Untitled

Fishermens Finest, Inc.
570 Kirkland Way #200 Kirkland, WA 98033

TEL: (206) 283-1137 FAX: (206) 281-8681
RETURN THIS COMPLETED FORM TO:

E-mail: cbanks@fishfinest.com
PARTICIPANT INFORMATION
Participant Name
Home Address
Social Security Number

City
State
Zip Code
I request a Fishermens Finest 401 (k) Plan contribution of either ________ % or $ ___________
to be deducted from my pay for each trip. This election to withhold will stay in effect until
revoked in writing.
This amount must not exceed the lesser of 100% of IRS test compensation or the annual IRS
limit, ($18,000 in 2015) plus any catch-up contribution.
AUTHORIZATION
______________________________________________
Signature of Participant
__________________________
Date
Dear Eligible Employee,

Enclosed you will find information and enrollment paperwork for the North Pacific Fishing, Inc.,
Fishermens Finest Inc. 401(k) Plan. Those employees who have completed 1000 hours of
service are eligible to participate in this plan
This plan offers eligible participants their own investment account with Charles Schwab Trust
Company. This feature offers you the flexibility to build your retirement plan portfolio to suit
your investment personality using the 19 mutual fund options. It is up to you how conservative
or aggressive you make your portfolio.
Since many participants find it difficult to determine which mutual funds to put in their portfolio,
we have provided nine sample allocations for you to use as a guideline, or consult your personal
investment professional.
While the mutual funds selected for this plan are no-load mutual funds, meaning there are no
sales charges to enter or exit the funds, Charles Schwab does charge an annual fee equivalent to
.07% (7 bps) based on your account balance (Example: an account whose value is $10,000.00
will incur an annual fee of $7.00).
Your 401K account may be viewed on-line at www.moranknobel.com or you may access your
balance by calling 877-410-9984. Please see the enclosed Website and Voice Response
Instructions for accessing your account.
Welcome to the North Pacific Fishing, Inc., Fishermens Finest 401(k) Plan. If you have any
questions, please dont hesitate to contact Tara Johnson of Sovereign Wealth Advisors at
425-289-4222.
Sincerely,
SOVEREIGN WEALTH ADVISORS INC
FISHERMENS FINEST, INC. 401(K) PLAN

APPLICATION FOR PARTICIPATION
2B
4B
(Effective October 26, 2014)

CHECK ALL THAT APPLY:
To Enroll: Complete top section of form and Sections A, B, and C.
To Decline Enrollment: Complete top section of form and Sections A and C.
To Change Contribution Amount/ Percentage, or to Suspend Contributions: Complete top section of form and Sections A and C.
To Change Allocation Of Future Contributions: Complete top section of form and Section B and Section C.
To Change Allocation Of Current Investments: Complete top section of form and Section B and Section C.
_________________________________________________________________________
Last Name
First Name
Address
Middle
Date of Birth
City
State
Zip Code
Date of Hire
Home Telephone
SECTION A: SALARY REDUCTION ELECTION

0B
I instruct the Payroll Department to deduct from each paycheck the following whole percent of __________ % or dollar amount of
$
as my pre-tax salary deferral contribution. This election shall be effective as of the pay period beginning
____________________ and shall continue until modified by me by execution of an Application for Participation to supersede this
Application for Participation. (To decline enrollment, enter 0 in spaces provided).
SECTION B: INVESTMENT ELECTION

1B
I would like all future contributions from my deferred compensation to be invested in the following fund(s). This election shall be effective
beginning with the next pay period and will continue until modified by the execution of an additional Application for Participation.
Note:
Elections must be in whole percents and total must equal 100%.

Fund Name
Symbol
Fund Category
U
_____% Charles Schwab Money Market Fund
SWUXX
Cash Equivalent (Default Investment)
_____% PIMCO Low Duration Institutional Bond Fund
PTLDX
Defensive Bond
_____% Double Core Fixed Income Fund
DBLFX
Core Bond
_____% PIMCO Foreign Bond Fund
PFORX
Foreign Bond
_____% PIMCO Senior Floating Rate Bond Fund
PSRIX
Floating Interest Rate Bond
_____% PIMCO Short Term Bond Fund
PTSHX
Short-Term Bond
_____% Fidelity Advisors High Yield Advantage Bond Fund
FAHCX
High Yield Bond
_____% Vanguard Balanced Index Fund
VBINX
Allocated Portfolio
_____% Vanguard Life Strategy Conservative Growth Fund
VSCGX
Allocated Portfolio
_____% Vanguard Life Strategy Moderate Growth Fund
VSMGX
Allocated Portfolio
_____% Vanguard Life Strategy Growth Fund
VASGX
Allocated Portfolio
_____% Vanguard Equity Income Fund
VEIRX
Large Cap Value
_____% Vanguard S&P 500 Index Fund
VFINX
Core Equity
_____% Harbor Capital Appreciation Fund
HACAX
Large Cap Growth
_____% Dodge & Cox International Fund
DODFX
Foreign Equity
_____% Artisan International Fund
ARTIX
Foreign Equity
_____% DFA U.S. Small Cap Value Fund
DFSVX
Small Cap Value
_____% Loomis Sayles Small Cap Growth Fund
LSSIX
Small Cap Growth
_____% Virtus Real Estate Securities Fund
PHRIX
Specialized Index
_____% PIMCO Commodity Real Return Fund
PCRIX
Domestic Small-Cap Equity
_100_% Total
U
SECTION C: PARTICIPANT AUTHORIZATION

As a participant in the Fishermens Finest, Inc. 401(k) Plan, I understand the Plan permits me to reduce my compensation by the amount
indicated above. The amount by which I elect to reduce my compensation shall be withheld from my paycheck and remitted to the Plan on
my behalf.
As evidenced by my signature below, I hereby elect to invest my account balance subject to the provisions of the plan regarding directed
investments. I understand that my directed investment account will be charged or credited as appropriate with the net earnings, gains,
losses and expenses as well as appreciation or depreciation in market value of assets during each Plan Year attributable to such account.
I also understand that my account will be charged with any costs or expenses attributable to the establishment and/or maintenance of my
directed investment account.
I understand that the Plan is intended to comply with Section 404(c) of the Employee Retirement Income Security Act of 1974 and Title 29
of the Code of Federal Regulations, Section 2550.404c-1. Consequently, the Trustee will not be responsible or liable for any loss or
expense that may arise or result from compliance with any directions I may give. I understand that the mutual funds selected may be
changed without notification to me by the Plan Administrator.
I certify that I have received a prospectus for each of the investment option(s) that I have chosen to in invest in above. I understand that
the value of the investment(s) may fluctuate over time and that risks are associated with investing in the above fund(s) as described in the
fund prospectus. I understand that each calendar quarter I may request, in writing, information on a) the operating expenses of each
designated investment alternative; b) the most recent prospectuses, financial statements, reports and other materials; c) the value of each
asset within the portfolio of each investment alternative; d) the share or unit value and the investment performance of each investment
alternative; and e) if the plan offers a fixed rate investment contract, the name of the contract issuer the term of the contract and the rate of
return.
I understand that I may change my investment instructions by using the Voice Response Unit (VRU) or the Internet Access system that has
been set up for our Plan. I understand that if my investment instructions are incomplete or incorrect (e.g. the total of the percentages does
not equal 100%), the Trustee will invest my salary deferral contributions, rollover contributions and Employer derived contributions, if any,
in accordance with my previous instructions, if any. In the absence of any prior instructions, the Trustee is hereby authorized to invest any
funds deposited to my account in the plans default investment option (Charles Schwab Government Money Market Fund) that has
been chosen by the Plan Trustee(s) until such time that I provide investment instructions. I understand that the VRU and the Internet
requires the use of a confidential personal identification number (PIN), that I may change that PIN at any time and that I am responsible for
maintaining the confidentiality of my PIN.
Participants Signature
Participants Printed Name
Date
FISHERMENS FINEST, INC 401(K) PLAN

(the Plan)
INSTRUCTIONS FOR COMPLETING YOUR

DESIGNATION OF BENEFICIARY FORM
As a Participant in the above-named employee benefit plan, you should designate a beneficiary to receive
payment of your benefits under the Plan in the event of your death. As with all estate planning, designating a
beneficiary is a decision that should not be taken lightly. Depending upon the complexity of your financial
position, it may be advisable to consult an attorney or financial advisor prior to making a final decision regarding
your beneficiary. Completing a Designation of Beneficiary form for the Plan pertains only to your
benefits under the Plan and should not be considered the making of a Will.
You have several options in naming a beneficiary. A primary beneficiary is the person or trust you name to
receive your death benefits. You may name more than one primary beneficiary, with each receiving a
designated percentage of your benefits. If you choose multiple beneficiaries, you must indicate the percentage
that each beneficiary is to receive. It is recommended that you also name a secondary or contingent
beneficiary in the event the primary beneficiary is not living at the time of your death. If you fail to name a
beneficiary your benefits will be paid in accordance with the Plans provisions.
UNMARRIED PARTICIPANTS You may name any individual as your beneficiary. Please provide all
information requested on the designation form to insure the proper and timely payment of your benefits
MARRIED PARTICIPANTS - Your spouse must be your 100% primary beneficiary unless your spouse
consents to the designation of one or more primary beneficiaries, even if those beneficiaries are your
children. Your spouses signature is required for this consent and the signature must be witnessed by a
notary public or a qualified representative of the Plan (usually a Trustee). If you designate your spouse as the
primary beneficiary, only your signature is required on the form.
MINOR CHILDREN AS BENEFICIARIES (Under 18 in Washington state) - You should indicate a legally appointed
custodian in the Special Circumstances section of your beneficiary form. (e.g.: If John Doe, son, has not reached
age 18 at the time of the payment of my benefits, then payment should be made to
the Uniform Gifts to Minors Act.) A legally appointed custodian is usually
as Custodian for him under
established when you make a Will, but

may be any individual or institution you name on the designation form. Any custodian you name on your
designation form should be advised of your decision to insure that they are prepared and willing to act on
the minors behalf. If you do not indicate a custodian for your minor child, your benefits will be distributed to
a court-appointed guardian for the child.
LEGAL TRUST AS BENEFICIARY - Include the name, date and Trustee of the Trust.
(e.g.: First National Bank,

as trustee or any successor trustee, under Trust Agreement dated
between
, as Trustor, and
, as Trustee. Any payment hereunder to such Trustee shall discharge the Company and the Plan from any and all liability to the extent
of such payment.) We strongly recommend that this type of designation be discussed with a qualified
legal advisor.
YOUR ESTATE OR THE PERSONAL REPRESENTATIVE (executor) UNDER YOUR WILL AS
BENEFICIARY - If you name your estate or personal representative as beneficiary, payment will be made
as follows:
If you have a Will, the payment will pass to the beneficiary specified in the Will.
If you die without a Will (intestate), payment will be made to the legally appointed administrator of your
probate estate and will pass to your relatives as specified by then current law.
If you make this type of designation, your benefits are subject to all aspects of probate, including creditors
claims and personal representatives and/or attorneys fees. We strongly recommend that this type of
designation be discussed with a qualified legal advisor.
(SEE NEXT PAGE)
ABSENCE OF A DESIGNATION OF BENEFICIARY - If you fail to name a beneficiary to receive payment

of your benefits under the Plan, your benefits will be paid in accordance with the provisions of the Plan
document. Unless the Plan document specifies otherwise, payment will generally be made as follows:
1st
2nd
To your surviving spouse

To the executor or administrator of your estate
YOUR DESIGNATION FORM SHOULD BE REVIEWED AND UPDATED ON A PERIODIC BASIS - Events
such as marriage, birth, divorce, illness or death are reasons to update your designation. You should
complete a new form if any of the following events occur:
If you were single and you have subsequently married.
(Your previously named beneficiary will automatically be

voided upon the event of your marriage since current law requires that your spouse is the 100% primary beneficiary unless he/she
consents to an alternative beneficiary.)
If you were married when you completed your form and subsequently became widowed or divorced.
(Plan benefits are subject to community property laws, and if you have divorced without your Plan benefits being subject to a Qualified
Domestic Relations Order (QDRO), your ex-spouse may have rights to your benefits in the event of your death.)
Special Rule for Married Participants Younger than Age 35. If you are younger than age 35 when you file
your Beneficiary Designation and if, with your spouse's consent, you name someone other than your spouse
to be your primary beneficiary, then federal law requires that your spouse's consent automatically become
void on the first day of the plan year immediately preceding your 35th birthday. To "reactivate" your spouse's
consent to your non-spouse beneficiary, you will need to receive a new Explanation of Death Benefits and
Beneficiary Designation, complete a new Beneficiary Designation and again obtain your spouse's consent
on or after such date. If you do not do this, then your Beneficiary Designation will become invalid with regard
to the benefit to which your spouse is entitled.
If you had a child subsequent to the completion of your form and you wish to name the child as a
beneficiary. (Please see the discussions above regarding spousal consent and minor children as beneficiaries.)
If your previously named beneficiary dies or becomes incapacitated by accident or illness.
(If your
beneficiary is unable to receive payment of your benefits, the Plan Administrator will distribute them according to the provisions of the
Plan document, as if you had not made a designation.)
THE MOST RECENT BENEFICIARY DESIGNATION FORM THE PLAN ADMINISTRATOR HAS ON
FILE CANCELS AND SUPERSEDES ALL PREVIOUS FORMS - Your beneficiary designation form is
effective on the date you properly complete and sign it, and the designation will remain in effect until
your death or the date on which you change it, whichever comes first. Therefore, if you intend to
rename a beneficiary at any time, it is very important that you return a properly executed form to the
Plan Administrator in a timely manner. If the latest designation form is contested by any previously
named beneficiary, the Plan Administrator will provide copies of all beneficiary forms maintained on your
behalf prior to your death in an attempt to determine the correct beneficiary of your benefits.

DESIGNATION OF BENEFICIARY FORM
Participant Name

PARTICIPANT ACKNOWLEDGEMENT
UNMARRIED PARTICIPANT: The Administrator has provided me with a detailed written explanation of my rights concerning the death benefit if any
to be paid under the terms of the above referenced plan. I hereby certify that I currently am not married. I understand that I must immediately inform
the Administrator of any change in my marital status.
MARRIED PARTICIPANT: The Administrator has provided me with a detailed written explanation of my rights concerning the death benefit if any to
be paid under the terms of the above referenced plan. I understand that my spouse must be my primary beneficiary unless my spouse consents in
writing to any alternate beneficiary I select. I also understand that I must immediately inform the Administrator of any change in my marital status.
My current spouse is:
Name of Spouse
SSN
Date of Birth
PRIMARY BENEFICIARY
My spouse named above remains my beneficiary and will receive 100% of my death benefit under the Plan.
I elect to have all or part of my death benefits paid to a Beneficiary who is not my spouse. I understand that if I am married, my
spouse must consent in writing to any alternate beneficiary I select. I hereby name the following as Primary Beneficiary:
Check here if additional Beneficiaries are named on an attached Supplement
Name
Relationship
Street Address
SSN
Date of Birth
City
% of Benefit
State
Zip
CONTINGENT BENEFICIARY
In the event my primary beneficiary does not survive me, I hereby name the following as Contingent Beneficiary:
Check here if additional Beneficiaries are named on an attached Supplement
Name
Relationship
Street Address
SSN
Date of Birth
City
% of Benefit
State
Zip
SPECIAL CIRCUMSTANCES
(Please write None if no special circumstances exist.)
PARTICIPANT AUTHORIZATION
I acknowledge my beneficiary designation election by signing below.
Signed this
day of
__
Employee Signature
CONSENT OF SPOUSE
As spouse of the above named participant, I hereby consent to the designation of beneficiary(ies) specified above and hereby acknowledge that I have
been informed of my right to seek legal counsel regarding my spousal rights. I understand that by so consenting, I am waiving any benefits due to me
from the Plan upon the death of my spouse and agree to have any benefits due at that time paid to the named beneficiary(ies).
Signed this
Signature of Spouse
____________________________________________
Witness: Trustee or Notary Public
day of

SUPPLEMENT TO DESIGNATION OF BENEFICIARY FORM
Participant Name (Please Print)
In addition to the beneficiaries named on the attached Designation of Beneficiary Form, I hereby designate the following
beneficiaries of my account under the Plan.
ADDITIONAL PRIMARY BENEFICIARIES
Name
Relationship
Street Address
City
Name
Relationship
Street Address
Name
SSN
State
SSN
City
Relationship
City
% of Benefit
Zip
Date of Birth
State
SSN
Street Address
Date of Birth
% of Benefit
Zip
Date of Birth
State
% of Benefit
Zip
ADDITIONAL CONTINGENT BENEFICIARIES
Name
Relationship
Street Address
Name
City
Relationship
Street Address
Name
SSN
State
SSN
City
Relationship
Street Address
Date of Birth
City
Zip
Date of Birth
State
SSN
% of Benefit
% of Benefit
Zip
Date of Birth
State
% of Benefit
Zip
PARTICIPANT AUTHORIZATION
I hereby certify that the above named beneficiaries and/or contingent beneficiaries have been named by me to share in
any death benefits payable under the Plan in addition to those name on the attached Designation of Beneficiary form
signed by me on:
__.
Signed this
day of
Signed this
day of
Signature of Participant
Signature of Spouse
____________________________________________
Witness: Trustee or Notary Public
Attach this Supplement to your Designation of Beneficiary Form
MORAN KNOBEL
WEBSITE & VOICE RESPONSE UTILITY (VRU) INSTRUCTIONS FOR PARTICIPANTS OF
HOW CAN I ACCESS INFORMATION ABOUT

MY ACCOUNT BALANCE?
HOW DO I ACCESS MY ACCOUNT THROUGH

THE WEBSITE?
HOW DO I ACCESS MY ACCOUNT USING THE

VOICE RESPONSE UTILITY (VRU)?
You can access your account information via the

internet on the website of Moran Knobel or via
telephone on their Voice Response Utility (VRU).
You will need an internet connection for your

computer and a website browser that supports java
script.
You will need a touch-tone phone to use the VRU.
WHEN CAN I BEGIN USING THE WEBSITE AND

VRU?
As soon as you are an eligible participant and have
an account balance in the trust.
To begin, log into the following website:
WHAT IS MY USER ID AND PASSWORD ON

THE WEBSITE AND VRU?
Initially, your User ID will be your Social Security
Number and your PIN will be the last 4 digits of
your Social Security Number. You may change
both your User ID and PIN on the website, but may
change only your PIN on the VRU. Once you
change your profile information on the WEBSITE or
your PIN on the VRU, it will be updated
immediately on the system you are using.
For your protection, we encourage you to create a
custom PIN the first time you use either system.
Please note that your WEBSITE user ID/PIN and
VRU PIN are totally independent of each other they are not automatically synchronized, and
changing one will not change the other.
If you incorrectly attempt to login into the system
three consecutive times, you user ID will be
blocked from further entry attempts.
To begin, dial (877) 410-9984 (toll-free).
When prompted, enter plan provider

number 2125, followed by #.
Enter your Social Security Number
http://www.moranknobel.com
From main menu, select: Login
Select: Plan Access
Enter your USER ID (The default setting is all nine
For personal account information, press 1.

(If you select this option you will hear
additional prompts which will enable you to
review or change your investment elections
and transfer money between funds, as well
as many other functions.)
To change your PIN, press 2
To exit the system, press 9
digits of your social security number.)
Enter your PASSWORD (The default setting is the

last 4 digits of your social security number.)
Click on the box marked Participant and

navigate through your options which will
appear on the left side of the screen. (See
back page for options.)
WHAT SHOULD I DO IF I LOCK MYSELF OUT
OF THE SYSTEM OR FORGET MY LOGIN
DATA?
You may send your request via e-mail to:
resetonlinepassword@knobel.com or call
(800) 959-9074 between the hours of 8:00 am and
5:00 pm Pacific time Monday through Friday to
have your account reset to the default parameters.
Enter your PIN, followed by the # sign

(The default is the last 4 digits of your SSN)
WHAT SHOULD I DO IF I FORGET MY PIN FOR

THE VRU?
You may call (800) 959-9074 between the hours of
8:00 am and 5:00 pm Pacific time Monday through
Friday to have your account reset to the default
parameters.
If you have any questions or comments concerning these instructions or your experience accessing your account record, you can contact Mark
Warner (Phone: (425) 283-5114, E-mail : markw@moranknobel.com) or Dave Williams (Phone: (425) 679-0799, E-mail: davew@moranknobel.com).
THE FOLLOWING FEATURES ARE AVAILABLE

ON THROUGH YOUR ACCOUNT BALANCE
RECORD:
SUMMARY PAGE
Personal Information, Summary of Current Market
Value of your Account Balance
INVESTMENTS
Account Balance View the total balance in
your account and your vested account balance
by source and by investment choice. (Pending
trades also appear on this page.)
Transfer Investments Move money (by dollars

or percentages) between the fund choices
available to you. Under Transfer type, you can
select the option to Rebalance your account
based on your current allocations. If selected,
you will also have the ability to choose to create
a recurring rebalance that will automatically
rebalance your account periodically. This page
will initiate trades which may take up to 2
business days to appear on your account.
Transaction History This page allows you to
view your account transaction activity.
Investment Elections View the current

allocation of your future contributions.
Website/VRU Requests This page allows you

to view all your historical Website/VRU activity
submitted through the G. Russell Knobel &
Associates system.
Investment Profiles A summary of each fund

choice available to you, with links to Morningstar
pages of information and links to the current
prospectus for each fund.
TOOLS
Rate of Return Rate of return by month,

quarter and annual returns for your total account,
or by fund choice.
Investment Returns Historical rates of return
for each investment option in your plan.
TRANSACTIONS
Investment Elections View or alter how your
FUTURE contributions/deposits should be
invested. (If you change how your future
contributions are invested, you may also want to
change how your existing assets are invested.
You can change your existing assets, by
checking the box marked Conform my balances
in all sources to match my new allocation%.
Statements & Reports Reports, including

participant statements are available to view or
print. You can customize reports by date range
and topic. If you wish to print any reports on the
website, the PDF files on this page will produce
your best result
PERSONAL PROFILE
Password Change - Change your password and
other personal information.
WEBSITE /VRU
INSTRUCTIONS
FISHERMENS FINEST, INC. 401(K)
PLAN

401(k) Plan
Sample Conservative Portfolios
Cash
5%
4%
2%
4%
1%
9%
56%
US Bonds
Large Cap Value
Large Cap Growth
5 years or less
Foreign Equity
19%
Small Cap Growth

Small Cap Value
REIT & Other
Cash
10% 10%
11%
2%
US Bonds
3%
Large Cap Value

Large Cap Growth
12%
1%
51%
Foreign Equity
10 years or less
Small Cap Growth

Small Cap Value
REIT & Other
Cash
3%
13%
13%
14%
4%
Large Cap Value

Large Cap Growth
13%
1%
39%
Bonds
Foreign Equity
Small Cap Growth
Small Cap Value
REIT & Other
more than 20 years

401(k) Plan
Sample Moderate Portfolios
8%
9%
2%
8%
2%
Cash
US Bonds
Large Cap Value
Large Cap Growth
12%
1%
58%
5 years or less
Foreign Equity
Small Cap Growth
Small Cap Value
REIT & Other
Cash
4%
16%
16%
4%
US Bonds
Large Cap Value
Large Cap Growth
13%
1%
17%
29%
10 years or less
Foreign Equity
Small Cap Growth
Small Cap Value
REIT & Other
Cash
4%
5%
19%
19%
Large Cap Value

Large Cap Growth
13%
1%
19%
Bonds
20%
Foreign Equity
Small Cap Growth
Small Cap Value
REIT & Other
more than 20 years

401(k) Plan
Sample Aggressive Portfolios
2%
10%
3%
9% 9%
Cash
US Bonds
Large Cap Value
Large Cap Growth
12%
1%
54%
5 years or less
Foreign Equity
Small Cap Growth
Small Cap Value
REIT & Other
4%
5%
17%
17%
US Bonds
Large Cap Value
Large Cap Growth
13%
18%
Cash
1%
25%
Foreign Equity
10 years or less
Small Cap Growth

Small Cap Value
REIT & Other
Cash
5%
6%
Large Cap Value
20%
Large Cap Growth
13%
22%
1%
23%
Bonds
10%
Foreign Equity
Small Cap Growth
Small Cap Value
REIT & Other
more than 20 years
Approved Fund Performance Data

As of December 31, 2014
Fishermen's Finest
401(k) Plan
3-month
1-Year
Annualized
3-Year
5-Year
PIMCO Low Duration
0.07%
0.78%
2.31%
2.72%
3.82%
PIMCO Senior Floating Rate
0.23%
1.52%
4.42%
N/A
N/A
PIMCO Short Term Bond Fund
-0.38%
0.97%
1.74%
1.50%
2.70%
Core Bond
DoubeLine Core Fixed Income
1.28%
6.86%
4.52%
N/A
N/A
Foreign Bond
PIMCO Foreign Bond
3.32%
5.97%
2.66%
4.45%
4.71%
High Yield Bond
Fidelity Advisor High Yield
0.57%
4.00%
10.71%
9.92%
7.58%
Allocated Portfolio
Vanguard Balanced Index Fund
3.88%
9.84%
12.98%
11.18%
6.94%
Vanguard LifeStrategy Cons. Growth
1.49%
6.61%
8.01%
7.19%
5.37%
Vanguard LifeStrategy Mod. Growth
1.43%
7.07%
11.24%
9.36%
5.93%
Vanguard LifeStrategy Growth
2.33%
7.18%
14.11%
10.81%
6.21%
Large Cap Value
Vanguard Equity Income
4.03%
11.38%
18.09%
15.95%
8.46%
Core Equity
Vanguard 500 Index
4.89%
13.51%
20.22%
15.28%
7.55%
Large Cap Growth
Harbor Capital Appreciation
3.26%
9.93%
20.52%
14.48%
8.67%
Foreign Equity
Dodge & Cox International
-4.66%
0.08%
15.23%
7.89%
6.73%
Artisan International
0.48%
-0.97%
15.84%
8.83%
7.06%
Small Cap Value
DFA Small Cap Value
9.29%
2.92%
20.86%
17.53%
7.77%
Small Cap Growth
Loomis Sayles Small Cap Growth
8.26%
1.06%
18.08%
17.42%
10.79%
Specialized Index
Virtus Real Estate Securities
15.26%
31.66%
15.60%
16.77%
8.67%
PIMCO Commodity Real Return
-14.18%
-18.06%
-9.75%
-3.35%
-0.33%
Asset Category
Defensive Bond
Funds
*Returns derived from Morningtar
10-Year
Data through December 31, 2014
PIMCO Low Duration Instl

Morningstar Analyst Rating 10-24-14
Ticker
PTLDX
Status
Open
Yield
3.7%
SEC Yield
1.66%
Total Assets
$15,382 mil
Return Above Avg

Risk
Above Avg
Rating
Above Avg
19
16
34
38
68
26
13
30
Morningstar Pillars
16.0
Process
Performance
People
Parent
Price
Positive
Neutral
Positive
Neutral
Neutral
Analyst Rating Spectrum
Pillar Spectrum
Positive
Negative
Neutral
Performance 12-31-14
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
1.91
1.12
1.76
0.42
0.40
0.81
1.09
1.48
-1.85
0.83
1.95
-1.61
2.22
0.88
-0.37
0.21
1.14
0.57
0.67
.
4.96
1.71
6.16
0.10
0.78
.
+/- BC +/- BarCap

Agg Bnd Gt/Ct 1-5TR
%Rank
Cat
Growth of
$10,000
63
76
55
24
31
13
19
9,993
9,955
10,078
10,709
11,436
14,548
19,214
Total
Return%
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
-0.07
-0.45
0.78
2.31
2.72
3.82
4.45
-1.86
-2.41
-5.19
-0.35
-1.73
-0.89
-1.25
Tax Analysis Tax-Adj Rtn%
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
1.07
1.52
2.40
-0.48
-0.81
-0.64
1.00
0.50
0.46
0.15
%Rank Cat Tax-Cost Rat %Rank Cat
36
40
15
Investment Values of
Fund
10.0
BC Agg Bnd
1.21
1.17
1.37
91
87
89
2003
2004
2005
2006
2007
2008
2013
12-14
History
10.24
2.97
-7.29
-5.15
2.82
0.15
30
0.41
0.14
0.43
3.43
218
9,210
10.20
2.39
-1.71
-0.96
2.14
0.25
16
0.29
0.05
0.43
2.01
247
9,278
9.99
1.55
-2.79
-0.30
3.27
-1.72
43
0.22
0.06
0.43
2.08
278
9,040
9.91
3.75
1.32
2.31
4.55
-0.80
66
0.33
0.04
0.43
3.59
68
8,195
10.11
7.92
3.59
3.70
5.04
2.88
1
0.44
0.00
0.43
4.58
73
8,181
9.42 10.29 10.39 10.29 10.51 10.33

-1.28 13.36
4.96
1.71
6.16
0.10
-8.25
8.12
-0.97
-4.83
-1.68
-4.11
-8.55
8.23
0.34
-2.37
3.02
-2.14
4.38
3.84
2.12
2.70
2.98
1.76
-5.66
9.52
2.84
-0.99
3.18
-1.66
42
18
25
43
10
63
0.49
0.43
0.36
0.22
0.28
0.30
0.07
0.13
0.01
0.19
0.00
0.11
0.43
0.45
0.46
0.46
0.46
0.46
4.68
4.30
2.62
1.99
1.81
1.44
141
223
488
461
437
445
6,868 10,745 13,142 12,977 14,500 14,761
10.04
0.78
-5.19
-0.64
3.63
-2.85
55
0.37
0.00
0.46
1.11
248
9,913
NAV
Total Return %
+/-BC Agg Bnd
+/-BarCap Gt/Ct 1-5TR
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
2009
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
0.78
2.31
2.72
3.82
5.97
+Avg
Avg
+Avg
+Avg
+Avg
+Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
BC Agg Bnd
Best Fit Index

BarCap Gt/Ct 1-5TR
Alpha
Beta
R-Squared
0.8
0.58
61
0.2
1.67
85
Standard Deviation
Mean
Sharpe Ratio
1.96
2.31
1.15
Morningstars Take by Sarah Bush 10-24-14

serves as a member of PIMCOs Investment
Committee. Schneider heads up PIMCOs short-term
desk and also manages an internal account used by
funds across the complex--including this one--for
liquidity, which he runs as a cross between PIMCO
Short-Term Bond PTSHX and a money market fund.
Meanwhile, recent changes to the Investment
Committee also bode well. The addition of Mark
Kiesel and Dan Ivascyn to the group earlier this year
added feedback from the firms best bottom-up
investors, while the return of veteran Chris Dialynas
and other investments in the firms research efforts
offer macroeconomic heft.
Finally, while outflows, which totaled roughly $2.8
billion between June 2013 through August 2014 and
soared to $2.2 billion in September following Gross
resignation, bear watching, this funds focus on the
short-end of the yield curve and a substantial sleeve
dedicated to the Schneider-run internal account
suggest that its in a good position to weather a
significant storm.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distribution:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
N/A
2011
2012
$1000000
Add: $0
$0
Add: .
No-load
0.25%, 0.21%A
Mgt:0.46%
Dist: .
3Yr:$148
5Yr:$258
Monthly
IRA: $0
Value
$000
% Net
Assets
Fin Fut Euro$ Cme (Red)

Pimco Fds
US Treasury TIP
12-15-15
.
.
04-17-15 442,188 4,417,904
03-15-16 7,588,000 1,870,727
06-14-16 6,848,000 1,683,495
04-15-18 1,480,160 1,492,765
72.90
22.10
9.36
8.42
7.47
Fin Fut Euro$ Cme (Grn)

Italian Btp Bond
Italian Btp Bond
Irs Mxn 4.120 10/28/13-2
03-14-17 3,900,000
09-20-16 3,276,000
05-15-16 567,100
05-15-17 219,800
10-26-15 3,611,100
951,356
803,111
738,260
281,959
270,463
4.76
4.02
3.69
1.41
1.35
Verizon Comms FRN

US Treasury TIP
Cdx Hy21 5y Ice
Cdx Ig22 5y Ice
Citigroup FRN
09-15-16
07-15-21
12-20-18
06-20-19
07-25-16
263,517
264,479
231,165
231,300
219,200
270,291
270,006
247,261
235,069
221,551
1.35
1.35
1.24
1.18
1.11
Spain(Kingdom Of) 3.25%

Hj Heinz Co Tl B2
Irs Mxn 4.955 06/30/14-5
Spanish Govt Bd (Bonos Y
Cd 2007-Cd4 Mtg Tr CMO
04-30-16 167,400
03-27-20 215,822
06-24-19 2,890,000
07-30-16 147,400
12-11-49 181,024
221,439
213,556
211,593
196,454
192,528
1.11
1.07
1.06
0.98
0.96
2015 Morningstar, Inc. All rights reserved. The information herein is not represented or warranted to be accurate, correct, complete or
timely. Past performance is no guarantee of future results. Access updated reports at mfb.morningstar.com. To order reprints, call 312-696-6100.
1 figure provided
by fund
Avg Eff Duration1

Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
Avg Wtd Price
Coupon Range
2.5 Yrs
2.9 Yrs
.
.
50.48% of par
% of Bonds
Rel Cat
35.1
63.7
1.1
0.1
0.0
13.2
0.7
0.2
0.1
0.0
0% PIK
0% to 6%
6% to 8%
8% to 10%
More than 10%
1.00=Category Average
AAA
AA
A
BBB
.
.
.
.
Amount
$000
Sector Breakdown
Current Investment Style
Duration
Ltd
Mod Ext
Credit Analysis
10Yr:$579
Date of
Maturity
Total Fixed-Income:1503
Quality
High Med Low
Bill Gross departure creates uncertainty for PIMCO

Low Duration, but there are grounds for optimism.
Longtime manager and PIMCO CIO Bill Gross
resigned abruptly on Sept. 26, 2014, and has been
replaced at this fund by Scott Mather, also named lead
manager of PIMCO Total Return PTTRX, and Jerome
Schneider. While Morningstar remains positive on the
outlook for the fund, it is downgrading this funds
Morningstar Analyst Rating to Bronze from Gold, in line
with flagship PIMCO Total Return. This change reflects
uncertainty regarding outflows, the reshuffling of
management responsibilities, and recent changes to
the firms Investment Committee.
That said, there are good reasons to think that this
fund will be successful once the dust settles. Mather
and Schneider are well-respected managers in their
own right and bring complementary skill sets to the
table. Mather has experience managing wide-ranging
portfolios from his time as the head of PIMCOs global
portfolio manager team and built a strong record at
funds including PIMCO Foreign Bond PFORX; he also
PIMCO Investments LLC distributor
New York, NY 10019
888-877-4626
www.pimco.com/investments
05-11-87
Pacific Investment Management Co LLC
None
2010
Portfolio Analysis 09-30-14
Rating and Risk

Time
Period
Potential Capital Gain Exposure: -3% of assets
FI
12.0
Performance Quartile
(within Category)
Morningstar evaluates mutual funds based on five key pillars, which

its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Manager Change
Partial Manager Change
14.0 Growth of $10,000
Morningstar Analyst Rating
2010
2011
2012
2013
2014
Investment Style
Fixed Income
Income Rtn %Rank Cat
Historical Profile
Mstar Category
Short-Term Bond
% bonds 09-30-14
BB
B
Below B
NR/NA
.
.
.
.
% of assets
US Treasury
Non US Government
Government Related
2
3
44
Corporate
Agency MBS Pass-Through
Agency MBS ARM
Agency MBS CMO
Non-Agency Residential MBS
Commercial MBS
Asset-Backed
Municipal
Cash & Equivalents
Other
8
1
0
1
1
3
1
0
24
0
Composition - Net
Cash
Stocks
-92.0
0.0
Bonds 182.9
Other
9.2
Special Securities
Restricted/Illiquid Secs
Exotic Mortgage-Backed
Emerging-Markets Secs
Options/Futures/Warrants
Mutual Funds
10
0
3
No
Release date 12-31-2014
Page 1 of 7

Instl (USD)
Quarterly Returns
1st Qtr 2nd Qtr
2012
2013
2014
3rd Qtr
4th Qtr Total %
2.38
2.04
0.88
0.81
-0.09
0.95
2.35
0.85
-0.54
1.62
1.60
0.23
7.35
4.46
1.52
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2014
Total Return
1.52
1.52
1.52
4.42
4.42
3.80
3.80
3.80
+/- Std Index

+/- Cat Index
-4.44
-0.07
1.75
-1.05
11
66
245
193
Trailing Returns
% Rank Cat
No. in Cat
Subsidized
Unsubsidized
7-day Yield
30-day SEC Yield
Fees and Expenses

NA
NA
88
83
84
83
40k
20k
10k
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
9.88
10.24
7.35
3.13
-2.31
85
203
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
2.33
0.00
0.00
87.29
10.39
8.03
0.00
0.00
87.29
10.39
5.71
0.00
0.00
0.00
0.00
100.00
105.71
5.71
Total
Value
Blend Growth
Small
Ltd
Mod
Ext
Alpha
Beta
R-Squared
3 Yr
5 Yr
10 Yr
1.77
4.42
2.42
Standard Index
Best Fit Index

Credit Suisse HY
USD
3.71
0.22
10.93
1.65
0.34
74.39
12-Month Yield
Potential Cap Gains Exp
-1.55%
Port
Rel
Avg Index
Rel
Cat
P/E Ratio TTM

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

Instl
11,467
Category Average
11,479
Standard Index
11,473
&
(within category)
2013
12-14
History
10.24
4.46
6.48
-0.83
76
219
10.00
1.52
-4.44
-0.07
11
245
NAV/Price
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Share Chg
since
06-2014
Share
Amount
Holdings:
0 Total Stocks , 386 Total Fixed-Income,
132% Turnover Ratio
% Net
Assets
R
R
44 mil
25 mil
22 mil
22 mil
21 mil
Cdx Hy22 5y Ice

Cdx Hy21 5y Ice
Energy Future/Efih Dip Tl
Univision Communications Tl C4
Hj Heinz Co Tl B2
2.09
1.20
0.98
0.95
0.94
20 mil
19 mil
19 mil
19 mil
19 mil
Intelsat Jackson Hldg Tl B2

Ortho-Clinical Diagnostics Tl B
Chs/Community Health Sys In Tl D
Ilfc Tl B
Hilton Worldwide Finance Llc Tl B
0.90
0.86
0.85
0.84
0.83
18 mil
17 mil
16 mil
16 mil
15 mil
Avago Technologies Ltd Tl B

Sabine Oil & Gas Llc Tl
Ngpl Pipeco Llc Tl B
Seadrill Operating Lp Tl B
Air Medical Group Holdings Tl B1
0.82
0.77
0.73
0.70
0.69
Sector Weightings
Stocks %
Rel Std Index
Y
Y
Y
Y
Y
Y
Avg Eff Maturity

Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
5.04
1.04
Low
MPT Statistics
3Q
Low
Avg
Med
Standard Deviation
Mean
Sharpe Ratio
10 Yr
49 funds
Portfolio Statistics
Fixed-Income Style
High
Morningstar Rating
Morningstar Risk
Morningstar Return
3 Yr
5 Yr
193 funds 120 funds
Growth of $10,000

Asset Allocation %
Risk and Return Profile
TM
Fixed-Income
Bond %
4k
Mid
0.70
NA
0.70
0.70
Morningstar Cat
Investment Style
100k
80k
60k
Fund Expenses
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
S&P/LSTA
US OE Bank Loan
Leveraged Loan TR
Barclays US Agg
Bond TR USD
Large
Front-End Load %
Deferred Load %
QQQ
193 US OE Bank Loan
Equity Style
Sales Charges
Category Index
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 888-877-4626 or visit
www.pimco.com/investments.
Overall Morningstar RatingTM Standard Index
Credit Quality Breakdown
Bond %
AAA
AA
A
BBB
BB
B
Below B
NR
Regional Exposure
Americas
Greater Europe
Greater Asia
Stock %
Rel Std Index
Y
Y
Y
h
r
t
y
u
Cyclical
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
j
i
o
p
a
Sensitive
Communication Services
Energy
Industrials
Technology
k
s
d
f
Defensive
Consumer Defensive
Healthcare
Utilities
Operations
Family:
Manager:
Tenure:
Objective:
PIMCO
Elizabeth MacLean
3.8 Years
Income
Base Currency:
Ticker:
Minimum Initial Purchase:
Purchase Constraints:
USD
PSRIX
$1 mil
A
Incept:
Type:
Total Assets:
04-29-2011
MF
$2,528.13 mil
2015 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.
PIMCO Short-Term Instl

Ticker
PTSHX
Status
Open
Yield
1.5%
SEC Yield
0.86%
Total Assets
$15,141 mil
33
34
36
40
61
47
37
21
12
Morningstar Pillars
16.0
Process
Performance
People
Parent
Price
Positive
Positive
Positive
Neutral
Negative
Pillar Spectrum
Positive
Negative
Neutral
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
0.75
0.59
1.53
0.38
0.55
0.13
0.42
0.35
-0.44
0.34
0.97
-1.00
1.06
0.56
0.45
0.07
0.35
0.46
0.35
.
1.93
0.35
3.44
0.84
0.97
.
Total
Return%
+/- BC
Agg Bnd
+/-
%Rank
Cat
Growth of
$10,000
-0.38
0.07
0.97
1.74
1.50
2.70
3.14
-2.17
-1.89
-5.00
-0.92
-2.95
-2.01
-2.56
-0.43
-0.04
0.63
1.32
0.86
0.54
0.32
86
29
6
15
30
5
7
9,962
10,007
10,097
10,531
10,773
13,053
15,900
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
1.14
0.90
1.67
16
28
5
0.59
0.59
1.00
84
75
81
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
10.04
2.60
-7.66
-1.35
2.02
0.58
11
0.30
0.02
0.45
2.76
77
2,417
10.03
1.78
-2.32
0.13
1.58
0.20
19
0.20
0.01
0.45
1.49
268
2,453
9.99
2.65
-1.69
1.47
3.06
-0.41
37
0.16
0.03
0.45
1.76
356
2,173
9.96
4.52
2.09
2.02
4.54
-0.02
58
0.30
0.00
0.45
3.41
230
1,723
9.88
4.55
0.22
-0.05
5.05
-0.50
29
0.44
0.03
0.45
4.71
187
1,822
9.22
-1.30
-8.27
-7.24
4.03
-5.33
27
0.49
0.03
0.45
4.87
191
1,688
9.82
9.44
4.20
5.55
2.59
6.85
16
0.39
0.15
0.45
3.98
582
5,109
9.86
1.93
-4.00
0.29
0.99
0.94
40
0.24
0.03
0.45
1.61
446
6,578
9.68
0.35
-6.19
-0.86
1.30
-0.95
41
0.10
0.05
0.45
1.03
182
5,510
9.88
3.44
-4.40
2.75
1.07
2.37
12
0.13
0.09
0.45
1.24
307
6,116
9.85
9.75
0.84
0.97
-3.37
-5.00
0.26
0.63
1.08
1.50
-0.24
-0.53
17
6
0.10
0.15
0.03
0.05
0.45
0.45
1.05
1.07
180
252
9,501 11,307
Fund
10.0
BC Agg Bnd
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
0.97
1.74
1.50
2.70
4.59
+Avg
+Avg
High
+Avg
+Avg
+Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
BC Agg Bnd
Best Fit Index

BC Muni 3 Yr 2-4
Alpha
Beta
R-Squared
1.3
0.15
23
0.7
0.69
52
Standard Deviation
Mean
Sharpe Ratio
0.82
1.74
2.03
Morningstars Take by Sarah Bush 10-15-14

ride, not a given in a category that s been surprisingly
prone to blowups. To that end, he maintains a close
eye on liquidity and potential sources of volatility. As
of September 2014, for example, the fund s duration
stood at 0.1 years, near the short end of its historic
range. Schneider points to the possibility of volatility
in short maturity fare as the Fed inches towards hiking
rates in the months to come. But his approach is not
all defense. He will take occasional and modest
positions in high-yield (9%) and emerging-markets
debt (5%) when he thinks investors are getting
appropriately compensated for risk.
If there s one negative for this otherwise strong
choice, it is the fund s 45-basis-point expense ratio.
While this might not jump out as high on an absolute
basis, it is steep relative to other large institutional
options in the category and is the rationale for the
downgrade of this funds Morningstar Analyst Rating
to Silver. However, given the broad category s
checkered history and this fund s excellent record, this
fund still has significant appeal.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
N/A
$1000000
Add: $0
$0
Add: .
No-load
0.25%, 0.20%A
Mgt:0.45%
Dist: .
3Yr:$148
5Yr:$258
Monthly
IRA: $0
History
NAV
Total Return %
+/-BC Agg Bnd
+/Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Value
$000
% Net
Assets

Fin Fut Euro$ Cme (Grn)
Verizon Comms FRN
Abbvie 1.2%
Conagra Foods FRN
03-15-16
. 4,363,713
03-14-17 5,273,001 1,286,282
09-14-18 153,818 162,189
11-06-15 155,910 156,539
07-21-16 143,670 143,914
29.96
8.83
1.11
1.07
0.99
Pimco Fds
Bk Nederlandse Gemeenten
Goldman Sachs Grp Inc Mt
Dnb Nor Boligkreditt As
J P Morgan Chase & Co Mt
04-17-15
05-15-18
06-04-17
03-29-17
02-15-17
139,438
139,039
132,711
120,725
115,860
0.96
0.95
0.91
0.83
0.80
Ford Motor Credit Co FRN

Bellsouth 144A 4.973%
Dexia Cr Loc N Y Brh FRN
Sallie Mae 6.25%
Nissan Mtr Accep 144A FR
03-12-19 113,900 114,470

04-26-21 112,000 114,314
01-11-17 105,660 106,318
01-25-16 93,836 97,636
09-26-16 93,295 94,093
0.79
0.78
0.73
0.67
0.65
Macquarie Grp Ltd Sr Mtn

Nrw.Bank
Ing Bk Nv 144A FRN
Petrobras Glbl Fin B V F
Bp Cap Mkts 3.125%
12-03-18
08-13-18
10-01-19
03-17-17
10-01-15
0.63
0.63
0.56
0.55
0.51
1 figure provided
by fund
Avg Eff Duration1

Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
Avg Wtd Price
Coupon Range
0.5 Yrs
0.8 Yrs
.
2.43%
72.35% of par
% of Bonds
Rel Cat
27.1
70.3
2.3
0.3
0.0
22.2
0.8
0.5
0.3
0.1
0% PIK
0% to 6%
6% to 8%
8% to 10%
More than 10%
AAA
AA
A
BBB
.
.
.
.
Amount
$000
13,956
138,200
131,700
116,940
115,250
89,914
91,150
82,000
78,400
72,575
91,872
91,316
82,020
79,471
74,555
Sector Breakdown
Duration
Ltd
Mod Ext
Credit Analysis
10Yr:$579
Date of
Maturity
Quality
High Med Low
PIMCO Short-Term retains much of its luster.

The departure of CIO and co-founder Bill Gross will
clearly have an impact on portfolios across the PIMCO
complex. However, this fund has plenty of strengths
remaining.
For starters, the team here, under Jerome
Schneider, has been relatively stable since a smooth
transition orchestrated prior to Paul McCulley s 2010
departure from PIMCO. (McCulley rejoined the firm but
not the fund in May 2014.) Schneider s role is a high
profile one at PIMCO, given his team s responsibility
for managing liquidity for a number of funds including
PIMCO Total Return PTTRX. And the firm has invested
significantly in the resources backing him. In addition
to drawing on the research provided by PIMCO s vast
army of investment staff, Schneider works closely with
six other portfolio managers on the short-term desk
and has the support of two members of the firms
investment committee.
Schneider deserves credit for building on
McCulley s record of maintaining a relatively smooth
New York, NY 10019
888-877-4626
10-07-87
None
12-14
Rating and Risk

Time
Period
FI
12.0
(within Category)

Manager Change
14.0 Growth of $10,000
2010
2011
2012
2013
2014
Investment Style
Fixed Income
Historical Profile
Return High
Risk
Above Avg
Rating
Highest
Mstar Category
Ultrashort Bond
% bonds 09-30-14
BB
B
Below B
NR/NA
.
.
.
.
% of assets
US Treasury
Non US Government
Government Related
0
1
28
Corporate
Agency MBS ARM
Agency MBS CMO
Commercial MBS
Asset-Backed
Municipal
Cash & Equivalents
Other
32
0
0
1
2
5
3
1
26
0
Composition - Net
Cash
Stocks
34.8
0.0
Bonds
Other
51.6
13.6
Special Securities
Mutual Funds
28
0
3
No
Data through November 30, 2014
DoubleLine Core Fixed Income I

Ticker
DBLFX
Status
Open
Yield
4.1%
SEC Yield
3.63%
Total Assets
$2,866 mil
4
13.6
12.9
Morningstar Pillars
Process
Performance
People
Parent
Price
11.4
10.7
10.0
Pillar Spectrum
Positive
Negative
Neutral
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
.
2.23
1.99
0.46
2.73
.
2.63
2.12
-2.35
2.36
5.13
4.35
2.94
0.03
0.35
0.34
1.80
0.87
0.68
.
Total
Return%
+/- BC
Agg Bnd
+/- BC
Agg Bnd
%Rank
Cat
Growth of
$10,000
0.65
2.05
6.73
4.99
.
.
.
-0.36
0.13
1.46
1.99
.
.
.
-0.36
0.13
1.46
1.99
.
.
.
43
9
6
19
.
.
.
10,065
10,205
10,673
11,573
.
.
.
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
BC Agg Bnd
Total
.*
11.45
8.15
-1.20
.
3.14
.
.
25
.
.
1.76
.
.
93
.
.
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
11-14
History
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
10.38
.
.
.
.
.
.
0.33
0.04
.
.
.
77
10.96
11.45
3.61
3.61
5.44
6.01
1
0.55
0.03
0.49
6.56
84
1,115
11.34
8.15
3.94
3.94
4.20
3.95
31
0.45
0.05
0.49
4.51
81
2,017
10.70
-1.20
0.82
0.82
4.15
-5.35
35
0.46
0.04
0.50
3.14
83
1,223
11.03
7.01
1.14
1.14
3.91
3.10
7
0.41
0.00
0.48
3.76
53
2,368
NAV
Total Return %
+/-BC Agg Bnd
+/-BC Agg Bnd
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
6.73
4.99
.
.
7.25
+Avg
.
.
+Avg
.
.
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Date of
Maturity
DoubleLine Floating Rate

US Treasury Bond 3.625%
BlackRock Liquidity FedF
Fidelityfi Instl MM Fds G
Morgan Stanley Inst Liqu
.
.
Standard Index
BC Agg Bnd
Best Fit Index

BC US Universal
Alpha
Beta
R-Squared
1.8
1.04
88
1.0
1.07
94
Standard Deviation
Mean
Sharpe Ratio
3.01
4.99
1.62
Potential Capital Gain Exposure: 0% of assets
Morningstars Take by 00-00-00

No Report Currently Available
02-15-44
FHLMC CMO 3%
FNMA CMO 3%
US Treasury Note 2%
FHLMC 3%
FHLMC CMO 3%
06-15-39
02-25-43
02-15-23
07-01-43
02-15-43
28,248
28,881
25,200
23,415
25,783
29,434
25,871
25,113
23,704
23,274
1.04
0.91
0.89
0.84
0.82
FHLMC CMO 4%
FNMA 3%
FHLMC CMO 4%
FNMA CMO 3%
FHLMC CMO 3%
06-15-42
11-01-42
09-15-41
11-25-44
07-15-40
22,026
20,881
19,241
23,141
19,721
23,059
21,139
20,612
20,591
20,443
0.81
0.75
0.73
0.73
0.72
Quality
High Med Low
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
N/A
Dist: .
5Yr:$291
IRA: $5000
Sector Breakdown
1 figure provided
by fund
4.3 Yrs
6.5 Yrs
BB
4.71%
94.74% of par
% of Bonds
Rel Cat
0.1
78.7
15.9
4.6
0.7
0.0
1.0
1.3
1.5
1.2
Credit Analysis
10Yr:$653
5.07
3.15
2.78
2.78
2.78
2.57
2.01
1.78
1.11
1.10
0% PIK
0% to 6%
6% to 8%
8% to 10%
More than 10%
Add: $100
Add: $100
14,279 143,792
78,300 89,348
78,815 78,815
78,815 78,815
78,815 78,815
72,789
56,931
50,389
31,379
31,183
Coupon Range
$100000
$100000
No-load
0.40%
Mgt:0.40%
3Yr:$167
Monthly
% Net
Assets
72,800
58,200
47,900
30,600
39,873
Avg Eff Duration1

Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
Avg Wtd Price
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Value
$000
10-31-20
08-31-19
11-15-23
03-31-21
02-25-37
Doubleline Funds Trust

Los Angeles, CA 90071
877-354-6311
www.doublelinefunds.com
06-01-10
DoubleLine Capital LP
None
Amount
$000
US Treasury Note 1.75%

US Treasury Note 1%
Impac Secd Assets Tr 200
Duration
Ltd
Mod Ext
Address:
Fund
(within Category)

Trailing
Manager Change
12.1 Growth of $10,000
2010
2011
2012
2013
2014
Investment Style
Fixed Income
Historical Profile
Return Above Avg
Risk
Above Avg
Rating
Above Avg
Mstar Category
Intermediate-Term Bond
AAA
AA
A
BBB
43
2
8
14
% bonds 11-30-14
BB
B
Below B
NR/NA
16
6
9
2
% of assets
US Treasury
Non US Government
Government Related
12
1
0
Corporate
Agency MBS ARM
Agency MBS CMO
Commercial MBS
Asset-Backed
Municipal
Cash & Equivalents
Other
32
3
0
15
13
5
4
0
15
0
Composition - Net
Cash
Stocks
15.3
0.0
Bonds
Other
84.6
0.1
Special Securities
Mutual Funds
FI
16
0
7
No
PIMCO Foreign Bond (USD-Hedged) I

Ticker
PFORX
Status
Open
Yield
8.0%
SEC Yield
1.91%
Total Assets
$7,794 mil
Return High
Risk
Below Avg
Rating
Highest
42
69
67
33
71
43
12
49
Morningstar Pillars
18.4
Process
Performance
People
Parent
Price
14.0
12.0
10.0
Pillar Spectrum
Positive
Negative
Neutral
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
3.81
0.19
2.25
1.53
2.53
3.72
1.22
1.59
-3.01
2.26
3.15
2.83
5.05
1.06
2.62
-1.69
2.39
1.89
1.39
.
9.18
6.77
11.18
0.90
11.16
.
Total
Return%
+/- BC
Agg Bnd
+/- SB
Wld Govt
%Rank
Cat
Growth of
$10,000
3 Mo
3.32
6 Mo
6.02
1 Yr
11.16
3 Yr Avg 7.63
5 Yr Avg 7.77
10 Yr Avg 6.69
15 Yr Avg 6.90
1.53
4.06
5.19
4.97
3.32
1.98
1.20
6.23
14.16
13.84
9.57
6.92
4.05
2.25
1
1
1
2
1
4
13
10,332
10,602
11,116
12,468
14,537
19,109
27,206
Trailing
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
4.85
5.40
4.38
3
1
3
Fund
BC Agg Bnd
(within Category)

Manager Change
16.0 Growth of $10,000
Positive
Neutral
Positive
Neutral
Positive
2010
2011
2012
2013
2014
Investment Style
Fixed Income
Historical Profile
Mstar Category
World Bond
2.59
2.20
2.16
99
99
94
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
12-14
History
10.39
3.56
-6.70
-18.43
3.39
0.17
87
0.41
0.25
0.50
3.77
589
903
10.47
6.65
2.55
-11.87
2.84
3.81
71
0.35
0.21
0.50
2.97
711
1,055
10.42
5.72
1.38
-6.42
3.00
2.72
5
0.29
0.31
0.50
2.90
477
1,649
10.18
2.94
0.51
12.14
3.27
-0.33
84
0.31
0.33
0.50
3.42
571
1,810
10.22
3.97
-0.36
-2.97
3.54
0.43
83
0.34
0.21
0.50
3.55
653
1,951
9.08
-2.40
-9.37
-13.85
3.91
-6.31
61
0.35
0.00
0.50
3.89
969
2,620
10.00
19.01
13.77
8.90
4.48
14.53
18
0.39
0.49
0.50
4.71
779
1,967
10.43
9.18
3.25
4.79
2.75
6.43
18
0.40
0.37
0.50
4.51
411
2,306
10.58
6.77
0.23
1.56
4.23
2.54
11
0.27
0.21
0.50
2.81
236
2,973
10.79
11.18
3.34
6.01
4.83
6.35
16
0.43
0.11
0.50
2.86
355
3,863
10.52
0.90
-3.31
-0.61
2.26
-1.36
12
0.49
0.46
0.50
2.78
383
4,575
10.77
11.16
5.19
13.84
8.42
2.74
1
0.87
0.04
0.50
2.67
175
5,755
NAV
Total Return %
+/-BC Agg Bnd
+/-SB Wld Govt
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
11.16
7.63
7.77
6.69
7.81
High
High
High
-Avg
-Avg
-Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
BC Agg Bnd
Best Fit Index

BC US Credit
Alpha
Beta
R-Squared
5.4
0.75
53
4.9
0.52
57
Standard Deviation
Mean
Sharpe Ratio
2.75
7.63
2.68
Morningstars Take by Karin Anderson 10-17-14

Strategy PSAIX since 2011.
Balls has managed global separate accounts at the
firm since 2008, reportedly with a philosophy and
approach similar to Mathers. So this fund will
continue to be run relative to a U.S. dollar-hedged
version of the JPMorgan GBI Global ex-US Index, a
government-only benchmark that skews heavily
toward the largest developed-markets debt issuers
(38% Japan and 45% eurozone as of Sept. 30, 2014).
In turn, the fund tends to hold sizable stakes in these
markets, but the process allows for considerable
flexibility. For example, Mather shifted more than half
the portfolio into corporate credit during the 2008
financial crisis, a move that paid off in 2009.
Mather built a strong track record here from his
start in February 2008. While new managers are in
charge, they are experienced, and the significant
analytical resources and sound process backing this
fund remain intact. It gets a perennial edge on the
competition from its low fees. These positive traits
bode well for the funds future prospects.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:

New York, NY 10019
888-877-4626
12-02-92
None
NTF Plans:
N/A
$1000000
Add: $0
$0
Add: .
No-load
0.25%, 0.25%A
Mgt:0.50%
Dist: .
3Yr:$167
5Yr:$291
Monthly
IRA: $0
Amount
$000
Value
$000
% Net
Assets
Irs Mxn R 4.300 09/03/15

Long Term Euro BTP Futur
Japanese Govt Bond (20y)
Japanese Govt Bond (20y)
09-01-16 8,676,200
12-08-14 377,600
03-20-33
.
01-31-23 261,100
09-20-32
.
644,566
622,394
452,337
421,624
421,612
8.95
8.64
6.28
5.85
5.85
Irs Jpy 1.500 06/19/13-2

Fed Natl Mort Assc 3.5%
Pimco Fds
France (Govt Of) Oat Bd
Fin Fut Uk Gilt Lif 12/2
06-19-33
. 411,460
10-15-28 378,000 397,373
04-17-15 36,318 362,851
05-25-18 275,900 359,917
12-30-14 169,500 310,892
5.71
5.52
5.04
5.00
4.32
Uk Gilt 3 1/4% 2044

Irs Usd 3.000 06/20/18-5
30 Year US Treasury Bond
Italian Btp Bond
01-22-44
06-20-23
12-19-14
11-01-22
04-30-24
151,100
255,600
174,100
129,200
127,600
253,897
252,082
240,095
205,461
185,445
3.53
3.50
3.33
2.85
2.57
Irs Mxn 4.310 09/08/15-1

Fin Fut Euro$ Cme (Wht)
Italian Btp Bond
France(Govt Of) 4.5%
09-06-16 2,380,700
09-15-15 656,000
09-01-22 84,200
04-25-41 70,000
03-15-16 417,000
176,837
162,655
133,920
128,127
102,806
2.46
2.26
1.86
1.78
1.43
Coupon Range
5.8 Yrs
6.8 Yrs
.
3.71%
108.54% of par
% of Bonds
Rel Cat
4.9
91.0
3.9
0.0
0.2
1.2
1.2
0.3
0.0
0.1
0% PIK
0% to 6%
6% to 8%
8% to 10%
More than 10%
AAA
AA
A
BBB
.
.
.
.
% of assets
Government
Agency/Quasi-Agency
Supranational
Corporate Bond
1 figure provided
Bank Loan
by fund
Convertible
Avg Eff Duration1

Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
Avg Wtd Price
Credit Analysis
10Yr:$653
Sector Breakdown
Duration
Ltd
Mod Ext
Quality
High Med Low
The Morningstar Analyst Rating for PIMCO Foreign

Bond (USD-Hedged) has been downgraded to Bronze
from Silver given its changes in management, but this
remains a solid choice overall.
Andrew Balls became the firms CIO of global
fixed-income mandates and lead manager here
following changes that occurred after Bill Gross
September 2014 departure. Scott Mather, the funds
former manager, took on new duties, including
management of PIMCO Total Return PTTRX. Two new
comanagers were added to this fund as well: Sachin
Gupta, a credit and interest-rate derivatives specialist,
and Lorenzo Pagani, who heads up the European
government bond and rates team, have been with the
firm for more than 10 years. Balls responsibilities have
increased considerably in 2014, but the additions of
these managers should help to alleviate the work load.
He has successfully run the firms European
fixed-income strategies since 2008, and remains in
charge there, and hes been on the management team
of world-bond offering PIMCO Global Advantage
Date of
Maturity
% bonds 09-30-14
BB
B
Below B
NR/NA
.
.
.
.
31
0
0
2
0
0
Preferred
Agency MBS
Commercial MBS
Asset-Backed
Covered Bond
Municipal
0
0
1
3
0
0
1
Composition - Net
Cash
Stocks
80.0
0.0
Bonds
Other
1.8
18.2
Special Securities
Mutual Funds
FI
7
0
.
Yes
Data through November 30, 2014
Fidelity Advisor High Income Advtg I

Ticker
FAHCX
Status
Open
Yield
4.5%
SEC Yield
4.56%
Total Assets
$2,036 mil
37
56
79
81
51
53
77
74
74
32.0
Morningstar Pillars
20.0 Growth of $10,000

Pillar Spectrum
Positive
Negative
Neutral
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
5.77
4.95
7.55
4.03
2.40
-2.42
0.74
1.54
-1.16
3.22
7.20
-10.99
4.48
2.31
-2.17
6.81
6.34
3.59
4.93
.
18.18
0.08
18.20
10.39
.
+/- BC +/- BofAML

Agg Bnd HY Master
%Rank
Cat
Growth of
$10,000
19
3
4
2
2
5
9
9,903
10,094
10,602
14,049
16,934
21,770
29,921
Total
Return%
3 Mo
-0.97
6 Mo
0.94
1 Yr
6.02
3 Yr Avg 12.00
5 Yr Avg 11.11
10 Yr Avg 8.09
15 Yr Avg 7.58
-1.98
-0.98
0.75
9.00
7.01
3.30
1.92
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
Fund
10.0
BC Agg Bnd
0.72
1.62
1.39
2.20
1.23
0.16
0.13
9.17
8.37
5.30
2
1
2
2.52
2.47
2.58
58
46
52
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
11-14
History
9.20
43.93
39.83
15.78
14.24
29.69
1
0.97
0.00
0.82
10.62
.
245
9.67
15.01
10.67
4.14
9.61
5.40
4
0.85
0.00
0.83
8.53
67
299
9.39
4.85
2.42
2.11
7.47
-2.62
5
0.70
0.03
0.81
7.26
53
379
10.14
15.95
11.62
4.23
7.60
8.35
1
0.69
0.00
0.81
6.99
51
706
9.69
2.43
-4.54
0.19
7.22
-4.79
33
0.71
0.00
0.80
6.58
35
1,291
5.44
-38.85
-44.09
-12.46
6.94
-45.79
95
0.65
0.00
0.80
7.91
45
991
8.60
69.98
64.05
12.47
9.51
60.47
2
0.50
0.02
0.81
8.94
49
1,275
9.44
18.18
11.64
2.99
8.11
10.07
5
0.68
0.00
0.78
7.28
53
1,339
8.81
0.08
-7.76
-4.30
7.06
-6.98
88
0.65
0.00
0.77
6.19
68
463
9.73
18.20
13.99
2.61
6.07
12.13
8
0.52
0.13
0.78
6.44
66
475
10.09
10.39
12.41
2.97
5.34
5.05
8
0.51
0.12
0.77
5.68
66
534
10.17
5.09
-0.78
1.05
4.30
0.79
6
0.43
0.01
.
.
.
662
NAV
Total Return %
+/-BC Agg Bnd
+/-BofAML HY Master
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
6.02
12.00
11.11
8.09
8.02
High
High
High
+Avg
High
High
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
BC Agg Bnd
Best Fit Index

BofAML HY Master
9.1
0.81
16
0.5
1.16
91
5.42
12.00
2.12
Morningstars Take by 00-00-00

No Report Currently Available
Date of
Maturity
Amount
$000
Value
$000
% Net
Assets
Gmac 8%
Engy Future Inter Hldg C
Gmac 8%
Citigroup FRN
Energy Fut Trm 1ln Dip 0
12-31-18
03-01-22
11-01-31
12-31-49
06-19-16
25,964
22,140
19,887
24,830
23,179
30,378
26,568
24,809
23,404
23,179
1.49
1.30
1.22
1.15
1.14
Sprint Nextel 6%
Royal Bk Of Scotland 5.1
Mcgraw-Hill Global Edu H
Numericable Grp Sa 144A
Altice Sa 144A 7.75%
11-15-22
05-28-24
04-01-21
05-15-22
05-15-22
17,894
16,060
14,305
15,358
14,575
17,626
16,049
15,950
15,435
14,903
0.86
0.79
0.78
0.76
0.73
Barclays Bk 7.625%
Intl Lease Fin 8.625%
Heinz H J 4.25%
Rite Aid 6.75%
Offshore Grp Invt 7.5%
11-21-22
01-15-22
10-15-20
06-15-21
11-01-19
12,695
11,580
12,790
11,895
11,570
14,329
14,316
12,710
12,371
11,917
0.70
0.70
0.62
0.61
0.58
Lucent Tech 6.45%

Intl Lease Fin 144A 7.12
Express Scripts
General Mtrs Finl Co 6.7
Ally Finl Pfd 144A
03-15-29
09-01-18
12,334
10,309
168
10,220
11
11,902
11,804
11,673
11,549
11,434
0.58
0.58
0.57
0.57
0.56
06-01-18
Sector Breakdown
Duration
Ltd
Mod Ext
Quality
High Med Low
Avg Eff Duration1

Avg Eff Maturity
Avg Credit Quality
Avg Wtd Coupon
Avg Wtd Price
Coupon Range
Web Address:
Inception:
Advisor:
Subadvisor:
Fidelity Advisor Series I

Boston, MA 02109
877-208-0098
www.advisor.fidelity.com
07-03-95
Fidelity Management & Research Company
FMR Co., Inc. (FMRC)
NTF Plans:
N/A
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
$2500
Add: $0
$2500
Add: $100
No-load, 1.00%R
0.45%
Mgt:0.56%
Dist: .
3Yr:$246
5Yr:$428
Monthly
IRA: $500
Rel Cat
0.5
78.4
18.2
2.5
0.4
0.7
1.3
0.5
0.5
2.4
Credit Analysis
10Yr:$954
AAA
AA
A
BBB
19
0
0
1
% of assets
Government
Corporate Bond
Bank Loan
Convertible
1 figure provided
Preferred
by fund
Agency MBS
. Non-Agency Residential MBS
. Commercial MBS
B Asset-Backed
6.79% Covered Bond
104.51% of par Municipal
% of Bonds
0% PIK
0% to 8%
8% to 11%
11% to 14%
More than 14%
Address:
15.0
(within Category)
Trailing
Manager Change
25.0
Process
Performance
People
Parent
Price
2010
2011
2012
2013
2014
Investment Style
Fixed Income
Historical Profile
Return High
Risk
High
Rating
Above Avg
Mstar Category
High Yield Bond
% bonds 07-31-14
BB
B
Below B
NR/NA
28
34
14
4
Cash & Equivalents

Other
5
81
10
0
0
0
0
0
0
0
0
4
0
Composition - Net
Cash
Stocks
3.0
15.3
Bonds
Other
80.6
1.0
Special Securities
Mutual Funds
FI
28
0
2
No
Vanguard Balanced Index Inv

Ticker
VBINX
Status
Open
Yield
1.8%
Total Assets
$24,678 mil
Mstar Category
Moderate Allocation
Return Above Avg

Risk
Below Avg
Rating
Above Avg
60%
59%
60%
59%
60%
59%
58%
59%
57%
Manager Change
Morningstar Pillars
Process
Performance
People
Parent
Price
22.6
19.0 Growth of $10,000
16.0 Investment Values of
Positive
Positive
Positive
Positive
Positive
13.0
(within Category)

Pillar Spectrum
Positive
Negative
Neutral
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
4.33
3.89
7.68
6.50
1.96
-5.46
0.94
-1.09
0.70
3.68
7.77
-7.75
4.37
3.90
0.03
6.42
7.66
0.16
5.82
.
13.13
4.14
11.33
17.91
9.84
.
Total
Return%
+/- M*
MdTgRk
+/- Mstr
Md Ag Rk
%Rank
Cat
Growth of
$10,000
3 Mo
3.88
6 Mo
3.91
1 Yr
9.84
3 Yr Avg 12.98
5 Yr Avg 11.18
10 Yr Avg 6.94
15 Yr Avg 5.41
2.71
4.76
4.95
2.64
2.47
0.37
-0.56
2.66
5.19
4.87
-0.01
0.97
-0.12
-0.48
6
8
10
29
13
15
30
10,388
10,391
10,984
14,421
16,988
19,561
22,041
2010
2011
2012
2013
2014
Trailing
3 Yr (estimated) 12.24
16
7
9
0.65
0.62
0.71
14
17
8
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
12-14
History
18.27
19.87
26.56
32.17
2.91
16.96
49
0.52
0.00
0.22
2.68
.
3,895
19.45
9.33
-13.15
-19.81
2.76
6.57
42
0.45
0.00
0.20
2.66
26
4,674
19.81
4.65
-6.83
-9.42
2.75
1.90
56
0.50
0.00
0.20
2.69
31
4,098
21.36
11.02
3.98
2.17
3.06
7.96
53
0.53
0.00
0.20
2.93
33
3,926
22.01
6.16
-6.79
-9.83
3.12
3.04
49
0.60
0.00
0.19
2.99
26
3,717
16.59
-22.21
-30.84
-31.15
2.77
-24.98
13
0.66
0.00
0.20
3.11
50
2,731
19.35
20.05
42.24
50.70
3.13
16.92
77
0.60
0.00
0.25
2.91
55
3,431
21.38
13.13
-8.64
-14.42
2.50
10.63
27
0.51
0.00
0.26
2.38
49
2,306
21.78
4.14
-8.19
-10.78
2.25
1.89
7
0.48
0.00
0.24
2.22
67
1,921
23.76
11.33
10.74
13.26
2.21
9.12
65
0.48
0.00
0.24
2.13
43
2,844
27.52
17.91
5.87
3.58
1.98
15.93
40
0.48
0.00
0.24
1.84
47
2,974
29.68
9.84
4.95
4.87
1.94
7.90
10
0.53
0.00
.
.
.
3,174
NAV
Total Return %
+/-M* MdTgRk
+/-Mstr Md Ag Rk
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Portfolio Analysis
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
9.84
12.98
11.18
6.94
8.38
+Avg
+Avg
+Avg
Low
-Avg
-Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
M* MdTgRk
Best Fit Index

M* U.S. Mkt TR
3.8
0.85
92
0.8
0.60
97
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
5.75
12.98
2.15
Morningstars Take by Michael Rawson 12-19-14

With diversified coverage of U.S. stocks and
high-quality bonds, Vanguard Balanced Index is an
excellent option as either a portfolio building block or
as a complete solution. The consistency of its approach
and its cost advantage should help the fund land in the
top half of the moderate-allocation Morningstar
Category over the long term--hence its Gold
Morningstar Analyst Rating.
One of the most critical decisions investors make is
how to allocate between stocks and bonds. Investors
must also have the discipline to periodically rebalance
their portfolios, even when that seems risky. Vanguard
Balanced Index handles both of these tasks by
maintaining a 60%/40% allocation to U.S. stocks and
bonds.
This funds strategy is passive from top to bottom,
both in terms of asset allocation and security selection.
Rather than market-timing and tactically shifting assets
between stocks and bonds, this fund sticks to a
60%/40% portfolio. This places the fund squarely in
the moderate-allocation category. There is nothing
magical about that ratio of stocks to bonds, so

investors still need to determine if this is an
appropriate mix for their goals and level of risk
tolerance. A constant or target-risk approach that
follows a 60%/40% mix has long been an investing
rule of thumb.
Another rule of thumb that reduces risk over time
suggests that investors should place a percentage of
their portfolios in bonds that is approximately equal to
their age. Therefore, investors approaching retirement
might prefer a more conservative asset mix.
Target-date funds may be a more appropriate
alternative for investors who wish to shift into a more
conservative allocation as they approach retirement.
Still, this funds simple approach to asset allocation
has merit, as evidenced by its top 15 percentile
ranking over the past decade.
Within both the equity and fixed-income
allocations, Vanguard Balanced replicates broad,
market-cap-weighted indexes, which results in a large
number of holdings and minimizes the risk posed by
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
Vanguard Valley Forge Funds

Valley Forge, PA 19482
800-662-7447
www.vanguard.com
11-09-92
Vanguard Group, Inc.
None
NTF Plans:
Vanguard NTF
Fund
M* MdTgRk
10.0
Investment Style
Equity
Stock %
Historical Profile
$3000
$0
No-load
0.21%
Mgt:0.21%
3Yr:$77
Quarterly
Add: $100
Add: .
Dist: .
5Yr:$135
IRA: $3000
10Yr:$306
11-30-14
Total Stocks:3285
Share change since 10-31-14
Apple Inc
Exxon Mobil Corporation
Microsoft Corp
Johnson & Johnson
Wells Fargo & Co
General Electric Co
Berkshire Hathaway Inc Cl
Procter & Gamble Co
JPMorgan Chase & Co
Sectors
P/E
YTD
Ratio Return %
% Net
Assets
Technology
Energy
Technology
Hlth care
Finan Svs
Industrl
Finan Svs
Cnsmr Def
Finan Svs
17.1
11.6
18.2
17.3
13.4
19.1
17.0
25.6
11.6
-3.73
-2.86
.
.
.
.
-2.20
.
.
1.78
0.96
0.89
0.76
0.71
0.66
0.62
0.61
0.57
Date of
Maturity
Amount
$000
Value
$000
% Net
Assets

Ginnie Mae Jumbos TBA 4%
Ginnie Mae Jumbos TBA 4%
Ginnie Mae Jumbos TBA 3.5
US Treasury Bond 2.75%
Ginnie Mae Jumbos TBA 3.5
Govt Natl Mtg Asso 3.5%
US Treasury Note 2%
Freddie Mac Gold Single F
04-30-17
12-01-44
10-01-44
12-01-44
11-15-42
11-01-44
10-15-43
11-15-21
12-01-44
84,125
74,460
68,135
67,900
68,535
60,200
60,200
60,250
56,235
84,493
79,823
73,043
71,295
66,340
63,210
63,210
60,645
59,961
0.32
0.31
0.28
0.27
0.25
0.24
0.24
0.23
0.23
Equity Style
Style: Blend
Size: Large-Cap
Fixed-Income Style
Duration: Moderate
Quality: High
1
Rel Category Avg Eff Duration
Value Measures
Price/Earnings
18.33
Price/Book
2.45
Price/Sales
1.68
Price/Cash Flow
8.02
Dividend Yield % 1.95
Long-Term Erngs 10.01

Book Value
5.08
Sales
-7.36
Cash Flow
6.02
Historical Erngs
5.70
Market Cap %
41.6
30.4
19.1
0.94
4.38
NMF
4.49
0.13
1figure provided by fund as of 11-30-14
% of Rel M* 3 Year
Stocks MdTgRk High Low
Cyclical 32.98
BasicMat 3.41
CnsmrCyc11.28
FinanSvs 14.59
Real Est 3.70
0.85
0.63 4 3
1.00 12 11
0.82 15 13
0.84 4 3
j Sensitive 40.85
6.4
2.5 i CommSrvs 3.58
7.61
41,416 o Energy
p Industrl 11.95
a Technlgy 17.71
Cash
3.4
Defensive26.16
Stocks 56.5 k
Bonds 40.1 s CnsmrDef 8.64
Other
0.0 d Hlthcare 14.38
Foreign 1.0 f Utilities 3.14
1.10
0.94 4 3
0.94 10 8
1.00 13 11
1.32 19 16
h
r
t
y
u
Small
Micro
Avg $mil:
Composition - Net
5.6 Yrs
7.7 Yrs
AA
3.36%
Avg Eff Maturity

Avg Credit Quality
Avg Wtd Coupon
Sector
% Rel Category Weightings
Growth Measures
Giant
Large
Mid
1.27
1.28
1.38
1.17
0.82
1.09
1.03 11 8
1.31 14 11
0.69 4 3
(% of Stock)
Mutual Funds
EQ
Vanguard LifeStrategy Cnsrv Gr Inv

Ticker
VSCGX
Status
Open
Yield
2.1%
Total Assets
$7,420 mil
Mstar Category
Conservative Allocation
Return Above Avg

Risk
Average
Rating
Above Avg
45%
44%
45%
39%
41%
40%
40%
40%
40%
Manager Change
Morningstar Pillars
Process
Performance
People
Parent
Price
22.6
19.0 Growth of $10,000
Positive
Neutral
Positive
Positive
Positive
13.0
(within Category)

Pillar Spectrum
Positive
Negative
Neutral
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
3.33
2.63
5.05
3.37
1.90
-3.09
1.11
-0.51
-1.06
3.12
6.87
-6.35
3.53
3.32
-0.36
3.85
4.71
0.92
3.23
.
11.14
1.76
9.19
9.08
6.95
.
Total
Return%
+/- M*
MdTgRk
+/- Mstr
Md Cn Rk
%Rank
Cat
Growth of
$10,000
2.16
1.79
6.95
8.40
7.57
5.31
4.94
0.99
2.64
2.06
-1.94
-1.14
-1.26
-1.03
1.17
2.40
2.65
0.83
0.60
-0.42
-0.82
9
7
9
31
31
34
41
10,216
10,179
10,695
12,738
14,403
16,776
20,612
2010
2011
2012
2013
2014
Trailing
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
7.17
6.51
4.28
22
19
16
Fund
M* MdTgRk
10.0
Investment Style
Equity
Stock %
Historical Profile
1.14
0.99
0.98
46
36
23
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
12-14
History
14.54
16.57
23.26
17.76
3.00
13.57
20
0.49
0.00
.
2.92
.
2,924
15.26
8.02
-14.46
-7.97
2.99
5.03
13
0.38
0.00
.
2.74
5
3,650
15.49
4.45
-7.03
-4.50
2.91
1.54
18
0.43
0.00
.
2.95
7
4,324
16.59
10.62
3.58
5.69
3.40
7.22
12
0.44
0.00
.
3.21
4
5,567
17.14
6.99
-5.96
-2.73
3.60
3.39
13
0.52
0.00
.
3.40
10
6,921
13.30
-19.52
-28.15
-27.53
3.23
-22.75
54
0.59
0.01
.
3.52
22
4,806
15.12
17.06
39.25
30.12
3.17
13.89
75
0.55
0.00
.
3.23
29
5,698
16.36
11.14
-10.63
-4.17
2.69
8.45
32
0.42
0.00
.
2.63
15
6,435
16.22
1.76
-10.57
-7.89
2.37
-0.61
48
0.40
0.02
.
2.27
46
6,558
16.97
9.19
8.60
6.59
2.45
6.74
57
0.39
0.04
.
2.51
15
7,504
18.05
9.08
-2.96
-0.58
2.10
6.98
33
0.39
0.34
.
2.12
19
8,873
18.44
6.95
2.06
2.65
2.22
4.73
9
0.40
0.46
0.15
2.12
15
7,420
NAV
Total Return %
+/-M* MdTgRk
+/-Mstr Md Cn Rk
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Portfolio Analysis
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
6.95
8.40
7.57
5.31
7.26
+Avg
+Avg
Avg
Avg
Avg
Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
11-30-14
Total Stocks:0
P/E
YTD
Ratio Return %
% Net
Assets
.
.
.
.
.
5.93
12.43
8.83
-4.24
.
47.77
28.60
11.86
11.70
0.07
Amount
$000
Value
$000
% Net
Assets
Sectors
Vanguard Total Bond Market II Idx Inv

Vanguard Total Stock Mkt Idx Inv
Vanguard Total Intl Bd Idx Investor
Vanguard Total Intl Stock Index Inv
CMT Market Liquidity Rate
Standard Index
M* MdTgRk
Best Fit Index

Mstr Md Cn Rk
Alpha
Beta
R-Squared
1.6
0.65
93
1.4
0.91
96
Standard Deviation
Mean
Sharpe Ratio
4.36
8.40
1.86
Date of
Maturity
Morningstars Take by Kathryn Spica, CFA 07-18-14

Vanguard LifeStrategy Conservative Growth continues
to be a fine option.
This funds straightforward profile has appeal.
Following a strategy adjustment in late 2011, the fund
maintains a consistent allocation of 40% to stocks and
60% to bonds, weightings that are slightly more
equity-heavy than the funds typical
conservative-allocation peers 35%/65% stock/bond
allocation. By forgoing tactical asset-allocation shifts,
the portfolios results are not prone to timing missteps,
letting its overall asset allocation drive results.
The underlying funds that provide those asset class
exposures are a set of well-diversified index funds.
Vanguard Total Bond Market II Index VTBIX anchors the
fixed-income portfolio, investing in government and
investment-grade corporate bonds. A higher-quality
bond portfolio serves as particularly good ballast
during down markets, one reason this funds
management eschews lower-quality, high-yield bonds.
The bond sleeve boosted its diversification in
mid-2013, when Vanguard Total International Bond
Index VITBX, Vanguards first U.S. mutual fund to

invest in investment-grade foreign government and
corporate bonds, was added to the underlying fund
roster. International bonds have edged past their
domestic counterparts during the past year, helping
this funds results. Over the long-term, including
international bonds should also damp the volatility of
the overall portfolio.
On the equity side, Vanguard Total Stock Market
Index VTSMX continues to provide access to the entire
U.S. stock market, capturing exposure to large-, mid-,
and small-cap stocks in proportion to their market
weightings. For international stock exposure, the
portfolio holds Vanguard Total International Stock
Index VGTSX, which invests in both developed and
emerging markets. The home-country bias shown by
the portfolios 3-to-7 division between international
and domestic stocks aided returns in recent years, as
the global stock market is more evenly split.
The fund earns an enduring advantage over its
rivals with its low costs--another feather in the cap of
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
Vanguard Star Funds

800-662-7447
www.vanguard.com
09-30-94
None
NTF Plans:
Vanguard NTF
$3000
$0
No-load
0.00%
Mgt:0.00%
3Yr:$48
Quarterly
Add: $100
Add: .
Dist: .
5Yr:$85
IRA: $0
10Yr:$192
Equity Style
Style: Blend
Size: Large-Cap
Fixed-Income Style
Duration: Moderate
Quality: High
1
Value Measures
Price/Earnings
16.92
Price/Book
2.04
Price/Sales
1.38
Price/Cash Flow
7.14

Book Value
1.47
Sales
-12.17
Cash Flow
2.25
Historical Erngs
-9.49
Market Cap %
43.7
30.2
18.4
1.00
0.99
NMF
0.78
NMF
% of Rel M* 3 Year
Cyclical 36.50
BasicMat 4.97
CnsmrCyc11.01
FinanSvs 16.76
Real Est 3.76
0.94
0.92 6 5
0.98 12 10
0.94 17 14
0.85 4 3
j Sensitive 38.88
5.7
2.0 i CommSrvs 4.06
8.26
33,098 o Energy
p Industrl 11.75
a Technlgy 14.81
Cash
3.3
Defensive24.61
Stocks 39.8 k
Other
1.04
1.07 5 4
1.02 11 8
0.98 12 11
1.10 15 14
h
r
t
y
u
Small
Micro
Avg $mil:
Composition - Net
5.8 Yrs
7.8 Yrs
AA
3.27%
Avg Eff Maturity

Avg Credit Quality
Avg Wtd Coupon
Sector
Growth Measures
Giant
Large
Mid
1.14
1.10
1.00
1.03
0.79
1.03
1.04 10 9
1.15 13 10
0.72 4 3
(% of Stock)
Mutual Funds
EQ
Vanguard LifeStrategy Moderate Gr Inv

Ticker
VSMGX
Status
Open
Yield
2.1%
Total Assets
$11,963 mil
Mstar Category
Moderate Allocation
Return Average
Risk
Average
Rating
Neutral
65%
64%
64%
59%
61%
59%
60%
60%
59%
Manager Change
Morningstar Pillars
Process
Performance
People
Parent
Price
22.6
19.0 Growth of $10,000
Positive
Neutral
Positive
Positive
Positive
13.0
(within Category)

Pillar Spectrum
Positive
Negative
Neutral
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
3.84
3.58
7.52
5.11
1.82
-5.66
0.97
-1.79
-0.37
3.68
9.13
-9.75
4.54
4.65
-0.83
5.98
6.23
1.26
4.98
.
13.31
0.26
11.76
15.04
7.07
.
Total
Return%
+/- M*
MdTgRk
+/- Mstr
Md Ag Rk
%Rank
Cat
Growth of
$10,000
3 Mo
2.28
6 Mo
1.43
1 Yr
7.07
3 Yr Avg 11.24
5 Yr Avg 9.36
10 Yr Avg 5.93
15 Yr Avg 4.88
1.11
2.28
2.18
0.90
0.65
-0.64
-1.09
1.06
2.71
2.10
-1.75
-0.85
-1.13
-1.01
44
42
38
61
52
51
47
10,228
10,143
10,707
13,765
15,642
17,791
20,436
2010
2011
2012
2013
2014
Trailing
43
40
29
Fund
M* MdTgRk
10.0
Investment Style
Equity
Stock %
Historical Profile
0.92
0.80
0.77
32
32
13
2003
2004
2005
2006
2007
2008
2009
2010
2011
16.61
22.40
29.09
34.70
2.54
19.86
29
0.43
0.00
.
2.39
.
5,649
17.91
10.57
-11.91
-18.57
2.67
7.90
25
0.35
0.00
.
2.36
6
7,002
18.47
5.69
-5.79
-8.38
2.53
3.16
37
0.44
0.00
.
2.61
8
8,023
20.36 21.21
13.31
7.36
6.27
-5.59
4.46
-8.63
2.94
3.07
10.37
4.29
17
31
0.45
0.54
0.00
0.00
.
.
2.70
2.81
8
7
9,802 10,901
15.08
-26.50
-35.13
-35.44
2.66
-29.16
35
0.62
0.02
.
2.98
18
7,202
17.69
20.33
42.52
50.98
2.86
17.47
74
0.56
0.00
.
2.89
25
7,911
19.57
13.31
-8.46
-14.24
2.42
10.89
24
0.43
0.00
.
2.37
17
8,297
19.16
0.26
-12.07
-14.66
2.24
-1.98
45
0.43
0.03
.
2.05
32
7,952
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
7.07
11.24
9.36
5.93
7.91
Avg
Avg
Avg
-Avg
-Avg
Avg
Rating and Risk

Time
Period
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
2012
Portfolio Analysis
Morningstar
Risk-Adj Rating
2013
History
12-14
20.55 23.11 24.08

11.76 15.04
7.07
11.17
3.00
2.18
13.69
0.71
2.10
2.51
2.18
2.20
9.25 12.86
4.87
56
68
38
0.44
0.48
0.51
0.03
0.37
0.16
0.16
.
.
2.56
2.19
2.12
15
15
12
8,908 11,143 11,963
NAV
Total Return %
+/-M* MdTgRk
+/-Mstr Md Ag Rk
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
11-30-14
Total Stocks:0
P/E
YTD
Ratio Return %
% Net
Assets
.
.
.
.
.
12.43
5.93
-4.24
8.83
.
42.44
31.88
17.57
7.99
0.11
Amount
$000
Value
$000
% Net
Assets
Sectors

Standard Index
M* MdTgRk
Best Fit Index

M* MdTgRk
1.4
0.95
99
1.4
0.95
99
6.15
11.24
1.76
Date of
Maturity

Vanguard LifeStrategy Moderate Growth is worth a
look.
40% to bonds, weightings that are close to that of the
funds typical moderate-allocation peers 58%/42%
stock/bond allocation. By forgoing tactical
asset-allocation shifts, the portfolios results are not
prone to timing missteps, letting its overall
asset-allocation drive results.
The underlying funds that provide those asset class
The bond sleeve boosted its diversification in
Index VITBX, Vanguards first U.S. mutual fund to

this funds results. Over the long term, including
U.S. stock market, capturing exposure to large-, mid-,
and small-cap stocks in proportion to their market
weightings. For international-stock exposure, the
portfolio holds Vanguard Total International Stock
Index VGTSX, which invests in both developed and
emerging markets. The home-country bias shown by
the portfolios 3-to-7 division between international
and domestic stocks aided returns in recent years, as
the global stock market is more evenly split.
rivals with its low costs--another feather in the cap of
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
Vanguard Star Funds

800-662-7447
www.vanguard.com
09-30-94
None
NTF Plans:
Vanguard NTF
EQ
$3000
$0
No-load
0.00%
Mgt:0.00%
3Yr:$52
Semi-Annually
Add: $100
Add: .
Dist: .
5Yr:$90
IRA: $0
10Yr:$205
Equity Style
Style: Blend
Size: Large-Cap
Fixed-Income Style
Duration: Moderate
Quality: High
1
Value Measures
Price/Earnings
16.91
Price/Book
2.04
Price/Sales
1.38
Price/Cash Flow
7.14

Book Value
1.46
Sales
-12.18
Cash Flow
2.22
Historical Erngs
-9.57
Market Cap %
43.7
30.2
18.4
0.96
1.26
NMF
1.66
NMF
% of Rel M* 3 Year
Cyclical 36.53
BasicMat 4.98
CnsmrCyc11.01
FinanSvs 16.78
Real Est 3.76
0.94
0.92 6 5
0.98 12 10
0.94 17 14
0.85 4 3
j Sensitive 38.86
5.7
2.0 i CommSrvs 4.07
8.26
33,048 o Energy
p Industrl 11.75
a Technlgy 14.78
Cash
2.4
Defensive24.61
Stocks 59.2 k
Other
1.04
1.07 5 4
1.02 11 8
0.98 12 11
1.10 15 14
h
r
t
y
u
Small
Micro
Avg $mil:
Composition - Net
5.8 Yrs
7.8 Yrs
AA
3.27%
Avg Eff Maturity

Avg Credit Quality
Avg Wtd Coupon
Sector
Growth Measures
Giant
Large
Mid
1.17
1.07
1.13
1.04
0.93
(% of Stock)
Mutual Funds
1.03
1.04 10 9
1.15 13 10
0.72 4 3
Vanguard LifeStrategy Growth Inv

Ticker
VASGX
Status
Open
Yield
2.1%
Total Assets
$10,774 mil
Mstar Category
Aggressive Allocation
Return Above Avg

Risk
Average
Rating
Above Avg
85%
83%
84%
79%
80%
79%
80%
76%
79%
Manager Change
Morningstar Pillars
Process
Performance
People
Parent
Price
22.6
19.0 Growth of $10,000
Positive
Neutral
Positive
Positive
Positive
13.0
(within Category)

Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
4.50
4.53
10.09
6.78
1.74
-8.69
0.55
-3.15
0.28
4.28
11.21
-13.85
5.46
6.07
-1.28
8.43
7.91
1.71
6.70
.
15.06
-2.28
14.38
21.20
.
+/- M*
+/- M*
MdTgRk Agg Tg Risk
%Rank
Cat
Growth of
$10,000
41
30
20
36
28
39
52
10,233
10,102
10,718
14,858
16,707
18,266
19,187
Total
Return%
3 Mo
2.33
6 Mo
1.02
1 Yr
7.18
3 Yr Avg 14.11
5 Yr Avg 10.81
10 Yr Avg 6.21
15 Yr Avg 4.44
1.16
1.87
2.29
3.77
2.10
-0.36
-1.53
0.98
2.53
1.95
-0.89
-0.54
-1.09
-1.15
24
22
23
Fund
M* MdTgRk
10.0
Investment Style
Equity
Stock %
Historical Profile
0.84
0.68
0.59
41
41
17
2003
2004
2005
2006
2007
2008
2009
2010
2011
18.16
28.52
35.21
45.25
1.96
26.56
15
0.32
0.00
.
1.79
.
4,754
20.04
12.58
-9.90
-21.95
2.16
10.42
26
0.28
0.00
.
1.79
5
6,040
21.00
6.88
-4.60
-9.02
2.06
4.82
55
0.39
0.00
.
2.09
4
7,001
23.87
16.13
9.09
5.97
2.35
13.78
10
0.41
0.00
.
2.07
3
8,783
25.07
7.46
-5.49
-10.94
2.44
5.02
47
0.49
0.00
.
2.15
4
9,860
16.00
-34.39
-43.02
-43.58
2.02
-36.41
52
0.58
0.00
.
2.47
10
6,016
19.56
24.99
47.18
62.13
2.58
22.41
80
0.50
0.00
.
2.57
12
7,005
22.06
15.06
-6.71
-16.94
2.14
12.92
22
0.41
0.00
.
2.09
11
7,832
21.10
-2.28
-14.61
-19.03
2.04
-4.32
34
0.42
0.01
.
1.79
22
7,187
Rating and Risk

Time
Period
Portfolio Analysis
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
7.18
14.11
10.81
6.21
8.25
+Avg
+Avg
Avg
Avg
Avg
Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
2012
Morningstar
Risk-Adj Rating
2013
History
12-14
23.30 27.62 28.81

14.38 21.20
7.18
13.79
9.16
2.29
17.98
5.13
1.95
2.59
2.29
2.21
11.79 18.91
4.97
37
53
.
0.45
0.54
0.61
0.02
0.27
0.19
0.17
.
.
2.61
2.27
2.14
10
9
10
7,960 10,218 10,774
NAV
Total Return %
+/-M* MdTgRk
+/-M* Agg Tg Risk
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
11-30-14
Total Stocks:0
P/E
YTD
Ratio Return %
% Net
Assets
.
.
.
.
.
12.43
-4.24
5.93
8.83
.
56.50
23.55
15.94
3.98
0.03
Amount
$000
Value
$000
% Net
Assets
Sectors

Standard Index
M* MdTgRk
Best Fit Index

Mstr Lft Mod 2035
1.1
1.24
98
1.4
0.89
99
8.05
14.11
1.68
Date of
Maturity

Vanguard LifeStrategy Growth continues to prove its
worth.
20% to bonds, weightings that are slightly more
equity-heavy than the funds typical
aggressive-allocation peers 78%/22% stock/bond
allocation. By forgoing tactical asset-allocation shifts,
the portfolios results are not prone to timing missteps,
letting its overall asset allocation drive results.
The underlying funds that provide those asset-class
This funds bond sleeve boosted its diversification in
Index VTIBX, Vanguards first U.S. mutual fund to

this funds results. Over the long term, including
U.S. stock market, capturing large-, mid-, and
small-cap stocks in proportion to their market weights.
For international-stock exposure, the portfolio holds
Vanguard Total International Stock Index VGTSX,
which invests in both developed and emerging
markets. The home-country bias shown in the
portfolios 3-to-7 division between international and
domestic stocks aided returns in recent years, as the
global stock market is more evenly split than this
portfolio.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
Vanguard Star Funds

800-662-7447
www.vanguard.com
09-30-94
None
NTF Plans:
Vanguard NTF
EQ
$3000
$0
No-load
0.00%
Mgt:0.00%
3Yr:$55
Semi-Annually
Add: $100
Add: .
Dist: .
5Yr:$96
IRA: $0
10Yr:$217
Equity Style
Style: Blend
Size: Large-Cap
Fixed-Income Style
Duration: Moderate
Quality: High
1
Value Measures
Price/Earnings
16.91
Price/Book
2.04
Price/Sales
1.38
Price/Cash Flow
7.13

Book Value
1.45
Sales
-12.18
Cash Flow
2.21
Historical Erngs
-9.62
Market Cap %
43.7
30.2
18.4
0.96
0.39
NMF
0.60
NMF
% of Rel M* 3 Year
Cyclical 36.55
BasicMat 4.99
CnsmrCyc11.01
FinanSvs 16.79
Real Est 3.76
0.94
0.92 6 5
0.98 12 10
0.95 17 14
0.85 4 3
j Sensitive 38.85
5.7
2.0 i CommSrvs 4.07
8.26
33,016 o Energy
p Industrl 11.75
a Technlgy 14.77
Cash
1.4
Defensive24.60
Stocks 79.0 k
Other
1.04
1.07 5 4
1.02 11 8
0.98 12 11
1.10 15 14
h
r
t
y
u
Small
Micro
Avg $mil:
Composition - Net
5.8 Yrs
7.8 Yrs
AA
3.27%
Avg Eff Maturity

Avg Credit Quality
Avg Wtd Coupon
Sector
Growth Measures
Giant
Large
Mid
1.16
1.09
1.15
1.06
0.96
(% of Stock)
Mutual Funds
1.03
1.04 10 9
1.15 13 10
0.72 4 3
Vanguard Equity-Income Adm

Ticker
VEIRX
Status
Open
Yield
2.7%
Total Assets
$18,794 mil
Mstar Category
Large Value
Return High
Risk
Below Avg
Rating
Highest
95%
98%
96%
97%
97%
95%
95%
98%
97%
28.4
Morningstar Pillars
Process
Performance
People
Parent
Price
18.0
14.0
(within Category)
Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
4.59
6.60
8.38
11.28
2.34
-9.35
2.08
-0.79
3.59
5.18
11.20
-10.61
5.49
3.62
-0.53
9.07
13.79
0.14
9.00
.
14.99
10.69
13.58
30.19
11.38
.
Total
Return%
+/S&P 500
+/- Russ
1000 Vl
%Rank
Cat
Growth of
$10,000
3 Mo
4.03
6 Mo
3.47
1 Yr
11.38
3 Yr Avg 18.09
5 Yr Avg 15.95
10 Yr Avg 8.46
15 Yr Avg 7.61
-0.90
-2.65
-2.31
-2.32
0.50
0.79
3.37
-0.95
-1.31
-2.07
-2.80
0.53
1.16
0.99
49
53
36
58
6
8
.
10,403
10,347
11,138
16,468
20,958
22,527
30,046
52
6
7
Fund
S&P 500
10.0

Manager Change
22.8 Growth of $10,000
Positive
Positive
Positive
Positive
Positive
Investment Style
Equity
Stock %
Historical Profile
1.37
1.00
1.01
60
60
55
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
46.76
25.24
-3.44
-4.79
3.20
22.04
75
1.03
0.00
0.35
2.71
55
481
49.25
13.69
2.81
-2.80
2.81
10.88
39
1.24
0.89
0.22
2.71
36
682
47.77
4.52
-0.39
-2.53
3.06
1.46
65
1.30
2.46
0.18
2.96
42
1,472
53.02
20.77
4.98
-1.48
3.31
17.46
17
1.49
2.21
0.17
3.08
26
1,986
51.18
4.99
-0.50
5.16
3.08
1.91
25
1.56
2.97
0.17
2.91
51
2,138
33.83
-30.86
6.14
5.99
3.15
-34.01
10
1.62
2.85
0.18
3.42
55
1,386
38.26
17.26
-9.20
-2.43
3.61
13.65
84
1.59
0.24
0.24
3.88
51
1,522
42.73
14.99
-0.07
-0.52
3.07
11.92
28
1.20
0.00
0.22
2.97
45
2,272
45.91
10.69
8.58
10.30
3.12
7.57
2
1.16
0.00
0.22
2.98
29
3,292
50.62 62.38 65.41

13.58 30.19 11.38
-2.42
-2.20
-2.31
-3.93
-2.34
-2.07
3.26
3.23
2.95
10.32 26.96
8.43
66
64
36
1.32
1.48
1.82
0.00
0.00
2.13
0.21
0.21
0.20
3.09
2.90
2.83
26
34
33
5,725 10,290 13,118
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
11.38
18.09
15.95
8.46
7.65
Avg
High
High
-Avg
-Avg
-Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
S&P 500
Best Fit Index

Russ 1000 Vl
-0.2
0.91
91
-0.3
0.89
93
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
8.64
18.09
1.97
Morningstars Take by Alec Lucas 12-15-14

management team underwent a change in late 2007
when Michael Reckmeyer took over the lead role from
John Ryan, but Reckmeyer had been a longtime
member of the firm s value equity-income team and he
uses the same approach as his predecessor.
Both Reckmeyer and the quant group try to find
values created by the market s short-term
dislocations, but they do so in complementary ways.
While Vanguard s factor-based strategy doesn t stray
too far from the fund s U.S.-focused benchmark,
Reckmeyer has recently found a number of attractively
valued dividend payers overseas. Since early 2013, the
fund s foreign stake has hovered around 10%. Most of
these holdings are multinationals that pay stout
dividends, like Europe s Unilever UN, which has a
wide moat according to Morningstar equity analysts.
Dominated by larger-cap names, this fund will lag
when smaller-cap stocks soar. But solid leadership, an
effective strategic mix, and the tailwind of low fees
should help the fund deliver competitive results while
keeping risk in check.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
N/A
$50000
$0
No-load
0.18%
Mgt:0.18%
3Yr:$68
Quarterly
Add: $100
Add: .
Dist: .
5Yr:$118
IRA: $0
Share change since 06-14 Total Stocks:176 Sector
Wells Fargo & Co

Microsoft Corp
Johnson & Johnson
Verizon Communications I
Merck & Co Inc
Chevron Corp
JPMorgan Chase & Co
Apple Inc
Intel Corp
General Electric Co
Marsh & McLennan Compani
Home Depot Inc
Pfizer Inc
Procter & Gamble Co
United Technologies Corp
CMT Market Liquidity Rat
Wal-Mart Stores Inc
Cisco Systems Inc
Philip Morris Internatio
Value Blnd Growth
Market Cap
Large Mid Small
Vanguard Equity-Income earns a Silver rating in part by

consistently delivering an above-average yield, thanks
to its minimal expense ratio. The fund currently boasts
a top-decile 2.4% trailing 12-month yield as investors
have had to pay only 0.29% in fees. Rock-bottom fees
have helped the fund look attractive from a total return
standpoint, too. Its 10-year 8.7% annualized gain
through November 2014 beats the FTSE High Dividend
Yield Index by nearly 4 percentage points and lands
near the category s top decile.
The fund s expense edge allows it to keep risks low
while still delivering a competitive payout. Its holdings
tend to have less debt and higher returns on assets
than its typical rival s holdings. The fund also largely
steers clear of high-yielding stocks, which can signal a
distressed dividend or limited growth prospects.
Credit also goes to a stable subadvisor lineup. Since
late 2005 Wellington Management and Vanguard s
in-house quantitative equity group have shared the
portfolio, with Wellington managing a larger slice
(currently about two thirds of assets). Wellington s
Vangurd Fenway Funds
800-662-7447
www.vanguard.com
08-13-01
Wellington Management Company, LLP
None
12-14
History
NAV
Total Return %
+/-S&P 500
+/-Russ 1000 Vl
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
2013
Avg $mil:
85,829
Value Measures
Price/Earnings
15.45
Price/Book
2.29
Price/Sales
1.75
Price/Cash Flow
6.66
Growth Measures
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability
10Yr:$268
Giant
Large
Mid
Small
Micro
7.88
7.27
2.27
4.45
8.24
%
Return on Equity 22.75

Return on Assets 7.71
Net Margin
14.54
Finan Svs
Technology
Hlth care
Comm Svs
Energy
Hlth care
Energy
Finan Svs
Technology
Technology
Industrl
Finan Svs
Cnsmr Cyc
Hlth care
Cnsmr Def
Industrl
.
Cnsmr Def
Technology
Cnsmr Def
%
66.4
21.3
11.1
1.1
0.1
Sector
Weightings
h
r
t
y
u
PE Tot Ret% % Assets
13.4
18.2
17.3
10.1
11.6
31.1
10.3
11.6
17.1
17.3
18.8
21.5
24.0
19.2
25.6
17.0
.
18.1
18.9
16.3
23.72
27.24
17.19
-0.45
-5.98
17.00
-6.82
9.68
40.03
43.29
-3.64
20.55
29.77
5.09
15.00
3.13
.
11.58
27.31
-2.07
3.83
3.77
3.64
3.20
3.09
2.98
2.80
2.78
2.27
2.23
2.04
1.96
1.96
1.86
1.57
1.54
1.53
1.49
1.43
1.41
% of
Rel
3 Year
Stocks S&P 500 High Low
Cyclical 25.08
BasicMat 3.38
CnsmrCyc 5.73
FinanSvs 15.97
Real Est 0.00
.
. 4 2
. 8 5
. 16 13
. 0 0
j Sensitive 42.90
.
i CommSrvs 5.02
. 5 4
Rel Category
o Energy 11.41
. 13 11
1.17 p Industrl 12.39
. 15 12
1.35 a Technlgy 14.08
. 14 9
1.51
Defensive32.02
k
.
1.10
. 17 12
1.22 s CnsmrDef12.42
d Hlthcare 13.23
. 13 12
Rel Category f Utilities 6.37
. 7 6
0.90
1.41
1.52 Composition - Net
Cash
1.6
0.81
Stocks 97.4
2.36
Bonds
0.0
Other
1.0
Rel Category
1.39
Foreign 11.4
(% of Stock)
1.28
1.22
Mutual Funds
EQ
Vanguard 500 Index Inv

Ticker
VFINX
Status
Open
Yield
1.7%
Total Assets
$198,608 mil
Mstar Category
Large Blend
Return Above Avg

Risk
Average
Rating
Above Avg
100%
100%
99%
100%
100%
100%
100%
99%
99%
26.0
22.0
Morningstar Pillars
Process
Performance
People
Parent
Price
Positive
Positive
Positive
Positive
Positive
18.0
14.0
2003
Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
5.35
5.88
12.54
10.57
1.76
-11.45
0.07
-2.78
2.87
5.19
11.26
-13.90
6.31
5.20
1.09
10.71
11.78
-0.42
10.46
.
14.91
1.97
15.82
32.18
13.51
.
Total
Return%
+/S&P 500
+/- Russ
1000
%Rank
Cat
Growth of
$10,000
3 Mo
4.89
6 Mo
6.04
1 Yr
13.51
3 Yr Avg 20.22
5 Yr Avg 15.28
10 Yr Avg 7.55
15 Yr Avg 4.13
-0.04
-0.08
-0.18
-0.19
-0.17
-0.12
-0.11
0.01
0.47
0.27
-0.40
-0.36
-0.41
-0.49
34
22
20
32
21
28
50
10,489
10,604
11,351
17,375
20,360
20,706
18,350
19
14
14
0.58
0.46
0.38
24
24
12
2004
2005
2006
2007
2008
2009
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
13.51
20.22
15.28
7.55
11.11
+Avg
+Avg
+Avg
-Avg
Avg
Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
S&P 500
Best Fit Index

S&P 500
-0.2
1.00
100
-0.2
1.00
100
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
9.10
20.22
2.08
Morningstars Take by Michael Rawson 04-02-14
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Vanguard NTF
EQ
2011
2012
2013
12-14
$3000
$0
No-load
0.15%
Mgt:0.15%
3Yr:$55
Quarterly
Add: $100
Add: .
Dist: .
5Yr:$96
IRA: $0
Apple Inc
Microsoft Corp
Johnson & Johnson
General Electric Co
Wells Fargo & Co
Berkshire Hathaway Inc C
Procter & Gamble Co
JPMorgan Chase & Co
Verizon Communications I
Chevron Corp
Pfizer Inc
Intel Corp
AT&T Inc
Bank of America Corporat
Coca-Cola Co
Merck & Co Inc
Citigroup Inc
Facebook Inc Class A
Google Inc Class A
Value Blnd Growth
Market Cap
Large Mid Small
most of its emphasis on large-cap companies, though

it also includes some mid-caps. Investors looking for
comprehensive exposure to the U.S. stock market
could pair this fund with a small-cap fund or a
completion index fund. Vanguard Total Stock Market
Index VTSAX may also be suitable. It charges 0.05%
but covers a broader swath of the equities market.
Investors in this fund should be prepared for the
risk inherent in the stock market. Volatility has
averaged about 15% in the last decade and the index
fell 37% in 2008. While it did rebound over the course
of the past several years, risk-averse investors or
those with a short-term time horizon might consider
limiting their allocations to U.S. stocks.
Like many of Vanguards index funds, this fund has
an exchange-traded fund share class. This structure
may help improve tax efficiency because the
management team can transfer low-cost-basis shares
out of the portfolio in a tax-free transaction with the
ETFs market makers. The fund has not issued a capital
gains distribution in more than 10 years.
NTF Plans:
Fund
S&P 500
History
NAV
Total Return %
+/-S&P 500
+/-Russ 1000
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Vanguard 500 Index is one of the best S&P 500 Index

funds available.
This fund is a suitable passive option for those
looking to establish a core portfolio allocation to
large-cap U.S. equities. Investors have a number of
options for exposure to the S&P 500 Index. However,
Vanguards at-cost pricing structure and operational
expertise give this fund an edge. During the past 10
years through February 2014, it lagged S&P 500 Index
by just 1 basis point. It has experienced minimal
tracking error and has excellent tax efficiency. In terms
of index fund management, no one has done it
better--hence the Morningstar Analyst Rating of Gold.
The S&P 500 has proved to be a difficult benchmark
for active managers to beat. In simply tracking this
benchmark, the fund has outpaced more than two
thirds of its surviving peers in the large-blend
Morningstar Category. Its aftertax performance looks
even better, partly because of the indexs low
turnover.
As a market-cap-weighted index, the S&P 500 puts
Web Address:
Inception:
Advisor:
Subadvisor:
2010
102.67 111.64 114.92 130.59 135.15 83.09 102.67 115.82 115.80 131.37 170.36 189.89
28.50 10.74
4.77 15.64
5.39 -37.02 26.49 14.91
1.97 15.82 32.18 13.51
-0.18
-0.14
-0.14
-0.15
-0.10
-0.02
0.03
-0.15
-0.14
-0.18
-0.21
-0.18
-1.39
-0.66
-1.50
0.18
-0.38
0.58
-1.94
-1.19
0.47
-0.60
-0.93
0.27
1.77
1.91
1.79
1.87
1.92
1.87
2.56
1.93
1.95
2.35
2.26
1.95
26.73
8.83
2.98 13.77
3.47 -38.89 23.93 12.98
0.02 13.47 29.92 11.56
28
36
60
24
51
38
54
31
19
38
44
20
1.36
1.43
1.95
1.98
2.14
2.49
2.50
2.10
1.97
2.25
2.70
3.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.18
0.18
0.18
0.18
0.15
0.16
0.18
0.17
0.17
0.17
0.17
.
1.61
1.86
1.75
1.74
1.81
2.16
2.42
1.94
1.92
2.13
1.95
.
3
7
5
5
6
12
5
4
3
3
.
.
75,342 84,167 69,375 72,013 63,327 38,778 48,313 31,904 25,967 24,821 27,758 28,040
Vanguard Index Funds

800-662-7447
www.vanguard.com
08-31-76
None
Growth of $10,000
(within Category)

Manager Change
10.0
Investment Style
Equity
Stock %
Historical Profile
Avg $mil:
73,127
Value Measures
Price/Earnings
18.01
Price/Book
2.50
Price/Sales
1.78
Price/Cash Flow
7.83
Growth Measures
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability
10Yr:$217
Giant
Large
Mid
Small
Micro
9.69
7.57
3.06
6.37
8.16
%

Net Margin
14.35
Technology
Technology
Energy
Hlth care
Industrl
Finan Svs
Finan Svs
Cnsmr Def
Finan Svs
Comm Svs
Energy
Hlth care
Technology
Comm Svs
Finan Svs
Cnsmr Def
Hlth care
Finan Svs
Technology
Technology
%
51.4
36.1
12.4
0.1
0.0
Sector
Weightings
h
r
t
y
u
17.1
18.2
11.6
17.3
18.8
13.4
17.0
25.6
11.6
10.1
10.3
19.2
17.3
10.3
45.7
23.4
31.1
18.2
74.1
28.2
40.03
27.24
-5.98
17.19
-3.64
23.72
26.64
15.00
9.68
-0.45
-6.82
5.09
43.29
0.77
15.67
5.16
17.00
3.91
42.77
-5.39
3.85
2.13
2.09
1.65
1.44
1.40
1.35
1.32
1.22
1.13
1.12
1.07
1.00
0.99
0.97
0.96
0.94
0.88
0.88
0.84
% of
Rel
3 Year
Cyclical 30.52
BasicMat 3.05
CnsmrCyc10.46
FinanSvs 14.94
Real Est 2.07
.
. 4 3
. 12 10
. 16 13
. 2 2
j Sensitive 41.71
.
i CommSrvs 3.97
. 5 4
Rel Category
8.33
o Energy
. 11 8
. 12 10
. 19 16
1.41
Defensive27.76
k
.
1.10
. 12 9
0.95 s CnsmrDef 9.85
d Hlthcare 14.81
. 15 11
. 4 3
0.93
1.43
Cash
0.5
0.93
Stocks 99.5
0.46
Bonds
0.0
Other
0.0
Rel Category
1.13
Foreign 1.0
(% of Stock)
1.08
1.13
Mutual Funds
Harbor Capital Appreciation Instl

Ticker
HACAX
Status
Open
Yield
0.1%
Total Assets
$24,838 mil
Mstar Category
Large Growth
Return Above Avg

Risk
Average
Rating
Above Avg
99%
100%
99%
97%
99%
98%
98%
99%
98%
30.0
25.0
Morningstar Pillars
Process
Performance
People
Parent
Price
Positive
Positive
Positive
Positive
Positive
20.0
15.0
Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2.79
4.63
19.08
6.91
-0.12
-13.07
3.64
-6.87
2.35
4.59
12.05
-13.39
5.62
12.38
1.91
11.47
7.11
-1.23
11.94
.
11.61
0.61
15.69
37.66
9.93
.
Total
Return%
+/S&P 500
+/- Russ
1000Gr
%Rank
Cat
Growth of
$10,000
3 Mo
3.26
6 Mo
5.23
1 Yr
9.93
3 Yr Avg 20.52
5 Yr Avg 14.48
10 Yr Avg 8.67
15 Yr Avg 2.96
-1.67
-0.89
-3.76
0.11
-0.97
1.00
-1.28
-1.52
-1.11
-3.12
0.26
-1.33
0.18
0.75
77
53
53
31
42
22
57
10,326
10,523
10,993
17,506
19,663
22,967
15,489
19
30
15
0.79
0.50
0.30
29
27
21
2003
2004
2005
2006
2007
2008
2009
2010
26.32
30.47
1.79
0.72
0.24
30.23
30
0.04
0.00
0.71
0.24
.
6,607
28.67
9.34
-1.54
3.04
0.42
8.92
34
0.05
0.00
0.67
0.09
67
6,825
32.66
14.02
9.11
8.76
0.11
13.91
8
0.11
0.00
0.68
0.44
69
7,837
33.35
2.33
-13.46
-6.74
0.22
2.11
85
0.03
0.00
0.67
0.25
71
7,939
37.31
12.25
6.76
0.44
0.37
11.88
54
0.07
0.00
0.66
0.38
69
8,348
23.30
-37.13
-0.13
1.31
0.42
-37.55
21
0.12
0.00
0.67
0.47
82
5,039
32.97
41.88
15.42
4.67
0.37
41.51
21
0.16
0.00
0.69
0.40
72
7,957
36.72 36.90 42.52 56.69 58.52

11.61
0.61 15.69 37.66
9.93
-3.45
-1.50
-0.31
5.27
-3.76
-5.10
-2.03
0.43
4.18
-3.12
0.23
0.12
0.46
0.11
0.09
11.38
0.49 15.23 37.55
9.85
82
24
43
17
53
0.09
0.08
0.04
0.17
0.05
0.00
0.00
0.00
0.00
3.77
0.68
0.66
0.66
0.65
0.65
0.24
0.14
0.20
0.35
0.11
68
53
41
48
34
9,749 11,115 15,081 20,516 22,329
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
9.93
20.52
14.48
8.67
11.47
+Avg
Avg
+Avg
+Avg
Avg
-Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
S&P 500
Best Fit Index

M* U.S. Grwth TR
-2.1
1.13
72
-2.0
1.10
93
12.10
20.52
1.61
Morningstars Take by David Kathman, CFA 10-02-14

holdings Apple AAPL, MasterCard MA, Amazon
AMZN, and Biogen Idec BIIB, with significant
overweightings in the tech, consumer cyclical, and
health care sectors.
This isnt a particularly unusual strategy, but
Segalas and his team have executed it very well over
a long period of time. The past few years have
illustrated well the funds ability to navigate different
market conditions. It landed in the large-growth
categorys top quartile in both 2008 and 2011, when
most growth stocks struggled, but it also posted
top-quartile returns in the bull markets of 2009 and
2013, when it gained 42% and 38%, respectively.
Returns in the first nine months of 2014 have been
more modest but still solid in relative terms, beating
the category but trailing the Russell 1000 Growth amid
an environment that still hasnt been very favorable to
mega-caps.
The bulk of this funds assets are in the
Institutional shares, which have a $50,000 minimum
investment and a very reasonable 0.65% expense
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
NTF Plans:
N/A
2011
2012
2013
12-14
$50000
Add: $0
$0
Add: .
No-load
0.60% mx./0.56% mn.
Mgt:0.60%
Dist: .
3Yr:$215
5Yr:$376
Annually
IRA: $0
Apple Inc
Facebook Inc Class A
MasterCard Inc Class A
Biogen Idec Inc
Amazon.com Inc
Schlumberger NV
Nike Inc Class B
Google Inc Class A
Google Inc Class C
Visa Inc Class A
Celgene Corp
Novo Nordisk A/S ADR
Walt Disney Co
Priceline Group Inc
Gilead Sciences Inc
Boeing Co
Monsanto Co
Bristol-Myers Squibb Com
LinkedIn Corp Class A
Salesforce.com Inc
Value Blnd Growth
Market Cap
Large Mid Small
Harbor Capital Appreciation remains a gem among

large-growth funds.
Veteran growth investor Sig Segalas of Jennison
Associates has managed this fund since 1990, helped
for more than a decade by Kathleen McCarragher (who
was named comanager here in 2013) and Michael Del
Balso (who has been with Jennison since 1972). He
has compiled a strong and appealingly steady record,
with 10-year returns that have consistently beaten the
large-growth Morningstar Category and the Russell
1000 Growth benchmark, despite occasional periods of
short-term underperformance.
Segalas and his team employ a fairly traditional
large-growth strategy, looking for companies that are
growing faster than the S&P 500 benchmark but also
feature solid fundamentals that will help maintain that
growth over the long term. Valuation is not a primary
concern, but the managers like to see companies with
solid profitability, healthy balance sheets, and
long-term competitive advantages. The result is a
portfolio dominated by large-growth stocks such as top
Web Address:
Inception:
Advisor:
Subadvisor:
Fund
S&P 500
History
NAV
Total Return %
+/-S&P 500
+/-Russ 1000Gr
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Harbor Funds
Chicago, IL 60606
800-422-1050
www.harborfunds.com
12-29-87
Harbor Capital Advisors Inc
Jennison Associates LLC
Growth of $10,000
(within Category)

Manager Change
10.0
Investment Style
Equity
Stock %
Historical Profile
Avg $mil:
60,409
Value Measures
Price/Earnings
24.84
Price/Book
5.16
Price/Sales
3.65
Price/Cash Flow 14.59
Growth Measures
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability
10Yr:$844
Giant
Large
Mid
Small
Micro
16.12
10.83
9.63
12.43
13.60
%

Net Margin
12.76
Technology
Technology
Finan Svs
Hlth care
Cnsmr Cyc
Energy
Cnsmr Cyc
Technology
Technology
Finan Svs
Hlth care
Hlth care
Cnsmr Cyc
Cnsmr Cyc
Hlth care
Industrl
Basic Mat
Hlth care
Technology
Technology
%
48.3
38.3
13.4
0.0
0.0
Sector
Weightings
h
r
t
y
u
17.1
74.1
29.6
32.1
.
16.1
30.1
28.2
27.9
30.4
58.8
26.4
22.1
25.8
16.8
18.6
23.0
36.2
.
.
40.03
42.77
3.66
21.42
-22.18
-3.44
23.54
-5.39
.
18.50
32.40
16.17
24.79
-1.91
25.51
-2.63
4.03
13.79
5.94
7.47
5.29
3.78
3.32
2.57
2.57
2.26
2.24
2.19
2.18
2.17
2.11
2.04
2.03
1.98
1.94
1.79
1.78
1.76
1.75
1.74
% of
Rel
3 Year
Cyclical 34.30
BasicMat 1.83
CnsmrCyc24.60
FinanSvs 6.67
Real Est 1.20
.
. 3 2
. 28 22
. 9 7
. 2 1
j Sensitive 40.87
.
i CommSrvs 1.51
. 3 1
Rel Category
5.03
o Energy
. 6 3
. 10 6
. 33 21
2.02
Defensive24.83
k
.
1.46
. 8 4
d Hlthcare 21.08
. 21 12
. . .
1.20
1.05
Cash
1.0
0.96
Stocks 97.6
0.61
Bonds
0.0
Other
1.5
Rel Category
0.89
Foreign 6.2
(% of Stock)
0.95
0.90
Mutual Funds
EQ
Dodge & Cox International Stock

Ticker
DODFX
Status
Open
Yield
2.3%
Total Assets
$66,464 mil
95%
97%
98%
98%
97%
99%
98%
99%
95%
Morningstar Pillars
32.4
Process
Performance
People
Parent
Price
17.0
10.0
Pillar Spectrum
Positive
Negative
Neutral
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
3.70
2.52
12.72
3.64
2.76
-14.05
0.46
-8.34
1.70
5.00
18.14
-21.72
7.41
11.15
-2.71
7.96
4.23
9.06
7.82
.
13.69
-15.97
21.03
26.31
0.08
.
Total
Return%
+/- MSCI
WexUS
+/- MSCI
WexUS
%Rank
Cat
Growth of
$10,000
3 Mo
-4.66
6 Mo
-7.25
1 Yr
0.08
3 Yr Avg 15.23
5 Yr Avg 7.89
10 Yr Avg 6.73
15 Yr Avg
.
-0.79
1.68
3.95
6.24
3.46
1.60
.
-0.79
1.68
3.95
6.24
3.46
1.60
.
86
22
9
4
7
14
.
9,534
9,275
10,008
15,300
14,619
19,181
.
3
5
10
0.81
0.76
0.85
49
59
34
2003
2004
23.48
49.42
8.59
8.59
0.90
48.52
8
0.13
0.06
0.82
1.54
.
655
30.64 35.03 43.66 46.02 21.90 31.85 35.71 29.24 34.64 43.04 42.11
32.46 16.75 28.01 11.71 -46.69 47.46 13.69 -15.97 21.03 26.31
0.08
11.55
0.13
1.36
-4.94
-1.16
6.01
2.54
-2.26
4.20 11.02
3.95
11.55
0.13
1.36
-4.94
-1.16
6.01
2.54
-2.26
4.20 11.02
3.95
1.02
1.14
1.61
2.89
2.04
1.99
1.55
2.13
2.55
2.01
2.25
31.44 15.61 26.40
8.82 -48.73 45.47 12.14 -18.10 18.48 24.30
-2.17
1
16
34
21
82
6
6
81
16
8
9
0.14
0.24
0.35
0.56
1.26
0.94
0.44
0.50
0.76
0.75
0.97
0.00
0.22
0.39
0.62
1.50
1.58
0.00
0.00
0.00
0.00
0.00
0.77
0.70
0.66
0.65
0.64
0.65
0.65
0.64
0.64
0.64
.
1.90
1.54
1.82
3.11
2.37
1.58
1.58
2.23
2.31
1.85
.
6
7
9
16
35
21
15
16
10
13
.
4,203 13,357 30,899 53,426 25,053 36,758 43,406 35,924 40,556 53,616 66,464
2005
2006
2007
2008
2009
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
0.08
15.23
7.89
6.73
8.54
High
High
+Avg
High
High
High
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
MSCI WexUS
Best Fit Index

MSCI WexUS
5.4
1.04
94
5.4
1.04
94
13.92
15.23
1.09
Morningstars Take by Gregg Wolper 12-29-14

relative terms. Its 1.2% return through Dec. 23 might
seem meager, but in a tough year for foreign markets
and currencies, it stands in sharp contrast to the 3.7%
loss suffered by the index and the categorys 4.1%
decline. Despite deep losses from two banks, Barclays
and Standard Chartered, the fund has benefited from
strong gains in longtime holdings such as top-five
stocks Naspers, Novartis NVS, and Roche, as well as
emerging-markets banks Kasikornbank in Thailand and
ICICI in India. The managers had added to ICICI
repeatedly in the first three quarters of 2013 as Indias
market was sinking; similar patience and commitment
through a stocks difficulties have paid off with
Hewlett-Packard HPQ, still a top holding.
That patience is one reason the fund may be able
to better cope with its bulk than some rivals might. It
has very low turnover; trading quickly isnt part of the
strategy. Its capacity likely is not unlimited, but its
deliberate, value-oriented process, managerial
experience and stability, and low price still make it a
top choice.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
NTF Plans:
N/A
2011
2012
2013
12-14
History
NAV
Total Return %
+/-MSCI WexUS
+/-MSCI WexUS
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
$2500
Add: $100
$2500
Add: $100
No-load
0.60%, 0.10%A
Mgt:0.60%
Dist: .
3Yr:$205
5Yr:$357
Annually
IRA: $1000
Roche Holding AG Dividen

Sanofi
Naspers Ltd Class N
Novartis AG ADR
Credit Suisse Group
Samsung Electronics Co L
Nokia Oyj
Hewlett-Packard Co
Lafarge Sa
Bayer AG
LM Ericsson Telephone Co
Schlumberger NV
Royal Philips NV
HSBC Holdings PLC
Standard Chartered PLC
Barclays PLC
America Movil SAB de CV
Mtn Group Ltd
Schneider Electric SE
Panasonic Corp
Market Cap
Value Blnd Growth
Sector
% Weightings
Country
% Assets
Switzerland
France
South Africa
Switzerland
Switzerland
Korea
Finland
United States
.
Germany
Sweden
United States
Netherlands
U.K.
U.K.
U.K.
Brazil
South Africa
France
Japan
3.50
3.42
3.29
2.37
2.33
2.32
2.20
2.19
2.18
2.14
2.04
2.04
2.03
1.97
1.82
1.63
1.62
1.61
1.60
1.56
% of Rel MSCI 3 Year

Stocks WexUS High Low
Giant
64.0 h Cyclical 34.89
.
Large
31.5 r BasicMat 2.19
. 9 2
Mid
4.4 t CnsmrCyc 6.45
. 8 6
Small
0.1 y FinanSvs 24.40
. 24 20
Micro
0.0 u Real Est 1.85
. 2 1
Avg $mil:
Sensitive 46.03
j
.
45,402
i CommSrvs 7.86
. 15 8
Value Measures
Rel Category o Energy
7.33
. 8 5
Price/Earnings
15.02
. 8 5
Price/Book
1.53
. 26 14
Price/Sales
1.17
1.19
Defensive19.08
k
.
Price/Cash Flow
5.56
1.03
s CnsmrDef 3.53
. 4 2
0.71
d Hlthcare 15.55
. 18 15
Growth Measures
% Rel Category f Utilities 0.00
. . .
1.08
Book Value
-8.79
NMF
% Stock
Sales
-0.13
NMF Regional Exposure
Cash Flow
3.08
0.19 UK/W. Europe 54 N. America
8
Historical Erngs
0.15
0.00 Japan
13 Latn America 7
Asia X Japan 10 Other
8
Composition - Net
10Yr:$798
Hlth care
Hlth care
Technology
Hlth care
Finan Svs
Technology
Technology
Technology
.
Hlth care
Technology
Energy
Technology
Finan Svs
Finan Svs
Finan Svs
Comm Svs
Comm Svs
Industrl
Technology
Large Mid Small
Dodge & Cox International Stocks popularity could

eventually hold it back, but for now it remains in
position to continue its long-term success.
With inflows and capital appreciation pushing this
funds asset base to roughly $66 billion, it has
surpassed its pre-financial-crisis peak and is the
fourth-largest international-stock fund in the United
States. Comanager Diana Strandberg says she and her
colleagues often discuss whether that bulk has become
an impediment, but that aside from the asset size
making it far less likely for them to own small stocks,
investment has not been affected, and the fund could
easily handle outflows if necessary.
The funds market cap is indeed much higher than it
was 10 years ago, but thats not necessarily a concern.
The portfolio already held more than 88% in large caps
and only 1% in small caps five years ago, and since
then, the funds annualized return tops 93% of the
foreign large-blend Morningstar Category and beats
the MSCI ACWI ex USA Index by 3.5 percentage
points. In 2014, it has had a notably strong year in
Web Address:
Inception:
Advisor:
Subadvisor:
2010
Rating and Risk

Time
Period
Dodge & Cox Funds

San Francisco, CA 94104
800-621-3979
www.dodgeandcox.com
05-01-01
Dodge & Cox
None
Fund
MSCI WexUS
(within Category)

Manager Change
24.0 Growth of $10,000
Positive
Positive
Positive
Positive
Positive
2010
2011
2012
2013
2014
Investment Style
Equity
Stock %
Historical Profile
Return High
Risk
High
Rating
Highest
Mstar Category
Foreign Large Blend
Cash
Stocks
1.3
94.8
Foreign (% of Stock)
Bonds
Other
% Stock
0.0 Country Exposure
15 United States 8
3.9 U.K.
Japan
13 France
8
91.9 Switzerland 11
Mutual Funds
EQ
Artisan International Investor

Ticker
ARTIX
Status
Open
Yield
0.8%
Total Assets
$18,323 mil
99%
97%
97%
98%
98%
97%
96%
94%
92%
28.4
22.8
Morningstar Pillars
Positive
Positive
Positive
Positive
Negative
18.0
14.0
10.0
2003

Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
-2.52
3.46
15.48
6.02
-1.83
-12.36
2.81
-4.41
-0.04
5.37
16.54
-20.41
7.54
9.98
-4.73
6.37
9.55
5.63
7.40
.
5.91
-7.26
25.39
25.18
-0.97
.
Total +/- MSCI

+/- MSCI
Return% ACWexUS
World exUSA Gr ND
3 Mo
0.48
6 Mo
-4.27
1 Yr
-0.97
3 Yr Avg 15.84
5 Yr Avg 8.83
10 Yr Avg 7.06
15 Yr Avg 4.13
4.35
4.66
2.90
6.85
4.40
1.93
0.85
%Rank
Cat
Growth of
$10,000
9
14
19
4
7
8
20
10,048
9,573
9,903
15,544
15,267
19,782
18,350
2.78
2.81
1.68
6.38
3.64
1.63
.
4
4
10
0.38
0.39
0.83
46
43
66
18.91
29.14
-11.69
-5.28
1.19
27.95
71
0.10
0.00
1.20
1.35
15
9,591
2007
2008
2009
2010
2011
2012
22.14 25.31 28.99 29.88

17.76 16.27 25.56 19.73
-3.15
-0.35
-1.09
3.08
1.03
-0.44
1.95
-1.30
0.65
1.85
1.72
0.70
17.11 14.42 23.84 19.03
29
42
23
31
0.18
0.12
0.41
0.43
0.00
0.00
0.00
2.33
1.22
1.19
1.20
1.21
0.64
0.94
0.66
1.01
55
56
58
66
7,130 12,075 10,821 13,039
2004
2005
2006
14.96
-46.96
-1.43
-1.35
0.63
-47.59
49
0.20
4.47
1.22
1.28
54
6,003
20.66
39.77
-1.68
1.10
1.64
38.13
30
0.19
0.70
1.22
1.47
82
8,078
21.70
5.91
-5.24
-8.54
0.86
5.05
88
0.25
0.00
1.23
0.86
71
7,396
19.83
-7.26
6.45
6.95
1.30
-8.56
3
0.18
0.00
1.22
1.18
70
6,142
24.59 30.48 29.96

25.39 25.18
-0.97
8.56
9.89
2.90
8.72
9.69
1.68
1.39
1.19
0.75
24.00 23.99
-1.72
4
10
19
0.28
0.27
0.23
0.00
0.00
0.00
1.19
1.20
1.17
1.32
1.21
0.85
55
42
46
7,503 11,220 14,389
Growth of $10,000
Fund
MSCI WexUS
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
-0.97
15.84
8.83
7.06
9.99
High
High
High
Avg
+Avg
+Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
MSCI WexUS
Best Fit Index

MSCI EAFE Growth
7.1
0.89
87
4.7
0.96
93
12.38
15.84
1.25
Morningstars Take by Greg Carlson 08-20-14

than 100 in number the last time assets peaked--near
$25 million--in the mid-2000s, its 69 holdings at the
end of June 2014 was near the low end of its
historical range. Finally, Artisan has a long history of
closing its funds to preserve their flexibility. Indeed,
one of the teams other charges, Artisan International
Small Cap ARTJX, has been closed to new investors
for more than a decade. That said, Yockey and
company would likely have difficulty taking a big stake
in a mid-cap stock at this point, and the fund may lag
if smaller-cap stocks lead the market.
The funds long-term prospects are still bright.
Yockey has plied this strategy with great success for
nearly 19 years here and 25 in all, and hes backed by
a large team that includes several key longtime
comanagers and analysts. The team has demonstrated
deep fundamental knowledge of its holdings and built
distinctive portfolios, performing in line with its typical
peer and major benchmarks in down markets while
gaining ground on the upside. This fund remains a
keeper.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
Fidelity Retail-NTF, CommonWealth NTF
12-14
History
NAV
Total Return %
+/-MSCI WexUS
+/-MSCI AC World exUSA Gr ND
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
$1000
Add: $0
$1000
Add: $50
No-load, 2.00%R
1.00% mx./0.90% mn.
Mgt:0.93%
Dist: .
3Yr:$381
5Yr:$660
Annually
IRA: $0
Baidu Inc ADR

Bayer AG
Linde AG
AIA Group Ltd
Toyota Motor Corp
Roche Holding AG Dividen
ASML Holding NV
Grupo Televisa SAB ADR
Nestle SA
Olympus Corp
IHI Corp
NGK Insulators Ltd
Rolls-Royce Holdings PLC
Covidien PLC
Anheuser-Busch Inbev SA
China Mobile Ltd
SABMiller PLC
Zodiac Aerospace
Liberty Global PLC Class
Johnson Matthey PLC
Market Cap
Value Blnd Growth
Sector
% Weightings
Country
China
Germany
Germany
Hong Kong
Japan
Switzerland
Netherlands
Mexico
Switzerland
Japan
Japan
Japan
U.K.
United States
Belgium
China
U.K.
France
U.K.
U.K.
% Assets
5.45
4.09
3.58
3.26
3.13
3.04
2.98
2.90
2.81
2.58
2.40
2.35
2.34
2.27
2.13
1.97
1.96
1.95
1.92
1.86
% of Rel MSCI 3 Year

Stocks WexUS High Low
Giant
49.0 h Cyclical 26.91
.
Large
46.4 r BasicMat 10.30
. 11 4
Mid
4.6 t CnsmrCyc11.59
. 15 9
Small
0.0 y FinanSvs 5.02
. 17 5
Micro
0.0 u Real Est 0.00
. 9 0
Avg $mil:
Sensitive 43.40
j
.
38,712
i CommSrvs12.17
. 12 3
Value Measures
Rel Category o Energy
1.74
. 3 1
Price/Earnings
19.48
. 21 13
Price/Book
2.26
. 13 5
Price/Sales
1.45
1.02
Defensive29.69
k
.
Price/Cash Flow
9.00
1.16
s CnsmrDef11.72
. 34 12
0.78
d Hlthcare 17.97
. 18 2
Growth Measures
% Rel Category f Utilities 0.00
. . .
0.86
Book Value
14.54
6.79
% Stock
Sales
5.25
7.50 Regional Exposure
Cash Flow
11.56
5.96 UK/W. Europe 57 N. America
5
Historical Erngs 13.90
0.17 Japan
17 Latn America 3
Asia X Japan 18 Other
0
Composition - Net
10Yr:$1455
Technology
Hlth care
Basic Mat
Finan Svs
Cnsmr Cyc
Hlth care
Technology
Cnsmr Cyc
Cnsmr Def
Hlth care
Industrl
Industrl
Industrl
Hlth care
Cnsmr Def
Comm Svs
Cnsmr Def
Industrl
Comm Svs
Basic Mat
Large Mid Small
Artisan International is getting hefty, but its prospects

remain solid.
This fund has been on a tear lately. After cracking
the top quartile of its category just once in a calendar
year between 2000 and 2010, it beat more than 90% of
its peers in 2011, 2012, and 2013. (The fund resided in
the foreign large-blend category from 2010 to 2013 but
has otherwise been in foreign large-growth.) As a
result, flows have reversed here: Investors pulled a
combined net $2.3 billion out in 2010 and 2011, the
fund saw a small net inflow in 2012, and a net $4
billion came in between 2013 and the first seven
months of 2014. Coupled with price appreciation as the
market has rallied, the fund has grown to $17.5
billion--up from $8.2 billion at the end of 2011. The
team runs a total of $28.4 billion in the strategy.
The teams large asset load isnt a major concern
yet. True, the fund now has a bigger stake in large-cap
stocks than is typical, but lead manager Mark Yockey
says thats a reflection of where the team is finding
value. Also, while the funds holdings list grew to more
Artisan Funds Inc
Milwaukee, WI 53202
800-344-1770
www.artisanfunds.com
12-28-95
Artisan Partners Limited Partnership
None
2013
Rating and Risk

Time
Period
EQ
Manager Change
(within Category)
Investment Style
Equity
Stock %
Historical Profile
Return High
Risk
Above Avg
Rating
Above Avg
Process
Performance
People
Parent
Price
Mstar Category
Foreign Large Growth
Cash
Stocks
3.7
92.4
Foreign (% of Stock)
Bonds
Other
% Stock
0.7 Country Exposure
17 China
12
3.2 Japan
U.K.
17 Switzerland
9
94.9 Germany
13
Mutual Funds
DFA US Small Cap Value I

Ticker
DFSVX
Status
Open
Yield
0.7%
Total Assets
$11,681 mil
Mstar Category
Small Value
Return Above Avg

Risk
Above Avg
Rating
Above Avg
100%
99%
97%
100%
99%
100%
100%
99%
99%
38.0
31.0
Morningstar Pillars
Process
Performance
People
Parent
Price
17.0
(within Category)
Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
11.91
8.80
13.39
13.75
1.21
-12.48
-3.68
-4.60
3.50
3.27
12.46
-24.07
7.41
8.25
-7.23
18.83
16.19
4.77
11.73
.
30.90
-7.55
21.72
42.38
3.48
.
Total
Return%
+/S&P 500
+/- Russ
2000 Vl
%Rank
Cat
Growth of
$10,000
3 Mo
6.71
6 Mo
-1.00
1 Yr
3.48
3 Yr Avg 21.50
5 Yr Avg 16.77
10 Yr Avg 7.93
15 Yr Avg 11.62
1.78
-7.12
-10.21
1.09
1.32
0.26
7.38
-2.69
-1.01
-0.74
3.21
2.51
1.04
1.39
55
56
58
6
8
37
24
10,671
9,900
10,348
17,936
21,710
21,450
52,015
6
8
23
1.32
0.91
1.02
34
34
30
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
22.91
59.40
30.72
13.37
2.42
56.98
8
0.07
1.66
0.56
0.46
.
4,394
26.88
25.39
14.51
3.14
1.91
23.48
11
0.37
1.20
0.56
0.45
26
6,029
26.52
7.79
2.88
3.08
1.19
6.60
38
0.44
1.36
0.55
1.04
27
7,463
29.54
21.55
5.76
-1.93
1.91
19.64
11
0.32
2.11
0.53
0.94
.
9,527
23.84
-10.75
-16.24
-0.97
0.86
-11.61
81
0.51
2.14
0.52
0.98
.
8,677
14.78
-36.79
0.21
-7.87
1.43
-38.22
80
0.25
2.27
0.52
0.86
.
4,898
19.63
33.62
7.16
13.04
0.73
32.89
29
0.34
0.00
0.54
0.27
21
6,104
25.57
30.90
15.84
6.40
0.59
30.31
12
0.11
0.00
0.52
0.43
19
7,335
23.16
-7.55
-9.66
-2.05
0.54
-8.09
81
0.12
0.00
0.52
0.62
14
6,451
26.21 35.41 34.97

21.72 42.38
3.48
5.72
9.99 -10.21
3.67
7.86
-0.74
1.69
0.77
0.71
20.03 41.61
2.77
11
12
58
0.14
0.39
0.25
0.33
1.52
1.33
0.52
0.52
.
0.78
1.28
.
15
14
.
7,044 10,249 11,681
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
3.48
21.50
16.77
7.93
12.45
High
High
Avg
+Avg
+Avg
+Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
S&P 500
Best Fit Index

Mstar Small Core
-4.5
1.31
75
0.0
1.08
96
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
13.77
21.50
1.49
Morningstars Take by Alex Bryan 08-12-14

expensive. Consequently, the fund has expanded its
reach to target the cheapest 35% of the small-cap
market. It then excludes the least-profitable stocks
that meet its value and size criteria. These
adjustments may slightly reduce the funds volatility
and moderate its deep-value tilt.
While the fund applies passive screens to offer
broad exposure to U.S. small-cap value stocks, its
flexibility sets it apart from most small-value index
funds. Because it does not track an index, the funds
managers have the flexibility to substitute one stock
for another that trades on better terms. This flexibility
allows the firms traders to negotiate from a position
of strength. They often act as liquidity providers in
thinly traded stocks, which allows them to obtain
better prices that can enhance the funds return. The
absence of an index also helps the fund avoid
potential front-running by arbitragers. Although the
funds expense ratio is higher than index alternatives,
it is commensurate with its potential for superior
performance. It is also significantly lower than the
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
NTF Plans:
N/A
EQ
12-14
$0
$0
No-load
.
Mgt:0.50%
3Yr:$167
Quarterly
Add: $0
Add: .
Dist: .
5Yr:$291
IRA: $0
JetBlue Airways Corp

CNO Financial Group Inc
Esterline Technologies
LifePoint Hospitals Inc
GATX Corp
Amerco Inc
Synnex Corp
Triquint Semiconductor
Helix Energy Solutions G
Bristow Group Inc
Endurance Specialty Hold
Hanover Insurance Group
Susquehanna Bancshares I
Louisiana-Pacific Corp
Exterran Holdings Inc
Convergys Corporation
Webster Financial Corp
Iconix Brand Group Inc
CACI International Inc C
Century Aluminum Co
Value Blnd Growth
Market Cap
Large Mid Small
DFA US Small Cap Value is one of the best small-cap

value funds available.
While small-cap value stocks can be risky and often
carry unenviable business prospects, they have
historically been the best-performing segment of the
U.S. stock market. In order to capture this premium,
this fund, with a Morningstar Analyst Rating of Gold,
has traditionally targeted the cheapest fourth of the
U.S. small-cap market, which has given it a deeper
value tilt than most of its peers. While this approach
has made the fund more volatile than the small-value
category average, its also yielded superior long-term
returns. Over the past 15 years, it outpaced the
average surviving fund in the category by 1.1%
annualized.
In order to further enhance performance, DFA
recently started to incorporate profitability into the
funds selection criteria. Profitable companies have
historically generated higher stock returns than their
less-profitable counterparts over the long run, holding
other factors constant. But they do tend to be more
Web Address:
Inception:
Advisor:
Subadvisor:
2013
History
NAV
Total Return %
+/-S&P 500
+/-Russ 2000 Vl
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
DFA Investment Trust Co

Austin, TX 78746
888-576-1167
www.dimensional.com
03-02-93
Dimensional Fund Advisors LP
None
Fund
S&P 500
10.0

Manager Change
24.0 Growth of $10,000
Positive
Positive
Positive
Positive
Positive
Investment Style
Equity
Stock %
Historical Profile
Avg $mil:
1,366
Value Measures
Price/Earnings
16.51
Price/Book
1.29
Price/Sales
0.68
Price/Cash Flow
5.56
Growth Measures

Book Value
-0.13
Sales
-7.37
Cash Flow
-4.14
Historical Erngs
4.39
Profitability
10Yr:$653
Giant
Large
Mid
Small
Micro
Return on Equity
Return on Assets
Net Margin
6.93
2.50
6.94
Industrl
Finan Svs
Industrl
Hlth care
Industrl
Industrl
Industrl
Technology
Energy
Energy
Finan Svs
Finan Svs
Finan Svs
Basic Mat
Energy
Industrl
Finan Svs
Cnsmr Cyc
Technology
Basic Mat
%
0.0
0.0
9.0
55.6
35.4
Sector
Weightings
h
r
t
y
u
15.2
51.3
21.4
24.3
13.3
14.9
18.4
.
10.2
20.0
8.8
12.4
16.2
.
73.5
46.5
16.2
12.8
16.1
52.6
85.71
-1.30
7.57
36.09
12.82
19.94
16.15
.
-6.38
-10.74
4.31
21.99
7.24
-10.53
-2.98
-1.95
6.74
-14.89
17.70
133.27
1.39
1.28
1.19
1.14
0.95
0.83
0.81
0.77
0.76
0.76
0.75
0.75
0.74
0.72
0.72
0.71
0.71
0.68
0.66
0.64
% of
Rel
3 Year
Cyclical 47.72
BasicMat 6.56
CnsmrCyc14.89
FinanSvs 25.89
Real Est 0.38
.
. 8 6
. 19 15
. 27 22
. 1 0
j Sensitive 42.16
.
i CommSrvs 0.49
. 1 0
Rel Category
8.89
o Energy
. 10 7
. 21 18
. 14 11
0.92
Defensive10.11
k
.
1.03
. 6 4
d Hlthcare 5.54
. 6 4
. 0 0
0.96
NMF
NMF Composition - Net
Cash
0.5
NMF
Stocks 99.4
1.41
Bonds
0.0
Other
0.0
Rel Category
0.72
Foreign 1.1
(% of Stock)
0.67
0.82
Mutual Funds
Loomis Sayles Small Cap Growth Instl

Ticker
LSSIX
Status
Closed
Yield
0.0%
Total Assets
$1,087 mil
Mstar Category
Small Growth
Return Above Avg

Risk
Average
Rating
Above Avg
99%
95%
96%
97%
92%
96%
96%
97%
97%
40.8
Morningstar Pillars
Process
Performance
People
Parent
Price
17.0
(within Category)
Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
5.95
12.13
11.52
13.89
1.58
-7.11
2.10
-4.51
7.91
-2.88
13.05
-20.61
5.27
13.68
-5.38
18.10
13.55
-1.62
5.72
.
31.40
3.20
10.29
47.71
1.06
.
Total
Return%
+/S&P 500
+/- Russ
2000 Gr
%Rank
Cat
Growth of
$10,000
3 Mo
8.26
6 Mo
2.44
1 Yr
1.06
3 Yr Avg 18.08
5 Yr Avg 17.42
10 Yr Avg 10.79
15 Yr Avg 1.01
3.33
-3.68
-12.63
-2.33
1.97
3.12
-3.23
-1.80
-0.87
-4.54
-2.06
0.62
2.25
-3.33
46
43
69
49
20
3
96
10,826
10,244
10,106
16,464
22,321
27,862
11,627
42
19
1
1.61
0.97
0.48
46
40
14
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
12-14
History
9.23
43.32
14.64
-5.22
0.00
43.32
55
0.00
0.00
1.00
-0.91
190
23
10.10
9.43
-1.45
-4.88
0.00
9.43
70
0.00
0.00
1.00
-0.95
217
16
11.18
10.69
5.78
6.54
0.00
10.69
18
0.00
0.00
1.00
-0.85
227
16
12.78
14.31
-1.48
0.96
0.00
14.31
23
0.00
0.00
1.00
-0.69
100
21
15.88
24.26
18.77
17.21
0.00
24.26
3
0.00
0.00
1.00
-0.47
83
31
9.56
-39.80
-2.80
-1.26
0.00
-39.80
36
0.00
0.00
1.00
-0.47
92
35
12.61
31.90
5.44
-2.57
0.00
31.90
62
0.00
0.00
1.00
-0.68
107
46
16.57
31.40
16.34
2.31
0.00
31.40
26
0.00
0.00
1.00
-0.85
69
85
17.10
3.20
1.09
6.11
0.00
3.20
7
0.00
0.00
0.98
-0.78
76
257
18.86
10.29
-5.71
-4.30
0.00
10.29
81
0.00
0.00
0.95
-0.79
77
608
26.00
47.71
15.32
4.41
0.00
47.71
13
0.00
0.00
0.94
-0.70
56
973
22.74
1.06
-12.63
-4.54
0.00
1.06
69
0.00
3.54
0.94
-0.63
63
892
NAV
Total Return %
+/-S&P 500
+/-Russ 2000 Gr
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
Rating and Risk

Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
1.06
18.08
17.42
10.79
6.60
Avg
+Avg
High
Avg
-Avg
Avg
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Other Measures
Morningstar
Risk-Adj Rating
Standard Index
S&P 500
Best Fit Index

Russ 2000 Gr
-2.6
1.06
49
-0.4
0.93
89
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
13.79
18.08
1.28
Morningstars Take by Alec Lucas 05-19-14

market cycle, too. Emphasizing stock selection over
sector bets, they look for diamonds in the rough: firms
operating in market niches with minimal debt and
strong management, whose stocks have exhibited
recent price momentum but are still thinly traded. This
last factor can suggest that such firms growth
prospects have yet to be fully appreciated. Still, to
guard against investing in stocks that are too thinly
traded, the managers require a minimum trading
volume of $3 million per day, roughly 5 times greater
than the index s least-traded stocks.
The managers walk a fine line of liquidity, but
they ve done so to great effect. During their nine-plus
years together, the fund s 10.6% annualized gain
through May 9, 2014, outpaces the index by 1.8
percentage points while also besting 92% of peers.
That record has come with less volatility than the
index and its typical rival during the same period.
Two long-tenured and shareholder-oriented
managers, a sound process, and stellar results
combine to earn the fund a Morningstar Analyst
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
N/A
Closed
Closed
No-load
0.75%
Mgt:0.75%
3Yr:$300
Annually
Add: .
Add: .
Dist: .
5Yr:$520
IRA: .
10Yr:$1155
Acadia Healthcare Co Inc

Guidewire Software Inc
Spectranetics Corp
XPO Logistics Inc
WageWorks Inc
Bright Horizons Family S
Apogee Enterprises Inc
Ultimate Software Group
Dealertrack Technologies
Bank of the Ozarks Inc
Team Health Holdings Inc
Genesee & Wyoming Inc Cl
PrivateBancorp Inc
FleetMatics Group PLC
Vail Resorts Inc
Euronet Worldwide Inc
HMS Holdings Corp
Amsurg Corp
Treehouse Foods Inc
Proofpoint Inc
Value Blnd Growth
Market Cap
Large Mid Small
Loomis Sayles Small Cap Growth shines on many

fronts.
Comanagers Mark Burns and John Slavik have long
planned for this fund s success. Even when the
strategy, which they took over in 2005, had a much
smaller asset base, they managed it as if it were $2
billion. They did this in part by keeping position sizes
under 2% of assets. As strategywide assets neared the
$2 billion mark in January 2013, they made the
shareholder-friendly move to close the fund to new
investors.
After a disappointing 2012, the fund rebounded with
an impressive 2013 showing. Its 47.3% gain beat the
Russell 2000 Growth Index by 4 percentage points and
landed in the small-growth category s top quintile.
Picks in industrials, one of last year s
stronger-performing sectors, were top contributors.
Shares of benefits provider WageWorks WAGE soared
234% due to enhanced growth prospects and a
tailwind from the Affordable Care Act.
The managers process has fared well through a full
Loomis Sayles Funds II (Natixis)
Kansas City, MO 64121-9579
800-633-3330
NGAM.natixis.com
12-31-96
Loomis Sayles & Company L.P.
None
Fund
S&P 500
10.0

Manager Change
31.0
Growth of $10,000
24.0
Positive
Positive
Positive
Neutral
Positive
Investment Style
Equity
Stock %
Historical Profile
Giant
Large
Mid
Small
Micro
Avg $mil:
2,014
Value Measures
Price/Earnings
28.13
Price/Book
2.99
Price/Sales
2.46
Price/Cash Flow 14.47
Growth Measures
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability
Return on Equity
Return on Assets
Net Margin
17.53
14.82
6.19
11.55
49.95
%
5.43
2.37
6.93
Hlth care
Technology
Hlth care
Industrl
Industrl
Cnsmr Cyc
Basic Mat
Technology
Technology
Finan Svs
Industrl
Industrl
Finan Svs
Technology
Cnsmr Cyc
Industrl
Industrl
Hlth care
Cnsmr Def
Technology
%
0.0
0.0
15.1
68.9
16.0
Sector
Weightings
h
r
t
y
u
44.3
.
.
.
114.9
42.2
30.7
101.0
.
30.5
39.8
22.1
17.3
43.5
87.7
36.1
67.6
43.3
42.2
.
29.33
3.18
38.32
55.50
8.63
27.95
19.10
-4.18
-7.84
35.68
26.30
-6.38
15.59
-17.94
23.34
14.73
-6.87
19.19
24.10
45.40
1.67
1.56
1.54
1.42
1.41
1.39
1.31
1.30
1.24
1.22
1.22
1.20
1.19
1.18
1.17
1.17
1.16
1.16
1.15
1.12
% of
Rel
3 Year
Cyclical 24.19
BasicMat 2.87
CnsmrCyc11.59
FinanSvs 8.06
Real Est 1.67
.
. 3 1
. 19 12
. 10 7
. 2 1
j Sensitive 50.37
.
i CommSrvs 0.00
. 1 1
Rel Category
6.99
o Energy
. 10 6
. 24 17
. 30 21
1.77
Defensive25.44
k
.
1.54
. 4 2
d Hlthcare 21.84
. 22 13
. . .
1.10
1.99
Cash
2.5
0.83
Stocks 97.5
5.51
Bonds
0.0
Other
0.0
Rel Category
0.47
Foreign 4.1
(% of Stock)
0.55
1.01
Mutual Funds
EQ
Release date 12-31-2014 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information.
Virtus Real Estate Securities

I (USD)
Quarterly Returns
1st Qtr 2nd Qtr
3rd Qtr
2012
2013
2014
10.82
5.28
10.99
3.40
-0.81
6.40
-0.48 2.42 16.80

-2.81 -1.03 0.45
-3.28 15.26 31.66
1 Yr
3 Yr
Trailing Returns
4th Qtr Total %
5 Yr
10 Yr
Incept
Load-adj Mthly
Std 12-31-2014
Total Return
31.66 15.60 16.77

31.66
16.77
31.66 15.60 16.77
8.67
4.96
4.96
4.96
+/- Std Index

+/- Cat Index
27.50
1.39
1.50
-0.72
7.60
-0.24
2.58
0.42
36
23
22
274
236
192
151
% Rank Cat
No. in Cat
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 800-243-1574 or visit www.virtus.com.
Fees and Expenses

NA
NA
96
93
97
97
97
97
97
99
99
98
100
99
4k
2003
2004
2005
37.45
3.47
0.76
33.16
17.92
1.38
14.43
3.59
2.26
2006
2007
2008
2009
2010
2011
35.99 28.83 17.76

36.27 -15.90 -37.10
15.32 -27.57
5.10
0.24
0.80
1.24
44
32
372
265
22.10
28.28
-6.34
-0.31
62
262
27.83
27.87
15.20
-0.60
40
267
30.23
9.92
17.27
1.45
13
242
Net %
Long %
Short %
Cash
US Stocks
Non-US Stocks
Bonds
Other/Not Clsfd
0.74
99.26
0.00
0.00
0.00
0.74
99.26
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
100.00
100.00
0.00
Equity Style
Value
Portfolio Statistics
Blend Growth
5 Yr
10 Yr
13.48
15.60
1.14
16.96
16.77
1.00
25.06
8.67
0.40
Standard Index
Best Fit Index

DJ US Select REIT
TR USD
7.28
0.59
21.71
12-Month Yield
Potential Cap Gains Exp
-0.40
1.00
99.32
51.08%
&
&
(within category)
2013
12-14
History
34.90 32.41
16.80
0.45
0.67 -22.35
-1.18 -1.95
48
78
263
259
40.15
31.66
27.50
1.39
9
274
NAV/Price
2012
Port
Rel
Avg Index
Rel
Cat
Mod
Ext
Share
Amount
Y
T
Y
Y
Y
942,991
594,981
2 mil
1 mil
379,540
42.4 2.50 1.16

2.4 1.16 0.89
10704 0.24 0.91
T
T
Y
Y
T
1 mil
3 mil
1 mil
3 mil
7 mil
Avg Eff Maturity

Avg Eff Duration
Avg Wtd Coupon
Avg Wtd Price
T
T
T
T
Fixed-Income Style
Ltd
Share Chg
since
06-2014
P/E Ratio TTM

P/C Ratio TTM
P/B Ratio TTM
Geo Avg Mkt Cap
$mil
Low
3 Yr
Total Return %
+/- Standard Index
+/- Category Index
% Rank Cat
No. of Funds in Cat
Med
Alpha
Beta
R-Squared
Asset Allocation %
High
MPT Statistics
4W
Avg
+Avg
Virtus Real Estate Securities I

42,052
Category Average
36,420
Standard Index
27,891
10k
Small
Standard Deviation
Mean
Sharpe Ratio
3Q
+Avg
+Avg
Growth of $10,000
20k
3 Yr
5 Yr
10 Yr
236 funds 192 funds 151 funds
3Q
High
Avg
Equity
Stock %
40k
Risk and Return Profile
Morningstar RatingTM
Morningstar Risk
Morningstar Return
Morningstar Cat
Investment Style
100k
80k
60k
Mid
0.74
NA
1.15
1.15
S&P United States US OE Real Estate

REIT TR USD
MSCI ACWI NR
USD
Fund Expenses
Management Fees %
12b1 Expense %
Net Expense Ratio %
Gross Expense Ratio %
QQQ
236 US OE Real Estate
Large
Front-End Load %
Deferred Load %
Category Index
Total
Sales Charges
Page 1 of 7
Overall Morningstar RatingTM Standard Index
Credit Quality Breakdown
Bond %
AAA
AA
A
BBB
BB
B
Below B
NR
Regional Exposure
Americas
Greater Europe
Greater Asia
Stock %
Rel Std Index
100.0
0.0
0.0
1.75
0.00
0.00
Holdings:
33 Total Stocks , 7 Total Fixed-Income,
28% Turnover Ratio
% Net
Assets
Simon Property Group Inc

Public Storage
Prologis Inc
Equity Residential
Essex Property Trust Inc
10.46
6.66
5.46
4.65
4.58
Macerich Co
Host Hotels & Resorts Inc
Kilroy Realty Corp
General Growth Properties Inc
DCT Industrial Trust Inc
4.56
4.50
4.16
3.99
3.74
477,183
1 mil
1 mil
1 mil
735,061
Boston Properties Inc

Extra Space Storage Inc
Pebblebrook Hotel Trust
Tanger Factory Outlet Centers Inc
Ventas Inc
3.73
3.64
3.17
3.11
3.07
Sector Weightings
Stocks %
Rel Std Index
h
r
t
y
u
Cyclical
100.0
2.60
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
0.0
0.0
0.0
100.0
0.00
0.00
0.00
34.46
j
i
o
p
a
Sensitive
0.0
0.00
Communication Services
Energy
Industrials
Technology
0.0
0.0
0.0
0.0
0.00
0.00
0.00
0.00
k
s
d
f
Defensive
0.0
0.00
Consumer Defensive
Healthcare
Utilities
0.0
0.0
0.0
0.00
0.00
0.00
Operations
Family:
Manager:
Tenure:
Objective:
Virtus
Multiple
16.1 Years
Specialty - Real Estate
Base Currency:
Ticker:
Minimum Initial Purchase:
Purchase Constraints:
USD
PHRIX
$100,000
Incept:
Type:
Total Assets:
12-29-2006
MF
$1,731.66 mil
2015 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.
PIMCO Commodity Real Ret Strat Instl

Ticker
PCRIX
Status
Open
Yield
0.5%
Total Assets
$10,564 mil
0%
0%
0%
0%
0%
0%
0%
0%
0%
30.8
26.8
Morningstar Pillars
18.0
14.0
(within Category)
Pillar Spectrum
Positive
Negative
Neutral
2010
2011
2012
2013
2014
Trailing
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
-3.22
7.16
3.19
-0.58
7.65
-3.06
-5.00
-3.38
-15.25
2.37
14.60
-11.19
12.10
3.47
-13.36
15.45
2.24
-5.78
-2.28
.
24.13
-7.56
5.31
-14.81
-18.06
.
Total +/- Mstr

Return% LngComm
3 Mo
-14.18
6 Mo
-25.64
1 Yr
-18.06
3 Yr Avg -9.75
5 Yr Avg -3.35
10 Yr Avg -0.33
15 Yr Avg
.
4.50
3.78
6.33
-0.79
-0.89
-1.89
.
3 Yr (estimated) -10.55
+/- Mstr
LngComm
%Rank
Cat
Growth of
$10,000
4.50
3.78
6.33
-0.79
-0.89
-1.89
.
61
70
57
47
15
1
.
8,582
7,436
8,194
7,351
8,434
9,675
.
56
28
25
Fund
Mstr LngComm
10.0

Manager Change
22.0 Growth of $10,000
Positive
Positive
Positive
Neutral
Positive
Investment Style
Equity
Stock %
Historical Profile
Return Above Avg
Risk
Above Avg
Rating
Above Avg
Process
Performance
People
Parent
Price
Mstar Category
Commodities Broad Basket
0.89
3.03
3.76
97
100
100
2003
2004
2005
2006
2007
13.67
29.82
-4.21
-4.21
10.41
19.41
49
0.86
0.00
0.74
11.13
492
645
14.85
16.36
-8.37
-8.37
6.45
9.91
89
1.19
0.14
0.74
39.37
290
2,812
14.86
20.50
2.87
2.87
20.58
-0.08
84
0.86
0.18
0.74
2.94
264
5,489
13.96
-3.04
-28.58
-28.58
3.00
-6.04
87
2.92
0.07
0.74
4.18
292
6,990
16.23
23.80
24.03
24.03
7.07
16.73
90
0.44
0.00
0.74
2.91
603
6,538
2012
2013
12-14
History
6.39
8.28
9.29
6.54
6.64
-43.33 39.92 24.13
-7.56
5.31
-75.09 73.69
3.22 -31.18 10.63
-75.09 73.69
3.22 -31.18 10.63
5.70
7.99 10.44 23.44
2.72
-49.03 31.93 13.69 -31.00
2.59
12
3
4
40
1
0.96
0.87
0.50
0.83
1.99
0.00
2.09
0.10
0.00
0.18
0.74
0.74
0.74
0.74
0.74
4.59
2.83
3.31
1.61
1.80
697
979
397
198
177
3,228 10,924 16,582 15,219 13,383
5.49
-14.81
-18.47
-18.47
1.25
-16.06
86
0.18
0.07
0.74
0.81
57
9,901
4.48
-18.06
6.33
6.33
0.40
-18.46
56
0.02
0.00
0.74
0.77
49
8,104
NAV
Total Return %
+/-Mstr LngComm
+/-Mstr LngComm
Income Return %
Capital Return %
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil
2008
2009
1 Yr
3 Yr
5 Yr
10 Yr
Incept
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
-18.06
-9.75
-3.35
-0.33
4.89
Avg
High
.
+Avg
+Avg
.
Other Measures
Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio
Morningstar
Risk-Adj Rating
Standard Index
Mstr LngComm
Best Fit Index

DJ UBS Comm
-1.8
0.89
80
0.8
1.10
93
14.46
-9.75
-0.64
Morningstars Take by Michael Herbst 11-04-14

teams strengths. Although its 3.7% annualized loss
on Worahs watch since December 2007 through
October 2014 doesnt impress at first glance, that
showing outpaces the funds Bloomberg Commodity
Index benchmark by 2.43 percentage points and edges
past the bogy on a Morningstar Risk-Adjusted basis.
In the wake of Mohamed El-Erians departure in
early 2014, Worah also assumed leadership of the
firms global multiasset offerings, including PIMCO
Global Multi-Asset PGAIX, which had struggled under
previous management and are a high priority for the
firm. Although he has built out his global multiasset
team, those portfolios are still a work in progress.
Worah now has another key role in steering the firms
flagship, which may be in for a challenging stretch if
post-Gross outflows continue apace.
To be clear, Banets return and signs that business
is returning to normal at PIMCO are encouraging. The
fund remains in capable hands, with a shrinking dose
of uncertainty as to how its managers new duties may
affect it.
Address:
Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Web Address:
Inception:
Advisor:
Subadvisor:
NTF Plans:
N/A
$1000000
Add: $0
$0
Add: .
No-load
0.49%, 0.25%A
Mgt:0.74%
Dist: .
3Yr:$243
5Yr:$422
Quarterly
IRA: $0
Share change since 06-14 Total Stocks:0

Value Blnd Growth
Market Cap
Giant
Large
Mid
Small
Micro
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
%
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Industry
Weightings
51.2
36.3
12.3
0.1
0.0
Oil & Gas

Oil/Gas Products
Oil & Gas Srv
Pipelines
Utilities
Hard Commd
Avg $mil:
Soft Commd
42,383
Misc. Indstrl
Value Measures
Rel Category Other
Price/Earnings
14.69
1.20
Price/Book
1.94
Price/Sales
1.42
1.58
Price/Cash Flow
6.33
1.09
1.06
Growth Measures
% Rel Category

Book Value
-17.02
Sales
-12.29
Cash Flow
6.53
Historical Erngs
1.66
Profitability
10Yr:$942
Sector
Pimco Cayman Cmdty Fd Lt

US Treasury TIP
10 Year US Treasury Note
US Treasury TIP 1.25%
US TREASURY TIP
5 Year US Treasury Note
US TREASURY TIP
US Treasury Note
US Treasury TIP
US TREASURY TIP
Germany (Federal Republi
US TREASURY TIP
US TREASURY TIP
US Treasury TIP
US TREASURY TIP
Letra Tesouro Nacional
US TREASURY TIP
US Treasury TIP
Large Mid Small
PIMCO Commodity Real Return has plenty to offer,

with one area to watch.
Morningstar lowered this funds Morningstar
Analyst Rating to Silver from Gold in the wake of Bill
Gross Sept. 26, 2014, departure from PIMCO. At that
point, this funds manager, Mihir Worah, was named
one of several CIOs, a comanager on PIMCO Total
Return PTTRX, and co-head of an internal group
overseeing all U.S.-based investment personnel. Those
additional duties, combined with the departures of
Real Return team members Jeremie Banet and Yi
Chian Chang earlier in the year, raised the risk of
Worah being spread too thin.
On Oct. 29, PIMCO announced Jeremie Banet would
rejoin the team. Worah continues to play a key role in
setting the funds positioning, but Banet and Rahul
Seksaria will oversee security selection for the funds
fixed-income collateral portfolio (which is patterned
after PIMCO Real Return PRRIX), while Nic Johnson
does so on the commodities side.
The funds long-term track record speaks to the
New York, NY 10019
888-877-4626
06-28-02
None
2011
Rating and Risk

Time
Period
2010
1.35
NMF
NMF
0.58
0.19
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
16.23
14.47
10.32
9.77
9.25
6.92
6.86
4.52
3.44
3.33
3.16
2.86
2.71
2.59
2.51
1.95
1.89
1.71
1.49
1.48
% of
Stocks
Rel
Cat
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
Cash
-18.4
Stocks
0.1
Bonds 90.8
Other
27.5
Foreign 38.5
(% of Stock)
% Rel Category

Net Margin
15.62
1.34
1.11
1.33
Mutual Funds
EQ

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Fishermens Finest, Inc.

570 Kirkland Way #200 Kirkland, WA 98033

RETURN THIS COMPLETED FORM TO:

Social Security Number

Dear Eligible Employee,

SOVEREIGN WEALTH ADVISORS INC

FISHERMENS FINEST, INC. 401(K) PLAN

(Effective October 26, 2014)

Social Security Number

SECTION A: SALARY REDUCTION ELECTION

SECTION B: INVESTMENT ELECTION

Elections must be in whole percents and total must equal 100%.

_____% Charles Schwab Money Market Fund

Cash Equivalent (Default Investment)

_____% PIMCO Low Duration Institutional Bond Fund

_____% Double Core Fixed Income Fund

_____% PIMCO Foreign Bond Fund

_____% PIMCO Senior Floating Rate Bond Fund

Floating Interest Rate Bond

_____% PIMCO Short Term Bond Fund

_____% Fidelity Advisors High Yield Advantage Bond Fund

High Yield Bond

_____% Vanguard Balanced Index Fund

_____% Vanguard Life Strategy Conservative Growth Fund

_____% Vanguard Life Strategy Moderate Growth Fund

_____% Vanguard Life Strategy Growth Fund

_____% Vanguard Equity Income Fund

Large Cap Value

_____% Vanguard S&P 500 Index Fund

_____% Harbor Capital Appreciation Fund

Large Cap Growth

_____% Dodge & Cox International Fund

_____% Artisan International Fund

_____% DFA U.S. Small Cap Value Fund

Small Cap Value

_____% Loomis Sayles Small Cap Growth Fund

Small Cap Growth

_____% Virtus Real Estate Securities Fund

_____% PIMCO Commodity Real Return Fund

Domestic Small-Cap Equity

SECTION C: PARTICIPANT AUTHORIZATION

Participants Printed Name

FISHERMENS FINEST, INC 401(K) PLAN

INSTRUCTIONS FOR COMPLETING YOUR

as Custodian for him under

established when you make a Will, but

(e.g.: First National Bank,

ABSENCE OF A DESIGNATION OF BENEFICIARY - If you fail to name a beneficiary to receive payment

To your surviving spouse

(Your previously named beneficiary will automatically be

FISHERMENS FINEST, INC. 401(K) PLAN

Social Security Number

FISHERMENS FINEST, INC. 401(K) PLAN

Participant Name (Please Print)

Social Security Number

ADDITIONAL CONTINGENT BENEFICIARIES

Attach this Supplement to your Designation of Beneficiary Form

FISHERMENS FINEST, INC. 401(K) PLAN

HOW CAN I ACCESS INFORMATION ABOUT

HOW DO I ACCESS MY ACCOUNT THROUGH

HOW DO I ACCESS MY ACCOUNT USING THE

You can access your account information via the

You will need an internet connection for your