Edward Jones PerspectiveJanuary 2017

2O17Better Growth and Higher Uncertainty

OUTLOOK

When Is the Right Time to Take Social Security?

Page 5

How Am I Doing? A Look at Portfolio Performance

Page 6

Resolve to Make the Most of Your Finances This Year

Page 7

Be Patient – Changes Take Time We think the economy is well-positioned to keep growing between 2% and 2.5% in 2017, faster in the second half of the year. Modest job growth should continue to support solid consumer spending, helped later in the year by efforts to reduce taxes, a boost to federal spending concentrated on infrastructure, and many deregulatory proposals that affect financial services and health care.

The impact on specific sectors of the economy and stocks depends on the details – and while hopes for favorable changes have soared, the earliest effects probably won’t begin until the second half of the year. To help weather policy uncertainty, use time-tested principles, stay diversified, and expand the types of investments you own to create a solid foundation.

Brighter Economic Outlook Favors StocksRising consumer spending has been the backbone of the long-running bull market. We expect better growth and higher company earnings to support rising stock prices over time. In late 2016, large-cap U.S. stocks lagged mid- and small-cap stocks due to their potential benefits from lower tax rates and less exposure to changes in the value of the dollar, but both have the support of better earnings and growth. We think the risks and opportunities remain balanced.

Rates Still Low but Rising SlowlyExpectations for faster economic growth have also led to forecasts of higher inflation and rising interest rates. The Federal Reserve (Fed) has already signaled it intends to raise short-term interest rates if economic growth continues at a solid pace with further improvements in the job market. Wage growth has accelerated to about 2.5% annually, but we expect inflation to rebound to around 2% as falling prices from the rest of the world partly offset rising wages here. While rising inflation could prompt faster-than-expected rate hikes, the Fed should still be patient and slow. That means long-term interest rates and the dollar move modestly higher.

We recommend that you have an appropriate mix of stocks and bonds based on your comfort with volatility and long-term financial goals. Stock and bond prices frequently move in opposite directions. When stocks drop, bonds can play an important role in your portfolio because they tend to rise, helping to stabilize portfolio values. But long-term bond prices have typically dropped more than short-term bond prices when interest rates rise, and that’s why we suggest a small allocation to long-term bonds.

High-yield bonds tend to be closely tied to economic growth, and thus still look attractive. And make sure you have enough in cash and short-term fixed income to cover current spending and take advantage of opportunities during stock market pullbacks.

As the new Trump administration and Congress take office in January, proposed changes in government policies dominate the outlook for 2017. Stock prices, interest rates and the value of the U.S. dollar have risen since the election due to optimism about likely pro-growth policies. But most changes don’t happen overnight – and the priorities aren’t clear. Don’t mix politics and investing – instead, stick to the approach customized for you, and position your investments for likely changes as well as greater uncertainty ahead.

Kate Warne, Ph.D., CFA Investment Strategist

Outlook 2017 Better Growth

2 Edward Jones Perspective

Stronger Dollar Hurt International Equities Rising interest rates have also increased the U.S. dollar, reducing the returns on international invest-ments. When the dollar reverses, international investments are helped, and that’s one reason we think international stocks are an opportunity for long-term investors. While U.S. stocks are near record highs, international stocks have lagged and are attractive in our view, balancing higher political risks and still-slow international growth.

• Today’s strong dollar and better U.S. economic growth could help boost foreign economic growth due to stronger exports, combined with higher government spending and still-expansionary monetary policies in Europe and Japan.

• Although past performance is not a guarantee of what will happen in the future, international equity investments have outperformed after past times when they’ve lagged behind U.S. stocks.* They can help diversify your portfolio and may outperform if global growth rebounds.

As the chart shows, a portfolio with 65% invested in U.S. and international stocks and 35% in fixed income has not had a negative five-year return when rebalanced annually. Don’t let recent performance lead you to neglect diversifying your portfolio internationally.

Continued on p. 4

Source: Morningstar Direct; 1/1/1976 – 12/31/2015. U.S. large-cap stocks represented by the S&P 500 Total Return Index; international stocks represented by the MSCI EAFE NR Index; bonds represented by the Barclays U.S. Aggregate Bond Index. The hypothetical portfolio is for illustrative purposes only. Results may vary for an individual portfolio with similar holdings. Indexes are unmanaged and are not available for direct investment. Past performance is not a guarantee of future results. Investing involves risk. The value of your investments will fluctuate, and you may lose principal.

25%

20%

15%

10%

5%

0%’80 ’85 ’90 ’95 ’00 ’05 ’10 ’15

International Stock Investments Have Helped Improve the Chances of Positive Returns

65% U.S. & International Stocks - 35% Bonds (5-year Annualized Return)

*Source: Morningstar Direct, 9/30/2016. U.S. stocks represented by the S&P 500 Index. International stocks represented by the MSCI EAFE Index. Indexes are unmanaged and are not available for direct investment.

and Higher Uncertainty

3January 2017

Investors are rightly optimistic about the possibility of more pro-growth policies worldwide in 2017. And many powerful trends continue to be positive for investors. But risks abound, increasing uncertainty, so we also expect a return to normal volatility in 2017, with at least one 10% stock market correction as well as several smaller pullbacks.

You can help position your portfolio for growth with these five strategies:

Rebalancing to an appropriate mix of stocks, bonds and international investments based on your comfort with market volatility and long-term financial goals. That mix can help reduce the swings in your portfolio and help you stay invested during stock market pullbacks.

Adding mid-cap and small-cap stocks that appear well-positioned to benefit from the possibility of lower tax rates and rising international tensions.

Sticking with international stocks, which have lagged repeatedly. A rising dollar could hurt their perfor-mance short-term, but better-growth policies could finally produce better international performance.

Adjusting your fixed-income portfolio to increase short-term and cash investments and reduce long-term fixed income if appropriate.

Staying patient and disciplined. Your investment portfolio is designed for your situation, and the expected changes aren’t certain and will take time. Patience and discipline can help you adjust appropriately when needed, without overreacting.

Don’t let short-term predictions or political uncertainty determine your long-term investment success. Instead, stay flexible and keep a long-term perspective by working with your financial advisor to stick to an investment strategy designed for your circumstances.

Investing in equities involves risks. The value of your shares will fluctuate, and you may lose principal. Small- and mid-cap stocks tend to be more volatile than large company stocks. Special risks are inherent to international in-vesting, including those related to currency fluctuations and foreign political and economic events. Before investing in bonds, you should understand the risks involved, including credit risk and market risk. Bond investments are also subject to interest rate risk such that when interest rates rise, the prices of bonds can decrease, and the investor can lose principal value if the investment is sold prior to maturity. High-yield bonds are subject to a greater risk of loss of principal and interest than higher-rated bonds.

4 Edward Jones Perspective

Continued from p. 3

5Strategies to Help Address Policy Uncertainty

1

2

3

4

5

■■ Above Average (85+) ■■ Average (early 80s) ■■ Below Average (< early 80s) ■■ Above Average (85+) ■■ Average (early 80s) ■■ Below Average (< early 80s)

5January 2017

When Is the Right Time to Take

Social Security?

Securing Your RetirementBefore you apply for Social Security benefits, be sure to discuss your situation with your financial advisor. Together, you can review your retirement income options, incorporating Social Security and helping you position your investments to provide for your needs throughout retirement.

• What role will Social Security play in your retirement vision? • How much do you estimate spending in retirement? • Will you have enough money to cover your expenses if you delay benefits?

■■ Single ■■ Married ■■ Divorced ■■ Widowed

When do you plan to take Social Security? Many people simply take it as early as possible without thinking about how this decision may affect their retirement. Before you decide, be sure to get your Social Security benefit statement online at www.ssa.gov. Then you can use our Social Security “LENS” framework to answer the following:

Did you know? For a 65-year old couple, there’s a 50% chance one spouse could reach his or her 90s.* The better your health and the longer you and your spouse expect to live, the more it may make sense to delay claiming Social Security.

■■ Above Average (85+) ■■ Average (early 80s) ■■ Below Average (< early 80s) ■■ Above Average (85+) ■■ Average (early 80s) ■■ Below Average (< early 80s) You:

Spouse:

Did you know? If you expect to earn a substantial income in retirement, you may want to delay claiming Social Security at least until you reach your Full Retirement Age. For more information, visit www.ssa.gov/planners/retire/retirechart.html.

Did you know? If you don’t need Social Security to support your current lifestyle, it may make sense to delay claiming it.

Did you know? When you decide to take Social Security can affect the benefit for the surviving spouse. You or your spouse (particularly the person with the larger benefit) may want to consider delaying benefits to maximize lifetime benefits and better provide for the surviving spouse.

Do you plan to work in retirement? ■■ No ■■ Part-time ■■ Volunteer

Expected earnings:

Life Expectancy

Employment

Need

Spouse

L

E

N

S

*Source: Milevsky, IFID; Society of Actuaries RP-2000 Table.

Reviewing your investment performance is an important step in determining if you’re on track to achieve your financial goals. But how do you know what return you should be achieving? You can help put your performance into perspective by making your expectations relevant, realistic and reviewed.

Scott Thoma, CFA, CFP® Investment Strategist

How Am I Doing? A Look at Portfolio Performance

Relevant Some investors look at the S&P 500’s returns and ask why theirs are different. Though indexes can provide insight into general market performance, they’re not based on your specific allocation or designed to help you reach your individual goals.

The most important return is the one you need to reach your goal. So once you’ve set your financial goals, work with your financial advisor to determine the return you’ll need to achieve them. It’s this return, rather than the market return, that should become your “benchmark” to determine if you’re on track.

Realistic In general, your portfolio’s return will depend on several factors, including:

• The market environment – Our long-term return expectations are 6% to 8% for U.S. stocks and 3% to 4.5% for fixed-income returns. However, as market conditions change, these outlooks also can change.

• Your asset allocation – Your mix of investments can be the most important factor in how your portfolio performs over time. Risk and return go hand in hand – the more you invest in stocks, the greater your chances for positive returns, but the higher the risk (or chance for higher volatility) you’ll take on.

• Your investment holding period – The longer you own your investments, the higher the likelihood your returns will be positive. Make sure you compare your return goals to your long-term performance, not just one particular quarter or year.

Reviewed At least once a year, you should meet with your financial advisor to conduct a thorough review of your portfolio and financial position, including your personal rate of return. Regular reviews can help determine if you’re making progress toward achieving your financial goals. Ultimately, this is the best way to measure your portfolio’s performance.

6 Edward Jones Perspective

Resolve to Make the Most of Your Finances This Year

7January 2017

?Q.A.

What should I do next?

Contact your financial advisor. He or she knows what’s important to you and can recommend investments and strategies that support and align with your goals.

Q.A.

I’m determined to be more organized this year. How can I apply this to my finances?

We suggest:• Systematically investing – Why give yourself

one more thing to remember? With systematic investing, you automatically invest a fixed amount at regular intervals.

• Meeting regularly – Before your calendar fills up, schedule your next appointment with your financial advisor. Meeting regularly can help you stay on track toward your financial goals.

• Downloading the Edward Jones app to your mobile device – You can stay close to your accounts and get market news while you’re on the go. You can download the mobile app at the App Store or Google Play.

• Consolidating your accounts under one roof – Doing this would allow your financial advisor to see your complete financial picture, not just one piece of the puzzle.

Q.A.

Is one of your New Year’s resolutions to get your financial house in order? If so, make this the year you stop planning and start taking action.

What should I do first?

Before you can achieve your financial goals, you’ll need to define them. They might be short-term (affording a new car or building an emergency fund) or long-term (sending your child to college or retiring someday). Whatever your goals, your financial advisor can help you develop strategies to work toward achieving them.

Dow Jones Industrial Average 19191 19191 – 15661 1174.07 1219.07 15.7 7 1.7 460.80 2.4 20,364 S&P 500 2191 2213 – 1830 127.33 133.25 16.4 7 1.8 46.55 2.1 19,451

COMMUNICATION SERVICES (3%) AT&T T HOLD 38.88 43.89 – 33.01 2.85 3.01 12.9 4 1.4 1.96 5.0 2 2,5,8,11 1984 19,364 G/I 14BCE Inc. BCE HOLD 42.83 49.03 – 35.96 2.62 2.72 15.7 4 1.8 2.04 4.8 4 1,4,7,10 1881 28,455 G/I 12Comcast Cl. A CMCSA BUY 69.86 70.28 – 52.34 3.49 3.88 18.0 8 1.9 1.10 1.6 9 1,4,7,10 2008 30,124 G/I Verizon Communications VZ BUY 49.87 56.95 – 43.79 3.92 4.02 12.4 7 1.1 2.31 4.6 3 2,5,8,11 1984 25,177 G/I 14Vodafone PLC VOD BUY 24.30 34.70 – 24.17 0.77 1.04 31.6 4 3.0 1.59 6.5 2 2,8 1989 15,742 G/I 12

CONSUMER DISCRETIONARY (11%) CBS Cl. B CBS HOLD 60.57 61.34 – 41.36 4.15 4.50 13.5 8 1.5 0.72 1.2 10 1,4,7,10 2003 25,482 G/I Coach COH BUY 36.28 43.71 – 29.66 1.95 2.25 16.1 10 1.2 1.35 3.7 5 1,4,7,10 2009 10,036 G Disney (Walt) Company DIS BUY 98.94 115.47 – 86.25 6.00 6.65 16.5 10 1.4 1.56 1.6 10 1,7 1957 34,714 G/I Dollar General DG BUY 73.48 96.88 – 65.11 4.35 4.85 15.2 13 1.1 1.00 1.4 10 1,4,7,10 2015 NA G/I Ford Motor F HOLD 12.43 14.62 – 11.02 2.01 1.90 6.5 5 0.7 0.60 4.8 5 3,6,9,12 2012 17,677 G/I 14General Motors GM HOLD 36.43 36.66 – 26.69 6.06 5.81 6.3 7 0.6 1.52 4.2 7 3,6,9,12 2014 NA G/I Home Depot HD HOLD 129.47 139.00 – 109.62 6.30 7.00 18.5 10 1.5 2.76 2.1 10 3,6,9,12 1987 44,327 G/I 14Lowe’s LOW BUY 71.00 83.65 – 62.62 3.92 4.60 15.4 13 1.0 1.40 2.0 14 2,5,8,11 1961 27,638 G/I 14McDonald’s MCD BUY 118.47 131.96 – 110.33 5.60 6.10 19.4 7 1.9 3.76 3.2 7 3,6,9,12 1976 38,845 G/I Nike NKE HOLD 50.65 68.20 – 49.01 2.16 2.35 21.6 12 1.6 0.72 1.4 10 1,4,7,10 1984 46,528 G/I Omnicom Group OMC BUY 87.61 88.79 – 66.48 4.70 5.10 17.2 8 1.6 2.20 2.5 9 1,4,7,10 1986 21,039 G/I O’Reilly Automotive ORLY BUY 273.06 292.84 – 225.12 10.50 12.20 22.4 13 1.7 0.00 0.0 0 86,675 G The Priceline Group PCLN BUY 1479.66 1600.93 – 954.02 68.00 77.00 19.2 18 1.1 0.00 0.0 0 380,775 G Ross Stores ROST HOLD 67.38 69.81 – 50.42 2.80 3.10 21.7 10 2.0 0.54 0.8 12 3,6,9,12 1994 97,013 G/I Starbucks SBUX BUY 58.51 62.54 – 50.84 2.14 2.46 27.3 14 1.7 1.00 1.7 13 2,5,8,12 2010 36,282 G/I TJX Companies TJX BUY 77.67 83.64 – 65.64 3.45 3.70 21.0 11 1.7 1.04 1.3 14 3,6,9,12 1980 64,770 G/I Target TGT HOLD 77.82 84.14 – 65.50 5.20 5.30 14.7 5 1.8 2.40 3.1 8 3,6,9,12 1967 16,471 G/I Thomson Reuters TRI BUY 43.18 43.68 – 33.96 2.06 2.35 18.4 8 1.6 1.36 3.1 3 3,6,9,12 1980 14,410 G/I 12Time Warner TWX BUY 94.14 94.44 – 55.53 5.75 6.30 14.9 12 1.1 1.61 1.7 8 3,6,9,12 2005 28,627 G/I Tractor Supply TSCO BUY 76.05 97.25 – 61.50 3.25 3.50 21.7 15 1.3 0.96 1.3 16 3,6,9,12 2010 67,012 G VF Corp. VFC BUY 55.77 67.10 – 51.76 3.15 3.45 16.2 12 1.1 1.68 3.0 12 3,6,9,12 1941 35,883 G/I YUM! Brands YUM HOLD 62.69 66.15 – 46.44 2.70 3.00 23.2 9 1.9 2.04 3.3 8 2,5,8,11 2004 35,438 G/I

CONSUMER STAPLES (10%) Altria Group MO HOLD 62.89 70.15 – 56.15 3.03 3.27 19.2 6 1.9 2.44 3.9 6 1,4,7,10 1928 55,668 G/I CVS Health CVS HOLD 76.76 106.67 – 69.30 5.77 5.90 13.0 10 1.1 1.70 2.2 7 2,5,8,11 1916 30,273 G/I Coca-Cola KO HOLD 40.17 47.13 – 39.88 1.90 2.05 19.6 7 1.9 1.40 3.5 7 4,7,10,12 1920 23,190 G/I Colgate-Palmolive CL HOLD 65.08 75.38 – 61.40 2.80 3.05 21.3 9 1.9 1.56 2.4 7 2,5,8,11 1895 25,303 G/I Costco COST BUY 151.74 169.73 – 138.57 5.33 5.80 26.2 10 2.3 1.80 1.2 11 2,5,8,11 2004 35,629 G/I Diageo PLC DEO BUY 99.95 117.84 – 99.46 5.45 5.30 18.9 7 1.8 3.58 3.6 6 4,10 1988 17,848 G/I 12Estee Lauder EL BUY 75.91 97.48 – 75.30 3.20 3.45 22.0 10 1.9 1.36 1.8 10 3,6,9,12 1995 43,121 G/I General Mills GIS HOLD 60.59 72.95 – 53.53 2.92 3.09 19.6 7 1.9 1.92 3.2 7 2,5,8,11 1898 29,384 G/I Kellogg K HOLD 70.96 87.16 – 68.20 3.67 3.95 18.0 6 2.0 2.08 2.9 4 3,6,9,12 1923 19,362 G/I Kimberly-Clark KMB HOLD 114.01 138.87 – 111.30 6.00 6.45 17.7 7 1.7 3.68 3.2 6 1,4,7,10 1935 25,922 G/I Kraft Heinz KHC BUY 80.49 90.54 – 68.18 3.31 3.91 20.6 15 1.1 2.40 3.0 5 1,4,7,10 2015 NA G/I Mondelez International MDLZ BUY 40.84 46.40 – 35.88 1.95 2.13 19.2 13 1.3 0.76 1.9 7 1,4,7,10 2012 23,840 G/I PepsiCo PEP BUY 99.03 110.94 – 93.25 4.78 5.12 19.3 8 1.8 3.01 3.0 6 1,3,6,9 1952 21,551 G/I Philip Morris International PM BUY 87.77 104.20 – 84.46 4.50 4.80 18.3 8 1.4 4.16 4.7 2 1,4,7,10 2008 NA G/I Procter & Gamble PG BUY 81.86 90.33 – 74.46 3.90 4.20 21.0 7 2.0 2.68 3.3 6 2,5,8,11 1890 17,688 G/I Sysco SYY HOLD 53.10 54.66 – 38.84 2.10 2.40 22.1 7 2.3 1.32 2.5 5 1,4,7,10 1970 20,532 G/I Walgreens Boots Alliance WBA HOLD 84.22 87.05 – 71.50 4.59 5.07 16.6 8 1.7 1.50 1.8 8 3,6,9,12 1933 25,182 G/I Walmart WMT HOLD 70.67 75.19 – 58.32 4.25 4.40 16.1 5 2.1 2.00 2.8 2 1,4,6,9 1974 19,300 G/I 14

ENERGY (9%) Anadarko APC HOLD 68.59 71.10 – 28.16 -3.00 -0.15 NM 6 NA 0.20 0.3 0 3,6,9,12 1986 15,099 G/I Apache APA BUY 65.14 67.63 – 32.20 -1.00 1.40 46.5 7 5.5 1.00 1.5 0 2,5,8,11 1965 10,420 G/I BP PLC BP HOLD 35.39 37.28 – 27.01 1.05 2.10 16.9 2 1.9 2.40 6.8 0 3,6,9,12 2011 8,474 G/I 12Baker Hughes BHI HOLD 64.00 65.07 – 37.58 -1.50 -0.40 NM 7 NA 0.68 1.1 3 2,5,8,11 1987 9,840 G/I Canadian Natural Resources CNQ BUY 34.07 35.02 – 14.41 -0.28 0.84 40.6 6 4.9 0.75 2.2 0 1,4,7,10 2001 14,479 G/I 12Chevron CVX BUY 113.29 114.91 – 75.33 1.50 4.50 25.2 6 2.6 4.32 3.8 2 3,6,9,12 1912 21,939 G/I ConocoPhillips COP BUY 48.22 54.75 – 31.05 -2.80 0.10 NM 6 NA 1.00 2.1 8 3,6,9,12 1934 13,640 G/I 14Devon Energy DVN BUY 47.85 49.59 – 18.07 -0.20 1.55 30.9 7 4.1 0.24 0.5 0 3,6,9,12 2003 7,442 G/I EOG Resources EOG BUY 104.75 107.47 – 57.15 -1.80 0.65 NM 9 NA 0.67 0.6 2 1,4,7,10 1989 30,982 G/I Enbridge ENB BUY 41.38 45.77 – 27.43 2.92 3.00 13.8 11 0.9 1.57 3.8 11 3,6,9,12 1952 32,975 G/I 12ExxonMobil XOM HOLD 87.24 95.55 – 71.55 2.20 4.30 20.3 4 2.7 3.00 3.4 3 3,6,9,12 1882 14,722 G/I Halliburton HAL BUY 53.24 54.92 – 27.64 0.00 1.00 53.2 8 5.7 0.72 1.4 3 3,6,9,12 1947 17,809 G/I Kinder Morgan KMI HOLD 21.49 23.62 – 11.20 2.09 2.30 9.3 3 1.8 0.50 2.3 0 2,5,8,11 2011 NA G/I Marathon Petroleum MPC HOLD 47.74 59.99 – 29.24 2.25 4.60 10.4 8 0.9 1.44 3.0 8 3,6,9,12 2011 NA G/I Occidental Petroleum OXY HOLD 71.27 78.48 – 58.22 -0.90 1.25 57.0 5 6.2 3.04 4.3 2 1,4,7,10 1975 19,018 G/I Phillips 66 PSX HOLD 84.98 93.00 – 71.74 3.75 6.70 12.7 8 1.2 2.52 3.0 8 3,6,9,12 2012 NA G/I

Due to increasing coverage and limited space, we include the top 180 stocks based on market capitalization in Edward Jones Perspective. For a complete list of stocks that Edward Jones covers, please see your financial advisor.

Tick

er S

ymbo

l

Curre

nt O

pini

on

Rece

nt P

rice

52-w

eek

Price

Ran

ge

Earn

ings

Per

Sha

re20

16 (E

st.)/

2017

(Est

.)

Earn

ings

Per

Sha

re20

17 (E

st.)/

2018

(Est

.)

P/E

base

d on

20

17 (E

st.)

L-T

EPS

Grow

th E

st.

PEGY

Annu

al D

ivide

nds

Divid

end

Yiel

d

L-T

Divid

end

Grow

th E

st.

Divid

end

Paym

ent

Mon

ths

Cash

Divi

dend

s Sin

ce

$10,

000 I

nves

ted

10

Yea

rs A

go

Now

Wor

th

Inve

stm

ent C

ateg

ory

Impo

rtant

Di

sclo

sure

s

$ $ $ $ % $ % % $

S TO C K TA B L EAs of 12/01/2016

Edward Jones

Pioneer Natural Resources PXD BUY 189.57 194.78 – 103.50 -0.40 0.80 NM 10 NA 0.08 0.0 0 3,9 2004 44,771 G/I Royal Dutch Shell PLC RDS.A BUY 51.78 56.29 – 35.80 2.00 3.75 13.8 4 1.4 3.20 6.2 0 3,6,9,12 1947 11,433 G/I 12Schlumberger SLB BUY 84.61 86.41 – 59.60 1.20 2.25 37.6 9 3.3 2.00 2.4 6 1,4,7,10 1957 14,339 G/I Spectra Energy SE HOLD 40.27 44.00 – 21.43 1.35 1.46 27.6 6 2.8 1.62 4.0 6 3,6,9,12 2007 NA G/I Suncor Energy SU HOLD 32.30 33.24 – 18.71 0.88 1.90 17.0 7 1.8 0.85 2.6 4 3,6,9,12 1990 9,544 G/I 12Total SA TOT BUY 47.75 51.30 – 39.05 3.30 4.80 9.9 5 1.1 1.88 3.9 0 1,4,7,10 1992 10,395 G/I 12TransCanada TRP HOLD 44.24 48.52 – 28.40 1.81 2.13 20.8 7 1.9 1.62 3.7 6 1,4,7,10 1964 19,720 G/I 12Valero Energy VLO HOLD 60.53 73.70 – 46.88 4.00 6.00 10.1 8 0.8 2.40 4.0 8 3,6,9,12 1997 15,144 G/I

FINANCIAL SERVICES (17%) Alliance Data Systems ADS BUY 228.18 290.30 – 176.63 16.90 18.60 12.3 11 1.0 2.08 0.9 11 3,6,9,12 2016 35,446 G Allstate ALL HOLD 70.35 72.72 – 56.03 3.85 5.70 12.3 7 1.4 1.32 1.9 5 1,4,7,10 1993 14,315 G/I 5American Express AXP SELL 72.53 73.18 – 50.27 5.80 5.30 13.7 4 2.4 1.28 1.8 8 2,5,8,11 1870 14,473 G/I 13American Tower AMT BUY 100.98 118.26 – 83.07 5.75 6.40 15.8 11 1.2 2.20 2.2 15 1,4,7,10 2012 29,331 G/I 16BB&T Corp. BBT HOLD 45.84 46.15 – 29.95 2.79 3.08 14.9 7 1.5 1.20 2.6 7 3,6,9,12 1934 15,087 G/I 5,10Bank of America BAC HOLD 21.50 21.94 – 10.99 1.40 1.54 14.0 7 1.7 0.30 1.4 7 3,6,9,12 1903 4,698 G/I *Bank of New York Mellon BK HOLD 48.60 48.67 – 32.20 3.05 3.35 14.5 8 1.5 0.76 1.6 4 2,5,8,11 1785 15,309 G/I 5,10Berkshire Hathaway Cl. A BRK.A BUY 239821 240200 – 186900 11100 12250 19.6 7 2.8 0.00 0.0 0 22,129 G Berkshire Hathaway Cl. B BRK.B BUY 160.12 160.24 – 123.55 7.40 8.17 19.6 7 2.8 0.00 0.0 0 22,143 G BlackRock BLK BUY 377.20 381.24 – 280.55 19.40 21.55 17.5 10 1.4 9.16 2.4 9 3,6,9,12 2003 32,728 G/I 5,6,15Capital One Financial COF BUY 86.61 86.77 – 58.03 7.35 8.00 10.8 8 1.1 1.60 1.8 0 2,5,8,11 1998 12,557 G/I Citigroup C BUY 57.27 57.57 – 34.52 4.76 5.22 11.0 8 1.2 0.64 1.1 8 2,5,8,11 2011 1,277 G/I **Equity Residential Properties EQR HOLD 59.70 82.39 – 58.28 3.07 3.20 18.7 5 2.2 2.02 3.4 4 1,4,7,10 1993 19,200 G/I 16HSBC Holdings PLC HSBC HOLD 39.54 40.74 – 28.62 2.91 3.08 12.8 6 1.0 2.55 6.4 0 4,7,10,12 1991 7,006 G/I 6,12,14JPMorgan Chase JPM HOLD 81.79 82.28 – 52.50 5.80 6.21 13.2 7 1.4 1.92 2.3 7 1,4,7,10 1827 22,178 G/I ***Manulife Financial MFC BUY 17.61 17.82 – 10.99 1.33 1.55 11.4 10 0.9 0.55 3.1 2 3,6,9,12 2000 7,371 G/I 5,6,12,15Morgan Stanley MS HOLD 42.16 42.54 – 21.16 2.65 2.98 14.1 8 1.4 0.80 1.9 6 2,5,8,11 1993 7,625 G/I 2,4,5,14PNC Financial PNC BUY 112.60 112.68 – 77.40 7.18 7.53 15.0 7 1.7 2.20 2.0 7 2,5,8,11 1865 19,996 G/I 5,10,13Prologis PLD HOLD 49.95 54.87 – 35.25 2.57 2.65 18.8 4 2.6 1.68 3.4 4 3,6,9,12 1997 12,006 G/I 16Public Storage PSA HOLD 207.86 277.60 – 200.65 9.70 10.25 20.3 6 2.1 8.00 3.8 5 3,6,9,12 1981 29,762 G/I 16Simon Property Group SPG BUY 176.82 229.10 – 174.91 10.86 11.50 15.4 8 1.3 6.60 3.7 7 2,5,8,11 1994 26,985 G/I 16State Street STT HOLD 80.39 80.99 – 50.60 5.05 5.55 14.5 8 1.5 1.52 1.9 4 1,4,7,10 1910 14,638 G/I 5Synchrony Financial SYF BUY 35.07 35.45 – 23.25 2.70 3.05 11.5 9 1.1 0.52 1.5 9 2,5,8,11 2016 NA G/I The Travelers Cos. TRV HOLD 115.41 119.32 – 101.23 9.35 10.30 11.2 5 1.5 2.68 2.3 5 3,6,9,12 2000 28,095 G/I U.S. Bancorp USB BUY 50.39 50.62 – 37.07 3.31 3.41 14.8 6 1.8 1.12 2.2 6 1,4,7,10 1864 19,295 G/I ****Ventas VTR BUY 58.38 76.80 – 46.87 4.11 4.50 13.0 6 1.2 2.92 5.0 6 3,6,9,12 1999 28,407 G/I 16Wells Fargo WFC BUY 54.34 56.24 – 43.55 4.03 4.12 13.2 7 1.3 1.52 2.8 7 3,6,9,12 1939 19,614 G/I *****Welltower HCN HOLD 61.41 80.19 – 52.80 4.53 4.60 13.4 5 1.3 3.44 5.6 3 2,5,8,11 1970 26,164 G/I 16

HEALTH CARE (15%) Abbott Laboratories ABT BUY 37.60 46.22 – 36.00 2.22 2.57 14.6 9 1.2 1.04 2.8 2 2,5,8,11 1926 22,307 G/I AbbVie ABBV HOLD 59.16 68.12 – 50.71 4.83 5.39 11.0 8 0.9 2.56 4.3 8 2,5,8,11 2013 NA G/I Allergan PLC AGN BUY 190.37 322.68 – 184.50 13.45 16.35 11.6 15 0.7 2.80 1.5 15 3,6,9,12 2017 75,691 G/I Amgen AMGN HOLD 142.39 176.85 – 133.64 11.45 11.69 12.2 5 1.6 4.00 2.8 10 3,6,9,12 2011 22,703 G/I Baxter International BAX HOLD 43.63 50.16 – 34.06 1.92 2.25 19.4 9 1.9 0.52 1.2 9 1,4,7,10 1934 22,897 G/I Becton, Dickinson and Co. BDX HOLD 164.62 181.76 – 129.50 8.59 9.50 17.3 9 1.6 2.92 1.8 10 3,6,9,12 1926 28,379 G/I Bristol-Myers Squibb BMY BUY 55.80 77.12 – 49.03 2.86 2.74 20.4 14 1.2 1.52 2.7 8 2,5,8,11 1900 33,767 G/I Danaher DHR HOLD 77.02 82.64 – 61.58 3.59 3.95 19.5 13 1.4 0.50 0.6 13 1,4,7,10 1993 29,034 G/I Express Scripts ESRX BUY 75.83 89.00 – 64.46 6.39 7.03 10.8 10 1.1 0.00 0.0 0 44,504 G Gilead Sciences GILD HOLD 72.84 107.38 – 71.39 11.50 11.45 6.4 0 2.5 1.88 2.6 4 3,6,9,12 2015 45,973 G/I GlaxoSmithKline PLC GSK HOLD 37.43 45.58 – 37.36 2.54 2.54 14.7 6 1.3 2.08 5.6 0 1,4,7,10 1959 11,932 G/I 12Johnson & Johnson JNJ BUY 111.38 126.07 – 94.28 6.75 6.83 16.3 6 1.8 3.20 2.9 7 3,6,9,12 1944 22,957 G/I Lilly (Eli) LLY BUY 65.97 88.16 – 64.18 3.55 3.89 17.0 12 1.1 2.04 3.1 6 3,6,9,12 1885 18,801 G/I McKesson MCK HOLD 143.08 202.20 – 114.53 12.07 12.44 11.5 7 1.5 1.12 0.8 7 1,4,7,10 1994 31,398 G/I Medtronic PLC MDT BUY 71.88 89.27 – 71.03 4.37 4.58 15.7 8 1.5 1.72 2.4 8 1,4,7,10 1977 17,069 G/I Merck MRK BUY 60.76 65.46 – 47.97 3.72 3.98 15.3 7 1.5 1.88 3.1 5 1,4,7,10 1935 20,269 G/I Novartis NVS BUY 67.75 88.49 – 67.28 4.64 5.08 13.3 7 1.4 1.81 2.7 5 4 1996 15,808 G/I 12Pfizer PFE BUY 31.46 37.39 – 28.25 2.42 2.61 12.1 6 1.2 1.20 3.8 6 3,6,9,12 1901 17,828 G/I St. Jude Medical STJ HOLD 78.78 84.00 – 48.83 4.09 4.60 17.1 9 1.6 1.24 1.6 9 1,4,7,10 2011 23,752 G/I Shire PLC SHPG HOLD 170.98 215.05 – 147.60 13.06 15.39 11.1 12 0.9 0.79 0.5 12 4,10 2004 30,215 G/I Stryker SYK BUY 111.75 123.55 – 86.68 5.78 6.45 17.3 9 1.7 1.52 1.4 10 1,4,7,10 1992 24,748 G/I Teva Pharmaceuticals TEVA HOLD 36.57 66.55 – 36.56 5.16 5.71 6.4 7 0.6 1.16 3.2 7 3,6,9,12 1984 13,814 G/I 12Thermo Fisher Scientific TMO BUY 139.63 160.68 – 119.75 8.25 9.17 15.2 10 1.5 0.60 0.4 0 1,4,7,10 2012 32,901 G/I Zoetis ZTS BUY 49.16 53.14 – 38.26 1.96 2.34 21.0 11 1.8 0.38 0.8 10 3,6,9,12 2013 NA G/I

INDUSTRIALS (10%) 3M Company MMM HOLD 172.63 182.27 – 134.64 8.20 9.05 19.1 9 1.6 4.44 2.6 6 3,6,9,12 1916 27,365 G/I AMETEK AME BUY 49.40 56.93 – 42.82 2.31 2.56 19.3 12 1.5 0.36 0.7 5 3,6,9,12 1942 34,787 G Boeing BA HOLD 152.39 153.08 – 102.10 6.95 9.37 16.3 11 1.2 4.36 2.9 8 3,6,9,12 1942 21,856 G/I CSX Corp. CSX HOLD 36.62 36.86 – 21.33 1.78 1.98 18.5 8 1.9 0.72 2.0 8 3,6,9,12 1993 36,832 G/I

Important Disclosures: *Bank of America 2,4,5,6,10,14; **Citigroup 2,4,5,13,14; ***JPMorgan Chase 2,4,5,10,14,15; ****U.S. Bancorp 5,7,8,10,11,13; *****Wells Fargo 2,4,5,10,13,14. Due to increasing coverage and limited space, we include the top 180 stocks based on market capitalization in Edward Jones Perspective. For a complete list of stocks that Edward Jones covers, please see your financial advisor.

Tick

er S

ymbo

l

Curre

nt O

pini

on

Rece

nt P

rice

52-w

eek

Price

Ran

ge

Earn

ings

Per

Sha

re20

16 (E

st.)/

2017

(Est

.)

Earn

ings

Per

Sha

re20

17 (E

st.)/

2018

(Est

.)

P/E

base

d on

20

17 (E

st)

L-T

EPS

Grow

th E

st.

PEGY

Annu

al D

ivide

nds

Divid

end

Yiel

d

L-T

Divid

end

Grow

th E

st.

Divid

end

Paym

ent

Mon

ths

Cash

Divi

dend

s Sin

ce

$10,

000 I

nves

ted

10

Yea

rs A

go

Now

Wor

th

Inve

stm

ent C

ateg

ory

Impo

rtant

Di

sclo

sure

s

$ $ $ $ % $ % % $

S TO C K TA B L EAs of 12/01/2016

Canadian National Railway CNI HOLD 67.75 67.87 – 46.23 3.38 3.66 18.5 10 1.6 1.11 1.6 10 3,6,9,12 1996 33,722 G/I 12Canadian Pacific Railway CP BUY 155.38 157.34 – 97.09 7.87 9.10 17.1 10 1.6 1.48 1.0 8 1,4,7,10 2002 31,687 G/I 12Caterpillar CAT HOLD 96.24 97.39 – 56.36 3.20 3.10 31.0 8 2.8 3.08 3.2 4 2,5,8,11 1914 20,415 G/I 2,4,14Cummins CMI HOLD 142.63 146.48 – 79.88 8.16 8.05 17.7 9 1.5 4.10 2.9 9 3,6,9,12 1948 57,105 G/I Deere DE BUY 102.70 104.83 – 70.16 4.81 4.50 22.8 7 2.4 2.40 2.3 6 2,5,8,11 1937 26,159 G/I Emerson EMR BUY 56.77 57.48 – 41.25 2.45 2.47 23.0 8 2.0 1.92 3.4 5 3,6,9,12 1947 17,588 G/I FedEx FDX HOLD 192.19 193.88 – 119.71 10.78 12.05 15.9 13 1.2 1.60 0.8 10 1,4,7,10 2002 17,610 G/I General Dynamics GD BUY 176.40 177.39 – 121.61 9.74 10.02 17.6 6 2.3 3.04 1.7 8 2,5,8,11 1979 29,521 G/I General Electric GE BUY 31.39 33.00 – 27.10 1.48 1.68 18.7 8 1.7 0.92 2.9 3 1,4,7,10 1899 12,485 G/I 5,14Honeywell International HON BUY 113.67 119.34 – 93.18 6.61 7.20 15.8 10 1.3 2.66 2.3 12 3,6,9,12 1887 33,952 G/I Illinois Tool Works ITW BUY 125.30 127.61 – 79.15 5.63 6.20 20.2 10 1.7 2.60 2.1 8 1,4,7,10 1933 33,896 G/I Johnson Controls JCI HOLD 45.73 46.17 – 27.12 3.98 3.13 14.6 10 1.2 1.16 2.5 3 1,4,7,10 1887 25,294 G/I Norfolk Southern NSC BUY 106.83 107.89 – 64.51 5.54 6.06 17.6 9 1.6 2.36 2.2 8 3,6,9,12 1901 27,798 G/I PACCAR PCAR BUY 63.04 63.30 – 43.46 3.86 3.78 16.7 9 1.6 0.96 1.5 8 3,6,9,12 1941 19,365 G/I Southwest Airlines LUV HOLD 47.07 51.34 – 33.96 3.82 3.92 12.0 8 1.4 0.40 0.8 6 1,3,6,9 1976 30,956 G/I Union Pacific UNP BUY 103.39 103.96 – 67.06 5.00 5.54 18.7 9 1.6 2.42 2.3 9 3,6,9,12 1899 54,379 G/I United Parcel Service UPS HOLD 116.43 116.96 – 87.30 5.79 6.18 18.8 8 1.8 3.12 2.7 6 3,6,9,12 2000 19,849 G/I United Technologies UTX BUY 107.48 110.00 – 83.39 6.59 7.08 15.2 9 1.3 2.64 2.5 9 3,6,9,12 1936 21,068 G/I Wabtec WAB BUY 86.04 88.47 – 60.28 4.02 4.35 19.8 9 2.1 0.40 0.5 8 2,5,8,11 2008 52,604 G

MATERIALS (3%) BHP Billiton ADR BBL SELL 33.43 34.41 – 16.36 1.14 1.57 29.3 6 3.8 0.56 1.7 0 3,9 2001 13,047 G/I 12BHP Billiton ADR BHP SELL 37.80 39.12 – 18.46 1.14 1.57 33.2 6 4.4 0.56 1.5 0 3,9 2001 13,117 G/I 12Dow Chemical DOW HOLD 56.11 57.10 – 40.26 3.60 4.10 13.7 6 1.5 1.84 3.3 5 1,4,7,10 1912 20,042 G/I DuPont DD HOLD 73.62 75.72 – 50.71 3.30 3.75 19.6 8 2.0 1.52 2.1 2 3,6,9,12 1904 23,370 G/I Ecolab ECL BUY 118.49 124.60 – 98.62 4.45 4.95 23.9 9 2.4 1.40 1.2 9 1,4,7,10 1936 29,763 G/I FMC Corp. FMC BUY 56.34 56.91 – 32.24 2.80 3.25 17.3 13 1.2 0.66 1.2 11 1,4,7,10 2006 34,849 G Monsanto MON HOLD 103.50 114.26 – 83.73 4.48 5.00 20.7 9 1.9 2.16 2.1 7 1,4,7,10 2001 24,872 G/I Praxair PX BUY 119.73 125.00 – 95.60 5.48 6.15 19.5 10 1.6 3.00 2.5 10 3,6,9,12 1992 23,797 G/I

TECHNOLOGY (19%) Accenture PLC ACN HOLD 117.66 124.96 – 91.40 5.85 6.40 20.1 10 1.7 2.42 2.1 8 5,11 2005 43,055 G/I 12Adobe Systems ADBE HOLD 99.51 111.09 – 71.27 2.90 3.70 26.9 12 2.2 0.00 0.0 0 25,600 G Alphabet GOOGL BUY 764.33 839.00 – 672.66 35.09 39.91 19.2 13 1.5 0.00 0.0 0 31,977 G Amazon AMZN BUY 743.65 847.21 – 474.00 9.80 14.00 53.1 40 1.3 0.00 0.0 0 186,061 G Analog Devices ADI BUY 69.01 74.87 – 47.24 3.50 3.80 19.7 10 1.6 1.68 2.4 8 3,6,9,12 2003 30,239 G/I Apple Inc. AAPL BUY 109.49 119.86 – 89.47 9.15 9.95 12.0 8 1.2 2.28 2.1 10 2,5,8,11 2012 92,664 G/I Applied Materials AMAT HOLD 30.10 32.54 – 15.44 2.40 2.50 12.5 8 1.3 0.40 1.3 8 3,6,9,12 2005 21,993 G/I Automatic Data Processing ADP HOLD 95.77 97.54 – 76.65 3.66 4.05 26.2 7 2.8 2.28 2.4 5 1,4,7,10 1974 33,131 G/I 5,15Broadcom Limited AVGO BUY 162.79 179.42 – 114.25 11.25 13.00 12.5 10 1.1 2.04 1.3 5 3,6,9,12 2011 NA G/I Check Point Software CHKP BUY 81.31 89.98 – 71.64 4.55 4.85 16.8 10 1.7 0.00 0.0 0 35,952 G Cisco Systems CSCO HOLD 29.45 31.95 – 22.46 2.41 2.52 12.2 7 1.2 1.04 3.5 7 1,4,7,10 2011 12,946 G/I Cognizant CTSH HOLD 54.08 65.25 – 45.44 3.40 3.70 14.6 12 1.2 0.00 0.0 0 27,013 G eBay EBAY HOLD 27.39 33.19 – 21.52 2.00 2.19 12.5 10 1.3 0.00 0.0 0 20,432 G Facebook FB BUY 115.10 133.50 – 89.37 3.96 5.06 22.7 25 0.9 0.00 0.0 0 NA G Fiserv FISV HOLD 103.32 111.51 – 85.63 4.45 4.95 20.9 10 2.1 0.00 0.0 0 40,939 G HP Inc. HPQ HOLD 15.06 16.19 – 8.91 1.60 1.60 9.4 2 1.7 0.53 3.5 2 1,4,7,10 2015 10,219 G/I Hewlett-Packard Enterprise HPE HOLD 23.37 23.90 – 11.63 1.92 2.00 11.7 5 1.9 0.26 1.1 0 1,4,7,10 2015 NA G/I IBM IBM BUY 159.82 165.00 – 116.90 13.50 14.25 11.2 5 1.3 5.60 3.5 5 3,6,9,12 1916 21,913 G/I Intel INTC HOLD 33.76 38.36 – 27.68 2.65 2.80 12.1 5 1.5 1.04 3.1 5 3,6,9,12 1992 22,155 G/I MasterCard MA HOLD 100.18 108.93 – 78.52 3.70 4.30 23.3 12 1.8 0.76 0.8 12 2,5,8,11 2006 104,790 G/I Microsoft MSFT BUY 59.20 61.41 – 48.04 2.84 3.35 20.8 10 1.6 1.56 2.6 8 3,6,9,12 2003 26,101 G/I Oracle ORCL BUY 38.70 42.00 – 33.13 2.65 3.00 14.6 8 1.5 0.60 1.6 7 2,5,8,11 2009 22,977 G/I Paychex PAYX HOLD 58.68 61.87 – 45.76 2.25 2.40 26.1 8 2.3 1.84 3.1 2 2,5,8,11 1988 21,695 G/I 5,15PayPal PYPL BUY 38.34 44.52 – 30.52 1.49 1.73 22.2 17 1.3 0.00 0.0 0 NA G Qualcomm QCOM BUY 64.16 71.62 – 42.24 4.44 4.90 13.1 10 1.0 2.12 3.3 10 3,6,9,12 2003 22,821 G/I Texas Instruments TXN HOLD 70.41 75.25 – 46.73 3.16 3.45 20.4 8 1.9 2.00 2.8 8 2,5,8,11 1962 31,073 G/I Visa V BUY 75.43 83.96 – 66.12 3.26 3.82 23.1 14 1.6 0.66 0.9 12 3,6,9,12 2008 NA G/I VMware VMW BUY 78.04 81.84 – 43.25 4.40 4.75 16.4 10 1.6 0.00 0.0 0 NA G

UTILITIES (3%) American Electric Power AEP HOLD 58.16 71.32 – 54.08 3.80 3.70 15.7 6 1.6 2.36 4.1 6 3,6,9,12 1909 21,889 G/I 14Dominion Resources D BUY 72.75 78.97 – 64.54 3.89 4.03 18.1 6 1.8 2.80 3.8 8 3,6,9,12 1927 27,050 G/I Duke Energy DUK BUY 72.75 87.75 – 65.50 4.65 4.75 15.3 5 1.6 3.42 4.7 4 3,6,9,12 1926 21,692 G/I 14Edison International EIX HOLD 68.56 78.72 – 57.85 3.92 4.15 16.5 7 1.7 1.92 2.8 7 1,4,7,10 1910 20,131 G/I Exelon EXC HOLD 32.17 37.70 – 25.09 2.63 2.64 12.2 4 1.5 1.27 4.0 3 3,6,9,12 1902 8,095 G/I Fortis FTS BUY 30.19 34.66 – 24.63 1.61 1.80 16.8 6 1.7 1.21 4.0 6 3,6,9,12 1972 14,756 G/I NextEra Energy NEE HOLD 112.95 131.98 – 96.19 6.10 6.50 17.4 7 1.7 3.48 3.1 10 3,6,9,12 1944 29,875 G/I PG&E PCG HOLD 58.04 65.43 – 50.65 3.75 3.75 15.5 4 2.1 1.96 3.4 6 1,4,7,10 2005 18,828 G/I Sempra Energy SRE HOLD 99.35 114.66 – 86.72 4.90 5.30 18.7 7 1.9 3.02 3.0 5 1,4,7,10 1998 24,564 G/I Southern Company SO HOLD 46.59 54.64 – 43.72 2.93 3.08 15.1 5 1.5 2.24 4.8 4 3,6,9,12 1948 20,666 G/I 14

Due to increasing coverage and limited space, we include the top 180 stocks based on market capitalization in Edward Jones Perspective. For a complete list of stocks that Edward Jones covers, please see your financial advisor.

Tick

er S

ymbo

l

Curre

nt O

pini

on

Rece

nt P

rice

52-w

eek

Price

Ran

ge

Earn

ings

Per

Sha

re20

16 (E

st.)/

2017

(Est

.)

Earn

ings

Per

Sha

re20

17 (E

st.)/

2018

(Est

.)

P/E

base

d on

20

17 (E

st.)

L-T

EPS

Grow

th E

st.

PEGY

Annu

al D

ivide

nds

Divid

end

Yiel

d

L-T

Divid

end

Grow

th E

st.

Divid

end

Paym

ent

Mon

ths

Cash

Divi

dend

s Sin

ce

$10,

000 I

nves

ted

10

Yea

rs A

go

Now

Wor

th

Inve

stm

ent C

ateg

ory

Impo

rtant

Di

sclo

sure

s

$ $ $ $ % $ % % $

S TO C K TA B L EAs of 12/01/2016

Communication Services 3%

Comcast, Verizon Communications

Consumer Discretionary 11%

Coach, Disney (Walt), Dollar General, Lowe’s, The Priceline Group, TJX Companies, Tractor Supply

Consumer Staples 10%

Kraft Heinz, Mondelez International, PepsiCo, Philip Morris, Procter & Gamble

Energy 9%

Chevron, EOG Resources, Pioneer Natural Resources, Schlumberger, Total SA

Financial Services 17%

Alliance Data Systems, American Tower, Berkshire Hathaway Cl. B, BlackRock, Citigroup, U.S. Bancorp

Health Care 15%

Abbott Laboratories, Johnson & Johnson, Medtronic, Merck, Novartis, Pfizer, Thermo Fisher Scientific

Industrials 10%

AMETEK, Deere, Emerson, Union Pacific, United Technologies, Wabtec

Materials 3%

FMC Corp., Praxair

Technology 19%

Alphabet, Apple, Check Point Software, Facebook, IBM, Microsoft, Oracle, Visa

Utilities 3%

Duke Energy, Fortis

The sector percentage figures indicated on the left are our recommended weightings for that particular sector. Stock Focus List average annu-alized total returns: 1-year: 9.5%; 3-year: 7.8%; 5-year: 14.1%; 10-year: 7.2%; since inception (Dec. 31, 1992): 9.0%. S&P 500 returns: 1-year: 8.0%; 3-year: 9.0%; 5-year: 14.4%; 10-year: 6.9%; since Dec. 31, 1992: 9.1%. Returns calculated as of 11/30/2016. Total returns assume reinvestment of dividends, capital appreciation and a transac-tion fee of 1%. Past performance is not a guaran-tee of future results. The investment return and principal value of an investment will fluctuate. An investor’s equity, when liquidated, may be worth more or less than the original cost. The Edward Jones Research department typically recommends industry-leading companies that appear reasonably valued. A well-diversified approach is typically used without significant over- or under-weighting (in comparison to the S&P 500) in any one sector. An index is unman-aged and is not meant to depict an actual invest-ment. Performance results do not represent actual trading and may not reflect the impact that material economic and market factors might have on our decision making if we were actually managing clients’ money.

Analog Devices

Dominion Resources

Emerson

Enbridge

IBM

Johnson & Johnson

McDonald’s

Merck

Microsoft

Omnicom Group

PepsiCo

Pfizer

Praxair

Procter & Gamble

Union Pacific

United Technologies

U.S. Bancorp

Ventas

Verizon Communications

VF Corp.

Equity Income Buy List

Stock Focus List

Required Disclosures 1 Edward Jones has managed or co-managed an offering of this

company’s securities within the past 12 months.

2 Edward Jones has received compensation from this company for investment banking services within the past 12 months.

3 Edward Jones expects to receive or intends to seek compensation for investment banking services within the next three months.

4 Edward Jones has provided investment banking services for this company within the past 12 months.

5 Edward Jones has received compensation from this company for providing non-investment banking securities-related services within the past 12 months.

6 An affiliate of Edward Jones has received compensation from this company for providing non-investment banking securities-related services within the past 12 months.

7 Edward Jones has provided non-securities services for this com-pany within the past 12 months.

8 Edward Jones has received compensation for products or services other than investment banking services from this company within the past 12 months.

9 Edward Jones makes a market in this security.

10 The member or its affiliates have a banking/borrowing relationship with this company.

11 Edward Jones offers credit cards to its customers through an affiliation with Elan Financial Services, a business unit of U.S. Bancorp, and U.S. Bancorp provides Edward Jones with mutual fund-related services.

12 Foreign tax on dividends may apply. See Edward Jones’ opinion for more information.

13 This company, or an affiliate, is a Program Bank in the Edward Jones Insured Bank Deposit Program. Edward Jones transfers available cash balances in client accounts into FDIC-insured deposit accounts at Program Banks. Edward Jones receives a fee from each Program Bank based upon total balances on deposit.

14 Edward Jones publishes research opinions on both the bonds and common stock of this company. Edward Jones utilizes different techniques in analyzing bonds and common stock investments of the same company. While bond and common stock research opinions about the same issuing company may appear inconsis-tent or contradictory, the separate opinions should be reviewed independently from each other.

15 This company, its parent or an affiliate is a product partner of Edward Jones. Edward Jones received both standard compensa-tion and reimbursement for certain expenses as well as additional financial and non-cash incentives and benefits for non-investment banking services in connection with the sales of financial prod-ucts from the product partner within the past 12 months.

16 EPS, P/E and EPS Growth Rates are based on Fundsfrom Operations.

Analyst Certification: I certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers, and no part of my compensation was, is or will be directly or indirectly related to the specific recommenda-tions or views contained in this research report. Kate Warne, Ph.D., CFA; Scott Thoma, CFA, CFP®.

Analysts receive compensation derived from revenues of the firm as a whole that include, but are not limited to, investment banking revenue.

Opinion Definitions: Our recommendations are based on an evalua-tion of fundamentals of the business and industry the company oper-ates in, as well as an analysis of the valuation of the stock and total return potential.

BUY – Our opinion is to buy this stock. We believe the valuation is attractive and total return potential is above average over the next 3-5 years compared with industry peers.

HOLD – Our opinion is to keep this stock. We believe the stock is fair-ly valued and total return potential is about average over the next 3-5 years compared with industry peers. Or a special situation exists, such as a merger, that warrants no action.

SELL – Our opinion is to sell this stock. We believe the stock is over-valued and total return potential is below average over the next 3-5 years compared with industry peers. In some cases, we expect funda-mentals to deteriorate considerably and/or a recovery is highly uncertain.

UNDER REVIEW (UR) – Our rating, estimates and opinion for this company are under review and should not be relied upon for making investment decisions until updated.

FYI – For informational purposes only; factual, no opinion.

The table below lists the percentage of stocks we follow globally in each of our rating categories. Investment banking services indicate the percentage of those companies that have been investment bank-ing clients within the past 12 months. As of 12/1/2016:

Other DisclosuresStock prices and 52-week price range are as of Dec. 1, 2016. For more up-to-date prices, contact your financial advisor. The Dow Jones Industrial Average and S&P 500 Index are not managed and are unavailable for direct investment.

The issues mentioned herein are subject to price change without notice. Additional information is available upon request.

P/E is based on fiscal year.

L-T EPS Growth Est.– Our long-term earnings growth estimate is our expectation for growth over the course of a full economic cycle. This “normalized” figure avoids distortions that can occur if beginning- or ending-year results are impacted by one-time items or extreme peaks or troughs within the cycle.

PEGY Ratio – Indicates whether a stock is undervalued. Calculated by dividing the current P/E (shown in this stock table) by the sum of the company’s estimated EPS growth rate and dividend yield.

$10,000 Invested – Hypothetical $10,000 investment in each com-pany 10 years ago with dividends reinvested for the period ended Nov. 30, 2016. Does reflect spinoff activity. Does not imply a recom-mendation during this period of time. Past performance does not guarantee future results.

Investment Category: Growth & Income (G/I) – Large-cap companies that pay a dividend, as well as REITs and utility companies; Growth (G) – Small- and mid-cap companies, excluding REITs and utilities, as well as any large companies that do not pay a dividend; Aggressive (A) – Micro-cap companies, companies with share prices below $4, stocks restricted by Research, and emerging-market stocks.

Dividends in bold indicate that a company has increased its dividend since Dec. 31, 2015. Dividends may be increased, decreased or eliminated at any point without notice.

Companies in bold are on the Edward Jones Stock Focus List.

The Edward Jones Research Rating referenced does not take into account your particular investment profile and is not intended as an express recommendation to purchase, hold or sell particular securi- ties, financial instruments or strategies. You should contact your Edward Jones financial advisor before acting upon the Edward Jones Research Rating referenced.

This publication is for information only. While the statements con-tained in this report are taken from sources that we believe to be reliable, we do not guarantee their accuracy. Some of this infor-mation is provided by an independent research service. This state-ment does not apply to disclosures concerning Edward Jones or analyst certification.

Edward Jones Perspective is published monthly by Edward Jones, 12555 Manchester Road, St. Louis, MO 63131-3729.

Buy Hold Sell

Stocks 44% 53% 3%

Investment Banking Services 1% 3% 0%

STOCK FOCUS LIST

Inside Your Issue of Edward Jones Perspective• Outlook 2017: Better Growth and Higher Uncertainty• When Is the Right Time to Take Social Security?• Resolve to Make the Most of Your Finances This Year

www.edwardjones.com

MKT-9731-A EXP 28 FEB 2017 MEMBER SIPC © 2016 EDWARD D. JONES & CO., L.P. ALL RIGHTS RESERVED. ITEM# 07897

Access Your Tax Forms OnlineWith our convenient e-delivery service, you receive an email notice from Edward Jones when your 2016 tax forms are available online. You can then access them immediately rather than waiting for them to arrive in the mail.

Enrolling in e-delivery is easy. If you’ve already signed up for Online Access, simply log in, click the “Documents” section at the top of the screen and choose “Delivery Options.” Then follow these three steps:

Check the box under “Tax Forms” for each account.

Verify your email address.

Read and consent to the agreement, and click “Submit.”

For more information, visit www.edwardjones.com/edelivery or contact your local financial advisor today.

1

2

3