Bifx 5y4368

Quarterly Report 4/17/2011

Prepared for:

BIFX Fund Prepared by:

DANIEL BECKERMAN, CFP® BECKERMAN INSTITUTIONAL 406 W PARK AVENUE OAKHURST, NJ 07755 877-892-7738

Quarterly Report | Release date 03-31-2011

Page 2 of 31

BIFX Fund: Client Aggregate Portfolio Snapshot

Portfolio Value

Benchmark

$10,903.01

Custom

Analysis 03-31-2011 Asset Allocation

17

0

7

0

11

8

12

100.00

100.00

Value

Core

0

0

0

Not Classified % 6

0

0

0

0

0

0

Growth

Ltd

0-10 10-25 25-50 >50

Stock Analysis 03-31-2011 Stock Sectors ns Se

Greater Asia

Not Classified % 100

Ext

0-10 10-25 25-50 >50

Performance 03-31-2011

Stock Regions e itiv

Benchmark Portfolio

Mod

Total Bond Holdings __

Low

15

Med

24

High

2.71 29.98 9.93 57.22 0.16

Small

0.00 83.00 17.00 0.00 0.00

Morningstar Fixed Income Style Box %

Total Stock Holdings 14

Mid

Total

Bmark Net %

Large

Cash US Stocks Non-US Stocks Bonds Other/Not Classified

Morningstar Equity Style Box %

Portfolio Net %

Americas

Greater Europe

Investment Activity Graph

Portfolio Initial Mkt Val: $2,571 Benchmark

Final Mkt Val: $10,903 $1,000 14.0 11.2

ive

8.4

Def

ens

5.6 2.8

Cyclical N/C

% of Stocks

0-10

10-20

50-90

>90%

Portfolio %

Bmark %

Portfolio %

Bmark %

45.00

32.64

Americas

83.00

79.07

Basic Materials 0.00 Consumer Cyc 18.00 Financial Services 27.00 Real Estate 0.00

5.30 9.09 16.31 1.95

North America Latin America

83.00 0.00

77.23 1.84

Greater Europe

11.01

12.05

Sensitive

33.00

44.63

Comm Services 0.00 Energy 0.00 Industrial 0.00 Technology 33.00

5.11 12.60 12.83 14.08

United Kingdom Europe-Developed Europe-Emerging Africa/Middle East

11.01 0.00 0.00 0.00

3.44 7.36 0.64 0.61

Cyclical

Defensive

22.00

22.73

Consumer Def Healthcare Utilities

7.01 15.00 0.00

9.97 9.38 3.38

Not Classified

0.00

0.00

% of Stocks

20-50

0.0 2001

2002

2003

2004

2005

2006

Trailing Returns

Pre-Tax Portfolio Return Benchmark Return +/- Benchmark Return

2007

2008

2009

2010

3Mo

1Yr

3Yr

5Yr

10Yr

-0.03 2.44 -2.47

-13.18 9.69 -22.87

1.61 4.51 -2.90

4.50 5.31 -0.80

15.54 5.56 9.98

Time Period Return

Best %

Worst %

3 Months 1 Year 3 Years

63.01 (03-09/05-09) 99.42 (03-09/02-10) 43.54 (04-03/03-06)

-34.07 (09-08/11-08) -45.28 (03-08/02-09) -11.08 (03-06/02-09)

Greater Asia

6.00

8.86

Japan Australasia Asia-Developed Asia-Emerging

0.00 0.00 0.00 6.00

3.25 1.52 1.98 2.11

Portfolio Yield

Not Classified

0.00

0.02

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please visit

Yield %

Trailing 12 Month

0.68

Performance Disclosure

data http://advisor.morningstar.com/familyinfo.asp. See Disclosure Page for Standardized Returns.

Holdings 03-31-2011 Top 10 holdings out of 14

Ticker

Type

Cisco Systems Barclays PL Google LHC Group Apollo Group Johnson & Johnson Johnson Controls Itron Knight Capital Group Xinyuan Real Estate

CSCO BCS GOOG LHCG APOL JNJ JCI ITRI KCG XIN

ST ST ST ST ST ST ST ST ST ST

Holding Value $

% Assets

1,200.00 1,200.00 1,090.01 872.00 764.00 763.00 763.00 763.00 654.00 654.00

11.01 11.01 10.00 8.00 7.01 7.00 7.00 7.00 6.00 6.00

©2011 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed,(4) do not constitute investment advice offered by Morningstar, (5)are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar 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. This report is supple-mental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent,and disclosure statement.


Page 3 of 31


Portfolio Value

Benchmark

$10,903.01

Custom

Risk Analysis 03-31-2011 Risk/Reward Scatterplot

Portfolio

Holding

Bmark

3 Year Mean

Performance History Graph

Portfolio

Quarterly returns +/- Benchmark in %

28.00

40.0

20.70 30.0

13.40 6.10

20.0

-1.20 -8.50

10.0

-15.80 Bmark

-23.10 -30.40

-10.0

-37.70 3.0

9.1

15.1

21.2

27.3

33.3

39.4

45.5

51.5

57.6

63.7

69.7

75.8

81.9

87.9

-45.00

2001

2002

2003

2004

2005

2006

2007

2008

2009

-20.0

2010

3 Year Standard Deviation Risk and Return Statistics

3 Year

5 Year

10 Year

Portfolio

Bmark

Portfolio

Bmark

Portfolio

Bmark

33.01 1.61 0.19

10.11 4.51 0.44

27.61 4.50 0.22

8.14 5.31 0.42

25.19 15.54 0.62

6.82 5.56 0.52

Standard Deviation Mean Sharpe Ratio

MPT Statistics

Alpha Beta R-squared

3Yr Portfolio

5Yr Portfolio

10Yr Portfolio

-6.32 2.83 76

-3.82 2.86 72

5.23 2.91 62

Fundamental Analysis 03-31-2011 Asset Allocation

-100

-50

0

50

100

Portfolio Net %

Portfolio Long %

Portfolio Short %

Cash US Stocks Non-US Stocks Bonds Other/Not Classified

0.00 83.00 17.00 0.00 0.00

0.00 83.00 17.00 0.00 0.00

Total

100.00

100.00

High Yield Distressed Hard Asset Cyclical Slow Growth Classic Growth Aggressive Growth Speculative Growth Not Available

Portfolio

Bmark

0.00 0.00 0.00 46.99 8.43 0.00 44.58 0.00 0.00

0.22 0.66 13.29 43.93 14.80 6.74 16.07 1.98 2.30

Geometric Avg Capitalization ($Mil) Portfolio

Bmark

0.00 0.00 0.00 0.00 0.00

Developed Markets 94.00 Emerging Markets 6.00 Not Available 0.00

94.94 5.05 0.00

Valuation Multiples

Portfolio

Bmark

0.00

Price/Earnings Price/Book Price/Sales Price/Cash Flow

10.91 1.21 1.08 5.17

15.54 2.06 1.28 8.79

Portfolio 2010

Bmark 2010

15.94 5.98 21.11

12.89 20.91 8.47 35.67

Type Weightings % of US Stocks

Market Maturity % of Stocks

Profitability % of US Stocks

Net Margin ROE ROA Debt/Capital % 0

5

10

15

20

25

30

35

40

45

50

__

Fund Statistics

Potential Cap Gains Exposure Avg Net Expense Ratio Avg Gross Expense Ratio

Portfolio Benchmark Credit Quality Breakdown

AAA AA A BBB BB B Below B NR/NA Interest Rate Risk

Maturity Duration (total portfolio) Avg Credit Quality

__ __ __


11,936.77 42,106.65 % of Bonds

__ __ __ __ __ __ __

100.00 Portfolio

__ __ __


Page 4 of 31


Portfolio Value

Benchmark

$10,903.01

Custom

Disclosure for Standardized™ and Tax Adjusted Returns The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus, an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp An investment in a money-market vehicle is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation reflects the current earnings of the money market more closely than the total return quotation. Although money markets seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them. Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be significantly reduced. For variable

annuities, additional expenses will be taken in , including M&E risk charges, fund-level expenses such as management fees and operating fees, and contract-level istration fees, charges such as surrender, contract and sales charges. After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-tax returns for exchange-traded funds are based on net asset value.

Annualized returns 03-31-2011 Standardized Returns (%)

Standard & Poor's 500 TR BarCap's Agg Bond Index MSCI EAFE Index Ndtr_D 3 Month T-Bill

7-day Yield

1Yr

5Yr

10Yr

Since Inception

Inception Date

-----

15.65 5.12 10.42 0.15

2.62 6.03 1.30 2.08

3.29 5.56 5.39 2.14

-----

-----

Max Front Load %

Max Back Load %


Net Exp Ratio %

Gross Exp Ratio %


Page 5 of 31


Portfolio Value

Benchmark

$10,903.01

Custom

Non-Load Adjusted Returns Total 14 holdings as of 03-31-2011

Type Holdings % of Date Assets

Cisco Systems-CSCO Barclays PL-BCS Google-GOOG LHC Group-LHCG Apollo Group-APOL

ST ST ST ST ST

__ 11.01 __ 11.01 __ 10.00 __ 8.00 __ 7.01

Holding Value $

1,200 1,200 1,090 872 764

Johnson & Johnson-JNJ Johnson Controls-JCI Itron-ITRI Knight Capital Group-KCG Xinyuan Real Estate-XIN

ST ST ST ST ST

__ __ __ __ __

7.00 7.00 7.00 6.00 6.00

Bank of America-BAC SunPower-SPWRA SORL Auto Parts-SORL American Express-AXP

ST ST ST ST

__ __ __ __

6.00 5.00 5.00 4.00

7-day Yield

__ __ __ __ __

1Yr Ret %

3Yr Ret %

5Yr Ret %

10Yr Ret %

-33.88 -15.02 3.46 -10.53 -31.95

-10.60 -18.64 10.03 21.32 -1.16

-4.50 -12.04 8.51 13.40 -4.50

0.85 0.12 __ __

763 763 763 654 654

__ __ __ __ __

-5.81 27.77 -22.23 -12.25 -41.10

0.17 8.51 -14.48 -6.21 -34.57

654 545 545 436

__ __ __ __

-25.10 -8.68 -34.42 10.86

-26.55 -38.73 6.13 2.70

Since Inception Max Front Max Back Inception Date Load % Load %

6.67

__ __ __ __ __

__ __ __ __ __

NA NA NA NA NA

NA NA NA NA NA

2.92 11.73 -1.17 -0.77 __

5.30 15.88 16.87 -0.87 __

__ __ __ __ __

__ __ __ __ __

NA NA NA NA NA

NA NA NA NA NA

-15.45 -14.79 2.33 -1.57

-0.03 __ __

__ __ __ __

__ __ __ __

NA NA NA NA

NA NA NA NA

3.35

Performance Disclosure The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please visit http://advisor.morningstar.com/familyinfo.asp.

See Disclosure Page for Standardized Returns. ©2011 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed,(4) do not constitute investment advice offered by Morningstar, (5)are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar 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. This report is supple-mental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent,and disclosure statement.


Page 6 of 31

American Express AXP American Express, best known for its flagship green charge card, is segmented into three main businesses: U.S. card services, international card and global commercial services, and global network and merchant services. Its former financial advisor segment, American Express Financial Advisors, was spun off to shareholders in 2005 and is now known as Ameriprise.

Morningstar Rating

Uncertainty

High

Sales $Mil

Mkt Cap $Mil

Industry

$46.25

$27,819

$55,611

Specialty Finance

Fair Value

Economic Moat

Style

Sector

$54.00

As of 04-15-2011

49.91 21.19

Last Close $

Wide

Large Core

Financial Services

As of 01-27-2011

39.33 23.26

42.99 27.06

49.96 41.44

53.06 43.35

62.50 49.73

65.89 50.37

52.63 16.55

42.25 9.71

49.19 36.60

46.95 42.19

Annual Price High Low Recent Splits

Price Volatility 39.0 19.0

Monthly High/Low Rel Strength to S&P 500 52 week High/Low $ 49.19 - 37.13 10 Year High/Low $ 65.89 - 9.71

5.0

World Financial Center 200 Vesey Street New York, NY 10285 Phone: 1 212 640-2000Website: http://www.americanexpress.com

2.0 19.0

Bear-Market Rank __ (10=worst) Trading Volume Million

7.0

Growth Rates Compound Annual Grade: C

2002

2003

2004

2005

2006

2007

2008

2009

-34.5 -21.4 -156.0 0.9 41697

0.2 23.5 -30.8 0.9 40683

37.5 11.1 -22.9 0.8 54324

17.5 8.5 -5.2 0.8 61957

5.1 2.1 43.2 0.9 63897

18.9 5.3 8.1 0.9 73094

-13.3 -16.8 -33.8 1.2 60834

-63.0 -24.5 -43.8 3.9 21516

122.3 98.9 103.8 1.8 48300

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

636 20445 __

1909 20816 __

2158 22803 __

2251 25997 __

135 23212 __

-158 26058 __

3590 24141 __

3646 24719 __

3124 21399 __

4869 22950 __

4869 22950 __

Mkt

1311

2671

2987

3445

3734

3707

4012

2699

2130

4057

4057

Net Income $Mil

__ __ __ __

0.98 0.32 1336 9.02

2.01 0.32 1330 10.55

2.31 0.38 1298 11.91

2.74 0.44 1285 12.76

2.56 0.48 1258 8.50

3.01 0.57 1238 8.72

3.39 0.63 1196 9.43

2.48 0.72 1157 10.21

1.54 0.72 1171 12.09

3.35 0.72 1195 13.56

3.35 0.72 1195 13.50

Earnings Per Share $ Dividends $ Shares Mil Book Value Per Share $

3 Yr

5 Yr

10 Yr

13.4 __

0.1 __

3.6 __

2.2 __

117.5 0.0 12.2 0.6 -166.9 -8.3

-0.4 4.6 12.9 3.9 -33.8 4.3

5.5 8.5 9.8 -0.6 -23.6 -1.1

4.9 8.5 4.4 3.4 -14.9 2.3

Grade: C

Current

5 Yr Avg

Ind

Return on Equity % Return on Assets % Revenue/Employee $K Compensation Exp/Rev

26.5 3.0 456.0 0.2 __

27.8 2.5 435.5 0.2 __

2.5 0.3 __ __

14.6 8.0

12.3 __

__ __

__ __ __

Revenue Operating Income Earnings/Share Dividends Book Value/Share Stock Total Return +/- Industry +/- Market Profitability Analysis

Operating Margin % Net Margin % Free Cash Flow/Rev %

4.0

Financial Position Grade: C

12-09 $Mil

12-10 $Mil

Loans (Gross) Less: Allowances Net Loans

33305 3295 30010

57204 3646 53558

Securities Trading Assets Intangibles Other Total Assets

24337 __ __

14010 __ __

69741 124088

79474 147042

Deposits Short-Term Debt Long-Term Debt Other Total Liabilities Preferred Stock

26289 8319 52338 22736 109682 __

29727 9032 66416 25637 130812 __

14406

16230

Total Equity Valuation Analysis Price/Earnings Forward P/E Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio

Total Return % +/- Market +/- Industry Dividend Yield % Market Cap $Mil Financials

Net Interest Inc $Mil Fee Income Oper Income $Mil

Assets $Mil Total Equity $Mil Free Cash Flow

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

0.9 11.1 6.2 0.14 12.6

1.7 20.6 11.8 0.15 11.3

1.8 20.5 12.0 0.15 11.4

1.9 22.0 12.2 0.15 12.0

2.4 28.1 16.0 0.15 10.8

3.1 35.2 14.3 0.21 12.2

2.9 37.3 14.5 0.20 13.6

2.0 23.6 9.5 0.21 10.7

1.7 16.2 8.7 0.20 8.6

3.0 26.5 14.6 0.21 9.1

3.0 26.5 14.6 0.21 9.1

Return on Assets % Return on Equity % Net Margin % Asset Turnover Financial Leverage

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

Financial Health

26440 8288 14557

27822 16819 18317

32300 20654 21250

38381 33061 21091

40801 30781 24579

50248 42747 24656

53436 55285 15397

40659 60041 15486

30010 52338 26289

53558 66416 29727

53558 66416 29727

Net Loans $Mil Long-Term Debt $Mil Deposits $Mil

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

36.4 __

17.6 __

20.9 __

20.6 __

20.1 __

20.2 __

15.3 __

7.5 __

26.3 __

12.8 __

13.8 __

2.3 4.0

2.1 3.4

2.5 4.1

2.6 4.4

2.8 6.1

2.9 7.0

2.2 5.5

0.8 1.8

1.9 3.4

1.8 3.2

2.0 3.4

Price/Earnings P/E vs. Market Price/Sales Price/Book

Quarterly Results 5 Yr Avg

Ind

Mkt

Revenue $Mil

13.8 11.2 24.8 1.6 3.4 2.0 1.0

16.4 __ __ __

40.3 __

__ __ __ __ __ __ __

Most Recent Previous

4.2 1.9 __

YTD

7.7 8.6 -5.1 3.7 -7.5 -156.2 __ 1.7 51375 55611

151100 157253 175001 192638 113960 127853 149830 126074 124088 147042 147042 12037 13861 15323 16020 10549 10511 11029 11841 14406 16230 16230 958 847 1525 2748 9205 3745 3494 1887 -435 2233 2233

Current

142.9 4.4 2.2 5.7 __

2010

Stock Performance

2001

1 Yr

Close Competitors Mar

Jun

Sep

Dec

6606.0 6858.0 7033.0 7322.0 5926.0 6092.0 6016.0 6489.0

Rev Growth %

Mar

Jun

Sep

Dec


11.5 -17.5

12.6 -18.6

16.9 -16.0

12.8 -0.3

Mar

Jun

Sep

Dec

0.73 0.32

0.84 0.09

0.90 0.54

0.88 0.59

Earnings Per Share $


Mkt Cap $Mil Rev $Mil

Visa, Inc. MasterCard Incorporated

63695 34945

P/E

ROE%

8343 18.2 5539 19.1

12.6 42.4

Major Fund Holders % of shares

Davis NY Venture A American Funds Washington Mutual A American Funds American Balanced A


2.66 1.48 1.25


Page 7 of 31

Apollo Group APOL Apollo Group is one of the world's largest for-profit education companies, with 405,000 degreed students enrolled in its core school, the University of Phoenix. The company offers classes online and through physical learning centers in nearly 40 states as well as various international locations. Programs range from associate to doctorate degrees in areas such as business, education, health care, technology, and social and behavioral sciences.

Morningstar Rating

Uncertainty

High

3:2

46.15 28.13

Sales $Mil

Mkt Cap $Mil

Industry

$40.10

$4,972

$5,678

Education & Training Services

Fair Value

Economic Moat

Style

Sector

$55.00

As of 04-15-2011

33.31 19.33

Last Close $

Narrow

Mid Core

Consumer Defensive

As of 03-30-2011

73.09 40.72

98.01 62.55

84.20 57.40

63.26 33.33

80.75 39.02

81.68 37.92

90.00 52.79

66.69 33.75

46.42 34.43


3:2

Price Volatility 79.0 39.0 19.0

6.0

4025 S. Riverpoint Parkway Phoenix, AZ 85040 Phone: 1 480 966-5394Website: http://www.apollogrp.edu

2.0 4.0

Monthly High/Low Rel Strength to S&P 500 52 week High/Low $ 66.69 - 33.75 10 Year High/Low $ 98.01 - 19.33 Bear-Market Rank __ (10=worst) Trading Volume Million

2.0

Growth Rates Compound Annual Grade: B

Revenue Operating Income Earnings/Share Dividends Book Value/Share Stock Total Return +/- Industry +/- Market

2001

1 Yr

3 Yr

5 Yr

10 Yr

23.9 -2.8 -0.8 __

21.8 17.3 16.5 __

17.0 7.2 9.3 __

23.2 24.4 24.6 __

22.9 -37.4 -3.6 -46.3

36.0 -3.3 0.7 -2.9

18.6 -5.4 -0.5 -5.8

19.5 6.7 3.0 5.6

Profitability Analysis Grade: C

Current

5 Yr Avg

Ind

Mkt

Return on Equity % Return on Assets % Fixed Asset Turns Inventory Turns Revenue/Employee $K

29.5 12.8 8.1 __

59.7 26.1 8.1 __

88.6

78.0 *

9.5 5.0 5.3 90.7 __

__ __ __ __ __

Gross Margin % Operating Margin % Net Margin % Free Cash Flow/Rev % R&D/Rev %

56.6 16.7 7.9 18.4 __

56.5 24.0 14.6 18.8 __

__ __ __

__ __ __ __ __

13.2


02-10 $Mil

02-11 $Mil

661 __

1033 __

261 1643

218 1948

Fixed Assets Intangibles Total Assets

574 669 3001

654 257 3116

Payables Short-Term Debt Current Liabilities Long-Term Debt Total Liabilities

72 55 1316 115 1661

79 23 1356 168 1801

Total Equity

1340

1315

Cash Inventories Receivables Current Assets

Valuation Analysis Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio

2005

2006

2007

2008

2009

2010

YTD

Stock Performance

46.6 70.0 33.4 __

54.1 27.7 -8.5 __

19.0 10.0 13.3 __

-25.1 -28.1 -6.6 __

-35.5 -49.2 -20.3 __

80.0 76.5 39.5 __

9.2 47.7 24.7 __

-20.9 -44.4 -18.0 __

-34.8 -47.6 -8.7 __

1.5 -3.4 -4.3 __

2002

37.3 50.3 26.6 __

2003

2004

5170

7676

11959

14950

10665

6749

11766

12224

9383

5653

5678

Total Return % +/- Market +/- Industry Dividend Yield % Market Cap $Mil

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Financials

769 46.7 161 20.9

1009 50.6 254 25.2

1340 54.2 387 28.9

1798 57.4 438 24.4

2251 58.4 713 31.7

2478 55.1 650 26.2

2724 54.6 626 23.0

3141 56.4 749 23.9

3974 59.7 1039 26.2

4926 56.9 1011 20.5

4972 56.6 829 16.7

Revenue $Mil Gross Margin % Oper Income $Mil Operating Margin %

108

161

247

278

445

415

409

477

598

553

392

Net Income $Mil

0.57 __

0.84 __

1.27 __

0.77 __

2.39 __

2.35 __

2.35 __

2.87 __

3.75 __

3.72 __

2.67 __

189 3.01

191 4.49

194 6.53

179 4.15

186 3.28

176 4.23

174 5.16

166 6.50

160 9.36

153 10.01

147 9.29


165 -44 120

261 -37 224

343 -56 287

513 -113 400

566 -104 462

551 -111 440

589 -105 484

726 -105 621

960 -127 833

1045 -168 877

1094 -182 913

Oper Cash Flow $Mil Cap Spending $Mil Free Cash Flow $Mil

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

19.9 29.0 14.0 1.42 1.4

19.4 27.3 16.0 1.22 1.4

21.0 28.6 18.4 1.14 1.3

19.6 28.0 15.5 1.27 1.5

32.3 53.5 19.8 1.63 1.8

32.1 63.3 16.7 1.92 2.1

29.9 66.0 15.0 1.99 2.3

28.8 64.9 15.2 1.90 2.2

23.4 60.1 15.1 1.55 2.8

16.1 44.0 11.2 1.44 2.7

12.8 29.5 7.9 1.63 2.4


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

02-11

Financial Health

305 15 482 0.03

466 16 699 0.02

615 15 1027 0.01

389 29 957 0.03

317 78 707 0.11

207 __

182 __

304 __

604 __

634 __

834 __

125 128 1158 0.11

460 168 1356 0.12

592 168 1315 0.13

Working Capital $Mil Long-Term Debt $Mil Total Equity $Mil Debt/Equity

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

49.3 __

45.5 __

48.1 __

47.2 __

23.8 __

17.0 __

27.8 __

24.3 __

14.6 __

10.5 __

17.8 __

7.0 10.0 34.5

7.7 9.8 28.9

9.2 10.4 33.1

7.5 19.5 27.8

4.7 18.5 18.0

2.7 9.2 14.0

4.3 13.6 18.8

3.8 11.8 14.0

2.2 6.5 9.7

1.2 3.9 5.6

1.2 4.3 5.4

Price/Earnings P/E vs. Market Price/Sales Price/Book Price/Cash Flow

Quarterly Results Current

5 Yr Avg

Ind

Mkt

Revenue $Mil

17.8 12.0 5.4 6.5 0.0 4.3 1.2 1.6

18.8 __

12.0 __


12.4 14.9 __

7.3 10.2 0.5 2.7 1.3 __

__ __ __ __ __ __ __ __

9.0 2.8 __

Close Competitors May

Aug

Nov

Feb

1337.4 1259.4 1326.4 1048.6 1051.3 1075.8 1270.3 1070.3

Rev Growth %

May

Aug

Nov

Feb


27.2 25.9

17.1 29.4

4.4 30.8

-2.0 22.2

May

Aug

Nov

Feb

1.16 1.26

0.35 0.60

1.61 1.54

-0.47 0.67




DeVry, Inc. Strayer Education, Inc.

3596 1605

P/E

ROE%

2084 11.7 637 12.5

27.2 71.8


PowerShares QQQ Yacktman Vanguard Mid Cap Index Ins

*3Yr Avg data is displayed in place of 5Yr Avg


1.22 1.13 1.08


Page 8 of 31

Bank of America BAC Bank of America is the nation's largest consumer and small business bank. The bank has offices in 32 states, Washington, D.C., and more than 30 countries. Along with its complete product offerings for the retail client, B of A also has a sizable middle-market and large corporate lending business, asset-management unit, and investment banking business.

Morningstar Rating

Uncertainty

Very High

Sales $Mil

Mkt Cap $Mil

Industry

$12.82

$110,220

$129,753

Banks - Regional - US

Fair Value

Economic Moat

Style

Sector

$18.00

As of 04-15-2011

32.80 22.50

Last Close $

Narrow

Large Value

Financial Services

As of 03-11-2011

38.55 26.98

42.45 32.13

47.47 38.51

47.44 41.13

55.08 40.93

54.21 40.61

45.08 10.01

19.10 2.53

19.86 10.91

15.31 13.16


2:1

Price Volatility 39.0 19.0 9.0 4.0

Bank of America Corporate Center 100 N. Tryon Street Charlotte, NC 28255 Phone: 1 704 386-5681Website: http://www.bankofamerica.com

1.0 199.0


29.0

Growth Rates Compound Annual Grade: D

2001

1 Yr

3 Yr

5 Yr

10 Yr

-7.9 __ __

18.5 __ __

14.0 __ __

12.8 __ __

0.0 -6.5 -34.0 -15.2 -42.9

-74.5 -13.2 -25.8 -18.6 -25.5

-53.8 -0.7 -16.0 -8.8 -16.4

-27.7 3.7 0.0 -2.0 -1.1

Grade: D

Current

5 Yr Avg

Ind


-1.8 -0.2 382.7 0.3 __

5.5 0.5 367.8 0.3 __

1.9 0.2 __ __

-3.3 0.9

10.0 __

__ __ __

__ __ __


2007

YTD

Stock Performance Total Return % +/- Market +/- Industry Dividend Yield % Market Cap $Mil

2004

2005

2006

2007

2008

2009

2010

TTM

30737 26438 __

34591 37989 __

34433 31886 __

45360 27422 __

47109 72534 __

51523 58697 __

51523 58697 __


Mkt

6787

9244

10806

14127

16447

21111

14800

2556

-2210

-3595

-3595

Net Income $Mil

__ __ __ __

2.09 1.14 3190 15.40

2.96 1.22 3040 16.79

3.57 1.44 3030 16.13

3.69 1.70 3824 24.51

4.04 1.90 4068 25.21

4.59 2.12 4596 29.49

3.30 2.40 4480 32.05

0.55 2.24 4612 27.77

-0.29 0.04 7729 22.45

-0.37 0.04 9790 20.99

-0.37 0.04 9790 20.92


311441 182206 118114 704736 2223299

338054 194671 98961 699610 2264909

Deposits Short-Term Debt Long-Term Debt Other Total Liabilities Preferred Stock

991611 69524 438521 492199 1991855 37208

1010430 59962 448431 517838 2036661 16562

231444

228248

Valuation Analysis

621764 660458 736445 1110457 1291803 1459737 1715746 1817943 2223299 2264909 2264909 48520 50319 47980 99645 101533 135272 146803 177052 231444 228248 228248 5900 7450 13149 -37522 14577 -12606 3451 -26241 -48116 958 958

Financials


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

1.1 14.1 19.3 0.06 12.8

1.4 18.7 26.3 0.05 13.1

1.6 22.0 27.8 0.06 15.4

1.5 19.2 27.7 0.06 11.2

1.4 16.4 28.8 0.05 12.8

1.5 18.1 29.1 0.05 11.0

0.9 10.8 22.3 0.04 12.1

0.1 1.8 3.5 0.04 13.1

-0.1 -1.3 -1.9 0.06 11.5

-0.2 -1.8 -3.3 0.05 10.7

-0.2 -1.8 -3.3 0.05 10.7


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

322278 335904 365300 513211 565746 697474 864756 939829 906802 933613 933613 68026 67176 75343 98078 100848 146000 197508 268292 438521 448431 448431 373495 386458 414113 618570 634670 693497 805177 882997 991611 1010430 1010430 2001

2002

2003

2004

2005

2006

2007

2008

15.1 __

11.8 __

11.3 __

12.7 __

11.4 __

11.6 __

12.5 __

25.6 __

__ __

2.9 2.0

3.0 2.1

3.1 2.5

3.5 1.9

3.3 1.8

3.3 1.8

2.8 1.3

0.9 0.5

1.0 0.7


5 Yr Avg

Ind

Mkt

Revenue $Mil

__

__ __ __ __

45.9 __ __

__ __ __ __ __ __ __


1.0 1.8 __

2010

28797 22220 __


1.1 1.0 1.7 __

2009

-60.4 7.2 -11.2 -3.8 -22.0 -16.2 -23.9 -8.8 -29.3 2.7 -16.2 -2.3 __ 15.9 0.3 0.3 70648 130273 134536 129753

2003

975498 41885 933613

7.1 131.6 0.3 0.6 1.1 0.8

2008

21464 17363 __

944002 37200 906802

Price/Earnings Forward P/E Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio

2006

2002

12-10 $Mil

Total Equity

2005

20923 14201 __

12-09 $Mil


2004

2001

Financial Position Grade: D

2003

20290 14823 __

Profitability Analysis


2002

42.2 14.4 19.7 21.1 2.3 20.3 -18.2 55.2 37.8 -6.6 12.1 -0.7 6.7 -21.8 37.6 8.5 -7.1 6.7 2.0 3.0 2.6 3.6 3.5 3.6 3.6 4.1 4.0 5.8 99040 104125 119503 190480 185342 239758 183286

Jun

Sep

Dec

31969 35758

29153 32774

26700 26035

22398 25076

Mar

Jun

Sep

Dec


-10.6 110.3

-11.1 61.3

2.6 32.7

-10.7 86.1

Mar

Jun

Sep

Dec

0.28 0.44

0.27 0.33

-0.77 -0.26

-0.16 -0.68


2010

__ __

1.2 0.6

TTM

__ __

1.1 0.6

Net Loans $Mil Long-Term Debt $Mil Deposits $Mil Valuation



Rev Growth %


2009

Financial Health


JP Morgan Chase & Co Wells Fargo Company

P/E

ROE%

178820 102694 11.3 157463 85210 13.5

9.7 10.5


Vanguard US Total Market Shares (AU) ETF Vanguard 500 Index Investor American Funds Growth Fund of Amer A


1.05 0.90 0.82


Page 9 of 31

Barclays PL BCS Barclays is one of the largest banks in the United Kingdom and has operations around the world. Its businesses include U.K. banking, which serves retail and business customers in the U.K.; Barclays Capital, a debt-focused investment bank; international banking, which serves retail and business customers in Europe, Africa, and Asia; and Barclaycard, a large credit card issuer. Barclays has a 20% stake in BlackRock as a result of the 2009 sale of Barclays Global investors.

Morningstar Rating

Uncertainty

Very High

Sales $Mil

Mkt Cap $Mil

Industry

$19.68

$59,886

$59,935

Banks - Global

Fair Value

Economic Moat

Style

Sector

$29.00

As of 04-15-2011

35.00 21.50

Last Close $

None

Large Value

Financial Services

As of 11-10-2010

38.00 21.37

36.57 20.30

45.99 32.78

47.00 37.16

61.52 41.80

62.68 38.14

41.58 7.13

25.68 2.75

24.11 15.36

21.69 16.60


4:1

Price Volatility 39.0 19.0 9.0 4.0

1 Churchill Place London, E14 5HP Phone: 020 7116 1000 Website: http://www.barclays.com

1.0 3.0 1.0

Growth Rates Compound Annual

2003

2004

2005

2006

2007

2008

2009

2010

YTD

Stock Performance

52.2 25.8 -1.8 3.4 59755

29.9 21.0 12.7 3.4 73700

-3.9 -6.9 -14.8 4.4 67891

42.9 29.3 18.1 3.5 94325

-26.1 -29.7 -14.0 6.4 65951

-69.2 -30.7 -27.9 26.9 20511

80.3 56.8 27.7 0.4 50211

-4.6 -17.4 2.6 1.7 50311

20.1 15.2 13.3 __


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

8799 8197 __

9294 7672 __

10792 9544 __

12510 13177 __

14774 19445 __

16775 26097 __

19159 29749 __

21414 24844 __

18515 28405 __

19461 31001 __

23095 36791 __

Mkt

3554

3340

4485

5975

7028

8387

8806

8181

14593

5539

6573

Net Income $Mil

__ __ __ __

2.12 0.88 1680 12.67

2.02 1.03 1656 14.91

2.77 1.28 1616 18.18

3.74 1.56 1600 20.70

3.83 1.79 1829 18.58

5.12 2.04 1638 23.90

5.34 2.60 1651 28.30

4.24 2.53 1894 25.15

1.41 0.06 2871 26.76

1.77 0.28 3113 26.15

2.10 0.33 3113 27.23


10 Yr


7.5 __

9.9 __

11.6 __

12.6 __

25.6 350.6 0.8 -15.4 -2.0 -24.3

-24.7 -48.3 5.5 -16.2 -13.3 -15.8

-11.5 -28.7 9.2 -11.3 -9.9 -11.8

-3.4 -10.8 7.7 0.1 -3.5 -1.0

Grade: D

Current

5 Yr Avg

Ind


7.3 0.3 366.9 0.4 __

17.9 0.4 321.2 0.3 __

-4.4 -0.2 __ __

11.0 __

19.5 __

__ __ __

__ __ __


Financial Position

Deposits Short-Term Debt Long-Term Debt Other Total Liabilities Preferred Stock Total Equity

12-09 $Mil

12-10 $Mil

745029 __

729190 __

745029

729190

91893 244399 14203 1131249 2226773

167702 264388 13617 1157375 2332271

644126 __

663467 __

263863 1242438 2150427 __

289837 1299341 2252645 __

76346

79626

Valuation Analysis Price/Earnings Forward P/E Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio



2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

0.7 17.8 20.9 0.04 24.6

0.6 15.0 19.7 0.03 26.5

0.7 17.1 22.1 0.03 26.5

0.7 19.2 23.3 0.03 30.0

0.5 22.1 20.5 0.03 53.0

0.5 24.5 19.6 0.02 50.4

0.4 20.5 18.0 0.02 52.7

0.3 14.7 17.7 0.02 56.1

0.5 22.3 31.1 0.02 29.2

0.3 7.3 11.0 0.02 29.3

0.3 7.3 11.0 0.02 29.3


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

332570 419912 514944 632824 516092 613484 765292 741660 745029 729190 729190 72753 92536 110407 153535 177755 27001 36030 43438 263863 289837 289837 336666 417269 497497 630264 543876 160180 183300 169643 644126 663467 663467

Financial Health

Net Loans $Mil Long-Term Debt $Mil Deposits $Mil

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

15.8 __

11.4 __

12.0 __

11.7 __

11.7 __

10.6 __

7.6 __

3.0 __

12.0 __

9.3 __

10.6 __

3.3 2.7

2.2 1.7

2.7 2.0

2.7 2.2

2.3 2.3

2.2 2.4

1.4 1.4

0.5 0.4

1.0 0.7

1.0 0.6

1.2 0.7


Quarterly Results

Close Competitors

Ind

Mkt

Revenue $Mil

Mar

Jun

Sep

Dec

10.6 __ __

8.5 __ __ __

9.9 __ __

__ __ __ __ __ __ __


__ __

__ __

__ __

__ __

Rev Growth %

Mar

Jun

Sep

Dec

1.1 1.2 __

Financials

2001

5 Yr Avg

1.5 0.9 1.5 __

59935

519352 649541 790690 1000949 1590171 1952307 2436434 2988318 2226773 2332271 2332271 21127 24503 29883 33392 29978 38778 46235 53301 76346 79626 79626 1656 2287 2069 4694 6901 4076 1983 -17354 -1261 -26 -26

Current

1.8 0.7 1.2 __

Trading Volume Million

-23.6 -0.2 -2.9 4.1 40604

5 Yr


Bear-Market Rank __ (10=worst)

2002

3 Yr


10 Year High/Low $ 62.68 - 2.75

7.2 20.3 -10.3 2.6 56075

1 Yr

Grade: C

52 week High/Low $ 24.11 - 15.36

2001

Grade: D


Monthly High/Low Rel Strength to S&P 500


__ __

__ __

__ __

__ __


Mar

Jun

Sep

Dec


__ __

__ __

__ __

__ __


HSBC Holdings PLC JP Morgan Chase & Co

P/E

ROE%

188898 80014 14.8 178820 102694 11.3

9.5 9.7


Scout International DFA Intl Value I T. Rowe Price Intl Gr & Inc


0.16 0.10 0.08


Page 10 of 31

Cisco Systems CSCO Cisco Systems is the world's leading supplier of data networking equipment and software. Its products include routers, switches, access equipment, and network-management software that allow data communication among dispersed computer networks. The firm has also entered newer markets, such as video conferencing, web-based collaboration, and data center servers.

Morningstar Rating

Uncertainty

Medium

21.84 8.12

Sales $Mil

Mkt Cap $Mil

Industry

$17.03

$42,361

$94,142

Communication Equipment

Fair Value

Economic Moat

Style

Sector

$30.00

As of 04-15-2011

44.50 11.04

Last Close $

Wide

Large Core

Technology

As of 02-17-2011

24.60 12.33

29.39 17.53

20.25 16.83

27.96 17.10

34.24 24.82

27.72 14.20

24.83 13.61

27.74 19.00

22.34 16.97



5.0

170 West Tasman Drive San Jose, CA 95134-1706 Phone: 1 408 526-4000Website: http://www.cisco.com

2.0 69.0


29.0


2001

1 Yr

3 Yr

5 Yr

10 Yr

10.9 25.2 26.7 __

4.7 2.1 4.4 __

10.1 4.3 8.9 __

7.8 11.0 14.0 __

17.2 -37.2 -32.5 -46.1

14.8 -9.6 -5.0 -9.2

16.6 -4.2 -0.6 -4.7

7.6 0.9 1.5 -0.2

Grade: C

Current

5 Yr Avg


17.4 9.6 10.6 11.3 599.2

22.0 12.8 9.3 10.2 586.6 *


62.4 20.6 17.9 21.8 13.5

64.4 23.3 19.5 25.1 13.6


Ind

Mkt

9.1 4.5 10.4 7.9 __

__ __ __ __ __

__ __ __

__ __ __ __ __

11.4


2002

-52.7 -39.6 2.6 __ 132835

-27.7 -4.3 9.0 __

2003

85.0 58.6 19.7 __

2004

2005

-20.3 -29.3 -28.8 __

-11.4 -14.4 -15.9 __

2006

59.6 46.0 42.3 __

2007

2008

2009

2010

YTD

-1.0 -4.5 -12.7 __

-39.8 -1.3 7.8 __

46.9 23.4 10.1 __

-15.5 -28.3 -15.6 __

-15.5 -20.5 -20.2 __

95438 137717 112130

94142

94649 167268 127217 105160 165967 164232


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

22293 49.7 -2004 -9.0

18915 63.5 2919 15.4

18878 70.1 4882 25.9

22045 68.6 6292 28.5

24801 67.2 7416 29.9

28484 65.8 6996 24.6

34922 64.0 8621 24.7

39540 64.5 9442 23.9

36117 63.9 7322 20.3

40040 64.0 9164 22.9

42361 62.4 8705 20.6

Financials

-1014

1893

3578

4401

5741

5580

7333

8052

6134

7767

7578

Net Income $Mil

-0.14 __

0.25 __

0.50 __

0.70 __

0.87 __

0.89 __

1.17 __

1.31 __

1.05 __

1.33 __

1.32 __

7196 3.74

7447 3.95

7223 3.97

7057 3.73

6612 3.49

6272 4.20

6265 5.58

6163 5.98

5857 6.95

5848 8.06

5730 8.26


6392 -2271 4121

6587 -2641 3946

5240 -717 4523

7121 -613 6508

7568 -692 6876

7899 -772 7127

10104 -1251 8853

12089 -1268 10821

9897 -1005 8892

10173 -1008 9165

10475 -1252 9223

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

-3.0 -3.8 -4.6 0.65 1.3

5.2 6.8 10.0 0.52 1.3

9.6 12.6 19.0 0.50 1.3

12.1 16.3 20.0 0.61 1.4

16.5 23.4 23.2 0.71 1.5

14.5 23.7 19.6 0.74 1.8

15.2 26.5 21.0 0.72 1.7

14.4 24.5 20.4 0.71 1.7

9.7 16.8 17.0 0.57 1.8

10.4 18.7 19.4 0.54 1.8

9.6 17.4 17.9 0.53 1.8




01-10 $Mil

01-11 $Mil


4710 1215 4237 50139

4924 1602 4620 52066

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

01-11

Financial Health


3958 17084 76403

4031 19545 81981

4739 __

9058 __

5121 __

5640 __

3520 __

27120 __

28656 __

28029 __

25826 __

23174 __

14363 6332 23912 0.26

18216 6408 31480 0.20

21841 6393 34353 0.19

30522 10295 38647 0.27

32188 12188 44267 0.28

33561 12152 45641 0.27


853 __

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

35.1 __

42.9 __

25.5 __

19.9 __

28.7 __

21.5 __

12.3 __

24.4 __

14.8 __

12.9 __

5.1 3.3 15.6

9.1 6.1 33.8

5.9 5.2 17.6

4.4 4.9 14.8

5.7 6.5 19.5

4.7 4.9 15.6

2.5 2.7 8.5

4.0 3.4 16.1

2.8 2.5 11.3

2.3 2.1 9.3



14405 15194 34891

959 3089 18505 12152 36340

Total Equity

41512

45641


__ __

6.5 4.8 20.5


5 Yr Avg

Ind

Mkt

Revenue $Mil

12.9 9.7 9.3 10.6 0.4 2.1 2.3 1.0

20.4 __

20.7 __


14.2 15.8 __

11.9 15.1 1.0 2.4 1.7 __

__ __ __ __ __ __ __ __

4.0 3.9 __

Close Competitors Apr

Jul

Oct

Jan

10368 10836 10750 10407 8162.0 8535.0 9021.0 9815.0

Rev Growth %

Apr

Jul

Oct

Jan


27.0 -16.6

27.0 -17.7

19.2 -12.7

6.0 8.0

Apr

Jul

Oct

Jan

0.37 0.23

0.34 0.19

0.34 0.30

0.27 0.32




Hewlett-Packard Company __

P/E

ROE%

87120 127158 10.3

22.0


Vanguard US Total Market Shares (AU) ETF Vanguard 500 Index Investor American Funds Growth Fund of Amer A



1.09 0.90 0.87


Page 11 of 31

Google GOOG Google manages an Internet search engine that generates revenue when s click or view advertising related to their searches. This activity generates more than 80% of the company's revenues. The remaining revenue comes from advertising that Google places on other companies' websites and relatively smaller initiatives, such as hosted enterprise products including e-mail and office productivity applications.

Morningstar Rating

Uncertainty

High

Last Close $

Sales $Mil

Mkt Cap $Mil

Industry

$530.70

$29,321

$170,632

Internet Content & Information

Fair Value

Economic Moat

Style

Sector

$720.00

As of 04-15-2011

Wide

Large Growth

Technology

As of 04-12-2011

201.60 446.21 513.00 747.24 697.37 625.99 630.85 642.96 95.00 172.57 331.55 437.00 247.30 282.75 433.63 551.28



1600 Amphitheatre Parkway Mountain View, CA 94043 Phone: 1 650 623-4000Website: http://www.google.com


2001

1 Yr

3 Yr

5 Yr

10 Yr

24.0 24.9 28.9 __

20.9 26.9 25.6 __

36.7 38.8 39.3 __

28.4 -10.9 -11.0 -19.8

26.1 5.9 -0.8 6.3

35.5 5.7 -0.2 5.2

108.3 __ __ __ __ __ __ __

Current

5 Yr Avg

Ind

Mkt

20.7 17.3 4.7 __

20.4 18.2 5.1 __

4.7 3.8 4.6 88.6 __

__ __ __ __ __

__ __ __

__ __ __ __ __


Return on Equity % Return on Assets % Fixed Asset Turns Inventory Turns Revenue/Employee $K Gross Margin % Operating Margin % Net Margin % Free Cash Flow/Rev % R&D/Rev %

1201.7 1157.3 * 64.5 35.4 29.0 24.1 12.8

61.5 33.0 26.1 24.3 12.4

21.3

Financial Position Grade: A

12-09 $Mil

12-10 $Mil


10198 __

13630 __

3202 29167

5002 41562


4845 5678 40497

7759 7300 57851

216 __ 2747 __

2881 3465 9996 __

4493

11610

36004

46241

Payables Short-Term Debt Current Liabilities Long-Term Debt Total Liabilities Total Equity Valuation Analysis Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio

2002

2003

2004

__ __ __ __

19.0


2005

2006

2007

2008

2009

2010

YTD

50.2 46.6 8.7 __

-55.5 -17.0 -0.5 __

101.5 78.1 14.2 __

-4.2 -17.0 -11.7 __

-10.7 -15.6 -6.5 __

__ __ __ __ __

__ __ __ __ __

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

86 83.5 11 12.7

440 70.1 186 42.4

1466 57.3 342 23.4

3189 54.3 640 20.1

6139 58.1 2017 32.9

10605 60.2 3550 33.5

16594 59.9 5084 30.6

21796 60.4 6632 30.4

23651 62.6 8312 35.2

29321 64.5 10381 35.4

29321 64.5 10381 35.4

11.0 -2.6 12.4 __

52712 122611 140979 216323

96834 197012 188747 170632


Stock Performance Total Return % +/- Market +/- Industry Dividend Yield % Market Cap $Mil Financials


7

100

106

399

1465

3077

4204

4227

6520

8505

8505

Net Income $Mil

0.04 __

0.41 __

0.41 __

1.46 __

5.02 __

9.94 __

13.29 __

13.31 __

20.41 __

26.31 __

26.31 __

187 __

257 __

257 __

273 10.71

292 31.87

310 55.66

396 72.53

393 394 323 323 89.72 113.30 145.52 143.82


__ __ __

155 -37 118

395 -177 219

977 -319 658

2459 -838 1621

3581 -1903 1678

5775 -2403 3373

7853 -2358 5494

9316 -810 8506

11081 -4018 7063

11081 -4018 7063


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

8.1 __ __

34.7 76.9 22.7 1.53 2.2

18.2 31.4 7.2 2.53 1.6

19.1 23.0 12.5 1.52 1.1

21.6 23.7 23.9 0.90 1.1

21.4 23.3 29.0 0.74 1.1

19.2 21.2 25.3 0.76 1.1

14.8 16.6 19.4 0.76 1.1

18.1 20.3 27.6 0.65 1.1

17.3 20.7 29.0 0.60 1.3

17.3 20.7 29.0 0.60 1.3


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

Financial Health

142 7 174 0.05

325 __

2353 __

8256 __

11735 __

15254 __

17876 __

26419 __

31566 __

31566 __

589 0.00

2929 __

9419 __

17040 __

22690 __

28239 __

36004 __

46241 __

46241 __


2002

2003

__ __

__ __ __ __

2001

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

131.6 __

82.6 __

46.3 __

52.1 __

23.1 __

30.4 __

22.6 __

20.2 __

16.5 18.0 53.8

19.4 13.0 48.5

13.3 8.3 39.5

16.5 9.5 47.4

5.6 3.4 15.4

10.3 5.5 26.3

6.6 4.1 17.3

5.9 3.7 15.5



5 Yr Avg

Ind

Mkt

Revenue $Mil

20.2 13.3 15.5 24.3 0.0 3.7 5.9 0.7

34.9 __

24.8 __


29.2 48.7 __

19.4 30.3 0.0 4.1 6.5 __

__ __ __ __ __ __ __ __

6.2 10.5 __

10 Year High/Low $ 747.24 - 95.00

__ __ __ __ __

115.2 112.2 71.8 __

52 week High/Low $ 642.96 - 433.63

49.0

9.0 4.0




Jun

Sep

Dec

6775.0 6820.0 7286.0 8440.0 5509.0 5522.9 5944.9 6673.8

Rev Growth %

Mar

Jun

Sep

Dec


23.0 6.2

23.5 2.9

22.6 7.3

26.5 17.1

Mar

Jun

Sep

Dec

6.06 4.49

5.71 4.66

6.72 5.13

7.82 6.14




Apple, Inc. Microsoft Corporation

P/E

ROE%

301682 76283 18.3 213168 66690 10.8

36.8 44.3


American Funds Growth Fund of Amer A Fidelity Contrafund Vanguard US Total Market Shares (AU) ETF



2.41 2.01 0.82


Page 12 of 31

Itron ITRI Itron Inc. supplies data-acquisition technology to electric, gas, and water utilities worldwide. The company designs and manufactures products and software for automatic meter-reading and handheld computer-based electronic meter reading systems, as well as products that help with the analysis, management, and application of energy data. In addition, the company provides project management, installation, and consulting services. The company operates as Itron in North America and as Itron International in the rest of the world.

Morningstar Rating

Uncertainty

__

—

Last Close $

Sales $Mil

Mkt Cap $Mil

Industry

$54.66

$2,259

$2,214

Scientific & Technical Instruments

Fair Value

Economic Moat

Style

Sector

__

__

Small Growth

Technology

As of

34.21 3.50

36.50 12.53

24.16 13.00

24.65 15.93

53.90 21.50

73.72 112.92 106.25 39.44 51.15 34.25

69.49 40.10

81.95 52.03

64.39 50.76



2111 North Molter Road Liberty Lake, WA 99019 Phone: 1 509 891-3523Website: http://www.itron.com

1.0 503.0 203.0

Growth Rates Compound Annual

2001

1 Yr

3 Yr

5 Yr

10 Yr

33.9 309.1 __ __

15.6 58.3 __ __

32.5 31.8 14.0 __

28.5 32.4 22.4 __

1.3 -28.0 -58.3 -36.9

12.5 -16.0 -24.6 -15.6

22.5 -2.3 -6.9 -2.8

25.9 16.9 11.1 15.8

Grade: C

Current

5 Yr Avg

Ind

Mkt


7.4 3.7 7.3 8.3 237.8

3.4 1.6 6.7 7.8 214.9 *

4.8 2.5 6.8 3.5 __

__ __ __ __ __


30.9 8.2 4.6 8.5 6.2

34.3 5.9 2.0 7.3 7.1

__ __ __

__ __ __ __ __


10.7


12-09 $Mil

12-10 $Mil


122 170 338 726

169 208 372 882


318 1694 2855

299 1501 2746


305 11 443 771 1454

372 229 704 382 1318

Total Equity

1401

1428


2002

735.9 748.9 766.4 __

2003

-36.7 -13.4 -8.1 __

-4.2 -30.6 -62.4 __

2004

30.2 21.2 29.1 __

2005

67.5 64.5 54.6 __

2006

29.5 15.9 8.4 __

2007

2008

2009

2010

YTD

85.1 81.6 59.1 __

-33.6 4.9 24.1 __

6.0 -17.4 -44.3 __

-17.9 -30.7 -40.6 __

-1.4 -6.4 -21.3 __

Bear-Market Rank __ (10=worst) Trading Volume Thousand

Stock Performance

482

387

377

506

992

1327

2937

2197

2712

2242

2214


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Financials

226 43.4 26 11.5

285 46.4 18 6.4

317 45.3 22 6.8

399 42.8 4 1.0

553 42.3 46 8.4

644 41.5 62 9.6

1464 33.3 46 3.2

1910 33.9 110 5.8

1687 31.9 45 2.7

2259 30.9 184 8.2

2259 30.9 184 8.2


13

9

10

-5

33

34

-16

28

-2

105

105

Net Income $Mil

0.75 __

0.41 __

0.48 __

-0.25 __

1.33 __

1.28 __

-0.55 __

0.80 __

-0.06 __

2.56 __

2.56 __

19 4.78

21 8.01

22 8.62

21 8.72

25 12.81

26 15.28

30 24.79

35 30.03

39 34.89

41 35.33

41 35.26


32 -8 25

49 -11 39

10 -10 1

53 -13 40

80 -32 48

95 -32 63

133 -41 93

193 -63 130

141 -53 88

255 -63 192

255 -63 192

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

7.1 20.7 6.0 1.19 2.7

3.9 7.3 3.1 1.27 1.5

3.8 6.2 3.3 1.15 1.7

-1.2 -2.9 -1.3 0.93 3.0

5.7 13.2 6.0 0.96 1.9

4.3 9.5 5.2 0.81 2.5

-0.8 -2.8 -1.1 0.72 4.0

1.0 3.1 1.5 0.64 2.8

-0.1 -0.2 -0.1 0.59 2.0

3.7 7.4 4.6 0.81 1.9

3.7 7.4 4.6 0.81 1.9


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

Financial Health

67 58 76 0.76

51 __

-2 __

162 __

177 __

58 243 184 1.32

116 163 318 0.51

493 469 391 1.20

250 1579 759 2.08

293 1179 1035 1.14

283 771 1401 0.55

178 382 1428 0.27

178 382 1428 0.30


2001

2002

2003

2004

2006

2007

2009

2010

TTM

Valuation

38.3 __

30.1 __

40.5 __

__ __

2008

46.7 __

__ __

2005

40.3 __

21.7 __

21.4 __

2.5 6.3 17.6

1.4 2.4 8.3

1.3 2.1 38.9

1.3 2.7 9.4

1.7 3.1 11.5

2.1 3.4 14.3

1.9 3.9 21.3

1.0 1.6 8.9

1.0 1.6 8.8



5 Yr Avg

Ind

Mkt

Revenue $Mil

21.4 13.1 8.8 11.7 0.0 1.6 1.0 0.6

__ __

27.0 __


14.9 22.1 __

19.5 24.0 0.5 3.8 2.6 __

__ __ __ __ __ __ __ __

2.6 1.6 __

52 week High/Low $ 81.95 - 50.76 10 Year High/Low $ 112.92 - 3.50

4.0

Grade: B


Jun

Sep

Dec

499.3 388.5

569.5 413.8

576.0 408.4

614.6 476.8

Mar

Jun

Sep

Dec


28.5 -18.8

37.6 -19.5

41.0 -15.8

28.9 10.3

Mar

Jun

Sep

Dec

0.66 -0.55

0.65 0.40

0.71 -0.07

0.54 0.13


__ __

1.2 2.1 11.5

1.5 1.9 18.5


Rev Growth %


79.4 __



Agilent Technologies, Inc. Roper Industries, Inc.

16393 8089

P/E

ROE%

5750 21.0 2386 25.4

27.0 12.5


Citibank QDII-Blackrock New Energy Pictet-Water-R EUR PowerShares Water Resources



4.22 2.51 2.40


Page 13 of 31

Johnson & Johnson JNJ Johnson & Johnson ranks as the world's largest and most diverse health-care company. The company comprises three divisions: pharmaceutical, medical devices and diagnostics, and consumer. While the pharmaceutical division currently represents 35% of total sales, we expect patent losses to reduce this proportion to 30% over the next 10 years, with the remaining divisions picking up equal share.

Morningstar Rating

Uncertainty

Low

65.85 41.50

Sales $Mil

Mkt Cap $Mil

Industry

$60.56

$61,587

$165,645

Drug Manufacturers - Major

Fair Value

Economic Moat

Style

Sector

$75.00

As of 04-15-2011

60.97 40.25

Last Close $

Wide

Large Value

59.08 48.05

64.25 49.25

69.99 59.76

69.41 56.65

68.75 59.72

72.76 52.06

65.41 46.25

66.20 56.86

Price Volatility 69.0

2001 5 Yr

10 Yr

-0.5 6.0 8.6 9.3 12.7 -4.3 -13.0 -13.2

0.3 6.6 9.6 9.2 10.6 0.4 -3.1 0.8

4.0 4.9 6.7 10.6 10.2 3.8 1.1 3.3

7.8 9.8 10.9 13.0 11.8 5.3 3.9 4.2

Grade: C

Current

5 Yr Avg

Ind

Mkt


24.9 13.5 4.2 3.6 540.2

27.1 14.8 4.4 3.6 537.7 *

8.1 3.9 3.5 2.4 __

__ __ __ __ __


69.5 26.8 21.7 22.7 11.1

70.7 24.8 20.0 21.1 12.0

__ __ __

__ __ __ __ __


21.7

Financial Position 12-09 $Mil

12-10 $Mil


15810 5180 9646 39541

19355 5378 9774 47307


14759 31185 94682

14553 32010 102908


5983 6318 21731 8223 44094

6201 7617 23072 9156 46329

Total Equity

50588

56579


19.0

10 Year High/Low $ 72.76 - 40.25

2002

2003

2004

2005

2006

2007

2008

2009

2010

YTD

13.8 -7.8 -2.1 24.9 -3.2 12.3 3.5 -7.6 10.9 -0.7 -1.2 26.9 15.6 -28.5 15.9 -6.2 -1.3 0.0 30.9 -12.6 -13.5 -6.1 25.8 3.9 -16.4 29.0 -5.8 -2.1 -0.7 9.6 -0.8 -2.4 -8.3 __ 1.2 1.5 1.8 1.7 2.1 2.2 2.4 3.0 3.0 3.4 180141 159550 153334 188213 178793 191415 188935 166002 177714 169856 165645



2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

33004 71.1 7780 23.6

36298 71.2 9489 26.1

41862 70.9 9953 23.8

47348 71.7 12845 27.1

50514 72.4 13009 25.8

53324 71.8 13150 24.7

61095 71.0 13661 22.4

63747 71.0 15988 25.1

61897 70.2 15590 25.2

61587 69.5 16527 26.8

61587 69.5 16527 26.8


5668

6597

7197

8509

10411

11053

10576

12949

12266

13334

13334

Net Income $Mil

1.84 0.70 3080 7.95

2.16 0.80 3054 7.64

2.40 0.93 2999 9.05

2.84 1.10 2996 10.72

3.46 1.28 3009 12.73

3.73 1.46 2963 13.56

3.63 1.62 2913 15.29

4.57 1.80 2836 15.32

4.40 1.93 2789 18.34

4.78 2.11 2789 20.60

4.78 2.11 2789 20.69


8864 -1731 7133

8176 -2099 6077

10595 -2262 8333

11131 -2175 8956

11877 -2632 9245

14248 -2738 11510

15249 -3310 11939

14972 -3066 11906

16571 -2365 14206

16385 -2384 14001

16385 -2384 14001


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

16.2 26.3 17.2 0.95 1.6

16.7 28.1 18.2 0.92 1.8

16.2 29.0 17.2 0.94 1.8

16.8 29.0 18.0 0.93 1.7

18.7 29.9 20.6 0.91 1.5

17.2 28.6 20.7 0.83 1.8

14.0 25.6 17.3 0.81 1.9

15.6 30.2 20.3 0.77 2.0

13.7 26.4 19.8 0.69 1.9

13.5 24.9 21.7 0.62 1.8

13.5 24.9 21.7 0.62 1.8


Financials

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

Financial Health

10429 2217 24233 0.09

7817 2022 22697 0.09

9547 2955 26869 0.11

13393 2565 31813 0.08

18759 2017 37871 0.05

3814 2014 39318 0.05

10108 7074 43319 0.16

13525 8120 42511 0.19

17810 8223 50588 0.16

24235 9156 56579 0.16

24235 9156 56579 0.16


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

32.2 __

24.9 __

21.5 __

22.3 __

17.4 __

17.7 __

18.4 __

13.1 __

14.6 __

12.9 __

12.7 __

5.5 7.4 20.5

4.5 7.0 20.1

3.7 5.7 14.6

4.0 5.9 17.1

3.6 4.7 15.2

3.7 4.9 13.8

3.2 4.4 12.7

2.7 3.9 11.3

2.9 3.5 10.9

2.8 3.0 10.5

2.7 2.9 10.3



5 Yr Avg

Ind

Mkt

Revenue $Mil

12.7 11.8 10.3 12.1 3.6 2.9 2.7 1.6

15.4 __

17.5 __

11.9 14.5 __

10.0 11.7 4.0 2.6 2.6 __

__ __ __ __ __ __ __ __

3.9 3.1 __

52 week High/Low $ 66.20 - 56.86

14.0 8.0

3 Yr


39.0

4.0

1 Yr

Grade: A


8.0

Growth Rates Compound Annual Revenue Operating Income Earnings/Share Dividends Book Value/Share Stock Total Return +/- Industry +/- Market

63.54 57.50

2:1

One Johnson & Johnson Plaza New Brunswick, NJ 08933 Phone: 1 732 524-0400Website: http://www.jnj.com

Grade: C

Healthcare

As of 01-26-2011


Jun

Sep

Dec


15631 15026

15330 15239

14982 15081

15644 16551

Rev Growth %

Mar

Jun

Sep

Dec


4.0 -7.2

0.6 -7.4

-0.7 -5.3

-5.5 9.0

Mar

Jun

Sep

Dec

1.62 1.26

1.23 1.15

1.23 1.20

0.70 0.79




Novartis AG Merck & Co, Inc.

P/E

ROE%

153645 51561 13.1 106397 45987123.5

16.2 1.5


Vanguard US Total Market Shares (AU) ETF Vanguard 500 Index Investor Vanguard Institutional Index Instl



1.06 0.90 0.77


Page 14 of 31

Johnson Controls JCI Johnson Controls operates three businesses. The building efficiency segment is a $12.8 billion group that provides controls and services for HVAC systems. The automotive experience segment is a $16.6 billion business that primarily sells seats in addition to interior products, such as cockpit systems and other electronics. The power solutions unit is a $4.9 billion business that makes batteries for enger vehicles, trucks, and other applications.

Morningstar Rating

Uncertainty

Medium

Sales $Mil

Mkt Cap $Mil

Industry

$39.16

$35,434

$26,525

Auto Parts

Fair Value

Economic Moat

Style

Sector

$40.00

As of 04-15-2011

13.78 8.66

Last Close $

Narrow

Large Growth

Consumer Cyclical

As of 11-30-2010

15.53 11.52

19.37 11.96

21.33 16.52

25.07 17.52

30.00 22.12

44.46 28.09

2:1

36.52 13.65

28.34 8.35

40.15 25.56

42.53 36.95


3:1

Price Volatility

19.0 9.0 4.0

5757 North Green Bay Avenue Milwaukee, WI 53201 Phone: 1 414 524-1200Website: http://www.johnsoncontrols.com


3 Yr

5 Yr

10 Yr

20.4 1440.4 __ 0.0 9.4 18.7 -26.1 9.8

-0.3 -2.2 0.5 5.7 -0.1 7.7 -6.4 8.1

4.5 9.5 11.0 9.3 7.3 10.7 -0.2 10.2

7.2 5.7 10.0 10.8 12.2 15.9 3.3 14.8

Grade: C

Current

5 Yr Avg

Ind

Mkt


15.3 6.1 8.7 17.1 258.6

10.7 3.9 8.2 16.8 247.2 *

-6.9 -2.1 5.5 9.5 __

__ __ __ __ __


15.4 5.1 4.3 __ __

14.2 3.7 2.5 2.3 __

__ __ __

__ __ __ __ __


3.2

Financial Position Grade: B

12-09 $Mil

12-10 $Mil


791 1571 5154 9676

321 1939 6142 10715


3918 7241 23805

4215 7274 25993


4504 367 8387 3077 14452

5340 850 9789 2684 15562

9353

10431

Total Equity Valuation Analysis Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio

1.0 6.0 3.0


2003

2004

2005

2006

2007

2008

2009

2010

YTD

Stock Performance

46.8 20.4 -6.8 1.3 10487

10.9 1.9 4.5 1.5 12128

16.6 13.5 17.5 1.4 14070

19.4 5.8 6.8 1.4 16822

27.4 23.9 13.8 1.3 21399

-48.2 -9.7 8.6 2.9 10791

52.9 29.4 -27.9 1.9 18298

42.3 29.5 -31.3 1.4 25875

2.9 -2.0 -0.3 __


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

18427 14.1 961 5.2

20103 14.2 1122 5.6

22646 14.2 1162 5.1

26553 13.3 1301 4.9

27479 12.7 1066 3.9

32235 13.7 1282 4.0

34624 14.7 1795 5.2

38062 14.5 1466 3.9

28497 12.5 109 0.4

34305 15.4 1679 4.9

35434 15.4 1793 5.1

26525

Financials


470

593

676

816

909

1028

1252

979

-338

1491

1516

Net Income $Mil

0.85 0.21 551 5.81

1.06 0.22 560 6.86

1.20 0.24 563 8.45

1.41 0.30 577 9.73

1.30 0.33 583 10.61

1.75 0.37 590 12.90

2.16 0.44 599 15.28

1.63 0.52 601 13.99

-0.57 0.52 593 13.92

2.19 0.52 682 15.40

2.22 0.55 684 15.40


973 -622 352

989 -496 493

769 -664 105

1488 -862 626

858 -664 194

1417 -711 706

1913 -828 1085

1928 -807 1121

917 -647 270

1514 -777 737

812 -860 -48


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

4.9 17.7 2.6 1.91 3.5

5.6 19.0 3.0 1.91 3.3

5.6 17.8 3.0 1.86 3.1

5.8 17.3 3.1 1.88 2.9

5.8 16.2 3.3 1.76 2.7

5.4 15.3 3.2 1.69 3.0

5.4 15.4 3.6 1.50 2.7

4.0 10.7 2.6 1.55 2.7

-1.4 -3.6 -1.2 1.16 2.6

6.0 15.5 4.4 1.38 2.6

6.1 15.3 4.3 1.42 2.5


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

Financial Health

-36 1395 2985 0.49

140 1827 3500 0.54

36 1777 4314 0.42

-225 1631 5206 0.31

297 1578 6058 0.26

1118 4166 7355 0.57

952 3255 8907 0.37

866 3201 9424 0.34

1110 3168 9138 0.35

742 2652 10071 0.26

926 2684 10431 0.26


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

15.0 __

12.1 __

15.4 __

15.0 __

18.5 __

16.4 __

15.9 __

80.0 __

27.0 __

17.2 __

17.7 __

0.4 2.3 8.2

0.4 2.0 8.4

0.5 2.3 10.7

0.5 2.2 8.3

0.5 2.3 20.0

0.5 2.2 10.9

0.6 2.4 11.2

0.3 1.3 7.6

0.6 2.0 8.2

0.7 2.5 32.2

0.8 2.5 33.0



Ind

Mkt

Revenue $Mil

17.7 12.5 33.0 __

31.3 __

21.8 __


14.0 __ __

12.6 23.7 0.9 3.1 0.8 __

__ __ __ __ __ __ __ __

2.1 0.5 __

10 Year High/Low $ 44.46 - 8.35

1.0 24.3 1.7 1.7 7134

2002

Current

1.5 2.5 0.8 0.8

52 week High/Low $ 42.53 - 25.56

57.7 70.8 11.0 1.6 7078

2001

1 Yr


39.0


Jun

Sep

Dec

8317.0 8540.0 9040.0 9537.0 6315.0 6979.0 7867.0 8408.0

Rev Growth %

Mar

Jun

Sep

Dec


31.7 -32.9

22.4 -29.3

14.9 -15.5

13.4 14.6

Mar

Jun

Sep

Dec

0.40 -0.33

0.61 0.26

0.66 0.50

0.55 0.52




Siemens AG Siemens AG

P/E

ROE%

119301 104087 19.1 119301 104087 19.1

14.0 14.0


American Funds Growth Fund of Amer A American Funds Washington Mutual A American Funds Invmt Co of Amer A



3.84 2.67 1.48


Page 15 of 31

Knight Capital Group KCG Knight Capital Group provides electronic and voice financial security trade execution services to buy-side, sell-side, and corporate clients as a market maker, agent, and electronic execution provider. The company has also recently ventured into investment banking and asset management.

Morningstar Rating

Uncertainty

Very High

Sales $Mil

Mkt Cap $Mil

Industry

$12.84

$1,123

$1,301

Capital Markets

Fair Value

Economic Moat

Style

Sector

$19.00

As of 04-15-2011

24.50 7.25

Last Close $

None

Small Value

Financial Services

As of 03-28-2011

13.97 3.46

15.25 3.88

17.27 8.03

10.99 7.28

20.51 8.99

21.78 11.50

19.75 11.03

23.11 13.39

16.99 11.88

14.72 12.49



6.0

545 Washington Boulevard Jersey City, NJ 07310 Phone: 1 201 222-9400Website: http://www.knight-sec.com


2001

1 Yr

3 Yr

5 Yr

10 Yr

-3.0 __

7.5 __

12.1 __

-1.1 __

-39.4 __

-7.6 __

9.4 __

-7.2 __

6.4 -12.8 -4.4 -21.7

15.1 -5.1 2.3 -4.7

11.6 -1.7 6.6 -2.2

8.3 -0.9 0.9 -2.0

Current

5 Yr Avg

Ind

Mkt

7.1 2.4 10.4 __

13.4 6.4 13.2 __

847.0 __ __

959.6 * __ __

7.8 0.6 6.6 __ __

__ __ __ __ __

__ __ __ __

__ __ __ __ __

Profitability Analysis Grade: D

Return on Equity % Return on Assets % Fixed Asset Turns Inventory Turns Revenue/Employee $K Gross Margin % Operating Margin % Net Margin % Free Cash Flow/Rev % R&D/Rev %

8.2 __ 1.7

13.1 __ __


12-09 $Mil

12-10 $Mil


427 __

376 __

500 __

476 __


99 343 3014

118 449 4670

2002

-20.9 -7.9 -9.4 __

-56.5 -33.2 -30.4 __

2004

2005

206.1 179.7 156.7 __

-25.3 -34.3 -23.8 __

-9.7 -12.7 -24.7 __

2006

93.8 80.2 66.3 __

2007

2008

2009

2010

YTD

-24.9 -28.4 -17.7 __

12.2 50.6 66.5 __

-4.6 -28.1 -48.4 __

-10.5 -23.2 -7.4 __

-6.9 -11.8 -6.9 __

1680

1246

1013

2011

1398

1447

1429

1348

1301

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Financials

685 __ __ __

527 __ __ __

670 __ __ __

626 __ __ __

635 __ __ __

951 __ __ __

905 __ __ __

1049 __ __ __

1158 __ __ __

1123 __ __ __

1123 __ __ __


39

-43

39

91

66

158

122

178

117

92

92

0.31 __

-0.36 __

0.35 __

-0.08 __

0.62 __

1.49 __

1.23 __

1.94 __

1.60 __

0.97 __

0.97 __

126 6.72

121 6.40

118 6.89

118 7.51

107 8.04

106 9.17

101 9.12

92 11.47

95 13.08

94 13.92

94 13.42

69 __

117 __

37 __

86 __

33 __

16 __

119 __

20 -42 -69

-87 -49 -55

-87 -49 -55

Net Income $Mil Earnings Per Share $ Dividends $ Shares Mil Book Value Per Share $

-22

35

5

27

97

19

199

256 -38 36

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

1.3 4.8 5.6 0.24 3.9

-1.4 -5.4 -8.2 0.16 4.2

1.1 5.0 5.8 0.19 5.0

3.4 11.1 14.6 0.23 1.6

4.7 7.9 10.5 0.45 1.7

9.2 17.7 16.7 0.55 2.1

6.5 13.2 13.5 0.48 2.0

9.4 18.6 17.0 0.56 2.0

4.7 10.5 10.1 0.46 2.5

2.4 7.1 8.2 0.29 3.4

2.4 7.1 8.2 0.29 3.4


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

Financial Health

140 1027 0.14

140 1214 0.12

311 1360 0.23

311 1360 0.23


__ __

__ __

__ __

__ __

__ __

__ __

__

__

__

__

__


834 __

756 __

790 __

855 __

823 __

962 __

70 885 0.08

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

16.0 __

12.9 __

11.7 __

8.3 __

9.6 __

14.2 __

13.3 __

1.8 1.2 34.6

2.1 2.1 129.9

1.6 1.6 12.2

1.4 1.4 5.8

1.3 1.2 72.5

1.2 1.0 __

1.1 1.0 __


__ __

140 1801

311 3310

Total Equity

1214

1360

2.0 1.6 20.2

1.1 0.8 4.9

41.8 __

__ __

2.6 2.1 46.5

2.1 1.5 15.0


5 Yr Avg

Ind

Mkt

Revenue $Mil

13.3 8.8 __ __

11.4 __ __ __ __

16.5 __

__ __ __ __ __ __ __ __


1.0 1.3 1.3 __

Stock Performance

566

35.6 __

1.5 1.5 __


2002

2001

0.0 1.0 1.1 0.6


1368

337 __ __

9.5 __

1.0

2001

155 __ __

Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio

10 Year High/Low $ 24.50 - 3.46


Payables Short-Term Debt Current Liabilities Long-Term Debt Total Liabilities Valuation Analysis

2003

52 week High/Low $ 15.89 - 11.88

3.0

2.0 1.0




Jun

Sep

Dec

281.8 245.4

359.1 315.0

232.0 301.3

250.3 295.8

Rev Growth %

Mar

Jun

Sep

Dec


14.8 9.1

14.0 43.7

-23.0 14.7

-15.4 -13.0

Mar

Jun

Sep

Dec

0.30 0.33

0.58 0.52

0.00 0.32

0.09 0.44




MarketAxess Holdings, Inc. Investment Technology Grou

937 705

P/E

ROE%

146 31.1 571 30.9

13.9 2.8


Royce Premier Invmt Royce Value Plus Svc Royce Low Priced Stock Svc



4.97 3.13 3.11


Page 16 of 31

LHC Group LHCG LHC provides health care services primarily to Medicare beneficiaries in the southern U.S. The company is divided into two segments, Home-Based Services and Facility-Based Services. Home-Based Services provides nursing, physical therapy, speech therapy, medically oriented social services, and hospice care; Facility-Based Services owns and manages long-term acute care hospitals and outpatient rehabilitation clinics. The company currently operates four hospitals with six locations, in addition to over 100 home nursing locations.

Morningstar Rating

—

Uncertainty

__

Last Close $

Sales $Mil

Mkt Cap $Mil

Industry

$29.28

$635

$547

Medical Care

Fair Value

Economic Moat

Style

Sector

__

__

Small Core

Healthcare

As of

21.70 14.79

29.67 13.70

33.14 18.58

36.83 13.55

35.94 16.56

37.49 19.61

31.69 25.87


Price Volatility Monthly High/Low Rel Strength to S&P 500 19.0

52 week High/Low $ 37.49 - 19.61

8.0

10 Year High/Low $ 37.49 - 13.55

4.0

420 West Pinhook Road Suite A Lafayette, LA 70503 Phone: 1 337 233-1307Website: http://www.lhcgroup.com

2.0 202.0

Bear-Market Rank __ (10=worst) Trading Volume Thousand

62.0



2001

1 Yr

3 Yr

5 Yr

10 Yr

19.4 12.4 10.3 __

28.7 35.2 31.1 __

31.3 36.1 31.2 __

22.5 -19.1 -38.6 -28.0

23.7 25.8 16.5 26.2

26.1 11.8 9.2 11.4

__ __ __ __ __ __ __ __


Current

5 Yr Avg

Ind

Mkt


19.7 14.7 26.3 __

20.6 15.6 25.1 __

79.6

75.7 *

15.9 2.8 3.3 23.7 __

__ __ __ __ __


48.0 15.1 7.7 9.5 __

49.2 15.1 8.5 9.7 __

__ __ __

__ __ __ __ __

5.4

Financial Position Grade: B

12-09 $Mil

12-10 $Mil


0 __

0 __

79 95

86 107


21 186 306

27 211 357

26 0 47 10 85

30 0 51 0 84

221

274

Payables Short-Term Debt Current Liabilities Long-Term Debt Total Liabilities Total Equity Valuation Analysis Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio

2002

2003

2004

2005

__ __ __ __

2006

2007

2008

2009

2010

YTD

-12.4 -15.9 -11.1 __

44.1 82.6 72.6 __

-6.6 -30.1 -31.4 __

-10.7 -23.5 -15.6 __

-2.4 -7.3 -26.6 __

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

289

508

450

656

605

545

547

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Financials

28 52.3 4 12.8

47 53.1 9 19.5

69 49.7 10 14.2

123 48.6 20 16.3

163 45.7 20 12.6

215 49.0 34 15.9

298 48.8 39 13.0

383 51.3 60 15.7

532 49.2 85 16.0

635 48.0 96 15.1

635 48.0 96 15.1


63.6 49.9 59.3 __


1

3

3

9

10

21

20

30

58

49

49

0.06 __

0.27 __

0.27 __

0.74 __

0.69 __

1.21 __

1.19 __

1.72 __

2.43 __

2.68 __

2.68 __

12 __

12 __

12 __

12 __

15 4.73

17 6.84

18 7.96

18 9.71

18 12.29

18 15.06

18 14.66

__ __ __

__ __ __

__ __ __

7 -4 2

6 -2 4

22 -4 18

12 -3 9

86 -9 77

49 -8 41

72 -12 60

72 -12 60

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

7.8 __ 2.8 2.81 __

18.0 178.2 6.0 3.01 6.0

11.5 54.1 4.1 2.77 4.0

24.7 80.1 7.6 3.26 2.9

13.3 21.3 6.2 2.14 1.3

16.0 20.6 9.6 1.67 1.3

12.0 14.8 6.6 1.82 1.2

14.5 18.9 7.9 1.83 1.4

21.0 29.1 10.9 1.94 1.4

14.7 19.7 7.7 1.91 1.3

14.7 19.7 7.7 1.91 1.3


2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

12-10

49 3 78 0.05

68 3 122 0.03

61 3 143 0.02

32 4 177 0.03

48 10 221 0.04

56 0 274 __

56 0 274 0.01


2005

2006

2007

2008

2009

2010

TTM

Valuation

25.3 __

23.6 __

21.0 __

20.9 __

13.8 __

11.2 __

10.9 __

1.5 3.7 39.4

2.2 4.2 22.0

1.5 3.1 36.8

1.7 3.7 7.5

1.1 2.7 12.4

0.9 2.0 7.6

0.8 2.0 7.4


__ __

__ __

__ __

-0 __

4 __

7 __

22 15 16 1.02

2001

2002

2003

2004

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __


5 Yr Avg

Ind

Mkt

Revenue $Mil

10.9 12.2 7.4 8.8 0.0 2.0 0.8 0.9

18.1 __

14.3 __


17.3 22.0 __

7.9 13.9 0.3 4.3 0.8 __

__ __ __ __ __ __ __ __

3.2 1.5 __

Stock Performance

__ __ __ __ __

Jun

Sep

Dec

145.9 124.6

154.2 132.6

166.6 132.5

168.1 142.7

Mar

Jun

Sep

Dec


17.1 49.3

16.3 47.1

25.8 35.0

17.8 27.9

Mar

Jun

Sep

Dec

0.64 0.62

0.68 0.57

0.73 0.54

0.63 0.69


Earnings Per Share $ Dividends $ Shares Mil Book Value Per Share $ Oper Cash Flow $Mil Cap Spending $Mil Free Cash Flow $Mil

Financial Health


Rev Growth %


Net Income $Mil


P/E

ROE%

Netcare Limited 201924 22474 __ Bangkok Dusit Medical Serv 63236 24051 25.0

__ __


Fidelity Low-Priced Stock Royce Value Svc Parnassus Small-Cap



10.28 5.10 4.95


Page 17 of 31

SORL Auto Parts SORL SORL Auto Parts manufactures auto parts for commercial vehicles such as trucks and busses that weigh more than three tons. Its primary products include spring brake chambers, clutch servos, air dryers, and manual valves. The company produces over 40 categories of brake valves with over 800 different specifications. It manufactures parts in China and distributes them globally through international sales centers in the United States, The United Arab Emirates, and Australia.

Morningstar Rating

Uncertainty

__

—

Last Close $

Sales $Mil

Mkt Cap $Mil

Industry

$5.58

$199

$108

Auto Manufacturers

Fair Value

Economic Moat

Style

Sector

__

__

Small Value

Consumer Cyclical

As of

29.99 1.20

23.99 3.00

8.00 2.75

12.00 4.16

9.88 6.01

7.40 1.39

9.16 1.14

12.89 5.07

8.88 5.34


22852814:0 22852814:0


7.0 3.0

No. 1169 Yumeng Road Ruian Economic Development Zon Ruian, Zhejiang 325200 Phone: 86 57765817720 Website: http://www.sorl-autoparts.com

Growth Rates Compound Annual Grade: F


3 Yr

5 Yr

10 Yr

59.5 57.6 51.4 __

19.9 27.0 21.6 __

25.4 34.7 23.4 __

22.5 -45.9 -43.6 -54.8

20.3 3.9 7.5 4.2

42.0 -7.0 -1.6 -7.4

__ __ __ __ __ __ __ __

Current

5 Yr Avg


17.2 12.5 5.7 5.6 61.1

16.6 12.3 19.0 10.0 58.4 *


29.2 12.3 10.2 __

39.8 9.6 8.0 __ __

3.6

Ind

Mkt

-6.0 -1.4 3.6 10.5 __

__ __ __ __ __

__ __ __

__ __ __ __ __

5.8


2999.0 49.0

2001

1 Yr


1.0

2002

2003

2004

2005

-72.9 -81.9 -81.6 __

-23.1 -26.1 -37.6 __

2006

2007

2008

2009

2010

YTD

-18.9 -22.5 -17.5 __

-78.3 -39.8 -26.3 __

441.2 417.8 407.5 __

-0.9 -13.7 -12.2 __

-34.6 -39.5 -24.8 __

0

86

67

121

134

29

158

165

108

2003

2005

2006

2007

2008

2009

2010

TTM

Financials

0 __

0 __

__ __

2004

0 __

0 __

-0 __

47 23.3 5 11.5

64 22.3 6 8.6

849 92.3 10 1.2

116 23.3 12 10.4

131 25.7 15 11.5

125 28.4 16 12.5

199 29.2 25 12.3

199 29.2 25 12.3


0 __ __ __ __

0 -0 __ __ __ __ __ __ __ -259.55

0 __ __

0 __ __

2001

2002

__ __ __ __ __

__ __ __ __ __

5

5

8

11

12

13

20

20

0.37 __

0.56 __

0.59 __

0.68 __

0.70 __

1.06 __

1.06 __

6 0.78

13 1.20

14 4.30

18 3.97

18 4.94

18 5.63

19 6.90

19 6.90

0 __ __

2 __ __

-7 -3 -10

-0 -10 -11

9 -19 -11

10 -3 7

10 -7 2

12 -17 -5

12 -17 -5

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

21.4 46.5 10.3 2.08 2.2

16.0 37.6 7.7 2.08 2.5

14.0 21.0 0.9 15.41 1.2

13.0 16.6 9.3 1.40 1.3

11.9 15.2 9.5 1.26 1.3

10.3 13.2 10.2 1.01 1.3

12.5 17.2 10.2 1.23 1.4

12.5 17.2 10.2 1.23 1.4


2003

2004

2005

2006

2007

2008

2009

2010

12-10

-0 __

6 __

11 __

47 __

45 __

62 __

76 __

88 __

88 __

__ __ __ __ __


24 14 133

45 14 191

0 __

0 __

-0 __

10 __

16 __

57 __

73 __

90 __

103 __

133 __

133 __

10 __

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

19 __

12 17 43 __

8.6 __

13.5 __

16.1 __

12.4 __

2.3 __

12.3 __

8.1 __

5.3 __

30

58

103

133

0.9 8.4 16.6

0.5 4.2 __

0.1 2.1 __

1.2 1.9 15.2

0.2 0.3 3.0

1.3 1.5 16.2

0.8 1.2 13.4

0.5 0.8 8.8

__ __

__ __ __ __ __

2002

__ __

__ __ __ __ __

__ __ __ __

5.9


Ind

Mkt

Revenue $Mil

Mar

Jun

Sep

Dec

5.3 4.2 8.8 __

10.3 __ __ __ __

18.7 __

__ __ __ __ __ __ __ __


34.1 20.2

49.9 29.7

50.8 34.0

54.8 41.0

Rev Growth %

Mar

Jun

Sep

Dec


68.5 -34.0

67.8 -29.5

49.5 3.1

33.6 63.5

Mar

Jun

Sep

Dec

0.17 0.05

0.28 0.16

0.26 0.21

0.30 0.28



Net Income $Mil Earnings Per Share $ Dividends $ Shares Mil Book Value Per Share $ Oper Cash Flow $Mil Cap Spending $Mil Free Cash Flow $Mil

Financial Health

Working Capital $Mil Long-Term Debt $Mil Total Equity $Mil Debt/Equity Valuation


Close Competitors

Current

1.4 0.7 __


0.76 __

2001

0.0 0.8 0.5 0.2

Stock Performance

2002

7 32 81 131

4.9 9.5 0.1 1.5 0.6 __

Trading Volume

2001

80.6 67.0 50.7 __

12-10 $Mil

Price/Earnings Forward P/E Price/Cash Flow Price/Free Cash Flow Dividend Yield % Price/Book Price/Sales PEG Ratio


__ __ __ __

10 19 58 95

Valuation Analysis

10 Year High/Low $ 29.99 - 1.14

__ __ __ __ __

12-09 $Mil

Total Equity

52 week High/Low $ 11.55 - 5.07

__ __ __ __ __





P/E

ROE%

__ __

__ __

__ __

Toyota Motor Corporation 10253468 Honda Motor Company 5372944 Major Fund Holders

% of shares

Perritt Micro Cap Opportunities Gabelli Small Cap Growth AAA Fidelity Emerging Asia



2.21 0.91 0.98


Page 18 of 31

SunPower SPWRA SunPower is a vertically integrated solar module manufacturer and systems installer. The company's modules derive from crystalline silicon technology and possess the industry's highest conversion efficiencies (the percentage of sunlight that is converted into electricity). The acquisitions of PowerLight (2007) and SunRay (2010) were are major components of its current systems offerings. New production capacity during the next two years will be part of a t venture the company entered into with AUO Optronics in 2010.

Morningstar Rating

Uncertainty

High

Last Close $

Sales $Mil

Mkt Cap $Mil

Industry

$15.74

$2,219

$1,546

Solar

Fair Value

Economic Moat

Style

Sector

$15.00

As of 04-15-2011

None

Small Growth

Technology

As of 03-31-2011

34.75 24.30

45.09 164.49 134.34 23.75 35.40 18.50

46.30 19.70

26.35 9.61

19.88 12.90




49.0

52 week High/Low $ 19.88 - 9.61

19.0

10 Year High/Low $ 164.49 - 9.61

5.0

3939 North First Street San Jose, CA 95134 Phone: 1 408 204-5500Website: http://www.sunpowercorp.com

1.0 3.0


1.0

Growth Rates Compound Annual Grade: A

2001

1 Yr

3 Yr

5 Yr

10 Yr

45.6 124.6 355.6 __

42.0 290.0 146.1 __

95.0 __ __ __

19.2 -15.7 -25.6 -24.6

17.9 -45.0 -17.6 -44.6

31.9 -15.2 -20.8 -15.6

__ __ __ __ __ __ __ __

Grade: B

Current

5 Yr Avg

Ind

Mkt


11.8 5.9 3.5 6.6 430.9

6.6 3.8 2.6 7.1 330.7 *

4.4 1.9 1.4 4.4 __

__ __ __ __ __


23.0 6.3 8.1 2.1 2.2

21.5 6.1 5.8 __

__ __ __ __

2.3

__ __ __ __ __

12-09 $Mil

12-10 $Mil


616 202 323 1282

605 313 381 1794


682 223 2696

579 412 3379


250 149 535 636 1321

395 198 788 642 1722

Total Equity

1376

1657




2002

2003

2004

2006

2007

2008

2009

2010

YTD

Stock Performance

9.4 -4.3 -20.6 __

250.8 247.3 -56.0 __

-71.6 -33.1 1.1 __

-36.0 -59.5 -38.4 __

-45.8 -58.6 -32.4 __

22.7 17.7 0.8 __

2033

2573

10928

3174

2296

1256

1546


2005

2006

2007

2008

2009

2010

TTM

Financials

237 21.3 19 8.1

775 19.1 2 0.3

1435 25.3 168 11.7

1524 18.6 62 4.1

2219 23.0 139 6.3

2219 23.0 139 6.3


2005

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

__ __ __ __

2001

2002

2003

2004

6 -7.2 -3 -47.5

4 5 11 21.2 0.4 -43.1 -3 -13 -24 -75.6 -260.3 -220.8

79 5.6 -13 -16.5

-3

-4

-15

-29

-16

27

9

92

33

179

179

Net Income $Mil

-0.76 __

-1.11 __

-3.50 __

-8.00 __

-0.68 __

0.37 __

0.11 __

1.09 __

0.36 __

1.64 __

1.64 __

4 __

3 __

4 __

4 __

23 4.32

71 7.06

81 10.31

84 11.91

93 14.18

106 16.93

106 16.88


__ __ __

__ __ __

__ __ __

-14 -27 -41

18 -72 -54

-38 -108 -146

2 -193 -191

154 -266 -112

121 -168 -46

167 -119 47

167 -119 47


2001

__ __

2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Profitability

-67.5 __

-72.5 __

-48.0 __

5.9 7.1 11.2 0.53 1.2

0.8 1.4 1.2 0.69 1.9

5.0 9.8 6.4 0.77 2.0

1.4 2.8 2.2 0.64 2.0

5.9 11.8 8.1 0.73 2.0

5.9 11.8 8.1 0.73 2.0


-51.8 4.60 __

-87.0 -290.4 -265.5 0.77 0.25 0.18 __ __ __

-7.8 -12.8 -20.1 0.39 1.2

2001

2002

__

2003

2004

2005

2006

2007

2008

2009

2010

12-10

Financial Health

155 __

228 __

94 __

-6 __

-20 __

-54 22 -11 __

259 __

489 __

864 __

397 478 1021 0.47

747 636 1376 0.46

1005 642 1657 0.39

1005 642 1657 0.41


2002

2003

2004

2005

2006

2007

2008

2009

2010

TTM

Valuation

33.9 __

65.8 __

7.8 __

9.6 __

2.2 3.1 20.3

1.4 1.7 18.1

0.6 0.8 8.1

0.8 0.9 10.0

__ __

0 -3 __ 2001

__ __ __ __ __

__ __ __ __ __

__ __

__ __ __ __ __

__ __ __ __ __

__ __

100.0 __

__ __

1.6 7.9 6.9

10.0 5.3 __

13.7 12.6 __


5 Yr Avg

Ind

Mkt

Revenue $Mil

9.6 6.4 10.0 35.1 0.0 0.9 0.8 0.3

__ __ __ __ __

__ __


11.2 __ __

4.7 5.6 __

2.0 1.8 __

__ __ __ __ __ __ __ __


Jun

Sep

Dec

347.3 213.8

384.2 297.6

550.7 466.3

937.1 546.6

Rev Growth %

Mar

Jun

Sep

Dec


62.4 -21.9

29.1 -22.2

18.1 23.5

71.5 36.3

Mar

Jun

Sep

Dec

0.13 -0.06

-0.15 0.26

0.19 0.13

1.46 0.01





First Solar, Inc. Trina Solar Limited

11823 2026

P/E

ROE%

2564 17.9 1271 12.3

21.8 25.0


Hussman Strategic Growth SAM Smart Energy EUR C PowerShares WilderHill Clean Energy



1.43 1.33 0.83


Page 19 of 31

Xinyuan Real Estate XIN Xinyuan is a developer of large-scale residential real estate that targets middle-income consumers. It has completed 14 projects with a total gross floor area of more than 1 million square meters during the last 10 years. The firm currently develops its properties in second-tier Chinese cities, including Chengdu, Zhengzhou, Jinan, Hefei, Suzhou, and Kunshan. Xinyuan also provides property-management services in its buildings.

Morningstar Rating

—

Uncertainty

__

Last Close $

Sales $Mil

Mkt Cap $Mil

Industry

$2.17

$502

$165

Residential Construction

Fair Value

Economic Moat

Style

Sector

__

__

__

Consumer Cyclical

As of

18.00 12.00

14.71 1.54

7.65 2.43

4.82 2.20

2.92 2.20



6.0

27/F, China Central Place, Tower II 79 Jianguo Road Beijing, Chaoyang D 100025 Phone: 86 1085889200Website: http://www.xyre.com


2001

1 Yr

3 Yr

5 Yr

10 Yr

25.9 __ __ __

46.7 26.4 7.4 __ __

66.0 __ 49.3 __ __ __ __ __

__ __ __ __ __ __ __ __

11.2 -46.3 -35.1 -55.2

-37.2 -27.6 -36.8


2002

2003

2004

2005

2006

10 Year High/Low $ 18.00 - 1.54

1.0


2007

2008

2009

2010

YTD

__ __ __ __

-82.9 -44.4 -44.3 __

83.2 59.7 52.1 __

-41.2 -53.9 -48.4 __

-17.5 -22.4 -13.3 __

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

1056

184

339

199

165

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

TTM

Financials

13 7.3 -0 -0.8

17 28.5 3 15.0

36 __ __ __

62 31.2 15 24.9

142 24.0 28 19.4

310 32.8 74 23.9

357 -0.1 -46 -13.0

449 19.9 56 12.4

502 23.0 79 15.7


__ __ __ __

__ __ __ __

5 Yr Avg

Ind

Mkt

__

__

1

4

10

15

-139

-24

42

55

8.8 -1.4 6.9 __

-45.9 -16.0 15.3 1.0 __

__ __ __ __ __

-0

12.1 5.6 95.2 0.7 1041.2

__ __ __ __

__ __ __ __

-0.02 __

0.00 __

0.07 __

0.16 __

0.42 __

-2.56 __

-0.32 __

0.52 __

0.70 __

24 __

30 __

60 __

60 __

36 5.25

54 5.30

75 5.89

80 6.46


23.0 15.7 10.9 __ __

__ __ __

__ __ __ __ __

__ __ __

__ __ __

__ __ __

__ __ __

__ __ __

13 -0 12

-28 -2 -29

-175 -1 -176

-244 -1 -245

125 -0 124

79 6.46 __ __ __

2000

2001

21.6 13.5 -3.2 __ __

2.7

Financial Position Grade: D

06-09 $Mil

09-10 $Mil


218 391 12 749

188 654 41 1012


5 __

6 __

906

1045


91 241 381 92 486

131 124 324 218 556

Total Equity

421

490


__ __ __ __ __

2000

__ __ __ __

2001

__ __ __ __ __

Net Income $Mil Earnings Per Share $ Dividends $ Shares Mil Book Value Per Share $ Oper Cash Flow $Mil Cap Spending $Mil Free Cash Flow $Mil

2002

2003

2004

2005

2006

2007

2008

2009

TTM

Profitability

-1.7 -69.5 -3.7 0.46 41.2

3.0 88.0 6.4 0.47 25.0

11.1 __ __

8.8 56.3 15.4 0.57 6.4

9.7 47.8 10.7 0.91 4.4

-27.5 -63.8 -45.0 0.61 2.1

-2.7 -6.0 -6.6 0.41 2.3

4.7 10.0 9.5 0.49 2.0

5.6 12.1 10.9 0.51 2.1


2001

2002

2003

2004

2005

2006

2007

2008

2009

09-10

8 7 17 0.44

56 13 47 0.27

616 230 390 0.59

456 201 400 0.50

480 53 447 0.12

688 218 490 0.45


2006

2007

2008

2009

2010

TTM

Valuation

8.6 __

3.8 __

3.1 __

0.8 0.8 2.9

0.4 0.4 __

0.3 0.3 __

__ __ __ __

2002

__ __ __ __ __

__

2 __

__ __ __ __

2004

2005

6 __

4 1 __ 2003

__ __ __ __ __

__ __

__ __ __ __ __

__ __ __ __ __

__ __ __ __ __

__ __

2.5 2.7 __


Ind

Mkt

Revenue $Mil

3.1 1.9 __ __

__ __ __ __ __ __ __ __

__ __

__ __ __ __ __ __ __ __


0.0 0.3 0.3 0.1


__ __ __ __ __

Current

38.2 40.5 0.6 1.8 1.1 __

Stock Performance

__ __ __ __ __

Current

657.9 *


__ __ __ __ __


Grade: D

52 week High/Low $ 4.10 - 2.11

3.0

1.0 0.6



Mar

Jun

Sep

189.1 60.8

110.7 39.9

94.5 91.8

107.6 __ Sep

Dec

Mar

Jun


210.9 -33.5

177.3 -68.1

2.9 4.6

__ __

Dec

Mar

Jun

Sep

0.32 -0.86

0.14 0.02

0.12 0.04

0.10 __


0.5 0.5 __


Close Competitors Dec

Rev Growth %


__ __

Financial Health


P/E

ROE%

Pruksa Real Estate Public 41929 23407 Dynasty Ceramic Public Com 23052 6531

__ __

__ __


Federated Kaufmann Small Cap A AST Federated Aggressive Growth PowerShares Gldn Dragon Halter USX China



2.83 1.30 0.18


Page 20 of 31

Correlation Matrix: Item(s) from 4-01-2008 to 3-31-2011

1

1 American Express

1

2 Apollo Group

2

-0.18

3 Bank of America

3

0.52

0.22

4 Barclays PL

4

0.74

-0.02

0.76

5 Cisco Systems

5

0.59

0.07

0.49

0.61

6 Google

6

0.43

0.04

0.15

0.26

0.59

7 Itron

7

0.21

0.06

0.28

0.30

0.49

0.40

8 Johnson & Johnson

8

0.38

0.26

0.61

0.40

0.55

0.43

0.63

9 Johnson Controls

9

0.78

-0.11

0.59

0.79

0.68

0.39

0.38

0.56

10 Knight Capital Group

10

0.13

0.20

-0.19

0.05

0.22

0.29

0.32

0.09

0.14

11 LHC Group

11

0.11

0.24

0.30

0.01

0.28

0.09

0.15

0.44

0.21

-0.04

12 SORL Auto Parts

12

0.78

-0.23

0.41

0.59

0.50

0.41

0.16

0.24

0.59

-0.02

0.11

13 SunPower

13

0.35

0.30

0.24

0.36

0.55

0.51

0.58

0.62

0.56

0.44

0.30

0.19

14 Xinyuan Real Estate

14

0.25

0.02

-0.03

0.23

0.40

0.56

0.35

0.27

0.31

0.39

0.00

0.29

2 3 4 5 6 7 8 9 10 11 12 13 14 0.48

Degree of Correlation High .70 to 1.0

Moderate .11 to .69

None .10 to -.10

The Correlation Matrix demonstrates the relatedness of return patterns among investments. It is based upon the correlation coefficient, a number between -1.0 and 1.0. A perfect linear relationship between two investments has a correlation of 1.0. A perfect negative linear relationship between two investments has a correlation of -1.0.

Moderate Negative -.11 to -.69

Highly Negative -.70 to -1.0

A correlation coefficient of 0.0 indicates no linear relationship between the investments. Correlation infomation can be valuable in assessing the diversification effect of combining an investment with other investing options.


Page 21 of 31

Portfolio Snapshot Report Disclosure Statement

General Investment portfolios illustrated in this report can be scheduled or unscheduled. With an “unscheduled” portfolio, the inputs only the portfolio holdings and their current allocations. Morningstar calculates returns using the given allocations assuming monthly rebalancing. Taxes, loads, and sales charges are not taken into . With "scheduled" portfolios, s input the date and amount for all investments into and withdrawals from each holding, as well as tax rates, loads, and other factors that would have affected portfolio performance. A hypothetical illustration is one type of scheduled portfolio. Both scheduled and unscheduled portfolios are theoretical, for illustrative purposes only, and are not reflective of an investor's actual experience. For both scheduled and unscheduled portfolios, the performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return of stocks, mutual funds, and variable annuity/life products will fluctuate, and an investor's shares/units, when redeemed, will be worth more or less than the original investment. Stocks, mutual funds, and variable annuity/life products are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution. Portfolio statistics change over time. Used as supplemental sales literature, the Portfolio Snapshot report must be preceded or accompanied by the fund/policy's current prospectus or equivalent. In all cases, this disclosure statement should accompany the Portfolio Snapshot report. Morningstar is not itself a FINRA-member firm. The underlying holdings of the portfolio are not federally or FDIC-insured and are not deposits or obligations of, or guaranteed by, any financial institution. Investing in securities involves investment risks including possible loss of principal and fluctuation in value. The information contained in this report is from the most recent information available to Morningstar as of the release date, and may or may not be an accurate reflection of the current composition of the securities included in the portfolio. There is no assurance that the weightings, composition and ratios will remain the same. Items to Note Regarding Certain Underlying Securities A closed-end fund is an investment company, which typically makes one public offering of a fixed number of shares. Thereafter, shares are traded on a secondary market such as the New York Stock Exchange. As a result, the secondary market price may be higher or lower than the closed-end fund's net asset value (NAV). If these shares trade at a price above their NAV, they are said to be trading at a . Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount. An exchange-traded fund (ETF) is an investment company that typically has an investment objective of striving to achieve a similar return as a particular market index. The ETF will invest in either all or a representative sample of the securities included in the index it is seeking to imitate. Like closed-end funds, ETFs can be traded on a secondary market and thus have a market price that may be higher or lower than its net asset value. If these shares trade at a price

above their NAV, they are said to be trading at a . Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount. Holding company depository receipts (HOLDRs) are similar to ETFs, but they focus on narrow industry groups. HOLDRs initially own 20 stocks, which are unmanaged, and can become more concentrated due to mergers or the disparate performance of their holdings. HOLDRs can only be bought in 100-share increments. Investors may exchange shares of a HOLDR for its underlying stocks at any time. A money-market fund is an investment company that invests in commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit and other highly liquid securities, and pays money-market rates of interest. Money markets are not FDIC-insured, may lose money, and are not guaranteed by a bank or other financial institution. Although the money market seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible to lose money by investment in the fund. A Unit investment trust (UIT) is an investment company organized under a trust agreement between a sponsor and trustee. UITs typically purchase a fixed portfolio of securities and then sell units in the trust to investors. The major difference between a UIT and a mutual fund is that a mutual fund is actively managed, while a UIT is not. On a periodic basis, UITs usually distribute to the unit holder their pro rata share of the trust's net investment income and net realized capital gains, if any. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. UITs generally make one public offering of a fixed number of units. However, in some cases, the sponsor will maintain a secondary market that allows existing unit holders to sell their units and for new investors to buy units. Variable annuities are tax-deferred investments structured to convert a sum of money into a series of payments over time. Variable annuity policies have limitations and are not viewed as short-term liquid investments. An insurance company's fulfillment of a commitment to pay a minimum death benefit, a schedule of payments, a fixed investment guaranteed by the insurance company, or another form of guarantee depends on the claims-paying ability of the issuing insurance company. Any such guarantee does not affect or apply to the investment return or principal value of the separate and its sub. The financial ratings quoted for an insurance company do not apply to the separate and its sub. If the variable annuity sub is invested in a money-market fund, it seeks to preserve a stable per share value (i.e. $1.00 per share), but it is possible to lose money by investment in the fund. Variable life insurance is a cash-value life insurance that has a variable cash value and/or death benefit depending on the investment performance of the sub into which payments are invested. Unlike traditional life insurance, variable life insurance has inherent risks associated with it, including market volatility, and is not viewed as a short-term liquid investment. For more information on a variable life product, including each sub, please read the current prospectus. Please note, the financial ratings noted on the report are quoted for an insurance company and do not apply to the separate and its sub. If the variable life sub is invested in a money-market fund, it seeks to preserve a stable per share value (i.e. $1.00 per share), but it is possible to lose money by investment in the fund. Pre-inception Returns The analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's list of holdings and again on the standardized returns page. When pre-inception data are presented in the report, the header at the top of the report will indicate this and the affected data elements will be displayed in italics.


Page 22 of 31

Portfolio Snapshot Report Disclosure Statement (continued)

While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Scheduled Portfolio Trailing Returns Scheduled Portfolios are customized by the to for loads, taxes, cash flows, and specific investment dates. Scheduled portfolios use the portfolio's investment history to calculate final market values and returns. For scheduled portfolios, both individual holding and portfolio returns are internal-rate-of-return calculations that reflect the timing and dollar size of all purchases and sales. For stocks and mutual funds, sales charges and tax rates are taken into as specified by the (except in the pre-tax returns, which reflect the impact of sales charges but not taxes). Note that in some scheduled portfolio illustrations, dividends and capital gains distributions, if applicable, are reinvested at the end of the month in which they are made at the month-end closing price. This can cause discrepancies between calculated returns and actual investor experience. Scheduled Portfolio Returns-Based Performance Data For scheduled portfolios, the monthly returns used to calculate alphas, betas, R-squareds, standard deviations, Sharpe ratios, and best/worst time-period data are internal rates of return. Important VA Disclosure for Scheduled Portfolios For variable annuity products, policy level charges (other than front-end loads, if input by the advisor) are not factored into returns. When withdrawals and liquidations are made, increases in value over the purchase price are taxed at the capital gains rate that currently is in effect. This is not reflective of the actual tax treatment for these products, which requires the entire withdrawal to be taxed at the income tax rate. If adjusted for sales charges and the effects of taxation, the sub returns would be reduced. Scheduled Portfolio Investment Activity Graph The historic portfolio values that are graphed are those used to track the portfolio when calculating returns. Unscheduled Portfolio Returns Monthly total returns for unscheduled portfolios are calculated by applying the ending period holding weightings supplied by the to an individual holding's monthly returns. When monthly returns are unavailable for a holding (i.e. due to it not being in existence during the historical period being reported), the remaining portfolio holdings are re-weighted to maintain consistent proportions. Inception dates are listed in the Disclosure for Standardized and Tax Adjusted Returns. Trailing returns are calculated by geometrically linking these weighted-average monthly returns. Unscheduled portfolio returns thus assume monthly rebalancing. Returns for individual holdings are simple time-weighted trailing returns. Neither portfolio returns nor holding returns are adjusted for loads or taxes, and if they were, the returns stated would be reduced. The returns stated assume the reinvestment of dividends and capital gains. Mutual fund returns include all ongoing fund expenses. VA/VL returns reflect sub level fund expenses, including M&E expenses, istration fees, and actual ongoing fund level expenses.

Unscheduled Portfolio Investment Activity Graph The historic performance data graphed is extrapolated from the ending portfolio value based on the monthly returns. Benchmark Returns Benchmark returns may or may not be adjusted to reflect ongoing expenses such as sales charges. An investment's portfolio may differ significantly from the securities in the benchmark. Returns for custom benchmarks are calculated by applying -supplied weightings to each benchmark's returns every month. Trailing returns are calculated by geometrically linking these weighted-average monthly returns. Custom benchmark returns thus assume monthly rebalancing. Standardized Returns For mutual funds, standardized return is total return adjusted for sales charges, and reflects all ongoing fund expenses. Following this disclosure statement, standardized returns for each portfolio holding are shown. For money-market mutual funds, standardized return is total return adjusted for sales charges and reflects all ongoing fund expenses. Current 7-day yield more closely reflects the current earnings of the money-market fund than the total return quotation. For VA subs, standardized return is total return based on the inception date within the separate and is adjusted to reflect recurring and non-recurring charges such as surrender fees, contract charges, maximum frontend load, maximum deferred load, maximum M&E risk charge, istration fees, and actual ongoing fund-level expenses. For ETFs, the standardized returns reflect performance, both at market price and NAV price, without adjusting for the effects of taxation or brokerage commissions. These returns are adjusted to reflect all ongoing ETF expenses and assume reinvestment of dividends and capital gains. If adjusted, the effects of taxation would reduce the performance quoted. For HOLDRs, the standardized returns reflect performance at market price, without adjusting for the effects of taxation or brokerage commissions. These returns are adjusted to reflect all ongoing expenses and assume reinvestment of dividends and capital gains. If adjusted, the effects of taxation would reduce the performance quoted. The charges and expenses used in the standardized returns are obtained from the most recent prospectus and/or shareholder report available to Morningstar. For mutual funds and VAs, all dividends and capital gains are assumed to be reinvested. For stocks, stock acquired via divestitures is assumed to be liquidated and reinvested in the original holding. Non-Standardized Returns For mutual funds, total return is not adjusted for sales charges and reflects all ongoing fund expenses for various time periods. These returns assume reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the mutual fund returns would be reduced. Please note these returns can include pre-inception data and if included, this data will be represented in italics. For money-market funds, total return is not adjusted for sales charges and reflects all ongoing fund expenses for various time periods. These returns assume reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the money-market returns would be reduced. For VA and VL subs, non-standardized returns illustrate performance that is adjusted to reflect recurring and non-recurring charges such as surrender fees, contract charges, maximum front-end load, maximum deferred load, maximum


Page 23 of 31


exceeding 100% cash. Investment Style The Morningstar Style Box reveals a fund's investment style as of the date noted on this report.

M&E risk charge, istrative fees and underlying fund-level expenses for various time periods. Non-Standardized performance returns assume reinvestment of dividends and capital gains. If adjusted for the effects of taxation, the sub returns would be significantly reduced. Please note these returns can include pre-inception data and if included, this data will be represented in italics. Investment Advisory Fees The investment(s) returns do not necessarily reflect the deduction of all investment advisory fees. Client investment returns will be reduced if additional advisory fees are incurred such as deferred loads, redemption fees, wrap fees, or other charges. Asset Allocation The weighting of the portfolio in various asset classes, including "Other," is shown in this graph and table. "Other" includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks. "Not classified" represents the portion of the portfolio that Morningstar could not classify at all, due to missing data. In the graph and table, allocation to the classes is shown for long positions, short positions, and net (long positions net of short) positions. These new portfolio statistics help investors look "under the hood" of a portfolio. These statistics summarize what the managers are buying and how they are positioning the portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the funds’ exposure and risk. Most managed product portfolios hold fairly conventional securities, such as long positions in stocks and bonds. Other portfolios use other investment strategies or securities, such as short positions or derivatives, to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while others have unique return and risk characteristics. Most portfolios take long positions in securities. Long positions involve buying the security outright and then selling it later, with the hope that the security price rises over time. In contrast, short positions are taken to benefit from anticipated price declines. In this type of transaction, the investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price. The strategy of selling securities short is prevalent in specialized portfolios, such as long-short, market-neutral, bear-market, and hedge funds. Most conventional portfolios do not typically short securities, although they may reserve the right to do so under special circumstances. Funds may also short derivatives, and this is sometimes more efficient than shorting individual securities. Short positions produce negative exposure to the security that is being shorted. This means that when the security rises in value, the short position will fall in value and vice versa. Morningstar’s portfolio statistics will capture this negative exposure. For example, if a fund has many short stock positions, the percent of assets in stocks in the asset allocation breakdown may be negative. Funds must provide their broker with cash collateral for the short position, so funds that short often have a large cash position, sometimes even

For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by a Nationally Recognized Statistical Rating Organization (NRSRO). If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years. Stock Sectors This section provides a comparison of exposure to various industry sectors between the long stock positions in the portfolio and a benchmark.


Page 24 of 31


a given year. The calculation is net income divided by end-of-year total assets, multiplied by 100. The Return on Equity (ROE) is the percentage a company earns on its shareholders' equity in a given year. The calculation is net income divided by end-of-year net worth, multiplied by 100.

Stock Regions This section provides the allocation of the portfolio’s long stock positions to the world regions, in comparison with a benchmark. Risk and Return Standard deviation is a statistical measure of the volatility of a portfolio's returns around its mean. Mean represents the annualized geometric return for the period shown. Sharpe ratio uses a portfolio's standard deviation and total return to determine reward per unit of risk. Alpha measures the difference between a portfolio's actual returns and its expected performance, given its beta and the actual returns of the benchmark index. Alpha is often seen as a measurement of the value added or subtracted by a portfolio's manager. Beta is a measure of the degree of change in value one can expect in a portfolio given a change in value in a benchmark index. A portfolio with a beta greater than one is generally more volatile than its benchmark index, and a portfolio with a beta of less than one is generally less volatile than its benchmark index. R-squared reflects the percentage of a portfolio's movements that is explained by movements in its benchmark index, showing the degree of correlation between the portfolio and a benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant. Portfolio Yield The dividend yield produced for the most recent 12 months is presented. Fundamental Analysis The below referenced data elements are a weighted average of the long equity holdings in the portfolio. The median market capitalization of a sub's equity portfolio gives you a measure of the size of the companies in which the sub invests. The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratios of the stocks in a sub’s portfolio. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency. The Price/Book ratio is a weighted average of the price/book ratios of all the stocks in the underlying fund's portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value. Stocks with negative book values are excluded from this calculation.

Market Maturity shows the percentage of a holding's long common stocks that are domiciled in developed and emerging markets. The below referenced data elements listed below are a weighted average of the long fixed income holdings in the portfolio. Average maturity is used for holdings in the taxable fixed-income category. This is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security. Credit quality breakdowns are shown for corporate-bond holdings and depict the quality of bonds in the underlying portfolio. The report shows the percentage of fixed-income securities that fall within each credit quality rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category. Debt as a percentage of capital is calculated by dividing long-term debt by total capitalization (the sum of common equity plus preferred equity plus long-term debt). This figure is not provided for financial companies. Duration is a time measure of a bond’s interest-rate sensitivity. Net Margin is a measure of profitability. It is equal to annual net income divided by revenues from the same period for the past five fiscal years, multiplied by 100. Type Weightings divide the stocks in a given holding's portfolio into eight type designations each of which defines a broad category of investment characteristics. Not all stocks in a given holding's portfolio are assigned a type. These stocks are grouped under NA. The below referenced data elements listed below are a weighted average of the total holdings in the portfolio. The average expense ratio is the percentage of assets deducted each year for operating expenses, management fees, and all other asset-based costs incurred by the fund, excluding brokerage fees. Please note for mutual funds, variable annuities/life, ETFs and closed-end funds we use the gross prospectus ratio as provided in the prospectus. Separate s and stocks are excluded from the average expense ratio. Potential capital gains exposure is the percentage of a holding’s total assets that represent capital appreciation.

Investment Risks Market Price Risk: The market price of ETF’s and HOLDRs traded on the secondary market is subject to the forces of supply and demand and thus The Price/Earnings ratio is calculated by dividing the market value of the equity independent of the NAV. This can result in the market price trading at assets by the trailing 12 month earnings. The 12 month earnings value comes from a or discount to the NAV which will affect an investor's value. multiplying the number of shares and the adjusted trailing 12 months' earnings per share for each equity asset and summing the results. Market Risk: The market prices of ETF’s and HOLDRs can fluctuate as to the result of several factors such as security-specific factors or general investor The Price/Sales ratio is a weighted average of the price/sales ratios of the sentiment. Therefore, investors should be aware of the prospect of market stocks in the underlying fund's portfolio. The P/S ratio of a stock is calculated fluctuations and the impact it may have on the market price. by dividing the current price of the stock by its trailing 12 months' revenues per share. In computing the average, Morningstar weights each portfolio holding by International Emerging Market Funds/Subs: The investor should note the percentage of equity assets it represents. that funds and subs that invest in international securities take on special additional risks. These risks include, but are not limited to, The return on assets (ROA) is the percentage a company earns on its assets in currency risk, political risk, and risk associated with varying ing ©2011 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed,(4) do not constitute investment advice offered by Morningstar, (5)are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar 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. This report is supple-mental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent,and disclosure statement.

Page 25 of 31


standards. Investing in emerging markets normally accentuates these risks.

Long-Short Funds: Due to the strategies used by long-short funds, which may include but are not limited to leverage, short selling, short-term trading, and investing in derivatives, these funds may have greater risk, volatility, and expenses than those focusing on traditional investment strategies. High double- and triple-digit returns were the result of extremely favorable market conditions, which may not continue to be the case. High returns for short time periods must not be a major factor when making investment decisions.

Sector Funds/Subs: The investor should note that funds and subs that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks. Non-Diversified Funds/Subs: The investor should note that funds or subs that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments. Small-Cap Funds/Subs: The investor should note that funds and subs that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of price volatility than the overall market average. Mid-Cap Funds/Subs: The investor should note that funds and subs that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies. High-Yield Bond Funds/Subs: The investor should note that funds and subs that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility and increased risk of default. Bond Funds: Investors should note that bond funds are subject to interest rate risk. As the prevailing level of bond interest rates rise, the value of bonds already held in a portfolio decline. Funds and subs that hold bonds are subject to declines and increases in value due to general changes in interest rates. Tax-Free Municipal Bond Funds: The investor should note that the income from tax-free municipal bond funds may be subject to state and local taxation and the Alternative Minimum Tax. HOLDRs: The investor should note that HOLDRs are narrow industry focused products. If the industry is hit by hard times they will lack diversification and possible loss of investment would be likely. HOLDRs can trade at a discount to market price, ownership is of a fractional share interest, and the underlying investments of a HOLDR may not be representative of the particular industry. If the number of underlying companies in the HOLDR drops below nine, it might be delisted from the AMEX, which may cause the investor to experience trading halts. Bank loan/senior debt funds: Funds that contain bank loans and senior loans are impacted by risks associated with fixed income in general, including interest rate risk and default risk. Because they often invest in non-investment grade issues, the risk of default is high. These securities are also relatively illiquid. Funds that invest in bank loans/senior debt are often highly leveraged, producing a high level of volatility. Short Positions: The investor should note that when a short position moves in an unfavorable way, the losses are theoretically unlimited. The broker will demand more collateral and the manager might have to close out that short position at an inopportune time to limit any further losses. ©2011 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed,(4) do not constitute investment advice offered by Morningstar, (5)are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar 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. This report is supple-mental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent,and disclosure statement.

Page 26 of 31

Stock Detail Report Disclosure Statement

Please read this information carefully. In all cases, this disclosure statement should accompany the Stock Detail report. Morningstar is not itself a FINRA-member firm. All data presented is based on the most recent information available to Morningstar. Morningstar gathers data from many sources including third party providers such as Comstock and Reuters. Unless otherwise stated, all data and statistics presented in the report are as of the release date noted within the Detail Report and constitute "as originally reported" information. Last Close $ Stock price shown represents the market price of the stock as of the close of trading on the release date noted at the top of the investment detail page. Market Capitalization $ mil Value of a company as determined by the market price of its outstanding common stock. It is calculated by multiplying the market price as of the close of trading as of the last day of the most recent month-end by the number of shares outstanding as of the most recently completed fiscal quarter. It may be used as an indicator of how investors value a company's future prospects. Morningstar Rating The Morningstar Rating for stocks is calculated by comparing Morningstar's assessment of a stock's fair value with the stock's current market price. The rating is assigned a five star rating if fair value is 30% or more above the current market price, four star rating if it is 10% to 30% above the current market price, three star rating if fair value is 10% above or below the current market price, two star rating if fair value is 10% to 30% below the current market price, and a one star rating for a fair value of 30% or more below the current market price. Fair Value Uncertainty Fair Value Uncertainty is meant to give investors an idea of how tightly we feel we can bound our fair value estimate for any given company. To generate Morningstar Fair Value Uncertainty, analysts consider the following factors: - Sales predictability - Operating leverage - Financial leverage - A firm`s exposure to contingent events Based on these factors, analysts classify the stock into one of several uncertainty levels: Low, Medium, High, Very High, or Extreme. The greater the level of uncertainty, the greater the discount to fair value required before a stock can earn 5 stars, and the greater the to fair value before a stock earns a 1 star rating. Fair Value Each stock's fair value is estimated by utilizing a proprietary discounted cash flow model (DCF). This model assumes that the stock's value is equal to the total of the free cash flows of the company is expected to generate in the future, discounted back to the present at the rate commensurate with the riskiness of the cash flows. As with any DCF model, the ending value is highly sensitive to Morningstar's projections of future growth. Economic Moat Economic Moat measures the strength and sustainability of a firm's compet-

itive advantage. Many factors are considered when asg this rating, including the firm's historical performance, the source of the company's excess economic profits, market share, ability to produce products at lower costs than competitors, governmental protection via patents/copyrights, high customer switching costs, and other various considerations as determined by our Editorial staff. The rating value assigned will be either none, narrow, or wide. Style The Morningstar Style consists of nine categories that provide an overview of the investment strategy. The style is comprised of a combination of market capitalization of the security and the investment style (value, blend, or growth). Stock Grades The grading system is a letter-based system from A through F, with A being the highest. The Growth Grade shows how well the company's growth compares with the Morningstar universe. Growth is measured by revenue per share. The Profitability Grade shows how well a company's profitability, as measured by return on equity, compares with the Morningstar universe. The Financial Health Grade compares a company's enterprise value with the book value of its liabilities, rewarding those firms that have a low probability of enterprise value falling below the value of liabilities. Stock Performance Total Return represents shareholders' gains from a stock over a given period of time (YTD, one month, three month, one-, three-, and five year). Total return includes both capital gains and losses and dividend payments. It is calculated by taking the change in the stock's price as of the close of trading of the respective period, assuming the reinvestment of all dividends, then dividing by the initial stock price, and expressing the result as a percentage. Returns for periods longer than one year are annualized. Returns do not include brokerage commission or the effects of taxation. Financials Earnings per share $ (EPS), diluted EPS, is calculated by dividing net income net of preferred dividends by a weighted average of total shares outstanding plus additional common shares that would have been outstanding if the dilutive common share would have been issued for the trailing 12 months (TTM). Dividend per share $ is the dollar amount of dividends paid out by the company in a particular period to its common shareholders, as reported by the company. Profitability Return on Assets (ROA) is the percentage a company earns on its assets in a given year. (Year 1, 2, etc.). The calculation is net income divided by end-of-year total assets, then multiplied by 100. Return on Equity (ROE) is the percentage a company earns on its total equity in a given year (Year 1, 2, etc.). The calculation is net income divided by end-of-year net worth, multiplied by 100. Net Margin is a measure of profitability. It is equal to annual net income divided by revenues from the same period for the past five fiscal years, multiplied by 100. Asset Turnover represents how many dollars in revenue a company has generated per each dollar of assets. It is calculated by dividing total revenues for the period by total assets for the same period. Financial leverage is calculated by dividing total assets by total shareholders' equity.


Page 27 of 31

Valuation Price/Earnings (PE) is the current price divided by the company's trailing 12-month earnings per share.

Price/Free Cash Flow is the free cash flow divided by its "enterprise value", or market capitalization plus net debt. This number tells you what cash return you would get if you bought the entire company, including its debt. Dividend Yield % is a percentage calculated by dividing total dividends by the current market price and multiplying by 100.

Price/Book (PB) is the most recent stock price divided by the most recent book value per share. Price/Book is the stock price divided by the book value per share. Price/Sales (PS) is the current price divided by the company's sales per share over the trailing 12 months. Price/Cash Flow (PC) is the most recent price divided by the cash flow per share of the latest fiscal year. Growth Rates All the figures in the Growth section represent the compounded or annualized growth rate. These figures are collected for revenue, net income, EPS, equity per share, and dividends. Profitability Analysis The below referenced items are reported as both a current value and a 5-year average figure.

Price/Sales is the stock's price divided by the company's sales per share. PEG Ratio is Forward P/E ratio divided by the company's EPS Growth % Five-Year Mean Estimate. The Forward P/E ratio used in the numerator of this ratio is calculated by taking the current share price and dividing by the mean EPS estimate for the current fiscal year. The denominator is the average estimate of long-term EPS growth, derived from all polled analysts' estimates from Reuters Estimates. Market Standard & Poor's 500: A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market.

Return on Equity % is the percentage a company earns on its total equity in a given year. The calculation is net income divided by end-of-year net worth. Return on Assets % is the percentage a company earns on its assets in a given year. The calculation is net income divided by end-of-year total assets. Revenue/Employee $K looks at a company's sales in relation to the number of employees they have. This ratio is most useful when compared against other companies in the same industry. Ideally, a company wants the highest revenue per employee possible, as it denotes higher productivity. Operating Margin % is used to measure pricing strategy and operating efficiency. It is calculated by dividing operating income by net sales. Also known as operating profit margin or net profit margin. Net Margin % is equal to annual net income divided by revenues. Free Cash Flow/Rev % is free cash flow divided by sales for the same time period. Free cash flow is calculated by subtracting capital spending from cash flow from operations for the same time period. It is the money left over after investment, and it can be used to pay dividends, buy back stock, or pay down debt. Valuation Analysis The below referenced items are reported as both a current value and a 5-year average figure. Price/Earnings is the stock's price divided by the company's earnings per share. Forward P/E ratio is the most-recent stock price divided by the mean EPS estimate for the current fiscal year. This number gives some indication of how cheap or expensive a stock is compared with consensus earnings estimates. The lower the forward P/E, the cheaper the stock. Reuters Estimates data is used in the denominator of this calculation. Price/Cash Flow is the stock's price divided by the cash-flow per share of the latest fiscal year.


Page 28 of 31

Graph Disclosure Statement

The Graph Disclosure Statement is to be used with the Investment Growth, Total Annual Return, Rolling Period Return, and/or Correlation Matrix graphs (each a "Graph Page"). The statement may accompany one, some, or all of the above mentioned graphs. The Graph Page is supplemental sales literature and therefore must be preceded or accompanied by the noted fund/sub's current prospectus, or equivalent, and a disclosure statement. In all cases, this disclosure statement should accompany the graph reports.

When pre-inception data are presented in the report, the header at the top of the report will indicate this. While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures between a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself. Items to Note Regarding Certain Underlying Securities The underlying holdings of the portfolio are not federally or FDIC-insured and are not deposits or obligations of, or guaranteed by, any financial institution. Investment in securities involve investment risks including possible loss of principal and fluctuation in value.

A closed-end fund is an investment company, which typically makes one public offering of a fixed number of shares. Thereafter, shares are traded on a secondary market such as the New York Stock Exchange. As a result, the secondary market price may be higher or lower than the closed-end fund's net asset value (NAV). Total Annual Return, Rolling Period Return, and Investment Growth Graphs If these shares trade at a price above their NAV, they are said to be trading at The above graphs allow open-end mutual funds, money-market mutual funds, a . Conversely, if they are trading at a price below their NAV, they are closed-end funds, exchange-traded funds, variable annuity/life subs, said to be trading at a discount. stocks, separate s, indices, and Morningstar categories to be graphed over customized time periods. For exchange-traded funds and closed-end funds, An exchange-traded fund (ETF) is an investment company that typically has an market returns are used. investment objective of striving to achieve a similar return as a particular market index. The ETF will invest in either all or a representative sample of the The values or returns noted for a security are derived from its total return, securities included in the index it is seeking to imitate. Like closed-end funds, which does not include any applicable sales charges, brokerage ETFs can be traded on a secondary market and thus have a market price that may be commission or the effects of taxation during the selected time period higher or lower than its net asset value. If these shares trade at a price above and assumes dividends and distributions are reinvested. If such their NAV, they are said to be trading at a . Conversely, if they are trading adjustments were included, the total returns would be lower than those at a price below their NAV, they are said to be trading at a discount. indicated on the Graph Page. A holding company depository receipt (HOLDR) is similar to an ETF, but it focus The index is an unmanaged portfolio of specified securities, and does not reflect on narrow industry groups and initially owns 20 stocks which are unmanaged. A any initial or ongoing expenses. A fund and/or sub's portfolio may differ HOLDR can become more concentrated due to mergers, or the disparate significantly from the securities in the index. The index is chosen by Morningstar. performance of its holdings. HOLDRs can only be bought in 100-share increments. Morningstar categories represent an average of all the funds or subs in Investors may exchange shares of a HOLDR for its underlying stocks at any time. the corresponding group. The Morningstar category identifies funds or subs based on their actual investment styles as measured by their underlying portfolio A money-market fund is an investment company that invests in commercial paper, holdings (portfolio statistics and market capitalizations over the past three banker's acceptances, repurchase agreements, government securities, certificates years). of deposit and other highly liquid securities, and pays money market rates of interest. Although the money market seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible to lose money by investment in the fund. Correlation Matrix Graph The Correlation Matrix is based on the correlation coefficient, a number between A separate is a professionally managed portfolio of individual securities -1.0 and 1.0. If there is perfect positive linear relationship between two funds that can be customized for individual investor preferences and managed to control or subs, the correlation will be 1.0. If there is a perfect negative linear taxable events. Assets are held in a segregated instead of placing in them relationship between two funds or subs the correlation coefficient is -1.0. in a pool with those of other investors, as is the case with a mutual fund. A correlation coefficient of zero means that there is no linear relationship Reporting is different because managers disclose each holding and all transactions between the funds or subs. separately, rather than as an integrated portfolio. In appearance, separate s look like just a collection of individual stocks. Security Types The following security types are represented in the various graphs: closed-end fund (CE), exchange-traded fund (ETF), HOLDRs (HLD), index (IDX), money market mutual A variable annuity sub is a tax-deferred investment structured to convert a sum of money into a series of payments over time. Variable annuity policies have fund (MM), open-end mutual fund (MF), separate (SA), stock (ST), and limitations and are not viewed as short-term liquid investments. An insurance variable annuity/life (VA/L). company's fulfillment of a commitment to pay a minimum death benefit, a schedule of payments, a fixed investment guaranteed by the insurance company, or Pre-inception Returns for Mutual Funds another form of guarantee depends on the claims-paying ability of the issuing The analysis in these graphs may be based, in part, on adjusted historical returns insurance company. Any such guarantee does not affect or apply to the investment for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect return or principal value of the separate and its sub. The financial the fees and expenses of this share class. Morningstar is not itself a FINRA-member firm. All data is based on the most recent information available to Morningstar.


Page 29 of 31

All separate performance data is reported as a "composite" of similarly managed portfolios. As such, investors in the same separate may have ratings quoted for an insurance company do not apply to the separate slightly different portfolio holdings because each investor has customized and its sub. needs, tax considerations and security preferences. The method for calculating composite returns can vary. Gross returns are collected on a monthly A variable life insurance policy is a cash-value life insurance policy that has a and quarterly basis for separate s and commingled pools. This information variable cash value and/or death benefit depending on the investment performance is collected directly from the asset management firm running the product(s). of the sub into which payments are invested. Unlike traditional Morningstar calculates total returns, using the raw data (gross monthly and life insurance, variable life insurance has inherent risks associated with it, quarterly returns), collected from these asset management firms. including market volatility, and is not viewed as a short-term liquid investment. For more information on a particular variable life product, including each Variable Annuity/Life Subs: Total Return reflects the investment sub, please read the current prospectus or equivalent. Please note, the experience of the sub since the inception date of the underlying fund. financial ratings noted on the report are quoted for an insurance company and do The total returns assume reinvestment of dividends and capital gains and are not apply to the separate and its sub. adjusted to reflect fees and expenses such as M&E risk charges, Performance The performance data given represents past performance and is not indicative of future results. Principal value and investment return will fluctuate, so that an investor's units, when redeemed, may be worth more or less than the original investment. Fund and sub portfolio statistics may change over time.

Open-end Mutual Funds: Total Return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be reduced. Pre-inception returns will be calculated for the fund. These adjusted historical returns are based on the inception date of the oldest share class. These returns will be adjusted to reflect the same fees and expenses as referenced under the Total Return section above. Standardized Total Return is reflected as of month- and quarter-end time periods. It depicts performance without adjusting for the effects of taxation, but is adjusted for sales charges, all ongoing fund expenses, and assumes reinvestment of dividends and capital gains. If adjusted for the effects of taxation, the performance quoted would be reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus available to Morningstar. Standardized returns never include pre-inception history. Money-Market Mutual Funds: Total Return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be reduced. Current 7-day yield more closely reflects the current earnings of the money market fund than the total return quotation. Exchange Traded-Funds/Closed-End Funds/Stocks: Exchange-traded funds and closed-end funds trading on a secondary market may trade at, above, or below their net asset value (NAV). If these shares trade at a price above their NAV, they are said to be trading at a . Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount. Total Return reflects performance without adjusting for sales charges, brokerage commissions or the effects of taxation and is based on Market Price. The total return is adjusted to reflect all actual ongoing ETF fund expenses and assumes reinvestment of dividends and capital gains. If adjusted, the effects of taxation and brokerage commissions would reduce the performance quoted. An exchange-traded or closed-end fund is not FDIC-insured, may lose value, and is not guaranteed by a bank or other financial institution.

istration fees, sales charges (including surrender charges), contract fees, and fund-level expenses such as management fees and operating fees. They are not adjusted to reflect the effects of taxation if redeemed early. Adjusting for the effects of taxation would reduce the performance quoted. Pre-inception returns will be calculated for the sub. These adjusted historical returns are based on the inception date of the oldest share class of the underlying fund. These returns will be adjusted to reflect the same fees and expenses as referenced under the Total Return section above. Both monthly and quarterly standardized returns for variable annuity/life subs assume reinvestment of dividends and capital gains. They are adjusted to reflect expenses, including M&E risk charges, istration fees, fund-level expenses such as management fees and operating fees, and policy-level charges such as surrender, contract and sales charges. Standardized Returns are calculated in accordance with the rules outlined in SEC Rule 482, Forms N-3 and N-4, and reflect the investment experience from the inception date of the sub within the separate . Please refer to the hypothetical illustration in the prospectus, which among other things, shows the effect that fees and charges have on performance. We urge investors to obtain a personalized illustration that reflects the costs of insurance protection. Investment Risk High-Yield Bond Funds/subs: The investor should note that funds/ subs that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility and increased risk of default. HOLDRs: The investor should note that HOLDRs are narrow industry focused products. If the industry is hit by hard times they will lack diversification and possible loss of investment would be likely. HOLDRs can trade at a discount to market price, ownership is of a fractional share interest, and the underlying investments of a HOLDR may not be representative of the particular industry. If the number of underlying companies in the HOLDR drops below nine, it might be delisted from the AMEX, which may cause the investor to experience trading halts. International/Emerging Market Funds/Subs: The investor should note that funds/subs that invest in international securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying ing standards. Investing in emerging markets may accentuate these risks. Market Price Risk: The market price of ETFs and HOLDRs traded on the secondary market is subject to the forces of supply and demand and thus independent of the NAV. This can result in the market price trading at a or discount to the NAV which will affect an investor's value.


Page 30 of 31

Market Risk: The market prices of ETFs and HOLDRs can fluctuate as to the result of several factors such as security-specific factors or general investor sentiment. Therefore, investors should be aware of the prospect of market fluctuations and the impact it may have on the market price. Mid-Cap Funds/subs: The investor should note that funds/subs that invest in companies with smaller market capitalizations involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies. Non-Diversified Funds/Subs: The investor should note that funds/subs that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments. Sector Funds/Subs: The investor should note that funds/subs that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks. Small-Cap Fund/Subs: The investor should note that funds/subs that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.


Page 31 of 31

Custom Benchmark Disclosure Benchmark: Custom

Custom Benchmark: TobackFamily Morningstar Gbl Ex US GR USD BarCap US Agg Bond TR USD S&P 500 TR

Ticker FOUSA08NNM XIUSA000MC SPYZ

Security type IDX IDX IDX

USTREAS T-Bill Auction Ave 3 Mon Three-month T-bills are government-backed short-term investments considered to be risk-free and as good as cash because the maturity is only three months. Morningstar collects yields on the T-bill on a weekly basis from the Wall Street Journal. BarCap US Agg Bond TR USD This index is composed of the BarCap Government/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. The returns we publish for the index are total returns, which include reinvestment of dividends. MSCI EAFE NR USD This Europe, Australasia, and Far East index is a market-capitalization-weighted index of 21 non-U.S., industrialized country indexes. Please note that although most asset allocation data produced by Morningstar for indexes are based on quantitative analysis of constituents, including the country of origin for each equity among the constituents, any asset allocation displayed for this index was qualitatively determined. S&P 500 TR A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. TR (Total Return) indexes include daily reinvestment of dividends.


Allocation % 10.00 60.00 30.00

Bifx 5y4368

Overview 26281t

More details 6y5l6z

Related Documents 3h463d

Bifx 5y4368

More Documents from "Mick Weinstein" j5m30

Bifx 5y4368

Difference Between Ethanol And Alcohol 1i3te

4p345f

Itc-100_ Manual_ V1.0_6.30 w36e

Tsr 11327 - Return To The Keep On The Borderlands.pdf b45r

Do Or Dine Menu 5m4d1q