(PUB) Investing 2016

2

Breaking Down Our New Allocation Categories Continued From Cover

Downside Capture Ratio 10-Yr

Max Drawdown 05/01/06 to 04/30/16

Non-U.S. Equity % (Net)

Non-U.S. Bond % (Net)

Morningstar Analyst Rating

Equity % (Net)

Bond % (Net)

Name

Ticker

Morningstar Category

Fidelity Strategic Real Return

FSRRX

Alloc—15% to 30% Equity

71.98

-31.75

14.88

0.00

30.88

0.74

´

Vanguard LifeStrategy Income

VASIX

Alloc—15% to 30% Equity

32.89

-15.50

20.11

8.00

76.69

27.17

Œ

Berwyn Income

BERIX

Alloc—30% to 50% Equity

41.45

-13.03

22.57

5.98

25.82

1.58

•

Franklin Income

FKINX

Alloc—30% to 50% Equity 122.48

-39.07

54.24

19.53

31.60

4.70

´

JPMorgan Income Builder

JNBAX

Alloc—30% to 50% Equity

36.36

20.63

57.19

11.08

´

Manning & Napier Pro-Blend Cnsrv Term

EXDAX

Alloc—30% to 50% Equity

40.67

-10.39

32.77

3.45

47.37

6.29

´

Manning & Napier Pro-Blend Mod Term

EXBAX

Alloc—30% to 50% Equity

85.34

-26.42

41.18

7.50

43.25

5.37

´

Permanent Portfolio Permanent

PRPFX

Alloc—30% to 50% Equity

61.20

-19.13

36.25

2.99

28.22

6.13

PIMCO Inflation Response MultiAsst

PIRMX

Alloc—30% to 50% Equity

6.94

1.31

43.62

8.36

T. Rowe Price Personal Strat Inc

PRSIX

Alloc—30% to 50% Equity

81.81

-27.29

39.03

14.28

44.94

15.66

•

Vanguard Tax-Managed Balanced

VTMFX

Alloc—30% to 50% Equity

70.31

-25.17

48.06

0.16

50.88

0.00

Vanguard Wellesley Income

VWINX

Alloc—30% to 50% Equity

44.65

-18.82

36.72

6.02

59.47

11.39

Œ

American Funds American Balanced

ABALX

Alloc—50% to 70% Equity 100.74

-36.97

56.24

4.86

33.34

2.58

•

ASTON/Montag & Caldwell Balanced

MOBAX

Alloc—50% to 70% Equity

75.05

-26.92

57.47

0.00

36.79

0.00

Dodge & Cox Balanced

DODBX

Alloc—50% to 70% Equity 137.67

-46.46

68.58

6.16

29.64

4.25

Œ

Fidelity Balanced

FBALX

Alloc—50% to 70% Equity 113.39

-40.46

65.67

4.02

29.17

2.04

´

Fidelity Puritan

FPURX

Alloc—50% to 70% Equity 107.73

-37.90

69.95

5.00

23.66

1.57

´

FPA Crescent

FPACX

Alloc—50% to 70% Equity

82.50

-28.84

55.19

7.71

4.54

1.04

Œ

Greenspring

GRSPX

Alloc—50% to 70% Equity

83.26

-20.22

66.50

5.30

17.39

0.00

Invesco Equity and Income

ACEIX

Alloc—50% to 70% Equity 117.16

-36.48

64.21

7.30

19.95

1.93

´

Janus Balanced

JABAX

Alloc—50% to 70% Equity

85.15

-21.49

58.08

1.13

38.58

1.72

ˇ

Mairs & Power Balanced

MAPOX

Alloc—50% to 70% Equity

93.76

-33.08

65.71

1.36

30.16

1.73

•

Manning & Napier Pro-Blend Extnd Term

MNBAX

Alloc—50% to 70% Equity 113.96

-35.40

54.64

9.97

34.05

5.58

´

MFS Total Return

MSFRX

Alloc—50% to 70% Equity

94.85

-33.42

59.97

6.01

33.44

3.13

´

Oakmark Equity & Income

OAKBX

Alloc—50% to 70% Equity

90.92

-27.22

63.49

5.78

17.03

1.37

•

Pax Balanced Individual Investor

PAXWX

Alloc—50% to 70% Equity 119.79

-37.80

64.95

8.90

31.29

1.16

T. Rowe Price Balanced

RPBAX

Alloc—50% to 70% Equity 112.94

-37.76

64.65

23.26

31.77

4.10

•

T. Rowe Price Capital Appreciation

PRWCX

Alloc—50% to 70% Equity 102.31

-36.61

58.89

1.60

18.00

3.43

Œ

Vanguard Balanced Index

VBIAX

Alloc—50% to 70% Equity

91.41

-32.45

58.84

0.34

39.48

3.71

Œ

Vanguard STAR

VGSTX

Alloc—50% to 70% Equity 108.50

-35.64

60.63

19.97

34.34

3.90

•

Vanguard Wellington

VWELX

Alloc—50% to 70% Equity

96.63

-32.53

65.49

7.82

33.01

6.19

Œ

Westwood Income Opportunity

WHGIX

Alloc—50% to 70% Equity

52.32

-13.76

52.39

1.47

14.63

0.61

American Funds Income Fund of Amer

AMECX

Alloc—70% to 85% Equity 112.83

-41.01

70.12

15.26

22.15

3.11

•

Fidelity Four-in-One Index

FFNOX

Alloc—70% to 85% Equity 147.10

-45.89

84.55

25.06

13.84

1.23

•

T. Rowe Price Personal Strat Gr

TRSGX

Alloc—70% to 85% Equity 153.07

-48.21

78.28

28.65

17.90

5.54

•

Franklin Mutual Shares

TESIX

Alloc—85%+ Equity

151.71

-50.03

89.71

18.64

3.64

0.00

´

Vanguard Managed Payout

VPGDX

Alloc—85%+ Equity

63.30

29.92

17.30

6.69

Data as of April 30, 2016.

Wellington managers John Keogh and Michael Reck- meyer run the bond and stock sleeves, respectively. The fund costs a mere 0 . 23% in expenses, meriting a Gold rating.

Berwyn Income BERIX has admirable maximum drawdown and downside capture statistics, but the Silver-rated fund still takes on its share of risk. The fund uses an array of security types to generate income. It buys dividend-paying stocks, high-yield bonds,