2013 Picking Newsletters

January 2013Volume 33, Issue 5 (Part 1)

NEWSLETTERS PROFILED IN THIS ISSUE:

How do you think you should go about pick-ing the advisers who will do the best in 2013?

If you’re like most of the rest of us, your first instinct is, each January, to pick the adviser with the best performance in the calendar year that just ended. That instinct accounts for why the January issues of most financial publications are dedicated to these annual performance sweepstakes.

My recommendation is to ignore that in-stinct, however. Following the best performer of the previous year is a recipe for disaster.

The first shall be last

Consider, for starters, how you would have performed by relying on this instinct in 2012. The strategy you would have begun following in January 2012 would have been the “Rydex Bond Portfolio” from Professional Timing Service. That’s because it had the best return in 2011 out of the 600 or so tracked by the HFD, with a gain of 29.0%.

As fate would have it, however, this advisory service was discontinued in the Fall. Assum-ing this portfolio was invested in T-Bills from that point until the end of the year, it lost 5.4%—far underperforming the 16.1% return of the Wilshire 5000 index.

Nor was last year’s experience unique. Take what happened in 2011: The strategy that you would have followed, based on the

How many of the strategies

you follow have made money

since the bull market high in

October 2007?

Well more than half of them have done so. Of the 366 strategies for which the HFD has performance data back to October 2007, 225—or 61%—are ahead of where they stood then. This high of a percentage initially appears to be a big surprise, given that the major averages are still well below their October 2007 highs. The Dow, for example, is nearly 700 points below its closing high of 14,164.53—or nearly 5%. The S&P 500 is more than 6% below its high from that month. Since the well known long term pattern is for the av-erage adviser to lag the mar-ket itself, you might wonder if the investment advisory com-munity has suddenly become more proficient at beating the market. I, for one, don’t think so. Several factors can easily explain their market-beating prowess since October 2007. One is that the secondary market is well ahead of where it stood at that month’s high, and many of the advisers the HFD monitors focus on stocks

HFD EXCLUSIVE

CONTINUED ON PAGE 2

ASK MARK

Fidelity Investor

NoLoad FundX

The Prudent SpeculatorWritten and editedby Mark Hulbert

The Hulbert Financial Digest

The HFD is one of a suite of products based on a database containing over 32 years’ worth of investment advisers’ recom-mendations. Others are Hulbert Interactive (the website that provides 24-7 access to that database) and Hulbert On Markets: What’s Working Now (a weekly service highlighting noteworthy patterns in recent advisers’ recommendations and returns).

CONTINUED ON PAGE 2

A service of

Picking the best advisers of 2013

50%

100%

The DJIA in historical context

Average back to 1896

100%

50%

0%

50%

100%2012 Best year Worst year

An average year

The Dow Industrials in 2012 gained 7.26%, before dividends. That is almost precisely in line with its long-term average of 7.37%.

What the best-performing advisers are fore-casting for 2013 will be the topic of one of my workshops at the World Money Show, which will be held Jan. 30 to Feb. 02 at Orlando’s Gaylord Palms Resort. HFD subscribers can attend without conference registration fees. Call 1-800-970-4355 (priority code 029553) or go to: http://bit.ly/YTqiTb

2

in that sector. The NASDAQ Composite Index, for example, currently is nearly 8% higher than where it stood on October 9, 2007, the date of the Dow’s and S&P 500’s bull market high. Another factor is dividends, which in recent years have begun to play a larger role in the stock market’s total return than they did in the late 1990s and the early part of the last de-cade—when the stock market’s dividend yield fell to around 1%. The Wilshire 5000 Total Return Index takes all these factors into account: It reflects the total value of all publicly traded stocks in the U.S., and it reinvests dividends. It is 8% higher today than where it stood on October 9, 2007. Only 44% of the HFD-monitored strate-gies are ahead of this Wilshire number—higher than normal, but now below 50%. Another factor to keep in mind is gold, which is favored by many of the advisers the HFD tracks. Bullion, of course, has more than doubled since Octo-ber 2007. The bottom line: You need to be as picky and choosy as ever when selecting an adviser. We have not entered some new era in which the average adviser is able to beat the market.

Subscribers interested in submitting a question to be answered in this space, or in being interviewed about their ex-periences with investment newsletters should send an e-mail to Mark directly at [email protected].

FROM PAGE 1

Picking the best advisers of 2013

best performance in 2010, was the “Rare Earth Portfolio” from the Dines Letter. Fol-lowing a 139.2% gain in 2010, this portfolio in 2011 lost 54.3%.

To be sure, not all years are like 2011-2012. But they’re more the rule than the exception.

Consider a hypothetical portfolio that, in each year since 1991*, followed the portfo-lio that performed the best in the previous calendar year. Through the end of 2012, this portfolio lost an average of 22.2% per year on an annualized basis. For all intents and purposes, that is a complete and total wipeout.

What if you focused on the five-year win-ners instead? As you can see from the chart below, you would have done much bet-ter—producing a break-even over the last 22 years—by each year following the strategy with the best return over the five years through the end of the previous calendar year. (Note that, because its return was zero, it doesn’t appear in the chart...) While a zero return is still well below that of buying and holding, it’s a whole lot better than losing everything.

Notice carefully, furthermore, that you

would have done even better still if, each January, you began following the strategy that had the best 10-year return through the end of the previous year. This strategy of following the 10-year winners would have produced a 9.2% annualized return through the end of 2012—almost keeping pace with the 9.4% an-nualized return for buying and holding.

Longer is better

It is because of results such as these that I continually stress to clients that, when picking an investment adviser, they should focus on returns over very long periods. While there is no magical threshold for how long a track record is sufficient, in general more is better: You should never ignore an adviser’s perfor-mance in early years, even if it falls outside the parameters of whatever rule of thumb you rely upon when comparing advisers.

When I am forced to identify a specific time period that is long enough to separate the men from the boys, I have settled—because of a variety of tests, not just the one reported on in this article—on 15 years. Though you are not guaranteed to beat the market by fol-lowing the best performer of the previous 15 years, your odds of success are decent—and far greater than when focusing on just the one-year winners.

CONTINUED FROM PAGE 1

10%

15%

/31/12

Strategies that each year followed best performing portfolio as ofprevious 12/31

10%

5%

0%

5%

10%

5%

dreturn

1/1/91

to12

/31/12

25%

20%

15%

10%

1 year 5 years 10 years Wilshire 5000 T Bills

Annu

alized

return

Top portfolio based on returns over trailing...Top portfolio based on returns over trailing...

ASK MARK

CONTINUED FROM PAGE 1

*I initiated this hypothetical one-year winners portfolio in 1991, so that I could compare it to a strategy that followed the 10-year winners—and it was only in 1991 that I had ten years of performance data for various advisers.

2 HFD

3HFD

Two months ago in this space, in early

November, I wrote that the high lev-

els of enthusiasm that had prevailed

earlier in the Fall were being worked

off—a positive sign from a contrarian

point of view. Though I opined that the

stock market’s correction still had

somewhat further to go, I did not think

that the correction would spell the end

of the bull market.

The stock market’s behavior since early November illustrates, once again, the benefits of a focus on sentiment. The Dow fell nearly 300 points from the level that prevailed when the November issue of the HFD went to press, in the process prompting more of the short-term timers tracked by the HFD into jumping off the bullish bandwagon—see chart. The Dow then rallied, and is now nearly a thousand points higher.

Unfortunately, sentiment data now suggest that a pullback is now imminent. Consider the average recommended U.S. equity exposure among a subset of short-term stock market timers tracked by the HFD (as measured by the Hulbert Stock Newsletter Sentiment Index, or HSNSI). As this issue goes to press (Jan. 11), this average stands at 52.6%—having gotten as high as 56% in early January. This contrasts with a level of minus 16.1% at the November low. This means that the average short-term stock market timer has increased his recommended equity exposure by around 70 percentage points in less than two months.

That rapid of a return to the bullish camp is worrisome, according to con-trarian analysis. In addition, the HSNSI also is now within shouting distance of the 60% level that has been seen at prior market tops over the last few years.

Whether the likely decline is the be-ginning of a serious correction (or worse) will depend in no small part on how sentiment behaves. If the average timer stubbornly holds on to his bullishness as that decline gathers steam, then odds become higher that the correction will become more serious. But if the typical timer quickly jumps off the bullish band-wagon, then there will be a good chance that the bull market will soon resume.

Stay tuned!

Summary of other Hulbert

sentiment indices

• NASDAQ market—The Hulbert NASDAQ Newsletter Sentiment Index (HNNSI) stands at 68.8%, after having gotten as low as minus 37.5% in Novem-ber. The HNNSI’s average level over the last 12 months was 31.2%.

• Gold—The Hulbert Gold Newsletter Sentiment Index (HGNSI) stands at minus 12.5%, its lowest level since last July. The HGNSI’s average level over the last 12 months was 14.3%.

• Bonds—The Hulbert Bond Newslet-ter Sentiment Index (HBNSI) stands at 2.1%, after having risen to as high

as 37.0% in November. The index’s average level over the last 12 months was 10.7%.

If you don‘t want to wait until subsequent HFD issues for sentiment updates, you can subscribe to daily or weekly updates. The cost depends on the frequency of updates and how many of the HFD’s four sentiment indexes you desire. Contact John Kimble for more informa-tion: [email protected]

Hulbert Stock Newsletter Sentiment Index

13,500

80%

HSNSI

DJIA

12,50060%

10 500

11,50040%

9,500

10,50020%

8,500

0%

6 500

7,500

40%

-20%

Though the HSNSI has jumped to within shoutingdistance of levels hit at prior market tops.

6,500-40%03/09/09 08/27/09 02/22/10 08/13/10 02/04/11 07/29/11 01/23/12 7/16/2012 1/8/2013

Two months ago, in early Novem-

ber, I wrote that the high levels of

enthusiasm that had prevailed ear-

lier in the Fall were being worked

off —a positive sign from a contrar-

ian point of view. Though I opined

that the stock market’s correction

still had somewhat further to go,

I did not think that the correction

would spell the end of the bull

market.

NEWSLETTER ANALYSIS

Fidelity Investor

MARK’S COMMENTARY:

Fidelity Investor is edited by Jim Low-ell, who also edits a number of other investment letters tracked by the HFD, including Fidelity Sector Investor, ETF Trader, and the Forbes ETF Advisor. According to his website, he “holds Master’s degrees from both Harvard University, and Trinity College (Dublin, Ireland), ... [and is] a former teaching fellow at Harvard University, and for-mer lecturer in the Philosophy/Religion Department at Northeastern University College in Boston.”

Five Model Portfolios

Fidelity Investor maintains five model portfolios of Fidelity mutual funds:• Aggressive Growth, “designed for investors who are active traders—who are willing to make meaningful trades on a monthly basis.”• Growth, which “looks to deliver capi-tal appreciation for most longer-term investors. Most suitable for investors with 10 years or more to retirement.”• Growth & Income. Though its pri-mary objective is growth, in managing this portfolio Lowell says he pays “at-tention” to income.• Income, which “holds bonds and/or cash,” though, Lowell hastens to add, is not “exclusively a bond portfolio.”• Global Quant, which invests in the ten funds managed by top domestic and international equity managers.

Averaging these portfolios together, and taking into account a sixth that Lowell used to recommend, the HFD reports that his service produced a 7.0% annualized return since the beginning

of 1999, compared to 3.7% annualized for the U.S. stock market as a whole. Better yet, this market-beating return was produced with below-market risk, so the newsletter beats a buy-and-hold by even more on a risk-adjusted basis.

The HFD’s data suggest that this mar-ket-beating return is more attributable to fund selection than to market timing. Consider a hypothetical portfolio that

substituted shares of the Wilshire 5000 for all the non-money-market positions in the “Aggressive Growth” portfolio. It beat the Wilshire by just 0.2 percentage points per year on an annualized basis, far less than the 3.6 percentage points by which the actual portfolio beat the mar-ket. From this we can conclude that it was fund selection that caused it to beat the stock market by such a wide margin.

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12/97 12/98 12/99 12/00 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12

Fidelity Investor(Average of portfolios)Represented by line

Wilshire 5000 Total Market Index represented by vertical bars(Series shifted so that the index equals $100,000 at the point the HFD began following newsletter)

PORTFOLIO ANALYSIS—12/31/12 (AVERAGE OF ALL PORTFOLIOS)

Composition: Long: 97.6%; Margin: 2.4%Number Of Securities Held: 10Avg. Holding Period of Current Positions: 643 daysVolatility vs Wilshire last 12 Months: 13% lessOver entire period followed: 16% lessLargest 12-Month Loss: -40.7% (vs. -43.3% for Wilshire)

PERFORMANCE (THROUGH 12/31/12) Lifetime* 1 yr 3 yrs 5 yrs 8 yrs 10 yrs 15 yrs% GAIN/LOSS**

Letter’s Average +156.7( 7.0) +14.6 +33.6(10.1) +8.0(1.6) +55.1(5.6) +122.9( 8.3) n/a Wilshire 5000 +65.2(3.7) +16.1 +37.3(11.1) +10.6(2.0) +43.8(4.6) +113.0( 7.9) +103.9( 4.9) ADJUSTED FOR RISK***

Letter’s Average +0.11 +0.45 +0.23 +0.04 +0.10 +0.15 n/a Wilshire 5000 +0.05 +0.44 +0.22 +0.05 +0.07 +0.14 +0.06

*Over entire period tracked by HFD. **Annualized equivalents are shown in parentheses.***Average monthly % performance per unit of risk. The higher the number, the better.

http://on.mktw.net/UKZIIu

READ MORE AT

James H. Lowell, IIIP.O. Box 920477Needham, MA 024921-800-290-6577www.fidelityinvestor.com

Subscription: $258/yearFrequency: MonthlyHotline? YesManages money? YesInvestment focus: Fidelity fundsHFD data since: 12/31/1998

4 HFD

NoLoad FundX is, at its core, a rating service for no-load mutual funds and ETFs, providing a monthly review of their performances. In presenting these ratings, NoLoad FundX classifies mutual funds and ETFs according to dif-ferent risk categories and highlights the top ranked (usually five) mutual funds and ETFs within each.

Editor Janet Brown recommends that subscribers select one of her risk categories and purchase the top-ranked funds and ETFs. They should hold those positions until they are no longer top-ranked, at which point they should switch into those recommendations that have replaced them at the top of the rankings. The HFD tracks these risk categories by constructing a portfolio out of the top five selections that are highlighted in each category in the “Star Boxes” that appear in each issue.

Always fully invested

Because these categories do not contain money market funds, the portfolios that the HFD constructs are always fully invested. However, since the best per-formers in a bear market will be those with lots of cash, this strategy does lead implicitly to some market timing.

The HFD has data for three of the newsletter’s risk categories since mid-1980. Over the 3+ decades since then, the “Class 2” and “Class 3” categories beat the market, on both an unad-justed and a risk-adjusted basis, while the “Class 1” category only beat on an unadjusted basis. Three more recent portfolio additions—a “Class 4” risk

category, a “Monthly Upgrader Portfo-lio,” and a “Monthly Flexible Income Portfolio”—have each beaten a buy-and-hold strategy over the time the HFD has followed them, on both a total-return and risk-adjusted basis.

The consistently strong performance of the “Class 3” category in the 1980s prompted Brown in late 1989 to desig-nate this category as her model portfolio.

The gain the HFD reports for the let-ter’s average from that juncture through 8/31/09, therefore, was based on just this one category.

As of August 2009, Brown shifted this model portfolio designation in the letter to the “Monthly Upgrader Portfolio,” which means that this newsletter’s aver-age from that point onward has been based upon this one portfolio.


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6/80 6/81 6/82 6/83 6/84 6/85 6/86 6/87 6/88 6/89 6/90 6/91 6/92 6/93 6/94 6/95 6/96 6/97 6/98 6/99 6/00 6/01 6/02 6/03 6/04 6/05 6/06 6/07 6/08 6/09 6/10 6/11 6/12

NoLoad FundX(Average of portfolios)Represented by line

Wilshire 5000 Total Market IndexRepresented by vertical bars(Series shifted so that the index equals $100,000 at the point the HFD began following newsletter)

1980 results reflect last 6 months of theyear only

http://on.mktw.net/V5ZAJ8

READ MORE AT

NEWSLETTER ANALYSIS

NoLoad FundX

Janet Brown235 Montgomery St., Suite 1049San Francisco, CA [email protected]

Subscription: $99/yearFrequency: MonthlyHotline? NoManages money? YesFocus: Mutual funds and ETFsHFD data since: 6/30/1980

5HFD


Letter’s Average +3,997.8( 12.1) +14.4 +18.8(5.9) -12.0(-2.5) +28.3(3.2) +104.6( 7.4) +279.1( 9.3) Wilshire 5000 +2,800.2( 10.9) +16.1 +37.3(11.1) +10.6(2.0) +43.8(4.6) +113.0( 7.9) +103.9( 4.9) ADJUSTED FOR RISK***

Letter’s Average +0.14 +0.43 +0.12 -0.02 +0.05 +0.12 +0.13 Wilshire 5000 +0.13 +0.44 +0.22 +0.05 +0.07 +0.14 +0.06



Composition: Long: 100%Number Of Securities Held: 8Avg. Holding Period of Current Positions: 177 daysVolatility vs Wilshire last 12 Months: 8% lessOver entire period followed: 2% moreLargest 12-Month Loss: -43.3% (vs. -43.3% for Wilshire)

NEWSLETTER ANALYSIS

The Prudent Speculator


John Buckingham became editor of The Prudent Speculator when founding editor Al Frank passed away in April 2002. Buckingham had been working with Frank since 1987.

Frank inaugurated this newsletter in 1977, among other reasons, to report on the status of his personal portfolio. (This portfolio continues to be reported in the newsletter; Buckingham is now managing it.) Beginning year-end 1999, Frank and Buckingham created a sec-ond portfolio, entitled the “Millennium Portfolio,” owing to the fact that they no longer recommended for purchase many of the stocks still held in Frank’s personal portfolio. The duo created yet another portfolio in early 2001, entitled the “Prufolio,” because they no longer recommended for purchase some of the stocks in the “Millennium Portfolio.” Finally, in early 2003, Buckingham cre-ated a real-money portfolio entitled the “Buckingham Portfolio.”

Frank’s and Buckingham’s investment approach has favored stocks near the “value” end of the growth-versus-value spectrum. Nor is theirs a trading ap-proach: Once bought, stocks typically are held for many years.

Margin

During the time that he was publishing this newsletter, Frank relied heavily on margin. Buckingham, in contrast, tends to avoid it. The transition of editors from Frank to Buckingham therefore has provided a good ongoing test of the degree to which Frank’s impressive track record was a function of his use

of margin. So far, at least, Buckingham has passed this test: During his tenure as editor, the newsletter has handily beaten the Wilshire 5000 index on both an unadjusted and a risk-adjusted basis.

The letter’s newer portfolios also have provided a test of whether or not Frank’s portfolio was suffering because it owned stocks that he bought years ago, holding them past the point he would have rec-

ommended them to a new subscriber.Interestingly, over the last decade,

both Frank’s personal portfolio, as well as the newer ones, have on average performed equally well. Since Frank’s passing in April 2002, for example, the letter’s average portfolio has gained 7.5% annualized, not that different from the 7.3% annualized return for Frank’s personal portfolio.

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The Prudent Speculator(Average of portfolios)Represented by line

Wilshire 5000 Total Market IndexRepresented by vertical bars(Series shifted so that the index equals $100,000 at the point the HFD began following newsletter)

1980 results reflect last 6 months of theyear only


Composition: Long: 96.9%; Cash: 3.1%Number Of Securities Held: 83Avg. Holding Period of Current Positions: 985 daysVolatility vs Wilshire last 12 Months: 20% moreOver entire period followed: 111% moreLargest 12-Month Loss: -59.6% (vs. -43.3% for Wilshire)

http://on.mktw.net/SyoS1q

READ MORE AT


Letter’s Average + 10,029( 15.3) +16.6 +41.4(12.3) +2.6(0.5) +33.7(3.7) +240.3(13.0) +318.5(10.0) Wilshire 5000 +2,800.2( 10.9) +16.1 +37.3(11.1) +10.6(2.0) +43.8(4.6) +113.0( 7.9) +103.9( 4.9) ADJUSTED FOR RISK***

Letter’s Average +0.13 +0.38 +0.22 +0.04 +0.06 +0.17 +0.12 Wilshire 5000 +0.13 +0.44 +0.22 +0.05 +0.07 +0.14 +0.06


John Buckingham85 Argonaut, Suite 220Aliso Viejo, CA [email protected]

Subscription: $295/yearFrequency: MonthlyHotline? YesManages money? YesInvestment focus: StocksHFD data since: 6/30/1980

6 HFD

The following reports the average percentage mar-ket exposure as of 12/31/12 among market timers in the stock, gold and bond markets. Please note: Each market’s reading is independent of the others; there is no expectation that they add up to 100%.

GREEN number indicates the average among those who have beaten a buy-and-hold over the last ten years on a risk-adjusted basis.BLUE number indicates the average among all timers the HFD follows.

STOCKS 81% 56%

GOLD n/a 6%

BONDS 75% 15%

Scoreboard for Mutual Fund NewslettersThe rankings below show which mutual fund newsletters (or fund portfolios from non-mutual-fund newsletters) have performed the best. A newsletter’s ranking is based on an average of its fund portfolios in the event it recom-mends several. These scoreboards follow the same format as those on page 8.

15 YEARS (29 newsletters tracked) see more at http://bit.ly/aIKqn1

RISK-ADJUSTED RANKING UNADJUSTED

RANK RATING NEWSLETTER RISK GAIN RANK DATA BEGAN

1 0.19 No-Load Mutual Fund Sel. & Timing 35.5 6.4% 12 1990 2 0.14 Bob Brinker’s Marketimer 76.5 8.3% 2 1987 3 0.13 Investors Intelligence 53.0 6.3% 15 1987 4 0.13 NoLoad FundX 104.3 9.3% 1 1980 5 0.13 No-Load Portfolios 35.6 5.0% 21 1991 6 0.13 InvesTech Research Portfolio Strategy 65.2 6.8% 8 1986 7 0.11 Independent Adviser for Vanguard Invs 83.3 6.9% 7 1992 BENCHMARKS 0.06 Wilshire 5000 Total Return 100.0 4.9% 0.00 T-Bill Portfolio 3.5 2.5%

10 YEARS (42 newsletters tracked) see more at http://bit.ly/aN2Tov



1 0.25 No-Load Mutual Fund Sel. & Timing 36.2 6.5% 27 1990 2 0.22 InvesTech Research Portfolio Strategy 79.2 10.7% 2 1986 3 0.21 Closed-End Country Fund Report* 156.3 17.0% 1 1994 4 0.21 Fidelity Navigator 61.2 8.1% 15 2002 5 0.20 Sector Navigator 67.0 8.3% 14 2003 6 0.19 No-Load Portfolios 40.1 5.7% 29 1991 7 0.19 Vanguard Navigator 61.0 7.6% 20 2002 BENCHMARKS

0.14 Wilshire 5000 Total Return 100.0 7.9% 0.00 T-Bill Portfolio 3.3 1.7%

5 YEARS (55 newsletters tracked) see more at http://bit.ly/d2YrFp



1 0.25 Brinker Fixed Income Advisor 37.4 6.7% 1 2005 2 0.23 No-Load Mutual Fund Sel. & Timing 37.0 6.0% 2 1990 3 0.12 InvesTech Research Portfolio Strategy 76.5 5.6% 3 1986 4 0.09 Morningstar Fund Investor 67.8 3.7% 6 2005 5 0.09 Personal Finance 79.4 4.0% 5 1989 6 0.09 Sector Navigator 61.5 3.3% 11 2003 7 0.08 National Trendlines 18.5 1.4% 32 1994 BENCHMARKS


* Newsletter hasn’t published since 2004, though not formally discontinued.

Market exposure among market timers

http://bit.ly/9tjHYp

READ MORE AT

Hulbert Interactive

The online research tool that provides 24-hour access to the HFD’s database contain-ing 32+ years’ worth of performance data, along with the stock and fund picks from hundreds of newsletters.

Visit: http://bit.ly/bf47dI

Individual Newsletter Profiles

Performance profiles of the nearly 200 newsletters the HFD tracks are now included in a subscription to Hulbert Interactive.

Other Ways ofAccessing HFD Data

7

About HFDThe Hulbert Financial Digest (ISSN: 10424261) is published monthly by The Hulbert Financial Digest Inc., 8001 Braddock Road #107, Springfield, VA 22151. The HFD is a service of Market-watch, Inc. An introductory subscrip-tion (for first-time subscribers only, via e-mail) is $59; the regular price is $89 per year. Subscription-related questions should be directed to 1-888-HULBERT or, via e-mail, to “[email protected]” Mark Hulbert, Editor; John Kimble, Chief Portfolio Analyst; Ruthanne Teates, Portfolio Analyst; James Sterns, Portfolio Analyst; Alycia Lutz, Portfo-lio Analyst. (Copyright © 2013 by The Hulbert Financial Digest, Inc.) The HFD is based on information and research believed to be reliable, but its accuracy cannot be guaranteed. The HFD, its edi-tors, and its writers cannot be respon-sible for errors and omissions. The HFD’s purpose is to provide objective performance data on various investment strategies. The HFD is not affiliated with any of the investment newsletters it rates; nor does the HFD endorse the use of its name in advertis-ing. The HFD cautions readers to be skeptical of editors’ characterizations of their HFD ratings, as we cannot police such use. To keep subscription rates low, the HFD periodically rents its mailing list. Telephone marketing is strictly prohib-ited. Any subscriber who wishes his/her name not be rented should contact us. This rental is administered by an outside firm, and the HFD plays no role in approving or disapproving a request for rental or the content of promotional material. Subscribers therefore should not interpret any direct mail advertis-ing—including those to HFD readers or those that refer to advertisers’ HFD rat-ings—as enjoying an HFD endorsement.

HFD

Overall Performance ScoreboardThe rankings below show which newsletters that the HFD follows have performed the best, on both a total return and a risk-adjusted basis, over various lengths of time through December 31, 2012. (Page 7 contains a special ranking of just mutual fund letters and portfolios.) A letter’s ranking is based on an average of its several portfolios in the event it recommends more than one (including any the letters may have discontinued). You can find 15- and 25-year rankings

at http://bit.ly/lZOfxl and http://on.mktw.net/101Qmi4, respectively.

20 YEARS (53 newsletters tracked) see more at http://bit.ly/9Zd8Jv



1 0.24 No-Load Mutual Fund Sel. & Timing 40.0 8.2% 17 1990 2 0.19 The Investment Reporter 116.2 13.6% 2 1984 3 0.17 The Prudent Speculator 175.8 16.0% 1 1980 4 0.17 Bob Brinker’s Marketimer 78.7 9.6% 5 1987 5 0.17 Roger Conrad’s Utility Forecaster 71.6 9.0% 10 1993 6 0.16 NoLoad FundX 104.4 11.3% 4 1980 7 0.15 No-Load Portfolios 36.2 6.0% 35 1991 BENCHMARKS


10 YEARS (109 newsletters tracked) see more at http://bit.ly/9YMaDe



1 0.33 Roger Conrad’s Utility Forecaster 58.9 12.1% 15 1993 2 0.25 No-Load Mutual Fund Sel. & Timing 36.2 6.5% 62 1990 3 0.24 The Successful Investor 125.4 16.7% 3 2002 4 0.24 InvesTech Research Portfolio Strategy 74.1 10.7% 20 1984 5 0.23 Global Investing 126.8 16.5% 4 1994 6 0.22 Forbes Special Situation Survey 148.5 17.7% 1 2002 7 0.22 Motley Fool Stock Advisor 124.9 15.0% 8 2002 BENCHMARKS


5 YEARS (142 newsletters tracked) see more at http://bit.ly/d6ePRz



1 0.25 Brinker Fixed Income Advisor 37.4 6.7% 12 2005 2 0.23 No-Load Mutual Fund Sel. & Timing 37.0 6.0% 17 1990 3 0.22 Roger Conrad’s Utility Forecaster 56.3 8.3% 6 1993 4 0.17 Morningstar Dividend Investor 79.1 8.3% 7 2005 5 0.16 The Value Line Convertibles Survey 59.2 6.4% 14 1986 6 0.15 Motley Fool Inside Value 110.0 9.6% 4 2004 7 0.15 Michael Murphy’s New World Investor 168.6 12.8% 1 1999 BENCHMARKS


Risk-Adjusted Rank —This reports what the letter’s rank would be if all were ranked on a risk-adjusted basis.

Risk-Adjusted Rating—Monthly performance per unit of risk, calculated using the Sharpe Ratio. Other things being equal, a higher number here is preferable.

Risk—Risk, as measured by volatility. All letters’ risk levels are normalized so that the risk level of the Wilshire 5000 Total Market Index becomes 100. Thus, a

risk level above 100 means the letter was riskier than the Wilshire 5000. A lower number is preferable.

Unadjusted Gain—The newsletter’s total return (an-nualized), before adjusting for risk.

Unadjusted Rank—The newsletter’s rank when ranked on basis of performance before risk adjustment.

Data Began —The year HFD began monitoring this newsletter’s performance.

Glossary

MOST POPULAR STOCKSCURRENTLY OWNED BY MOST LETTERS

1 5 Apple (AAPL)(24)1 5 10 Microsoft (MSFT)(20)1 5 Intel (INTC)(18)1 5 Chevron (CVX)(17)1 5 10 Johnson & Johnson (JNJ)(16)1 5 10 AT&T (T)(15) 10 Pfizer (PFE)(15)1 10 IBM (IBM)(14)1 Wal-Mart Stores (WMT)(14)

See more at http://bit.ly/a4ABl6

LEAST POPULAR STOCKSMOST SHORTED, OR MOST DOWN-GRADED, OVER LAST MONTH

10 Gap Inc. (GPS)(3) 5 10 Emerson Electric (EMR)(2) Foot Locker (FL)(2) iShares TIPS (TIP)(2) 10 Lincoln National (LNC)(2)1 5 10 McDonalds (MCD)(2)1 5 10 Microsft (MSFT)(2) 5 Plains All American Pipeline(PAA)(2) Ross Stores (ROST)(2) SPDR Select Cons. Staples (XLP)(2) SPDR Select Energy (XLE)(2) 10 SPDR S&P 500 (SPY)(2) 10 Vale S.A. (VALE)(2) 5 Vanguard Bond Index ETF (BND)(2)

See more at http://bit.ly/bXNvKj

MOST POPULAR FUNDS

CURRENTLY OWNED BY MOST LETTERS

1 5 10 Vang. GNMA (VFIIX)(11)1 5 10 Vang. Div. Growth (VDIGX)(9) 5 Vang. IT Inv. Grade (VFICX)(9)1 5 Vang. ST Inv. Grade (VFSTX)(9) 5 10 Doubleline TR Bond (DLTNX)(8)1 5 10 Fid. Spartan High Income (SPHIX)(8) 10 Vang. Total Stock Market (VTSMX)(8)

See more at http://bit.ly/9VaaFR

KEY1 Ranks in top ten among those letters

beating market over trailing 1 year5 Ranks in top ten among those letters

beating market over the last 5 years10 Ranks in top ten among those letters

beating market over the last 10 years

January 2013Volume 33, Issue 5Part 2

IN THIS SEMI-ANNUAL SUPPLEMENT:

Long Term Performance RatingsThese Long Term Performance Ratings are the heart of the HFD. Updated twice each year (in January and July), the com-plete chart of the over 500 tracked newsletter portfolios is a companion and reference to the regular monthly issues.

For a complete description of how to interpret these tables,

and of the methodology used to calculate the ratings, please consult the introductory booklet you received when subscribing. (If you can’t find your copy of this introductory booklet, send an email (with “HFD Intro Booklet request” in the subject line) to [email protected].)

HFD EXCLUSIVE

Long Term Performance

RatingsWritten and editedby Mark Hulbert

The Hulbert Financial Digest

A service of

Nearly 200 newsletters are listed in blue, alphabetically, with the over 500 individual

portfolios listed in black underneath their re-spective letters. Each letter’s portfolio average, along with the performance of each of its port-folios that are tracked by the HFD, are listed for the year to date and for the entire period it has been tracked.

Timing-only performances also are reported for those offering timing advice. These timing-only ratings appear in italics below their correspond-ing newsletters or portfolios.

In parentheses following a portfolio’s timing-only performance is the number of switches

per year incurred by that portfolio. (A switch into or out of the market is counted as 1 switch.)

Returns ahead of the Wilshire 5000 total return index are shaded blue.

An * in front of a listing indicates the portfo-lio invests exclusively in mutual funds.

The risk number is a calculation of the riski-ness of a letter’s strategy based upon past

volatility. Risk is also categorized for conve-nience as Very High (VHi) through Very Low (VLo). A detailed explanation of risk is in the footnotes on page 16.

Immediately to the right of the risk data is a column reporting how many securities were held on the last day of the reporting period. The par-enthetical number is the average holding period (in days) of these positions.

The clarity rating categorizes letters based upon the clarity and completeness of their

advice: An “A” rating refers to letters that offer actual model portfolios, allocating shares or percent to each security. A “B ” rating refers to letters with overall allocation advice and a list of recommended securities, but don’t construct a model portfolio. “C”-rated letters are those whose advice is a list of recommended securities.

The correlation coefficient between each portfolio and the Wilshire 5000 is reported

in this column. A 1.0 reflects perfect correlation, while a minus 1.0 reflects an inverse correlation. No correlation would receive a 0.0.

Risk-adjusted ratings also are reported for each letter, portfolio, or timing-only portfolio.

1

2

3

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7

8

1

6

8

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6

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The HFD is one of a suite of products based on a database containing over 32 years’ worth of investment advisers’ recom-mendations. Others are Hulbert Interactive (the website that provides 24-7 access to that database) and Hulbert On Markets: What’s Working Now (a weekly service highlighting noteworthy patterns in recent advisers’ recommendations and returns).

Blue shading signifies ahead of the Wilshire 5000

2T

he Hulbert F

inancial Digest

LT

Perform

ance R

atings, Jan

uary 2013

1-16 See footnotes on page 16

Performance Ratings Through December 31, 2012 TO T A L RETURN (all returns > 1 year annualized)1 RISK-ADJUSTED2

NEWSLETTER (Portfolio) 12 Mo 5 Yr 10 Yr 15 Yr Overall3 Since Risk4 # secs5 Clarity6 Correl.7 12 Mo 5 Yr 10 Yr 15 Yr Overall3

A-C

24.0 4.202.3 0.50 0.060 0.03AI Market Forecast (Average) 24.0 0.4 7.6 — 4.2/2.3 12/31/99 1.38 Hi — — 0.84 0.50 0.04 0.11 — 0.06/ 0.0318.5 10.0 5.202.3 0.15 0.070 0.03*a. AI Fidelity Fund Portfolio 18.5 1.8 10.0 — 5.2/2.3 12/31/99 1.22 Hi 8(270) C 0.87 0.40 0.05 0.15 — 0.07/ 0.0329.6 2.602.3 0.58 0.050 0.03b. AI Stock Portfolio 29.6 -1.5 4.8 — 2.6/2.3 12/31/99 1.66 VHi 20(138) C 0.76 0.58 0.03 0.07 — 0.05/ 0.03

4.4 8.7 5.6 0.09 0.08The Aden Forecast 3.1 4.4 8.7 5.6 4.4/7.2 12/31/95 1.01 Avg 22(672) B 0.37 0.10 0.09 0.14 0.08 0.05/ 0.107.106.7Alcosta Growth Report 15.1 -0.3 — — 7.1/6.7 9/30/03 1.28 Hi 32(237) A 0.78 0.28 0.02 — — 0.10/ 0.11

6.3 9.608.3 0.08 0.130 0.12*All Star Fund Trader (Average) 4.8 -2.6 3.6 6.3 9.6/8.3 12/31/92 1.04 Avg — — 0.53 0.20 -0.05 0.06 0.08 0.13/ 0.12 9.908.3*a. Fidelity Single Sector Strategy -8.6 -11.7 0.2 4.1 9.9/8.3 12/31/92 1.38 Hi 1(14) A 0.43 -0.22 -0.15 0.00 0.05 0.12/ 0.12

Fidelity Single Sector Strat- Timing only 6.3(1.0) -10.2(1.2) -0.6(1.5) 1.5(2.6) 4.9(2.8)/8.3 12/31/92 0.77 Lo — — 0.69 0.21 -0.17 -0.03 0.00 0.06/ 0.126.0 9.308.3 0.08 0.130 0.12*b. ETF Sector Rotation 10.4 0.0 5.3 6.0 9.3/8.3 12/31/92 1.01 Avg 4(4) A 0.56 0.31 0.01 0.10 0.08 0.13/ 0.12

ETF Sector Rotation -Timing Only 12.6(1.6) -2.4(2.3) 3.1(2.9) 1.8(3.8) 5.0(3.7)/8.3 12/31/92 0.68 Lo — — 0.83 0.38 -0.04 0.05 0.00 0.07/ 0.12*c. Rydex Strategy 5.2 -1.9 3.4 — 0.6/3.4 12/31/00 0.78 Lo 4(0) A 0.68 0.17 -0.03 0.06 — -0.01/ 0.05*d. ETF Tatical Growth 5.1 1.2 — — 4.5/8.2 1/31/03 0.73 Lo 7(179) A 0.72 0.19 0.04 — — 0.09/ 0.14e. Equity Trader Strategy 5.9 -0.5 — — 2.2/5.1 3/31/05 0.72 Lo 4(520) A 0.44 0.43 -0.01 — — 0.03/ 0.08

Equity Trader Strategy - Timing Only 3.9(0.6) -0.9(1.9) — — 1.5(3.0)/5.1 3/31/05 0.48 VLo — — 0.87 0.33 -0.03 — — 0.00/ 0.08 0.47 0.470 0.44*f. ETF & Dividend Income Strategy 11.2 — — — 11.2/16.1 12/31/11 0.65 Lo 12(354) A 0.92 0.47 — — — 0.47/ 0.44 0.56Almanac Investor (Average) 15.8 -4.5 7.9 3.3 4.3/8.1 12/31/93 2.10 VHi — — 0.42 0.56 -0.07 0.14 0.05 0.06/ 0.11

14.0 15.807.3 0.23 0.260 0.12a. Small-Cap Stock Portfolio 1.7 0.9 14.0 — 15.8/7.3 8/31/02 1.01 Avg 16(358) A 0.40 0.05 0.03 0.23 — 0.26/ 0.1225.2 0.54*b. ETF Portfolio 25.2 -11.6 0.1 — 0.2/7.3 8/31/02 1.46 Hi 9(69) C 0.58 0.54 -0.11 0.02 — 0.02/ 0.12

c. Mid-Cap Stock Portfolio — — — — 0.1/1.9 10/31/12 3.10 VHi 10(66) A 1.00 — — — — 0.04/3.432.701.9d. Large-Cap Stock Portfolio — — — — 2.7/1.9 10/31/12 2.29 VHi 8(66) A 1.00 — — — — 2.16/3.43

5.9(2.0) 6.9(2.0)05.6 0.67 0.14 0.15 0.160 0.09e. Timing Only: S&P 500’s Best 6 Months Strategy 15.4(2.0) 5.9(2.0) 6.4(2.0) — 6.9(2.0)/5.6 5/31/02 0.63 Lo — — 0.63 0.67 0.14 0.15 — 0.16/ 0.0919.1 0.50The Alpha Investor Letter 19.1 — — — 7.8/22.0 2/28/09 1.12 Hi 14(73) C 0.63 0.50 — — — 0.15/ 0.38

*Alpha Profit Fund Investors’ Guide 13.9 — — — 3.2/4.9 8/31/08 1.07 Avg 8(114) A 0.97 0.36 — — — 0.07/ 0.1019.8 6.805.5 0.54 0.100 0.09*AlphaProfit Sector Investors’ Newsletter (Average) 19.8 -0.1 — — 6.8/5.5 12/31/03 1.22 Hi — — 0.92 0.54 0.03 — — 0.10/ 0.0920.3 7.405.5 0.54 0.110 0.09*a. Fidelity Focus Portfolio 20.3 -0.8 — — 7.4/5.5 12/31/03 1.29 Hi 4(104) A 0.87 0.54 0.02 — — 0.11/ 0.0919.3 6.205.5 0.55*b. Fidelity Core Portfolio 19.3 0.6 — — 6.2/5.5 12/31/03 1.18 Hi 7(154) A 0.94 0.55 0.03 — — 0.09/ 0.09

BI Research -1.6 -7.7 0.9 2.8 7.7/10.2 12/31/83 1.94 VHi 9(213) B 0.58 -0.01 -0.03 0.04 0.04 0.07/ 0.132.1(0.9)BI Research—Timing only 10.4(0.5) 2.1(0.9) 6.3(0.9) 4.3(1.0) 8.7(0.7)/10.2 12/31/83 0.79 Lo — — 0.98 0.38 0.05 0.12 0.06 0.12/ 0.13

Benjamin Shepherd’s Wall Street8

4.1 9.0 0.59 0.09 0.17 0.07a. Buy recommendations of interviewed analysts 16.1 4.1 9.0 4.8 7.1/7.2 12/31/95 0.91 Avg 38(195) C 0.92 0.59 0.09 0.17 0.07 0.10/ 0.1019.9 19.9016.1The Berman Value Folio 19.9 — — — 19.9/16.1 12/31/11 1.23 Hi 16(301) C 0.86 0.44 — — — 0.44/ 0.44

Bernie Schaeffer’s Option Advisor9 (Average) -21.5 -28.1 -15.0 -9.9 -9.6/10.6 12/31/82 2.39 VHi — — 0.15 -0.30 -0.38 -0.22 -0.15 -0.06/ 0.13a. Aggressive Portfolio -24.8 -40.4 -24.7 -14.0 -19.4/10.6 12/31/82 3.44 VHi 0(n/a) A 0.05 -0.20 -0.32 -0.22 -0.11 -0.07/ 0.13b. Put Selling Portfolio -21.5 -17.4 -6.8 -3.6 -1.1/6.3 12/31/96 0.99 Avg 0(n/a) A 0.37 -0.26 -0.27 -0.12 -0.08 -0.04/ 0.09

16.4 0.58The Blue Chip Investor (Average) 16.4 1.6 6.1 3.6 7.2/9.4 12/31/90 1.04 Avg — — 0.76 0.58 0.05 0.11 0.04 0.09/ 0.1316.4 0.58a. The Quality Growth Account 16.4 1.6 6.1 4.4 7.9/9.4 12/31/90 1.03 Avg 17(2066) A 0.76 0.58 0.05 0.11 0.06 0.11/ 0.13

5.7(0.6) 9.5(0.8)09.4 0.08 0.150 0.13The Quality Growth Account—Timing only 14.7(0.4) 1.9(0.2) 7.7(0.4) 5.7(0.6) 9.5(0.8)/9.4 12/31/90 0.92 Avg — — 0.99 0.44 0.05 0.14 0.08 0.15/ 0.135.5(0.7)03.7 0.080 0.05b. Overall Timing—Timing only (No Shorting) 16.1(0.0) 2.0(0.0) 7.9(0.0) — 5.5(0.7)/3.7 12/31/98 0.94 Avg — — 0.93 0.44 0.05 0.14 — 0.08/ 0.055.8(0.7)03.7 0.080 0.05c. Overall Timing—Timing only (Shorting Allowed) 16.1(0.0) 2.0(0.0) 7.9(0.0) — 5.8(0.7)/3.7 12/31/98 1.02 Avg — — 0.74 0.44 0.05 0.14 — 0.08/ 0.05

6.7 6.405.5 0.72 0.25 0.230 0.09*Brinker Fixed Income Advisor (Average) 9.4 6.7 — — 6.4/5.5 4/30/05 0.36 VLo — — 0.79 0.72 0.25 — — 0.23/ 0.096.7 7.205.5 0.65 0.18 0.180 0.09*a. Aggressive Portfolio 9.9 6.7 — — 7.2/5.5 4/30/05 0.54 VLo 6(960) A 0.84 0.65 0.18 — — 0.18/ 0.096.9 6.305.5 0.76 0.27 0.230 0.09*b. Moderate Portfolio 9.2 6.9 — — 6.3/5.5 4/30/05 0.35 VLo 6(777) A 0.76 0.76 0.27 — — 0.23/ 0.096.2 5.705.5 0.78 0.34 0.280 0.09*c. Conservative Portfolio 9.0 6.2 — — 5.7/5.5 4/30/05 0.25 VLo 6(836) A 0.66 0.78 0.34 — — 0.28/ 0.096.7 6.902.2 0.63 0.24 0.250 0.05*d. ETF Portfolio 9.3 6.7 — — 6.9/2.2 7/31/07 0.39 VLo 5(575) A 0.70 0.63 0.24 — — 0.25/ 0.053.4 8.8 8.3 0.07 0.17 0.14 0.140 0.12*Bob Brinker’s Marketimer10 (Average) 14.6 3.4 8.8 8.3 9.4/9.5 12/31/86 0.84 Lo — — 0.91 0.43 0.07 0.17 0.14 0.14/ 0.12

16.6 2.5 9.4 9.5 10.309.5 0.06 0.15 0.14 0.130 0.12*a. Portfolio I: Agg. Gro Fund Portfolio 16.6 2.5 9.4 9.5 10.3/9.5 12/31/86 1.02 Avg 5(1553) A 0.90 0.41 0.06 0.15 0.14 0.13/ 0.128.5(0.1) 8.1(0.1) 10.8(0.2)09.5 0.15 0.13 0.160 0.12Portfolio I: —Timing only 16.1(0.0) 2.0(0.0) 8.5(0.1) 8.1(0.1) 10.8(0.2)/9.5 12/31/86 0.89 Lo — — 0.95 0.44 0.05 0.15 0.13 0.16/ 0.12

2.6 9.3 8.2 9.909.5 0.06 0.15 0.13 0.140 0.12*b. Portfolio II: LT Gro Fund Portfolio 16.0 2.6 9.3 8.2 9.9/9.5 12/31/86 0.93 Avg 6(1523) A 0.92 0.40 0.06 0.15 0.13 0.14/ 0.124.6 6.9 0.51 0.13 0.21 0.18 0.130 0.12*c. Portfolio III: Balanced Portfolio 11.1 4.6 7.6 6.9 7.7/9.5 12/31/86 0.61 Lo 8(3016) A 0.83 0.51 0.13 0.21 0.18 0.13/ 0.126.6 6.2 1.07 0.47 0.35 0.34 0.280 0.13*d. Income Portfolio 7.9 6.6 5.7 6.2 6.8/9.4 12/31/88 0.22 VLo 4(983) A 0.26 1.07 0.47 0.35 0.34 0.28/ 0.13

16.8 8.4 7.004.9 0.120 0.08*e. Active/Passive Portfolio 16.8 1.5 8.4 — 7.0/4.9 12/31/01 0.95 Avg 3(n/a) A 0.96 0.42 0.05 0.14 — 0.12/ 0.084.302.3 0.85 0.18 0.110 0.03* Bob Carlson’s Retirement Watch (Average) 6.2 1.2 5.2 — 4.3/2.3 12/31/99 0.37 VLo — — 0.82 0.85 0.05 0.18 — 0.11/ 0.033.102.3 0.69 0.050 0.03*a. Sector Portfolio 5.1 0.4 4.5 — 3.1/2.3 12/31/99 0.51 VLo 8(622) A 0.73 0.69 0.01 0.13 — 0.05/ 0.03

3.2(0.6) 3.1(1.0)02.3 0.07 0.040 0.03Sector Portfolio—Timing Only 16.0(0.2) 3.2(0.6) 7.9(0.9) — 3.1(1.0)/2.3 12/31/99 0.94 Avg — — 0.98 0.44 0.07 0.14 — 0.04/ 0.033.802.3 0.72 0.080 0.03*b. Balanced Portfolio 5.2 0.6 4.6 — 3.8/2.3 12/31/99 0.45 VLo 8(563) A 0.72 0.72 0.02 0.14 — 0.08/ 0.03

2.9(0.5) 3.0(0.9)02.3 0.07 0.040 0.03Balanced Portfolio—Timing Only 16.0(0.2) 2.9(0.5) 7.8(0.9) — 3.0(0.9)/2.3 12/31/99 0.94 Avg — — 0.99 0.44 0.07 0.14 — 0.04/ 0.033.1 5.104.3 0.66 0.17 0.26 0.230 0.07*c. Income Growth Portfolio 4.2 3.1 5.3 — 5.1/4.3 7/31/01 0.26 VLo 8(577) A 0.54 0.66 0.17 0.26 — 0.23/ 0.07

1.33 0.370 0.22*d. Retirement Paycheck Portfolio 10.3 — — — 8.7/11.1 12/31/09 0.42 VLo 6(329) A 0.66 1.33 — — — 0.37/ 0.22 0.51 0.230 0.22*e. “Hedge Fund” Mutual Fund Portfolio 6.4 — — — 5.1/11.1 12/31/09 0.41 VLo 11(n/a) A 0.92 0.51 — — — 0.23/ 0.22

The Bowser Report (Average) 1.9 -2.3 3.4 2.0 1.9/8.3 12/31/92 1.55 VHi — — 0.47 0.07 -0.02 0.05 0.03 0.02/ 0.12a. Category One: Our Best Picks 2.7 -7.5 -0.4 -1.5 -0.8/8.3 12/31/92 1.81 VHi 7(160) C 0.51 0.07 -0.04 0.01 0.00 0.00/ 0.12

5.203.1 0.07 0.17 0.110 0.05b. Beginners Portfolio 0.8 1.8 6.1 — 5.2/3.1 1/31/01 0.58 VLo 16(254) A 0.51 0.05 0.07 0.17 — 0.11/ 0.0525.9 3.3 9.7 9.4 11.206.3 0.52 0.07 0.17 0.14 0.170 0.09The Buyback Letter (Average) 25.9 3.3 9.7 9.4 11.2/6.3 12/31/96 0.96 Avg — — 0.88 0.52 0.07 0.17 0.14 0.17/ 0.09

6.0 6.004.9 0.08 0.080 0.06a. Buyback Dogs Portfolio 5.5 -2.8 5.7 6.0 6.0/4.9 12/31/97 1.14 Hi 5(802) A 0.71 0.25 -0.03 0.10 0.08 0.08/ 0.0623.5 6.1 12.1 8.3 8.304.9 0.52 0.11 0.19 0.11 0.110 0.06b. Buyback Income Index 23.5 6.1 12.1 8.3 8.3/4.9 12/31/97 1.10 Hi 8(478) A 0.74 0.52 0.11 0.19 0.11 0.11/ 0.0621.1 8.9 10.3 10.304.9 0.15 0.150 0.06c. Buyback Index 21.1 -0.7 8.9 10.3 10.3/4.9 12/31/97 1.07 Avg 20(176) A 0.73 0.40 0.02 0.14 0.15 0.15/ 0.0629.4 2.9 3.202.6 0.07 0.050 0.03d. Buyback High-Tech Index Portfolio 29.4 2.9 2.9 — 3.2/2.6 1/31/00 1.55 VHi 5(100) A 0.70 0.33 0.07 0.05 — 0.05/ 0.0350.4 8.1 17.3 17.104.9 0.68 0.13 0.24 0.240 0.08e. Health & Bio-Tech Sector Portfolio 50.4 8.1 17.3 — 17.1/4.9 12/31/01 1.25 Hi 5(95) A 0.52 0.68 0.13 0.24 — 0.24/ 0.0849.5 0.53The Buyback Premium Portfolio 49.5 -7.5 -0.3 — 2.0/3.4 12/31/00 1.41 Hi 5(29) A 0.65 0.53 -0.03 0.01 — 0.04/ 0.05

LT

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The H

ulbert Financial D

igest3

1-16 See footnotes on page 16Blue shading signifies ahead of the Wilshire 5000

TO T A L RETURN (all returns > 1 year annualized)1 RISK-ADJUSTED2

NEWSLETTER (Portfolio) 12 Mo 5 Yr 10 Yr 15 Yr Overall3 Since Risk4 # secs5 Clarity6 Correl7 12 Mo 5 Yr 10 Yr 15 Yr Overall3

16.105.2 1.880 0.65Buyout Trader — — — — 16.1/5.2 7/31/12 1.03 Avg 15(154) A 0.26 — — — — 1.88/ 0.65CSIN Aggressive Educated Risk Taker 10.7 — — — 11.1/15.2 12/31/08 1.09 Avg 14(1433) A 0.92 0.23 — — — 0.19/ 0.26

CSIN Agg. Educated Risk Taker (Timing only) 15.5(0.0) — — — 12.7(0.1)/15.2 12/31/08 0.89 Lo — — 0.97 0.41 — — — 0.25/ 0.26Cabot China & Emerging Markets Report -4.0 -10.4 7.6 — -9.5/2.3 12/31/99 2.48 VHi 7(25) B 0.52 -0.07 -0.09 0.10 — -0.02/ 0.03

3.7 11.0 7.1 0.09 0.16 0.09The Cabot Market Letter (Average) 11.4 3.7 11.0 7.1 7.3/10.4 12/31/80 1.66 VHi — — 0.61 0.30 0.09 0.16 0.09 0.06/ 0.123.7 11.0 6.7 0.09 0.16 0.08a. Cabot’s Model Portfolio 11.4 3.7 11.0 6.7 7.0/10.4 12/31/80 1.92 VHi 8(181) A 0.58 0.30 0.09 0.16 0.08 0.06/ 0.12

3.0(3.6) 0.10 0.18 0.08 0.130 0.12Cabot’s Model Portfolio—Timing Only 6.9(3.0) 3.0(3.6) 6.6(3.8) 4.7(3.8) 9.3(2.4)/10.4 12/31/80 0.71 Lo — — 0.89 0.29 0.10 0.18 0.08 0.13/ 0.12Carla Pasternak’s High-Yield Investing (Average) 7.9 1.4 — — 1.6/4.0 2/28/06 0.86 Lo — — 0.81 0.33 0.04 — — 0.02/ 0.07

a. 10%-Plus Portfolio 2.5 -0.1 — — -0.4/4.0 2/28/06 0.86 Lo 10(756) C 0.72 0.10 0.01 — — -0.01/ 0.072.5 0.53 0.06b. Dividend Optimizer Portfolio 13.5 2.5 — — 3.2/4.0 2/28/06 0.97 Avg 27(689) C 0.79 0.53 0.06 — — 0.05/ 0.07

36.2Charlie Buck’s Situational Strategies 36.2 -29.0 -23.4 -27.6 -27.0/6.3 12/31/96 2.90 VHi 26(837) B 0.43 0.20 -0.14 -0.11 -0.14 -0.13/ 0.09The Chartist (Average) -6.0 -2.5 5.6 3.1 10.0/10.9 6/30/80 1.16 Hi — — 0.72 -0.12 -0.02 0.09 0.03 0.10/ 0.13

a. Actual Cash Account -8.9 -2.2 4.4 4.5 9.4/10.9 6/30/80 1.07 Avg 30(128) A 0.64 -0.18 -0.02 0.07 0.06 0.10/ 0.135.3(2.2) 0.09Actual Cash Account—Timing only 0.2(3.0) 1.4(2.0) 5.3(1.8) 5.3(2.2) 9.3(1.6)/10.9 6/30/80 0.65 Lo — — 0.77 0.02 0.04 0.13 0.09 0.13/ 0.13

b. Trader’s Portfolio -0.1 -3.4 6.5 1.3 9.6/10.6 12/31/82 1.45 Hi 29(197) B 0.69 0.02 -0.01 0.10 0.01 0.10/ 0.138.4(0.4) 11.2(0.3) 7.3(0.3)11.7(0.3)010.6 0.17 0.23 0.11 0.160 0.13Trader’s Portfolio—Timing only 16.1(0.0) 8.4(0.4) 11.2(0.3) 7.3(0.3) 11.7(0.3)/10.6 12/31/82 0.92 Avg — — 0.94 0.44 0.17 0.23 0.11 0.16/ 0.13

c. Dan’s Aggressive Account -9.0 -3.4 — — -4.4/0.9 10/31/07 0.93 Avg 33(128) A 0.49 -0.18 -0.04 — — -0.05/ 0.046.7 0.15 0.11 0.140 0.13The Chartist Mutual Fund/ETF Letter (Average) 6.8 1.5 7.3 6.7 9.4/9.4 12/31/88 0.88 Lo — — 0.60 0.20 0.04 0.15 0.11 0.14/ 0.13

8.7 7.8 10.209.4 0.17 0.13 0.150 0.13*a. Actual Cash Account 6.8 1.5 8.7 7.8 10.2/9.4 12/31/88 0.89 Lo 16(342) A 0.61 0.20 0.04 0.17 0.13 0.15/ 0.133.6(1.6) 8.6(1.2) 5.4(2.1) 0.11 0.22 0.09Actual Cash Account—Timing only 10.0(1.0) 3.6(1.6) 8.6(1.2) 5.4(2.1) 8.2(2.4)/9.4 12/31/88 0.74 Lo — — 0.66 0.32 0.11 0.22 0.09 0.13/ 0.13

3.2 0.47 0.10 0.15 0.150 0.11*b. Actual Cash Account Balanced Portfolio 10.7 3.2 5.4 — 5.3/6.4 6/30/02 0.46 VLo 17(1948) A 0.93 0.47 0.10 0.15 — 0.15/ 0.1117.8China Stock Digest 17.8 -15.6 — — -6.4/2.6 12/31/06 1.12 Hi 10(449) A 0.59 0.27 -0.24 — — -0.08/ 0.05

China Stock Digest—Asia Portfolio 0.2 — — — -0.1/4.9 6/30/08 0.41 VLo 7(413) A 0.50 0.01 — — — 0.00/ 0.10The Christian Energy Investor (Average) — — — — -1.9/6.1 2/28/12 1.38 Hi — — 0.77 — — — — -0.03/ 0.22

a. Winter Portolio — — — — 3.1/6.1 2/28/12 1.32 Hi 13(311) A 0.82 — — — — 0.10/ 0.22b. Spring Portfolio — — — — -1.5/2.9 3/31/12 1.50 Hi 13(277) A 0.93 — — — — -0.02/ 0.13

11.0010.5c. Summer Portfolio — — — — 11.0/10.5 5/31/12 1.94 VHi 20(220) A 0.34 — — — — 0.48/ 0.86d. Autumn Portfolio — — — — -5.0/2.7 8/31/12 1.67 VHi 20(129) A 0.02 — — — — -0.47/ 0.43

The Christian Transportation Investor 12.0 — — — 12.0/16.1 12/31/11 0.89 Lo 12(314) A 0.21 0.37 — — — 0.37/ 0.44 9.908.3 0.320 0.19The Christian Utility Investor (Average) 2.0 — — — 9.9/8.3 12/31/10 0.65 Lo — — 0.38 0.08 — — — 0.32/ 0.199.008.3 0.290 0.19a. Winter Portfolio 0.4 — — — 9.0/8.3 12/31/10 0.66 Lo 15(297) A 0.37 0.02 — — — 0.29/ 0.19

b. Spring Portfolio — — — — -1.1/6.3 6/30/12 1.81 VHi 15(283) A -0.22 — — — — -0.06/ 0.71c. Summer Portfolio — — — — -1.6/6.3 6/30/12 2.03 VHi 15(199) A -0.30 — — — — -0.08/ 0.71d. Autumn Portfolio — — — — -0.6/0.1 9/30/12 1.72 VHi 15(101) A -0.68 — — — — -0.09/ 0.02

10.409.3 0.47 0.250 0.18The Christian Value Investor (Average) 10.1 — — — 10.4/9.3 4/30/10 0.79 Lo — — 0.93 0.47 — — — 0.25/ 0.18 9.909.3 0.210 0.18a. Winter Portfolio 4.9 — — — 9.9/9.3 4/30/10 0.91 Avg 20(108) A 0.89 0.22 — — — 0.21/ 0.18

10.709.3 0.49 0.240 0.18b. Spring Portfolio 12.0 — — — 10.7/9.3 4/30/10 0.85 Lo 20(402) A 0.92 0.49 — — — 0.24/ 0.18 0.46 0.420 0.32c. Summer Portfolio 8.7 — — — 14.1/16.3 6/30/10 0.64 Lo 20(311) A 0.91 0.46 — — — 0.42/ 0.32

17.0012.7 0.57 0.500 0.27d. Autumn Portfolio 15.0 — — — 17.0/12.7 9/30/10 0.69 Lo 20(272) A 0.82 0.57 — — — 0.50/ 0.2723.6 17.0 8.0 0.21 0.10*Closed-End Country Fund Report11 23.6 0.1 17.0 8.0 6.7/8.1 12/31/93 1.45 Hi 9(3791) C 0.80 0.37 0.04 0.21 0.10 0.08/ 0.11

The Coe Report -19.7 — — — -6.7/22.0 2/28/09 1.05 Avg 2(90) A 0.21 -0.25 — — — -0.10/ 0.38The Coe Report—Timing Only 2.3(18.4) — — — 0.4(20.5)/22.0 2/28/09 0.75 Lo — — 0.53 0.07 — — — 0.02/ 0.38

Common Sense Investment Newsletter 9.2 -1.4 5.0 — 5.0/7.3 7/31/02 1.14 Hi 25(2152) A 0.89 0.28 0.00 0.08 — 0.08/ 0.12Common Sense Inv. Newsletter—Timing Only 10.8(0.0) 1.6(0.2) 6.1(0.3) — 5.8(0.3)/7.3 7/31/02 0.70 Lo — — 0.99 0.43 0.05 0.13 — 0.12/ 0.12

6.905.2 0.110 0.08The Complete Investor (Average) 12.1 1.8 — — 6.9/5.2 2/28/04 1.09 Avg — — 0.91 0.29 0.05 — — 0.11/ 0.084.6 8.605.2 0.09 0.150 0.08a. Growth Portfolio 10.0 4.6 — — 8.6/5.2 2/28/04 0.96 Avg 35(955) C 0.82 0.22 0.09 — — 0.15/ 0.085.1 11.005.2 0.59 0.11 0.200 0.08b. Income/Value Portfolio 15.5 5.1 — — 11.0/5.2 2/28/04 0.88 Lo 34(1195) C 0.88 0.59 0.11 — — 0.20/ 0.08

21.6 5.0 9.505.2 0.09 0.130 0.08c. Fund Finds Portfolio 21.6 5.0 — — 9.5/5.2 2/28/04 1.43 Hi 11(696) C 0.90 0.36 0.09 — — 0.13/ 0.082.8 7.005.2 0.06 0.120 0.08*d. FundFolio Portfolio 11.5 2.8 — — 7.0/5.2 2/28/04 0.96 Avg 31(1415) C 0.94 0.30 0.06 — — 0.12/ 0.087.5 2.701.8 0.11 0.060 0.04e. Small-Cap Portfolio 1.7 7.5 — — 2.7/1.8 4/30/07 1.67 VHi 16(584) C 0.87 0.05 0.11 — — 0.06/ 0.04

f. Timing only: Master Key—No Shorting 16.1(0.0) 1.4(1.2) — — 4.9(0.7)/5.3 1/31/04 0.87 Lo — — 0.86 0.44 0.04 — — 0.09/ 0.09g. Timing only: Master Key—Shorting Allowed 16.1(0.0) -1.2(1.2) — — 3.4(0.7)/5.3 1/31/04 1.00 Avg — — 0.54 0.44 0.00 — — 0.05/ 0.09

*Contra by Investor’s Intelligence — — — — 4.7/10.5 5/31/12 0.73 Lo 0(n/a) A 0.12 — — — — 0.53/ 0.86 1.170 0.86Contra by Investor’s Intelligence—Timing Only — — — — 4.9(2.3)/10.5 5/31/12 0.35 VLo — — 0.19 — — — — 1.17/ 0.86

The Contrarian’s View (Average) 6.4 -3.3 4.2 2.7 3.2/9.4 12/31/90 1.09 Avg — — 0.34 0.12 -0.01 0.06 0.03 0.02/ 0.13*a. Roth IRA Portfolio -5.8 -2.3 — — -2.0/4.2 5/31/06 2.45 VHi 6(506) A 0.23 -0.60 -0.01 — — 0.03/ 0.07*b. Gold and “Free” Stocks Portfolio 0.7 — — — 5.4/11.1 12/31/09 1.31 Hi 44(1234) C 0.80 0.04 — — — 0.10/ 0.22

13.9(2.6) 13.3(2.6) 10.4(2.7)04.9 0.29 0.29 0.220 0.08c. Timing Only: NYSE Timer’s Trend 15.1(4.0) 13.9(2.6) 13.3(2.6) — 10.4(2.7)/4.9 12/31/01 0.75 Lo — — 0.78 0.44 0.29 0.29 — 0.22/ 0.0820.2d. Penny Stock Wonders Portfolio 20.2 — — — -21.1/16.3 6/30/10 4.83 VHi 10(590) C 0.27 0.18 — — — 0.00/ 0.32

2.1 13.303.7 0.130 0.05Coolcat Explosive Small Cap Growth Stk Rprt (Average) 2.6 2.1 5.3 — 13.3/3.7 12/31/98 2.09 VHi — — 0.40 0.11 0.05 0.08 — 0.13/ 0.054.8 0.09a. Small Investor Portfolio 0.9 4.8 — — 1.2/5.9 8/31/04 1.21 Hi 3(220) A 0.41 0.04 0.09 — — 0.02/ 0.10

b. Super Small Caps Portfolio 3.8 -1.5 — — -0.3/5.9 8/31/04 1.55 VHi 5(139) A 0.37 0.10 0.01 — — 0.01/ 0.10*Coolcat ETF Report (Average) 5.7 -3.4 2.2 — 2.2/7.9 12/31/02 0.84 Lo — — 0.47 0.32 -0.06 0.03 — 0.03/ 0.14

*a. ETF Portfolio 7.3 -1.5 3.5 — 3.5/7.9 12/31/02 1.07 Avg 9(171) A 0.38 0.34 -0.01 0.06 — 0.06/ 0.14*b. ETF Majors Portfolio 4.0 — — — -2.0/11.1 12/31/09 0.74 Lo 8(209) A 0.65 0.25 — — — -0.04/ 0.22

Coolcat Technology Plus Report(Average) 3.3 -2.8 — — -0.1/4.2 6/30/06 0.70 Lo — — 0.54 0.24 -0.05 — — -0.02/ 0.07a. Tech Bubble Survivors Portfolio 3.6 -3.1 — — -1.1/4.2 6/30/06 0.72 Lo 1(187) A 0.47 0.17 -0.06 — — -0.04/ 0.07b. New Economy Leaders Portfolio 2.9 -2.7 — — 0.7/4.2 6/30/06 0.80 Lo 3(266) A 0.53 0.19 -0.04 — — 0.01/ 0.07

Coolcat Total Stock Market Report (Average) 2.3 -2.4 — — -0.5/4.4 12/31/05 1.02 Avg — — 0.42 0.09 -0.01 — — -0.01/ 0.07a. Larger Stocks Portfolio 1.0 -5.6 — — -3.4/4.4 12/31/05 1.23 Hi 6(295) A 0.42 0.04 -0.04 — — -0.04/ 0.07b. Total Market Portfolio 3.2 0.3 — — 2.0/4.4 12/31/05 1.00 Avg 1(677) A 0.35 0.12 0.02 — — 0.03/ 0.07


4T

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Crawford Perspectivesa. Timing Only: 100% Cash on Sell Signals 2.3(2.0) 0.9(2.8) 2.3(2.2) -1.5(3.1) 4.0(3.6)/9.4 12/31/88 0.63 Lo — — 0.54 0.33 0.03 0.04 -0.11 0.03/ 0.13b. Timing Only: Shorting on Sells Allowed -20.7(6.0) -3.1(8.4) -13.1(9.4) -14.5(10.9) -7.5( 9.7)/9.4 12/31/88 1.28 Hi — — -0.33 -0.50 0.00 -0.19 -0.21 -0.14/ 0.13

Currin Biotech (Average) — — — — -11.0/2.7 8/31/12 2.36 VHi — — 0.84 — — — — -0.76/ 0.43a. Cell Signaling & Cancer Stem Cells Portfolio — — — — -15.2/2.7 8/31/12 3.50 VHi 7(n/a) A 0.79 — — — — -0.71/ 0.43b. Personalized Medicine Portfolio — — — — -1.8/2.7 8/31/12 1.12 Hi 7(n/a) A 0.69 — — — — -0.25/ 0.43c. The Future of Medicine Portfolio — — — — -15.7/2.7 8/31/12 2.93 VHi 9(179) A 0.82 — — — — -0.89/ 0.43

0.070 0.03Currin Technology (Average) 7.0 -1.4 1.3 — -11.3/2.3 12/31/99 8.39 VHi — — 0.30 0.13 0.02 0.08 — 0.07/ 0.03a. Portfolio A 1.1 -3.4 4.6 — -4.5/2.3 12/31/99 3.12 VHi 5(2002) A 0.56 0.04 0.02 0.07 — 0.03/ 0.03

2.7(0.0) 8.2(0.1) 2.6(0.0)02.3 0.06Portfolio A—Timing Only 16.0(0.0) 2.7(0.0) 8.2(0.1) — 2.6(0.0)/2.3 12/31/99 0.98 Avg — — 1.00 0.44 0.06 0.14 — 0.03/ 0.0316.2 0.06 0.15 0.080 0.03b. Portfolio B 3.2 1.5 16.2 — 1.7/2.3 12/31/99 3.82 VHi 10(2548) A 0.53 0.07 0.06 0.15 — 0.08/ 0.03

Portfolio B—Timing Only 15.9(0.0) 2.0(0.1) 7.7(0.2) — 2.2(0.2)/2.3 12/31/99 0.98 Avg — — 1.00 0.44 0.05 0.13 — 0.03/ 0.03c. C - Leaps Portfolio -2.2 -1.9 — — -40.3/6.5 8/31/03 7.45 VHi 3(1530) A 0.23 0.00 0.02 — — 0.01/ 0.11

25.2 3.2 0.08d. D - Leaps Portfolio 2 25.2 3.2 — — -14.4/5.7 9/30/04 5.17 VHi 14(431) A 0.32 0.32 0.08 — — 0.08/ 0.09Cycles Research Early Warning Service 5.4 -7.8 — — -2.7/2.6 12/31/06 1.19 Hi — — 0.48 0.10 -0.08 — — -0.02/ 0.05

a. Model Portfolio 5.4 -7.8 — — -2.7/2.6 12/31/06 1.19 Hi 2(830) A 0.48 0.10 -0.08 — — -0.02/ 0.05b. Stock Timing (Cash on sells) 11.1(8.0) -2.1(7.0) — — -3.2(7.2)/2.6 12/31/06 1.34 Hi — — 0.62 0.23 0.01 — — -0.01/ 0.05c. Stock Timing (Short on sells) -9.6(8.0) -23.9(7.6) — — -24.0(7.7)/2.6 12/31/06 2.09 VHi — — 0.07 -0.11 -0.12 — — -0.15/ 0.05

9.4 0.10The Dines Letter (Average) -3.5 -6.1 6.5 9.4 5.6/10.9 6/30/80 1.94 VHi — — 0.48 -0.02 0.02 0.09 0.10 0.05/ 0.136.5 10.8 14.6 10.909.4 0.11 0.17 0.16a. Good Grade Portfolio 13.6 6.5 10.8 14.6 10.9/9.4 12/31/88 1.55 VHi 7(885) A 0.56 0.39 0.11 0.17 0.16 0.12/ 0.13

9.0 7.6 0.10b. Long-Term Growth Portfolio -0.6 -13.3 9.0 7.6 10.1/10.9 6/30/80 2.18 VHi 6(1681) A 0.52 0.02 -0.01 0.11 0.10 0.09/ 0.133.2 10.8 8.2 0.07 0.09c. Precious Metals Portfolio -2.4 3.2 10.8 8.2 6.1/9.4 12/31/88 2.00 VHi 7(2654) A 0.30 -0.04 0.07 0.13 0.09 0.07/ 0.13

d. Nearer-Term Trading Portfolio -12.9 -24.2 -12.5 -0.8 -4.2/10.9 6/30/80 3.34 VHi 4(436) A 0.31 -0.13 -0.03 -0.01 0.06 0.02/ 0.13Nearer-Term Trading Portfolio—Timing only 8.8(0.6) -1.0(0.6) 5.2(0.7) 4.5(1.4) 8.3(3.1)/10.9 6/30/80 0.74 Lo — — 0.85 0.41 0.00 0.09 0.06 0.10/ 0.13

e. Low-Priced Stocks Portfolio -9.6 -26.8 -4.7 -2.5 -6.5/8.1 12/31/93 3.55 VHi 4(709) A 0.31 -0.07 -0.04 0.05 0.06 0.02/ 0.1116.4015.8f. Rare Earth Stocks Portfolio -12.0 — — — 16.4/15.8 5/31/09 3.70 VHi 5(817) A 0.69 -0.04 — — — 0.15/ 0.30

2.4(2.7) 0.06g. Timing Only: 100% Cash on IT Sells -7.1(4.0) 2.4(2.7) 3.0(2.5) 2.7(3.0) 5.6(2.6)/ 9.8 12/31/87 0.77 Lo — — 0.62 -0.27 0.06 0.05 0.02 0.06/ 0.13h. Timing Only: 100% Short on IT Sells -16.2(5.5) 0.2(3.1) -4.8(3.4) -1.4(3.7) 1.0(3.0)/ 9.8 12/31/87 0.89 Lo — — 0.34 -0.51 0.02 -0.13 -0.06 -0.04/ 0.13i. Timing Only: 100% Cash on ST Sells -1.5(6.0) 1.6(5.8) 2.6(5.6) 3.2(5.8) 8.6(4.8)/10.9 6/30/80 0.71 Lo — — 0.72 -0.03 0.04 0.04 0.04 0.11/ 0.13j. Timing Only: 100% Short on ST Sells -13.6(7.5) -2.7(6.7) -3.8(6.7) -0.3(6.9) 1.5(5.3)/10.9 6/30/80 0.97 Avg — — 0.15 -0.35 -0.03 -0.10 -0.03 -0.04/ 0.13

Dividend Genius -3.8 — — — 8.3/15.2 12/31/08 0.90 Lo 12(573) A 0.69 -0.08 — — — 0.17/ 0.26The Dividend Machine (Average) 8.1 — — — 8.5/13.7 7/31/10 0.61 Lo — — 0.91 0.31 — — — 0.27/ 0.27

18.3013.7 0.510 0.27a. Conservative Portfolio 13.7 — — — 18.3/13.7 7/31/10 0.66 Lo 14(959) A 0.77 0.40 — — — 0.51/ 0.27 0.46Conservative Portfolio—Timing Only 15.5(0.3) — — — 12.8(0.2)/13.7 7/31/10 0.93 Avg — — 1.00 0.46 — — — 0.27/ 0.27

b. Aggressive Portfolio 9.4 — — — 1.0/13.7 7/31/10 1.09 Avg 11(701) A 0.82 0.18 — — — 0.04/ 0.27Aggressive Portfolio—Timing Only 12.1(0.2) — — — 9.3(0.3)/13.7 7/31/10 0.72 Lo — — 0.98 0.43 — — — 0.26/ 0.27

c. International Portfolio 0.4 — — — 0.3/4.3 4/30/11 0.15 VLo 4(360) A 0.54 0.03 — — — 0.04/ 0.10*Doug Fabian’s High Monthly Income — — — — 1.8/6.3 6/30/12 0.36 VLo 4(n/a) A -0.14 — — — — 0.58/ 0.71Doug Fabian’s Successful Investing (Average) -0.2 -0.8 0.9 1.4 7.4/10.9 6/30/80 0.68 Lo — — 0.52 -0.03 -0.07 -0.03 -0.02 0.08/ 0.13

*a. Fabian Portfolio -0.2 -0.8 0.9 — 0.9/7.9 12/31/02 0.37 VLo 4(224) A 0.35 -0.03 -0.07 -0.03 — -0.03/ 0.14b. Domestic Funds Composite—Timing only 4.3(4.0) -0.4(3.4) 2.3(3.2) 1.9(3.0) 9.3(2.3)/10.9 6/30/80 0.70 Lo — — 0.69 0.13 -0.01 0.03 0.00 0.12/ 0.13

8.6 6.1 0.17 0.10Dow Theory Forecasts (Average) 13.8 1.3 8.6 6.1 9.6/10.9 6/30/80 0.88 Lo — — 0.95 0.37 0.04 0.17 0.10 0.11/ 0.138.2 0.16 0.07a. Buy List 13.6 -0.2 8.2 4.7 6.8/7.2 12/31/95 0.82 Lo 28(666) A 0.86 0.31 0.01 0.16 0.07 0.10/ 0.10

5.4 7.407.2 0.15 0.08 0.110 0.10b. Focus List 13.9 0.6 7.9 5.4 7.4/7.2 12/31/95 0.92 Avg 15(647) B 0.85 0.34 0.03 0.15 0.08 0.11/ 0.102.8 8.5 6.2 0.07 0.18 0.10 0.120 0.10*c. Conservative Portfolio 13.4 2.8 8.5 6.2 7.1/7.2 12/31/95 0.74 Lo 14(1237) A 0.97 0.43 0.07 0.18 0.10 0.12/ 0.10

Conservative Portfolio—Timing only 16.1(0.0) 2.0(0.0) 7.9(0.0) 4.9(0.0) 7.2(0.0)/7.2 12/31/95 1.00 Avg — — 1.00 0.44 0.05 0.14 0.06 0.10/ 0.109.2 6.5 7.707.2 0.16 0.09 0.110 0.10*d. Growth Portfolio 14.8 1.0 9.2 6.5 7.7/7.2 12/31/95 1.01 Avg 14(919) A 0.95 0.41 0.04 0.16 0.09 0.11/ 0.10

2.2 0.06 0.15e. Long Term Buy List 13.4 2.2 7.0 — 4.9/5.4 4/30/02 0.75 Lo 37(912) A 0.94 0.35 0.06 0.15 — 0.09/ 0.09f. Timing-Only: Interpretation of Dow Theory 16.1(0.0) -8.6(1.4) 0.8(1.1) -0.5(1.1) 6.2(0.8)/10.5 12/31/84 0.88 Lo — — 0.41 0.44 -0.11 0.00 -0.05 0.06/ 0.14g. Recommended equity exposure 13.8(0.2) 1.4(0.4) 6.8(0.3) 4.3(0.3) 10.2(0.2)/10.9 6/30/80 0.90 Lo — — 0.99 0.43 0.04 0.14 0.06 0.12/ 0.13

The Dow Theory.com/Schannep Timing Indicator Newsletter2.9 0.08*a.The Composite Timing Indicator Portfolio 8.8 2.9 — — 5.1/6.1 10/31/03 0.71 Lo 3(1376) A 0.77 0.24 0.08 — — 0.10/ 0.10

6.2(1.1) 8.5(0.9) 5.9(1.0)04.9 0.14 0.18 0.120 0.08b. Timing-only: Schannep Timing Indicator; cash on sells 16.1(0.0) 6.2(1.1) 8.5(0.9) — 5.9(1.0)/4.9 12/31/01 0.76 Lo — — 0.84 0.44 0.14 0.18 — 0.12/ 0.0811.0(1.2) 9.6(0.9) 7.6(1.1)04.9 0.21 0.19 0.140 0.08c. Timing-only: Schannep Timing Indicator; short on sells16.1(0.0) 11.0(1.2) 9.6(0.9) — 7.6(1.1)/4.9 12/31/01 0.83 Lo — — 0.55 0.44 0.21 0.19 — 0.14/ 0.08

5.1(2.6) 0.12 0.15d. Timing-only: TheDowTheory.com; cash on sells 5.2(3.0) 5.1(2.6) 7.1(1.8) — 4.0(1.9)/4.9 12/31/01 0.73 Lo — — 0.74 0.15 0.12 0.15 — 0.07/ 0.085.6(3.2) 0.11e. Timing-only: TheDowTheory.com; short on sells -5.2(3.0) 5.6(3.2) 4.1(2.2) — 2.5(2.3)/4.9 12/31/01 0.96 Avg — — 0.26 -0.09 0.11 0.07 — 0.04/ 0.084.4(1.8) 0.11 0.16 0.100 0.08f. Timing-only: The Composite Indicator 10.6(1.5) 4.4(1.8) 7.3(1.3) — 4.9(1.4)/4.9 12/31/01 0.71 Lo — — 0.82 0.31 0.11 0.16 — 0.10/ 0.08

Dow Theory Letters2.2(13.6) 0.06a. Timing only: PTI—Cash on sells 11.8(6.0) 2.2(13.6) 6.6(10.9) — 0.6(11.5)/2.0 8/31/00 0.82 Lo — — 0.76 0.35 0.06 0.13 — -0.01/ 0.03

b. Timing only: PTI—Short on sells 7.6(6.0) 1.1(13.6) 4.4(11.3) — -2.0(12.2)/2.0 8/31/00 1.05 Avg — — 0.28 0.22 0.04 0.07 — -0.04/ 0.03*ETF Profit Report -0.2 — — — -6.0/ 9.9 3/31/10 1.05 Avg 14(514) A 0.82 0.02 — — — -0.09/ 0.19

0.290 0.22*ETF Selections & Timing (Average) 2.0 — — — 4.2/11.1 12/31/09 0.26 VLo — — 0.51 0.22 — — — 0.29/ 0.22 0.260 0.22*a. Income Portfolio 3.3 — — — 3.4/11.1 12/31/09 0.23 VLo 2(118) A 0.28 0.29 — — — 0.26/ 0.22 0.230 0.22*b. Growth Portfolio 0.6 — — — 4.9/11.1 12/31/09 0.40 VLo 5(21) A 0.50 0.04 — — — 0.23/ 0.22

Growth Portfolio—Timing Only 0.4(7.6) — — — 3.6(6.0)/11.1 12/31/09 0.39 VLo — — 0.56 0.03 — — — 0.17/ 0.22*ETF Trader (Average) 7.5 1.4 — — 5.1/5.9 8/31/04 0.98 Avg — — 0.90 0.23 0.04 — — 0.08/ 0.10

*a. Sector Model 7.4 0.3 — — 4.6/5.9 8/31/04 0.92 Avg 7(161) A 0.91 0.29 0.02 — — 0.08/ 0.103.4 6.305.9 0.07*b. Total Market Model 15.4 3.4 — — 6.3/5.9 8/31/04 1.06 Avg 3(212) A 0.94 0.42 0.07 — — 0.10/ 0.10

*c. Aggressive Trader Model -7.4 -2.4 — — 1.0/5.0 1/31/05 1.38 Hi 4(213) A 0.65 -0.12 0.00 — — 0.02/ 0.083.5 3.401.8 0.51 0.08 0.070 0.04*d. Beta-Weighted Seasonality Model 15.3 3.5 — — 3.4/1.8 4/30/07 0.82 Lo 10(1021) A 0.93 0.51 0.08 — — 0.07/ 0.04

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17.3 4.4 4.402.0 0.08 0.080 0.05Elliott Gue’s High-Yield International (Average) 17.3 4.4 — — 4.4/2.0 12/31/07 1.12 Hi — — 0.90 0.42 0.08 — — 0.08/ 0.0523.4 5.8 5.802.0 0.53 0.10 0.100 0.05a. Reliable Income Portfolio 23.4 5.8 — — 5.8/2.0 12/31/07 1.05 Avg 26(1005) C 0.85 0.53 0.10 — — 0.10/ 0.05

2.6 2.602.0 0.06 0.060 0.05b. Ultra High Yield Portfolio 11.5 2.6 — — 2.6/2.0 12/31/07 1.28 Hi 16(972) C 0.88 0.28 0.06 — — 0.06/ 0.05The Elliott Wave Financial Forecast

a. Timing Only: Investors: Cash on Sells 0.1(0.0) 0.4(0.0) 1.7(0.0) 2.5(0.0) 7.5(0.8)/10.9 6/30/80 0.44 VLo — — 0.41 0.00 0.00 0.00 0.00 0.12/ 0.13b. Timing Only: Traders: May Go Short -16.1(0.0) -3.3(1.2) -5.6(0.7) -9.0(1.4) -15.1(3.7)/10.5 12/31/84 1.57 VHi — — -0.50 -0.40 -0.04 -0.14 -0.11 -0.20/ 0.14

Equities Special Situations -13.2 -20.1 -8.6 -5.9 -0.4/9.5 12/31/86 2.08 VHi 17(1951) C 0.49 0.01 -0.07 -0.03 -0.01 0.01/ 0.12Eric Dany’s Stock Prospector 12.2 -2.6 1.6 — -3.5/2.3 12/31/99 1.64 VHi 21(234) A 0.72 0.28 0.00 0.03 — -0.02/ 0.03

21.5 9.208.9 0.45FRC Investment Letter 21.5 — — — 9.2/8.9 7/31/11 1.24 Hi 22(759) A 0.97 0.45 — — — 0.16/ 0.1816.7 4.1 5.4 0.68 0.10 0.09 0.150 0.13The F.X.C. Newsletter 16.7 4.1 6.9 5.4 9.2/ 9.8 12/31/87 0.72 Lo 27(2517) B 0.68 0.68 0.10 0.14 0.09 0.15/ 0.13

Fibtimer Report (Average) 6.2 — — — 0.1/8.3 12/31/10 0.60 Lo — — 0.69 0.23 — — — 0.01/ 0.1917.0 0.48*a. Sector Fund Timer Portfolio 17.0 — — — 0.0/8.3 12/31/10 1.02 Avg 11(26) B 0.66 0.48 — — — 0.02/ 0.1917.9* b. Small Cap Fund Timer 17.9 — — — 4.1/8.3 12/31/10 1.45 Hi 1(20) B 0.52 0.30 — — — 0.09/ 0.19

24.4(12.0) 11.8(12.0)08.3 0.51 0.240 0.19Small Cap Fund Timer—Timing Only 24.4(12.0) — — — 11.8(12.0)/8.3 12/31/10 1.07 Avg — — 0.53 0.51 — — — 0.24/ 0.19*c. Gold Fund Timer Portfolio -7.8 — — — -17.1/8.3 12/31/10 1.07 Avg 0(n/a) B 0.34 -0.31 — — — -0.35/ 0.19

22.8*d. Conservative S&P Timer Portfolio 22.8 — — — 5.6/8.3 12/31/10 1.19 Hi 1(369) B 0.69 0.42 — — — 0.12/ 0.1924.1(0.0) 0.45Conservative S&P Timer Portfolio—Timing Only 24.1(0.0) — — — 6.4(1.5)/8.3 12/31/10 1.21 Hi — — 0.69 0.45 — — — 0.13/ 0.19

*e. International Fund Timer Portfolio -0.6 — — — -3.9/8.3 12/31/10 0.76 Lo 1(111) B 0.49 -0.01 — — — -0.10/ 0.1917.8 0.45*f. Conservative REIT Timer Portfolio 17.8 — — — 6.6/8.3 12/31/10 0.95 Avg 1(369) B 0.57 0.45 — — — 0.16/ 0.19

*g. Diversified Timing Portfolio 6.0 — — — 0.8/8.3 12/31/10 0.71 Lo 3(146) A 0.54 0.19 — — — 0.04/ 0.19*h. Bull & Bear Pro Timer Portfolio 9.1 — — — -2.8/8.3 12/31/10 0.98 Avg 1(20) A 0.68 0.21 — — — -0.04/ 0.19

Bull & Bear Pro Timer Portfolio—Timing Only 8.9(11.0) — — — -3.4(12.8)/8.3 12/31/10 0.93 Avg — — 0.76 0.23 — — — -0.06/ 0.19*i. U.S. Dollar Fund Timer Portfolio -7.5 — — — -1.3/8.3 12/31/10 0.49 VLo 1(47) B -0.14 -0.38 — — — -0.05/ 0.19*j. Bond Fund Timer Portfolio -21.1 — — — -4.8/8.3 12/31/10 1.32 Hi 0(n/a) B -0.62 -0.68 — — — -0.06/ 0.19*k. ETF Timer Portfolio 10.1 — — — -0.4/8.3 12/31/10 0.82 Lo 12(29) B 0.75 0.28 — — — 0.00/ 0.19

9.108.3l. Stock Timer Portfolio 14.7 — — — 9.1/8.3 12/31/10 1.16 Hi 3(59) B 0.58 0.29 — — — 0.18/ 0.196.4 7.206.3 0.10 0.110 0.09*Fidelity Independent Adviser (Average) 12.6 -0.4 7.9 6.4 7.2/6.3 12/31/96 0.89 Lo — — 0.95 0.40 0.01 0.14 0.10 0.11/ 0.09

10.3 9.1 9.806.3 0.17 0.12 0.130 0.09*a. Select Portfolio-Aggressive Growth 14.9 0.9 10.3 9.1 9.8/6.3 12/31/96 1.23 Hi 6(547) A 0.87 0.35 0.04 0.17 0.12 0.13/ 0.0917.3 8.9 6.5 7.706.3 0.15 0.09 0.100 0.09*b. Growth Portfolio—Straight Growth 17.3 0.9 8.9 6.5 7.7/6.3 12/31/96 1.09 Avg 4(642) A 0.94 0.43 0.04 0.15 0.09 0.10/ 0.09

2.1(0.0) 6.4(0.0)06.3 0.07Growth Portfolio—Straight Growth—Timing only 16.0(0.0) 2.1(0.0) 7.9(0.0) 4.9(0.1) 6.4(0.0)/6.3 12/31/96 1.00 Avg — — 1.00 0.44 0.05 0.14 0.07 0.09/ 0.098.0 6.7 8.006.3 0.51 0.15 0.10 0.120 0.09*c. Growth & Income Port.—Moderate Growth 14.9 1.7 8.0 6.7 8.0/6.3 12/31/96 0.89 Lo 5(397) A 0.94 0.51 0.05 0.15 0.10 0.12/ 0.09

9.7 6.5 6.606.3 0.09*d. International Portfolio 9.8 -7.9 9.7 6.5 6.6/6.3 12/31/96 1.16 Hi 5(271) A 0.84 0.24 -0.06 0.14 0.09 0.08/ 0.096.5 6.0 0.79 0.21 0.24 0.17 0.180 0.09*e. Retirement Income Portfolio 9.7 6.5 7.3 6.0 6.3/6.3 12/31/96 0.36 VLo 5(646) A 0.72 0.79 0.21 0.24 0.17 0.18/ 0.09

18.0*f. NTF Sector Portfolio—Aggressive Growth 18.0 -1.7 7.1 — 5.4/5.6 10/31/01 1.02 Avg 6(600) A 0.92 0.43 0.00 0.12 — 0.09/ 0.09*g. NTF Growth Portfolio—Straight Growth 16.1 -2.2 5.6 — 4.4/5.6 10/31/01 1.05 Avg 6(476) A 0.95 0.39 0.00 0.09 — 0.07/ 0.09

NTF Growth Portfolio—Timing Only 16.1(0.0) 1.9(0.0) 7.8(0.0) — 5.6(0.0)/5.6 10/31/01 1.00 Avg — — 1.00 0.44 0.05 0.13 — 0.09/ 0.092.2 6.305.6 0.49 0.120 0.09*h. NTF Growth & Inc. Portfolio—Moderate Growth 14.5 2.2 7.6 — 6.3/5.6 10/31/01 0.83 Lo 5(976) A 0.96 0.49 0.05 0.14 — 0.12/ 0.09

0.45*i. Vanguard 401k Portfolio 11.1 -0.2 — — 0.4/2.3 1/31/07 0.75 Lo 4(779) A 0.95 0.45 0.01 — — 0.01/ 0.05*j. American 401k Portfolio 11.5 -2.4 — — -0.2/2.3 1/31/07 0.80 Lo 5(486) A 0.95 0.43 -0.03 — — 0.00/ 0.05

0.240 0.22*k. TIAA-CREF 403b Mutual Fund Portfolio 12.6 — — — 10.0/12.8 10/31/08 0.70 Lo 5(870) A 0.98 0.36 — — — 0.24/ 0.22*l. NTF Bear Market Portfolio-Hedged Growth — — — — -1.4/5.2 7/31/12 0.20 VLo 7(175) A -0.04 — — — — -0.97/ 0.65*m. NTF Oversold Value Portfolio-Aggressive Value — — — — 4.8/5.2 7/31/12 1.16 Hi 7(173) A 0.86 — — — — 0.52/ 0.65

*Fidelity Independent Adviser ETF Report (Average) 10.0 -0.2 — — 2.7/3.7 9/30/06 0.79 Lo — — 0.87 0.38 0.01 — — 0.05/ 0.07*a. ETF Sector Portfolio 10.4 -1.2 — — 2.3/3.7 9/30/06 0.95 Avg 7(622) A 0.78 0.29 0.00 — — 0.04/ 0.07*b. ETF Growth Portfolio 11.4 1.3 — — 3.1/3.7 9/30/06 0.85 Lo 5(708) A 0.95 0.42 0.04 — — 0.06/ 0.07

0.64*c. ETF Growth & Income Portfolio 12.0 1.0 — — 2.7/3.7 9/30/06 0.69 Lo 4(572) A 0.84 0.64 0.03 — — 0.05/ 0.072.5 0.66 0.07 0.080 0.07*d. ETF Retirement Income Portfolio 13.5 2.5 — — 3.7/3.7 9/30/06 0.58 VLo 6(979) A 0.85 0.66 0.07 — — 0.08/ 0.07

*e. ETF International Portfolio 11.6 -3.6 — — 2.5/3.7 9/30/06 1.06 Avg 5(309) A 0.81 0.29 -0.03 — — 0.05/ 0.07*f. ETF Oversold Value Portfolio — — — — 3.1/5.2 7/31/12 1.01 Avg 7(184) A 0.44 — — — — 0.39/ 0.65*g. ETF Bear Market Portfolio — — — — -7.9/5.2 7/31/12 0.54 VLo 8(94) A -0.49 — — — — -1.96/ 0.65

*Fidelity Independent Adv Sector Momentum Tracker (Avg) 11.0 -2.7 — — 3.9/5.9 7/31/04 1.06 Avg — — 0.83 0.32 -0.02 — — 0.06/ 0.106.005.9*a. Fidelity Sector Momentum Portfolio 14.8 0.6 — — 6.0/5.9 7/31/04 1.14 Hi 10(162) A 0.87 0.39 0.03 — — 0.09/ 0.10

*b. ETF Sector Momentum Portfolio 13.3 -1.9 — — 0.5/3.9 1/31/06 0.93 Avg 10(94) A 0.75 0.38 -0.01 — — 0.00/ 0.06*c. ETF International Momentum Portfolio 9.5 -7.4 — — 0.9/4.0 2/28/06 1.28 Hi 10(126) A 0.75 0.22 -0.07 — — 0.02/ 0.07*d. Dynamic Global ETF Service 6.2 — — — 1.0/4.9 6/30/08 0.62 Lo 13(231) A 0.75 0.22 — — — 0.04/ 0.10

8.3 7.003.7 0.45 0.15 0.110 0.05*Fidelity Investor (Average) 14.6 1.6 8.3 — 7.0/3.7 12/31/98 0.84 Lo — — 0.92 0.45 0.05 0.15 — 0.11/ 0.05 9.6 8.003.7 0.47 0.17 0.120 0.05*a. Growth Portfolio 15.2 1.2 9.6 — 8.0/3.7 12/31/98 0.95 Avg 11(655) A 0.91 0.47 0.04 0.17 — 0.12/ 0.05

2.8(0.1) 8.0(0.2) 0.06Growth Portfolio—Timing Only 16.1(0.0) 2.8(0.1) 8.0(0.2) — 3.5(0.3)/3.7 12/31/98 0.96 Avg — — 1.00 0.44 0.06 0.14 — 0.05/ 0.053.7 5.703.7 0.52 0.10 0.17 0.120 0.05*b. Income Portfolio 12.4 3.7 6.8 — 5.7/3.7 12/31/98 0.58 VLo 11(713) A 0.93 0.52 0.10 0.17 — 0.12/ 0.05

3.5(0.2) 0.08 0.15Income Portfolio—Timing Only 15.3(0.0) 3.5(0.2) 7.6(0.2) — 3.7(0.3)/3.7 12/31/98 0.85 Lo — — 0.99 0.44 0.08 0.15 — 0.05/ 0.056.403.7 0.46 0.110 0.05*c. Growth & Income Portfolio 13.4 1.5 6.8 — 6.4/3.7 12/31/98 0.76 Lo 11(686) A 0.92 0.46 0.04 0.14 — 0.11/ 0.05

2.1(0.2)Growth & Income Portfolio—Timing Only 14.7(0.0) 2.1(0.2) 7.3(0.2) — 3.5(0.3)/3.7 12/31/98 0.92 Avg — — 1.00 0.43 0.05 0.14 — 0.04/ 0.0510.1 5.902.3 0.46 0.17 0.090 0.03*d. Aggressive Growth Portfolio 14.6 0.7 10.1 — 5.9/2.3 12/31/99 1.00 Avg 9(654) A 0.91 0.46 0.03 0.17 — 0.09/ 0.03

2.8(0.1) 8.2(0.1) 2.5(0.3)02.3 0.06 0.15Aggressive Growth Portfolio—Timing Only 16.1(0.0) 2.8(0.1) 8.2(0.1) — 2.5(0.3)/2.3 12/31/99 0.96 Avg — — 1.00 0.44 0.06 0.15 — 0.03/ 0.0317.4*e. Global Quant Portfolio 17.4 0.3 — — 2.1/2.5 3/31/07 1.16 Hi 10(507) A 0.96 0.39 0.03 — — 0.05/ 0.05

2.4 8.6 6.7 10.409.5 0.46 0.06 0.17 0.11 0.150 0.12*Fidelity Monitor & Insight (Average) 15.2 2.4 8.6 6.7 10.4/9.5 12/31/86 0.88 Lo — — 0.93 0.46 0.06 0.17 0.11 0.15/ 0.128.6 5.9 11.009.5 0.08 0.140 0.12*a. Growth Model 16.0 0.2 8.6 5.9 11.0/9.5 12/31/86 1.04 Avg 5(259) A 0.95 0.42 0.03 0.14 0.08 0.14/ 0.12

19.2 9.5 7.4 11.609.5 0.45 0.15 0.10 0.140 0.12*b. Select Model 19.2 2.0 9.5 7.4 11.6/9.5 12/31/86 1.20 Hi 6(466) A 0.90 0.45 0.05 0.15 0.10 0.14/ 0.126.5 5.1 0.70 0.24 0.22 0.15 0.190 0.12*c. Income Model 10.7 6.5 6.0 5.1 6.1/8.3 12/31/91 0.30 VLo 6(189) A 0.50 0.70 0.24 0.22 0.15 0.19/ 0.12

6.4 0.45 0.17 0.11 0.140 0.11*d. Growth & Income Model 13.3 1.6 7.6 6.4 7.7/8.1 12/31/93 0.66 Lo 5(335) A 0.94 0.45 0.05 0.17 0.11 0.14/ 0.1116.7 10.3 5.802.3 0.15 0.080 0.03*e. Unique Opportunities Model 16.7 0.0 10.3 — 5.8/2.3 12/31/99 1.12 Hi 5(256) A 0.89 0.39 0.03 0.15 — 0.08/ 0.03


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2.9 8.1 6.604.9 0.08 0.21 0.160 0.08*Fidelity Navigator (Average) 10.2 2.9 8.1 — 6.6/4.9 12/31/01 0.61 Lo — — 0.81 0.39 0.08 0.21 — 0.16/ 0.082.1 10.3 8.704.9 0.19 0.160 0.08*a. Capital Appreciation Portfolio 12.2 2.1 10.3 — 8.7/4.9 12/31/01 0.90 Lo 5(1028) A 0.74 0.32 0.05 0.19 — 0.16/ 0.08

5.804.9 0.17 0.130 0.08*b. Growth & Income Portfolio 10.0 0.4 7.2 — 5.8/4.9 12/31/01 0.66 Lo 5(945) A 0.78 0.37 0.02 0.17 — 0.13/ 0.085.9 6.504.9 0.57 0.21 0.24 0.240 0.08*c. Income Portfolio 8.2 5.9 6.6 — 6.5/4.9 12/31/01 0.37 VLo 4(1479) A 0.66 0.57 0.21 0.24 — 0.24/ 0.084.2 10.0 5.202.3 0.08 0.16 0.070 0.03*Fidelity Sector Investor (Average) 13.4 4.2 10.0 — 5.2/2.3 12/31/99 1.07 Avg — — 0.86 0.39 0.08 0.16 — 0.07/ 0.03

21.9 9.2 13.0 5.503.6 0.55 0.14 0.20 0.080 0.05a. FSI Technology-Plus Portfolio 21.9 9.2 13.0 — 5.5/3.6 11/30/00 1.28 Hi 3(565) A 0.89 0.55 0.14 0.20 — 0.08/ 0.055.2 10.1 5.602.3 0.10 0.17 0.080 0.03*b. FSI Market Masters Portfolio 14.9 5.2 10.1 — 5.6/2.3 12/31/99 1.02 Avg 7(208) A 0.86 0.42 0.10 0.17 — 0.08/ 0.03

2.3(0.3) 8.0(0.1) 2.5(0.2)02.3 0.06FSI Market Masters Portfolio—Timing Only 16.1(0.1) 2.3(0.3) 8.0(0.1) — 2.5(0.2)/2.3 12/31/99 0.99 Avg — — 1.00 0.44 0.06 0.14 — 0.03/ 0.0325.7 0.57* c. FSI Infrastructure-Plus Portfolio 25.7 — — — 14.0/16.1 6/30/09 1.14 Hi 3(400) A 0.81 0.57 — — — 0.24/ 0.30

*d. FSI Commodity-Plus Portfolio -6.8 — — — 3.0/16.1 6/30/09 0.94 Avg 3(147) A 0.62 -0.19 — — — 0.08/ 0.30*Forbes ETF Advisor (Average) 13.1 — — — 6.5/8.3 12/31/10 0.87 Lo — — 0.98 0.41 — — — 0.17/ 0.19

* a. Aggressive Growth Portfolio 15.1 — — — 6.5/8.3 12/31/10 1.00 Avg 10(n/a) A 0.97 0.42 — — — 0.15/ 0.19*b. Growth Portfolio 14.4 — — — 7.5/8.3 12/31/10 0.91 Avg 11(n/a) A 0.98 0.44 — — — 0.19/ 0.19

0.46 0.240 0.19*c. Growth & Income Portfolio 11.4 — — — 7.6/8.3 12/31/10 0.67 Lo 12(n/a) A 0.98 0.46 — — — 0.24/ 0.19*d. Global Quant Portfolio 13.7 — — — 7.1/8.3 12/31/10 1.06 Avg 10(n/a) A 0.95 0.32 — — — 0.16/ 0.19*e. Long/Short Portfolio 11.0 — — — 3.4/8.3 12/31/10 0.77 Lo 10(n/a) A 0.97 0.44 — — — 0.11/ 0.19

Forbes Investor (Average) 4.0 -4.8 4.3 — 2.6/4.9 12/31/01 1.31 Hi — — 0.90 0.08 -0.02 0.07 — 0.04/ 0.0818.7 8.9 6.904.9 0.100 0.08a. Master Buy List 18.7 0.7 8.9 — 6.9/4.9 12/31/01 1.31 Hi 37(311) C 0.94 0.29 0.04 0.13 — 0.10/ 0.08

b. Income Growth Portfolio -14.0 — — — -0.7/17.1 4/30/09 1.60 VHi 5(67) C 0.78 -0.12 — — — 0.03/ 0.32c. Core Growth Portfolio 8.8 — — — 9.2/15.7 11/30/11 1.89 VHi 10(n/a) C 0.77 0.15 — — — 0.16/ 0.44

16.8*Forbes/ISA Closed End Fund & ETF Report (Average) 16.8 — — — 3.5/5.8 3/31/11 0.96 Avg — — 0.91 0.44 — — — 0.09/ 0.13*a. Inflation Portfolio 13.3 — — — 2.4/5.8 3/31/11 1.31 Hi 5(968) A 0.70 0.27 — — — 0.06/ 0.13*b. High Variance Portfolio 11.1 — — — 0.2/5.8 3/31/11 0.63 Lo 3(193) A 0.85 0.39 — — — 0.02/ 0.13

28.1 8.305.8 0.80 0.180 0.13*c. Deep Discount Portfolio 28.1 — — — 8.3/5.8 3/31/11 1.02 Avg 4(840) A 0.92 0.80 — — — 0.18/ 0.1316.5*d. Low Expense Ratio Portfolio 16.5 — — — 3.0/5.8 3/31/11 1.14 Hi 4(893) A 0.98 0.39 — — — 0.08/ 0.13

*e. Opportunistic Portfolio 15.2 — — — 15.2/16.1 12/31/11 1.32 Hi 4(278) A 0.70 0.32 — — — 0.32/ 0.442.3 0.06Forbes/Lehmann Income Securities Investor (Average) 12.9 2.3 — — 2.5/5.5 12/31/03 1.01 Avg — — 0.72 0.37 0.06 — — 0.04/ 0.09

16.3 6.1 0.60 0.11a. Low-risk Portfolio 16.3 6.1 — — 2.5/5.5 12/31/03 1.06 Avg 10(440) A 0.35 0.60 0.11 — — 0.04/ 0.097.1 0.12b. Medium-risk Portfolio 12.0 7.1 — — 4.6/5.5 12/31/03 1.04 Avg 10(486) A 0.56 0.29 0.12 — — 0.07/ 0.09

25.5 4.4 0.68 0.08c. High-risk Portfolio 25.5 4.4 — — 2.2/5.5 12/31/03 1.20 Hi 10(520) A 0.76 0.68 0.08 — — 0.03/ 0.09d. Multi-driver Portfolio -1.3 — — — -3.8/3.4 1/31/08 1.14 Hi 10(650) A 0.82 -0.01 — — — -0.02/ 0.07

11.6 17.7 12.404.9 0.15 0.22 0.160 0.08Forbes Special Situation Survey 7.1 11.6 17.7 — 12.4/4.9 12/31/01 1.53 VHi 13(236) C 0.85 0.12 0.15 0.22 — 0.16/ 0.08Forbes/Wolfe Emerging Tech Report 15.2 -8.4 — — -2.8/8.2 1/31/03 1.79 VHi 12(2712) C 0.80 0.23 -0.04 — — -0.01/ 0.14

28.0 2.702.0 0.070 0.05Ford ADR Research 28.0 0.6 — — 2.7/2.0 8/31/07 1.55 VHi 30(94) C 0.94 0.44 0.05 — — 0.07/ 0.0533.7 0.61Ford Equity Research Investment Review 33.7 -0.3 6.7 3.9 5.8/8.7 12/31/89 1.32 Hi 30(171) C 0.80 0.61 0.04 0.09 0.05 0.06/ 0.12

3.5 0.62 0.08 0.16 0.160 0.14*Fosback’s Fund Forecaster (Average) 14.9 3.5 7.8 — 7.8/7.9 12/31/02 0.78 Lo — — 0.76 0.62 0.08 0.16 — 0.16/ 0.1413.2 9.6 9.607.9 1.20 0.55 0.43 0.430 0.14*a. Balanced Income Portfolio 13.4 13.2 9.6 — 9.6/7.9 12/31/02 0.34 VLo 4(n/a) A 0.49 1.20 0.55 0.43 — 0.43/ 0.1415.2 10.9 10.907.9 1.12 0.54 0.43 0.430 0.14*b. Income Timing Portfolio 15.2 15.2 10.9 — 10.9/7.9 12/31/02 0.39 VLo 3(n/a) A 0.56 1.12 0.54 0.43 — 0.43/ 0.1410.9 9.7 9.707.9 1.07 0.29 0.29 0.290 0.14*c. High Current Return Portfolio 15.6 10.9 9.7 — 9.7/7.9 12/31/02 0.53 VLo 3(n/a) A 0.72 1.07 0.29 0.29 — 0.29/ 0.14

8.6 8.607.9*d. Aggressive Growth Portfolio 15.0 -6.8 8.6 — 8.6/7.9 12/31/02 1.55 VHi 6(n/a) A 0.91 0.26 -0.03 0.12 — 0.12/ 0.148.8 8.807.9 0.46 0.17 0.170 0.14*e. Conservative Growth Portfolio 14.7 1.6 8.8 — 8.8/7.9 12/31/02 0.85 Lo 4(n/a) A 0.95 0.46 0.05 0.17 — 0.17/ 0.14

5.5 8.6 8.607.9 0.66 0.12 0.18 0.180 0.14*f. Growth & Income Portfolio 14.5 5.5 8.6 — 8.6/7.9 12/31/02 0.76 Lo 5(n/a) A 0.93 0.66 0.12 0.18 — 0.18/ 0.14g. Seasonality System—Timing Only 7.0(28.0) 1.0(28.8) 5.4(30.7) — 5.4(30.7)/7.9 12/31/02 0.66 Lo — — 0.51 0.29 0.03 0.12 — 0.12/ 0.14

0.250 0.22*The Gleason Report (Average) — — — — 4.7/6.1 2/28/12 0.68 Lo — — 0.94 — — — — 0.25/ 0.22 0.250 0.22*a. The Balanced Portfolio — — — — 4.7/6.1 2/28/12 0.68 Lo 6(n/a) 0.94 — — — — 0.25/ 0.22

b.Timing Only: S&P500 Model — — — — 6.1(0.0)/6.1 2/28/12 1.00 Avg — — 1.00 — — — — 0.22/ 0.2223.5 4.3 16.5 9.5 8.608.1 0.08 0.23 0.13Global Investing (Average) 23.5 4.3 16.5 9.5 8.6/8.1 12/31/93 1.19 Hi — — 0.82 0.40 0.08 0.23 0.13 0.11/ 0.1127.1 3.0 17.6 10.4 10.108.1 0.07 0.21 0.13 0.120 0.11a. Buy and Hold Portfolio 27.1 3.0 17.6 10.4 10.1/8.1 12/31/93 1.39 Hi 30(404) C 0.78 0.40 0.07 0.21 0.13 0.12/ 0.1119.0 4.2 15.4 8.5 0.45 0.08 0.23 0.11b. Closed End Fund Portfolio 19.0 4.2 15.4 8.5 5.9/8.1 12/31/93 1.21 Hi 21(352) C 0.79 0.45 0.08 0.23 0.11 0.07/ 0.1121.7 16.3 5.3 0.06 0.18 0.07c. Speculative Portfolio 21.7 1.1 16.3 5.3 5.1/8.1 12/31/93 2.00 VHi 19(206) C 0.67 0.29 0.06 0.18 0.07 0.06/ 0.1125.2 4.1 13.3 9.9 9.808.1 0.08 0.19 0.14 0.140 0.11d. Yield Portfolio 25.2 4.1 13.3 9.9 9.8/8.1 12/31/93 0.98 Avg 26(239) C 0.52 0.41 0.08 0.19 0.14 0.14/ 0.11

Global Resource Hunter — — — — 1.4/5.2 7/31/12 1.11 Hi 9(94) A 0.58 — — — — 0.16/ 0.65Gold Stock Analyst -6.5 — — — -3.6/6.9 6/30/11 2.12 VHi 10(n/a) A 0.53 -0.03 — — — 0.01/ 0.15Gold Stock Bull -7.6 — — — 4.7/13.7 7/31/10 1.75 VHi 7(629) A 0.51 -0.06 — — — 0.09/ 0.27

5.8 6.606.3 0.06 0.15 0.11 0.120 0.09*Good Fortune(Average) 3.3 1.8 5.3 5.8 6.6/6.3 12/31/96 0.63 Lo — — 0.52 0.16 0.06 0.15 0.11 0.12/ 0.095.6 7.006.3 0.07*a. Maximum Compounding Plan 6.8 -4.5 3.9 5.6 7.0/6.3 12/31/96 1.24 Hi 1(7) A 0.39 0.20 -0.05 0.06 0.07 0.09/ 0.09

2.3 0.07 0.07*b. Diversified Plan 0.0 2.3 5.0 4.6 5.3/6.3 12/31/96 0.70 Lo 1(7) A 0.57 0.01 0.07 0.13 0.07 0.08/ 0.095.4 6.4 6.906.3 0.58 0.15 0.15 0.15 0.170 0.09*c. Income Plan 6.2 5.4 6.1 6.4 6.9/6.3 12/31/96 0.45 VLo 1(287) A 0.05 0.58 0.15 0.15 0.15 0.17/ 0.09

d. Timing only: L1—Trend Indicator 16.1(0.0) — — — 9.1(1.4)/15.8 5/31/09 0.77 Lo — — 0.75 0.44 — — — 0.23/ 0.30e. Timing only: L2—Trend/sentiment (Cash on sells) 16.1(0.0) — — — 11.3(1.1)/15.8 5/31/09 0.80 Lo — — 0.78 0.44 — — — 0.27/ 0.30f. Timing Only: L3—Trend/sentiment (Short on sells)16.1(0.0) — — — 11.7(1.7)/15.8 5/31/09 0.89 Lo — — 0.85 0.44 — — — 0.25/ 0.30

The Granville Market Lettera. Traders’ Stock Portfolio—Timing only -16.1(0.0) -4.1(1.2) -2.8(0.9) -1.9(1.1) -1.0(1.7)/10.9 6/30/80 1.05 Avg — — 0.17 -0.40 -0.03 -0.06 -0.04 -0.08/ 0.13

0.07b. Investors’ Stock Portfolio—Timing only 0.1(0.0) 1.0(0.8) 5.1(0.7) 4.7(0.9) 8.7(1.0)/10.9 6/30/80 0.81 Lo — — 0.73 0.00 0.03 0.11 0.07 0.10/ 0.13The Harley Market Letter

a. Timing only—Stock timing model (Cash on sells) 8.4(8.0) -4.1(4.4) — — -4.5(4.3)/2.0 8/31/07 0.90 Avg — — 0.85 0.36 -0.05 — — -0.06/ 0.05b. Timing only—Stock timing model (Short on sells) 5.9(14.0) -7.5(7.0) — — -8.7(6.8)/2.0 8/31/07 1.00 Avg — — 0.55 0.17 -0.09 — — -0.12/ 0.05c. Timing only—LT timing model (Cash on sells) 8.4(8.0) -3.5(4.4) — — -4.0(4.3)/2.0 8/31/07 0.90 Avg — — 0.85 0.36 -0.04 — — -0.05/ 0.05d. Timing only—LT timing model (Short on sells) 5.9(14.0) -6.2(7.0) — — -7.5(6.8)/2.0 8/31/07 0.99 Avg — — 0.55 0.17 -0.07 — — -0.10/ 0.05

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22.7 10.6 9.704.4 0.13 0.120 0.07Hidden Values Alert (Average) 22.7 10.6 — — 9.7/4.4 12/31/05 1.67 VHi — — 0.90 0.34 0.13 — — 0.12/ 0.0724.2 6.2 7.804.4 0.10 0.110 0.07a. Bargain Basement Portfolio 24.2 6.2 — — 7.8/4.4 12/31/05 1.38 Hi 25(313) A 0.88 0.41 0.10 — — 0.11/ 0.0725.4 10.8 10.102.6 0.13 0.120 0.05b. Prime Time Portfolio 25.4 10.8 — — 10.1/2.6 12/31/06 1.96 VHi 19(408) A 0.87 0.37 0.13 — — 0.12/ 0.0517.5 12.6 6.402.6 0.14 0.090 0.05c. Special Situation Portfolio 17.5 12.6 — — 6.4/2.6 12/31/06 1.97 VHi 18(637) A 0.81 0.22 0.14 — — 0.09/ 0.05

Hilary Kramer’s Game Changers 11.7 — — — 17.0/23.4 9/30/11 1.57 VHi 13(114) C 0.93 0.20 — — — 0.25/ 0.49Income Superstars (Average) — — — — -0.9/5.2 7/31/12 0.55 VLo — — 0.40 — — — — -0.22/ 0.65

a. Dad’s Income Portfolio — — — — 0.5/5.2 7/31/12 0.61 Lo 15(469) A 0.46 — — — — 0.10/ 0.65b. Dividend Superstars — — — — -2.4/5.2 7/31/12 0.62 Lo 25(1291) A 0.27 — — — — -0.50/ 0.65

3.0 8.3 6.9 9.008.3 0.48 0.07 0.16 0.11 0.150 0.12*The Independent Adviser for Vanguard Investors12 (Avg) 14.1 3.0 8.3 6.9 9.0/8.3 12/31/91 0.83 Lo — — 0.97 0.48 0.07 0.16 0.11 0.15/ 0.123.5 8.5 6.9 9.008.3 0.46 0.08 0.17 0.11 0.150 0.12*a. Conservative Growth Portfolio 14.7 3.5 8.5 6.9 9.0/8.3 12/31/91 0.82 Lo 8(1322) A 0.96 0.46 0.08 0.17 0.11 0.15/ 0.123.8 5.5 0.59 0.10 0.17 0.10 0.160 0.12*b. Income Portfolio 11.6 3.8 6.6 5.5 7.7/8.3 12/31/91 0.59 VLo 9(920) A 0.93 0.59 0.10 0.17 0.10 0.16/ 0.122.6 9.3 8.8 10.408.3 0.06 0.16 0.13 0.160 0.12*c. Growth Portfolio 15.1 2.6 9.3 8.8 10.4/8.3 12/31/91 0.98 Avg 7(1430) A 0.95 0.44 0.06 0.16 0.13 0.16/ 0.12

Growth Portfolio—Timing only 16.0(0.0) 2.0(0.0) 7.8(0.0) 4.8(0.0) 8.3(0.0)/8.3 12/31/91 1.00 Avg — — 1.00 0.44 0.05 0.14 0.06 0.12/ 0.128.8 6.2 8.007.2 0.46 0.15 0.09 0.110 0.10*d. Growth Index Portfolio 15.0 1.6 8.8 6.2 8.0/7.2 12/31/95 1.01 Avg 7(748) A 0.97 0.46 0.05 0.15 0.09 0.11/ 0.10

Growth Index Portfolio—Timing only 16.1(0.0) 2.0(0.0) 7.9(0.0) 4.9(0.0) 7.2(0.0)/7.2 12/31/95 1.00 Avg — — 1.00 0.44 0.05 0.14 0.06 0.10/ 0.10 0.63*Index Rx (Average) 12.4 -8.2 4.2 — 2.2/3.4 12/31/00 1.05 Avg — — 0.87 0.63 -0.09 0.07 — 0.03/ 0.05 0.69*a. High Dose Rx 11.9 -9.7 2.5 — 1.4/3.4 12/31/00 1.04 Avg 3(182) A 0.85 0.69 -0.11 0.04 — 0.02/ 0.05 0.52*b. Max Dose Rx 10.2 -8.8 4.6 — 2.3/3.4 12/31/00 1.07 Avg 3(60) A 0.87 0.52 -0.10 0.07 — 0.03/ 0.05 0.63*c. ETF (Exchange Traded Fund) Rx 13.8 -7.6 5.3 — 3.2/4.0 4/30/01 1.14 Hi 3(41) A 0.85 0.63 -0.08 0.08 — 0.05/ 0.06 0.63*d. Excel Rx 13.8 -7.1 — — 0.5/5.5 5/31/04 1.21 Hi 3(41) A 0.86 0.63 -0.07 — — 0.01/ 0.09

23.4 22.7018.1Inevitable Wealth 23.4 — — — 22.7/18.1 1/31/09 1.26 Hi 30(472) A 0.93 0.35 — — — 0.31/ 0.31Insider Insights 10.4 -1.4 — — 2.7/4.4 12/31/05 1.14 Hi 29(321) B 0.81 0.21 0.01 — — 0.05/ 0.07

Insider Insights — Timing Only 13.0(1.2) -0.8(2.8) — — 1.1(3.0)/4.4 12/31/05 0.69 Lo — — 0.93 0.38 -0.01 — — 0.00/ 0.0716.5 13.209.3 0.240 0.18Invest By Model (Average) 16.5 — — — 13.2/9.3 4/30/10 1.04 Avg — — 0.93 0.37 — — — 0.24/ 0.1816.3 12.709.3 0.200 0.18a. Top 20 Portfolio 16.3 — — — 12.7/9.3 4/30/10 1.31 Hi 20(189) A 0.89 0.30 — — — 0.20/ 0.18

12.609.3 0.310 0.18b. Conservative Growth/Balanced Portfolio 14.1 — — — 12.6/9.3 4/30/10 0.73 Lo 19(n/a) A 0.93 0.40 — — — 0.31/ 0.1818.7*c. Sector Selector ETF Portfolio 18.7 — — — 4.2/4.3 4/30/11 1.27 Hi 7(368) A 0.97 0.38 — — — 0.09/ 0.10

6.1 10.7 6.8 0.13 0.24 0.13InvesTech Research Portfolio Strategy (Average) 10.8 6.1 10.7 6.8 7.3/10.2 12/31/83 0.67 Lo — — 0.56 0.39 0.13 0.24 0.13 0.10/ 0.136.5 10.9 6.9 0.14 0.25 0.13a. Model Equity Portfolio 9.9 6.5 10.9 6.9 7.3/10.2 12/31/83 0.66 Lo 17(1017) A 0.55 0.36 0.14 0.25 0.13 0.10/ 0.13

5.0(0.3) 0.11 0.16Model Equity Portfolio—Timing only 11.8(0.2) 5.0(0.3) 7.5(0.4) 3.8(0.5) 6.4(0.9)/10.2 12/31/83 0.54 VLo — — 0.78 0.39 0.11 0.16 0.05 0.08/ 0.135.6 10.7 6.8 0.12 0.22 0.13 0.160 0.12b. Model Fund Portfolio 11.7 5.6 10.7 6.8 8.9/ 9.7 12/31/85 0.61 Lo 8(329) A 0.63 0.41 0.12 0.22 0.13 0.16/ 0.12

5.0(0.3) 0.11 0.16Model Fund Portfolio—Timing only 11.9(0.2) 5.0(0.3) 7.3(0.3) 3.5(0.4) 5.8(0.7)/ 9.7 12/31/85 0.53 VLo — — 0.77 0.39 0.11 0.16 0.04 0.08/ 0.12Investment Models Newsletter

a. Timing Only: NYSE Model-Cash on Sells 8.0(8.0) -2.3(10.2) — — 1.5(8.4)/5.2 2/28/04 0.76 Lo — — 0.75 0.25 -0.04 — — 0.01/ 0.08b. Timing Only: NYSE Model-Short on Sells 0.3(8.0) -8.6(10.2) — — -4.0(8.4)/5.2 2/28/04 1.01 Avg — — 0.18 0.02 -0.12 — — -0.08/ 0.08c. Timing Only: NASDAQ Model-Cash on Sells 9.8(12.0) 0.1(13.2) — — 1.6(12.5)/5.2 2/28/04 0.61 Lo — — 0.61 0.41 0.01 — — 0.01/ 0.08d. Timing Only: NASDAQ Model-Short on Sells 3.3(12.0) -4.2(13.2) — — -4.8(12.5)/5.2 2/28/04 0.96 Avg — — -0.20 0.11 -0.05 — — -0.11/ 0.08

4.8 8.2 8.4 10.80 9.7 0.53 0.09 0.13 0.160 0.12Investment Quality Trends (Average) 14.6 4.8 8.2 8.4 10.8/ 9.7 12/31/85 0.87 Lo — — 0.78 0.53 0.09 0.13 0.13 0.16/ 0.124.8 8.2 8.4 10.80 9.7 0.53 0.09 0.13 0.160 0.12a. Model Portfolio 14.6 4.8 8.2 8.4 10.8/ 9.7 12/31/85 0.87 Lo 161(1762) B 0.78 0.53 0.09 0.13 0.13 0.16/ 0.125.1 8.9 10.002.3 0.59 0.11 0.17 0.180 0.03b. Lucky 13 Portfolio 15.2 5.1 8.9 — 10.0/2.3 12/31/99 0.85 Lo 13(732) C 0.67 0.59 0.11 0.17 — 0.18/ 0.036.7 8.304.0 0.14 0.160 0.07c. The Timely Ten 12.6 6.7 — — 8.3/4.0 8/31/06 0.83 Lo 10(115) C 0.89 0.34 0.14 — — 0.16/ 0.07

38.1 6.4 15.1 10.3 12.4010.2 0.72 0.11 0.21 0.14 0.150 0.13The Investment Reporter (Average) 38.1 6.4 15.1 10.3 12.4/10.2 12/31/83 1.11 Hi — — 0.77 0.72 0.11 0.21 0.14 0.15/ 0.1316.7 4.7 15.3 13.2 12.2010.2 0.09 0.23 0.19 0.160 0.13a. Portfolio of Very Conservative Stocks 16.7 4.7 15.3 13.2 12.2/10.2 12/31/83 1.05 Avg 34(5507) B 0.76 0.40 0.09 0.23 0.19 0.16/ 0.1317.5 17.7 13.3 11.4010.2 0.06 0.20 0.15b. Portfolio of Conservative Stocks 17.5 1.4 17.7 13.3 11.4/10.2 12/31/83 1.32 Hi 17(2816) B 0.73 0.30 0.06 0.20 0.15 0.13/ 0.1325.3 5.5 17.3 11.7 0.54 0.10 0.24 0.15c. Portfolio of Average Risk Stocks 25.3 5.5 17.3 11.7 10.0/10.2 12/31/83 1.37 Hi 9(1963) B 0.64 0.54 0.10 0.24 0.15 0.11/ 0.13

209.5 16.6 19.9 7.6 0.63 0.16 0.17 0.09d. Portfolio of Higher Risk Stocks 209.5 16.6 19.9 7.6 9.6/10.2 12/31/83 1.96 VHi 1(273) B 0.49 0.63 0.16 0.17 0.09 0.09/ 0.138.8e. Portfolio of Speculative Stocks 2.4 -5.6 8.8 3.3 8.5/10.2 12/31/83 2.09 VHi 1(1981) B 0.34 0.06 0.03 0.10 0.06 0.08/ 0.13

0.49f. Portfolio of Very Conservative U.S. Stocks 11.7 1.1 5.9 4.3 8.2/8.3 12/31/91 0.95 Avg 12(3753) B 0.80 0.49 0.04 0.11 0.06 0.12/ 0.125.6 8.0 6.1 9.908.3 0.10 0.08 0.140 0.12g. Portfolio of Conservative U.S. Stocks 9.8 5.6 8.0 6.1 9.9/8.3 12/31/91 1.11 Hi 2(4837) B 0.72 0.38 0.10 0.13 0.08 0.14/ 0.12

37.4 11.3 8.8 5.4 14.408.3 1.25 0.16 0.07 0.170 0.12h. Portfolio of Average Risk U.S. Stocks 37.4 11.3 8.8 5.4 14.4/8.3 12/31/91 1.51 VHi 2(2373) B 0.54 1.25 0.16 0.13 0.07 0.17/ 0.1224.6i. Portfolio of Speculative U.S. Stocks 24.6 -20.1 -8.0 -2.1 4.7/8.3 12/31/91 1.96 VHi 1(861) B 0.39 0.25 -0.14 -0.07 0.00 0.06/ 0.12

0.06j. Portfolio of Higher Risk U.S. Stocks 6.6 0.8 4.3 2.3 2.8/6.3 12/31/96 2.05 VHi 3(1764) B 0.63 0.12 0.06 0.07 0.05 0.05/ 0.0912.2 12.004.9 0.17 0.170 0.08k. Income Portfolio 4.7 -1.2 12.2 — 12.0/4.9 12/31/01 1.26 Hi 10(236) B 0.77 0.10 0.02 0.17 — 0.17/ 0.0813.9 12.804.9 0.19 0.180 0.08l. Balanced Portfolio 12.2 -2.4 13.9 — 12.8/4.9 12/31/01 1.31 Hi 10(246) B 0.78 0.21 0.00 0.19 — 0.18/ 0.0812.6 11.504.9 0.17 0.160 0.08m. Growth Portfolio 5.5 -0.2 12.6 — 11.5/4.9 12/31/01 1.31 Hi 10(235) B 0.80 0.13 0.03 0.17 — 0.16/ 0.08

Investment Warrior ReportInvestment Warrior Report: Timing Only 2.9(3.0) — — — -5.7(5.3)/6.9 6/30/11 0.83 Lo — — 0.76 0.09 — — — -0.12/ 0.15

19.5 8.6 11.3 9.9 11.407.2 0.14 0.18 0.13 0.150 0.10Investor Advisory Service 19.5 8.6 11.3 9.9 11.4/7.2 12/31/95 1.14 Hi 46(328) C 0.88 0.41 0.14 0.18 0.13 0.15/ 0.10Investor’s Edge (Average) — — — — -2.0/3.7 4/30/12 0.29 VLo — — 0.50 — — — — -0.30/ 0.16

a. Growth and Value Portfolio — — — — -1.0/3.7 4/30/12 0.32 VLo 35(n/a) A 0.74 — — — — -0.14/ 0.16b. Aggressive Growth Portfolio — — — — -8.4/3.7 4/30/12 0.56 VLo 24(n/a) A 0.32 — — — — -0.66/ 0.16

0.520 0.16c. Lazy, Hazy Days Portfolio — — — — 3.7/3.7 4/30/12 0.29 VLo 1(49) A 0.06 — — — — 0.52/ 0.164.2(1.0)03.7 0.520 0.16Lazy, Hazy Days Portfolio—Timing Only — — — — 4.2(1.0)/3.7 4/30/12 0.33 VLo — — 0.06 — — — — 0.52/ 0.16

Investors Intelligence (Average) -3.4 0.1 3.3 3.9 6.7/9.5 12/31/86 0.55 VLo — — 0.64 -0.14 0.01 0.07 0.06 0.11/ 0.125.6 0.08 0.130 0.12*a. Fidelity Mutual Fund (Equity) Portfolio 1.9 -1.2 2.0 5.6 9.0/9.5 12/31/86 0.78 Lo 0(n/a) A 0.64 0.26 0.00 0.03 0.08 0.13/ 0.12

Fidelity Mutual Fund (Equity) Port.—Timing only 2.2(0.8) -1.4(0.9) 1.8(1.7) 2.1(2.1) 7.4(2.4)/9.5 12/31/86 0.62 Lo — — 0.82 0.35 -0.02 0.02 0.01 0.12/ 0.128.1 6.9 0.18 0.12*b. Fidelity International Switch Fund Portfolio 4.3 0.9 8.1 6.9 7.5/9.4 12/31/90 0.76 Lo 2(12) A 0.67 0.19 0.03 0.18 0.12 0.12/ 0.13

5.0 0.98 0.42 0.36 0.19 0.240 0.13*c. Fidelity Fixed Income Switch Fund Portfolio 4.8 1.9 4.4 5.0 6.2/9.4 12/31/90 0.24 VLo 2(650) A 0.45 0.98 0.42 0.36 0.19 0.24/ 0.133.9 8.003.7 0.08 0.100 0.05*d. Fidelity Precious Metals Switch Fund Portfolio -8.2 3.9 7.3 — 8.0/3.7 12/31/98 1.33 Hi 0(n/a) A 0.23 -0.11 0.08 0.10 — 0.10/ 0.05

e.Trading Portfolio -23.1 — — — -4.5/15.2 12/31/08 0.80 Lo 3(26) A 0.11 -0.33 — — — -0.08/ 0.26Trading Portfolio—Timing Only -1.7(10.7) — — — -0.9(13.4)/15.2 12/31/08 0.50 VLo — — 0.28 -0.04 — — — -0.02/ 0.26


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Investors Intelligence (continued)f. Investment Portfolio -0.3 — — — 6.0/15.2 12/31/08 0.58 VLo 3(185) A 0.71 0.00 — — — 0.18/ 0.26

Investment Portfolio—Timing Only 7.2(4.7) — — — 7.4(8.2)/15.2 12/31/08 0.58 VLo — — 0.74 0.25 — — — 0.22/ 0.26*Investors Intelligence ETF Review(Average) 3.7 -2.8 — — 1.3/4.8 2/28/05 0.54 VLo — — 0.54 0.18 -0.08 — — 0.00/ 0.08

*a. ETF Trading (Long/Short) 3.7 — — — 3.8/18.1 1/31/09 0.45 VLo 17(70) A 0.27 0.18 — — — 0.15/ 0.31 0.59*The Investor’s Strategist (Average) 10.2 — — — 3.0/8.3 12/31/10 0.61 Lo — — 0.97 0.59 — — — 0.11/ 0.19 0.50*a. Aggressive Portfolio 12.3 — — — 1.0/8.3 12/31/10 0.87 Lo 8(n/a) A 0.95 0.50 — — — 0.04/ 0.19 0.49*b. Growth Portfolio 13.1 — — — 3.3/8.3 12/31/10 0.88 Lo 7(n/a) A 0.97 0.49 — — — 0.09/ 0.19 0.68*c. Balanced Portolio 8.2 — — — 3.6/8.3 12/31/10 0.42 VLo 8(n/a) A 0.97 0.68 — — — 0.18/ 0.19 0.84 0.250 0.19* d. Income Portfolio 7.0 — — — 3.8/8.3 12/31/10 0.32 VLo 7(n/a) A 0.88 0.84 — — — 0.25/ 0.19

Jack Adamo’s Insiders PLUS (Average) -21.0 -8.6 4.0 — 2.9/3.1 1/31/01 0.86 Lo — — 0.49 -1.00 -0.22 0.07 — 0.04/ 0.05a. Insiders PLUS Model Portfolio -21.1 -12.0 2.3 — 0.7/3.1 1/31/01 1.03 Avg 20(364) A 0.40 -1.15 -0.25 0.03 — 0.01/ 0.05b. Insiders PLUS Income Portfolio -21.1 -5.5 5.3 — 3.4/4.1 6/30/01 0.93 Avg 21(318) A 0.46 -0.68 -0.12 0.10 — 0.05/ 0.07

Jim Cramer’s Action Alerts PLUS 15.9 — — — 11.4/15.2 12/31/08 1.00 Avg 33(149) A 0.97 0.40 — — — 0.20/ 0.26 0.46Jim Cramer’s Action Alerts PLUS—Timing Only 13.8(1.9) — — — 14.0(1.6)/15.2 12/31/08 0.90 Avg — — 1.00 0.46 — — — 0.26/ 0.26

Latin Stock Investing (Average) 12.0 — — — 1.7/5.7 2/28/11 1.52 VHi — — 0.78 0.18 — — — 0.05/ 0.1327.9 15.505.7 0.190 0.13a. LSI Growth Portfolio 27.9 — — — 15.5/5.7 2/28/11 1.91 VHi 11(108) A 0.77 0.28 — — — 0.19/ 0.13

b. LSI Dividend Stock Portfolio 4.2 — — — 1.3/5.7 2/28/11 1.42 Hi 12(124) A 0.80 0.09 — — — 0.05/ 0.1322.5 6.4 9.0 7.004.9 0.10 0.090 0.08Linde Equity Report 22.5 6.4 9.0 — 7.0/4.9 8/31/01 1.89 VHi 12(587) C 0.80 0.40 0.10 0.11 — 0.09/ 0.08

9.9 8.4 8.404.9 0.15 0.11 0.110 0.06Louis Navellier’s Blue Chip Growth 13.6 -2.0 9.9 8.4 8.4/4.9 12/31/97 1.35 Hi 31(174) B 0.79 0.33 0.00 0.15 0.11 0.11/ 0.0620.5 13.3010.5Louis Navellier’s Emerging Growth (Average) 20.5 -9.0 3.2 2.1 13.3/10.5 12/31/84 1.82 VHi — — 0.79 0.38 -0.06 0.05 0.04 0.13/ 0.1320.5a. Emerging Growth Buy List 20.5 -9.0 — — -2.9/4.6 12/31/04 1.56 VHi 31(138) B 0.87 0.38 -0.06 — — -0.02/ 0.07

Lowry On Demand Investora. Timing Only: ST—Cash on sell signals 6.3(21.0) 1.5(17.2) — — 1.0(16.8)/5.2 2/28/04 0.58 VLo — — 0.52 0.27 0.04 — — -0.01/ 0.08b. Timing Only: ST—Shorting allowed on sells -3.5(21.0) -4.4(17.2) — — -7.1(16.8)/5.2 2/28/04 1.05 Avg — — -0.29 -0.07 -0.04 — — -0.14/ 0.08c. Timing Only: IT—Cash on sell signals -3.9(3.0) -2.7(3.8) — — 1.0(2.9)/5.2 2/28/04 0.73 Lo — — 0.55 -0.18 -0.05 — — 0.00/ 0.08d. Timing Only: IT—Shorting allowed on sells -22.1(3.0) -11.9(3.8) — — -6.9(2.9)/5.2 2/28/04 1.19 Hi — — -0.12 -0.76 -0.13 — — -0.11/ 0.08

17.4 8.1 0.57Mark Skousen’s Forecasts & Strategies (Average) 17.4 2.0 8.1 4.7 5.6/8.1 12/31/93 1.03 Avg — — 0.86 0.57 0.05 0.14 0.06 0.07/ 0.1116.2a. Flying Five Portfolio 16.2 -0.9 4.4 2.4 4.6/6.3 12/31/96 1.31 Hi 5(926) A 0.70 0.42 0.03 0.07 0.03 0.06/ 0.0918.0 9.0 6.304.9 0.47 0.100 0.08b. Short-Term Portfolio 18.0 0.3 9.0 — 6.3/4.9 3/31/02 1.11 Hi 14(825) B 0.89 0.47 0.03 0.14 — 0.10/ 0.08

Market Forecast (Average) 11.7 -1.0 4.8 — 3.2/4.9 12/31/01 1.01 Avg — — 0.87 0.38 0.01 0.08 — 0.05/ 0.08*a. Mutual Fund Portfolio 4.0 -4.0 3.9 — 2.1/4.9 12/31/01 0.88 Lo 11(49) C 0.87 0.10 -0.05 0.07 — 0.03/ 0.08

19.4 0.80b. ETFs & Stocks Portfolio 19.4 1.6 5.3 — 3.8/4.9 12/31/01 1.29 Hi 11(40) C 0.77 0.80 0.05 0.08 — 0.06/ 0.08c. Timing Only-Cash on Sells 16.1(0.0) 2.0(0.0) 7.3(0.2) — 4.4(0.2)/4.9 12/31/01 0.99 Avg — — 0.99 0.44 0.05 0.13 — 0.07/ 0.08d. Timing Only-Short on Sells 16.1(0.0) 2.0(0.0) 6.3(0.2) — 3.5(0.2)/4.9 12/31/01 1.00 Avg — — 0.96 0.44 0.05 0.11 — 0.06/ 0.08

Marketwatch Options Trader -22.7 — — — -44.3/8.3 12/31/10 1.26 Hi 6(14) A 0.47 -0.61 — — — -0.93/ 0.19Martin Weiss’ Safe Money Report (Average) -2.9 -3.7 -5.3 — -2.7/4.7 3/31/01 0.75 Lo — — -0.38 -0.09 -0.14 -0.18 — -0.09/ 0.08

a. Your Safe Money Model Portfolio -2.9 -3.7 — — -0.1/4.6 12/31/04 0.53 VLo 12(340) A -0.10 -0.09 -0.14 — — -0.05/ 0.07b. Timing Only: S&P signals—cash on sells 0.1(0.0) -1.8(0.4) 0.6(0.2) — 0.8(0.2)/4.7 3/31/01 0.19 VLo — — 0.11 0.00 -0.15 -0.09 — -0.08/ 0.08c. Timing Only: S&P signals—short on sells -16.1(0.0) -11.9(0.4) -13.4(0.2) — -10.2(0.2)/4.7 3/31/01 0.94 Avg — — -0.92 -0.40 -0.18 -0.30 — -0.22/ 0.08d. Timing Only: NASDAQ signals—cash on sells 0.1(0.0) -1.8(0.4) 0.6(0.2) — 0.8(0.2)/4.7 3/31/01 0.19 VLo — — 0.11 0.00 -0.15 -0.09 — -0.08/ 0.08e. Timing Only: NASDAQ signals—short on sells -16.1(0.0) -11.9(0.4) -13.4(0.2) — -10.2(0.2)/4.7 3/31/01 0.94 Avg — — -0.92 -0.40 -0.18 -0.30 — -0.22/ 0.08

49.8 0.45 0.07Medical Technology Stock Letter (Average) 49.8 -5.0 -0.4 0.4 4.9/10.5 12/31/84 3.37 VHi — — 0.56 0.45 0.02 0.04 0.07 0.08/ 0.1327.4 0.06 0.07a. Model Portfolio 27.4 1.6 4.9 4.5 7.8/10.5 12/31/84 2.61 VHi 15(820) A 0.55 0.38 0.06 0.07 0.07 0.08/ 0.13

Model Portfolio—Timing only 15.3(0.3) 0.9(0.6) 7.0(0.6) 4.5(0.4) 10.2(0.3)/10.5 12/31/84 0.98 Avg — — 1.00 0.43 0.04 0.12 0.06 0.13/ 0.1474.2 0.47b.Trader’s Portfolio 74.2 -13.5 — — -8.2/5.0 1/31/05 3.08 VHi 13(671) A 0.63 0.47 0.01 — — 0.02/ 0.08

23.9(1.4)Trader’s Portfolio—Timing only 23.9(1.4) -6.1(2.6) — — 0.3(2.5)/5.0 1/31/05 1.43 Hi — — 0.94 0.39 -0.03 — — 0.02/ 0.0825.1 12.8 8.2 4.703.7 0.15 0.070 0.05Michael Murphy’s New World Investor (Average) 25.1 12.8 8.2 — 4.7/3.7 12/31/98 2.13 VHi — — 0.80 0.30 0.15 0.10 — 0.07/ 0.0525.1 34.8019.8a. New World Investor Portfolio 25.1 — — — 34.8/19.8 3/31/09 2.11 VHi 22(418) C 0.87 0.30 — — — 0.31/ 0.36

Mojena Market Timinga. Timing Only: Standard: Cash on Sells 16.1(0.0) — — — 6.8(0.7)/ 9.9 3/31/10 0.97 Avg — — 0.95 0.44 — — — 0.15/ 0.19

23.1(0.0)b. Timing Only: Aggressive: Short on Sells 23.1(0.0) — — — 5.4(1.1)/ 9.9 3/31/10 1.52 VHi — — 0.88 0.43 — — — 0.10/ 0.19 0.52 0.520 0.44*The Money Navigator (Average) 11.4 — — — 11.4/16.1 12/31/11 0.59 VLo — — 0.96 0.52 — — — 0.52/ 0.44 0.45 0.450 0.44*a. No-Load Solutions Growth: 20 or More Yrs to retirement 14.9 — — — 14.9/16.1 12/31/11 0.90 Avg 5(n/a) A 0.98 0.45 — — — 0.45/ 0.44 0.46 0.460 0.44*b. No-Load Solutions G&I: 5 - 20 Yrs to retirement 9.3 — — — 9.3/16.1 12/31/11 0.55 VLo 5(n/a) A 0.97 0.46 — — — 0.46/ 0.44 1.05 1.050 0.44*c. No-Load Solutions Income: 0 - 5 Yrs to retirement 9.1 — — — 9.1/16.1 12/31/11 0.24 VLo 5(n/a) A 0.79 1.05 — — — 1.05/ 0.44 0.68 0.680 0.44*d. ETF Growth: 15 - 40 Yrs to retirement 13.2 — — — 13.2/16.1 12/31/11 0.52 VLo 5(n/a) 0.95 0.68 — — — 0.68/ 0.44 0.71 0.710 0.44*e. ETF Income: 0 - 15 Yrs to retirement 8.6 — — — 8.6/16.1 12/31/11 0.33 VLo 5(n/a) A 0.82 0.71 — — — 0.71/ 0.44 0.45 0.450 0.44*f. TD Ameritrade/Schwab/Principal Gro: 20-40 yrs to retirement 14.9 — — — 14.9/16.1 12/31/11 0.90 Avg 5(n/a) A 0.98 0.45 — — — 0.45/ 0.44

*g.TD Ameritrade/Schwab/Principal G&I: 5-20 yrs to retirement 10.0 — — — 10.0/16.1 12/31/11 0.65 Lo 5(n/a) A 0.98 0.42 — — — 0.42/ 0.44 0.86 0.860 0.44*h.TD Ameritrade/Schwab/Principal Inc: 0-5 yrs to retirement 9.9 — — — 9.9/16.1 12/31/11 0.31 VLo 5(n/a) A 0.88 0.86 — — — 0.86/ 0.44

*i. Fidelity Growth: 20 - 40 Yrs to retirement 12.5 — — — 12.5/16.1 12/31/11 1.08 Avg 5(n/a) A 0.85 0.32 — — — 0.32/ 0.44 0.50 0.500 0.44*j. Fidelity Growth & Income: 5 - 20 Yrs to retirement 12.4 — — — 12.4/16.1 12/31/11 0.67 Lo 5(n/a) A 0.98 0.50 — — — 0.50/ 0.44 0.85 0.850 0.44*k.Fidelity Income: 0 - 5 Yrs to retirement 11.1 — — — 11.1/16.1 12/31/11 0.35 VLo 5(n/a) A 0.83 0.85 — — — 0.85/ 0.44

*l. Vanguard Growth: 20 - 40 Yrs to retirement 8.6 — — — 8.6/16.1 12/31/11 1.09 Avg 5(n/a) A 0.87 0.23 — — — 0.23/ 0.44 0.56 0.560 0.44*m.Vanguard Growth & Income: 5 - 20 Yrs to retirement 13.5 — — — 13.5/16.1 12/31/11 0.65 Lo 5(n/a) A 0.99 0.56 — — — 0.56/ 0.44 0.76 0.760 0.44*n.Vanguard Income: 0 - 5 Yrs to retirement 10.7 — — — 10.7/16.1 12/31/11 0.38 VLo 5(n/a) A 0.86 0.76 — — — 0.76/ 0.44

8.6 7.1 0.16 0.11*Moneyletter (Average) 10.1 0.1 8.6 7.1 8.5/9.5 12/31/86 0.84 Lo — — 0.88 0.40 0.02 0.16 0.11 0.12/ 0.1210.0 7.9 0.16 0.11*a. Venturesome Portfolio 8.6 -1.8 10.0 7.9 9.1/9.5 12/31/86 1.05 Avg 8(99) A 0.84 0.28 -0.01 0.16 0.11 0.11/ 0.12

2.6(0.3) 0.06Venturesome Portfolio—Timing only 14.4(0.3) 2.6(0.3) 7.3(0.4) 4.6(0.3) 8.5(0.5)/9.5 12/31/86 0.90 Avg — — 0.99 0.41 0.06 0.14 0.06 0.11/ 0.12

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Moneyletter (continued)10.3 9.0 9.509.4 0.19 0.13*b. Moderate Portfolio 10.0 0.4 10.3 9.0 9.5/9.4 12/31/88 0.95 Avg 8(683) A 0.81 0.41 0.02 0.19 0.13 0.13/ 0.13

16.7(0.3) 3.8(0.3) 8.0(0.3) 5.2(0.3) 0.45 0.08 0.15 0.07Moderate Portfolio—Timing only 16.7(0.3) 3.8(0.3) 8.0(0.3) 5.2(0.3) 8.4(0.4)/9.4 12/31/88 0.88 Lo — — 0.99 0.45 0.08 0.15 0.07 0.12/ 0.136.4 0.10*c. Conservative Portfolio 7.5 1.4 6.4 6.4 8.2/9.4 12/31/88 0.77 Lo 7(1005) A 0.76 0.37 0.04 0.14 0.10 0.13/ 0.13

2.2(0.2) 5.0(0.3) 0.06 0.07Conservative Portfolio—Timing only 12.9(0.1) 2.2(0.2) 7.3(0.2) 5.0(0.3) 7.9(0.3)/9.4 12/31/88 0.80 Lo — — 0.99 0.43 0.06 0.14 0.07 0.12/ 0.13 9.8 8.8 10.207.2 0.16 0.12 0.140 0.10*d. Fidelity Venturesome Portfolio 13.1 0.2 9.8 8.8 10.2/7.2 12/31/95 1.05 Avg 8(157) A 0.87 0.39 0.03 0.16 0.12 0.14/ 0.10

2.8(0.2) 0.07Fidelity Venturesome Portfolio—Timing only 14.9(0.2) 2.8(0.2) 7.5(0.3) 4.8(0.3) 7.0(0.3)/7.2 12/31/95 0.92 Avg — — 0.99 0.42 0.07 0.14 0.06 0.10/ 0.102.7 10.2 8.3 9.507.2 0.52 0.07 0.20 0.13 0.150 0.10*e. Fidelity Moderate Portfolio 12.6 2.7 10.2 8.3 9.5/7.2 12/31/95 0.86 Lo 8(699) A 0.86 0.52 0.07 0.20 0.13 0.15/ 0.10

3.5(0.2) 5.1(0.2) 0.08 0.15 0.07 0.110 0.10Fidelity Moderate Portfolio—Timing only 16.1(0.3) 3.5(0.2) 7.8(0.2) 5.1(0.2) 7.2(0.2)/7.2 12/31/95 0.88 Lo — — 0.99 0.44 0.08 0.15 0.07 0.11/ 0.105.4 0.58 0.16 0.09 0.110 0.10*f. Fidelity Conservative Portfolio 10.9 1.8 6.8 5.4 6.6/7.2 12/31/95 0.69 Lo 6(1303) A 0.86 0.58 0.05 0.16 0.09 0.11/ 0.10

2.3(0.1) 5.2(0.2) 0.06 0.07Fidelity Conservative Portfolio—Timing only 13.1(0.0) 2.3(0.1) 7.4(0.1) 5.2(0.2) 6.8(0.2)/7.2 12/31/95 0.82 Lo — — 1.00 0.43 0.06 0.14 0.07 0.10/ 0.108.3 6.8 8.007.2 0.10 0.110 0.10*g. Vanguard Venturesome Portfolio 10.7 -0.4 8.3 6.8 8.0/7.2 12/31/95 0.96 Avg 8(235) A 0.91 0.33 0.02 0.14 0.10 0.11/ 0.10

2.6(0.2) 0.06Vanguard Venturesome Portfolio—Timing only 14.9(0.2) 2.6(0.2) 7.4(0.3) 4.7(0.3) 6.9(0.3)/7.2 12/31/95 0.92 Avg — — 0.99 0.42 0.06 0.14 0.06 0.10/ 0.102.2 8.7 6.9 8.207.2 0.48 0.06 0.18 0.11 0.130 0.10*h. Vanguard Moderate Portfolio 10.9 2.2 8.7 6.9 8.2/7.2 12/31/95 0.80 Lo 8(928) A 0.92 0.48 0.06 0.18 0.11 0.13/ 0.10

3.4(0.1) 5.1(0.2) 0.08 0.15 0.07Vanguard Moderate Portfolio—Timing only 16.0(0.0) 3.4(0.1) 7.9(0.2) 5.1(0.2) 7.1(0.2)/7.2 12/31/95 0.89 Lo — — 1.00 0.44 0.08 0.15 0.07 0.10/ 0.105.1 0.06 0.17 0.09 0.110 0.10*i. Vanguard Conservative Portfolio 6.3 2.0 6.4 5.1 6.4/7.2 12/31/95 0.61 Lo 6(1312) A 0.92 0.38 0.06 0.17 0.09 0.11/ 0.10

2.2(0.1) 5.0(0.2) 0.06 0.07Vanguard Conservative Portfolio—Timing only 12.2(0.1) 2.2(0.1) 7.3(0.1) 5.0(0.2) 6.7(0.2)/7.2 12/31/95 0.82 Lo — — 1.00 0.43 0.06 0.14 0.07 0.10/ 0.10*j. Select Portfolio 10.2 -7.9 7.9 — 7.7/7.7 10/31/02 1.31 Hi 5(34) A 0.73 0.32 -0.08 0.12 — 0.11/ 0.13

8.3 8.205.0 0.52 0.17 0.160 0.08Morningstar Dividend Investor (Average) 13.7 8.3 — — 8.2/5.0 5/31/05 0.80 Lo — — 0.85 0.52 0.17 — — 0.16/ 0.084.8 5.605.0 0.48 0.10 0.100 0.08a. Dividend Builder Portfolio 15.0 4.8 — — 5.6/5.0 5/31/05 0.91 Avg 18(1040) A 0.86 0.48 0.10 — — 0.10/ 0.08

11.5 9.602.6 0.49 0.22 0.180 0.05b. Harvest Portfolio 12.3 11.5 — — 9.6/2.6 12/31/06 0.81 Lo 18(918) A 0.73 0.49 0.22 — — 0.18/ 0.05 1.400 0.86*Morningstar ETF Investor (Average) — — — — 10.5/10.5 5/31/12 0.62 Lo — — 0.98 — — — — 1.40/ 0.86

10.9010.5 1.460 0.86*a. ETF Income Portfolio — — — — 10.9/10.5 5/31/12 0.61 Lo 6(81) A 0.98 — — — — 1.46/ 0.86 1.270 0.86*b. ETF Global Asset-Allocation Portfolio — — — — 10.1/10.5 5/31/12 0.65 Lo 8(532) A 0.95 — — — — 1.27/ 0.86

3.7 5.505.0 0.53 0.09 0.110 0.08*Morningstar Fund Investor (Average) 13.8 3.7 — — 5.5/5.0 6/30/05 0.68 Lo — — 0.98 0.53 0.09 — — 0.11/ 0.0818.4 2.7 5.405.0 0.46 0.06 0.090 0.08*a. Aggressive Wealth Maker 18.4 2.7 — — 5.4/5.0 6/30/05 0.96 Avg 11(n/a) A 0.98 0.46 0.06 — — 0.09/ 0.08

4.0 5.505.0 0.53 0.10 0.120 0.08*b. Wealth Maker 12.9 4.0 — — 5.5/5.0 6/30/05 0.64 Lo 14(n/a) A 0.99 0.53 0.10 — — 0.12/ 0.084.1 5.405.0 0.70 0.14 0.150 0.08*c. Wealth Keeper 10.0 4.1 — — 5.4/5.0 6/30/05 0.44 VLo 9(n/a) A 0.95 0.70 0.14 — — 0.15/ 0.082.5 8.8 5.6 0.45 0.06 0.17 0.09*Morningstar Mutual Funds (Average) 13.5 2.5 8.8 5.6 6.7/9.4 12/31/90 0.75 Lo — — 0.94 0.45 0.06 0.17 0.09 0.10/ 0.13

20.4 11.6 6.2 0.17 0.08*a. International Equity Funds 20.4 -1.5 11.6 6.2 6.1/8.3 12/31/92 1.18 Hi 21(1977) C 0.83 0.38 0.01 0.17 0.08 0.07/ 0.127.407.3*b. Domestic Equity Funds 15.9 1.9 7.9 — 7.4/7.3 7/31/02 1.03 Avg 48(1310) C 0.99 0.43 0.05 0.13 — 0.12/ 0.12

10.3 10.307.3 0.16 0.160 0.12*c. Specialty Equity Funds 11.1 1.8 10.3 — 10.3/7.3 7/31/02 1.12 Hi 7(2148) C 0.94 0.31 0.05 0.16 — 0.16/ 0.122.1 0.57 0.06 0.16 0.150 0.12*d. Hybrid Funds 12.3 2.1 6.8 — 6.7/7.3 8/31/02 0.65 Lo 21(1424) C 0.96 0.57 0.06 0.16 — 0.15/ 0.126.8 0.95 0.31 0.29 0.300 0.12*e. Taxable Bond Funds 7.7 6.8 6.4 — 6.5/7.3 8/31/02 0.30 VLo 27(1817) C 0.53 0.95 0.31 0.29 — 0.30/ 0.12

29.2 0.77Morningstar Opportunistic Investor 29.2 -3.1 — — 0.8/5.0 5/31/05 0.97 Avg 0(n/a) A 0.77 0.77 -0.03 — — 0.01/ 0.0818.0 5.5 10.1 7.902.3 0.48 0.11 0.18 0.120 0.03Morningstar StockInvestor (Average) 18.0 5.5 10.1 — 7.9/2.3 12/31/99 1.02 Avg — — 0.89 0.48 0.11 0.18 — 0.12/ 0.03

4.3 8.5 6.604.3 0.51 0.10 0.15 0.110 0.07a. The Tortoise Portfolio 15.1 4.3 8.5 — 6.6/4.3 7/31/01 0.96 Avg 23(1914) A 0.83 0.51 0.10 0.15 — 0.11/ 0.074.4(0.3)04.3The Tortoise Portfolio—Timing Only 15.7(0.1) 1.7(0.1) 7.3(0.2) — 4.4(0.3)/4.3 7/31/01 0.99 Avg — — 1.00 0.44 0.05 0.13 — 0.07/ 0.07

20.8 6.4 11.5 7.004.3 0.11 0.19 0.100 0.07b. The Hare Portfolio 20.8 6.4 11.5 — 7.0/4.3 7/31/01 1.24 Hi 26(1248) A 0.88 0.43 0.11 0.19 — 0.10/ 0.07The Hare Portfolio—Timing Only 15.9(0.1) 1.5(0.1) 6.4(0.2) — 3.8(0.4)/4.3 7/31/01 0.99 Avg — — 0.99 0.44 0.05 0.11 — 0.06/ 0.07

Motley Fool Hidden Gems (Average) 8.4 -8.7 — — 4.4/6.9 6/30/03 1.38 Hi — — 0.81 0.19 -0.09 — — 0.07/ 0.12a. Real Money Portfolio 8.4 — — — 5.9/19.8 3/31/09 0.84 Lo 60(715) A 0.80 0.19 — — — 0.14/ 0.36

3.1 7.806.5 0.07 0.140 0.11Motley Fool Income Investor 12.2 3.1 — — 7.8/6.5 8/31/03 0.89 Lo 31(506) C 0.92 0.38 0.07 — — 0.14/ 0.1124.1 9.6 11.705.9 0.64 0.15 0.180 0.10Motley Fool Inside Value 24.1 9.6 — — 11.7/5.9 8/31/04 1.13 Hi 24(252) C 0.92 0.64 0.15 — — 0.18/ 0.10

7.2 7.905.7 0.11 0.100 0.09Motley Fool Rule Breakers 12.8 7.2 — — 7.9/5.7 9/30/04 1.54 VHi 93(1050) C 0.85 0.21 0.11 — — 0.10/ 0.093.4 6.105.3 0.49 0.08 0.110 0.09*Motley Fool Rule Your Retirement (Average) 13.7 3.4 — — 6.1/5.3 3/31/04 0.84 Lo — — 0.98 0.49 0.08 — — 0.11/ 0.09

5.505.3 0.45*a. Champion Funds Top 50+ 16.0 1.5 — — 5.5/5.3 3/31/04 1.01 Avg 43(1554) C 0.98 0.45 0.05 — — 0.09/ 0.0916.2*b. Active All-Star Portfolio (10+ Yrs From Retirement) 16.2 — — — 9.8/12.2 9/30/09 1.02 Avg 13(1166) A 0.98 0.41 — — — 0.20/ 0.24

0.53 0.260 0.24*c. Active All-Star Portfolio (Within 10 Yrs of Retirement) 13.9 — — — 9.3/12.2 9/30/09 0.68 Lo 12(1031) A 0.98 0.53 — — — 0.26/ 0.24 0.60 0.340 0.24*d. Active All-Star Portfolio (In Retirement) 11.6 — — — 8.8/12.2 9/30/09 0.48 VLo 10(1214) A 0.97 0.60 — — — 0.34/ 0.24

*e. Index-Only Portfolio (10+ Years From Retirement) 15.9 — — — 10.3/12.2 9/30/09 0.97 Avg 11(1214) A 0.99 0.42 — — — 0.21/ 0.24 0.50 0.280 0.24*f. Index-Only Portfolio (Within 10 Years of Retirement) 13.3 — — — 10.0/12.2 9/30/09 0.67 Lo 11(1214) A 0.98 0.50 — — — 0.28/ 0.24 0.64 0.390 0.24*g. Index-Only Portfolio (In Retirement) 11.1 — — — 9.5/12.2 9/30/09 0.44 VLo 9(1214) A 0.94 0.64 — — — 0.39/ 0.24

*h. ETF Model Portfolio (10+ Years from Retirement) 15.8 — — — 5.6/7.4 1/31/11 1.03 Avg 12(710) A 0.98 0.42 — — — 0.13/ 0.17 0.50 0.210 0.17*i. ETF Model Portfolio (Within 10 Years of Retirement) 12.9 — — — 6.7/7.4 1/31/11 0.70 Lo 11(710) A 0.98 0.50 — — — 0.21/ 0.17 0.60 0.320 0.17*j. ETF Model Portfolio (In Retirement) 10.1 — — — 7.1/7.4 1/31/11 0.46 VLo 10(710) A 0.97 0.60 — — — 0.32/ 0.17

19.5 7.7 15.0 14.304.9 0.12 0.22 0.200 0.08Motley Fool Stock Advisor 19.5 7.7 15.0 — 14.3/4.9 3/31/02 1.24 Hi 105(1183) C 0.90 0.41 0.12 0.22 — 0.20/ 0.083.902.3 0.050 0.03Mutual Fund Prospector (Average) 8.5 -1.1 7.9 — 3.9/2.3 12/31/99 1.04 Avg — — 0.86 0.44 -0.01 0.14 — 0.05/ 0.032.702.3*a. Prospector’s Portfolio 8.5 -4.5 6.3 — 2.7/2.3 12/31/99 1.02 Avg 14(274) A 0.90 0.44 -0.06 0.11 — 0.03/ 0.03

2.4 0.07*The Mutual Fund Strategist (Average) 7.8 2.4 1.9 -1.6 4.8/10.5 12/31/84 0.87 Lo — — 0.47 0.38 0.07 0.02 -0.07 0.04/ 0.132.4 0.07*a. Profunds Momentum Portfolio 12.7 2.4 1.8 — 1.5/2.3 12/31/99 0.79 Lo 3(19) A 0.38 0.39 0.07 0.02 — 0.01/ 0.03

5.2(6.0) 0.16Momentum Portfolio—Timing Only 9.1(6.8) 5.2(6.0) 4.9(6.6) — 0.5(7.1)/2.3 12/31/99 0.63 Lo — — 0.72 0.34 0.16 0.11 — -0.03/ 0.03*b. Rydex Momentum Portfolio 6.6 1.6 — — 0.7/2.6 12/31/06 0.69 Lo 3(19) A 0.46 0.29 0.05 — — 0.01/ 0.05

0.48 0.180 0.13*c. ETF Flexible Allocation Portfolio 10.5 — — — 5.8/7.5 9/30/08 0.48 VLo 3(19) A 0.27 0.48 — — — 0.18/ 0.13*d. ETF Fixed Allocation Portfolio 1.4 — — — 1.4/16.1 12/31/11 0.71 Lo 4(305) A 0.90 0.06 — — — 0.06/ 0.44

Mutual Funds Magazine13

5.7(33.1) 0.10 0.190 0.13a. Timing Only: Seasonality Timing System 7.8(34.0) -2.1(32.8) 5.0(33.2) 5.7(33.1) 10.9(32.1)/10.9 12/31/81 0.61 Lo — — 0.53 0.31 -0.04 0.10 0.10 0.19/ 0.1316.0 6.702.3 0.20 0.080 0.03Nate’s Notes (Average) 3.4 -1.4 16.0 — 6.7/2.3 12/31/99 2.64 VHi — — 0.53 0.09 0.02 0.20 — 0.08/ 0.0313.4 7.702.3 0.22 0.090 0.03a. Model Portfolio 7.6 0.8 13.4 — 7.7/2.3 12/31/99 2.01 VHi 21(513) A 0.51 0.19 0.03 0.22 — 0.09/ 0.03

Model Portfolio—Timing Only 10.5(0.8) -0.1(0.9) 5.8(0.9) — 1.4(0.8)/2.3 12/31/99 0.85 Lo — — 0.97 0.38 0.01 0.11 — 0.01/ 0.0318.7 5.202.3 0.19 0.080 0.03b. Aggressive Portfolio -0.6 -4.6 18.7 — 5.2/2.3 12/31/99 3.29 VHi 21(494) A 0.54 0.01 0.01 0.19 — 0.08/ 0.03

Aggressive Portfolio—Timing Only 6.8(2.3) -5.2(2.4) 5.5(1.9) — -2.1(1.9)/2.3 12/31/99 1.56 VHi — — 0.95 0.22 -0.01 0.08 — -0.01/ 0.03


10T

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3.0 12.9 10.503.4 0.07 0.20 0.150 0.05The National Investor (Average) 0.2 3.0 12.9 — 10.5/3.4 12/31/00 1.19 Hi — — 0.43 0.02 0.07 0.20 — 0.15/ 0.054.3 13.0 10.803.4 0.10 0.22 0.160 0.05a. Conservative/Income-Oriented Accounts 1.0 4.3 13.0 — 10.8/3.4 12/31/00 1.14 Hi 21(420) B 0.44 0.05 0.10 0.22 — 0.16/ 0.05

0.85 Cons/Inc-Oriented Accounts—Timing Only 4.3(1.8) 0.0(1.7) 4.6(1.3) — 1.6(1.3)/3.4 12/31/00 0.62 Lo — — 0.90 0.85 0.01 0.11 — 0.01/ 0.0512.8 10.203.4 0.19 0.140 0.05b. Aggressive/Growth Accounts -0.5 1.7 12.8 — 10.2/3.4 12/31/00 1.27 Hi 21(442) B 0.41 0.00 0.05 0.19 — 0.14/ 0.05

Aggressive/Growth Account—Timing Only 2.4(2.5) -3.3(2.2) 3.6(1.5) — 0.5(1.4)/3.4 12/31/00 0.75 Lo — — 0.91 0.28 -0.06 0.06 — -0.01/ 0.05 0.08*National Trendlines (Average) 5.7 1.4 2.7 1.4 1.4/8.1 12/31/93 0.44 VLo — — 0.41 0.37 0.08 0.09 -0.04 -0.05/ 0.11 0.08 0.17a. National Trendlines Model Portfolio 5.7 1.4 4.0 2.0 2.8/8.6 12/31/94 0.49 VLo 1(360) A 0.37 0.37 0.08 0.17 -0.01 0.01/ 0.12

b. Timing Only: Stock Fund Timing 3.6(2.0) -4.4(1.8) -1.1(1.6) 1.0(2.3) 3.6(3.6)/8.3 12/31/91 0.46 VLo — — 0.39 0.39 -0.18 -0.12 -0.05 0.03/ 0.12c. Timing Only: OEX Traders—Cash on Sells 3.6(2.0) -1.9(1.8) -0.2(1.6) 1.0(5.3) 3.6(6.7)/8.6 12/31/94 0.36 VLo — — 0.29 0.39 -0.18 -0.14 -0.08 0.04/ 0.12d. Timing Only: OEX Traders—Short on Sells -9.3(2.0) -11.4(4.2) -12.7(7.8) -7.8(18.0) -5.9(18.8)/8.6 12/31/94 0.86 Lo — — -0.59 -0.20 -0.18 -0.29 -0.19 -0.17/ 0.12

3.0 6.3 0.50 0.07 0.15 0.11 0.140 0.12*No-Load Fund Analyst (Average) 15.8 3.0 7.4 6.3 8.5/8.7 12/31/89 0.71 Lo — — 0.93 0.50 0.07 0.15 0.11 0.14/ 0.125.1 6.2 0.78 0.15 0.21 0.14 0.200 0.12*a. Conservative Balanced Portfolio 12.5 5.1 7.4 6.2 8.2/8.7 12/31/89 0.47 VLo 23(1235) A 0.87 0.78 0.15 0.21 0.14 0.20/ 0.12

2.4(0.1) 0.06Conservative Balanced Portfolio—Timing Only 16.1(0.0) 2.4(0.1) 7.8(0.1) 4.8(0.1) 8.6(0.1)/8.7 12/31/89 0.99 Avg — — 1.00 0.44 0.06 0.14 0.06 0.12/ 0.123.6 6.2 0.55 0.09 0.16 0.11 0.150 0.12*b. Balanced Portfolio 14.8 3.6 7.5 6.2 8.2/8.7 12/31/89 0.62 Lo 23(1419) A 0.91 0.55 0.09 0.16 0.11 0.15/ 0.12

2.3(0.1) 0.06Balanced Portfolio—Timing Only 16.1(0.0) 2.3(0.1) 7.8(0.1) 4.8(0.0) 8.6(0.1)/8.7 12/31/89 0.99 Avg — — 1.00 0.44 0.06 0.13 0.06 0.12/ 0.1216.4 2.5 6.3 0.47 0.06 0.10 0.140 0.12*c. Equity-Tilted Balanced Portfolio 16.4 2.5 7.4 6.3 8.6/8.7 12/31/89 0.79 Lo 23(1533) A 0.93 0.47 0.06 0.14 0.10 0.14/ 0.1219.1 6.1 0.08*d. Equity Portfolio 19.1 0.6 7.1 6.1 8.5/8.7 12/31/89 0.99 Avg 18(1285) A 0.93 0.39 0.03 0.11 0.08 0.12/ 0.12

6.0 0.49 0.10 0.140 0.12*No-Load Fund Investor (Average) 15.1 1.3 7.2 6.0 8.9/ 9.7 12/31/85 0.71 Lo — — 0.93 0.49 0.04 0.14 0.10 0.14/ 0.1218.3 2.4 9.1 6.6 0.46 0.06 0.16 0.10 0.130 0.12*a. Master Wealth Builder Portfolio 18.3 2.4 9.1 6.6 9.4/ 9.7 12/31/85 0.89 Lo 12(1483) A 0.94 0.46 0.06 0.16 0.10 0.13/ 0.12

5.6(0.1) 0.08 0.130 0.12Master Wealth Builder Portfolio—Timing only 15.2(0.0) 2.0(0.0) 7.8(0.0) 5.6(0.1) 9.6(0.1)/ 9.7 12/31/85 0.91 Avg — — 0.98 0.44 0.05 0.14 0.08 0.13/ 0.122.4 8.2 6.7 0.06 0.16 0.11 0.150 0.12*b. Master Pre-Retirement Portfolio 15.4 2.4 8.2 6.7 9.4/ 9.7 12/31/85 0.73 Lo 12(1326) A 0.93 0.44 0.06 0.16 0.11 0.15/ 0.123.4 6.1 0.49 0.09 0.17 0.13 0.160 0.12*c. Master Retirement Portfolio 12.9 3.4 6.7 6.1 8.4/9.5 12/31/86 0.54 VLo 10(975) A 0.91 0.49 0.09 0.17 0.13 0.16/ 0.12

19.7 0.46*d. Master Aggressive Portfolio 19.7 — — — 2.3/3.4 1/31/08 1.15 Hi 11(741) A 0.97 0.46 — — — 0.06/ 0.07 0.83 0.610 0.38*e. Master Income and Preservation Portfolio 9.1 — — — 10.1/22.0 2/28/09 0.29 VLo 10(882) A 0.90 0.83 — — — 0.61/ 0.38

9.3 12.1010.9 0.13 0.140 0.13*No-Load Fund-X (Average) 14.4 -2.5 7.4 9.3 12.1/10.9 6/30/80 1.02 Avg — — 0.88 0.43 -0.02 0.12 0.13 0.14/ 0.1311.4 15.0 11.3010.9 0.50 0.15 0.17*a. Class 1: Aggressive Sector Funds 16.1 -1.5 11.4 15.0 11.3/10.9 6/30/80 1.54 VHi 5(181) A 0.60 0.50 0.01 0.15 0.17 0.11/ 0.1312.1 13.8 14.5010.9 0.18 0.16 0.150 0.13*b. Class 2: Aggressive Stock Funds 9.0 0.3 12.1 13.8 14.5/10.9 6/30/80 1.34 Hi 5(96) A 0.77 0.23 0.03 0.18 0.16 0.15/ 0.13

9.1 14.1010.9 0.13 0.180 0.13*c. Class 3: Core Stock Funds 12.5 -3.2 7.1 9.1 14.1/10.9 6/30/80 0.98 Avg 5(141) A 0.87 0.39 -0.03 0.12 0.13 0.18/ 0.133.5 10.5 9.5 10.609.5 0.09 0.22 0.17 0.180 0.12*d. Class 4: Total Return Funds 7.9 3.5 10.5 9.5 10.6/9.5 12/31/86 0.74 Lo 5(132) A 0.79 0.40 0.09 0.22 0.17 0.18/ 0.12

8.3 3.602.5 0.050 0.03*e. Monthly Upgrader Portfolio 14.4 -2.7 8.3 — 3.6/2.5 2/28/00 1.03 Avg 15(110) A 0.90 0.43 -0.01 0.14 — 0.05/ 0.035.9 6.004.6 1.10 0.48 0.370 0.07*f. Monthly Flexible Income Portfolio 6.4 5.9 — — 6.0/4.6 8/31/05 0.20 VLo 12(402) A 0.52 1.10 0.48 — — 0.37/ 0.076.0 6.4 0.46 0.23 0.25 0.19 0.220 0.12*No-Load Mutual Fund Sel. & Timing (Average) 4.5 6.0 6.5 6.4 8.3/8.7 12/31/89 0.42 VLo — — 0.81 0.46 0.23 0.25 0.19 0.22/ 0.126.5 7.0 8.808.7 0.18 0.21 0.17 0.200 0.12*a. Balanced Portfolio 5.5 6.5 7.2 7.0 8.8/8.7 12/31/89 0.51 VLo 9(222) A 0.87 0.41 0.18 0.21 0.17 0.20/ 0.126.9 7.1 10.008.7 0.22 0.23 0.17 0.230 0.12*b. Growth Portfolio 5.3 6.9 7.1 7.1 10.0/8.7 12/31/89 0.55 VLo 7(209) A 0.80 0.38 0.22 0.23 0.17 0.23/ 0.12

6.6(0.5) 0.19 0.18 0.08 0.160 0.12Growth Portfolio—Timing only 8.9(0.3) 6.6(0.5) 6.1(0.5) 4.6(0.8) 7.8(1.8)/8.7 12/31/89 0.55 VLo — — 0.87 0.42 0.19 0.18 0.08 0.16/ 0.125.9 7.8 9.908.3 0.18 0.23 0.17 0.210 0.12*c. Aggressive Growth Portfolio 5.0 5.9 7.8 7.8 9.9/8.3 12/31/92 0.61 Lo 7(208) A 0.81 0.38 0.18 0.23 0.17 0.21/ 0.124.4 0.41 0.33 0.24 0.270 0.12*d. Income Portfolio 1.9 4.4 4.6 4.8 6.2/8.3 12/31/92 0.21 VLo 5(279) A 0.44 0.22 0.41 0.33 0.24 0.27/ 0.12

0.45e. Timing Only: 100% Short on IT Sells 4.4(4.0) -0.4(3.4) -1.5(3.7) -1.3(5.1) 0.7(6.9)/8.7 12/31/89 0.71 Lo — — 0.19 0.45 0.00 -0.08 -0.08 -0.05/ 0.12 0.45f. Timing Only: 100% Cash on IT Sells 4.4(4.0) -3.4(2.8) 0.5(1.8) 0.5(2.6) 3.4(4.4)/8.7 12/31/89 0.58 VLo — — 0.47 0.45 -0.09 -0.03 -0.05 0.02/ 0.12

g. Timing Only: 100% Short on Primary Sells -12.1(2.0) 1.3(2.6) -0.7(3.5) -1.0(2.7) 1.6(2.7)/8.7 12/31/89 0.72 Lo — — 0.30 -0.61 0.04 -0.04 -0.07 -0.03/ 0.12h. Timing Only: 100% Cash on Primary Sells 0.1(0.0) 0.8(1.6) 1.9(1.2) 1.9(1.0) 4.9(0.9)/8.7 12/31/89 0.62 Lo — — 0.55 0.00 0.03 0.02 0.00 0.06/ 0.12

5.0 0.71 0.07 0.19 0.13 0.170 0.13*No-Load Portfolios (Average) 3.6 2.0 5.7 5.0 6.4/9.4 12/31/90 0.36 VLo — — 0.84 0.71 0.07 0.19 0.13 0.17/ 0.13 0.56*a. Aggressive Equity Portfolio 1.3 -2.2 5.2 3.8 5.5/9.4 12/31/90 0.63 Lo 1(728) A 0.77 0.56 -0.05 0.12 0.05 0.08/ 0.13

Aggressive Equity Portfolio—Timing only 4.4(0.3) -0.6(0.5) 5.6(0.4) 2.8(0.5) 5.3(0.7)/9.4 12/31/90 0.65 Lo — — 0.91 0.44 0.00 0.12 0.03 0.07/ 0.132.6 5.3 0.51 0.09 0.18 0.13 0.170 0.13*b. Conservative Equity Portfolio 4.8 2.6 6.1 5.3 7.0/9.4 12/31/90 0.43 VLo 2(4851) A 0.86 0.51 0.09 0.18 0.13 0.17/ 0.135.4 5.5 0.83 0.37 0.29 0.25 0.270 0.13*c. Income Portfolio 4.8 5.4 5.3 5.5 6.4/9.4 12/31/90 0.23 VLo 5(4128) A 0.31 0.83 0.37 0.29 0.25 0.27/ 0.13

5.5(0.4) 0.16d. ST Stock Timing Model-(Cash on Sells) 0.1(0.0) 5.5(0.4) 5.4(0.5) 3.4(0.7) 4.8(1.0)/9.4 12/31/90 0.49 VLo — — 0.47 0.00 0.16 0.14 0.04 0.07/ 0.132.9(0.4) 0.06e. STStock Timing Model-(Short on Sells) -16.1(0.0) 2.9(0.4) -2.8(0.5) -5.1(0.7) -7.7(1.0)/9.4 12/31/90 1.03 Avg — — -0.52 -0.40 0.06 -0.06 -0.11 -0.18/ 0.13

0.07 0.160 0.12f. LT Stock Timing Model-(Cash on Sells) 0.1(0.0) 0.4(0.0) 2.6(0.2) 3.5(0.3) 6.0(0.6)/8.3 2/28/93 0.36 VLo — — 0.31 0.00 0.00 0.08 0.07 0.16/ 0.12g. LT Stock Timing Model-(Short on Sells) -16.1(0.0) -7.5(0.0) -8.7(0.2) -5.2(0.3) -3.3(0.6)/8.3 2/28/93 1.01 Avg — — -0.73 -0.40 -0.10 -0.19 -0.11 -0.09/ 0.12

2.4 5.804.9 0.07 0.19 0.140 0.08*No-Load Navigator (Average) 8.3 2.4 7.6 — 5.8/4.9 12/31/01 0.61 Lo — — 0.83 0.37 0.07 0.19 — 0.14/ 0.089.1 6.804.9 0.17 0.120 0.08*a. Capital Appreciation Portfolio 7.7 1.2 9.1 — 6.8/4.9 12/31/01 0.91 Avg 5(1233) A 0.78 0.21 0.04 0.17 — 0.12/ 0.08

5.404.9 0.55 0.17 0.110 0.08*b. Growth & Income Portfolio 10.8 0.5 7.4 — 5.4/4.9 12/31/01 0.71 Lo 5(1345) A 0.84 0.55 0.02 0.17 — 0.11/ 0.085.0 6.004.9 0.54 0.21 0.23 0.240 0.08*c. Income Portfolio 6.2 5.0 6.0 — 6.0/4.9 12/31/01 0.33 VLo 4(1406) A 0.51 0.54 0.21 0.23 — 0.24/ 0.08

6.3 11.90 9.8 0.08The Oberweis Report (Average) 8.9 -6.8 7.7 6.3 11.9/ 9.8 12/31/87 2.11 VHi — — 0.76 0.17 -0.03 0.10 0.08 0.12/ 0.136.2 11.80 9.8 0.08a. Current Portfolio 8.9 -6.8 7.7 6.2 11.8/ 9.8 12/31/87 1.99 VHi 58(486) A 0.77 0.17 -0.03 0.10 0.08 0.12/ 0.13

0.07 0.08*On The Money (Average) -1.2 0.8 3.2 4.9 6.5/8.6 12/31/94 0.66 Lo — — 0.46 -0.56 0.07 0.08 0.08 0.11/ 0.12 0.24 0.20 0.18 0.240 0.12*a. Conservative Portfolio 0.1 0.7 3.6 4.4 5.7/8.6 12/31/94 0.21 VLo 0(n/a) A 0.34 0.00 0.24 0.20 0.18 0.24/ 0.12

5.1(3.1) 0.10 0.20 0.11 0.170 0.12Conservative Portfolio—Timing only 0.1(0.0) 0.8(0.2) 5.0(1.8) 5.1(3.1) 7.8(3.0)/8.6 12/31/94 0.52 VLo — — 0.55 0.00 0.10 0.20 0.11 0.17/ 0.126.2 0.10*b. Growth/Moderate Risk Portfolio -0.4 0.5 3.2 6.2 6.9/8.6 12/31/94 0.80 Lo 0(n/a) A 0.39 -0.56 0.02 0.08 0.10 0.10/ 0.12

0.07 0.130 0.12Growth/Moderate Risk Portfolio—Timing only -1.0(0.4) 0.7(0.4) 3.5(2.3) 3.5(3.7) 6.2(3.7)/8.6 12/31/94 0.51 VLo — — 0.57 -0.57 0.07 0.12 0.05 0.13/ 0.129.0 9.408.6 0.09 0.13 0.140 0.12*c. Aggressive Portfolio -0.7 1.3 3.7 9.0 9.4/8.6 12/31/94 0.96 Avg 0(n/a) A 0.42 -0.39 0.09 0.08 0.13 0.14/ 0.12

Aggressive Portfolio—Timing only -1.0(0.4) 0.3(0.5) 3.0(2.7) 3.2(4.1) 5.8(4.3)/8.6 12/31/94 0.59 VLo — — 0.54 -0.57 -0.01 0.08 0.03 0.10/ 0.125.7 5.704.9 0.21 0.16 0.16 0.160 0.06*d. Core Holdings Portfolio -0.4 1.2 4.2 5.7 5.7/4.9 12/31/97 0.35 VLo 0(n/a) A 0.40 -0.56 0.21 0.16 0.16 0.16/ 0.06

0.08 0.07 0.070 0.06 Core Holdings Portfolio—Timing Only -1.0(0.4) 0.8(0.4) 4.1(2.0) 4.0(3.5) 4.0(3.5)/4.9 12/31/97 0.46 VLo — — 0.53 -0.57 0.08 0.14 0.07 0.07/ 0.06 0.06*e. Enhanced Index Portfolio -2.5 1.0 2.6 3.6 3.6/4.9 12/31/97 1.02 Avg 0(n/a) A 0.42 -0.53 0.06 0.04 0.04 0.04/ 0.06

Enhanced Index Portfolio—Timing Only -1.0(0.4) 0.2(0.5) 2.3(2.9) 2.0(4.6) 2.0(4.6)/4.9 12/31/97 0.69 Lo — — 0.44 -0.57 -0.04 0.04 0.00 0.00/ 0.06*f. Diversified Sectors -2.5 0.2 — — 0.2/5.5 12/31/03 0.35 VLo 0(n/a) A 0.26 -0.51 -0.02 — — -0.07/ 0.09*g. Exchange Traded Funds -1.9 0.7 — — 0.1/5.5 12/31/03 0.41 VLo 0(n/a) A 0.16 -0.48 0.03 — — -0.07/ 0.09

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OneQTrades.com 8.8 — — — -4.0/11.1 12/31/09 0.83 Lo 0(n/a) A 0.68 0.24 — — — -0.08/ 0.22 0.47OneQTrades.com—Timing Only 11.5(6.0) — — — -1.6(7.0)/11.1 12/31/09 0.75 Lo — — 0.67 0.47 — — — -0.03/ 0.22

The 100% Letter (Average) 1.6 — — — -3.3/8.3 12/31/10 1.09 Avg — — 0.92 0.05 — — — -0.04/ 0.19a. The 100% Portfolio 6.6 — — — -5.3/8.3 12/31/10 1.34 Hi 24(640) A 0.81 0.13 — — — -0.06/ 0.19

15.6 12.002.3 0.18 0.140 0.03Outstanding Investments 0.9 -3.8 15.6 — 12.0/2.3 12/31/99 1.63 VHi 59(1058) C 0.68 0.04 0.01 0.18 — 0.14/ 0.03The Outlook (Average) 10.0 -1.3 4.5 3.8 8.1/10.9 6/30/80 0.80 Lo — — 0.93 0.38 -0.01 0.08 0.05 0.09/ 0.13

a. Stock Appreciation Ranking System (5 Stars) 11.7 -1.7 3.9 3.3 6.0/9.4 12/31/88 0.76 Lo 71(571) B 0.94 0.41 -0.01 0.07 0.04 0.08/ 0.13Stock Appreciation Ranking System—Timing only 9.6(0.0) -1.7(0.1) 3.4(0.2) 2.7(0.2) 6.0(0.2)/9.4 12/31/88 0.69 Lo — — 0.97 0.44 -0.01 0.06 0.02 0.08/ 0.13

b. S&P’s Platinum Portfolio 7.5 -2.8 2.8 4.1 5.2/7.2 12/31/95 0.90 Avg 36(695) B 0.88 0.27 -0.02 0.04 0.05 0.07/ 0.10S&P’s Platinum Portfolio—Timing only 9.6(0.0) -1.7(0.1) 3.4(0.2) 2.7(0.2) 4.1(0.2)/7.2 12/31/95 0.71 Lo — — 0.97 0.44 -0.01 0.06 0.02 0.05/ 0.10

4.803.7 0.070 0.05c. Neural Fair Value 25 Portfolio 8.5 1.6 3.6 — 4.8/3.7 12/31/98 0.97 Avg 25(601) B 0.80 0.26 0.05 0.06 — 0.07/ 0.05d. High-Quality Capital Appreciation Portfolio 7.1 0.4 3.2 — 0.0/3.7 12/31/98 0.65 Lo 15(821) B 0.89 0.34 0.02 0.06 — -0.05/ 0.05

2.4 3.803.7 0.07 0.16 0.060 0.05e. Total Return Portfolio 5.5 2.4 6.4 — 3.8/3.7 12/31/98 0.55 VLo 15(937) B 0.68 0.29 0.07 0.16 — 0.06/ 0.05f. Small/Mid-Cap Growth Portfolio 12.1 -5.7 3.0 — 3.0/3.7 12/31/98 0.90 Avg 15(444) B 0.82 0.29 -0.06 0.05 — 0.04/ 0.05

16.9 8.5 5.305.0g. Power Picks 16.9 1.4 8.5 — 5.3/5.0 1/31/02 1.09 Avg 40(621) C 0.96 0.41 0.05 0.14 — 0.08/ 0.082.8 0.45 0.07 0.110 0.08*h. A Moderate Model ETF Portfolio 10.8 2.8 — — 5.1/5.1 11/30/04 0.62 Lo 7(2074) A 0.98 0.45 0.07 — — 0.11/ 0.08

0.45i. Industry Momentum Portfolio 9.4 -6.0 — — -3.0/3.8 3/31/06 0.94 Avg 19(178) B 0.85 0.45 -0.08 — — -0.06/ 0.06j. Top Ten Portfolio 10.0 -6.8 — — -0.8/3.8 3/31/06 0.79 Lo 10(539) B 0.86 0.42 -0.13 — — -0.03/ 0.06

5.1 11.6 7.1 0.48 0.10 0.21 0.09The Oxford Club (Average) 12.6 5.1 11.6 7.1 4.1/8.6 12/31/94 1.21 Hi — — 0.64 0.48 0.10 0.21 0.09 0.05/ 0.125.1 11.6 7.1 0.48 0.10 0.21 0.09a. Asset Allocation Model 12.6 5.1 11.6 7.1 4.1/8.6 12/31/94 1.21 Hi 57(907) B 0.64 0.48 0.10 0.21 0.09 0.05/ 0.122.8 11.4 9.304.9 0.06 0.19 0.160 0.08b. All-Star Portfolio 13.1 2.8 11.4 — 9.3/4.9 12/31/01 1.00 Avg 7(1816) C 0.85 0.37 0.06 0.19 — 0.16/ 0.086.5 9.1 10.004.9 0.12 0.16 0.170 0.08c. Perpetual Income Portfolio 9.4 6.5 9.1 — 10.0/4.9 12/31/01 0.96 Avg 16(563) C 0.65 0.42 0.12 0.16 — 0.17/ 0.08

d. Trading Portfolio 14.3 -8.3 5.9 — 3.9/4.9 12/31/01 1.26 Hi 21(434) C 0.76 0.40 -0.06 0.09 — 0.07/ 0.083.5 8.305.7 0.08 0.150 0.09*e. The Gone Fishin’ Portfolio 13.4 3.5 — — 8.3/5.7 4/30/04 0.90 Lo 10(3449) A 0.94 0.39 0.08 — — 0.15/ 0.09

16.7 3.8 5.7 0.49 0.08 0.15 0.09The PAD System Report (Average) 16.7 3.8 7.2 5.7 7.6/9.4 12/31/88 0.85 Lo — — 0.83 0.49 0.08 0.15 0.09 0.10/ 0.1316.7 3.8 5.4 0.49 0.08 0.08 0.140 0.13a. Model Portfolio C (Conservative Version) 16.7 3.8 7.2 5.4 9.0/9.4 12/31/88 0.82 Lo 13(1372) A 0.79 0.49 0.08 0.14 0.08 0.14/ 0.13

2.1 0.48*PaulMerriman.com (Average) 12.8 2.1 7.1 4.5 7.6/10.5 12/31/84 0.67 Lo — — 0.84 0.48 0.05 0.14 0.06 0.11/ 0.134.0 1.32 0.32 0.23 0.22 0.220 0.09*a. Vanguard Emergency Fund Portfolio 4.6 4.0 3.7 4.1 4.2/6.3 12/31/96 0.12 VLo 1(271) A 0.27 1.32 0.32 0.23 0.22 0.22/ 0.096.7 5.8 1.20 0.33 0.26 0.21 0.220 0.09*b. Vanguard Monthly Income Portfolio 7.4 6.7 6.0 5.8 6.1/6.3 12/31/96 0.27 VLo 4(4054) A 0.38 1.20 0.33 0.26 0.21 0.22/ 0.092.6 6.1 6.406.3 0.51 0.07 0.17 0.11 0.110 0.09*c. Fidelity Tax-Deferred Portfolio (Moderate) 12.7 2.6 7.8 6.1 6.4/6.3 12/31/96 0.64 Lo 13(2099) A 0.93 0.51 0.07 0.17 0.11 0.11/ 0.09

19.9 8.7 5.8 6.406.3 0.46 0.08*d. Fidelity Tax-Deferred Portfolio (Aggressive) 19.9 -0.8 8.7 5.8 6.4/6.3 12/31/96 1.08 Avg 10(1769) A 0.94 0.46 0.02 0.13 0.08 0.08/ 0.094.2 9.1 6.9 7.006.3 0.10 0.21 0.13 0.130 0.09*e. Vanguard Tax-Deferred Portfolio (Moderate) 12.0 4.2 9.1 6.9 7.0/6.3 12/31/96 0.63 Lo 12(3548) A 0.93 0.44 0.10 0.21 0.13 0.13/ 0.09

18.1 10.3 6.6 6.706.3 0.16 0.09*f. Vanguard Tax-Deferred Portfolio (Aggressive) 18.1 1.0 10.3 6.6 6.7/6.3 12/31/96 1.08 Avg 9(4470) A 0.94 0.39 0.04 0.16 0.09 0.09/ 0.0919.6 6.805.9*g. ETF Tax-Deferred Portfolio (Aggressive) 19.6 0.8 — — 6.8/5.9 7/31/04 1.20 Hi 11(1591) A 0.97 0.42 0.04 — — 0.10/ 0.10

3.2 6.605.9 0.46 0.08 0.140 0.10*h. ETF Tax-Deferred Portfolio (Moderate) 12.5 3.2 — — 6.6/5.9 7/31/04 0.71 Lo 14(1724) A 0.95 0.46 0.08 — — 0.14/ 0.1018.3 7.805.9 0.120 0.10*i. T.Rowe Price Tax-Deferred Portfolio (Aggressive) 18.3 1.0 — — 7.8/5.9 7/31/04 1.21 Hi 9(2496) A 0.97 0.41 0.04 — — 0.12/ 0.10

3.7 7.505.9 0.47 0.09 0.160 0.10*j. T.Rowe Price Tax-Deferred Portfolio (Moderate) 12.4 3.7 — — 7.5/5.9 7/31/04 0.71 Lo 12(2474) A 0.96 0.47 0.09 — — 0.16/ 0.1018.1 5.004.4 0.080 0.07*k. Vanguard Tax-Managed Portfolio (Aggressive) 18.1 0.7 — — 5.0/4.4 11/30/05 1.16 Hi 8(n/a) A 0.97 0.38 0.04 — — 0.08/ 0.07

0.52 0.280 0.26*l ETF Tax-Deferred Portfolio (Conservative) 9.0 — — — 8.2/15.2 12/31/08 0.48 VLo 14(1241) A 0.94 0.52 — — — 0.28/ 0.26 0.59 0.310 0.26*m Fidelity Tax-Deferred Portfolio (Conservative) 9.2 — — — 8.9/15.2 12/31/08 0.46 VLo 13(1387) A 0.96 0.59 — — — 0.31/ 0.26 0.55 0.360 0.26*n. Rowe Price Tax-Deferred Portfolio (Conservative) 9.4 — — — 10.1/15.2 12/31/08 0.46 VLo 12(1452) A 0.95 0.55 — — — 0.36/ 0.26 0.50 0.320 0.26*o. Vanguard Tax-Deferred Portfolio (Conservative) 9.0 — — — 9.5/15.2 12/31/08 0.48 VLo 12(1458) A 0.94 0.50 — — — 0.32/ 0.26

4.803.7 0.270 0.16*p. Vanguard Tax-Managed Portfolio (Moderate) — — — — 4.8/3.7 4/30/12 0.77 Lo 11(271) A 0.97 — — — — 0.27/ 0.163.903.7 0.330 0.16*q. Vanguard Tax-Managed Portfolio (Conservative) — — — — 3.9/3.7 4/30/12 0.49 VLo 11(271) A 0.97 — — — — 0.33/ 0.16

6.8 9.1 6.1 0.14 0.18 0.10Personal Finance (Average) 11.0 6.8 9.1 6.1 7.9/10.2 12/31/83 0.77 Lo — — 0.75 0.35 0.14 0.18 0.10 0.10/ 0.136.1 6.2 0.16 0.19 0.16 0.160 0.13a. Income Portfolio 7.0 6.1 6.9 6.2 9.0/10.2 12/31/83 0.56 VLo 29(396) B 0.53 0.38 0.16 0.19 0.16 0.16/ 0.13

8.2b. Growth Portfolio 14.1 -2.1 8.2 — 3.6/4.1 3/31/98 1.10 Hi 33(537) B 0.85 0.30 -0.01 0.13 — 0.04/ 0.05 0.280 0.26*c. Fund Portfolio 11.7 — — — 12.6/15.2 12/31/08 0.75 Lo 15(906) C 0.94 0.37 — — — 0.28/ 0.26

0.56The Peter Dag Portfolio Strategy and Management (Average) 9.0 -2.9 4.2 2.4 6.4/10.6 12/31/82 0.70 Lo — — 0.71 0.56 -0.05 0.08 0.02 0.07/ 0.13 0.67*a. Vanguard Mutual Fund Model Portfolio 11.1 -1.9 4.9 4.3 6.4/10.6 12/31/82 0.55 VLo 3(n/a) A 0.71 0.67 -0.03 0.10 0.06 0.08/ 0.13 0.48*b. Fidelity Mutual Fund Model Portfolio 10.6 -2.7 3.2 3.9 5.4/8.6 12/31/94 0.84 Lo 5(145) A 0.69 0.48 -0.04 0.05 0.05 0.07/ 0.12

Fidelity Mutual Fund Model Port.—Timing only 15.2(0.6) 0.2(1.5) 5.9(1.4) 3.1(1.3) 5.2(1.3)/8.6 12/31/94 0.86 Lo — — 0.97 0.41 0.02 0.11 0.03 0.07/ 0.12 0.57c. Dag’s Exclusive Picks & Managed Model Portfolio 9.1 -0.8 5.7 — 1.7/2.3 12/31/99 0.92 Avg 10(187) A 0.69 0.57 -0.01 0.12 — 0.01/ 0.03

*d. ETF Model Portfolio 4.9 -6.3 — — -2.0/3.6 4/30/06 0.80 Lo 5(103) A 0.77 0.22 -0.12 — — -0.05/ 0.06The Proactive Fund Investor (Average) 9.6 — — — 3.4/8.3 12/31/10 0.77 Lo — — 0.31 0.30 — — — 0.10/ 0.19

21.8 0.63a. Sector ETF Portfolio 21.8 — — — 6.8/8.3 12/31/10 0.93 Avg 5(128) A 0.56 0.63 — — — 0.17/ 0.19b. PFI’s Best Portfolio 12.4 — — — 2.0/8.3 12/31/10 0.72 Lo 11(133) A 0.59 0.39 — — — 0.07/ 0.19

PFI’s Best Portfolio—Timing Only 13.4(0.6) — — — 6.0(1.3)/8.3 12/31/10 0.79 Lo — — 0.98 0.39 — — — 0.17/ 0.19f. Cool Income Portfolio 0.3 — — — 0.4/8.3 12/31/10 0.37 VLo 1(426) A 0.67 0.02 — — — 0.03/ 0.19

16.6 13.0 10.0 15.3010.9 0.17 0.12The Prudent Speculator14 (Average) 16.6 0.5 13.0 10.0 15.3/10.9 6/30/80 2.11 VHi — — 0.86 0.38 0.04 0.17 0.12 0.13/ 0.1317.8 14.3 8.3 14.5010.9 0.19 0.10a. The Prudent Speculator Portfolio 17.8 2.0 14.3 8.3 14.5/10.9 6/30/80 2.18 VHi 88(1158) A 0.86 0.40 0.05 0.19 0.10 0.13/ 0.13

9.6(0.5) 13.3(0.6)010.9 0.16The Prudent Speculator Portfolio—Timing Only 15.2(0.3) 2.0(0.5) 9.6(0.5) 4.6(0.9) 13.3(0.6)/10.9 6/30/80 1.74 VHi — — 0.96 0.43 0.05 0.16 0.06 0.12/ 0.1310.8 8.202.3 0.15 0.110 0.03b. Millennium Portfolio 15.2 1.3 10.8 — 8.2/2.3 12/31/99 1.38 Hi 60(1105) A 0.84 0.36 0.05 0.15 — 0.11/ 0.03

18.7 3.2 12.8 13.103.4 0.07 0.18 0.170 0.05c. The Prufolio 18.7 3.2 12.8 — 13.1/3.4 12/31/00 1.43 Hi 90(761) A 0.86 0.44 0.07 0.18 — 0.17/ 0.0513.808.2 0.160 0.14d. Buckingham Portfolio 14.8 -5.2 — — 13.8/8.2 1/31/03 1.88 VHi 92(915) A 0.91 0.32 0.00 — — 0.16/ 0.14

8.4(1.1)08.2Buckingham Portfolio—Timing Only 15.5(0.4) -1.9(1.6) — — 8.4(1.1)/8.2 1/31/03 1.27 Hi — — 0.98 0.44 0.01 — — 0.13/ 0.144.804.6 0.080 0.07Real Wealth Report 0.6 -2.6 — — 4.8/4.6 12/31/04 0.95 Avg 18(1044) A 0.38 0.03 -0.04 — — 0.08/ 0.07

0.47*The Relevant Investor (Average) 12.6 — — — 5.1/6.9 6/30/11 0.72 Lo — — 0.99 0.47 — — — 0.15/ 0.1517.0 0.48*a. Aggressive Growth Model 17.0 — — — 5.7/6.9 6/30/11 0.94 Avg 7(n/a) A 0.99 0.48 — — — 0.13/ 0.15

0.47*b. Moderate Growth Model 12.5 — — — 4.8/6.9 6/30/11 0.71 Lo 7(n/a) A 0.99 0.47 — — — 0.14/ 0.15 0.180 0.15*c. Preservation Model 8.5 — — — 4.8/6.9 6/30/11 0.53 VLo 5(n/a) A 0.97 0.42 — — — 0.18/ 0.15


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Reminiscences (Average) 5.0 -1.0 2.9 — -2.7/2.3 12/31/99 1.04 Avg — — 0.87 0.16 0.01 0.04 — -0.06/ 0.033.302.3 0.040 0.03a. Conservative Portfolio 15.1 1.3 7.5 — 3.3/2.3 12/31/99 1.06 Avg 10(358) A 0.79 0.44 0.04 0.12 — 0.04/ 0.03

b. Growth Portfolio 4.8 -3.6 1.8 — -4.1/2.3 12/31/99 1.38 Hi 10(509) A 0.84 0.11 0.00 0.03 — -0.05/ 0.03c. Trading Portfolio -4.8 -3.2 -2.5 — -9.1/2.3 12/31/99 1.35 Hi 4(4) A 0.53 -0.15 -0.02 -0.03 — -0.12/ 0.03

Revolution Investing -3.7 — — — 6.6/11.9 2/28/10 1.04 Avg 19(293) C 0.81 -0.06 — — — 0.13/ 0.232.6 0.53 0.07 0.15 0.07 0.140 0.13Richard E. Band’s Profitable Investing (Average) 11.0 2.6 6.5 4.7 7.6/9.4 12/31/90 0.64 Lo — — 0.90 0.53 0.07 0.15 0.07 0.14/ 0.132.5 0.07a. Total Return Portfolio 9.9 2.5 6.0 4.0 7.2/9.4 12/31/90 0.68 Lo 24(156) B 0.83 0.41 0.07 0.14 0.05 0.12/ 0.13

2.9(0.3) 0.07 0.16 0.140 0.13Total Return Portfolio—Timing only 15.6(0.2) 2.9(0.3) 7.5(0.2) 4.6(0.3) 9.1(0.2)/9.4 12/31/90 0.87 Lo — — 0.99 0.43 0.07 0.16 0.06 0.14/ 0.132.4 0.57 0.06 0.100 0.09*b.Supermarket Portfolio 12.1 2.4 — — 4.8/5.3 1/31/04 0.64 Lo 11(798) A 0.97 0.57 0.06 — — 0.10/ 0.093.0 0.59 0.08 0.120 0.09*c. Hassle-Free ETF Portfolio 10.9 3.0 — — 5.6/5.7 4/30/04 0.66 Lo 10(n/a) A 0.97 0.59 0.08 — — 0.12/ 0.09

22.9 0.57Richard Schmidt’s Stellar Stock Report (Average) 22.9 -10.7 1.4 — -1.8/3.7 12/31/98 1.40 Hi — — 0.85 0.57 -0.10 0.03 — -0.02/ 0.05a. Growth Stock Portfolio 15.5 -3.7 3.5 — -0.3/3.7 12/31/98 1.29 Hi 12(294) B 0.80 0.28 -0.02 0.06 — -0.01/ 0.05

2.2(0.1) 4.0(0.4)03.7 0.06 0.060 0.05Growth Stock Portfolio—Timing Only 12.9(0.0) 2.2(0.1) 7.0(0.3) — 4.0(0.4)/3.7 12/31/98 0.77 Lo — — 0.99 0.44 0.06 0.14 — 0.06/ 0.05*b. Stellar ETF Portfolio — — — — -1.0/10.5 5/31/12 0.22 VLo 0(n/a) B -0.61 — — — — -0.41/ 0.86

2.9 9.6 6.9 6.904.9 0.07 0.17 0.10 0.100 0.06Richard C. Young’s Intelligence Report (Average) 11.3 2.9 9.6 6.9 6.9/4.9 12/31/97 0.93 Avg — — 0.95 0.39 0.07 0.17 0.10 0.10/ 0.064.3 11.5 5.803.7 0.53 0.09 0.20 0.080 0.05a. Common Stocks Monster Master List 11.9 4.3 11.5 — 5.8/3.7 12/31/98 1.25 Hi 70(2064) C 0.91 0.53 0.09 0.20 — 0.08/ 0.05

*b. Mutual Funds Monster Master List 10.5 1.3 7.7 4.5 4.5/4.9 12/31/97 0.95 Avg 46(1817) C 0.92 0.28 0.04 0.14 0.06 0.06/ 0.06Rick’s Research (Average) 10.4 1.1 — — -3.9/5.5 12/31/03 1.47 Hi — — 0.72 0.31 0.04 — — -0.04/ 0.09

5.3 0.09a. Growth and Dominance Portfolio -0.5 5.3 — — -1.5/5.5 12/31/03 1.58 VHi 6(n/a) A 0.63 0.01 0.09 — — 0.00/ 0.09b. Super Growth Horizon Portfolio 9.1 0.3 — — -3.6/5.5 12/31/03 1.83 VHi 4(n/a) A 0.71 0.17 0.04 — — -0.01/ 0.09

25.5 6.0 0.50 0.10c. Nanotech Investment Portfolio Index 25.5 6.0 — — -5.0/5.5 12/31/03 1.89 VHi 7(n/a) A 0.55 0.50 0.10 — — -0.02/ 0.09d. Option Strategies Mod/Agg Portfolio — — — — 2.3/10.6 1/31/12 1.15 Hi 9(554) A 0.78 — — — — 0.08/ 0.33e. Option Strategies Moderate Portfolio — — — — 3.1/10.6 1/31/12 1.07 Avg 9(570) A 0.75 — — — — 0.10/ 0.33

8.3 12.1 8.4 9.008.3 0.22 0.33 0.16 0.170 0.12Roger Conrad’s Utility Forecaster (Average) 6.4 8.3 12.1 8.4 9.0/8.3 12/31/92 0.72 Lo — — 0.59 0.33 0.22 0.33 0.16 0.17/ 0.124.3 11.5 6.304.4 0.10 0.23 0.090 0.06a. Growth Portfolio 8.1 4.3 11.5 — 6.3/4.4 2/28/98 0.91 Avg 28(708) B 0.68 0.32 0.10 0.23 — 0.09/ 0.06

12.1 12.3 10.604.4 0.39 0.41 0.260 0.06b. Income Portfolio 4.7 12.1 12.3 — 10.6/4.4 2/28/98 0.53 VLo 27(537) B 0.36 0.30 0.39 0.41 — 0.26/ 0.0613.0 6.0 0.08The Ruff Times (Average) -14.5 -1.2 13.0 6.0 5.7/10.9 6/30/80 1.84 VHi — — 0.35 -0.10 0.05 0.14 0.08 0.05/ 0.1313.0 6.7 0.09a. Investment Recommendations -14.5 -1.2 13.0 6.7 6.2/9.5 12/31/86 1.98 VHi 71(1929) C 0.34 -0.10 0.05 0.14 0.09 0.07/ 0.12

3.3 8.3 8.307.9 0.75 0.09 0.20 0.200 0.14*Sector Navigator (Average) 12.6 3.3 8.3 — 8.3/7.9 12/31/02 0.67 Lo — — 0.79 0.75 0.09 0.20 — 0.20/ 0.148.1 8.107.9 0.15 0.150 0.14*a. Fidelity Select Sector Rotation Model 14.7 1.7 8.1 — 8.1/7.9 12/31/02 0.93 Avg 5(17) A 0.91 0.40 0.05 0.15 — 0.15/ 0.14

3.8 0.11 0.18 0.180 0.14*b. ETF Sector Rotation Model 6.8 3.8 7.2 — 7.2/7.9 12/31/02 0.59 VLo 5(11) A 0.63 0.28 0.11 0.18 — 0.18/ 0.143.5 9.1 9.107.9 0.62 0.09 0.19 0.190 0.14*c. Profunds/Rydex Sector Rotation Model 15.6 3.5 9.1 — 9.1/7.9 12/31/02 0.77 Lo 5(41) A 0.49 0.62 0.09 0.19 — 0.19/ 0.14

17.806.3Silver Stock Analyst — — — — 17.8/6.3 6/30/12 4.86 VHi 4(n/a) A 0.74 — — — — 0.43/ 0.7120.2 5.8 13.1 8.5 9.008.3 0.45 0.10 0.20 0.12Sound Advice (Average) 20.2 5.8 13.1 8.5 9.0/8.3 12/31/92 1.09 Avg — — 0.82 0.45 0.10 0.20 0.12 0.12/ 0.1220.2 5.8 13.1 8.5 8.508.1 0.45 0.10 0.20 0.12a. Sound Advice Portfolio 20.2 5.8 13.1 8.5 8.5/8.1 12/31/93 1.08 Avg 25(1071) C 0.82 0.45 0.10 0.20 0.12 0.11/ 0.11

9.7 7.1 8.708.3 0.16 0.10*Sound Mind Investing (Average) 15.1 1.4 9.7 7.1 8.7/8.3 12/31/92 1.03 Avg — — 0.94 0.38 0.04 0.16 0.10 0.12/ 0.1210.0 7.6 9.207.2 0.16 0.11 0.130 0.10*a. Fund Upgrading: 100% Stock Portfolio 12.8 0.7 10.0 7.6 9.2/7.2 12/31/95 1.06 Avg 20(128) B 0.92 0.35 0.03 0.16 0.11 0.13/ 0.10

2.2 9.3 7.4 8.707.2 0.06 0.18 0.12 0.140 0.10*b. Fund Upgrading: 80% Stock 20% Bond Portfolio 11.5 2.2 9.3 7.4 8.7/7.2 12/31/95 0.85 Lo 22(140) B 0.92 0.40 0.06 0.18 0.12 0.14/ 0.103.4 8.5 7.0 0.47 0.09 0.20 0.13 0.160 0.12*c. Fund Upgrading: 60% Stock 40% Bond Portfolio 9.9 3.4 8.5 7.0 8.2/8.3 12/31/92 0.65 Lo 22(153) B 0.91 0.47 0.09 0.20 0.13 0.16/ 0.124.4 6.2 0.62 0.14 0.23 0.15 0.170 0.12*d. Fund Upgrading: 40% Stock 60% Bond Portfolio 8.6 4.4 7.2 6.2 7.2/8.3 12/31/92 0.46 VLo 22(165) B 0.88 0.62 0.14 0.23 0.15 0.17/ 0.12

17.4 9.0 5.4 0.15 0.07*e. Just-The-Basics: 100% Stock Portfolio 17.4 2.0 9.0 5.4 7.2/7.2 12/31/95 1.06 Avg 3(220) A 0.98 0.41 0.05 0.15 0.07 0.10/ 0.103.4 8.6 5.9 7.307.2 0.08 0.16 0.09 0.110 0.10*f. Just-The-Basics: 80% Stock 20% Bond Portfolio 14.7 3.4 8.6 5.9 7.3/7.2 12/31/95 0.84 Lo 4(220) A 0.98 0.43 0.08 0.16 0.09 0.11/ 0.104.5 8.0 6.1 0.47 0.11 0.19 0.11 0.150 0.12*g. Just-The-Basics: 60% Stock 40% Bond Portfolio 11.9 4.5 8.0 6.1 7.7/8.3 12/31/92 0.63 Lo 4(220) A 0.97 0.47 0.11 0.19 0.11 0.15/ 0.125.2 6.1 0.55 0.17 0.23 0.16 0.180 0.12*h. Just-The-Basics: 40% Stock 60% Bond Portfolio 9.2 5.2 7.2 6.1 7.2/8.3 12/31/92 0.43 VLo 4(220) A 0.93 0.55 0.17 0.23 0.16 0.18/ 0.12

The Spear Report13.4(18.6)10.4(14.2) 5.4(14.2)02.3 0.17 0.15 0.080 0.03The Spear Report Timing Recommendation—Timing only 16.1(0.0) 13.4(18.6) 10.4(14.2) — 5.4(14.2)/2.3 12/31/99 1.19 Hi — — 0.53 0.44 0.17 0.15 — 0.08/ 0.03

0.06Stealth Stocks (Average) 0.2 0.9 3.2 — 2.2/4.9 12/31/01 0.34 VLo — — 0.31 0.01 0.06 0.09 — 0.04/ 0.08a. Master Stock Portfolio — — — — 0.2/2.9 3/31/12 0.57 VLo 4(60) A -0.21 — — — — 0.01/ 0.13

0.140 0.13Master Stock Portfolio—Timing Only — — — — 0.6(1.9)/2.9 3/31/12 0.15 VLo — — 0.62 — — — — 0.14/ 0.13Stealth Stocks Daily Alert -8.2 1.3 — — -0.4/5.0 1/31/05 0.50 VLo 8(7) A -0.04 -0.49 0.05 — — -0.06/ 0.08

Stealth Stocks Daily Alert—Timing Only -3.2(7.6) 0.2(2.8) — — 1.3(4.9)/5.0 1/31/05 0.18 VLo — — 0.04 -0.35 -0.02 — — -0.04/ 0.08 0.280 0.22Stock Selections & Timing (Average) 2.3 — — — 9.0/11.1 12/31/09 0.59 VLo — — 0.74 0.16 — — — 0.28/ 0.22

13.3011.1 0.340 0.22a. Stock Portfolio 6.8 — — — 13.3/11.1 12/31/09 0.72 Lo 8(247) A 0.52 0.31 — — — 0.34/ 0.22 0.230 0.22Stock Portfolio—Timing Only 6.8(2.1) — — — 6.2(1.8)/11.1 12/31/09 0.50 VLo — — 0.96 0.39 — — — 0.23/ 0.22

*b. Dow 30 Portfolio -2.0 — — — 4.6/12.8 1/31/10 0.68 Lo 6(19) A 0.75 -0.20 — — — 0.14/ 0.25Dow 30 Portfolio—Timing Only 0.1(3.6) — — — 6.3(4.0)/12.8 1/31/10 0.73 Lo — — 0.74 0.00 — — — 0.17/ 0.25

16.6Stock Superstars Report 16.6 2.0 6.6 — 6.6/7.9 12/31/02 1.22 Hi 36(590) A 0.95 0.41 0.05 0.10 — 0.10/ 0.146.0 16.7 14.804.9 0.10 0.24 0.210 0.08The Successful Investor (Average) 12.9 6.0 16.7 — 14.8/4.9 12/31/01 1.22 Hi — — 0.87 0.28 0.10 0.24 — 0.21/ 0.084.2 16.4 15.104.9 0.08 0.23 0.210 0.08a. Conservative Growth Portfolio 13.8 4.2 16.4 — 15.1/4.9 12/31/01 1.25 Hi 28(n/a) C 0.84 0.33 0.08 0.23 — 0.21/ 0.087.3 17.7 15.904.9 0.11 0.22 0.200 0.08b. Portfolio for Aggressive Growth 12.5 7.3 17.7 — 15.9/4.9 12/31/01 1.42 Hi 14(1326) C 0.81 0.21 0.11 0.22 — 0.20/ 0.085.8 16.3 14.905.4 0.10 0.25 0.230 0.09c. Portfolio for Income-Seeking Investors 11.5 5.8 16.3 — 14.9/5.4 4/30/02 1.10 Hi 20(n/a) C 0.80 0.24 0.10 0.25 — 0.23/ 0.092.6 0.52 0.06Superstock Investor (Average) 10.4 2.6 5.5 3.3 6.2/10.2 12/31/83 1.07 Avg — — 0.72 0.52 0.06 0.09 0.04 0.06/ 0.132.6 0.52 0.06a. Master List of Recommended Stocks 10.4 2.6 5.5 3.3 7.1/10.2 12/31/83 1.08 Avg 22(824) A 0.76 0.52 0.06 0.09 0.04 0.07/ 0.13

Sy Harding’s Street Smart Report (Average) 6.1 -2.5 -0.1 — -0.3/4.9 12/31/01 0.54 VLo — — 0.28 0.32 -0.07 -0.05 — -0.06/ 0.082.1 0.06 0.100 0.08*a. Normal Seasonal Timing Strategy Portfolio 7.7 2.1 4.3 — 4.4/4.9 12/31/01 0.54 VLo 1(35) A 0.57 0.41 0.06 0.10 — 0.10/ 0.08

*b. Non-Seasonal Market-Timing Strategy Portfolio 4.4 -6.1 -4.2 — -4.0/4.9 12/31/01 0.59 VLo 6(51) A -0.04 0.20 -0.16 -0.17 — -0.16/ 0.086.6(2.0) 8.3(2.0) 8.1(2.0)04.9 0.45 0.17 0.21 0.200 0.08c. Timing Only: Seasonal Timing—cash on sells 11.7(2.0) 6.6(2.0) 8.3(2.0) — 8.1(2.0)/4.9 12/31/01 0.61 Lo — — 0.58 0.45 0.17 0.21 — 0.20/ 0.086.0(2.0) 6.5(2.0)04.9 0.11 0.110 0.08d. Timing Only: Seasonal Timing—short on sells 7.3(2.0) 6.0(2.0) 4.3(2.0) — 6.5(2.0)/4.9 12/31/01 0.96 Avg — — -0.23 0.18 0.11 0.07 — 0.11/ 0.08

0.45e. Timing Only: Non-seasonal timing model; cash on sells 8.7(2.0) -0.2(2.8) 2.0(2.2) — 1.0(2.6)/4.9 12/31/01 0.51 VLo — — 0.43 0.45 -0.01 0.02 — -0.01/ 0.08f. Timing Only: Non-seasonal timing model; short on sells 3.4(6.0) -6.5(7.6) -6.9(5.7) — -5.5(6.0)/4.9 12/31/01 0.88 Lo — — -0.30 0.12 -0.10 -0.17 — -0.13/ 0.08

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0.68Systems and Forecasts (Average) 10.5 -2.2 2.2 2.2 7.0/10.6 12/31/82 0.62 Lo — — 0.74 0.68 -0.05 0.03 0.01 0.09/ 0.13 0.55a. Growth and Income Portfolio 11.6 -2.9 1.8 — 1.8/7.9 12/31/02 0.70 Lo 14(118) A 0.90 0.55 -0.06 0.02 — 0.02/ 0.14 0.85 0.380 0.22b. High Income Portfolio 9.4 — — — 6.3/11.1 12/31/09 0.30 VLo 7(267) A 0.83 0.85 — — — 0.38/ 0.22

5.7 11.10 9.8 0.08 0.150 0.13Timer Digest (Average) 8.1 -1.1 5.4 5.7 11.1/ 9.8 12/31/87 1.04 Avg — — 0.84 0.35 -0.01 0.10 0.08 0.15/ 0.1310.70 9.8 0.140 0.13a. Model Portfolio 6.7 -0.7 4.9 4.7 10.7/ 9.8 12/31/87 1.15 Hi 7(594) A 0.77 0.29 0.00 0.09 0.06 0.14/ 0.13

b. Dow Jones 30 Portfolio 13.9 -8.0 0.7 0.7 5.6/8.7 12/31/89 1.24 Hi 5(339) A 0.81 0.39 -0.08 0.01 0.01 0.06/ 0.124.6 11.0 10.9 12.207.2 0.10 0.21 0.15 0.160 0.10*c. Diversified Select Portfolio 13.4 4.6 11.0 10.9 12.2/7.2 12/31/95 1.15 Hi 2(122) A 0.75 0.39 0.10 0.21 0.15 0.16/ 0.10

*d. ETF Program -1.8 — — — 1.1/18.1 1/31/09 0.52 VLo 3(501) A 0.50 -0.04 — — — 0.04/ 0.316.4(5.8) 0.54 0.11 0.160 0.13e. Timing only: Top-10 Consensus (No shorting) 13.4(9.0) 1.9(7.8) 6.2(5.6) 6.4(5.8) 9.7(7.0)/ 9.8 12/31/87 0.80 Lo — — 0.76 0.54 0.05 0.12 0.11 0.16/ 0.135.5(5.9) 0.07f. Timing only: Top-10 Consensus (Shorting allowed) 10.7(9.0) -1.4(7.8) 2.6(5.6) 5.5(5.9) 7.4(7.1)/ 9.8 12/31/87 1.05 Avg — — 0.23 0.28 0.01 0.04 0.07 0.09/ 0.13

6.9(1.6) 6.1(1.5) 0.18 0.19 0.10 0.150 0.13g. Timing only: Top Long Term Timers (No shorting) 16.1(0.0) 6.9(1.6) 7.7(1.5) 6.1(1.5) 9.1(1.6)/ 9.8 12/31/87 0.77 Lo — — 0.76 0.44 0.18 0.19 0.10 0.15/ 0.138.6(1.6) 0.16h. Timing only: Top Long Term Timers (Shorting) 16.1(0.0) 8.6(1.6) 5.2(1.5) 4.8(1.5) 6.8(1.6)/ 9.8 12/31/87 0.97 Avg — — 0.25 0.44 0.16 0.09 0.06 0.08/ 0.13

*TimingCube (Average) 8.9 -1.1 — — 4.0/7.6 4/30/03 1.11 Hi — — 0.58 0.21 0.00 — — 0.06/ 0.13*a. Classic Model—Nasdaq 100 Strategy: Long Only 10.9 -0.3 — — 4.2/7.6 4/30/03 0.88 Lo 1(19) A 0.59 0.22 0.01 — — 0.07/ 0.13*b. Classic Model—Nasdaq 100 Strategy: Long & Short 10.9 -1.8 — — 2.0/7.6 4/30/03 0.96 Avg 1(19) A 0.44 0.22 -0.02 — — 0.03/ 0.13*c. Classic Model—Russell 2000 Strategy: Long Only 6.2 0.0 — — 1.7/5.5 12/31/03 0.86 Lo 1(19) A 0.58 0.17 0.01 — — 0.02/ 0.09*d. Classic Model—Russell 2000 Strategy: Long & Short 6.2 -2.3 — — -1.5/5.5 12/31/03 0.98 Avg 1(19) A 0.42 0.17 -0.03 — — -0.04/ 0.09*e. Classic Model—S&P500 Strategy: Long Only 7.8 -0.2 — — 1.9/5.5 12/31/03 0.59 VLo 1(19) A 0.62 0.25 0.00 — — 0.02/ 0.09*f. Classic Model—S&P500 Strategy: Long & Short 7.8 -2.1 — — -0.2/5.5 12/31/03 0.65 Lo 1(19) A 0.47 0.25 -0.05 — — -0.04/ 0.09*g. Turbo Model—Nasdaq 100 Strategy: Long Only 14.5 — — — -3.7/5.8 3/31/11 1.06 Avg 1(31) A 0.73 0.27 — — — -0.05/ 0.13*h. Turbo Model—Nasdaq 100 Strategy: Long & Short 10.7 — — — -15.8/5.8 3/31/11 1.37 Hi 1(31) A 0.42 0.19 — — — -0.22/ 0.13*i. Turbo Model—Russell 2000 Strategy: Long Only 9.5 — — — -6.6/5.8 3/31/11 1.13 Hi 1(31) A 0.87 0.20 — — — -0.10/ 0.13*j. Turbo Model—Russell 2000 Strategy: Long & Short 2.6 — — — -15.1/5.8 3/31/11 1.26 Hi 1(31) A 0.53 0.07 — — — -0.23/ 0.13*k. Turbo Model—S&P500 Strategy: Long Only 11.4 — — — -1.8/5.8 3/31/11 0.83 Lo 1(31) A 0.86 0.30 — — — -0.03/ 0.13*l. Turbo Model—S&P500 Strategy: Long & Short 6.9 — — — -10.0/5.8 3/31/11 0.96 Avg 1(31) A 0.50 0.17 — — — -0.20/ 0.13

m. Timing Only: Classic Model (Cash on Sells) 8.3(4.0) 0.9(5.6) — — 5.3(4.8)/7.6 4/30/03 0.65 Lo — — 0.65 0.25 0.03 — — 0.12/ 0.13n. Timing Only: Classic Model (Short on Sells) 8.3(4.0) -0.3(5.8) — — 3.6(4.9)/7.6 4/30/03 0.74 Lo — — 0.49 0.25 0.00 — — 0.06/ 0.13o. Timing Only: Turbo Model (Cash on Sells) 14.1(24.0) — — — 0.6(25.1)/5.8 3/31/11 0.90 Avg — — 0.85 0.34 — — — 0.03/ 0.13p. Timing Only: Turbo Model (Short on Sells) 12.0(24.0) — — — -4.5(25.1)/5.8 3/31/11 1.11 Hi — — 0.48 0.25 — — — -0.06/ 0.13

Todd Market Forecast (Average) 3.5 -2.1 — — -2.4/2.6 12/31/06 1.27 Hi — — 0.50 0.15 0.01 — — -0.01/ 0.05a. System 2 Traders Portfolio 0.8 0.2 — — 0.2/2.6 12/31/06 1.33 Hi 1(0) B 0.48 0.03 0.03 — — 0.02/ 0.05

System 2 Traders Portfolio—Timing Only -1.7(90.5) -0.1( 107) 1.1(63.4) — -1.1(48.2)/3.7 12/31/98 0.73 Lo — — 0.45 -0.05 0.02 0.01 — -0.07/ 0.05b. System 7 Traders Portfolio 5.9 — — — -3.6/9.3 4/30/10 0.65 Lo 0(n/a) B 0.70 0.25 — — — -0.09/ 0.18

System 7 Traders Portfolio—Timing Only 9.1(27.0) — — — 0.2(20.3)/9.3 4/30/10 0.72 Lo — — 0.66 0.34 — — — 0.02/ 0.18c. Intermediate Term System (Timing only) 12.3(6.0) -9.1(4.0) -0.4(3.2) 0.6(4.1) 4.2(4.7)/8.3 12/31/91 0.97 Avg — — 0.84 0.38 -0.10 -0.01 -0.01 0.04/ 0.12

27.5 3.2 12.5 9.9 11.90 9.8 0.49 0.07 0.16 0.12The Turnaround Letter (Average) 27.5 3.2 12.5 9.9 11.9/ 9.8 12/31/87 1.69 VHi — — 0.71 0.49 0.07 0.16 0.12 0.12/ 0.1316.8 5.3 14.7 8.2 0.09 0.17 0.10a. Mid-Cap ($1 billion to $10 billion) 16.8 5.3 14.7 8.2 9.8/ 9.8 12/31/87 1.87 VHi 18(1028) C 0.65 0.31 0.09 0.17 0.10 0.10/ 0.1320.8 2.3 8.2 8.1 0.54 0.06 0.10b. Large-Cap (over $10 billion) 20.8 2.3 8.2 8.1 8.9/ 9.8 12/31/87 1.46 Hi 27(999) C 0.70 0.54 0.06 0.12 0.10 0.10/ 0.1345.1 13.0 10.2 13.10 9.8 0.50 0.06 0.15 0.11c. Small-Cap (under $1 billion) 45.1 0.2 13.0 10.2 13.1/ 9.8 12/31/87 2.53 VHi 13(693) C 0.54 0.50 0.06 0.15 0.11 0.12/ 0.13

3.7 13.0 8.802.7 0.47 0.07 0.19 0.120 0.042 For 1 Stocksplit Newsletter 13.6 3.7 13.0 — 8.8/2.7 10/31/00 1.21 Hi 30(460) A 0.93 0.47 0.07 0.19 — 0.12/ 0.04U.S. Investment Report (Average) 2.1 -0.9 3.8 -1.4 0.1/8.3 12/31/91 1.10 Avg — — 0.64 0.08 -0.03 0.07 -0.04 -0.03/ 0.12

a. Growth Leaders Portfolio 4.3 -1.8 4.9 -0.1 0.9/8.3 12/31/91 1.31 Hi 1(142) A 0.56 0.13 -0.05 0.09 -0.01 0.00/ 0.12 0.15Growth Leaders Portfolio—Timing only 5.2(6.6) 1.5(7.3) 5.3(9.3) 1.8( 9.8) 5.3(9.4)/8.3 12/31/91 0.63 Lo — — 0.79 0.29 0.05 0.15 -0.01 0.08/ 0.12

b. Conservative Growth Portfolio 5.8 1.8 4.8 -3.6 -1.9/8.3 12/31/91 1.08 Avg 3(112) A 0.64 0.19 0.05 0.11 -0.08 -0.06/ 0.12Conservative Growth Portfolio—Timing only 5.2(6.4) 1.1(6.4) 5.3(7.8) 0.9(8.8) 4.8(7.8)/8.3 12/31/91 0.67 Lo — — 0.83 0.27 0.04 0.14 -0.03 0.06/ 0.12

c. Emerging Growth Portfolio -3.6 -2.9 1.3 -1.4 -0.3/7.2 12/31/95 1.22 Hi 0(n/a) A 0.55 -0.12 -0.07 0.01 -0.03 -0.02/ 0.10Emerging Growth Portfolio—Timing only 2.6(9.1) 1.1(8.1) 4.7(11.0) 2.0(11.0) 4.4(10.8)/7.2 12/31/95 0.61 Lo — — 0.78 0.13 0.04 0.12 0.00 0.06/ 0.10

8.606.9Upside15 (Average) 7.6 -2.6 — — 8.6/6.9 6/30/03 1.47 Hi — — 0.79 0.18 0.01 — — 0.12/ 0.128.606.9a. Upside—Best Buy List 7.6 -2.6 — — 8.6/6.9 6/30/03 1.47 Hi 18(195) C 0.79 0.18 0.01 — — 0.12/ 0.12

6.4 8.9 5.7 0.16 0.20 0.09 0.140 0.12The Value Line Convertibles Survey 11.3 6.4 8.9 5.7 9.6/ 9.7 12/31/85 0.80 Lo 38(211) C 0.75 0.43 0.16 0.20 0.09 0.14/ 0.126.0 12.2010.9 0.10 0.150 0.13The Value Line Investment Survey (Average) 8.0 0.5 5.5 6.0 12.2/10.9 6/30/80 0.99 Avg — — 0.84 0.34 0.02 0.12 0.10 0.15/ 0.135.1 0.07a. Portfolio I: Stocks for Above Average Growth 7.4 -0.7 4.9 5.1 6.2/7.2 12/31/95 0.88 Lo 20(197) B 0.73 0.22 0.00 0.09 0.07 0.09/ 0.105.8 0.53 0.10 0.130 0.10b. Portfolio II: Stocks for Income & Growth 9.2 0.3 4.6 5.8 7.0/7.2 12/31/95 0.63 Lo 20(485) B 0.58 0.53 0.02 0.11 0.10 0.13/ 0.10

5.6 8.6 9.307.2 0.11 0.14 0.150 0.10c. Portfolio III: Stocks for Long-Term Growth 9.6 5.6 7.3 8.6 9.3/7.2 12/31/95 0.83 Lo 20(1421) B 0.75 0.30 0.11 0.14 0.14 0.15/ 0.10 0.440 0.36d. Portfolio IV: Stocks w/ Above-Average Div. Yields 6.1 — — — 13.4/19.8 3/31/09 0.54 VLo 20(724) B 0.88 0.36 — — — 0.44/ 0.36

e. Top 100 Timely Stocks 7.2 -4.1 4.5 3.5 10.9/10.9 6/30/80 1.10 Avg 100(58) B 0.87 0.24 -0.05 0.08 0.04 0.12/ 0.13 0.45Value Line—Equity Exposure Level—Timing Only 11.1(0.1) 1.5(0.1) 6.4(0.1) 4.2(0.2) 9.4(0.3)/10.9 6/30/80 0.78 Lo — — 0.94 0.45 0.04 0.13 0.06 0.12/ 0.13

Value Line Inv. Survey Small & Mid-Cap Ed. (Average) 6.4 -2.6 5.8 4.7 5.1/7.2 12/31/95 1.06 Avg — — 0.79 0.22 -0.02 0.10 0.06 0.06/ 0.10a. Stocks Ranked 1 for Performance 5.0 -3.4 4.4 2.8 3.4/7.2 12/31/95 1.09 Avg 100(21) B 0.78 0.16 -0.03 0.07 0.03 0.04/ 0.10

0.45Small & Mid-Cap Edition—Timing Only 11.1(0.1) 1.5(0.1) 6.3(0.1) 4.2(0.2) 5.5(0.2)/7.2 12/31/95 0.72 Lo — — 0.99 0.45 0.04 0.13 0.06 0.08/ 0.105.404.9 0.090 0.08b. Model Portfolio 7.9 -1.9 7.1 — 5.4/4.9 12/31/01 1.01 Avg 40(232) C 0.82 0.26 -0.01 0.12 — 0.09/ 0.08

*The Value Line Fund Advisor (Average) 11.4 -1.3 5.4 3.1 4.4/8.1 12/31/93 0.74 Lo — — 0.92 0.43 -0.01 0.11 0.03 0.05/ 0.11*a. Highest Ranked General Equity 10.8 -5.1 2.6 0.2 2.7/8.1 12/31/93 1.00 Avg 24(96) C 0.95 0.29 -0.06 0.04 -0.01 0.02/ 0.11*b. Highest Ranked International Equity 12.1 -8.9 4.3 2.2 3.2/8.1 12/31/93 1.03 Avg 25(223) C 0.84 0.35 -0.11 0.07 0.02 0.03/ 0.11*c. Highest Ranked Partial Equity 7.1 -1.6 4.0 2.9 4.3/8.1 12/31/93 0.66 Lo 25(187) C 0.94 0.28 -0.03 0.08 0.03 0.05/ 0.11

8.7 0.15*d. Highest Ranked Special Equity 11.5 -3.0 8.7 3.6 6.0/8.1 12/31/93 1.06 Avg 24(230) C 0.82 0.38 -0.03 0.15 0.04 0.07/ 0.112.8 1.04 0.24*e. Highest Ranked Taxable Fixed Income 6.9 2.8 1.9 2.3 2.2/8.1 12/31/93 0.24 VLo 24(257) C 0.25 1.04 0.24 0.03 -0.01 -0.05/ 0.11

0.51 0.390 0.36*f. Moderate Portfolio 14.2 — — — 15.4/19.8 3/31/09 0.70 Lo 11(2771) A 0.93 0.51 — — — 0.39/ 0.3616.7 20.2019.8 0.48 0.410 0.36*g. Aggressive Portfolio 16.7 — — — 20.2/19.8 3/31/09 0.88 Lo 10(2777) A 0.93 0.48 — — — 0.41/ 0.36

Value Line Special Situations (Average) 9.1 -3.0 -0.4 -4.7 4.7/10.9 6/30/80 1.69 VHi — — 0.74 0.23 -0.02 0.00 -0.05 0.04/ 0.13a. Aggressive Portfolio 9.1 -5.3 -1.6 -5.4 4.3/10.9 6/30/80 1.72 VHi 9(264) C 0.73 0.18 -0.04 -0.01 -0.05 0.03/ 0.13b. Conservative Portfolio 8.5 — — — 13.6/19.8 3/31/09 1.06 Avg 12(232) C 0.79 0.23 — — — 0.24/ 0.36


14T

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Blue shading signifies ahead of a buy-and-hold All returns covering more than one year are annualized

6 .4(0 .6) 6 .1(1 .0)06.1The Aden Forecast — — — — — — — — — — 2.9(1.1) 6.4(0.6) 6.1(1.0)/6.1 12/31/95 0.45 VloBob Brinker’s Marketimer — — — — — 1.4(0.0) 5.2(0.0) 6.5(0.0)/6.5 12/31/90 0.31 Vlo — — — — —

17 .2(0 .8)19 .6(0 .7)017 .5Cycles Research (Cash on sell signals) 5.7(0.0) 17.2(0.8) 19.6(0.7)/17.5 1/31/07 1.08 Avg -0.3(2.0) 4.1(3.0) 4.6(3.0)/5.8 12/31/06 0.24 Vlo — — — — —19 .5(0 .8)21 .5(0 .7)017 .5Cycles Research (Short on sell signals) 5.7(0.0) 19.5(0.8) 21.5(0.7)/17.5 1/31/07 1.08 Avg -2.0(2.0) 2.7(3.0) 1.7(3.0)/5.8 12/31/06 0.29 Vlo — — — — —

The Dines Letter (100% Short on Sell Signals) 0.3(2.0) 4.5(3.0) -0.6(2.5)/6.2 1/31/85 0.93 Avg -1.4(0.0) -1.9(0.8) -1.4(0.5)/6.9 12/31/88 0.33 Vlo — — — — —The Dines Letter (100% Cash on Sell Signals) 0.3(2.0) 6.3(3.0) 3.4(2.3)/6.2 1/31/85 0.83 Lo 0.1(0.0) 0.4(0.0) 4.4(0.4)/6.9 12/31/88 0.20 Vlo — — — — —Doug Fabian’s High Monthly Income — — — — — — — 0.3(0.7)/0.5 6/30/12 0.21 Vlo — — — — —Doug Fabian’s Successful Investing -4.3(2.0) 5.8(3.0) 8.1(4.2)/18.3 6/30/04 0.62 Lo — — — — — -0.1(0.2) 0.2(1.6) -0.3(1.7)/5.8 4/30/06 0.24 VloETF Selections & Timing—Income portfolio — — — — — 0.2(4.1) — 3.3(4.1)/5.4 12/31/09 0.18 Vlo — — — — —

12.2(0 .4) 7 .7(0 .4)02.4FRC Investment Letter — — — — — — — — — — 12.2(0.4) — 7.7(0.4)/2.4 7/31/11 0.73 Lo9 .0(0 .3) 8 .1(0 .4)06.5F.X.C. Investors Corp. — — — — — — — — — — 9.0(0.3) 2.4(0.2) 8.1(0.4)/6.5 12/31/86 0.53 Vlo

Fibtimer Report (Cash on sell signals) -5.6(4.0) — -2.5(5.5)/8.6 1/31/11 0.83 Lo -1.0(4.8) — 2.4(6.0)/5.7 12/31/10 0.28 Vlo — — — — —Fibtimer Report (Short on sell signals) -17.4(4.0) — -14.2(5.5)/8.6 1/31/11 1.27 Hi -2.3(5.8) — 0.7(6.5)/5.7 12/31/10 0.29 Vlo — — — — —

8 .4(6 .4)Fibtimer Report (Diversified timing; asset allocation only) — — — — — — — — — — 8.4(6.4) — 1.0(7.0)/4.3 12/31/10 0.62 LoFidelity Monitor & Insight — — — — — 0.9(0.3) 3.6(0.3) 5.7(0.1)/6.1 12/31/91 0.28 Vlo — — — — —The Gleason Report (Cash on sells) — — -8.2(2.4)/-6.0 3/31/12 1.05 Avg — — 0.1(0.0)/1.8 2/28/12 0.00 Vlo — — — — —The Harley Market Letter—Cash on sell signals 0.1(0.0) — 2.3(0.4)/11.8 2/28/08 0.24 Vlo 0.6(6.0) 3.1(4.2) 3.7(4.1)/5.7 8/31/07 0.18 Vlo — — — — —The Harley Market Letter—Short on sell signals -5.7(0.0) — -11.0(1.7)/11.8 2/28/08 1.13 Hi -0.8(12.0) 1.6(5.8) 2.2(5.6)/5.7 8/31/07 0.23 Vlo — — — — —

Vickers Weekly Insider Report (Average) 8.5 -1.7 2.7 2.8 7.5/8.3 12/31/92 1.37 Hi — — 0.70 0.16 0.02 0.05 0.04 0.09/ 0.12a. Insider Model Portfolio -5.4 -6.4 -0.2 0.8 5.1/8.3 12/31/92 1.28 Hi 11(90) A 0.68 -0.10 -0.03 0.01 0.01 0.06/ 0.12

Insider Model Portfolio—Timing only 12.7(3.2) -2.3(1.9) 3.1(1.8) 3.1(1.9) 6.6(2.0)/8.3 12/31/92 0.72 Lo — — 0.89 0.41 -0.02 0.05 0.03 0.11/ 0.1222.8 9.008.3 0.06b. Risk Model Portfolio 22.8 1.1 4.4 3.8 9.0/8.3 12/31/92 1.71 VHi 6(82) A 0.61 0.28 0.06 0.07 0.05 0.10/ 0.12

Risk Model Portfolio—Timing only 11.0(3.8) -2.1(2.2) 3.2(2.3) 2.7(2.3) 6.5(2.5)/8.3 12/31/92 0.73 Lo — — 0.91 0.35 -0.02 0.06 0.02 0.10/ 0.1217.4 7.3 11.2 8.904.9 0.53 0.12 0.18 0.140 0.08The Wall Street Stock Forecaster (Average) 17.4 7.3 11.2 — 8.9/4.9 12/31/01 1.09 Avg — — 0.96 0.53 0.12 0.18 — 0.14/ 0.0824.4 10.6 11.3 8.904.9 0.86 0.16 0.18 0.140 0.08a. The WSSF Portfolio for Income 24.4 10.6 11.3 — 8.9/4.9 12/31/01 1.07 Avg 17(n/a) C 0.87 0.86 0.16 0.18 — 0.14/ 0.08

3.9 9.4 7.404.9 0.08 0.16 0.120 0.08b. The WSSF Conservative Growth Portfolio 12.4 3.9 9.4 — 7.4/4.9 12/31/01 1.00 Avg 36(n/a) C 0.96 0.38 0.08 0.16 — 0.12/ 0.086.9 12.4 10.904.9 0.11 0.17 0.150 0.08c. The WSSF Portfolio for Aggressive Growth 15.3 6.9 12.4 — 10.9/4.9 12/31/01 1.32 Hi 28(n/a) C 0.93 0.36 0.11 0.17 — 0.15/ 0.08

Woodson Wave Reporta. Timing Only: S&P 500 Long Term (Cash on sells) 0.1(0.0) — — — 2.6(0.9)/13.2 8/31/09 0.79 Lo — — 0.74 0.00 — — — 0.08/ 0.26b. Timing Only: S&P 500 Long Term (Short on sells) -16.1(0.0) — — — -8.4(0.9)/13.2 8/31/09 1.10 Avg — — 0.13 -0.40 — — — -0.13/ 0.26c. Timing Only: S&P 500 Interm. Term (Cash on sells) 0.1(0.0) — — — 2.7(2.1)/13.2 8/31/09 0.49 VLo — — 0.46 0.00 — — — 0.11/ 0.26d. Timing Only: S&P 500 Interm. Term (Short on sells) -16.1(0.0) — — — -7.6(2.4)/13.2 8/31/09 1.00 Avg — — -0.50 -0.40 — — — -0.13/ 0.26e. Timing Only: S&P 500 Short Term (Cash on sells) 0.1(0.0) — — — 3.9(2.7)/13.2 8/31/09 0.61 Lo — — 0.32 0.00 — — — 0.13/ 0.26f. Timing Only: S&P 500 Short Term (Short on sells) -16.1(0.0) — — — -6.2(3.0)/13.2 8/31/09 1.30 Hi — — -0.46 -0.40 — — — -0.07/ 0.26

18.2 0.49Zacks Home Run Investor 18.2 — — — -13.1/5.8 3/31/11 1.32 Hi 20(105) C 0.77 0.49 — — — -0.18/ 0.1310.2 8.7 10.208.6 0.18 0.12 0.140 0.12Zacks Premium16 (Average) 6.3 1.2 10.2 8.7 10.2/8.6 12/31/94 1.09 Avg — — 0.84 0.14 0.04 0.18 0.12 0.14/ 0.12

20.6 10.2 8.8 10.607.2 0.51 0.17 0.12 0.140 0.10a. Focus List 20.6 1.3 10.2 8.8 10.6/7.2 12/31/95 1.10 Hi 50(376) C 0.89 0.51 0.04 0.17 0.12 0.14/ 0.10b. All Star Analyst Portfolio -6.8 — — — -6.5/5.8 3/31/11 1.44 Hi 2(817) C 0.62 -0.07 — — — -0.06/ 0.13

Zacks Reitmeister Trading Alert — — — — -1.0/1.9 10/31/12 5.89 VHi 12(109) A 1.00 — — — — -0.30/3.43BENCHMARKST-Bills (The “riskless” rate of return) 0.1 0.4 1.7 2.5 4.9/10.9 6/30/80 0.06 VLo — — 0.02 0.00 0.00 0.00 0.00 0.00/ 0.13DJIA (with dividends re-invested monthly) 10.1 2.5 8.0 6.2 12.3/10.9 6/30/80 0.97 Avg — — 0.93 0.31 0.06 0.15 0.09 0.15/ 0.13Standard & Poor’s 500 (dividends re-invested) 15.9 1.7 7.2 4.5 11.1/10.9 6/30/80 0.98 Avg — — 0.99 0.44 0.05 0.13 0.06 0.13/ 0.13Wilshire 5000 Total Return Index (divs re-invested) 16.1 2.0 7.9 4.9 10.9/10.9 6/30/80 1.00 Avg — — 1.00 0.44 0.05 0.14 0.06 0.13/ 0.13NASDAQ OTC Composite Index (w/o dividends) 15.9 2.6 8.5 4.5 9.5/10.9 6/30/80 1.41 Hi — — 0.89 0.32 0.06 0.13 0.06 0.09/ 0.13Russell 2000 Index (without dividends) 15.2 2.1 8.3 4.5 6.6/8.6 7/31/87 1.27 Hi — — 0.89 0.34 0.06 0.12 0.06 0.07/ 0.11MSCI’s EAFE Index (without dividends) 13.6 -6.6 5.4 2.0 6.7/10.9 6/30/80 1.12 Hi — — 0.65 0.25 -0.05 0.08 0.02 0.05/ 0.13Lehman Treasury Index (interest re-invested) 1.4 5.1 4.6 5.7 8.1/10.9 6/30/80 0.35 VLo — — 0.04 0.16 0.27 0.18 0.19 0.16/ 0.13Gold Bullion (London P.M. Fixing) 5.7 14.7 17.0 12.3 2.9/10.9 6/30/80 1.06 Avg — — 0.01 0.12 0.22 0.25 0.18-0.01/ 0.13Barclays Aggregate Bond Index 4.2 5.9 5.1 6.0 6.9/8.7 12/31/89 0.25 VLo — — 0.10 0.61 0.45 0.27 0.28 0.27/ 0.12

Gold, Bond & Asset Allocation Scoreboards Through December 31, 2012 Gold1 (# switches) Bonds1 (# switches) Asset Allocation1 (# switches)

NEWSLETTER (Portfolio) 12 Mo 5 Yr Overall3 Since Risk4 12 Mo 5 Yr Overall3 Since Risk4 12 Mo 5 Yr Overall4 Since Risk3

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All returns covering more than one year are annualizedBlue shading signifies ahead of a buy-and-hold

15.2(0 .0) 7 .6(0 .2)06.4Ind. Adv. for Vanguard Investors—Growth — — — — — — — — — — 15.2(0.0) 0.9(0.1) 7.6(0.2)/6.4 12/31/91 0.94 Avg13.2(0 .1) 7 .1(0 .2)06.4Ind. Adv. for Vanguard Investors—Cons. Growth — — — — — — — — — — 13.2(0.1) 1.7(0.1) 7.1(0.2)/6.4 12/31/91 0.81 Lo

9 .3(0 .1) 7 .9(0 .1)06.4Ind. Adv. for Vanguard Investors—Income — — — — — — — — — — 9.3(0.1) 2.9(0.1) 7.9(0.1)/6.4 12/31/91 0.60 Lo11.8(0 .2)Investech Research Portfolio Strategy — — — — — — — — — — 11.8(0.2) 4.4(0.3) 5.1(0.5)/6.5 12/31/86 0.58 Vlo

Investment Warrior Report—Bond timing model — — — — — 0.0(5.0) — 5.7(3.3)/6.7 6/30/11 0.26 Vlo — — — — —Investors Intelligence 4.2(1.3) 9.2(0.6) 7.6(1.0)/12.4 1/31/98 0.62 Lo 0.6(0.0) 1.3(0.1) 4.6(0.9)/6.5 12/31/90 0.16 Vlo — — — — —

9.5(0.4)Market Forecast (Cash on sells) 0.1(0.0) 4.6(0.4) 8.6(0.5)/17.7 1/31/02 0.57 Vlo 0.1(0.0) 2.2(0.2) 3.0(0.2)/5.3 12/31/01 0.18 Vlo 9.5(0.4) 2.6(0.4) 5.0(0.4)/7.5 12/31/01 0.62 LoMarket Forecast (Short on sells) -5.7(0.0) -7.7(0.4) -3.7(0.5)/17.7 1/31/02 1.38 Hi -1.4(0.0) -1.1(0.2) -1.1(0.2)/5.3 12/31/01 0.34 Vlo — — — — —M. Weiss’ Safe Money Report (Cash on sells) — — — — — 0.1(0.0) 0.4(0.0) 1.7(0.0)/5.3 3/31/01 0.10 Vlo — — — — —M. Weiss’ Safe Money Report (Short on sells) — — — — — -1.4(0.0) -5.6(0.0) -5.5(0.0)/5.3 3/31/01 0.34 Vlo — — — — —

10.4(0 .0) 6 .7(0 .4)06.3Moneyletter—”Moderate” Portfolio — — — — — — — — — — 10.4(0.0) 2.1(0.1) 6.7(0.4)/6.3 12/31/89 0.81 Lo7 .4(0 .0)Moneyletter—”Conservative” Portfolio — — — — — — — — — — 7.4(0.0) 1.7(0.1) 6.1(0.3)/6.3 12/31/89 0.58 Vlo

14.1(0 .2)Moneyletter—”Venturesome” Portfolio — — — — — — — — — — 14.1(0.2) -0.5(0.2) 6.5(0.5)/6.5 12/31/87 1.13 Hi6 .8(11 .5 )06 .0mutualfundstrategist.com 3.2(8.0) 7.9(8.2) 6.8(11.5)/6.0 1/31/89 0.78 Lo -1.2(5.0) 1.1(6.4) 5.7(6.6)/6.9 12/31/87 0.26 Vlo — — — — —

5 .8(2 .0)National Trendlines—Fund Model—No Shorting 5.8(2.0) 4.2(2.0) 0.4(1.6)/7.7 1/31/92 0.40 Vlo 1.4(0.0) 3.9(2.0) 4.3(2.6)/6.1 12/31/91 0.17 Vlo — — — — —5 .8(2 .0)National Trendlines—Futures—Cash on Sells 5.8(2.0) 4.2(2.0) 0.9(2.4)/8.5 1/31/95 0.36 Vlo 1.4(0.0) 3.7(2.0) 4.4(2.8)/6.4 12/31/94 0.14 Vlo — — — — —

National Trendlines—Futures—Short on Sells 3.7(7.0) -5.3(7.4) -8.7(6.4)/8.5 1/31/95 0.92 Avg 1.4(0.0) 3.4(3.2) 0.9(6.4)/6.4 12/31/94 0.27 Vlo — — — — —National Trendlines—DFM asset allocation model — — — — — — — — — — -2.1(1.4) -1.4(1.2) 2.4(1.9)/6.4 1/31/92 0.35 Vlo

64.0(0 .1) 6 .7(0 .1)No-Load Fund Analyst—Equity — — — — — — — — — — 64.0(0.1) 6.7(0.1) 4.5(0.1)/5.7 12/31/99 1.31 Hi40.0(0 .1) 6 .0(0 .2)No-Load Fund Analyst—Equity-Tilted Balanced — — — — — — — — — — 40.0(0.1) 6.0(0.2) 4.8(0.1)/5.7 12/31/99 0.87 Lo27.2(0 .1) 5 .3(0 .2)No-Load Fund Analyst—Balanced — — — — — — — — — — 27.2(0.1) 5.3(0.2) 5.1(0.1)/5.7 12/31/99 0.63 Lo

No-Load Fund Analyst—Conservative Balanced — — — — — — — — — — 6.0(0.1) 3.0(0.2) 4.6(0.1)/5.7 12/31/99 0.41 Vlo12.0(0 .0) 8 .4(0 .1)06.4No-Load Fund Investor—Pre-Retirement Portfolio — — — — — — — — — — 12.0(0.0) 2.7(0.0) 8.4(0.1)/6.4 12/31/88 0.65 Lo

9 .2(0 .0) 8 .5(0 .1)06.4No-Load Fund Investor—Retirement Portfolio — — — — — — — — — — 9.2(0.0) 3.6(0.0) 8.5(0.1)/6.4 12/31/88 0.50 Vlo14.2(0 .0) 8 .9(0 .1)06.4No-Load Fund Investor—Wealth Builder Portfolio — — — — — — — — — — 14.2(0.0) 1.6(0.0) 8.9(0.1)/6.4 12/31/88 0.81 Lo

No-Load Fund Investor—Inc. & Preservation Portf. — — — — — — — — — — 3.9(0.1) — 5.9(0.0)/10.0 3/31/09 0.16 VloNo-Load Mut. Fund Sel. & Timing—Short on Sells -6.0(3.0) -0.7(0.8) -0.6(5.4)/6.4 1/31/90 0.65 Lo -1.3(2.0) 3.4(3.8) 2.3(6.7)/6.6 12/31/89 0.25 Vlo — — — — —No-Load Mut. Fund Sel. & Timing—Cash on Sells -6.0(3.0) -0.7(0.8) 0.5(4.5)/6.4 1/31/90 0.62 Lo -1.3(2.0) 3.0(3.6) 4.6(4.0)/6.6 12/31/89 0.19 Vlo — — — — —No Load Mut. Fund Sel. & Timing—Asset Allocation — — — — — — — — — — 5.6(0.6) -0.1(0.8) 5.8(1.7)/6.3 12/31/89 0.59 Vlo

8.0(0 .3)06.8No Load Portfolios (Cash on sells) 5.7(0.0) 14.8(0.0) 8.0(0.3)/6.8 1/31/91 0.94 Avg 0.1(0.0) 0.4(0.0) 4.0(0.6)/6.5 12/31/90 0.19 Vlo — — — — —7.2(0 .3)06.8No Load Portfolios (Short on sells) 5.7(0.0) 14.8(0.0) 7.2(0.3)/6.8 1/31/91 1.01 Avg -1.4(0.0) -5.6(0.0) -2.7(0.6)/6.5 12/31/90 0.34 Vlo — — — — —

9.6(0.0) 7 .9(0 .2)06.5The Outlook—ETF Moderate Portfolio — — — — — — — — — — 9.6(0.0) 2.3(0.1) 7.9(0.2)/6.5 12/31/86 0.76 Lo10.4(0 .0)Oxford Club — — — — — — — — — — 10.4(0.0) 2.3(0.0) 4.3(0.1)/5.7 12/31/99 0.62 Lo16 .1(0 .0) 15 .2(0 .0 )08 .1PaulMerriman.com—Aggressive — — — — — — — — — — 16.1(0.0) — 15.2(0.0)/8.1 12/31/08 1.00 Avg10 .2(0 .0) 10 .5(0 .0 )08 .1PaulMerriman.com—Moderate — — — — — — — — — — 10.2(0.0) — 10.5(0.0)/8.1 12/31/08 0.57 Vlo

7 .3(0 .0)PaulMerriman.com—Conservative — — — — — — — — — — 7.3(0.0) — 8.1(0.0)/8.1 12/31/08 0.37 Vlo12.9(0 .0) 5 .4(0 .1)03.2The Relevant Investor—Agg Gro Model — — — — — — — — — — 12.9(0.0) — 5.4(0.1)/3.2 6/30/11 0.80 Lo10.6(0 .0) 5 .9(0 .1)03.2The Relevant Investor—Moderate Gro Model — — — — — — — — — — 10.6(0.0) — 5.9(0.1)/3.2 6/30/11 0.61 Lo

8 .5(0 .0) 6 .9(0 .0)03.2The Relevant Investor—Preservation Model — — — — — — — — — — 8.5(0.0) — 6.9(0.0)/3.2 6/30/11 0.40 Vlo15.7(0 .0) 6 .2(0 .0)06.1Sound Mind Investing - 100% Stock — — — — — — — — — — 15.7(0.0) 0.0(0.1) 6.2(0.0)/6.1 12/31/95 0.99 Avg12.8(0 .0) 6 .6(0 .0)06.1Sound Mind Investing - 80% Stock - 20% Bond — — — — — — — — — — 12.8(0.0) 2.0(0.0) 6.6(0.0)/6.1 12/31/95 0.77 Lo10.0(0 .0) 7 .4(0 .0)06.7Sound Mind Investing - 60% Stock - 40% Bond — — — — — — — — — — 10.0(0.0) 3.5(0.0) 7.4(0.0)/6.7 12/31/92 0.56 Vlo

7 .1(0 .0) 6 .9(0 .1)06.7Sound Mind Investing - 40% Stock - 60% Bond — — — — — — — — — — 7.1(0.0) 4.4(0.0) 6.9(0.1)/6.7 12/31/92 0.39 Vlo14.2(3 .0)Sy Harding’s Street Smart Reprt (Cash on sells) 14.2(3.0) 6.3(3.6) 9.3(4.0)/17.7 1/31/02 0.87 Lo 0.1(0.0) 2.3(2.2) 2.9(2.4)/5.3 12/31/01 0.13 Vlo — — — — —23.0(3 .0)Sy Harding’s Street Smart Reprt (Short on sells) 23.0(3.0) -5.9(5.2) -2.3(5.6)/17.7 1/31/02 1.24 Hi -1.1(2.0) 0.5(4.4) 0.5(4.6)/5.3 12/31/01 0.22 Vlo — — — — —

Systems & Forecasts (Cash on Sells) — — — — — -0.3(3.0) 3.8(3.0) 6.1(5.3)/7.5 12/31/84 0.26 Vlo — — — — —Systems & Forecasts (Short on Sells) — — — — — -2.1(3.0) 1.8(3.0) 1.4(5.3)/7.5 12/31/84 0.34 Vlo — — — — —

6 .2(9 .0)Timer Digest (Top Timers: Cash on Sells) 6.2(9.0) 11.0(6.2) 4.7(8.4)/5.0 1/31/88 0.85 Lo -1.5(6.0) 2.1(9.8) 5.3(8.6)/6.9 12/31/87 0.25 Vlo — — — — —Timer Digest (Top Timers: Short on Sells) 5.6(9.0) 6.6(6.2) 0.3(8.4)/5.0 1/31/88 1.08 Avg -4.4(6.0) -1.5(9.8) 0.6(8.8)/6.9 12/31/87 0.32 Vlo — — — — —Todd Market Forecast (LT Signals: Cash on sells) -2.2(16.0) -4.1(19.4) 2.7(10.8)/7.7 1/31/92 0.79 Lo — — — — — — — — — —Todd Market Forecast (LT Signals: Short on sells) -9.9(16.0)-22.0(19.4) -7.5(10.8)/7.7 1/31/92 1.21 Hi — — — — — — — — — —Todd Market Forecast (ST Signals: Cash on sells) — — — — — -0.1(15.0) 3.3(15.6) 4.1(13.4)/5.7 12/31/95 0.23 Vlo — — — — —Todd Market Forecast (ST Signals: Short on sells) — — — — — -1.7(15.0) 1.2(15.6) 0.7(13.4)/5.7 12/31/95 0.29 Vlo — — — — —Woodson Wave Report (Cash on sell signals) 0.1(0.0) — 15.3(0.9)/18.1 8/31/09 0.82 Lo 0.1(0.0) — 1.1(1.8)/4.6 8/31/09 0.10 Vlo — — — — —Woodson Wave Report (Short on sell signals) -5.7(0.0) — 12.1(0.9)/18.1 8/31/09 1.29 Hi -1.4(0.0) — -2.6(1.8)/4.6 8/31/09 0.24 Vlo — — — — —

AVERAGES

Buy-and-Hold 5.7(0.0) 14.7(0.0) 6.2(0.0)/6.2 1/31/85 0.96 Avg 1.4(0.0) 5.1(0.0) 7.5(0.0)/7.5 12/31/84 0.31 Vlo 6.3(0.0) 4.5(0.0) 6.5(0.0)/6.5 12/31/87 0.72 Lo

T-Bill Portfolio 0.1(0.0) 0.4(0.0) 4.0(0.0)/6.2 1/31/85 0.04 Vlo 0.1(0.0) 0.4(0.0) 4.0(0.0)/7.5 12/31/84 0.04 Vlo 0.1(0.0) 0.4(0.0) 3.7(0.0)/6.5 12/31/87 0.04 Vlo

Gold, Bond & Asset Allocation Scoreboards Through December 31, 2012 Gold1 (# switches) Bonds1 (# switches) Asset Allocation1 (# switches)

NEWSLETTER (Portfolio) 12 Mo 5 Yr Overall3 Since Risk4 12 Mo 5 Yr Overall3 Since Risk4 12 Mo 5 Yr Overall4 Since Risk3

I-Z, Indexes

1Newsletters’ performances on a timing-only basis ap-pear in the Performance Ratings table (pages 2-14) in italics below their corresponding portfolios, and in the Gold, Bond, and Asset Allocation Scoreboards on pag-es 14-15. The timing-only scores in the Performance Ratings table report stock-market timing, while those on pages 14-15 report timing in the gold and bond mar-kets as well as in allocating between the major different asset classes (domestic stocks, domestic bonds, inter-national stocks, international bonds, gold, and cash).

The HFD calculated these timing-only performanc-es as follows. Within each market, each timer earned the same rate of return when in the market and the same rate of return when in cash. The proxy used for in-vesting in domestic stocks was the Wilshire 5000’s Val-ue-Weighted Total Return Index; for domestic bonds, the Lehman Treasury Index; for international stocks, Morgan Stanley Capital International’s EAFE Index; for international bonds, J. P. Morgan’s Non-US World Government Bond Total Return Index; for gold, Lon-don’s P.M. Fixing; and for cash, the 90-day T-Bill rate.

The timing-only performances were designed to aid, in particular, the mutual fund switcher. Thus, in the event a newsletter recommends actually going short the market on a sell signal, we calculate two ratings for it—one assuming the investor does go short, and the other which assumes the investor goes into cash (as would most mutual fund switchers). In addition, these transactions were made at the closing price on the day subscribers would have been able to act on the advice. No commissions or taxes were debited.

The HFD’s reporting of timing-only performances also shows the number of switches generated by each timing system. These are the numbers in the parenthe-ses following each period’s gain or loss. A switch into or out of the market is counted as one switch, so a round-trip counts as two. (Leverage also is taken into account, so a switch from being 200% invested to 100% cash is counted as 2 switches.) For all periods longer than 12 months, the switches are reported as averages per year.

2The numbers in the risk-adjusted columns report performance per unit of risk, following the formula for the Sharpe Ratio. The numerator of this Ra-tio is the portfolio’s average monthly return less the average monthly return of 90-day T-Bills over the same period. The denominator is the stan-dard deviation of the portfolio’s monthly returns.

3The data in the columns headed “Overall” re-port performance over the entire period the HFD has followed the portfolio or newsletter. (The date on which the HFD began following the service appears in column headed “Since”).

In the column headed “Overall” that appears in the “Total Return” section of the Performance Ratings table (pages 2-14) you also will fi nd the comparable return of the Wilshire 5000 over the same period. This Wilshire return appears to the right of the “/” in this column.

Similarly, in the columns headed “Overall” in the “Gold, Bond and Asset Allocation” table on pages 14 and 15, you will fi nd the comparable return of the appropriate benchmarks (also to the right of the “/”).

4The numbers listed in the “Risk” column of the Perfor-mance Ratings tables (pages 2 to 14) and in the Gold, Bond and Asset Allocation Scoreboards (pages 14-15)

compare the volatility of each newsletter’s monthly per-formance to the volatility of the Wilshire 5000 index. A ratio of “1.00” in this column means the newsletter, portfolio, or timing system was exactly as volatile as the Wilshire 5000 (no more nor no less). Numbers greater than 1.00 thus represent risk greater than the stock mar-ket, while numbers less than 1.00 represent less risk.

The riskiness of all portfolios and timing sys-tems was categorized on the basis of these ratios, according to the following classifi cation scheme:

VLo—Volatility at least 40% less than the Wilshire’sLo—Volatility between 40% less and 10% less than the Wilshire’sAvg—Volatility between 10% less and 10% more than the Wilshire’sHi—Volatility between 10% more and 50% more than the WilshireVHi—Volatility greater than 50% above the Wilshire’s

5The data in the “# Secs.” column report the num-ber of securities held in the portfolio on De-cember 31, 2012 (cash or T-Bills don’t count). The number in parentheses reports the aver-age holding period (in days) of those positions.

6The letter in the “Clarity” column rates the news-letters and portfolios according to the clarity and completeness of the advice that is offered. “A” is for letters that offer complete model portfolios; “B” is for services that offer lists of recommended in-vestments and some allocation advice—but no model portfolios; and “C” is for newsletters that of-fer nothing but lists of recommended investments.

7The data in the column headed “Correl” report the corre-lation coeffi cient between the portfolio and the Wilshire 5000 index. A coeffi cient of 1.0 indicates that there is a perfect correlation between the two—that is, they move up and down in unison. In contrast, a coeffi cient of -1.0 means that there is a perfectly inverse correla-tion—that is, when the one moves up the other always moves down, and vice versa. A coeffi cient of 0.0 means there is no detectable correlation between the two.

8The HFD’s track record for Benjmain Shepherd’s Wall Street (formerly Louis Rukeyser’s Wall Street) is based on the “buy” recommendations provided by the analysts that are interviewed in the newsletter. Note carefully that this means that these “buy” recommen-dations do not come from the newsletter’s editor(s).

9All option transactions prior to 1990 were made as-suming a 1% one-way commission. The HFD sub-sequently adopted a methodology for determining option commissions that, had it been in place prior to 1990, would have assumed a 3% one-way com-mission for those years. However, because the rat-ings for years prior to 1990 have not yet been recal-culated to refl ect the higher number, they continue to be reported assuming a 1% one-way commission.

10In late 2000, Brinker forecasted a several-month bear market rally and recommended an invest-ment in the NASDAQ 100 Index—a trade that proved to be quite unprofi table. However, because Brinker at the time of making this forecast chose

not to make this trade part of his model portfo-lios, his HFD record has not suffered as a result.

11Closed-End Country Fund Report has not been published since 2004; since it has not been for-mally discontinued, the HFD continues to track the last-known sighting of its model portfolio.

12At various points in the past, some of the funds owned by the model portfolios of the Independent Advisor for Vanguard Investors were closed to new investors. HFD’s policy in such cases is to calculate records for these portfolios on the assumption that they owned the alternate funds that the newsletter recommended as a substitute for new subscribers. HFD readers should be aware that this policy leads to a different perfor-mance rating than what the newsletter itself calculates.

13In late 2000/early 2001, the Institute for Economet-ric Research folded its several letters (Market Logic, Mutual Fund Forecaster, Insiders, etc.) into this one (Mutual Funds Magazine). The only track record from the earlier newsletters that survived was a tim-ing system known as the “Seasonality Timing Sys-tem,” for which the HFD has data extending back to 1982. However, Mutual Funds Magazine was itself discontinued in late 2002. Since this timing system uses predetermined mechanical signals that are known years in advance, the HFD will continue to report the performance of this system, even though Mutual Funds Magazine is no longer published.

14The Prudent Speculator’s “Prudent Specula-tor Portfolio” in the past has sometimes employed margin. The HFD assumes that it has started each year at no greater than 50% margin, even though, as an ongoing portfolio, its margin level need only be kept above whatever margin level im-posed by the brokerage fi rm, typically 30% or 35%.

15Between mid-2001 and mid-2003, Upside was part of Dow Theory Forecasts; prior to mid-2001, Up-side was a separate service, published under the name of Low-Priced Stock Survey. Only Upside’s track record since mid-2003 appears here. Its perfor-mance between mid-2001 and mid-2003 (a gain of 9.0% annualized, vs. minus 8.5% annualized for the Wilshire 5000) is credited to Dow Theory Forecasts. For the period from 1/1/1996 through 5/31/2001, the HFD calculates that the average portfolio in Low-Priced Stock Survey produced a 5.3% annualized return, vs. 14.4% annualized for the Wilshire 5000.

16The Hulbert Financial Digest is treating Zacks Pre-mium (which used to be called Zacks Elite) as the suc-cessor publication to Analyst Watch—which, though it continues to be published, has become less oriented to the individual investor. Both publications recommend the identical “Focus List” as recommended by Zacks. HFD subscribers should be aware that some of the his-torical performance reported here for Zacks Premium was for periods prior to this newsletter being published.

Footnotes

16HFD

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