BIFX

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
$10,903.01
Benchmark
Custom
Analysis 03-31-2011
Asset Allocation Portfolio Bmark Morningstar Equity Style Box % Morningstar Fixed Income Style Box %
Net % Net %
Total Stock Holdings Total Bond Holdings
Large
High
Cash 0.00 2.71 24 15 17 14 0 0 0 __
US Stocks 83.00 29.98 Not Classified % Not Classified %
Mid
Med
Non-US Stocks 17.00 9.93 0 7 0 6 0 0 0 100
Bonds 0.00 57.22
Small
Low
Other/Not Classified 0.00 0.16 11 8 12 0 0 0
Value Core Growth Ltd Mod Ext
Total 100.00 100.00
0-10 10-25 25-50 >50 0-10 10-25 25-50 >50
Stock Analysis 03-31-2011

Performance 03-31-2011
Stock Sectors Stock Regions
Investment Activity Graph Portfolio Initial Mkt Val: $2,571 Final Mkt Val: $10,903
Greater Asia Americas Greater Europe
Se
Benchmark Benchmark $1,000

ns
itiv
Portfolio 14.0
e
11.2
8.4
ive
5.6
ens
Def
2.8
Cyclical
0.0
N/C 0-10 10-20 20-50 50-90 >90%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
% of Stocks Portfolio % Bmark % % of Stocks Portfolio % Bmark %

Trailing Returns 3Mo 1Yr 3Yr 5Yr 10Yr
Cyclical 45.00 32.64 Americas 83.00 79.07
Pre-Tax Portfolio Return -0.03 -13.18 1.61 4.50 15.54
Basic Materials 0.00 5.30 North America 83.00 77.23
Benchmark Return 2.44 9.69 4.51 5.31 5.56
Consumer Cyc 18.00 9.09 Latin America 0.00 1.84
+/- Benchmark Return -2.47 -22.87 -2.90 -0.80 9.98
Financial Services 27.00 16.31 Greater Europe 11.01 12.05
Real Estate 0.00 1.95 United Kingdom 11.01 3.44 Time Period Return Best % Worst %
Sensitive 33.00 44.63 Europe-Developed 0.00 7.36 3 Months 63.01 (03-09/05-09) -34.07 (09-08/11-08)
Comm Services 0.00 5.11 Europe-Emerging 0.00 0.64 1 Year 99.42 (03-09/02-10) -45.28 (03-08/02-09)
Energy 0.00 12.60 Africa/Middle East 0.00 0.61 3 Years 43.54 (04-03/03-06) -11.08 (03-06/02-09)
Industrial 0.00 12.83 Greater Asia 6.00 8.86
Technology 33.00 14.08 Japan 0.00 3.25 Portfolio Yield Yield %
Defensive 22.00 22.73 Australasia 0.00 1.52 Trailing 12 Month 0.68

Consumer Def 7.01 9.97 Asia-Developed 0.00 1.98
Healthcare 15.00 9.38 Asia-Emerging 6.00 2.11 Performance Disclosure
Utilities 0.00 3.38 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
Not Classified 0.00 0.00 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
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 Holding Value $ % Assets
Cisco Systems CSCO ST 1,200.00 11.01
Barclays PL BCS ST 1,200.00 11.01
Google GOOG ST 1,090.01 10.00
LHC Group LHCG ST 872.00 8.00
Apollo Group APOL ST 764.00 7.01
Johnson & Johnson JNJ ST 763.00 7.00
Johnson Controls JCI ST 763.00 7.00
Itron ITRI ST 763.00 7.00
Knight Capital Group KCG ST 654.00 6.00
Xinyuan Real Estate XIN ST 654.00 6.00
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statement.

$10,903.01
Benchmark
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
13.40 30.0
6.10
20.0
-1.20
-8.50 10.0
-15.80
-23.10 Bmark
-30.40
-10.0
-37.70
-45.00 -20.0
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 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
3 Year Standard Deviation
Risk and Return Statistics 3 Year 5 Year 10 Year MPT Statistics 3Yr Portfolio 5Yr Portfolio 10Yr Portfolio
Portfolio Bmark Portfolio Bmark Portfolio Bmark
Standard Deviation 33.01 10.11 27.61 8.14 25.19 6.82 Alpha -6.32 -3.82 5.23
Mean 1.61 4.51 4.50 5.31 15.54 5.56 Beta 2.83 2.86 2.91
Sharpe Ratio 0.19 0.44 0.22 0.42 0.62 0.52 R-squared 76 72 62
Fundamental Analysis 03-31-2011

Asset Allocation Portfolio Portfolio Portfolio Market Maturity Geometric Avg Capitalization ($Mil)
Net % Long % Short % % of Stocks Portfolio Bmark Portfolio 11,936.77
Cash 0.00 0.00 0.00 Developed Markets 94.00 94.94 Benchmark 42,106.65
US Stocks 83.00 83.00 0.00 Emerging Markets 6.00 5.05
Non-US Stocks 17.00 17.00 0.00 Not Available 0.00 0.00 Credit Quality Breakdown % of Bonds
Bonds 0.00 0.00 0.00 AAA __
Other/Not Classified 0.00 0.00 0.00 Valuation Multiples Portfolio Bmark AA __
-100 -50 0 50 100 Price/Earnings 10.91 15.54 A __
Total 100.00 100.00 0.00
Price/Book 1.21 2.06 BBB __
Type Weightings
Price/Sales 1.08 1.28 BB __
% of US Stocks Portfolio Bmark Price/Cash Flow 5.17 8.79 B __
High Yield 0.00 0.22 Below B __
Distressed 0.00 0.66 Profitability NR/NA 100.00
Hard Asset 0.00 13.29 % of US Stocks Portfolio Bmark
Cyclical 46.99 43.93 2010 2010 Interest Rate Risk Portfolio
Slow Growth 8.43 14.80 Net Margin __ 12.89 Maturity __
Classic Growth 0.00 6.74 ROE 15.94 20.91 Duration (total portfolio) __
Aggressive Growth 44.58 16.07 ROA 5.98 8.47 Avg Credit Quality __
Speculative Growth 0.00 1.98 Debt/Capital 21.11 35.67
Not Available 0.00 2.30
% 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 __
statement.

$10,903.01
Benchmark
Custom
Disclosure for Standardized™ and Tax Adjusted Returns
The performance data quoted represents past performance and does not annuities, additional expenses will be taken in account, including M&E risk
guarantee future results. The investment return and principal value of an charges, fund-level expenses such as management fees and operating fees, and
investment will fluctuate; thus, an investor's shares, when redeemed, may be contract-level administration fees, charges such as surrender, contract and
worth more or less than their original cost. Current performance may be lower or sales charges.
higher than return data quoted herein. For performance data current to the most
recent month-end please visit http://advisor.morningstar.com/familyinfo.asp 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
An investment in a money-market vehicle is not insured or guaranteed by the FDIC after-tax returns depend on the investor's tax situation and may differ from
or any other government agency. The current yield quotation reflects the current those shown. The after-tax returns shown are not relevant to investors who
earnings of the money market more closely than the total return quotation. hold their fund shares through tax-deferred arrangements such as 401(k) plans
Although money markets seek to preserve the value of your investment at $1.00 per or an IRA. After-tax returns exclude the effects of either the alternative
share, it is possible to lose money by investing in them. 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
Standardized Returns assume reinvestment of dividends and capital gains. They of each distribution are as specified by the fund on the dividend declaration
depict performance without adjusting for the effects of taxation, but are date. Due to foreign tax credits or realized capital losses, after-tax returns
adjusted to reflect sales charges and ongoing fund expenses. If adjusted for may be greater than before-tax returns. After-tax returns for exchange-traded
taxation, the performance quoted would be significantly reduced. For variable funds are based on net asset value.
Annualized returns 03-31-2011

Standardized Returns (%) 7-day 1Yr 5Yr 10Yr Since Inception Max Front Max Back Net Exp Gross Exp
Yield Inception Date Load % Load % Ratio % Ratio %
Standard & Poor's 500 TR -- 15.65 2.62 3.29 -- --

BarCap's Agg Bond Index -- 5.12 6.03 5.56 -- --
MSCI EAFE Index Ndtr_D -- 10.42 1.30 5.39 -- --
3 Month T-Bill -- 0.15 2.08 2.14 -- --
statement.

$10,903.01
Benchmark
Custom
Non-Load Adjusted Returns

Total 14 holdings as of 03-31-2011 Type Holdings % of Holding 7-day 1Yr 3Yr 5Yr 10Yr Since Inception Max Front Max Back
Date Assets Value $ Yield Ret % Ret % Ret % Ret % Inception Date Load % Load %
Cisco Systems-CSCO ST __ 11.01 1,200 __ -33.88 -10.60 -4.50 0.85 __ __ NA NA
Barclays PL-BCS ST __ 11.01 1,200 __ -15.02 -18.64 -12.04 0.12 __ __ NA NA
Google-GOOG ST __ 10.00 1,090 __ 3.46 10.03 8.51 __ __ __ NA NA
LHC Group-LHCG ST __ 8.00 872 __ -10.53 21.32 13.40 __ __ __ NA NA
Apollo Group-APOL ST __ 7.01 764 __ -31.95 -1.16 -4.50 6.67 __ __ NA NA
Johnson & Johnson-JNJ ST __ 7.00 763 __ -5.81 0.17 2.92 5.30 __ __ NA NA

Johnson Controls-JCI ST __ 7.00 763 __ 27.77 8.51 11.73 15.88 __ __ NA NA
Itron-ITRI ST __ 7.00 763 __ -22.23 -14.48 -1.17 16.87 __ __ NA NA
Knight Capital Group-KCG ST __ 6.00 654 __ -12.25 -6.21 -0.77 -0.87 __ __ NA NA
Xinyuan Real Estate-XIN ST __ 6.00 654 __ -41.10 -34.57 __ __ __ __ NA NA
Bank of America-BAC ST __ 6.00 654 __ -25.10 -26.55 -15.45 -0.03 __ __ NA NA

SunPower-SPWRA ST __ 5.00 545 __ -8.68 -38.73 -14.79 __ __ __ NA NA
SORL Auto Parts-SORL ST __ 5.00 545 __ -34.42 6.13 2.33 __ __ __ NA NA
American Express-AXP ST __ 4.00 436 __ 10.86 2.70 -1.57 3.35 __ __ NA NA
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.

statement.
American Express AXP Last Close $

$46.25
Sales $Mil
$27,819
Mkt Cap $Mil
$55,611
Industry
Specialty Finance
American Express, best known for its flagship green charge Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
card, is segmented into three main businesses: U.S. card High $54.00 Wide Large Core Financial Services
As of 04-15-2011 As of 01-27-2011
services, international card and global commercial services,
and global network and merchant services. Its former 49.91 39.33 42.99 49.96 53.06 62.50 65.89 52.63 42.25 49.19 46.95 Annual Price High
financial advisor segment, American Express Financial 21.19 23.26 27.06 41.44 43.35 49.73 50.37 16.55 9.71 36.60 42.19 Low
Recent Splits
Advisors, was spun off to shareholders in 2005 and is now
Price Volatility
known as Ameriprise. Monthly High/Low
Rel Strength to S&P 500
39.0
52 week High/Low $
19.0 49.19 - 37.13
10 Year High/Low $
65.89 - 9.71
5.0 Bear-Market Rank
World Financial Center 200 Vesey Street __ (10=worst)
New York, NY 10285 2.0
Trading Volume Million
Phone: 1 212 640-2000Website: http://www.americanexpress.com 19.0
7.0
Growth Rates Compound Annual 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 YTD Stock Performance
Grade: C 1 Yr 3 Yr 5 Yr 10 Yr -34.5 0.2 37.5 17.5 5.1 18.9 -13.3 -63.0 122.3 7.7 8.6 Total Return %
Revenue 13.4 0.1 3.6 2.2 -21.4 23.5 11.1 8.5 2.1 5.3 -16.8 -24.5 98.9 -5.1 3.7 +/- Market
Operating Income __ __ __ __
-156.0 -30.8 -22.9 -5.2 43.2 8.1 -33.8 -43.8 103.8 -7.5 -156.2 +/- Industry
Earnings/Share 117.5 -0.4 5.5 4.9 0.9 0.9 0.8 0.8 0.9 0.9 1.2 3.9 1.8 1.7 __ Dividend Yield %
Dividends 0.0 4.6 8.5 8.5
41697 40683 54324 61957 63897 73094 60834 21516 48300 51375 55611 Market Cap $Mil
Book Value/Share 12.2 12.9 9.8 4.4
Stock Total Return 0.6 3.9 -0.6 3.4
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
+/- Industry -166.9 -33.8 -23.6 -14.9
636 1909 2158 2251 135 -158 3590 3646 3124 4869 4869 Net Interest Inc $Mil
+/- Market -8.3 4.3 -1.1 2.3
20445 20816 22803 25997 23212 26058 24141 24719 21399 22950 22950 Fee Income
__ __ __ __ __ __ __ __ __ __ __ Oper Income $Mil
Profitability Analysis
Grade: C Current 5 Yr Avg Ind Mkt 1311 2671 2987 3445 3734 3707 4012 2699 2130 4057 4057 Net Income $Mil
Return on Equity % 26.5 27.8 2.5 __ 0.98 2.01 2.31 2.74 2.56 3.01 3.39 2.48 1.54 3.35 3.35 Earnings Per Share $
Return on Assets % 3.0 2.5 0.3 __ 0.32 0.32 0.38 0.44 0.48 0.57 0.63 0.72 0.72 0.72 0.72 Dividends $
Revenue/Employee $K 456.0 435.5 __ __ 1336 1330 1298 1285 1258 1238 1196 1157 1171 1195 1195 Shares Mil
Compensation Exp/Rev 0.2 0.2 __ __ 9.02 10.55 11.91 12.76 8.50 8.72 9.43 10.21 12.09 13.56 13.50 Book Value Per Share $
Operating Margin % __ __ __ __ 151100 157253 175001 192638 113960 127853 149830 126074 124088 147042 147042 Assets $Mil
Net Margin % 14.6 12.3 __ __ 12037 13861 15323 16020 10549 10511 11029 11841 14406 16230 16230 Total Equity $Mil
Free Cash Flow/Rev % 8.0 __ 4.0 __ 958 847 1525 2748 9205 3745 3494 1887 -435 2233 2233 Free Cash Flow
Financial Position 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Profitability
Grade: C 12-09 $Mil 12-10 $Mil 0.9 1.7 1.8 1.9 2.4 3.1 2.9 2.0 1.7 3.0 3.0 Return on Assets %
Loans (Gross) 33305 57204 11.1 20.6 20.5 22.0 28.1 35.2 37.3 23.6 16.2 26.5 26.5 Return on Equity %
Less: Allowances 3295 3646 6.2 11.8 12.0 12.2 16.0 14.3 14.5 9.5 8.7 14.6 14.6 Net Margin %
Net Loans 30010 53558 0.14 0.15 0.15 0.15 0.15 0.21 0.20 0.21 0.20 0.21 0.21 Asset Turnover
Securities 24337 14010 12.6 11.3 11.4 12.0 10.8 12.2 13.6 10.7 8.6 9.1 9.1 Financial Leverage
Trading Assets __ __
Intangibles __ __
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 12-10 Financial Health
Other 69741 79474 26440 27822 32300 38381 40801 50248 53436 40659 30010 53558 53558 Net Loans $Mil
Total Assets 124088 147042 8288 16819 20654 33061 30781 42747 55285 60041 52338 66416 66416 Long-Term Debt $Mil
Deposits 26289 29727 14557 18317 21250 21091 24579 24656 15397 15486 26289 29727 29727 Deposits $Mil
Short-Term Debt 8319 9032
Long-Term Debt 52338 66416 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Valuation
Other 22736 25637 36.4 17.6 20.9 20.6 20.1 20.2 15.3 7.5 26.3 12.8 13.8 Price/Earnings
Total Liabilities 109682 130812 __ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
Preferred Stock __ __
2.3 2.1 2.5 2.6 2.8 2.9 2.2 0.8 1.9 1.8 2.0 Price/Sales
Total Equity 14406 16230 4.0 3.4 4.1 4.4 6.1 7.0 5.5 1.8 3.4 3.2 3.4 Price/Book
Valuation Analysis Quarterly Results Close Competitors

Current 5 Yr Avg Ind Mkt Revenue $Mil Mar Jun Sep Dec Mkt Cap $Mil Rev $Mil P/E ROE%
Price/Earnings 13.8 16.4 40.3 __ Most Recent 6606.0 6858.0 7033.0 7322.0
Forward P/E 11.2 __ __ __ Previous 5926.0 6092.0 6016.0 6489.0 Visa, Inc. 63695 8343 18.2 12.6
Price/Free Cash Flow 24.8 __ 142.9 __ MasterCard Incorporated 34945 5539 19.1 42.4
Rev Growth % Mar Jun Sep Dec
Dividend Yield % 1.6 __ 4.4 __
__ Most Recent 11.5 12.6 16.9 12.8
Price/Book 3.4 4.2 2.2 Major Fund Holders
__ Previous -17.5 -18.6 -16.0 -0.3
Price/Sales 2.0 1.9 5.7 % of shares
PEG Ratio 1.0 __ __ __ Earnings Per Share $ Mar Jun Sep Dec Davis NY Venture A 2.66
Most Recent 0.73 0.84 0.90 0.88 American Funds Washington Mutual A 1.48
Previous 0.32 0.09 0.54 0.59 American Funds American Balanced A 1.25
statement.
Apollo Group APOL Last Close $

$40.10
Sales $Mil
$4,972
Mkt Cap $Mil
$5,678
Industry
Education & Training Services
Apollo Group is one of the world's largest for-profit education Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
companies, with 405,000 degreed students enrolled in its High $55.00 Narrow Mid Core Consumer Defensive
As of 04-15-2011 As of 03-30-2011
core school, the University of Phoenix. The company offers
classes online and through physical learning centers in nearly 33.31 46.15 73.09 98.01 84.20 63.26 80.75 81.68 90.00 66.69 46.42 Annual Price High
40 states as well as various international locations. Programs 19.33 28.13 40.72 62.55 57.40 33.33 39.02 37.92 52.79 33.75 34.43 Low
3:2 3:2 Recent Splits
range from associate to doctorate degrees in areas such as
Price Volatility
business, education, health care, technology, and social and Monthly High/Low
79.0
behavioral sciences. Rel Strength to S&P 500
39.0 52 week High/Low $
66.69 - 33.75
19.0
10 Year High/Low $
98.01 - 19.33
6.0
Bear-Market Rank
4025 S. Riverpoint Parkway __ (10=worst)
Phoenix, AZ 85040 2.0
Phone: 1 480 966-5394Website: http://www.apollogrp.edu 4.0
2.0
Grade: B 1 Yr 3 Yr 5 Yr 10 Yr 37.3 46.6 54.1 19.0 -25.1 -35.5 80.0 9.2 -20.9 -34.8 1.5 Total Return %
Revenue 23.9 21.8 17.0 23.2 50.3 70.0 27.7 10.0 -28.1 -49.2 76.5 47.7 -44.4 -47.6 -3.4 +/- Market
Operating Income -2.8 17.3 7.2 24.4 26.6 33.4 -8.5 13.3 -6.6 -20.3 39.5 24.7 -18.0 -8.7 -4.3 +/- Industry
Earnings/Share -0.8 16.5 9.3 24.6 __ __ __ __ __ __ __ __ __ __ __ Dividend Yield %
Dividends __ __ __ __
5170 7676 11959 14950 10665 6749 11766 12224 9383 5653 5678 Market Cap $Mil
Book Value/Share 22.9 36.0 18.6 19.5
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return -37.4 -3.3 -5.4 6.7
769 1009 1340 1798 2251 2478 2724 3141 3974 4926 4972 Revenue $Mil
+/- Industry -3.6 0.7 -0.5 3.0
46.7 50.6 54.2 57.4 58.4 55.1 54.6 56.4 59.7 56.9 56.6 Gross Margin %
+/- Market -46.3 -2.9 -5.8 5.6
161 254 387 438 713 650 626 749 1039 1011 829 Oper Income $Mil
Profitability Analysis 20.9 25.2 28.9 24.4 31.7 26.2 23.0 23.9 26.2 20.5 16.7 Operating Margin %
Return on Equity % 29.5 59.7 9.5 __
0.57 0.84 1.27 0.77 2.39 2.35 2.35 2.87 3.75 3.72 2.67 Earnings Per Share $
Return on Assets % 12.8 26.1 5.0 __ __ __ __ __ __ __ __ __ __ __ __ Dividends $
Fixed Asset Turns 8.1 8.1 5.3 __
189 191 194 179 186 176 174 166 160 153 147 Shares Mil
Inventory Turns __ __ 90.7 __
3.01 4.49 6.53 4.15 3.28 4.23 5.16 6.50 9.36 10.01 9.29 Book Value Per Share $
Revenue/Employee $K 88.6 78.0 * __ __
165 261 343 513 566 551 589 726 960 1045 1094 Oper Cash Flow $Mil
Gross Margin % 56.6 56.5 __ __
-44 -37 -56 -113 -104 -111 -105 -105 -127 -168 -182 Cap Spending $Mil
Operating Margin % 16.7 24.0 __ __
120 224 287 400 462 440 484 621 833 877 913 Free Cash Flow $Mil
Net Margin % 7.9 14.6 __ __
Free Cash Flow/Rev % 18.4 18.8 13.2 __ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Profitability
R&D/Rev % __ __ __ 19.9 19.4 21.0 19.6 32.3 32.1 29.9 28.8 23.4 16.1 12.8 Return on Assets %
29.0 27.3 28.6 28.0 53.5 63.3 66.0 64.9 60.1 44.0 29.5 Return on Equity %
Financial Position 14.0 16.0 18.4 15.5 19.8 16.7 15.0 15.2 15.1 11.2 7.9 Net Margin %
Grade: C 02-10 $Mil 02-11 $Mil
1.42 1.22 1.14 1.27 1.63 1.92 1.99 1.90 1.55 1.44 1.63 Asset Turnover
Cash 661 1033 1.4 1.4 1.3 1.5 1.8 2.1 2.3 2.2 2.8 2.7 2.4 Financial Leverage
Inventories __ __
Receivables 261 218 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 02-11 Financial Health
Current Assets 1643 1948 305 466 615 389 317 207 182 304 125 460 592 Working Capital $Mil
15 16 15 29 78 __ __ __ 128 168 168 Long-Term Debt $Mil
Fixed Assets 574 654
482 699 1027 957 707 604 634 834 1158 1356 1315 Total Equity $Mil
Intangibles 669 257 __ __ __
0.03 0.02 0.01 0.03 0.11 0.11 0.12 0.13 Debt/Equity
Total Assets 3001 3116
Payables 72 79 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Valuation
Short-Term Debt 55 23 49.3 45.5 48.1 47.2 23.8 17.0 27.8 24.3 14.6 10.5 17.8 Price/Earnings
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
Current Liabilities 1316 1356
Long-Term Debt 115 168 7.0 7.7 9.2 7.5 4.7 2.7 4.3 3.8 2.2 1.2 1.2 Price/Sales
Total Liabilities 1661 1801 10.0 9.8 10.4 19.5 18.5 9.2 13.6 11.8 6.5 3.9 4.3 Price/Book
34.5 28.9 33.1 27.8 18.0 14.0 18.8 14.0 9.7 5.6 5.4 Price/Cash Flow
Total Equity 1340 1315
Current 5 Yr Avg Ind Mkt Revenue $Mil May Aug Nov Feb Mkt Cap $Mil Rev $Mil P/E ROE%
Forward P/E 12.0 __ __ __ Previous 1051.3 1075.8 1270.3 1070.3 DeVry, Inc. 3596 2084 11.7 27.2
Price/Cash Flow 5.4 12.4 7.3 __ Strayer Education, Inc. 1605 637 12.5 71.8
Rev Growth % May Aug Nov Feb
Price/Free Cash Flow 6.5 14.9 10.2 __
__ __ Most Recent 27.2 17.1 4.4 -2.0
Dividend Yield % 0.0 0.5 Major Fund Holders
__ Previous 25.9 29.4 30.8 22.2
Price/Book 4.3 9.0 2.7 % of shares
Price/Sales 1.2 2.8 1.3 __ Earnings Per Share $ May Aug Nov Feb PowerShares QQQ 1.22
PEG Ratio 1.6 __ __ __ Most Recent 1.16 0.35 1.61 -0.47 Yacktman 1.13
Previous 1.26 0.60 1.54 0.67 Vanguard Mid Cap Index Ins 1.08
*3Yr Avg data is displayed in place of 5Yr Avg
statement.
Bank of America BAC Last Close $

$12.82
Sales $Mil
$110,220
Mkt Cap $Mil
$129,753
Industry
Banks - Regional - US
Bank of America is the nation's largest consumer and small Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
business bank. The bank has offices in 32 states, Very High $18.00 Narrow Large Value Financial Services
As of 04-15-2011 As of 03-11-2011
Washington, D.C., and more than 30 countries. Along with its
complete product offerings for the retail client, B of A also 32.80 38.55 42.45 47.47 47.44 55.08 54.21 45.08 19.10 19.86 15.31 Annual Price High
has a sizable middle-market and large corporate lending 22.50 26.98 32.13 38.51 41.13 40.93 40.61 10.01 2.53 10.91 13.16 Low
2:1 Recent Splits
business, asset-management unit, and investment banking
Price Volatility
business. Monthly High/Low
39.0 Rel Strength to S&P 500

19.86 - 10.91
9.0 10 Year High/Low $
55.08 - 2.53
4.0
Bear-Market Rank
Bank of America Corporate Center 100 N. Tryon Street __ (10=worst)
1.0
Charlotte, NC 28255
Phone: 1 704 386-5681Website: http://www.bankofamerica.com 199.0
29.0
Grade: D 1 Yr 3 Yr 5 Yr 10 Yr 42.2 14.4 19.7 21.1 2.3 20.3 -18.2 -60.4 7.2 -11.2 -3.8 Total Return %
Revenue -7.9 18.5 14.0 12.8 55.2 37.8 -6.6 12.1 -0.7 6.7 -21.8 -22.0 -16.2 -23.9 -8.8 +/- Market
37.6 8.5 -7.1 6.7 2.0 3.0 2.6 -29.3 2.7 -16.2 -2.3 +/- Industry
Earnings/Share __ __ __ __ __
3.6 3.5 3.6 3.6 4.1 4.0 5.8 15.9 0.3 0.3 Dividend Yield %
Dividends 0.0 -74.5 -53.8 -27.7
99040 104125 119503 190480 185342 239758 183286 70648 130273 134536 129753 Market Cap $Mil
Book Value/Share -6.5 -13.2 -0.7 3.7
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
+/- Industry -15.2 -18.6 -8.8 -2.0
20290 20923 21464 28797 30737 34591 34433 45360 47109 51523 51523 Net Interest Inc $Mil
+/- Market -42.9 -25.5 -16.4 -1.1
14823 14201 17363 22220 26438 37989 31886 27422 72534 58697 58697 Fee Income
__ __ __ __ __ __ __ __ __ __ __ Oper Income $Mil
Grade: D Current 5 Yr Avg Ind Mkt 6787 9244 10806 14127 16447 21111 14800 2556 -2210 -3595 -3595 Net Income $Mil
Return on Equity % -1.8 5.5 1.9 __ 2.09 2.96 3.57 3.69 4.04 4.59 3.30 0.55 -0.29 -0.37 -0.37 Earnings Per Share $
Return on Assets % -0.2 0.5 0.2 __ 1.14 1.22 1.44 1.70 1.90 2.12 2.40 2.24 0.04 0.04 0.04 Dividends $
Net Margin % -3.3 10.0 __ __ 48520 50319 47980 99645 101533 135272 146803 177052 231444 228248 228248 Total Equity $Mil
Free Cash Flow/Rev % 0.9 __ __ __ 5900 7450 13149 -37522 14577 -12606 3451 -26241 -48116 958 958 Free Cash Flow
Grade: D 12-09 $Mil 12-10 $Mil 1.1 1.4 1.6 1.5 1.4 1.5 0.9 0.1 -0.1 -0.2 -0.2 Return on Assets %
Loans (Gross) 944002 975498 14.1 18.7 22.0 19.2 16.4 18.1 10.8 1.8 -1.3 -1.8 -1.8 Return on Equity %
Less: Allowances 37200 41885 19.3 26.3 27.8 27.7 28.8 29.1 22.3 3.5 -1.9 -3.3 -3.3 Net Margin %
Trading Assets 182206 194671
Intangibles 118114 98961 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 12-10 Financial Health
Other 492199 517838 15.1 11.8 11.3 12.7 11.4 11.6 12.5 25.6 __ __ __ Price/Earnings
Preferred Stock 37208 16562 2.9 3.0 3.1 3.5 3.3 3.3 2.8 0.9 1.0 1.2 1.1 Price/Sales

Price/Earnings __ __ 45.9 __ Most Recent 31969 29153 26700 22398
Forward P/E 7.1 __ __ __ Previous 35758 32774 26035 25076 JP Morgan Chase & Co 178820 102694 11.3 9.7
Price/Free Cash Flow 131.6 __ __ __ Wells Fargo Company 157463 85210 13.5 10.5
__ Most Recent -10.6 -11.1 2.6 -10.7
Price/Book 0.6 1.0 1.0 Major Fund Holders
__ Previous 110.3 61.3 32.7 86.1
Price/Sales 1.1 1.8 1.7 % of shares
PEG Ratio 0.8 __ __ __ Earnings Per Share $ Mar Jun Sep Dec Vanguard US Total Market Shares (AU) ETF 1.05
Most Recent 0.28 0.27 -0.77 -0.16 Vanguard 500 Index Investor 0.90
Previous 0.44 0.33 -0.26 -0.68 American Funds Growth Fund of Amer A 0.82
statement.
Barclays PL BCS Last Close $

$19.68
Sales $Mil
$59,886
Mkt Cap $Mil
$59,935
Industry
Banks - Global
Barclays is one of the largest banks in the United Kingdom Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
and has operations around the world. Its businesses include Very High $29.00 None Large Value Financial Services
As of 04-15-2011 As of 11-10-2010
U.K. banking, which serves retail and business customers in
the U.K.; Barclays Capital, a debt-focused investment bank; 35.00 38.00 36.57 45.99 47.00 61.52 62.68 41.58 25.68 24.11 21.69 Annual Price High
international banking, which serves retail and business 21.50 21.37 20.30 32.78 37.16 41.80 38.14 7.13 2.75 15.36 16.60 Low
4:1 Recent Splits
customers in Europe, Africa, and Asia; and Barclaycard, a
Price Volatility
large credit card issuer. Barclays has a 20% stake in Monthly High/Low
BlackRock as a result of the 2009 sale of Barclays Global 39.0 Rel Strength to S&P 500
52 week High/Low $
investors. 19.0
24.11 - 15.36
62.68 - 2.75
4.0
Bear-Market Rank
1 Churchill Place __ (10=worst)
1.0
London, E14 5HP
Phone: 020 7116 1000 Website: http://www.barclays.com 3.0
1.0
Grade: D 1 Yr 3 Yr 5 Yr 10 Yr 7.2 -23.6 52.2 29.9 -3.9 42.9 -26.1 -69.2 80.3 -4.6 20.1 Total Return %
Revenue 7.5 9.9 11.6 12.6 20.3 -0.2 25.8 21.0 -6.9 29.3 -29.7 -30.7 56.8 -17.4 15.2 +/- Market
-10.3 -2.9 -1.8 12.7 -14.8 18.1 -14.0 -27.9 27.7 2.6 13.3 +/- Industry
Earnings/Share 25.6 -24.7 -11.5 -3.4 2.6 4.1 3.4 3.4 4.4 3.5 6.4 26.9 0.4 1.7 __ Dividend Yield %
Dividends 350.6 -48.3 -28.7 -10.8
56075 40604 59755 73700 67891 94325 65951 20511 50211 50311 59935 Market Cap $Mil
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
+/- Industry -2.0 -13.3 -9.9 -3.5
8799 9294 10792 12510 14774 16775 19159 21414 18515 19461 23095 Net Interest Inc $Mil
+/- Market -24.3 -15.8 -11.8 -1.0
8197 7672 9544 13177 19445 26097 29749 24844 28405 31001 36791 Fee Income
__ __ __ __ __ __ __ __ __ __ __ Oper Income $Mil
Grade: D Current 5 Yr Avg Ind Mkt 3554 3340 4485 5975 7028 8387 8806 8181 14593 5539 6573 Net Income $Mil
Return on Equity % 7.3 17.9 -4.4 __ 2.12 2.02 2.77 3.74 3.83 5.12 5.34 4.24 1.41 1.77 2.10 Earnings Per Share $
Return on Assets % 0.3 0.4 -0.2 __ 0.88 1.03 1.28 1.56 1.79 2.04 2.60 2.53 0.06 0.28 0.33 Dividends $
Net Margin % 11.0 19.5 __ __ 21127 24503 29883 33392 29978 38778 46235 53301 76346 79626 79626 Total Equity $Mil
Free Cash Flow/Rev % __ __ __ __ 1656 2287 2069 4694 6901 4076 1983 -17354 -1261 -26 -26 Free Cash Flow
Grade: C 12-09 $Mil 12-10 $Mil 0.7 0.6 0.7 0.7 0.5 0.5 0.4 0.3 0.5 0.3 0.3 Return on Assets %
Loans (Gross) 745029 729190 17.8 15.0 17.1 19.2 22.1 24.5 20.5 14.7 22.3 7.3 7.3 Return on Equity %
Less: Allowances __ __
20.9 19.7 22.1 23.3 20.5 19.6 18.0 17.7 31.1 11.0 11.0 Net Margin %
Trading Assets 244399 264388
Intangibles 14203 13617 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 12-10 Financial Health
Short-Term Debt __ __
Other 1242438 1299341 15.8 11.4 12.0 11.7 11.7 10.6 7.6 3.0 12.0 9.3 10.6 Price/Earnings
Preferred Stock __ __
3.3 2.2 2.7 2.7 2.3 2.2 1.4 0.5 1.0 1.0 1.2 Price/Sales

Price/Earnings 10.6 8.5 9.9 __ Most Recent __ __ __ __
Forward P/E __ __ __ __ Previous __ __ __ __ HSBC Holdings PLC 188898 80014 14.8 9.5
Price/Free Cash Flow __ __ __ __ JP Morgan Chase & Co 178820 102694 11.3 9.7
Most Recent __ __ __ __
Price/Book 0.7 1.1 0.9 __ Major Fund Holders
Previous __ __ __ __
Price/Sales 1.2 1.2 1.5 __ % of shares
PEG Ratio __ __ __ __ Earnings Per Share $ Mar Jun Sep Dec Scout International 0.16
Most Recent __ __ __ __ DFA Intl Value I 0.10
Previous __ __ __ __ T. Rowe Price Intl Gr & Inc 0.08
statement.
Cisco Systems CSCO Last Close $

$17.03
Sales $Mil
$42,361
Mkt Cap $Mil
$94,142
Industry
Communication Equipment
Cisco Systems is the world's leading supplier of data Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
networking equipment and software. Its products include Medium $30.00 Wide Large Core Technology
As of 04-15-2011 As of 02-17-2011
routers, switches, access equipment, and
network-management software that allow data 44.50 21.84 24.60 29.39 20.25 27.96 34.24 27.72 24.83 27.74 22.34 Annual Price High
communication among dispersed computer networks. The 11.04 8.12 12.33 17.53 16.83 17.10 24.82 14.20 13.61 19.00 16.97 Low
Recent Splits
firm has also entered newer markets, such as video
Price Volatility
conferencing, web-based collaboration, and data center Monthly High/Low
39.0
servers. Rel Strength to S&P 500
27.74 - 16.97
10 Year High/Low $
44.50 - 8.12
5.0
Bear-Market Rank
170 West Tasman Drive __ (10=worst)
2.0
San Jose, CA 95134-1706
Phone: 1 408 526-4000Website: http://www.cisco.com 69.0
29.0
Grade: C 1 Yr 3 Yr 5 Yr 10 Yr -52.7 -27.7 85.0 -20.3 -11.4 59.6 -1.0 -39.8 46.9 -15.5 -15.5 Total Return %
Revenue 10.9 4.7 10.1 7.8 -39.6 -4.3 58.6 -29.3 -14.4 46.0 -4.5 -1.3 23.4 -28.3 -20.5 +/- Market
Operating Income 25.2 2.1 4.3 11.0 2.6 9.0 19.7 -28.8 -15.9 42.3 -12.7 7.8 10.1 -15.6 -20.2 +/- Industry
Earnings/Share 26.7 4.4 8.9 14.0 __ __ __ __ __ __ __ __ __ __ __ Dividend Yield %
132835 94649 167268 127217 105160 165967 164232 95438 137717 112130 94142 Market Cap $Mil
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
22293 18915 18878 22045 24801 28484 34922 39540 36117 40040 42361 Revenue $Mil
+/- Industry -32.5 -5.0 -0.6 1.5
49.7 63.5 70.1 68.6 67.2 65.8 64.0 64.5 63.9 64.0 62.4 Gross Margin %
+/- Market -46.1 -9.2 -4.7 -0.2
-2004 2919 4882 6292 7416 6996 8621 9442 7322 9164 8705 Oper Income $Mil
Profitability Analysis -9.0 15.4 25.9 28.5 29.9 24.6 24.7 23.9 20.3 22.9 20.6 Operating Margin %
Grade: C Current 5 Yr Avg Ind Mkt -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 Earnings Per Share $
7196 7447 7223 7057 6612 6272 6265 6163 5857 5848 5730 Shares Mil
Inventory Turns 11.3 10.2 7.9 __
Gross Margin % 62.4 64.4 __ __
-2271 -2641 -717 -613 -692 -772 -1251 -1268 -1005 -1008 -1252 Cap Spending $Mil
Net Margin % 17.9 19.5 __ __
R&D/Rev % 13.5 13.6 __ -3.0 5.2 9.6 12.1 16.5 14.5 15.2 14.4 9.7 10.4 9.6 Return on Assets %
-3.8 6.8 12.6 16.3 23.4 23.7 26.5 24.5 16.8 18.7 17.4 Return on Equity %
Financial Position -4.6 10.0 19.0 20.0 23.2 19.6 21.0 20.4 17.0 19.4 17.9 Net Margin %
0.65 0.52 0.50 0.61 0.71 0.74 0.72 0.71 0.57 0.54 0.53 Asset Turnover
Inventories 1215 1602
__ __ __ __ __ 6332 6408 6393 10295 12188 12152 Long-Term Debt $Mil
27120 28656 28029 25826 23174 23912 31480 34353 38647 44267 45641 Total Equity $Mil
Intangibles 17084 19545 __ __ __ __ __ 0.26 0.20 0.19 0.27 0.28 0.27 Debt/Equity
__ __ 35.1 42.9 25.5 19.9 28.7 21.5 12.3 24.4 14.8 12.9 Price/Earnings
Short-Term Debt 3089
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
20.5 15.6 33.8 17.6 14.8 19.5 15.6 8.5 16.1 11.3 9.3 Price/Cash Flow
Current 5 Yr Avg Ind Mkt Revenue $Mil Apr Jul Oct Jan Mkt Cap $Mil Rev $Mil P/E ROE%
Price/Earnings 12.9 20.4 20.7 __ Most Recent 10368 10836 10750 10407
Forward P/E 9.7 __ __ __ Previous 8162.0 8535.0 9021.0 9815.0 Hewlett-Packard Company 87120 127158 10.3 22.0
Price/Cash Flow 9.3 14.2 11.9 __ __
Rev Growth % Apr Jul Oct Jan
__ __ Most Recent 27.0 27.0 19.2 6.0
__ Previous -16.6 -17.7 -12.7 8.0
Price/Sales 2.3 3.9 1.7 __ Earnings Per Share $ Apr Jul Oct Jan Vanguard US Total Market Shares (AU) ETF 1.09
PEG Ratio 1.0 __ __ __ Most Recent 0.37 0.34 0.34 0.27 Vanguard 500 Index Investor 0.90
Previous 0.23 0.19 0.30 0.32 American Funds Growth Fund of Amer A 0.87
statement.
Google GOOG Last Close $

$530.70
Sales $Mil
$29,321
Mkt Cap $Mil
$170,632
Industry
Internet Content & Information
Google manages an Internet search engine that generates Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
revenue when users click or view advertising related to their High $720.00 Wide Large Growth Technology
As of 04-15-2011 As of 04-12-2011
searches. This activity generates more than 80% of the
company's revenues. The remaining revenue comes from 201.60 446.21 513.00 747.24 697.37 625.99 630.85 642.96 Annual Price High
advertising that Google places on other companies' websites 95.00 172.57 331.55 437.00 247.30 282.75 433.63 551.28 Low
Recent Splits
and relatively smaller initiatives, such as hosted enterprise
Price Volatility
products including e-mail and office productivity applications. Monthly High/Low
52 week High/Low $
199.0
642.96 - 433.63
10 Year High/Low $
49.0 747.24 - 95.00
Bear-Market Rank
1600 Amphitheatre Parkway 19.0 __ (10=worst)
Mountain View, CA 94043
Phone: 1 650 623-4000Website: http://www.google.com 9.0
4.0
Grade: B 1 Yr 3 Yr 5 Yr 10 Yr __ __ __ __ 115.2 11.0 50.2 -55.5 101.5 -4.2 -10.7 Total Return %
Revenue 24.0 20.9 36.7 108.3 __ __ __ __ 112.2 -2.6 46.6 -17.0 78.1 -17.0 -15.6 +/- Market
Operating Income 24.9 26.9 38.8 __ __ __ __ __ 71.8 12.4 8.7 -0.5 14.2 -11.7 -6.5 +/- Industry
Earnings/Share 28.9 25.6 39.3 __ __ __ __ __ __ __ __ __ __ __ __ Dividend Yield %
__ __ __ 52712 122611 140979 216323 96834 197012 188747 170632 Market Cap $Mil
Book Value/Share 28.4 26.1 35.5 __
__ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return -10.9 5.9 5.7
__ 86 440 1466 3189 6139 10605 16594 21796 23651 29321 29321 Revenue $Mil
+/- Industry -11.0 -0.8 -0.2
__ 83.5 70.1 57.3 54.3 58.1 60.2 59.9 60.4 62.6 64.5 64.5 Gross Margin %
+/- Market -19.8 6.3 5.2
11 186 342 640 2017 3550 5084 6632 8312 10381 10381 Oper Income $Mil
187 257 257 273 292 310 396 393 394 323 323 Shares Mil
Inventory Turns __ __ 88.6 __ __ __ __ 10.71 31.87 55.66 72.53 89.72 113.30 145.52 143.82 Book Value Per Share $
__ 155 395 977 2459 3581 5775 7853 9316 11081 11081 Oper Cash Flow $Mil
Gross Margin % 64.5 61.5 __ __ __ -37 -177 -319 -838 -1903 -2403 -2358 -810 -4018 -4018 Cap Spending $Mil
Operating Margin % 35.4 33.0 __ __ __ 118 219 658 1621 1678 3373 5494 8506 7063 7063 Free Cash Flow $Mil
Net Margin % 29.0 26.1 __ __
__ __ 34.7 18.2 19.1 21.6 21.4 19.2 14.8 18.1 17.3 17.3 Return on Assets %
R&D/Rev % 12.8 12.4
__ 76.9 31.4 23.0 23.7 23.3 21.2 16.6 20.3 20.7 20.7 Return on Equity %
Grade: A 12-09 $Mil 12-10 $Mil __ 1.53 2.53 1.52 0.90 0.74 0.76 0.76 0.65 0.60 0.60 Asset Turnover
Cash 10198 13630 __ 2.2 1.6 1.1 1.1 1.1 1.1 1.1 1.1 1.3 1.3 Financial Leverage
Inventories __ __
__ 142 325 2353 8256 11735 15254 17876 26419 31566 31566 Working Capital $Mil
Current Assets 29167 41562
__ 7 __ __ __ __ __ __ __ __ __ Long-Term Debt $Mil
Fixed Assets 4845 7759 __ 174 589 2929 9419 17040 22690 28239 36004 46241 46241 Total Equity $Mil
Intangibles 5678 7300 __ __ __ __ __ __ __ __ __
0.05 0.00 Debt/Equity
__ __ __ __ 131.6 82.6 46.3 52.1 23.1 30.4 22.6 20.2 Price/Earnings
Short-Term Debt 3465
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
__ __ __ __ __ 16.5 19.4 13.3 16.5 5.6 10.3 6.6 5.9 Price/Sales
Long-Term Debt
__ __ __ 18.0 13.0 8.3 9.5 3.4 5.5 4.1 3.7 Price/Book
Total Liabilities 4493 11610
__ __ __ 53.8 48.5 39.5 47.4 15.4 26.3 17.3 15.5 Price/Cash Flow
Forward P/E 13.3 __ __ __ Previous 5509.0 5522.9 5944.9 6673.8 Apple, Inc. 301682 76283 18.3 36.8
Price/Cash Flow 15.5 29.2 19.4 __ Microsoft Corporation 213168 66690 10.8 44.3
__ __ Most Recent 23.0 23.5 22.6 26.5
__ Previous 6.2 2.9 7.3 17.1
Price/Sales 5.9 10.5 6.5 __ Earnings Per Share $ Mar Jun Sep Dec American Funds Growth Fund of Amer A 2.41
PEG Ratio 0.7 __ __ __ Most Recent 6.06 5.71 6.72 7.82 Fidelity Contrafund 2.01
Previous 4.49 4.66 5.13 6.14 Vanguard US Total Market Shares (AU) ETF 0.82
statement.
Itron ITRI Last Close $

$54.66
Sales $Mil
$2,259
Mkt Cap $Mil
$2,214
Industry
Scientific & Technical Instruments
Itron Inc. supplies data-acquisition technology to electric, Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
— __ __ __ Small Growth Technology
gas, and water utilities worldwide. The company designs and
As of
manufactures products and software for automatic
meter-reading and handheld computer-based electronic 34.21 36.50 24.16 24.65 53.90 73.72 112.92 106.25 69.49 81.95 64.39 Annual Price High
meter reading systems, as well as products that help with 3.50 12.53 13.00 15.93 21.50 39.44 51.15 34.25 40.10 52.03 50.76 Low
Recent Splits
the analysis, management, and application of energy data. In
Price Volatility
addition, the company provides project management, Monthly High/Low
installation, and consulting services. The company operates Rel Strength to S&P 500
49.0
52 week High/Low $
as Itron in North America and as Itron International in the rest
81.95 - 50.76
19.0
of the world. 10 Year High/Low $
112.92 - 3.50
4.0
Bear-Market Rank
2111 North Molter Road __ (10=worst)
1.0
Liberty Lake, WA 99019
Trading Volume Thousand
Phone: 1 509 891-3523Website: http://www.itron.com 503.0
203.0
Grade: B 1 Yr 3 Yr 5 Yr 10 Yr 735.9 -36.7 -4.2 30.2 67.5 29.5 85.1 -33.6 6.0 -17.9 -1.4 Total Return %
Revenue 33.9 15.6 32.5 28.5 748.9 -13.4 -30.6 21.2 64.5 15.9 81.6 4.9 -17.4 -30.7 -6.4 +/- Market
Operating Income 309.1 58.3 31.8 32.4 766.4 -8.1 -62.4 29.1 54.6 8.4 59.1 24.1 -44.3 -40.6 -21.3 +/- Industry
Earnings/Share __ __ 14.0 22.4 __ __ __ __ __ __ __ __ __ __ __ Dividend Yield %
482 387 377 506 992 1327 2937 2197 2712 2242 2214 Market Cap $Mil
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
226 285 317 399 553 644 1464 1910 1687 2259 2259 Revenue $Mil
+/- Industry -58.3 -24.6 -6.9 11.1
43.4 46.4 45.3 42.8 42.3 41.5 33.3 33.9 31.9 30.9 30.9 Gross Margin %
+/- Market -36.9 -15.6 -2.8 15.8
26 18 22 4 46 62 46 110 45 184 184 Oper Income $Mil
Grade: C Current 5 Yr Avg Ind Mkt 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 Earnings Per Share $
19 21 22 21 25 26 30 35 39 41 41 Shares Mil
Gross Margin % 30.9 34.3 __ __
-8 -11 -10 -13 -32 -32 -41 -63 -53 -63 -63 Cap Spending $Mil
Net Margin % 4.6 2.0 __ __
R&D/Rev % 6.2 7.1 __ 7.1 3.9 3.8 -1.2 5.7 4.3 -0.8 1.0 -0.1 3.7 3.7 Return on Assets %
20.7 7.3 6.2 -2.9 13.2 9.5 -2.8 3.1 -0.2 7.4 7.4 Return on Equity %
Financial Position 6.0 3.1 3.3 -1.3 6.0 5.2 -1.1 1.5 -0.1 4.6 4.6 Net Margin %
1.19 1.27 1.15 0.93 0.96 0.81 0.72 0.64 0.59 0.81 0.81 Asset Turnover
Inventories 170 208
Current Assets 726 882 67 51 -2 58 116 493 250 293 283 178 178 Working Capital $Mil
58 __ __ 243 163 469 1579 1179 771 382 382 Long-Term Debt $Mil
76 162 177 184 318 391 759 1035 1401 1428 1428 Total Equity $Mil
Intangibles 1694 1501 __ __
0.76 1.32 0.51 1.20 2.08 1.14 0.55 0.27 0.30 Debt/Equity
40.3 46.7 38.3 __ 30.1 40.5 __ 79.4 __ 21.7 21.4 Price/Earnings
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
17.6 8.3 38.9 9.4 11.5 14.3 21.3 11.5 18.5 8.9 8.8 Price/Cash Flow
Price/Earnings 21.4 __ 27.0 __ Most Recent 499.3 569.5 576.0 614.6
Forward P/E 13.1 __ __ __ Previous 388.5 413.8 408.4 476.8 Agilent Technologies, Inc. 16393 5750 21.0 27.0
Price/Cash Flow 8.8 14.9 19.5 __ Roper Industries, Inc. 8089 2386 25.4 12.5
__ __ Most Recent 28.5 37.6 41.0 28.9
__ Previous -18.8 -19.5 -15.8 10.3
Price/Sales 1.0 1.6 2.6 __ Earnings Per Share $ Mar Jun Sep Dec Citibank QDII-Blackrock New Energy 4.22
PEG Ratio 0.6 __ __ __ Most Recent 0.66 0.65 0.71 0.54 Pictet-Water-R EUR 2.51
Previous -0.55 0.40 -0.07 0.13 PowerShares Water Resources 2.40
statement.
Johnson & Johnson JNJ Last Close $

$60.56
Sales $Mil
$61,587
Mkt Cap $Mil
$165,645
Industry
Drug Manufacturers - Major
Johnson & Johnson ranks as the world's largest and most Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
diverse health-care company. The company comprises three Low $75.00 Wide Large Value Healthcare
As of 04-15-2011 As of 01-26-2011
divisions: pharmaceutical, medical devices and diagnostics,
and consumer. While the pharmaceutical division currently 60.97 65.85 59.08 64.25 69.99 69.41 68.75 72.76 65.41 66.20 63.54 Annual Price High
represents 35% of total sales, we expect patent losses to 40.25 41.50 48.05 49.25 59.76 56.65 59.72 52.06 46.25 56.86 57.50 Low
2:1 Recent Splits
reduce this proportion to 30% over the next 10 years, with
Price Volatility
the remaining divisions picking up equal share. 69.0 Monthly High/Low
66.20 - 56.86
19.0
10 Year High/Low $
72.76 - 40.25
One Johnson & Johnson Plaza __ (10=worst)
New Brunswick, NJ 08933 4.0
Phone: 1 732 524-0400Website: http://www.jnj.com 14.0
8.0
Grade: C 1 Yr 3 Yr 5 Yr 10 Yr 13.8 -7.8 -2.1 24.9 -3.2 12.3 3.5 -7.6 10.9 -0.7 -1.2 Total Return %
Revenue -0.5 0.3 4.0 7.8 26.9 15.6 -28.5 15.9 -6.2 -1.3 0.0 30.9 -12.6 -13.5 -6.1 +/- Market
Operating Income 6.0 6.6 4.9 9.8 25.8 3.9 -16.4 29.0 -5.8 -2.1 -0.7 9.6 -0.8 -2.4 -8.3 +/- Industry
Earnings/Share 8.6 9.6 6.7 10.9 1.2 1.5 1.8 1.7 2.1 2.2 2.4 3.0 3.0 3.4 __ Dividend Yield %
Dividends 9.3 9.2 10.6 13.0
180141 159550 153334 188213 178793 191415 188935 166002 177714 169856 165645 Market Cap $Mil
Book Value/Share 12.7 10.6 10.2 11.8
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return -4.3 0.4 3.8 5.3
33004 36298 41862 47348 50514 53324 61095 63747 61897 61587 61587 Revenue $Mil
+/- Industry -13.0 -3.1 1.1 3.9
71.1 71.2 70.9 71.7 72.4 71.8 71.0 71.0 70.2 69.5 69.5 Gross Margin %
+/- Market -13.2 0.8 3.3 4.2
7780 9489 9953 12845 13009 13150 13661 15988 15590 16527 16527 Oper Income $Mil
Return on Assets % 13.5 14.8 3.9 __
0.70 0.80 0.93 1.10 1.28 1.46 1.62 1.80 1.93 2.11 2.11 Dividends $
3080 3054 2999 2996 3009 2963 2913 2836 2789 2789 2789 Shares Mil
Gross Margin % 69.5 70.7 __ __
-1731 -2099 -2262 -2175 -2632 -2738 -3310 -3066 -2365 -2384 -2384 Cap Spending $Mil
Net Margin % 21.7 20.0 __ __
R&D/Rev % 11.1 12.0 __ 16.2 16.7 16.2 16.8 18.7 17.2 14.0 15.6 13.7 13.5 13.5 Return on Assets %
26.3 28.1 29.0 29.0 29.9 28.6 25.6 30.2 26.4 24.9 24.9 Return on Equity %
Grade: A 12-09 $Mil 12-10 $Mil
0.95 0.92 0.94 0.93 0.91 0.83 0.81 0.77 0.69 0.62 0.62 Asset Turnover
2217 2022 2955 2565 2017 2014 7074 8120 8223 9156 9156 Long-Term Debt $Mil
24233 22697 26869 31813 37871 39318 43319 42511 50588 56579 56579 Total Equity $Mil
Intangibles 31185 32010
0.09 0.09 0.11 0.08 0.05 0.05 0.16 0.19 0.16 0.16 0.16 Debt/Equity
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
20.5 20.1 14.6 17.1 15.2 13.8 12.7 11.3 10.9 10.5 10.3 Price/Cash Flow
Price/Earnings 12.7 15.4 17.5 __ Most Recent 15631 15330 14982 15644
Forward P/E 11.8 __ __ __ Previous 15026 15239 15081 16551 Novartis AG 153645 51561 13.1 16.2
Price/Cash Flow 10.3 11.9 10.0 __ Merck & Co, Inc. 106397 45987123.5 1.5
__ __ Most Recent 4.0 0.6 -0.7 -5.5
__ Previous -7.2 -7.4 -5.3 9.0
Price/Sales 2.7 3.1 2.6 __ Earnings Per Share $ Mar Jun Sep Dec Vanguard US Total Market Shares (AU) ETF 1.06
PEG Ratio 1.6 __ __ __ Most Recent 1.62 1.23 1.23 0.70 Vanguard 500 Index Investor 0.90
Previous 1.26 1.15 1.20 0.79 Vanguard Institutional Index Instl 0.77
statement.
Johnson Controls JCI Last Close $

$39.16
Sales $Mil
$35,434
Mkt Cap $Mil
$26,525
Industry
Auto Parts
Johnson Controls operates three businesses. The building Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
efficiency segment is a $12.8 billion group that provides Medium $40.00 Narrow Large Growth Consumer Cyclical
As of 04-15-2011 As of 11-30-2010
controls and services for HVAC systems. The automotive
experience segment is a $16.6 billion business that primarily 13.78 15.53 19.37 21.33 25.07 30.00 44.46 36.52 28.34 40.15 42.53 Annual Price High
sells seats in addition to interior products, such as cockpit 8.66 11.52 11.96 16.52 17.52 22.12 28.09 13.65 8.35 25.56 36.95 Low
2:1 3:1 Recent Splits
systems and other electronics. The power solutions unit is a
Price Volatility
$4.9 billion business that makes batteries for passenger 39.0 Monthly High/Low
vehicles, trucks, and other applications. Rel Strength to S&P 500
42.53 - 25.56
9.0
10 Year High/Low $
4.0
44.46 - 8.35
Bear-Market Rank
5757 North Green Bay Avenue __ (10=worst)
1.0
Milwaukee, WI 53201
Phone: 1 414 524-1200Website: http://www.johnsoncontrols.com 6.0
3.0
Grade: C 1 Yr 3 Yr 5 Yr 10 Yr 57.7 1.0 46.8 10.9 16.6 19.4 27.4 -48.2 52.9 42.3 2.9 Total Return %
Revenue 20.4 -0.3 4.5 7.2 70.8 24.3 20.4 1.9 13.5 5.8 23.9 -9.7 29.4 29.5 -2.0 +/- Market
Operating Income 1440.4 -2.2 9.5 5.7 11.0 1.7 -6.8 4.5 17.5 6.8 13.8 8.6 -27.9 -31.3 -0.3 +/- Industry
Earnings/Share __ 0.5 11.0 10.0 __
1.6 1.7 1.3 1.5 1.4 1.4 1.3 2.9 1.9 1.4 Dividend Yield %
Dividends 0.0 5.7 9.3 10.8
7078 7134 10487 12128 14070 16822 21399 10791 18298 25875 26525 Market Cap $Mil
Book Value/Share 9.4 -0.1 7.3 12.2
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return 18.7 7.7 10.7 15.9
18427 20103 22646 26553 27479 32235 34624 38062 28497 34305 35434 Revenue $Mil
+/- Industry -26.1 -6.4 -0.2 3.3
14.1 14.2 14.2 13.3 12.7 13.7 14.7 14.5 12.5 15.4 15.4 Gross Margin %
+/- Market 9.8 8.1 10.2 14.8
961 1122 1162 1301 1066 1282 1795 1466 109 1679 1793 Oper Income $Mil
Grade: C Current 5 Yr Avg Ind Mkt 470 593 676 816 909 1028 1252 979 -338 1491 1516 Net Income $Mil
Return on Equity % 15.3 10.7 -6.9 __
0.85 1.06 1.20 1.41 1.30 1.75 2.16 1.63 -0.57 2.19 2.22 Earnings Per Share $
Return on Assets % 6.1 3.9 -2.1 __
0.21 0.22 0.24 0.30 0.33 0.37 0.44 0.52 0.52 0.52 0.55 Dividends $
551 560 563 577 583 590 599 601 593 682 684 Shares Mil
Gross Margin % 15.4 14.2 __ __
-622 -496 -664 -862 -664 -711 -828 -807 -647 -777 -860 Cap Spending $Mil
352 493 105 626 194 706 1085 1121 270 737 -48 Free Cash Flow $Mil
Net Margin % 4.3 2.5 __ __
Free Cash Flow/Rev % __ 2.3 3.2 __ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Profitability
R&D/Rev % __ __ __ 4.9 5.6 5.6 5.8 5.8 5.4 5.4 4.0 -1.4 6.0 6.1 Return on Assets %
17.7 19.0 17.8 17.3 16.2 15.3 15.4 10.7 -3.6 15.5 15.3 Return on Equity %
Financial Position 2.6 3.0 3.0 3.1 3.3 3.2 3.6 2.6 -1.2 4.4 4.3 Net Margin %
Grade: B 12-09 $Mil 12-10 $Mil
1.91 1.91 1.86 1.88 1.76 1.69 1.50 1.55 1.16 1.38 1.42 Asset Turnover
Current Assets 9676 10715 -36 140 36 -225 297 1118 952 866 1110 742 926 Working Capital $Mil
1395 1827 1777 1631 1578 4166 3255 3201 3168 2652 2684 Long-Term Debt $Mil
2985 3500 4314 5206 6058 7355 8907 9424 9138 10071 10431 Total Equity $Mil
Intangibles 7241 7274
0.49 0.54 0.42 0.31 0.26 0.57 0.37 0.34 0.35 0.26 0.26 Debt/Equity
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
8.2 8.4 10.7 8.3 20.0 10.9 11.2 7.6 8.2 32.2 33.0 Price/Cash Flow
Forward P/E 12.5 __ __ __ Previous 6315.0 6979.0 7867.0 8408.0 Siemens AG 119301 104087 19.1 14.0
Price/Cash Flow 33.0 14.0 12.6 __ Siemens AG 119301 104087 19.1 14.0
Price/Free Cash Flow __ __ 23.7 __
__ __ Most Recent 31.7 22.4 14.9 13.4
__ Previous -32.9 -29.3 -15.5 14.6
Price/Sales 0.8 0.5 0.8 __ Earnings Per Share $ Mar Jun Sep Dec American Funds Growth Fund of Amer A 3.84
PEG Ratio 0.8 __ __ __ Most Recent 0.40 0.61 0.66 0.55 American Funds Washington Mutual A 2.67
Previous -0.33 0.26 0.50 0.52 American Funds Invmt Co of Amer A 1.48
statement.
Knight Capital Group KCG Last Close $

$12.84
Sales $Mil
$1,123
Mkt Cap $Mil
$1,301
Industry
Capital Markets
Knight Capital Group provides electronic and voice financial Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
security trade execution services to buy-side, sell-side, and Very High $19.00 None Small Value Financial Services
As of 04-15-2011 As of 03-28-2011
corporate clients as a market maker, agent, and electronic
execution provider. The company has also recently ventured 24.50 13.97 15.25 17.27 10.99 20.51 21.78 19.75 23.11 16.99 14.72 Annual Price High
into investment banking and asset management. 7.25 3.46 3.88 8.03 7.28 8.99 11.50 11.03 13.39 11.88 12.49 Low
Recent Splits
Price Volatility
24.0 Monthly High/Low
14.0
52 week High/Low $
15.89 - 11.88
6.0
10 Year High/Low $
3.0 24.50 - 3.46
Bear-Market Rank
545 Washington Boulevard 1.0 __ (10=worst)
Jersey City, NJ 07310
Phone: 1 201 222-9400Website: http://www.knight-sec.com 2.0
1.0
Grade: C 1 Yr 3 Yr 5 Yr 10 Yr -20.9 -56.5 206.1 -25.3 -9.7 93.8 -24.9 12.2 -4.6 -10.5 -6.9 Total Return %
Revenue -3.0 7.5 12.1 -1.1 -7.9 -33.2 179.7 -34.3 -12.7 80.2 -28.4 50.6 -28.1 -23.2 -11.8 +/- Market
-9.4 -30.4 156.7 -23.8 -24.7 66.3 -17.7 66.5 -48.4 -7.4 -6.9 +/- Industry
Earnings/Share -39.4 -7.6 9.4 -7.2 __ __ __ __ __ __ __ __ __ __ __ Dividend Yield %
1368 566 1680 1246 1013 2011 1398 1447 1429 1348 1301 Market Cap $Mil
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return -12.8 -5.1 -1.7 -0.9
685 527 670 626 635 951 905 1049 1158 1123 1123 Revenue $Mil
+/- Industry -4.4 2.3 6.6 0.9 __ __ __ __ __ __ __ __ __ __ __ Gross Margin %
+/- Market -21.7 -4.7 -2.2 -2.0 __ __ __ __ __ __ __ __ __ __ __ Oper Income $Mil
Profitability Analysis __ __ __ __ __ __ __ __ __ __ __ Operating Margin %
Grade: D Current 5 Yr Avg Ind Mkt 39 -43 39 91 66 158 122 178 117 92 92 Net Income $Mil
0.31 -0.36 0.35 -0.08 0.62 1.49 1.23 1.94 1.60 0.97 0.97 Earnings Per Share $
126 121 118 118 107 106 101 92 95 94 94 Shares Mil
Inventory Turns __ __ __ __
69 117 37 86 33 16 119 256 20 -87 -87 Oper Cash Flow $Mil
Gross Margin % __ __ __ __ __ __ __ __ __ __ __ -38 -42 -49 -49 Cap Spending $Mil
Operating Margin % __ __ __ __
-22 35 5 27 97 19 199 36 -69 -55 -55 Free Cash Flow $Mil
Net Margin % 8.2 13.1 __ __
Free Cash Flow/Rev % __ __ __ __ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Profitability
R&D/Rev % 1.7 __ __ 1.3 -1.4 1.1 3.4 4.7 9.2 6.5 9.4 4.7 2.4 2.4 Return on Assets %
4.8 -5.4 5.0 11.1 7.9 17.7 13.2 18.6 10.5 7.1 7.1 Return on Equity %
Financial Position 5.6 -8.2 5.8 14.6 10.5 16.7 13.5 17.0 10.1 8.2 8.2 Net Margin %
0.24 0.16 0.19 0.23 0.45 0.55 0.48 0.56 0.46 0.29 0.29 Asset Turnover
Inventories __ __
__ __ __ __ __ __ __ __ __ __ __ __ __ Working Capital $Mil
Current Assets
__ __ __ __ __ __ 70 140 140 311 311 Long-Term Debt $Mil
Fixed Assets 99 118
834 756 790 855 823 962 885 1027 1214 1360 1360 Total Equity $Mil
Intangibles 343 449 __ __ __ __ __ __ 0.08 0.14 0.12 0.23 0.23 Debt/Equity
__ __ 35.6 __ 41.8 __ 16.0 12.9 11.7 8.3 9.6 14.2 13.3 Price/Earnings
Short-Term Debt
__ __ __ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
Current Liabilities
20.2 4.9 46.5 15.0 34.6 129.9 12.2 5.8 72.5 __ __ Price/Cash Flow
Forward P/E 8.8 __ __ __ Previous 245.4 315.0 301.3 295.8 MarketAxess Holdings, Inc. 937 146 31.1 13.9
Price/Cash Flow __ __ 9.5 __ Investment Technology Grou 705 571 30.9 2.8
Price/Free Cash Flow __ __ __ __
__ __ Most Recent 14.8 14.0 -23.0 -15.4
__ Previous 9.1 43.7 14.7 -13.0
Price/Sales 1.1 1.5 1.3 __ Earnings Per Share $ Mar Jun Sep Dec Royce Premier Invmt 4.97
PEG Ratio 0.6 __ __ __ Most Recent 0.30 0.58 0.00 0.09 Royce Value Plus Svc 3.13
Previous 0.33 0.52 0.32 0.44 Royce Low Priced Stock Svc 3.11
statement.
LHC Group LHCG Last Close $

$29.28
Sales $Mil
$635
Mkt Cap $Mil
$547
Industry
Medical Care
LHC provides health care services primarily to Medicare Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
— __ __ __ Small Core Healthcare
beneficiaries in the southern U.S. The company is divided into
As of
two segments, Home-Based Services and Facility-Based
Services. Home-Based Services provides nursing, physical 21.70 29.67 33.14 36.83 35.94 37.49 31.69 Annual Price High
therapy, speech therapy, medically oriented social services, 14.79 13.70 18.58 13.55 16.56 19.61 25.87 Low
Recent Splits
and hospice care; Facility-Based Services owns and manages
Price Volatility
long-term acute care hospitals and outpatient rehabilitation Monthly High/Low
clinics. The company currently operates four hospitals with Rel Strength to S&P 500
six locations, in addition to over 100 home nursing locations.
37.49 - 19.61
37.49 - 13.55
4.0
Bear-Market Rank
420 West Pinhook Road Suite A __ (10=worst)
2.0
Lafayette, LA 70503
Trading Volume Thousand
Phone: 1 337 233-1307Website: http://www.lhcgroup.com 202.0
62.0
Grade: B 1 Yr 3 Yr 5 Yr 10 Yr __ __ __ __ __ 63.6 -12.4 44.1 -6.6 -10.7 -2.4 Total Return %
Revenue 19.4 28.7 31.3 __ __ __ __ __ __ 49.9 -15.9 82.6 -30.1 -23.5 -7.3 +/- Market
Operating Income 12.4 35.2 36.1 __ __ __ __ __ __ 59.3 -11.1 72.6 -31.4 -15.6 -26.6 +/- Industry
__ __ __ __ 289 508 450 656 605 545 547 Market Cap $Mil
__ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return -19.1 25.8 11.8
__ 28 47 69 123 163 215 298 383 532 635 635 Revenue $Mil
+/- Industry -38.6 16.5 9.2
__ 52.3 53.1 49.7 48.6 45.7 49.0 48.8 51.3 49.2 48.0 48.0 Gross Margin %
+/- Market -28.0 26.2 11.4
4 9 10 20 20 34 39 60 85 96 96 Oper Income $Mil
Return on Equity % 19.7 20.6 15.9 __
12 12 12 12 15 17 18 18 18 18 18 Shares Mil
Inventory Turns __ __ 23.7 __ __ __ __ __ 4.73 6.84 7.96 9.71 12.29 15.06 14.66 Book Value Per Share $
__ __ __ 7 6 22 12 86 49 72 72 Oper Cash Flow $Mil
Gross Margin % 48.0 49.2 __ __ __ __ __ -4 -2 -4 -3 -9 -8 -12 -12 Cap Spending $Mil
Operating Margin % 15.1 15.1 __ __ __ __ __ 2 4 18 9 77 41 60 60 Free Cash Flow $Mil
Net Margin % 7.7 8.5 __ __
R&D/Rev % __ __ __ 7.8 18.0 11.5 24.7 13.3 16.0 12.0 14.5 21.0 14.7 14.7 Return on Assets %
__ 178.2 54.1 80.1 21.3 20.6 14.8 18.9 29.1 19.7 19.7 Return on Equity %
Grade: B 12-09 $Mil 12-10 $Mil
2.81 3.01 2.77 3.26 2.14 1.67 1.82 1.83 1.94 1.91 1.91 Asset Turnover
Cash 0 0 __ 6.0 4.0 2.9 1.3 1.3 1.2 1.4 1.4 1.3 1.3 Financial Leverage
Inventories __ __
__ __ __ 22 49 68 61 32 48 56 56 Working Capital $Mil
__ __ __ 15 3 3 3 4 10 0 0 Long-Term Debt $Mil
Fixed Assets 21 27
-0 4 7 16 78 122 143 177 221 274 274 Total Equity $Mil
Intangibles 186 211 __ __ __ __
1.02 0.05 0.03 0.02 0.03 0.04 0.01 Debt/Equity
__ __ __ __ 25.3 23.6 21.0 20.9 13.8 11.2 10.9 Price/Earnings
Short-Term Debt 0 0
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
__ __ __ __ 1.5 2.2 1.5 1.7 1.1 0.9 0.8 Price/Sales
Long-Term Debt 10 0
__ __ __ __ 3.7 4.2 3.1 3.7 2.7 2.0 2.0 Price/Book
__ __ __ __ 39.4 22.0 36.8 7.5 12.4 7.6 7.4 Price/Cash Flow
Forward P/E 12.2 __ __ __ Previous 124.6 132.6 132.5 142.7 Netcare Limited 201924 22474 __ __
Price/Cash Flow 7.4 17.3 7.9 __ Bangkok Dusit Medical Serv 63236 24051 25.0 __
__ __ Most Recent 17.1 16.3 25.8 17.8
__ Previous 49.3 47.1 35.0 27.9
Price/Sales 0.8 1.5 0.8 __ Earnings Per Share $ Mar Jun Sep Dec Fidelity Low-Priced Stock 10.28
PEG Ratio 0.9 __ __ __ Most Recent 0.64 0.68 0.73 0.63 Royce Value Svc 5.10
Previous 0.62 0.57 0.54 0.69 Parnassus Small-Cap 4.95
statement.
SORL Auto Parts SORL Last Close $

$5.58
Sales $Mil
$199
Mkt Cap $Mil
$108
Industry
Auto Manufacturers
SORL Auto Parts manufactures auto parts for commercial Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
— __ __ __ Small Value Consumer Cyclical
vehicles such as trucks and busses that weigh more than
As of
three tons. Its primary products include spring brake
chambers, clutch servos, air dryers, and manual valves. The 29.99 23.99 8.00 12.00 9.88 7.40 9.16 12.89 8.88 Annual Price High
company produces over 40 categories of brake valves with 1.20 3.00 2.75 4.16 6.01 1.39 1.14 5.07 5.34 Low
22852814:0
22852814:0 Recent Splits
over 800 different specifications. It manufactures parts in
Price Volatility
China and distributes them globally through international Monthly High/Low
sales centers in the United States, The United Arab Emirates, 19.0 Rel Strength to S&P 500
52 week High/Low $
and Australia.
11.55 - 5.07
7.0
10 Year High/Low $
3.0 29.99 - 1.14
Bear-Market Rank
No. 1169 Yumeng Road Ruian Economic Development Zon 1.0
__ (10=worst)
Ruian, Zhejiang 325200
Trading Volume
Phone: 86 57765817720Website: http://www.sorl-autoparts.com 2999.0
49.0
Grade: F 1 Yr 3 Yr 5 Yr 10 Yr __ __ __ -72.9 -23.1 80.6 -18.9 -78.3 441.2 -0.9 -34.6 Total Return %
Revenue 59.5 19.9 25.4 __ __ __ __ -81.9 -26.1 67.0 -22.5 -39.8 417.8 -13.7 -39.5 +/- Market
Operating Income 57.6 27.0 34.7 __ __ __ __ -81.6 -37.6 50.7 -17.5 -26.3 407.5 -12.2 -24.8 +/- Industry
__ __ 0 86 67 121 134 29 158 165 108 Market Cap $Mil
__ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return -45.9 3.9 -7.0 __
__ 0 0 47 64 849 116 131 125 199 199 Revenue $Mil
+/- Industry -43.6 7.5 -1.6 __ __ __
__ 23.3 22.3 92.3 23.3 25.7 28.4 29.2 29.2 Gross Margin %
+/- Market -54.8 4.2 -7.4
0 0 -0 5 6 10 12 15 16 25 25 Oper Income $Mil
Profitability Analysis __ __ __ 11.5 8.6 1.2 10.4 11.5 12.5 12.3 12.3 Operating Margin %
Grade: C Current 5 Yr Avg Ind Mkt 0 0 -0 5 5 8 11 12 13 20 20 Net Income $Mil
Return on Equity % 17.2 16.6 -6.0 __ __ __ __ 0.76 0.37 0.56 0.59 0.68 0.70 1.06 1.06 Earnings Per Share $
Return on Assets % 12.5 12.3 -1.4 __ __ __ __ __ __ __ __ __ __ __ __ Dividends $
Fixed Asset Turns 5.7 19.0 3.6 __ __ __ __ 6 13 14 18 18 18 19 19 Shares Mil
Inventory Turns 5.6 10.0 10.5 __ __ __ -259.55 0.78 1.20 4.30 3.97 4.94 5.63 6.90 6.90 Book Value Per Share $
0 0 0 2 -7 -0 9 10 10 12 12 Oper Cash Flow $Mil
Gross Margin % 29.2 39.8 __ __ __ __ __ __ -3 -10 -19 -3 -7 -17 -17 Cap Spending $Mil
Operating Margin % 12.3 9.6 __ __ __ __ __ __ -10 -11 -11 7 2 -5 -5 Free Cash Flow $Mil
Net Margin % 10.2 8.0 __ __
Free Cash Flow/Rev % __ __ 5.8 __ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Profitability
__ __ __ __ __ 21.4 16.0 14.0 13.0 11.9 10.3 12.5 12.5 Return on Assets %
R&D/Rev % 3.6
__ __ __ 46.5 37.6 21.0 16.6 15.2 13.2 17.2 17.2 Return on Equity %
Financial Position __ __ __ 10.3 7.7 0.9 9.3 9.5 10.2 10.2 10.2 Net Margin %
Grade: C 12-09 $Mil 12-10 $Mil __ __ __ 2.08 2.08 15.41 1.40 1.26 1.01 1.23 1.23 Asset Turnover
Cash 10 7 __ __ __ 2.2 2.5 1.2 1.3 1.3 1.3 1.4 1.4 Financial Leverage
Inventories 19 32
__ __ -0 6 11 47 45 62 76 88 88 Working Capital $Mil
__ __ __ __ __ __ __ __ __ __ __ Long-Term Debt $Mil
Fixed Assets 24 45
0 0 -0 10 16 57 73 90 103 133 133 Total Equity $Mil
Intangibles 14 14 __ __ __ __ __ __ __ __ __ __ __ Debt/Equity
__ __ __ __ 8.6 13.5 16.1 12.4 2.3 12.3 8.1 5.3 Price/Earnings
Short-Term Debt 17
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
__ __ __ __ __ 0.9 0.5 0.1 1.2 0.2 1.3 0.8 0.5 Price/Sales
Long-Term Debt
__ __ __ 8.4 4.2 2.1 1.9 0.3 1.5 1.2 0.8 Price/Book
__ __ 5.9 16.6 __ __ 15.2 3.0 16.2 13.4 8.8 Price/Cash Flow
Forward P/E 4.2 __ __ __ Previous 20.2 29.7 34.0 41.0 Toyota Motor Corporation 10253468 __ __ __
Price/Cash Flow 8.8 __ 4.9 __ Honda Motor Company 5372944 __ __ __
__ __ Most Recent 68.5 67.8 49.5 33.6
__ Previous -34.0 -29.5 3.1 63.5
Price/Sales 0.5 0.7 0.6 __ Earnings Per Share $ Mar Jun Sep Dec Perritt Micro Cap Opportunities 2.21
PEG Ratio 0.2 __ __ __ Most Recent 0.17 0.28 0.26 0.30 Gabelli Small Cap Growth AAA 0.91
Previous 0.05 0.16 0.21 0.28 Fidelity Emerging Asia 0.98
statement.
SunPower SPWRA Last Close $

$15.74
Sales $Mil
$2,219
Mkt Cap $Mil
$1,546
Industry
Solar
SunPower is a vertically integrated solar module Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
manufacturer and systems installer. The company's modules High $15.00 None Small Growth Technology
As of 04-15-2011 As of 03-31-2011
derive from crystalline silicon technology and possess the
industry's highest conversion efficiencies (the percentage of 34.75 45.09 164.49 134.34 46.30 26.35 19.88 Annual Price High
sunlight that is converted into electricity). The acquisitions of 24.30 23.75 35.40 18.50 19.70 9.61 12.90 Low
Recent Splits
PowerLight (2007) and SunRay (2010) were are major
Price Volatility
components of its current systems offerings. New production 149.0 Monthly High/Low
capacity during the next two years will be part of a joint Rel Strength to S&P 500
52 week High/Low $
venture the company entered into with AUO Optronics in 49.0
19.88 - 9.61
2010. 19.0 10 Year High/Low $
164.49 - 9.61
3939 North First Street __ (10=worst)
San Jose, CA 95134 1.0
Phone: 1 408 204-5500Website: http://www.sunpowercorp.com 3.0
1.0
Grade: A 1 Yr 3 Yr 5 Yr 10 Yr __ __ __ __ __ 9.4 250.8 -71.6 -36.0 -45.8 22.7 Total Return %
Revenue 45.6 42.0 95.0 __ __ __ __ __ __ -4.3 247.3 -33.1 -59.5 -58.6 17.7 +/- Market
Operating Income 124.6 290.0 __ __ __ __ __ __ __ -20.6 -56.0 1.1 -38.4 -32.4 0.8 +/- Industry
Earnings/Share 355.6 146.1 __ __ __ __ __ __ __ __ __ __ __ __ __ Dividend Yield %
__ __ __ __ 2033 2573 10928 3174 2296 1256 1546 Market Cap $Mil
__ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Financials
Stock Total Return -15.7 -45.0 -15.2
__ 6 4 5 11 79 237 775 1435 1524 2219 2219 Revenue $Mil
+/- Industry -25.6 -17.6 -20.8
__ -7.2 21.2 0.4 -43.1 5.6 21.3 19.1 25.3 18.6 23.0 23.0 Gross Margin %
+/- Market -24.6 -44.6 -15.6
-3 -3 -13 -24 -13 19 2 168 62 139 139 Oper Income $Mil
Profitability Analysis -47.5 -75.6 -260.3 -220.8 -16.5 8.1 0.3 11.7 4.1 6.3 6.3 Operating Margin %
Grade: B Current 5 Yr Avg Ind Mkt -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 Earnings Per Share $
4 3 4 4 23 71 81 84 93 106 106 Shares Mil
Inventory Turns 6.6 7.1 4.4 __ __ __ __ __ 4.32 7.06 10.31 11.91 14.18 16.93 16.88 Book Value Per Share $
__ __ __ -14 18 -38 2 154 121 167 167 Oper Cash Flow $Mil
Gross Margin % 23.0 21.5 __ __ __ __ __ -27 -72 -108 -193 -266 -168 -119 -119 Cap Spending $Mil
Operating Margin % 6.3 6.1 __ __ __ __ __ -41 -54 -146 -191 -112 -46 47 47 Free Cash Flow $Mil
Net Margin % 8.1 5.8 __ __
Free Cash Flow/Rev % 2.1 __ __ __ 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 TTM Profitability
__ __ -67.5 -72.5 -48.0 -7.8 5.9 0.8 5.0 1.4 5.9 5.9 Return on Assets %
R&D/Rev % 2.2 2.3
__ __ __ __ -12.8 7.1 1.4 9.8 2.8 11.8 11.8 Return on Equity %
Financial Position -51.8 -87.0 -290.4 -265.5 -20.1 11.2 1.2 6.4 2.2 8.1 8.1 Net Margin %
4.60 0.77 0.25 0.18 0.39 0.53 0.69 0.77 0.64 0.73 0.73 Asset Turnover
Cash 616 605 __ __ __ __ 1.2 1.2 1.9 2.0 2.0 2.0 2.0 Financial Leverage
Inventories 202 313
__ __ __ -54 155 228 94 397 747 1005 1005 Working Capital $Mil
0 __ __ 22 __ __ __ 478 636 642 642 Long-Term Debt $Mil
-3 -6 -20 -11 259 489 864 1021 1376 1657 1657 Total Equity $Mil
Intangibles 223 412 __ __ __ __ __ __ __ 0.47 0.46 0.39 0.41 Debt/Equity
__ __ __ __ __ 100.0 __ 33.9 65.8 7.8 9.6 Price/Earnings
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
__ __ __ __ 1.6 10.0 13.7 2.2 1.4 0.6 0.8 Price/Sales
Long-Term Debt 636 642
__ __ __ __ 7.9 5.3 12.6 3.1 1.7 0.8 0.9 Price/Book
__ __ __ __ 6.9 __ __ 20.3 18.1 8.1 10.0 Price/Cash Flow
Price/Earnings 9.6 __ __ __ Most Recent 347.3 384.2 550.7 937.1
Forward P/E 6.4 __ __ __ Previous 213.8 297.6 466.3 546.6 First Solar, Inc. 11823 2564 17.9 21.8
Price/Cash Flow 10.0 __ 11.2 __ Trina Solar Limited 2026 1271 12.3 25.0
Price/Free Cash Flow 35.1 __ __ __
__ __ __ Most Recent 62.4 29.1 18.1 71.5
Dividend Yield % 0.0 Major Fund Holders
__ Previous -21.9 -22.2 23.5 36.3
Price/Sales 0.8 5.6 1.8 __ Earnings Per Share $ Mar Jun Sep Dec Hussman Strategic Growth 1.43
PEG Ratio 0.3 __ __ __ Most Recent 0.13 -0.15 0.19 1.46 SAM Smart Energy EUR C 1.33
Previous -0.06 0.26 0.13 0.01 PowerShares WilderHill Clean Energy 0.83
statement.
Xinyuan Real Estate XIN Last Close $

$2.17
Sales $Mil
$502
Mkt Cap $Mil
$165
Industry
Residential Construction
Xinyuan is a developer of large-scale residential real estate Morningstar Rating Uncertainty Fair Value Economic Moat Style Sector
— __ __ __ __ Consumer Cyclical
that targets middle-income consumers. It has completed 14
As of
projects with a total gross floor area of more than 1 million
square meters during the last 10 years. The firm currently 18.00 14.71 7.65 4.82 2.92 Annual Price High
develops its properties in second-tier Chinese cities, including 12.00 1.54 2.43 2.20 2.20 Low
Recent Splits
Chengdu, Zhengzhou, Jinan, Hefei, Suzhou, and Kunshan.
Price Volatility
Xinyuan also provides property-management services in its Monthly High/Low
buildings.
52 week High/Low $
6.0 4.10 - 2.11
10 Year High/Low $
3.0
18.00 - 1.54

27/F, China Central Place, Tower II 79 Jianguo Road __ (10=worst)
Beijing, Chaoyang D 100025
Phone: 86 1085889200Website: http://www.xyre.com 1.0
0.6
Grade: B 1 Yr 3 Yr 5 Yr 10 Yr __ __ __ __ __ __ __ -82.9 83.2 -41.2 -17.5 Total Return %
Revenue 25.9 46.7 66.0 __ __ __ __ __ __ __ __ -44.4 59.7 -53.9 -22.4 +/- Market
Operating Income __ 26.4 __ __ __ __ __ __ __ __ __ -44.3 52.1 -48.4 -13.3 +/- Industry
Earnings/Share __ 7.4 49.3 __ __ __ __ __ __ __ __ __ __ __ __ Dividend Yield %
__ __ __ __ __ __ 1056 184 339 199 165 Market Cap $Mil
Book Value/Share 11.2 __ __ __
__ __ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM Financials
Stock Total Return -46.3 -37.2 __ __
__ __ 13 17 36 62 142 310 357 449 502 Revenue $Mil
+/- Industry -35.1 -27.6 __ __ __
__ __ 7.3 28.5 31.2 24.0 32.8 -0.1 19.9 23.0 Gross Margin %
+/- Market -55.2 -36.8 __ __ __
-0 3 15 28 74 -46 56 79 Oper Income $Mil
Profitability Analysis __ __ -0.8 15.0 __ 24.9 19.4 23.9 -13.0 12.4 15.7 Operating Margin %
Grade: D Current 5 Yr Avg Ind Mkt __ __ -0 1 4 10 15 -139 -24 42 55 Net Income $Mil
Return on Equity % 12.1 8.8 -45.9 __ __ __ -0.02 0.00 0.07 0.16 0.42 -2.56 -0.32 0.52 0.70 Earnings Per Share $
Return on Assets % 5.6 -1.4 -16.0 __ __ __ __ __ __ __ __ __ __ __ __ Dividends $
Fixed Asset Turns 95.2 6.9 15.3 __ __ __ 24 30 60 60 36 54 75 80 79 Shares Mil
Inventory Turns 0.7 __ 1.0 __ __ __ __ __ __ __ 5.25 5.30 5.89 6.46 6.46 Book Value Per Share $
__ __ __ __ __ 13 -28 -175 -244 125 __ Oper Cash Flow $Mil
Gross Margin % 23.0 21.6 __ __ __ __ __ __ __ __
-0 -2 -1 -1 -0 Cap Spending $Mil
Operating Margin % 15.7 13.5 __ __ __ __ __ __ __ __
12 -29 -176 -245 124 Free Cash Flow $Mil
Net Margin % 10.9 -3.2 __ __
Free Cash Flow/Rev % __ __ 2.7 __ 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TTM Profitability
__ __ __ __ __ -1.7 3.0 __ 8.8 9.7 -27.5 -2.7 4.7 5.6 Return on Assets %
R&D/Rev %
__ __ -69.5 88.0 __ 56.3 47.8 -63.8 -6.0 10.0 12.1 Return on Equity %
Financial Position __ __ -3.7 6.4 11.1 15.4 10.7 -45.0 -6.6 9.5 10.9 Net Margin %
Grade: D 06-09 $Mil 09-10 $Mil __ __ 0.46 0.47 __ 0.57 0.91 0.61 0.41 0.49 0.51 Asset Turnover
Cash 218 188 __ __ 41.2 25.0 __ 6.4 4.4 2.1 2.3 2.0 2.1 Financial Leverage
Inventories 391 654
__ __ __ 6 __ 8 56 616 456 480 688 Working Capital $Mil
__ __ 4 __ __ 7 13 230 201 53 218 Long-Term Debt $Mil
Fixed Assets 5 6 __ __ __
__ __ 1 2 17 47 390 400 447 490 Total Equity $Mil
Intangibles __ __ __ __ __ 0.44 0.27 0.59 0.50 0.12 0.45 Debt/Equity
__ __ __ __ __ __ __ __ 8.6 3.8 3.1 Price/Earnings
__ __ __ __ __ __ __ __ __ __ __ P/E vs. Market
__ __ __ __ __ __ 2.5 0.5 0.8 0.4 0.3 Price/Sales
Long-Term Debt 92 218
__ __ __ __ __ __ 2.7 0.5 0.8 0.4 0.3 Price/Book
__ __ __ __ __ __ __ __ 2.9 __ __ Price/Cash Flow
Current 5 Yr Avg Ind Mkt Revenue $Mil Dec Mar Jun Sep Mkt Cap $Mil Rev $Mil P/E ROE%
Price/Earnings 3.1 __ __ __ Most Recent 189.1 110.7 94.5 107.6
Forward P/E 1.9 __ __ __ Previous 60.8 39.9 91.8 __ Pruksa Real Estate Public 41929 23407 __ __
Price/Cash Flow __ __ 38.2 __ Dynasty Ceramic Public Com 23052 6531 __ __
Rev Growth % Dec Mar Jun Sep
Most Recent 210.9 177.3 2.9 __
Dividend Yield % 0.0 __ 0.6 __ Major Fund Holders
Previous -33.5 -68.1 4.6 __
Price/Book 0.3 __ 1.8 __ % of shares
Price/Sales 0.3 __ 1.1 __ Earnings Per Share $ Dec Mar Jun Sep Federated Kaufmann Small Cap A 2.83
PEG Ratio 0.1 __ __ __ Most Recent 0.32 0.14 0.12 0.10 AST Federated Aggressive Growth 1.30
Previous -0.86 0.02 0.04 __ PowerShares Gldn Dragon Halter USX China 0.18
statement.
Correlation Matrix: Item(s) from 4-01-2008 to 3-31-2011
1 American Express 1 2
2 Apollo Group 2 -0.18 3
3 Bank of America 3 0.52 0.22 4
4 Barclays PL 4 0.74 -0.02 0.76 5
5 Cisco Systems 5 0.59 0.07 0.49 0.61 6
6 Google 6 0.43 0.04 0.15 0.26 0.59 7
7 Itron 7 0.21 0.06 0.28 0.30 0.49 0.40 8
8 Johnson & Johnson 8 0.38 0.26 0.61 0.40 0.55 0.43 0.63 9
9 Johnson Controls 9 0.78 -0.11 0.59 0.79 0.68 0.39 0.38 0.56 10
10 Knight Capital Group 10 0.13 0.20 -0.19 0.05 0.22 0.29 0.32 0.09 0.14 11
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
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
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
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 0.48
Degree of Correlation
High Moderate None Moderate Negative Highly Negative

.70 to 1.0 .11 to .69 .10 to -.10 -.11 to -.69 -.70 to -1.0
The Correlation Matrix demonstrates the relatedness of return patterns A correlation coefficient of 0.0 indicates no linear relationship between
among investments. It is based upon the correlation coefficient, a num- the investments. Correlation infomation can be valuable in assessing
ber between -1.0 and 1.0. A perfect linear relationship between two the diversification effect of combining an investment with other invest-
investments has a correlation of 1.0. A perfect negative linear relation- ing options.
ship between two investments has a correlation of -1.0.
statement.
Page 21 of 31
above their NAV, they are said to be trading at a premium. Conversely, if they
Portfolio Snapshot Report are trading at a price below their NAV, they are said to be trading at a discount.
Disclosure Statement
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
General of deposit and other highly liquid securities, and pays money-market rates of
Investment portfolios illustrated in this report can be scheduled or interest. Money markets are not FDIC-insured, may lose money, and are not
unscheduled. With an “unscheduled” portfolio, the user inputs only the guaranteed by a bank or other financial institution. Although the money market
portfolio holdings and their current allocations. Morningstar calculates seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible
returns using the given allocations assuming monthly rebalancing. Taxes, to lose money by investment in the fund.
loads, and sales charges are not taken into account.
A Unit investment trust (UIT) is an investment company organized under a trust
With "scheduled" portfolios, users input the date and amount for all agreement between a sponsor and trustee. UITs typically purchase a fixed portfolio
investments into and withdrawals from each holding, as well as tax rates, of securities and then sell units in the trust to investors. The major difference
loads, and other factors that would have affected portfolio performance. between a UIT and a mutual fund is that a mutual fund is actively managed, while a
A hypothetical illustration is one type of scheduled portfolio. 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,
Both scheduled and unscheduled portfolios are theoretical, for illustrative if any. If the trust is one that invests only in tax-free securities, then the
purposes only, and are not reflective of an investor's actual experience. income from the trust is also tax-free. UITs generally make one public offering
For both scheduled and unscheduled portfolios, the performance data given of a fixed number of units. However, in some cases, the sponsor will maintain a
represents past performance and should not be considered indicative of future secondary market that allows existing unit holders to sell their units and for new
results. Principal value and investment return of stocks, mutual funds, and investors to buy units.
variable annuity/life products will fluctuate, and an investor's shares/units,
when redeemed, will be worth more or less than the original investment. Variable annuities are tax-deferred investments structured to convert a sum of
Stocks, mutual funds, and variable annuity/life products are not FDIC-insured, money into a series of payments over time. Variable annuity policies have
may lose value, and are not guaranteed by a bank or other financial institution. limitations and are not viewed as short-term liquid investments. An insurance
Portfolio statistics change over time. company's fulfillment of a commitment to pay a minimum death benefit, a schedule
of payments, a fixed investment account guaranteed by the insurance company, or
Used as supplemental sales literature, the Portfolio Snapshot report must be another form of guarantee depends on the claims-paying ability of the issuing
preceded or accompanied by the fund/policy's current prospectus or equivalent. insurance company. Any such guarantee does not affect or apply to the investment
In all cases, this disclosure statement should accompany the Portfolio Snapshot return or principal value of the separate account and its subaccount. The financial
report. Morningstar is not itself a FINRA-member firm. ratings quoted for an insurance company do not apply to the separate account and its
subaccount. If the variable annuity subaccount is invested in a money-market fund,
The underlying holdings of the portfolio are not federally or FDIC-insured and it seeks to preserve a stable per share value (i.e. $1.00 per share), but it
are not deposits or obligations of, or guaranteed by, any financial institution. is possible to lose money by investment in the fund.
Investing in securities involves investment risks including possible loss of
principal and fluctuation in value. 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
The information contained in this report is from the most recent information subaccount into which premium payments are invested. Unlike traditional life
available to Morningstar as of the release date, and may or may not be an insurance, variable life insurance has inherent risks associated with it, including
accurate reflection of the current composition of the securities included in market volatility, and is not viewed as a short-term liquid investment. For more
the portfolio. There is no assurance that the weightings, composition and information on a variable life product, including each subaccount, please read the
ratios will remain the same. current prospectus. Please note, the financial ratings noted on the report are
quoted for an insurance company and do not apply to the separate account and its
Items to Note Regarding Certain Underlying Securities subaccount. If the variable life subaccount is invested in a money-market fund,
A closed-end fund is an investment company, which typically makes one public it seeks to preserve a stable per share value (i.e. $1.00 per share), but it
offering of a fixed number of shares. Thereafter, shares are traded on a is possible to lose money by investment in the fund.
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 Pre-inception Returns
asset value (NAV). If these shares trade at a price above their NAV, they are The analysis in this report may be based, in part, on adjusted historical returns
said to be trading at a premium. Conversely, if they are trading at a price for periods prior to the fund's actual inception. These calculated returns reflect
below their NAV, they are said to be trading at a discount. 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
An exchange-traded fund (ETF) is an investment company that typically has an referenced in the report's list of holdings and again on the standardized returns
investment objective of striving to achieve a similar return as a particular page. When pre-inception data are presented in the report, the header at the top
market index. The ETF will invest in either all or a representative sample of of the report will indicate this and the affected data elements will be displayed
the securities included in the index it is seeking to imitate. Like closed-end in italics.
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
statement.
Page 22 of 31
Portfolio Snapshot Report Unscheduled Portfolio Investment Activity Graph

Disclosure Statement (continued) The historic performance data graphed is extrapolated from the ending port-
folio value based on the monthly returns.
Benchmark Returns
Benchmark returns may or may not be adjusted to reflect ongoing expenses
While the inclusion of pre-inception data provides valuable insight into the such as sales charges. An investment's portfolio may differ significantly
probable long-term behavior of newer share classes of a fund, investors should be from the securities in the benchmark.
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 Returns for custom benchmarks are calculated by applying user-supplied
vary from that of an institutional share class, as retail shares tend to have weightings to each benchmark's returns every month. Trailing returns are
higher operating expenses and sales charges. These adjusted historical returns calculated by geometrically linking these weighted-average monthly returns.
are not actual returns. Calculation methodologies utilized by Morningstar may Custom benchmark returns thus assume monthly rebalancing.
differ from those applied by other entities, including the fund itself.
Standardized Returns
Scheduled Portfolio Trailing Returns For mutual funds, standardized return is total return adjusted for sales charges,
Scheduled Portfolios are customized by the user to account for loads, taxes, and reflects all ongoing fund expenses. Following this disclosure statement,
cash flows, and specific investment dates. Scheduled portfolios use the standardized returns for each portfolio holding are shown.
portfolio's investment history to calculate final market values and returns.
For scheduled portfolios, both individual holding and portfolio returns are For money-market mutual funds, standardized return is total return adjusted for
internal-rate-of-return calculations that reflect the timing and dollar size of sales charges and reflects all ongoing fund expenses. Current 7-day yield more
all purchases and sales. For stocks and mutual funds, sales charges and tax closely reflects the current earnings of the money-market fund than the total
rates are taken into account as specified by the user (except in the pre-tax return quotation.
returns, which reflect the impact of sales charges but not taxes). Note that in
some scheduled portfolio illustrations, dividends and capital gains distributions, For VA subaccounts, standardized return is total return based on the inception
if applicable, are reinvested at the end of the month in which they are made date within the separate account and is adjusted to reflect recurring and
at the month-end closing price. This can cause discrepancies between non-recurring charges such as surrender fees, contract charges, maximum front-
calculated returns and actual investor experience. end load, maximum deferred load, maximum M&E risk charge, administration fees,
and actual ongoing fund-level expenses.
Scheduled Portfolio Returns-Based Performance Data
For scheduled portfolios, the monthly returns used to calculate alphas, betas, For ETFs, the standardized returns reflect performance, both at market price
R-squareds, standard deviations, Sharpe ratios, and best/worst time-period and NAV price, without adjusting for the effects of taxation or brokerage
data are internal rates of return. commissions. These returns are adjusted to reflect all ongoing ETF expenses
and assume reinvestment of dividends and capital gains. If adjusted, the effects
Important VA Disclosure for Scheduled Portfolios of taxation would reduce the performance quoted.
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 For HOLDRs, the standardized returns reflect performance at market price,
liquidations are made, increases in value over the purchase price are taxed without adjusting for the effects of taxation or brokerage commissions. These
at the capital gains rate that currently is in effect. This is not reflective of returns are adjusted to reflect all ongoing expenses and assume reinvestment
the actual tax treatment for these products, which requires the entire with- of dividends and capital gains. If adjusted, the effects of taxation would
drawal to be taxed at the income tax rate. If adjusted for sales charges and the reduce the performance quoted.
effects of taxation, the subaccount returns would be reduced.
The charges and expenses used in the standardized returns are obtained from
Scheduled Portfolio Investment Activity Graph the most recent prospectus and/or shareholder report available to Morningstar.
The historic portfolio values that are graphed are those used to track the For mutual funds and VAs, all dividends and capital gains are assumed to be
portfolio when calculating returns. reinvested. For stocks, stock acquired via divestitures is assumed to be
liquidated and reinvested in the original holding.
Unscheduled Portfolio Returns
Monthly total returns for unscheduled portfolios are calculated by applying the Non-Standardized Returns
ending period holding weightings supplied by the user to an individual holding's For mutual funds, total return is not adjusted for sales charges and reflects
monthly returns. When monthly returns are unavailable for a holding (i.e. due to all ongoing fund expenses for various time periods. These returns assume
it not being in existence during the historical period being reported), the reinvestment of dividends and capital gains. If adjusted for sales charges and
remaining portfolio holdings are re-weighted to maintain consistent proportions. the effects of taxation, the mutual fund returns would be reduced. Please note
Inception dates are listed in the Disclosure for Standardized and Tax Adjusted these returns can include pre-inception data and if included, this data will
Returns. Trailing returns are calculated by geometrically linking these be represented in italics.
weighted-average monthly returns. Unscheduled portfolio returns thus assume
monthly rebalancing. Returns for individual holdings are simple time-weighted For money-market funds, total return is not adjusted for sales charges and
trailing returns. Neither portfolio returns nor holding returns are adjusted reflects all ongoing fund expenses for various time periods. These returns
for loads or taxes, and if they were, the returns stated would be reduced. The assume reinvestment of dividends and capital gains. If adjusted for sales
returns stated assume the reinvestment of dividends and capital gains. Mutual charges and the effects of taxation, the money-market returns would be reduced.
fund returns include all ongoing fund expenses. VA/VL returns reflect subaccount
level fund expenses, including M&E expenses, administration fees, and actual For VA and VL subaccounts, non-standardized returns illustrate performance that
ongoing fund level expenses. is adjusted to reflect recurring and non-recurring charges such as surrender
fees, contract charges, maximum front-end load, maximum deferred load, maximum
statement.
Page 23 of 31
Portfolio Snapshot Report exceeding 100% cash.

Disclosure Statement (continued)
Investment Style
The Morningstar Style Box reveals a fund's investment style as of the date noted
on this report.
M&E risk charge, administrative fees and underlying fund-level expenses for For equity funds the vertical axis shows the market capitalization of the long
various time periods. Non-Standardized performance returns assume reinvestment stocks owned and the horizontal axis shows investment style (value, blend, or
of dividends and capital gains. If adjusted for the effects of taxation, the growth).
subaccount returns would be significantly reduced. Please note these returns
can include pre-inception data and if included, this data will be represented For fixed-income funds, the vertical axis shows the credit quality of the long bonds
in italics. owned and the horizontal axis shows interest rate sensitivity as measured by a
bond's effective duration.
Investment Advisory Fees
The investment(s) returns do not necessarily reflect the deduction of all Morningstar seeks credit rating information from fund companies on a periodic
investment advisory fees. Client investment returns will be reduced if addi- basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs
tional advisory fees are incurred such as deferred loads, redemption fees, fund companies to only use ratings that have been assigned by a Nationally
wrap fees, or other account charges. 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
Asset Allocation have rated the same security differently, fund companies are to report the rating
The weighting of the portfolio in various asset classes, including that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates
"Other," is shown in this graph and table. "Other" includes security the same security an A and NRSRO Z rates it a BBB+, the fund company should
types that are not neatly classified in the other asset classes, such as use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE:
convertible bonds and preferred stocks. "Not classified" represents the Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the
portion of the portfolio that Morningstar could not classify at all, due to fund. An NRSRO rating on a fixed-income security can change from time-to-time.
missing data.
For credit quality, Morningstar combines the credit rating information provided by
In the graph and table, allocation to the classes is shown for long positions, the fund companies with an average default rate calculation to come up with a
short positions, and net (long positions net of short) positions. These new weighted-average credit quality. The weighted-average credit quality is currently a
portfolio statistics help investors look "under the hood" of a portfolio. letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds
These statistics summarize what the managers are buying and how they are are assigned a style box placement of "low", "medium", or "high" based on their
positioning the portfolio. When short positions are captured in these average credit quality. Funds with a low credit quality are those whose
portfolio statistics, investors get a more robust description of the funds’ weighted-average credit quality is determined to be less than "BBB-"; medium are
exposure and risk. 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
Most managed product portfolios hold fairly conventional securities, such as portfolio, Morningstar first maps the NRSRO credit ratings of the underlying
long positions in stocks and bonds. Other portfolios use other investment holdings to their respective default rates (as determined by Morningstar's
strategies or securities, such as short positions or derivatives, to reduce analysis of actual historical default rates). Morningstar then averages these
transaction costs, enhance returns, or reduce risk. Some of these securities default rates to determine the average default rate for the entire bond fund.
and strategies behave like conventional securities, while others have unique Finally, Morningstar maps this average default rate to its corresponding credit
return and risk characteristics. rating along a convex curve.
Most portfolios take long positions in securities. Long positions involve For interest-rate sensitivity, Morningstar obtains from fund companies the
buying the security outright and then selling it later, with the hope that average effective duration. Generally, Morningstar classifies a fixed-income
the security price rises over time. In contrast, short positions are taken to fund's interest-rate sensitivity based on the effective duration of the
benefit from anticipated price declines. In this type of transaction, the Morningstar Core Bond Index (MCBI), which is currently three years. The
investor borrows the security from another investor, sells it and receives classification of Limited will be assigned to those funds whose average
cash, and then is obligated to buy it back at some point in the future. If the effective duration is between 25% to 75% of MCBI's average effective duration;
price falls after the short sale, the investor will have sold high and can now funds whose average effective duration is between 75% to 125% of the MCBI will
buy low to close the short position and lock in a profit. However, if the price be classified as Moderate; and those that are at 125% or greater of the average
of the security increases after the short sale, the investor will experience effective duration of the MCBI will be classified as Extensive.
losses by buying it at a higher price than the sale price.
For municipal bond funds, Morningstar also obtains from fund companies the
The strategy of selling securities short is prevalent in specialized average effective duration. In these cases static breakpoints are utilized.
portfolios, such as long-short, market-neutral, bear-market, and hedge funds. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate:
Most conventional portfolios do not typically short securities, although they more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years.
may reserve the right to do so under special circumstances. Funds may also In addition, for non-US taxable and non-US domiciled fixed income funds static
short derivatives, and this is sometimes more efficient than shorting individual duration breakpoints are used: (i) Limited: less than or equal to 3.5 years;
securities. Short positions produce negative exposure to the security that is (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive:
being shorted. This means that when the security rises in value, the short greater than 6 years.
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 Stock Sectors
positions, the percent of assets in stocks in the asset allocation breakdown may This section provides a comparison of exposure to various industry sectors
be negative. Funds must provide their broker with cash collateral for the short between the long stock positions in the portfolio and a benchmark.
position, so funds that short often have a large cash position, sometimes even
statement.
Page 24 of 31
Portfolio Snapshot Report a given year. The calculation is net income divided by end-of-year total
Disclosure Statement (continued) 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 Market Maturity shows the percentage of a holding's long common stocks that are
to the world regions, in comparison with a benchmark. domiciled in developed and emerging markets.
Risk and Return The below referenced data elements listed below are a weighted average of
Standard deviation is a statistical measure of the volatility of a portfolio's the long fixed income holdings in the portfolio.
returns around its mean.
Average maturity is used for holdings in the taxable fixed-income category.
Mean represents the annualized geometric return for the period shown. 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.
Sharpe ratio uses a portfolio's standard deviation and total return to determine Credit quality breakdowns are shown for corporate-bond holdings and depict
reward per unit of risk. the quality of bonds in the underlying portfolio. The report shows the
percentage of fixed-income securities that fall within each credit quality
Alpha measures the difference between a portfolio's actual returns and its rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included
expected performance, given its beta and the actual returns of the benchmark in the not rated (NR) category.
index. Alpha is often seen as a measurement of the value added or subtracted
by a portfolio's manager. 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
Beta is a measure of the degree of change in value one can expect in a portfolio debt). This figure is not provided for financial companies.
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 Duration is a time measure of a bond’s interest-rate sensitivity.
with a beta of less than one is generally less volatile than its benchmark index.
Net Margin is a measure of profitability. It is equal to annual net income
R-squared reflects the percentage of a portfolio's movements that is explained divided by revenues from the same period for the past five fiscal years,
by movements in its benchmark index, showing the degree of correlation between multiplied by 100.
the portfolio and a benchmark. This figure is also helpful in assessing how
likely it is that alpha and beta are statistically significant. Type Weightings divide the stocks in a given holding's portfolio into eight
type designations each of which defines a broad category of investment
Portfolio Yield characteristics. Not all stocks in a given holding's portfolio are assigned
The dividend yield produced for the most recent 12 months is presented. a type. These stocks are grouped under NA.
Fundamental Analysis The below referenced data elements listed below are a weighted average of the
The below referenced data elements are a weighted average of the long equity total holdings in the portfolio.
holdings in the portfolio.
The average expense ratio is the percentage of assets deducted each year for
The median market capitalization of a subaccount's equity portfolio gives you a operating expenses, management fees, and all other asset-based costs incurred
measure of the size of the companies in which the subaccount invests. 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
The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratios of provided in the prospectus. Separate accounts and stocks are excluded from the
the stocks in a subaccount’s portfolio. Price/cash-flow shows the ability of a average expense ratio.
business to generate cash and acts as a gauge of liquidity and solvency.
Potential capital gains exposure is the percentage of a holding’s total assets
The Price/Book ratio is a weighted average of the price/book ratios of all the that represent capital appreciation.
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. Investment Risks
Stocks with negative book values are excluded from this calculation. 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 premium 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/Subaccounts: The investor should note
the percentage of equity assets it represents. that funds and subaccounts 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 accounting
statement.
Page 25 of 31
Portfolio Snapshot Report Long-Short Funds: Due to the strategies used by long-short funds, which may
Disclosure Statement (continued) 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
standards. Investing in emerging markets normally accentuates these risks. 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/Subaccounts: The investor should note that funds and subacc-
ounts 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/Subaccounts: The investor should note that funds or

subaccounts 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/Subaccounts: The investor should note that funds and

subaccounts 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/Subaccounts: The investor should note that funds and

subaccounts 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/Subaccounts: The investor should note that funds and
subaccounts 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 subaccounts 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.
statement.
Page 26 of 31
Stock Detail Report itive advantage. Many factors are considered when assigning this rating,
Disclosure Statement 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
Please read this information carefully. In all cases, this disclosure statement of the investment strategy. The style is comprised of a combination of
should accompany the Stock Detail report. Morningstar is not itself a market capitalization of the security and the investment style (value, blend,
FINRA-member firm. All data presented is based on the most recent information or growth).
available to Morningstar. Morningstar gathers data from many sources including
third party providers such as Comstock and Reuters. Unless otherwise stated, Stock Grades
all data and statistics presented in the report are as of the release date The grading system is a letter-based system from A through F, with A being
noted within the Detail Report and constitute "as originally reported" the highest.
information.
The Growth Grade shows how well the company's growth compares with the
Last Close $ Morningstar universe. Growth is measured by revenue per share.
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. The Profitability Grade shows how well a company's profitability, as
measured by return on equity, compares with the Morningstar universe.
Market Capitalization $ mil
Value of a company as determined by the market price of its outstanding The Financial Health Grade compares a company's enterprise value with the
common stock. It is calculated by multiplying the market price as of the book value of its liabilities, rewarding those firms that have a low
close of trading as of the last day of the most recent month-end by the probability of enterprise value falling below the value of liabilities.
number of shares outstanding as of the most recently completed fiscal
quarter. It may be used as an indicator of how investors value a Stock Performance
company's future prospects. 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
Morningstar Rating return includes both capital gains and losses and dividend payments. It is
The Morningstar Rating for stocks is calculated by comparing Morningstar's calculated by taking the change in the stock's price as of the close of
assessment of a stock's fair value with the stock's current market price. trading of the respective period, assuming the reinvestment of all dividends,
The rating is assigned a five star rating if fair value is 30% or more then dividing by the initial stock price, and expressing the result as a
above the current market price, four star rating if it is 10% to 30% above percentage. Returns for periods longer than one year are annualized.
the current market price, three star rating if fair value is 10% above or Returns do not include brokerage commission or the effects of taxation.
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 Financials
of 30% or more below the current market price. Earnings per share $ (EPS), diluted EPS, is calculated by dividing net income
net of preferred dividends by a weighted average of total shares outstanding
Fair Value Uncertainty plus additional common shares that would have been outstanding if the dilutive
Fair Value Uncertainty is meant to give investors an idea of how tightly we common share would have been issued for the trailing 12 months (TTM).
feel we can bound our fair value estimate for any given company. To generate
Morningstar Fair Value Uncertainty, analysts consider the following factors: Dividend per share $ is the dollar amount of dividends paid out by the company
- Sales predictability in a particular period to its common shareholders, as reported by the company.
- Operating leverage
- Financial leverage Profitability
- A firm`s exposure to contingent events Return on Assets (ROA) is the percentage a company earns on its assets in a given
Based on these factors, analysts classify the stock into one of several year. (Year 1, 2, etc.). The calculation is net income divided by end-of-year
uncertainty levels: Low, Medium, High, Very High, or Extreme. The greater the total assets, then multiplied by 100.
level of uncertainty, the greater the discount to fair value required before
a stock can earn 5 stars, and the greater the premium to fair value before a Return on Equity (ROE) is the percentage a company earns on its total equity in a
stock earns a 1 star rating. given year (Year 1, 2, etc.). The calculation is net income divided by end-of-year
net worth, multiplied by 100.
Fair Value
Each stock's fair value is estimated by utilizing a proprietary discounted Net Margin is a measure of profitability. It is equal to annual net income divided
cash flow model (DCF). This model assumes that the stock's value is equal by revenues from the same period for the past five fiscal years, multiplied by 100.
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 Asset Turnover represents how many dollars in revenue a company has generated
with the riskiness of the cash flows. As with any DCF model, the ending per each dollar of assets. It is calculated by dividing total revenues for the
value is highly sensitive to Morningstar's projections of future growth. period by total assets for the same period.
Economic Moat Financial leverage is calculated by dividing total assets by total shareholders'
Economic Moat measures the strength and sustainability of a firm's compet- equity.
statement.
Page 27 of 31
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
Valuation would get if you bought the entire company, including its debt.
Price/Earnings (PE) is the current price divided by the company's trailing 12-month
earnings per share. 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 Price/Sales is the stock's price divided by the company's sales per share.
the trailing 12 months.
PEG Ratio is Forward P/E ratio divided by the company's EPS Growth % Five-Year
Price/Cash Flow (PC) is the most recent price divided by the cash flow per share of Mean Estimate. The Forward P/E ratio used in the numerator of this ratio is
the latest fiscal year. 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
Growth Rates of long-term EPS growth, derived from all polled analysts' estimates from
All the figures in the Growth section represent the compounded or annualized Reuters Estimates.
growth rate. These figures are collected for revenue, net income, EPS, equity
per share, and dividends. Market
Standard & Poor's 500: A market capitalization-weighted index of 500 widely held
Profitability Analysis stocks often used as a proxy for the stock market.
The below referenced items are reported as both a current value and a 5-year
average figure.
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.
statement.
Page 28 of 31
Graph Disclosure Statement 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.
The Graph Disclosure Statement is to be used with the Investment Growth, Calculation methodologies utilized by Morningstar may differ from those applied by
Total Annual Return, Rolling Period Return, and/or Correlation Matrix graphs other entities, including the fund itself.
(each a "Graph Page"). The statement may accompany one, some, or all of
the above mentioned graphs. Items to Note Regarding Certain Underlying Securities
The underlying holdings of the portfolio are not federally or FDIC-insured and are
The Graph Page is supplemental sales literature and therefore must be not deposits or obligations of, or guaranteed by, any financial institution.
preceded or accompanied by the noted fund/subaccount's current prospectus, Investment in securities involve investment risks including possible loss of
or equivalent, and a disclosure statement. In all cases, this disclosure principal and fluctuation in value.
statement should accompany the graph reports.
A closed-end fund is an investment company, which typically makes one public
Morningstar is not itself a FINRA-member firm. All data is based on the most offering of a fixed number of shares. Thereafter, shares are traded on a secondary
recent information available to Morningstar. 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 premium. Conversely, if they are trading at a price below their NAV, they are
closed-end funds, exchange-traded funds, variable annuity/life subaccounts, said to be trading at a discount.
stocks, separate accounts, 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 premium. 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 subaccount'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 subaccounts in Investors may exchange shares of a HOLDR for its underlying stocks at any time.
the corresponding group. The Morningstar category identifies funds or subaccounts
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
Correlation Matrix Graph (i.e. $1.00 per share), it is possible to lose money by investment in the fund.
The Correlation Matrix is based on the correlation coefficient, a number between
-1.0 and 1.0. If there is perfect positive linear relationship between two funds A separate account is a professionally managed portfolio of individual securities
or subaccounts, the correlation will be 1.0. If there is a perfect negative linear that can be customized for individual investor preferences and managed to control
relationship between two funds or subaccounts the correlation coefficient is -1.0. taxable events. Assets are held in a segregated account instead of placing in them
A correlation coefficient of zero means that there is no linear relationship in a pool with those of other investors, as is the case with a mutual fund.
between the funds or subaccounts. Reporting is different because managers disclose each holding and all transactions
separately, rather than as an integrated portfolio. In appearance, separate accounts
Security Types look like just a collection of individual stocks.
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 subaccount is a tax-deferred investment structured to convert
fund (MM), open-end mutual fund (MF), separate account (SA), stock (ST), and a sum of money into a series of payments over time. Variable annuity policies have
variable annuity/life (VA/L). 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
Pre-inception Returns for Mutual Funds of payments, a fixed investment account guaranteed by the insurance company, or
The analysis in these graphs may be based, in part, on adjusted historical returns another form of guarantee depends on the claims-paying ability of the issuing
for periods prior to the fund's actual inception. These calculated returns reflect insurance company. Any such guarantee does not affect or apply to the investment
the historical performance of the oldest share class of the fund, adjusted to reflect return or principal value of the separate account and its subaccount. The financial
the fees and expenses of this share class.
statement.
Page 29 of 31
All separate account performance data is reported as a "composite" of similarly

managed portfolios. As such, investors in the same separate account may have
ratings quoted for an insurance company do not apply to the separate account slightly different portfolio holdings because each investor has customized
and its subaccount. account 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 accounts 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 subaccount into which premium 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 Subaccounts: Total Return reflects the investment
subaccount, please read the current prospectus or equivalent. Please note, the experience of the subaccount 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 account and its subaccount. adjusted to reflect fees and expenses such as M&E risk charges,
administration fees, sales charges (including surrender charges), contract fees,
and fund-level expenses such as management fees and operating fees. They are
Performance not adjusted to reflect the effects of taxation if redeemed early. Adjusting for
The performance data given represents past performance and is not indicative of the effects of taxation would reduce the performance quoted.
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 Pre-inception returns will be calculated for the subaccount. These adjusted
investment. Fund and subaccount portfolio statistics may change over time. 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.
Open-end Mutual Funds: Total Return reflects performance without adjusting
for sales charges or the effects of taxation, but is adjusted to reflect Both monthly and quarterly standardized returns for variable annuity/life
all actual ongoing fund expenses and assumes reinvestment of dividends and subaccounts assume reinvestment of dividends and capital gains. They are
capital gains. If adjusted for sales charges and the effects of taxation, adjusted to reflect expenses, including M&E risk charges, administration
the performance quoted would be reduced. fees, fund-level expenses such as management fees and operating fees, and
policy-level charges such as surrender, contract and sales charges. Standardized
Pre-inception returns will be calculated for the fund. These adjusted historical Returns are calculated in accordance with the rules outlined in SEC Rule 482,
returns are based on the inception date of the oldest share class. These returns Forms N-3 and N-4, and reflect the investment experience from the inception
will be adjusted to reflect the same fees and expenses as referenced under the date of the subaccount within the separate account.
Total Return section above.
Please refer to the hypothetical illustration in the prospectus, which among
Standardized Total Return is reflected as of month- and quarter-end time periods. other things, shows the effect that fees and charges have on performance.
It depicts performance without adjusting for the effects of taxation, but is We urge investors to obtain a personalized illustration that reflects the
adjusted for sales charges, all ongoing fund expenses, and assumes reinvestment costs of insurance protection.
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 Investment Risk
was obtained from the fund's most recent prospectus available to Morningstar. High-Yield Bond Funds/subaccounts: The investor should note that funds/
Standardized returns never include pre-inception history. subaccounts that invest in lower-rated debt securities (commonly referred to
as junk bonds) involve additional risks because of the lower credit quality of
Money-Market Mutual Funds: Total Return reflects performance without the securities in the portfolio. The investor should be aware of the possible
adjusting for sales charges or the effects of taxation, but is adjusted to higher level of volatility and increased risk of default.
reflect all actual ongoing fund expenses and assumes reinvestment of dividends
and capital gains. If adjusted for sales charges and the effects of taxation, HOLDRs: The investor should note that HOLDRs are narrow industry focused
the performance quoted would be reduced. Current 7-day yield more closely products. If the industry is hit by hard times they will lack diversification
reflects the current earnings of the money market fund than the total return and possible loss of investment would be likely. HOLDRs can trade at a discount
quotation. 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
Exchange Traded-Funds/Closed-End Funds/Stocks: Exchange-traded funds and the number of underlying companies in the HOLDR drops below nine, it might be
closed-end funds trading on a secondary market may trade at, above, or below delisted from the AMEX, which may cause the investor to experience trading halts.
their net asset value (NAV). If these shares trade at a price above their NAV,
they are said to be trading at a premium. Conversely, if they are trading at a International/Emerging Market Funds/Subaccounts: The investor should note that
price below their NAV, they are said to be trading at a discount. Total Return funds/subaccounts that invest in international securities involve special
reflects performance without adjusting for sales charges, brokerage additional risks. These risks include, but are not limited to, currency risk,
commissions or the effects of taxation and is based on Market Price. The total political risk, and risk associated with varying accounting standards. Investing
return is adjusted to reflect all actual ongoing ETF fund expenses and assumes in emerging markets may accentuate these risks.
reinvestment of dividends and capital gains. If adjusted, the effects of
taxation and brokerage commissions would reduce the performance quoted. An Market Price Risk: The market price of ETFs and HOLDRs traded on the secondary
exchange-traded or closed-end fund is not FDIC-insured, may lose value, and is market is subject to the forces of supply and demand and thus independent of the
not guaranteed by a bank or other financial institution. NAV. This can result in the market price trading at a premium or discount to the
NAV which will affect an investor's value.
statement.
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/subaccounts: The investor should note that funds/subaccounts 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/Subaccounts: The investor should note that funds/subaccounts

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/Subaccounts: The investor should note that funds/subaccounts 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/Subaccounts: The investor should note that funds/subaccounts 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.
statement.
Page 31 of 31
Custom Benchmark Disclosure

Benchmark: Custom
Custom Benchmark: TobackFamily Ticker Security type Allocation %

Morningstar Gbl Ex US GR USD FOUSA08NNM IDX 10.00
BarCap US Agg Bond TR USD XIUSA000MC IDX 60.00
S&P 500 TR SPYZ IDX 30.00
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.
statement.

BIFX

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BIFX

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Quarterly Report

BIFX Fund: Client Aggregate

Stock Analysis 03-31-2011

Benchmark Benchmark $1,000

% of Stocks Portfolio % Bmark % % of Stocks Portfolio % Bmark %

Defensive 22.00 22.73 Australasia 0.00 1.52 Trailing 12 Month 0.68

BIFX Fund: Client Aggregate

Risk Analysis 03-31-2011

Fundamental Analysis 03-31-2011

BIFX Fund: Client Aggregate

Disclosure for Standardized™ and Tax Adjusted Returns

Annualized returns 03-31-2011

Standard & Poor's 500 TR -- 15.65 2.62 3.29 -- --

BIFX Fund: Client Aggregate

Non-Load Adjusted Returns

Johnson & Johnson-JNJ ST __ 7.00 763 __ -5.81 0.17 2.92 5.30 __ __ NA NA

Bank of America-BAC ST __ 6.00 654 __ -25.10 -26.55 -15.45 -0.03 __ __ NA NA

See Disclosure Page for Standardized Returns.

American Express AXP Last Close $

Valuation Analysis Quarterly Results Close Competitors

Apollo Group APOL Last Close $

Bank of America BAC Last Close $

19.0 52 week High/Low $

Valuation Analysis Quarterly Results Close Competitors

Barclays PL BCS Last Close $

Valuation Analysis Quarterly Results Close Competitors

Cisco Systems CSCO Last Close $

Google GOOG Last Close $

Itron ITRI Last Close $

Johnson & Johnson JNJ Last Close $

Johnson Controls JCI Last Close $

Knight Capital Group KCG Last Close $

LHC Group LHCG Last Close $

SORL Auto Parts SORL Last Close $

SunPower SPWRA Last Close $

Xinyuan Real Estate XIN Last Close $

1.0 Bear-Market Rank

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

2 Apollo Group 2 -0.18 3

3 Bank of America 3 0.52 0.22 4

4 Barclays PL 4 0.74 -0.02 0.76 5

5 Cisco Systems 5 0.59 0.07 0.49 0.61 6

6 Google 6 0.43 0.04 0.15 0.26 0.59 7

7 Itron 7 0.21 0.06 0.28 0.30 0.49 0.40 8

High Moderate None Moderate Negative Highly Negative

A money-market fund is an investment company that invests in commercial paper,

Portfolio Snapshot Report Unscheduled Portfolio Investment Activity Graph

Portfolio Snapshot Report exceeding 100% cash.

The Return on Equity (ROE) is the percentage a company earns on its

Non-Diversified Funds/Subaccounts: The investor should note that funds or

Small-Cap Funds/Subaccounts: The investor should note that funds and

Mid-Cap Funds/Subaccounts: The investor should note that funds and

Return on Equity % is the percentage a company earns on its total equity in a

Return on Assets % is the percentage a company earns on its assets in a given

Revenue/Employee $K looks at a company's sales in relation to the number of

Operating Margin % is used to measure pricing strategy and operating

Net Margin % is equal to annual net income divided by revenues.

All separate account performance data is reported as a "composite" of similarly

Mid-Cap Funds/subaccounts: The investor should note that funds/subaccounts that

Non-Diversified Funds/Subaccounts: The investor should note that funds/subaccounts

Small-Cap Fund/Subaccounts: The investor should note that funds/subaccounts that

Custom Benchmark Disclosure

Custom Benchmark: TobackFamily Ticker Security type Allocation %

Johnson & Johnson-JNJ ST 7.00 763 -5.81 0.17 2.92 5.30 NA NA

Bank of America-BAC ST 6.00 654 -25.10 -26.55 -15.45 -0.03 NA NA