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Finance 326 Starting Portfolio

Mark and Lisa Knowles

Presented by:

UBS Financial Services Inc.

April 01, 2016

UBS Financial Services Inc. is a subsidiary of UBS AG.

About UBS As one of the world’s leading wealth managers, UBS is powerfully positioned to address the new realities of today’s global economy. Our focus, leadership and resources, delivered by dedicated and passionate professionals, are uniquely aligned to instill the trust and confidence that investors are seeking. Today, few other firms rival our 150-year tradition of providing exceptional wealth management. Our comprehensive yet customized approach to financial planning and industry-leading research are designed to meet the needs of our individual investors.

The unique UBS approach to managing wealth − Research and education: UBS Wealth Management Research provides objective

research and analysis to facilitate confident investment decisions − Objective advice: Our open architecture platform offers a wide choice of both

proprietary and nonproprietary products − A boutique approach to wealth management: Our wealth managers are not

financial generalists, but rather have expertise in the field of wealth management strategies and solutions are customized, one client at a time

About this report This report is being provided as a service from UBS Financial Services Inc. The information, data, analyses and opinions contained herein:

− include confidential and proprietary information from Morningstar − may include, or be derived from, account information provided by a UBS Financial

Advisor which cannot be verified by Morningstar − may not be copied or redistributed − do not constitute investment advice offered by Morningstar − are provided solely for informational purposes and therefore are not an offer to buy

or sell a security − are not warranted to be correct, complete or accurate

Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature and if applicable, it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.

Portfolio Snapshot Portfolio Value Benchmark

FIN326Spring2016 $499,993.01 S&P 500 TR USD (USD)

Analysis 03-31-2016

Asset Allocation Portfolio Net %

Bmark Net %

Cash 2.13 0.00 US Stocks 43.60 99.39 Non-US Stocks 19.58 0.61 Bonds 33.49 0.00 Other/Not Clsfd 1.20 0.00

Morningstar Equity Style Box % Morningstar Fixed Income Style Box %

Value Blend Growth

Large M

id Sm

all

43 19 18

3 4 3

2 2 6

Total Stock Holdings 2,112

% Not Classified 0

0-10 10-25 25-50 >50

Ltd Mod Ext

H igh

M ed

Low

0 0 0

22 64 0

0 14 0

Total Bond Holdings 1,848

% Not Classified 0

0-10 10-25 25-50 >50

Stock Analysis 03-31-2016 Stock Sectors

Cyclical

De fe

ns ive

Sensitive

Benchmark Portfolio

% of Stocks Portfolio % Bmark % h Cyclical 39.76 30.29

r Basic Matls 25.01 2.72 t Consumer Cycl 7.45 11.11 y Financial Svs 7.01 14.00 u Real Estate 0.29 2.46

j Sensitive 46.18 41.05

i Commun Svs 0.85 4.62 o Energy 27.76 6.76 p Industrials 5.07 10.91 a Technology 12.50 18.76

k Defensive 14.06 28.66

s Consumer Def 5.98 10.38 d Healthcare 6.28 14.83 f Utilities 1.80 3.45

Not Classified 0.00 0.00

World Regions

Greater Asia Americas Greater Europe

<25 25-50 50-75 >75%

% of Stocks Portfolio % Bmark % Americas 84.37 99.40

North America 83.85 99.40 Latin America 0.52 0.00

Greater Europe 8.02 0.54

United Kingdom 4.80 0.22 Europe-Developed 2.28 0.32 Europe-Emerging 0.30 0.00 Africa/Middle East 0.64 0.00

Greater Asia 7.61 0.06

Japan 0.71 0.00 Australasia 4.21 0.00 Asia-Developed 1.07 0.06 Asia-Emerging 1.62 0.00

Not Classified 0.00 0.00

Performance 03-31-2016

Investment Activity Graph Portfolio Initial Mkt Val: $275,073 Final Mkt Val: $499,993

Benchmark

04-06 04-07 04-08 04-09 04-10 04-11 04-12 04-13 04-14 04-15 125

215

305

395

485

$575k

Trailing Returns* 3 Mo 1 Yr 3 Yr 5 Yr 10 Yr

Portfolio Return 8.47 3.54 1.70 2.93 6.53 Benchmark Return 1.35 1.78 11.82 11.58 7.01 +/- Benchmark Return 7.12 1.76 -10.12 -8.65 -0.48

*Full return history is not available for all securities. Please see Return Participation disclosure.

Best/Worst Time Periods

Best % Worst %

3 Months 22.93 ( Mar 2009-May 2009 ) -23.72 ( Aug 2008-Oct 2008 ) 1 Year 43.73 ( Mar 2009-Feb 2010 ) -28.34 ( Nov 2007-Oct 2008 ) 3 Years 23.31 ( Mar 2009-Feb 2012 ) -2.59 ( Oct 2012-Sep 2015 )

Portfolio Yield ( 03-31-2016 ) Yield %

12-Month Yield 2.86

Portfolio-Level Performance Disclosure

The portfolio-level performance shown is hypothetical and for illustrative purposes only. Investor returns will differ from the results shown. The performance data reflects monthly portfolio rebalancing.

Holdings 03-31-2016

Top 8 holdings out of 26 Symbol Type Holding Value $ % Assets

Oppenheimer Gold & Special Minerals A (USD) OPGSX MF 80,028 16.01 Eaton Vance CA Municipal Opportunities A (USD) EACAX MF 60,021 12.00 Franklin Income Adv (USD) FRIAX MF 50,018 10.00 MFS CA Municipal Bond A (USD) MCFTX MF 50,018 10.00 Chevron Corp (USD) CVX ST 40,498 8.10 Invesco Limited Term Municipal Income A (USD) ATFAX MF 40,014 8.00 Halliburton Co (USD) HAL ST 20,367 4.07 Exxon Mobil Corporation (USD) XOM ST 20,159 4.03

Release date 03-31-2016

©2016 Morningstar. All Rights Reserved. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial advisor which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement.

Page 1 of 57

Portfolio Snapshot Portfolio Value Benchmark

FIN326Spring2016 $499,993.01 S&P 500 TR USD (USD)

Risk Analysis 03-31-2016

Risk/Reward Scatterplot Portfolio Holdings Bmark 10 Year Mean

-17.20

-8.60

0.00

8.60

17.20

25.80

34.40

43.00

51.60

60.20

68.80

-4.0 -0.1 3.8 7.7 11.6 15.5 19.4 23.3 27.2 31.1 35.0 38.9 42.8 46.7 50.6

10 Year Standard Deviation

Performance History Graph Portfolio Quarterly returns +/- Benchmark in %

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 -15.0

-10.0

-5.0

Bmark

5.0

10.0

15.0%

Risk and Return Statistics* 3 Yr 5 Yr 10 Yr Portfolio Bmark Portfolio Bmark Portfolio Bmark

Standard Deviation 9.99 11.35 9.98 12.22 12.10 15.28 Mean 1.70 11.82 2.93 11.58 6.53 7.01 Sharpe Ratio 0.21 1.10 0.34 1.01 0.51 0.47

MPT Statistics* 3 Yr Portfolio 5 Yr Portfolio 10 Yr Portfolio

Alpha -4.51 -3.65 1.62 Beta 0.56 0.60 0.64 R-Squared 40.84 53.43 64.94

Portfolio-Level Performance Disclosure

Fundamental Analysis 03-31-2016

Asset Allocation

-100 -50 0 50 100

Portfolio Net %

Portfolio Long %

Portfolio Short %

Cash 2.13 2.14 0.01 US Stocks 43.60 43.63 0.03 Non-US Stocks 19.58 19.66 0.08 Bonds 33.49 33.49 0.00 Other/Not Clsfd 1.20 1.20 0.00

Total 100.00 100.12 0.12

Market Maturity % of Stocks Portfolio Bmark

Developed Markets 97.00 100.00 Emerging Markets 3.00 0.00 Not Available 0.00 0.00

Valuation Multiples Portfolio Bmark

Price/Earnings 19.86 19.08 Price/Book 1.62 2.71 Price/Sales 1.50 1.85 Price/Cash Flow 8.49 11.76

Profitability Portfolio Bmark

% of Stocks 2016-03 2016-03

Net Margin 6.70 12.95 ROE 13.86 21.39 ROA 4.33 7.14 Debt/Capital 34.02 41.41

Fund Statistics Potential Cap Gains Exposure -42.41 Avg Net Expense Ratio 0.80 Avg Gross Expense Ratio 0.84

Geometric Avg Capitalization ($Mil)

Portfolio 42,460.66 Benchmark 73,246.20

Credit Quality Breakdown % of Bonds

AAA 7.67 AA 42.51 A 23.73 BBB 10.14 BB 5.10 B 5.34 Below B 2.56 NR 2.94

Interest Rate Risk Bonds % Not Available

Avg Eff Maturity 8.94 4.82 Avg Eff Duration 5.04 0.00 Avg Wtd Coupon 4.94 0.00

Type Weightings % of Stocks Portfolio Bmark

nHigh Yield 0.74 5.84

bDistressed 7.03 1.34

vHard Asset 20.34 7.83

mCyclical 21.95 37.98

xSlow Growth 13.77 22.53

zClassic Growth 1.13 7.85

lAggressive Growth 4.73 10.51

cSpeculative Growth 0.24 1.96

Not Available 30.08 4.17 0% 5 10 15 20 25 30 35 40 45 50

*Full return history is not available for all securities. Please see Return Participation disclosure.

Release date 03-31-2016

Page 2 of 57

Portfolio Snapshot Portfolio Value Benchmark

FIN326Spring2016 $499,993.01 S&P 500 TR USD (USD)

Standardized and Tax Adjusted Returns

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

An investment in a money-market vehicle is not insured or guaranteed by the FDIC or any other government agency. The current yield quotation reflects the current earnings of the money market more closely than the total return quotation. Although money markets seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them.

Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses.

If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract, and sales charges.

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

Annualized returns 03-31-2016

Standardized Returns (%) 7-day Yield Subsidized

7-day Yield Unsubsidized

1Yr 5Yr 10Yr Since Inception

Inception Date Max Front Load %

Max Back Load %

Net Exp Ratio %

Gross Exp Ratio %

Eaton Vance CA Municipal Opportunities A — — 0.66 6.40 3.58 4.99 05-27-1994 4.75 NA — 0.88 Franklin Income Adv — — -6.26 4.70 5.40 7.18 12-31-1996 NA NA 0.46 0.46 Invesco Limited Term Municipal Income A — — -0.82 3.30 3.76 3.34 10-31-2002 2.50 NA 0.63 0.63 iShares MSCI EAFE-NAV — — -8.31 2.20 1.71 4.57 08-14-2001 NA NA 0.33 0.33 iShares MSCI EAFE-Market — — -8.63 2.09 1.60 4.53 08-14-2001 NA NA 0.33 0.33

iShares MSCI Emerging Markets-NAV — — -12.48 -4.71 2.24 10.78 04-07-2003 NA NA 0.69 0.69 iShares MSCI Emerging Markets-Market — — -12.69 -4.83 2.27 — 04-07-2003 NA NA 0.69 0.69 Lord Abbett Bond-Debenture A — — -5.59 4.41 5.91 8.40 04-01-1971 2.25 NA 0.82 0.82 MFS CA Municipal Bond A — — 0.76 6.41 4.42 6.07 06-18-1985 4.25 NA 0.72 1 0.87 Oppenheimer Gold & Special Minerals A — — 4.25 -21.29 -2.93 4.98 07-19-1983 5.75 NA 1.17 2 1.23

Barclays Municipal 20 Yr 17-22 TR USD 4.91 7.28 5.54 — — Barclays Municipal 3 Yr 2-4 TR USD 1.54 1.80 3.07 — — Barclays Municipal California Exempt TR

4.02 6.51 5.11 — —

Barclays Municipal New York Exempt TR

4.10 5.33 4.82 — —

Barclays Municipal TR USD 3.98 5.59 4.86 — —

Barclays US Agg Bond TR USD 1.96 3.78 4.90 — — BofAML US HY Master II TR USD -3.99 4.71 6.85 — — Morningstar Mod Con Tgt Risk TR USD 0.35 4.73 5.12 — — Morningstar Mod Tgt Risk TR USD -1.04 5.47 5.46 — — MSCI ACWI Ex USA NR USD -9.19 0.31 1.94 — —

MSCI ACWI NR USD -4.34 5.22 4.08 — — MSCI EAFE NR USD -8.27 2.29 1.80 — — MSCI EM NR USD -12.03 -4.13 3.02 — — MSCI World/Metals & Mining NR USD -24.53 -18.00 -4.67 — — NYSE Arca Gold Miners PR USD 9.63 -19.72 -6.17 — —

S&P 500 TR USD 1.78 11.58 7.01 — 01-30-1970

Release date 03-31-2016

Page 3 of 57

Annualized returns 03-31-2016

Standardized Returns (%) 7-day Yield Subsidized

7-day Yield Unsubsidized

1Yr 5Yr 10Yr Since Inception

Inception Date Max Front Load %

Max Back Load %

Net Exp Ratio %

Gross Exp Ratio %

USTREAS T-Bill Auction Ave 3 Mon 0.12 0.07 1.07 — —

1. Contractual waiver; Expires 07-31-2017 2. Contractual waiver that may expire at any time

Return after Tax (%) On Distribution On Distribution and Sales of Shares

1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception

Eaton Vance CA Municipal Opportunities A 0.66 6.40 3.55 4.98 05-27-1994 1.80 5.88 3.65 4.96 Franklin Income Adv -8.52 2.26 2.81 4.30 12-31-1996 -3.53 2.59 3.13 4.41 Invesco Limited Term Municipal Income A -0.82 3.30 3.74 3.33 10-31-2002 0.44 3.22 3.66 3.34 iShares MSCI EAFE-NAV -8.86 1.54 1.13 3.99 08-14-2001 -4.18 1.75 1.38 3.65 iShares MSCI Emerging Markets-NAV -13.08 -5.25 1.80 10.33 04-07-2003 -6.79 -3.54 1.77 9.12

Lord Abbett Bond-Debenture A -7.60 1.97 3.43 4.11 04-01-1971 -3.02 2.45 3.60 4.21 MFS CA Municipal Bond A 0.76 6.41 4.42 6.04 06-18-1985 1.95 5.90 4.35 5.95 Oppenheimer Gold & Special Minerals A 4.25 -21.64 -4.24 3.74 07-19-1983 2.40 -13.91 -1.75 3.95

Release date 03-31-2016

Page 4 of 57

Portfolio Snapshot Portfolio Value Benchmark

FIN326Spring2016 $499,993.01 S&P 500 TR USD (USD)

Non-Load Adjusted Returns

Total 26 holdings as of 03-31-2016 Symbol Type HoldingsDate % of

Assets Holding Value $

7-day Yield

1 Yr Ret %

3 Yr Ret %

5 Yr Ret %

10 Yr Ret %

Oppenheimer Gold & Special Minerals A (USD) OPGSX MF 02-2016 16.01 80,028 — 10.61 -17.18 -20.35 -2.35 Eaton Vance CA Municipal Opportunities A (USD) EACAX MF 01-2016 12.00 60,021 — 5.68 4.44 7.44 4.08 Franklin Income Adv (USD) FRIAX MF 12-2015 10.00 50,018 — -6.26 2.26 4.70 5.40 MFS CA Municipal Bond A (USD) MCFTX MF 02-2016 10.00 50,018 — 5.23 4.38 7.34 4.88 Chevron Corp (USD) CVX ST — 8.10 40,498 — -4.67 -3.34 1.25 8.80

Invesco Limited Term Municipal Income A (USD) ATFAX MF 12-2015 8.00 40,014 — 1.72 1.74 3.82 4.02 Halliburton Co (USD) HAL ST — 4.07 20,367 — -16.99 -2.62 -5.24 1.01 Exxon Mobil Corporation (USD) XOM ST — 4.03 20,159 — 1.96 0.59 2.76 5.81 iShares MSCI EAFE (USD) EFA ETF 04-2016 2.02 10,111 — -8.63 1.90 2.09 1.60 iShares MSCI Emerging Markets (USD) EEM ETF 04-2016 2.01 10,033 — -12.69 -5.07 -4.83 2.27

Lord Abbett Bond-Debenture A (USD) LBNDX MF 12-2015 2.00 10,004 — -3.42 2.95 4.89 6.16 Intel Corp (USD) INTC ST — 1.99 9,973 — 6.70 17.73 13.71 8.50 General Electric Co (USD) GE ST — 1.99 9,960 — 32.42 14.97 13.43 2.79 International Business Machines Corp (USD) IBM ST — 1.99 9,933 — -2.22 -8.35 0.82 8.42 McDonald's Corp (USD) MCD ST — 1.98 9,898 — 33.32 11.68 14.17 17.47

JPMorgan Chase & Co (USD) JPM ST — 1.98 9,895 — 0.42 10.63 8.03 6.18 Amgen Inc (USD) AMGN ST — 1.95 9,729 — -4.11 15.74 25.20 8.49 Hewlett Packard Enterprise Co (USD) HPE ST — 1.93 9,639 — — — — — Macy's Inc (USD) M ST — 1.03 5,133 — -29.96 4.19 15.13 3.88 Bank of America Corporation (USD) BAC ST — 1.00 4,987 — -11.02 4.41 0.98 -9.59

Wal-Mart Stores Inc (USD) WMT ST — 0.99 4,961 — -14.25 -0.34 8.38 6.15 Apple Inc (USD) AAPL ST — 0.99 4,957 — -10.79 22.32 18.72 29.34 Coca-Cola Co (USD) KO ST — 0.99 4,955 — 18.10 7.87 10.08 11.46 Procter & Gamble Co (USD) PG ST — 0.99 4,928 — 3.89 5.52 9.44 6.69 Starbucks Corp (USD) SBUX ST — 0.98 4,893 — 27.69 29.71 28.19 13.21

Gilead Sciences Inc (USD) GILD ST — 0.98 4,882 — -4.79 24.05 34.49 19.50

Return Participation 03-31-2016

This portfolio report includes securities for which return data is not available for the entire history represented. When return is not available for a security, the remaining securities returns are reweighted to maintain consistent proportions for the securities that do have returns. The reweighting impacts trailing return data, as well as statistics that are calculated using return, including standard deviation, mean, Sharpe ratio, alpha, beta and R-squared. The following securities do not have 120 months of return data reflected in the report.

Security Start Date Hewlett Packard Enterprise Co (USD, HPE) 11-30-2015

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.

Release date 03-31-2016

Page 5 of 57

Stock Intersection: FIN326Spring2016 This Stock Detail table shows how the top 50 net stock holdings are distributed across the portfolio, ranked by the percentage of portfolio net assets. The Holding Portfolio Date is the date that the fund's portfolio was last updated. When making comparisons among funds, it is an important date to keep in mind. It is possible that a fund's portfolio could be up to eight months old at the time of publication. See disclosures for more information.

Stock Details

Stock Ticker/ISIN Market Value $ % of Investments Holding Portfolio Date

Sector

Chevron Corp(USD) CVX 41,206 8.24 o Energy

Source of Stock

Chevron Corp (USD) CVX 40,499 8.10 — Franklin Income Adv (USD) FRIAX 707 0.14 12-31-15

Exxon Mobil Corporation(USD) XOM 20,721 4.14 o Energy

Source of Stock

Exxon Mobil Corporation (USD) XOM 20,160 4.03 — Franklin Income Adv (USD) FRIAX 562 0.11 12-31-15

Halliburton Co(USD) HAL 20,365 4.07 o Energy

Source of Stock

Halliburton Co (USD) HAL 20,365 4.07 —

General Electric Co(USD) GE 10,776 2.16 p Industrials

Source of Stock

General Electric Co (USD) GE 9,960 1.99 — Franklin Income Adv (USD) FRIAX 816 0.16 12-31-15

Intel Corp(USD) INTC 10,279 2.06 a Technology

Source of Stock

Intel Corp (USD) INTC 9,975 2.00 — Franklin Income Adv (USD) FRIAX 305 0.06 12-31-15

JPMorgan Chase & Co(USD) JPM 10,068 2.01 y Financial Services

Source of Stock

JPMorgan Chase & Co (USD) JPM 9,895 1.98 — Franklin Income Adv (USD) FRIAX 173 0.03 12-31-15

International Business Machines Corp(USD) IBM 9,935 1.99 a Technology

Source of Stock

International Business Machines Corp (USD) IBM 9,935 1.99 —

McDonald's Corp(USD) MCD 9,910 1.98 t Consumer Cyclical

Source of Stock

McDonald's Corp (USD) MCD 9,900 1.98 — Lord Abbett Bond-Debenture A (USD) LBNDX 10 0.00 12-31-15

Amgen Inc(USD) AMGN 9,730 1.95 d Healthcare

Source of Stock

Amgen Inc (USD) AMGN 9,730 1.95 —

Hewlett Packard Enterprise Co(USD) HPE 9,640 1.93 a Technology

Source of Stock

Hewlett Packard Enterprise Co (USD) HPE 9,640 1.93 —

Macy's Inc(USD) M 5,135 1.03 t Consumer Cyclical

Source of Stock

Macy's Inc (USD) M 5,135 1.03 —

Release date 03-31-2016

Page 6 of 57

Stock Intersection (Continued): FIN326Spring2016

Stock Details

Stock Ticker/ISIN Market Value $ % of Investments Holding Portfolio Date

Sector

Coca-Cola Co(USD) KO 5,067 1.01 s Consumer Defensive

Source of Stock

Coca-Cola Co (USD) KO 4,955 0.99 — Franklin Income Adv (USD) FRIAX 113 0.02 12-31-15

Bank of America Corporation(USD) BAC 4,985 1.00 y Financial Services

Source of Stock

Bank of America Corporation (USD) BAC 4,985 1.00 —

Wal-Mart Stores Inc(USD) WMT 4,960 0.99 s Consumer Defensive

Source of Stock

Wal-Mart Stores Inc (USD) WMT 4,960 0.99 —

Apple Inc(USD) AAPL 4,955 0.99 a Technology

Source of Stock

Apple Inc (USD) AAPL 4,955 0.99 —

Procter & Gamble Co(USD) PG 4,930 0.99 s Consumer Defensive

Source of Stock

Procter & Gamble Co (USD) PG 4,930 0.99 —

Starbucks Corp(USD) SBUX 4,916 0.98 t Consumer Cyclical

Source of Stock

Starbucks Corp (USD) SBUX 4,895 0.98 — Lord Abbett Bond-Debenture A (USD) LBNDX 21 0.00 12-31-15

Gilead Sciences Inc(USD) GILD 4,880 0.98 d Healthcare

Source of Stock

Gilead Sciences Inc (USD) GILD 4,880 0.98 —

Goldcorp Inc(CAD) G 4,288 0.86 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 4,288 0.86 02-29-16

Fresnillo PLC(GBP) FRES 4,119 0.82 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 4,117 0.82 02-29-16 iShares MSCI EAFE (USD) EFA 3 0.00 03-31-16

Newcrest Mining Ltd(AUD) NCM 3,708 0.74 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 3,699 0.74 02-29-16 iShares MSCI EAFE (USD) EFA 8 0.00 03-31-16

Royal Gold Inc(USD) RGLD 3,666 0.73 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 3,666 0.73 02-29-16

Barrick Gold Corp(CAD) ABX 3,648 0.73 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 3,648 0.73 02-29-16

Release date 03-31-2016

Page 7 of 57

Stock Intersection (Continued): FIN326Spring2016

Stock Details

Stock Ticker/ISIN Market Value $ % of Investments Holding Portfolio Date

Sector

Randgold Resources Ltd ADR(USD) GOLD 3,446 0.69 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 3,446 0.69 02-29-16

Newmont Mining Corp(USD) NEM 3,320 0.66 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 3,320 0.66 02-29-16

Agnico Eagle Mines Ltd(CAD) AEM 2,722 0.54 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 2,722 0.54 02-29-16

Tahoe Resources Inc(CAD) THO 2,278 0.46 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 2,278 0.46 02-29-16

Eldorado Gold Corp(CAD) ELD 1,760 0.35 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,760 0.35 02-29-16

Torex Gold Resources Inc(CAD) TXG 1,754 0.35 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,754 0.35 02-29-16

Detour Gold Corp(CAD) DGC 1,676 0.34 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,676 0.34 02-29-16

Klondex Mines Ltd(CAD) KDX 1,661 0.33 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,661 0.33 02-29-16

Kirkland Lake Gold Inc(CAD) KGI 1,633 0.33 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,633 0.33 02-29-16

Evolution Mining Ltd(AUD) EVN 1,517 0.30 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,517 0.30 02-29-16

B2Gold Corp(CAD) BTO 1,440 0.29 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,440 0.29 02-29-16

OceanaGold Corp(CAD) OGC 1,389 0.28 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,389 0.28 02-29-16

Northern Star Resources Ltd(AUD) NST 1,380 0.28 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,380 0.28 02-29-16

Release date 03-31-2016

Page 8 of 57

Stock Intersection (Continued): FIN326Spring2016

Stock Details

Stock Ticker/ISIN Market Value $ % of Investments Holding Portfolio Date

Sector

Franco-Nevada Corp(CAD) FNV 1,368 0.27 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,368 0.27 02-29-16

St Barbara Ltd(AUD) SBM 1,289 0.26 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,289 0.26 02-29-16

Semafo Inc(CAD) SMF 1,232 0.25 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,232 0.25 02-29-16

Royal Dutch Shell PLC ADR Class A(USD) RDS.A 1,200 0.24 o Energy

Source of Stock

Franklin Income Adv (USD) FRIAX 1,200 0.24 12-31-15

Regis Resources Ltd(AUD) RRL 1,120 0.22 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,120 0.22 02-29-16

Richmont Mines Inc(CAD) RIC 1,028 0.21 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,028 0.21 02-29-16

New Gold Inc(CAD) NGD 1,017 0.20 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,017 0.20 02-29-16

Saracen Mineral Holdings Ltd(AUD) SAR 1,017 0.20 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 1,017 0.20 02-29-16

Kinross Gold Corp(CAD) K 975 0.19 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 975 0.19 02-29-16

Guyana Goldfields Inc(CAD) GUY 972 0.19 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 972 0.19 02-29-16

Lake Shore Gold Corp(CAD) LSG 915 0.18 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 915 0.18 02-29-16

Premier Gold Mines Ltd(CAD) PG 885 0.18 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 885 0.18 02-29-16

Alamos Gold Inc(CAD) AGI 779 0.16 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 779 0.16 02-29-16

Release date 03-31-2016

Page 9 of 57

Stock Intersection (Continued): FIN326Spring2016

Stock Details

Stock Ticker/ISIN Market Value $ % of Investments Holding Portfolio Date

Sector

Primero Mining Corp(CAD) P 740 0.15 r Basic Materials

Source of Stock

Oppenheimer Gold & Special Minerals A (USD) OPGSX 740 0.15 02-29-16

Release date 03-31-2016

Page 10 of 57

Amgen Inc(USD) AMGN Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $152.95 $21,662 $115,032 Biotechnology USD

Amgen Inc is a biotechnology company that discovers, develops, manufactures and delivers human therapeutics. The Company's business segment is human therapeutics.

One Amgen Center Drive Thousand Oaks, CA 91320-1799 Phone: +1 805 447-1000 Website: http://www.amgen.com

Growth Rates Compound Annual Grade: B 1 Yr 3 Yr 5 Yr 10 Yr Revenue % 8.0 7.9 7.6 5.7 Operating Income % 36.8 15.0 8.8 5.7 Earnings/Share % 35.2 18.0 13.6 12.0 Dividends % 29.5 30.0 — — Book Value/Share % 9.9 13.9 7.7 8.4 Stock Total Return 0.3 15.7 24.8 8.4 +/- Industry 14.8 -3.0 2.7 -4.5 +/- Market -0.8 3.7 13.5 1.6

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 25.8 22.4 18.5 21.4 Return on Assets % 9.9 8.5 8.8 7.1 Revenue/Employee $K 1210.2 1019.9 — 873.2 Fixed Asset Turns 4.3 3.5 4.9 7.1 Inventory Turns 1.7 1.4* 1.6 9.3

Gross Margin % 80.5 80.9 84.9 45.9 Operating Margin % 39.1 32.3 29.9 18.2 Net Margin % 32.0 26.8 19.5 13.0 Free Cash Flow/Rev % 38.9 33.1 46.2 16.1 R&D/Rev % 18.8 20.4 27.9 —

Financial Position (USD)

Grade: B 12-14 $Mil 12-15 $Mil

Cash 3731 4144 Inventories 2647 2435 Receivables 2546 2995

Current Assets 34713 38518 Fixed Assets 5223 4907 Intangibles 27481 26428

Total Assets 69009 71576 Payables 1596 1719 Short-Term Debt 500 2250

Current Liabilities 7008 8667 Long-Term Debt 30215 29306

Total Liabilities 43231 43493 Total Equity 25778 28083

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 16.9 17.8 36.2 19.1 Forward P/E 12.5 — — 17.6 Price/Cash Flow 12.9 12.8 12.4 11.8 Price/Free Cash Flow 13.9 14.4 15.1 33.6 Dividend Yield % 2.2 1.5 0.9 2.4 Price/Book 4.1 3.6 6.5 2.7 Price/Sales 5.4 4.7 6.9 3.5 PEG Ratio 2.3 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQQ Low $194.00 Wide As of 04-05-2016

Style Sector

Large Growth Healthcare

81.24 76.95 66.51 64.76 61.26 65.00 90.81 119.70 173.14 181.81 162.33 63.52 46.21 39.16 44.96 50.26 47.66 63.30 81.56 108.20 130.09 139.02

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 181.81-130.09 10 Year High/Low $ 181.81-39.162.0

6.0

19.0

53.0

147.0

Trading Volume Million 2.0

11.0

-13.4 -32.0 24.4 -2.0 -3.0 18.0 36.5 34.5 41.8 3.9 -5.2 Total Return % -29.2 -37.5 61.4 -28.5 -18.0 15.9 20.5 2.1 28.1 2.5 -5.8 +/- Market -19.2 -23.9 30.3 -11.6 -21.8 6.4 2.4 -24.3 11.8 -6.7 9.0 +/- Industry — — — — — 0.9 1.7 1.7 1.5 2.0 2.2 Dividend Yield %

79649 50480 60464 56287 51167 51085 65193 86085 121124 122397 115032 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

14268 14771 15003 14642 15053 15582 17265 18676 20063 21662 21662 Revenue $Mil 85.3 82.8 84.7 85.7 85.3 82.6 81.5 82.1 78.0 80.5 80.5 Gross Margin % 3840 3980 5214 5506 5545 4312 5577 5867 6191 8470 8470 Oper Income $Mil 26.9 26.9 34.8 37.6 36.8 27.7 32.3 31.4 30.9 39.1 39.1 Operating Margin %

2950 3166 4052 4605 4627 3683 4345 5081 5158 6939 6939 Net Income $Mil

2.48 2.82 3.90 4.51 4.79 4.04 5.52 6.64 6.70 9.06 9.06 Earnings Per Share $ — — — — — 0.56 1.44 1.88 2.44 3.16 3.16 Dividends $

1190 1123 1075 1021 965 912 787 765 770 766 766 Shares Mil 15.20 16.44 19.47 22.78 25.69 29.60 25.20 28.79 33.30 37.09 37.34 Book Value Per Share $

5389 5401 5988 6336 5787 5119 5882 6291 8555 9077 9077 Oper Cash Flow $Mil -1218 -1267 -672 -530 -580 -567 -714 -693 -1003 -649 -649 Cap Spending $Mil 4171 4134 5316 5806 5207 4552 5168 5598 7552 8428 8428 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

9.4 9.3 11.4 12.1 11.1 8.0 8.4 8.4 7.6 9.9 9.9 Return on Assets % 15.0 17.2 21.2 21.4 19.9 17.1 22.8 24.7 21.6 25.8 25.8 Return on Equity % 0.45 0.43 0.42 0.39 0.36 0.34 0.33 0.31 0.30 0.31 0.31 Asset Turnover 20.7 21.4 27.0 31.5 30.7 23.6 25.2 27.2 25.7 32.0 32.0 Net Margin % 1.8 1.9 — 1.7 1.8 2.6 2.8 3.0 2.7 2.5 2.5 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

7134 9177 9176 10601 10874 21344 24034 29623 30215 29306 29306 Long-Term Debt $Mil 18964 17869 20386 22667 23944 19029 19060 22096 25778 28083 28083 Total Equity $Mil 0.38 0.51 — 0.47 0.45 1.12 1.26 1.34 1.17 1.04 1.04 Debt/Equity 4690 6862 10335 15059 16559 21839 23018 19420 27705 29851 29851 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

28.0 16.5 14.8 12.5 11.5 15.9 15.6 18.1 25.1 19.4 16.9 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.9 P/E vs. Market 6.0 3.5 4.1 3.9 3.5 3.9 3.9 4.8 6.2 5.8 5.4 Price/Sales 4.5 2.8 3.0 2.5 2.1 2.2 3.4 4.0 4.8 4.4 4.1 Price/Book 15.6 9.7 10.4 9.1 9.2 10.8 11.5 16.6 15.4 13.2 12.9 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 5033.0 5370.0 5723.0 5536.0 Previous 4521.0 5180.0 5031.0 5331.0 Rev Growth % Mar Jun Sep Dec

Most Recent 11.3 3.7 13.8 3.9 Previous 6.7 10.7 6.0 6.4 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 2.11 2.15 2.44 2.36 Previous 1.40 2.01 1.61 1.67

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Johnson & Johnson 300632 70074 19.9 21.9 Roche Holding AG Dividend Right Cert.

200906 50403 22.9 43.7

Major Fund Holders

% of shares

Vanguard PRIMECAP Inv 2.06 Vanguard Total Stock Mkt Idx 1.92 DIAM Medical Science Fund 0.00

Release date 04-05-2016

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Page 11 of 57

Apple Inc(USD) AAPL Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $109.81 $234,988 $608,851 Consumer Electronics USD

Apple Inc designs, manufactures, & markets mobile communication & media devices, personal computers, & portable digital music players, & sells a variety of related software, services, accessories, networking solutions, & third-party digital content.

1 Infinite Loop Cupertino, CA 95014 Phone: +1 408 996-1010 Website: http://www.apple.com

Growth Rates Compound Annual Grade: B 1 Yr 3 Yr 5 Yr 10 Yr Revenue % 27.9 14.3 29.1 32.6 Operating Income % 35.7 8.8 31.1 45.7 Earnings/Share % 42.8 13.5 33.6 45.1 Dividends % 9.3 73.6 — — Book Value/Share % 12.5 6.0 23.5 32.6 Stock Total Return -10.7 24.1 19.2 28.4 +/- Industry 1.2 3.3 3.8 12.0 +/- Market -11.8 12.2 7.9 21.6

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 42.7 39.0 31.2 21.4 Return on Assets % 19.4 22.7 11.8 7.1 Revenue/Employee $K 2136.3 1960.2 — 873.2 Fixed Asset Turns 11.0 12.4 8.3 7.1 Inventory Turns 59.4 77.4* 12.9 9.3

Gross Margin % 40.1 40.1 35.7 45.9 Operating Margin % 30.3 30.9 21.6 18.2 Net Margin % 22.9 23.4 15.5 13.0 Free Cash Flow/Rev % 26.7 27.5 250.5 16.1 R&D/Rev % 3.5 2.8 2.7 —

Financial Position (USD)

Grade: B 09-15 $Mil 12-15 $Mil

Cash 21120 16689 Inventories 2349 2451 Receivables 30343 24621

Current Assets 89378 76219 Fixed Assets 22471 22300 Intangibles 9009 9126

Total Assets 290479 293284 Payables 35490 33312 Short-Term Debt 10999 9759

Current Liabilities 80610 76092 Long-Term Debt 53463 53204

Total Liabilities 171124 165017 Total Equity 119355 128267

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 11.8 14.3 12.1 19.1 Forward P/E 10.8 — — 17.6 Price/Cash Flow 8.5 10.1 0.7 11.8 Price/Free Cash Flow 10.1 12.0 1.3 33.9 Dividend Yield % 1.9 — 1.8 2.4 Price/Book 4.8 4.8 3.7 2.7 Price/Sales 2.7 3.3 2.0 3.6 PEG Ratio 1.2 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQ High $133.00 Narrow As of 04-05-2016

Style Sector

Large Core Technology

13.31 28.99 28.61 30.56 46.67 60.96 100.72 82.16 119.75 134.54 112.19 7.18 11.70 11.31 11.17 27.18 44.36 57.86 55.01 70.51 92.00 92.39

Annual Price High Low Recent Splits7:1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 134.54-92.00 10 Year High/Low $ 134.54-7.182.0

6.0

19.0

53.0

147.0

Trading Volume Million 9.0

99.0

18.0 133.5 -56.9 146.9 53.1 25.6 32.7 7.6 40.0 -2.8 4.8 Total Return % 2.2 128.0 -19.9 120.4 38.0 23.4 16.7 -24.8 26.3 -4.2 4.2 +/- Market 7.1 69.4 -0.6 41.8 11.7 15.8 2.9 -3.3 6.6 1.7 0.3 +/- Industry — — — — — — 1.0 2.1 1.7 1.9 1.9 Dividend Yield %

72981 174039 75997 190983 297089 377547 499696 500741 643120 583613 608851 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

20681 26499 33038 46708 76283 127841 164687 173992 182795 233715 234988 Revenue $Mil 29.0 34.0 35.2 40.1 39.4 40.5 43.9 37.6 38.6 40.1 40.1 Gross Margin % 3025 5213 6275 13364 21487 43303 55111 49252 52503 71230 71155 Oper Income $Mil 12.7 18.4 22.2 27.4 28.2 31.2 35.3 28.7 28.7 30.5 30.3 Operating Margin %

2428 4073 4858 9358 16639 32982 41747 37031 39510 53394 53731 Net Income $Mil

0.32 0.56 0.77 1.30 2.16 3.95 6.31 5.68 6.45 9.22 9.39 Earnings Per Share $ 0.00 0.00 0.00 0.00 0.00 0.00 0.38 1.63 1.81 1.98 2.03 Dividends $ 6143 6225 6315 6349 6473 6557 6617 6522 6123 5793 5721 Shares Mil 1.66 2.73 3.68 5.64 8.48 11.74 19.37 19.77 19.15 21.53 23.13 Book Value Per Share $

3750 6444 10747 12002 22587 45310 56728 52910 59713 81266 75007 Oper Cash Flow $Mil -832 -961 -1320 -1241 -3003 -7618 -10428 -8665 -9813 -11488 -12229 Cap Spending $Mil 2918 5483 9427 10761 19584 37692 46300 44245 49900 69778 62778 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

13.9 16.4 19.9 19.7 22.8 27.1 28.5 19.3 18.0 20.5 19.4 Return on Assets % 22.9 28.5 33.2 30.5 35.3 41.7 42.8 30.6 33.6 46.3 42.7 Return on Equity % 1.35 1.13 1.22 1.03 1.06 1.13 1.07 0.89 0.83 0.89 0.85 Asset Turnover 10.3 14.6 16.3 19.2 21.5 24.0 26.7 21.7 21.6 22.9 22.9 Net Margin % 1.7 1.7 1.6 1.5 1.6 1.5 1.5 1.7 2.1 2.4 2.3 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

— — — — — — 0 16960 28987 53463 53204 Long-Term Debt $Mil 9984 14532 22297 31640 47791 76615 118210 123549 111547 119355 128267 Total Equity $Mil — — — — — — — 0.14 0.26 0.45 0.41 Debt/Equity

8038 12657 18645 20049 20956 17018 19111 29628 5083 8768 127 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

37.5 43.5 15.8 20.5 18.0 14.6 12.1 14.1 17.1 11.4 11.8 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.6 P/E vs. Market 3.9 6.7 2.3 4.1 3.9 3.5 3.1 3.1 3.7 2.6 2.7 Price/Sales 7.3 10.4 3.3 5.3 5.4 4.9 3.9 4.1 5.8 4.9 4.8 Price/Book 33.6 27.5 7.2 16.0 13.2 10.1 8.9 9.7 11.3 7.5 8.5 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 58010.0 49605.0 51501.0 75872.0 Previous 45646.0 37432.0 42123.0 74599.0 Rev Growth % Mar Jun Sep Dec

Most Recent 27.1 32.5 22.3 1.7 Previous 4.7 6.0 12.4 29.5 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 2.33 1.85 1.96 3.28 Previous 1.66 1.28 1.42 3.06

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Alphabet Inc C 507842 74989 32.6 14.1 Microsoft Corp 431532 88084 39.4 13.5

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.82 Vanguard 500 Index Inv 1.25 MiraeAsset Insight Master Equity Bal 0.00

Release date 04-05-2016

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Bank of America Corporation(USD) BAC Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $13.19 $82,507 $136,195 Banks - Global USD

Bank of America Corporation is a bank holding and a financial holding company. Through its subsidiaries, the Company provides banking and non-banking financial services and products throughout the United States and in selected international markets.

100 North Tryon Street Charlotte, NC 28255 Phone: +1 704 386-5681 Website: http://www.bankofamerica.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -2.1 -0.3 -5.6 3.7 Operating Income % 223.2 93.2 — -1.0 Earnings/Share % 258.8 71.5 — -10.8 Dividends % 66.7 71.0 38.0 -20.2 Book Value/Share % 5.7 3.6 1.4 0.3 Stock Total Return -13.8 4.3 0.3 -8.1 +/- Industry 4.8 5.9 2.1 2.1 +/- Market -15.0 -7.6 -11.0 -14.9

Profitability Analysis

Grade: B Current 5 Yr Avg Ind Mkt

Return on Equity % 6.3 2.8 7.8 21.4 Return on Assets % 0.7 0.3 0.6 7.1 Revenue/Employee $K 387.4 354.9 — 873.2 Compensation Exp/Rev 0.4 0.4 — —

Operating Margin % 26.9 11.3 — 18.2 Net Margin % 17.5 7.3 18.3 13.0 Free Cash Flow/Rev % 33.6 — — 16.1

Financial Position (USD)

Grade: C 12-14 $Mil 12-15 $Mil

Loans(Gross) 894227 910454 Less:Allowances 14419 12234

Net Loans 879808 898220 Securities — — Trading Assets — 180018 Intangibles 77919 76616 Other — —

Total Assets 2104534 2144316 Deposits 1118936 1197259 Short-Term Debt 31172 28098 Long-Term Debt 243139 236764 Other 467816 425990

Total Liabilities 1861063 1888111 Preferred Stock 19309 22273

Total Equity 243471 256205

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 10.5 89.7 10.9 19.1 Forward P/E 8.0 — — 17.6 Price/Free Cash Flow 5.5 3.3 4.1 33.9 Dividend Yield % 1.5 0.6 3.6 2.4 Price/Book 0.6 0.6 0.9 2.7 Price/Sales 1.8 1.6 2.1 3.6 PEG Ratio 0.9 — — 2.6

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQ High $17.00 Narrow As of 04-05-2016

Style Sector

Large Value FinancialServices

55.08 54.21 45.08 19.10 19.86 15.31 11.69 15.98 18.21 18.48 16.83 40.93 40.61 10.01 2.53 10.91 4.92 5.56 10.98 14.37 14.60 10.99

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 18.48-10.99 10 Year High/Low $ 55.08-2.531.0

4.0

10.0

23.0

53.0

Trading Volume Million 10.0

112.0

20.3 -18.2 -60.4 7.2 -11.2 -58.0 109.5 34.5 15.7 -4.8 -21.3 Total Return % 4.5 -23.7 -23.4 -19.2 -26.2 -60.1 93.5 2.1 2.0 -6.2 -22.0 +/- Market -1.5 -5.9 11.2 -10.7 -17.0 -29.7 72.5 11.0 15.0 2.1 -6.8 +/- Industry 4.0 5.8 15.9 0.3 0.3 0.7 0.3 0.3 0.7 1.2 1.5 Dividend Yield %

238777 183286 70645 130273 134536 58580 125136 164914 188141 174700 136195 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

34594 34441 45360 47109 51523 44616 40656 42265 39952 39251 39251 Net Interest Inc $Mil 38182 32392 27422 72534 58697 48838 42678 46677 44295 43256 43256 Fee Income 31973 20924 4428 4360 -1323 -230 3072 16172 6855 22154 22154 Oper Income $Mil 21133 14982 4008 6276 -2238 1446 4188 11431 4833 15888 15888 Net Income $Mil

4.59 3.30 0.55 -0.29 -0.37 0.01 0.25 0.88 0.36 1.28 1.31 Earnings Per Share $

2.12 2.40 2.24 0.04 0.04 0.04 0.04 0.04 0.12 0.20 0.20 Dividends $ 4596 4480 4612 7729 9790 10255 10841 11491 10585 11214 11214 Shares Mil 29.69 32.05 27.77 22.45 20.99 20.01 20.24 20.67 20.99 22.51 22.66 Book Value Per Share $

1459737 1715746 1817943 2230232 2264909 2129046 2209974 2102273 2104534 2144316 2144316 Assets $Mil

135272 146803 177052 231444 228248 230101 236956 232685 243471 256205 256205 Total Equity $Mil 13761 8893 1936 127491 82541 63141 -16056 92817 30135 27730 27730 Free Cash Flow

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

1.5 0.9 0.1 -0.1 -0.2 0.0 0.1 0.5 0.2 0.7 0.7 Return on Assets % 18.1 10.7 1.8 -1.3 -1.8 0.0 1.3 4.6 1.7 6.3 6.3 Return on Equity % 0.05 0.04 0.04 0.06 0.05 0.04 0.04 0.04 0.04 0.04 0.04 Asset Turnover 29.0 22.0 3.5 -1.8 -3.3 0.1 3.3 11.3 4.5 17.5 17.5 Net Margin % 11.0 12.0 13.0 11.5 10.7 10.1 10.1 9.6 9.4 9.2 9.2 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

146000 197508 268292 438521 448431 372265 275585 249674 243139 236764 236764 Long-Term Debt $Mil 697474 899180 939829 906802 933613 906179 903053 922167 879808 898220 898220 Net Loans $Mil 693497 805177 882997 991611 1010430 1033041 1105261 1119271 1118936 1197259 1197259 Deposits $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

12.3 12.5 25.4 -52.6 -36.4 -18.3 45.7 24.3 45.7 12.6 10.5 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.6 P/E vs. Market 3.5 2.8 0.9 1.0 1.2 0.6 1.5 2.1 2.2 2.3 1.8 Price/Sales 1.8 1.3 0.5 0.7 0.6 0.3 0.6 0.8 0.9 0.7 0.6 Price/Book

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 21202.0 22117.0 20682.0 18506.0 Previous 22566.0 21747.0 21209.0 18725.0 Rev Growth % Mar Jun Sep Dec

Most Recent -6.0 1.7 -2.5 -1.2 Previous -2.7 -4.3 -1.5 -12.9 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 0.26 0.44 0.36 0.21 Previous -0.05 0.18 -0.04 0.26

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% JPMorgan Chase & Co 214197 93543 9.9 10.3 Citigroup Inc 122376 76354 7.8 8.0

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.93 Dodge & Cox Stock 1.06 MiraeAsset Insight Master Equity Bal 0.00

Release date 04-05-2016

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Page 13 of 57

Chevron Corp(USD) CVX Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $92.67 $138,477 $174,512 Oil & Gas Integrated USD

Chevron Corp manages its investments in subsidiaries and affiliates and provides administrative, financial, management and technology support to U.S. and international subsidiaries that engage in integrated energy and chemicals operations.

6001 Bollinger Canyon Road San Ramon, CA 94583-2324 Phone: +1 925 842-1000 Website: http://www.chevron.com

Growth Rates Compound Annual Grade: D 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -34.7 -17.0 -7.5 -3.5 Operating Income % -84.5 -52.9 -31.5 -17.8 Earnings/Share % -75.9 -43.2 -23.7 -9.4 Dividends % 1.7 6.8 8.6 9.4 Book Value/Share % -1.7 5.0 9.2 11.2 Stock Total Return -7.9 -3.6 0.5 7.7 +/- Industry 7.5 4.3 6.8 7.2 +/- Market -9.0 -15.5 -10.8 0.9

Profitability Analysis

Grade: D Current 5 Yr Avg Ind Mkt

Return on Equity % 3.0 14.9 0.7 21.4 Return on Assets % 1.7 8.7 0.3 7.1 Revenue/Employee $K 2251.7 3426.3 — 873.2 Fixed Asset Turns 0.7 1.5 1.2 7.1 Inventory Turns 14.5 24.3* 10.2 9.3

Gross Margin % 33.0 32.0 25.8 45.9 Operating Margin % 3.5 14.4 2.9 18.2 Net Margin % 3.3 8.6 0.4 13.0 Free Cash Flow/Rev % — — 384.4 16.1 R&D/Rev % — — 0.1 —

Financial Position (USD)

Grade: B 12-14 $Mil 12-15 $Mil

Cash 12785 11022 Inventories 6505 6334 Receivables 16736 12860

Current Assets 42232 35347 Fixed Assets 183173 188396 Intangibles 4593 4588

Total Assets 266026 266103 Payables 22808 16703 Short-Term Debt 3790 4928

Current Liabilities 31926 26464 Long-Term Debt 23960 33584

Total Liabilities 110998 113387 Total Equity 155028 152716

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 38.2 10.1 58.8 19.1 Forward P/E 22.2 — — 17.6 Price/Cash Flow 9.0 6.2 3.6 11.8 Price/Free Cash Flow — 6427.0 — 33.9 Dividend Yield % 4.6 3.6 4.8 2.4 Price/Book 1.2 1.6 1.1 2.7 Price/Sales 1.3 0.9 0.9 3.6 PEG Ratio 0.9 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQ Medium $111.00 Narrow As of 04-05-2016

Style Sector

Large Value Energy

76.20 95.50 104.63 79.82 92.39 110.01 118.53 127.83 135.10 113.00 97.91 53.76 64.99 55.50 56.12 66.83 86.68 95.73 108.14 100.15 69.58 75.33

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 112.20-69.58 10 Year High/Low $ 135.10-53.762.0

6.0

19.0

53.0

147.0

Trading Volume Million 3.0

14.0

33.1 30.0 -18.0 7.7 22.2 20.0 4.9 19.1 -6.8 -16.0 4.2 Total Return % 17.3 24.5 19.0 -18.8 7.1 17.9 -11.1 -13.3 -20.5 -17.4 3.5 +/- Market 5.1 -2.3 16.5 -14.6 16.6 17.6 -0.7 14.3 4.3 4.9 1.4 +/- Industry 2.7 2.4 3.4 3.5 3.1 2.9 3.3 3.1 3.8 4.8 4.6 Dividend Yield %

159160 195100 148253 154575 183183 210796 210516 239028 210859 169378 174512 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

210118 220904 273005 171636 204928 253706 241909 228848 211970 138477 138477 Revenue $Mil 31.4 31.4 29.6 26.8 33.8 32.4 32.5 30.4 31.6 33.0 33.0 Gross Margin %

32497 32440 43057 10447 32105 47634 46332 35905 31202 4842 4842 Oper Income $Mil 15.5 14.7 15.8 6.1 15.7 18.8 19.2 15.7 14.7 3.5 3.5 Operating Margin %

17138 18688 23931 10483 19024 26895 26179 21423 19241 4587 4587 Net Income $Mil

7.80 8.77 11.67 5.24 9.48 13.44 13.32 11.09 10.14 2.45 2.45 Earnings Per Share $ 2.01 2.26 2.53 2.66 2.84 3.09 3.51 3.90 4.21 4.28 4.28 Dividends $ 2197 2131 2050 2001 2007 2001 1965 1932 1898 1875 1875 Shares Mil 32.16 36.88 43.23 45.78 52.34 61.02 70.13 75.66 83.07 82.28 81.10 Book Value Per Share $

24323 24977 29632 19373 31354 41095 38812 35002 31475 19456 19456 Oper Cash Flow $Mil -13813 -16678 -19666 -19843 -19612 -26500 -30938 -37985 -35407 -29504 -29504 Cap Spending $Mil 10510 8299 9966 -470 11742 14595 7874 -2983 -3932 -10048 -10048 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

13.3 13.3 15.4 6.4 10.9 13.6 11.8 8.8 7.4 1.7 1.7 Return on Assets % 26.0 25.6 29.2 11.7 19.3 23.8 20.3 15.0 12.7 3.0 3.0 Return on Equity % 1.63 1.57 1.76 1.05 1.17 1.29 1.09 0.94 0.82 0.52 0.52 Asset Turnover 8.2 8.5 8.8 6.1 9.3 10.6 10.8 9.4 9.1 3.3 3.3 Net Margin % 1.9 1.9 1.9 1.8 1.8 1.7 1.7 1.7 1.7 1.7 1.7 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

7405 5664 5742 9829 11003 9684 11966 19960 23960 33584 33584 Long-Term Debt $Mil 68935 77088 86648 91914 105081 121382 136524 149113 155028 152716 152716 Total Equity $Mil 0.11 0.08 0.07 0.11 0.11 0.08 0.09 0.13 0.16 0.22 0.22 Debt/Equity 7895 5579 4447 11005 19829 19634 21508 17232 10306 8883 8883 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

9.3 10.6 6.3 14.7 9.6 7.9 8.1 10.2 10.3 19.5 38.2 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 2.0 P/E vs. Market 0.8 0.9 0.6 0.9 0.9 0.9 0.9 1.0 1.0 1.1 1.3 Price/Sales 2.3 2.5 1.7 1.7 1.7 1.7 1.5 1.7 1.4 1.1 1.2 Price/Book 6.6 8.0 5.1 7.9 5.8 5.3 5.5 6.5 6.0 7.9 9.0 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 34558.0 40357.0 34315.0 29247.0 Previous 53265.0 57938.0 54679.0 46088.0 Rev Growth % Mar Jun Sep Dec

Most Recent -35.1 -30.3 -37.2 -36.5 Previous -6.3 1.0 -6.5 -17.9 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 1.37 0.30 1.09 -0.31 Previous 2.36 2.98 2.95 1.84

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Exxon Mobil Corporation 341398 268882 21.6 9.4 Royal Dutch Shell PLC ADR Class A

149446 272156 78.7 1.2

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.91 Vanguard 500 Index Inv 1.25 BlackRock World Energy Master Eq-FoF 0.00

Release date 04-05-2016

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Coca-Cola Co(USD) KO Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $46.53 $44,294 $201,452 Beverages - Soft

Drinks USD

Coca-Cola Co manufactures, distributes and markets non-alcoholic beverage concentrates and syrups. It offers waters, enhanced waters, juices and juice drinks, ready- to-drink teas and coffees, and energy and sports drinks.

One Coca-Cola Plaza Atlanta, GA 30313 Phone: +1 404 676-2121 Website: http://www.coca-colacompany.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -3.7 -2.7 4.8 6.7 Operating Income % -10.1 -6.8 0.7 3.7 Earnings/Share % 4.6 -5.3 -8.0 5.1 Dividends % 8.2 9.0 8.5 9.0 Book Value/Share % -14.9 -7.0 -2.7 5.5 Stock Total Return 17.7 7.8 9.2 10.3 +/- Industry 2.5 -1.7 -2.5 -0.7 +/- Market 16.6 -4.1 -2.2 3.5

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 26.3 26.0 30.7 21.4 Return on Assets % 8.1 9.5 8.0 7.1 Revenue/Employee $K 359.5 342.2 — 873.2 Fixed Asset Turns 3.3 3.2 3.8 7.1 Inventory Turns 5.8 5.9* 7.9 9.3

Gross Margin % 60.5 60.7 55.2 45.9 Operating Margin % 19.7 21.4 17.2 18.2 Net Margin % 16.6 17.5 11.4 13.0 Free Cash Flow/Rev % 18.0 16.7 13.5 16.1 R&D/Rev % — — 0.0 —

Financial Position (USD)

Grade: A 12-14 $Mil 12-15 $Mil

Cash 8958 7309 Inventories 3100 2902 Receivables 4466 3941

Current Assets 32986 33395 Fixed Assets 14633 12571 Intangibles 26372 24132

Total Assets 92023 90093 Payables 2489 3126 Short-Term Debt 22682 15806

Current Liabilities 32374 26930 Long-Term Debt 19063 28407

Total Liabilities 61703 64539 Total Equity 30320 25554

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 27.9 20.0 28.0 19.1 Forward P/E 22.2 — — 17.6 Price/Cash Flow 19.5 17.0 17.5 11.8 Price/Free Cash Flow 25.7 23.0 23.6 33.6 Dividend Yield % 2.9 2.8 2.6 2.4 Price/Book 7.9 5.4 7.7 2.7 Price/Sales 4.6 3.8 3.2 3.5 PEG Ratio 4.4 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQ Low $43.00 Wide As of 04-05-2016

Style Sector

Large Core ConsumerDefensive

24.68 32.16 32.80 29.73 32.94 35.89 40.67 43.43 45.00 43.91 46.93 19.68 22.78 20.15 18.72 24.74 30.65 33.28 36.25 36.89 36.56 40.75

Annual Price High Low Recent Splits2:1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 46.93-36.56 10 Year High/Low $ 46.93-18.721.0

4.0

9.0

21.0

46.0

Trading Volume Million 4.0

21.0

22.8 30.0 -23.8 29.5 18.5 9.2 6.5 17.0 5.2 4.9 9.1 Total Return % 7.0 24.5 13.2 3.1 3.4 7.1 -9.5 -15.3 -8.5 3.5 8.5 +/- Market 6.6 3.1 2.4 2.3 -0.7 0.2 -4.3 -0.3 -3.4 -5.1 3.6 +/- Industry 2.6 2.2 3.4 2.9 2.7 2.7 2.8 2.7 2.9 3.1 2.9 Dividend Yield %

111844 142256 104735 131271 150745 158342 162001 181847 184333 185759 201452 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

24088 28857 31944 30990 35119 46542 48017 46854 45998 44294 44294 Revenue $Mil 66.1 63.9 64.4 64.2 63.9 60.9 60.3 60.7 61.1 60.5 60.5 Gross Margin % 6308 7252 8446 8231 8413 10173 10779 10228 9708 8728 8728 Oper Income $Mil 26.2 25.1 26.4 26.6 24.0 21.9 22.5 21.8 21.1 19.7 19.7 Operating Margin %

5080 5981 5807 6824 11787 8584 9019 8584 7098 7351 7351 Net Income $Mil

1.08 1.28 1.24 1.47 2.53 1.85 1.97 1.90 1.60 1.67 1.67 Earnings Per Share $ 0.62 0.68 0.76 0.82 0.88 0.94 1.02 1.12 1.22 1.32 1.32 Dividends $ 4700 4662 4672 4658 4666 4646 4584 4509 4450 4405 4405 Shares Mil 3.88 4.69 4.42 5.38 6.76 7.34 7.34 7.30 7.66 6.02 5.90 Book Value Per Share $

5957 7150 7571 8186 9532 9474 10645 10542 10615 10528 10528 Oper Cash Flow $Mil -1407 -1648 -1968 -1993 -2215 -2920 -2780 -2550 -2406 -2553 -2553 Cap Spending $Mil 4550 5502 5603 6193 7317 6554 7865 7992 8209 7975 7975 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

17.1 16.3 13.9 15.3 19.4 11.2 10.9 9.7 7.8 8.1 8.1 Return on Assets % 30.5 30.9 27.5 30.2 42.3 27.4 28.0 26.0 22.4 26.3 26.3 Return on Equity % 0.81 0.79 0.76 0.69 0.58 0.61 0.58 0.53 0.51 0.49 0.49 Asset Turnover 21.1 20.7 18.2 22.0 33.6 18.4 18.8 18.3 15.4 16.6 16.6 Net Margin % 1.8 2.0 2.0 2.0 — 2.5 2.6 2.7 3.0 3.5 3.5 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

1314 3277 2781 5059 14041 13656 14736 19154 19063 28407 28407 Long-Term Debt $Mil 16920 21744 20472 24799 31003 31635 32790 33173 30320 25554 25554 Total Equity $Mil 0.08 0.15 0.14 0.20 — 0.43 0.45 0.58 0.63 1.11 1.11 Debt/Equity -449 -1120 -812 3830 3071 1214 2507 3493 612 6465 6465 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

21.6 23.9 18.2 19.5 13.0 12.9 18.4 21.4 23.4 27.5 27.9 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 1.5 P/E vs. Market 4.8 5.0 3.3 4.3 4.4 3.5 3.5 4.0 4.1 4.2 4.6 Price/Sales 6.2 6.5 5.1 5.3 4.9 4.8 4.9 5.7 5.5 7.1 7.9 Price/Book 19.7 20.0 14.0 16.2 16.1 17.9 15.6 17.8 17.4 17.2 19.5 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 10711.0 12156.0 11427.0 10000.0 Previous 10576.0 12574.0 11976.0 10872.0 Rev Growth % Mar Jun Sep Dec

Most Recent 1.3 -3.3 -4.6 -8.0 Previous -4.2 -1.4 -0.5 -1.5 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 0.35 0.71 0.33 0.28 Previous 0.36 0.58 0.48 0.17

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Nestle SA ADR 234462 91756 15.7 23.9 PepsiCo Inc 149022 63056 28.1 37.2

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.73 Vanguard 500 Index Inv 1.13 Vanguard Institutional Index I 0.99

Release date 04-05-2016

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Eaton Vance CA Municipal Opportunities A (USD)

Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Barclays

Municipal TR USD Barclays Municipal California Exempt TR

US OE Muni California Intermediate75 US OE Muni California

Intermediate

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 4.94 3.21 2.14 1.52 12.32 2015 1.12 -0.82 2.07 2.21 4.63 2016 2.13 — — — 2.13

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly 0.66 2.76 6.40 3.58 4.99 Std 03-31-2016 0.66 — 6.40 3.58 4.99 Total Return 5.68 4.44 7.44 4.08 5.22

+/- Std Index 1.70 0.81 1.85 -0.78 — +/- Cat Index 1.65 0.20 0.93 -1.02 —

% Rank Cat 2 5 6 52

No. in Cat 78 75 72 57

Subsidized Unsubsidized

7-day Yield — — 30-day SEC Yield — —

Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 800-262-1122 or visit www.eatonvance.com.

Fees and Expenses Sales Charges

Front-End Load % 4.75 Deferred Load % NA

Fund Expenses

Management Fees % 0.43 12b1 Expense % 0.25 Gross Expense Ratio % 0.88

Risk and Return Profile 3 Yr 5 Yr 10 Yr

75 funds 72 funds 57 funds

Morningstar RatingTM 4Q 4Q 3Q Morningstar Risk High High High Morningstar Return +Avg +Avg +Avg

3 Yr 5 Yr 10 Yr

Standard Deviation 5.08 5.21 7.95 Mean 4.44 7.44 4.08 Sharpe Ratio 0.87 1.39 0.41

MPT Statistics Standard Index Best Fit Index Barclays Municipal

20 Yr 17-22 TR USD Alpha -0.75 -0.59 Beta 1.45 1.10 R-Squared 95.58 97.52

12-Month Yield — Potential Cap Gains Exp -1.81%

8 8 8 8 8 8 8 5 5 5 5 5 100 100 100 96 98 100 98 100 100 100 98 96

10k

20k

40k

60k 80k 100k

Investment Style Fixed-Income Bond %

Growth of $10,000

Eaton Vance CA Municipal Opportunities A 15,914 Category Average 14,611 Standard Index 16,684

_ _ _ _ _ _ _ _ _ _ & _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

10.91 10.94 10.41 8.07 9.60 9.06 9.72 10.40 9.52 10.29 10.39 10.53 NAV/Price 5.00 6.46 -0.29 -18.73 24.79 -1.14 12.40 11.00 -4.88 12.32 4.63 2.13 Total Return % 1.48 1.61 -3.65 -16.25 11.88 -3.52 1.70 4.22 -2.33 3.26 1.33 0.46 +/- Standard Index 0.95 1.23 -3.11 -14.57 12.57 -4.11 0.12 2.85 -3.13 2.35 1.12 0.53 +/- Category Index

— — — — — — — — — — 8 — % Rank Cat

— — — — — — — — — — 78 81 No. of Funds in Cat

Portfolio Analysis 01-31-2016 Asset Allocation % Net % Long % Short %

Cash 3.51 3.51 0.00 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 96.49 96.49 0.00 Other/Not Clsfd 0.00 0.00 0.00

Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil

— — —

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity 6.54 Avg Eff Duration 5.34 Avg Wtd Coupon — Avg Wtd Price 112.04

Credit Quality Breakdown 12-31-2015 Bond %

AAA 8.84 AA 64.04 A 14.92

BBB 6.64 BB 1.17 B 0.00

Below B 0.63 NR 3.76

Regional Exposure Stock % Rel Std Index

Americas — — Greater Europe — — Greater Asia — —

Share Chg since 12-2015

Share Amount

Holdings: 0 Total Stocks , 145 Total Fixed-Income, 66% Turnover Ratio

% Net Assets

4 mil Riverside Cnty Calif Transn Co Rev 2.50 4 mil Bay Area Toll Auth 5.25% 2.35 4 mil San Francisco Calif City & Cnt Air 2.17 3 mil California Health Facs Fing Au Re 1.87 3 mil California Edl Facs Auth 5% 1.68

Y 3 mil Los Angeles Calif Dept Arpts A Sr 1.63 3 mil Los Angeles Calif Dept Wtr & P Pwr 1.62 3 mil Los Angeles Cnty Calif Ctfs Pa Cops 1.56 3 mil Los Angeles Calif Dept Arpts A Re 1.54 3 mil California St Go Bds 5.5% 1.54

3 mil Metropolitan Wtr Dist 5% 1.46 3 mil California Health Facs Fing Au Rev 1.44 3 mil Chula Vista Calif Indl Dev Rev Rev 1.44

R 2 mil San Mateo Cnty Calif Jt Pwrs F Ref 1.29 2 mil Los Angeles Calif Dept Arpts A Sr 1.28

Sector Weightings Stocks % Rel Std Index

h Cyclical — — r Basic Materials — — t Consumer Cyclical — — y Financial Services — — u Real Estate — —

j Sensitive — — i Communication Services — — o Energy — — p Industrials — — a Technology — —

k Defensive — — s Consumer Defensive — — d Healthcare — — f Utilities — —

Operations

Family: Eaton Vance Manager: Multiple Tenure: 2.3 Years Objective: Municipal Bond - Single State

Base Currency: USD Ticker: EACAX Minimum Initial Purchase: $1,000 Min Auto Investment Plan: $1,000

Purchase Constraints: — Incept: 05-27-1994 Type: MF Total Assets: $208.54 mil

Release date 03-31-2016

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Page 16 of 57

Exxon Mobil Corporation(USD) XOM Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $82.21 $268,882 $341,398 Oil & Gas Integrated USD

Exxon Mobil Corporation is engaged in exploration for, and production of, crude oil and natural gas. It is also engaged in manufacturing of petroleum products and transportation and sale of crude oil, natural gas and petroleum products.

5959 Las Colinas Boulevard Irving, TX 75039-2298 Phone: +1 972 444-1000 Website: http://www.exxonmobil.com

Growth Rates Compound Annual Grade: D 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -34.7 -17.6 -6.8 -3.2 Operating Income % -57.1 -34.4 -16.0 -13.2 Earnings/Share % -49.3 -26.5 -9.2 -3.9 Dividends % 6.7 9.7 10.6 9.7 Book Value/Share % -1.0 3.7 6.9 8.5 Stock Total Return 1.0 0.5 2.1 5.1 +/- Industry 16.4 8.4 8.4 4.6 +/- Market -0.1 -11.4 -9.3 -1.7

Profitability Analysis

Grade: D Current 5 Yr Avg Ind Mkt

Return on Equity % 9.4 20.5 0.7 21.4 Return on Assets % 4.7 10.0 0.3 7.1 Revenue/Employee $K 3658.3 5226.3 — 873.2 Fixed Asset Turns 1.1 1.8 1.2 7.1 Inventory Turns 11.4 19.4* 10.2 9.3

Gross Margin % 30.0 29.3 25.8 45.9 Operating Margin % 8.3 13.1 2.9 18.2 Net Margin % 6.0 7.8 0.4 13.0 Free Cash Flow/Rev % 1.4 3.3 384.4 16.1 R&D/Rev % — — 0.1 —

Financial Position (USD)

Grade: B 12-14 $Mil 12-15 $Mil

Cash 4616 3705 Inventories 16678 16245 Receivables 28009 19875

Current Assets 52910 42623 Fixed Assets 252668 251605 Intangibles — 8798

Total Assets 349493 336758 Payables 40103 28452 Short-Term Debt 17468 18762

Current Liabilities 64633 53976 Long-Term Debt 11278 18687

Total Liabilities 175094 165947 Total Equity 174399 170811

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 21.6 11.4 58.8 19.1 Forward P/E 20.0 — — 17.6 Price/Cash Flow 11.5 8.2 3.6 11.8 Price/Free Cash Flow 90.5 28.8 — 33.9 Dividend Yield % 3.6 2.7 4.8 2.4 Price/Book 2.0 2.4 1.1 2.7 Price/Sales 1.3 0.9 0.9 3.6 PEG Ratio 2.2 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQ Low $92.00 Wide As of 04-05-2016

Style Sector

Large Value Energy

79.00 95.27 96.12 82.73 73.69 88.23 93.67 101.74 104.76 93.45 85.10 56.42 69.02 56.51 61.86 55.94 67.03 77.13 84.79 86.19 66.55 71.55

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 90.09-66.55 10 Year High/Low $ 104.76-55.942.0

6.0

19.0

53.0

147.0

Trading Volume Million 4.0

26.0

39.8 23.1 -13.1 -12.5 9.8 18.4 4.7 19.8 -6.0 -12.6 6.4 Total Return % 24.0 17.6 23.9 -39.0 -5.3 16.3 -11.3 -12.6 -19.7 -14.0 5.7 +/- Market 11.8 -9.2 21.4 -34.8 4.2 16.1 -1.0 14.9 5.1 8.3 3.6 +/- Industry 1.7 1.5 1.9 2.4 2.4 2.2 2.5 2.4 2.9 3.7 3.6 Dividend Yield %

442508 504240 406067 322334 364064 401254 389648 438702 388382 323960 341398 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

377635 404552 477359 310586 383221 486429 480681 438255 411939 268882 268882 Revenue $Mil 43.5 42.8 39.8 31.8 31.6 30.0 30.4 28.1 28.1 30.0 30.0 Gross Margin %

99488 71479 83397 35325 53218 73504 79053 57720 51916 22277 22277 Oper Income $Mil 26.4 17.7 17.5 11.4 13.9 15.1 16.5 13.2 12.6 8.3 8.3 Operating Margin %

39500 40610 45220 19280 30460 41060 44880 32580 32520 16150 16150 Net Income $Mil

6.62 7.28 8.78 3.99 6.22 8.42 9.70 7.37 7.59 3.85 3.85 Earnings Per Share $ 1.28 1.37 1.55 1.66 1.74 1.85 2.18 2.46 2.70 2.88 2.88 Dividends $ 5967 5578 5149 4832 4897 4875 4628 4419 4282 4196 4196 Shares Mil 20.35 22.62 22.21 23.39 29.49 32.94 36.84 39.04 42.99 41.08 41.13 Book Value Per Share $

49286 52002 59725 28438 48413 55345 56170 44914 45116 30344 30344 Oper Cash Flow $Mil -15462 -15387 -19318 -22491 -26871 -30975 -34271 -33669 -32952 -26490 -26490 Cap Spending $Mil 33824 36615 40407 5947 21542 24370 21899 11245 12164 3854 3854 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

18.5 17.6 19.2 8.4 11.4 13.0 13.5 9.6 9.3 4.7 4.7 Return on Assets % 35.1 34.5 38.5 17.3 23.7 27.3 28.0 19.2 18.7 9.4 9.4 Return on Equity % 1.77 1.75 2.03 1.35 1.43 1.54 1.45 1.29 1.18 0.78 0.78 Asset Turnover 10.5 10.0 9.5 6.2 8.0 8.4 9.3 7.4 7.9 6.0 6.0 Net Margin % 1.9 2.0 2.0 2.1 2.1 2.1 2.0 2.0 2.0 2.0 2.0 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

6425 7183 7025 7129 12227 9322 7928 6891 11278 18687 18687 Long-Term Debt $Mil 113844 121762 112965 110569 146839 154396 165863 174003 174399 170811 170811 Total Equity $Mil

0.06 0.06 0.06 0.06 0.08 0.06 0.05 0.04 0.07 0.12 0.12 Debt/Equity 26960 27651 23166 3174 -3649 -4542 321 -12416 -11723 -11353 -11353 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

11.7 12.9 9.1 17.1 11.8 10.2 8.9 13.2 11.6 16.4 21.6 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 1.1 P/E vs. Market 1.2 1.3 0.9 1.1 0.9 0.9 0.8 1.0 0.9 1.1 1.3 Price/Sales 3.8 4.1 3.6 2.9 2.5 2.6 2.3 2.6 2.2 1.9 2.0 Price/Book 9.2 10.1 6.9 11.6 7.4 7.3 7.1 9.4 8.3 9.8 11.5 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 67618.0 74113.0 67344.0 59807.0 Previous 106325.0 111208.0 107130.0 87276.0 Rev Growth % Mar Jun Sep Dec

Most Recent -36.4 -33.4 -37.1 -31.5 Previous -1.9 4.3 -4.7 -21.3 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 1.17 1.00 1.01 0.66 Previous 2.10 2.04 1.89 1.55

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Chevron Corp 174512 138477 38.2 3.0 Royal Dutch Shell PLC ADR Class A

149446 272156 78.7 1.2

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.91 Vanguard 500 Index Inv 1.25 Vanguard Institutional Index I 1.10

Release date 04-05-2016

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Franklin Income Adv (USD) Morningstar Analyst Rating TM

´ 01-07-2016

Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ Morningstar Mod

Tgt Risk TR USD Morningstar Mod Con Tgt Risk TR USD

US OE Conservative Allocation734 US OE Conservative

Allocation

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 3.84 4.93 -2.73 -2.01 3.86 2015 0.88 -1.26 -8.27 0.95 -7.75 2016 2.51 — — — 2.51

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly -6.26 2.26 4.70 5.40 7.18 Std 03-31-2016 -6.26 — 4.70 5.40 7.18 Total Return -6.26 2.26 4.70 5.40 7.18

+/- Std Index -5.22 -2.33 -0.77 -0.05 — +/- Cat Index -6.61 -1.39 -0.03 0.29 —

% Rank Cat 94 70 32 7

No. in Cat 850 734 576 358

Subsidized Unsubsidized

7-day Yield — — 30-day SEC Yield — —

Fees and Expenses Sales Charges

Front-End Load % NA Deferred Load % NA

Fund Expenses

Management Fees % 0.36 12b1 Expense % NA Gross Expense Ratio % 0.46

Risk and Return Profile 3 Yr 5 Yr 10 Yr

734 funds 576 funds 358 funds

Morningstar RatingTM 2Q 3Q 3Q Morningstar Risk High High High Morningstar Return Avg +Avg High

3 Yr 5 Yr 10 Yr

Standard Deviation 9.12 9.36 12.08 Mean 2.26 4.70 5.40 Sharpe Ratio 0.28 0.53 0.41

MPT Statistics Standard Index Best Fit Index Morningstar Mod Tgt Risk TR USD

Alpha -3.09 -3.09 Beta 1.21 1.21 R-Squared 89.65 89.65

12-Month Yield — Potential Cap Gains Exp -13.77%

1 1 1 1 1 1 1 1 1 1 1 0 41 39 36 32 27 35 35 44 48 47 55 —

10k

20k

40k

60k 80k 100k

Investment Style Equity Stock %

Growth of $10,000

Franklin Income Adv 18,048 Category Average 15,386 Standard Index 18,951

( & * ) & & * & & ( ) _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

2.39 2.65 2.57 1.66 2.06 2.17 2.08 2.23 2.41 2.38 2.08 2.10 NAV/Price 2.01 19.39 5.08 -30.27 35.43 13.15 2.51 14.48 14.50 3.86 -7.75 2.51 Total Return %

-5.03 6.43 -3.55 -8.08 13.66 0.82 1.92 2.44 0.19 -1.03 -5.96 0.36 +/- Standard Index -2.92 9.67 -2.93 -17.21 20.12 3.49 -0.08 4.82 5.67 -0.44 -6.72 0.07 +/- Category Index

72 1 45 96 3 9 32 5 3 54 95 — % Rank Cat

423 558 609 679 628 656 618 715 722 724 848 912 No. of Funds in Cat

Portfolio Analysis 12-31-2015 Asset Allocation % Net % Long % Short %

Cash 4.58 4.58 0.00 US Stocks 39.91 39.91 0.00 Non-US Stocks 15.17 15.17 0.00 Bonds 29.98 29.98 0.00 Other/Not Clsfd 10.35 10.35 0.00

Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM 19.3 1.15 1.08 P/C Ratio TTM 7.5 0.81 0.77 P/B Ratio TTM 2.0 1.03 0.94 Geo Avg Mkt Cap $mil

71445 3.24 1.95

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity 6.81 Avg Eff Duration 3.82 Avg Wtd Coupon — Avg Wtd Price 144.87

Credit Quality Breakdown 12-31-2015 Bond %

AAA 2.43 AA 0.00 A 0.34

BBB 9.25 BB 27.35 B 41.63

Below B 18.08 NR 0.92

Regional Exposure Stock % Rel Std Index

Americas 78.0 1.08 Greater Europe 21.4 1.48 Greater Asia 0.6 0.05

Share Chg since 09-2015

Share Amount

Holdings: 139 Total Stocks , 287 Total Fixed-Income, 45% Turnover Ratio

% Net Assets

40 mil Royal Dutch Shell PLC ADR Class A 2.40

Y 40 mil General Electric Co 1.63 Y 12 mil Chevron Corp 1.41 Y 19 mil PG&E Corp 1.32

30 mil Pfizer Inc 1.27

20 mil Verizon Communications Inc 1.21 9 mil United Technologies Corp 1.13

11 mil Exxon Mobil Corporation 1.12

T 11 mil Target Corp 1.08 800 mil Jpmorgan Chase FRN 1.07

Y 15 mil Merck & Co Inc 1.04 18 mil Total SA ADR 1.03

T 55 mil Ford Motor Co 1.02 Y 695,218 Bk Amer Pfd 1.00 Y 8 mil PepsiCo Inc 0.98

Sector Weightings Stocks % Rel Std Index

h Cyclical 22.7 0.59 r Basic Materials 9.7 1.95 t Consumer Cyclical 3.0 0.25 y Financial Services 9.4 0.57 u Real Estate 0.7 0.12

j Sensitive 40.9 1.12 i Communication Services 5.1 1.28 o Energy 15.8 2.53 p Industrials 14.3 1.16 a Technology 5.7 0.41

k Defensive 36.4 1.46 s Consumer Defensive 5.7 0.59 d Healthcare 12.8 1.19 f Utilities 17.9 4.01

Operations

Family: Franklin Templeton Investments Manager: Multiple Tenure: 13.9 Years Objective: Balanced

Base Currency: USD Ticker: FRIAX Minimum Initial Purchase: $0 Purchase Constraints: A

Incept: 12-31-1996 Type: MF Total Assets: $72,440.88 mil

Release date 03-31-2016

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General Electric Co(USD) GE Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $30.98 $117,386 $289,062 Diversified Industrials USD

General Electric Co is a diversified company with products and services that range from aircraft engines, power generation, oil & gas production equipment, household appliances, medical imaging, business and consumer financing and industrial products.

3135 Easton Turnpike Fairfield, CT 06828-0001 Phone: +1 203 373-2211 Website: http://www.ge.com

Growth Rates Compound Annual Grade: D 1 Yr 3 Yr 5 Yr 10 Yr Revenue % 0.2 -7.2 -4.8 -2.4 Operating Income % 1.4 -17.3 -11.0 -7.9 Earnings/Share % -81.9 -50.2 -31.8 -20.7 Dividends % 3.4 9.5 14.9 0.1 Book Value/Share % -17.8 -4.0 -1.3 0.0 Stock Total Return 27.9 13.6 11.5 1.4 +/- Industry 19.8 1.6 2.1 -5.1 +/- Market 26.8 1.7 0.2 -5.4

Profitability Analysis

Grade: D Current 5 Yr Avg Ind Mkt

Return on Equity % -5.4 7.8 8.5 21.4 Return on Assets % -1.1 1.4 2.5 7.1 Revenue/Employee $K 352.5 414.7 — 873.2 Fixed Asset Turns 1.9 2.1 4.0 7.1 Inventory Turns 4.1 4.9* 4.7 9.3

Gross Margin % 29.6 38.1 34.8 45.9 Operating Margin % 14.4 17.2 11.9 18.2 Net Margin % -5.2 7.5 5.5 13.0 Free Cash Flow/Rev % 10.7 14.5 24.0 16.1 R&D/Rev % — — 1.9 —

Financial Position (USD)

Grade: C 12-14 $Mil 12-15 $Mil

Cash 70025 70483 Inventories 17689 22515 Receivables 42943 45856

Current Assets 166162 170827 Fixed Assets 48070 54095 Intangibles 66389 82271

Total Assets 654954 492692 Payables 14384 15847 Short-Term Debt 71198 50810

Current Liabilities 112442 106030 Long-Term Debt 190226 147466

Total Liabilities 526795 394418 Total Equity 128159 98274

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 183.7 29.5 35.9 19.1 Forward P/E 17.9 — — 17.6 Price/Cash Flow 15.7 8.0 4.5 11.8 Price/Free Cash Flow 24.9 15.0 8.6 33.9 Dividend Yield % 3.0 3.2 2.2 2.4 Price/Book 3.0 1.9 3.2 2.7 Price/Sales 2.7 1.6 2.0 3.6 PEG Ratio 1.9 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ Medium $30.00 Wide As of 04-05-2016

Style Sector

Large Core Industrials

38.49 42.15 38.52 17.52 19.70 21.65 23.18 28.09 28.03 31.49 32.05 32.06 33.90 12.58 5.73 13.75 14.02 17.91 20.68 23.69 19.37 27.10

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 32.05-19.37 10 Year High/Low $ 42.15-5.731.0

4.0

9.0

21.0

46.0

Trading Volume Million 7.0

70.0

9.1 2.7 -53.0 -2.8 23.9 1.3 21.1 37.3 -6.7 26.9 0.2 Total Return % -6.7 -2.8 -16.0 -29.3 8.9 -0.9 5.1 4.9 -20.4 25.5 -0.5 +/- Market -2.8 -12.9 -8.2 -27.3 -5.6 5.6 2.8 -2.5 -7.6 23.7 -4.6 +/- Industry 2.8 3.1 7.7 4.0 2.5 3.4 3.3 2.8 3.5 3.0 3.0 Dividend Yield %

382421 370240 161278 161332 194155 189363 218414 282006 254150 292165 289062 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

151568 172488 181581 155278 149567 146542 146684 113245 117184 117386 117386 Revenue $Mil 56.0 57.6 53.9 51.1 52.1 53.4 49.3 29.5 28.6 29.6 29.6 Gross Margin %

43029 51290 45528 28304 29724 34581 29788 15459 16632 16862 16862 Oper Income $Mil 28.4 29.7 25.1 18.2 19.9 23.6 20.3 13.7 14.2 14.4 14.4 Operating Margin %

20742 22208 17410 11025 11644 14151 13641 13057 15233 -6126 -6126 Net Income $Mil

1.99 2.20 1.78 1.03 1.15 1.23 1.39 1.47 1.51 0.17 -0.62 Earnings Per Share $ 1.03 1.15 1.24 0.61 0.46 0.61 0.70 0.79 0.89 0.92 0.92 Dividends $

10394 10218 10098 10615 10678 10620 10564 10289 10123 10016 10016 Shares Mil 10.84 11.57 10.51 11.00 11.20 11.77 11.82 12.20 13.42 11.86 10.53 Book Value Per Share $

31455 43322 48653 24417 36124 33359 31331 28510 27709 19891 19891 Oper Cash Flow $Mil -15788 -17803 -16010 -8634 -9800 -12637 -15119 -6754 -7134 -7309 -7309 Cap Spending $Mil 15667 25519 32643 15783 26324 20722 16212 21756 20575 12582 12582 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

3.0 3.0 2.2 1.4 1.5 1.8 1.9 1.9 2.3 -1.1 -1.1 Return on Assets % 18.8 19.6 15.7 9.7 9.6 11.2 11.4 10.3 11.8 -5.4 -5.4 Return on Equity % 0.22 0.23 0.23 0.20 0.20 0.20 0.21 0.17 0.18 0.20 0.21 Asset Turnover 13.7 12.9 9.6 6.9 7.6 9.0 9.3 11.5 13.0 -5.2 -5.2 Net Margin % 6.2 6.9 7.6 6.7 6.3 6.2 5.6 5.0 5.1 5.0 5.0 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

260752 319013 322847 337631 312842 262003 258500 242742 190226 147466 147466 Long-Term Debt $Mil 111509 115559 104665 117291 118936 116438 123026 130566 128159 98274 98274 Total Equity $Mil

2.34 2.76 3.08 2.88 2.63 2.25 2.10 1.86 1.48 1.50 1.50 Debt/Equity 212129 243561 284349 281997 270704 235043 244742 255083 53720 64797 64797 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

19.7 16.9 9.1 14.7 15.9 14.6 15.1 20.0 17.0 60.2 183.7 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 9.6 P/E vs. Market 2.4 2.2 0.9 1.0 1.3 1.3 1.5 2.0 1.7 2.2 2.7 Price/Sales 3.4 3.2 1.5 1.4 1.6 1.5 1.8 2.3 1.9 2.6 3.0 Price/Book 12.9 8.2 3.4 6.5 5.4 5.6 7.1 10.2 9.3 12.9 15.7 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 29356.0 32754.0 31511.0 25747.0 Previous 33548.0 32260.0 31849.0 23381.0 Rev Growth % Mar Jun Sep Dec

Most Recent -12.5 1.5 -1.1 10.1 Previous -4.0 -8.0 -10.7 208.4 Earnings Per Share $ Mar Jun Sep Dec

Most Recent -1.13 0.24 0.28 0.35 Previous 0.29 0.35 0.34 0.52

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Honeywell International Inc 85995 38581 18.6 26.5 United Technologies Corp 83526 56098 22.1 26.0

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.78 Vanguard 500 Index Inv 1.16 SPDR® S&P 500 ETF 1.03

Release date 04-05-2016

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Gilead Sciences Inc(USD) GILD Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $95.57 $32,639 $130,629 Biotechnology USD

Gilead Sciences Inc is a research-based biopharmaceutical company that discovers, develops and commercializes new medicines for different medical sectors.

333 Lakeside Drive Foster City, CA 94404 Phone: +1 650 574-3000 Website: http://www.gilead.com

Growth Rates Compound Annual Grade: A 1 Yr 3 Yr 5 Yr 10 Yr Revenue % 31.1 49.8 32.6 32.0 Operating Income % 45.4 76.9 41.1 34.9 Earnings/Share % 62.0 93.7 48.3 39.4 Dividends % — — — — Book Value/Share % 26.7 28.6 29.0 23.0 Stock Total Return -1.2 27.1 36.0 19.8 +/- Industry 13.3 8.5 13.9 6.9 +/- Market -2.3 15.2 24.7 13.0

Profitability Analysis

Grade: A Current 5 Yr Avg Ind Mkt

Return on Equity % 106.6 60.7 18.5 21.4 Return on Assets % 41.9 26.2 8.8 7.1 Revenue/Employee $K 4079.9 2655.2 — 873.2 Fixed Asset Turns 16.5 13.1 4.9 7.1 Inventory Turns 2.4 1.9* 1.6 9.3

Gross Margin % 87.7 79.2 84.9 45.9 Operating Margin % 68.0 51.3 29.9 18.2 Net Margin % 55.5 38.3 19.5 13.0 Free Cash Flow/Rev % 60.0 41.2 46.2 16.1 R&D/Rev % 9.2 14.5 27.9 —

Financial Position (USD)

Grade: B 12-14 $Mil 12-15 $Mil

Cash 10027 12851 Inventories 1386 1955 Receivables 4635 5854

Current Assets 17714 24763 Fixed Assets 1674 2276 Intangibles 12245 11419

Total Assets 34664 51839 Payables 1060 1243 Short-Term Debt 483 983

Current Liabilities 5761 9891 Long-Term Debt 11921 21195

Total Liabilities 19238 33305 Total Equity 15426 18534

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 8.0 21.0 36.1 19.1 Forward P/E 7.7 — — 17.6 Price/Cash Flow 7.2 19.1 12.5 11.8 Price/Free Cash Flow 7.4 20.7 15.1 33.6 Dividend Yield % 1.8 — 0.9 2.4 Price/Book 7.0 7.8 6.6 2.7 Price/Sales 4.5 7.0 6.9 3.5 PEG Ratio 45.2 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQ Medium $128.00 Wide As of 04-05-2016

Style Sector

Large Value Healthcare

17.50 23.95 28.82 26.64 24.75 21.75 38.56 76.11 116.83 123.37 101.19 13.12 15.48 17.80 20.31 15.87 17.23 20.47 36.73 63.50 86.00 81.89

Annual Price High Low Recent Splits2:1 2:1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 123.37-81.89 10 Year High/Low $ 123.37-13.122.0

6.0

19.0

53.0

147.0

Trading Volume Million 3.0

18.0

23.5 41.7 11.1 -15.4 -16.2 12.9 79.5 104.5 25.5 8.7 -5.1 Total Return % 7.7 36.2 48.1 -41.9 -31.3 10.8 63.4 72.1 11.8 7.3 -5.8 +/- Market 17.6 49.9 17.1 -25.0 -35.1 1.3 45.3 45.6 -4.4 -1.9 9.0 +/- Industry — — — — — — — — — 1.3 1.8 Dividend Yield %

29941 42737 46528 38932 29064 30825 55791 115234 141296 143892 130629 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

3026 4230 5336 7011 7949 8385 9702 11202 24890 32639 32639 Revenue $Mil 85.7 81.8 78.9 77.2 76.5 74.7 74.5 74.5 84.8 87.7 87.7 Gross Margin % -759 2165 2679 3529 3962 3790 4010 4524 15265 22193 22193 Oper Income $Mil -25.1 51.2 50.2 50.3 49.8 45.2 41.3 40.4 61.3 68.0 68.0 Operating Margin %

-1190 1615 1979 2636 2901 2804 2592 3075 12101 18108 18108 Net Income $Mil

-0.65 0.84 1.05 1.41 1.66 1.77 1.64 1.81 7.35 11.91 11.91 Earnings Per Share $ — — — — — — — — — 1.29 1.29 Dividends $

1836 1929 1918 1868 1747 1580 1583 1695 1647 1521 1521 Shares Mil 1.79 1.86 2.28 3.54 3.66 4.06 6.13 7.09 9.05 12.25 13.56 Book Value Per Share $

1218 1765 2143 3080 2834 3639 3195 3105 12818 20329 20329 Oper Cash Flow $Mil -105 -79 -115 -230 -62 -132 -397 -190 -557 -747 -747 Cap Spending $Mil 1113 1687 2028 2850 2772 3507 2798 2915 12261 19582 19582 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

-30.3 32.6 31.0 31.7 27.3 19.4 13.5 14.0 42.3 41.9 41.9 Return on Assets % -49.1 61.2 51.2 49.6 47.4 44.5 32.3 29.8 90.3 106.6 106.6 Return on Equity % 0.77 0.85 0.84 0.84 0.75 0.58 0.50 0.51 0.87 0.75 0.75 Asset Turnover -39.3 38.2 37.1 37.6 36.5 33.4 26.7 27.5 48.6 55.5 55.5 Net Margin % 2.3 1.7 1.6 1.5 2.0 2.6 2.3 2.0 2.2 2.8 2.8 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

1392 1312 1155 1243 2839 7606 7055 3939 11921 21195 21195 Long-Term Debt $Mil 1816 3460 4273 6367 5864 6739 9303 11370 15426 18534 18534 Total Equity $Mil 0.77 0.38 0.27 0.20 0.48 1.13 0.76 0.35 0.77 1.14 1.14 Debt/Equity 1665 2292 3057 2941 3243 11404 1918 590 11953 14872 14872 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

41.0 27.5 24.4 15.3 10.9 11.9 22.4 41.3 16.8 9.3 8.0 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.4 P/E vs. Market

11.4 10.5 9.2 5.8 4.0 4.0 6.0 11.8 7.6 5.0 4.5 Price/Sales 9.1 12.3 11.2 6.1 5.0 5.0 6.0 10.6 10.4 8.3 7.0 Price/Book 28.8 25.1 22.2 13.1 11.2 9.8 18.2 40.8 15.0 8.5 7.2 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 7594.0 8244.0 8295.0 8506.0 Previous 4999.0 6535.0 6042.0 7314.0 Rev Growth % Mar Jun Sep Dec

Most Recent 51.9 26.2 37.3 16.3 Previous 97.5 136.1 117.1 134.4 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 2.76 2.92 3.06 3.19 Previous 1.33 2.20 1.67 2.18

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Pfizer Inc 193935 48851 28.3 10.2 Merck & Co Inc 150530 39498 34.7 9.5

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 2.01 Assetplus Global Rich Toghther Master Eq 0.00 Hanwha Global Healthcare Master Equity 0.00

Release date 04-05-2016

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Halliburton Co(USD) HAL Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $34.40 $23,633 $29,527 Oil & Gas Equipment

& Services USD

Halliburton Co is a provider of services and products to the energy industry related to the exploration, development, and production of oil and natural gas.

3000 North Sam Houston Parkway East Houston, TX 77032 Phone: +1 281 871-2699 Website: http://www.halliburton.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -28.1 -6.1 5.6 1.2 Operating Income % — — — — Earnings/Share % — — — — Dividends % 14.3 26.0 14.9 11.2 Book Value/Share % -5.8 2.1 9.6 11.3 Stock Total Return -20.1 -2.0 -5.7 0.0 +/- Industry 3.2 6.1 3.0 1.0 +/- Market -21.2 -13.9 -17.0 -6.8

Profitability Analysis

Grade: D Current 5 Yr Avg Ind Mkt

Return on Equity % -4.2 15.2 -7.5 21.4 Return on Assets % -1.9 8.2 -3.9 7.1 Revenue/Employee $K 363.6 382.4 — 873.2 Fixed Asset Turns 2.0 2.8 1.8 7.1 Inventory Turns 7.1 8.0* 4.8 9.3

Gross Margin % 10.7 15.8 17.9 45.9 Operating Margin % -0.7 11.8 -5.2 18.2 Net Margin % -2.8 7.1 -6.5 13.0 Free Cash Flow/Rev % 3.1 2.8 7.7 16.1 R&D/Rev % — — 1.3 —

Financial Position (USD)

Grade: C 12-14 $Mil 12-15 $Mil

Cash 2291 10077 Inventories 3571 2417 Receivables 7564 5317

Current Assets 14647 21609 Fixed Assets 12475 10911 Intangibles 2330 2109

Total Assets 32165 36942 Payables 3221 2312 Short-Term Debt 3221 659

Current Liabilities 5866 5359 Long-Term Debt 7765 14687

Total Liabilities 15898 21480 Total Equity 16267 15462

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings — 21.1 — 19.1 Forward P/E 22.5 — — 17.6 Price/Cash Flow 10.1 11.0 8.1 11.8 Price/Free Cash Flow 40.6 125.7 16.7 33.6 Dividend Yield % 2.1 1.4 2.4 2.4 Price/Book 1.9 2.8 1.4 2.7 Price/Sales 1.2 1.5 1.3 3.5 PEG Ratio 7.6 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ High $34.00 Narrow As of 04-05-2016

Style Sector

Large Growth Energy

41.99 41.95 55.38 32.00 41.73 57.77 39.19 56.52 74.33 50.20 36.74 26.33 27.65 12.80 14.68 21.10 27.21 26.28 34.69 37.21 30.93 27.64

Annual Price High Low Recent Splits2:1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 50.20-27.64 10 Year High/Low $ 74.33-12.801.0

4.0

12.0

29.0

68.0

Trading Volume Million 3.0

18.0

1.2 23.2 -51.1 67.5 36.9 -14.6 1.6 47.8 -21.3 -11.6 1.6 Total Return % -14.6 17.7 -14.1 41.0 21.8 -16.7 -14.4 15.4 -34.9 -13.0 0.9 +/- Market -18.4 -21.4 8.1 5.8 1.7 -3.5 2.0 18.1 -7.0 12.0 3.4 +/- Industry 1.0 0.9 2.0 1.2 0.9 1.0 1.0 1.0 1.6 2.1 2.1 Dividend Yield %

30988 33367 16248 27141 37155 31784 32227 43087 33352 29138 29527 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

12955 15264 18279 14675 17973 24829 28503 29402 32870 23633 23633 Revenue $Mil 27.2 24.5 23.1 15.0 18.0 20.2 16.6 15.2 16.3 10.7 10.7 Gross Margin % 3245 3498 4010 1994 3009 4737 4159 3138 5097 -165 -165 Oper Income $Mil 25.1 22.9 21.9 13.6 16.7 19.1 14.6 10.7 15.5 -0.7 -0.7 Operating Margin %

2348 3499 2224 1145 1835 2839 2635 2125 3500 -671 -671 Net Income $Mil

2.16 2.66 2.17 1.28 1.97 3.26 2.78 2.33 4.03 -0.78 -0.79 Earnings Per Share $ 0.30 0.35 0.36 0.36 0.36 0.36 0.36 0.53 0.63 0.72 0.72 Dividends $ 1054 950 904 902 911 922 928 902 852 853 853 Shares Mil 7.10 7.80 8.64 9.68 11.40 13.42 16.97 15.06 18.27 18.05 18.01 Book Value Per Share $

3657 2726 2674 2406 2212 3684 3654 4447 4062 2906 2906 Oper Cash Flow $Mil -834 -2146 -1824 -1864 -2069 -2953 -3566 -2934 -3283 -2184 -2184 Cap Spending $Mil 2823 580 850 542 143 731 88 1513 779 722 722 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

14.7 23.3 16.2 7.4 10.5 13.5 10.3 7.5 11.4 -1.9 -1.9 Return on Assets % 34.2 49.1 30.5 13.9 19.2 24.1 18.2 14.5 23.5 -4.2 -4.2 Return on Equity % 0.81 1.02 1.33 0.95 1.03 1.18 1.12 1.04 1.07 0.68 0.68 Asset Turnover 18.1 22.9 12.2 7.8 10.2 11.4 9.2 7.2 10.7 -2.8 -2.8 Net Margin % 2.3 1.9 1.9 1.9 — 1.8 1.7 2.2 2.0 2.4 2.4 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

2783 2627 2586 3824 3824 4820 4820 7816 7765 14687 14687 Long-Term Debt $Mil 7376 6866 7725 8728 10373 13198 15765 13581 16267 15462 15462 Total Equity $Mil 0.38 0.38 0.33 0.44 — 0.37 0.31 0.58 0.48 0.95 0.95 Debt/Equity 6456 5162 4630 5749 6129 7456 8334 8678 8781 16250 16250 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

12.1 14.2 8.4 23.5 20.7 11.7 12.5 24.3 10.1 111.1 — Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.1 — P/E vs. Market 1.4 2.4 0.9 1.8 2.1 1.4 1.1 1.6 1.1 1.1 1.2 Price/Sales 4.4 4.9 2.1 3.1 3.6 2.6 2.0 3.4 2.2 1.9 1.9 Price/Book 8.9 13.2 6.1 11.3 16.8 9.9 8.8 10.9 7.0 9.1 10.1 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 7050.0 5919.0 5582.0 5082.0 Previous 7348.0 8051.0 8701.0 8770.0 Rev Growth % Mar Jun Sep Dec

Most Recent -4.1 -26.5 -35.9 -42.1 Previous 5.4 10.0 16.5 14.8 Earnings Per Share $ Mar Jun Sep Dec

Most Recent -0.75 0.06 -0.06 -0.03 Previous 0.73 0.91 1.33 1.06

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Schlumberger Ltd 91288 35711 44.6 5.6 Weatherford International PLC 5581 9433 — -35.3

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.81 Swedbank Robur Allemansfond Komplett 0.16 Assetplus Global Rich Toghther Master Eq 0.00

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Hewlett Packard Enterprise Co(USD) HPE Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $17.61 $51,778 $30,229 Information

Technology Services USD

Hewlett Packard Enterprise Co provides servers, storage, networking and technology services. The Company's business segments are Enterprise Group, Software, Enterprise Services, Financial Services, and Corporate Investments.

3000 Hanover Street Phone: +1 650 857-1501 Website: https://www.hpe.com

Growth Rates Compound Annual Grade: 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -5.5 -5.1 — — Operating Income % -34.8 — — — Earnings/Share % 52.2 — — — Dividends % — — — — Book Value/Share % — — — — Stock Total Return — — — — +/- Industry — — — — +/- Market — — — —

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 7.0 — 24.9 21.4 Return on Assets % 2.8 — 8.2 7.1 Revenue/Employee $K 215.7 0.0 — 873.2 Fixed Asset Turns 5.3 — 9.3 7.1 Inventory Turns 15.7 —* 18.5 9.3

Gross Margin % 28.8 — 35.0 45.9 Operating Margin % 2.3 — 12.1 18.2 Net Margin % 4.2 — 9.5 13.0 Free Cash Flow/Rev % — — 8.6 16.1 R&D/Rev % 4.5 — 3.1 —

Financial Position (USD)

Grade: C 10-15 $Mil 01-16 $Mil

Cash 9842 8505 Inventories 2198 2345 Receivables 14986 10846

Current Assets 31173 27756 Fixed Assets 9886 9700 Intangibles 29191 29166

Total Assets 81270 77352 Payables 7826 5305 Short-Term Debt 691 910

Current Liabilities 22151 20351 Long-Term Debt 15103 15229

Total Liabilities 47735 46103 Total Equity 33535 31249

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 14.0 — 17.2 19.1 Forward P/E 8.7 — — 17.6 Price/Cash Flow 10.7 — 11.4 11.8 Price/Free Cash Flow — — 17.0 33.6 Dividend Yield % 0.6 — 1.9 2.4 Price/Book 1.0 — 4.3 2.7 Price/Sales 0.6 — 1.6 3.5 PEG Ratio 5.5 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ High $17.00 None As of 04-05-2016

Style Sector

Large Value Technology

— — — — — — — — — 18.50 18.55 — — — — — — — — — 13.12 11.63

Annual Price High Low Recent Splits

2015 YTD Stock Performance

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

52 week High/Low $ 18.55-11.63 10 Year High/Low $ 18.55-11.631.0

2.0

5.0

11.0

21.0

Trading Volume Thousand 33.0

1,169.0

— — — — — — — — — — 16.2 Total Return % — — — — — — — — — — 15.6 +/- Market — — — — — — — — — — 9.3 +/- Industry — — — — — — — — — 0.4 0.6 Dividend Yield % — — — — — — — — — 26486 30229 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

— — — — — — 61042 57371 55123 52107 51778 Revenue $Mil — — — — — — 27.7 27.4 28.4 28.7 28.8 Gross Margin % — — — — — — -14139 2952 2335 1523 1175 Oper Income $Mil — — — — — — -23.2 5.2 4.2 2.9 2.3 Operating Margin %

— — — — — — -14761 2051 1648 2461 2181 Net Income $Mil

— — — — — — — — 0.88 1.34 1.26 Earnings Per Share $ — — — — — — — — — — 0.06 Dividends $ — — — — — — — — 1869 1834 — Shares Mil — — — — — — — — — 19.25 18.20 Book Value Per Share $

— — — — — — 7240 8739 6911 3661 3018 Oper Cash Flow $Mil — — — — — — -3475 -2497 -3620 -3344 -3390 Cap Spending $Mil — — — — — — 3765 6242 3291 317 -372 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

— — — — — — — 3.0 2.5 3.4 2.8 Return on Assets % — — — — — — — 5.4 4.4 7.0 7.0 Return on Equity % — — — — — — — 0.83 0.82 0.71 0.67 Asset Turnover — — — — — — -24.2 3.6 3.0 4.7 4.2 Net Margin % — — — — — — — 1.8 1.8 2.4 2.5 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 01-16 Financial Health (USD)

— — — — — — — 617 485 15103 15229 Long-Term Debt $Mil — — — — — — — 37988 36776 33535 31249 Total Equity $Mil — — — — — — — 0.02 0.01 0.45 0.49 Debt/Equity — — — — — — — 3467 2271 9022 7405 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

— — — — — — — — — 11.3 14.0 Price/Earnings — — — — — — — — — 0.0 0.7 P/E vs. Market — — — — — — — — — 0.5 0.6 Price/Sales — — — — — — — — — 0.8 1.0 Price/Book — — — — — — — — — 7.6 10.7 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Apr Jul Oct Jan

Most Recent 12549.0 13057.0 13448.0 12724.0 Previous — 13704.0 14073.0 13053.0 Rev Growth % Apr Jul Oct Jan

Most Recent -3.9 -4.7 -4.4 -2.5 Previous — — 2.7 -7.3 Earnings Per Share $ Apr Jul Oct Jan

Most Recent — — 0.75 0.15 Previous — — — —

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE%

Major Fund Holders

% of shares

Dodge & Cox Stock 5.22 Dodge & Cox International Stock 3.79 Vanguard Total Stock Mkt Idx 1.98

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Intel Corp(USD) INTC Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $31.90 $55,355 $150,696 Semiconductors USD

Intel Corporation is engaged in making a semiconductor chip. It designs and manufactures integrated digital technology products like integrated circuits, for industries such as computing and communications.

2200 Mission College Boulevard Santa Clara, CA 95054-1549 Phone: +1 408 765-8080 Website: http://www.intel.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -0.9 1.2 4.9 3.6 Operating Income % -8.8 -1.5 -2.1 1.5 Earnings/Share % 0.8 3.0 3.0 5.2 Dividends % 6.7 3.3 8.8 11.6 Book Value/Share % 9.9 7.9 7.6 7.8 Stock Total Return 6.7 18.3 13.0 7.2 +/- Industry 1.4 -1.0 1.3 0.6 +/- Market 5.6 6.4 1.7 0.4

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 19.5 21.5 15.2 21.4 Return on Assets % 11.7 13.7 8.8 7.1 Revenue/Employee $K 515.9 515.4 — 873.2 Fixed Asset Turns 1.7 2.0 2.6 7.1 Inventory Turns 4.4 4.7* 3.9 9.3

Gross Margin % 62.7 62.2 52.8 45.9 Operating Margin % 25.3 27.2 19.0 18.2 Net Margin % 20.6 20.9 14.4 13.0 Free Cash Flow/Rev % 20.9 18.0 17.4 16.1 R&D/Rev % 21.9 19.4 16.2 —

Financial Position (USD)

Grade: A 12-14 $Mil 12-15 $Mil

Cash 2561 15308 Inventories 4273 5167 Receivables 4427 4787

Current Assets 27730 40356 Fixed Assets 33238 31858 Intangibles 15307 15265

Total Assets 91900 103065 Payables 2748 2063 Short-Term Debt 1596 2634

Current Liabilities 16011 15667 Long-Term Debt 12059 20036

Total Liabilities 36035 41980 Total Equity 55865 61085

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 13.7 12.4 23.0 19.1 Forward P/E 12.0 — — 17.6 Price/Cash Flow 8.2 7.0 12.1 11.8 Price/Free Cash Flow 13.5 14.1 18.4 33.6 Dividend Yield % 3.1 3.2 1.7 2.4 Price/Book 2.5 2.5 3.3 2.7 Price/Sales 2.8 2.6 3.3 3.5 PEG Ratio 1.9 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ Medium $31.00 Wide As of 04-05-2016

Style Sector

Large Core Technology

26.63 27.99 26.34 21.27 24.37 25.78 29.27 26.04 37.90 37.49 34.45 16.75 18.75 12.06 12.05 17.60 19.16 19.23 20.10 23.50 24.87 27.68

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 35.59-24.87 10 Year High/Low $ 37.90-12.051.0

3.0

8.0

18.0

38.0

Trading Volume Million 6.0

53.0

-17.3 33.9 -43.0 43.0 6.2 19.0 -11.4 30.2 43.3 -2.4 -6.6 Total Return % -33.1 28.4 -6.0 16.5 -8.9 16.9 -27.4 -2.2 29.6 -3.8 -7.3 +/- Market -12.1 25.8 1.8 -21.8 -10.9 24.8 -18.1 5.6 14.3 -9.3 -8.7 +/- Industry 2.0 1.7 3.7 2.8 3.0 3.2 4.2 3.5 2.5 2.8 3.1 Dividend Yield %

116782 154308 81539 112669 115896 121250 101945 128918 172305 162776 150696 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

35382 38334 37586 35127 43623 53999 53341 52708 55870 55355 55355 Revenue $Mil 51.5 51.9 55.5 55.7 65.3 62.5 62.2 59.8 63.7 62.7 62.7 Gross Margin % 5652 8216 8954 5711 15588 17477 14638 12291 15347 14002 14002 Oper Income $Mil 16.0 21.4 23.8 16.3 35.7 32.4 27.4 23.3 27.5 25.3 25.3 Operating Margin %

5044 6976 5292 4369 11464 12942 11005 9620 11704 11420 11420 Net Income $Mil

0.86 1.18 0.92 0.77 2.01 2.39 2.13 1.89 2.31 2.33 2.33 Earnings Per Share $ 0.40 0.45 0.55 0.56 0.63 0.78 0.87 0.90 0.90 0.96 0.96 Dividends $ 5880 5936 5748 5645 5696 5411 5160 5097 5056 4894 4894 Shares Mil 6.07 7.39 7.03 7.55 8.97 9.22 10.36 11.16 11.81 12.08 12.93 Book Value Per Share $

10620 12625 10926 11170 16692 20963 18884 20776 20418 19017 19017 Oper Cash Flow $Mil -5779 -5000 -5197 -4515 -5207 -10830 -11842 -10747 -10197 -7446 -7446 Cap Spending $Mil 4841 7625 5729 6655 11485 10133 7042 10029 10221 11571 11571 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

10.4 13.4 10.0 8.4 19.7 19.3 14.2 10.9 12.7 11.7 11.7 Return on Assets % 13.8 17.6 12.9 10.8 25.2 27.2 22.7 17.6 20.5 19.5 19.5 Return on Equity % 0.73 0.74 0.71 0.68 0.75 0.80 0.69 0.60 0.61 0.57 0.57 Asset Turnover 14.3 18.2 14.1 12.4 26.3 24.0 20.6 18.3 21.0 20.6 20.6 Net Margin % 1.3 1.3 1.3 1.3 1.3 1.5 1.6 1.6 1.6 1.7 1.7 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

1848 1980 1185 2049 2077 7084 13136 13165 12059 20036 20036 Long-Term Debt $Mil 36752 42762 39546 41704 49430 45911 51203 58256 55865 61085 61085 Total Equity $Mil 0.05 0.05 0.03 0.05 0.04 0.15 0.26 0.23 0.22 0.33 0.33 Debt/Equity 9766 15314 12053 13566 22284 13844 18460 18516 11719 24689 24689 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

20.0 22.7 15.9 26.4 10.4 10.5 9.7 14.0 17.3 14.7 13.7 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.7 P/E vs. Market 3.3 4.1 2.2 3.3 2.7 2.6 2.0 2.5 3.4 3.1 2.8 Price/Sales 3.3 3.6 2.1 2.7 2.3 2.6 2.0 2.3 3.1 2.9 2.5 Price/Book 11.8 12.5 7.7 10.3 7.2 6.7 5.6 6.4 8.9 8.7 8.2 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 12781.0 13195.0 14465.0 14914.0 Previous 12764.0 13831.0 14554.0 14721.0 Rev Growth % Mar Jun Sep Dec

Most Recent 0.1 -4.6 -0.6 1.3 Previous 1.5 8.0 7.9 6.4 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 0.41 0.55 0.64 0.74 Previous 0.38 0.55 0.66 0.74

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Advanced Micro Devices Inc 2189 3991 — —

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.91 Vanguard 500 Index Inv 1.24 SPDR® S&P 500 ETF 0.00

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International Business Machines Corp(USD) IBM

Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $150.00 $81,741 $144,132 Information

Technology Services USD

International Business Machines Corp is an IT products and services company. It offers consulting and IT implementation services, cloud and cognitive offerings, and enterprise systems and software.

1 New Orchard Road Armonk, NY 10504 Phone: +1 914 499-1900 Website: http://www.ibm.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -11.9 -7.4 -3.9 -1.1 Operating Income % -15.3 -9.4 -2.9 5.3 Earnings/Share % -12.8 -2.6 3.4 10.7 Dividends % 17.7 14.9 14.9 20.4 Book Value/Share % 23.3 -4.4 -4.7 -3.5 Stock Total Return -3.3 -7.9 0.7 7.9 +/- Industry -6.8 -13.6 -4.9 -1.1 +/- Market -4.4 -19.9 -10.6 1.1

Profitability Analysis

Grade: A Current 5 Yr Avg Ind Mkt

Return on Equity % 101.0 81.6 32.1 21.4 Return on Assets % 11.6 12.6 9.0 7.1 Revenue/Employee $K 198.5 220.5 — 873.2 Fixed Asset Turns 7.6 7.4 10.4 7.1 Inventory Turns 22.5 21.8* 19.0 9.3

Gross Margin % 49.8 49.0 36.3 45.9 Operating Margin % 19.2 19.9 13.9 18.2 Net Margin % 16.1 15.4 10.3 13.0 Free Cash Flow/Rev % 15.7 14.3 10.4 16.1 R&D/Rev % 6.4 6.1 3.0 —

Financial Position (USD)

Grade: B 12-14 $Mil 12-15 $Mil

Cash 8476 7686 Inventories 2104 1551 Receivables 31831 28554

Current Assets 47377 42504 Fixed Assets 10771 10727 Intangibles 33660 35507

Total Assets 117271 110495 Payables 11948 8875 Short-Term Debt 5731 6461

Current Liabilities 39581 34269 Long-Term Debt 34991 33428

Total Liabilities 105403 96233 Total Equity 11868 14262

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 11.2 12.9 17.2 19.1 Forward P/E 10.4 — — 17.6 Price/Cash Flow 8.8 11.0 11.4 11.8 Price/Free Cash Flow 11.6 14.5 17.0 33.9 Dividend Yield % 3.5 2.3 1.9 2.4 Price/Book 10.2 10.7 4.3 2.7 Price/Sales 1.8 2.0 1.6 3.6 PEG Ratio 1.9 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ High $145.00 Narrow As of 04-05-2016

Style Sector

Large Value Technology

97.88 121.46 130.93 132.85 147.53 194.90 211.79 215.90 199.21 176.30 153.52 72.73 88.77 69.50 81.76 116.00 146.64 177.35 172.57 150.50 131.65 116.90

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 176.30-116.90 10 Year High/Low $ 215.90-69.502.0

7.0

24.0

70.0

206.0

Trading Volume Million 2.0

11.0

19.5 12.8 -20.4 58.1 14.0 27.3 6.0 -0.1 -12.2 -11.1 9.9 Total Return % 3.7 7.3 16.6 31.6 -1.0 25.2 -10.0 -32.5 -25.9 -12.5 9.3 +/- Market -4.4 13.4 10.1 -11.4 -8.6 27.4 -2.2 -19.3 -11.8 -13.5 3.1 +/- Industry 1.1 1.4 2.3 1.6 1.7 1.6 1.7 2.0 2.7 3.6 3.5 Dividend Yield %

146262 149646 112699 170869 180220 213886 214032 197772 158920 132904 144132 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

91424 98786 103630 95758 99871 106916 102874 98367 92793 81741 81741 Revenue $Mil 41.9 42.2 44.1 45.7 46.1 46.9 49.0 49.5 50.0 49.8 49.8 Gross Margin %

11929 13516 15938 17012 18151 20286 21082 20312 18532 15689 15689 Oper Income $Mil 13.1 13.7 15.4 17.8 18.2 19.0 20.5 20.7 20.0 19.2 19.2 Operating Margin %

9492 10418 12334 13425 14833 15855 16604 16483 12022 13190 13190 Net Income $Mil

6.06 7.18 8.93 10.01 11.52 13.06 14.37 14.94 15.59 13.60 13.42 Earnings Per Share $ 1.10 1.50 1.90 2.15 2.50 2.90 3.30 3.70 4.25 5.00 5.00 Dividends $ 1554 1451 1382 1341 1287 1214 1155 1103 1010 983 983 Shares Mil 22.75 20.57 10.06 17.34 18.77 19.16 16.88 18.85 14.39 13.77 14.84 Book Value Per Share $

15019 16094 18812 20773 19549 19846 19586 17485 16868 17008 17008 Oper Cash Flow $Mil -4362 -4630 -4171 -4077 -4754 -4667 -4717 -4140 -4183 -4151 -4151 Cap Spending $Mil 10657 11464 14641 16696 14795 15179 14869 13345 12685 12857 12857 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

9.1 9.3 10.7 12.3 13.3 13.8 14.1 13.4 9.9 11.6 11.6 Return on Assets % 30.8 36.6 58.8 74.4 64.9 73.4 85.2 79.2 69.4 101.0 101.0 Return on Equity % 0.87 0.88 0.90 0.88 0.90 0.93 0.87 0.80 0.76 0.72 0.72 Asset Turnover 10.4 10.6 11.9 14.0 14.9 14.8 16.1 16.8 13.0 16.1 16.1 Net Margin % 3.6 4.2 8.1 4.8 4.9 5.8 6.3 5.5 9.9 7.7 7.7 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

13780 23039 22689 21932 21846 22857 24088 32856 34991 33428 33428 Long-Term Debt $Mil 28506 28470 13465 22637 23046 20138 18860 22792 11868 14262 14262 Total Equity $Mil 0.48 0.81 1.69 0.97 0.95 1.14 1.28 1.44 2.95 2.34 2.34 Debt/Equity 4569 8867 6569 12933 7554 8805 5808 11196 7796 8235 8235 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

16.6 15.1 9.4 13.1 12.7 14.5 13.3 13.0 10.3 9.4 11.2 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.6 P/E vs. Market 1.7 1.6 1.1 1.8 1.9 2.1 2.1 2.1 1.7 1.6 1.8 Price/Sales 4.3 5.3 8.4 7.5 7.8 9.6 11.4 10.0 11.1 10.0 10.2 Price/Book 10.1 9.7 6.2 8.5 9.7 11.6 11.3 12.1 9.5 7.6 8.8 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 19590.0 20813.0 19280.0 22059.0 Previous 22484.0 24364.0 22397.0 24113.0 Rev Growth % Mar Jun Sep Dec

Most Recent -11.9 -13.5 -13.9 -8.5 Previous -5.0 -3.5 -4.0 -12.0 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 2.44 3.58 3.02 4.59 Previous 2.29 4.12 3.46 5.54

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Oracle Corp 168194 37159 20.3 18.8 Cisco Systems Inc 138786 49589 13.9 17.4

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.73 Vanguard 500 Index Inv 1.16 SPDR® S&P 500 ETF 0.94

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Invesco Limited Term Municipal Income A (USD)

Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ Barclays

Municipal TR USD Barclays Municipal 3 Yr 2-4 TR USD

US OE Muni National Short189 US OE Muni National

Short

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 1.50 1.59 0.79 0.45 4.40 2015 0.62 -0.47 0.72 0.53 1.40 2016 0.94 — — — 0.94

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly -0.82 0.88 3.30 3.76 3.34 Std 03-31-2016 -0.82 — 3.30 3.76 3.34 Total Return 1.72 1.74 3.82 4.02 3.54

+/- Std Index -2.26 -1.89 -1.77 -0.84 — +/- Cat Index 0.17 0.43 2.02 0.95 —

% Rank Cat 21 10 3 3

No. in Cat 204 189 172 116

Subsidized Unsubsidized

7-day Yield — — 30-day SEC Yield 0.70 0.70

Fees and Expenses Sales Charges

Front-End Load % 2.50 Deferred Load % NA

Fund Expenses

Management Fees % 0.25 12b1 Expense % 0.25 Gross Expense Ratio % 0.63

Risk and Return Profile 3 Yr 5 Yr 10 Yr

189 funds 172 funds 116 funds

Morningstar RatingTM 4Q 5Q 5Q Morningstar Risk High High +Avg Morningstar Return +Avg High High

3 Yr 5 Yr 10 Yr

Standard Deviation 2.17 2.47 2.88 Mean 1.74 3.82 4.02 Sharpe Ratio 0.77 1.51 0.99

MPT Statistics Standard Index Best Fit Index Barclays Municipal New York Exempt

TR Alpha -0.49 -0.62 Beta 0.61 0.63 R-Squared 91.88 92.60

12-Month Yield 2.13% Potential Cap Gains Exp 3.79%

1 1 1 4 5 5 5 5 5 2 2 0 96 96 96 94 96 96 95 96 96 87 93 —

10k

20k

40k

60k 80k 100k

Investment Style Fixed-Income Bond %

Growth of $10,000

Invesco Limited Term Municipal Income A 14,908 Category Average 12,529 Standard Index 16,684

_ _ _ _ _ _ _ _ _ _ & _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

11.04 10.78 10.68 10.47 11.08 11.09 11.68 11.86 11.43 11.60 11.50 11.55 NAV/Price 0.57 2.33 3.93 1.93 9.79 2.87 8.85 4.91 -0.77 4.40 1.40 0.94 Total Return %

-2.94 -2.51 0.57 4.40 -3.12 0.49 -1.85 -1.87 1.79 -4.65 -1.90 -0.74 +/- Standard Index -0.30 -0.71 -1.07 -3.60 4.01 1.06 5.39 3.05 -2.09 3.18 0.22 0.17 +/- Category Index

— — — — — — — — — — 18 — % Rank Cat

— — — — — — — — — — 204 216 No. of Funds in Cat

Portfolio Analysis 12-31-2015 Asset Allocation % Net % Long % Short %

Cash 6.74 6.74 0.00 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 93.26 93.26 0.00 Other/Not Clsfd 0.00 0.00 0.00

Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil

— — —

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity 4.42 Avg Eff Duration 3.23 Avg Wtd Coupon 4.07 Avg Wtd Price 108.93

Credit Quality Breakdown 12-31-2015 Bond %

AAA 13.85 AA 46.42 A 31.42

BBB 8.24 BB 0.06 B 0.00

Below B 0.00 NR 0.00

Regional Exposure Stock % Rel Std Index

Americas — — Greater Europe — — Greater Asia — —

Share Chg since 09-2015

Share Amount

Holdings: 0 Total Stocks , 780 Total Fixed-Income, 15% Turnover Ratio

% Net Assets

20 mil Whiting Ind Environmental Facs Rev 1.02 15 mil Virginia College Bldg Auth 5% 0.88

R 15 mil New York St Dorm Auth 5% 0.86 T 13 mil Texas Mun Gas Acquisition & Su Sr 0.82

14 mil Metropolitan Atlanta Rapid Tra Rev 0.68

13 mil Central Puget Sound Wash Regl Sale 0.64

R 10 mil New York St Urban Dev Corp Rev St 0.62 R 10 mil Fort Worth Tex Indpt Sch Dist 0.02% 0.62 R 10 mil Florida St Dept Environmental Flor 0.61

12 mil New Mexico Mun Engy Acquisit Ref B 0.61

10 mil Michigan Fin Auth 5% 0.60 10 mil Louisville & Jefferson Cnty Ky Rev 0.59 12 mil Pennsylvania St Tpk Commn Tpk Rev 0.58

R 10 mil New York St Dorm Auth 5% 0.58 10 mil New York N Y Go Bds 5% 0.58

Sector Weightings Stocks % Rel Std Index

h Cyclical — — r Basic Materials — — t Consumer Cyclical — — y Financial Services — — u Real Estate — —

j Sensitive — — i Communication Services — — o Energy — — p Industrials — — a Technology — —

k Defensive — — s Consumer Defensive — — d Healthcare — — f Utilities — —

Operations

Family: Invesco Manager: Multiple Tenure: 4.8 Years Objective: Municipal Bond - National Base Currency: USD

Ticker: ATFAX Minimum Initial Purchase: $1,000 Min Auto Investment Plan: $50 Minimum IRA Purchase: $250 Purchase Constraints: —

Incept: 10-31-2002 Type: MF Total Assets: $2,311.98 mil

Release date 03-31-2016

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iShares MSCI EAFE (USD) Overall Morningstar Rating TM

QQQ 712 Foreign Large Blend

Standard Index Category Index Morningstar Cat

MSCI ACWI Ex USA NR USD

Foreign Large Blend

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 0.61 4.11 -5.93 -3.63 -5.04 2015 4.85 0.63 -10.23 4.62 -0.90 2016 -2.99 — — — -2.99

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Std Mkt 03-31-16 -8.63 — 2.09 1.60 4.53 Std NAV 03-31-16 -8.31 — 2.20 1.71 4.57

Mkt Total Ret -8.63 1.90 2.09 1.60 4.53 NAV Total Ret -8.31 2.12 2.20 1.71 4.57

+/- Std Index 0.87 1.80 1.90 -0.23 — +/- Cat Index 0.87 1.80 1.90 -0.23 —

% Rank Cat 59 38 13 1 No. in Cat 30 17 9 2

Subsidized Unsubsidized

30-day SEC Yield 2.55 —

Fees and Expenses Fund Expenses

Management Fees % 0.33 Expense Ratio % 0.33 12b1 Expense % NA

Risk and Return Profile 3 Yr 5 Yr 10 Yr

712 funds 624 funds 359 funds

Morningstar RatingTM 3Q 3Q 3Q Morningstar Risk +Avg Avg -Avg Morningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr

Standard Deviation NAV 13.61 15.50 18.56 Standard Deviation MKT 13.56 15.41 — Mean NAV 2.12 2.20 1.71 Mean MKT 1.90 2.09 1.60 Sharpe Ratio 0.22 0.21 0.13

MPT Statistics Standard Index Best Fit Index NAV MSCI EAFE NR USD

Alpha 1.81 -0.11 Beta 0.98 1.00 R-Squared 96.07 100.00

12-Month Yield 2.82% Potential Cap Gains Exp — Leveraged No Leverage Type — Leverage % 100.00 Primary Prospectus Benchmark MSCI EAFE NR USD

4 4 4 4 4 4 4 4 4 4 4 4 100 100 97 96 100 100 100 98 99 98 99 98

10k

20k

40k

60k 80k 100k

Investment Style Equity Stock %

Growth of $10,000

iShares MSCI EAFE 14,676 Category Average 18,496 Standard Index 15,496

( & ) * ( ) & * & ) * _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

13.28 25.81 9.88 -41.04 26.95 8.15 -12.25 18.82 21.39 -6.20 -1.00 -2.66 Mkt Total Ret % 13.39 26.00 10.97 -43.14 31.41 7.52 -12.18 17.22 22.62 -5.04 -0.90 -2.99 NAV Total Ret % -3.23 -0.65 -5.69 2.38 -10.04 -3.63 1.52 0.39 7.34 -1.18 4.76 -2.61 +/- Standard Index -3.23 -0.65 -5.69 2.38 -10.04 -3.63 1.52 0.39 7.34 -1.18 4.76 -2.61 +/- Category Index

75 15 94 34 68 92 25 41 25 78 45 — % Rank Cat

5 8 18 19 20 15 13 18 17 19 28 45 No. of Funds in Cat

0.24 0.29 0.11 0.47 -0.29 -0.34 -0.01 0.13 0.00 -0.03 -0.20 — Avg Prem/Discount %

Portfolio Analysis 04-04-2016 Top Holdings 03-31-2016 Asset Allocation % 03-11-2016 Net % Long % Short %

Cash 0.30 0.30 0.00 US Stocks 0.44 0.44 0.00 Non-US Stocks 97.88 97.88 0.00 Bonds 0.00 0.00 0.00 Other/Not Clsfd 1.38 1.38 0.00

Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM 15.4 1.06 1.11 P/C Ratio TTM 8.0 1.04 0.98 P/B Ratio TTM 1.5 1.02 2.15 Geo Avg Mkt Cap $mil

31143 1.15 0.95

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon — Avg Wtd Price —

Credit Quality Breakdown — Bond %

AAA — AA — A —

BBB — BB — B —

Below B — NR —

Regional Exposure Stock % Rel Std Index

Americas 0.5 0.06 Greater Europe 65.5 1.30 Greater Asia 34.0 0.85

Share Chg since 03-2016

Share Amount

Holdings: 913 Total Stocks , 0 Total Fixed-Income, 2% Turnover Ratio

% Net Assets

15 mil Nestle SA 1.95 3 mil Roche Holding AG Dividend Right Ce 1.43

11 mil Novartis AG 1.41 13 mil Toyota Motor Corp 1.23 95 mil HSBC Holdings PLC 1.03

10 mil Novo Nordisk A/S B 0.90 9 mil British American Tobacco PLC 0.89

11 mil Total SA 0.83 4 mil Anheuser-Busch Inbev SA 0.82 8 mil Commonwealth Bank of Australia 0.81

24 mil GlaxoSmithKline PLC 0.81 19 mil Royal Dutch Shell PLC B 0.80

4 mil Bayer AG 0.80 19 mil Royal Dutch Shell PLC Class A 0.79 89 mil BP PLC 0.77

Sector Weightings Stocks % Rel Std Index

h Cyclical 43.1 0.96 r Basic Materials 7.2 0.95 t Consumer Cyclical 12.2 1.07 y Financial Services 19.8 0.90 u Real Estate 3.9 1.03

j Sensitive 28.4 0.89 i Communication Services 5.5 0.97 o Energy 4.8 0.76 p Industrials 12.5 1.17 a Technology 5.7 0.62

k Defensive 28.5 1.21 s Consumer Defensive 13.0 1.16 d Healthcare 11.7 1.33 f Utilities 3.8 1.09

Operations

Family: iShares Manager: Multiple Tenure: 8.3 Years Total Assets: $57,489.1 mil Shares Outstanding: 1,016.40 mil

Ticker: EFA Incept: 08-14-2001 Expiration Date: — Exchange: NYSE ARCA NAV: 57.41

Prem/Discount: -0.44 Mkt Price: 57.16 Base Currency: USD Legal Structure: Open Ended Investment Company Backing Bank: BlackRock Fund Advisors

Release date 03-31-2016

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iShares MSCI Emerging Markets (USD) Overall Morningstar Rating TM

QQQ 591 Diversified Emerging Mkts

Standard Index Category Index Morningstar Cat

MSCI ACWI Ex USA NR USD

MSCI EM NR USD Diversified Emerging Mkts

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 -0.77 6.60 -3.69 -4.60 -2.82 2015 2.01 0.54 -18.01 0.59 -15.41 2016 5.55 — — — 5.55

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Std Mkt 03-31-16 -12.69 — -4.83 2.27 — Std NAV 03-31- 16

-12.48 — -4.71 2.24 10.78

Mkt Total Ret -12.69 -5.07 -4.83 2.27 — NAV Total Ret -12.48 -4.95 -4.71 2.24 10.78

+/- Std Index -3.30 -5.27 -5.02 0.31 — +/- Cat Index -0.46 -0.45 -0.58 -0.77 —

% Rank Cat 61 51 42 50 No. in Cat 52 36 20 3

Subsidized Unsubsidized

30-day SEC Yield 2.07 —

Fees and Expenses Fund Expenses

Management Fees % 0.69 Expense Ratio % 0.69 12b1 Expense % NA

Risk and Return Profile 3 Yr 5 Yr 10 Yr

591 funds 410 funds 179 funds

Morningstar RatingTM 3Q 3Q 3Q Morningstar Risk +Avg Avg Avg Morningstar Return Avg Avg Avg

3 Yr 5 Yr 10 Yr

Standard Deviation NAV 16.67 18.84 23.47 Standard Deviation MKT 16.68 19.70 — Mean NAV -4.95 -4.71 2.24 Mean MKT -5.07 -4.83 2.27 Sharpe Ratio -0.23 -0.17 0.17

MPT Statistics Standard Index Best Fit Index NAV MSCI EM NR USD

Alpha -5.04 -0.47 Beta 1.09 1.00 R-Squared 79.11 99.98

12-Month Yield 2.34% Potential Cap Gains Exp — Leveraged No Leverage Type — Leverage % 100.00 Primary Prospectus Benchmark MSCI EM NR USD

7 4 4 4 4 4 4 4 4 4 4 4 100 100 99 96 100 98 97 96 96 97 98 99

10k

20k

40k

60k 80k 100k

Investment Style Equity Stock %

Growth of $10,000

iShares MSCI Emerging Markets 18,739 Category Average 18,092 Standard Index 15,496

* ( ( * * ( * * ( ( * _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

32.61 31.19 33.31 -48.88 68.93 16.51 -18.82 19.10 -3.70 -3.92 -16.18 6.40 Mkt Total Ret % 33.78 30.71 34.55 -50.00 71.78 15.93 -18.87 17.32 -3.14 -2.82 -15.41 5.55 NAV Total Ret % 17.16 4.05 17.90 -4.47 30.33 4.77 -5.16 0.49 -18.43 1.04 -9.75 5.92 +/- Standard Index -0.22 -1.44 -4.86 3.34 -6.72 -2.95 -0.45 -0.90 -0.54 -0.64 -0.50 -0.17 +/- Category Index

50 67 75 50 50 67 32 41 51 60 49 — % Rank Cat

3 4 5 13 23 28 29 35 40 46 48 61 No. of Funds in Cat

0.07 0.08 -0.14 0.46 -0.14 -0.27 0.09 0.05 -0.27 -0.28 -0.26 — Avg Prem/Discount %

Portfolio Analysis 04-04-2016 Top Holdings 03-31-2016 Asset Allocation % 03-11-2016 Net % Long % Short %

Cash 0.26 0.30 0.05 US Stocks 0.12 0.12 0.00 Non-US Stocks 98.56 98.56 0.00 Bonds 0.00 0.00 0.00 Other/Not Clsfd 1.06 1.06 0.00

Total 100.00 100.05 0.05

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM 12.3 0.85 0.98 P/C Ratio TTM 7.1 0.93 0.88 P/B Ratio TTM 1.4 0.97 2.38 Geo Avg Mkt Cap $mil

19670 0.73 1.15

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon — Avg Wtd Price —

Credit Quality Breakdown — Bond %

AAA — AA — A —

BBB — BB — B —

Below B — NR —

Regional Exposure Stock % Rel Std Index

Americas 12.9 1.31 Greater Europe 16.9 0.34 Greater Asia 70.2 1.76

Share Chg since 03-2016

Share Amount

Holdings: 821 Total Stocks , 0 Total Fixed-Income, 10% Turnover Ratio

% Net Assets

754,377 Samsung Electronics Co Ltd 3.41 168 mil Taiwan Semiconductor Manufacturing 3.37 35 mil Tencent Holdings Ltd 2.97 42 mil China Mobile Ltd 1.85

3 mil Naspers Ltd Class N 1.53

576 mil China Construction Bank Corp H 1.48 505 mil Industrial And Commercial Bank Of 1.13

3 mil Alibaba Group Holding Ltd ADR 1.06 98 mil Hon Hai Precision Ind Co Ltd 1.05 13 mil Infosys Ltd 0.94

543 mil Bank Of China Ltd. H 0.90 10 mil Housing Development Finance Corp L 0.73 21 mil Itau Unibanco Holding SA 0.72

927,310 Baidu Inc ADR 0.70 36 mil Ping An Insurance (Group) Co. of C 0.69

Sector Weightings Stocks % Rel Std Index

h Cyclical 44.1 0.99 r Basic Materials 7.5 0.99 t Consumer Cyclical 10.0 0.87 y Financial Services 23.7 1.08 u Real Estate 2.9 0.77

j Sensitive 42.1 1.33 i Communication Services 6.8 1.22 o Energy 7.2 1.14 p Industrials 5.5 0.51 a Technology 22.6 2.46

k Defensive 13.8 0.59 s Consumer Defensive 8.0 0.72 d Healthcare 2.7 0.30 f Utilities 3.1 0.89

Operations

Family: iShares Manager: Multiple Tenure: 8.3 Years Total Assets: $25,184.6 mil Shares Outstanding: 743.85 mil

Ticker: EEM Incept: 04-07-2003 Expiration Date: — Exchange: NYSE ARCA NAV: 34.26

Prem/Discount: -0.03 Mkt Price: 34.25 Base Currency: USD Legal Structure: Open Ended Investment Company Backing Bank: BlackRock Fund Advisors

Release date 03-31-2016

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JPMorgan Chase & Co(USD) JPM Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $58.36 $93,543 $214,197 Banks - Global USD

JPMorgan Chase & Co is a financial services firm and a banking institution. It offers investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.

270 Park Avenue New York, NY 10017 Phone: +1 212 270-6000 Website: http://www.jpmorganchase.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -1.7 -1.2 -1.9 5.5 Operating Income % 0.0 2.0 4.3 9.7 Earnings/Share % 13.5 4.9 8.7 9.7 Dividends % 8.9 12.8 53.8 2.4 Book Value/Share % 6.1 5.7 7.0 7.0 Stock Total Return -0.7 9.7 7.1 5.1 +/- Industry 18.0 11.3 8.9 15.3 +/- Market -1.8 -2.2 -4.3 -1.7

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 10.3 9.9 7.8 21.4 Return on Assets % 0.9 0.8 0.6 7.1 Revenue/Employee $K 398.7 385.8 — 873.2 Compensation Exp/Rev 0.3 0.3 — —

Operating Margin % 32.8 30.0 — 18.2 Net Margin % 24.0 20.1 19.0 13.0 Free Cash Flow/Rev % 78.5 70.5 — 16.1

Financial Position (USD)

Grade: C 12-14 $Mil 12-15 $Mil

Loans(Gross) 757336 837299 Less:Allowances 14185 13555

Net Loans 743151 823744 Securities — — Trading Assets 398988 343839 Intangibles 56275 54948 Other — —

Total Assets 2572274 2351698 Deposits 1363427 1279715 Short-Term Debt 206939 15562 Long-Term Debt 306601 309756 Other 463580 499092

Total Liabilities 2340547 2104125 Preferred Stock 20063 26068

Total Equity 231727 247573

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 9.7 10.5 10.6 19.1 Forward P/E 9.0 — — 17.6 Price/Free Cash Flow 3.0 20.9 4.0 33.6 Dividend Yield % 3.0 2.5 3.6 2.4 Price/Book 1.0 1.0 0.8 2.7 Price/Sales 2.3 2.0 2.0 3.5 PEG Ratio 1.7 — — 2.6

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ High $66.00 Narrow As of 04-05-2016

Style Sector

Large Value FinancialServices

49.00 53.25 50.63 47.47 48.20 48.36 46.49 58.55 63.49 70.61 66.03 37.88 40.15 19.69 14.96 35.16 27.85 30.83 43.97 52.97 50.07 52.50

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 70.61-50.07 10 Year High/Low $ 70.61-14.961.0

4.0

12.0

29.0

68.0

Trading Volume Million 6.0

53.0

25.1 -6.6 -24.3 33.8 2.3 -19.7 35.7 36.1 9.7 8.2 -10.3 Total Return % 9.3 -12.1 12.7 7.4 -12.8 -21.8 19.7 3.7 -4.0 6.8 -10.9 +/- Market 3.3 5.7 47.4 15.9 -3.6 8.6 -1.3 12.7 9.0 15.1 4.3 +/- Industry 2.8 3.3 4.8 1.3 0.5 2.4 2.6 2.3 2.5 2.5 3.0 Dividend Yield %

167199 146986 117695 164261 165875 125442 167256 219657 232472 241899 214197 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

21242 26406 38779 51152 51001 47689 44910 43319 43634 43510 43510 Net Interest Inc $Mil 40195 44966 28473 49282 51693 49545 52121 54048 51478 50033 50033 Fee Income 19886 22805 2773 16067 24859 26749 28917 26675 30699 30702 30702 Oper Income $Mil 14444 15365 5605 11728 17370 18976 21284 17886 21745 24442 24442 Net Income $Mil

3.82 4.38 0.84 2.24 3.96 4.48 5.20 4.35 5.29 6.00 6.00 Earnings Per Share $

1.36 1.48 1.52 0.20 0.20 1.00 1.20 1.44 1.58 1.72 1.72 Dividends $ 3574 3508 3605 3880 3977 3920 3822 3815 3798 3733 3733 Shares Mil 32.81 36.59 36.15 39.88 43.04 46.25 51.27 52.05 56.86 59.96 60.35 Book Value Per Share $

1351520 1562147 2175052 2031989 2117605 2265792 2359141 2415689 2572274 2351698 2351698 Assets $Mil

115790 123221 166884 165365 176106 183573 204069 211178 231727 247573 247573 Total Equity $Mil -49579 -110560 23098 122797 -3752 95932 25079 107953 36593 73466 73466 Free Cash Flow

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

1.1 1.1 0.3 0.4 0.8 0.8 0.9 0.7 0.8 0.9 0.9 Return on Assets % 13.0 12.9 3.7 6.0 9.7 10.2 10.7 8.4 9.8 10.4 10.3 Return on Equity % 0.05 0.05 0.04 0.05 0.05 0.04 0.04 0.04 0.04 0.04 0.04 Asset Turnover 23.5 21.5 7.1 8.7 15.4 18.1 20.5 17.0 21.1 24.0 24.0 Net Margin % 11.7 12.7 16.1 12.9 — 12.9 12.1 12.1 12.2 10.6 10.6 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

163683 227845 270683 322058 304978 278683 275660 295883 306601 309756 309756 Long-Term Debt $Mil 475848 510140 721734 601856 660661 696111 711860 722154 743151 823744 823744 Net Loans $Mil 638788 740728 1009277 938367 930369 1127806 1193593 1287765 1363427 1279715 1279715 Deposits $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

13.7 10.0 37.6 18.6 10.7 7.1 8.5 13.2 11.6 11.2 9.7 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.5 P/E vs. Market 2.9 2.1 1.7 1.6 1.6 1.3 1.7 2.3 2.5 2.7 2.3 Price/Sales 1.5 1.2 0.9 1.0 1.0 0.7 0.9 1.1 1.1 1.1 1.0 Price/Book

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 24066.0 23812.0 22780.0 22885.0 Previous 23215.0 24678.0 24469.0 22750.0 Rev Growth % Mar Jun Sep Dec

Most Recent 3.7 -3.5 -6.9 0.6 Previous -7.6 -2.1 5.9 -4.9 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 1.45 1.54 1.68 1.32 Previous 1.28 1.46 1.36 1.19

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Wells Fargo & Co 241195 86057 11.5 12.8 Bank of America Corporation 136195 82507 10.3 6.3

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.92 Vanguard 500 Index Inv 1.25 Vanguard Institutional Index I 1.10

Release date 04-05-2016

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Page 28 of 57

Lord Abbett Bond-Debenture A (USD)

Morningstar Analyst RatingTM

Neutral 07-30-2015

Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ Barclays US Agg

Bond TR USD BofAML US HY Master II TR USD

US OE High Yield Bond646 US OE High Yield Bond

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 2.83 2.53 -1.54 0.67 4.51 2015 3.40 -0.43 -3.62 -0.98 -1.74 2016 1.64 — — — 1.64

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly -5.59 2.17 4.41 5.91 8.40 Std 03-31-2016 -5.59 — 4.41 5.91 8.40 Total Return -3.42 2.95 4.89 6.16 8.46

+/- Std Index -5.38 0.45 1.11 1.26 — +/- Cat Index 0.57 1.19 0.18 -0.69 —

% Rank Cat 43 8 17 29

No. in Cat 768 646 530 365

Subsidized Unsubsidized

7-day Yield — — 30-day SEC Yield — —

Fees and Expenses Sales Charges

Front-End Load % 2.25 Deferred Load % NA

Fund Expenses

Management Fees % 0.45 12b1 Expense % 0.20 Gross Expense Ratio % 0.82

Risk and Return Profile 3 Yr 5 Yr 10 Yr

646 funds 530 funds 365 funds

Morningstar RatingTM 4Q 4Q 4Q Morningstar Risk Avg Avg -Avg Morningstar Return +Avg +Avg Avg

3 Yr 5 Yr 10 Yr

Standard Deviation 5.43 6.08 8.30 Mean 2.95 4.89 6.16 Sharpe Ratio 0.55 0.81 0.63

MPT Statistics Standard Index Best Fit Index BofAML US HY

Master II TR USD Alpha 1.21 1.36 Beta 0.72 0.88 R-Squared 15.91 91.94

12-Month Yield — Potential Cap Gains Exp -5.47%

6 6 6 9 6 0 6 9 6 6 6 0 83 83 84 83 78 78 82 83 83 81 80 —

10k

20k

40k

60k 80k 100k

Investment Style Fixed-Income Bond %

Growth of $10,000

Lord Abbett Bond-Debenture A 18,957 Category Average 17,323 Standard Index 16,412

) ( _ _ _ _ _ _ _ & & _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

7.80 8.02 7.92 5.87 7.35 7.81 7.63 8.14 8.15 7.93 7.40 7.43 NAV/Price 1.56 9.87 5.34 -20.26 35.37 12.94 3.88 13.22 7.78 4.51 -1.74 1.64 Total Return %

-0.87 5.54 -1.63 -25.51 29.44 6.40 -3.96 9.00 9.81 -1.46 -2.29 -1.39 +/- Standard Index -1.18 -1.90 3.14 6.12 -22.14 -2.25 -0.51 -2.36 0.36 2.01 2.90 -1.61 +/- Category Index

78 52 — — — — — — — 3 21 — % Rank Cat

518 549 — — — — — — — 731 769 820 No. of Funds in Cat

Portfolio Analysis 12-31-2015 Asset Allocation % Net % Long % Short %

Cash 2.23 2.23 0.00 US Stocks 11.43 11.43 0.00 Non-US Stocks 0.63 0.63 0.00 Bonds 80.15 80.15 0.00 Other/Not Clsfd 5.56 5.56 0.00

Total 100.00 100.00 0.00

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM 25.1 — 1.22 P/C Ratio TTM 16.0 — 1.82 P/B Ratio TTM 3.9 — 1.56 Geo Avg Mkt Cap $mil

10118 — 1.24

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity — Avg Eff Duration 4.60 Avg Wtd Coupon — Avg Wtd Price 99.01

Credit Quality Breakdown 12-31-2015 Bond %

AAA 1.30 AA 5.50 A 12.70

BBB 18.50 BB 29.10 B 22.60

Below B 6.30 NR 4.00

Regional Exposure Stock % Rel Std Index

Americas 97.9 — Greater Europe 0.8 — Greater Asia 1.3 —

Share Chg since 09-2015

Share Amount

Holdings: 121 Total Stocks , 591 Total Fixed-Income, 119% Turnover Ratio

% Net Assets

R 75 mil General Elec FRN 0.87 Y 56 mil Amazon Com 4.8% 0.69 T 48 mil Neptune Finco 144A 10.875% 0.59

47 mil Alliance Data Sys 144A 6.375% 0.55 43 mil T Mobile Usa 6.5% 0.51

38 mil Whitewave Foods 5.375% 0.47 35 mil Frontier Comms 144A 11% 0.40

Y 29 mil Rite Aid 7.7% 0.39 33 mil Chs / Cmnty Health Sys 8% 0.39

Y 30 mil Hca 7.5% 0.39

T 36 mil Concho Res 5.5% 0.39 R 31 mil Allied World Assurn Co Hldgs 4.35% 0.36

24 mil Intl Lease Fin 8.25% 0.34 28 mil Pulte Grp 6.375% 0.33 27 mil Lynx I 144A 5.375% 0.33

Sector Weightings Stocks % Rel Std Index

h Cyclical 47.8 — r Basic Materials 5.7 — t Consumer Cyclical 26.6 — y Financial Services 10.7 — u Real Estate 4.9 —

j Sensitive 31.2 — i Communication Services 2.8 — o Energy 3.3 — p Industrials 11.3 — a Technology 13.8 —

k Defensive 20.9 — s Consumer Defensive 15.1 — d Healthcare 5.0 — f Utilities 0.9 —

Operations

Family: Lord Abbett Manager: Multiple Tenure: 1.9 Years Objective: Multisector Bond

Base Currency: USD Ticker: LBNDX Minimum Initial Purchase: $1,000 Min Auto Investment Plan: $250

Purchase Constraints: — Incept: 04-01-1971 Type: MF Total Assets: $8,617.59 mil

Release date 03-31-2016

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Macy's Inc(USD) M Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $41.47 $27,079 $12,879 Department Stores USD

Macy's Inc is an omnichannel retailer. The Company sells merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.

7 West Seventh Street Cincinnati, OH 45202 Phone: +1 513 579-7000 Website: http://www.macysinc.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -3.7 -0.7 1.6 1.9 Operating Income % -27.2 -8.5 1.5 -1.7 Earnings/Share % -23.7 -0.2 10.2 0.2 Dividends % 17.3 20.3 47.4 13.7 Book Value/Share % -13.3 -3.6 1.0 -5.8 Stock Total Return -36.8 1.3 13.6 2.3 +/- Industry -1.7 6.7 15.1 4.8 +/- Market -37.9 -10.6 2.3 -4.4

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 22.3 23.4 5.8 21.4 Return on Assets % 5.1 6.3 1.2 7.1 Revenue/Employee $K 171.5 162.8 — 873.2 Fixed Asset Turns 3.5 3.4 3.6 7.1 Inventory Turns 3.0 3.1* 3.4 9.3

Gross Margin % 39.1 40.0 33.6 45.9 Operating Margin % 7.5 9.2 3.6 18.2 Net Margin % 4.0 4.9 0.8 13.0 Free Cash Flow/Rev % 3.2 5.0 0.7 16.1 R&D/Rev % — — — —

Financial Position (USD)

Grade: C 01-15 $Mil 01-16 $Mil

Cash 2246 1109 Inventories 5417 5506 Receivables 424 558

Current Assets 8580 7652 Fixed Assets 7800 7616 Intangibles 4239 4411

Total Assets 21330 20576 Payables 2910 2751 Short-Term Debt 69 636

Current Liabilities 5075 5728 Long-Term Debt 7204 6966

Total Liabilities 15952 16326 Total Equity 5378 4250

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 12.9 13.5 45.5 19.1 Forward P/E 10.6 — — 17.6 Price/Cash Flow 7.0 8.0 8.7 11.8 Price/Free Cash Flow 15.9 13.0 52.9 33.6 Dividend Yield % 3.5 2.1 2.4 2.4 Price/Book 3.0 3.0 1.9 2.7 Price/Sales 0.5 0.7 0.3 3.5 PEG Ratio 2.1 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ High $44.00 None As of 04-05-2016

Style Sector

Mid Value ConsumerCyclical

45.01 46.70 28.47 20.84 26.32 33.26 42.17 54.07 66.59 73.61 45.50 32.38 24.70 5.07 6.27 15.34 21.69 32.18 36.35 50.05 34.05 34.33

Annual Price High Low Recent Splits2:1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 73.61-34.05 10 Year High/Low $ 73.61-5.071.0

4.0

12.0

29.0

68.0

Trading Volume Million 2.0

11.0

16.5 -30.8 -58.0 63.9 52.1 28.6 23.7 39.3 25.4 -44.7 19.6 Total Return % 0.7 -36.3 -21.0 37.4 37.1 26.5 7.7 6.9 11.7 -46.1 18.9 +/- Market

-18.8 4.3 -7.7 -14.7 37.3 27.6 17.3 18.6 16.6 -6.7 8.2 +/- Industry 1.3 2.0 5.1 1.2 0.8 1.1 2.1 1.8 1.8 4.0 3.5 Dividend Yield %

20025 11201 4353 7056 10714 13510 15424 19677 22703 10997 12879 Market Cap $Mil

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Financials (USD)

26970 26313 24892 23489 25003 26405 27686 27931 28105 27079 27079 Revenue $Mil 39.9 40.4 39.7 40.5 40.7 40.4 40.3 40.1 40.0 39.1 39.1 Gross Margin % 1836 1863 -4378 1063 1894 2411 2661 2678 2800 2039 2039 Oper Income $Mil 6.8 7.1 -17.6 4.5 7.6 9.1 9.6 9.6 10.0 7.5 7.5 Operating Margin %

995 893 -4803 329 847 1256 1335 1486 1526 1072 1072 Net Income $Mil

1.80 2.01 -11.40 0.83 1.98 2.92 3.24 3.86 4.22 3.22 3.22 Earnings Per Share $ 0.51 0.52 0.53 0.20 0.20 0.35 0.80 0.95 1.19 1.39 1.39 Dividends $ 548 452 421 423 427 424 412 385 362 333 333 Shares Mil

21.80 23.04 10.67 11.55 13.94 14.07 14.77 15.50 12.63 13.68 13.68 Book Value Per Share $

3746 2238 1866 1750 1506 2173 2179 2549 2709 1984 1984 Oper Cash Flow $Mil -1392 -1105 -897 -460 -505 -764 -942 -863 -1068 -1113 -1113 Cap Spending $Mil 2354 1133 969 1290 1001 1409 1237 1686 1641 871 871 Free Cash Flow $Mil

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Profitability

3.2 3.1 -19.2 1.5 4.0 5.9 6.2 7.0 7.1 5.1 5.1 Return on Assets % 7.7 8.1 -66.0 7.1 16.6 21.9 22.3 24.2 26.3 22.3 22.3 Return on Equity % 0.86 0.92 1.00 1.08 1.19 1.24 1.29 1.31 1.31 1.29 1.29 Asset Turnover 3.7 3.4 -19.3 1.4 3.4 4.8 4.8 5.3 5.4 4.0 4.0 Net Margin % 2.4 2.8 4.8 4.6 — 3.7 3.5 3.5 4.0 4.8 4.8 Financial Leverage

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 01-16 Financial Health (USD)

7847 9087 8733 8456 6971 6655 6806 6714 7204 6966 6966 Long-Term Debt $Mil 12254 9907 4646 4653 5530 5933 6051 6249 5378 4250 4250 Total Equity $Mil 0.64 0.92 1.88 1.82 — 1.12 1.12 1.07 1.34 1.65 1.65 Debt/Equity 1327 964 1614 2420 1834 2514 2801 2962 3505 1924 1924 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

23.4 13.4 6.1 -1.4 16.7 11.8 11.9 14.9 15.6 9.1 12.9 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.7 P/E vs. Market 0.8 0.5 0.2 0.3 0.4 0.5 0.6 0.7 0.9 0.4 0.5 Price/Sales 1.5 1.2 0.4 1.6 2.2 2.3 2.8 3.6 4.2 2.8 3.0 Price/Book 12.7 6.2 1.9 3.6 6.4 7.8 6.8 9.5 9.6 5.6 7.0 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Apr Jul Oct Jan

Most Recent 6232.0 6104.0 5874.0 8869.0 Previous 6279.0 6267.0 6195.0 9364.0 Rev Growth % Apr Jul Oct Jan

Most Recent -0.8 -2.6 -5.2 -5.3 Previous -1.7 3.3 -1.3 1.8 Earnings Per Share $ Apr Jul Oct Jan

Most Recent 0.56 0.64 0.36 1.73 Previous 0.60 0.80 0.61 2.26

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Nordstrom Inc 9490 14437 17.4 36.2 Kohl's Corp 8316 19204 13.0 11.7

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.91 JNL/S&P Dividend Income & Growth B 1.37 Vanguard 500 Index Inv 1.25

Release date 04-05-2016

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McDonald's Corp(USD) MCD Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $127.38 $25,413 $114,847 Restaurants USD

McDonald's Corp franchises and operates McDonald's restaurants in the food service industry. Its geographic segments include the United States, Europe, and Asia- Pacific, Middle East and Africa.

One McDonald's Plaza Oak Brook, IL 60523 Phone: +1 630 623-3000 Website: http://www.aboutmcdonalds.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -7.4 -2.7 1.1 2.2 Operating Income % -10.1 -6.0 -0.9 5.9 Earnings/Share % -0.6 -3.6 0.9 8.9 Dividends % 4.9 6.2 8.8 17.8 Book Value/Share % -41.4 -20.0 -10.9 -4.2 Stock Total Return 36.6 10.6 13.3 15.9 +/- Industry 22.4 -4.7 -3.3 1.5 +/- Market 35.4 -1.3 2.0 9.1

Profitability Analysis

Grade: A Current 5 Yr Avg Ind Mkt

Return on Equity % 45.4 37.8 35.6 21.4 Return on Assets % 12.5 14.9 9.0 7.1 Revenue/Employee $K 60.5 63.3 — 873.2 Fixed Asset Turns 1.1 1.1 2.4 7.1 Inventory Turns 148.7 143.7* 28.8 9.3

Gross Margin % 38.5 38.8 33.4 45.9 Operating Margin % 28.1 30.2 15.2 18.2 Net Margin % 17.8 19.0 8.9 13.0 Free Cash Flow/Rev % 18.6 15.9 9.6 16.1 R&D/Rev % — — — —

Financial Position (USD)

Grade: A 12-14 $Mil 12-15 $Mil

Cash 2078 7686 Inventories 110 100 Receivables 1214 1299

Current Assets 4186 9643 Fixed Assets 24558 23118 Intangibles 2735 2516

Total Assets 34227 37939 Payables 1357 1339 Short-Term Debt — 613

Current Liabilities 2748 2950 Long-Term Debt 14936 24122

Total Liabilities 21374 30851 Total Equity 12853 7088

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 26.6 18.4 29.1 19.1 Forward P/E 21.1 — — 17.6 Price/Cash Flow 18.4 13.8 16.3 11.8 Price/Free Cash Flow 25.5 22.5 27.0 33.6 Dividend Yield % 2.7 3.1 1.8 2.4 Price/Book 16.2 6.7 10.1 2.7 Price/Sales 4.7 3.5 2.6 3.5 PEG Ratio 2.0 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ Medium $128.00 Wide As of 04-05-2016

Style Sector

Large Core ConsumerCyclical

44.68 63.69 67.00 64.75 80.94 101.00 102.22 103.70 103.78 120.23 127.87 31.73 42.31 45.79 50.44 61.06 72.14 83.31 88.21 87.62 87.50 112.71

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 127.87-87.50 10 Year High/Low $ 127.87-31.732.0

6.0

19.0

53.0

147.0

Trading Volume Million 2.0

11.0

34.4 36.3 8.3 3.7 26.6 34.0 -9.2 13.5 -0.1 29.8 8.6 Total Return % 18.6 30.8 45.3 -22.8 11.5 31.9 -25.2 -18.9 -13.7 28.4 7.9 +/- Market 12.2 29.9 20.3 -15.3 -9.1 4.6 -11.3 -16.8 -8.6 13.8 3.7 +/- Industry 2.3 2.6 2.6 3.3 2.9 2.5 3.3 3.2 3.5 2.9 2.7 Dividend Yield %

53360 67843 69314 67229 80874 102477 88448 96099 90224 107129 114847 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

20895 22787 23522 22745 24075 27006 27567 28106 27441 25413 25413 Revenue $Mil 33.2 34.7 36.7 38.7 40.0 39.6 39.2 38.8 38.1 38.5 38.5 Gross Margin % 4433 3879 6443 6841 7473 8530 8605 8764 7949 7146 7146 Oper Income $Mil 21.2 17.0 27.4 30.1 31.0 31.6 31.2 31.2 29.0 28.1 28.1 Operating Margin %

3544 2395 4313 4551 4946 5503 5465 5586 4758 4529 4529 Net Income $Mil

2.30 1.93 3.76 4.11 4.58 5.27 5.36 5.55 4.82 4.79 4.80 Earnings Per Share $ 1.00 1.50 1.63 2.05 2.26 2.53 2.87 3.12 3.28 3.44 3.44 Dividends $ 1252 1212 1146 1107 1080 1045 1020 1006 986 945 945 Shares Mil 12.90 13.27 12.01 13.03 13.89 13.06 15.25 15.31 14.15 9.16 7.86 Book Value Per Share $

4342 4876 5917 5751 6342 7150 6966 7121 6730 6539 6539 Oper Cash Flow $Mil -1742 -1947 -2136 -1952 -2136 -2730 -3049 -2825 -2583 -1814 -1814 Cap Spending $Mil 2600 2930 3782 3799 4206 4420 3917 4296 4147 4725 4725 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

12.0 8.2 14.9 15.5 15.9 16.9 16.0 15.5 13.4 12.6 12.5 Return on Assets % 23.2 15.6 30.1 33.2 34.5 37.9 36.8 35.7 33.0 45.4 45.4 Return on Equity % 0.71 0.78 0.81 0.78 0.77 0.83 0.81 0.78 0.77 0.70 0.70 Asset Turnover 17.0 10.5 18.3 20.0 20.6 20.4 19.8 19.9 17.3 17.8 17.8 Net Margin % 1.9 1.9 2.1 — — 2.3 2.3 2.3 2.7 5.4 5.4 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

8390 7310 10186 10560 11497 12134 13633 14130 14936 24122 24122 Long-Term Debt $Mil 15458 15280 13383 14034 14634 14390 15294 16010 12853 7088 7088 Total Equity $Mil 0.54 0.48 0.76 — — 0.84 0.89 0.88 1.16 3.40 3.40 Debt/Equity 2241 -917 980 428 1444 894 1519 1880 1438 6693 6693 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

19.2 30.5 16.5 15.2 16.8 19.7 16.5 17.5 18.4 25.6 26.6 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 1.4 P/E vs. Market 2.6 3.1 3.0 3.0 3.4 4.0 3.3 3.5 3.3 4.4 4.7 Price/Sales 3.4 4.4 5.2 4.8 5.5 7.7 5.8 6.3 6.6 12.9 16.2 Price/Book 13.5 14.6 12.0 12.0 13.1 14.9 12.9 13.8 13.1 17.0 18.4 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 5958.0 6497.0 6615.0 6341.0 Previous 6700.0 7181.0 6987.0 6572.0 Rev Growth % Mar Jun Sep Dec

Most Recent -11.1 -9.5 -5.3 -3.5 Previous 1.4 1.4 -4.6 -7.4 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 0.84 1.26 1.40 1.31 Previous 1.21 1.40 1.09 1.13

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Yum Brands Inc 33339 13105 27.9 105.2 The Wendy's Co Class A 2965 1870 25.5 13.1

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.95 Vanguard 500 Index Inv 1.27 Vanguard Institutional Index I 1.12

Release date 04-05-2016

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MFS CA Municipal Bond A (USD)

Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ Barclays

Municipal TR USD Barclays Municipal California Exempt TR

US OE Muni California Long116 US OE Muni California

Long

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 4.08 3.62 1.96 1.94 12.11 2015 1.55 -1.08 1.96 2.09 4.56 2016 2.20 — — — 2.20

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly 0.76 2.88 6.41 4.42 6.07 Std 03-31-2016 0.76 — 6.41 4.42 6.07 Total Return 5.23 4.38 7.34 4.88 6.22

+/- Std Index 1.25 0.75 1.75 0.01 — +/- Cat Index 1.20 0.14 0.83 -0.23 —

% Rank Cat 18 47 38 37

No. in Cat 123 116 104 90

Subsidized Unsubsidized

7-day Yield — — 30-day SEC Yield — —

Fees and Expenses Sales Charges

Front-End Load % 4.25 Deferred Load % NA

Fund Expenses

Management Fees % 0.45 12b1 Expense % 0.25 Gross Expense Ratio % 0.87

Risk and Return Profile 3 Yr 5 Yr 10 Yr

116 funds 104 funds 90 funds

Morningstar RatingTM 2Q 3Q 3Q Morningstar Risk +Avg Avg Avg Morningstar Return -Avg Avg Avg

3 Yr 5 Yr 10 Yr

Standard Deviation 4.58 4.38 5.68 Mean 4.38 7.34 4.88 Sharpe Ratio 0.95 1.63 0.67

MPT Statistics Standard Index Best Fit Index Barclays Municipal

20 Yr 17-22 TR USD Alpha -0.37 -0.20 Beta 1.32 0.99 R-Squared 97.38 98.17

12-Month Yield — Potential Cap Gains Exp 6.23%

5 6 8 8 8 8 8 8 8 5 5 5 97 97 98 99 94 98 99 97 98 99 98 96

10k

20k

40k

60k 80k 100k

Investment Style Fixed-Income Bond %

Growth of $10,000

MFS CA Municipal Bond A 16,778 Category Average 16,268 Standard Index 16,684

* * ( ( & ) & * ) * & _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

5.89 5.90 5.71 4.89 5.53 5.33 5.73 6.08 5.57 6.01 6.06 6.14 NAV/Price 3.92 4.83 1.18 -10.07 18.63 0.84 12.35 10.29 -4.68 12.11 4.56 2.20 Total Return % 0.40 -0.02 -2.18 -7.59 5.71 -1.54 1.65 3.51 -2.12 3.05 1.26 0.52 +/- Standard Index

-0.13 -0.40 -1.64 -5.91 6.41 -2.13 0.07 2.15 -2.92 2.14 1.05 0.60 +/- Category Index

34 32 57 60 23 80 23 38 80 45 17 — % Rank Cat

166 163 170 168 166 151 149 140 145 148 124 123 No. of Funds in Cat

Portfolio Analysis 02-29-2016 Asset Allocation % 01-31-2016 Net % Long % Short %

Cash 1.60 1.72 0.12 US Stocks 0.00 0.00 0.00 Non-US Stocks 0.00 0.00 0.00 Bonds 98.40 98.40 0.00 Other/Not Clsfd 0.00 0.00 0.00

Total 100.00 100.12 0.12

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM — — — P/C Ratio TTM — — — P/B Ratio TTM — — — Geo Avg Mkt Cap $mil

— — —

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity 16.02 Avg Eff Duration 6.53 Avg Wtd Coupon — Avg Wtd Price 110.92

Credit Quality Breakdown 02-29-2016 Bond %

AAA 4.15 AA 32.95 A 37.55

BBB 14.74 BB 2.81 B 1.71

Below B 1.41 NR 4.68

Regional Exposure Stock % Rel Std Index

Americas — — Greater Europe — — Greater Asia — —

Share Chg since 01-2016

Share Amount

Holdings: 0 Total Stocks , 210 Total Fixed-Income, 24% Turnover Ratio

% Net Assets

4 mil California St Dept Wtr Res Cen Rev 1.40 4 mil California St Various P 5.5% 1.40 4 mil San Mateo Cnty Calif Cmnty Col G.O 1.29 3 mil California Edl Facs Auth 6% 1.16 3 mil California St G O Bds 6% 1.15

3 mil Los Angeles Calif Dept Arpts A Sen 1.13 3 mil California Hsg Fin Agy Rev Mtg Rev 1.11 3 mil Fontana Calif Redev Agy Tax Al Ref 1.11 3 mil Madera Cnty Calif Ctfs Partn Cops 1.10 3 mil California St Go Bds 5.25% 1.06

3 mil Golden St Tob Securitization C Enh 1.04 3 mil Semitropic Impt Dist 5% 1.01 3 mil Rancho Cucamonga Calif Redev A Ref 1.01 3 mil Madera Calif Irr Fing Auth 6.5% 1.01 4 mil Mount San Antonio Calif Cmnty Go B 0.99

Sector Weightings Stocks % Rel Std Index

h Cyclical — — r Basic Materials — — t Consumer Cyclical — — y Financial Services — — u Real Estate — —

j Sensitive — — i Communication Services — — o Energy — — p Industrials — — a Technology — —

k Defensive — — s Consumer Defensive — — d Healthcare — — f Utilities — —

Operations

Family: MFS Manager: Michael Dawson Tenure: 17.3 Years Objective: Municipal Bond - Single State

Base Currency: USD Ticker: MCFTX Minimum Initial Purchase: $1,000 Minimum IRA Purchase: $250

Purchase Constraints: — Incept: 06-18-1985 Type: MF Total Assets: $320.39 mil

Release date 03-31-2016

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Oppenheimer Gold & Special Minerals A (USD)

Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQ MSCI ACWI NR

USD MSCI World/Metals & Mining NR USD

US OE Equity Precious Metals71 US OE Equity Precious

Metals

Performance 03-31-2016 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total %

2014 6.69 13.40 -20.66 -11.85 -15.39 2015 -5.53 -1.48 -18.45 1.26 -23.14 2016 35.95 — — — 35.95

Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept

Load-adj Mthly 4.25 -18.80 -21.29 -2.93 4.98 Std 03-31-2016 4.25 — -21.29 -2.93 4.98 Total Return 10.61 -17.18 -20.35 -2.35 5.17

+/- Std Index 14.95 -22.72 -25.58 -6.43 — +/- Cat Index 35.13 -0.29 -2.35 2.31 —

% Rank Cat 51 73 89 51

No. in Cat 74 71 70 50

Subsidized Unsubsidized

7-day Yield — — 30-day SEC Yield — —

Fees and Expenses Sales Charges

Front-End Load % 5.75 Deferred Load % NA

Fund Expenses

Management Fees % 0.73 12b1 Expense % 0.25 Gross Expense Ratio % 1.23

Risk and Return Profile 3 Yr 5 Yr 10 Yr

71 funds 70 funds 50 funds

Morningstar RatingTM 2Q 1Q 2Q Morningstar Risk Avg Avg +Avg Morningstar Return Low Low Avg

3 Yr 5 Yr 10 Yr

Standard Deviation 37.98 34.86 37.73 Mean -17.18 -20.35 -2.35 Sharpe Ratio -0.31 -0.48 0.10

MPT Statistics Standard Index Best Fit Index NYSE Arca Gold Miners PR USD

Alpha -14.87 -0.99 Beta 0.53 0.87 R-Squared 2.82 95.33

12-Month Yield — Potential Cap Gains Exp -150.99%

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

10k

20k

40k

60k 80k 100k

Investment Style Fixed-Income Bond %

Growth of $10,000

Oppenheimer Gold & Special Minerals A 12,971 Category Average 11,620 Standard Index 17,679

* & & ) & & ) ( * ) * _ Performance Quartile(within category) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 03-16 History

23.29 28.98 35.57 20.41 35.93 49.84 34.68 31.51 16.44 13.57 10.43 14.18 NAV/Price 31.92 43.64 30.28 -39.11 79.31 54.50 -25.69 -9.14 -47.83 -15.39 -23.14 35.95 Total Return % 21.08 22.68 18.61 3.09 44.69 41.83 -18.34 -25.27 -70.63 -19.55 -20.78 35.72 +/- Standard Index -4.23 5.96 -11.82 16.03 -1.42 30.93 1.93 -10.04 -33.00 2.34 16.29 17.14 +/- Category Index

48 10 4 86 5 2 87 59 31 86 41 — % Rank Cat

63 63 67 72 74 77 80 80 73 76 75 74 No. of Funds in Cat

Portfolio Analysis 02-29-2016 Asset Allocation % 01-31-2016 Net % Long % Short %

Cash 3.10 3.10 0.00 US Stocks 8.83 9.04 0.20 Non-US Stocks 88.07 88.56 0.49 Bonds 0.00 0.00 0.00 Other/Not Clsfd 0.00 0.00 0.00

Total 100.00 100.70 0.70

Equity Style

Value Blend Growth

Large M

id Sm

all

Portfolio Statistics Port Avg

Rel Index

Rel Cat

P/E Ratio TTM 27.6 1.64 0.95 P/C Ratio TTM 8.0 0.84 1.04 P/B Ratio TTM 1.2 0.62 1.16 Geo Avg Mkt Cap $mil

2282 0.05 0.93

Fixed-Income Style

Ltd Mod Ext

H igh

M ed

Low

Avg Eff Maturity — Avg Eff Duration — Avg Wtd Coupon — Avg Wtd Price —

Credit Quality Breakdown — Bond %

AAA — AA — A —

BBB — BB — B —

Below B — NR —

Regional Exposure Stock % Rel Std Index

Americas 67.2 1.17 Greater Europe 14.9 0.62 Greater Asia 18.0 0.96

Share Chg since 01-2016

Share Amount

Holdings: 121 Total Stocks , 60 Total Fixed-Income, 79% Turnover Ratio

% Net Assets

4 mil Goldcorp Inc 5.72

Y 4 mil Fresnillo PLC 5.65 Y 537,420 Randgold Resources Ltd ADR 5.34 T 1 mil Agnico Eagle Mines Ltd 5.08 Y 2 mil Newmont Mining Corp 4.43

T 3 mil Newcrest Mining Ltd 4.17 T 970,000 Royal Gold Inc 4.06 T 3 mil Tahoe Resources Inc 3.35 T 2 mil Detour Gold Corp 3.26 T 2 mil Barrick Gold Corp 3.17

T 10 mil Northern Star Resources Ltd 3.03 T 9 mil Regis Resources Ltd 2.20 T 7 mil Eldorado Gold Corp 2.19 T 7 mil Klondex Mines Ltd 2.11 Y 332,000 Franco-Nevada Corp 2.06

Sector Weightings Stocks % Rel Std Index

h Cyclical 100.0 2.67 r Basic Materials 100.0 19.90 t Consumer Cyclical 0.0 0.00 y Financial Services 0.0 0.00 u Real Estate 0.0 0.00

j Sensitive 0.0 0.00 i Communication Services 0.0 0.00 o Energy 0.0 0.00 p Industrials 0.0 0.00 a Technology 0.0 0.00

k Defensive 0.0 0.00 s Consumer Defensive 0.0 0.00 d Healthcare 0.0 0.00 f Utilities 0.0 0.00

Operations

Family: OppenheimerFunds Manager: Shanquan Li Tenure: 18.8 Years Objective: Specialty - Precious Metals Base Currency: USD

Ticker: OPGSX Minimum Initial Purchase: $1,000 Min Auto Investment Plan: $500 Minimum IRA Purchase: $500 Purchase Constraints: —

Incept: 07-19-1983 Type: MF Total Assets: $952.66 mil

Release date 03-31-2016

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Procter & Gamble Co(USD) PG Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $83.16 $72,455 $224,912 Household & Personal

Products USD

Procter & Gamble Co provides consumer packaged goods. It markets its products in about 180 countries through mass merchandisers, grocery stores, membership club stores, drug stores, department stores among others.

One Procter & Gamble Plaza Cincinnati, OH 45202 Phone: +1 513 983-1100 Website: http://www.pg.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -5.3 -3.0 -0.7 3.0 Operating Income % -20.0 -3.9 -6.0 0.8 Earnings/Share % -20.7 -0.7 -2.8 1.6 Dividends % 6.0 6.7 7.6 9.7 Book Value/Share % -10.1 -0.1 1.4 13.3 Stock Total Return 4.1 5.1 9.1 6.0 +/- Industry -4.4 -2.7 -2.7 -3.2 +/- Market 3.0 -6.8 -2.3 -0.8

Profitability Analysis

Grade: D Current 5 Yr Avg Ind Mkt

Return on Equity % 13.3 15.8 16.8 21.4 Return on Assets % 6.2 7.5 5.9 7.1 Revenue/Employee $K 658.7 670.2 — 873.2 Fixed Asset Turns 3.7 3.8 4.2 7.1 Inventory Turns 6.2 6.0* 4.9 9.3

Gross Margin % 50.0 49.6 52.0 45.9 Operating Margin % 16.8 17.2 14.1 18.2 Net Margin % 11.4 12.6 7.9 13.0 Free Cash Flow/Rev % 16.9 12.7 12.8 16.1 R&D/Rev % — — 0.2 —

Financial Position (USD)

Grade: A 06-15 $Mil 12-15 $Mil

Cash 6845 9403 Inventories 5454 5125 Receivables 4861 4721

Current Assets 29646 36347 Fixed Assets 20268 18910 Intangibles 74145 68652

Total Assets 129495 129143 Payables 9102 7717 Short-Term Debt 12021 13931

Current Liabilities 29790 32053 Long-Term Debt 18329 17595

Total Liabilities 67076 67515 Total Equity 62419 61628

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 27.0 20.7 35.4 19.1 Forward P/E 20.2 — — 17.6 Price/Cash Flow 15.4 15.5 16.4 11.8 Price/Free Cash Flow 19.5 21.2 21.9 33.9 Dividend Yield % 3.2 3.1 2.7 2.4 Price/Book 3.7 3.1 6.7 2.7 Price/Sales 3.3 2.6 2.8 3.6 PEG Ratio 4.5 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQ Low $90.00 Wide As of 04-05-2016

Style Sector

Large Value ConsumerDefensive

64.73 75.18 73.81 63.48 65.38 67.72 70.99 85.82 93.89 91.79 83.87 52.75 60.42 54.92 43.93 39.37 57.56 59.07 67.89 75.26 65.02 74.46

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 84.20-65.02 10 Year High/Low $ 93.89-39.371.0

5.0

13.0

33.0

82.0

Trading Volume Million 3.0

18.0

13.1 16.4 -13.7 0.9 9.2 6.9 5.1 23.4 15.0 -9.9 5.6 Total Return % -2.7 10.9 23.3 -25.6 -5.9 4.8 -10.9 -9.0 1.3 -11.3 4.9 +/- Market -4.9 -4.5 9.6 -20.4 3.2 -4.5 -6.3 2.6 7.9 -13.0 -0.3 +/- Industry 1.9 1.9 2.5 2.8 2.9 3.1 3.3 2.9 2.8 3.3 3.2 Dividend Yield %

202797 225950 181184 176105 180174 183746 185452 220736 245989 214770 224912 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

73602 79740 84616 79117 79573 85142 83320 84738 82136 72455 72455 Revenue $Mil 51.5 52.0 51.6 49.6 52.0 50.9 49.3 49.9 49.1 49.0 50.0 Gross Margin %

14704 16178 17015 16785 15679 14130 14805 14741 14741 12199 12199 Oper Income $Mil 19.4 20.2 20.4 20.1 20.3 19.1 15.9 17.4 18.3 15.5 16.8 Operating Margin %

9669 11129 14078 13050 11184 10097 12913 10896 9550 8481 8481 Net Income $Mil

2.60 3.00 3.59 3.58 3.53 3.93 3.12 3.86 3.98 3.06 2.86 Earnings Per Share $ 1.15 1.28 1.45 1.64 1.80 1.97 2.14 2.29 2.45 2.59 2.63 Dividends $ 3286 3399 3317 3154 3099 3002 2941 2931 2905 2884 2873 Shares Mil 19.77 21.72 20.84 23.18 22.53 23.24 23.99 24.70 24.05 22.64 22.39 Book Value Per Share $

12032 15403 14083 17128 13552 13350 14408 13597 15683 15558 15558 Oper Cash Flow $Mil -2877 -2890 -3283 -3091 -3049 -3830 -3713 -4142 -3827 -3317 -3317 Cap Spending $Mil 9155 12513 10800 14037 10503 9520 10695 9455 11856 12241 12241 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

8.7 7.4 8.4 9.5 9.5 8.7 7.8 8.2 8.0 5.0 6.2 Return on Assets % 21.8 16.1 17.8 20.4 20.6 18.3 16.3 17.1 16.9 10.5 13.3 Return on Equity % 0.69 0.56 0.58 0.55 0.60 0.61 0.62 0.61 0.57 0.56 0.55 Asset Turnover 12.5 13.3 14.6 17.3 15.9 14.3 12.6 13.4 14.2 8.9 11.4 Net Margin % 2.2 2.1 2.1 2.2 2.1 2.1 2.1 2.1 2.1 2.1 2.1 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

35976 23375 23581 20652 21360 22033 21080 19111 19811 18329 17595 Long-Term Debt $Mil 62908 66760 69494 63099 61115 67640 63439 68064 69214 62419 61628 Total Equity $Mil 0.59 0.36 0.35 0.33 0.36 0.33 0.34 0.29 0.29 0.30 0.29 Debt/Equity 4344 -6686 -6443 -8996 -5500 -5323 -2997 -6047 -2109 -144 4294 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

24.3 22.6 16.8 16.6 17.9 17.3 17.8 21.1 25.6 26.5 27.0 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 1.4 P/E vs. Market 3.1 3.1 2.4 2.4 2.5 2.4 2.4 2.8 3.2 3.1 3.3 Price/Sales 3.3 3.4 3.0 2.6 2.9 2.9 2.8 3.3 3.8 3.5 3.7 Price/Book 18.4 16.1 14.2 11.0 14.5 15.4 13.8 16.9 17.0 15.7 15.4 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 18142.0 17790.0 16527.0 16915.0 Previous 19641.0 19596.0 18771.0 18495.0 Rev Growth % Mar Jun Sep Dec

Most Recent -7.6 -9.2 -12.0 -8.5 Previous -4.7 2.8 -9.9 -12.3 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 0.85 0.13 0.96 1.01 Previous 0.90 0.80 0.68 1.02

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Unilever NV ADR 135394 53272 22.9 33.8 L'Oreal SA 86350 25257 26.6 15.1

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 1.92 Vanguard 500 Index Inv 1.25 Vanguard Institutional Index I 1.10

Release date 04-05-2016

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Starbucks Corp(USD) SBUX Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $60.04 $19,733 $88,745 Restaurants USD

Starbucks Corp is the roaster, marketer & retailer of specialty coffee in the world, operating in 68 countries. It sells a variety of coffee & tea products. It sells goods and services under brands includingTeavana, Tazo, and Seattle's Best Coffee.

2401 Utah Avenue South Seattle, WA 98134 Phone: +1 206 447-1575 Website: http://www.starbucks.com

Growth Rates Compound Annual Grade: B 1 Yr 3 Yr 5 Yr 10 Yr Revenue % 16.5 13.0 12.4 11.6 Operating Income % 16.9 21.7 20.5 16.5 Earnings/Share % 34.5 26.7 24.1 19.6 Dividends % 23.1 23.5 41.0 — Book Value/Share % 11.4 4.7 9.6 11.1 Stock Total Return 28.7 28.8 28.0 12.8 +/- Industry 14.6 13.5 11.4 -1.5 +/- Market 27.6 16.9 16.7 6.0

Profitability Analysis

Grade: A Current 5 Yr Avg Ind Mkt

Return on Equity % 41.9 30.5 35.4 21.4 Return on Assets % 19.5 15.7 8.6 7.1 Revenue/Employee $K 82.9 82.0 — 873.2 Fixed Asset Turns 5.0 5.0 2.4 7.1 Inventory Turns 7.1 6.0* 29.1 9.3

Gross Margin % 59.6 57.8 32.8 45.9 Operating Margin % 19.0 13.0 14.7 18.2 Net Margin % 12.5 9.6 8.5 13.0 Free Cash Flow/Rev % 13.3 — 9.5 16.1 R&D/Rev % — — — —

Financial Position (USD)

Grade: A 09-15 $Mil 12-15 $Mil

Cash 1530 2264 Inventories 1306 1243 Receivables 719 764

Current Assets 4353 4728 Fixed Assets 4088 4123 Intangibles 2096 2081

Total Assets 12446 12944 Payables 1240 1181 Short-Term Debt — 400

Current Liabilities 3654 4420 Long-Term Debt 2348 1948

Total Liabilities 6628 6962 Total Equity 5818 5982

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 37.0 358.3 29.3 19.1 Forward P/E 27.7 — — 17.6 Price/Cash Flow 23.0 37.8 16.4 11.8 Price/Free Cash Flow 34.8 35.6 27.1 33.9 Dividend Yield % 1.2 1.2 1.8 2.4 Price/Book 14.9 9.8 10.2 2.7 Price/Sales 4.6 3.5 2.6 3.6 PEG Ratio 1.6 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQ Medium $65.00 Wide As of 04-05-2016

Style Sector

Large Growth ConsumerCyclical

20.01 18.31 10.51 11.98 16.58 23.25 31.00 41.25 42.10 64.00 61.79 14.55 9.95 3.53 4.06 10.63 15.38 21.52 26.26 33.97 39.28 52.63

Annual Price High Low Recent Splits2:1

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 64.00-42.05 10 Year High/Low $ 64.00-3.531.0

4.0

11.0

26.0

61.0

Trading Volume Million 4.0

21.0

16.2 -42.2 -53.8 143.8 40.9 44.9 18.1 47.8 6.1 48.0 0.3 Total Return % 0.4 -47.7 -16.8 117.3 25.8 42.8 2.1 15.4 -7.6 46.6 -0.3 +/- Market -6.0 -48.6 -41.8 124.8 5.3 15.5 16.0 17.5 -2.5 32.0 -4.5 +/- Industry — — — — 1.1 1.2 1.3 1.1 1.3 1.1 1.2 Dividend Yield %

26826 14894 6949 17214 23812 34296 40164 59302 61570 89181 88745 Market Cap $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Financials (USD)

8209 9823 10231 9882 10936 12186 13663 15339 16448 19163 19733 Revenue $Mil 21.3 23.3 55.3 55.8 58.8 58.0 56.3 57.1 58.3 59.4 59.6 Gross Margin % 934 1067 289 797 1569 1783 2072 -143 3081 3601 3744 Oper Income $Mil 11.5 11.2 4.9 5.8 13.3 14.8 15.0 -2.2 18.7 18.8 19.0 Operating Margin %

595 676 172 568 1051 1281 1434 117 2068 2757 2462 Net Income $Mil

0.37 0.44 0.21 0.26 0.62 0.81 0.90 0.01 1.36 1.82 1.63 Earnings Per Share $ — — — — 0.12 0.26 0.34 0.42 0.52 0.64 0.68 Dividends $

1585 1540 1483 1492 1528 1539 1546 1525 1526 1513 1510 Shares Mil 1.47 1.55 1.76 2.24 2.73 2.94 3.45 2.96 3.51 3.92 4.05 Book Value Per Share $

1201 1460 1145 1464 1610 1405 2351 439 608 3749 3960 Oper Cash Flow $Mil -894 -1073 -894 -373 -470 -557 -945 -1163 -1161 -1304 -1344 Cap Spending $Mil 307 387 251 1092 1140 849 1406 -724 -553 2445 2616 Free Cash Flow $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Profitability

14.2 13.8 5.7 7.0 15.8 18.1 17.8 0.1 18.6 23.8 19.5 Return on Assets % 26.1 29.8 13.2 14.1 28.1 30.9 29.2 0.2 42.4 49.7 41.9 Return on Equity % 1.96 1.93 1.89 1.74 1.79 1.70 1.71 1.51 1.48 1.65 1.56 Asset Turnover 7.3 7.2 3.0 4.0 8.8 10.7 10.4 0.1 12.6 14.4 12.5 Net Margin % 2.0 2.3 2.3 1.8 — 1.7 1.6 2.6 2.0 2.1 2.2 Financial Leverage

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 12-15 Financial Health (USD)

2 550 550 549 549 550 550 1299 2048 2348 1948 Long-Term Debt $Mil 2229 2284 2491 3046 3675 4385 5109 4480 5272 5818 5982 Total Equity $Mil 0.00 0.24 0.22 0.18 — 0.13 0.11 0.29 0.39 0.40 0.33 Debt/Equity -406 -459 -442 455 977 1719 1990 94 1130 699 308 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

48.3 23.0 40.8 30.5 23.4 28.4 28.8 10000.0 30.3 32.9 37.0 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 5.4 0.0 0.0 1.9 P/E vs. Market 3.6 1.6 0.7 1.8 2.2 3.0 3.0 4.0 3.8 4.7 4.6 Price/Sales 12.0 6.6 2.7 5.1 5.9 7.8 7.8 13.2 11.7 15.3 14.9 Price/Book 24.8 10.7 6.1 11.8 15.3 22.0 17.6 20.5 103.1 24.2 23.0 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Mar Jun Sep Dec

Most Recent 4563.0 4881.0 4914.0 5373.0 Previous 3873.0 4153.0 4180.0 4803.0 Rev Growth % Mar Jun Sep Dec

Most Recent 17.8 17.5 17.6 11.9 Previous 9.1 11.2 10.4 13.3 Earnings Per Share $ Mar Jun Sep Dec

Most Recent 0.33 0.41 0.43 0.46 Previous 0.28 0.34 0.39 0.65

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% McDonald's Corp 114847 25413 26.6 45.4 Panera Bread Co Class A 5072 2682 36.4 24.2

Major Fund Holders

% of shares

Fidelity® Contrafund® 2.50 MiraeAsset Global Great Consumer Mstr Eq 0.02 MiraeAsset Insight Master Equity Bal 0.01

Release date 04-05-2016

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Wal-Mart Stores Inc(USD) WMT Last Close $ Sales $Mil Mkt Cap $Mil Industry Currency $68.64 $482,130 $215,827 Discount Stores USD

Wal-Mart Stores Inc operates retail stores in various formats under various banners. Its operations comprise of three reportable business segments, Walmart U.S., Walmart International and Sam's Club in three categories retail, wholesale and others.

702 South West 8th Street Bentonville, AR 72716 Phone: +1 479 273-4000 Website: http://www.walmart.com

Growth Rates Compound Annual Grade: C 1 Yr 3 Yr 5 Yr 10 Yr Revenue % -0.7 1.0 2.7 4.3 Operating Income % -11.2 -4.6 -1.2 2.7 Earnings/Share % -8.4 -3.0 1.8 5.5 Dividends % 2.1 7.2 10.1 12.6 Book Value/Share % 1.0 3.4 5.5 7.2 Stock Total Return -12.5 -0.9 8.0 5.8 +/- Industry -6.6 -6.4 -4.1 -2.7 +/- Market -13.7 -12.8 -3.3 -1.0

Profitability Analysis

Grade: C Current 5 Yr Avg Ind Mkt

Return on Equity % 18.2 21.1 19.2 21.4 Return on Assets % 7.3 8.0 7.3 7.1 Revenue/Employee $K 209.6 212.6 — 873.2 Fixed Asset Turns 4.1 4.1 4.4 7.1 Inventory Turns 8.1 8.3* 7.9 9.3

Gross Margin % 25.1 24.9 24.1 45.9 Operating Margin % 5.0 5.6 5.0 18.2 Net Margin % 3.1 3.4 3.1 13.0 Free Cash Flow/Rev % 3.3 2.8 3.2 16.1 R&D/Rev % — — — —

Financial Position (USD)

Grade: A 01-15 $Mil 01-16 $Mil

Cash 9135 8705 Inventories 45141 44469 Receivables 6778 5624

Current Assets 63278 60239 Fixed Assets 116655 116516 Intangibles 18102 16695

Total Assets 203490 199581 Payables 42023 41552 Short-Term Debt 6383 5453

Current Liabilities 65253 64619 Long-Term Debt 40889 38214

Total Liabilities 122096 119035 Total Equity 81394 80546

Valuation Analysis

Current 5 Yr Avg Ind Mkt

Price/Earnings 15.0 14.6 17.4 19.1 Forward P/E 16.3 — — 17.6 Price/Cash Flow 8.1 9.3 9.6 11.8 Price/Free Cash Flow 13.9 19.0 16.7 33.6 Dividend Yield % 2.9 2.5 2.3 2.4 Price/Book 2.7 3.1 3.4 2.7 Price/Sales 0.5 0.5 0.5 3.5 PEG Ratio 4.8 — — 2.6 *3Yr Avg data is displayed in place of 5 Yr Avg

Morningstar Rating Fair Value Uncertainty

Fair Value Economic Moat

QQQQ Low $75.00 Wide As of 04-05-2016

Style Sector

Large Value ConsumerDefensive

52.15 51.44 63.85 57.51 56.27 60.00 77.60 81.37 88.09 90.97 69.37 42.31 42.09 43.11 46.25 47.77 48.31 57.18 67.72 72.27 56.30 60.20

Annual Price High Low Recent Splits

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD Stock Performance

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

52 week High/Low $ 81.39-56.30 10 Year High/Low $ 90.97-42.091.0

5.0

13.0

33.0

82.0

Trading Volume Million 3.0

18.0

0.1 4.8 19.9 -2.7 3.2 13.5 16.8 18.1 11.6 -26.3 12.8 Total Return % -15.7 -0.7 56.9 -29.2 -11.9 11.4 0.8 -14.3 -2.1 -27.7 12.1 +/- Market -2.4 1.6 12.2 -6.6 -8.3 1.2 -0.2 -2.2 -5.0 -12.2 3.0 +/- Industry 1.5 1.9 1.7 2.0 2.2 2.4 2.3 2.4 2.2 3.2 2.9 Dividend Yield %

192479 190349 219898 203654 192098 204660 228246 254623 276808 196276 215827 Market Cap $Mil

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Financials (USD)

348368 378476 — 408085 421849 446509 468651 — 485651 482130 482130 Revenue $Mil 24.2 24.3 24.8 25.4 25.3 25.0 24.8 24.8 24.8 25.1 25.1 Gross Margin %

20497 21952 — 24002 25542 26491 27725 — 27147 24105 24105 Oper Income $Mil 5.9 5.8 5.6 5.9 6.1 5.9 5.9 5.6 5.6 5.0 5.0 Operating Margin %

11284 12731 — 14370 16389 15699 16999 — 16363 14694 14694 Net Income $Mil

2.92 3.16 3.35 3.72 4.18 4.54 5.02 4.85 4.99 4.57 4.57 Earnings Per Share $ 0.67 0.88 0.95 1.09 1.21 1.46 1.59 1.88 1.92 1.96 1.96 Dividends $ 4168 4072 3951 3877 3670 3474 3389 3283 3243 3217 3217 Shares Mil 15.75 16.71 17.77 18.40 19.61 22.09 22.68 24.54 24.85 25.62 25.62 Book Value Per Share $

19952 20354 25161 26249 23643 24255 25591 23257 28564 27389 27389 Oper Cash Flow $Mil -15666 -14937 -12210 -12184 -12699 -13510 -12898 -13115 -12174 -11477 -11477 Cap Spending $Mil 4286 5417 12951 14065 10944 10745 12693 10142 16390 15912 15912 Free Cash Flow $Mil

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 TTM Profitability

7.8 8.1 8.2 8.6 9.3 8.4 8.6 7.9 8.0 7.3 7.3 Return on Assets % 19.7 20.2 20.6 21.2 23.6 22.5 23.0 21.0 20.8 18.2 18.2 Return on Equity % 2.40 2.40 2.47 2.44 2.40 2.39 2.36 2.34 2.38 2.39 2.39 Asset Turnover 3.2 3.4 3.3 3.5 3.9 3.5 3.6 3.4 3.4 3.1 3.1 Net Margin % 2.5 2.5 2.5 2.4 — 2.7 2.7 2.7 2.5 2.5 2.5 Financial Leverage

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 01-16 Financial Health (USD)

27222 29799 31349 33231 40692 44070 38394 41771 40889 38214 38214 Long-Term Debt $Mil 61573 64608 65285 70468 68542 71315 76343 76255 81394 80546 80546 Total Equity $Mil 0.50 0.52 0.53 0.52 — 0.66 0.54 0.58 0.53 0.55 0.55 Debt/Equity

-5166 -10458 -6441 -7511 -6591 -7325 -11878 -8160 -1975 -4380 -4380 Working Capital $Mil

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TTM Valuation

16.5 15.4 16.4 15.5 13.3 13.4 14.0 15.1 18.1 13.1 15.0 Price/Earnings — 0.0 0.0 0.0 0.0 — 0.0 0.0 0.0 0.0 0.8 P/E vs. Market 0.6 0.5 0.6 0.5 0.5 0.5 0.5 0.5 0.6 0.4 0.5 Price/Sales 3.3 3.0 3.4 3.0 2.9 3.0 3.1 3.5 3.5 2.5 2.7 Price/Book 9.8 10.0 10.6 8.3 7.7 8.6 8.5 11.3 11.0 7.1 8.1 Price/Cash Flow

Quarterly Results (USD)

Revenue $Mil Apr Jul Oct Jan

Most Recent 114826.0 120229.0 117408.0 129667.0 Previous 114960.0 120125.0 119001.0 131565.0 Rev Growth % Apr Jul Oct Jan

Most Recent -0.1 0.1 -1.3 -1.4 Previous 0.8 2.8 2.9 1.4 Earnings Per Share $ Apr Jul Oct Jan

Most Recent 1.03 1.08 1.03 1.44 Previous 1.10 1.21 1.15 1.53

Close Competitors

Mkt Cap $Mil Rev $Mil P/E ROE% Costco Wholesale Corp 68485 117269 29.9 21.8 Target Corp 49259 73785 15.6 25.0

Major Fund Holders

% of shares

Vanguard Total Stock Mkt Idx 0.86 Vanguard 500 Index Inv 0.61 Samsung US Representative Stock Mstr Eq 0.00

Release date 04-05-2016

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-31.20

-20.80

-10.40

0.00

10.40

20.80

31.20

41.60

52.00

62.40

72.80

-3.0 -0.2 2.6 5.4 8.2 11.0 13.8 16.6 19.4 22.2 25.0 27.8 30.6 33.4 36.2 39.0

Low Risk/High Reward High Risk/High Reward

Low Risk/Low Reward High Risk/Low Reward

5 6

15 16

19 20

3 Years Risk/Reward Scatterplot: FIN326Spring2016

03-31-2013 to 03-31-2016 Currency Benchmark

USD S&P 500 TR USD (USD)

Risk/Reward Analysis

Portfolio Security Bmark 3 Year Mean

3 Year Standard Deviation

Securities 3 Years Std Dev 3 Years Mean

1 Amgen Inc(USD,AMGN) 22.50 15.74 2 Apple Inc(USD,AAPL) 24.04 22.32 3 Bank of America Corporation(USD,BAC) 24.82 4.41 4 Chevron Corp(USD,CVX) 20.71 -3.34 5 Coca-Cola Co(USD,KO) 14.84 7.87

6 Eaton Vance CA Municipal Opportunities A(USD,EACAX) 5.08 4.44 7 Exxon Mobil Corporation(USD,XOM) 15.20 0.59 8 Franklin Income Adv(USD,FRIAX) 9.12 2.26 9 General Electric Co(USD,GE) 18.47 14.97

10 Gilead Sciences Inc(USD,GILD) 29.39 24.05

11 Halliburton Co(USD,HAL) 28.75 -2.62 12 Hewlett Packard Enterprise Co(USD,HPE) — — 13 Intel Corp(USD,INTC) 21.89 17.73 14 International Business Machines Corp(USD,IBM) 19.11 -8.35 15 Invesco Limited Term Municipal Income A(USD,ATFAX) 2.17 1.74

16 iShares MSCI EAFE(USD,EFA) 13.56 1.90 17 iShares MSCI Emerging Markets(USD,EEM) 16.68 -5.07 18 JPMorgan Chase & Co(USD,JPM) 20.10 10.63 19 Lord Abbett Bond-Debenture A(USD,LBNDX) 5.43 2.95 20 Macy's Inc(USD,M) 27.22 4.19

21 McDonald's Corp(USD,MCD) 13.73 11.68 22 MFS CA Municipal Bond A(USD,MCFTX) 4.58 4.38 23 Oppenheimer Gold & Special Minerals A(USD,OPGSX) 37.97 -17.18 24 Procter & Gamble Co(USD,PG) 13.45 5.52 25 Starbucks Corp(USD,SBUX) 15.75 29.71

26 Wal-Mart Stores Inc(USD,WMT) 17.06 -0.34

Benchmark 11.35 11.82 Portfolio 9.99 1.70

Release date 03-31-2016

Page 37 of 57

Correlation Matrix 03-31-2013 to 03-31-2016: FIN326Spring2016 Report Currency

USD

Correlation Matrix 3 Year

1 Investment Key 1 Portfolio 2 Amgen Inc (USD, AMGN) 3 Bank of America Corporation (USD, BAC) 4 Chevron Corp (USD, CVX) 5 Eaton Vance CA Municipal Opportunities A (USD, EACAX) 6 Exxon Mobil Corporation (USD, XOM) 7 Franklin Income Adv (USD, FRIAX) 8 General Electric Co (USD, GE) 9 Halliburton Co (USD, HAL) 10 Intel Corp (USD, INTC) 11 International Business Machines Corp (USD, IBM) 12 Invesco Limited Term Municipal Income A (USD, ATFAX) 13 iShares MSCI EAFE (USD, EFA) 14 iShares MSCI Emerging Markets (USD, EEM) 15 JPMorgan Chase & Co (USD, JPM) 16 Lord Abbett Bond-Debenture A (USD, LBNDX) 17 Macy's Inc (USD, M) 18 McDonald's Corp (USD, MCD) 19 MFS CA Municipal Bond A (USD, MCFTX) 20 Oppenheimer Gold & Special Minerals A (USD, OPGSX)

1 2

2 0.19 3

3 0.17 0.53 4

4 0.72 0.27 0.35 5

5 0.14 0.04 -0.17 -0.07 6

6 0.61 0.15 0.21 0.80 -0.13 7

7 0.83 0.45 0.36 0.77 0.11 0.68 8

8 0.58 0.27 0.35 0.68 -0.15 0.71 0.68 9

9 0.60 0.11 0.14 0.59 -0.05 0.44 0.64 0.31 10

10 0.43 0.19 0.24 0.51 0.04 0.39 0.51 0.53 0.17 11

11 0.58 0.04 0.30 0.50 -0.02 0.37 0.49 0.50 0.40 0.37 12

12 0.23 0.13 -0.20 -0.07 0.94 -0.09 0.20 -0.13 0.01 0.00 -0.08 13

13 0.61 0.51 0.30 0.64 0.13 0.50 0.86 0.65 0.57 0.45 0.44 0.22 14

14 0.72 0.37 0.19 0.77 0.16 0.58 0.83 0.64 0.56 0.50 0.53 0.19 0.81 15

15 0.25 0.40 0.83 0.54 -0.20 0.46 0.47 0.55 0.21 0.38 0.47 -0.26 0.47 0.38 16

16 0.70 0.54 0.37 0.56 0.27 0.46 0.90 0.46 0.52 0.36 0.39 0.36 0.83 0.74 0.39 17

17 0.19 0.16 0.13 0.07 0.00 0.27 0.33 0.01 0.00 -0.02 0.12 0.08 0.20 0.21 0.24 0.35 18

18 0.24 0.29 0.11 0.43 0.09 0.32 0.42 0.56 0.13 0.30 0.11 0.09 0.51 0.37 0.23 0.31 0.05 19

19 0.12 0.05 -0.19 -0.08 0.98 -0.13 0.08 -0.19 -0.08 0.01 -0.05 0.93 0.08 0.14 -0.23 0.26 0.02 0.06 20

20 0.77 -0.18 -0.18 0.23 0.05 0.21 0.34 0.15 0.28 0.09 0.32 0.15 0.07 0.23 -0.20 0.25 0.05 -0.13 0.04

Degree of Correlation

High

0.70 to 1.00

Moderate

0.11 to 0.69

None

0.10 to -0.10

Moderately Negative

-0.11 to -0.69

Highly Negative

-0.70 to -1.00

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

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

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD -63.0

-42.0

-21.0

0.0

21.0

42.0

63.0

84.0

105.0

126.0

147.0

Total Return FIN326Spring2016

01-01-2006 to 03-31-2016 Currency

USD

Total Return %

Securities 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD

Amgen Inc (USD, AMGN) -13.38 -32.02 24.35 -2.04 -2.95 18.12 36.79 34.77 42.19 3.98 -6.99 Apple Inc (USD, AAPL) 18.01 133.47 -56.91 146.90 53.07 25.56 32.52 8.03 40.43 -3.04 4.10 Bank of America Corporation (USD, BAC) 20.69 -18.76 -62.89 7.33 -11.18 -58.12 109.78 34.52 15.70 -4.76 -19.37 Chevron Corp (USD, CVX) 33.71 30.51 -18.42 8.19 23.06 20.16 5.04 19.28 -6.96 -16.11 7.41 Coca-Cola Co (USD, KO) 23.10 30.40 -24.08 30.08 19.04 9.40 6.43 17.21 5.20 5.10 8.80

Eaton Vance CA Municipal Opportunities A (USD, EACAX)

6.46 -0.29 -18.73 24.79 -1.14 12.40 11.00 -4.88 12.32 4.63 2.13

Exxon Mobil Corporation (USD, XOM) 40.22 23.33 -13.20 -12.55 10.21 18.60 4.76 20.15 -6.06 -12.69 8.21 Franklin Income Adv (USD, FRIAX) 19.39 5.08 -30.27 35.43 13.15 2.51 14.48 14.50 3.86 -7.75 2.51 General Electric Co (USD, GE) 9.36 2.69 -53.97 -1.13 24.33 1.29 21.19 37.89 -6.68 27.51 2.86 Gilead Sciences Inc (USD, GILD) 23.51 41.72 11.15 -15.39 -16.25 12.94 79.45 104.49 25.51 8.68 -8.80

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.

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Portfolio Snapshot Report Disclosure Statement

General Investment portfolios illustrated in this report can be scheduled or unscheduled. With an unscheduled portfolio, the user inputs only the portfolio holdings and their current allocations. Morningstar calculates returns using the given allocations assuming monthly rebalancing. Taxes, loads, and sales charges are not taken into account.

With "scheduled" portfolios, users input the date and amount for all investments into and withdrawals from each holding, as well as tax rates, loads, and other factors that would have affected portfolio performance. A hypothetical illustration is one type of scheduled portfolio.

Both scheduled and unscheduled portfolios are theoretical, for illustrative purposes only, and are not reflective of an investors actual experience. For both scheduled and unscheduled portfolios, the performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return of stocks, mutual funds, and variable annuity/life products will fluctuate, and an investor's shares/units, when redeemed, will be worth more or less than the original investment. Stocks, mutual funds, and variable annuity/life products are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution. Portfolio statistics change over time.

Used as supplemental sales literature, the Portfolio Snapshot report must be preceded or accompanied by the fund/policy's current prospectus or equivalent. In all cases, this disclosure statement should accompany the Portfolio Snapshot report. Morningstar is not itself a FINRA-member firm.

The underlying holdings of the portfolio are not federally or FDIC-insured and are not deposits or obligations of, or guaranteed by any financial institution. Investing in securities involves investment risks including possible loss of principal and fluctuation in value.

The information contained in this report is from the most recent information available to Morningstar as of the release date, and may or may not be an accurate reflection of the current composition of the securities included in the portfolio. There is no assurance that the weightings, composition and ratios will remain the same.

Items to Note Regarding Certain Underlying Securities A closed-end fund is an investment company, which typically makes one public offering of a fixed number of shares. Thereafter, shares are traded on a secondary market such as the New York Stock Exchange. As a result, the secondary market price may be higher or lower than the closed-end fund's net asset value (NAV). If these shares trade at a price above their NAV, they are said to be trading at a premium. Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount.

An exchange-traded fund (ETF) is an investment company that typically has an investment objective of striving to achieve a similar return as a particular market index. The ETF will invest in either all or a representative sample of the securities included in the index it is seeking to imitate. Like closed-end funds, ETFs can be traded on a secondary market and thus have a market price that may be higher or lower than its net asset value. If these shares trade at a price above their NAV, they are said to be trading at a premium. Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount.

Exchange Traded Notes (ETN) are unsecured debt obligations of a particular issuer with returns that generally track the total return of an underlying index. Unlike standard debt securities, ETNs may not return the principal amount at maturity and, therefore, depending on the specific terms of the product, investors could lose all or a substantial portion of their investment based on the performance of the underlying index. Investors could also lose their entire investment if the issuer becomes insolvent. UBS Financial Services Inc. does not guarantee in any way the obligations or the financial condition of any issuer or the accuracy of any financial information provided by any issuer of ETNs. ETNs are not traditional investments and investing in ETNs can contain a call feature which allows the issuer to repurchase the ETN at its option prior to maturity. If this call feature is exercised, investors may not be able to reinvest the proceeds received at a comparable rate of return. While ETNs are generally listed on an exchange, the issuer is not obligated to maintain such listing or to ensure that there is a secondary market for the ETNs. As a result, there may be limited or no liquidity in the ETNs and investors should be prepared to hold their investment to maturity.

A money-market fund is an investment company that invests in commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit and other highly liquid securities, and pays money market rates of interest. Money markets are not FDIC-insured, may lose money, and are not guaranteed by a bank or other financial institution. Although the money market seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible to lose money by investment in the fund.

A unit investment trust (UIT) is an investment company organized under a trust agreement between a sponsor and trustee. UITs typically purchase a fixed portfolio of securities and then sell units in the trust to investors. The major difference between a UIT and a mutual fund is that a mutual fund is actively managed, while a UIT is not. On a periodic basis, UITs usually distribute to the unit holder their pro rata share of the trust's net investment income and net realized capital gains, if any. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. UITs generally make one public offering of a fixed number of units. However, in some cases, the sponsor will maintain a secondary market that allows existing unit holders to sell their units and for new investors to buy units.

Variable annuities are tax-deferred investments structured to convert a sum of money into a series of payments over time. Variable annuity policies have limitations and are not viewed as short-term liquid investments. An insurance company's fulfillment of a commitment to pay a minimum death benefit, a schedule of payments, a fixed investment account guaranteed by the insurance company, or another form of guarantee depends on the claims-paying ability of the issuing insurance company. Any such guarantee does not affect or apply to the investment return or principal value of the separate account and its subaccount. The financial 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, it seeks to preserve a stable per share value (i.e. $1.00 per share), but it is possible to lose money by investment in the fund.

Variable life insurance is a cash-value life insurance that has a variable cashvalue and/or death benefit depending on the investment performance of the subaccount into which premium payments are invested. Unlike traditional life insurance, variable life insurance has inherent risks associated with it, including market volatility, and is not viewed as a short-term liquid investment. For more information on a variable life product, including each subaccount, please read the current prospectus. Please note, the financial ratings noted on the report are quoted for an insurance company and do not apply to the separate account and its subaccount. If the variable life subaccount is invested in a money-market fund, it seeks to preserve a stable per share value (i.e. $1.00 per share), but it is possible to lose money by investment in the fund.

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A bond is a debt security. When an investor purchases a bond, the purchase amount is lent to a government, municipality, corporation or other entity known as an issuer. The issuer promises to pay a specified rate of interest during the life of the bond and repay the face value of the bond when it matures. Individual bond issue data, price evaluations, and effective duration are provided by Interactive Data Corporation.

Pre-inception Returns The analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's list of holdings and again on the standardized returns page. When pre-inception data is presented in the report, the header at the top of the report will indicate this and the affected data elements will be displayed in italics.

While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Scheduled Portfolio Trailing Returns Scheduled Portfolios are customized by the user to account for loads, taxes, cash flows and specific investment dates. Scheduled portfolios use the portfolio's investment history to calculate final market values and returns. For scheduled portfolios, both individual holdings and portfolio returns are internal- rate-of-return calculations that reflect the timing and dollar size of all purchases and sales. For stocks and mutual funds, sales charges and tax rates are taken into account as specified by the user (except in the pre-tax returns, which reflect the impact of sales charges but not taxes). Note that in some scheduled portfolio illustrations, dividends and capital gains distributions, if applicable, are reinvested at the end of the month in which they are made at the month-end closing price. This can cause discrepancies between calculated returns and actual investor experience.

The trailing returns for scheduled portfolios commence at the end of the day on the investment start date. All front-load fees and beginning of period asset- based fees are deducted at the start of the day, therefore these fees will not be incorporated within the trailing return time period that matches the whole investment time period. For example, an investor pays $10,000 for security A with a 5% front-load and generates a 5-year Hypothetical Illustration that shows an end value of $12,500. Assuming no cash inflows or outflows aside from the initial investment and end value, the whole investment time period return will be 4.56% ((12,500/ $10,000)^(1/5)-1) while the 5-year trailing return will be 5.64% (( $12,500/ $9,500)^(1/5)-1).

Scheduled Portfolio Returns-Based Performance Data For scheduled portfolios, the monthly returns used to calculate alphas, betas, R- squareds, standard deviations, Sharpe ratios and best/worst time-period data are internal rates of return.

Important VA Disclosure for Scheduled Portfolios For variable annuity products, policy level charges (other than front-end loads, if input by the advisor) are not factored into returns. When withdrawals and liquidations are made, increases in value over the purchase price are taxed at the capital gains rate that currently is in effect. This is not reflective of the actual tax treatment for these products, which requires the entire withdrawal to

be taxed at the income tax rate. If adjusted for sales charges and the effects of taxation, the subaccount returns would be reduced.

Scheduled Portfolio Investment Activity Graph The historic portfolio values that are graphed are those used to track the portfolio when calculating returns.

Unscheduled Portfolio Returns Monthly total returns for unscheduled portfolios are calculated by applying the ending period holding weightings supplied by the user to an individual holding's monthly returns. When monthly returns are unavailable for a holding (ie. Due to it not being in existence during the historical period being reported), the remaining portfolio holdings are re-weighted to maintain consistent proportions. Inception dates are listed in the Disclosure for Standardized and Tax Adjusted Returns. Trailing returns are calculated by geometrically linking these weighted- average monthly returns. Unscheduled portfolio returns thus assume monthly rebalancing. Returns for individual holdings are simple time-weighted trailing returns. Neither portfolio returns nor holding returns are adjusted for loads or taxes, and if they were, the returns stated would be reduced. The returns stated assume the reinvestment of dividends and capital gains. Mutual fund returns include all ongoing fund expenses. VA/VL returns reflect subaccount level fund expenses, including M&E expenses, administration fees, and actual ongoing fund level expenses.

Unscheduled Portfolio Investment Activity Graph The historic performance data graphed is extrapolated from the ending portfolio value based on monthly returns.

Benchmark Returns Benchmark returns may or may not be adjusted to reflect ongoing expenses such as sales charges. An investment's portfolio may differ significantly from the securities in the benchmark.

Returns for custom benchmarks are calculated by applying user-supplied weightings to each benchmark's returns every month. Trailing returns are calculated by geometrically linking these weighted-average monthly returns. Custom benchmark returns thus assume monthly rebalancing.

Standardized Returns For mutual funds, standardized return is total return adjusted for sales charges, and reflects all ongoing fund expenses. Following this disclosure statement, standardized returns for each portfolio holding are shown.

For money-market mutual funds, standardized return is total return adjusted for sales charges and reflects all ongoing fund expenses. Current 7-day yield more closely reflects the current earnings of the money-market fund than the total return quotation.

For VA subaccounts, standardized return is total return based on the inception date within the separate account and is adjusted to reflect recurring and non- recurring charges such as surrender fees, contract charges, maximum front-end load, maximum deferred load, maximum M&E risk charge, administration fees and actual ongoing fund-level expenses.

For ETF/ETNs, the standardized returns reflect performance, both at market price and NAV price, without adjusting for the effects of taxation or brokerage commissions. These returns are adjusted to reflect all ongoing ETF/ETN expenses and assume reinvestment of dividends and capital gains. If adjusted, the effects of taxation would reduce the performance quoted.

The charges and expenses used in the standardized returns are obtained from the most recent prospectus and/or shareholder report available to Morningstar.

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For mutual funds and VAs, all dividends and capital gains are assumed to be reinvested. For stocks, stock acquired via divestitures is assumed to be liquidated and reinvested in the original holding.

Non-Standardized Returns For mutual funds, total return is not adjusted for sales charges and reflects all ongoing fund expenses for various time periods. These returns assume reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the mutual fund returns would be reduced. Please note these returns can include pre-inception data and if included, this data will be represented in italics.

For money-market funds, total return is not adjusted for sales charges and reflects all ongoing fund expenses for various time periods. These returns assume reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the money-market returns would be reduced.

For VA and VL subaccounts, non-standardized returns illustrate performance that is adjusted to reflect recurring and non-recurring charges such as surrender fees, contract charges, maximum front-end load, maximum deferred load, maximum M&E risk charge, administrative fees and underlying fund-level expenses for various time periods. Non-Standardized performance returns assume reinvestment of dividends and capital gains. If adjusted for the effects of taxation, the subaccount returns would be significantly reduced. Please note these returns can include pre-inception data and if included, this data will be represented in italics.

Investment Advisory Fees The investment(s) returns do not necessarily reflect the deduction of all investment advisory fees. Client investment returns will be reduced if additional advisory fees are incurred such as deferred loads, redemption fees, wrap fees, or other account charges.

Asset Allocation The weighting of the portfolio in various asset classes, including "Other" is shown in this graph and table. "Other" includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks. "Not classified" represents the portion of the portfolio that Morningstar could not classify at all, due to missing data.

In the graph and table, allocation to the classes is shown for long positions, short positions, and net (long positions net of short) positions. These new portfolio statistics help investors look "under the hood" of a portfolio. These statistics summarize what the managers are buying and how they are positioning the portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the funds' exposure and risk.

Most managed product portfolios hold fairly conventional securities, such as long positions in stocks and bonds. Other portfolios use other investment strategies or securities, such as short positions or derivatives, to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while others have unique return and risk characteristics.

the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price.

The strategy of selling securities short is prevalent in specialized portfolios, such as long-short, market-neutral, bear-market, and hedge funds. Most conventional portfolios do not typically short securities, although they may reserve the right to do so under special circumstances. Funds may also short derivatives, and this is sometimes more efficient than shorting individual securities. Short positions produce negative exposure to the security that is being shorted. This means that when the security rises in value, the short position will fall in value and vice versa. Morningstar's portfolio statistics will capture this negative exposure. For example, if a fund has many short stock positions, the percent of assets in stocks in the asset allocation breakdown may be negative. Funds must provide their broker with cash collateral for the short position, so funds that short often have a large cash position, sometimes even exceeding 100% cash.

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

For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, core, or growth).

For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.

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For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.

For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Stock Regions This section provides the allocation of the portfolio's long stock positions to the world regions, in comparison with a benchmark.

Risk and Return Standard deviation is a statistical measure of the volatility of a portfolio's returns around its mean.

Mean represents the annualized geometric return for the period shown.

Sharpe ratio uses a portfolio's standard deviation and total return to determine reward per unit of risk.

Alpha measures the difference between a portfolio's actual returns and its expected performance, given its beta and the actual returns of the benchmark index. Alpha is often seen as a measurement of the value added or subtracted by a portfolio's manager.

Beta is a measure of the degree of change in value one can expect in a portfolio given a change in value in a benchmark index. A portfolio with a beta greater than one is generally more volatile than its benchmark index, and a portfolio with a beta of less than one is generally less volatile than its benchmark index.

R-squared reflects the percentage of a portfolio's movements that is explained by movements in its benchmark index, showing the degree of correlation between the portfolio and a benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant.

Portfolio Yield The dividend yield produced for the most recent 12 months is presented.

Fundamental Analysis The below referenced data elements are a weighted average of the long equity holdings in the portfolio.

The median market capitalization of a subaccount's equity portfolio gives you a measure of the size of the companies in which the subaccount invests.

The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratios of the stocks in a subaccounts portfolio. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency.

The Price/Book ratio is a weighted average of the price/book ratios of all the stocks in the underlying fund's portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value. Stocks with negative book values are excluded from this calculation.

The Price/Earnings ratio is calculated by dividing the market value of the equity assets by the trailing 12 month earnings. The 12 month earnings value comes from multiplying the number of shares and the adjusted trailing 12 months' earnings per share for each equity asset and summing the results.

The Price/Sales ratio is a weighted average of the price/sales ratios of the stocks in the underlying fund's portfolio. The P/S ratio of a stock is calculated 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 the percentage of equity assets it represents.

The return on assets (ROA) 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, 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.

Market Maturity shows the percentage of a holding's long common stocks that are domiciled in developed and emerging markets.

The data elements listed below are a weighted average of the long fixed income holdings in the portfolio.

Average maturity is used for holdings in the taxable fixed-income category. This is a weighted average of all the maturities of the bonds in a portfolio, computed by weighting each maturity date by the market value of the security.

Credit quality breakdowns are shown for corporate-bond holdings and depict the quality of bonds in the underlying portfolio. The report shows the percentage of fixed-income securities that fall within each credit quality rating as assigned by an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category.

Debt as a percentage of capital is calculated by dividing long-term debt by total capitalization (the sum of common equity plus preferred equity plus long-term debt). This figure is not provided for financial companies.

Duration is a time measure of a bond`s interest-rate sensitivity.

Net Margin is a measure of profitability. It is equal to annual net income divided by revenues from the same period for the past five fiscal years, multiplied by 100.

Type Weightings divide the stocks in a given holding's portfolio into eight type designations each of which defines a broad category of investment characteristics. Not all stocks in a given holding's portfolio are assigned a type. These stocks are grouped under NA.

The data elements listed below are a weighted average of the total holdings in the portfolio.

The average expense ratio is the percentage of assets deducted each year for operating expenses, management fees, and all other asset-based costs incurred by the fund, excluding brokerage fees. Please note for mutual funds, variable

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annuities/life, ETF/ETN and closed-end funds we use the gross prospectus ratio as provided in the prospectus. Separate accounts and stocks are excluded from the average expense ratio.

Potential capital gains exposure is the percentage of a holding`s total assets that represent capital appreciation.

Stock Intersection Report Disclosure Statement

Used as supplemental sales literature, the Stock Intersection report must be preceded or accompanied by the fund's/policy's current prospectus or equivalent. In all cases, this disclosure statement should accompany the Stock Intersection report. Morningstar is not itself a FINRA-member firm. Information contained in the report is from the most recent information available to Morningstar.

The Stock Intersection report reviews the top 50 holdings in the portfolio to identify, at a glance, the portfolio's overall weighting in a particular security or sector. This report only displays the top 50 holdings; the investor's portfolio may hold substantially more.

Note that while the investor does not own the securities held by an open-end fund, closed-end fund, or similar investment, the holdings are relevant in reviewing the overall asset allocation and diversification. This report is not an offer or recommendation by Morningstar to purchase or liquidate any security listed.

Concentration Ratio The concentration ratio depicts how much of the portfolio is contained within the top 50 stock holdings. If a portfolio contains 50 or fewer securities, it would be considered non-diversified. A non-diversified portfolio is more risky than a portfolio with a larger number of investments.

Percentage of Portfolio The Percentage of Portfolio column indicates the percentage of net assets any given security (either as an individual holding or as an underlying stock) makes up as an overall position of the portfolio.

Holding Portfolio Date The Portfolio Date is the date that the fund's portfolio was last updated. When making comparisons among funds, it is an important date to keep in mind. Although Morningstar tries to ensure that we receive timely information, we don't always receive current information from fund companies. By law, funds need only report this information two times during the calendar year, and they have two months after the report date to actually release the shareholder report and portfolio. Therefore, it is possible that a fund's portfolio could be up to eight months old at the time of publication.

Sector Morningstar breaks down all equities into the following sectors: Consumer Defensive, Healthcare, Utilities, Communication Services, Energy, Industrials, Technology, Basic Materials, Consumer Cyclical, Financial Services, and Real Estate.

Stock Detail Report Disclosure Statement

Please read this information carefully. In all cases, this disclosure statement should accompany the Stock Detail report. Morningstar is not itself a FINRA- member firm. All data presented is based on the most recent information available to Morningstar. Morningstar gathers data from many sources including third party providers such as Comstock and Reuters. Unless otherwise stated, all data and statistics presented in the report are as of the release date noted within the Detail Report and constitute "as originally reported" information.

Last Close $ The stock price shown represents the market price of the stock as of the close of trading on the release date noted at the top of the investment detail page.

Market Capitalization $ mil The value of a company as determined by the market price of its outstanding common stock. It is calculated by multiplying the market price as of the close of trading as of the last day of the most recent month-end by the number of shares outstanding as of the most recently completed fiscal quarter. It may be used as an indicator of how investors value a company's future prospects.

Morningstar Rating The Morningstar Rating for stocks is calculated by comparing Morningstar's assessment of a stock's fair value with the stock's current market price. The rating is assigned a five star rating if fair value is 30% or more above the current market price, four star rating if it is 10% to 30% above the current market price, three star rating if fair value is 10% above or below the current market price, two star rating if fair value is 10% to 30% below the current market price, and a one star rating for a fair value of 30% or more below the current market price.

Fair Value Uncertainty Fair Value Uncertainty is meant to give investors an idea of how tightly we feel we can bound our fair value estimate for any given company. To generate Morningstar Fair Value Uncertainty, analysts consider the following factors: Sales predictability, Operating leverage, Financial leverage, a firm`s exposure to contingent events. Based on these factors, analysts classify the stock into one of several uncertainty levels: Low, Medium, High, Very High, or Extreme. The greater the level of uncertainty, the greater the discount to fair value required before a stock can earn 5 stars, and the greater the premium to fair value before a stock earns a 1-star rating.

Fair Value Each stock's fair value is estimated by utilizing a proprietary discounted cash flow model (DCF). This model assumes that the stock's value is equal to the total of the free cash flows of the company is expected to generate in the future, discounted back to the present at the rate commensurate with the riskiness of the cash flows. As with any DCF model, the ending value is highly sensitive to Morningstar's projections of future growth.

Economic Moat Economic Moat measures the strength and sustainability of a firm's compet- itive advantage. Many factors are considered when assigning this rating, including the firm's historical performance, the source of the company's excess economic profits, market share, ability to produce products at lower costs than competitors, governmental protection via patents/copyrights, high customer switching costs, and other various considerations as determined by our Editorial staff. The rating value assigned will be either none, narrow, or wide.

Style The Morningstar Style consists of nine categories that provide an overview of the investment strategy. The style is comprised of a combination of market

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capitalization of the security and the investment style (value, blend, or growth).

Stock Grades The grading system is a letter-based system from A through F, with A being the highest. The Growth Grade shows how well the company's growth compares with the Morningstar universe. Growth is measured by revenue per share. The Profitability Grade shows how well a company's profitability, as measured by return on equity, compares with the Morningstar universe. The Financial Health Grade compares a company's enterprise value with the book value of its liabilities, rewarding those firms that have a low probability of enterprise value falling below the value of liabilities.

Stock Performance Total Return represents shareholders' gains from a stock over a given period of time (YTD, one month, three month, one-, three-, and five year). Total return includes both capital gains and losses and dividend payments. It is calculated by taking the change in the stock's price as of the close of trading of the respective period, assuming the reinvestment of all dividends, then dividing by the initial stock price, and expressing the result as a percentage. Returns for periods longer than one year are annualized. Returns do not include brokerage commission or the effects of taxation.

Financials Earnings per share $ (EPS), diluted EPS, is calculated by dividing net income net of preferred dividends by a weighted average of total shares outstanding plus additional common shares that would have been outstanding if the dilutive common share would have been issued for the trailing 12 months (TTM).

Dividend per share $ is the dollar amount of dividends paid out by the company in a particular period to its common shareholders, as reported by the company.

Profitability Return on Assets (ROA) is the percentage a company earns on its assets in a given year (year 1, 2, etc.). The calculation is net income divided by end-of-year total assets, then multiplied by 100.

Return on Equity (ROE) is the percentage a company earns on its total equity in a given year (Year 1, 2, etc.). The calculation is net income divided by end-of-year net worth, multiplied by 100.

Net Margin is a measure of profitability. It is equal to annual net income divided by revenues from the same period for the past five fiscal years, multiplied by 100.

Asset Turnover represents how many dollars in revenue a company has generated per each dollar of assets. It is calculated by dividing total revenues for the period by total assets for the same period.

Financial leverage is calculated by dividing total assets by total shareholders' equity.

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

Price/Book (PB) is the most recent stock price divided by the most recent book value per share.

Price/Sales (PS) is the current price divided by the company's sales per share over the trailing 12 months.

Price/Cash Flow (PC) is the most recent price divided by the cash flow per share of the latest fiscal year.

Growth Rates All the figures in the Growth section represent the compounded or annualized growth rate. These figures are collected for revenue, net income, EPS, equity per share, and dividends.

Profitability Analysis The below referenced items are reported as both a current value and a 5-year average figure.

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 it has. 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.

Price/Free Cash Flow is the free cash flow divided by its "enterprise value", or market capitalization plus net debt. This number tells you what cash return you would get if you bought the entire company, including its debt.

Dividend Yield % is a percentage calculated by dividing total dividends by the current market price and multiplying by 100.

Price/Book is the stock price divided by the book value per share.

Price/Sales is the stock's price divided by the company's sales per share.

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PEG Ratio is Forward P/E ratio divided by the company's EPS Growth % Five- Year Mean Estimate. The Forward P/E ratio used in the numerator of this ratio is calculated by taking the current share price and dividing by the mean EPS estimate for the current fiscal year. The denominator is the average estimate of long-term EPS growth, derived from all polled analysts' estimates from Reuters Estimates.

Market Standard & Poor's 500: A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market.

Mutual Fund Detail Report Disclosure Statement

The Mutual Fund Detail Report is to be used as supplemental sales literature, and therefore must be preceded or accompanied by the fund's current prospectus and a disclosure statement. Please read the prospectus carefully. In all cases, this disclosure statement should accompany the Mutual Fund Detail Report. Morningstar is not itself a FINRA-member firm. Portfolio information is based on the most recent information available to Morningstar.

When pre-inception data are presented in the report, the header at the top of the report will indicate this. In addition, the pre-inception data included in the report will appear in italics.

Performance The performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than the original investment. Fund portfolio statistics change over time. The fund is not FDIC-insured, may lose value and is not guaranteed by a bank or other financial institution.

Total Return and Quarterly Return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be reduced.

Standardized Return is reflected as of the quarter-end. It depicts performance without adjusting for the effects of taxation, but is adjusted for sales charges and all ongoing fund expenses, and assumes reinvestment of dividends and capital gains. If adjusted for the effects of taxation, the performance quoted

would be reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. Standardized Returns never include pre-inception history.

Load-Adjusted Monthly Return is calculated applying the same methodology as Standardized Returns, except that it represents return through month-end. As with Standardized Returns, it reflects the impact of sales charges and ongoing fund expenses, but not taxation. If adjusted for the effects of taxation, the performance quoted would be significantly reduced.

Morningstar % Rank within Morningstar Category does not account for a fund's sales charge (if applicable). Rankings will not be provided for periods less than one year.

Growth of 10,000 This graph compares the growth of an investment of 10,000 (in the base currency of the fund) with that of an index and with that of the average for all funds in its Morningstar category. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. The index is an unmanaged portfolio of specified securities and cannot be invested in directly. The index and the category average do not reflect any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is chosen by Morningstar.

If pre-inception data is included in the analysis, it will be graphed.

Risk and Return The Morningstar Rating is calculated for funds with at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Please note that some Morningstar proprietary calculations, including the Morningstar Rating, may be calculated based on adjusted historical returns (pre- inception returns). If the extended performance rating is in effect, the "stars" are represented as unshaded stars. For each mutual fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's adjusted monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. This investment's independent Morningstar Rating metric is then compared against the open-end mutual fund universe's actual performance breakpoints to determine its extended performance rating. The Overall Morningstar Rating for a mutual fund is derived from a weighted average of the actual performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

Morningstar Return rates a mutual fund's performance relative to other funds in its Morningstar Category. It is an assessment of a fund's excess return over a risk-free rate (the return of the 90-day Treasury Bill), after adjusting for all applicable loads and sales charges, in comparison with the mutual funds in its Morningstar Category. In each Morningstar Category, the top 10% of funds earn a High Morningstar Return (HIGH), the next 22.5% Above Average (+AVG), the

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middle 35% Average (AVG), the next 22.5% Below Average (-AVG), and the bottom 10% Low (LOW). Morningstar Return is measured for up to three time periods (three-, five-, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the mutual fund. Funds with less than three years of performance history are not rated.

Morningstar Risk evaluates a mutual fund's downside volatility relative to that of other funds in its Morningstar Category. It is an assessment of the variations in a fund's monthly returns, with an emphasis on downside variations, in comparison with the mutual funds in its Morningstar Category. In each Morningstar Category, the 10% of funds with the lowest measured risk are described as Low Risk (LOW), the next 22.5% Below Average (-AVG), the middle 35% Average (AVG), the next 22.5% Above Average (+AVG), and the top 10% High (HIGH). Morningstar Risk is measured for up to three time periods (three-, five-, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the mutual fund. Funds with less than three years of performance history are not rated.

If pre-inception data is included in the analysis, it will be graphed.

Morningstar Analyst Rating The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key pillars, which are process, performance, people, parent, and price. Morningstar's analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, and the weighting of each pillar may vary. The Analyst Rating ultimately reflects the analyst's overall assessment and is overseen by Morningstar's Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar's global coverage universe.

The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a Gold rating distinguishes itself across the five pillars and has garnered the analysts' highest level of conviction. A fund with a Silver rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A Bronze-rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a Neutral rating isn't seriously flawed across the five pillars, nor does it distinguish itself very positively. A Negative rated fund is flawed in at least one if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated at least every 14 months.

For more detailed information about Morningstar's Analyst Rating, including its methodology, please go to http://corporate.morningstar.com/us/documents/ MethodologyDocuments/AnalystRatingforFundsMethodology.pdf.

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar's current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar's expectations not to occur or to differ significantly from what we expected.

Risk Measures The risk measures below are calculated for funds with at least a three- year history.

Standard deviation is a statistical measure of the volatility of the fund's returns.

Mean represents the annualized geometric return for the period shown.

The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.

Alpha measures the difference between a fund's actual returns and its expected performance, given its level of risk (as measured by beta). Alpha is often seen as a measure of the value added or subtracted by a portfolio manager.

Beta is a measure of a fund's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market.

R-squared reflects the percentage of a fund's movements that is explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant.

Best fit index: Alpha, beta, and R-squared statistics are presented for a broad market index and a "Best fit" index. The Best-Fit index identified in this report was determined by Morningstar by calculating R-squared for the fund against approximately 100 indexes tracked by Morningstar. The index representing the highest R-squared is identified as the best-fit index. The best-fit index may not be the fund's benchmark, nor does it necessarily contain the types of securities that may be held by the fund.

Risk measures calculated using pre-inception data, if included in the analysis, will be presented in italics.

Asset Allocation The weighting of the portfolio in various asset classes, including "Other" is shown in the table. "Other" includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks.

In the table, allocation to the classes is shown for long positions, short positions, and net (long positions net of short) positions. These statistics summarize what the managers are buying and how they are positioning the portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the funds' exposure and risk.

Most portfolios take long positions in securities. Long positions involve buying the security outright and then selling it later, with the hope that the security price rises over time. In contrast, short positions are taken to benefit from anticipated price declines. In this type of transaction, the investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price.

The strategy of selling securities short is prevalent in specialized portfolios, such as long-short, market-neutral, bear-market, and hedge funds. Most

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conventional portfolios do not typically short securities, although they may reserve the right to do so under special circumstances. Funds may also short derivatives, and this is sometimes more efficient than shorting individual securities. Short positions produce negative exposure to the security that is being shorted. This means that when the security rises in value, the short position will fall in value and vice versa. Morningstar's portfolio statistics will capture this negative exposure. For example, if a fund has many short stock positions, the percent of assets in stocks in the asset allocation breakdown may be negative. Funds must provide their broker with cash collateral for the short position, so funds that short often have a large cash position, sometimes even exceeding 100% cash.

Note that all other portfolio statistics presented in this report are based on the long holdings of the fund only.

Style Analysis The Morningstar Style Box reveals a fund's investment style as of the date noted on this report.

For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.

Equity Portfolio Statistics The referenced data elements below are a weighted average of the long equity holdings in the portfolio.

The Price/Earnings ratio is a weighted average of the price/earnings ratios of the stocks in the underlying fund's portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12-months' earnings per share. In computing the average, Morningstar weights each portfolio holding by the percentage of equity assets it represents.

The Price/Cash Flow ratio is a weighted average of the price/cash-flow ratios of the stocks in a fund's portfolio. Price/cash-flow shows the ability of a business to generate cash and acts as a gauge of liquidity and solvency.

The geometric average market capitalization of a fund's equity portfolio offers a measure of the size of the companies in which the mutual fund invests.

Fixed-Income Portfolio Statistics The referenced data elements below are a weighted average of the long fixed income holdings in the portfolio.

Duration is a time measure of a bond's interest rate sensitivity. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio.

Average effective maturity 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.

Average weighted coupon is generated from the fund's portfolio by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid out on a fixed-income security on an annual basis.

Average weighted price is generated from the fund's portfolio by weighting the price of each bond by its relative size in the portfolio. This number reveals if the fund favors bonds selling at prices above or below face value (premium or discount securities, respectively). A higher number indicates a bias toward premiums. This statistic is expressed as a percentage of par (face) value.

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an NRSRO. Bonds not rated by an NRSRO are included in the not rated (NR) category.

Turnover Ratio is a decent proxy for how frequently a manager trades his or her portfolio. The inverse of a fund's turnover ratio is the average holding period for a security in the fund. As turnover increases, a fund's brokerage costs typically rise as well.

Operations Purchase constraints denote if a mutual fund has any of the following qualities: Qualified Access (A), Institutional (T), Closed to New Investments, (C) or Closed to All Investments (L). Because these qualities can all act as restrictions and/or requirements for investment, they are grouped together.

Potential capital gains exposure is the percentage of a mutual fund's total assets that represents capital appreciation.

Fees and Expenses Prospectus Gross Expense Ratio reflects the annual percentage of a fund's assets paid out in expenses. Expenses include management, 12B-1, transfer agent and all other asset-based fees associated with the fund's daily operations and distribution, with the exception of brokerage commissions. It does not reflect expenses that have been reimbursed by the investment advisor, reductions from brokerage service arrangements or other expense offset arrangements.

Prospectus Net Expense Ratio reflects actual expenses paid by the fund as well as any voluntary waivers, reductions from brokerage service arrangements and any other expense offset arrangements.

ETF/ETN Detail Report Disclosure Statement

The Exchange-traded Fund (ETF)/Exchange Traded Note (ETN) Detail report is supplemental sales literature, and therefore must be preceded or accompanied by the fund/note's current prospectus or an equivalent statement. Please read this information carefully. In all cases, this disclosure statement should accompany the ETF/ETN Detail Report. Morningstar is not itself a FINRA- member firm. All data presented is based on the most recent information available to Morningstar.

ETF/ETN's trading on a secondary market may trade at, above, or below their net asset value (NAV) or closing indicative note value. If an ETF/ETN's shares trade at a price above their NAV they are said to be trading at a "premium." Conversely, if they are trading at a price below their NAV, they are said to be trading at a "discount."

Holding company depository receipts (HOLDRs) are similar to ETF/ETNs, 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.

The market price noted on the Detail Report is the price of the ETF/ETN as of the close of trading on the last business day at month-end. This date is listed at the top of the Detail Report.

Performance The performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor's shares, when sold, may be worth more or less than the original investment. Portfolio statistics change over time. ETFs, ETNs and HOLDRs are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution.

For ETF/ETNs, standardized total return is reflected as of month- and quarter- end time periods. It depicts performance without adjusting for brokerage commissions and the effects of taxation, but is adjusted to reflect all actual ongoing ETF/ETN expenses and assumes reinvestment of dividends and capital gains. If adjusted, the effects of brokerage commissions and taxation would reduce the performance quoted.

For HOLDRs, the standardized total return reflects performance at market price, without adjusting for the effects of taxation or brokerage commissions. These returns are adjusted to reflect all ongoing expenses and assume reinvestment of dividends and capital gains. If adjusted, the effects of taxation would reduce the performance quoted.

The 12-month yield is derived by summing the trailing 12-months' income distributions and dividing the sum by the last month's ending NAV, plus any capital gains distributed over the same period. Income refers only to interest payments from fixed-income securities and dividend payoffs from common stocks.

Growth of 10,000 This graph compares the growth of an investment of 10,000 (in the base currency of the fund) with that of an index and with that of the average for all funds in its Morningstar category. The NAV total returns are not adjusted to reflect the effects of taxation, but they are adjusted to reflect actual ongoing fund expenses and assume reinvestment of dividends and capital gains. If adjusted, the effect of taxation would reduce the performance quoted. Please note, while the investor obtaining an ETF/ETN through the secondary market does not obtain it at NAV, the purpose in presenting this graph based on NAV is to provide an illustration of the historical performance of the ETF strategy. In no way should this performance be considered indicative of or a guarantee of the future performance of this ETF/ETN nor should it be viewed as a substitute for an actual investor experience.

The index is an unmanaged portfolio of specified securities, and cannot be invested in directly. The index and the category average do not reflect any initial or ongoing expenses. A fund's portfolio may differ significantly from the securities in the index. The index is chosen by Morningstar.

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Risk Measures The risk measures below are calculated for ETF/ETNs with at least a three-year history.

Standard deviation is a statistical measure of the volatility of the ETF/ETN's NAV returns.

Mean represents the annualized geometric NAV return for the period shown.

The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.

Alpha measures the difference between an ETF/ETN's NAV returns and its expected performance, given its level of risk as measured by beta. Alpha is often seen as a measure of the value added or subtracted by a portfolio manager.

Beta is a measure of an ETF/ETN's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market.

R-squared reflects the percentage of an ETF/ETN's movements that is explained by movements in its benchmark index, showing the degree of correlation between the ETF/ETN and the benchmark. This figure is also helpful in assessing how likely it is that alpha and beta are statistically significant.

Best fit index: Alpha, beta, and R-squared statistics are presented for a broad market index and a "Best fit" index. The Best-Fit index identified in this report was determined by Morningstar by calculating R-squared for the fund/note against approximately 100 indexes tracked by Morningstar. The index representing the highest R-squared is identified as the best-fit index. The best- fit index may not be the fund/note's benchmark, nor does it necessarily contain the types of securities that may be held or tracked by the fund/note.

Most managed product portfolios hold or track fairly conventional securities, such as long positions in stocks and bonds. Other portfolios use or track other investment strategies or securities, such as short positions or derivatives, to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while others have unique return and risk characteristics.

Most portfolios take or track long positions in securities. Long positions involve buying the security outright and then selling it later, with the hope that the security price rises over time. In contrast, short positions are taken to benefit from anticipated price declines. In this type of transaction, the investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price.

Note that all other portfolio statistics presented in this report are based on the long holdings of the fund only.

Style Analysis The Morningstar Style Box reveals a fund's investment style as of the date noted on this report.

For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

For interest-rate sensitivity, Morningstar obtains from fund companies the

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average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.

Equity Portfolio Statistics The referenced data elements below are a weighted average of the long equity holdings in the portfolio.

The geometric average market capitalization of a fund's equity portfolio gives you a measure of the size of the companies in which the mutual fund invests.

Fixed-Income Portfolio Statistics The referenced data elements below are a weighted average of the long fixed income holdings in the portfolio.

Duration is a time measure of a bond's interest rate sensitivity. Average effective duration is a weighted average of the duration of the underlying fixed income securities within the portfolio.

Average effective maturity 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.

Disclosure for Risk/Reward Graph

General Disclosures This report is intended as supplemental sales literature and must be preceded or accompanied by current prospectus or equivalent. Please read these carefully before investing. Morningstar is not itself a FINRA-member firm.

Ibbotson Associates, Inc. and Morningstar Associates, LLC, both a registered investment advisor and wholly owned subsidiary of Morningstar, Inc., provides various institutional investment consulting services, including asset allocation advice to investment advisers who have or will be creating a fund-of-fund/asset allocation product. However, despite the fact that such relationships may exist, the information displayed for those products will not be influence as they objective measures and/or are derived by quantitative driven formulas (i.e., Morningstar Rating).

Notes Regarding Included Securities A closed-end fund is an investment company, which typically makes one public offering of a fixed number of shares. Thereafter, shares are traded on a secondary market such as the New York Stock Exchange. As a result, the secondary market price may be higher or lower than the closed-end fund's net asset value (NAV). If these shares trade at a price above their NAV, they are said to be trading at a premium. Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount.

An exchange-traded fund (ETF) is an investment company that typically has an investment objective of striving to achieve a similar return as a particular market index. The ETF will invest in either all or a representative sample of the securities included in the index it is seeking to imitate. ETFs can be traded on a secondary market and thus have a market price that may be higher or lower than its net asset value. If these shares trade at a price above their NAV, they are said to be trading at a premium. Conversely, if they are trading at a price below their NAV, they are said to be trading at a discount.

A holding company depository receipt (HOLDR) is similar to an ETF, but is focused on narrow industry groups and initially owns 20 stocks which are unmanaged, and can become more concentrated due to mergers, or the disparate performance of their holdings. HOLDRs can only be bought in 100- share increments. Investors may exchange shares of a HOLDR for its underlying stocks at any time.

A money market fund is an investment company that invests in commercial paper, banker's acceptances, repurchase agreements, government securities, certificates of deposit and other highly liquid securities, and pays money market rates of interest. Money markets are not FDIC-insured, may lose money, and are not guaranteed by a bank or other financial institution. Although the money market seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible to lose money by investment in the fund.

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Variable annuities are tax-deferred investments structured to convert a sum of money into a series of payments over time. Variable annuity policies have limitations and are not viewed as short-term liquid investments. An insurance company's fulfillment of a commitment to pay a minimum death benefit, a schedule of payments, a fixed investment account guaranteed by the insurance company, or another form of guarantee depends on the claims-paying ability of the issuing insurance company. Any such guarantee does not affect or apply to the investment return or principal value of the separate account and its subaccount. The financial 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, although it seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible to lose money by investment in the fund.

Variable life insurance is a cash-value life insurance product that has a variable cash value and/or death benefit depending on the investment performance of the subaccount into which premium payments are invested. Unlike traditional life insurance, variable life insurance has inherent risks associated with it, including market volatility, and is not viewed as a short-term liquid investment. For more information on a variable life product, including each subaccount, please read the current prospectus. Please note, the financial ratings noted on the report are quoted for an insurance company and do not apply to the separate account and its subaccount. If the variable life subaccount is invested in a money-market fund, although it seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible to lose money by investment in the fund.

Before investing in a 529 portfolio, an investor should consider whether the investor's or designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's 529 college savings plan.

General Performance Disclosure The Performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor’s shares and/or units when redeemed may be worth more or less than the original investment. Securities in this report are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution.

Total Return/Non Load-Adjusted Return Total return (also called “Non Load-Adjusted Return” in some reports) reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses, and assumes reinvestment of dividends and capital gains. It is the return an investor would have experienced if the security was held throughout the period. If adjusted for sales charges and the effects of taxation, the performance quoted would be significantly reduced.

For mutual funds, the analysis in this report may be based, in part, on historical returns for periods prior to the historical performance of the fund’s oldest share class, adjusted to reflect the fees and expenses of this share class. While the inclusion of preinception 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 provide only 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 share classes tend to have higher operating expense and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those provided by other entities, including the fund itself. If mutual fund preinception data is included in this report, this data will be represented in the report in italics.

For variable annuity and variable life subaccounts, total return reflects the investment experience of a subaccount since its inception, and extended to the performance history of the underlying insurance fund. Total returns are adjusted to reflect fees & expenses, such as M&E charges, administrative fees, contract charges, fund-level expenses such as management fees and operating fees. Return is not adjusted to reflect front-end loads or surrender fees. It reflects the return that would be earned by an investor who held the security through the period shown, but did not buy at the beginning or sell at the end. If adjusted for the effects of loads, surrender fees, and taxation, the subaccount returns would be significantly reduced. When subaccount returns reflect pre-inception data, it will be represented in italics.

All separate account performance data is reported as a "composite" of similarly managed portfolios. As such, investors in the same separate account may have slightly different portfolio holdings because each investor has customized account needs, tax considerations and security preferences. The method for calculating composite returns can vary.

The composite performance for each separate account manager may differ from actual returns in specific client accounts during the same period for a number of reasons. Different separate account managers may use different methods in constructing or computing performance figures. Thus, performance and risk figures for different separate account managers may not be fully comparable to each other. Likewise, performance and risk information of certain separate account managers may include only composites of larger accounts, which may or may not have more holdings, different diversification, different trading patterns and different performance than smaller accounts with the same strategy.

Finally, composite performance of the separate account offered by the money manager may or may not reflect the reinvestment of dividends and capital gains.

Gross returns are collected on a monthly and quarterly basis for separate accounts and commingled pools. This information is collected directly from the asset management firm running the product(s). Morningstar calculates total returns, using the raw data (gross monthly and quarterly returns), collected from these asset management firms.

The performance data reported by the separate account managers will not represent actual performance net of management fees, brokerage commissions or other expenses. Management fees as well as other expenses a client may incur will reduce individual returns for that client. Because fees are deducted regularly, the compounding effect will be to increase the impact of the fee deduction on gross account performance by a greater percentage than that of the annual fee charged. For example, if an account is charged a 1% management fee per year and has gross performance of 12% during that same period, the compounding effect of the quarterly fee assessments will result in an actual return of approximately 10.9%. Clients should refer to the disclosure document of the separate account manager and their advisor for specific information regarding fees and expenses.

For closed-end funds, total return reflects month-end performance without adjusting for the effects of taxation or brokerage commissions, but is adjusted to reflect all ongoing fund expenses. If adjusted, the effects of taxation and commissions would reduce the performance quoted. Market return and NAV

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return are both presented. Market return provides a good representation of investor experience, whereas NAV return provides a good measure of manager experience. Return assumes reinvestment of dividends and capital gains.

For ETFs and HOLDRs, total return reflects month-end performance without adjusting for brokerage commissions and the effects of taxation, but is adjusted to reflect all actual ongoing ETF fund expenses. If adjusted, the effects of brokerage commissions and taxation would reduce the performance quoted. Market return and NAV return are both presented. Market return provides a good representation of investor experience, whereas NAV return provides a good measure of manager experience. Return assumes reinvestment of dividends and capital gains.

529 Portfolio total return data is collected in one of two ways: the 529 plan provides it or Morningstar calculates it based on the underlying holdings of the 529 portfolio.

When collected from the 529 plan, total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be reduced.

If the 529 plan only supplies Morningstar with the underlying holdings, Morningstar will calculate the performance of the 529 portfolio based on its underlying holdings. Most of the holdings will be investments that Morningstar tracks such as mutual funds and equities. If, however, there is a holding type for which Morningstar does not have data (for example, bonds, cash, money markets, etc.) then the total return calculated will be a weighted average of the holdings for which we have return data. All other underlying holdings will be classified as "other" and will not factor into the total return calculations. When Morningstar calculates the total return based on the underlying holdings, adjusted historical returns are never used in the calculations.

Variable Life Return Please refer to the hypothetical illustration in the prospectus which, among other things, shows the effect that fees and charges have on performance. We urge investors to obtain a personalized illustration that reflects the costs of insurance protection.

Risk/Reward Graph The graph plots the return and risk (measured by standard deviation) for a selection of securities and a benchmark index for the trailing period identified in the report. The table beneath the graph identifies the specific risk and return plot points for the graphed securities and the benchmark index.

The returns noted for a security reflect any sales charges that were applied in the illustration over the time period selected, but do not reflect impacts of taxation. If impacts of taxation were reflected, the returns would be lower than those indicated in the report.

The return plotted in the graph is mean geometric return. Standard deviation is a statistical measure of the volatility of the security’s or portfolio’s returns in relation to the mean return. The larger the standard deviation, the greater the volatility of return in relation to the mean return.

Correlation Graph Disclosure Statement

The Correlation Graph is supplemental sales literature and therefore must be preceded or accompanied by the funds' and subaccounts' current prospectuses, or equivalent, and a disclosure statement. In all cases, this disclosure statement should accompany the graph reports.

Morningstar is not itself a FINRA-member firm. All data is based on the most recent information available to Morningstar.

Correlation Matrix Graph The Correlation Matrix is based on the correlation coefficient calculated for the monthly returns of each investment showing in the report against the other investments in the report. The correlation coefficient is a number between -1.0 and 1.0.

If there is perfect positive linear relationship between the returns of investments, the correlation will be 1.0. A correlation close to 1.0 means that two investments perform similarly—when one investment is performing above its average return, the other performs above its average return. The opposite is also true—when one investment performs below its average return, the other also performs below its average.

A correlation coefficient of 0.0 means that there is no linear relationship between the returns of two investments. Securities with a correlation coefficient at or near 0 indicate a pattern of returns between two securities that is unrelated.

If there is a perfect negative linear relationship between two investments the correlation coefficient is -1.0. If there is a perfectly negative relationship between two investments, when one investment performs above its average return, the other performs below its average, and vice versa.

Correlation between securities is a helpful measure because it indicates the extent to which securities may serve to improve diversification within a portfolio. Portfolios containing securities with low correlation of returns produce portfolio risk that is lower than the average risk of the individual securities. The lower the correlation between securities, the greater the impact in lowering portfolio risk. Securities with correlations equal to 1.0 indicate a pattern of returns that do not contribute to beneficial diversification in a portfolio and do not lower overall portfolio risk when the securities are combined in a portfolio. Securities with correlations equal to 0.0 or close to 0.0 indicate a pattern of returns that serve to improve diversification effects in a portfolio. Securities with correlations equal to -1.0 or close to -1.0 indicate a pattern of returns that serve to strongly improve diversification effects in a portfolio, notably, lower overall portfolio risk. Note that it is very unusual to have investments with extremely strong negative correlation patterns. Most securities have a correlation above 0.

Note that return patterns between securities may change over time. The correlation coefficient between two investments over one period may differ from that of another period.

Further, note that while combining securities with correlation coefficients less than 1.0 in a portfolio can reduce risk, risk cannot be completely eliminated with diversification. There is no guarantee that any particular mix of securities will eliminate risk, reduce your current exposure to risk, or manage your exposure to risk in a way that is tolerable for you.

Individual bond price evaluations are provided by Interactive Data Corporation.

Pre-inception Returns for Mutual Funds and Variable Annuity/LifeSubaccounts

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The analysis in these graphs may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception.

For mutual funds, these calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class.

For variable annuity or life subaccounts, these calculated returns reflect historical performance of the oldest share class of the underlying insurance fund, adjusted to reflect the same fees and expenses of variable annuity or life contract.

When pre-inception data are presented in the report, the header at the top of the report will indicate this. While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures between a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Total Return Graph Disclosure

General Disclosures Used as supplemental sales literature, this report must be preceded or accompanied by a current prospectus or equivalent. Please read these carefully before investing. Morningstar is not itself a FINRA-member firm.

The information contained in this report is from the most recent information available to Morningstar as of the release date, and may or may not be an accurate reflection of current data for securities included in the portfolio. There is no assurance that the data will remain the same.

its net asset value. 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 price below their NAV, they are said to be trading at a discount.

Variable annuities are tax-deferred investments structured to convert a sum of money into a series of payments over time. Variable annuity policies have limitations and are not viewed as short-term liquid investments. An insurance company's fulfillment of a commitment to pay a minimum death benefit, a schedule of payments, a fixed investment account guaranteed by the insurance company, or another form of guarantee depends on the claims-paying ability of the issuing insurance company. Any such guarantee does not affect or apply to the investment return or principal value of the separate account and its subaccount. The financial 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, although it seeks to preserve a stable per share value (i.e. $1.00 per share), it is possible to lose money by investment in the fund.

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investment. Securities in this report are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution.

For mutual funds, the analysis in this report may be based, in part, on historical returns for periods prior to the historical performance of the fund's oldest share class, adjusted to reflect the fees and expenses of this share class. While the inclusion of preinception 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 provide only 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 share classes tend to have higher operating expense and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those provided by other entities, including the fund itself. If mutual fund preinception data is included in this report, this data will be represented in the report in italics.

Total Return Report This graph allows the market value of securities, indexes, and Morningstar categories to be graphed over customized time periods. The graph reflects the discrete return of the illustration time horizon displayed at the top of the report. The returns that were achieved are displayed in the table beneath the graph.

The returns noted for a security do not reflect any sales charges and do not reflect impacts of taxation. If impacts of sales charges and taxation were reflected, the returns would be lower than those indicated in the report.

For exchange-traded funds and closed-end funds, market returns are used.

Investment Risks

International/Emerging Market Equities: Investing in international securities involves special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.

Sector Strategies: Portfolios 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 Strategies: Portfolios that invest a significant percentage of assets in a single issuer involve additional risks, including share price

fluctuations, because of the increased concentration of investments.

Small Cap Equities: Portfolios 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.

Mid Cap Equities: Portfolios that invest in companies with market capitalization 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 Bonds: Portfolios 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.

Tax-Free Municipal Bonds: 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.

Bonds: Bonds are subject to interest rate risk. As the prevailing level of bond interest rates rise, the value of bonds already held in a portfolio declines. Portfolios that hold bonds are subject to declines and increases in value due to general changes in interest rates.

HOLDRs: The investor should note that these are narrow industry-focused products that, if the industry is hit by hard times, will lack diversification and possible loss of investment would be likely. These securities can trade at a discount to market price, ownership is of a fractional share interest, the underlying investments may not be representative of the particular industry, the HOLDR might be delisted from the AMEX if the number of underlying companies drops below nine, and the investor may experience trading halts.

Hedge Funds: The investor should note that hedge fund investing involves specialized risks that are dependent upon the type of strategies undertaken by the manager. This can include distressed or event-driven strategies, long/short strategies, using arbitrage (exploiting price inefficiencies), international investing, and use of leverage, options and/or derivatives. Although the goal of hedge fund managers may be to reduce volatility and produce positive absolute return under a variety of market conditions, hedge funds may involve a high degree of risk and are suitable only for investors of substantial financial means who could bear the entire loss of their investment.

Bank Loan/Senior Debt: Bank loans and senior loans are impacted by the risks associated with fixed income in general, including interest rate risk and default risk. They are often non-investment grade; therefore, the risk of default is high. These securities are also relatively illiquid. Managed products that invest in bank loans/senior debt are often highly leveraged, producing a high risk of return volatility.

Exchange Traded Notes (ETNs): ETNs are unsecured debt obligations. Any repayment of notes is subject to the issuer's ability to repay its obligations. ETNs do not typically pay interest.

Leveraged ETFs: Leveraged investments are designed to meet multiples of the return performance of the index they track and seek to meet their fund objectives on a daily basis (or other time period stated within the prospectus objective). The leverage/gearing ratio is the amount of excess return that a leveraged investment is designed to achieve in comparison to its index performance (i.e. 200%, 300%, -200%, or -300% or 2X, 3X, -2X, -3X). Compounding has the ability to affect the performance of the fund to be either

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greater or less than the index performance multiplied by the multiple stated within the funds objective over a stated time period.

Short Positions: When a short position moves in an unfavorable way, the losses are theoretically unlimited. The broker may demand more collateral and a manager might have to close out a short position at an inopportune time to limit further losses.

Long-Short: Due to the strategies used by long-short funds, which may include but are not limited to leverage, short selling, short-term trading, and investing in derivatives, these funds may have greater risk, volatility, and expenses than those focusing on traditional investment strategies.

Liquidity Risk: Closed-end fund, ETF, and HOLDR trading may be halted due to market conditions, impacting an investor’s ability to sell a fund.

Market Price Risk: The market price of ETFs, HOLDRs, and closed-end funds traded on the secondary market is subject to the forces of supply and demand and thus independent of the NAV. This can result in the market price trading at a premium or discount to the NAV, which will affect an investor’s value.

Market Risk: The market prices of ETFs and HOLDRs can fluctuate as a 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.

Target-Date Funds: Target-date funds typically invest in other mutual funds and are designed for investors who are planning to retire during the target date year. The fund's target date is the approximate date when investors expect to begin withdrawing their money. A target-date fund's investment objective/strategy typically becomes more conservative over time, primarily by reducing its allocation to equity mutual funds and increasing its allocations in fixed-income mutual funds. An investor's principal value in a target-date fund is not guaranteed at any time, including at the fund's target date.

High double- and triple-digit returns: High double- and triple-digit returns were the result of extremely favorable market conditions, which may not continue to be the case. High returns for short time periods must not be a major factor when making investment decisions.

Benchmark Disclosure

Barclays Municipal 20 Yr 17-22 TR USD A benchmark for long-term, investment-grade, tax-exempt municipal bonds. The maturities of these bonds must be between 17 and 22 years. The returns we publish for the index are total returns, which include reinvestment of dividends.

Barclays Municipal 3 Yr 2-4 TR USD A benchmark for long-term, investment-grade, tax-exempt municipal bonds. The maturities of these bonds must be between 2 and 4 years. The returns we publish for the index are total returns, which include reinvestment of dividends.

Barclays Municipal California Exempt TR Includes investment-grade, tax-exempt, and fixed-rate Bond issued in California. All securities have Long-term maturities (greater than two years) and are selected from issues larger than $50 million.

Barclays Municipal New York Exempt TR

Includes investment-grade, tax-exempt, and fixed-rate Bonds issued in the state of New York. All securities have Long-term maturities (greater than two years) and are selected from issues larger than $50 million.

Barclays Municipal TR USD Tracks long-term, investment-grade, tax-exempt municipal bonds. The constituents displayed for this index are from the following proxy: SPDR® Nuveen Barclays Municipal Bond ETF.

Barclays 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 includes the daily reinvestment of dividends. The constituents displayed for this index are from the following proxy: iShares Core US Aggregate Bond.

BofAML US HY Master II TR USD The US High Yield Master II Index tracks the performance of below investment grade US dollar-denominated corporate bonds publicly issued in the US domestic market. “Yankee” bonds are included in the Index provided the issuer is domiciled in a country having an investment grade foreign currency long-term debt rating. 144a issues are not included in the index until they are exchanged for registered securities. Qualifying bonds must have at least one year remaining term to maturity, a fixed coupon schedule and a minimum amount outstanding of USD 100 million.

Morningstar Mod Con Tgt Risk TR USD The Morningstar Moderately Conservative Target Risk Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for U.S. investors who seek a slightly below-average exposure to equity market risk and returns.

Morningstar Mod Tgt Risk TR USD The Morningstar Moderate Target Risk Index represents a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in a static allocation appropriate for U.S. investors who seek average exposure to equity market risk and returns.

MSCI ACWI Ex USA NR USD The MSCI AC World ex USA is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The index consists of 48 developed and emerging market country indices. The returns we publish for the index are total returns, which include reinvestment of dividends. The constituents displayed for this index are from the following proxy: iShares MSCI ACWI.

MSCI ACWI NR USD Description unavailable. The constituents displayed for this index are from the following proxy: iShares MSCI ACWI.

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.

This disclosure applies to all MSCI indices: Certain information included herein is derived by Morningstar in part from MSCI’s Index Constituents (the “Index Data”). However, MSCI has not reviewed any information contained herein and does not endorse or express any opinion such information or analysis. MSCI does not make any express or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom, and in no event will MSCI have any liability for any direct, indirect, special, punitive,

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consequential or any other damages (including lost profits) relating to any use of this information.

MSCI EM NR USD Description unavailable. The constituents displayed for this index are from the following proxy: iShares MSCI Emerging Markets.

MSCI World/Metals & Mining NR USD Description unavailable.

NYSE Arca Gold Miners PR USD Description unavailable. The constituents displayed for this index are from the following proxy: Market Vectors® Gold Miners ETF.

S&P 500 TR USD A market capitalization-weighted index composed of the 500 most widely held stocks whose assets and/or revenues are based in the US; it's often used as a proxy for the stock market. TR (Total Return) indexes include daily reinvestment of dividends. The constituents displayed for this index are from the following proxy: iShares Core S&P 500.

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.

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Cover
Marketing Page
Portfolio Snapshot: FIN326Spring2016
Stock Intersection: FIN326Spring2016
Amgen Inc(USD)
Apple Inc(USD)
Bank of America Corporation(USD)
Chevron Corp(USD)
Coca-Cola Co(USD)
Eaton Vance CA Municipal Opportunities A (USD)
Exxon Mobil Corporation(USD)
Franklin Income Adv (USD)
General Electric Co(USD)
Gilead Sciences Inc(USD)
Halliburton Co(USD)
Hewlett Packard Enterprise Co(USD)
Intel Corp(USD)
International Business Machines Corp(USD)
Invesco Limited Term Municipal Income A (USD)
iShares MSCI EAFE (USD)
iShares MSCI Emerging Markets (USD)
JPMorgan Chase & Co(USD)
Lord Abbett Bond-Debenture A (USD)
Macy's Inc(USD)
McDonald's Corp(USD)
MFS CA Municipal Bond A (USD)
Oppenheimer Gold & Special Minerals A (USD)
Procter & Gamble Co(USD)
Starbucks Corp(USD)
Wal-Mart Stores Inc(USD)
3 Years Risk/Reward Scatterplot: FIN326Spring2016
Correlation Matrix: FIN326Spring2016
Total Return: FIN326Spring2016
Portfolio Snapshot Report Disclosure Statement
Stock Intersection Report Disclosure Statement
Stock Detail Report Disclosure Statement
Mutual Fund Detail Report Disclosure Statement
ETF/ETN Detail Report Disclosure Statement
Disclosure for Risk/Reward Graph
Correlation Graph Disclosure Statement
Total Return Graph Disclosure
Investment Risks
Benchmark Disclosure