Kenwood Properties - Exceptional Resort Homes Worldwide

TBK, LTD
57 South Main St. #340
Neptune, NJ. 07753
Tel: (732) 775-1930
Fax: (732) 775-1976

FUNDS LIST

Highly-rated Mutual Funds

This section lists individual mutual funds which feature strong long term records, experienced management teams, low expense ratios, a consistent strategy and a long-term approach. No investment is right for everyone, and the risks/benefits of any particular holding depends on the makeup of each person’s individual portfolio and unique financial situation. An explanation of symbols & terms appears at the end of the list.

Click on Fund Name for Details.	*Morning Category**	Load/Exp. Ratio %	800 #	Comment
CGM Realty CGMRX	Specialty R.E.	NL / 1.04	345-4048	A great option for contrarian real estate investing
Northeast Investors NTHEX	High Yield Bond	NL / 0.61	225-6704	Top-notch, experienced bond managers
Sound Shore SSHFX	Medium Value	NL / 0.99	551-1980	Quality value fund, fine long-term holding
Vanguard Bond Index VBMFX	Hi-Quality Bond	NL / 0.20	662-7447	Lowest cost broad exposure to bond market. Excellent as core bond fund.
Harbor Capital Appreciation HACAX	Large Growth	NL / 0.67	422-1050	Large growth fund run by skilled, experienced manager. Institutional shares are cheap, investor shares less so.
Mairs & Power Growth HACAX	Medium Blend	NL / 0.82	304-7404	Exceptional long term returns with patient, low-turnover style.
Weitz Partners Value WPVLX	Mid-Cap Value	NL/1.13	232-4161	Eclectic, contrarian value fund run by one of the best managers in the business.
Matthews Pacific Tiger MAPTX	Regional Stock	NL/1.48	789-2742	Nobody else compares to this management’s experience with Asian markets.
FPA New Income FPNIX	Hi-Quality Bond	3.50 / 0.59	982-4372	Outstanding, ultra-conservative bond fund run by brilliant manager. Low expense ratio makes for rare case where worth paying one-time sales load.
Harbor Int'l HAINX	Foreign Stock	NL / 0.86	422-1050	Conservative large value fund with excellent long-term record.
Vanguard Energy, Healthcare VGENX/VGHCX	U.S. Specialty Funds	NL /0.31 NL / 0.21	662-7447	Exceptionally low cost options for investing in important long-term growth areas of market. Proven, experienced management
T.R.Price Int'l Bond RPIBX	Int'l Bond	NL / 0.88	638-5660	Excellent hedge for U.S. bond portfolio. Does not hedge back into the dollar. A very valuable tool for building a diversified portfolio.
FPA Capital FPPTX	Small Value	3.50/0.85	982-4372	Exceptional long-term record, low expense ratio. Run by one of the world’s greatest, most investor-friendly mutual fund managers
Bogle Small Cap Growth BOGIX	Small Blend	NL/1.35	877-264-5346	Closed to new investors to keep fund small and manageable. One of the best small-cap offerings anywhere.
Allianz RCM Global Technology DGTNX	U.S. Specialty Funds	NL/1.36	426-0107	You can’t find much more experienced technology managers anywhere.
Masters Select International MSILX	Foreign Stock	NL/1.09	960-0188	Unique multi-manager approach from a very investor-friendly fund company.
Dodge & Cox Stock DODGX	Large Value	NL/0.53	621-3979	Perhaps the best large value offering anywhere. Getting a bit large, but fund closing helps. Management is top-notch in all respects.
Pimco Commodity Real Return PCRDX	U.S. Specialty Funds	NL/1.24	426-0107	Eclectic fund is excellent hedge for equity/bond based portfolio.
Vanguard Inflation Protected Securities VIPSX	High-Quality Bond	NL/0.17	662-7447	Rock bottom expenses, excellent inflation hedge.
When evaluating mutual funds for this list, our proprietary screening system emphasizes the following criteria; No-load funds, funds with low annual expense ratios, a named manager with a long term track record, high overall returns relative to risk incurred with particular focus on five year performance figures, limited turnover, limited number of stocks in portfolio, limited size (asset base) of fund, quality of fund company, bottom up stock picking philosophy with a specific focus, and consistency of overall results. Our research indicates that these are the most important factors effecting fund performance. Size limitations, while particularly important with small cap funds, are less of a concern with large cap funds. While our list of recommended funds occasionally will include ‘special situation’ funds which do not pass every screen, all funds meet most if not all of the criteria of our profile. You should consult your own advisors as to the tax and economic consequences of buying or selling any asset! Terms & Symbols for Mutual Funds... Name - Name of Mutual Fund Ticker Symbol - Ticker Symbol identifying the company or mutual fund as listed on major exchanges. Morningstar Category - The independent mutual fund rating service Morningstar assigns funds to a specific category based on the fund’s historical investment style. This allows a realistic and objective comparison of funds with similar investment objectives. For equity funds, these categories take into account the average size of the companies in the fund’s portfolio (small, medium, large) and the type of investment style (value, blend, growth). Bond, foreign, and specialty funds are also grouped by category based on investment style. For more information, we suggest consulting Morningstar. Tel.# - The telephone # to contact the fund for a prospectus & other information.

Recommended Mutual fund Companies

Not all mutual funds managed by the following companies are recommended funds. The list is designed to highlight fund companies which offer outstanding, investor-friendly stewardship of client assets, putting the needs of fund shareholders first. The list is not all-inclusive, there are certainly other fund companies worth considering, but we feel investors can do well by beginning their search process for well-managed mutual funds here.

Vanguard – Investors come first here; the leader in low cost/index funds

FPA Funds – Outstanding investor-friendly management, contrarian/value style funds

T. Rowe Price – Low cost funds, quality large firm

Harbor Funds – Several excellent funds although expense ratios have risen

Dodge & Cox – Outstanding investor-friendly management, funds with a value bent.

Bogle – Single small cap fund run by brilliant, investor-focused manager

Weitz Funds – Investor-friendly management offering eclectic value funds

Matthews Funds – Unequalled expertise in Asian markets

Masters Funds – Investor-friendly management with unique multi-manager approach

AGGRESSIVE GROWTH PORTFOLIO
Vanguard Inflation Protected Securities 10%	Hi-Quality Bond
Vanguard Bond Index 10%	Hi-Quality Bond
T.R.Price Int'l Bond 5%	Int'l Bond
Harbor Capital Appreciation 12%	Large Growth
Dodge & Cox Stock 8%	Large Value
Bogle Small Cap Growth 12%	Small Blend
FPA Capital 8%	Small Value
Matthews Pacific Tiger 5%	Regional Stock
Masters Select International 10%	Foreign Stock
Allianz RCM Global Technology 5%	U.S. Specialty
Vanguard Energy 5%	U.S. Specialty
Vanguard Healthcare 5%	U.S. Specialty
Pimco Commodity Real Return 5%	U.S. Specialty

MODERATE GROWTH PORTFOLIO
Vanguard Inflation Protected Securities 10%	Hi-Quality Bond
Vanguard Bond Index 15%	Hi-Quality Bond
T.R.Price Int'l Bond 5%	Int'l Bond
Harbor Capital Appreciation 10%	Large Growth
Dodge & Cox Stock 10%	Large Value
Bogle Small Cap Growth 10%	Small Blend
FPA Capital 10%	Small Value
Matthews Pacific Tiger 3%	Regional Stock
Masters Select International 10%	Foreign Stock
Vanguard Energy 6%	U.S. Specialty
Vanguard Healthcare 5%	U.S. Specialty
Pimco Commodity Real Return 6%	U.S. Specialty

INCOME PORTFOLIO
Vanguard Inflation Protected Securities 15%	Hi-Quality Bond
Vanguard Bond Index 20%	Hi-Quality Bond
T.R.Price Int'l Bond 8%	Int'l Bond
Harbor Capital Appreciation 8%	Large Growth
Dodge & Cox Stock 12%	Large Value
Bogle Small Cap Growth 8%	Small Blend
FPA Capital 12%	Small Value
Masters Select International 8%	Foreign Stock
Vanguard Energy 3%	U.S. Specialty
Vanguard Healthcare 3%	U.S. Specialty
Pimco Commodity Real Return 3%	U.S. Specialty