mutual fund investor guide the investor guide to vanguard … · 2016. 3. 16. · consumer staples...

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Market Perspective: Stocks Look to Sustain Rally Investors have regained confidence and returned to equities over the last month as persistently strong data moderated the market. The S&P 500 Index enjoyed a 7.44 percent rally driven by energy and materials. Consumer discretionary and financials benefited from a rebound in interest rates and increasing rate hike expectations. Strong consumer data, wage growth and employment data are supportive of spending going forward. The U.S. is still among the fastest-growing, major developed economies, accelerating as growth and inflation stalls in Europe and Japan. The European Central Bank’s (ECB) March 10 decision to cut interest rates and increase quantitative easing will have a generally positive effect on financial markets, with European equities poised to benefit the most. After a brief decline following the ECB’s expansion of its policies, including a reduction in interest rates to negative 0.40 percent, European shares rallied strongly. The U.S. dollar did not initially rally on the news, though central bank actions often take several weeks to visibly impact markets. The Bank of Japan and the Federal Reserve are both set to hold meetings in March.Credit markets improved markedly over the past month due to rising oil prices. Mass bankruptcies threatened the sector when oil was below $30, but when oil was near $40, the concerns lessened. Only six months ago, many shale firms needed oil at $60 or $70 to earn a profit, but now some producers are cutting costs in an attempt to survive at prices under $50.Fourth-quarter earnings season has concluded and investors are focusing on first-quarter earnings for 2016. Energy remains a major detractor for S&P 500 Index earnings, which are currently forecast to fall 8 percent versus year-ago levels. Removing energy from the equation would moderate the forecast to a decline of 3.3 percent, though analysts tend to overestimate

losses. Other industries, such as telecom and consumer discretionary, have demonstrated solid growth. Overall, the current forecasts are bullish for stocks due to lowball forecasts and the improving outlook.Unemployment in February held at 4.9 percent and corollary statistics such as quits indicate workers are confident in market mobility. Wage growth pulled back a bit in February following a very strong January, while labor force participation increased. Ironically, a rising unemployment rate over the next few months could signal a healthier labor market as the robust job market leads formerly discouraged workers to renew job searches. Vanguard moved to secure its reputation among low-cost fund providers by cutting expenses on 42 of its mutual funds and ETFs in February. Global ex-U.S. Real Estate (VNQI) saw the largest cut of 6 basis points to 0.18 percent. Total International Bond (VXUS) dropped to 0.15 percent and the popular High Dividend Yield (VYM) was lowered to 0.09 percent. In all, seven ETF expense ratios were reduced. As for mutual funds, Global ex-U.S. Real Estate Admiral (VGRLX) and Institutional (VGRNX) received the largest fee cuts, to 0.18 percent and 0.16 percent, respectively. Global Minimum Volatility Admiral (VMNVX) was increased 1 basis point to 0.21 percent. Expense ratios for International Explorer (VINEX) and International Value (VTRIX) were each increased 0.02 percent, and Windsor (VWNEX and VWNDX) increased by 1 basis point. These latter three funds were increased due to external advisers beating their benchmarks over the past three to five years.Vanguard also launched the two international dividend funds covered in our December newsletter. Vanguard International High Dividend Yield is similar to Vanguard High Dividend Yield (VYM), while International Dividend Appreciation is comparable to Vanguard Dividend Appreciation (VIG). The funds take the same approach to individual stock

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

MARCH 2016

Matthew D. SauerFounder & Chief Investment Officer

Matthew Sauer is the Founder and Chief Investment Officer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.

Matthew is also the Founder and Chief Investment Officer of MDS Wealth Advisors, a Registered Investment Advisor that provides personalized investment solutions.

In ThIs Issue 1 Perspective

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

15 Fund Spotlight: Vanguard Convertible Securities (VCVSX)

THE Investor Guide TO VANGUARD FUNDS

(continued on page 2)

2 MARCh 2016 | PhOne: (888) 252-5372

The Investor Guide To VANGUARD FUNDs

Model Portfolio UpdatesRebounding equities made for favor-able comparisons this month. The struggling Russell 2000 Index powered back with a 10.43 percent gain to lead major indexes, and the Nasdaq stormed back 8.84 percent. The S&P 500 Index climbed 7.44 percent and the Dow Jones Industrial Average climbed 6.79 percent. Despite the benefit of a weaker U.S. dol-lar, the MSCI EAFE Index trailed with a gain of 6.60 percent. Year-to-date, the Dow is down just 2.47 percent, while the S&P 500 Index has declined 2.66 percent this year. The other three are tightly grouped: the MSCI EAFE has lost 6.07 percent, the Russell 2000 Index has fallen 6.33 per-cent and the Nasdaq has declined 6.89 percent.We made no changes to the portfolios this month.The Vanguard Aggressive Growth Portfolio rallied 7.46 percent over the past month. Capital Value (VCVLX) powered ahead 11.12 percent. Limited exposure to energy pushed the fund ahead of Strategic Small Cap Equity (VSTCX), which rallied 10.68 percent. Consumer Staples (VDC) climbed 5.25 percent and is now up 3.07 percent this year. Health Care (VGHCX) trailed the field, rising 3.90 percent. Year-to-date, the portfolio is down 5.90 percent.The Vanguard Straight Growth Port-folio advanced 8.28 percent on the month, down 1.99 percent in 2016.

Three funds gained more than 11 percent last month, all with small- or mid-cap exposure. On a relative basis, small-caps have underperformed large-caps for nearly two years and have plenty of room to rally. Dividend Growth (VDIGX) gained only 5.24 percent on the month, but leads year-to-date with a small decline of only 0.58 percent. The Vanguard Balanced Growth Portfolio increased 4.52 percent last month and is down 0.13 percent in 2016. Equity Income (VEIPX) gained 7.06 percent and is up 0.51 percent in 2016. Dividend Appreciation (VIG) ral-lied 6.57 percent and is up 1.36 percent this year. Wellesley Income (VWINX) climbed 2.30 percent and has the best performance year-to-date, up 1.47 per-cent. The Vanguard Conservative Income Portfolio gained 4.36 percent last month. Year-to-date, it has increased 1.01 percent. In addition to the portfolio being up in 2016, every individual hold-ing is also positive for the year. Equity Income (VEIPX) led this portfolio last month, followed by Dividend Apprecia-tion (VIG), while High-Yield Corporate (VWEHX) came in third with a 4.79 percent advance. The NTF Aggressive Growth Portfo-lio rallied 7.96 percent last month. It is down 7.47 percent this year. PRIME-CAP Odyssey Growth (POGRX) advanced 10.20 percent to lead the portfolio, while ClearBridge Aggres-sive Growth (LMPFX) increased 9.17 percent. Vanguard Financials (VFH)

climbed 8.07 percent due to rising in-terest rates. The NTF Straight Growth Portfolio advanced 7.55 percent last month and is down 0.94 percent this year. Van-guard Selected Value gained 11.43 per-cent to lead the portfolio. FAM Value (FAMVX) increased 7.99 percent and moved into the black for the year. In-vesco Diversified Dividend Investor (LCEIX) rallied 6.85 percent and is now up 2.16 percent in 2016. Rising in-terest rates and rallying stocks typically dampen the demand for dividend pay-ers, but investors continued buying last month. The NTF Balanced Growth Portfolio increased 4.54 percent last month and is up 1.21 percent this year. Vanguard Equity Income (VEIPX), Invesco Di-versified Dividend (LCEIX) and Van-guard Dividend Appreciation (VIG) led the portfolio. PIMCO Floating In-come (PFIDX) advanced 4.17 percent as investors waded back into high-yield bonds.The NTF Conservative Income Port-folio increased 2.89 percent in the past month and is down 0.17 percent in 2016. Vanguard Dividend Growth (VDIGX) climbed 5.24 percent. Vanguard Welling-ton (VWLEX) advanced 4.52 percent, while PIMCO Floating Income (PFIDX) increased 4.17 percent. Thompson Bond (THOPX) gained 2.64 percent as inves-tors moved into corporate bonds, which had suffered from some credit risk con-cerns a month earlier.

selection and apply it to international stocks. International High Dividend has ETF, Admiral and Investor shares (VYMI, VIHAX and VIHIX), with expense ratios of 0.30 percent, 0.30 percent, and 0.40 percent, respectively. International Dividend Appreciation offers the same three classes (VIGI, VIAAX and VIAIX), with expense

ratios of 0.25 percent, 0.25 percent and 0.35 percent. Vanguard has yet to list any holdings for these funds. Although both funds are new, they are likely to become good options for income and dividend investors. It’s unclear if VIGI will be able to grow dividends as steadily as VIG as foreign firms tend to eschew fixed-dividend payouts. Steady,

rising payouts are a fixture in the U.S. market, but many foreign companies adjust dividends based on earnings and business conditions. This could lead to payout fluctuations. While this doesn’t negate the funds’ attractiveness, investors should not rely too heavily on them, at least until track records have been established.

Market Perspective: Stocks Look to Sustain Rally (continued)


www.MutualFundInvestorGuide.com | MARCh 2016 3

Model Portfolios (Data provided as of 3/10/16)

Vanguard aggressiVe growthsYMBoL Fund Price shares allocation 1 Month Ytd ValueVGHCX Vanguard Health Care 199.66 157.17 29.80% 3.90% -9.39% $31,381.18VGT Vanguard Information Technology 103.72 230.44 22.70% 9.65% -4.22% $23,900.92VSTCX Vanguard Strategic Small-Cap Equity 27.99 518.23 13.78% 10.68% -3.42% $14,505.19VCVLX Vanguard Capital Value 10.09 849.37 8.14% 11.12% -7.60% $8,570.16VFH Vanguard Financials ETF 44.88 382.94 16.32% 8.07% -7.37% $17,186.37VDC Vanguard Consumer Staples ETF 133.03 73.30 9.26% 5.25% 3.07% $9,751.21

TOTAL 7.46% -5.90% $105,295.03

Vanguard BaLanced growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVEIPX Vanguard Equity Income 29.71 940.61 25.65% 7.06% 0.51% $27,945.46VIG Vanguard Dividend Appreciation 78.82 189.25 13.69% 6.57% 1.36% $14,916.98VDIGX Vanguard Dividend Growth 22.30 1281.63 26.23% 5.24% -0.58% $28,580.35VWINX Vanguard Wellesley Income 24.88 877.45 20.04% 2.30% 1.47% $21,830.90VCSH Vanguard ST Corp Bond 79.08 198.33 14.39% 0.25% 0.01% $15,683.89

TOTAL 4.52% -0.13% $108,957.59

Vanguard conserVatiVe incoMe PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.58 1469.36 14.77% -0.03% 0.51% $15,545.84VWEHX Vanguard High-Yield Corporate 5.56 4532.72 23.94% 4.79% 1.28% $25,201.91VEIPX Vanguard Equity Income 29.71 940.61 26.55% 7.06% 0.51% $27,945.46VWINX Vanguard Wellesley Income 24.88 870.53 20.57% 2.30% 1.47% $21,658.91VIG Vanguard Dividend Appreciation 78.82 189.25 14.17% 6.57% 1.36% $14,916.98

TOTAL 4.36% 1.01% $105,269.09

Vanguard straight growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVDIGX Vanguard Dividend Growth 22.30 1537.96 32.32% 5.24% -0.58% $34,296.42VASVX Vanguard Selected Value 25.16 793.01 18.80% 11.43% -2.67% $19,952.10VEVFX Vanguard Explorer Value 27.81 722.29 18.93% 11.15% -2.28% $20,086.88MGV Vanguard Mega Cap Value 58.36 378.34 20.81% 6.44% -1.14% $22,079.85VISGX Vanguard Small Cap Growth 31.94 303.38 9.13% 11.64% -6.55% $9,689.81

TOTAL 8.28% -1.99% $106,105.06

User GuideRAnk: Our proprietary ranking system uses both technical and fundamental anal-ysis to identify those funds expected to outperform over the following 6 months, on a risk adjusted basis.

AdvICe: Based on technical and fun-damental indicators, we issue buy, hold and sell recommendations based upon ex-pected future performance. We often avoid recommending funds that are extraordi-narily volatile or are exposed to significant market risk.

PeRFORMAnCe ReTuRns: YTD, 1-month, 3-month and 1-year returns are calculated each month based on the trailing returns. For 3-year and 5-year periods, re-turns are annualized.

YIeld %: We use the 30-day SEC Yield to provide the expected income generated by each fund, as reported by the fund in its most recent filing.

BeTA: The 3-year Beta is the measure of the volatility, or systematic risk of the fund as compared to the market. A Beta of 1.3 will typically be 30% more volatile than the market.

sTAndARd devIATIOn (sd): Also used to measure volatility, is determined from the monthly returns of the fund over the previous 3 years. Those funds with higher standard deviations are more vola-tile as compared to those with a lower stan-dard deviation.

exPense RATIO: The expense ratio is the fee charged by the mutual fund. This charge is deducted from the return of the fund, impacting performance. Please note, funds may have different share classes with varying expenses associated with each class.

4 MARCh 2016 | PhOne: (888) 252-5372


ntF BaLanced growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.58 1241.79 12.24% -0.03% 0.51% $13,138.16VMNFX Vanguard Market Neutral 12.44 1317.59 15.27% -0.24% 2.56% $16,390.87VIG Vanguard Dividend Appreciation 78.82 187.60 13.77% 6.57% 6.57% $14,786.79LCEIX Invesco Diversified Dividend Investor 17.95 1269.01 21.22% 6.85% 2.16% $22,778.71VEIPX Vanguard Equity Income 29.71 940.64 26.03% 7.06% 0.51% $27,946.40PFIDX PIMCO Floating Income 7.62 1617.83 11.48% 4.17% -1.54% $12,327.89

TOTAL 4.54% 1.21% $107,368.82

ntF aBsoLute return/down Market PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVMNFX Vanguard Market Neutral 12.44 2195.99 27.18% -0.24% 2.56% $27,318.11VFSTX Vanguard Short-term Investment Grade 10.58 1268.25 13.35% -0.03% 0.51% $13,418.04THOPX Thompson Bond 10.50 2258.84 23.60% 2.64% -0.94% $23,717.78TGLDX Tocqueville Gold 32.00 412.15 13.12% 16.07% 25.93% $13,188.69VSGBX Vanguard Short-Term Federal 10.76 953.40 10.21% -0.39% 0.62% $10,258.63PFIDX PIMCO Floating Income 7.62 1655.27 12.55% 4.17% -1.54% $12,613.16

TOTAL 2.90% 2.42% $100,514.41

ntF conserVatiVe incoMe PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.58 2483.58 25.15% -0.03% 0.51% $26,276.33PFIDX PIMCO Floating Income 7.62 1849.20 13.49% 4.17% -1.54% $14,090.93THOPX Thompson Bond 10.50 903.53 9.08% 2.64% -0.94% $9,487.11VWINX Vanguard Wellesley Income 24.88 652.90 15.55% 2.30% 1.47% $16,244.18VDIGX Vanguard Dividend Growth 22.30 757.05 16.16% 5.24% -0.58% $16,882.31VWELX Vanguard Wellington 36.55 588.48 20.58% 4.52% -0.65% $21,509.05

TOTAL 2.89% -0.17% $104,489.91

ntF straight growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueFAMVX FAM Value 60.25 460.96 25.71% 7.99% 0.32% $27,772.74VPMCX Vanguard PRIMECAP 93.95 209.39 18.21% 7.19% -5.77% $19,672.58LCEIX Invesco Diversified Dividend Investor 17.95 1586.26 26.36% 6.85% 2.16% $28,473.39VDIGX Vanguard Dividend Growth 22.30 769.00 15.87% 5.24% -0.58% $17,148.62VASVX Vanguard Selected Value 25.16 594.76 13.85% 11.43% -2.67% $14,964.08

TOTAL 7.55% -0.94% $108,031.41

ntF aggressiVe growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValuePOGRX PRIMECAP Odyssey Growth 25.17 1330.47 31.57% 10.20% -7.87% $33,487.94LMPFX ClearBridge Aggressive Growth FI 178.26 141.56 23.79% 9.17% -5.00% $25,233.85VGHCX Vanguard Health Care 199.66 125.74 23.67% 3.90% -9.39% $25,104.95VFH Vanguard Financials ETF 44.88 495.49 20.97% 8.07% -7.37% $22,237.57

TOTAL 7.96% -7.47% $106,064.32

ntF gLoBaL PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVGK Vanguard European Stock Index 47.33 270.86 12.58% 6.50% -5.11% $12,819.57VMVFX Vanguard Global Minimum Volatility 11.24 2623.91 28.95% 5.34% -0.53% $29,492.76WAGOX Wasatch Global Opportunities 3.07 3160.45 9.52% 8.10% -9.17% $9,702.57WAGTX Wasatch World Innovators 17.77 919.37 16.03% 6.66% -5.63% $16,337.12MGLBX Marsico Global 10.96 1232.22 13.26% 7.03% -8.51% $13,505.18PDVDX PIMCO Diversified 10.03 1996.79 19.66% 3.29% 0.66% $20,027.83

TOTAL 5.76% -3.71% $101,885.03


VANGUARD GROWTH FUNDSIVOG Vanguard S&P Mid-Cap 400 Growth ETF 95.79 67 Buy -3.21 8.72 -3.59 -4.60 8.36 9.17 1.10 0.95 12.02 0.20IVOO Vanguard S&P Mid-Cap 400 ETF 92.88 71 Buy -1.01 10.09 -1.78 -4.85 8.41 9.28 1.63 0.97 11.91 0.15IVOV Vanguard S&P Mid-Cap 400 Value ETF 89.45 69 Buy 1.18 11.16 -0.04 -5.53 8.13 9.20 2.03 0.99 12.42 0.20MGC Vanguard Mega Cap ETF 68.01 81 Buy -2.51 7.27 -2.83 -0.79 10.77 11.25 2.28 1.00 10.99 0.09MGK Vanguard Mega Cap Growth ETF 79.71 79 Buy -4.01 7.59 -5.16 -2.52 11.77 12.24 1.58 1.08 12.12 0.09MGV Vanguard Mega Cap Value ETF 58.34 82 Strong Buy -1.17 7.12 -0.73 0.88 10.07 10.38 2.86 0.94 10.52 0.09NAESX Vanguard Small Cap Index Inv 51.12 67 Buy -3.60 11.08 -4.23 -8.39 7.26 8.75 1.63 1.05 13.21 0.20VASVX Vanguard Selected Value Inv 25.16 83 Strong Buy -2.67 11.43 -3.44 -5.61 8.72 9.68 1.89 1.02 12.18 0.39VB Vanguard Small-Cap ETF 106.77 70 Buy -3.50 11.17 -4.24 -8.31 7.39 8.88 1.75 1.05 13.22 0.09VBK Vanguard Small-Cap Growth ETF 113.60 81 Strong Buy -6.46 11.61 -6.83 -11.70 5.59 7.84 1.12 1.03 13.85 0.09VBR Vanguard Small-Cap Value ETF 97.77 72 Strong Buy -1.01 10.67 -1.98 -5.39 8.52 9.57 2.27 1.06 13.12 0.09VCVLX Vanguard Capital Value Inv 10.09 68 Buy -7.60 11.12 -8.07 -18.34 3.93 4.56 1.54 1.27 15.83 0.50VDAIX Vanguard Dividend Appreciation Idx Inv 31.54 83 Strong Buy 1.35 6.55 1.52 0.17 8.80 10.05 2.30 0.93 10.56 0.20VDEQX Vanguard Diversified Equity Inv 28.40 76 Buy -4.86 8.77 -5.31 -5.31 9.54 10.08 1.42 1.05 11.77 0.40VDIGX Vanguard Dividend Growth Inv 22.30 88 Strong Buy -0.54 5.24 -0.59 2.92 11.20 11.98 2.02 0.88 10.00 0.32VEIPX Vanguard Equity-Income Inv 29.71 89 Strong Buy 0.51 7.06 0.81 3.17 10.14 12.15 3.05 0.91 10.21 0.26VEVFX Vanguard Explorer Value Inv 27.81 70 Strong Buy -2.28 11.15 -3.62 -6.25 7.05 8.97 1.15 1.04 13.25 0.56VEXMX Vanguard Extended Market Idx Inv 60.14 67 Hold -5.46 11.14 -5.96 -10.40 6.81 8.34 1.44 1.06 13.31 0.22VEXPX Vanguard Explorer Inv 75.73 60 Hold -5.86 11.78 -6.43 -12.43 6.62 7.92 0.42 1.11 14.42 0.48VFINX Vanguard 500 Index Inv 184.29 80 Buy -2.22 7.67 -2.52 -0.67 10.79 11.16 2.15 1.00 10.95 0.16VFTSX Vanguard FTSE Social Index Inv 12.66 80 Buy -4.16 7.56 -4.64 -3.33 11.41 11.78 1.82 1.04 11.52 0.25VHCOX Vanguard Capital Opportunity Inv 47.78 86 Strong Buy -7.04 8.86 -6.51 -6.86 12.61 12.02 0.76 1.00 12.53 0.45VHDYX Vanguard High Dividend Yield Index Inv 26.80 89 Strong Buy 1.32 7.29 1.82 3.10 10.81 12.53 3.30 0.91 10.31 0.16VIG Vanguard Dividend Appreciation ETF 78.84 94 Strong Buy 1.39 6.58 1.51 0.19 8.89 10.16 2.40 0.93 10.57 0.10VIGRX Vanguard Growth Index Inv 52.51 78 Buy -4.14 8.09 -5.09 -3.09 11.16 11.57 1.33 1.06 11.90 0.22VIMSX Vanguard Mid Cap Index Inv 31.80 77 Buy -3.02 10.38 -3.32 -5.77 9.68 9.89 1.50 0.99 11.53 0.20VIOG Vanguard S&P Small-Cap 600 Growth ETF 101.69 70 Buy -4.84 8.60 -5.72 -3.88 9.37 10.60 1.01 0.99 13.84 0.20VIOO Vanguard S&P Small-Cap 600 ETF 96.95 70 Buy -2.22 10.12 -3.09 -4.31 8.83 10.06 1.37 1.01 13.70 0.15VIOV Vanguard S&P Small-Cap 600 Value ETF 93.16 66 Buy -0.72 10.25 -0.94 -4.74 8.22 9.74 1.66 1.03 13.92 0.20VISGX Vanguard Small Cap Growth Index Inv 31.94 78 Strong Buy -6.55 11.64 -6.85 -11.76 5.44 7.71 1.00 1.03 13.83 0.20VISVX Vanguard Small Cap Value Index Inv 23.43 72 Strong Buy -1.10 10.68 -2.04 -5.52 8.40 9.44 2.15 1.06 13.12 0.20VIVAX Vanguard Value Index Inv 31.44 82 Buy -1.19 7.60 -0.88 -0.25 9.89 10.29 2.67 0.95 10.57 0.22VLACX Vanguard Large Cap Index Inv 36.79 80 Buy -2.62 7.79 -2.92 -1.58 10.48 10.92 2.07 1.00 10.96 0.20VMGIX Vanguard Mid-Cap Growth Index Inv 37.63 81 Strong Buy -4.05 11.17 -4.68 -7.79 8.49 8.77 0.78 0.99 12.10 0.20VMGRX Vanguard Mid Cap Growth Inv 20.83 76 Buy -7.22 9.52 -7.86 -10.35 7.73 9.04 0.51 1.03 12.75 0.43VMNFX Vanguard Market Neutral Inv 12.44 93 Strong Buy 2.64 -0.24 2.32 8.76 6.07 4.90 0.07 0.54 4.60 0.25VMRGX Vanguard Morgan™ Growth Inv 23.47 87 Strong Buy -5.82 7.56 -6.44 -2.24 11.57 10.45 0.78 1.04 12.00 0.40VMVIX Vanguard Mid-Cap Value Index Inv 33.17 79 Buy -2.04 9.76 -2.03 -3.90 10.38 10.86 2.13 0.98 11.25 0.20VO Vanguard Mid-Cap ETF 116.51 77 Buy -3.00 10.42 -3.30 -5.70 9.83 10.02 1.62 0.99 11.52 0.09VOE Vanguard Mid-Cap Value ETF 84.30 79 Buy -1.92 9.75 -2.02 -3.81 10.53 11.01 2.25 0.98 11.25 0.09VONE Vanguard Russell 1000 ETF 91.24 81 Buy -2.55 8.10 -2.82 -2.07 10.48 10.96 2.10 1.00 11.00 0.12VONG Vanguard Russell 1000 Growth ETF 98.43 82 Strong Buy -3.50 7.79 -4.15 -0.66 12.37 11.86 1.59 1.02 11.44 0.12VONV Vanguard Russell 1000 Value ETF 84.46 80 Buy -1.40 8.56 -1.41 -3.17 8.66 9.99 2.65 0.98 10.92 0.12VOO Vanguard S&P 500 ETF 183.01 81 Buy -2.10 7.73 -2.46 -0.59 10.95 11.28 2.26 1.00 10.95 0.05VOOG Vanguard S&P 500 Growth ETF 99.97 82 Strong Buy -3.67 7.16 -4.43 -0.02 12.67 12.50 1.59 1.03 11.47 0.15VOOV Vanguard S&P 500 Value ETF 84.68 80 Buy -0.67 8.05 -0.50 -1.81 8.68 9.66 2.69 0.96 10.77 0.15VOT Vanguard Mid-Cap Growth ETF 95.71 82 Strong Buy -4.01 11.15 -4.67 -7.76 8.62 8.90 0.90 1.00 12.11 0.09VPCCX Vanguard PRIMECAP Core Inv 20.02 85 Strong Buy -3.84 7.81 -4.26 -3.43 12.50 11.92 1.33 0.98 11.12 0.47VPMCX Vanguard PRIMECAP Inv 93.95 85 Strong Buy -5.77 7.19 -5.72 -4.53 12.86 12.27 1.44 0.98 11.29 0.40VQNPX Vanguard Growth & Income Inv 38.74 84 Strong Buy -2.05 8.12 -2.38 -0.07 11.43 11.84 1.95 0.98 10.79 0.34VSEQX Vanguard Strategic Equity Inv 27.35 83 Strong Buy -3.36 11.00 -3.94 -6.32 10.99 12.05 1.76 1.03 12.37 0.21VSTCX Vanguard Strategic Small-Cap Equity Inv 27.99 79 Strong Buy -3.42 10.68 -4.36 -7.18 9.25 10.48 1.51 1.05 13.50 0.34VTHR Vanguard Russell 3000 ETF 90.65 78 Buy -3.14 7.99 -3.12 -2.70 10.05 10.54 2.04 1.01 11.12 0.15VTI Vanguard Total Stock Market ETF 101.47 78 Buy -2.71 8.27 -3.10 -2.57 10.21 10.80 2.14 1.01 11.10 0.05VTSMX Vanguard Total Stock Mkt Idx Inv 49.35 78 Buy -2.82 8.25 -3.15 -2.63 10.06 10.67 2.03 1.01 11.10 0.16VTV Vanguard Value ETF 80.61 82 Buy -1.12 7.62 -0.88 -0.16 10.06 10.44 2.81 0.95 10.58 0.09VTWG Vanguard Russell 2000 Growth ETF 91.52 64 Sell -10.33 10.85 -10.92 -13.62 6.39 7.84 0.65 1.17 16.35 0.20VTWO Vanguard Russell 2000 ETF 84.70 57 Hold -6.11 10.52 -7.11 -10.77 5.53 7.24 1.50 1.09 14.89 0.15VTWV Vanguard Russell 2000 Value ETF 77.57 59 Sell -2.75 10.29 -3.35 -8.20 4.54 6.44 2.23 1.02 13.97 0.20VUG Vanguard Growth ETF 102.02 78 Buy -4.11 8.09 -5.07 -3.05 11.32 11.72 1.47 1.06 11.91 0.09VUVLX Vanguard US Value Inv 15.82 82 Strong Buy -2.94 8.80 -3.23 -2.78 9.25 11.44 2.55 0.96 10.92 0.26VV Vanguard Large-Cap ETF 91.11 80 Buy -2.56 7.82 -2.90 -1.51 10.65 11.07 2.19 1.00 10.96 0.09VWNDX Vanguard Windsor™ Inv 18.03 79 Buy -5.85 9.34 -6.90 -8.64 7.66 9.14 2.00 1.09 12.41 0.39

Data & Rankings (Data provided as of 3/10/16)% return (3 and 5 Years annualized)

Yield %Beta

3 Yearsd

3 Yearexpense

ratiosymbol name naV rank advice Ytd 1 Month 3 Month 1 Year 3 Year 5 Year

6 MARCh 2016 | PhOne: (888) 252-5372


VWNFX Vanguard Windsor™ II Inv 32.64 78 Buy -2.57 8.29 -2.97 -4.24 8.03 9.49 2.53 1.00 11.13 0.34VWUSX Vanguard US Growth Inv 27.83 79 Buy -6.58 7.83 -6.37 -1.98 12.51 12.09 0.40 1.04 12.22 0.47VXF Vanguard Extended Market ETF 79.29 68 Hold -5.38 11.21 -5.91 -10.28 6.95 8.48 1.57 1.06 13.32 0.10VYM Vanguard High Dividend Yield ETF 67.67 89 Strong Buy 1.38 7.23 1.81 3.10 10.90 12.60 3.37 0.91 10.31 0.09

VANGUARD SECTOR FUNDSVAW Vanguard Materials ETF 94.46 71 Sell 0.29 10.56 -2.28 -11.03 4.09 5.20 2.23 1.25 16.42 0.10VCR Vanguard Consumer Discretionary ETF 119.29 76 Buy -2.66 11.84 -4.11 0.48 13.77 15.32 1.45 1.01 13.13 0.10VDC Vanguard Consumer Staples ETF 133.10 90 Strong Buy 3.12 5.28 4.64 9.86 13.50 15.04 2.45 0.69 10.66 0.10VDE Vanguard Energy ETF 84.33 53 Sell 1.46 13.04 -1.81 -17.96 -7.00 -2.80 3.17 1.10 17.96 0.10VFH Vanguard Financials ETF 44.91 79 Strong Buy -7.31 8.16 -7.22 -5.29 7.85 8.07 2.64 0.88 12.27 0.10VGENX Vanguard Energy Inv 42.59 43 Sell 3.73 13.36 0.45 -14.55 -7.94 -4.92 2.41 1.12 18.06 0.37VGHCX Vanguard Health Care Inv 199.66 93 Strong Buy -9.39 3.90 -8.05 -3.74 19.44 18.19 1.03 0.85 12.68 0.34VGPMX Vanguard Precious Metals and Mining Inv 8.40 31 Hold 32.08 22.09 31.46 0.10 -15.46 -16.76 0.60 26.98 0.29VGSIX Vanguard REIT Index Inv 26.36 68 Hold -0.45 9.47 3.48 1.91 8.40 10.80 2.69 0.48 14.78 0.26VGT Vanguard Information Technology ETF 103.76 88 Strong Buy -4.18 9.66 -5.91 -0.85 13.91 11.69 1.47 1.01 12.78 0.10VGXRX Vanguard Global ex-US Rel Est Idx Inv 20.45 54 Sell -0.63 7.97 0.65 -2.60 -0.03 4.33 0.87 13.39 0.36VHT Vanguard Health Care ETF 121.79 93 Strong Buy -8.35 4.69 -7.09 -6.62 16.24 17.29 1.50 0.92 13.66 0.09VIS Vanguard Industrials ETF 100.61 78 Hold -0.42 8.26 -0.82 -3.23 9.90 10.20 2.09 0.97 12.97 0.10VNQ Vanguard REIT ETF 79.41 68 Hold -0.40 9.53 3.48 2.07 8.56 10.94 2.83 0.48 14.79 0.12VNQI Vanguard Global ex-US Real Estate ETF 50.99 54 Sell -0.22 8.37 0.24 -2.88 -0.20 4.33 0.87 13.40 0.18VOX Vanguard Telecommunication Services ETF 90.06 83 Hold 7.33 9.87 7.98 9.65 10.79 10.31 3.28 0.70 12.05 0.10VPU Vanguard Utilities ETF 104.11 62 Hold 10.84 3.47 16.00 14.43 12.04 12.40 3.47 0.25 13.89 0.10

VANGUARD INCOME FUNDSBIV Vanguard Intermediate-Term Bond ETF 84.70 76 Hold 2.41 -0.58 2.14 2.72 2.61 4.69 2.38 1.47 4.44 0.10BLV Vanguard Long-Term Bond ETF 90.71 81 Hold 5.18 0.59 3.98 0.57 4.55 7.98 3.86 2.88 8.97 0.10BND Vanguard Total Bond Market ETF 81.83 75 Hold 1.75 -0.27 1.55 1.70 2.22 3.39 2.26 1.05 3.12 0.07BSV Vanguard Short-Term Bond ETF 80.00 76 Strong Buy 0.77 -0.45 0.67 1.38 1.04 1.55 1.28 0.39 1.31 0.10EDV Vanguard Extended Duration Treasury ETF 125.89 60 Sell 11.21 -3.56 9.49 5.63 9.88 15.38 2.60 5.36 17.83 0.10VBIIX Vanguard Interm-Term Bond Index Inv 11.44 76 Hold 2.10 -0.84 1.76 2.30 2.43 4.53 2.31 1.49 4.48 0.16VBISX Vanguard Short-Term Bond Index Inv 10.48 74 Strong Buy 0.74 -0.46 0.59 1.19 0.95 1.45 1.21 0.39 1.31 0.16VBLTX Vanguard Long-Term Bond Index Inv 13.68 72 Hold 4.42 -0.56 3.35 -0.10 4.37 7.76 3.79 2.88 8.97 0.16VBMFX Vanguard Total Bond Market Index Inv 10.77 75 Hold 1.69 -0.54 1.34 1.37 2.06 3.24 2.16 1.03 3.07 0.16VCIT Vanguard Intermediate-Term Corp Bd ETF 85.14 77 Hold 1.79 1.09 1.47 1.58 2.91 5.08 3.54 1.40 4.39 0.10VCLT Vanguard Long-Term Corporate Bond ETF 86.30 75 Hold 3.29 3.34 2.23 -1.95 3.66 7.07 4.83 2.50 8.16 0.10VCSH Vanguard Short-Term Corporate Bond ETF 79.08 86 Strong Buy 0.43 0.25 0.38 1.13 1.54 2.50 2.31 0.45 1.54 0.10VCVSX Vanguard Convertible Securities Inv 11.68 83 Strong Buy -3.47 4.75 -3.95 -7.90 3.08 3.73 2.07 0.97 7.30 0.38VFICX Vanguard Interm-Term Invmt-Grade Inv 9.72 77 Hold 1.39 -0.18 1.09 1.76 2.55 4.43 2.73 1.14 3.54 0.20VFIIX Vanguard GNMA Inv 10.75 77 Hold 1.33 -0.16 1.39 2.40 2.48 3.20 2.60 0.85 2.86 0.21VFISX Vanguard Short-Term Treasury Inv 10.70 71 Buy 0.62 -0.40 0.53 0.96 0.60 0.88 0.65 0.26 0.95 0.20VFITX Vanguard Interm-Term Treasury Inv 11.46 73 Sell 2.08 -1.34 1.83 3.11 1.82 3.31 1.17 1.17 3.68 0.20VFSTX Vanguard Short-Term Investment-Grade Inv 10.58 87 Strong Buy 0.57 -0.03 0.33 1.08 1.36 1.98 2.00 0.36 1.26 0.20VGIT Vanguard Intermediate-Term Govt Bd ETF 65.48 74 Sell 1.87 -1.27 1.89 3.16 1.91 3.35 1.25 1.12 3.53 0.10VGLT Vanguard Long-Term Government Bond ETF 79.25 72 Sell 6.62 -2.78 5.92 4.66 6.33 9.10 2.39 3.45 11.07 0.10VGOVX Vanguard Emerg Mkts Govt Bd Idx Investor 9.46 80 Hold 2.80 3.23 1.99 3.52 4.92 0.49VGSH Vanguard Short-Term Government Bond ETF 60.94 71 Buy 0.40 -0.36 0.42 0.76 0.56 0.67 0.69 0.17 0.68 0.10VIPSX Vanguard Inflation-Protected Secs Inv 13.11 67 Hold 2.10 0.31 1.91 0.47 -1.31 2.31 0.13 1.61 5.34 0.20VMBS Vanguard Mortgage-Backed Securities ETF 53.22 77 Hold 1.26 -0.24 1.27 2.30 2.45 2.89 2.12 0.70 2.28 0.10VMLTX Vanguard Ltd-Term Tx-Ex 11.05 77 Strong Buy 0.55 -0.51 0.64 1.87 1.28 1.87 0.75 0.31 1.24 0.20VSGBX Vanguard Short-Term Federal Inv 10.76 88 Strong Buy 0.65 -0.39 0.60 1.24 0.76 1.21 0.89 0.32 1.07 0.20VTIBX Vanguard Total Intl Bd Idx Investor 10.77 79 Hold 2.29 0.38 2.16 1.86 0.74 0.17VTINX Vanguard Target Retirement Income Inv 12.50 76 Hold 0.40 2.38 0.21 -0.39 3.26 4.69 1.95 0.53 3.88 0.14VTIPX Vanguard Shrt-Term Infl-Prot Sec Idx Inv 24.31 68 Hold 0.70 0.50 0.79 0.50 -0.89 0.36 1.75 0.17VUSTX Vanguard Long-Term Treasury Inv 12.94 74 Sell 6.68 -2.80 5.89 4.45 6.28 9.12 2.28 3.50 11.27 0.20VWAHX Vanguard High-Yield Tax-Exempt 11.34 95 Strong Buy 0.87 -0.67 1.27 4.61 4.12 6.59 2.48 1.19 4.14 0.20VWEHX Vanguard High-Yield Corporate Inv 5.56 85 Strong Buy 1.43 4.78 0.55 -1.65 2.59 5.33 6.20 0.69 4.82 0.23VWESX Vanguard Long-Term Investment-Grade Inv 10.17 76 Hold 3.60 0.35 2.61 0.35 4.87 7.96 4.03 2.59 8.26 0.22VWITX Vanguard Interm-Term Tx-Ex Inv 14.31 79 Hold 0.88 -0.89 1.19 3.86 3.04 4.70 1.38 0.88 3.08 0.20VWLTX Vanguard Long-Term Tax-Exempt 11.77 78 Hold 0.85 -0.81 1.20 4.76 4.07 6.14 1.99 1.17 4.06 0.20VWSTX Vanguard Short-Term Tx-Ex 15.82 69 Buy 0.27 -0.13 0.31 0.65 0.53 0.84 0.44 0.08 0.41 0.20

VANGUARD ASSET ALLOCATIONVASGX Vanguard LifeStrategy Growth Inv 26.73 72 Hold -1.94 6.41 -2.07 -3.60 5.88 6.60 2.33 1.31 8.81 0.15VASIX Vanguard LifeStrategy Income Inv 14.72 73 Buy 1.03 1.45 0.79 0.51 3.46 4.10 2.14 0.37 3.28 0.12VBINX Vanguard Balanced Index Inv 28.96 75 Hold -0.89 4.66 -1.23 -0.83 6.93 7.88 2.00 0.97 6.66 0.22VGSTX Vanguard STAR Inv 22.78 73 Buy -2.19 5.37 -2.55 -3.16 5.67 6.80 2.17 1.11 7.49 0.34

VANGUARD GROWTH FUNDS (continued)

% return (3 and 5 Years annualized)Yield %

Beta 3 Year

sd 3 Year

expense ratiosymbol name naV rank advice Ytd 1 Month 3 Month 1 Year 3 Year 5 Year


VPGDX Vanguard Managed Payout Investor 17.17 68 Buy -0.22 4.62 -0.04 -1.60 4.98 5.82 1.85 0.99 6.68 0.42VSCGX Vanguard LifeStrategy Cnsrv Gr Inv 17.86 72 Buy 0.11 3.12 -0.12 -0.71 4.36 4.99 2.21 0.69 4.76 0.13VSMGX Vanguard LifeStrategy Moderate Gr Inv 22.84 72 Hold -0.95 4.72 -1.08 -2.13 5.14 5.95 2.27 1.00 6.69 0.14VTENX Vanguard Target Retirement 2010 Inv 24.93 71 Hold 0.20 2.68 0.04 -0.61 3.99 5.28 1.98 0.64 4.48 0.14VTTVX Vanguard Target Retirement 2025 Inv 15.43 72 Hold -1.22 5.32 -1.40 -2.59 5.60 6.52 2.29 1.13 7.56 0.15VTWNX Vanguard Target Retirement 2020 Inv 26.92 72 Hold -0.85 4.62 -2.11 5.31 6.27 2.25 1.01 6.76 0.14VTXVX Vanguard Target Retirement 2015 Inv 14.17 72 Buy -0.42 3.81 -0.56 -1.46 4.73 5.84 2.11 0.86 5.78 0.14VWELX Vanguard Wellington™ Inv 36.55 84 Strong Buy -0.65 4.52 -0.87 -0.21 7.20 8.24 2.65 1.05 7.26 0.26VWINX Vanguard Wellesley® Income Inv 24.88 91 Strong Buy 1.47 2.30 1.38 3.13 5.64 7.47 2.82 0.60 4.56 0.23

VANGUARD INTERNATIONAL FUNDSVDVIX Vanguard Developed Markets Idx Investor 8.71 57 Hold -4.81 6.87 -4.57 -7.63 0.97 12.66 0.20VEA Vanguard FTSE Developed Markets ETF 35.07 60 Buy -4.49 7.38 -4.33 -7.42 1.36 2.15 0.97 12.68 0.09VEIEX Vanguard Emerging Mkts Stock Idx Inv 20.80 53 Hold -0.05 10.11 1.04 -14.26 -7.20 -4.29 1.02 14.94 0.33VEU Vanguard FTSE All-World ex-US ETF 41.94 55 Sell -3.39 8.33 -3.06 -9.15 -0.85 0.38 0.97 12.45 0.13VEURX Vanguard European Stock Index Inv 25.43 64 Sell -5.29 5.96 -5.46 -8.52 1.37 2.20 1.00 13.54 0.26VFSVX Vanguard FTSE All-Wld ex-US SmCp Idx Inv 34.33 62 Hold -3.00 8.19 -2.05 -4.38 1.03 0.93 0.89 12.18 0.31VFWIX Vanguard FTSE All-World ex-US Index Inv 16.55 55 Sell -3.44 7.82 -3.16 -9.19 -0.88 0.25 0.97 12.46 0.26VGK Vanguard FTSE Europe ETF 47.35 69 Hold -5.07 6.55 -5.25 -8.49 1.52 2.32 1.00 13.53 0.12VGTSX Vanguard Total Intl Stock Index Inv 14.00 56 Hold -3.38 7.86 -3.04 -8.72 -0.61 0.40 0.96 12.35 0.19VHGEX Vanguard Global Equity Inv 22.67 68 Hold -4.10 8.16 -4.14 -5.32 5.75 6.30 0.80 11.05 0.57VIGI Vanguard Intl Div Appreciation ETF 51.98 84 Buy 0.25VINEX Vanguard International Explorer Inv 15.93 76 Buy -6.02 6.20 -4.76 -1.81 6.57 4.13 0.80 11.13 0.42VMMSX Vanguard Emerg Mkts Sel Stk Inv 15.45 52 Hold 1.51 12.77 1.43 -12.94 -7.34 1.09 15.57 0.93VMVFX Vanguard Global Minimum Volatility Inv 11.24 92 Strong Buy -0.53 5.34 0.06 2.36 0.27VPACX Vanguard Pacific Stock Index Inv 10.29 50 Sell -4.72 7.86 -3.68 -7.05 0.55 1.65 0.92 13.40 0.26VPL Vanguard FTSE Pacific ETF 53.89 53 Hold -4.91 8.08 -3.90 -7.14 0.43 1.74 0.92 13.39 0.12VSS Vanguard FTSE All-World ex-US Sm-Cp ETF 90.46 62 Sell -2.60 9.46 -1.76 -4.15 1.11 1.11 0.89 12.18 0.17VT Vanguard Total World Stock ETF 55.71 70 Buy -3.31 8.17 -3.29 -5.73 4.45 5.22 0.84 11.17 0.14VTRIX Vanguard International Value Inv 30.08 57 Hold -3.25 8.63 -3.48 -10.51 -0.22 0.90 1.03 13.41 0.46VTWSX Vanguard Total World Stock Index Inv 22.74 69 Buy -3.03 8.03 -3.08 -5.56 4.49 5.17 0.84 11.16 0.25VWIGX Vanguard International Growth Inv 19.91 55 Sell -5.64 9.16 -6.14 -8.11 1.25 2.43 1.30 1.07 14.10 0.47VWO Vanguard FTSE Emerging Markets ETF 32.89 44 Hold 0.55 11.19 1.75 -13.47 -6.92 -4.02 1.02 14.95 0.15VXUS Vanguard Total International Stock ETF 43.67 55 Sell -3.19 8.23 -2.72 -8.62 -0.59 0.44 0.96 12.35 0.13VYMI Vanguard Intl High Div Yield ETF 52.90 82 Buy 0.30

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 22.18 76 Hold -3.32 9.05 -4.40 -8.53 6.93 8.43 1.09 12.26 0.93AALIX ASTON/Herndon Large Cap Value N 12.07 66 Hold -4.89 10.84 -6.34 -11.70 2.32 5.10 1.02 12.12 1.29ABCVX American Beacon The London Co Inc Eq Inv 14.02 80 Buy -0.44 6.47 -0.29 -2.03 9.91 1.86 0.88 10.05 1.16ACPVX American Century Core Equity Plus Inv 12.03 83 Buy -2.12 7.51 -3.26 -4.59 9.51 0.97 10.95 1.30ACTIX American Century Capital Val Inv 7.96 75 Buy -3.05 8.45 -3.13 -5.46 7.85 9.47 1.04 11.62 1.00ACWDX ASTON/LMCG Small Cap Growth N 11.44 62 Sell -19.44 6.62 -21.20 -24.57 3.09 5.61 1.10 16.99 1.35ADSIX American Century Disciplined Growth Inv 17.82 79 Buy -3.15 7.80 -3.88 -5.02 10.20 10.90 1.02 11.43 1.02ADVTX ASTON/River Road Div All Cap Val II N 12.90 80 Strong Buy 3.40 9.45 4.02 -0.27 8.74 2.51 0.88 10.29 1.15AFDIX American Century Fundamental Equity Inv 20.30 76 Buy -3.65 7.29 -4.20 -4.87 9.17 10.47 0.99 11.00 0.99AKREX Akre Focus Retail 22.46 78 Buy -2.85 8.40 -3.44 -1.62 12.11 14.41 0.98 11.80 1.34ALVIX American Century Large Company Val Inv 8.33 75 Buy -2.91 8.60 -3.12 -5.62 7.97 9.60 1.70 1.05 11.79 0.84AMAGX Amana Growth Investor 31.12 74 Buy -1.98 7.31 -2.06 -2.88 8.92 8.13 0.63 0.98 11.24 1.08AMANX Amana Income Investor 42.64 79 Hold 0.57 6.52 -0.01 -0.98 8.31 8.75 1.60 0.96 10.85 1.12AMBEX ASTON/Anchor Capital Enhanced Equity N 9.07 66 Buy 4.01 8.10 3.20 -2.54 3.30 3.69 2.66 0.46 6.70 1.19AMPAX American Beacon Mid Cap Value Inv 12.81 68 Hold -3.83 10.82 -4.82 -8.34 7.56 9.13 1.08 12.73 1.09AMVIX American Century Veedot® Inv 9.04 79 Buy -2.90 9.44 -3.58 -5.21 10.99 10.97 1.03 11.73 1.26ANOIX American Century Small Cap Growth Inv 11.32 64 Sell -11.77 9.69 -13.19 -17.79 3.91 5.94 1.09 16.08 1.39AOVIX American Century One Choice® VryAgrsvInv 14.41 70 Buy -4.13 7.62 -4.45 -6.48 6.23 7.30 0.94 0.97 10.91 1.04ARDFX Ariel Discovery Investor 8.13 21 Hold -0.73 14.99 -2.75 -23.07 -6.81 -1.22 1.11 17.70 1.25ARFFX Ariel Focus Investor 10.31 70 Sell -2.00 10.39 -4.69 -14.21 4.28 5.12 1.04 12.56 1.00ARGFX Ariel Investor 56.68 78 Hold -4.63 12.93 -6.75 -10.99 8.94 8.17 1.31 15.52 1.02ARLSX ASTON/River Road Long-Short N 10.65 57 Sell -3.27 3.00 -2.67 -3.86 1.61 0.49 7.39 1.70ARSMX ASTON/River Road Select Value N 6.34 55 Hold 1.60 11.42 1.35 -2.11 4.24 7.33 0.92 12.12 1.49ARSVX ASTON/River Road Small Cap Value N 11.01 54 Hold -0.27 9.33 -0.94 -1.69 4.99 7.15 0.87 11.74 1.34ASCTX ASTON/Silvercrest Small Cap N 13.56 57 Sell -3.21 9.80 -4.12 -5.09 6.61 1.02 14.97 1.40AVPAX American Beacon Small Cp Val Inv 21.27 72 Sell -2.14 10.62 -3.57 -6.65 6.40 7.58 1.05 13.97 1.15BADAX Brown Advisory Equity Income Adv 12.31 74 Buy 0.24 8.08 0.16 -4.52 7.33 2.10 0.87 10.16 1.15BAFAX Brown Advisory Flexible Equity Adv 14.76 73 Hold -4.34 9.17 -5.16 -6.77 8.95 10.72 1.05 11.87 1.16BAGAX Brown Advisory Growth Equity Adv 17.47 67 Buy -6.48 7.24 -7.04 -2.68 7.52 8.50 0.93 10.98 1.12

VANGUARD ASSET ALLOCATION (continued)


Beta 3 Year

sd 3 Year


8 MARCh 2016 | PhOne: (888) 252-5372


NTF GROWTH FUNDS (continued)

BARAX Baron Asset Retail 53.83 76 Buy -5.79 9.52 -5.94 -5.94 8.15 9.09 1.79 0.99 12.27 1.31BASAX Brown Advisory Small-Cap Growth Adv 13.39 69 Hold -8.60 8.77 -8.35 -5.19 7.81 8.18 1.01 14.15 1.39BAUAX Brown Advisory Sm-Cp Fundamental Val Adv 20.93 64 Hold -3.37 8.56 -4.92 -8.54 7.05 0.98 12.69 1.38BAVAX Brown Advisory Value Equity Adv 13.37 73 Sell -4.57 9.05 -5.01 -11.60 4.41 6.17 1.08 12.76 1.15BEQGX American Century Equity Growth Inv 26.32 83 Buy -3.27 8.00 -3.89 -6.12 8.53 10.44 1.45 1.02 11.30 0.67BFGFX Baron Focused Growth Retail 12.31 57 Hold -5.96 13.25 -6.81 -9.44 2.26 5.67 1.07 14.01 1.35BFTHX Baron Fifth Avenue Growth Retail 16.73 71 Sell -9.52 9.63 -9.96 -7.57 10.12 10.66 1.13 14.31 1.30BGRFX Baron Growth Retail 60.41 70 Hold -4.44 9.22 -5.37 -9.97 5.77 8.24 0.91 11.91 1.29BIGRX American Century Income & Growth Inv 32.60 72 Sell -0.28 8.59 -0.41 -4.05 9.55 10.53 2.49 0.99 11.06 0.67BIOPX Baron Opportunity Retail 14.58 63 Sell -12.38 11.21 -13.06 -12.58 3.39 4.58 1.15 16.66 1.38BMDSX Baird MidCap Inv 13.81 61 Buy -3.90 9.17 -4.75 -8.41 5.29 8.78 0.94 11.80 1.05BPAVX Robeco Boston Partners All Cap Value Inv 20.20 80 Buy -4.54 8.19 -5.23 -4.05 10.34 10.47 1.07 12.14 0.95BPSCX Robeco Boston Partners Sm Cap Val II Inv 18.91 79 Hold -3.03 10.46 -3.97 -6.93 5.87 7.97 0.56 1.02 13.29 1.35BPTRX Baron Partners Retail 32.45 70 Hold -8.90 18.69 -9.56 -10.44 6.87 8.89 1.22 16.80 1.32BSCFX Baron Small Cap Retail 26.14 69 Hold -7.27 11.19 -7.40 -14.09 3.66 6.33 1.06 13.63 1.30BUFGX Buffalo Growth 27.90 73 Hold -2.99 7.31 -3.39 -3.08 10.93 10.03 0.92 10.84 0.91BUFMX Buffalo Mid Cap 14.64 76 Hold -4.50 9.83 -5.75 -8.96 7.15 7.14 0.95 12.60 1.01BUFTX Buffalo Discovery 18.68 78 Buy -4.79 8.79 -4.76 -3.89 11.86 11.70 0.91 12.48 1.01BULLX Roosevelt Multi-Cap 13.20 53 Sell -3.37 6.45 -4.65 -6.97 4.87 5.95 0.92 11.14 1.17BVAOX Broadview Opportunity 29.63 59 Sell -5.37 9.90 -5.72 -13.97 4.24 6.31 0.97 13.49 1.23BVEFX Becker Value Equity Retail 15.90 70 Sell -1.49 8.16 -2.67 -7.72 8.31 9.09 1.02 11.56 0.88BWLIX American Beacon Bridgeway Lg Cp Val Inv 22.44 82 Buy -0.87 9.21 -1.47 -1.81 10.72 1.00 11.31 1.11CAAPX Ariel Appreciation Investor 43.71 72 Hold -3.04 11.99 -4.92 -10.57 7.81 8.57 1.22 14.25 1.12CAMAX Cambiar Aggressive Value Investor 17.11 76 Hold -7.51 10.82 -5.68 -4.79 12.40 4.22 0.33 1.24 17.69 1.35CBEAX Wells Fargo Advantage C&B Lg Cap Val A 11.81 77 Hold -1.42 8.35 -1.42 -3.24 9.01 9.05 0.97 10.96 1.15CBMAX Wells Fargo Advantage C&B Mid Cap Val A 25.81 69 Buy -0.46 8.90 -1.35 -4.38 7.84 9.76 1.01 12.44 1.20CCASX Conestoga Small Cap Investors 33.01 58 Sell -7.64 10.81 -8.15 -0.58 7.21 9.33 1.07 16.67 1.10CFAGX Commerce MidCap Growth 32.38 75 Buy -0.58 8.15 -1.17 -0.74 10.13 8.87 0.91 10.70 1.03CFGRX Commerce Growth 26.05 83 Buy -1.25 6.59 -1.30 2.79 13.01 11.22 0.95 10.77 1.04CFIMX Clipper 98.32 71 Buy -5.83 10.05 -5.84 -0.32 9.39 9.90 0.31 1.08 12.22 0.72CFVLX Commerce Value 28.18 79 Hold 1.55 7.48 2.28 2.63 9.94 11.87 2.86 0.88 10.14 0.70CRMAX CRM Small/Mid Cap Value Inv 11.83 73 Sell -2.47 9.03 -3.43 -10.67 4.20 6.48 0.99 12.52 1.08CRMEX CRM All Cap Value Inv 7.65 66 Buy -3.65 7.75 -3.65 -3.47 6.42 6.37 1.03 12.17 1.50CRMSX CRM Small Cap Value Inv 14.71 79 Buy -3.03 9.29 -3.35 -5.09 6.84 6.15 1.06 14.03 1.09DEFIX Delafield Fund 24.02 67 Hold 0.29 14.76 -2.87 -14.04 -2.28 2.13 1.20 16.34 1.25DGAGX Dreyfus Appreciation Investor 39.59 71 Hold -0.93 6.31 -1.45 -2.38 6.12 7.96 1.00 11.39 0.92DGRIX Dreyfus Growth & Income 17.82 75 Buy -4.91 8.13 -5.66 -4.20 9.68 9.87 1.08 12.12 0.91DRSVX Dreman Contrarian Small Cap Value Retail 18.01 68 Hold -0.94 12.77 -1.70 -6.14 7.32 6.76 1.02 13.39 1.37DTLGX Wilshire Large Company Growth Invmt 35.24 63 Buy -4.27 7.57 -4.83 -0.06 10.21 9.41 1.01 11.75 1.38DTLVX Wilshire Large Company Value Invmt 17.89 76 Hold -3.92 8.82 -4.20 -6.71 7.20 8.22 1.05 11.85 1.29DTSVX Wilshire Small Company Value Invmt 20.22 60 Hold -2.51 8.59 -3.10 -5.28 8.72 9.02 1.06 14.64 1.49EGFFX Edgewood Growth Retail 19.51 82 Buy -8.45 8.09 -8.13 -0.47 13.15 13.65 1.07 13.28 1.39EGOAX Wells Fargo Advantage Large Cap Core A 14.15 79 Buy -6.54 7.03 -7.88 -7.29 10.10 10.97 1.04 12.21 1.14EKJAX Wells Fargo Advantage Prem Lg Co Gr A 13.40 64 Sell -8.22 8.15 -8.69 -8.34 8.11 9.55 0.10 1.03 12.62 1.12ETGLX Eventide Gilead N 22.21 54 Sell -13.07 11.78 -12.18 -18.67 11.42 12.31 1.16 17.12 1.35EXEYX Manning & Napier Equity 11.10 58 Sell -1.16 11.33 -2.11 -5.43 7.13 7.17 1.07 12.39 1.05EXTAX Manning & Napier Tax Managed A 21.67 76 Buy -2.17 9.11 -2.86 -6.68 6.49 6.82 1.03 11.87 1.20FAMEX FAM Equity-Income Inv 24.72 91 Strong Buy 2.53 7.43 1.91 2.30 8.82 10.59 0.81 10.29 1.27FAMVX FAM Value Inv 60.25 90 Strong Buy 0.32 7.99 -1.16 -2.05 10.42 9.90 0.90 10.83 1.18FFGRX Emerald Growth Investor 16.73 61 Sell -10.44 10.58 -12.08 -14.32 8.54 0.94 17.37 1.27FMIEX Wasatch Large Cap Value Investor 8.33 73 Hold -1.19 7.62 -1.28 -2.88 5.33 5.45 2.73 0.98 11.26 1.10FMLSX Wasatch Long/Short Investor 11.83 61 Buy 5.16 10.66 2.71 -10.58 -1.87 1.63 2.20 0.70 9.66 1.30FOGRX Tributary Growth Opps Inst 14.25 64 Hold -3.13 10.29 -3.39 -10.18 7.00 7.64 1.09 13.35 1.14FOSCX Tributary Small Company Instl 22.04 69 Hold -1.91 10.14 -3.20 -1.22 8.50 8.53 0.95 13.65 1.20FQUAX AMG FQ US Equity Investor 15.02 75 Buy -3.16 5.92 -4.21 -3.85 7.63 9.37 0.98 0.79 9.14 1.04FRSPX Dreyfus Mid-Cap Growth F 7.77 69 Buy -4.90 10.37 -5.37 -7.84 7.53 8.42 1.05 12.68 1.14FVALX Forester Value N 12.26 68 Buy 3.11 1.07 2.81 -0.59 1.73 0.63 0.14 4.48 1.25GABAX Gabelli Asset AAA 53.65 70 Sell -0.83 8.54 -1.51 -5.60 5.84 7.78 1.05 11.88 1.35GABEX Gabelli Equity Income AAA 25.10 75 Hold -2.02 7.57 -2.48 -5.66 5.88 7.82 0.99 11.09 1.37GABSX Gabelli Small Cap Growth AAA 44.67 80 Hold -2.02 8.82 -2.85 -5.73 6.15 8.24 0.99 12.17 1.38HCAIX Harbor Capital Appreciation Inv 53.58 86 Hold -9.62 8.16 -10.41 -4.11 12.20 11.24 1.10 13.56 1.01HDOGX Hennessy Total Return Investor 13.25 77 Buy 2.47 4.91 3.29 4.08 6.33 8.61 1.44 0.62 7.79 1.28HDPMX Hodges 34.12 71 Hold 1.82 21.64 -2.93 -8.96 9.61 8.67 1.26 17.59 1.31


Beta 3 Year

sd 3 Year



NTF GROWTH FUNDS (continued)HDPSX Hodges Small Cap 16.65 67 Sell -6.30 11.30 -9.76 -14.68 5.49 10.07 1.14 15.19 1.31HFCGX Hennessy Cornerstone Growth Investor 18.54 83 Buy -3.03 9.77 -5.60 -4.78 9.62 10.61 0.02 0.99 12.95 1.15HFCSX Hennessy Focus Investor 68.20 83 Buy -1.37 9.68 -2.86 -0.86 11.25 13.23 0.98 11.93 1.46HFCVX Hennessy Cornerstone Value Investor 17.03 71 Hold 2.41 11.23 1.99 -0.68 6.95 8.97 2.68 0.91 10.94 1.10HFLGX Hennessy Cornerstone Large Growth Inv 9.90 81 Hold 2.91 11.86 1.73 -3.95 11.33 10.31 1.19 0.96 11.15 1.09HFMDX Hennessy Cornerstone Mid Cap 30 Inv 18.62 77 Sell 0.43 11.03 -2.43 -0.93 9.73 11.67 0.94 13.49 1.17HILVX Harbor Large Cap Value Inv 11.16 78 Buy -2.02 8.35 -2.87 -1.21 9.16 10.80 1.04 11.92 1.05HIMGX Harbor Mid Cap Growth Inv 7.37 58 Hold -9.79 12.86 -9.83 -11.74 5.97 6.35 1.10 14.89 1.21HIMVX Harbor Mid Cap Value Investor 18.70 79 Buy -0.95 11.11 -1.66 -6.89 10.46 10.84 1.04 12.36 1.23HLVFX Hennessy Large Value Investor 28.62 71 Buy -4.18 8.25 -4.34 -6.90 6.47 8.56 1.14 1.00 11.25 1.20HNASX Homestead Growth 7.26 77 Hold -9.25 8.85 -9.47 -4.26 12.56 11.65 0.02 1.10 13.83 0.95HOVLX Homestead Value 45.72 76 Hold -2.25 7.68 -3.13 -3.45 9.71 10.45 0.02 1.10 12.55 0.59HSCSX Homestead Small Company Stock 34.15 65 Sell -3.67 9.49 -5.63 -8.59 6.98 9.11 0.02 1.00 14.02 0.86HSTIX Homestead Stock Index 14.85 79 Buy -2.30 7.61 -2.67 -1.07 10.37 10.73 0.02 1.00 10.95 0.54ICNZX ICON Fund S 13.02 65 Sell -7.99 11.47 -8.89 -18.68 2.03 4.51 1.05 13.49 1.09IOLZX ICON Long/Short S 17.26 58 Sell -8.19 11.64 -9.16 -16.05 3.45 5.80 0.99 12.98 1.28JENSX Jensen Quality Growth J 37.04 87 Buy 1.40 6.07 0.52 2.59 11.38 10.73 0.91 10.53 0.87LBRIX ClearBridge Equity Income FI 19.28 64 Sell 1.58 6.05 1.10 -1.34 1.15 0.84 9.66 1.13LCEIX Invesco Diversified Dividend Investor 17.95 96 Strong Buy 2.16 6.85 1.97 5.05 10.97 11.22 1.83 0.74 8.77 0.80LCGNX William Blair Large Cap Growth N 9.58 82 Strong Buy -5.62 8.13 -5.73 -3.05 12.50 11.60 1.02 12.00 1.07LEVOX Lazard US Equity Concentrated Open 13.62 80 Buy -2.16 7.92 -1.46 3.46 12.80 12.04 0.91 10.67 1.25LGASX ClearBridge Special Investment FI 41.88 61 Hold -3.90 11.26 -4.90 -7.43 6.50 5.23 1.02 13.43 1.19LGSCX QS Batterymarch US Sm Cap Eq FI 10.97 63 Sell -4.94 11.48 -6.16 -10.70 7.18 8.16 1.10 14.88 1.20LHGFX American Beacon Holland Lg Cap Gr Inv 22.91 69 Buy -6.02 8.31 -6.52 -2.90 8.93 9.71 1.07 12.44 1.21LMGFX ClearBridge Global Growth FI 31.53 62 Buy -5.80 8.28 -6.08 -8.79 5.61 7.37 0.83 12.38 1.15LMPFX ClearBridge Aggressive Growth FI 178.26 79 Strong Buy -5.00 9.17 -5.39 -11.41 10.69 11.90 1.07 13.07 1.12LMPIX ClearBridge Appreciation FI 19.63 75 Hold -1.65 5.94 -2.04 0.17 9.40 10.45 0.95 10.51 0.97LMUSX QS Batterymarch US Lg Cap Eq FI 15.01 75 Buy -4.76 7.91 -5.18 -7.01 8.90 10.01 1.07 11.89 1.05LMVFX ClearBridge Value FI 68.75 74 Hold -5.37 10.28 -5.28 -7.54 8.81 9.09 1.19 13.62 1.09LZCOX Lazard US Small-Mid Cap Equity Open 11.61 73 Buy -4.52 10.36 -5.80 -9.52 8.10 7.04 1.02 13.64 1.20LZUOX Lazard US Strategic Equity Open 10.63 71 Buy -3.45 8.47 -3.89 -6.66 7.33 8.46 1.03 11.56 1.05MASTX BMO Large-Cap Growth Y 14.10 81 Buy -3.03 7.72 -4.21 0.63 13.47 11.89 1.23 1.03 11.69 1.21MCGFX ASTON/Montag & Caldwell Growth N 19.18 72 Buy -3.96 4.64 -3.14 0.90 8.41 9.55 0.29 0.86 10.31 1.05MCMAX AMG Managers Cadence Mid Cap Investor 25.48 71 Hold -4.64 8.01 -4.42 -8.88 8.36 7.19 0.32 0.99 12.27 1.12MDFSX Manning & Napier Dividend Focus S 9.58 79 Buy 0.31 7.04 0.24 0.43 8.31 0.88 10.09 0.79MFCFX Marsico Flexible Capital 14.28 81 Buy -5.68 5.54 -6.00 -7.01 8.04 8.82 0.94 11.43 1.37MFOCX Marsico Focus 14.91 84 Buy -8.02 6.20 -9.21 -8.45 9.54 9.15 1.03 12.80 1.31MGRIX Marsico Growth 14.22 75 Hold -9.31 6.68 -10.32 -9.45 7.36 7.99 1.03 12.65 1.35MMCFX AMG Managers Emerging Opps Svc 32.03 51 Sell -9.70 9.84 -10.98 -16.39 5.12 7.60 0.97 16.48 1.42MPAFX AMG Managers Cadence Cptl Apprec Inv 24.79 75 Buy -3.65 6.67 -4.66 -2.42 9.88 8.46 0.25 1.00 11.24 1.12MREIX BMO Large-Cap Value Y 13.29 77 Buy -2.99 7.87 -3.49 -4.85 9.14 9.90 1.69 0.98 11.07 1.21MRMSX BMO Mid-Cap Growth Y 14.44 52 Sell -9.13 9.39 -10.48 -17.62 0.50 4.16 1.99 1.10 13.70 1.24MRVEX BMO Mid-Cap Value Y 12.88 84 Hold -3.81 9.80 -4.80 -9.64 7.83 8.35 3.55 1.07 12.46 1.22MSYAX AMG Systematic Large Cap Value Investor 9.18 67 Sell -6.42 9.68 -7.01 -10.57 5.37 6.26 1.07 12.34 1.00MTGVX AMG TimesSquare All Cap Growth Investor 13.43 62 Hold -8.08 8.22 -9.55 -10.34 7.56 7.92 1.14 13.67 1.28MXXIX Marsico 21st Century 19.60 75 Hold -9.26 9.56 -10.05 -11.51 8.61 6.13 1.02 13.01 1.38MYIFX Monetta Young Investor 18.23 73 Hold -4.00 7.55 -4.82 -2.99 9.29 10.18 1.01 11.19 1.18NBGAX Neuberger Berman Genesis Adv 21.49 63 Buy -2.27 8.81 -3.75 -3.30 6.53 7.96 0.96 12.56 1.39NBGEX Neuberger Berman Genesis Tr 52.55 66 Buy -2.21 8.84 -3.71 -3.05 6.83 8.26 0.96 12.57 1.10NEEGX Needham Growth 39.93 57 Hold -2.51 10.33 -3.22 -9.16 7.59 6.08 2.08 0.88 12.47 1.80NICSX Nicholas 60.66 80 Hold -3.27 7.99 -3.21 -8.39 11.22 12.55 0.95 11.42 0.72NMMLX Northern Multi-Manager Lg Cap 6.81 88 Buy -4.49 8.10 -4.85 -2.78 9.12 9.08 0.99 11.02 0.90NMMSX Northern Multi-Manager Small Cap 6.50 59 Hold -5.25 10.17 -6.03 -8.25 6.59 6.98 0.99 13.30 1.10NNLEX Nicholas Limited Edition N 21.29 56 Hold -4.40 7.69 -4.79 -7.02 6.51 7.33 0.98 13.20 1.21NNTWX Nicholas II N 23.29 73 Buy -3.56 9.19 -4.33 -5.03 9.46 9.43 0.96 11.57 0.96NOGEX Northern Large Cap Equity 20.34 74 Buy -4.51 8.19 -5.25 -4.21 8.58 9.40 8.13 1.04 11.65 0.86NOLCX Northern Large Cap Core 14.71 70 Hold -1.34 8.32 -2.19 -1.61 10.99 11.63 1.02 11.24 0.62NOLVX Northern Large Cap Value 12.61 73 Sell -2.02 9.84 -2.71 -6.88 7.73 6.87 1.01 11.52 0.86NOSGX Northern Small Cap Value 18.91 77 Hold -1.92 9.37 -2.87 -4.42 7.37 8.69 1.00 13.79 1.00NSGRX Northern Small Cap Core 18.72 61 Sell -4.88 10.38 -5.80 -9.59 6.68 8.41 1.04 14.06 0.75PARMX Parnassus Mid-Cap 25.52 67 Hold -0.14 7.90 -0.76 -1.44 9.48 10.41 0.84 9.94 0.99PARNX Parnassus 38.94 80 Buy -3.76 11.45 -4.19 -5.39 11.66 11.56 1.12 13.62 0.84PARWX Parnassus Endeavor Fund 27.60 86 Buy -1.64 10.89 -1.50 -0.29 13.56 12.50 0.95 11.05 0.95


Beta 3 Year

sd 3 Year


10 MARCh 2016 | PhOne: (888) 252-5372


PCKDX PIMCO Small Cap StocksPLUS® AR Strt D 7.05 74 Sell -8.08 11.55 -9.33 -15.62 3.77 7.88 1.54 1.25 16.30 1.09PDLVX PIMCO LowVol RAFI®-PLUS AR D 10.56 71 Hold 1.25 6.34 2.26 0.72 1.47 1.19PIXDX PIMCO Fundamental IndexPLUS AR D 5.45 73 Sell -1.98 10.10 -2.46 -7.60 7.25 11.46 1.67 1.15 12.79 1.19PMHDX PIMCO EqS® Long/Short D 11.32 61 Buy -1.74 0.00 -2.77 -2.85 5.80 0.46 8.40 1.84POGRX PRIMECAP Odyssey Growth 25.17 87 Strong Buy -7.87 10.20 -7.13 -3.69 11.50 11.69 1.02 12.95 0.64PRBLX Parnassus Core Equity Investor 36.73 80 Buy -0.65 7.66 -1.34 0.53 11.20 11.92 1.47 0.90 10.26 0.88PRCGX Perritt MicroCap Opportunities Investor 29.99 60 Hold -5.24 8.03 -5.60 -7.31 5.23 5.66 0.90 13.27 1.21PREOX Perritt Ultra MicroCap 13.53 62 Sell -5.38 7.38 -4.65 -7.41 8.09 4.28 0.63 10.84 1.75PSPDX PIMCO StocksPLUS D 7.64 80 Buy -3.29 7.76 -3.53 -3.70 9.93 11.27 0.90 1.05 11.50 0.90PSTDX PIMCO StocksPLUS Absolute Return D 8.35 81 Buy -3.91 8.87 -4.24 -6.41 8.47 11.43 1.16 1.17 13.02 1.04PVFAX Paradigm Value 40.89 59 Hold -4.95 12.03 -4.95 -1.97 3.94 4.13 0.94 13.36 1.50PXSCX Pax World Small Cap Individual Inv 13.23 76 Buy -0.53 8.44 -1.40 -5.04 10.25 9.35 0.75 11.06 1.22RBCGX Reynolds Blue Chip Growth 51.44 60 Hold -7.73 2.47 -8.45 -8.00 6.27 6.39 0.60 0.99 12.12 1.71RGFAX Royce Heritage Svc 12.89 54 Sell 0.39 10.74 -0.74 -4.92 2.48 3.39 0.96 11.93 1.35RIMEX Rainier Large Cap Equity Original 18.71 64 Hold -7.01 7.47 -7.46 -7.86 7.65 7.60 0.19 1.11 12.87 1.12RIMMX Rainier Mid Cap Equity Original 41.15 62 Sell -9.12 8.49 -9.74 -11.67 5.30 6.27 0.96 12.46 1.35RMCFX Royce Micro-Cap Svc 10.39 41 Sell -4.68 11.24 -5.27 -14.61 -2.35 -2.10 0.96 14.16 1.63RPXFX RiverPark Large Growth Retail 16.52 68 Hold -4.45 9.33 -6.04 -7.38 6.24 9.61 0.23 1.05 12.26 1.23RSEMX Royce Special Equity Multi-Cap Service 12.56 66 Sell 1.45 10.37 -1.95 -11.01 6.15 8.78 1.04 12.59 1.23RVALX ASTON/Cornerstone Large Cap Value N 12.90 59 Sell -2.27 9.97 -3.25 -11.76 2.84 5.98 0.83 1.09 12.73 1.28RWGFX RiverPark/Wedgewood Retail 15.93 72 Sell -2.81 9.64 -3.05 -8.91 6.65 9.62 0.22 0.97 11.46 1.16RYAWX Rydex S&P 500 Pure Growth H 49.52 77 Hold -5.91 9.61 -7.14 -6.66 10.86 10.54 1.04 12.51 1.50RYBHX Rydex S&P MidCap 400 Pure Growth H 44.92 73 Buy -6.06 9.37 -7.40 -8.27 5.09 6.85 1.06 13.99 1.51RYDVX Royce Dividend Value Svc 6.97 62 Buy 0.43 10.08 -0.99 -3.78 3.55 5.79 0.98 12.25 1.47RYLPX Royce Low Priced Stock Svc 7.40 44 Hold -4.52 12.80 -5.80 -12.90 -2.63 -3.89 1.59 1.02 14.90 1.47RYOFX Royce Opportunity Svc 9.67 54 Hold -2.81 12.70 -4.61 -14.72 1.65 4.36 1.12 15.72 1.49RYOHX Royce 100 Svc 6.19 48 Sell -0.32 10.34 -2.78 -10.29 0.02 2.25 1.04 14.25 1.49RYPFX Royce Pennsylvania Mutual Svc 9.42 60 Sell 0.86 10.56 -0.81 -8.80 2.74 4.64 1.05 13.98 1.23RYSRX Guggenheim Long Short Equity H 15.19 65 Buy -4.22 2.15 -3.80 -4.53 4.27 2.12 0.45 7.09 1.66RYTFX Royce Total Return Svc 12.14 67 Sell 0.29 8.24 -1.10 -5.66 4.25 6.39 0.94 12.05 1.43RYVFX Royce Value Svc 9.04 60 Buy 3.91 9.71 2.21 -7.89 4.33 2.72 0.90 13.15 1.48RYVPX Royce Value Plus Svc 10.16 65 Hold -9.29 11.89 -10.24 -12.41 4.06 4.65 1.16 16.37 1.45RYWAX Rydex S&P SmallCap 600 Pure Growth H 49.70 77 Hold -7.22 8.85 -9.52 -11.15 5.81 7.71 1.06 15.31 1.49RYZAX Rydex S&P 500 Pure Value H 128.87 71 Hold 0.11 13.28 -0.66 -6.06 9.28 10.39 1.15 13.53 1.51SCNUX Invesco Low Volatility Equity Yield Inv 9.65 74 Buy 3.10 10.54 3.53 -3.10 6.69 8.54 2.93 0.78 10.12 1.15SCSAX Wells Fargo Advantage Common Stock A 19.12 76 Hold -3.39 10.97 -4.61 -6.18 6.02 8.04 1.03 12.62 1.26SENAX Wells Fargo Advantage Enterprise A 36.47 71 Hold -9.14 10.08 -9.72 -12.88 5.52 6.63 1.09 13.84 1.18SKSEX AMG Managers Skyline Special Equities 34.57 60 Hold -3.17 8.95 -4.94 -7.89 8.15 10.18 1.07 14.99 1.32SLASX Selected American Shares S 34.14 72 Hold -7.55 8.35 -7.93 -4.74 7.03 7.49 0.17 1.10 12.50 0.95SMVAX Wells Fargo Advantage Small Cap Value A 18.07 66 Hold 1.35 11.89 -0.74 -4.08 -0.08 2.56 0.97 14.93 1.29SOPVX Wells Fargo Advantage Opportunity A 37.78 83 Buy -2.43 9.60 -3.81 -6.72 7.24 6.84 1.03 11.86 1.22STAFX Wells Fargo Advantage Large Cap Gr A 42.27 70 Hold -7.61 7.50 -8.73 -5.92 10.08 9.88 1.06 12.61 1.07STMGX American Beacon Stephens Mid-Cap Gr Inv 14.61 64 Hold -7.55 11.42 -8.25 -10.86 4.39 7.31 0.96 13.11 1.27SYAMX AMG Systematic Mid Cap Value Investor 11.19 62 Hold -4.85 11.90 -5.61 -10.16 3.85 6.05 1.10 13.20 0.98TGDNX TCW Growth Equities N 7.74 45 Hold -8.40 15.87 -9.49 -18.38 3.68 3.47 0.59 1.15 16.11 1.20TGDVX TCW Relative Value Large Cap N 19.78 72 Sell -1.30 10.94 -2.49 -5.88 6.92 8.68 1.26 1.09 12.48 1.16TGIGX TCW Relative Value Dividend Apprec N 16.10 81 Buy -1.41 9.52 -2.22 -4.37 6.92 9.33 1.73 1.07 11.97 1.14THPGX Thompson LargeCap 46.71 73 Sell -4.60 10.14 -4.63 -10.32 6.79 8.23 1.11 12.69 1.15TMCGX Turner Emerging Growth Investor 14.45 58 Sell -10.80 4.79 -15.03 -12.93 4.46 5.77 1.01 16.56 1.40TMCTX Touchstone Mid Cap Z 23.49 66 Sell 0.09 9.46 -1.59 -7.00 6.85 10.10 0.10 1.02 12.48 1.24TMGFX Turner Midcap Growth Investor 15.73 61 Sell -13.62 10.70 -15.05 -21.36 2.61 2.09 1.14 15.41 1.18TOCQX Tocqueville 31.35 71 Hold -3.60 8.44 -3.88 -5.02 9.20 8.61 2.10 1.06 12.10 1.25TOPPX Tocqueville Opportunity 16.95 61 Sell -19.17 9.64 -20.61 -24.06 5.44 6.62 1.34 19.26 1.31TSCEX Turner Small Cap Growth 11.08 68 Sell -13.17 14.46 -12.95 -12.51 3.96 4.71 1.03 18.33 1.25TSELX Tocqueville Select 10.41 53 Hold -4.06 14.27 -8.33 -15.37 1.53 2.79 1.26 16.85 1.36TVSVX Third Avenue Small Cap Value Investor 18.31 61 Buy -1.56 10.30 -3.12 -8.64 4.44 5.96 1.00 13.05 1.39TWCIX American Century Select Inv 53.83 78 Buy -5.26 7.23 -6.17 -2.15 11.53 10.55 1.01 11.66 0.99TWCUX American Century Ultra® Inv 32.90 83 Buy -6.05 7.17 -7.13 -3.03 11.83 11.11 1.08 12.61 0.98TWGTX American Century All Cap Growth Inv 28.35 85 Buy -6.00 7.84 -6.29 -3.08 9.93 9.25 1.02 12.03 1.00TWHIX American Century Heritage Inv 19.69 68 Buy -7.25 9.27 -7.60 -9.82 7.09 7.40 1.00 12.62 1.00TWNOX American Century New Opps Investor 8.95 57 Sell -9.78 9.82 -10.52 -13.32 5.53 6.76 1.05 14.62 1.39TWVLX American Century Value Inv 7.56 74 Hold -0.40 8.46 -0.62 -2.90 8.57 9.48 1.91 0.93 10.46 0.97UMBHX Scout Small Cap 20.29 63 Sell -6.06 11.24 -6.37 -6.67 6.51 8.23 1.69 1.05 14.55 1.12UMBMX Scout Mid Cap 13.89 70 Buy -3.41 7.51 -3.59 -4.46 7.94 8.61 0.91 11.32 1.04



Beta 3 Year

sd 3 Year



USAAX USAA Growth 23.02 80 Strong Buy -4.40 8.58 -5.12 -0.57 12.68 12.63 1.06 11.95 1.11USAUX USAA Aggressive Growth 36.45 71 Buy -6.97 6.70 -7.55 -3.30 10.76 9.47 1.07 12.41 0.88USBNX Pear Tree Columbia Small Cap Ord 20.68 55 Hold -5.18 9.94 -6.47 -5.95 3.75 5.32 1.08 14.43 1.50USCAX USAA Small Cap Stock 14.46 60 Hold -4.11 10.13 -5.32 -10.08 5.20 7.18 1.08 14.25 1.15USCRX USAA Cornerstone Mod Agg 23.22 78 Buy -2.07 4.64 -2.52 -6.28 1.65 2.77 1.05 7.09 1.16USGRX USAA Growth & Income 18.82 76 Buy -5.33 8.98 -5.94 -5.48 9.33 8.79 1.09 12.09 0.93USISX USAA Income Stock 16.77 79 Hold 1.02 7.09 1.51 0.83 9.39 9.80 0.91 10.29 0.79USMIX USAA Extended Market Index 15.17 64 Hold -5.54 11.05 -6.04 -10.78 6.35 7.93 1.05 13.23 0.48USNQX USAA NASDAQ-100 Index 12.14 87 Strong Buy -6.54 8.10 -7.55 -0.33 15.99 14.06 1.15 13.44 0.57USSPX USAA S&P 500 Index Member 28.53 80 Buy -2.23 7.66 -2.52 -0.78 10.69 11.05 1.00 10.98 0.25UVALX USAA Value 17.76 72 Buy -3.64 8.09 -4.42 -6.34 7.80 8.36 1.01 11.52 1.09VALLX Value Line Larger Companies 23.72 77 Hold -9.64 9.06 -9.12 -5.25 10.67 9.95 1.09 12.73 1.13VALSX Value Line Premier Growth 28.21 67 Buy -2.49 7.59 -2.33 -2.39 6.76 9.37 0.91 10.51 1.23VLEOX Value Line Small Cap Opportunities 40.38 67 Buy -3.86 7.94 -4.74 -3.43 8.75 11.38 0.92 11.92 1.27VLIFX Value Line Fund 14.72 72 Buy -1.80 5.98 -1.67 0.48 9.51 10.40 0.83 10.05 1.23WAMCX Wasatch Ultra Growth 15.79 54 Sell -12.18 12.30 -11.89 -13.36 5.24 6.24 1.06 17.43 1.31WAMVX Wasatch Micro Cap Value 2.51 65 Buy -5.28 6.81 -4.99 -0.63 8.81 9.65 0.86 12.85 1.96WASIX Wasatch Strategic Income 9.75 70 Sell -4.04 10.29 -4.06 -14.89 4.94 7.87 4.38 0.96 11.86 0.95WBGSX William Blair Growth N 11.61 77 Buy -7.27 7.90 -7.01 -3.90 8.71 9.31 1.01 12.01 1.19WBSNX William Blair Small Cap Growth N 21.01 58 Hold -6.50 12.23 -6.68 -10.97 7.30 7.65 1.01 14.73 1.50WBVDX William Blair Small Cap Value N 16.33 62 Hold -2.10 8.79 -3.00 -5.57 6.45 7.03 0.99 14.06 1.50WCGNX William Blair Mid Cap Growth N 10.70 67 Buy -5.14 9.52 -5.47 -8.80 5.96 6.97 0.95 11.96 1.32WFCGX Wells Fargo Advantage Capital Growth A 13.51 65 Hold -7.40 7.22 -7.64 -7.80 8.76 8.36 1.05 12.59 1.11WFDAX Wells Fargo Advantage Discovery A 25.80 68 Hold -8.96 10.63 -9.65 -13.13 4.84 7.52 1.02 14.18 1.21WFILX Wells Fargo Advantage Index A 59.41 80 Buy -2.25 7.65 -2.59 -1.04 10.37 10.74 0.75 1.00 10.95 0.56WFIVX Wilshire 5000 Index Invmt 17.32 78 Buy -2.59 8.05 -2.94 -2.24 9.80 10.15 1.00 10.97 0.65WFPAX Wells Fargo Advantage Spec Md Cp Val A 29.16 81 Buy -0.61 8.77 -1.73 -4.57 9.79 11.03 0.93 11.18 1.24WFSMX Wells Fargo Advantage Intrns SmCpVal A 22.27 62 Hold -4.30 12.19 -6.25 -8.99 5.07 7.26 1.11 14.48 1.40WGROX Wasatch Core Growth 49.67 69 Hold -6.16 10.04 -7.75 -6.34 7.87 10.73 0.93 13.03 1.17WLCAX Wells Fargo Advantage Large Co Value A 13.54 71 Buy -3.29 9.37 -4.12 -6.20 6.75 7.62 1.01 11.59 1.10WMCVX Wasatch Small Cap Value 5.56 79 Buy -6.08 8.81 -6.55 -9.72 8.46 8.54 0.92 13.30 1.21WMICX Wasatch Micro Cap 5.89 50 Sell -10.21 9.89 -9.94 -12.91 5.30 5.99 0.95 15.99 1.90WPOIX Weitz Partners III Opportunity Investor 13.33 66 Sell -0.97 8.82 -1.44 -11.84 4.64 0.72 9.46 1.49WSBEX Wright Selected Blue Chip Equities 10.89 71 Buy -4.72 7.61 -5.69 -7.48 8.16 9.37 0.03 1.00 12.63 1.40WSMNX William Blair Small-Mid Cap Gr N 17.20 70 Hold -7.18 9.14 -7.24 -6.57 9.88 9.43 0.93 12.22 1.35

NTF SECTOR FUNDSBENFX Baron Energy and Resources Retail 6.50 41 Sell -7.54 15.25 -9.22 -35.71 -14.33 1.45 22.99 1.35ICCCX ICON Consumer Discretionary S 13.49 76 Hold 0.52 14.42 -0.84 1.96 10.66 13.59 1.42 0.97 12.90 1.43ICENX ICON Energy S 11.07 27 Sell 1.47 14.48 -0.01 -17.61 -11.99 -6.32 0.01 1.08 18.62 1.42ICLEX ICON Consumer Staples S 7.73 93 Strong Buy 2.11 4.32 3.30 9.08 11.69 12.23 0.92 0.57 9.50 1.51ICTRX ICON Industrials S 10.96 68 Sell -1.79 7.56 -2.66 -10.10 5.04 5.60 1.91 0.90 12.45 1.50TGLDX Tocqueville Gold 32.00 39 Hold 33.06 16.07 31.31 10.84 -14.72 -16.59 0.26 35.64 1.43

NTF INCOME FUNDSABHIX American Century High-Yield Inv 5.31 71 Sell 2.10 6.48 1.09 -5.20 0.57 3.70 6.74 0.59 5.54 0.85ABTPX American Beacon Treas Infl Prot Sec Inv 10.35 66 Hold 1.76 0.56 2.41 1.23 -1.42 1.09 1.07 3.86 0.69ACCNX American Century Core Plus Inv 10.69 73 Hold 1.60 0.61 1.10 0.45 1.82 3.36 2.60 0.95 2.94 0.65ACITX American Century Infl-Adj Bond Inv 11.47 56 Hold 1.87 0.61 1.57 -0.23 -1.89 1.87 1.58 5.33 0.47ACSNX American Century Short Duration Inv 10.21 68 Buy 0.32 0.24 0.21 0.59 0.58 1.12 1.68 0.18 0.80 0.60ADFIX American Century Diversified Bond Inv 10.75 73 Hold 1.48 0.00 1.14 1.10 1.95 3.34 2.00 0.99 2.99 0.60AGIVX Invesco US Government Investor 8.97 57 Sell 1.36 -0.96 1.13 1.29 1.11 2.35 1.13 0.89 2.75 0.92APOIX American Century Short Dur Inf PrBd Inv 10.01 66 Hold 0.70 0.81 0.70 0.00 -1.34 1.15 0.46 2.10 0.57ATMDX PIMCO Unconstrained Tax Managed Bd D 9.83 64 Hold -1.58 2.05 -1.13 -2.95 -0.87 0.77 1.16 -0.04 2.81 1.10BAGSX Baird Aggregate Bond Inv 11.08 77 Hold 1.61 -0.26 1.21 1.11 2.43 4.12 2.36 1.04 3.12 0.55BAIAX Brown Advisory Intermediate Income Adv 10.38 71 Buy 0.96 -0.34 0.80 0.78 0.86 2.07 1.88 0.73 2.25 0.70BCOSX Baird Core Plus Bond Inv 11.39 77 Hold 1.53 0.22 1.05 0.53 2.17 3.91 2.78 1.04 3.18 0.55BGNMX American Century Ginnie Mae Inv 10.76 62 Hold 1.12 -0.18 0.97 1.63 1.58 2.62 1.71 0.73 2.49 0.55BIMSX Baird Intermediate Bond Inv 11.49 74 Buy 1.17 -0.26 0.87 1.23 1.61 3.12 1.87 0.76 2.33 0.55BJBGX Aberdeen Total Return Bond A 13.32 76 Buy 1.42 0.23 1.09 0.31 1.26 3.19 2.49 1.06 3.30 0.69BJBHX Aberdeen Global High Income A 8.27 71 Sell -1.18 3.56 -3.16 -11.17 -1.22 1.86 6.75 0.37 5.29 0.99BMBSX Baird Intermediate Muni Bd Inv 12.05 74 Hold 0.76 -0.89 0.89 2.84 1.86 3.07 1.01 0.73 2.68 0.55BSBSX Baird Short-Term Bond Investor 9.62 72 Buy 0.41 0.12 0.31 0.63 1.02 1.75 0.23 0.82 0.55BTTRX American Century Zero Coupon 2025 Inv 97.44 79 Sell 4.05 -2.04 3.58 4.23 4.13 8.52 1.66 2.65 8.18 0.55BTTTX American Century Zero Coupon 2020 Inv 102.68 73 Sell 1.77 -1.25 1.61 2.99 1.58 5.24 0.90 1.49 4.66 0.55CFBNX Commerce Bond 19.75 76 Hold 1.03 -0.08 0.61 0.40 2.07 3.76 2.67 0.86 2.67 0.68



Beta 3 Year

sd 3 Year


12 MARCh 2016 | PhOne: (888) 252-5372


CFNLX Commerce Natl Tax Free Interm Bd 19.75 79 Strong Buy 0.98 -0.83 1.27 3.70 2.03 4.79 1.36 0.96 3.46 0.64CFSTX Commerce Shrt-Term Government Instl 17.33 70 Buy 0.41 -0.57 0.31 0.59 0.44 1.13 0.54 0.35 1.16 0.68CHTBX ASTON/TCH Fixed Income N 10.18 74 Hold 1.71 1.54 1.47 -2.63 0.88 3.44 2.89 0.99 3.64 0.94CPTNX American Century Government Bond Inv 11.24 59 Hold 1.77 -0.75 1.60 2.07 1.56 2.60 1.15 0.87 2.64 0.47DLENX DoubleLine Emerging Markets Fixed Inc N 9.51 76 Hold 2.50 4.17 1.67 -2.89 0.09 3.21 7.16 0.68 6.34 1.15DLFNX DoubleLine Core Fixed Income N 10.74 83 Buy 1.09 -0.17 0.80 0.53 2.28 4.56 3.21 0.96 3.07 0.71DLSNX DoubleLine Low Duration Bond N 9.95 72 Strong Buy 0.04 0.18 -0.06 0.40 1.01 2.41 0.13 0.73 0.69DLTNX DoubleLine Total Return Bond N 10.82 82 Strong Buy 0.91 -0.84 0.87 2.22 2.85 4.94 3.27 0.83 2.65 0.72DSTIX Dreyfus Short Term Income D 10.29 70 Buy 0.19 -0.08 -0.01 -0.53 0.19 1.11 1.17 0.28 1.15 0.65EXCPX Manning & Napier Core Plus Bond S 10.16 73 Sell 0.40 1.09 0.14 -1.05 0.70 3.25 3.11 0.76 2.92 0.75FOINX Tributary Income Instl 10.31 75 Buy 1.72 -0.16 1.36 1.56 2.33 3.75 2.54 0.91 2.77 0.85FOSIX Tributary Shrt Interm Bond Instl 9.33 71 Buy 0.46 -0.06 0.23 0.86 0.79 1.74 1.60 0.31 1.08 0.79HOSBX Homestead Short-Term Bond 5.18 72 Buy 0.28 -0.26 0.17 0.44 1.05 1.89 0.20 0.84 0.74HOSGX Homestead Short-Term Government 5.21 70 Buy 0.73 -0.32 0.58 0.99 0.60 0.99 0.34 1.14 0.77HYFIX Harbor High-Yield Bond Inv 9.54 77 Sell 1.49 4.95 0.31 -4.79 1.01 3.33 5.82 0.61 5.36 1.02IOBZX ICON Bond S 9.15 76 Buy 0.81 0.62 1.00 0.53 1.98 3.03 2.59 0.74 2.76 0.75LMWDX Western Asset Emerging Markets Debt FI 4.63 69 Hold 2.43 3.81 1.54 1.97 -1.65 5.71 1.25 8.05 1.20LSBRX Loomis Sayles Bond Retail 12.81 75 Sell 0.11 4.41 -0.83 -5.46 0.34 3.54 4.43 0.58 5.56 0.89LZHOX Lazard US Corporate Income Open 4.72 76 Buy 2.21 4.12 1.40 -0.71 2.68 4.65 5.35 0.63 4.48 0.85MCIYX BMO TCH Corporate Income Y 11.93 77 Buy 1.68 3.29 0.89 -3.76 1.49 4.26 4.48 0.97 4.11 0.59MCYBX BMO TCH Core Plus Bond Y 11.24 76 Hold 1.88 1.52 1.43 -1.59 1.42 4.04 3.38 1.04 3.59 0.58MFDAX AMG GW&K Enhanced Core Bond Investor 9.70 76 Hold 1.54 0.39 0.54 -2.69 1.25 3.29 2.48 0.94 3.41 0.84MGFIX AMG Managers Bond Service 26.29 74 Sell 0.81 1.75 0.46 -1.18 1.50 4.19 3.20 0.84 3.32 0.99MGIDX AMG Managers Intermediate Duration Govt 10.91 78 Hold 1.13 -0.27 1.14 1.72 2.68 3.12 1.61 0.69 2.36 0.88MGSDX AMG Managers Short Duration Government 9.63 70 Buy 0.12 0.32 0.14 -0.15 0.30 0.58 1.35 0.00 0.47 0.79MITFX BMO Intermediate Tax-Free Y 11.39 78 Hold 0.77 -0.78 1.07 3.15 2.93 4.74 1.50 0.83 2.90 0.55MNHYX Manning & Napier High Yield Bond S 9.40 75 Buy 2.06 5.03 1.40 -3.03 1.77 4.66 7.76 0.46 5.00 1.11MSINX BMO Short-Term Income Y 9.31 71 Buy 0.31 -0.24 0.26 0.63 0.62 1.40 0.23 0.82 0.60MTFYX BMO Short Tax-Free Y 10.21 74 Buy 0.38 -0.12 0.44 1.38 1.64 0.89 0.30 1.11 0.55MUYSX BMO Ultra Short Tax-Free Y 10.07 70 Buy 0.07 -0.07 0.09 0.11 0.44 0.82 0.26 0.05 0.26 0.55NHFIX Northern High Yield Fixed Income 6.35 81 Hold -0.84 4.44 -2.15 -5.29 0.98 4.00 7.56 0.46 5.28 0.80NHYMX Northern High Yield Muni 8.95 86 Strong Buy 0.87 -0.51 1.41 4.63 4.01 7.35 2.99 1.13 4.12 0.80NMHYX Northern Multi-Manager Hi Yld Opp 8.96 74 Hold 1.55 5.24 0.37 -6.18 0.37 3.54 7.07 0.63 5.43 0.90PAIUX PIMCO Short Asset Investment D 9.99 70 Buy 0.03 0.07 0.11 0.19 0.28 0.92 0.03 0.29 0.59PBDDX PIMCO Investment Grade Corp Bd D 9.99 91 Strong Buy 1.40 1.41 0.95 -0.37 2.27 5.15 3.38 1.45 4.82 0.75PDCRX PIMCO Credit Absolute Return D 9.24 69 Buy -1.28 1.43 -1.60 -5.10 3.16 0.29 3.15 1.30PDVDX PIMCO Diversified Inc D 10.03 84 Buy 0.79 3.27 0.16 -0.39 0.73 3.81 4.64 1.07 5.45 1.15PEMDX PIMCO Emerging Markets Bond D 9.50 70 Sell 3.02 5.53 1.71 -0.44 -1.97 2.77 5.59 1.08 8.58 1.25PFIDX PIMCO Floating Income D 7.62 83 Strong Buy -1.44 4.15 -2.14 -3.51 -1.29 0.75 4.80 -0.01 5.13 0.95PGNDX PIMCO GNMA D 11.30 61 Hold 0.86 -0.34 0.86 1.73 1.69 2.84 1.40 0.75 2.63 0.90PHSDX PIMCO High Yield Spectrum D 9.12 70 Hold 1.46 5.58 0.79 -3.50 1.79 4.81 7.24 0.57 5.28 0.95PHYDX PIMCO High Yield D 8.33 85 Strong Buy 1.85 5.49 1.28 -2.20 2.01 4.38 6.06 0.67 5.11 0.90PHYSX PIA High Yield Investor 9.47 86 Strong Buy 1.24 4.39 0.41 -2.48 2.40 4.85 9.26 0.35 4.32 0.75PLBDX PIMCO Emerging Local Bond D 6.95 56 Hold 5.55 5.22 4.95 -6.44 -10.15 -3.63 4.83 1.63 11.04 1.35PLDDX PIMCO Low Duration D 9.81 79 Strong Buy -0.32 0.19 -0.28 -0.65 0.14 1.32 0.87 0.34 1.69 0.75PMBDX PIMCO Municipal Bond D 9.82 80 Hold 0.59 -0.45 1.26 4.47 3.40 5.77 1.97 1.24 4.36 0.75PMNDX PIMCO National Interm Muni Bond D 10.57 75 Hold 0.66 -0.89 1.26 4.19 2.67 0.94 1.03 3.64 0.80PMZDX PIMCO Mortgage Opportunities D 10.86 78 Buy -0.12 -0.14 -0.25 1.18 2.93 3.14 0.45 1.90 1.00PONDX PIMCO Income D 11.67 92 Strong Buy 0.53 1.39 0.16 1.75 3.93 7.51 3.41 0.62 3.54 0.79PRFIX Parnassus Fixed-Income 16.57 73 Buy 1.11 -0.50 1.07 1.19 1.63 2.44 2.05 0.85 2.58 0.68PRRDX PIMCO Real Return D 10.62 66 Hold 1.14 0.61 0.77 -2.35 -2.57 1.63 1.74 6.04 0.85PSDDX PIMCO Short-Duration Muni Income D 8.47 70 Buy 0.39 -0.17 0.48 0.75 0.47 0.60 0.33 0.16 0.68 0.73PSHDX PIMCO Short-Term D 9.66 78 Strong Buy -0.46 0.73 -0.22 0.07 0.59 0.94 1.71 -0.01 0.98 0.70PSRDX PIMCO Senior Floating Rate D 9.57 83 Strong Buy 0.49 1.71 0.04 -1.57 1.23 3.93 0.16 1.87 1.00PTMDX PIMCO Mortgage-Backed Securities D 10.52 75 Hold 1.08 -0.21 0.94 2.01 2.28 3.06 1.74 0.73 2.41 0.90PUBDX PIMCO Unconstrained Bond D 10.10 70 Sell -1.69 1.77 -1.83 -4.83 -1.71 0.59 2.88 0.23 2.75 1.30PYMDX PIMCO High Yield Municipal Bond D 8.88 85 Strong Buy 1.73 0.08 2.15 6.73 4.26 7.39 2.94 1.38 5.05 0.85SADAX Wells Fargo Advantage Ultra S/T Inc A 8.44 74 Buy 0.17 0.32 0.22 0.21 0.28 0.58 1.35 0.02 0.28 0.70SBBVX Schroder Total Return Fixed Income Adv 9.75 73 Hold 0.64 0.39 -0.26 -1.36 0.80 2.92 2.76 0.98 3.23 0.65SCCYX Scout Core Bond Y 11.60 75 Buy 2.01 0.10 1.74 2.24 1.19 1.25 0.60 2.07 0.76SCPYX Scout Core Plus Bond Y 31.97 70 Buy 2.19 1.63 1.65 2.01 1.06 3.79 1.68 0.54 2.07 0.80SGVDX Wells Fargo Advantage Government Sec A 11.29 63 Sell 1.68 -0.90 1.49 1.56 1.80 2.70 1.28 0.91 2.75 0.85SHBAX Wells Fargo Advantage High Income A 6.28 77 Sell 2.03 5.47 1.57 -4.19 -0.07 3.29 6.33 0.60 5.38 0.90

NTF INCOME FUNDS (continued)


Beta 3 Year

sd 3 Year



NTF INCOME FUNDS (continued)

SHYPX American Beacon SiM High Yld Opps Inv 8.81 84 Strong Buy 1.88 5.63 0.24 -4.31 1.85 5.45 8.10 0.61 5.02 1.19SMAVX Wells Fargo Advantage Ult S/T Mun Inc A 9.62 70 Hold 0.07 -0.07 0.10 0.14 0.17 0.55 0.18 0.04 0.33 0.67SSTHX Wells Fargo Advantage S/T Hi-Yld Bd A 8.01 86 Strong Buy 0.94 1.63 0.73 1.58 2.10 3.10 3.24 0.26 1.95 0.81SSTVX Wells Fargo Advantage Short-Term Bd A 8.70 64 Buy 0.35 -0.01 0.22 0.56 0.82 1.33 1.59 0.17 0.67 0.74STYAX Wells Fargo Advantage Income Plus A 12.14 78 Hold 1.77 1.18 1.31 0.87 2.38 3.76 2.80 1.09 3.38 0.84SUBYX Scout Unconstrained Bond Y 11.38 62 Hold 1.88 3.93 1.16 2.34 -0.63 2.01 -0.39 2.80 0.80TGFNX TCW Core Fixed-Income N 11.05 79 Buy 1.34 -0.42 1.22 0.73 1.60 3.24 1.17 0.89 2.67 0.79TGINX TCW Emerging Markets Income N 9.78 73 Sell 2.44 4.10 1.64 0.55 -2.05 3.13 5.17 0.98 6.69 1.16TGMNX TCW Total Return Bond N 10.55 82 Buy 1.30 -0.86 1.19 1.65 2.78 4.74 2.46 0.82 2.64 0.79TGWNX TCW Emerging Markets Local Ccy Inc N 8.16 49 Hold 5.43 4.21 4.62 -5.99 -8.39 -2.01 5.71 1.58 9.73 0.99THOPX Thompson Bond 10.50 84 Strong Buy -0.94 2.64 -2.08 -4.45 -0.40 2.01 5.90 0.26 3.06 0.71TSDOX Touchstone Ultra Short Dur F/I Z 9.29 71 Buy 0.26 0.11 0.20 0.54 0.53 0.95 1.19 0.06 0.31 0.69TWUSX American Century Short-Term Govt Inv 9.62 62 Buy 0.32 -0.37 0.25 0.33 0.12 0.40 0.38 0.20 0.70 0.55USAIX USAA Income 12.71 76 Hold 1.37 0.44 0.82 -0.50 1.85 3.68 3.43 0.94 2.99 0.53USATX USAA Tax Exempt Intermediate-Term 13.53 78 Hold 0.69 -0.67 1.13 3.40 2.99 5.17 1.59 0.80 2.80 0.55USFIX USAA Flexible Income 8.66 68 Buy 5.12 2.37 3.63 -3.86 4.00 0.97USGNX USAA Government Securities 9.96 74 Hold 1.30 -0.42 1.24 1.57 1.67 2.37 2.14 0.64 2.04 0.51USHYX USAA High Income 7.29 73 Hold 1.06 5.48 -0.25 -8.66 0.13 3.59 7.28 0.50 5.21 0.89USIBX USAA Intermediate-Term Bond 10.17 76 Hold 0.97 0.53 0.16 -1.98 1.58 4.03 4.06 0.82 2.92 0.68USSBX USAA Short-Term Bond 9.04 72 Buy 0.44 0.25 0.21 0.14 0.91 1.80 2.32 0.28 1.04 0.62USSTX USAA Tax Exempt Short-Term 10.59 71 Buy 0.24 -0.18 0.33 0.72 0.84 1.87 0.57 0.15 0.61 0.55USTEX USAA Tax Exempt Long-Term 13.67 78 Hold 0.84 -0.32 1.18 3.94 3.64 6.67 2.00 1.14 4.03 0.55UUSTX USAA Ultra Short-Term Bond 9.91 71 Buy -0.08 0.19 -0.20 -0.41 0.57 1.29 1.80 0.10 0.60 0.59VMINX Invesco Municipal Income Investor 13.67 82 Strong Buy 0.87 -0.44 1.38 4.36 2.04 1.15 4.02 0.75WACIX Western Asset Core Plus Bond FI 11.47 72 Hold 0.85 0.77 0.67 0.93 2.57 4.12 2.84 1.00 3.21 0.84WAPIX Western Asset Core Bond FI 12.23 74 Hold 1.19 0.03 0.84 1.21 2.51 3.74 2.15 0.98 3.03 0.82WARIX Western Asset Total Return Uncons FI 9.93 72 Hold -1.49 1.89 -1.62 -1.94 0.27 1.78 2.95 0.08 2.24 1.18WBBNX William Blair Bond N 10.44 75 Buy 1.62 0.96 1.37 0.60 1.82 3.89 2.57 0.90 3.10 0.61WBLNX William Blair Low Duration N 9.17 77 Strong Buy 0.51 0.07 0.42 0.39 0.40 1.04 1.28 0.23 1.00 0.60WBRRX William Blair Income N 8.94 71 Buy 0.96 0.12 0.91 0.86 1.03 2.58 1.74 0.61 2.07 0.81WFTAX Wells Fargo Advantage Interm T/AmtF A 11.67 77 Hold 0.61 -0.84 0.91 2.69 2.59 4.58 1.26 0.84 2.92 0.70WMFAX Wells Fargo Advantage Municipal Bond A 10.40 79 Hold 0.30 -0.78 0.73 3.53 3.87 6.36 1.79 1.04 3.70 0.75WSHNX Weitz Short-Intermediate Income Investor 12.25 71 Buy 0.66 0.66 0.43 0.26 0.75 1.23 0.32 1.20 0.84WSMAX Wells Fargo Advantage S/T Muni Bd A 9.94 70 Buy 0.21 -0.31 0.24 0.69 0.87 1.65 0.66 0.12 0.57 0.60

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 16.48 64 Buy -5.94 6.27 -6.26 -9.90 1.01 1.65 0.97 12.89 1.03AEMGX Acadian Emerging Markets Instl 14.72 48 Sell -1.27 8.55 -0.62 -16.26 -8.39 -4.10 0.92 13.74 1.51AGBVX American Century Global Bond Inv 9.93 71 Hold 1.74 0.81 1.46 0.44 2.50 1.26 0.83 2.77 0.87AGLOX Ariel Global Equity Investor 13.56 75 Buy -0.95 7.28 -1.60 -1.31 7.81 0.74 10.13 1.25AMDWX Amana Developing World Investor 8.93 47 Sell 1.82 6.06 2.06 -11.16 -6.24 -3.06 0.36 0.71 10.72 1.48BAHAX Brown Advisory WMC Strat Eurp Eq Adv 9.66 70 Hold -4.64 5.00 -4.73 -1.23 1.47BEGBX American Century International Bd Inv 12.55 35 Hold 5.02 0.56 4.36 3.69 -1.59 -0.34 0.48 0.76 5.87 0.81BEXFX Baron Emerging Markets Retail 10.19 57 Sell -3.60 6.59 -2.39 -11.45 -1.13 1.08 0.87 12.40 1.45BUFIX Buffalo International 10.89 63 Hold -3.88 5.93 -3.88 -6.43 2.06 3.05 0.80 11.03 1.05CAMIX Cambiar International Equity Inv 23.25 58 Hold -5.33 4.97 -4.47 -2.53 4.10 3.81 1.36 0.83 11.41 1.09CRMIX CRM International Opportunity Inv 11.75 54 Hold -2.25 6.14 -2.41 1.33 1.06 1.05 0.78 10.58 1.50DOMIX Domini International Social Equity Inv 7.08 61 Hold -2.61 8.09 -2.61 -3.77 4.06 4.51 0.91 12.19 1.59EGINX Invesco European Growth Investor 33.10 67 Buy -4.09 5.01 -4.02 -0.81 3.26 5.60 0.82 11.34 1.35EMBOX Lazard Emerging Markets Equity Blnd Open 8.48 42 Sell -0.82 9.56 -1.34 -9.21 -8.92 -5.37 1.06 15.80 1.60EMMOX Lazard Emerging Markets Multi Asset Open 7.44 46 Sell -1.06 6.90 -1.44 -9.86 -7.93 0.77 11.22 1.60EXITX Manning & Napier International S 7.27 56 Sell -2.15 5.52 -2.44 -6.14 0.29 0.80 0.99 13.32 1.10EXWAX Manning & Napier World Opportunities A 6.70 48 Hold -1.03 7.72 -1.36 -6.37 -1.89 -0.70 0.96 13.08 1.08FMIJX FMI International 28.10 73 Hold -0.32 5.80 0.15 -2.57 6.74 9.59 0.50 8.00 0.98GLFOX Lazard Global Listed Infrastructure Open 13.61 86 Buy 1.19 3.89 2.44 3.93 14.86 12.93 0.45 8.53 1.29GOBFX Legg Mason BW Global Opportunities Bd FI 10.16 65 Hold 4.63 2.32 4.41 -2.66 -0.84 2.93 2.89 1.37 6.27 0.98HIGGX Madison Hansberger International Gr Y 14.06 54 Sell -7.86 6.60 -8.14 -9.99 -1.62 -0.93 0.98 13.04 1.16HIIGX Harbor International Growth Inv 11.84 53 Hold -3.27 8.72 -3.29 -5.59 0.62 1.11 0.99 13.19 1.22HIINX Harbor International Investor 57.51 61 Sell -2.41 8.57 -2.54 -8.03 -0.78 1.26 1.02 13.41 1.11HISIX Homestead International Value 6.22 54 Hold -3.42 6.32 -3.41 -8.81 0.11 -0.09 0.02 0.98 13.08 0.87


Beta 3 Year

sd 3 Year


14 MARCh 2016 | PhOne: (888) 252-5372


NTF INTERNATIONAL FUNDS (continued)HJPNX Hennessy Japan Investor 23.53 67 Strong Buy -0.80 8.88 -1.09 3.47 12.13 11.33 0.06 0.79 13.78 1.53ICARX ICON Emerging Markets S 12.99 74 Sell -0.46 5.78 0.62 -4.34 -1.01 0.29 1.65 0.72 10.86 1.55LDMOX Lazard Developing Markets Equity Open 8.99 39 Hold -0.66 12.38 -0.08 -7.85 -9.66 -7.99 1.12 17.12 1.49LGFEX QS Batterymarch Intl Eq FI 13.47 57 Hold -6.20 5.98 -6.07 -7.70 2.13 1.77 0.91 12.11 1.34LISOX Lazard International Strategic Eq Open 12.93 73 Hold -3.79 7.21 -3.59 -7.35 3.27 5.20 0.90 12.26 1.09LSGLX Loomis Sayles Global Bond Retail 15.06 60 Hold 2.80 1.14 2.17 0.00 -1.16 0.87 1.90 0.91 4.23 1.00LWOFX Legg Mason BW International Opps Bd FI 10.81 66 Hold 4.85 3.15 4.24 -2.89 -1.21 3.09 1.35 6.79 1.00LZIOX Lazard International Equity Open 16.52 58 Hold -4.12 6.99 -4.45 -5.53 2.43 4.52 0.88 11.89 1.17LZSMX Lazard International Small Cap Eq Open 10.38 71 Hold -5.03 7.45 -3.26 1.35 7.36 6.50 0.82 11.69 1.43MACSX Matthews Asian Growth & Inc Investor 16.06 74 Hold 0.19 4.22 0.56 -4.06 -1.27 2.88 0.75 10.61 1.09MAFSX Matthews Asia Focus Investor 8.79 56 Sell 1.15 7.20 0.69 -12.37 1.50MAKOX Matthews Korea Investor 5.80 70 Hold -5.69 0.17 -2.68 6.90 6.71 7.29 0.82 14.22 1.10MCDFX Matthews China Dividend Investor 12.69 55 Hold -7.98 7.27 -6.48 -1.77 3.73 5.26 0.97 17.57 1.19MCHFX Matthews China Investor 15.67 62 Sell -14.93 6.74 -14.60 -13.44 -4.07 -3.92 1.12 20.07 1.14MGGBX AMG Managers Global Income Opportunity 18.76 66 Hold 3.19 2.68 2.50 -0.76 -0.93 1.94 3.81 0.80 4.91 0.89MGLBX Marsico Global 10.96 82 Strong Buy -8.51 7.03 -8.79 -9.54 8.30 7.25 0.85 13.00 1.54MINDX Matthews India Investor 24.53 76 Buy -7.19 2.85 -4.55 -16.03 12.99 6.40 0.80 21.94 1.11MIOFX Marsico International Opportunities 14.11 51 Hold -10.13 7.30 -9.20 -10.41 1.03 1.35 0.87 13.26 1.60MJFOX Matthews Japan Investor 18.30 65 Buy -3.53 8.80 -2.35 5.54 12.14 8.61 0.71 15.09 0.99MNEMX Manning & Napier Emerging Markets S 8.11 46 Sell -1.82 7.42 -0.61 -6.34 -6.59 1.05 15.75 1.15MNGSX Manning & Napier Global Fixed Income S 9.26 68 Hold 1.65 1.65 0.65 -1.79 2.54 0.68 4.21 0.85MPACX Matthews Asia Growth Investor 20.48 53 Sell -2.89 6.17 -1.25 -6.10 3.14 4.22 0.84 13.20 1.11MSMLX Matthews Asia Small Companies Inv 18.63 62 Sell -4.02 4.96 -1.74 -14.78 -0.55 1.65 0.82 13.69 1.47NMIEX Northern Multi-Manager Intl Equity 9.04 58 Sell -4.74 7.11 -4.83 -10.27 -1.78 -0.35 0.96 12.33 1.21NMMEX Northern Multi-Manager Emerging Mkt Eq 14.60 53 Sell 0.62 9.94 0.43 -14.21 -7.10 -3.48 0.97 13.88 1.35NOIGX Northern International Equity 7.82 58 Sell -5.33 8.31 -6.70 -11.85 -1.16 0.58 1.10 14.39 1.09OBIOX Oberweis International Opportunities 19.71 69 Strong Buy -7.59 5.18 -6.19 2.21 12.85 12.11 0.77 12.91 1.60PEFDX PIMCO EM Fdmtl IndexPLUS AR Strat D 7.30 49 Hold 3.99 14.96 3.55 -20.48 1.61 1.29 18.59 1.55PGBDX PIMCO Global Bond (Unhedged) D 9.01 67 Hold 3.00 0.61 2.51 1.32 -0.25 2.02 0.81 1.07 4.48 0.95PGSDX PIMCO Global Advantage Strategy Bd D 9.86 47 Sell 0.70 1.33 0.39 -2.22 -2.91 0.08 1.21 0.94 5.24 1.10PIPDX PIMCO Intl StksPLUS® AR Strat (USD-Hg) D 6.20 58 Sell -9.09 9.15 -8.03 -15.40 2.55 5.56 1.03 0.98 14.20 1.15PLVDX PIMCO EMG Intl LowVol RAFI®-PLUS AR D 7.46 55 Hold 2.33 8.43 3.35 -19.65 0.87 1.40PLVRX PIMCO Intl LwVol RAFI®-PLUS AR D 8.78 65 Sell -3.20 6.04 -2.40 -7.77 1.38 1.17PPUDX PIMCO Intl StkPLUS® AR Stra (Unhdgd) D 5.10 52 Sell -7.10 8.05 -6.68 -13.63 -1.10 2.41 1.44 1.19 15.57 1.04PQDDX PIMCO EqS® Dividend D 5.38 59 Sell -1.80 9.29 -2.00 -13.30 0.23 2.94 0.79 11.26 1.19QFVOX Pear Tree Polaris Foreign Value Ord 16.31 68 Hold -5.23 5.43 -4.18 -9.27 2.25 3.56 0.93 12.75 1.52QUSOX Pear Tree Polaris Fgn Val Sm Cap Ord 11.62 78 Buy -5.53 4.59 -4.39 -8.80 5.22 5.04 0.75 10.81 1.56SCVEX Schroder International Alpha Adv 10.42 54 Hold -5.36 6.00 -5.27 -8.07 0.95 1.07 0.91 12.16 1.17SEMVX Schroder Emerging Market Equity Adv 10.68 47 Sell -2.11 8.10 -1.93 -14.16 -7.55 -3.91 0.96 13.83 1.49SIDVX Schroder International Multi-Cap Val Adv 8.03 65 Hold -0.74 7.93 -0.36 -6.30 0.81 1.55 0.91 11.79 1.17SILAX Wells Fargo Advantage Divers Intl A 10.48 58 Hold -6.84 5.65 -7.01 -10.85 0.65 2.15 0.94 12.44 1.40TIVFX Tocqueville International Value 13.57 71 Hold -3.35 6.93 -3.28 -2.74 5.56 3.61 0.88 11.92 1.25TVFVX Third Avenue Value Investor 45.99 65 Sell -4.31 11.57 -5.84 -11.06 0.71 1.93 0.82 11.97 1.34TVIVX Third Avenue International Value Inv 13.36 42 Hold -3.88 12.93 -5.05 -13.78 -6.52 -3.13 1.03 14.81 1.65TWEMX Thomas White Emerging Markets Investor 8.83 38 Sell -3.39 8.61 -2.86 -14.86 -10.09 -5.01 0.98 14.31 1.27TWGGX American Century Global Growth Inv 10.14 62 Hold -8.07 6.29 -8.03 -8.01 5.53 6.34 0.84 12.10 1.08TWIEX American Century International Gr Inv 10.56 70 Hold -7.21 4.55 -7.53 -9.01 1.24 2.97 0.89 12.22 1.17TWMIX American Century Emerging Markets Inv 7.73 48 Sell -1.89 6.33 -1.27 -9.61 -4.72 -1.90 0.99 14.45 1.43TWWDX Thomas White International Investor 14.53 45 Sell -5.59 5.52 -5.71 -9.78 -3.77 -0.53 0.90 11.90 1.24UCEQX USAA Cornerstone Equity 11.85 67 Hold -2.47 7.92 -2.79 -5.05 3.25 0.79 10.88 0.10UGMVX USAA Global Managed Volatility 8.36 65 Hold -2.68 7.32 -2.72 -6.07 0.70 9.34 0.90UMBWX Scout International 22.70 61 Sell -2.11 7.94 -2.19 -7.18 -0.64 1.17 1.08 0.87 11.65 1.02USAWX USAA World Growth 25.67 69 Hold -1.80 6.56 -2.38 -4.37 5.54 8.30 0.81 11.58 1.17


Beta 3 Year

sd 3 Year



USCGX USAA Capital Growth 9.29 75 Buy -4.52 7.52 -4.71 -3.24 9.05 7.67 0.81 11.22 1.23USEMX USAA Emerging Markets 13.63 46 Sell 0.15 9.74 -0.12 -10.47 -8.19 -6.52 1.02 15.09 1.50USIFX USAA International 25.26 58 Hold -5.50 6.09 -5.39 -8.15 0.74 2.97 0.92 12.26 1.12WAESX Wasatch Emerging Markets Select Investor 8.32 49 Sell -1.54 4.79 0.73 -17.54 -7.22 0.85 13.58 1.70WAGOX Wasatch Global Opportunities 3.07 79 Strong Buy -9.17 8.10 -7.90 -8.38 2.78 5.70 0.77 12.78 1.81WAGTX Wasatch World Innovators 17.77 76 Strong Buy -5.63 6.66 -6.71 -0.66 6.14 8.99 0.71 11.67 1.76WAIGX Wasatch International Growth 28.10 76 Strong Buy -7.02 6.24 -5.04 3.65 4.22 8.29 0.81 12.13 1.50WELNX William Blair Emerging Mkts Ldrs N 7.47 49 Sell -3.36 7.33 -2.60 -15.95 -6.59 -2.75 0.97 14.25 1.64WFAAX Wells Fargo Advantage Asia Pacific A 10.97 49 Sell -3.94 7.76 -3.26 -8.12 1.51 3.21 0.87 12.43 1.60WGGNX William Blair Global Leaders N 10.75 63 Hold -7.17 7.61 -7.13 -6.98 4.22 6.04 0.85 12.02 1.39WIENX William Blair International Equity N 12.95 61 Hold -6.50 6.32 -6.62 -8.26 1.95 2.23 0.91 12.04 1.32WILNX William Blair International Ldrs N 12.12 58 Hold -5.97 7.26 -5.20 -3.40 3.17 0.88 12.06 1.24WLCTX Wilshire International Equity Invmt 8.66 49 Hold -2.70 6.52 -2.26 -5.45 -0.57 2.74 0.89 11.91 1.50

NTF INTERNATIONAL FUNDS (continued)

Fund Spotlight: Vanguard Convertible Securities (VCVSX)Convertible securities funds offer the se-curity of bonds without sacrificing upside potential in the equity market. This often overlooked asset class provides investors with a means to soften volatility over the long term. Investors with a well-balanced portfolio who are adding these securities should consider Vanguard Convertible Securities (VCVSX). The fund tracks the performance of the MSCI US Invest-able Market Index/Financials 25/50. This benchmark index is composed of large, midsize and small-cap companies in the U.S. financial sector. The fund adviser in-vests all substantial assets under manage-ment in securities held in the index.

COnveRTIBle seCuRITIesMost simply, a convertible security is a fi-nancial instrument that can be changed into another type of investment. In the case of the convertible bond, it can be exchanged for an equity position in the company. Until it is changed into equity shares, the convertible bond will pay a periodic fixed amount of interest based on its coupon rate. The bond will have a specific price at which it can be exchanged for common shares. The coupon rate is typically lower than for a standard bond, but the con-version factor is like a call option on the common shares and rises in value if the stock price rallies. The conversion price is

usually set at a price significantly higher than where the stock is trading when the bond is issued. Initially, the bond will trade like a bond, but it tends to be less volatile because a portion of the value lies in the “call option” attached to it. As the price of the stock rises and convertibility becomes possible, the performance of the underly-ing common shares increasingly influences the price of the convertible bond. If the price moves above the conversion price, at which point it is more profitable to convert the bonds into stock, the bond will begin trading like the stock.

BeneFITs OF COnveRTIBle BOndsThese hybrid investments offer benefits to both equity and fixed-income inves-tors. The structure of a convertible bond can preserve capital and reduce volatility while maintaining upside potential due to its equity-conversion component. Over the past 15 years, convertible bonds have participated in approximately two-thirds of the market upside while being subject to only one-third of the downside, based on a rolling three-year period. Lower volatil-ity is especially important for retirees who may be drawing on their assets. Convert-ibles have benefited from the equity mar-ket strength in recent years. When compared with the passively in-dexed Vanguard 500 (VFIAX), VCVSX has lagged VFIAX over the past 3- and 5-year periods. However, with an annual-ized return of 6.12 percent over the past 15

years, VCVSX beat the 5.04 percent return delivered by VFIAX over the same period, with much lower volatility. VCVSX has a three-year trailing standard deviation of 7.3 versus 11.0 for VFIAX.

InvesTMenT sTRATeGYVCVSX is advised by Oaktree, which has a long history of investing in niche debt mar-kets, including convertibles. Fund manag-ers use a fundamental bottom-up analysis with an eye toward value when selecting individual securities, which are evaluated based on their structure and terms. Other criteria include the capital structure of the issuing company and its credit rating. Managers also consider the underlying fundamentals of the stock and its potential for capital appreciation. Managers focus primarily on convertible bonds, with slight exposure to convertible preferred stock. The fund does not buy traditional debt or equity positions. This creates a portfolio of convertibles that offer an equal balance of bond and equity characteristics. Managers prefer to stay fully invested and rarely hold a sizable cash position. The current 5.9-year average duration is within the five- to seven-year target range. The management team assigns a credit rating to each secu-rity. Based on this standard, the managers give their fund an average quality rating of BB.Stu Spangler has overseen the domestic sleeve, which accounts for 70 percent of AUM, since June 2015. Like the U.S. con-



Beta 3 Year

sd 3 Year


vertibles market in general, the portfolio is concentrated in health care and technol-ogy issues. The fund also has significant exposure to the financial sector. While the remainder of the portfolio is broadly invested across other market sectors, man-agers have reduced the fund’s exposure to energy-related convertibles. Because they lost their balanced characteristics, many energy-related securities were no longer attractive. The remaining energy exposure is issued by companies that management believes can withstand the current turmoil in the oil and gas space. Top holdings include convertibles issued by Priceline (PCLN), Red Hat (RHT), Salesforce.com (CRM) and LinkedIn (LNKD).The fund’s overall performance in recent years has been impacted by a 30 percent increase in exposure to a foreign convert-ibles sleeve. This European market has un-derperformed its U.S. counterpart, which has detracted from the fund’s returns. The foreign sleeve, led by Abe Ofer and Jean-Paul Nedelec, can be an attractive feature as it adds to the fund’s diversification and

possible long-term prospects. Both man-agers are founding members of Oaktree and have more than 20 years of experience investing in convertibles. Foreign convert-ibles tend to be of higher quality and are is-sued by larger companies than in the U.S., and foreign currency exposure to the U.S. dollar is hedged.

exPensesVCVSX features a low 0.38 percent ex-pense ratio. In addition to being the least expensive open-end fund, VCVSX is also less expensive than most convertible ex-change-traded funds. Long-term investors looking to diversify a portfolio by adding an exposure to convertible bonds should consider VCVSX, which has a four-star rating from Morningstar. The fund has a minimum initial investment of $3,000.

OuTlOOkLike other credit-oriented markets, con-vertibles have recently faced selling pres-sure. The balanced approach followed by VCVSX has enabled it to fare better than

most of its peers. At the end of February 2016, the fund’s 4.55 percent loss is less than the average negative 6.08 percent re-turn in the open-end convertibles category. It also performed better than the category’s underlying index. While the fund is less volatile than a pure stock fund, it does have risk: though much less than the broader market, VCVSX fell nearly 30 percent in 2008. Investors who are averse to equity risk should stick with traditional bonds. The fund is a good fit for investors looking to dial back some of the volatility in their portfolio without giving up all of the upside gains from equi-ties. With a yield of 2.07 percent, VCVSX also won’t sacrifice income for investors switching from a passive index fund such as VFIAX, which currently yields 2.26 percent. We currently recommend VCVSX as a Strong Buy with a rank of 83. Should you have questions concerning the suitability of this fund, please call us at (888) 252-5372.

16 MARCh 2016 | PhOne: (888) 252-5372

THE Investor Guide TO VANGUARD FUNDS

Fund Spotlight: Vanguard Convertible Securities (VCVSX) (continued)

Model Portfolio Updates (continued)

discLosure: Mutual Fund Investor Guide, LLC (MFIG) is an independent company unaffiliated with any of the fund companies discussed in this newsletter, including Vanguard Investments. These results include the reinvestment of all dividends and capital gains. Model trading does not involve financial risk; model trading cannot completely duplicate the financial risk associated with actual trading. MFIG is not an investment advisor and does not provide specific investment advice. This newsletter has been prepared solely for informational purposes. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. All investments involve risk including total loss of principal.

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Mds Wealth Advisors: A New Private Service from Matthew Sauer

Over the years it has been our pleasure to provide you with responsible and timely investment advice, and we genuinely appreciate your loyalty to our newsletter. Since we began publishing our investment recommendations, we have been frequently asked to provide dedicated wealth management.Due to the numerous inquiries and requests, I am incredibly pleased to announce we are now offering private wealth management services through MDS Wealth Advisors. Our objective is simple. We want to help our subscribers tailor their portfolios to their specific investment objectives. I will personally work with each member to build an investment portfolio that is aligned with their goals and risk tolerances. If you are considering a wealth manager or are concerned about who will oversee your investments if you are unable, I would welcome the opportunity to discuss our services.If you are interested in utilizing our new service, call me directly at (844) 336-9878 and I will answer any questions you have. If email is more convenient, you can reach me anytime at: [email protected].

The NTF Global Portfolio advanced 5.76 percent last month and is down 3.71 percent this year. Vanguard Global Minimum Volatil-ity (VMVFX) lagged among equity holdings, though it still gained a healthy 5.34 percent. Wasatch Global Opportunities (WAGOX) led with an 8.10 percent rally, while Marisco Global (MGLBX) gained 7.03 percent. PIMCO Diversified (PDVDX) reversed all of its losses from a month earlier, climbing 3.29 percent. The NTF Absolute Return/Down Market Portfolio increased 2.90 percent last month and is now up 2.42 percent for the year. Toc-queville Gold (TGLDX) rallied 16.07 percent. PIMCO Floating Income (PFIDX) and Thomp-son Bond (THOPX) also chipped in solid gains last month.

mutual fund investor guide the investor guide to vanguard … · 2016. 3. 16. · consumer staples...

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