QQ 3.3 -20.3 13.4 -0.9 5.9 59 98 74 45 38 0.0 25.35 (88) High Fidelity Spartan Extended Mkt Index Inv FSEMX Œ QQQQ 5.7 -7.3 18.2 0.8 7.5 21 36 11 18 9 1.2 20.25 (92) +Avg First Eagle Fund of America Y FEAFX — QQQQQ 4.9 -5.7 14.4 1.7 7.0 36 13 63 6 15 0.0 15.46 (85) -Avg Longleaf Partners Small-Cap LLSCX Œ QQQQ 5.5 -6.4 19.9 -0.2 8.0 25 21 3 31 6 0.0 19.30 (79) Avg Osterweis OSTFX Œ QQQQ 3.2 -7.6 9.9 -0.7 6.1 60 41 93 40 34 0.0 13.26 (89) Low

Royce Value Svc RYVFX „ QQQQ -3.1 -18.5 11.0 -1.0 9.9 97 96 87 48 4 0.2 21.66 (83) +Avg RS Value A RSVAX — QQQ -0.4 -15.0 11.2 -4.2 9.0 89 86 86 85 5 0.0 20.34 (91) Avg Vanguard Extended Market Idx Adm VEXAX — QQQQ 5.5 -7.6 18.1 0.5 7.5 25 41 12 22 10 1.1 20.62 (91) +Avg Vanguard Mid Cap Index Adm VIMAX Œ QQQQ 4.6 -7.4 18.4 -0.2 6.7 43 37 7 33 20 1.3 19.14 (94) Avg Vanguard Strategic Equity Inv VSEQX — QQQ 5.0 -6.1 17.9 -2.9 6.0 34 16 15 70 36 1.0 20.57 (92) +Avg

Weitz Hickory WEHIX „ QQQ 6.2 -2.2 20.9 -0.4 5.3 12 3 2 34 56 0.0 17.08 (81) -Avg Weitz Partners Value WPVLX Œ QQQ 5.7 0.0 17.3 -0.7 4.4 19 2 24 41 77 0.0 16.34 (87) -Avg Westwood SMidCap Institutional WHGMX ´ QQQQ 0.0 -10.8 15.5 2.3 — 87 65 49 2 — 0.4 18.91 (88) Avg

Mid-Cap Value — 3.8 -8.2 15.5 -1.5 5.5 — — — — — — 19.2 (92) —

American Century Mid Cap Value Inv ACMVX „ QQQQQ 3.1 -3.8 16.5 1.1 — 62 11 35 11 — 1.3 14.94 (94) Low Appleseed APPLX ´ QQQQ 0.7 -8.7 10.1 3.8 — 91 47 95 2 — 1.0 13.65 (73) Low Artisan Mid Cap Value Investor ARTQX Œ QQQQ 0.5 -5.0 15.1 2.0 9.9 93 16 58 4 1 0.6 16.06 (94) Low Delafield Fund DEFIX — QQQQ 6.0 -8.7 18.0 2.2 8.6 14 46 19 4 1 0.0 23.28 (91) High Fidelity Value FDVLX ˇ QQ 4.7 -10.1 15.7 -3.7 5.3 29 73 49 88 69 0.9 21.51 (93) +Avg

FPA Capital FPPTX — [ QQQ -3.2 -13.0 14.4 1.2 7.4 99 96 67 10 13 0.0 20.63 (83) +Avg Franklin Balance Sheet Investment A FRBSX — Q -0.4 -11.1 12.8 -5.2 4.9 96 81 82 95 77 0.6 19.67 (92) Avg

Russell MidCap Growth Index 6.1 -6.3 18.5 1.2 7.0S&P MidCap 400 Index 5.9 -6.1 18.9 1.7 7.2Russell MidCap Value Index 4.0 -6.4 18.6 -1.4 7.3

Legend





Price/EarnRatio

Price/BookRatio



Total# ofHold-ings

Turn-over%


Charge %

Expense Ratio %

NAV ($)


Mid-Cap Growth (cont’d) — 5.4 -7.9 16.1 -0.1 5.1 — — — — — — 19.5 (88) —

Champlain Mid Cap Adv CIPMX „ QQQ 4.8 -5.1 15.7 — — 63 31 58 — — 0.0 15.43 (92) Low Columbia Acorn Select Z ACTWX ˇ QQ 8.0 -10.1 14.6 -2.7 7.2 13 68 72 85 26 1.8 22.68 (89) High Columbia Acorn Z ACRNX ´ QQQQ 6.6 -6.2 18.1 1.0 8.8 32 40 26 46 4 0.3 20.42 (91) Avg FAM Value Inv FAMVX ´ QQQ 5.6 -2.9 14.0 -0.5 4.6 49 18 78 63 74 0.0 15.07 (90) Low Fidelity Mid-Cap Stock FMCSX — QQ 4.9 -6.2 18.2 -0.8 5.4 62 40 25 67 59 0.2 20.98 (90) +Avg

FPA Perennial FPPFX „ QQQ 1.3 -8.3 15.0 1.3 6.5 91 53 69 42 41 0.0 20.21 (85) Avg Janus Enterprise T JAENX ´ QQQQ 5.7 -4.3 17.6 2.5 8.3 48 25 35 27 8 0.0 17.22 (91) -Avg Meridian Growth MERDX ˇ QQQQQ 6.2 -0.8 20.1 5.0 8.3 37 8 10 4 7 0.2 18.04 (89) -Avg Meridian Value MVALX ˇ QQQ 5.8 -1.7 13.6 -0.3 6.0 45 10 81 60 47 0.4 18.11 (94) -Avg Neuberger Berman Genesis Inv NBGNX „ QQQQ 1.2 -4.3 16.2 3.3 8.7 91 25 51 18 5 1.7 16.50 (85) Low

Nicholas NICSX — QQQQ 3.1 -2.0 17.5 2.4 5.1 82 12 36 28 64 0.4 16.29 (94) Low PRIMECAP Odyssey Aggressive Growth POAGX Œ QQQQ 6.2 -6.0 20.7 3.3 — 37 37 7 17 — 0.0 20.66 (84) +Avg Rainier Small/Mid Cap Equity RIMSX ˇ [ QQ 4.7 -7.6 17.1 -2.9 6.8 64 49 39 87 37 0.0 21.81 (90) High Royce Premier Invmt RYPRX Œ QQQQ 1.3 -9.0 15.4 3.3 10.2 90 61 64 18 1 0.3 19.99 (87) Avg T. Rowe Price Mid-Cap Growth RPMGX Œ QQQQQ 5.3 -5.4 18.4 3.5 8.3 55 33 22 15 7 0.0 18.31 (92) -Avg

Turner Midcap Growth Investor TMGFX ´ QQQ 3.3 -15.3 16.3 0.0 5.7 81 95 50 59 52 0.0 22.02 (87) High Vanguard Mid Cap Growth Inv VMGRX ´ QQQQ 7.0 -2.1 18.6 2.3 6.7 26 13 21 31 37 0.2 18.42 (89) -Avg Wasatch Heritage Growth WAHGX — QQQQ 2.9 -4.5 16.9 1.5 — 83 26 43 41 — 0.1 16.68 (86) Low Westport R WPFRX Œ QQQQQ 3.9 -1.8 16.0 3.7 8.1 76 11 55 12 12 0.0 17.17 (90) -Avg Westport Select Cap R WPSRX „ QQQ -2.1 -14.7 12.5 -1.0 5.1 99 94 90 69 65 0.0 21.11 (76) +Avg

Mid-Cap Blend — 3.5 -9.2 15.1 -1.3 5.5 — — — — — — 19.9 (90) —

Ariel Appreciation Investor CAAPX ´ QQ 3.5 -12.0 18.3 -0.4 4.4 57 77 9 36 79 0.4 23.92 (94) High Ariel Investor ARGFX ´ Q 2.6 -15.8 18.5 -3.3 3.6 63 88 6 76 91 0.2 26.24 (90) High ASTON/Fairpointe Mid Cap N CHTTX „ [ QQQ -0.3 -11.5 17.4 2.0 7.8 89 70 23 4 7 0.2 22.64 (84) +Avg Fidelity Leveraged Company Stock FLVCX „ QQQ 8.3 -12.0 15.9 -3.1 14.0 2 76 41 74 1 1.1 24.22 (91) High Fidelity Low-Priced Stock FLPSX „ QQQQ 3.6 -5.5 15.8 0.8 8.0 57 12 45 19 7 0.7 17.11 (96) -Avg

Fidelity Small Cap Stock FSLCX — QQ 3.3 -20.3 13.4 -0.9 5.9 59 98 74 45 38 0.0 25.35 (88) High Fidelity Spartan Extended Mkt Index Inv FSEMX Œ QQQQ 5.7 -7.3 18.2 0.8 7.5 21 36 11 18 9 1.2 20.25 (92) +Avg First Eagle Fund of America Y FEAFX — QQQQQ 4.9 -5.7 14.4 1.7 7.0 36 13 63 6 15 0.0 15.46 (85) -Avg Longleaf Partners Small-Cap LLSCX Œ QQQQ 5.5 -6.4 19.9 -0.2 8.0 25 21 3 31 6 0.0 19.30 (79) Avg Osterweis OSTFX Œ QQQQ 3.2 -7.6 9.9 -0.7 6.1 60 41 93 40 34 0.0 13.26 (89) Low

Royce Value Svc RYVFX „ QQQQ -3.1 -18.5 11.0 -1.0 9.9 97 96 87 48 4 0.2 21.66 (83) +Avg RS Value A RSVAX — QQQ -0.4 -15.0 11.2 -4.2 9.0 89 86 86 85 5 0.0 20.34 (91) Avg Vanguard Extended Market Idx Adm VEXAX — QQQQ 5.5 -7.6 18.1 0.5 7.5 25 41 12 22 10 1.1 20.62 (91) +Avg Vanguard Mid Cap Index Adm VIMAX Œ QQQQ 4.6 -7.4 18.4 -0.2 6.7 43 37 7 33 20 1.3 19.14 (94) Avg Vanguard Strategic Equity Inv VSEQX — QQQ 5.0 -6.1 17.9 -2.9 6.0 34 16 15 70 36 1.0 20.57 (92) +Avg

Weitz Hickory WEHIX „ QQQ 6.2 -2.2 20.9 -0.4 5.3 12 3 2 34 56 0.0 17.08 (81) -Avg Weitz Partners Value WPVLX Œ QQQ 5.7 0.0 17.3 -0.7 4.4 19 2 24 41 77 0.0 16.34 (87) -Avg Westwood SMidCap Institutional WHGMX ´ QQQQ 0.0 -10.8 15.5 2.3 — 87 65 49 2 — 0.4 18.91 (88) Avg

Mid-Cap Value — 3.8 -8.2 15.5 -1.5 5.5 — — — — — — 19.2 (92) —

American Century Mid Cap Value Inv ACMVX „ QQQQQ 3.1 -3.8 16.5 1.1 — 62 11 35 11 — 1.3 14.94 (94) Low Appleseed APPLX ´ QQQQ 0.7 -8.7 10.1 3.8 — 91 47 95 2 — 1.0 13.65 (73) Low Artisan Mid Cap Value Investor ARTQX Œ QQQQ 0.5 -5.0 15.1 2.0 9.9 93 16 58 4 1 0.6 16.06 (94) Low Delafield Fund DEFIX — QQQQ 6.0 -8.7 18.0 2.2 8.6 14 46 19 4 1 0.0 23.28 (91) High Fidelity Value FDVLX ˇ QQ 4.7 -10.1 15.7 -3.7 5.3 29 73 49 88 69 0.9 21.51 (93) +Avg

FPA Capital FPPTX — [ QQQ -3.2 -13.0 14.4 1.2 7.4 99 96 67 10 13 0.0 20.63 (83) +Avg Franklin Balance Sheet Investment A FRBSX — Q -0.4 -11.1 12.8 -5.2 4.9 96 81 82 95 77 0.6 19.67 (92) Avg

— 16.9 2.7 5,923 a 21 p 19 t 17 — 95 2 97 0 0 7 — 1.32 — 889 —

CIPMX 8 15.4 2.2 5,267 a 20 s 19 p 17 77 33 2 98 0 0 4 NL 1.30 11.41 325 Management TeamACTWX 8 15.1 1.5 3,538 p 30 y 15 t 14 58 21 0 98 0 2 17 NL 0.97 25.52 1,069 Andrews/Chalupnik (8.2/1.1)ACRNX 8 18.8 2.3 3,061 p 21 a 21 t 15 369 18 0 100 0 0 12 NL 0.76 29.39 16,210 McQuaid/Mohn (16.4/8.4)FAMVX 8 17.0 1.9 6,734 y 30 t 23 p 20 41 8 10 90 0 0 3 NL 1.22 47.67 728 Fox/Putnam (12.1/25.4)FMCSX 8 18.5 2.1 4,042 a 16 t 15 d 12 216 131 2 97 1 0 8 NL 0.59 27.96 6,232 John Roth (1.3)

FPPFX 8 16.4 2.5 3,723 t 30 p 30 a 19 38 5 6 94 0 0 10 5.25 1.00 36.82 255 Ende/Geist (16.7/15.8)JAENX 8 20.1 3.5 7,537 a 30 p 27 d 19 76 15 4 96 0 0 12 NL 0.93 61.28 2,518 Brian Demain (4.6)MERDX 8 19.7 3.1 5,577 t 22 a 22 p 17 56 26 3 97 0 0 5 NL 0.81 44.21 2,372 Management TeamMVALX 8 17.2 2.2 5,303 p 43 a 13 t 13 52 38 1 99 0 0 4 NL 1.09 29.70 656 England/O’Connor (10.4/7.4)NBGNX 8 18.0 2.7 2,524 p 21 o 15 t 13 148 12 5 94 0 1 6 NL 1.05 33.47 11,101 Management Team

NICSX 8 16.2 2.3 9,450 p 27 t 19 d 19 52 21 6 94 0 0 6 NL 0.75 44.94 1,694 Nicholas/Nicholas (42.9/1.1)POAGX 8 24.8 2.9 3,347 d 43 a 30 p 11 91 11 4 96 0 0 7 NL 0.68 17.06 1,221 Management TeamRIMSX 8 16.6 2.4 3,814 p 21 t 18 a 15 118 111 0 100 0 0 7 Clsd 1.24 33.35 2,153 Management TeamRYPRX 8 15.8 2.0 2,425 p 27 a 16 r 14 80 18 8 92 0 0 14 Clsd 1.09 18.76 6,477 Management TeamRPMGX 8 19.7 2.7 6,136 p 26 a 24 d 15 139 31 5 94 0 2 7 Clsd 0.80 55.51 18,856 Brian Berghuis (19.9)

TMGFX 8 18.9 2.8 8,063 a 29 t 17 p 16 89 104 0 100 0 0 5 NL 1.18 33.35 673 Christopher McHugh (15.7)VMGRX 8 19.3 3.0 6,573 a 28 p 21 t 17 126 127 6 94 0 0 3 NL 0.53 20.15 2,051 Management TeamWAHGX 8 19.5 3.3 6,605 p 32 a 25 t 12 45 35 9 91 0 0 9 NL 0.95 12.25 106 Bowen/Snow (8.0/8.0)WPFRX 8 16.5 2.7 9,427 p 25 a 22 o 11 49 9 8 92 0 0 3 NL 1.25 24.17 479 Edmund Nicklin, Jr. (14.4)WPSRX 5 13.9 2.2 3,465 a 23 s 16 t 15 33 2 1 99 0 0 1 NL 1.36 22.13 526 Knuth/Nicklin, Jr. (14.4/14.4)

— 13.8 1.8 5,311 p 18 t 15 a 14 — 68 5 94 1 0 4 — 1.22 — 945 —

CAAPX 5 13.0 1.8 8,797 y 29 t 29 d 12 38 26 1 99 0 0 0 NL 1.15 40.07 1,179 Fidler/Rogers, Jr. (2.6/9.7)ARGFX 2 14.2 1.8 3,224 t 24 p 19 y 16 38 29 2 98 0 0 0 NL 1.04 44.10 1,284 Management TeamCHTTX 5 14.1 2.0 4,571 a 27 t 24 d 16 43 11 5 95 0 0 1 NL 1.14 29.50 2,645 Management TeamFLVCX 2 10.9 1.4 8,671 t 21 r 16 p 15 156 18 3 96 1 0 13 NL 0.84 27.19 3,572 Thomas Soviero (8.9)FLPSX 2 10.1 1.2 3,698 t 27 a 18 d 13 940 15 3 96 0 0 34 NL 0.83 37.03 32,493 Management Team

FSLCX 9 14.5 1.7 1,834 a 23 p 17 t 16 171 47 2 98 0 0 7 NL 1.12 17.08 2,933 Lionel Harris (0.5)FSEMX 9 15.5 1.8 2,497 p 16 t 15 a 15 3,073 11 1 99 0 0 2 NL 0.10 37.04 6,277 Management TeamFEAFX 5 12.5 2.3 10,855 d 30 r 21 t 21 36 68 11 91 0 -2 6 Clsd 1.43 24.93 1,420 Levy/Cohen (25.2/22.4)LLSCX 5 20.7 1.7 2,666 t 47 y 16 r 14 23 37 4 96 0 0 5 Clsd 0.92 26.61 3,033 Cates/Hawkins (17.4/22.4)OSTFX 4 15.2 1.8 11,291 d 22 o 18 t 13 42 31 7 89 4 1 19 NL 0.99 26.45 956 Management Team

RYVFX 5 12.5 1.5 2,478 y 20 r 19 t 18 66 35 2 97 0 1 17 NL 1.44 10.60 1,403 Management TeamRSVAX 2 14.0 1.8 6,431 y 23 o 17 r 15 32 40 15 85 0 1 6 4.75 1.28 22.95 1,265 Management TeamVEXAX 9 16.4 1.8 2,447 p 17 t 16 a 14 3,047 14 0 100 0 0 2 NL 0.10 41.50 16,801 Donald Butler (14.4)VIMAX 5 15.9 2.0 6,524 t 16 a 15 p 14 449 22 0 100 0 0 2 NL 0.10 93.24 23,891 Donald Butler (14.1)VSEQX 5 13.2 2.0 3,604 p 16 t 15 a 15 393 73 1 99 0 0 2 NL 0.30 19.25 3,073 Management Team

WEHIX 6 17.5 1.7 2,537 t 36 i 15 r 11 34 38 26 74 0 0 0 NL 1.27 40.94 309 Weitz/Weitz (0.4/9.4)WPVLX 4 15.8 1.9 14,170 t 19 a 18 y 15 36 31 21 79 0 0 3 NL 1.20 22.24 653 Hinton/Weitz (5.8/29.0)WHGMX 2 14.0 1.7 3,264 y 20 t 17 p 16 65 62 4 96 0 0 4 Clsd 0.96 12.91 368 Management Team

— 12.4 1.4 6,661 y 19 p 15 t 13 — 76 4 95 0 1 5 — 1.26 — 857 —

ACMVX 2 14.1 1.5 8,201 y 22 p 14 f 11 120 71 0 98 0 2 5 NL 1.01 12.05 2,120 Management TeamAPPLX 2 12.9 1.4 5,546 s 24 t 18 y 16 37 68 11 71 0 18 31 NL 1.24 11.83 198 Management TeamARTQX 2 12.5 1.6 6,571 p 26 a 22 y 21 57 32 6 94 0 0 4 Clsd 1.20 19.79 8,159 Management TeamDEFIX 2 13.4 1.7 2,993 p 33 r 27 a 20 68 38 15 85 0 0 2 NL 1.23 28.54 1,293 Delafield/Sellecchia (18.6/18.6)FDVLX 2 13.1 1.4 7,634 y 22 t 13 f 12 291 95 3 97 0 0 13 NL 0.59 66.43 6,056 Management Team

FPPTX 5 11.3 1.4 4,589 o 42 a 31 p 10 26 15 32 68 0 0 9 Clsd 0.84 40.26 1,289 Management TeamFRBSX 2 11.9 0.9 3,222 y 34 p 18 f 12 82 10 4 96 0 0 7 5.75 0.94 38.72 1,474 Management Team

Russell MidCap Growth Index 6.1 -6.3 18.5 1.2 7.0S&P MidCap 400 Index 5.9 -6.1 18.9 1.7 7.2Russell MidCap Value Index 4.0 -6.4 18.6 -1.4 7.3



Sectors

h Cyclical

r Basic Materials

t Consumer Cyclical


u Real Estate

j Sensitive

i Communication Svs

o Energy

p Industrials

a Technology

k Defensive

s Consumer Def

d Healthcare

f Utilities

32




Yield %



vs. Category5Best




Domestic Equity

Mid-Cap Value (cont’d) — 3.8 -8.2 15.5 -1.5 5.5 — — — — — — 19.2 (92) —

Perkins Mid Cap Value T JMCVX Œ QQQQ 0.9 -8.4 10.8 0.6 7.4 87 40 92 17 15 0.8 15.42 (94) Low Schneider Value SCMLX — Q -2.0 -22.1 5.7 -12.5 — 99 98 100 98 — 0.5 24.52 (86) High T. Rowe Price Mid-Cap Value TRMCX Œ QQQQ 3.3 -8.8 14.1 -0.1 7.2 58 47 71 22 19 1.0 17.72 (94) -Avg Vanguard Selected Value Inv VASVX Œ QQQQ 2.6 -5.5 15.8 -0.4 6.6 71 21 47 26 32 1.7 17.24 (96) -Avg

Small Growth — 3.9 -10.0 16.8 -0.6 4.9 — — — — — — 21.5 (83) —

Artisan Small Cap Investor ARTSX ´ ] QQQQ 6.9 -1.5 21.7 1.3 5.7 12 5 5 31 49 0.0 18.73 (75) Low ASTON/TAMRO Small Cap N ATASX ´ QQQQ 5.7 -7.6 17.1 1.7 8.0 25 26 51 26 5 0.0 21.11 (84) Avg Baron Small Cap Retail BSCFX ´ QQQQ 5.6 -7.5 16.8 1.0 6.7 26 26 58 36 24 0.0 18.85 (86) -Avg Brown Capital Mgmt Small Co Inv BCSIX Œ QQQQ 4.8 -8.3 19.4 7.7 7.3 35 32 28 1 12 0.0 20.37 (74) -Avg Buffalo Small Cap BUFSX ´ ] QQQQ 9.5 -2.1 13.5 1.1 7.1 2 6 84 34 17 0.0 21.74 (82) Avg

Century Small Cap Select Inv CSMVX — QQQQ 6.3 -6.4 20.5 0.7 7.0 20 19 16 41 17 0.0 21.01 (79) Avg Champlain Small Company Adv CIPSX „ ] QQQQQ 4.1 -2.7 17.8 4.8 — 44 7 42 1 — 0.0 16.33 (86) Low Columbia Acorn USA Z AUSAX — ] QQQQ 7.5 -7.9 18.5 0.1 6.9 8 29 35 52 19 0.0 22.81 (89) +Avg Janus Triton T JATTX „ QQQQQ 5.9 -2.4 21.0 7.0 — 24 6 10 1 — 0.0 17.27 (88) Low Janus Venture T JAVTX „ QQQQ 8.1 -1.7 22.3 1.7 7.9 5 5 4 26 6 0.0 18.82 (81) -Avg

Kalmar Growth-with-Value Small Cap KGSCX ´ QQQQ 6.4 -3.7 21.6 2.7 6.9 19 10 6 15 20 0.0 20.88 (83) Avg Litman Gregory Masters Smlr Coms Instl MSSFX ˇ QQQ 4.4 -7.7 19.7 -0.8 — 39 28 25 67 — 0.0 20.96 (88) Avg LKCM Small Cap Equity Instl LKSCX „ [ QQQQ 2.3 -7.3 21.0 1.2 7.5 74 24 10 31 10 0.0 20.46 (82) Avg Loomis Sayles Small Cap Growth Retail LCGRX — ] QQQQQ 2.9 -8.3 21.1 3.3 6.8 64 32 9 10 21 0.0 19.31 (83) -Avg Managers Micro-Cap Service MMCFX ´ QQQ 5.0 -6.7 16.1 1.2 5.4 31 21 67 32 58 0.0 22.20 (82) Avg

Royce Value Plus Svc RYVPX ˇ [ QQQ 3.5 -13.4 11.0 -3.4 9.4 53 78 93 92 2 0.6 21.66 (84) Avg T. Rowe Price New Horizons PRNHX ´ QQQQQ 8.9 2.9 26.2 5.8 9.5 4 1 1 1 2 0.0 19.24 (89) -Avg Turner Small Cap Growth TSCEX — QQQ 2.7 -13.8 16.8 0.5 6.8 68 80 59 44 22 0.0 23.78 (84) +Avg Vanguard Explorer Inv VEXPX ˇ QQQ 4.5 -8.2 18.1 -0.1 5.7 37 31 39 56 47 0.1 20.99 (90) Avg Vanguard Small Cap Growth Index Admiral VSGAX — WWWW 4.6 -8.3 19.9 1.9 7.9 37 32 24 24 6 — — (—)

Wasatch Core Growth WGROX — QQQ 4.7 -1.3 20.5 0.7 4.5 35 4 16 40 79 0.0 16.80 (82) Low Wasatch Small Cap Growth WAAEX Œ QQQQQ 8.2 -0.5 20.9 4.0 6.8 5 2 10 5 20 0.0 17.92 (83) Low Wasatch Ultra Growth WAMCX — QQQ 3.5 -10.1 20.4 -0.2 4.0 53 47 17 58 84 0.0 17.89 (78) Low William Blair Small Cap Growth N WBSNX — QQ 5.7 -10.2 11.1 -3.0 6.4 26 48 92 89 30 0.0 22.94 (83) +Avg

Small Blend — 2.9 -9.2 15.8 -1.6 5.5 — — — — — — 21.7 (87) —

Artisan Small Cap Value Investor ARTVX Œ QQQQ -0.3 -11.6 13.4 0.8 8.5 94 85 86 17 8 0.0 20.13 (88) -Avg ASTON/River Road Small Cap Value N ARSVX ´ ] QQQ 2.0 -3.3 10.9 -2.5 — 69 5 96 70 — 0.0 16.14 (83) Low Bogle Small Cap Growth Inv BOGLX Œ [ QQ 4.8 -10.8 19.1 -3.3 5.6 12 81 11 82 52 0.0 24.00 (86) High Bridgeway Ultra-Small Company Market BRSIX ´ QQQ 6.1 -7.7 13.5 -3.4 7.4 6 37 85 84 18 1.0 22.36 (82) +Avg DFA US Micro Cap I DFSCX Œ QQQ 3.0 -7.6 18.0 -1.2 6.7 53 36 20 48 29 0.7 22.01 (83) +Avg

DFA US Small Cap I DFSTX Œ QQQ 3.9 -7.8 19.2 0.6 7.0 29 38 10 21 22 0.7 22.27 (86) +Avg Dreyfus Opportunistic Small Cap DSCVX — QQQ 5.3 -14.8 17.0 4.4 7.6 8 91 31 3 15 0.0 27.65 (84) High Fidelity Small Cap Discovery FSCRX „ QQQQQ 5.7 -3.6 22.0 5.7 7.8 7 6 5 1 12 0.0 21.40 (82) Avg Fidelity Stock Selector Sm Cp FDSCX ˇ QQ 2.7 -9.6 17.9 -2.7 4.3 59 66 21 72 81 0.0 22.41 (87) +Avg Royce Pennsylvania Mutual Invmt PENNX „ QQQ 1.8 -10.6 15.0 -0.2 7.4 73 80 66 33 17 0.2 20.58 (89) -Avg

Royce Special Equity Invmt RYSEX Œ QQQQ 3.6 -0.8 13.6 3.9 7.7 33 2 84 4 13 0.4 16.29 (86) Low Royce Total Return Invmt RYTRX ´ QQQQ 1.2 -7.0 14.7 -0.1 6.5 82 30 72 32 34 1.0 16.82 (92) Low Stratton Small-Cap Value STSCX — QQQQ 1.5 -7.9 15.1 -0.6 8.2 77 39 65 38 11 0.0 18.86 (89) -Avg T. Rowe Price Small-Cap Stock OTCFX „ QQQQQ 6.8 -3.6 21.9 3.3 7.6 4 7 5 6 15 0.0 21.18 (89) Avg T. Rowe Price Small-Cap Value PRSVX „ QQQQ 3.7 -3.8 16.9 1.3 8.2 32 7 31 12 10 0.7 19.93 (86) -Avg

Third Avenue Small Cap Value Instl TASCX ´ ] QQQ 2.6 -8.6 11.7 -3.1 5.3 59 50 94 77 62 0.3 16.94 (91) Low Vanguard Explorer Value Investor VEVFX — NR 3.6 -6.5 — — — 34 25 — — — 0.8 — (—) Vanguard Small Cap Index Adm VSMAX Œ ] QQQQ 4.4 -7.5 18.6 0.7 7.1 19 35 14 20 21 1.3 21.54 (90) Avg

Russell MidCap Value Index 4.0 -6.4 18.6 -1.4 7.3Russell 2000 Growth Index 3.5 -9.5 17.4 0.9 5.9

Legend





Price/EarnRatio

Price/BookRatio



Total# ofHold-ings

Turn-over%


Charge %

Expense Ratio %

NAV ($)


Mid-Cap Value (cont’d) — 3.8 -8.2 15.5 -1.5 5.5 — — — — — — 19.2 (92) —

Perkins Mid Cap Value T JMCVX Œ QQQQ 0.9 -8.4 10.8 0.6 7.4 87 40 92 17 15 0.8 15.42 (94) Low Schneider Value SCMLX — Q -2.0 -22.1 5.7 -12.5 — 99 98 100 98 — 0.5 24.52 (86) High T. Rowe Price Mid-Cap Value TRMCX Œ QQQQ 3.3 -8.8 14.1 -0.1 7.2 58 47 71 22 19 1.0 17.72 (94) -Avg Vanguard Selected Value Inv VASVX Œ QQQQ 2.6 -5.5 15.8 -0.4 6.6 71 21 47 26 32 1.7 17.24 (96) -Avg

Small Growth — 3.9 -10.0 16.8 -0.6 4.9 — — — — — — 21.5 (83) —

Artisan Small Cap Investor ARTSX ´ ] QQQQ 6.9 -1.5 21.7 1.3 5.7 12 5 5 31 49 0.0 18.73 (75) Low ASTON/TAMRO Small Cap N ATASX ´ QQQQ 5.7 -7.6 17.1 1.7 8.0 25 26 51 26 5 0.0 21.11 (84) Avg Baron Small Cap Retail BSCFX ´ QQQQ 5.6 -7.5 16.8 1.0 6.7 26 26 58 36 24 0.0 18.85 (86) -Avg Brown Capital Mgmt Small Co Inv BCSIX Œ QQQQ 4.8 -8.3 19.4 7.7 7.3 35 32 28 1 12 0.0 20.37 (74) -Avg Buffalo Small Cap BUFSX ´ ] QQQQ 9.5 -2.1 13.5 1.1 7.1 2 6 84 34 17 0.0 21.74 (82) Avg

Century Small Cap Select Inv CSMVX — QQQQ 6.3 -6.4 20.5 0.7 7.0 20 19 16 41 17 0.0 21.01 (79) Avg Champlain Small Company Adv CIPSX „ ] QQQQQ 4.1 -2.7 17.8 4.8 — 44 7 42 1 — 0.0 16.33 (86) Low Columbia Acorn USA Z AUSAX — ] QQQQ 7.5 -7.9 18.5 0.1 6.9 8 29 35 52 19 0.0 22.81 (89) +Avg Janus Triton T JATTX „ QQQQQ 5.9 -2.4 21.0 7.0 — 24 6 10 1 — 0.0 17.27 (88) Low Janus Venture T JAVTX „ QQQQ 8.1 -1.7 22.3 1.7 7.9 5 5 4 26 6 0.0 18.82 (81) -Avg

Kalmar Growth-with-Value Small Cap KGSCX ´ QQQQ 6.4 -3.7 21.6 2.7 6.9 19 10 6 15 20 0.0 20.88 (83) Avg Litman Gregory Masters Smlr Coms Instl MSSFX ˇ QQQ 4.4 -7.7 19.7 -0.8 — 39 28 25 67 — 0.0 20.96 (88) Avg LKCM Small Cap Equity Instl LKSCX „ [ QQQQ 2.3 -7.3 21.0 1.2 7.5 74 24 10 31 10 0.0 20.46 (82) Avg Loomis Sayles Small Cap Growth Retail LCGRX — ] QQQQQ 2.9 -8.3 21.1 3.3 6.8 64 32 9 10 21 0.0 19.31 (83) -Avg Managers Micro-Cap Service MMCFX ´ QQQ 5.0 -6.7 16.1 1.2 5.4 31 21 67 32 58 0.0 22.20 (82) Avg

Royce Value Plus Svc RYVPX ˇ [ QQQ 3.5 -13.4 11.0 -3.4 9.4 53 78 93 92 2 0.6 21.66 (84) Avg T. Rowe Price New Horizons PRNHX ´ QQQQQ 8.9 2.9 26.2 5.8 9.5 4 1 1 1 2 0.0 19.24 (89) -Avg Turner Small Cap Growth TSCEX — QQQ 2.7 -13.8 16.8 0.5 6.8 68 80 59 44 22 0.0 23.78 (84) +Avg Vanguard Explorer Inv VEXPX ˇ QQQ 4.5 -8.2 18.1 -0.1 5.7 37 31 39 56 47 0.1 20.99 (90) Avg Vanguard Small Cap Growth Index Admiral VSGAX — WWWW 4.6 -8.3 19.9 1.9 7.9 37 32 24 24 6 — — (—)

Wasatch Core Growth WGROX — QQQ 4.7 -1.3 20.5 0.7 4.5 35 4 16 40 79 0.0 16.80 (82) Low Wasatch Small Cap Growth WAAEX Œ QQQQQ 8.2 -0.5 20.9 4.0 6.8 5 2 10 5 20 0.0 17.92 (83) Low Wasatch Ultra Growth WAMCX — QQQ 3.5 -10.1 20.4 -0.2 4.0 53 47 17 58 84 0.0 17.89 (78) Low William Blair Small Cap Growth N WBSNX — QQ 5.7 -10.2 11.1 -3.0 6.4 26 48 92 89 30 0.0 22.94 (83) +Avg

Small Blend — 2.9 -9.2 15.8 -1.6 5.5 — — — — — — 21.7 (87) —

Artisan Small Cap Value Investor ARTVX Œ QQQQ -0.3 -11.6 13.4 0.8 8.5 94 85 86 17 8 0.0 20.13 (88) -Avg ASTON/River Road Small Cap Value N ARSVX ´ ] QQQ 2.0 -3.3 10.9 -2.5 — 69 5 96 70 — 0.0 16.14 (83) Low Bogle Small Cap Growth Inv BOGLX Œ [ QQ 4.8 -10.8 19.1 -3.3 5.6 12 81 11 82 52 0.0 24.00 (86) High Bridgeway Ultra-Small Company Market BRSIX ´ QQQ 6.1 -7.7 13.5 -3.4 7.4 6 37 85 84 18 1.0 22.36 (82) +Avg DFA US Micro Cap I DFSCX Œ QQQ 3.0 -7.6 18.0 -1.2 6.7 53 36 20 48 29 0.7 22.01 (83) +Avg

DFA US Small Cap I DFSTX Œ QQQ 3.9 -7.8 19.2 0.6 7.0 29 38 10 21 22 0.7 22.27 (86) +Avg Dreyfus Opportunistic Small Cap DSCVX — QQQ 5.3 -14.8 17.0 4.4 7.6 8 91 31 3 15 0.0 27.65 (84) High Fidelity Small Cap Discovery FSCRX „ QQQQQ 5.7 -3.6 22.0 5.7 7.8 7 6 5 1 12 0.0 21.40 (82) Avg Fidelity Stock Selector Sm Cp FDSCX ˇ QQ 2.7 -9.6 17.9 -2.7 4.3 59 66 21 72 81 0.0 22.41 (87) +Avg Royce Pennsylvania Mutual Invmt PENNX „ QQQ 1.8 -10.6 15.0 -0.2 7.4 73 80 66 33 17 0.2 20.58 (89) -Avg

Royce Special Equity Invmt RYSEX Œ QQQQ 3.6 -0.8 13.6 3.9 7.7 33 2 84 4 13 0.4 16.29 (86) Low Royce Total Return Invmt RYTRX ´ QQQQ 1.2 -7.0 14.7 -0.1 6.5 82 30 72 32 34 1.0 16.82 (92) Low Stratton Small-Cap Value STSCX — QQQQ 1.5 -7.9 15.1 -0.6 8.2 77 39 65 38 11 0.0 18.86 (89) -Avg T. Rowe Price Small-Cap Stock OTCFX „ QQQQQ 6.8 -3.6 21.9 3.3 7.6 4 7 5 6 15 0.0 21.18 (89) Avg T. Rowe Price Small-Cap Value PRSVX „ QQQQ 3.7 -3.8 16.9 1.3 8.2 32 7 31 12 10 0.7 19.93 (86) -Avg

Third Avenue Small Cap Value Instl TASCX ´ ] QQQ 2.6 -8.6 11.7 -3.1 5.3 59 50 94 77 62 0.3 16.94 (91) Low Vanguard Explorer Value Investor VEVFX — NR 3.6 -6.5 — — — 34 25 — — — 0.8 — (—) Vanguard Small Cap Index Adm VSMAX Œ ] QQQQ 4.4 -7.5 18.6 0.7 7.1 19 35 14 20 21 1.3 21.54 (90) Avg

— 12.4 1.4 6,661 y 19 p 15 t 13 — 76 4 95 0 1 5 — 1.26 — 857 —

JMCVX 2 13.8 1.6 10,841 y 19 d 14 p 13 157 66 9 91 0 0 8 NL 0.99 20.38 13,682 Perkins/Kautz (13.8/13.8)SCMLX 1 12.1 1.0 12,752 y 40 t 18 r 11 43 68 3 97 0 0 9 NL 0.90 11.76 41 Arnold Schneider III (9.7)TRMCX 2 15.2 1.5 5,650 y 22 t 13 p 13 125 54 8 92 0 0 6 Clsd 0.81 22.09 9,114 David Wallack (11.4)VASVX 2 12.3 1.3 7,782 y 27 p 16 a 9 68 25 8 92 0 0 6 NL 0.45 19.07 4,006 Management Team

— 17.8 2.4 1,515 a 24 p 21 t 16 — 97 3 96 0 0 4 — 1.44 — 525 —

ARTSX 9 24.9 3.2 2,374 a 36 p 21 d 14 74 80 3 97 0 0 3 NL 1.29 18.81 489 Management TeamATASX 9 19.2 2.1 1,611 p 22 a 19 y 16 52 47 1 99 0 0 3 Clsd 1.29 19.30 931 Holland/Tasho (2.3/11.5)BSCFX 9 22.5 2.7 2,482 p 26 t 24 a 16 102 33 3 95 0 2 5 NL 1.31 24.22 4,169 Clifford Greenberg (14.7)BCSIX 9 24.8 3.2 1,271 a 61 d 23 p 6 43 21 3 97 0 0 0 Clsd 1.19 45.86 1,277 Management TeamBUFSX 9 22.8 2.9 1,761 a 30 t 18 p 18 58 24 4 96 0 0 3 Clsd 1.01 27.30 2,501 Management Team

CSMVX 9 17.5 2.5 1,391 a 29 t 17 p 15 65 75 4 96 0 0 6 NL 1.48 24.58 390 Thorndike/Callahan (12.5/10.5)CIPSX 9 17.7 1.9 1,639 a 20 p 19 y 15 95 38 6 94 0 0 3 Clsd 1.38 14.40 764 Management TeamAUSAX 9 19.5 2.2 2,060 a 27 p 21 t 14 172 20 0 100 0 0 5 NL 1.00 29.00 1,526 Robert Mohn (15.8)JATTX 9 21.0 3.1 2,424 p 25 a 18 d 18 94 42 8 92 0 0 4 NL 0.93 17.19 3,164 Meade/Schaub (5.9/5.9)JAVTX 9 23.4 3.0 1,385 p 23 a 20 d 18 94 54 6 94 0 0 5 NL 0.95 56.38 1,479 Meade/Schaub (1.9/1.9)

KGSCX 9 21.2 2.4 1,813 a 30 p 25 t 20 84 42 6 94 0 0 4 NL 1.44 16.34 374 Draper Jr./Walker (15.2/15.2)MSSFX 9 16.2 1.6 1,959 a 26 p 25 t 14 71 125 0 100 0 0 3 NL 1.54 13.48 66 Management TeamLKSCX 9 18.0 2.4 1,559 a 26 p 22 t 17 92 50 4 96 0 0 3 NL 0.95 22.97 774 Management TeamLCGRX 9 23.3 2.7 1,425 a 27 p 18 t 17 105 76 5 95 0 0 8 NL 1.25 16.94 616 Burns/Slavik (7.4/7.2)MMCFX 9 16.0 1.8 455 a 28 p 21 t 17 317 85 3 97 0 0 3 NL 1.41 35.06 105 Management Team

RYVPX 9 17.7 2.0 1,895 a 27 p 16 r 16 125 49 3 97 0 0 16 NL 1.42 12.42 1,649 Skinner III/George (9.4/11.0)PRNHX 8 25.0 3.3 2,446 a 33 t 20 p 17 239 44 6 90 0 3 7 NL 0.81 33.80 9,489 Henry Ellenbogen (2.3)TSCEX 9 18.0 2.3 1,773 a 28 p 18 d 15 124 119 1 99 0 0 3 NL 1.25 33.05 232 Bill McVail (14.1)VEXPX 9 17.0 2.2 2,446 a 23 p 21 d 17 588 89 3 97 0 0 5 NL 0.50 74.68 8,927 Management TeamVSGAX 9 18.1 2.5 1,608 a 22 p 21 d 17 957 40 0 100 0 0 2 NL 0.10 28.11 6,471 Gerard O’Reilly (7.4)

WGROX 9 18.0 2.7 1,910 p 35 t 23 y 14 57 27 7 93 0 0 9 NL 1.22 37.87 492 Lambert/Taylor (7.3/11.4)WAAEX 9 21.5 3.0 1,702 p 28 a 23 t 20 92 23 6 93 0 1 20 NL 1.23 40.92 1,614 Jeff Cardon (25.5)WAMCX 9 13.5 3.1 1,144 a 41 p 14 d 14 96 60 1 94 0 5 21 NL 1.42 21.00 135 Management TeamWBSNX 9 19.0 2.3 882 p 27 a 20 t 16 86 97 4 96 0 0 5 NL 1.50 21.27 485 Balkin/Brewer (3.9/12.4)

— 14.0 1.6 1,310 p 20 a 15 t 15 — 62 4 94 1 -1 4 — 1.30 — 663 —

ARTVX 3 14.0 1.4 1,357 p 34 a 22 t 12 99 47 5 95 0 0 3 Clsd 1.20 14.88 2,893 Management TeamARSVX 6 14.2 1.3 1,109 t 23 p 21 y 14 83 42 4 96 0 0 2 Clsd 1.37 12.69 276 Management TeamBOGLX 6 11.1 1.3 894 p 18 y 18 a 16 137 303 1 99 0 0 11 NL 1.35 19.57 94 John C. Bogle Jr. (12.7)BRSIX 6 14.2 1.3 190 y 22 t 18 d 16 598 42 0 100 0 0 0 NL 0.75 13.66 282 Management TeamDFSCX 6 14.6 1.5 521 a 19 t 18 p 17 2,068 14 0 100 0 0 0 NL 0.52 13.61 3,201 Management Team

DFSTX 6 15.0 1.6 992 p 20 a 18 t 17 2,391 23 0 100 0 0 1 NL 0.37 21.31 3,917 Management TeamDSCVX 9 16.6 1.8 1,476 p 28 a 21 t 19 81 91 0 100 0 0 2 Clsd 1.16 23.92 548 Management TeamFSCRX 3 13.7 1.4 1,284 p 27 y 20 t 16 69 11 1 99 0 0 3 NL 1.04 21.18 2,658 Charles Myers (6.2)FDSCX 6 15.6 1.7 1,509 a 20 p 15 t 14 197 73 4 96 0 0 6 NL 0.85 18.51 1,406 Management TeamPENNX 9 15.4 1.8 1,718 p 27 a 19 t 17 526 20 3 97 0 0 6 NL 0.90 10.95 5,219 Management Team

RYSEX 6 15.0 1.9 1,541 t 30 a 28 p 18 63 23 11 89 0 0 0 Clsd 1.15 20.41 2,615 Charles Dreifus (14.1)RYTRX 6 14.3 1.6 2,124 y 25 p 22 t 15 534 21 6 92 0 2 6 NL 1.12 12.80 4,289 Management TeamSTSCX 6 15.9 1.8 2,202 p 19 y 19 t 13 66 16 0 100 0 0 0 NL 1.20 50.55 747 Gerald Van Horn (11.9)OTCFX 9 18.8 2.0 1,532 a 20 p 18 t 15 332 24 7 92 0 1 2 NL 0.92 33.37 7,252 Gregory McCrickard (19.8)PRSVX 6 17.1 1.7 1,044 p 25 y 16 a 13 341 6 3 94 1 2 1 NL 0.82 35.75 7,515 Preston Athey (20.8)

TASCX 3 12.4 1.0 1,546 p 22 a 19 r 17 68 34 21 77 0 1 15 NL 1.15 20.29 658 Curtis Jensen (15.2)VEVFX 6 13.9 1.4 1,762 y 24 p 19 a 18 183 41 9 91 0 0 2 NL 0.57 22.00 119 Management TeamVSMAX 6 15.8 1.7 1,522 p 18 a 16 t 14 1,746 17 1 99 0 0 1 NL 0.10 34.84 22,323 Michael Buek (20.4)

Russell MidCap Value Index 4.0 -6.4 18.6 -1.4 7.3Russell 2000 Growth Index 3.5 -9.5 17.4 0.9 5.9



Sectors

h Cyclical

r Basic Materials

t Consumer Cyclical


u Real Estate

j Sensitive

i Communication Svs

o Energy

p Industrials

a Technology

k Defensive

s Consumer Def

d Healthcare

f Utilities

34




Yield %



vs. Category5Best




Small Blend (cont’d) — 2.9 -9.2 15.8 -1.6 5.5 — — — — — — 21.7 (87) —

Vanguard Tax-Managed Small Cap Adm VTMSX Œ QQQQ 3.6 -4.3 18.7 0.9 7.0 34 10 13 17 24 0.9 20.62 (87) Avg

Small Value — 2.6 -8.0 16.2 -1.4 6.0 — — — — — — 21.3 (86) —

Allianz NFJ Small Cap Value D PNVDX „ QQQQQ -1.1 -7.2 15.4 1.6 8.9 94 38 71 7 3 1.5 16.48 (90) Low American Beacon Small Cp Val Inv AVPAX ˇ QQQ 1.6 -9.4 16.8 -1.3 6.9 69 61 38 57 44 0.0 22.48 (90) Avg American Century Small Cap Value Inv ASVIX — QQQQ 2.8 -8.1 16.0 1.3 7.1 44 48 55 11 39 0.8 20.23 (87) -Avg Ariel Discovery Investor ARDFX — NR 8.7 0.1 — — — 1 2 — — — 0.0 — (—) Diamond Hill Small Cap A DHSCX Œ QQQ 1.0 -11.7 12.1 -0.5 7.6 78 81 91 36 19 0.0 17.13 (88) Low

Fidelity Small Cap Value FCPVX „ QQQQ 5.0 -3.9 17.2 1.7 — 14 13 31 5 — 0.2 20.41 (83) Avg Perkins Small Cap Value T JSCVX Œ QQQQ 1.0 -7.9 13.0 3.0 7.0 76 47 89 2 43 0.2 16.32 (89) Low Queens Road Small Cap Value QRSVX — ] QQQQ -2.9 -9.7 11.3 0.9 — 99 66 96 15 — 0.4 14.98 (83) Low Royce Opportunity Invmt RYPNX ´ QQ 6.8 -11.5 19.8 -0.9 7.5 4 80 7 47 24 0.0 27.42 (86) High Schneider Small Cap Value SCMVX ´ Q 6.3 -16.5 14.2 -8.4 6.7 9 99 83 99 51 0.0 31.37 (82) High

Skyline Special Equities SKSEX — QQQ 2.3 -5.9 19.0 -0.8 6.2 57 25 11 44 63 0.0 22.96 (90) +Avg Vanguard Small Cap Value Index Admiral VSIAX ´ WWW 4.1 -6.8 17.0 -1.0 5.5 22 31 34 48 79 — — (—)

Allocation — 2.1 -3.3 7.5 -0.3 3.1 — — — — — — 10.2 (81) —

American Funds American Balanced A ABALX „ MA QQQ 4.0 1.6 12.5 1.9 5.2 19 8 12 19 26 2.1 10.68 (97) Avg American Funds Inc Fund of Amer A AMECX „ MA QQQ 1.5 -0.6 13.4 0.6 6.0 91 22 6 54 9 4.2 10.53 (93) Avg Berwyn Income BERIX „ CA QQQQQ 1.7 0.6 11.1 6.7 7.3 84 38 20 2 2 3.3 6.34 (82) -Avg Calamos Growth & Income A CVTRX „ AL QQQQ 1.2 -6.0 10.9 1.9 6.1 83 37 42 7 5 2.0 13.47 (91) -Avg Calamos Market Neutral Income A CVSIX — NE QQQ 1.8 1.3 6.2 2.0 3.8 13 31 3 12 12 1.4 5.48 (91) +Avg

Caldwell & Orkin Market Opportunity COAGX — LO QQQ 5.9 6.0 -1.8 4.3 2.8 4 2 83 4 61 0.0 5.26 (0) Low Davis Appreciation & Income A RPFCX — AL [ QQ 1.9 -12.5 12.5 -1.2 5.3 70 96 13 54 19 1.8 17.53 (89) High Dodge & Cox Balanced DODBX Œ MA [ QQ 3.9 -5.1 11.6 -1.4 4.8 21 80 26 92 37 2.4 14.05 (97) High Fairholme Allocation FAAFX — MA NR 1.6 -4.7 — — — 89 76 — — — 0.0 — (—) Fairholme Focused Income FOCIX — CA NR 3.0 -3.1 — — — 46 87 — — — 8.4 — (—)

Fidelity Balanced FBALX ˇ MA QQQQ 4.3 0.1 12.5 1.1 6.3 13 16 12 38 5 2.0 10.77 (98) Avg Fidelity Puritan FPURX ´ MA QQQQ 5.4 -0.2 12.8 1.5 5.4 5 19 10 29 20 1.9 11.36 (98) Avg Fidelity Strategic Real Return FSRRX ´ CA QQQ 1.8 -1.3 11.1 3.1 — 80 66 20 36 — 3.8 7.71 (84) Avg FPA Crescent FPACX Œ MA QQQQQ 0.9 -2.1 10.4 3.3 7.7 95 42 52 5 1 1.1 9.74 (90) -Avg Franklin Income A FKINX ´ CA QQQ 1.7 -2.5 13.3 1.6 7.0 83 82 7 75 4 6.8 10.50 (86) High

Gateway A GATEX — LO QQQ 0.7 0.1 5.6 0.5 3.6 50 15 44 26 34 1.6 5.90 (91) -Avg Greenspring GRSPX — MA QQQQ 0.6 -2.9 7.0 2.2 6.2 97 51 96 15 6 3.5 8.45 (87) Low Hussman Strategic Growth HSGFX — LO QQ -4.9 -3.1 -2.7 -1.5 2.6 90 37 86 52 78 0.5 7.69 (55) Avg Hussman Strategic Total Return HSTRX — CA QQQ 0.8 3.0 4.8 7.1 — 94 8 96 1 — 0.7 3.83 (0) Low Invesco Van Kampen Equity and Income A ACEIX ´ MA QQQ 3.5 -3.5 11.3 0.6 5.0 37 58 32 55 32 1.9 13.00 (94) +Avg

Janus Balanced T JABAX — MA QQQQQ 4.4 -0.8 9.5 4.3 6.2 12 26 73 2 6 2.0 10.95 (96) Avg Leuthold Asset Allocation Retail LAALX ´ AL [ QQQ 0.9 -8.1 8.5 -0.4 — 87 66 92 35 — 3.2 12.68 (92) -Avg Mairs & Power Balanced Inv MAPOX — MA QQQQQ 5.9 2.6 14.1 3.3 6.4 2 4 3 5 4 2.8 10.55 (92) Avg Manning & Napier Pro-Blend Cnsrv Term S EXDAX Œ CA QQQQ 2.7 1.0 7.5 4.5 5.5 59 30 80 6 16 1.7 4.98 (87) -Avg Manning & Napier Pro-Blend Mod Term S EXBAX Œ CA QQQQ 2.7 -2.9 8.7 2.2 5.6 58 85 66 63 15 1.5 9.04 (97) +Avg

Merger MERFX — NE ] QQQQ 1.0 -0.5 3.7 2.1 3.5 30 46 19 10 24 0.5 2.65 (35) Low MFS Total Return A MSFRX ´ MA QQQ 3.0 -0.8 9.6 0.7 4.4 56 25 72 50 52 2.5 9.51 (97) -Avg Oakmark Equity & Income I OAKBX „ MA QQQQ 2.0 -3.5 8.9 3.1 6.8 83 59 83 6 3 1.3 11.42 (92) Avg Pax World Balanced Individual Inv PAXWX — AL [ QQQ 2.3 -6.4 8.8 -0.8 4.1 61 44 91 45 59 1.3 13.52 (96) -Avg

Domestic Equity

Russell 2000 Index 3.4 -8.9 16.5 -0.7 5.9Russell 2000 Value Index 3.3 -8.3 15.5 -2.4 5.8S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1BarCap US Agg Bond TR USD 2.3 7.1 7.1 6.7 5.7

Categories

AL Aggressive Allocation CA Conservative AllocationLO Long-ShortMA Moderate AllocationMR Miscellaneous Sector NE Market Neutral RI Retirement Income SC Communications

SF FinancialSH HealthSN Natural ResourcesSP Equity Precious MetalsSR Real EstateST TechnologySU UtilitiesTA Target-Date 2000-2010

TD Target Date 2011-2015TE Target Date 2016-2020TG Target Date 2021-2025TH Target Date 2026-2030TI Target Date 2031-2035TJ Target Date 2036-2040TK Target Date 2041-2045TL Target Date 2050+

Legend





Price/EarnRatio

Price/BookRatio



Total# ofHold-ings

Turn-over%


Charge %

Expense Ratio %

NAV ($)


Small Blend (cont’d) — 2.9 -9.2 15.8 -1.6 5.5 — — — — — — 21.7 (87) —

Vanguard Tax-Managed Small Cap Adm VTMSX Œ QQQQ 3.6 -4.3 18.7 0.9 7.0 34 10 13 17 24 0.9 20.62 (87) Avg

Small Value — 2.6 -8.0 16.2 -1.4 6.0 — — — — — — 21.3 (86) —

Allianz NFJ Small Cap Value D PNVDX „ QQQQQ -1.1 -7.2 15.4 1.6 8.9 94 38 71 7 3 1.5 16.48 (90) Low American Beacon Small Cp Val Inv AVPAX ˇ QQQ 1.6 -9.4 16.8 -1.3 6.9 69 61 38 57 44 0.0 22.48 (90) Avg American Century Small Cap Value Inv ASVIX — QQQQ 2.8 -8.1 16.0 1.3 7.1 44 48 55 11 39 0.8 20.23 (87) -Avg Ariel Discovery Investor ARDFX — NR 8.7 0.1 — — — 1 2 — — — 0.0 — (—) Diamond Hill Small Cap A DHSCX Œ QQQ 1.0 -11.7 12.1 -0.5 7.6 78 81 91 36 19 0.0 17.13 (88) Low

Fidelity Small Cap Value FCPVX „ QQQQ 5.0 -3.9 17.2 1.7 — 14 13 31 5 — 0.2 20.41 (83) Avg Perkins Small Cap Value T JSCVX Œ QQQQ 1.0 -7.9 13.0 3.0 7.0 76 47 89 2 43 0.2 16.32 (89) Low Queens Road Small Cap Value QRSVX — ] QQQQ -2.9 -9.7 11.3 0.9 — 99 66 96 15 — 0.4 14.98 (83) Low Royce Opportunity Invmt RYPNX ´ QQ 6.8 -11.5 19.8 -0.9 7.5 4 80 7 47 24 0.0 27.42 (86) High Schneider Small Cap Value SCMVX ´ Q 6.3 -16.5 14.2 -8.4 6.7 9 99 83 99 51 0.0 31.37 (82) High

Skyline Special Equities SKSEX — QQQ 2.3 -5.9 19.0 -0.8 6.2 57 25 11 44 63 0.0 22.96 (90) +Avg Vanguard Small Cap Value Index Admiral VSIAX ´ WWW 4.1 -6.8 17.0 -1.0 5.5 22 31 34 48 79 — — (—)

Allocation — 2.1 -3.3 7.5 -0.3 3.1 — — — — — — 10.2 (81) —

American Funds American Balanced A ABALX „ MA QQQ 4.0 1.6 12.5 1.9 5.2 19 8 12 19 26 2.1 10.68 (97) Avg American Funds Inc Fund of Amer A AMECX „ MA QQQ 1.5 -0.6 13.4 0.6 6.0 91 22 6 54 9 4.2 10.53 (93) Avg Berwyn Income BERIX „ CA QQQQQ 1.7 0.6 11.1 6.7 7.3 84 38 20 2 2 3.3 6.34 (82) -Avg Calamos Growth & Income A CVTRX „ AL QQQQ 1.2 -6.0 10.9 1.9 6.1 83 37 42 7 5 2.0 13.47 (91) -Avg Calamos Market Neutral Income A CVSIX — NE QQQ 1.8 1.3 6.2 2.0 3.8 13 31 3 12 12 1.4 5.48 (91) +Avg

Caldwell & Orkin Market Opportunity COAGX — LO QQQ 5.9 6.0 -1.8 4.3 2.8 4 2 83 4 61 0.0 5.26 (0) Low Davis Appreciation & Income A RPFCX — AL [ QQ 1.9 -12.5 12.5 -1.2 5.3 70 96 13 54 19 1.8 17.53 (89) High Dodge & Cox Balanced DODBX Œ MA [ QQ 3.9 -5.1 11.6 -1.4 4.8 21 80 26 92 37 2.4 14.05 (97) High Fairholme Allocation FAAFX — MA NR 1.6 -4.7 — — — 89 76 — — — 0.0 — (—) Fairholme Focused Income FOCIX — CA NR 3.0 -3.1 — — — 46 87 — — — 8.4 — (—)

Fidelity Balanced FBALX ˇ MA QQQQ 4.3 0.1 12.5 1.1 6.3 13 16 12 38 5 2.0 10.77 (98) Avg Fidelity Puritan FPURX ´ MA QQQQ 5.4 -0.2 12.8 1.5 5.4 5 19 10 29 20 1.9 11.36 (98) Avg Fidelity Strategic Real Return FSRRX ´ CA QQQ 1.8 -1.3 11.1 3.1 — 80 66 20 36 — 3.8 7.71 (84) Avg FPA Crescent FPACX Œ MA QQQQQ 0.9 -2.1 10.4 3.3 7.7 95 42 52 5 1 1.1 9.74 (90) -Avg Franklin Income A FKINX ´ CA QQQ 1.7 -2.5 13.3 1.6 7.0 83 82 7 75 4 6.8 10.50 (86) High

Gateway A GATEX — LO QQQ 0.7 0.1 5.6 0.5 3.6 50 15 44 26 34 1.6 5.90 (91) -Avg Greenspring GRSPX — MA QQQQ 0.6 -2.9 7.0 2.2 6.2 97 51 96 15 6 3.5 8.45 (87) Low Hussman Strategic Growth HSGFX — LO QQ -4.9 -3.1 -2.7 -1.5 2.6 90 37 86 52 78 0.5 7.69 (55) Avg Hussman Strategic Total Return HSTRX — CA QQQ 0.8 3.0 4.8 7.1 — 94 8 96 1 — 0.7 3.83 (0) Low Invesco Van Kampen Equity and Income A ACEIX ´ MA QQQ 3.5 -3.5 11.3 0.6 5.0 37 58 32 55 32 1.9 13.00 (94) +Avg

Janus Balanced T JABAX — MA QQQQQ 4.4 -0.8 9.5 4.3 6.2 12 26 73 2 6 2.0 10.95 (96) Avg Leuthold Asset Allocation Retail LAALX ´ AL [ QQQ 0.9 -8.1 8.5 -0.4 — 87 66 92 35 — 3.2 12.68 (92) -Avg Mairs & Power Balanced Inv MAPOX — MA QQQQQ 5.9 2.6 14.1 3.3 6.4 2 4 3 5 4 2.8 10.55 (92) Avg Manning & Napier Pro-Blend Cnsrv Term S EXDAX Œ CA QQQQ 2.7 1.0 7.5 4.5 5.5 59 30 80 6 16 1.7 4.98 (87) -Avg Manning & Napier Pro-Blend Mod Term S EXBAX Œ CA QQQQ 2.7 -2.9 8.7 2.2 5.6 58 85 66 63 15 1.5 9.04 (97) +Avg

Merger MERFX — NE ] QQQQ 1.0 -0.5 3.7 2.1 3.5 30 46 19 10 24 0.5 2.65 (35) Low MFS Total Return A MSFRX ´ MA QQQ 3.0 -0.8 9.6 0.7 4.4 56 25 72 50 52 2.5 9.51 (97) -Avg Oakmark Equity & Income I OAKBX „ MA QQQQ 2.0 -3.5 8.9 3.1 6.8 83 59 83 6 3 1.3 11.42 (92) Avg Pax World Balanced Individual Inv PAXWX — AL [ QQQ 2.3 -6.4 8.8 -0.8 4.1 61 44 91 45 59 1.3 13.52 (96) -Avg

— 14.0 1.6 1,310 p 20 a 15 t 15 — 62 4 94 1 -1 4 — 1.30 — 663 —

VTMSX 6 16.1 1.7 1,186 a 18 p 18 t 15 605 40 0 100 0 0 0 NL 0.12 28.24 2,095 Michael Buek (13.2)

— 13.1 1.3 1,232 y 20 p 20 t 14 — 71 5 95 0 0 3 — 1.41 — 676 —

PNVDX 3 13.1 1.6 2,308 p 18 r 16 o 15 134 26 5 94 0 1 4 Clsd 1.18 28.23 6,534 Management TeamAVPAX 3 13.0 1.3 1,489 y 25 p 19 t 15 543 59 5 95 0 0 5 NL 1.17 18.85 3,019 Management TeamASVIX 3 14.8 1.4 1,186 y 23 p 19 a 12 356 120 2 97 0 1 1 Clsd 1.24 7.96 1,699 Giele/John (13.9/0.1)ARDFX 6 14.8 1.1 374 a 26 t 25 p 21 36 18 3 97 0 0 0 NL 1.50 9.79 5 Maley/Kuhrt (1.3/1.3)DHSCX 3 11.7 1.2 1,927 p 25 y 25 o 13 67 28 11 89 0 0 1 5.00 1.33 23.27 702 Management Team

FCPVX 3 13.4 1.2 1,368 y 26 p 16 t 15 67 22 0 98 0 1 3 NL 1.13 14.68 2,557 Charles Myers (4.0)JSCVX 3 15.7 1.4 1,637 y 27 d 14 p 11 94 64 16 84 0 0 2 Clsd 1.10 20.57 2,909 Management TeamQRSVX 3 12.7 1.2 969 p 22 a 21 t 16 62 38 24 75 0 1 0 NL 1.24 17.40 64 Steve Scruggs (10.0)RYPNX 3 15.2 1.3 630 a 26 t 25 p 17 302 35 6 94 0 0 3 NL 1.16 11.02 1,612 Zaino/Hench (14.2/8.1)SCMVX 3 10.4 1.0 800 y 34 t 16 p 13 68 59 2 96 0 1 8 NL 1.15 14.62 56 Arnold Schneider III (13.8)

SKSEX 6 12.9 1.3 1,104 p 27 y 18 t 18 76 45 3 97 0 0 3 NL 1.32 22.49 181 Management TeamVSIAX 3 14.2 1.4 1,439 y 22 p 15 u 15 1,008 30 0 100 0 0 1 NL 0.10 28.06 4,579 Michael Buek (14.1)

— 12.9 1.8 21,999 a 15 y 14 p 13 149 19 47 25 7 19 — 1.43 — 1,299 —

ABALX 4 13.4 2.1 68,875 y 17 p 15 a 14 736 47 2 71 27 1 9 5.75 0.62 18.85 53,796 Management TeamAMECX 1 14.2 2.1 37,943 p 14 d 12 o 12 1,479 38 5 63 26 6 21 5.75 0.58 16.85 72,043 Management TeamBERIX 2 12.7 1.6 7,653 p 25 a 18 y 12 90 71 20 27 28 26 2 NL 0.65 12.99 1,492 Management TeamCVTRX 7 15.0 2.7 48,338 a 37 d 11 o 11 108 55 3 45 14 37 16 Clsd 1.08 30.94 4,618 Management TeamCVSIX 4 13.6 2.4 93,414 a 24 d 14 o 13 260 98 6 36 18 40 10 Clsd 1.14 12.29 2,419 Management Team

COAGX 4 14.8 1.8 14,267 f 37 a 21 t 18 89 493 66 33 0 1 3 NL 1.19 20.58 242 Michael B. Orkin (19.8)RPFCX 4 14.9 1.5 12,847 o 18 p 17 t 17 49 20 0 58 8 34 7 4.75 0.93 25.94 335 Davis/Sabol (19.4/6.8)DODBX 1 12.5 1.4 46,825 y 22 a 19 d 19 332 19 4 74 21 1 13 NL 0.53 69.70 11,808 Management TeamFAAFX 2 12.4 0.4 7,458 y 79 t 14 p 7 18 42 11 79 10 0 11 NL 0.75 8.74 244 Bruce Berkowitz (1.4)FOCIX 0 — — — — — — — — — — 92 12 2 86 1 2 NL 0.67 9.98 276 Bruce Berkowitz (2.4)

FBALX 7 13.8 2.0 39,534 a 22 y 13 s 11 1,303 193 3 64 31 3 12 NL 0.60 18.90 19,851 Management TeamFPURX 7 14.0 2.2 38,653 a 22 t 14 s 12 1,291 154 2 69 29 0 12 NL 0.59 18.57 18,792 Management TeamFSRRX 5 38.7 2.0 6,753 u 95 d 3 t 1 364 35 2 13 34 51 2 NL 0.71 9.28 2,380 Management TeamFPACX 4 12.5 1.6 34,779 s 26 d 18 o 13 94 32 34 55 4 7 17 NL 1.18 27.03 8,944 Steven Romick (19.0)FKINX 1 11.7 1.5 56,607 f 28 y 16 d 16 439 36 4 37 49 11 19 4.25 0.63 2.08 63,845 Johnson/Perks (55.3/10.1)

GATEX 4 13.5 2.1 58,063 a 20 p 13 y 13 257 3 3 101 0 -4 1 5.75 0.94 26.47 5,648 Management TeamGRSPX 2 12.5 1.2 2,959 a 30 y 24 p 22 84 58 7 47 28 18 2 NL 0.91 22.84 713 Charles vK. Carlson (25.4)HSGFX 4 13.4 2.4 26,222 d 38 a 17 t 16 124 67 32 64 0 3 6 NL 1.03 11.82 5,285 John Hussman (11.9)HSTRX 7 13.8 2.1 19,315 r 85 f 12 o 3 43 254 45 20 35 0 13 NL 0.64 12.38 2,651 John Hussman (9.7)ACEIX 1 12.9 1.7 48,720 y 23 s 13 d 12 412 22 6 64 19 11 8 5.50 0.81 8.57 9,890 Management Team

JABAX 7 14.6 2.5 35,943 t 21 y 15 a 15 336 94 3 61 36 0 10 NL 0.83 25.43 8,693 Pinto/Smith (7.1/7.1)LAALX 4 12.1 1.8 14,684 a 17 d 16 p 11 239 106 6 71 19 4 23 NL 1.32 9.89 738 Management TeamMAPOX 4 13.4 2.2 26,942 p 28 y 17 d 14 193 9 6 62 32 0 2 NL 0.79 65.36 206 Frels/Kaliebe (19.9/6.4)EXDAX 7 16.3 2.0 19,843 a 23 t 13 s 11 736 25 9 23 68 0 15 NL 0.89 13.10 1,149 Management TeamEXBAX 7 16.1 2.0 19,552 a 23 t 13 s 11 678 52 4 44 51 0 21 NL 1.07 12.60 1,113 Management Team

MERFX 7 16.1 2.3 12,458 p 20 o 17 i 17 118 48 44 57 1 -2 9 NL 1.33 15.74 4,807 Behren/Shannon (5.4/5.4)MSFRX 1 12.4 1.8 51,239 y 23 p 16 s 15 643 24 3 60 36 1 10 5.75 0.79 14.30 5,657 Management TeamOAKBX 4 14.7 2.3 19,008 d 22 p 20 s 19 117 47 15 70 13 1 12 Clsd 0.77 27.58 18,164 Clyde McGregor (16.6)PAXWX 7 13.2 2.3 25,568 a 26 o 19 p 15 324 38 1 70 29 0 16 NL 0.95 22.16 1,899 Christopher Brown (14.2)

Russell 2000 Index 3.4 -8.9 16.5 -0.7 5.9Russell 2000 Value Index 3.3 -8.3 15.5 -2.4 5.8S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1BarCap US Agg Bond TR USD 2.3 7.1 7.1 6.7 5.7



Sectors

h Cyclical

r Basic Materials

t Consumer Cyclical


u Real Estate

j Sensitive

i Communication Svs

o Energy

p Industrials

a Technology

k Defensive

s Consumer Def

d Healthcare

f Utilities

36




Yield %



vs. Category5Best




Allocation (cont’d) — 2.1 -3.3 7.5 -0.3 3.1 — — — — — — 10.2 (81) —Permanent Portfolio PRPFX ˇ CA QQQQQ 0.2 -4.2 10.9 7.2 10.2 97 93 23 1 1 0.9 11.17 (66) High T. Rowe Price Balanced RPBAX — MA QQQQ 3.5 -1.8 11.5 1.6 5.5 35 38 28 26 15 2.2 12.02 (99) +Avg

T. Rowe Price Capital Appreciation PRWCX Œ MA QQQQQ 5.1 1.2 13.7 3.0 7.6 6 10 4 6 1 1.5 11.35 (93) Avg T. Rowe Price Personal Strat Growth TRSGX „ AL QQQQ 4.0 -4.9 13.0 -0.1 5.7 12 25 7 26 9 1.5 16.25 (98) +Avg T. Rowe Price Personal Strat Income PRSIX „ CA QQQQ 3.3 -0.9 10.3 3.4 6.0 27 61 34 30 10 2.5 9.59 (99) +Avg T. Rowe Price Retirement 2015 TRRGX Œ TD QQQQ 3.5 -2.8 11.9 1.3 — 25 58 4 26 — 2.1 12.43 (99) High Vanguard Balanced Index Adm VBIAX Œ MA QQQQ 4.2 2.3 12.6 2.9 5.6 16 5 11 7 13 2.2 9.70 (97) -Avg

Vanguard LifeStrategy Income Inv VASIX Œ CA QQQQ 2.5 2.5 8.2 3.8 5.0 63 10 73 19 35 2.5 3.95 (79) Low Vanguard STAR Inv VGSTX „ MA QQQQ 3.4 -1.8 11.1 1.7 5.6 41 38 37 24 12 2.5 11.40 (99) Avg Vanguard Target Retirement 2025 Inv VTTVX Œ TG QQQQ 2.9 -3.5 11.5 0.3 — 58 24 21 19 — 2.3 12.81 (99) Avg Vanguard Tax-Managed Balanced Adm VTMFX Œ CA QQQQ 4.3 3.9 10.6 3.2 5.2 8 3 26 34 25 2.4 8.04 (93) Avg Vanguard Wellesley Income Inv VWINX Œ CA QQQQQ 3.1 6.5 12.9 5.8 6.6 41 2 8 2 7 3.5 5.85 (75) -Avg

Vanguard Wellington Inv VWELX Œ MA QQQQQ 3.2 0.6 11.6 2.7 6.3 49 13 26 9 5 3.0 10.43 (96) -Avg

U.S. Specialty Funds

Allianz RCM Technology Instl DRGTX „ ST QQQQ 5.0 -15.2 17.0 3.8 9.0 80 84 32 35 11 0.0 19.42 (78) -Avg BlackRock Energy & Resources Inv A SSGRX ´ EE QQQ -18.1 -35.3 3.4 -4.2 13.0 96 90 63 59 4 2.2 34.25 (64) +Avg CGM Realty CGMRX — SR QQQQ 6.9 -4.1 26.9 3.1 17.1 99 99 74 5 1 0.9 24.75 (76) High Davis Financial A RPFGX Œ SF ] QQQQ 7.1 -5.8 10.7 -5.1 2.8 43 20 10 28 22 1.6 16.62 (94) -Avg Fidelity Real Estate Investment FRESX — SR QQQ 9.3 4.0 31.8 -0.7 10.0 13 21 6 47 40 0.8 22.80 (67) +Avg

Fidelity Select Energy FSENX — EE QQQ -9.0 -23.8 5.5 -3.6 9.2 42 53 17 44 41 0.8 27.47 (74) Avg Fidelity Select Health Care FSPHX — SH QQQ 8.1 -0.1 19.4 4.4 6.6 40 35 29 36 47 0.0 14.32 (75) Avg Fidelity Select Technology FSPTX — ST QQQ 9.2 -7.2 20.8 5.0 7.2 16 45 7 13 33 0.0 21.97 (85) +Avg Franklin Utilities A FKUTX Œ SU QQQQ 2.6 11.2 16.5 2.9 8.7 14 2 9 3 34 3.3 9.72 (35) Low Harbor Commodity Real Return ST Instl HACMX Œ BB ] QQQQQ -4.8 -18.1 8.3 — — 17 25 13 — — 1.5 18.68 (94) Avg

Hartford Healthcare A HGHAX — SH QQQ 10.3 -0.9 15.8 2.2 6.7 33 44 53 71 45 0.0 15.48 (65) Avg Janus Global Life Sciences T JAGLX — SH QQQ 11.1 3.0 16.6 4.6 6.1 24 25 43 35 56 0.0 13.95 (76) Avg JPMorgan US Real Estate A SUSIX „ SR QQ 8.4 1.6 28.2 -1.9 9.6 50 76 43 78 47 1.9 20.91 (67) Avg Oppenheimer Gold & Special Minerals A OPGSX „ SP QQQ -17.5 -35.4 5.1 4.0 13.7 77 81 3 61 22 2.1 31.86 (23) +Avg PIMCO Commodity Real Ret Strat D PCRDX „ BB QQQQQ -5.0 -18.4 8.8 -0.1 — 23 41 11 7 — 28.2 18.98 (93) Avg

T. Rowe Price Financial Services PRISX — SF QQQ 8.7 -8.7 8.4 -7.7 1.7 33 41 31 45 37 1.0 21.84 (86) Avg T. Rowe Price Global Technology PRGTX — ST [ QQQQ 8.4 -5.5 20.4 6.6 9.6 26 30 9 5 6 0.0 22.81 (87) +Avg T. Rowe Price Health Sciences PRHSX Œ SH QQQQQ 15.7 6.2 24.0 8.4 10.9 20 19 1 12 11 0.0 16.35 (70) Avg T. Rowe Price Media & Telecommunications PRMTX „ SC QQQQQ 9.8 -1.0 23.9 5.3 15.1 7 5 3 1 1 0.5 18.99 (89) Avg T. Rowe Price New Era PRNEX ˇ SN QQQ -8.9 -26.3 3.4 -4.0 8.2 46 63 54 59 62 1.0 25.31 (81) Avg

T. Rowe Price Real Estate TRREX Œ SR QQQ 9.8 3.2 29.1 -0.7 10.7 10 40 22 48 25 2.1 21.86 (66) +Avg T. Rowe Price Science & Tech PRSCX — ST QQQ 0.7 -13.5 14.3 2.2 4.9 96 82 60 62 69 0.0 21.96 (85) +Avg Third Avenue Real Estate Value Instl TAREX Œ GR QQQ 11.8 -8.1 12.6 -5.7 7.4 4 46 74 38 72 0.0 19.40 (88) -Avg Vanguard Energy Inv VGENX Œ EE QQQQQ -9.7 -21.0 4.2 -1.2 12.0 66 37 47 8 19 2.0 24.23 (79) -Avg Vanguard Health Care Inv VGHCX Œ SH [ QQQ 3.7 -0.2 14.0 3.0 7.1 86 36 69 59 41 1.6 10.95 (69) Low

Vanguard Precious Metals and Mining Inv VGPMX Œ SP QQQ -17.3 -36.4 4.6 -5.1 10.7 75 93 11 95 71 2.2 31.31 (60) +Avg Vanguard REIT Index Adm VGSLX „ SR QQQ 8.7 3.5 29.2 0.1 10.1 25 30 19 22 36 3.4 21.06 (70) Avg

Domestic Equity

BB Commodities Broad BasketCA Conservative AllocationEE Equity EnergyGR Global Real EstateLO Long-ShortMA Moderate AllocationSC CommunicationsSF Financial

SH HealthSN Natural ResourcesSP Equity Precious MetalsSR Real EstateST TechnologySU UtilitiesTA Target-Date 2000-2010TD Target Date 2011-2015

TE Target Date 2016-2020TG Target Date 2021-2025TH Target Date 2026-2030 TI Target Date 2031-2035TJ Target Date 2036-2040TK Target Date 2041-2045TL Target Date 2050+RI Retirement Income

Categories

S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1BarCap US Agg Bond TR USD 2.3 7.1 7.1 6.7 5.7Dow Jones Moderate Portfolio Index 2.3 -2.7 10.7 2.0 6.5S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1

Legend





Price/EarnRatio

Price/BookRatio



Total# ofHold-ings

Turn-over%


Charge %

Expense Ratio %

NAV ($)


Allocation (cont’d) — 2.1 -3.3 7.5 -0.3 3.1 — — — — — — 10.2 (81) —Permanent Portfolio PRPFX ˇ CA QQQQQ 0.2 -4.2 10.9 7.2 10.2 97 93 23 1 1 0.9 11.17 (66) High T. Rowe Price Balanced RPBAX — MA QQQQ 3.5 -1.8 11.5 1.6 5.5 35 38 28 26 15 2.2 12.02 (99) +Avg

T. Rowe Price Capital Appreciation PRWCX Œ MA QQQQQ 5.1 1.2 13.7 3.0 7.6 6 10 4 6 1 1.5 11.35 (93) Avg T. Rowe Price Personal Strat Growth TRSGX „ AL QQQQ 4.0 -4.9 13.0 -0.1 5.7 12 25 7 26 9 1.5 16.25 (98) +Avg T. Rowe Price Personal Strat Income PRSIX „ CA QQQQ 3.3 -0.9 10.3 3.4 6.0 27 61 34 30 10 2.5 9.59 (99) +Avg T. Rowe Price Retirement 2015 TRRGX Œ TD QQQQ 3.5 -2.8 11.9 1.3 — 25 58 4 26 — 2.1 12.43 (99) High Vanguard Balanced Index Adm VBIAX Œ MA QQQQ 4.2 2.3 12.6 2.9 5.6 16 5 11 7 13 2.2 9.70 (97) -Avg

Vanguard LifeStrategy Income Inv VASIX Œ CA QQQQ 2.5 2.5 8.2 3.8 5.0 63 10 73 19 35 2.5 3.95 (79) Low Vanguard STAR Inv VGSTX „ MA QQQQ 3.4 -1.8 11.1 1.7 5.6 41 38 37 24 12 2.5 11.40 (99) Avg Vanguard Target Retirement 2025 Inv VTTVX Œ TG QQQQ 2.9 -3.5 11.5 0.3 — 58 24 21 19 — 2.3 12.81 (99) Avg Vanguard Tax-Managed Balanced Adm VTMFX Œ CA QQQQ 4.3 3.9 10.6 3.2 5.2 8 3 26 34 25 2.4 8.04 (93) Avg Vanguard Wellesley Income Inv VWINX Œ CA QQQQQ 3.1 6.5 12.9 5.8 6.6 41 2 8 2 7 3.5 5.85 (75) -Avg

Vanguard Wellington Inv VWELX Œ MA QQQQQ 3.2 0.6 11.6 2.7 6.3 49 13 26 9 5 3.0 10.43 (96) -Avg

U.S. Specialty Funds

Allianz RCM Technology Instl DRGTX „ ST QQQQ 5.0 -15.2 17.0 3.8 9.0 80 84 32 35 11 0.0 19.42 (78) -Avg BlackRock Energy & Resources Inv A SSGRX ´ EE QQQ -18.1 -35.3 3.4 -4.2 13.0 96 90 63 59 4 2.2 34.25 (64) +Avg CGM Realty CGMRX — SR QQQQ 6.9 -4.1 26.9 3.1 17.1 99 99 74 5 1 0.9 24.75 (76) High Davis Financial A RPFGX Œ SF ] QQQQ 7.1 -5.8 10.7 -5.1 2.8 43 20 10 28 22 1.6 16.62 (94) -Avg Fidelity Real Estate Investment FRESX — SR QQQ 9.3 4.0 31.8 -0.7 10.0 13 21 6 47 40 0.8 22.80 (67) +Avg

Fidelity Select Energy FSENX — EE QQQ -9.0 -23.8 5.5 -3.6 9.2 42 53 17 44 41 0.8 27.47 (74) Avg Fidelity Select Health Care FSPHX — SH QQQ 8.1 -0.1 19.4 4.4 6.6 40 35 29 36 47 0.0 14.32 (75) Avg Fidelity Select Technology FSPTX — ST QQQ 9.2 -7.2 20.8 5.0 7.2 16 45 7 13 33 0.0 21.97 (85) +Avg Franklin Utilities A FKUTX Œ SU QQQQ 2.6 11.2 16.5 2.9 8.7 14 2 9 3 34 3.3 9.72 (35) Low Harbor Commodity Real Return ST Instl HACMX Œ BB ] QQQQQ -4.8 -18.1 8.3 — — 17 25 13 — — 1.5 18.68 (94) Avg

Hartford Healthcare A HGHAX — SH QQQ 10.3 -0.9 15.8 2.2 6.7 33 44 53 71 45 0.0 15.48 (65) Avg Janus Global Life Sciences T JAGLX — SH QQQ 11.1 3.0 16.6 4.6 6.1 24 25 43 35 56 0.0 13.95 (76) Avg JPMorgan US Real Estate A SUSIX „ SR QQ 8.4 1.6 28.2 -1.9 9.6 50 76 43 78 47 1.9 20.91 (67) Avg Oppenheimer Gold & Special Minerals A OPGSX „ SP QQQ -17.5 -35.4 5.1 4.0 13.7 77 81 3 61 22 2.1 31.86 (23) +Avg PIMCO Commodity Real Ret Strat D PCRDX „ BB QQQQQ -5.0 -18.4 8.8 -0.1 — 23 41 11 7 — 28.2 18.98 (93) Avg

T. Rowe Price Financial Services PRISX — SF QQQ 8.7 -8.7 8.4 -7.7 1.7 33 41 31 45 37 1.0 21.84 (86) Avg T. Rowe Price Global Technology PRGTX — ST [ QQQQ 8.4 -5.5 20.4 6.6 9.6 26 30 9 5 6 0.0 22.81 (87) +Avg T. Rowe Price Health Sciences PRHSX Œ SH QQQQQ 15.7 6.2 24.0 8.4 10.9 20 19 1 12 11 0.0 16.35 (70) Avg T. Rowe Price Media & Telecommunications PRMTX „ SC QQQQQ 9.8 -1.0 23.9 5.3 15.1 7 5 3 1 1 0.5 18.99 (89) Avg T. Rowe Price New Era PRNEX ˇ SN QQQ -8.9 -26.3 3.4 -4.0 8.2 46 63 54 59 62 1.0 25.31 (81) Avg

T. Rowe Price Real Estate TRREX Œ SR QQQ 9.8 3.2 29.1 -0.7 10.7 10 40 22 48 25 2.1 21.86 (66) +Avg T. Rowe Price Science & Tech PRSCX — ST QQQ 0.7 -13.5 14.3 2.2 4.9 96 82 60 62 69 0.0 21.96 (85) +Avg Third Avenue Real Estate Value Instl TAREX Œ GR QQQ 11.8 -8.1 12.6 -5.7 7.4 4 46 74 38 72 0.0 19.40 (88) -Avg Vanguard Energy Inv VGENX Œ EE QQQQQ -9.7 -21.0 4.2 -1.2 12.0 66 37 47 8 19 2.0 24.23 (79) -Avg Vanguard Health Care Inv VGHCX Œ SH [ QQQ 3.7 -0.2 14.0 3.0 7.1 86 36 69 59 41 1.6 10.95 (69) Low

Vanguard Precious Metals and Mining Inv VGPMX Œ SP QQQ -17.3 -36.4 4.6 -5.1 10.7 75 93 11 95 71 2.2 31.31 (60) +Avg Vanguard REIT Index Adm VGSLX „ SR QQQ 8.7 3.5 29.2 0.1 10.1 25 30 19 22 36 3.4 21.06 (70) Avg

— 12.9 1.8 21,999 a 15 y 14 p 13 149 19 47 25 7 19 — 1.43 — 1,299 —PRPFX 4 13.8 1.9 18,366 u 22 o 18 r 18 162 9 21 31 22 25 7 NL 0.71 46.16 16,920 Michael Cuggino (9.1)RPBAX 4 13.2 1.8 37,038 y 16 a 15 t 14 1,326 58 3 64 32 1 23 NL 0.63 19.52 3,286 Charles Shriver (1.1)

PRWCX 4 13.8 2.2 36,902 d 19 p 17 a 14 215 81 19 60 16 5 7 NL 0.71 21.67 12,674 David Giroux (5.9)TRSGX 7 13.2 1.9 28,801 y 17 a 16 t 15 1,273 49 2 84 13 1 30 NL 0.77 22.99 1,156 Charles Shriver (1.1)PRSIX 7 13.2 1.9 28,658 y 17 a 16 t 15 1,374 56 15 44 39 1 27 NL 0.51 16.21 1,026 Charles Shriver (1.1)TRRGX 7 13.1 1.9 26,566 a 16 y 14 p 13 19 15 5 63 31 1 26 NL 0.65 11.98 6,902 Jerome Clark (8.3)VBIAX 4 14.1 2.0 31,164 a 19 y 13 p 12 9,054 67 3 59 37 1 3 NL 0.10 22.58 15,874 Davis/Perre (7.1/11.4)

VASIX 4 11.8 1.7 23,997 a 14 y 14 p 12 4 43 5 20 74 1 13 NL 0.13 14.42 2,589 Management TeamVGSTX 7 12.2 1.8 29,033 a 20 y 14 d 14 12 24 3 60 36 1 26 NL 0.34 19.36 13,994 Duane Kelly (2.9)VTTVX 4 11.8 1.7 24,044 a 14 y 14 p 12 4 23 2 71 26 1 23 NL 0.18 12.63 17,625 Duane Kelly (8.6)VTMFX 4 14.2 2.0 36,721 a 18 y 13 p 12 1,388 12 2 48 50 0 0 NL 0.12 21.32 892 Kobs/Perre (3.9/12.4)VWINX 1 12.9 2.2 62,199 s 19 p 14 d 13 1,077 48 2 35 60 3 14 NL 0.25 23.46 29,255 Keogh/Reckmeyer III (3.9/4.4)

VWELX 1 12.6 1.8 73,177 y 17 d 15 a 14 968 38 1 64 33 2 13 NL 0.27 32.12 59,270 Bousa/Keogh (11.4/8.4)

DRGTX 7 15.6 3.0 47,239 a 84 t 7 y 5 111 171 11 89 0 0 10 NL 1.25 46.33 927 Chen/Price, Jr. (16.5/16.5)SSGRX 8 17.1 1.3 2,921 o 77 r 22 p 1 155 111 0 98 0 2 30 5.25 1.27 26.40 901 Rice, III/Walsh, III (6.4/6.4)CGMRX 8 34.9 2.2 8,292 u 96 r 4 — — 21 69 0 100 0 0 0 NL 0.88 28.60 1,506 G. Heebner (18.1)RPFGX 4 13.1 1.3 25,618 y 87 u 5 s 3 27 12 10 90 0 0 19 4.75 0.91 28.24 483 Kenneth Feinberg (15.1)FRESX 5 46.5 2.3 10,390 u 100 — — — — 48 25 1 99 0 0 0 NL 0.85 30.13 3,385 Steve Buller (14.4)

FSENX 1 10.4 1.5 27,351 o 95 r 4 p 1 77 90 0 100 0 0 17 NL 0.82 44.84 1,856 John Dowd (5.9)FSPHX 7 15.5 2.3 9,972 d 88 a 6 s 3 102 130 1 99 0 0 16 NL 0.80 128.70 2,140 Edward Yoon (3.7)FSPTX 7 18.3 3.0 24,155 a 89 p 4 t 2 292 196 8 92 0 0 14 NL 0.81 94.46 2,153 Charlie Chai (5.4)FKUTX 1 14.6 1.5 12,725 f 89 o 7 i 3 57 5 1 97 2 0 6 4.25 0.76 13.60 4,037 Kohli/Schmicker (13.4/2.4)HACMX 0 — — — — — — — — — — 581 13 0 73 14 14 NL 0.94 6.56 318 Mihir Worah (3.8)

HGHAX 7 14.5 2.2 10,536 d 95 s 3 a 2 89 44 2 95 0 3 20 5.50 1.49 18.65 398 Management TeamJAGLX 8 15.9 2.9 10,001 d 98 a 1 s 1 74 54 1 99 0 1 18 NL 0.97 27.66 772 Andrew Acker (5.1)SUSIX 5 40.9 2.1 11,532 u 98 t 2 — — 30 67 1 99 0 0 1 5.25 1.17 17.43 1,366 Management TeamOPGSX 8 7.0 1.5 4,847 r 100 — — — — 67 37 0 99 0 1 86 5.75 1.07 28.63 2,440 Shanquan Li (14.9)PCRDX 0 — — — — — — — — — — 177 -32 0 131 1 38 NL 1.24 6.06 19,297 Mihir Worah (4.4)

PRISX 1 12.6 1.2 12,283 y 91 t 4 u 2 78 40 3 92 0 5 3 NL 0.98 12.90 316 Eric Veiel (1.6)PRGTX 7 19.7 2.6 15,200 a 89 t 5 p 3 120 110 2 95 0 3 27 NL 0.98 9.70 690 Joshua Spencer (0.0)PRHSX 8 19.1 3.1 6,869 d 90 a 6 p 1 213 23 6 94 0 1 18 NL 0.82 37.73 4,154 Kris Jenner (12.4)PRMTX 7 19.1 2.5 36,881 i 42 a 34 t 22 59 41 5 93 0 2 18 NL 0.83 51.51 2,241 Daniel Martino (2.7)PRNEX 4 9.9 1.7 16,146 o 59 r 25 p 9 105 26 2 98 0 0 35 NL 0.67 38.32 4,703 Timothy Parker (1.9)

TRREX 5 49.1 2.4 8,662 u 96 t 4 — — 39 5 7 92 0 1 0 NL 0.78 20.05 3,589 David Lee (14.6)PRSCX 7 19.0 2.2 19,795 a 86 t 9 i 2 73 77 4 93 0 3 15 NL 0.90 25.78 3,050 Kennard Allen (3.4)TAREX 2 15.9 0.8 5,598 u 85 t 15 — — 52 32 7 92 1 0 62 NL 1.15 22.70 1,522 Winer/Wolf (13.7/1.7)VGENX 4 10.8 1.5 43,538 o 95 r 4 p 1 146 24 4 96 0 0 43 NL 0.34 53.26 10,892 Management TeamVGHCX 4 13.5 2.1 27,729 d 95 a 2 s 2 88 8 5 93 0 2 20 NL 0.35 133.34 21,474 Hynes/Owens (4.0/28.1)

VGPMX 8 11.1 1.2 3,101 r 96 p 4 — — 49 22 1 98 0 1 88 NL 0.29 15.55 3,105 French/Vaight (16.0/4.4)VGSLX 5 42.6 2.1 7,763 u 100 — — — — 115 10 1 99 0 0 0 NL 0.10 88.61 23,987 Gerard O’Reilly (16.1)

S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1BarCap US Agg Bond TR USD 2.3 7.1 7.1 6.7 5.7Dow Jones Moderate Portfolio Index 2.3 -2.7 10.7 2.0 6.5S&P 500 Index 5.2 -0.4 14.9 -0.9 4.1 14.3 1.9 40,421.1



Sectors

h Cyclical

r Basic Materials

t Consumer Cyclical


u Real Estate

j Sensitive

i Communication Svs

o Energy

p Industrials

a Technology

k Defensive

s Consumer Def

d Healthcare

f Utilities

38




Yield %



vs. Category5Best




Foreign Stock — 0.0 -19.0 6.8 -5.9 5.8 — — — — — — 20.3 (92) —

American Beacon Intl Equity Inv AAIPX ´ FV QQQ -3.5 -22.3 3.1 -7.1 4.0 40 51 36 27 36 3.6 21.64 (98) Avg American Century Intl Discovery Inv TWEGX ˇ FR QQ -1.4 -22.6 6.8 -7.3 7.1 95 91 98 89 65 0.0 24.34 (87) High American Funds EuroPacific Gr A AEPGX Œ FB QQQQ 0.3 -18.3 4.9 -3.2 6.4 19 28 33 9 8 1.7 19.84 (96) -Avg

American Funds Intl Gr And Inc A IGAAX Œ FB ] QQQQ -2.4 -16.4 6.0 — — 63 11 17 — — 3.5 17.69 (96) Low Artio International Equity A BJBIX „ FB QQQ -0.1 -25.7 -0.7 -9.7 4.5 27 96 97 90 28 1.8 20.80 (91) Avg Artio International Equity II A JETAX „ FB QQ -0.4 -24.6 -0.4 -8.3 — 34 93 96 79 — 1.6 20.78 (91) Avg Artisan International Inv ARTIX „ FB QQQQ 4.9 -9.9 8.6 -3.6 4.8 1 1 5 13 24 1.4 21.83 (91) High Artisan International Small Cap Investor ARTJX Œ FR QQQQ 8.8 -13.5 11.2 -2.0 12.1 6 32 55 24 10 0.4 20.31 (83) Avg

Artisan International Value Investor ARTKX Œ FB QQQQQ 0.0 -12.9 10.8 -0.7 — 27 3 2 1 — 0.1 17.56 (95) Low Causeway International Value Inv CIVVX Œ FV ] QQQQ -0.1 -19.6 6.4 -5.7 5.0 7 16 9 9 19 3.3 22.76 (96) High Columbia Acorn International Z ACINX „ FR QQQQ 4.3 -14.6 11.6 -1.4 10.2 42 34 51 11 18 2.9 18.76 (90) -Avg Dodge & Cox International Stock DODFX Œ FB [ QQQ -2.8 -22.4 5.3 -6.1 6.5 73 85 26 40 7 2.7 21.99 (97) +Avg Fidelity Diversified International FDIVX ˇ FB QQQ 0.5 -17.6 4.3 -6.5 5.2 16 22 42 46 19 1.9 20.30 (96) Avg

Fidelity International Discovery FIGRX — FB QQQQ 0.3 -18.5 4.5 -6.1 5.4 21 31 38 40 17 1.5 20.93 (96) +Avg Fidelity International Small Cap FISMX — FR QQQ 1.9 -18.8 9.8 -3.7 — 72 73 70 52 — 1.0 19.76 (92) Avg Fidelity Spartan International Index Inv FSIIX „ FB QQQ -3.3 -20.4 3.3 -7.2 4.1 82 52 59 63 41 3.5 20.49 (99) Avg First Eagle Overseas A SGOVX „ FQ QQQQ -0.7 -9.7 8.8 1.3 10.5 75 9 49 3 20 1.9 12.32 (88) Low Harbor International Growth Inv HIIGX ´ FG QQ 0.8 -16.5 3.7 -5.5 2.9 39 46 90 73 92 0.0 20.72 (91) Avg

Harbor International Instl HAINX Œ FB [ QQQQ 1.4 -16.8 8.2 -2.8 8.2 8 15 6 5 2 2.5 22.48 (95) High Harding Loevner International Eq Inv HLMNX — FG QQQQQ -0.3 -15.6 9.2 -1.2 5.6 69 42 22 10 44 0.5 19.05 (93) -Avg Janus Overseas T JAOSX „ FG QQ -2.8 -32.7 -1.7 -6.0 7.9 94 97 100 80 7 0.0 26.42 (78) High Litman Gregory Masters Intl Instl MSILX Œ FB QQQQ -3.1 -24.6 3.4 -5.4 5.1 77 93 57 29 20 0.2 21.07 (95) +Avg Longleaf Partners International LLINX ´ FB [ Q -8.1 -29.0 -1.0 -9.1 1.4 99 99 97 86 91 1.9 20.97 (92) +Avg

MainStay ICAP International I ICEUX — FV QQQQ -3.0 -18.8 3.8 -5.9 5.7 34 12 22 12 12 2.2 20.25 (96) Avg Manning & Napier World Opportunities A EXWAX Œ FB QQQQ -0.9 -24.3 4.1 -4.8 5.9 41 92 46 21 11 3.5 22.68 (94) High Marsico International Opportunities MIOFX ˇ FG QQQ 0.2 -17.4 3.5 -5.9 5.0 59 59 91 77 55 0.0 21.01 (90) Avg Neuberger Berman International Inv NBISX ´ FB QQQQ 0.2 -18.7 8.2 -6.2 6.7 22 33 5 42 6 1.0 18.44 (92) -Avg Oakmark International I OAKIX Œ FB [ QQQQ -1.3 -19.8 8.0 -3.9 5.9 47 46 7 15 12 0.8 21.08 (93) +Avg

Oakmark International Small Cap I OAKEX ´ FQ QQQ 1.5 -16.8 12.1 -4.6 8.3 42 26 17 32 39 0.1 20.99 (90) +Avg Oppenheimer International Growth A OIGAX „ FG QQQ 0.9 -14.5 9.2 -3.0 6.4 34 29 23 27 23 0.8 19.73 (95) Avg Scout International UMBWX Œ FG QQQQ 0.7 -16.6 7.5 -2.4 6.8 41 49 52 18 17 1.5 20.29 (95) Avg T. Rowe Price International Discovery PRIDX ´ FR QQQQ 7.1 -13.1 12.1 -2.3 10.9 9 31 45 31 12 1.0 19.03 (90) Avg T. Rowe Price International Stock Fd PRITX „ FG QQQ 0.7 -16.7 8.4 -3.7 4.4 43 49 37 44 62 1.5 21.12 (93) +Avg

T. Rowe Price Intl Gr & Inc TRIGX ˇ FV ] QQQQ -2.8 -20.2 5.4 -7.0 5.1 31 25 12 26 18 3.0 21.47 (98) Avg TCW International Small Cap I TGICX ´ FR NR 2.9 -24.2 — — — 67 98 — — — 0.9 — (—) Third Avenue International Value Instl TAVIX „ FA ] QQQQ -0.4 -20.9 3.3 -5.3 7.5 71 48 94 13 12 1.9 17.89 (90) Low Thornburg International Value A TGVAX Œ FG QQQ -0.5 -19.6 5.3 -3.3 6.9 71 81 72 37 15 1.3 18.62 (95) -Avg Tweedy, Browne Global Value TBGVX „ FV QQQQQ 2.5 -6.6 12.1 -1.8 5.8 1 1 1 1 9 1.8 12.18 (88) Low

USAA International USIFX ´ FG QQQQ -0.1 -16.7 7.4 -3.2 6.0 66 49 55 32 33 1.4 20.95 (97) +Avg Vanguard Developed Markets Index Admiral VDMAX Œ FB WWW -3.2 -20.5 3.3 -7.2 4.0 79 55 58 63 42 — — (—) Vanguard FTSE All-Wld ex-US Idx Admiral VFWAX „ FB WWW -2.5 -20.7 4.4 -5.4 — 65 59 40 29 — — — (—) Vanguard International Explorer Inv VINEX ´ FQ QQQ 1.1 -22.6 7.3 -6.3 7.8 54 86 74 68 50 2.6 20.96 (93) Avg Vanguard International Growth Inv VWIGX „ FG [ QQQ 0.1 -18.8 7.1 -4.1 5.5 62 74 57 51 45 2.0 21.96 (94) +Avg

Vanguard International Value Inv VTRIX ´ FV ] QQQQ -2.7 -20.1 2.6 -6.7 4.8 29 23 49 23 24 3.3 21.38 (97) Avg Vanguard Tax-Managed Intl Adm VTMGX Œ FB QQQ -3.3 -20.7 3.2 -7.1 4.2 82 58 61 60 37 3.6 20.59 (99) Avg Vanguard Total Intl Stock Index Admiral VTIAX Œ FB WWWW -2.2 -20.7 4.2 -5.9 5.3 61 58 45 36 18 3.2 — (—) William Blair International Growth N WBIGX — FG QQQ 3.0 -14.2 8.8 -5.4 5.6 11 24 32 70 42 0.0 19.23 (91) -Avg

World Stock — 1.1 -12.9 8.6 -3.8 4.4 — — — — — — 18.7 (87) —

American Funds Capital World G/I A CWGIX „ [ QQQ 1.7 -12.6 7.5 -2.6 7.0 45 52 69 34 15 2.9 18.10 (95) -Avg American Funds New Perspective A ANWPX Œ QQQQ 4.4 -9.1 10.4 -0.3 6.6 16 23 32 12 24 1.0 17.63 (93) -Avg

International Equity

CategoriesLegend



MSCI EAFE Index -3.8 -20.5 3.4 -7.3 4.0

FA Foreign–Small/Mid ValueFB Foreign–Large BlendFG Foreign–Large GrowthFQ Foreign Small/Mid BlendFR Foreign–Small/Mid Growth

FV Foreign–Large ValueSC CommunicationsSF Financial SH HealthSN Natural Resources

SP Equity Precious MetalsSR Real EstateSU UtilitiesST Technology

Costs Operations39

Current Average Regional Total Equity Price/ Market Exposure (% of Stock) # of Turn- Recent Composition Sales Total Style Cash Cap UK/W. North Latin Asia ex- Hold- over (% of Assets) Charge Expense Assets Box Flow ($Mil) Europe Amer Amer Japan Japan Other ings % Cash Stock Bond Other % Ratio% NAV($) ($Mil) Portfolio Manager (Tenure Years)

Current Portfolio Style

Foreign Stock — 0.0 -19.0 6.8 -5.9 5.8 — — — — — — 20.3 (92) —

American Beacon Intl Equity Inv AAIPX ´ FV QQQ -3.5 -22.3 3.1 -7.1 4.0 40 51 36 27 36 3.6 21.64 (98) Avg American Century Intl Discovery Inv TWEGX ˇ FR QQ -1.4 -22.6 6.8 -7.3 7.1 95 91 98 89 65 0.0 24.34 (87) High American Funds EuroPacific Gr A AEPGX Œ FB QQQQ 0.3 -18.3 4.9 -3.2 6.4 19 28 33 9 8 1.7 19.84 (96) -Avg

American Funds Intl Gr And Inc A IGAAX Œ FB ] QQQQ -2.4 -16.4 6.0 — — 63 11 17 — — 3.5 17.69 (96) Low Artio International Equity A BJBIX „ FB QQQ -0.1 -25.7 -0.7 -9.7 4.5 27 96 97 90 28 1.8 20.80 (91) Avg Artio International Equity II A JETAX „ FB QQ -0.4 -24.6 -0.4 -8.3 — 34 93 96 79 — 1.6 20.78 (91) Avg Artisan International Inv ARTIX „ FB QQQQ 4.9 -9.9 8.6 -3.6 4.8 1 1 5 13 24 1.4 21.83 (91) High Artisan International Small Cap Investor ARTJX Œ FR QQQQ 8.8 -13.5 11.2 -2.0 12.1 6 32 55 24 10 0.4 20.31 (83) Avg

Artisan International Value Investor ARTKX Œ FB QQQQQ 0.0 -12.9 10.8 -0.7 — 27 3 2 1 — 0.1 17.56 (95) Low Causeway International Value Inv CIVVX Œ FV ] QQQQ -0.1 -19.6 6.4 -5.7 5.0 7 16 9 9 19 3.3 22.76 (96) High Columbia Acorn International Z ACINX „ FR QQQQ 4.3 -14.6 11.6 -1.4 10.2 42 34 51 11 18 2.9 18.76 (90) -Avg Dodge & Cox International Stock DODFX Œ FB [ QQQ -2.8 -22.4 5.3 -6.1 6.5 73 85 26 40 7 2.7 21.99 (97) +Avg Fidelity Diversified International FDIVX ˇ FB QQQ 0.5 -17.6 4.3 -6.5 5.2 16 22 42 46 19 1.9 20.30 (96) Avg

Fidelity International Discovery FIGRX — FB QQQQ 0.3 -18.5 4.5 -6.1 5.4 21 31 38 40 17 1.5 20.93 (96) +Avg Fidelity International Small Cap FISMX — FR QQQ 1.9 -18.8 9.8 -3.7 — 72 73 70 52 — 1.0 19.76 (92) Avg Fidelity Spartan International Index Inv FSIIX „ FB QQQ -3.3 -20.4 3.3 -7.2 4.1 82 52 59 63 41 3.5 20.49 (99) Avg First Eagle Overseas A SGOVX „ FQ QQQQ -0.7 -9.7 8.8 1.3 10.5 75 9 49 3 20 1.9 12.32 (88) Low Harbor International Growth Inv HIIGX ´ FG QQ 0.8 -16.5 3.7 -5.5 2.9 39 46 90 73 92 0.0 20.72 (91) Avg

Harbor International Instl HAINX Œ FB [ QQQQ 1.4 -16.8 8.2 -2.8 8.2 8 15 6 5 2 2.5 22.48 (95) High Harding Loevner International Eq Inv HLMNX — FG QQQQQ -0.3 -15.6 9.2 -1.2 5.6 69 42 22 10 44 0.5 19.05 (93) -Avg Janus Overseas T JAOSX „ FG QQ -2.8 -32.7 -1.7 -6.0 7.9 94 97 100 80 7 0.0 26.42 (78) High Litman Gregory Masters Intl Instl MSILX Œ FB QQQQ -3.1 -24.6 3.4 -5.4 5.1 77 93 57 29 20 0.2 21.07 (95) +Avg Longleaf Partners International LLINX ´ FB [ Q -8.1 -29.0 -1.0 -9.1 1.4 99 99 97 86 91 1.9 20.97 (92) +Avg

MainStay ICAP International I ICEUX — FV QQQQ -3.0 -18.8 3.8 -5.9 5.7 34 12 22 12 12 2.2 20.25 (96) Avg Manning & Napier World Opportunities A EXWAX Œ FB QQQQ -0.9 -24.3 4.1 -4.8 5.9 41 92 46 21 11 3.5 22.68 (94) High Marsico International Opportunities MIOFX ˇ FG QQQ 0.2 -17.4 3.5 -5.9 5.0 59 59 91 77 55 0.0 21.01 (90) Avg Neuberger Berman International Inv NBISX ´ FB QQQQ 0.2 -18.7 8.2 -6.2 6.7 22 33 5 42 6 1.0 18.44 (92) -Avg Oakmark International I OAKIX Œ FB [ QQQQ -1.3 -19.8 8.0 -3.9 5.9 47 46 7 15 12 0.8 21.08 (93) +Avg

Oakmark International Small Cap I OAKEX ´ FQ QQQ 1.5 -16.8 12.1 -4.6 8.3 42 26 17 32 39 0.1 20.99 (90) +Avg Oppenheimer International Growth A OIGAX „ FG QQQ 0.9 -14.5 9.2 -3.0 6.4 34 29 23 27 23 0.8 19.73 (95) Avg Scout International UMBWX Œ FG QQQQ 0.7 -16.6 7.5 -2.4 6.8 41 49 52 18 17 1.5 20.29 (95) Avg T. Rowe Price International Discovery PRIDX ´ FR QQQQ 7.1 -13.1 12.1 -2.3 10.9 9 31 45 31 12 1.0 19.03 (90) Avg T. Rowe Price International Stock Fd PRITX „ FG QQQ 0.7 -16.7 8.4 -3.7 4.4 43 49 37 44 62 1.5 21.12 (93) +Avg

T. Rowe Price Intl Gr & Inc TRIGX ˇ FV ] QQQQ -2.8 -20.2 5.4 -7.0 5.1 31 25 12 26 18 3.0 21.47 (98) Avg TCW International Small Cap I TGICX ´ FR NR 2.9 -24.2 — — — 67 98 — — — 0.9 — (—) Third Avenue International Value Instl TAVIX „ FA ] QQQQ -0.4 -20.9 3.3 -5.3 7.5 71 48 94 13 12 1.9 17.89 (90) Low Thornburg International Value A TGVAX Œ FG QQQ -0.5 -19.6 5.3 -3.3 6.9 71 81 72 37 15 1.3 18.62 (95) -Avg Tweedy, Browne Global Value TBGVX „ FV QQQQQ 2.5 -6.6 12.1 -1.8 5.8 1 1 1 1 9 1.8 12.18 (88) Low

USAA International USIFX ´ FG QQQQ -0.1 -16.7 7.4 -3.2 6.0 66 49 55 32 33 1.4 20.95 (97) +Avg Vanguard Developed Markets Index Admiral VDMAX Œ FB WWW -3.2 -20.5 3.3 -7.2 4.0 79 55 58 63 42 — — (—) Vanguard FTSE All-Wld ex-US Idx Admiral VFWAX „ FB WWW -2.5 -20.7 4.4 -5.4 — 65 59 40 29 — — — (—) Vanguard International Explorer Inv VINEX ´ FQ QQQ 1.1 -22.6 7.3 -6.3 7.8 54 86 74 68 50 2.6 20.96 (93) Avg Vanguard International Growth Inv VWIGX „ FG [ QQQ 0.1 -18.8 7.1 -4.1 5.5 62 74 57 51 45 2.0 21.96 (94) +Avg

Vanguard International Value Inv VTRIX ´ FV ] QQQQ -2.7 -20.1 2.6 -6.7 4.8 29 23 49 23 24 3.3 21.38 (97) Avg Vanguard Tax-Managed Intl Adm VTMGX Œ FB QQQ -3.3 -20.7 3.2 -7.1 4.2 82 58 61 60 37 3.6 20.59 (99) Avg Vanguard Total Intl Stock Index Admiral VTIAX Œ FB WWWW -2.2 -20.7 4.2 -5.9 5.3 61 58 45 36 18 3.2 — (—) William Blair International Growth N WBIGX — FG QQQ 3.0 -14.2 8.8 -5.4 5.6 11 24 32 70 42 0.0 19.23 (91) -Avg

World Stock — 1.1 -12.9 8.6 -3.8 4.4 — — — — — — 18.7 (87) —

American Funds Capital World G/I A CWGIX „ [ QQQ 1.7 -12.6 7.5 -2.6 7.0 45 52 69 34 15 2.9 18.10 (95) -Avg American Funds New Perspective A ANWPX Œ QQQQ 4.4 -9.1 10.4 -0.3 6.6 16 23 32 12 24 1.0 17.63 (93) -Avg

— 5.3 15,311 52 7 3 18 17 3 — 53 2 79 1 1 — 1.43 — 1,047 —

AAIPX 4 4.0 30,062 74 2 0 13 11 0 173 33 6 92 0 2 NL 1.07 13.42 1,210 Management TeamTWEGX 8 8.0 4,628 58 7 1 12 20 2 126 167 0 96 0 3 NL 1.42 8.78 594 Brady/Kopinski (18.2/15.1)AEPGX 7 3.8 32,150 50 4 4 10 27 6 418 24 8 89 0 2 5.75 0.84 35.27 100,436 Management Team

IGAAX 4 5.6 31,378 55 6 4 8 23 3 157 31 3 93 1 3 5.75 0.89 26.68 5,138 Management TeamBJBIX 7 6.0 22,907 46 6 1 13 21 13 248 41 4 92 0 3 Clsd 1.29 22.09 2,910 Pell/Younes (17.2/17.2)JETAX 7 6.1 26,194 49 6 0 13 19 12 159 51 4 95 0 1 NL 1.28 9.47 2,161 Pell/Younes (7.1/7.1)ARTIX 7 5.2 32,638 54 8 1 13 24 0 81 70 3 97 0 0 NL 1.22 20.80 6,891 Management TeamARTJX 8 9.8 2,203 59 0 4 4 32 1 51 45 2 98 0 0 Clsd 1.50 18.26 677 Yockey/Hamker (10.5/0.3)

ARTKX 4 4.9 12,652 69 18 0 11 2 0 46 31 10 88 2 0 Clsd 1.18 25.08 4,014 Samra/O’Keefe (9.7/5.6)CIVVX 4 4.4 23,459 74 0 0 16 10 0 63 39 1 99 0 0 NL 1.23 10.72 1,402 Management TeamACINX 8 8.5 2,421 31 10 4 18 30 7 239 32 0 99 0 1 NL 0.95 35.80 5,513 Egan/Mendes (9.1/9.1)DODFX 4 2.7 30,338 57 7 6 14 7 10 97 16 0 99 0 1 NL 0.64 28.41 34,242 Management TeamFDIVX 7 3.5 27,025 57 10 3 16 13 2 248 45 3 96 0 0 NL 0.87 25.64 20,672 William Bower (11.2)

FIGRX 7 3.1 17,943 56 6 2 17 15 4 198 75 2 98 0 0 NL 0.92 27.68 7,520 William Kennedy (7.6)FISMX 8 7.5 1,449 47 3 0 29 18 3 360 47 1 98 0 2 NL 1.23 17.85 738 Management TeamFSIIX 4 3.4 29,042 62 0 0 21 15 1 971 9 3 97 0 0 NL 0.11 28.76 5,904 Management TeamSGOVX 4 6.6 7,137 34 3 5 41 15 2 164 12 15 74 0 11 5.00 1.14 20.21 9,888 Management TeamHIIGX 7 6.8 26,410 54 10 8 12 14 1 68 112 4 96 0 0 NL 1.23 10.51 1,211 Gendelman/Malhotra (8.3/1.3)

HAINX 7 5.6 46,752 70 0 4 10 16 0 103 12 4 95 0 1 NL 0.77 53.16 30,683 Management TeamHLMNX 7 5.0 29,565 50 8 7 14 16 6 59 15 0 95 0 5 NL 1.25 13.32 1,549 Management TeamJAOSX 4 2.3 13,965 20 19 15 8 39 0 66 32 1 99 0 0 NL 0.93 30.55 8,413 Brent Lynn (11.4)MSILX 7 2.4 18,107 60 5 6 12 15 3 69 127 0 99 0 1 NL 1.11 12.19 1,268 Management TeamLLINX 1 7.0 8,816 56 13 13 5 12 0 26 49 5 91 0 4 NL 1.37 10.94 1,266 Management Team

ICEUX 1 2.8 45,600 69 0 2 20 9 0 41 62 5 95 0 0 NL 0.95 25.54 900 Senser/Wenzel (14.4/14.4)EXWAX 7 4.9 13,640 69 13 4 7 7 0 84 52 4 96 0 0 NL 1.09 6.57 5,767 Management TeamMIOFX 7 6.7 25,590 55 11 6 12 14 1 64 103 3 97 0 0 NL 1.56 11.32 125 Gendelman/Malhotra (11.9/1.6)NBISX 4 3.7 10,284 65 9 1 14 10 1 107 45 3 97 0 1 Clsd 1.45 15.06 225 Benjamin Segal (8.4)OAKIX 4 1.4 23,260 72 2 0 21 5 0 56 45 3 97 0 0 NL 1.06 16.34 7,335 Herro/Taylor (19.7/3.4)

OAKEX 5 6.4 1,620 54 0 0 28 15 3 66 46 3 97 0 0 NL 1.38 12.17 1,343 Herro/Manelli (16.6/1.1)OIGAX 7 7.6 10,589 80 2 2 8 8 1 127 19 3 97 0 0 5.75 1.32 25.92 5,527 Dunphy/Evans (0.2/16.2)UMBWX 7 6.4 32,308 57 10 6 13 11 4 102 13 6 94 0 0 NL 0.94 28.17 7,005 Management TeamPRIDX 8 6.5 1,667 48 3 4 15 27 4 225 49 7 92 0 1 NL 1.23 39.94 2,610 Justin Thomson (13.4)PRITX 7 3.9 21,347 47 10 6 10 25 2 129 43 4 96 0 0 NL 0.85 12.37 8,295 Robert Smith (4.7)

TRIGX 1 2.3 22,754 62 1 1 20 15 1 122 26 4 96 0 0 NL 0.87 11.20 4,963 Jonathan Matthews (1.9)TGICX 9 6.9 798 18 28 8 24 23 0 62 86 2 97 0 2 NL 1.44 7.15 28 Rohit Sah (1.3)TAVIX 2 3.5 4,576 34 26 2 8 24 6 50 24 8 89 0 2 NL 1.40 14.02 1,046 Fine/Wadhwaney (0.4/10.4)TGVAX 7 3.3 45,375 57 10 5 11 13 4 95 21 0 96 0 4 4.50 1.25 23.91 25,006 Management TeamTBGVX 4 5.9 22,628 74 10 5 7 4 0 104 9 10 90 0 -1 NL 1.38 22.40 4,481 Management Team

USIFX 7 5.1 34,593 66 2 2 14 15 2 83 25 1 99 0 0 NL 1.21 21.59 1,550 Ling/Smith (2.7/9.9)VDMAX 4 3.4 29,654 63 0 0 22 14 1 944 5 0 98 0 2 NL 0.12 23.66 1,466 Donald Butler (1.5)VFWAX 4 3.8 25,797 43 8 6 14 25 5 2,323 6 0 97 0 3 NL 0.18 23.93 10,033 Ryan Ludt (3.8)VINEX 5 5.2 1,446 55 1 1 20 23 1 339 43 5 94 0 1 NL 0.42 12.96 1,730 Dobbs/Thomas (12.4/2.0)VWIGX 7 2.9 30,288 53 4 8 9 24 3 194 43 4 95 0 0 NL 0.47 16.36 15,593 Management Team

VTRIX 1 4.0 36,522 50 3 5 21 16 4 250 39 4 86 0 9 NL 0.39 25.91 5,801 Management TeamVTMGX 4 3.4 30,205 63 0 0 22 13 1 898 5 0 99 0 1 NL 0.12 9.46 8,995 Donald Butler (3.9)VTIAX 4 3.8 18,605 43 9 5 16 23 5 6,422 3 1 96 0 4 NL 0.18 21.35 30,829 Michael Perre (3.8)WBIGX 7 5.3 15,006 52 4 7 11 21 5 214 103 2 98 0 0 NL 1.45 19.24 3,142 W. Greig (15.9)

— 6.4 22,695 28 49 3 6 11 2 — 65 2 95 1 1 — 1.42 — 1,265 —

CWGIX 4 3.9 41,171 42 35 2 2 16 3 437 27 5 91 2 1 5.75 0.79 32.54 70,713 Management TeamANWPX 7 6.5 43,408 34 47 3 5 7 3 276 24 5 93 0 2 5.75 0.77 27.31 43,508 Management Team



MSCI EAFE Index -3.8 -20.5 3.4 -7.3 4.0

40




Yield %



vs. Category5Best




World Stock (cont’d) — 1.1 -12.9 8.6 -3.8 4.4 — — — — — — 18.7 (87) —American Funds SMALLCAP World A SMCWX ´ QQQQ 8.0 -11.6 14.4 -1.9 7.7 5 40 9 29 5 0.3 19.32 (85) Avg Artisan Global Value Investor ARTGX — QQQQQ 1.5 -3.9 14.8 — — 48 6 8 — — 0.0 15.88 (89) -Avg Artisan Growth Opportunities Inv ARTRX — QQQQQ 13.1 -4.1 18.6 — — 1 6 2 — — 0.0 19.55 (80) +Avg Dodge & Cox Global Stock DODWX Œ QQQ 0.8 -16.4 9.7 — — 55 76 39 — — 1.9 20.89 (94) +Avg Fidelity Worldwide FWWFX — QQQQ 3.0 -10.7 10.8 -1.8 5.6 27 32 29 26 39 0.4 18.75 (90) Avg

FPA Paramount FPRAX „ QQQQ 1.5 -7.6 15.0 1.1 6.4 49 15 6 5 27 0.0 20.05 (69) +Avg Janus Global Research T JARFX „ QQQQ 4.5 -10.0 12.4 0.0 — 15 29 16 10 — 0.1 18.76 (91) Avg Janus Global Select T JORNX ˇ [ QQ -4.5 -23.8 6.5 -3.3 5.9 96 95 81 44 34 1.1 22.81 (82) High Janus Worldwide T JAWWX ˇ QQ 0.2 -17.1 6.2 -6.2 0.7 62 79 82 83 98 0.8 19.54 (89) Avg Marsico Global MGLBX — [ QQQQ 10.7 -8.6 14.7 — — 2 20 8 — — 0.0 20.42 (81) +Avg

Mutual Global Discovery A TEDIX „ QQQQ -0.1 -9.3 6.8 -1.3 7.1 68 24 77 22 14 1.7 12.60 (91) Low Mutual Quest A TEQIX „ QQQQ 0.9 -7.3 7.6 -1.2 5.8 54 14 68 22 35 2.8 11.64 (88) Low Oakmark Global I OAKGX Œ QQQQ 0.6 -14.7 8.6 -3.3 7.1 57 67 56 43 13 0.0 19.88 (91) Avg Oakmark Global Select I OAKWX „ QQQQ 3.7 -10.8 11.7 -0.4 — 22 33 21 14 — 0.0 20.58 (85) +Avg Old Westbury Global Small & Mid Cap OWSMX — QQQQQ 2.5 -12.7 12.0 2.3 — 34 52 19 2 — 0.7 18.19 (87) Avg

Oppenheimer Global A OPPAX „ QQQ 0.0 -16.5 9.3 -3.4 5.1 67 76 45 45 50 2.0 19.76 (94) Avg Oppenheimer Global Opportunities A OPGIX ´ QQQQ 2.2 -14.2 10.9 0.0 8.5 38 65 28 10 2 0.6 21.20 (75) +Avg Perkins Global Value T JGVAX ´ QQQQ 0.2 -4.9 10.4 -1.8 4.0 63 8 32 27 65 2.8 10.95 (86) Low PIMCO EqS Pathfinder D PTHDX ´ NR -0.4 -11.2 — — — 72 36 — — — 0.5 — (—) Polaris Global Value PGVFX — QQQ 3.5 -11.6 12.9 -5.8 5.6 23 39 13 77 42 1.0 20.10 (88) +Avg

T. Rowe Price Global Stock PRGSX ˇ QQ 2.1 -13.3 7.7 -6.1 4.3 39 58 67 81 60 0.7 21.06 (88) +Avg Third Avenue Value Instl TAVFX „ ] QQ 4.0 -19.9 3.6 -6.5 3.9 20 89 93 87 65 2.2 22.02 (77) +Avg Tweedy, Browne Value TWEBX „ QQQQ 1.4 -5.3 11.3 -0.3 3.2 49 10 26 11 76 1.3 13.01 (87) Low Tweedy, Browne Worldwide Hi Div Yld Val TBHDX „ QQQQ -2.6 -8.0 10.1 — — 91 17 35 — — 2.0 13.80 (93) Low Vanguard Global Equity Inv VHGEX — QQQ 2.6 -13.0 10.1 -5.4 5.6 32 55 35 73 40 2.2 18.98 (93) Avg

Regional Stock

Matthews Asia Dividend Investor MAPIX — DP QQQQQ 4.2 -7.8 13.3 6.4 — 30 2 1 1 — 2.5 14.14 (77) Low Matthews Asian Growth & Inc Investor MACSX „ PJ QQQQQ 4.5 -8.7 9.6 3.4 11.5 35 7 37 20 42 2.9 13.02 (76) Low Matthews China Investor MCHFX Œ CH QQQQ -0.6 -22.0 6.6 4.2 13.8 85 42 15 7 19 1.2 21.92 (60) -Avg Matthews India Investor MINDX „ EI QQQQ 5.9 -28.4 5.3 -1.4 — 41 59 1 1 — 0.5 25.77 (45) Avg Matthews Pacific Tiger Investor MAPTX Œ PJ QQQQ 1.2 -13.0 11.9 4.2 13.4 54 23 26 9 13 0.5 19.99 (66) -Avg

Mutual European A TEMIX Œ ES QQQQ -1.4 -15.3 5.3 -4.1 6.5 55 14 35 11 32 3.9 15.04 (89) Low T. Rowe Price New Asia PRASX ˇ PJ QQQQ 5.5 -10.3 13.8 4.3 14.2 28 15 22 6 1 0.9 20.34 (66) -Avg Vanguard European Stock Index Adm VEUSX Œ ES QQQ -4.2 -23.8 3.1 -8.1 4.2 75 64 66 44 59 4.8 23.62 (97) Avg

Diversified Emerg. Mkts. — 0.5 -20.2 7.3 -2.0 11.1 — — — — — — 22.9 (78) —

American Funds New World A NEWFX Œ ] QQQQ 2.0 -15.3 8.4 -0.3 10.5 25 15 28 24 65 1.6 18.52 (87) Low Lazard Emerging Markets Equity Open LZOEX „ QQQQ 1.6 -17.0 9.4 0.6 14.4 30 27 17 12 10 2.8 22.74 (79) Avg Oppenheimer Developing Markets A ODMAX „ QQQQQ 2.3 -16.2 11.8 3.3 16.5 21 22 8 3 1 1.9 21.53 (80) -Avg T. Rowe Price Emerging Markets Stock PRMSX ´ QQ 0.4 -19.9 8.2 -2.3 11.9 46 46 33 58 40 0.4 23.40 (76) Avg Vanguard Emerging Mkts Stock Idx Adm VEMAX „ QQQQ -0.4 -20.9 7.3 -0.2 12.3 61 53 53 22 37 2.4 23.56 (79) Avg

World Allocation — 0.8 -7.4 7.7 -0.6 5.5 — — — — — — 12.6 (89) —

American Funds Capital Inc Bldr A CAIBX „ QQQ 1.8 -2.3 9.9 -0.3 6.2 37 15 23 64 41 4.2 10.65 (89) -Avg BlackRock Global Allocation Inv A MDLOX Œ QQQ 0.8 -7.6 6.6 2.2 7.9 58 58 88 27 20 1.9 11.70 (96) Avg First Eagle Global A SGENX „ [ QQQQ 0.1 -5.2 10.9 3.2 10.6 74 38 10 19 2 1.2 12.50 (96) Avg IVA Worldwide A IVWAX — QQQ -2.5 -9.3 8.5 — — 91 66 52 — — 0.8 10.81 (92) -Avg PIMCO All Asset All Authority D PAUDX Œ ] QQQQQ 3.3 0.9 8.7 6.5 — 14 6 47 1 — 8.3 8.45 (41) Low

PIMCO All Asset D PASDX Œ QQQQQ 2.5 -0.9 10.3 4.9 — 22 12 17 6 — 7.0 7.89 (68) Low PIMCO Global Multi-Asset D PGMDX ´ QQQ 0.6 -6.9 8.0 — — 64 51 67 — — 4.6 10.42 (91) -Avg

International Equity

MSCI EAFE Index -3.8 -20.5 3.4 -7.3 4.0MSCI World Index 0.8 -11.0 9.0 -4.1 4.0MSCI Europe Index -5.1 -24.1 2.9 -8.4 3.9MSCI Emerging Markets Index -1.1 -22.4 5.4 -2.2 10.1

CategoriesLegend



CH China Region DP Diversified Pacific/Asia StockEI India Equity ES Europe Stock

FA Foreign–Small/Mid ValueFB Foreign–Large BlendFG Foreign–Large GrowthFR Foreign–Small/Mid Growth

FV Foreign–Large ValueJS Japan StockLS Latin America StockPJ Pacific/Asia ex-Japan Stock


Current Average Regional Total Equity Price/ Market Exposure (% of Stock) # of Turn- Recent Composition Sales Total Style Cash Cap UK/W. North Latin Asia ex- Hold- over (% of Assets) Charge Expense Assets Box Flow ($Mil) Europe Amer Amer Japan Japan Other ings % Cash Stock Bond Other % Ratio% NAV($) ($Mil) Portfolio Manager (Tenure Years)

World Stock (cont’d) — 1.1 -12.9 8.6 -3.8 4.4 — — — — — — 18.7 (87) —American Funds SMALLCAP World A SMCWX ´ QQQQ 8.0 -11.6 14.4 -1.9 7.7 5 40 9 29 5 0.3 19.32 (85) Avg Artisan Global Value Investor ARTGX — QQQQQ 1.5 -3.9 14.8 — — 48 6 8 — — 0.0 15.88 (89) -Avg Artisan Growth Opportunities Inv ARTRX — QQQQQ 13.1 -4.1 18.6 — — 1 6 2 — — 0.0 19.55 (80) +Avg Dodge & Cox Global Stock DODWX Œ QQQ 0.8 -16.4 9.7 — — 55 76 39 — — 1.9 20.89 (94) +Avg Fidelity Worldwide FWWFX — QQQQ 3.0 -10.7 10.8 -1.8 5.6 27 32 29 26 39 0.4 18.75 (90) Avg

FPA Paramount FPRAX „ QQQQ 1.5 -7.6 15.0 1.1 6.4 49 15 6 5 27 0.0 20.05 (69) +Avg Janus Global Research T JARFX „ QQQQ 4.5 -10.0 12.4 0.0 — 15 29 16 10 — 0.1 18.76 (91) Avg Janus Global Select T JORNX ˇ [ QQ -4.5 -23.8 6.5 -3.3 5.9 96 95 81 44 34 1.1 22.81 (82) High Janus Worldwide T JAWWX ˇ QQ 0.2 -17.1 6.2 -6.2 0.7 62 79 82 83 98 0.8 19.54 (89) Avg Marsico Global MGLBX — [ QQQQ 10.7 -8.6 14.7 — — 2 20 8 — — 0.0 20.42 (81) +Avg

Mutual Global Discovery A TEDIX „ QQQQ -0.1 -9.3 6.8 -1.3 7.1 68 24 77 22 14 1.7 12.60 (91) Low Mutual Quest A TEQIX „ QQQQ 0.9 -7.3 7.6 -1.2 5.8 54 14 68 22 35 2.8 11.64 (88) Low Oakmark Global I OAKGX Œ QQQQ 0.6 -14.7 8.6 -3.3 7.1 57 67 56 43 13 0.0 19.88 (91) Avg Oakmark Global Select I OAKWX „ QQQQ 3.7 -10.8 11.7 -0.4 — 22 33 21 14 — 0.0 20.58 (85) +Avg Old Westbury Global Small & Mid Cap OWSMX — QQQQQ 2.5 -12.7 12.0 2.3 — 34 52 19 2 — 0.7 18.19 (87) Avg

Oppenheimer Global A OPPAX „ QQQ 0.0 -16.5 9.3 -3.4 5.1 67 76 45 45 50 2.0 19.76 (94) Avg Oppenheimer Global Opportunities A OPGIX ´ QQQQ 2.2 -14.2 10.9 0.0 8.5 38 65 28 10 2 0.6 21.20 (75) +Avg Perkins Global Value T JGVAX ´ QQQQ 0.2 -4.9 10.4 -1.8 4.0 63 8 32 27 65 2.8 10.95 (86) Low PIMCO EqS Pathfinder D PTHDX ´ NR -0.4 -11.2 — — — 72 36 — — — 0.5 — (—) Polaris Global Value PGVFX — QQQ 3.5 -11.6 12.9 -5.8 5.6 23 39 13 77 42 1.0 20.10 (88) +Avg

T. Rowe Price Global Stock PRGSX ˇ QQ 2.1 -13.3 7.7 -6.1 4.3 39 58 67 81 60 0.7 21.06 (88) +Avg Third Avenue Value Instl TAVFX „ ] QQ 4.0 -19.9 3.6 -6.5 3.9 20 89 93 87 65 2.2 22.02 (77) +Avg Tweedy, Browne Value TWEBX „ QQQQ 1.4 -5.3 11.3 -0.3 3.2 49 10 26 11 76 1.3 13.01 (87) Low Tweedy, Browne Worldwide Hi Div Yld Val TBHDX „ QQQQ -2.6 -8.0 10.1 — — 91 17 35 — — 2.0 13.80 (93) Low Vanguard Global Equity Inv VHGEX — QQQ 2.6 -13.0 10.1 -5.4 5.6 32 55 35 73 40 2.2 18.98 (93) Avg

Regional Stock

Matthews Asia Dividend Investor MAPIX — DP QQQQQ 4.2 -7.8 13.3 6.4 — 30 2 1 1 — 2.5 14.14 (77) Low Matthews Asian Growth & Inc Investor MACSX „ PJ QQQQQ 4.5 -8.7 9.6 3.4 11.5 35 7 37 20 42 2.9 13.02 (76) Low Matthews China Investor MCHFX Œ CH QQQQ -0.6 -22.0 6.6 4.2 13.8 85 42 15 7 19 1.2 21.92 (60) -Avg Matthews India Investor MINDX „ EI QQQQ 5.9 -28.4 5.3 -1.4 — 41 59 1 1 — 0.5 25.77 (45) Avg Matthews Pacific Tiger Investor MAPTX Œ PJ QQQQ 1.2 -13.0 11.9 4.2 13.4 54 23 26 9 13 0.5 19.99 (66) -Avg

Mutual European A TEMIX Œ ES QQQQ -1.4 -15.3 5.3 -4.1 6.5 55 14 35 11 32 3.9 15.04 (89) Low T. Rowe Price New Asia PRASX ˇ PJ QQQQ 5.5 -10.3 13.8 4.3 14.2 28 15 22 6 1 0.9 20.34 (66) -Avg Vanguard European Stock Index Adm VEUSX Œ ES QQQ -4.2 -23.8 3.1 -8.1 4.2 75 64 66 44 59 4.8 23.62 (97) Avg

Diversified Emerg. Mkts. — 0.5 -20.2 7.3 -2.0 11.1 — — — — — — 22.9 (78) —

American Funds New World A NEWFX Œ ] QQQQ 2.0 -15.3 8.4 -0.3 10.5 25 15 28 24 65 1.6 18.52 (87) Low Lazard Emerging Markets Equity Open LZOEX „ QQQQ 1.6 -17.0 9.4 0.6 14.4 30 27 17 12 10 2.8 22.74 (79) Avg Oppenheimer Developing Markets A ODMAX „ QQQQQ 2.3 -16.2 11.8 3.3 16.5 21 22 8 3 1 1.9 21.53 (80) -Avg T. Rowe Price Emerging Markets Stock PRMSX ´ QQ 0.4 -19.9 8.2 -2.3 11.9 46 46 33 58 40 0.4 23.40 (76) Avg Vanguard Emerging Mkts Stock Idx Adm VEMAX „ QQQQ -0.4 -20.9 7.3 -0.2 12.3 61 53 53 22 37 2.4 23.56 (79) Avg

World Allocation — 0.8 -7.4 7.7 -0.6 5.5 — — — — — — 12.6 (89) —

American Funds Capital Inc Bldr A CAIBX „ QQQ 1.8 -2.3 9.9 -0.3 6.2 37 15 23 64 41 4.2 10.65 (89) -Avg BlackRock Global Allocation Inv A MDLOX Œ QQQ 0.8 -7.6 6.6 2.2 7.9 58 58 88 27 20 1.9 11.70 (96) Avg First Eagle Global A SGENX „ [ QQQQ 0.1 -5.2 10.9 3.2 10.6 74 38 10 19 2 1.2 12.50 (96) Avg IVA Worldwide A IVWAX — QQQ -2.5 -9.3 8.5 — — 91 66 52 — — 0.8 10.81 (92) -Avg PIMCO All Asset All Authority D PAUDX Œ ] QQQQQ 3.3 0.9 8.7 6.5 — 14 6 47 1 — 8.3 8.45 (41) Low

PIMCO All Asset D PASDX Œ QQQQQ 2.5 -0.9 10.3 4.9 — 22 12 17 6 — 7.0 7.89 (68) Low PIMCO Global Multi-Asset D PGMDX ´ QQQ 0.6 -6.9 8.0 — — 64 51 67 — — 4.6 10.42 (91) -Avg

— 6.4 22,695 28 49 3 6 11 2 — 65 2 95 1 1 — 1.42 — 1,265 —SMCWX 8 8.3 1,932 22 45 3 2 24 4 638 39 5 91 0 4 5.75 1.09 35.82 20,043 Management TeamARTGX 4 6.1 31,178 36 59 0 4 0 0 44 32 9 90 1 0 NL 1.50 10.29 163 O’Keefe/Samra (4.5/4.5)ARTRX 7 11.7 25,712 15 64 8 2 10 1 49 76 4 95 0 1 NL 1.40 12.84 177 Management TeamDODWX 1 3.3 38,420 35 45 5 6 3 6 103 19 0 98 0 2 NL 0.66 7.74 1,915 Management TeamFWWFX 7 5.0 20,007 28 54 1 8 7 2 304 203 2 98 0 0 NL 1.05 17.86 1,015 Kennedy/DuFour (6.4/4.7)

FPRAX 8 11.3 3,634 13 86 0 0 1 0 39 10 6 94 0 0 5.25 0.93 18.56 265 Ende/Geist (12.2/12.2)JARFX 7 9.3 19,718 21 63 2 7 7 1 139 78 2 97 0 1 NL 1.10 14.09 305 James Goff (7.3)JORNX 7 4.3 7,467 16 48 4 9 21 2 45 138 0 100 0 0 NL 0.95 9.22 2,687 John Eisinger (4.4)JAWWX 7 3.5 21,978 23 54 5 7 12 0 98 88 1 99 0 0 NL 0.96 39.90 2,039 George Maris (1.2)MGLBX 7 9.5 35,548 22 56 4 3 15 0 40 93 8 92 0 0 NL 1.48 10.72 50 Gendelman/Marsico (4.9/4.9)

TEDIX 4 6.4 32,859 38 55 0 0 6 1 184 34 7 88 4 1 5.75 1.31 27.11 18,524 Management TeamTEQIX 4 6.5 28,595 28 69 0 0 0 2 165 107 12 66 18 4 5.75 1.10 16.27 5,086 Luh/Tumulty (1.4/8.5)OAKGX 4 1.9 15,910 25 51 0 23 2 0 41 29 2 98 0 0 NL 1.16 19.98 1,942 McGregor/Taylor (8.6/6.7)OAKWX 4 1.5 35,152 28 54 0 17 0 0 21 49 4 96 0 0 NL 1.24 10.80 486 Herro/Nygren (5.7/5.7)OWSMX 5 5.4 1,964 26 34 4 12 21 4 6,165 37 3 96 0 0 NL 1.11 13.80 4,602 Management Team

OPPAX 7 3.9 27,256 39 39 8 9 5 0 96 13 0 100 0 0 5.75 1.16 54.02 7,569 Rajeev Bhaman (7.8)OPGIX 8 7.6 5,223 32 56 2 9 2 0 72 41 4 96 0 0 5.75 1.20 27.41 2,387 Frank Jennings (16.7)JGVAX 1 5.9 18,880 29 48 3 16 4 0 92 51 15 85 0 0 NL 1.09 11.72 119 Gregory Kolb (7.1)PTHDX 4 7.6 19,732 50 40 1 2 4 2 127 35 7 84 0 9 NL 1.27 9.63 2,072 Gudefin/Lahr (2.1/2.1)PGVFX 2 5.0 5,245 36 44 0 9 7 4 81 12 0 100 0 0 NL 1.36 13.17 148 Bernard Horn, Jr. (14.0)

PRGSX 7 6.5 31,982 17 66 4 1 10 2 75 71 6 93 0 1 NL 0.87 16.20 571 Robert Gensler (7.2)TAVFX 1 9.3 11,184 6 29 0 5 60 0 48 6 4 95 0 0 NL 1.15 41.75 2,568 Ian Lapey (2.9)TWEBX 4 6.8 46,827 47 48 1 2 2 0 53 10 11 90 0 0 NL 1.40 18.16 440 Management TeamTBHDX 1 5.9 44,985 67 27 1 0 6 0 52 6 17 83 0 0 NL 1.37 8.96 491 Management TeamVHGEX 1 3.8 17,348 19 49 1 8 19 4 970 44 6 90 0 4 NL 0.54 16.32 3,546 Management Team

MAPIX 4 6.9 6,021 3 0 0 23 74 0 62 16 0 100 0 0 NL 1.10 12.94 2,097 Madsen/Zhang (5.6/1.2)MACSX 4 5.5 9,246 4 0 0 10 87 0 71 17 1 81 0 18 NL 1.12 15.74 2,425 Horrocks/Lowe (3.1/0.5)MCHFX 7 4.5 11,143 0 0 0 0 100 0 61 8 0 100 0 0 NL 1.13 21.39 1,637 Gao/Zhang (13.4/2.1)MINDX 7 10.8 3,336 0 0 0 0 100 0 45 4 0 97 0 3 NL 1.18 14.39 544 Shroff/Asnani (5.9/1.6)MAPTX 7 7.9 10,516 0 0 0 0 100 0 72 11 0 100 0 0 NL 1.11 20.57 2,792 Management Team

TEMIX 1 5.1 21,170 99 1 0 0 0 0 86 33 12 86 0 2 5.75 1.41 18.33 1,743 Brugere-Trelat/Dudley (7.4/5.3)PRASX 4 9.2 11,813 2 0 0 0 98 0 94 68 4 96 0 1 NL 0.96 14.68 4,231 Anh Lu (3.1)VEUSX 4 3.1 38,581 98 1 0 0 1 0 462 6 0 97 0 3 NL 0.14 49.46 5,650 Gerard O’Reilly (3.8)

— 5.0 16,114 4 2 22 0 52 20 — 81 3 90 3 4 — 1.61 — 1,312 —

NEWFX 7 6.0 16,034 24 8 10 4 40 14 492 25 3 81 12 4 5.75 1.02 47.02 19,310 Management TeamLZOEX 4 5.0 14,496 1 0 27 0 42 29 98 23 3 97 0 0 Clsd 1.42 17.48 13,616 Management TeamODMAX 7 10.8 15,933 13 0 25 0 44 17 121 34 4 96 0 0 5.75 1.30 29.98 22,224 Justin Leverenz (5.1)PRMSX 7 6.2 19,113 5 0 23 0 57 14 115 19 4 96 0 0 NL 1.26 28.61 6,570 Gonzalo Pangaro (3.7)VEMAX 4 4.9 19,997 0 0 23 0 59 18 892 10 1 98 0 1 NL 0.20 31.55 57,121 Michael Perre (3.8)

— 6.1 24,615 24 52 4 5 13 3 — 98 14 50 24 7 — 1.41 — 2,144 —

CAIBX 1 6.4 35,011 31 49 1 0 16 3 1,378 47 4 72 21 4 5.75 0.61 49.63 77,154 Management TeamMDLOX 4 5.5 34,105 14 58 4 11 10 3 847 31 10 62 17 11 5.25 1.06 18.30 51,019 Management TeamSGENX 4 6.8 16,746 19 48 4 23 5 2 181 12 17 75 0 8 5.00 1.13 45.18 32,635 Management TeamIVWAX 1 5.0 13,955 27 44 0 19 9 1 176 51 13 70 13 4 Clsd 1.29 14.98 8,855 de Lardemelle/de Vaulx (3.7/3.7)PAUDX 0 — 19,947 46 42 2 2 6 2 43 55 -68 -3 138 33 NL 1.51 10.18 18,753 Robert Arnott (8.6)

PASDX 0 — 17,564 49 38 2 2 7 3 41 56 -31 2 105 24 NL 1.29 11.65 27,311 Robert Arnott (9.9)PGMDX 4 4.8 17,314 24 14 12 3 35 11 260 94 -6 30 63 13 NL 1.64 10.75 5,416 Management Team



42




Yield %



vs. Category5Best




Bond Funds

High-Quality Bond — 3.0 9.0 7.8 5.8 4.9 — — — — — — 4.6 (47) —

American Century Ginnie Mae Inv BGNMX ´ GI [ QQQ 1.2 5.5 5.9 6.6 5.1 82 51 36 20 31 3.4 2.24 (70) -Avg Artio Total Return Bond A BJBGX — CI QQQQ 2.0 5.9 8.3 6.9 6.8 88 51 56 31 7 3.8 2.94 (70) Avg Baird Aggregate Bond Inst BAGIX — CI QQQQ 3.7 7.6 9.4 6.4 6.0 28 9 34 46 23 4.1 2.90 (86) Avg Dodge & Cox Income DODIX Œ CI QQQQ 3.8 5.0 8.4 6.8 5.9 26 75 53 33 24 4.0 2.86 (29) Avg DoubleLine Total Return Bond I DBLTX ˇ CI NR 4.2 8.5 — — — 16 4 — — — 7.5 — (—)

Fidelity GNMA Fund FGMNX Œ GI QQQQ 1.8 6.2 6.7 7.3 5.6 42 35 20 11 10 2.9 2.40 (80) Avg Fidelity Government Income FGOVX Œ GI QQQQ 2.0 7.3 5.6 6.8 5.5 28 14 46 16 14 1.6 3.05 (88) +Avg Fidelity Intermediate Bond FTHRX — CI QQQ 2.4 5.2 8.4 5.7 5.1 77 70 52 65 61 2.7 2.95 (81) Avg Fidelity Intermediate Government Inc FSTGX ´ GI QQQ 1.3 4.8 4.3 5.8 4.7 78 72 92 55 52 1.3 2.65 (88) Avg Fidelity Investment Grade Bond FBNDX — CI QQQ 3.3 7.6 9.7 5.8 5.4 43 9 30 64 45 3.1 2.79 (84) Avg

Fidelity Mortgage Secs FMSFX „ CI QQ 2.3 5.7 7.4 5.1 4.7 81 58 73 79 77 3.1 2.09 (78) Low Fidelity Total Bond FTBFX Œ CI QQQQ 3.1 6.9 9.9 7.0 — 48 23 28 28 — 3.4 2.88 (61) Avg FPA New Income FPNIX „ CS QQ 0.9 1.5 2.6 3.5 3.6 83 55 81 50 39 3.9 0.65 (39) Low Harbor Bond Instl HABDX Œ CI [ QQQQ 4.4 4.5 7.7 8.2 6.5 13 83 67 7 11 2.1 3.30 (39) Avg Harbor Real Return Instl HARRX Œ IP QQQQ 5.5 11.9 10.3 8.7 — 9 51 15 10 — 2.1 4.66 (44) Avg

Managers Bond MGFIX ´ CI QQQQ 4.6 4.7 13.0 7.3 7.0 9 80 5 21 4 4.2 5.26 (22) High Managers PIMCO Bond MBDFX — CI QQQQQ 4.3 5.4 8.4 8.3 6.6 15 65 54 6 10 3.4 3.19 (47) Avg Metropolitan West Total Return Bond M MWTRX Œ CI QQQQQ 4.6 6.2 11.5 8.2 6.9 9 42 12 7 6 4.2 3.41 (45) +Avg Payden GNMA PYGNX — GI QQQQQ 2.2 7.0 6.8 7.2 5.8 19 17 18 11 5 3.6 2.14 (73) -Avg PIMCO Fundamental Advtg Ttl Ret Strat D PFSDX ´ CI [ QQ 3.6 0.0 7.3 — — 32 99 74 — — 8.1 5.29 (10) High

PIMCO Investment Grade Corp Bd Instl PIGIX „ CI QQQQQ 6.3 7.8 13.2 10.2 8.3 1 6 4 1 1 4.5 5.05 (31) High PIMCO Low Duration D PLDDX Œ CS QQQQ 2.8 2.0 5.2 5.3 4.1 7 36 25 9 21 2.6 2.36 (15) +Avg PIMCO Real Return D PRRDX Œ IP QQQQ 5.8 12.4 11.0 8.8 7.4 6 34 7 5 24 2.5 4.96 (45) +Avg PIMCO Short-Term D PSHDX Œ UB QQQQ 1.7 0.9 2.2 2.7 2.7 16 31 43 10 18 1.0 1.10 (4) +Avg EPIMCO Total Return Instl PTTRX Œ CI QQQQQ 5.3 6.1 8.8 9.1 7.0 4 44 45 2 5 3.9 3.57 (41) +Avg

Spartan U.S. Bond Index Investor FBIDX ´ CI QQQ 2.3 7.0 6.9 6.1 5.5 81 21 81 55 42 2.7 2.78 (99) -Avg T. Rowe Price Corporate Income PRPIX — CL QQ 4.9 7.9 12.1 6.8 6.5 75 61 77 49 65 4.1 5.05 (48) -Avg T. Rowe Price GNMA PRGMX — GI [ QQQ 1.5 5.2 5.9 6.4 5.1 61 64 34 31 30 4.1 1.97 (65) Low T. Rowe Price New Income PRCIX ´ CI QQQQ 2.6 6.0 7.7 6.9 5.8 72 48 67 29 28 3.3 2.65 (80) -Avg T. Rowe Price Short-Term Bond PRWBX Œ CS QQQ 1.5 1.6 3.3 4.0 3.7 58 51 66 32 36 2.2 1.35 (40) -Avg

TCW Total Return Bond I TGLMX ´ CI QQQQQ 5.3 6.1 10.4 9.1 7.1 4 43 21 2 4 6.6 3.53 (47) +Avg USAA Income USAIX ´ CI QQQQ 3.1 6.5 9.8 7.1 5.9 50 32 29 24 24 3.7 2.83 (63) Avg Vanguard GNMA Inv VFIIX Œ GI [ QQQQ 1.5 5.8 6.3 6.9 5.6 69 46 25 15 9 3.1 2.26 (73) Avg Vanguard Inflation-Protected Secs Inv VIPSX Œ IP QQQ 4.6 13.2 9.8 8.2 7.2 18 5 30 28 47 3.6 4.76 (44) +Avg Vanguard Interm-Term Bond Index Adm VBILX — CI QQQQQ 3.9 10.5 10.3 8.6 6.9 24 1 22 5 6 3.4 4.56 (96) High

Vanguard Interm-Term Invmt-Grade Inv VFICX — CI QQQQ 4.2 7.5 11.3 7.5 6.3 17 10 13 16 13 4.0 4.37 (64) High Vanguard Interm-Term Treasury Inv VFITX — GI QQQQQ 2.1 8.7 6.7 7.9 6.2 23 5 20 4 1 1.6 4.38 (86) High Vanguard Long-Term Investment-Grade Inv VWESX ´ CL QQQ 6.1 17.8 15.9 9.7 8.1 51 24 41 40 59 4.8 8.34 (58) +Avg Vanguard Long-Term Treasury Inv VUSTX — GL QQQQ 6.1 31.6 14.2 12.0 9.1 70 43 74 75 57 2.6 12.79 (52) Avg Vanguard Short-Term Bond Index Adm VBIRX Œ CS QQQQ 1.0 2.4 3.6 4.7 4.0 78 23 61 19 22 1.8 1.68 (78) Avg

Vanguard Short-Term Federal Inv VSGBX Œ GS QQQQ 0.8 2.2 2.7 4.4 3.8 42 31 36 25 17 0.8 1.45 (80) Avg Vanguard Short-Term Investment-Grade Inv VFSTX — CS QQQQ 2.0 2.1 5.2 4.3 4.0 33 36 26 26 22 2.6 1.96 (33) Avg Vanguard Short-Term Treasury Inv VFISX — GS ] QQQQ 0.3 1.5 2.0 3.9 3.5 67 49 58 40 29 0.6 1.39 (73) Avg Vanguard Total Bond Market Index Adm VBTLX Œ CI QQQ 2.4 7.1 7.0 6.7 5.6 77 17 79 35 39 3.0 2.85 (99) Avg Western Asset Core Bond I WATFX „ CI QQQQ 3.6 6.4 13.3 6.7 6.1 31 34 3 34 18 3.1 4.02 (37) +Avg

BarCap US Agg Bond TR USD 1.4 7.5 7.1 6.4 5.7

CategoriesLegend



CI Intermediate-Term Bond CL Long-Term Bond CS Short-Term Bond

GI Intermediate Government BondGL Long Government BondGS Short Government Bond

IP Inflation-Protected Bond UB Ultrashort Bond

Costs Operations43

Current Cat Bond Avg Avg Avg Credit Quality Breakdown Turn- Recent Composition Sales TotalStyle Duration Duration Credit (% of Bonds) over (% of Assets) Charge Expense AssetsBox Years Years Quality High Mid Low Other % Cash Stock Bond Other % Ratio% NAV($) ($Mil) Portfolio Manager (Tenure Years)

Current Portfolio Style

High-Quality Bond — 3.0 9.0 7.8 5.8 4.9 — — — — — — 4.6 (47) —

American Century Ginnie Mae Inv BGNMX ´ GI [ QQQ 1.2 5.5 5.9 6.6 5.1 82 51 36 20 31 3.4 2.24 (70) -Avg Artio Total Return Bond A BJBGX — CI QQQQ 2.0 5.9 8.3 6.9 6.8 88 51 56 31 7 3.8 2.94 (70) Avg Baird Aggregate Bond Inst BAGIX — CI QQQQ 3.7 7.6 9.4 6.4 6.0 28 9 34 46 23 4.1 2.90 (86) Avg Dodge & Cox Income DODIX Œ CI QQQQ 3.8 5.0 8.4 6.8 5.9 26 75 53 33 24 4.0 2.86 (29) Avg DoubleLine Total Return Bond I DBLTX ˇ CI NR 4.2 8.5 — — — 16 4 — — — 7.5 — (—)

Fidelity GNMA Fund FGMNX Œ GI QQQQ 1.8 6.2 6.7 7.3 5.6 42 35 20 11 10 2.9 2.40 (80) Avg Fidelity Government Income FGOVX Œ GI QQQQ 2.0 7.3 5.6 6.8 5.5 28 14 46 16 14 1.6 3.05 (88) +Avg Fidelity Intermediate Bond FTHRX — CI QQQ 2.4 5.2 8.4 5.7 5.1 77 70 52 65 61 2.7 2.95 (81) Avg Fidelity Intermediate Government Inc FSTGX ´ GI QQQ 1.3 4.8 4.3 5.8 4.7 78 72 92 55 52 1.3 2.65 (88) Avg Fidelity Investment Grade Bond FBNDX — CI QQQ 3.3 7.6 9.7 5.8 5.4 43 9 30 64 45 3.1 2.79 (84) Avg

Fidelity Mortgage Secs FMSFX „ CI QQ 2.3 5.7 7.4 5.1 4.7 81 58 73 79 77 3.1 2.09 (78) Low Fidelity Total Bond FTBFX Œ CI QQQQ 3.1 6.9 9.9 7.0 — 48 23 28 28 — 3.4 2.88 (61) Avg FPA New Income FPNIX „ CS QQ 0.9 1.5 2.6 3.5 3.6 83 55 81 50 39 3.9 0.65 (39) Low Harbor Bond Instl HABDX Œ CI [ QQQQ 4.4 4.5 7.7 8.2 6.5 13 83 67 7 11 2.1 3.30 (39) Avg Harbor Real Return Instl HARRX Œ IP QQQQ 5.5 11.9 10.3 8.7 — 9 51 15 10 — 2.1 4.66 (44) Avg

Managers Bond MGFIX ´ CI QQQQ 4.6 4.7 13.0 7.3 7.0 9 80 5 21 4 4.2 5.26 (22) High Managers PIMCO Bond MBDFX — CI QQQQQ 4.3 5.4 8.4 8.3 6.6 15 65 54 6 10 3.4 3.19 (47) Avg Metropolitan West Total Return Bond M MWTRX Œ CI QQQQQ 4.6 6.2 11.5 8.2 6.9 9 42 12 7 6 4.2 3.41 (45) +Avg Payden GNMA PYGNX — GI QQQQQ 2.2 7.0 6.8 7.2 5.8 19 17 18 11 5 3.6 2.14 (73) -Avg PIMCO Fundamental Advtg Ttl Ret Strat D PFSDX ´ CI [ QQ 3.6 0.0 7.3 — — 32 99 74 — — 8.1 5.29 (10) High

PIMCO Investment Grade Corp Bd Instl PIGIX „ CI QQQQQ 6.3 7.8 13.2 10.2 8.3 1 6 4 1 1 4.5 5.05 (31) High PIMCO Low Duration D PLDDX Œ CS QQQQ 2.8 2.0 5.2 5.3 4.1 7 36 25 9 21 2.6 2.36 (15) +Avg PIMCO Real Return D PRRDX Œ IP QQQQ 5.8 12.4 11.0 8.8 7.4 6 34 7 5 24 2.5 4.96 (45) +Avg PIMCO Short-Term D PSHDX Œ UB QQQQ 1.7 0.9 2.2 2.7 2.7 16 31 43 10 18 1.0 1.10 (4) +Avg EPIMCO Total Return Instl PTTRX Œ CI QQQQQ 5.3 6.1 8.8 9.1 7.0 4 44 45 2 5 3.9 3.57 (41) +Avg

Spartan U.S. Bond Index Investor FBIDX ´ CI QQQ 2.3 7.0 6.9 6.1 5.5 81 21 81 55 42 2.7 2.78 (99) -Avg T. Rowe Price Corporate Income PRPIX — CL QQ 4.9 7.9 12.1 6.8 6.5 75 61 77 49 65 4.1 5.05 (48) -Avg T. Rowe Price GNMA PRGMX — GI [ QQQ 1.5 5.2 5.9 6.4 5.1 61 64 34 31 30 4.1 1.97 (65) Low T. Rowe Price New Income PRCIX ´ CI QQQQ 2.6 6.0 7.7 6.9 5.8 72 48 67 29 28 3.3 2.65 (80) -Avg T. Rowe Price Short-Term Bond PRWBX Œ CS QQQ 1.5 1.6 3.3 4.0 3.7 58 51 66 32 36 2.2 1.35 (40) -Avg

TCW Total Return Bond I TGLMX ´ CI QQQQQ 5.3 6.1 10.4 9.1 7.1 4 43 21 2 4 6.6 3.53 (47) +Avg USAA Income USAIX ´ CI QQQQ 3.1 6.5 9.8 7.1 5.9 50 32 29 24 24 3.7 2.83 (63) Avg Vanguard GNMA Inv VFIIX Œ GI [ QQQQ 1.5 5.8 6.3 6.9 5.6 69 46 25 15 9 3.1 2.26 (73) Avg Vanguard Inflation-Protected Secs Inv VIPSX Œ IP QQQ 4.6 13.2 9.8 8.2 7.2 18 5 30 28 47 3.6 4.76 (44) +Avg Vanguard Interm-Term Bond Index Adm VBILX — CI QQQQQ 3.9 10.5 10.3 8.6 6.9 24 1 22 5 6 3.4 4.56 (96) High

Vanguard Interm-Term Invmt-Grade Inv VFICX — CI QQQQ 4.2 7.5 11.3 7.5 6.3 17 10 13 16 13 4.0 4.37 (64) High Vanguard Interm-Term Treasury Inv VFITX — GI QQQQQ 2.1 8.7 6.7 7.9 6.2 23 5 20 4 1 1.6 4.38 (86) High Vanguard Long-Term Investment-Grade Inv VWESX ´ CL QQQ 6.1 17.8 15.9 9.7 8.1 51 24 41 40 59 4.8 8.34 (58) +Avg Vanguard Long-Term Treasury Inv VUSTX — GL QQQQ 6.1 31.6 14.2 12.0 9.1 70 43 74 75 57 2.6 12.79 (52) Avg Vanguard Short-Term Bond Index Adm VBIRX Œ CS QQQQ 1.0 2.4 3.6 4.7 4.0 78 23 61 19 22 1.8 1.68 (78) Avg

Vanguard Short-Term Federal Inv VSGBX Œ GS QQQQ 0.8 2.2 2.7 4.4 3.8 42 31 36 25 17 0.8 1.45 (80) Avg Vanguard Short-Term Investment-Grade Inv VFSTX — CS QQQQ 2.0 2.1 5.2 4.3 4.0 33 36 26 26 22 2.6 1.96 (33) Avg Vanguard Short-Term Treasury Inv VFISX — GS ] QQQQ 0.3 1.5 2.0 3.9 3.5 67 49 58 40 29 0.6 1.39 (73) Avg Vanguard Total Bond Market Index Adm VBTLX Œ CI QQQ 2.4 7.1 7.0 6.7 5.6 77 17 79 35 39 3.0 2.85 (99) Avg Western Asset Core Bond I WATFX „ CI QQQQ 3.6 6.4 13.3 6.7 6.1 31 34 3 34 18 3.1 4.02 (37) +Avg

BarCap US Agg Bond TR USD 1.4 7.5 7.1 6.4 5.7

— 5.5 5.5 A 78 18 3 1 283 10 0 79 3 — 0.84 — 1,597 —

BGNMX 4 4.2 3.6 AAA 100 0 0 0 130 5 0 94 1 NL 0.53 11.25 1,919 Management TeamBJBGX 5 4.7 4.8 A 71 26 3 0 219 13 0 87 0 NL 0.69 13.82 2,099 Pell/Quigley (13.9/10.8)BAGIX 5 5.0 4.8 BBB 56 37 7 0 46 6 0 93 1 NL 0.30 10.87 1,633 Management TeamDODIX 5 3.9 4.8 BBB 46 41 10 3 27 6 0 92 1 NL 0.43 13.67 25,145 Management TeamDBLTX 3 2.7 4.8 BB 62 2 30 5 15 21 0 78 1 NL 0.49 11.19 25,399 Gundlach/Barach (2.2/2.2)

FGMNX 1 3.1 3.6 AAA 100 0 0 0 367 5 0 95 0 NL 0.45 11.92 10,334 Irving/Castagliuolo (7.6/2.5)FGOVX 4 4.6 3.6 AAA 100 0 0 0 466 7 0 93 0 NL 0.45 10.91 5,408 Castagliuolo/Irving (2.5/4.1)FTHRX 5 3.9 4.8 A 68 31 1 0 102 6 0 93 1 NL 0.45 11.02 4,170 Galusza/O’Neil (2.9/13.9)FSTGX 4 3.7 3.6 AAA 100 0 0 0 258 4 0 96 0 NL 0.45 11.06 1,143 Castagliuolo/Irving (2.5/4.2)FBNDX 5 4.9 4.8 A 75 23 3 0 275 8 0 90 3 NL 0.45 7.88 5,024 Jeffrey Moore (7.5)

FMSFX 1 2.7 4.8 AA 96 2 1 1 490 2 0 98 0 NL 0.45 11.29 884 Irving/Castagliuolo (4.2/2.5)FTBFX 5 4.7 4.8 BBB 70 19 11 1 168 10 0 85 5 NL 0.45 11.12 14,332 O’Neil/Conti (7.5/4.8)FPNIX 1 1.5 1.9 AA 95 2 2 1 117 11 0 89 0 3.50 0.60 10.66 4,657 Atteberry/Rodriguez (7.6/27.9)HABDX 8 6.6 4.8 BBB 67 25 7 0 666 -36 0 133 2 NL 0.53 12.66 7,533 William Gross (24.5)HARRX 8 7.0 5.9 A 87 10 4 0 340 15 0 85 1 NL 0.60 11.30 509 Mihir Worah (4.4)

MGFIX 8 5.4 4.8 BBB 20 69 10 1 17 16 1 80 3 NL 0.99 26.71 2,286 Daniel Fuss (17.4)MBDFX 5 5.0 4.8 A 82 14 2 2 495 -30 0 130 1 NL 0.58 10.85 1,336 William Gross (18.3)MWTRX 6 4.1 4.8 BB 64 16 20 0 157 8 0 91 0 NL 0.63 10.66 20,395 Management TeamPYGNX 0 — 3.6 — — — — — 23 -40 0 138 2 NL 0.50 10.81 961 Ballantine/Greenberg (12.8/12.8)PFSDX 0 5.7 4.8 — — — — — 629 -6 -28 122 13 NL 1.29 4.06 1,183 William Gross (4.3)

PIGIX 0 7.0 4.8 — — — — — 124 -72 0 155 17 NL 0.50 10.81 7,692 Mark Kiesel (9.5)PLDDX 0 3.5 1.9 — — — — — 437 -28 0 121 7 NL 0.75 10.47 21,331 William Gross (25.1)PRRDX 0 7.1 5.9 — — — — — 129 -13 0 113 0 NL 0.85 12.37 23,789 Mihir Worah (4.4)PSHDX 0 0.8 0.6 — — — — — 307 27 0 71 3 NL 0.75 9.81 10,909 Jerome Schneider (1.4)PTTRX 0 7.0 4.8 — — — — — 584 -58 0 158 1 NL 0.46 11.28 260,947 William Gross (25.1)

FBIDX 4 4.8 4.8 AA 83 17 0 0 106 8 0 92 0 NL 0.27 11.92 7,080 Hollingsworth/Bembenek (3.3/0.3)PRPIX 8 6.7 9.2 BBB 10 80 10 0 57 1 0 99 0 NL 0.64 9.95 607 David Tiberii (8.7)PRGMX 4 4.0 3.6 AAA 100 0 0 0 226 4 0 96 0 NL 0.61 10.12 1,748 Andrew McCormick (4.2)PRCIX 5 4.8 4.8 A 68 27 5 0 111 14 0 86 0 NL 0.59 9.80 17,969 Daniel Shackleford (9.5)PRWBX 2 1.8 1.9 A 61 38 1 0 72 20 0 80 0 NL 0.54 4.84 6,677 Edward Wiese (17.4)

TGLMX 6 3.5 4.8 BB 65 2 33 0 141 4 0 96 0 NL 0.44 9.88 5,866 Management TeamUSAIX 5 3.9 4.8 A 49 46 4 0 19 7 1 87 6 NL 0.61 13.31 4,178 Margaret Weinblatt (12.4)VFIIX 4 4.0 3.6 AA 99 0 0 1 189 6 0 94 0 NL 0.21 11.07 39,246 Michael Garrett (2.0)VIPSX 7 8.4 5.9 AAA 100 0 0 0 28 0 0 100 0 NL 0.20 14.72 42,814 Gemma Wright-Casparius (0.8)VBILX 8 6.4 4.8 A 61 39 0 0 61 1 0 99 0 NL 0.11 12.02 15,442 Joshua Barrickman (4.1)

VFICX 5 5.4 4.8 A 35 63 1 2 49 2 0 98 0 NL 0.20 10.19 17,394 Gregory Nassour (4.0)VFITX 4 5.3 3.6 AAA 100 0 0 0 273 7 0 90 3 NL 0.20 11.80 6,492 David Glocke (11.0)VWESX 8 13.0 9.2 BBB 26 71 0 4 29 1 0 99 0 NL 0.22 10.67 12,048 Lucius Hill, III (4.3)VUSTX 7 15.0 16.0 AAA 100 0 0 0 229 8 0 92 0 NL 0.20 13.81 3,847 David Glocke (11.0)VBIRX 1 2.7 1.9 AA 81 19 0 0 67 2 0 98 0 NL 0.11 10.64 21,728 Gregory Davis (7.3)

VSGBX 1 2.3 2.0 AAA 100 0 0 0 411 12 0 87 1 NL 0.20 10.85 5,756 Ronald Reardon (7.4)VFSTX 2 2.4 1.9 A 46 50 2 2 47 10 0 90 0 NL 0.20 10.74 39,423 Gregory Nassour (4.0)VFISX 1 2.3 2.0 AAA 100 0 0 0 302 7 0 90 3 NL 0.20 10.78 6,401 David Glocke (12.0)VBTLX 4 5.1 4.8 AA 79 21 0 0 73 6 0 92 2 NL 0.10 11.12 97,771 Davis/Volpert (4.1/19.5)WATFX 4 4.5 4.8 AA 76 25 4 -4 556 20 0 79 1 NL 0.52 12.14 2,973 Management Team

PIMCO funds typically have large positions in futures and other derivatives that require that they hold an offsetting amount in bonds and cash. As a result, the composition figures for PIMCO funds can be confusing. We are working with PIMCO to get figures that better reflect the fund’s true exposure levels.

PIMCO Composition Figures Bold # Cheapest QuintileFixed Income Style Box

Ltd Mod Ext High Mid Low

44




Yield %



vs. Category5Best




High-Quality Bond (cont’d) — 3.0 9.0 7.8 5.8 4.9 — — — — — — 4.6 (47) —

Western Asset Core Plus Bond I WACPX „ CI QQQQQ 3.9 6.6 13.0 7.5 7.0 24 29 5 15 5 3.2 4.06 (33) +Avg

High-Yield Bond — 4.7 2.0 14.6 4.8 7.1 — — — — — — 8.4 (0) —

American Funds American Hi Inc Tr A AHITX — QQQ 4.3 0.7 15.4 5.0 8.0 65 78 35 70 30 7.8 8.62 (0) Avg Eaton Vance Income Fund of Boston A EVIBX „ QQQ 4.7 3.8 16.3 6.1 8.6 45 24 16 32 14 7.5 7.63 (0) -Avg Fidelity Capital & Income FAGIX „ QQQQ 5.8 -2.6 18.3 6.8 10.8 12 93 3 15 1 6.4 11.80 (1) High Fidelity High Income SPHIX Œ QQQQ 4.8 3.0 15.2 6.9 8.9 40 40 39 10 7 6.7 8.80 (0) +Avg Janus High-Yield T JAHYX ´ QQQQ 5.0 2.9 14.6 6.7 7.6 35 42 54 17 49 7.1 8.15 (0) Avg

Metropolitan West High Yield Bond M MWHYX — QQQQ 3.7 -1.3 13.2 7.2 — 88 91 82 7 — 7.4 8.01 (1) Avg PIMCO High Yield D PHYDX ´ QQQ 4.2 2.7 15.4 5.9 7.6 70 46 35 41 47 6.6 8.50 (0) Avg T. Rowe Price High-Yield PRHYX „ QQQQ 4.9 2.2 15.2 6.4 8.2 39 55 39 24 23 7.5 8.70 (0) Avg Vanguard High-Yield Corporate Inv VWEHX „ QQQ 4.4 5.6 14.1 6.2 7.0 59 3 68 31 72 6.8 7.26 (0) -Avg

Specialty Bond — 2.8 -0.4 9.3 3.6 6.0 — — — — — — — (9.3) —

American Funds Capital World Bond A CWBFX — IB QQQ 2.2 1.5 6.8 5.5 7.6 31 38 41 56 23 3.2 6.35 (17) Avg Calamos Convertible A CCVIX „ CV QQQ -1.5 -10.2 6.9 1.7 4.7 95 70 93 22 66 1.4 11.23 (88) -Avg Eaton Vance Floating Rate A EVBLX Œ BL QQQ 3.4 2.6 10.7 3.0 3.8 61 39 44 28 49 4.1 5.20 (2) Avg Fidelity Floating Rate High Income FFRHX Œ BL QQQ 2.3 2.1 7.4 3.8 4.4 95 66 92 3 18 3.5 4.50 (4) Low Fidelity New Markets Income FNMIX „ EB QQQQ 4.6 8.9 14.3 8.7 11.6 14 1 18 5 10 5.4 7.50 (5) -Avg

Fidelity Strategic Income FSICX „ MU QQQQ 3.3 3.1 11.5 7.4 8.5 65 40 58 17 11 4.7 5.67 (6) Avg Loomis Sayles Bond Retail LSBRX Œ MU QQQQ 4.3 0.6 13.8 6.2 9.6 29 81 16 38 6 5.7 7.89 (1) High Loomis Sayles Global Bond Retail LSGLX „ IB QQQQ 2.3 0.5 8.8 6.3 7.7 30 56 28 39 18 4.1 7.63 (12) Avg PIMCO Emerging Local Bond Instl PELBX Œ EB [ QQ 1.7 -5.0 10.5 7.1 — 74 64 67 48 — 5.1 12.36 (1) +Avg PIMCO Foreign Bond (Unhedged) D PFBDX — IB QQQQQ 0.7 3.6 11.7 9.4 — 79 22 6 3 — 4.6 9.44 (34) High

PIMCO Foreign Bond (USD-Hedged) D PFODX — IB QQQQ 3.5 8.5 10.5 7.5 6.0 4 3 16 24 64 3.5 3.90 (44) -Avg PIMCO Unconstrained Bond D PUBDX ´ NT QQQ 4.6 3.9 5.6 — — 17 10 60 — — 2.1 2.47 (18) -Avg T. Rowe Price International Bond RPIBX — IB QQQ 0.4 -2.2 5.0 5.5 7.1 86 85 80 58 38 2.5 9.20 (13) +Avg T. Rowe Price Spectrum Income RPSIX „ MU QQQ 3.2 2.9 9.9 5.7 6.9 68 43 79 55 59 4.2 5.54 (2) Avg Templeton Global Bond A TPINX Œ IB [ QQQQ 1.1 -5.9 7.0 8.0 10.3 67 97 37 16 1 6.4 9.69 (0) High

Vanguard Convertible Securities Inv VCVSX Œ CV QQQQ 3.7 -8.8 11.6 3.2 7.4 20 43 45 9 3 3.9 12.86 (91) Avg

Municipal Bond National — 4.2 9.6 7.1 3.9 4.1 — — — — — — 4.5 (81) —

American Century IntermTrm Tx-Fr Bd Inv TWTIX ´ MI QQQ 2.8 8.3 6.3 5.4 4.7 47 50 48 32 36 2.9 4.02 (98) Avg American Funds Tax-Exempt Bond A AFTEX ˇ MI QQQ 4.9 11.6 7.7 5.0 4.8 7 10 13 54 23 3.7 4.66 (98) +Avg Baird Intermediate Muni Bd Inst BMBIX — MI QQQQ 1.6 6.3 5.1 5.9 5.0 95 85 82 15 16 2.6 3.54 (80) -Avg Fidelity Intermediate Municipal Income FLTMX Œ MI QQQQ 2.8 7.7 5.8 5.2 4.8 50 62 64 43 26 3.1 3.03 (97) Low Fidelity Municipal Income FHIGX Œ ML QQQQ 4.4 11.2 7.7 5.6 5.4 78 69 53 21 13 3.7 4.38 (99) Low

Fidelity Municipal Income 2015 FMLCX — MI NR 1.4 3.4 — — — 98 97 — — — 1.2 — (—) Fidelity Short-Intermediate Muni Income FSTFX Œ MS QQQQ 1.3 3.7 3.5 4.1 3.4 34 25 28 16 29 2.0 1.69 (79) Avg Fidelity Tax-Free Bond FTABX Œ ML QQQQ 4.6 11.6 7.6 5.9 5.6 66 56 56 12 3 3.7 4.46 (99) -Avg Franklin Federal Tax-Free Income A FKTIX Œ ML QQQQ 5.0 12.4 8.1 5.5 5.3 49 40 44 23 18 4.1 5.02 (95) Avg Franklin High Yield Tax-Free Inc A FRHIX Œ HM QQQQ 6.6 14.5 10.8 5.3 5.7 78 62 53 5 4 4.7 6.39 (86) Avg

T. Rowe Price Tax-Free High-Yield PRFHX Œ HM QQQQ 7.5 15.7 11.8 4.6 5.4 47 38 33 24 15 4.6 6.02 (78) Avg T. Rowe Price Tax-Free Income Inv PRTAX — ML QQQQ 4.8 11.8 7.6 5.5 5.2 53 50 58 28 23 3.9 4.75 (96) -Avg T. Rowe Price Tax-Free Shrt-Interm PRFSX Œ MS QQQQ 1.3 3.7 3.8 4.3 3.4 31 25 23 13 26 2.0 1.72 (84) Avg USAA Tax Exempt Intermediate-Term USATX — MI QQQQQ 3.8 10.1 7.8 5.5 5.0 18 18 13 31 14 3.9 4.21 (98) Avg Vanguard High-Yield Tax-Exempt VWAHX „ MI QQQQQ 5.1 12.6 8.8 5.4 5.3 3 3 4 38 6 4.0 5.21 (94) High

Vanguard Interm-Term Tx-Ex Inv VWITX „ MI QQQQ 3.1 8.9 6.3 5.5 4.7 37 38 48 27 35 3.3 4.15 (97) Avg Vanguard Long-Term Tax-Exempt VWLTX „ ML QQQQ 4.5 11.4 7.4 5.4 5.1 72 63 65 34 30 3.9 4.85 (98) Avg Vanguard Ltd-Term Tx-Ex VMLTX „ MS QQQ 1.0 3.0 3.2 3.7 3.2 52 43 43 29 33 2.0 1.54 (73) Avg Vanguard Short-Term Tx-Ex VWSTX „ MS QQ 0.5 1.3 1.5 2.5 2.4 82 81 86 76 72 1.1 0.56 (57) -Avg Wells Fargo Advantage S/T Muni Bd Inv STSMX „ MS QQQQ 1.3 2.8 3.8 3.7 3.6 32 48 24 30 19 2.0 1.02 (62) -Avg

Bond Funds

BofAML US HY Master II TR 6.2 5.2 19.8 7.8 8.9BarCap Municipal TR USD 2.9 11.4 7.4 5.6 5.4

CategoriesLegend



BL Bank LoanCI Intermediate-Term Bond CV Convertibles BondEB Emerging Market Bond

HM High-Yield MuniIB World BondMI Muni National, IntermediateML Muni National, Long

MS Muni National, ShortMU Multisector Bond


Current Cat Bond Avg Avg Avg Credit Quality Breakdown Turn- Recent Composition Sales TotalStyle Duration Duration Credit (% of Bonds) over (% of Assets) Charge Expense AssetsBox Years Years Quality High Mid Low Other % Cash Stock Bond Other % Ratio% NAV($) ($Mil) Portfolio Manager (Tenure Years)

High-Quality Bond (cont’d) — 3.0 9.0 7.8 5.8 4.9 — — — — — — 4.6 (47) —

Western Asset Core Plus Bond I WACPX „ CI QQQQQ 3.9 6.6 13.0 7.5 7.0 24 29 5 15 5 3.2 4.06 (33) +Avg

High-Yield Bond — 4.7 2.0 14.6 4.8 7.1 — — — — — — 8.4 (0) —

American Funds American Hi Inc Tr A AHITX — QQQ 4.3 0.7 15.4 5.0 8.0 65 78 35 70 30 7.8 8.62 (0) Avg Eaton Vance Income Fund of Boston A EVIBX „ QQQ 4.7 3.8 16.3 6.1 8.6 45 24 16 32 14 7.5 7.63 (0) -Avg Fidelity Capital & Income FAGIX „ QQQQ 5.8 -2.6 18.3 6.8 10.8 12 93 3 15 1 6.4 11.80 (1) High Fidelity High Income SPHIX Œ QQQQ 4.8 3.0 15.2 6.9 8.9 40 40 39 10 7 6.7 8.80 (0) +Avg Janus High-Yield T JAHYX ´ QQQQ 5.0 2.9 14.6 6.7 7.6 35 42 54 17 49 7.1 8.15 (0) Avg

Metropolitan West High Yield Bond M MWHYX — QQQQ 3.7 -1.3 13.2 7.2 — 88 91 82 7 — 7.4 8.01 (1) Avg PIMCO High Yield D PHYDX ´ QQQ 4.2 2.7 15.4 5.9 7.6 70 46 35 41 47 6.6 8.50 (0) Avg T. Rowe Price High-Yield PRHYX „ QQQQ 4.9 2.2 15.2 6.4 8.2 39 55 39 24 23 7.5 8.70 (0) Avg Vanguard High-Yield Corporate Inv VWEHX „ QQQ 4.4 5.6 14.1 6.2 7.0 59 3 68 31 72 6.8 7.26 (0) -Avg

Specialty Bond — 2.8 -0.4 9.3 3.6 6.0 — — — — — — — (9.3) —

American Funds Capital World Bond A CWBFX — IB QQQ 2.2 1.5 6.8 5.5 7.6 31 38 41 56 23 3.2 6.35 (17) Avg Calamos Convertible A CCVIX „ CV QQQ -1.5 -10.2 6.9 1.7 4.7 95 70 93 22 66 1.4 11.23 (88) -Avg Eaton Vance Floating Rate A EVBLX Œ BL QQQ 3.4 2.6 10.7 3.0 3.8 61 39 44 28 49 4.1 5.20 (2) Avg Fidelity Floating Rate High Income FFRHX Œ BL QQQ 2.3 2.1 7.4 3.8 4.4 95 66 92 3 18 3.5 4.50 (4) Low Fidelity New Markets Income FNMIX „ EB QQQQ 4.6 8.9 14.3 8.7 11.6 14 1 18 5 10 5.4 7.50 (5) -Avg

Fidelity Strategic Income FSICX „ MU QQQQ 3.3 3.1 11.5 7.4 8.5 65 40 58 17 11 4.7 5.67 (6) Avg Loomis Sayles Bond Retail LSBRX Œ MU QQQQ 4.3 0.6 13.8 6.2 9.6 29 81 16 38 6 5.7 7.89 (1) High Loomis Sayles Global Bond Retail LSGLX „ IB QQQQ 2.3 0.5 8.8 6.3 7.7 30 56 28 39 18 4.1 7.63 (12) Avg PIMCO Emerging Local Bond Instl PELBX Œ EB [ QQ 1.7 -5.0 10.5 7.1 — 74 64 67 48 — 5.1 12.36 (1) +Avg PIMCO Foreign Bond (Unhedged) D PFBDX — IB QQQQQ 0.7 3.6 11.7 9.4 — 79 22 6 3 — 4.6 9.44 (34) High

PIMCO Foreign Bond (USD-Hedged) D PFODX — IB QQQQ 3.5 8.5 10.5 7.5 6.0 4 3 16 24 64 3.5 3.90 (44) -Avg PIMCO Unconstrained Bond D PUBDX ´ NT QQQ 4.6 3.9 5.6 — — 17 10 60 — — 2.1 2.47 (18) -Avg T. Rowe Price International Bond RPIBX — IB QQQ 0.4 -2.2 5.0 5.5 7.1 86 85 80 58 38 2.5 9.20 (13) +Avg T. Rowe Price Spectrum Income RPSIX „ MU QQQ 3.2 2.9 9.9 5.7 6.9 68 43 79 55 59 4.2 5.54 (2) Avg Templeton Global Bond A TPINX Œ IB [ QQQQ 1.1 -5.9 7.0 8.0 10.3 67 97 37 16 1 6.4 9.69 (0) High

Vanguard Convertible Securities Inv VCVSX Œ CV QQQQ 3.7 -8.8 11.6 3.2 7.4 20 43 45 9 3 3.9 12.86 (91) Avg

Municipal Bond National — 4.2 9.6 7.1 3.9 4.1 — — — — — — 4.5 (81) —

American Century IntermTrm Tx-Fr Bd Inv TWTIX ´ MI QQQ 2.8 8.3 6.3 5.4 4.7 47 50 48 32 36 2.9 4.02 (98) Avg American Funds Tax-Exempt Bond A AFTEX ˇ MI QQQ 4.9 11.6 7.7 5.0 4.8 7 10 13 54 23 3.7 4.66 (98) +Avg Baird Intermediate Muni Bd Inst BMBIX — MI QQQQ 1.6 6.3 5.1 5.9 5.0 95 85 82 15 16 2.6 3.54 (80) -Avg Fidelity Intermediate Municipal Income FLTMX Œ MI QQQQ 2.8 7.7 5.8 5.2 4.8 50 62 64 43 26 3.1 3.03 (97) Low Fidelity Municipal Income FHIGX Œ ML QQQQ 4.4 11.2 7.7 5.6 5.4 78 69 53 21 13 3.7 4.38 (99) Low

Fidelity Municipal Income 2015 FMLCX — MI NR 1.4 3.4 — — — 98 97 — — — 1.2 — (—) Fidelity Short-Intermediate Muni Income FSTFX Œ MS QQQQ 1.3 3.7 3.5 4.1 3.4 34 25 28 16 29 2.0 1.69 (79) Avg Fidelity Tax-Free Bond FTABX Œ ML QQQQ 4.6 11.6 7.6 5.9 5.6 66 56 56 12 3 3.7 4.46 (99) -Avg Franklin Federal Tax-Free Income A FKTIX Œ ML QQQQ 5.0 12.4 8.1 5.5 5.3 49 40 44 23 18 4.1 5.02 (95) Avg Franklin High Yield Tax-Free Inc A FRHIX Œ HM QQQQ 6.6 14.5 10.8 5.3 5.7 78 62 53 5 4 4.7 6.39 (86) Avg

T. Rowe Price Tax-Free High-Yield PRFHX Œ HM QQQQ 7.5 15.7 11.8 4.6 5.4 47 38 33 24 15 4.6 6.02 (78) Avg T. Rowe Price Tax-Free Income Inv PRTAX — ML QQQQ 4.8 11.8 7.6 5.5 5.2 53 50 58 28 23 3.9 4.75 (96) -Avg T. Rowe Price Tax-Free Shrt-Interm PRFSX Œ MS QQQQ 1.3 3.7 3.8 4.3 3.4 31 25 23 13 26 2.0 1.72 (84) Avg USAA Tax Exempt Intermediate-Term USATX — MI QQQQQ 3.8 10.1 7.8 5.5 5.0 18 18 13 31 14 3.9 4.21 (98) Avg Vanguard High-Yield Tax-Exempt VWAHX „ MI QQQQQ 5.1 12.6 8.8 5.4 5.3 3 3 4 38 6 4.0 5.21 (94) High

Vanguard Interm-Term Tx-Ex Inv VWITX „ MI QQQQ 3.1 8.9 6.3 5.5 4.7 37 38 48 27 35 3.3 4.15 (97) Avg Vanguard Long-Term Tax-Exempt VWLTX „ ML QQQQ 4.5 11.4 7.4 5.4 5.1 72 63 65 34 30 3.9 4.85 (98) Avg Vanguard Ltd-Term Tx-Ex VMLTX „ MS QQQ 1.0 3.0 3.2 3.7 3.2 52 43 43 29 33 2.0 1.54 (73) Avg Vanguard Short-Term Tx-Ex VWSTX „ MS QQ 0.5 1.3 1.5 2.5 2.4 82 81 86 76 72 1.1 0.56 (57) -Avg Wells Fargo Advantage S/T Muni Bd Inv STSMX „ MS QQQQ 1.3 2.8 3.8 3.7 3.6 32 48 24 30 19 2.0 1.02 (62) -Avg

— 5.5 5.5 A 78 18 3 1 283 10 0 79 3 — 0.84 — 1,597 —

WACPX 4 4.7 4.8 AAA 76 27 10 -13 734 15 1 83 1 NL 0.45 11.39 9,416 Management Team

— 3.9 3.9 B 3 5 90 3 89 6 1 88 4 — 1.12 — 1,321 —

AHITX 3 3.2 3.9 B 10 8 80 3 51 9 1 83 7 3.75 0.67 10.78 18,617 Management TeamEVIBX 3 3.2 3.9 B 0 4 95 1 70 10 0 86 4 4.75 1.02 5.75 3,657 Huggins/Weilheimer (12.4/16.4)FAGIX 0 — 3.9 B 12 2 76 9 65 7 9 81 2 NL 0.76 8.96 10,257 Mark Notkin (8.9)SPHIX 0 — 3.9 B 9 1 89 2 55 7 1 90 3 NL 0.75 8.84 5,599 Fred Hoff (12.0)JAHYX 6 4.1 3.9 B 0 4 92 4 92 6 0 90 3 NL 0.88 8.91 2,182 Smith/Watters (8.5/3.9)

MWHYX 3 2.3 3.9 B 11 6 83 0 54 9 0 85 6 NL 0.80 9.89 2,173 Management TeamPHYDX 0 3.2 3.9 — — — — — 50 5 0 89 5 NL 0.90 9.13 16,776 Andrew Jessop (2.4)PRHYX 6 3.9 3.9 B 4 2 93 1 75 4 1 91 4 Clsd 0.74 6.61 9,389 Mark Vaselkiv (15.9)VWEHX 6 4.6 3.9 B 2 7 90 2 26 4 0 92 4 Clsd 0.23 5.78 16,966 Michael Hong (4.3)

— — — — — — — — — — — — — 1.20 — 1,270 —

CWBFX 5 4.8 5.3 BBB 62 31 6 1 95 9 0 86 5 3.75 0.87 20.80 12,864 Management TeamCCVIX 3 2.9 2.9 BB 14 45 26 15 66 0 16 11 73 Clsd 1.07 16.82 2,094 Management TeamEVBLX 3 0.1 0.5 B 0 2 91 7 56 6 0 85 8 2.25 1.01 9.25 7,438 Page/Russ (11.3/4.6)FFRHX 0 — 0.5 BB 12 4 77 6 54 10 0 90 0 NL 0.71 9.73 10,103 Christine McConnell (11.8)FNMIX 0 — 5.7 BB 9 52 31 8 132 7 0 93 0 NL 0.86 16.19 5,236 John Carlson (17.0)

FSICX 9 5.6 4.3 BB 43 8 45 3 229 5 0 94 1 NL 0.70 10.97 9,534 Management TeamLSBRX 6 5.5 4.3 BB 27 41 24 8 22 10 6 71 14 NL 0.92 14.20 20,669 Management TeamLSGLX 5 5.6 5.3 BBB 61 30 9 0 84 5 0 94 1 NL 0.97 16.49 2,324 Management TeamPELBX 0 4.4 5.7 — — — — — 22 -34 0 125 9 NL 0.90 10.03 11,992 Michael Gomez (5.4)PFBDX 0 7.2 5.3 — — — — — 486 -17 0 104 13 NL 0.90 10.87 4,950 Scott Mather (4.3)

PFODX 0 7.2 5.3 — — — — — 355 -10 0 99 11 NL 0.90 10.85 5,085 Scott Mather (4.3)PUBDX 0 2.9 1.3 — — — — — 1,001 110 0 -3 -7 NL 1.30 11.31 13,849 Chris Dialynas (3.9)RPIBX 8 6.2 5.3 A 69 26 5 0 36 13 0 85 2 NL 0.83 9.68 5,193 Ian Kelson (10.4)RPSIX 6 4.6 4.3 BB 41 18 27 14 15 7 14 78 1 NL 0.69 12.50 6,309 Charles Shriver (1.1)TPINX 2 1.5 5.3 BBB 21 67 11 0 26 48 0 50 2 4.25 0.88 12.31 61,002 Hasenstab/Desai (11.4/1.4)

VCVSX 6 4.5 2.9 B 0 10 35 55 90 1 0 14 85 NL 0.59 12.20 1,615 Management Team

— 5.9 5.9 A 47 40 5 9 34 6 0 94 0 — 0.90 — 1,815 —

TWTIX 5 5.9 5.3 A 64 34 1 1 14 3 0 97 0 NL 0.47 11.63 3,415 Management TeamAFTEX 8 7.3 5.3 A 51 41 2 5 12 4 0 95 1 3.75 0.55 12.93 9,326 Management TeamBMBIX 4 5.1 5.3 AA 94 6 0 0 8 2 0 98 0 NL 0.30 12.01 1,184 Management TeamFLTMX 5 5.0 5.3 A 67 31 0 1 14 10 0 90 0 NL 0.40 10.61 4,780 Management TeamFHIGX 8 7.3 7.3 A 62 37 0 1 11 2 0 98 0 NL 0.46 13.40 6,424 Pagliocco/Ramundo (3.3/1.9)

FMLCX 2 2.8 5.3 A 58 39 0 2 0 3 0 97 0 NL 0.39 10.24 54 Management TeamFSTFX 1 2.9 2.4 AA 69 30 0 1 22 16 0 84 0 NL 0.48 10.87 4,284 Management TeamFTABX 7 7.5 7.3 AA 68 31 0 0 8 1 0 95 4 NL 0.25 11.56 2,335 Management TeamFKTIX 0 — 7.3 A 59 39 2 1 14 0 0 100 0 4.25 0.62 12.58 11,476 Management TeamFRHIX 0 — 8.6 BBB 23 57 11 10 9 0 0 100 0 4.25 0.64 10.75 8,815 Management Team

PRFHX 9 6.8 8.6 BB 12 53 16 19 13 0 0 100 0 NL 0.68 11.57 2,121 James Murphy (10.4)PRTAX 5 5.4 7.3 A 43 51 2 4 16 1 0 99 0 NL 0.53 10.44 2,942 Konstantine Mallas (4.4)PRFSX 2 2.8 2.4 A 60 38 1 1 23 7 0 93 0 NL 0.50 5.70 1,744 Charles Hill (14.4)USATX 5 4.6 5.3 A 36 58 1 5 13 1 0 99 0 NL 0.54 13.60 3,194 Regina Shafer (9.0)VWAHX 8 6.4 5.3 BBB 44 48 3 4 19 3 0 97 0 NL 0.20 11.09 7,218 Mathew Kiselak (1.9)

VWITX 5 5.3 5.3 A 69 30 1 1 15 5 0 95 0 NL 0.20 14.27 35,251 Michael Kobs (3.9)VWLTX 8 6.3 7.3 A 63 34 1 1 19 2 0 98 0 NL 0.20 11.65 7,881 Mathew Kiselak (1.9)VMLTX 1 2.4 2.4 AA 79 21 0 0 14 7 0 93 0 NL 0.20 11.18 15,875 Marlin Brown (4.3)VWSTX 1 1.1 2.4 AA 82 18 0 1 28 14 0 86 0 NL 0.20 15.93 11,457 Pamela Wisehaupt Tynan (15.4)STSMX 2 1.2 2.4 A 56 36 2 6 75 9 0 91 -1 NL 0.63 10.01 4,634 Casetta/Fitterer (4.6/12.3)

BofAML US HY Master II TR 6.2 5.2 19.8 7.8 8.9BarCap Municipal TR USD 2.9 11.4 7.4 5.6 5.4

PIMCO funds typically have large positions in futures and other derivatives that require that they hold an offsetting amount in bonds and cash. As a result, the composition figures for PIMCO funds can be confusing. We are working with PIMCO to get figures that better reflect the fund’s true exposure levels.

PIMCO Composition Figures Bold # Cheapest QuintileFixed Income Style Box

Ltd Mod Ext High Mid Low

46

Akre Focus Retail 877-862-9556 AKREX 28Allianz Funds 498-5413 Allianz NFJ Large Cap Value D PNBDX 28 Allianz NFJ Small Cap Value D PNVDX 34 Allianz RCM Technology Instl DRGTX 36American Beacon 658-5811 American Beacon Intl Equity Inv AAIPX 38 American Beacon Lg Cap Value Inv AAGPX 28 American Beacon Small Cp Val Inv AVPAX 34American Century Investments 345-2021 American Century Equity Income Inv TWEIX 28 American Century Ginnie Mae Inv BGNMX 42 American Century Growth Inv TWCGX 24 American Century IntermTrm Tx-Fr Bd TWTIX 44 American Century Intl Discovery Inv TWEGX 38 American Century Mid Cap Value Inv ACMVX 30 American Century Small Cap Value Inv ASVIX 34 American Century Ultra Inv TWCUX 24 American Century Value Inv TWVLX 28American Funds 421-4225 American Funds AMCAP A AMCPX 24 American Funds American Balanced A ABALX 34 American Funds American Hi Inc Tr A AHITX 44 American Funds American Mutual A AMRMX 28 American Funds Capital Inc Bldr A CAIBX 40 American Funds Capital World Bond A CWBFX 44 American Funds Capital World G/I A CWGIX 38 American Funds EuroPacific Gr A AEPGX 38 American Funds Fundamental Inv A ANCFX 26 American Funds Growth Fund of Amer AGTHX 24 American Funds Inc Fund of Amer A AMECX 34 American Funds Intl Gr And Inc A IGAAX 38 American Funds Invmt Co of America A AIVSX 26 American Funds New Economy A ANEFX 24 American Funds New Perspective A ANWPX 38 American Funds New World A NEWFX 40 American Funds SMALLCAP World A SMCWX 40 American Funds Tax-Exempt Bond A AFTEX 44 American Funds Washington Mutual AWSHX 28Ameristock 394-5064 AMSTX 26Appleseed 470-1029 APPLX 30Ariel Investments, LLC 292-7435 Ariel Appreciation Investor CAAPX 30 Ariel Discovery Investor ARDFX 34 Ariel Focus Investor ARFFX 28 Ariel Investor ARGFX 30Artio Global 387-6977 Artio International Equity A BJBIX 38 Artio International Equity II A JETAX 38 Artio Total Return Bond A BJBGX 42Artisan 344-1770 Artisan Global Value Investor ARTGX 40 Artisan Growth Opportunities Inv ARTRX 40 Artisan International Inv ARTIX 38 Artisan International Small Cap Inv ARTJX 38 Artisan International Value Investor ARTKX 38 Artisan Mid Cap Inv ARTMX 28 Artisan Mid Cap Value Investor ARTQX 30 Artisan Small Cap Investor ARTSX 32 Artisan Small Cap Value Investor ARTVX 32 Artisan Value Fund Investor Shares ARTLX 28Aston 992-8151 ASTON/Fairpointe Mid Cap N CHTTX 30 ASTON/Montag & Caldwell Growth N MCGFX 24 ASTON/River Road Small Cap Value N ARSVX 32 ASTON/TAMRO Small Cap N ATASX 32Auxier Focus Inv 877-328-9437 AUXFX 28

BBH Core Select N 625-5759 BBTEX 26Baird 866-442-2473 Baird Aggregate Bond Inst BAGIX 42 Baird Intermediate Muni Bd Inst BMBIX 44Baron Capital Group 442-3814 Baron Asset Retail BARAX 28 Baron Growth Retail BGRFX 28 Baron Small Cap Retail BSCFX 32Berwyn Income 992-6757 BERIX 34BlackRock 441-7762 BlackRock Energy & Resources Inv A SSGRX 36 BlackRock Global Allocation Inv A MDLOX 40Bogle Small Cap Growth Inv BOGLX 32Brandywine 656-3017 Brandywine BRWIX 28 Brandywine Blue BLUEX 24Bridgeway 661-3550 Bridgeway Blue Chip 35 Index BRLIX 26 Bridgeway Ultra-Small Company Mrkt BRSIX 32Brown Capital Mgmt Small Co Inv BCSIX 32Buffalo 492-8332 Buffalo Mid Cap BUFMX 28 Buffalo Small Cap BUFSX 32

CGM 343-5678 CGM Focus CGMFX 24 CGM Realty CGMRX 36Calamos 582-6959 Calamos Convertible A CCVIX 44 Calamos Growth & Income A CVTRX 34 Calamos Growth A CVGRX 24 Calamos Market Neutral Income A CVSIX 34Caldwell & Orkin Market Opportunity COAGX 34Causeway International Value Inv CIVVX 38Century Small Cap Select Inv 303-1928 CSMVX 32Champlain Funds 866-773-3238 Champlain Mid Cap Adv CIPMX 30 Champlain Small Company Adv CIPSX 32Chase Growth N 888-861-7556 CHASX 24Clipper 432-2504 CFIMX 26Columbia 345-6611 Columbia Acorn International Z ACINX 38 Columbia Acorn Select Z ACTWX 30 Columbia Acorn USA Z AUSAX 32 Columbia Acorn Z ACRNX 30 Columbia Dividend Income Z GSFTX 28 Columbia Value & Restructuring Z UMBIX 28

Davis Funds 279-0279 Davis Appreciation & Income A RPFCX 34 Davis Financial A RPFGX 36 Davis NY Venture A NYVTX 26Delafield Fund 697-3863 DEFIX 30Diamond Hill Funds 888-226-5595 Diamond Hill Large Cap A DHLAX 28 Diamond Hill Small Cap A DHSCX 34Dimensional Fund Advisors 888-576-1167 DFA US Micro Cap I DFSCX 32 DFA US Small Cap I DFSTX 32Dodge & Cox 621-3979 Dodge & Cox Balanced DODBX 34 Dodge & Cox Global Stock DODWX 40 Dodge & Cox Income DODIX 42 Dodge & Cox International Stock DODFX 38 Dodge & Cox Stock DODGX 28Domini Social Equity Inv 582-6757 DSEFX 26DoubleLine Total Return Bond I DBLTX 42Dreyfus 373-9387 Dreyfus Appreciation DGAGX 26 Dreyfus Opportunistic Small Cap DSCVX 32

Eaton Vance 262-1122 Eaton Vance Floating Rate A EVBLX 44 Eaton Vance Income Fund of Boston A EVIBX 44

FAM Value Inv 932-3271 FAMVX 30FMI Large Cap 811-5311 FMIHX 26FPA 982-4372 FPA Capital FPPTX 30 FPA Crescent FPACX 34 FPA New Income FPNIX 42 FPA Paramount FPRAX 40 FPA Perennial FPPFX 30

Fairholme 866-202-2263 Fairholme FAIRX 28 Fairholme Allocation FAAFX 34 Fairholme Focused Income FOCIX 34Fidelity Investments 544-6666 Fidelity FFIDX 24 Fidelity Balanced FBALX 34 Fidelity Blue Chip Growth FBGRX 24 Fidelity Capital & Income FAGIX 44 Fidelity Capital Appreciation FDCAX 26 Fidelity Contrafund FCNTX 24 Fidelity Diversified International FDIVX 38 Fidelity Dividend Growth FDGFX 26 Fidelity Equity Dividend Income FEQTX 28 Fidelity Equity-Income FEQIX 28 Fidelity Export & Multinational FEXPX 24 Fidelity Floating Rate High Income FFRHX 44 Fidelity GNMA Fund FGMNX 42 Fidelity Government Income FGOVX 42 Fidelity Growth Company FDGRX 24 Fidelity Growth Discovery FDSVX 24 Fidelity High Income SPHIX 44 Fidelity Independence FDFFX 24 Fidelity Intermediate Bond FTHRX 42 Fidelity Intermediate Government Inc FSTGX 42 Fidelity Intermediate Municipal Income FLTMX 44 Fidelity International Discovery FIGRX 38 Fidelity International Small Cap FISMX 38 Fidelity Investment Grade Bond FBNDX 42 Fidelity Leveraged Company Stock FLVCX 30 Fidelity Low-Priced Stock FLPSX 30 Fidelity Magellan FMAGX 24 Fidelity Mid-Cap Stock FMCSX 30 Fidelity Mortgage Secs FMSFX 42 Fidelity Municipal Income FHIGX 44 Fidelity Municipal Income 2015 FMLCX 44 Fidelity New Markets Income FNMIX 44 Fidelity New Millennium FMILX 24 Fidelity Puritan FPURX 34 Fidelity Real Estate Investment FRESX 36 Fidelity Select Energy FSENX 36 Fidelity Select Health Care FSPHX 36 Fidelity Select Technology FSPTX 36 Fidelity Short-Intermediate Muni Inc FSTFX 44 Fidelity Small Cap Discovery FSCRX 32 Fidelity Small Cap Stock FSLCX 30 Fidelity Small Cap Value FCPVX 34 Fidelity Spartan 500 Index Inv FUSEX 26 Fidelity Spartan Extended Mkt Index FSEMX 30 Fidelity Spartan International Index Inv FSIIX 38 Fidelity Spartan Total Market Index Inv FSTMX 26 Fidelity Stock Selector Sm Cp FDSCX 32 Fidelity Strategic Income FSICX 44 Fidelity Strategic Real Return FSRRX 34 Fidelity Tax-Free Bond FTABX 44 Fidelity Total Bond FTBFX 42 Fidelity Value FDVLX 30 Fidelity Worldwide FWWFX 40 Spartan U.S. Bond Index Investor FBIDX 42First Eagle 334-2143 First Eagle Fund of America Y FEAFX 30 First Eagle Global A SGENX 40 First Eagle Overseas A SGOVX 38 First Eagle US Value A FEVAX 26Franklin Templeton Investment Funds 632-2301 Franklin Balance Sheet Investment A FRBSX 30 Franklin Federal Tax-Free Income A FKTIX 44 Franklin High Yield Tax-Free Inc A FRHIX 44 Franklin Income A FKINX 34 Franklin Utilities A FKUTX 36 Mutual Beacon A TEBIX 28 Mutual European A TEMIX 40 Mutual Global Discovery A TEDIX 40 Mutual Quest A TEQIX 40 Mutual Shares A TESIX 28 Templeton Global Bond A TPINX 44

Gabelli Asset AAA 422-3554 GABAX 26Gateway A 225-5478 GATEX 34GoodHaven 855-654-6639 GOODX 28Greenspring 366-3863 GRSPX 34

Harbor 422-1050 Harbor Bond Instl HABDX 42 Harbor Capital Appreciation Instl HACAX 24 Harbor Commodity Real Return Instl HACMX 36 Harbor International Growth Inv HIIGX 38 Harbor International Instl HAINX 38 Harbor Real Return Instl HARRX 42Harding Loevner International Eq Inv HLMNX 38Hartford Healthcare A 888-843-7824 HGHAX 36Homestead Value 258-3030 HOVLX 28Hussman Investment Trust 487-7626 Hussman Strategic Growth HSGFX 34 Hussman Strategic Total Return HSTRX 34

IVA Worldwide A 866-941-4482 IVWAX 40Invesco 959-4246 Invesco Van Kampen Comstock A ACSTX 28 Invesco Van Kampen Equity and Income ACEIX 34 Invesco Van Kampen Growth and Inc ACGIX 28

JPMorgan US Real Estate A 480-4111 SUSIX 36Janus 525-0020 Janus Balanced T JABAX 34 Janus Contrarian T JSVAX 26 Janus Enterprise T JAENX 30 Janus Global Life Sciences T JAGLX 36 Janus Global Research T JARFX 40 Janus Global Select T JORNX 40 Janus Growth & Income T JAGIX 24 Janus High-Yield T JAHYX 44 Janus Overseas T JAOSX 38 Janus Research T JAMRX 24 Janus T JANSX 24 Janus Triton T JATTX 32 Janus Twenty T JAVLX 24 Janus Venture T JAVTX 32 Janus Worldwide T JAWWX 40 Perkins Global Value T JGVAX 40 Perkins Large Cap Value T JPLTX 28 Perkins Mid Cap Value T JMCVX 32 Perkins Small Cap Value T JSCVX 34Jensen Quality Growth J 992-4144 JENSX 24

Kalmar Growth-with-Value Small Cap KGSCX 32

LKCM 688-5526 LKCM Equity Instl LKEQX 24 LKCM Small Cap Equity Instl LKSCX 32Laudus Growth Investors US Large Cap Gr LGILX 24Lazard Emerging Markets Equity Open LZOEX 40Legg Mason/Western 877-721-1926 Legg Mason Cap Mgmt Value A LGVAX 26 Legg Mason ClearBridge Aggressive Gr SHRAX 24 Western Asset Core Bond I WATFX 42 Western Asset Core Plus Bond I WACPX 44Leuthold Asset Allocation Retail 273-6886 LAALX 34Litman Gregory Masters Funds 960-0188 Litman Gregory Masters Equity Instl MSEFX 24 Litman Gregory Masters Foc Opp Instl MSFOX 24 Litman Gregory Masters Intl Instl MSILX 38 Litman Gregory Masters Smlr C Instl MSSFX 32 Litman Gregory Masters Value Instl MSVFX 26Longleaf Partners 445-9469 Longleaf Partners LLPFX 26 Longleaf Partners International LLINX 38 Longleaf Partners Small-Cap LLSCX 30Loomis Sayles Funds 633-3330 Loomis Sayles Bond Retail LSBRX 44 Loomis Sayles Global Bond Retail LSGLX 44 Loomis Sayles Small Cap Growth Retail LCGRX 32Lord Abbett Affiliated A 888-522-2388 LAFFX 28

MFS Total Return A 343-2829 MSFRX 34Madison Mosaic Investors Y 336-3063 MINVX 24MainStay 624-6782 MainStay ICAP Equity I ICAEX 28 MainStay ICAP International I ICEUX 38 MainStay ICAP Select Equity I ICSLX 28 MainStay MAP I MUBFX 26

Area code is 800 unless otherwise indicated


Mairs & Power 304-7404 Mairs & Power Balanced Inv MAPOX 34 Mairs & Power Growth Inv MPGFX 26Managers Funds 548-4539 Managers Bond MGFIX 42 Managers Micro-Cap Service MMCFX 32 Managers PIMCO Bond MBDFX 42 Skyline Special Equities SKSEX 34Manning & Napier 466-3863 Manning & Napier Equity EXEYX 26 Manning & Napier Pro-Blend Cnsrv EXDAX 34 Manning & Napier Pro-Blend Mod Tm EXBAX 34 Manning & Napier World Opp A EXWAX 38Marsico Investment Fund 888-860-8686 Marsico Focus MFOCX 24 Marsico Global MGLBX 40 Marsico Growth MGRIX 24 Marsico International Opportunities MIOFX 38Matthews Asia Funds 789-2742 Matthews Asia Dividend Investor MAPIX 40 Matthews Asian Growth & Inc Inv MACSX 40 Matthews China Investor MCHFX 40 Matthews India Investor MINDX 40 Matthews Pacific Tiger Investor MAPTX 40Merger 343-8959 MERFX 34Meridian 446-6662 Meridian Growth MERDX 30 Meridian Value MVALX 30Metropolitan West Funds 241-4671 Metropolitan West High Yield Bd M MWHYX 44 Metropolitan West Total Rn Bond M MWTRX 42Morgan Stanley Focus Growth A AMOAX 24Muhlenkamp 860-3863 MUHLX 26

Neuberger Berman 877-9700 Neuberger Berman Genesis Inv NBGNX 30 Neuberger Berman International Inv NBISX 38 Neuberger Berman Large Cap Value Inv NPRTX 28Nicholas 544-6547 NICSX 30

Oakmark 625-6275 Oakmark Equity & Income I OAKBX 34 Oakmark Global I OAKGX 40 Oakmark Global Select I OAKWX 40 Oakmark I OAKMX 26 Oakmark International I OAKIX 38 Oakmark International Small Cap I OAKEX 38 Oakmark Select I OAKLX 26Old Westbury Global Small & Mid Cap OWSMX 40OppenheimerFunds 225-5677 Oppenheimer Developing Markets A ODMAX 40 Oppenheimer Global A OPPAX 40 Oppenheimer Global Opportunities A OPGIX 40 Oppenheimer Gold & Special Minerals OPGSX 36 Oppenheimer International Growth A OIGAX 38Osterweis 866-236-0050 OSTFX 30

PIMCO 927-4648 PIMCO All Asset All Authority D PAUDX 40 PIMCO All Asset D PASDX 40 PIMCO Commodity Real Ret Strat D PCRDX 36 PIMCO Emerging Local Bond Instl PELBX 44 PIMCO EqS Pathfinder D PTHDX 40 PIMCO Foreign Bond (USD-Hedged) D PFODX 44 PIMCO Foreign Bond (Unhedged) D PFBDX 44 PIMCO Fundamental Advtg Ttl Ret Strat PFSDX 42 PIMCO Global Multi-Asset D PGMDX 40 PIMCO High Yield D PHYDX 44 PIMCO Investment Grade Corp Bd Instl PIGIX 42 PIMCO Low Duration D PLDDX 42 PIMCO Real Return D PRRDX 42 PIMCO Short-Term D PSHDX 42 PIMCO Total Return Instl PTTRX 42 PIMCO Unconstrained Bond D PUBDX 44PRIMECAP Odyssey Funds 729-2307 PRIMECAP Odyssey Agg Growth POAGX 30 PRIMECAP Odyssey Growth POGRX 24 PRIMECAP Odyssey Stock POSKX 24Parnassus Equity Income - Inv 999-3505 PRBLX 26Pax World Balanced Individual Inv PAXWX 34Payden GNMA 572-9336 PYGNX 42Permanent Portfolio 531-5142 PRPFX 36Polaris Global Value 888-263-5594 PGVFX 40

Queens Road Small Cap Value 595-3088 QRSVX 34

RS Funds 766-3863 RS Capital Appreciation A RCAPX 24 RS Value A RSVAX 30Rainier Small/Mid Cap Equity 248-6314 RIMSX 30Royce 221-4268 Royce Opportunity Invmt RYPNX 34 Royce Pennsylvania Mutual Invmt PENNX 32 Royce Premier Invmt RYPRX 30 Royce Special Equity Invmt RYSEX 32 Royce Special Equity Multi-Cap Serv RSEMX 26 Royce Total Return Invmt RYTRX 32 Royce Value Plus Svc RYVPX 32 Royce Value Svc RYVFX 30

Saturna 888-732-6262 Amana Trust Growth AMAGX 24 Amana Trust Income AMANX 26Schneider Funds 888-520-3277 Schneider Small Cap Value SCMVX 34 Schneider Value SCMLX 32Schwab Funds 407-0256 Schwab S&P 500 Index SWPPX 26 Schwab Total Stock Market Index SWTSX 26Scout International 996-2862 UMBWX 38Selected American Shares D 243-1575 SLADX 26Sequoia 686-6884 SEQUX 26Sound Shore 551-1980 SSHFX 28Stratton Small-Cap Value 472-4266 STSCX 32

T. Rowe Price 638-5660 T. Rowe Price Balanced RPBAX 36 T. Rowe Price Blue Chip Growth TRBCX 24 T. Rowe Price Capital Appreciation PRWCX 36 T. Rowe Price Corporate Income PRPIX 42 T. Rowe Price Dividend Growth PRDGX 26 T. Rowe Price Emerging Markets Stock PRMSX 40 T. Rowe Price Equity Income PRFDX 28 T. Rowe Price Financial Services PRISX 36 T. Rowe Price GNMA PRGMX 42 T. Rowe Price Global Stock PRGSX 40 T. Rowe Price Global Technology PRGTX 36 T. Rowe Price Growth & Income PRGIX 24 T. Rowe Price Growth Stock PRGFX 24 T. Rowe Price Health Sciences PRHSX 36 T. Rowe Price High-Yield PRHYX 44 T. Rowe Price International Bond RPIBX 44 T. Rowe Price International Discovery PRIDX 38 T. Rowe Price International Stock Fd PRITX 38 T. Rowe Price Intl Gr & Inc TRIGX 38 T. Rowe Price Media & Telecom PRMTX 36 T. Rowe Price Mid-Cap Growth RPMGX 30 T. Rowe Price Mid-Cap Value TRMCX 32 T. Rowe Price New America Growth PRWAX 24 T. Rowe Price New Asia PRASX 40 T. Rowe Price New Era PRNEX 36 T. Rowe Price New Horizons PRNHX 32 T. Rowe Price New Income PRCIX 42 T. Rowe Price Personal Strat Growth TRSGX 36 T. Rowe Price Personal Strat Income PRSIX 36 T. Rowe Price Real Estate TRREX 36 T. Rowe Price Retirement 2015 TRRGX 36 T. Rowe Price Science & Tech PRSCX 36 T. Rowe Price Short-Term Bond PRWBX 42 T. Rowe Price Small-Cap Stock OTCFX 32 T. Rowe Price Small-Cap Value PRSVX 32 T. Rowe Price Spectrum Growth PRSGX 26 T. Rowe Price Spectrum Income RPSIX 44 T. Rowe Price Tax-Free High-Yield PRFHX 44 T. Rowe Price Tax-Free Income Inv PRTAX 44 T. Rowe Price Tax-Free Shrt-Interm PRFSX 44 T. Rowe Price Value TRVLX 28

TCW 248-4486 TCW Dividend Focused N TGIGX 28 TCW International Small Cap I TGICX 38 TCW Total Return Bond I TGLMX 42Third Avenue 443-1021 Third Avenue International Value Instl TAVIX 38 Third Avenue Real Estate Value Instl TAREX 36 Third Avenue Small Cap Value Instl TASCX 32 Third Avenue Value Instl TAVFX 40Thornburg 847-0200 Thornburg International Value A TGVAX 38 Thornburg Value A TVAFX 26Torray 626-9769 TORYX 26Touchstone Sands Capital Select Growth PTSGX 24Turner Investment Partners 224-6312 Turner Midcap Growth Investor TMGFX 30 Turner Small Cap Growth TSCEX 32Tweedy Browne 432-4789 Tweedy, Browne Global Value TBGVX 38 Tweedy, Browne Value TWEBX 40 Tweedy, Browne Worldwide Hi Div Yld TBHDX 40

USAA 531-8722 USAA Aggressive Growth USAUX 24 USAA Income USAIX 42 USAA International USIFX 38 USAA Tax Exempt Intermediate-Term USATX 44

Vanguard 662-7447 Vanguard 500 Index Admiral VFIAX 26 Vanguard Balanced Index Adm VBIAX 36 Vanguard Capital Opportunity Inv VHCOX 24 Vanguard Capital Value Inv VCVLX 26 Vanguard Convertible Securities Inv VCVSX 44 Vanguard Developed Markets Indx Ad VDMAX 38 Vanguard Dividend Growth Inv VDIGX 26 Vanguard Emerging Mkts Stk Idx Adm VEMAX 40 Vanguard Energy Inv VGENX 36 Vanguard Equity-Income Inv VEIPX 28 Vanguard European Stock Index Adm VEUSX 40 Vanguard Explorer Inv VEXPX 32 Vanguard Explorer Value Investor VEVFX 32 Vanguard Extended Market Idx Adm VEXAX 30 Vanguard FTSE All-Wld ex-US Idx Adm VFWAX 38 Vanguard FTSE Social Index Inv VFTSX 24 Vanguard GNMA Inv VFIIX 42 Vanguard Global Equity Inv VHGEX 40 Vanguard Growth & Income Inv VQNPX 26 Vanguard Growth Equity Inv VGEQX 24 Vanguard Growth Index Adm VIGAX 24

Vanguard Health Care Inv VGHCX 36 Vanguard High Dividend Yield Indx Inv VHDYX 28 Vanguard High-Yield Corporate Inv VWEHX 44 Vanguard High-Yield Tax-Exempt VWAHX 44 Vanguard Inflation-Protected Secs Inv VIPSX 42 Vanguard Interm-Term Bond Index Adm VBILX 42 Vanguard Interm-Term Invmt-Grade Inv VFICX 42 Vanguard Interm-Term Treasury Inv VFITX 42 Vanguard Interm-Term Tx-Ex Inv VWITX 44 Vanguard International Explorer Inv VINEX 38 Vanguard International Growth Inv VWIGX 38 Vanguard International Value Inv VTRIX 38 Vanguard LifeStrategy Income Inv VASIX 36 Vanguard Long-Term Invest-Grd Inv VWESX 42 Vanguard Long-Term Tax-Exempt VWLTX 44 Vanguard Long-Term Treasury Inv VUSTX 42 Vanguard Ltd-Term Tx-Ex VMLTX 44 Vanguard Mid Cap Growth Inv VMGRX 30 Vanguard Mid Cap Index Adm VIMAX 30 Vanguard Morgan Growth Inv VMRGX 26 Vanguard PRIMECAP Core Inv VPCCX 26 Vanguard PRIMECAP Inv VPMCX 26 Vanguard Precious Metals and Min Inv VGPMX 36 Vanguard REIT Index Adm VGSLX 36 Vanguard STAR Inv VGSTX 36 Vanguard Selected Value Inv VASVX 32 Vanguard Short-Term Bond Index Adm VBIRX 42 Vanguard Short-Term Federal Inv VSGBX 42 Vanguard Short-Term Invest-Grd Inv VFSTX 42 Vanguard Short-Term Treasury Inv VFISX 42 Vanguard Short-Term Tx-Ex VWSTX 44 Vanguard Small Cap Growth Index Ad VSGAX 32 Vanguard Small Cap Index Adm VSMAX 32 Vanguard Small Cap Value Index Adm VSIAX 34 Vanguard Strategic Equity Inv VSEQX 30 Vanguard Target Retirement 2025 Inv VTTVX 36 Vanguard Tax-Managed Balanced Adm VTMFX 36 Vanguard Tax-Managed Capital App VTCLX 26 Vanguard Tax-Managed Growth & Inc VTGLX 26 Vanguard Tax-Managed Intl Adm VTMGX 38 Vanguard Tax-Managed Small Cap VTMSX 34 Vanguard Total Bond Market Index Adm VBTLX 42 Vanguard Total Intl Stock Index Admiral VTIAX 38 Vanguard Total Stock Mkt Idx Adm VTSAX 26 Vanguard US Value Inv VUVLX 28 Vanguard Value Index Adm VVIAX 28 Vanguard Wellesley Income Inv VWINX 36 Vanguard Wellington Inv VWELX 36 Vanguard Windsor II Investor VWNFX 28 Vanguard Windsor Investor VWNDX 28

Wasatch 551-1700 Wasatch Core Growth WGROX 32 Wasatch Heritage Growth WAHGX 30 Wasatch Large Cap Value Investor FMIEX 28 Wasatch Small Cap Growth WAAEX 32 Wasatch Ultra Growth WAMCX 32Weitz 304-9745 Weitz Hickory WEHIX 30 Weitz Partners Value WPVLX 30 Weitz Value WVALX 26Wells Fargo Advantage S/T Muni Bd Inv STSMX 44Westport Funds 888-593-7878 Westport R WPFRX 30 Westport Select Cap R WPSRX 30Westwood SMidCap Institutional WHGMX 30William Blair 635-2886 William Blair International Growth N WBIGX 38 William Blair Small Cap Growth N WBSNX 32

Yacktman 457-6033 Yacktman YACKX 28 Yacktman Focused YAFFX 28

Morningstar FundInvestorVolume 20, Number 10

Director of Fund ResearchRussel Kinnel

Director of Fund AnalysisMichael Herbst

Contributing AnalystsGreg Carlson, Josh Charlson, Dan Culloton, Kailin Liu, Flynn Murphy

Copy EditorsThad Doria, Jennifer Ferone Gierat, Elizabeth Knapik, Elizabeth Romanek

DesignerMeghan Winn

ProgrammersEider Deleoz

Quality AssuranceSandra Benedict

Product ManagmentPeggy Seemann

Editor-in-ChiefJerry Kerns

PublisherSusan Dziubinski

Managing DirectorDon Phillips

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