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Market Perspective: Earnings Reports Beat Expectations; Investors Still Cautious The Dow Jones Industrial Average rose 2.00 percent from April 11 to May 10. Isolated earnings misses sent the Nasdaq down 0.84 percent, though it was a strong month for most shares and sectors. Industrials became the fourth sector to set a new 52-week high in April, joining utilities, consumer staples and telecommunications. More than 70 percent of S&P firms reporting have beaten earnings estimates, softening the expected 9 percent decline to around 7.1 percent in current forecasts. The energy sector reported negative growth of 107 percent, which dragged on the index. Utilities earnings fell 1.9 percent, which was beyond estimates, as often occurs when equities rally. Consumer discretionary earnings rose 19.1 percent versus an expected 9.7 percent. Healthcare almost tripled its 2.4 percent growth rate projection with an increase of 7.1 percent. Pfizer (PFE) and Merck (MRK) contributed to the sector’s momentum with strong earnings. Materials and industrials both reported a slower rate of contraction than expected. The rise in consumer discretionary earnings was driven by the auto sector. Automobile manufacturers in the S&P 500 Index reported combined earnings growth of more than 100 percent and accounted for a full 1 percent of S&P 500 earnings growth. Ford (F) reported impressive growth of 130 percent. Healthcare sales rose 9.2 percent in the first quarter, while energy sales fell 29.5 percent. The current quarter is expected to see a smaller decline in S&P 500 earnings due to the energy sector, but growth in the remaining quarters is expected to offset losses and lift S&P 500 earnings into positive territory. In the second quarter, utilities, telecom, consumer discretionary and healthcare foresee growth, while energy anticipates a smaller earnings decline of 75 percent (as

opposed to this quarter’s aforementioned 107 percent loss).Economic growth figures are expected to improve greatly in the current quarter. The Bureau of Economic Analysis initially estimated 0.5 percent first-quarter GDP growth, though revisions due at the end of May are likely to improve significantly. Atlanta Federal Reserve’s GDPNow Model is predicting 2.2 percent growth for the second quarter. The pick-up in growth this quarter is due in part to rising consumer spending and fixed asset investment. Manufacturing remained in expansion last month, while unemployment claims saw their lowest four-week average since the early 1970s. Wage growth picked up in April along with unit labor costs, both of which are closely monitored by the Federal Reserve for signs of wage inflation. April employment data was a little weaker than anticipated, with 160,000 new jobs versus an expected 200,000. The latest Job Openings and Labor Turnover Survey (JOLTS) sent a clear growth signal with a high quit rate, indicating worker confidence. The survey also reported a nearly level correlation between available jobs and unemployed workers. Skill mismatch, geography and other factors may leave these positions unfilled, but in 2009 there were six unemployed workers for every job opening. Overall, the wage and labor market data is strong enough to generate inflation if conditions persist. Dividend-paying shares continue to outperform in this market. The U.S. dollar appears to have bottomed in the past month and if that holds, a rise in the greenback will be domestically lucrative, while providing a challenge for commodities and emerging markets. A move to value appears to be prevalent as well, with investors rotating out of Apple (AAPL). AAPL, the largest holding in many technology and growth funds, broke to a new 52-week low on May 12. Biotechnology has rallied less than the overall market, and growth funds that piled into the sector in recent years have lagged as a result.

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

MAY 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: PIMCO Diversified Income Fund (PDVBX)

THE Investor Guide TO VANGUARD FUNDS

(continued on page 2)

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

The Investor Guide To VANGUARD FUNDs

Model Portfolio UpdatesThe market enjoyed a healthy month. The Russell 2000 Index galloped ahead with a 2.87 percent return, and the Dow Jones Industrial Average climbed 2.00 percent. The S&P 500 Index and the MSCI EAFE both advanced 1.80 per-cent. All but the Nasdaq moved higher last month. Apple (AAPL), which is the largest stock in the index, pulled the index to -0.84 percent with disappoint-ing earnings and guidance.Year-to-date the Dow is up 2.89 percent, and the S&P 500 has gained 1.98 per-cent this year. The Russell 2000 contin-ues to climb and is now down just 0.62 percent YTD. The MSCI EAFE trails with a loss of 3.59 percent and the Nas-daq is down 3.94 percent.We made one change to the Model Portfolios this month. In the NTF Aggressive Growth Portfolio, we sold ClearBridge Aggressive Growth (LMPFX) and purchased Vanguard Equity Income (VEIPX). This change will increase the portfolio’s yield, while providing additional diversification. The Vanguard Aggressive Growth Port-folio increased 1.44 percent over the past month. Financials (VFH) led the portfolio, gaining 6.01 percent. Strong bank earn-ings propelled the banking sector. Capital Value (VCVLX) advanced 2.11 percent in a strong month for value. Information Technology (VGT) fell 2.34 percent fol-lowing losses at Apple (AAPL) and Mic-rosoft (MSFT). The portfolio continues to rebound rapidly; while down 1.70 percent in 2016, it has climbed nearly 11 percent since February.The Vanguard Straight Growth Port-folio advanced 2.86 percent on the month. The portfolio is up 3.42 percent

in 2016. Dividend Growth (VDIGX) gained 2.18 percent, and Small Cap Growth (VISGX) rallied 2.20 percent. Selected Value (VASVX) and Explorer Value (VEVFX) did especially well due to mid- and small-cap exposure. VASVX gained 3.61 percent on the month, while VEVFX rallied 3.83 per-cent. The Vanguard Balanced Growth Portfolio increased 1.56 percent last month and is up 4.04 percent in 2016. Dividend Growth (VDIGX) rose 2.18 percent. Equity Income (VEIPX) fol-lowed with a 1.82 percent gain, and Div-idend Appreciation (VIG) rallied 1.75 percent. Short Term Corporate Bond (VCSH) gained a modest 0.50 percent, outperforming comparable bond funds. Investment-grade corporate bonds con-tinue to benefit from falling credit risk and favorable interest rates.The Vanguard Conservative Income Portfolio gained 1.36 percent last month. Year-to-date, it has increased 4.63 percent. Equity Income (VEIPX) and Dividend Appreciation (VIG) led with 1.82 percent and 1.75 percent gains, respectively. High-Yield Corpo-rate (VWEHX) climbed 1.52 percent as oil prices improved the outlook for indebted shale drillers.The NTF Aggressive Growth Portfolio rallied 1.01 percent on the month. It is down 4.20 percent year-to-date. Van-guard Financials (VFH) gained 6.01 percent last month, offsetting a 1.76 percent drop in PRIMECAP Odyssey Growth (POGRX), which invests heav-ily in biotechnology. Biotech’s April rally stalled and the sector has yet to complete its consolidation phase. The NTF Straight Growth Portfolio advanced 2.11 percent last month and is up 3.85 percent this year. Vanguard Se-

lected Value (VASVX) led the portfolio with a 3.61 percent gain, followed by a 2.57 percent increase in Invesco Diver-sified Dividend Investor (LCEIX). The NTF Balanced Growth Portfolio increased 1.30 percent last month and is up 4.30 percent this year. Invesco Di-versified Dividend (LCEIX) did well last month, rising 2.57 percent and besting many dividend fund competi-tors. PIMCO Floating Income (PFIDX) saw a sharp 2.02 percent rise during the month as treasury yields fell and high-yield bonds rallied. The NTF Conservative Income Port-folio increased 1.45 percent over the past month; it is up 3.31 percent in 2016. Thompson Bond (THOPX) re-turned 2.37 percent as corporate bonds advanced. Vanguard Dividend Growth (VDIGX) led the equity funds with a 2.18 percent advance. The NTF Global Portfolio advanced 1.55 percent last month and is up 0.16 percent this year, substantially out-performing its benchmark. Vanguard European Stock (VGK) led with a 2.15 percent advance, a result of the weaker U.S. dollar. PIMCO Diversi-fied (PDVDX) gained 1.96 percent. Vanguard Global Minimum Volatility (VMVFX) rallied 1.57 percent. Global funds held up well due to strength in U.S. asset prices.The NTF Absolute Return/Down Market Portfolio increased 2.25 per-cent last month. The portfolio is up 5.88 percent in 2016. Tocqueville Gold (TGLDX) again led the portfolio as min-ing shares broke out to new highs before correcting. Bond funds Thompson Bond (THOPX) and PIMCO Floating Income (PFIDX) delivered strong support, with both funds rising more than 2 percent.

Vanguard Explorer Value (VEVFX) and Selected Value (VASVX) are poised to do well with a rally in mid- and small-cap shares. Both funds outperformed last month when this combination of factors

was in effect. Mega Cap Value (MGK) beat Small Cap Growth (VISGX), indicating a preference for value stocks rather, irrespective of market-cap exposure. Funds such as Invesco

Diversified Dividend Investor (LCEIX), Vanguard Dividend Appreciation (VIG) and Equity Income (VEIPX) have been strong all year and remain attractive.

Market Perspective: Earnings Reports Beat Expectations; Investors Still Cautious (continued)

www.MutualFundInvestorGuide.com | MAY 2016 3

Model Portfolios (Data provided as of 5/10/16)

Vanguard aggressiVe growthsYMBoL Fund Price shares allocation 1 Month Ytd ValueVGHCX Vanguard Health Care 202.38 161.12 29.65% 1.25% -5.85% $32,607.37VGT Vanguard Information Technology 105.75 231.31 22.24% -2.34% -1.97% $24,461.36VSTCX Vanguard Strategic Small-Cap Equity 29.36 518.23 13.83% 2.44% 1.31% $15,215.16VCVLX Vanguard Capital Value 10.66 849.37 8.23% 2.11% -2.38% $9,054.30VFH Vanguard Financials ETF 48.12 384.03 16.80% 6.01% -0.40% $18,479.66VDC Vanguard Consumer Staples ETF 138.14 73.65 9.25% 1.50% 7.53% $10,173.73

TOTAL 1.44% -1.70% $109,991.57

Vanguard BaLanced growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVEIPX Vanguard Equity Income 30.84 947.17 25.73% 1.82% 5.06% $29,210.78VIG Vanguard Dividend Appreciation 82.38 190.22 13.81% 1.75% 6.48% $15,670.30VDIGX Vanguard Dividend Growth 23.39 1282.94 26.44% 2.18% 4.39% $30,007.86VWINX Vanguard Wellesley Income 25.62 883.14 19.93% 1.03% 5.16% $22,626.12VCSH Vanguard ST Corp Bond 80.36 199.02 14.09% 0.50% 2.40% $15,992.86

TOTAL 1.56% 4.04% $113,507.91

Vanguard conserVatiVe incoMe PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.73 1474.36 14.51% 0.35% 2.29% $15,819.84VWEHX Vanguard High-Yield Corporate 5.66 4573.92 23.74% 1.52% 4.04% $25,888.41VEIPX Vanguard Equity Income 30.84 947.17 26.79% 1.82% 5.06% $29,210.78VWINX Vanguard Wellesley Income 25.62 876.18 20.59% 1.03% 5.16% $22,447.86VIG Vanguard Dividend Appreciation 82.38 190.22 14.37% 1.75% 6.48% $15,670.30

TOTAL 1.36% 4.63% $109,037.18

Vanguard straight growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVDIGX Vanguard Dividend Growth 23.39 1539.52 32.16% 2.18% 4.39% $36,009.44VASVX Vanguard Selected Value 26.70 793.01 18.91% 3.61% 3.29% $21,173.33VEVFX Vanguard Explorer Value 29.56 722.29 19.07% 3.83% 3.87% $21,350.88MGV Vanguard Mega Cap Value 60.72 380.81 20.65% 2.65% 3.54% $23,122.90VISGX Vanguard Small Cap Growth 33.97 303.38 9.20% 2.20% -0.61% $10,305.66

TOTAL 2.86% 3.42% $111,962.22

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 MAY 2016 | PhOne: (888) 252-5372


ntF BaLanced growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.73 1246.01 12.08% 0.35% 2.29% $13,369.73VMNFX Vanguard Market Neutral 12.11 1317.59 14.42% -1.62% -0.16% $15,956.06VIG Vanguard Dividend Appreciation 82.38 188.56 14.04% 1.75% 11.95% $15,533.54LCEIX Invesco Diversified Dividend Investor 18.74 1273.73 21.57% 2.57% 7.06% $23,869.76VEIPX Vanguard Equity Income 30.84 947.20 26.40% 1.82% 5.06% $29,211.75PFIDX PIMCO Floating Income 7.80 1628.47 11.48% 2.02% 1.45% $12,702.03

TOTAL 1.30% 4.30% $110,642.87

ntF aBsoLute return/down Market PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVMNFX Vanguard Market Neutral 12.11 2195.99 25.59% -1.62% -0.16% $26,593.43VFSTX Vanguard Short-term Investment Grade 10.73 1272.56 13.14% 0.35% 2.29% $13,654.54THOPX Thompson Bond 10.81 2282.48 23.75% 2.37% 3.05% $24,673.58TGLDX Tocqueville Gold 37.97 412.15 15.06% 13.28% 49.42% $15,649.20VSGBX Vanguard Short-Term Federal 10.83 955.07 9.95% 0.18% 1.45% $10,343.42PFIDX PIMCO Floating Income 7.80 1666.15 12.51% 2.02% 1.45% $12,995.96

TOTAL 2.25% 5.88% $103,910.14

ntF conserVatiVe incoMe PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.73 2492.03 24.73% 0.35% 2.29% $26,739.46PFIDX PIMCO Floating Income 7.80 1861.36 13.43% 2.02% 1.45% $14,518.59THOPX Thompson Bond 10.81 912.99 9.13% 2.37% 3.05% $9,869.43VWINX Vanguard Wellesley Income 25.62 657.14 15.57% 1.03% 5.16% $16,835.89VDIGX Vanguard Dividend Growth 23.39 757.83 16.39% 2.18% 4.39% $17,725.53VWELX Vanguard Wellington 37.90 592.13 20.75% 1.77% 3.66% $22,441.68

TOTAL 1.45% 3.31% $108,130.59

ntF straight growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueFAMVX FAM Value 63.16 460.96 25.71% 2.35% 5.16% $29,114.13VPMCX Vanguard PRIMECAP 97.51 209.39 18.03% -0.09% -2.20% $20,418.02LCEIX Invesco Diversified Dividend Investor 18.74 1592.17 26.35% 2.57% 7.06% $29,837.20VDIGX Vanguard Dividend Growth 23.39 769.78 15.90% 2.18% 4.39% $18,005.15VASVX Vanguard Selected Value 26.70 594.76 14.02% 3.61% 3.29% $15,880.00

TOTAL 2.11% 3.85% $113,254.50

ntF aggressiVe growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValuePOGRX PRIMECAP Odyssey Growth 25.70 1330.47 31.14% -1.76% -5.93% $34,193.09VEIPX Vanguard Equity Income 30.84 830.57 23.33% N/A N/A $25,614.64VGHCX Vanguard Health Care 202.38 128.90 23.76% 1.25% -5.85% $26,085.89VFH Vanguard Financials ETF 48.12 496.90 21.78% 6.01% -0.40% $23,910.97

TOTAL 1.01% -4.20% $109,804.59

ntF gLoBaL PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVGK Vanguard European Stock Index 49.01 272.37 12.60% 2.15% -1.19% $13,349.00VMVFX Vanguard Global Minimum Volatility 11.65 2623.91 28.84% 1.57% 3.10% $30,568.56WAGOX Wasatch Global Opportunities 3.22 3160.45 9.60% 1.26% -4.73% $10,176.64WAGTX Wasatch World Innovators 18.34 919.37 15.91% 0.88% -2.60% $16,861.16MGLBX Marsico Global 11.59 1232.22 13.48% 1.40% -3.26% $14,281.48PDVDX PIMCO Diversified 10.31 2011.91 19.57% 1.96% 4.26% $20,742.83

TOTAL 1.55% 0.16% $105,979.67


VANGUARD GROWTH FUNDSIVOG Vanguard S&P Mid-Cap 400 Growth ETF 102.50 70 Buy 3.57 3.07 16.33 -1.11 8.68 9.00 1.03 0.95 12.35 0.20IVOO Vanguard S&P Mid-Cap 400 ETF 98.83 74 Buy 5.60 3.11 17.44 -1.78 8.81 9.37 1.47 0.99 12.53 0.15IVOV Vanguard S&P Mid-Cap 400 Value ETF 95.14 82 Strong Buy 7.62 3.26 18.24 -2.76 8.63 9.43 1.76 1.03 13.33 0.20MGC Vanguard Mega Cap ETF 71.14 83 Buy 2.52 1.83 12.80 0.75 10.66 11.30 2.15 1.00 11.36 0.09MGK Vanguard Mega Cap Growth ETF 83.83 82 Strong Buy 1.30 0.87 13.54 0.42 11.56 12.24 1.54 1.08 12.55 0.09MGV Vanguard Mega Cap Value ETF 60.72 84 Strong Buy 3.53 2.65 12.22 1.04 9.91 10.48 2.68 0.93 10.84 0.09NAESX Vanguard Small Cap Index Inv 54.42 71 Buy 2.88 3.24 18.56 -5.01 7.89 8.63 1.48 1.06 13.75 0.20VASVX Vanguard Selected Value Inv 26.70 87 Strong Buy 3.29 3.61 18.25 -4.90 8.57 9.67 1.58 1.02 12.72 0.39VB Vanguard Small-Cap ETF 113.56 73 Buy 2.93 3.17 18.58 -4.93 7.99 8.76 1.60 1.06 13.77 0.08VBK Vanguard Small-Cap Growth ETF 120.83 84 Strong Buy -0.37 2.27 18.87 -8.19 6.40 7.38 1.02 1.04 14.23 0.08VBR Vanguard Small-Cap Value ETF 104.17 76 Strong Buy 5.86 4.07 18.36 -2.06 9.36 9.82 2.06 1.08 13.79 0.08VCVLX Vanguard Capital Value Inv 10.66 71 Buy -2.38 2.11 17.40 -19.38 3.44 5.08 1.23 1.27 16.40 0.50VDAIX Vanguard Dividend Appreciation Idx Inv 32.96 86 Strong Buy 6.42 1.76 11.89 3.08 8.71 9.93 2.05 0.93 10.94 0.19VDEQX Vanguard Diversified Equity Inv 29.81 79 Buy -0.13 1.71 14.17 -4.31 9.43 9.93 1.31 1.05 12.15 0.40VDIGX Vanguard Dividend Growth Inv 23.39 91 Strong Buy 4.70 2.18 10.77 4.79 10.66 11.93 1.88 0.87 10.16 0.33VEIPX Vanguard Equity-Income Inv 30.84 95 Strong Buy 5.06 1.82 11.91 2.79 9.80 11.75 2.85 0.91 10.61 0.26VEVFX Vanguard Explorer Value Inv 29.56 73 Strong Buy 3.87 3.83 18.15 -3.00 7.50 9.12 0.97 1.07 13.85 0.56VEXMX Vanguard Extended Market Idx Inv 63.84 71 Hold 0.70 2.60 18.38 -7.11 7.38 8.23 1.32 1.07 13.84 0.22VEXPX Vanguard Explorer Inv 79.94 63 Hold -0.62 1.60 17.99 -9.88 6.73 7.44 0.18 1.12 14.86 0.48VFINX Vanguard 500 Index Inv 192.58 83 Buy 2.70 1.90 13.09 0.52 10.58 11.17 2.02 1.00 11.34 0.16VFTSX Vanguard FTSE Social Index Inv 13.23 83 Buy 0.58 1.93 12.89 -2.08 10.98 11.77 1.71 1.03 11.85 0.25VHCOX Vanguard Capital Opportunity Inv 49.44 88 Buy -3.81 -0.30 12.65 -6.31 10.91 11.53 0.71 0.97 12.55 0.45VHDYX Vanguard High Dividend Yield Index Inv 27.74 92 Strong Buy 5.60 2.02 11.82 3.11 10.38 12.12 3.17 0.91 10.65 0.16VIG Vanguard Dividend Appreciation ETF 82.38 97 Strong Buy 6.48 1.75 11.94 3.20 8.81 10.03 2.15 0.93 10.94 0.10VIGRX Vanguard Growth Index Inv 55.29 81 Buy 1.21 1.02 14.12 -0.48 11.04 11.49 1.28 1.06 12.38 0.22VIMSX Vanguard Mid Cap Index Inv 33.44 80 Buy 2.20 2.14 16.32 -4.24 9.38 9.53 1.39 1.01 12.08 0.20VIOG Vanguard S&P Small-Cap 600 Growth ETF 107.04 72 Buy 0.42 1.95 14.61 -1.24 9.94 9.77 0.92 1.00 14.14 0.20VIOO Vanguard S&P Small-Cap 600 ETF 102.91 73 Buy 3.79 3.21 16.89 -1.13 9.43 9.99 1.24 1.04 14.20 0.15VIOV Vanguard S&P Small-Cap 600 Value ETF 98.98 75 Strong Buy 5.77 4.56 17.46 -0.92 8.90 10.13 1.46 1.07 14.68 0.20VISGX Vanguard Small Cap Growth Index Inv 33.97 81 Strong Buy -0.51 2.20 18.86 -8.36 6.26 7.23 0.90 1.04 14.22 0.20VISVX Vanguard Small Cap Value Index Inv 24.96 80 Strong Buy 5.73 4.04 18.31 -2.24 9.22 9.67 1.94 1.08 13.79 0.20VIVAX Vanguard Value Index Inv 32.70 84 Buy 3.40 2.60 12.60 -0.12 9.65 10.29 2.49 0.95 10.92 0.22VLACX Vanguard Large Cap Index Inv 38.48 82 Buy 2.33 1.88 13.27 -0.28 10.30 10.87 1.94 1.00 11.36 0.20VMGIX Vanguard Mid-Cap Growth Index Inv 39.91 84 Strong Buy 1.90 1.71 18.07 -5.44 8.88 8.52 0.72 1.02 12.71 0.20VMGRX Vanguard Mid Cap Growth Inv 21.93 79 Buy -2.32 1.95 15.30 -8.57 8.03 8.72 0.38 1.05 13.18 0.43VMNFX Vanguard Market Neutral Inv 12.11 92 Strong Buy -0.08 -1.62 -2.89 5.78 4.78 3.80 0.02 0.51 4.81 0.25VMRGX Vanguard Morgan™ Growth Inv 24.52 89 Strong Buy -1.61 0.66 12.37 -1.32 11.23 10.08 0.81 1.04 12.38 0.40VMVIX Vanguard Mid-Cap Value Index Inv 34.59 82 Buy 2.50 2.52 14.85 -3.19 9.79 10.42 1.98 0.99 11.72 0.20VO Vanguard Mid-Cap ETF 122.52 80 Buy 2.25 2.18 16.39 -4.10 9.53 9.68 1.51 1.00 12.07 0.08VOE Vanguard Mid-Cap Value ETF 87.95 82 Buy 2.70 2.64 14.92 -3.01 9.95 10.58 2.10 0.99 11.72 0.08VONE Vanguard Russell 1000 ETF 95.45 83 Buy 2.40 1.94 13.60 -0.52 10.41 10.94 1.98 1.01 11.42 0.12VONG Vanguard Russell 1000 Growth ETF 102.97 84 Strong Buy 1.29 0.90 13.14 1.06 11.97 11.68 1.52 1.02 11.85 0.12VONV Vanguard Russell 1000 Value ETF 88.45 83 Buy 3.84 3.16 14.33 -1.82 8.76 10.14 2.46 0.99 11.41 0.12VOO Vanguard S&P 500 ETF 191.19 84 Buy 2.83 1.93 13.15 0.68 10.72 11.29 2.13 1.00 11.35 0.05VOOG Vanguard S&P 500 Growth ETF 104.59 85 Strong Buy 1.13 0.86 12.50 1.81 12.31 12.30 1.52 1.03 11.90 0.15VOOV Vanguard S&P 500 Value ETF 88.46 83 Strong Buy 4.38 3.22 13.54 -1.08 8.83 9.99 2.49 0.97 11.23 0.15VOT Vanguard Mid-Cap Growth ETF 101.52 85 Strong Buy 1.99 1.76 18.09 -5.34 9.03 8.66 0.84 1.02 12.73 0.08VPCCX Vanguard PRIMECAP Core Inv 20.65 87 Strong Buy -0.82 0.00 11.20 -3.10 11.02 11.16 1.26 0.96 11.33 0.47VPMCX Vanguard PRIMECAP Inv 97.51 87 Strong Buy -2.20 -0.09 11.25 -3.39 11.58 11.62 1.35 0.96 11.45 0.40VQNPX Vanguard Growth & Income Inv 40.51 86 Strong Buy 2.43 1.50 13.06 0.89 11.08 11.64 1.94 0.98 11.20 0.34VSEQX Vanguard Strategic Equity Inv 28.39 85 Strong Buy 0.32 1.50 15.22 -6.44 10.34 10.84 1.73 1.03 12.80 0.21VSTCX Vanguard Strategic Small-Cap Equity Inv 29.36 81 Strong Buy 1.31 2.44 16.09 -5.28 9.55 9.74 1.56 1.05 13.84 0.34VTHR Vanguard Russell 3000 ETF 94.85 80 Buy 1.77 1.81 13.47 -1.43 10.02 10.62 1.94 1.01 11.55 0.15VTI Vanguard Total Stock Market ETF 106.34 81 Buy 2.43 2.05 14.00 -0.91 10.14 10.77 2.02 1.01 11.53 0.05VTSMX Vanguard Total Stock Mkt Idx Inv 51.74 81 Buy 2.34 2.03 13.99 -1.01 10.01 10.63 1.92 1.01 11.53 0.16VTV Vanguard Value ETF 83.85 84 Buy 3.53 2.67 12.68 0.01 9.82 10.44 2.63 0.95 10.93 0.08VTWG Vanguard Russell 2000 Growth ETF 96.84 67 Sell -4.95 1.41 17.50 -10.32 7.19 7.30 0.63 1.17 16.63 0.20VTWO Vanguard Russell 2000 ETF 90.05 60 Hold -0.01 3.04 17.70 -7.11 6.49 7.19 1.38 1.11 15.32 0.15VTWV Vanguard Russell 2000 Value ETF 82.69 62 Buy 3.86 4.58 17.78 -4.26 5.46 6.95 2.01 1.04 14.56 0.20VUG Vanguard Growth ETF 107.41 81 Buy 1.27 1.03 14.15 -0.34 11.21 11.64 1.42 1.06 12.38 0.08VUVLX Vanguard US Value Inv 16.53 84 Strong Buy 1.41 2.99 13.69 -2.54 9.38 11.15 2.41 0.96 11.30 0.26VV Vanguard Large-Cap ETF 95.27 83 Buy 2.40 1.88 13.30 -0.17 10.46 11.02 2.06 1.00 11.36 0.08VWNDX Vanguard Windsor™ Inv 19.03 82 Buy -0.63 2.42 15.40 -8.12 7.86 9.40 1.57 1.10 13.08 0.39

Data & Rankings (Data provided as of 5/10/16)% 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 MAY 2016 | PhOne: (888) 252-5372


VWNFX Vanguard Windsor™ II Inv 34.34 81 Buy 2.51 2.66 13.93 -3.76 7.92 9.49 2.12 1.00 11.51 0.34VWUSX Vanguard US Growth Inv 29.02 81 Buy -2.58 1.08 12.44 -0.62 12.39 11.72 0.45 1.02 12.38 0.47VXF Vanguard Extended Market ETF 84.12 71 Hold 0.76 2.64 18.42 -6.99 7.50 8.38 1.45 1.07 13.85 0.09VYM Vanguard High Dividend Yield ETF 70.06 92 Strong Buy 5.70 2.07 11.80 3.19 10.47 12.22 3.24 0.91 10.64 0.09

VANGUARD SECTOR FUNDSVAW Vanguard Materials ETF 102.00 73 Sell 8.71 4.22 19.84 -7.50 6.15 5.15 1.94 1.28 17.35 0.10VCR Vanguard Consumer Discretionary ETF 125.52 78 Buy 2.81 2.87 18.13 3.22 12.70 15.20 1.37 0.98 13.34 0.10VDC Vanguard Consumer Staples ETF 138.14 92 Strong Buy 7.53 1.50 9.78 11.73 12.41 14.27 2.40 0.65 10.66 0.10VDE Vanguard Energy ETF 91.17 58 Hold 10.53 5.30 23.15 -18.13 -4.98 -1.88 2.48 1.20 19.99 0.10VFH Vanguard Financials ETF 48.12 85 Strong Buy -0.40 6.01 16.22 -1.92 8.47 9.53 2.44 0.89 12.77 0.10VGENX Vanguard Energy Inv 47.15 49 Hold 14.83 5.46 25.50 -15.94 -5.37 -3.73 1.95 1.23 20.43 0.37VGHCX Vanguard Health Care Inv 202.38 95 Strong Buy -5.85 1.25 7.96 -4.85 17.46 16.88 0.97 0.75 12.37 0.36VGPMX Vanguard Precious Metals and Mining Inv 9.78 41 Hold 56.73 13.33 44.89 4.05 -6.83 -15.41 0.84 31.99 0.35VGSIX Vanguard REIT Index Inv 28.74 73 Hold 9.71 4.02 20.65 12.27 8.60 11.11 2.69 0.54 15.49 0.26VGT Vanguard Information Technology ETF 105.75 90 Strong Buy -1.98 -2.34 12.18 -1.59 13.38 11.15 1.44 1.02 13.95 0.10VGXRX Vanguard Global ex-US Rel Est Idx Inv 21.73 57 Sell 5.71 1.54 14.86 -5.27 -0.49 4.73 0.89 13.78 0.36VHT Vanguard Health Care ETF 128.05 96 Strong Buy -3.32 1.43 10.43 -4.72 15.18 16.16 1.43 0.84 13.41 0.09VIS Vanguard Industrials ETF 106.43 81 Hold 5.85 2.50 15.07 0.67 10.96 10.18 1.93 0.99 13.44 0.10VNQ Vanguard REIT ETF 86.52 73 Buy 9.74 4.04 20.69 12.43 8.75 11.27 2.83 0.54 15.51 0.12VNQI Vanguard Global ex-US Real Estate ETF 54.52 57 Hold 6.85 1.81 16.05 -5.09 -0.34 4.76 0.89 13.80 0.18VOX Vanguard Telecommunication Services ETF 92.72 85 Hold 11.11 0.93 13.74 10.30 8.42 9.06 3.01 0.66 11.50 0.10VPU Vanguard Utilities ETF 107.21 64 Hold 14.92 1.22 7.28 16.10 11.31 11.98 3.32 0.30 14.10 0.10

VANGUARD INCOME FUNDSBIV Vanguard Intermediate-Term Bond ETF 86.54 77 Buy 5.08 0.38 2.01 4.46 2.92 4.81 2.16 1.47 4.42 0.09BLV Vanguard Long-Term Bond ETF 93.99 80 Hold 9.67 0.39 4.89 6.38 4.87 8.15 3.59 2.86 8.89 0.09BND Vanguard Total Bond Market ETF 83.09 76 Hold 3.74 0.26 1.68 3.42 2.54 3.48 2.06 1.05 3.12 0.06BSV Vanguard Short-Term Bond ETF 80.69 76 Strong Buy 1.88 0.10 0.65 1.86 1.33 1.63 1.15 0.40 1.33 0.09EDV Vanguard Extended Duration Treasury ETF 127.52 60 Hold 13.28 -1.15 -1.76 12.81 8.58 14.51 2.60 5.15 17.47 0.10VBIIX Vanguard Interm-Term Bond Index Inv 11.71 77 Buy 4.94 0.37 1.92 4.38 2.81 4.73 2.09 1.48 4.47 0.16VBISX Vanguard Short-Term Bond Index Inv 10.58 74 Strong Buy 1.92 0.11 0.71 1.75 1.23 1.55 1.08 0.40 1.33 0.16VBLTX Vanguard Long-Term Bond Index Inv 14.25 74 Hold 9.44 0.72 4.22 6.77 4.86 8.11 3.52 2.86 8.89 0.16VBMFX Vanguard Total Bond Market Index Inv 10.95 76 Hold 3.80 0.28 1.51 3.33 2.42 3.39 1.96 1.03 3.08 0.16VCIT Vanguard Intermediate-Term Corp Bd ETF 87.85 79 Hold 5.58 1.05 4.86 4.55 3.50 5.45 3.01 1.43 4.56 0.10VCLT Vanguard Long-Term Corporate Bond ETF 91.05 78 Hold 9.74 1.12 9.79 6.29 4.66 7.59 4.37 2.56 8.54 0.10VCSH Vanguard Short-Term Corporate Bond ETF 80.36 87 Strong Buy 2.41 0.50 2.22 2.55 2.04 2.71 1.85 0.47 1.68 0.10VCVSX Vanguard Convertible Securities Inv 11.96 85 Strong Buy -0.98 0.93 7.46 -8.15 2.44 3.61 2.32 0.90 7.40 0.38VFICX Vanguard Interm-Term Invmt-Grade Inv 9.98 78 Buy 4.59 0.63 2.97 4.35 3.15 4.71 2.41 1.16 3.62 0.20VFIIX Vanguard GNMA Inv 10.80 77 Hold 2.25 0.29 0.74 2.53 2.69 3.05 2.14 0.85 2.85 0.21VFISX Vanguard Short-Term Treasury Inv 10.76 71 Buy 1.32 0.07 0.29 1.19 0.79 0.92 0.53 0.26 0.96 0.20VFITX Vanguard Interm-Term Treasury Inv 11.61 74 Hold 3.78 0.04 0.30 3.97 2.04 3.34 1.15 1.16 3.66 0.20VFSTX Vanguard Short-Term Investment-Grade Inv 10.73 88 Strong Buy 2.34 0.35 1.73 2.16 1.82 2.20 1.64 0.39 1.37 0.20VGIT Vanguard Intermediate-Term Govt Bd ETF 66.37 74 Sell 3.51 0.02 0.32 3.94 2.17 3.41 1.25 1.11 3.52 0.10VGLT Vanguard Long-Term Government Bond ETF 80.59 73 Hold 8.88 -0.62 -0.72 9.07 5.89 8.91 2.39 3.34 10.93 0.10VGOVX Vanguard Emerg Mkts Govt Bd Idx Investor 9.73 82 Hold 6.52 1.82 6.97 3.76 4.14 0.49VGSH Vanguard Short-Term Government Bond ETF 61.23 71 Buy 1.01 0.13 0.24 1.00 0.74 0.73 0.67 0.17 0.68 0.10VIPSX Vanguard Inflation-Protected Secs Inv 13.47 68 Hold 4.91 0.22 3.06 2.11 -0.56 2.41 1.65 5.44 0.20VMBS Vanguard Mortgage-Backed Securities ETF 53.55 77 Hold 2.21 0.31 0.70 2.43 2.71 2.81 1.87 0.69 2.28 0.10VMLTX Vanguard Ltd-Term Tx-Ex 11.08 78 Strong Buy 1.08 0.12 0.01 2.23 1.35 1.77 0.88 0.31 1.26 0.20VSGBX Vanguard Short-Term Federal Inv 10.83 88 Strong Buy 1.48 0.18 0.44 1.59 0.96 1.27 0.89 0.32 1.07 0.20VTIBX Vanguard Total Intl Bd Idx Investor 10.92 79 Hold 3.93 0.10 1.99 4.42 0.63 0.17VTINX Vanguard Target Retirement Income Inv 12.79 77 Hold 3.07 0.79 5.10 0.66 3.47 4.67 1.84 0.54 4.12 0.14VTIPX Vanguard Shrt-Term Infl-Prot Sec Idx Inv 24.58 68 Hold 1.82 0.12 1.61 0.82 -0.39 0.40 1.84 0.17VUSTX Vanguard Long-Term Treasury Inv 13.16 75 Hold 9.02 -0.55 -0.67 9.05 5.79 8.95 2.26 3.39 11.11 0.20VWAHX Vanguard High-Yield Tax-Exempt 11.55 96 Strong Buy 3.35 0.72 1.77 7.09 4.59 6.60 2.39 1.20 4.12 0.20VWEHX Vanguard High-Yield Corporate Inv 5.66 87 Strong Buy 4.18 1.51 7.62 -0.22 2.50 5.43 5.48 0.74 5.18 0.23VWESX Vanguard Long-Term Investment-Grade Inv 10.63 78 Hold 9.30 1.18 5.87 8.18 5.64 8.41 3.65 2.61 8.33 0.21VWITX Vanguard Interm-Term Tx-Ex Inv 14.49 79 Hold 2.61 0.42 0.81 5.41 3.31 4.65 1.33 0.88 3.04 0.20VWLTX Vanguard Long-Term Tax-Exempt 11.99 80 Hold 3.33 0.53 1.62 7.22 4.54 6.16 1.86 1.17 4.01 0.20VWSTX Vanguard Short-Term Tx-Ex 15.83 69 Buy 0.47 0.07 0.07 0.79 0.57 0.79 0.65 0.09 0.42 0.20

VANGUARD ASSET ALLOCATIONVASGX Vanguard LifeStrategy Growth Inv 27.86 74 Buy 2.20 1.68 10.91 -3.49 5.89 6.47 2.15 1.29 9.31 0.15VASIX Vanguard LifeStrategy Income Inv 15.02 74 Buy 3.51 0.60 3.93 1.98 3.67 4.12 2.04 0.37 3.42 0.12VBINX Vanguard Balanced Index Inv 29.99 77 Hold 3.11 1.39 8.89 0.98 7.04 7.91 1.85 0.95 6.97 0.22VGSTX Vanguard STAR Inv 23.67 75 Buy 1.63 1.28 9.48 -2.60 5.74 6.73 2.03 1.09 7.89 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 17.57 70 Buy 2.79 1.20 7.78 -1.94 4.72 5.56 1.73 0.97 6.99 0.38VSCGX Vanguard LifeStrategy Cnsrv Gr Inv 18.33 74 Buy 3.16 0.99 6.26 0.31 4.49 4.99 2.07 0.68 5.03 0.13VSMGX Vanguard LifeStrategy Moderate Gr Inv 23.68 74 Hold 2.69 1.37 8.57 -1.53 5.23 5.87 2.11 0.98 7.08 0.14VTENX Vanguard Target Retirement 2010 Inv 25.61 72 Hold 2.93 0.83 5.48 0.18 4.06 5.14 1.86 0.63 4.69 0.14VTTVX Vanguard Target Retirement 2025 Inv 16.02 74 Hold 2.56 1.46 9.35 -2.27 5.62 6.41 2.12 1.11 7.96 0.15VTWNX Vanguard Target Retirement 2020 Inv 27.88 74 Hold 2.69 1.27 8.36 -1.64 5.33 6.16 2.09 0.99 7.12 0.14VTXVX Vanguard Target Retirement 2015 Inv 14.62 73 Buy 2.74 1.04 7.11 -0.91 4.76 5.72 1.97 0.84 6.07 0.14VWELX Vanguard Wellington™ Inv 37.90 86 Strong Buy 3.66 1.77 9.05 1.02 7.24 8.36 2.39 1.03 7.58 0.26VWINX Vanguard Wellesley® Income Inv 25.62 92 Strong Buy 5.16 1.03 6.03 4.60 5.84 7.52 2.62 0.60 4.80 0.23

VANGUARD INTERNATIONAL FUNDSVDVIX Vanguard Developed Markets Idx Investor 9.05 59 Hold -0.68 2.72 11.51 -10.84 0.95 13.04 0.20VEA Vanguard FTSE Developed Markets ETF 36.42 62 Buy -0.38 2.71 12.01 -10.82 0.97 1.90 0.95 13.05 0.09VEIEX Vanguard Emerging Mkts Stock Idx Inv 21.29 54 Hold 2.44 -0.75 12.85 -21.09 -6.26 -4.95 1.11 16.88 0.33VEU Vanguard FTSE All-World ex-US ETF 43.54 57 Sell 0.65 2.25 12.86 -13.13 -0.66 0.11 0.97 13.22 0.13VEURX Vanguard European Stock Index Inv 26.32 66 Sell -1.45 2.06 10.25 -12.39 1.22 1.52 0.97 13.93 0.26VFSVX Vanguard FTSE All-Wld ex-US SmCp Idx Inv 36.10 64 Hold 2.01 1.92 13.78 -7.84 1.65 0.65 0.91 13.04 0.31VFWIX Vanguard FTSE All-World ex-US Index Inv 17.14 58 Sell 0.32 2.08 12.02 -13.26 -0.81 0.01 0.97 13.23 0.26VGK Vanguard FTSE Europe ETF 49.01 71 Hold -1.19 2.15 10.91 -12.28 1.31 1.55 0.97 13.93 0.12VGTSX Vanguard Total Intl Stock Index Inv 14.52 58 Hold 0.52 2.04 12.21 -12.74 -0.55 0.19 0.96 13.14 0.19VHGEX Vanguard Global Equity Inv 23.66 71 Hold 0.08 1.37 12.88 -6.15 5.51 5.99 0.80 11.66 0.57VIGI Vanguard Intl Div Appreciation ETF 54.37 90 Strong Buy 1.44 0.25VINEX Vanguard International Explorer Inv 16.65 78 Buy -1.77 1.09 11.00 -4.97 6.46 3.90 0.80 11.71 0.42VMMSX Vanguard Emerg Mkts Sel Stk Inv 15.86 53 Hold 4.20 -0.06 15.77 -19.97 -6.65 1.18 17.62 0.93VMVFX Vanguard Global Minimum Volatility Inv 11.65 96 Strong Buy 3.10 1.57 9.18 3.27 0.27VPACX Vanguard Pacific Stock Index Inv 10.75 52 Sell -0.28 3.37 12.89 -9.35 -0.19 2.43 0.90 13.63 0.26VPL Vanguard FTSE Pacific ETF 56.33 56 Hold -0.39 3.41 13.22 -9.68 -0.18 2.46 0.90 13.64 0.12VSS Vanguard FTSE All-World ex-US Sm-Cp ETF 95.04 65 Sell 2.37 2.07 15.04 -7.95 1.77 0.74 0.91 13.04 0.17VT Vanguard Total World Stock ETF 58.21 72 Buy 1.42 2.23 13.48 -6.91 4.63 5.06 0.84 11.82 0.14VTRIX Vanguard International Value Inv 30.97 59 Hold -0.39 1.21 11.85 -15.81 -0.90 0.71 1.01 13.94 0.46VTWSX Vanguard Total World Stock Index Inv 23.73 72 Buy 1.57 2.06 13.15 -6.79 4.56 5.08 0.84 11.81 0.25VWIGX Vanguard International Growth Inv 20.88 57 Sell -1.04 1.90 14.47 -11.60 1.72 2.12 1.30 1.06 14.77 0.47VWO Vanguard FTSE Emerging Markets ETF 33.62 45 Hold 2.96 -0.74 13.86 -21.19 -6.12 -4.87 1.11 16.89 0.15VXUS Vanguard Total International Stock ETF 45.29 58 Sell 0.73 2.03 12.61 -12.81 -0.50 0.13 0.97 13.15 0.13VYMI Vanguard Intl High Div Yield ETF 54.49 84 Buy 2.50 0.30

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 23.15 79 Hold 0.94 2.93 13.85 -9.06 6.27 8.47 1.08 12.63 0.93AALIX ASTON/Herndon Large Cap Value N 12.34 67 Hold -2.76 0.16 13.31 -13.19 1.73 4.33 1.05 12.83 1.29ABCVX American Beacon The London Co Inc Eq Inv 14.52 82 Buy 3.44 1.82 10.62 -1.73 9.13 1.86 0.86 10.16 1.16ACPVX American Century Core Equity Plus Inv 12.41 85 Buy 0.98 0.16 10.90 -4.41 8.97 0.97 11.38 1.30ACTIX American Century Capital Val Inv 8.44 78 Buy 2.80 3.81 14.99 -3.46 8.32 9.86 1.03 12.08 1.00ACWDX ASTON/LMCG Small Cap Growth N 12.40 66 Sell -12.68 1.97 15.56 -20.80 4.95 5.03 1.11 17.25 1.35ADSIX American Century Disciplined Growth Inv 18.58 82 Buy 0.98 0.54 12.40 -3.44 9.55 10.18 1.02 11.79 1.02ADVTX ASTON/River Road Div All Cap Val II N 13.43 84 Strong Buy 7.93 2.02 14.24 1.40 7.66 2.17 0.88 10.55 1.15AFDIX American Century Fundamental Equity Inv 21.22 79 Buy 0.71 1.19 12.16 -3.47 8.87 10.37 0.98 11.20 0.99AKREX Akre Focus Retail 23.80 82 Buy 2.94 2.10 14.86 0.85 10.64 14.73 0.97 11.96 1.34ALVIX American Century Large Company Val Inv 8.82 79 Buy 3.04 3.64 15.27 -3.61 8.48 10.01 1.55 1.04 12.22 0.84AMAGX Amana Growth Investor 32.40 76 Buy 2.05 0.87 11.72 -1.24 9.13 8.04 0.46 0.98 11.61 1.08AMANX Amana Income Investor 44.58 81 Hold 5.14 0.68 11.37 0.09 7.92 8.45 1.29 0.96 11.25 1.12AMBEX ASTON/Anchor Capital Enhanced Equity N 8.90 66 Buy 2.80 0.00 6.84 -5.95 1.32 3.06 2.70 0.47 6.87 1.19AMPAX American Beacon Mid Cap Value Inv 13.61 71 Hold 2.15 2.95 17.72 -6.17 7.71 9.18 1.11 13.56 1.09AMVIX American Century Veedot® Inv 9.43 81 Buy 1.29 0.53 14.16 -5.21 9.58 10.68 1.03 12.15 1.26ANOIX American Century Small Cap Growth Inv 12.11 67 Sell -5.61 2.28 17.34 -14.66 5.00 5.35 1.07 16.19 1.39AOVIX American Century One Choice® VryAgrsvInv 15.15 73 Buy 0.80 1.81 13.14 -5.83 6.43 7.12 0.87 1.57 11.49 1.04ARDFX Ariel Discovery Investor 8.29 71 Sell 1.22 1.22 17.26 -21.49 -7.60 -1.15 1.09 17.62 1.25ARFFX Ariel Focus Investor 11.08 72 Hold 5.32 5.42 18.63 -11.45 4.72 5.92 1.07 13.71 1.00ARGFX Ariel Investor 59.32 81 Hold -0.19 2.91 18.19 -9.65 8.76 8.29 1.32 16.06 1.02ARLSX ASTON/River Road Long-Short N 11.01 59 Sell 0.00 0.46 6.48 -1.30 1.74 4.69 0.52 7.84 1.70ARSMX ASTON/River Road Select Value N 6.81 70 Buy 9.13 3.34 19.68 1.03 5.06 8.19 0.96 12.99 1.49ARSVX ASTON/River Road Small Cap Value N 11.80 68 Buy 6.88 3.15 17.18 1.37 5.65 8.08 0.91 12.55 1.34ASCTX ASTON/Silvercrest Small Cap N 14.53 61 Sell 3.71 4.38 17.65 -1.60 7.91 1.04 15.29 1.40AVPAX American Beacon Small Cp Val Inv 22.37 75 Sell 2.88 3.37 16.30 -4.65 7.16 7.67 1.08 14.44 1.15BADAX Brown Advisory Equity Income Adv 12.72 76 Buy 4.07 1.44 12.20 -3.64 6.18 1.94 0.84 10.10 1.15BAFAX Brown Advisory Flexible Equity Adv 15.46 76 Hold 0.19 1.71 14.35 -5.45 8.31 10.78 1.02 11.97 1.16BAGAX Brown Advisory Growth Equity Adv 18.60 70 Buy -0.43 1.31 14.18 1.04 8.80 8.63 0.95 11.45 1.12

VANGUARD ASSET ALLOCATION (continued)


Beta 3 Year

sd 3 Year


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


NTF GROWTH FUNDS (continued)

BARAX Baron Asset Retail 57.04 79 Buy -0.18 2.85 16.05 -2.75 9.03 9.14 1.79 1.00 12.75 1.31BASAX Brown Advisory Small-Cap Growth Adv 14.51 73 Hold -0.96 3.57 17.87 0.67 10.07 8.28 1.01 14.41 1.39BAUAX Brown Advisory Sm-Cp Fundamental Val Adv 22.33 68 Hold 3.09 5.38 15.82 -2.55 7.98 0.96 12.72 1.38BAVAX Brown Advisory Value Equity Adv 13.94 75 Sell -0.50 2.65 13.70 -11.14 4.45 5.75 1.06 13.00 1.15BEQGX American Century Equity Growth Inv 27.51 85 Buy 1.41 1.63 13.23 -5.03 8.39 10.20 1.33 1.02 11.70 0.67BFGFX Baron Focused Growth Retail 12.96 59 Hold -0.99 1.49 19.23 -8.17 3.67 5.68 1.09 14.47 1.35BFTHX Baron Fifth Avenue Growth Retail 17.59 73 Sell -4.87 0.63 15.27 -5.84 10.27 10.17 1.14 14.71 1.30BGRFX Baron Growth Retail 64.32 73 Hold 1.74 2.85 16.29 -5.15 6.46 8.40 0.92 12.35 1.29BIGRX American Century Income & Growth Inv 33.52 74 Hold 3.17 0.39 12.35 -3.91 8.29 10.01 2.35 1.00 11.53 0.67BIOPX Baron Opportunity Retail 15.52 66 Sell -6.73 1.84 18.38 -10.05 4.44 4.44 1.15 17.02 1.38BMDSX Baird MidCap Inv 14.62 64 Buy 1.74 1.88 15.57 -5.60 6.39 8.23 0.96 12.29 1.05BPAVX Robeco Boston Partners All Cap Value Inv 21.32 83 Buy 0.76 2.80 14.19 -3.14 10.27 10.55 1.06 12.52 0.95BPSCX Robeco Boston Partners Sm Cap Val II Inv 20.22 82 Hold 3.69 3.96 18.11 -4.76 6.90 8.21 0.56 1.05 13.89 1.35BPTRX Baron Partners Retail 34.95 74 Sell -1.88 2.85 27.83 -8.47 8.60 9.00 1.27 17.72 1.32BSCFX Baron Small Cap Retail 28.38 72 Hold 0.67 3.65 20.71 -7.82 4.82 6.62 1.06 14.03 1.30BUFGX Buffalo Growth 28.97 75 Hold 0.73 0.98 11.42 -3.10 10.25 9.50 0.91 11.13 0.91BUFMX Buffalo Mid Cap 15.08 78 Hold -1.63 1.69 13.13 -9.36 6.54 5.97 0.95 12.94 1.01BUFTX Buffalo Discovery 19.31 79 Buy -1.58 0.63 12.46 -3.73 12.60 10.84 0.92 12.65 1.01BULLX Roosevelt Multi-Cap 13.83 56 Sell 1.24 2.52 11.53 -4.96 4.72 6.09 0.90 11.18 1.17BVAOX Broadview Opportunity 31.27 61 Sell -0.13 2.83 15.99 -10.59 4.98 5.97 1.00 14.05 1.23BVEFX Becker Value Equity Retail 16.73 73 Hold 3.66 3.14 13.81 -7.37 7.87 9.16 1.01 11.96 0.88BWLIX American Beacon Bridgeway Lg Cp Val Inv 23.33 83 Buy 3.05 2.23 13.53 -1.22 10.23 0.99 11.53 1.09CAAPX Ariel Appreciation Investor 46.79 76 Hold 3.79 4.93 19.88 -8.57 8.17 9.03 1.24 15.00 1.12CAMAX Cambiar Aggressive Value Investor 16.84 70 Sell -8.97 -0.88 9.07 -12.93 9.75 2.79 1.09 17.66 1.35CBEAX Wells Fargo Advantage C&B Lg Cap Val A 12.53 80 Hold 4.59 2.96 14.95 9.07 9.42 0.97 11.35 1.15CBMAX Wells Fargo Advantage C&B Mid Cap Val A 27.49 73 Buy 6.02 3.50 15.99 -1.58 8.20 9.76 1.03 12.96 1.20CCASX Conestoga Small Cap Investors 34.67 60 Sell -2.99 2.03 16.38 1.05 8.03 8.15 1.07 16.67 1.10CFAGX Commerce MidCap Growth 34.62 81 Strong Buy 6.29 3.44 15.63 4.44 10.47 8.81 0.91 11.01 1.03CFGRX Commerce Growth 27.58 86 Buy 4.55 1.66 12.85 6.31 12.99 11.44 0.95 11.14 1.04CFIMX Clipper 105.50 75 Buy 1.04 5.27 18.09 1.50 10.16 10.48 0.31 1.05 12.60 0.72CFVLX Commerce Value 29.54 82 Hold 7.21 3.36 13.47 4.65 9.60 11.73 2.60 0.88 10.44 0.70CRMAX CRM Small/Mid Cap Value Inv 12.64 76 Hold 4.20 3.52 16.50 -7.18 5.50 6.46 1.01 13.06 1.08CRMEX CRM All Cap Value Inv 8.27 71 Buy 4.16 4.42 16.48 0.46 7.93 6.60 1.04 12.70 1.50CRMSX CRM Small Cap Value Inv 15.61 82 Buy 2.90 3.31 15.97 -3.18 7.69 5.99 1.09 14.60 1.09DEFIX Delafield Fund 25.15 71 Sell 5.01 1.74 20.16 -15.85 -1.18 1.71 1.30 17.72 1.25DGAGX Dreyfus Appreciation Investor 37.84 73 Hold 3.75 1.34 11.33 -2.04 6.15 7.72 1.00 11.79 0.92DGRIX Dreyfus Growth & Income 18.87 78 Buy 0.97 2.67 14.82 -1.46 10.35 10.17 1.07 12.47 0.91DRSVX Dreman Contrarian Small Cap Value Retail 19.24 71 Hold 5.83 4.79 20.48 -3.16 8.30 7.14 1.03 13.73 1.37DTLGX Wilshire Large Company Growth Invmt 37.29 66 Buy 1.30 1.47 13.83 2.57 10.58 9.42 1.01 12.09 1.33DTLVX Wilshire Large Company Value Invmt 18.65 78 Hold 0.16 2.19 13.44 -6.59 6.82 8.07 1.05 12.32 1.27DTSVX Wilshire Small Company Value Invmt 21.27 63 Hold 2.56 2.80 14.23 -2.52 8.70 8.92 1.07 15.01 1.49EGFFX Edgewood Growth Retail 20.70 83 Hold -2.86 0.88 14.68 2.71 13.76 13.69 1.07 13.59 1.39EGOAX Wells Fargo Advantage Large Cap Core A 14.52 80 Sell -4.10 0.41 9.83 -8.42 9.53 10.23 1.03 12.53 1.14EKJAX Wells Fargo Advantage Prem Lg Co Gr A 14.12 67 Sell -3.29 1.15 13.96 -5.41 8.62 9.35 0.10 1.04 12.96 1.12ETGLX Eventide Gilead N 23.11 57 Sell -9.55 -1.24 16.31 -19.37 9.97 10.89 1.17 17.46 1.35EXEYX Manning & Napier Equity 11.82 61 Sell 5.25 3.05 18.56 -2.17 7.76 7.61 1.07 12.84 1.05EXTAX Manning & Napier Tax Managed A 22.84 79 Buy 3.12 1.96 15.01 -4.49 6.84 6.96 1.02 12.16 1.20FAMEX FAM Equity-Income Inv 25.59 90 Buy 6.45 1.99 11.54 4.09 8.49 10.47 0.83 10.80 1.27FAMVX FAM Value Inv 63.16 92 Strong Buy 5.16 2.35 13.21 0.64 10.11 9.95 0.91 11.29 1.18FFGRX Emerald Growth Investor 17.10 62 Sell -8.46 -2.29 13.02 -14.64 8.21 8.11 0.92 17.33 1.27FMIEX Wasatch Large Cap Value Investor 8.69 76 Hold 3.49 2.48 12.72 -3.44 5.25 5.66 2.73 1.00 11.83 1.10FMLSX Wasatch Long/Short Investor 12.42 65 Hold 10.40 4.99 16.18 -8.12 -1.09 2.01 2.20 0.78 11.33 1.30FOGRX Tributary Growth Opps Inst 15.15 67 Hold 2.99 2.92 17.26 -7.72 7.98 7.08 1.10 13.76 1.14FOSCX Tributary Small Company Instl 23.45 73 Hold 4.36 3.67 17.19 3.43 9.59 8.45 0.98 14.13 1.20FQUAX AMG FQ US Equity Investor 15.46 77 Buy -0.09 0.52 9.29 -3.01 7.33 8.56 0.86 0.79 9.37 1.04FRSPX Dreyfus Mid-Cap Growth F 8.02 72 Buy -0.29 1.26 15.71 -6.31 7.61 8.08 1.07 13.29 1.14FVALX Forester Value N 12.05 67 Buy 1.35 -1.55 -0.66 -2.37 0.12 -0.41 0.11 4.25 1.25GABAX Gabelli Asset AAA 56.56 73 Sell 4.55 2.93 14.42 -3.65 5.66 7.64 1.04 12.24 1.35GABEX Gabelli Equity Income AAA 26.42 78 Hold 3.92 3.35 14.09 -4.06 5.89 7.83 0.99 11.45 1.37GABSX Gabelli Small Cap Growth AAA 47.03 83 Hold 3.16 2.69 14.57 -3.47 6.45 8.18 1.00 12.66 1.38HCAIX Harbor Capital Appreciation Inv 56.02 78 Sell -5.50 0.02 13.08 -3.36 11.79 10.75 1.09 13.88 1.01HDOGX Hennessy Total Return Investor 13.62 78 Buy 5.89 0.89 8.40 4.53 5.95 8.16 1.32 0.63 8.02 1.28HDPMX Hodges 36.15 75 Hold 7.88 1.12 28.88 -9.94 8.84 8.92 1.33 19.19 1.31


Beta 3 Year

sd 3 Year



NTF GROWTH FUNDS (continued)HDPSX Hodges Small Cap 17.59 71 Sell -1.01 3.65 17.58 -12.89 5.85 9.24 1.14 15.44 1.31HFCGX Hennessy Cornerstone Growth Investor 18.75 83 Buy -1.94 -0.05 11.01 -4.87 9.41 8.89 0.16 0.96 12.88 1.15HFCSX Hennessy Focus Investor 71.07 85 Buy 2.78 1.43 14.30 0.55 10.53 13.24 0.98 12.25 1.46HFCVX Hennessy Cornerstone Value Investor 17.44 73 Hold 4.87 1.10 13.91 -4.23 5.90 8.25 2.85 0.94 11.61 1.10HFLGX Hennessy Cornerstone Large Growth Inv 9.73 80 Hold 1.14 -1.52 9.94 -8.81 8.71 8.04 1.07 0.96 11.77 1.09HFMDX Hennessy Cornerstone Mid Cap 30 Inv 18.43 77 Hold -0.59 -1.76 9.90 -7.18 7.94 9.25 0.11 0.95 13.86 1.17HILVX Harbor Large Cap Value Inv 11.87 81 Buy 4.21 3.67 15.24 0.35 10.21 11.15 1.03 12.31 1.05HIMGX Harbor Mid Cap Growth Inv 7.72 61 Sell -5.51 1.18 18.22 -10.57 6.01 5.62 1.12 15.39 1.21HIMVX Harbor Mid Cap Value Investor 19.23 81 Buy 1.85 1.80 14.26 -7.04 9.34 9.97 1.05 12.85 1.23HLVFX Hennessy Large Value Investor 30.11 74 Buy 0.80 2.98 13.88 -5.46 6.84 8.75 1.03 1.01 11.71 1.20HNASX Homestead Growth 7.60 79 Sell -5.00 2.01 13.94 -3.01 12.38 11.57 0.02 1.08 13.99 0.95HOVLX Homestead Value 48.03 78 Hold 2.69 2.15 13.12 -2.62 10.15 10.08 0.02 1.09 12.77 0.59HSCSX Homestead Small Company Stock 36.14 68 Sell 1.95 3.58 15.87 -4.16 8.02 8.78 0.02 1.01 14.31 0.86HSTIX Homestead Stock Index 15.59 82 Buy 2.57 1.90 12.97 0.12 10.17 10.73 0.02 1.00 11.34 0.54ICNZX ICON Fund S 13.67 69 Sell -3.39 2.24 17.04 -16.13 1.46 4.69 1.08 14.26 1.09IOLZX ICON Long/Short S 18.19 61 Sell -3.24 2.42 17.66 -13.55 3.47 5.86 1.04 13.88 1.28JENSX Jensen Quality Growth J 38.95 89 Buy 6.95 1.30 11.88 5.94 11.64 10.73 0.93 11.10 0.87LBRIX ClearBridge Equity Income FI 20.09 66 Buy 6.12 1.16 10.78 0.66 1.12 0.86 10.18 1.13LCEIX Invesco Diversified Dividend Investor 18.74 98 Strong Buy 7.06 2.57 11.96 5.59 10.65 11.39 1.72 0.74 9.00 0.80LCGNX William Blair Large Cap Growth N 10.12 85 Strong Buy -0.30 1.50 14.22 -0.15 13.17 11.89 1.03 12.39 1.07LEVOX Lazard US Equity Concentrated Open 14.02 82 Buy 0.72 -0.50 11.09 3.75 12.77 11.63 0.91 10.97 1.07LGASX ClearBridge Special Investment FI 45.65 65 Hold 4.75 5.48 21.28 -0.68 7.78 5.98 1.04 14.14 1.19LGSCX QS Batterymarch US Sm Cap Eq FI 11.45 65 Sell -0.78 2.23 16.36 -9.73 7.75 7.28 1.11 15.23 1.20LHGFX American Beacon Holland Lg Cap Gr Inv 24.19 72 Buy -0.76 1.09 14.37 -0.49 9.50 9.58 1.08 12.89 1.24LMGFX ClearBridge Global Growth FI 32.75 64 Buy -2.15 0.52 12.47 -10.57 5.95 6.91 0.83 12.83 1.15LMPFX ClearBridge Aggressive Growth FI 180.95 80 Hold -3.57 0.12 10.82 -12.05 7.74 10.44 1.02 12.79 1.12LMPIX ClearBridge Appreciation FI 20.59 77 Buy 3.16 1.53 11.12 1.54 9.29 10.39 0.95 10.84 0.97LMUSX QS Batterymarch US Lg Cap Eq FI 15.69 77 Buy -0.44 1.36 12.80 -5.20 8.73 9.85 1.07 12.30 1.05LMVFX ClearBridge Value FI 73.07 78 Hold 0.58 3.00 17.21 -7.33 9.50 9.91 1.22 14.46 1.09LZCOX Lazard US Small-Mid Cap Equity Open 12.20 75 Buy 0.33 2.01 15.97 -6.88 8.80 6.68 1.03 13.99 1.20LZUOX Lazard US Strategic Equity Open 11.02 73 Buy 0.09 0.55 12.45 -6.07 6.82 8.31 1.03 11.96 1.05MASTX BMO Large-Cap Growth Y 14.59 83 Buy 0.34 0.14 11.46 0.84 12.91 11.65 1.25 1.01 11.99 1.21MCGFX ASTON/Montag & Caldwell Growth N 19.85 72 Hold -0.60 1.02 8.29 1.67 8.06 9.47 0.37 0.85 10.51 1.05MCMAX AMG Managers Cadence Mid Cap Investor 26.66 73 Hold -0.22 1.10 13.01 -6.40 8.45 6.52 0.32 0.99 12.62 1.12MDFSX Manning & Napier Dividend Focus S 9.92 81 Buy 4.47 1.33 11.47 -0.26 7.63 0.88 10.32 0.79MFCFX Marsico Flexible Capital 15.01 82 Hold -0.86 1.83 10.94 -4.16 7.13 9.07 1.38 11.53 1.37MFOCX Marsico Focus 15.59 84 Hold -3.82 1.17 11.04 -4.98 8.13 9.11 0.97 12.66 1.31MGRIX Marsico Growth 15.01 76 Sell -4.27 1.15 12.60 -5.60 6.78 7.92 1.00 12.71 1.35MMCFX AMG Managers Emerging Opps Svc 34.16 54 Sell -3.69 2.52 17.15 -13.18 6.16 7.04 0.96 16.55 1.42MPAFX AMG Managers Cadence Cptl Apprec Inv 25.81 77 Buy 0.31 -0.15 11.06 -1.94 9.83 8.35 0.25 1.01 11.74 1.12MREIX BMO Large-Cap Value Y 13.70 79 Buy 0.52 2.32 11.78 -5.22 8.64 9.62 1.62 0.97 11.35 1.21MRMSX BMO Mid-Cap Growth Y 15.40 56 Sell -3.08 1.92 16.67 -15.93 1.58 4.14 1.11 14.17 1.24MRVEX BMO Mid-Cap Value Y 13.49 87 Buy 1.24 2.90 15.57 -8.52 7.53 8.58 3.72 1.09 13.16 1.22MSYAX AMG Systematic Large Cap Value Investor 9.54 70 Sell -2.75 1.60 13.98 -11.18 5.22 5.96 1.09 12.91 1.04MTGVX AMG TimesSquare All Cap Growth Investor 14.28 65 Hold -2.26 3.25 15.07 -6.23 8.05 8.70 1.12 13.93 1.28MXXIX Marsico 21st Century 20.79 77 Hold -3.75 1.12 16.21 -7.23 7.90 6.51 1.01 13.20 1.38MYIFX Monetta Young Investor 19.16 76 Hold 0.90 1.70 13.04 9.09 10.14 1.00 11.49 1.18NBGAX Neuberger Berman Genesis Adv 22.50 65 Buy 2.32 2.51 13.92 -0.33 7.16 7.44 0.97 12.85 1.39NBGEX Neuberger Berman Genesis Tr 55.06 68 Buy 2.46 2.53 14.04 -0.01 7.47 7.74 0.97 12.86 1.10NEEGX Needham Growth 40.62 58 Hold -0.83 -0.51 12.24 -8.53 6.32 4.96 2.08 0.87 12.65 1.82NICSX Nicholas 63.05 82 Hold 0.54 2.02 12.25 -8.70 10.61 12.07 0.91 11.42 0.72NMMLX Northern Multi-Manager Lg Cap 7.10 90 Buy -0.08 1.72 13.08 -2.75 8.68 8.91 0.98 11.26 0.90NMMSX Northern Multi-Manager Small Cap 6.79 61 Hold -1.02 1.49 15.08 -5.42 6.83 6.57 1.01 13.73 1.10NNLEX Nicholas Limited Edition N 22.41 58 Hold 0.63 2.24 13.35 -3.91 7.15 6.92 0.99 13.41 1.21NNTWX Nicholas II N 24.33 75 Buy 0.75 1.21 14.06 -5.44 9.58 8.99 0.99 12.13 0.96NOGEX Northern Large Cap Equity 21.34 77 Buy 0.38 2.15 13.72 -3.69 8.90 9.42 1.04 12.06 0.86NOLCX Northern Large Cap Core 15.10 72 Hold 1.68 1.14 11.64 -2.44 9.84 11.29 1.01 11.56 0.62NOLVX Northern Large Cap Value 13.13 77 Hold 2.02 2.82 14.37 -7.02 7.29 7.05 1.02 12.03 0.86NOSGX Northern Small Cap Value 20.09 79 Hold 4.20 3.88 16.19 -1.41 8.10 8.80 1.02 14.25 1.00NSGRX Northern Small Cap Core 19.84 64 Sell 0.81 3.01 16.98 -6.24 7.52 8.17 1.05 14.42 0.75PARMX Parnassus Mid-Cap 27.05 70 Buy 5.82 3.96 14.34 3.71 10.09 9.77 0.85 10.30 0.99PARNX Parnassus 39.36 81 Buy -2.73 0.08 12.64 -6.20 10.53 10.62 1.10 13.94 0.84PARWX Parnassus Endeavor Fund 27.77 83 Buy -1.07 -0.50 11.54 -2.35 12.12 11.89 0.94 11.37 0.95


Beta 3 Year

sd 3 Year


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


PCKDX PIMCO Small Cap StocksPLUS® AR Strt D 7.65 78 Sell -0.26 3.66 21.04 -10.42 4.91 7.97 1.80 1.27 17.02 1.09PDLVX PIMCO LowVol RAFI®-PLUS AR D 11.25 80 Strong Buy 7.86 2.65 13.29 4.37 0.96 1.19PIXDX PIMCO Fundamental IndexPLUS AR D 5.81 77 Sell 4.50 2.83 17.37 -5.05 7.00 11.54 1.73 1.16 13.43 1.19PMHDX PIMCO EqS® Long/Short D 11.50 62 Buy -0.17 0.79 1.59 -1.81 2.96 0.39 7.66 1.84POGRX PRIMECAP Odyssey Growth 25.70 85 Buy -5.93 -1.76 12.52 -4.76 9.16 10.21 1.01 13.05 0.64PRBLX Parnassus Core Equity Investor 37.70 81 Buy 2.32 0.87 10.86 2.20 10.28 11.39 1.47 0.89 10.56 0.88PRCGX Perritt MicroCap Opportunities Investor 31.35 63 Hold -0.95 4.01 12.93 -6.60 6.28 5.76 0.87 13.06 1.21PREOX Perritt Ultra MicroCap 14.36 65 Sell 0.42 3.83 13.97 -1.40 9.17 5.40 0.64 10.95 1.75PSPDX PIMCO StocksPLUS D 8.06 83 Buy 2.34 2.15 14.04 -1.54 9.91 11.32 0.94 1.05 11.94 0.90PSTDX PIMCO StocksPLUS Absolute Return D 8.92 84 Buy 2.65 2.53 16.30 -3.31 8.45 11.57 1.58 1.19 13.62 1.04PVFAX Paradigm Value 42.33 61 Hold -1.60 0.67 15.97 -3.07 4.27 3.56 1.00 14.15 1.50PXSCX Pax World Small Cap Individual Inv 13.86 78 Buy 4.21 2.97 13.61 -2.60 9.65 8.56 0.75 11.19 1.22RBCGX Reynolds Blue Chip Growth 52.10 61 Sell -6.55 -0.52 3.78 -8.48 5.06 5.32 0.60 0.95 12.11 1.71RGFAX Royce Heritage Svc 13.65 57 Hold 6.31 3.72 17.27 -2.69 3.52 3.40 1.00 12.71 1.35RIMEX Rainier Large Cap Equity Original 19.71 67 Hold -2.04 1.60 13.21 -5.76 8.14 7.62 0.19 1.11 13.26 1.12RIMMX Rainier Mid Cap Equity Original 43.74 65 Sell -3.40 2.10 15.32 -8.84 6.26 6.17 0.97 12.88 1.35RMCFX Royce Micro-Cap Svc 10.76 42 Sell -1.28 1.99 15.20 -13.33 -0.83 -2.59 1.00 14.70 1.63RPXFX RiverPark Large Growth Retail 17.12 70 Hold -0.98 0.65 13.30 -8.93 5.70 9.33 1.06 12.82 1.23RSEMX Royce Special Equity Multi-Cap Service 12.66 67 Sell 2.26 -1.02 11.25 -12.30 4.24 7.27 1.08 13.54 1.23RVALX ASTON/Cornerstone Large Cap Value N 13.29 61 Sell 0.68 2.55 13.30 -11.54 1.94 5.54 0.83 1.10 13.33 1.28RWGFX RiverPark/Wedgewood Retail 16.20 69 Sell -1.16 -1.34 11.49 -10.32 6.22 9.20 0.99 12.07 1.16RYAWX Rydex S&P 500 Pure Growth H 52.28 80 Hold -0.67 1.20 15.71 -4.05 10.18 10.20 1.03 12.82 1.50RYBHX Rydex S&P MidCap 400 Pure Growth H 46.84 75 Buy -2.05 2.09 14.05 -7.99 4.84 6.11 1.03 14.03 1.51RYDVX Royce Dividend Value Svc 7.23 63 Buy 4.18 1.97 14.19 -5.69 3.50 5.53 1.03 13.17 1.47RYLPX Royce Low Priced Stock Svc 7.54 46 Sell -2.71 0.67 14.94 -15.09 -2.48 -4.52 1.62 1.08 15.59 1.47RYOFX Royce Opportunity Svc 10.21 57 Hold 2.61 2.72 19.00 -12.40 2.60 4.49 1.15 16.47 1.49RYOHX Royce 100 Svc 6.55 51 Hold 5.48 3.48 16.76 -8.66 1.72 2.28 1.08 14.73 1.49RYPFX Royce Pennsylvania Mutual Svc 9.91 62 Sell 6.10 2.59 16.31 -6.78 3.68 4.40 1.09 14.65 1.23RYSRX Guggenheim Long Short Equity H 15.45 66 Buy -2.59 0.85 3.90 -2.59 3.96 1.32 0.42 6.97 1.66RYTFX Royce Total Return Svc 12.87 70 Sell 6.32 3.29 14.75 -3.21 4.92 6.43 0.98 12.80 1.43RYVFX Royce Value Svc 9.02 61 Buy 3.68 -1.42 9.47 -11.27 2.70 1.48 0.95 14.00 1.48RYVPX Royce Value Plus Svc 10.59 68 Sell -5.45 0.09 16.63 -10.68 4.43 4.14 1.16 16.67 1.45RYWAX Rydex S&P SmallCap 600 Pure Growth H 52.84 79 Hold -1.36 1.81 15.72 -9.44 7.04 7.16 1.06 15.48 1.49RYZAX Rydex S&P 500 Pure Value H 134.10 73 Buy 4.17 4.03 17.88 -7.35 8.70 9.80 1.16 14.17 1.51SCNUX Invesco Low Volatility Equity Yield Inv 9.88 82 Strong Buy 6.39 0.92 14.07 -2.26 5.83 7.99 2.90 0.81 10.66 1.15SCSAX Wells Fargo Advantage Common Stock A 20.15 79 Hold 1.82 2.18 16.95 -4.25 6.89 7.63 1.08 13.43 1.26SENAX Wells Fargo Advantage Enterprise A 39.64 75 Hold -1.25 3.72 19.65 -8.41 6.42 6.80 1.07 14.10 1.18SKSEX AMG Managers Skyline Special Equities 36.39 63 Hold 1.93 2.36 14.69 -7.28 8.49 10.28 1.09 15.29 1.32SLASX Selected American Shares S 36.68 76 Hold -0.68 4.92 16.41 -2.61 7.88 7.98 0.17 1.08 12.98 0.95SMVAX Wells Fargo Advantage Small Cap Value A 18.93 73 Hold 6.17 1.72 17.21 -4.39 1.36 2.81 1.00 15.34 1.29SOPVX Wells Fargo Advantage Opportunity A 39.60 85 Buy 2.27 1.28 14.88 -5.24 7.38 6.50 1.06 12.57 1.22STAFX Wells Fargo Advantage Large Cap Gr A 44.40 72 Hold -2.95 1.42 12.92 -3.67 10.12 9.59 1.05 12.86 1.07STMGX American Beacon Stephens Mid-Cap Gr Inv 15.33 66 Hold -3.02 1.23 16.88 -9.29 4.34 6.65 0.99 13.65 1.27SYAMX AMG Systematic Mid Cap Value Investor 11.92 66 Hold 1.36 2.41 19.20 -6.88 4.84 5.84 1.15 14.27 1.06TGDNX TCW Growth Equities N 8.05 51 Sell -4.73 0.50 20.51 -14.91 2.95 2.72 0.59 1.14 16.40 1.20TGDVX TCW Relative Value Large Cap N 20.28 74 Sell 1.20 0.45 13.74 -7.91 6.59 8.21 1.04 1.11 13.06 1.16TGIGX TCW Relative Value Dividend Apprec N 16.55 83 Buy 1.68 0.85 12.95 -4.54 6.49 8.89 1.52 1.09 12.52 1.14THPGX Thompson LargeCap 49.61 76 Hold 1.33 3.03 16.98 -8.27 7.19 8.42 1.14 13.56 1.15TMCGX Turner Emerging Growth Investor 14.63 58 Sell -9.69 -2.73 6.09 -13.81 3.91 4.09 0.99 16.61 1.40TMCTX Touchstone Mid Cap Z 24.49 68 Hold 4.35 2.17 14.12 -5.55 5.86 9.11 0.01 1.01 12.56 1.24TMGFX Turner Midcap Growth Investor 16.71 64 Sell -8.24 1.21 17.59 -18.46 3.74 1.91 1.13 15.67 1.18TOCQX Tocqueville 32.55 73 Hold 0.09 0.77 12.59 -3.09 8.86 8.46 2.10 1.06 12.51 1.25TOPPX Tocqueville Opportunity 18.20 64 Sell -13.21 -0.49 17.72 -20.45 6.29 6.39 1.31 19.53 1.31TSCEX Turner Small Cap Growth 11.17 69 Sell -12.46 -1.67 15.39 -15.69 3.46 3.06 1.02 18.39 1.25TSELX Tocqueville Select 11.07 56 Hold 2.03 2.22 21.51 -17.51 2.59 2.79 1.34 18.15 1.36TVSVX Third Avenue Small Cap Value Investor 19.64 64 Buy 5.59 4.19 18.31 -4.74 5.63 6.39 1.03 13.80 1.39TWCIX American Century Select Inv 56.00 79 Hold -1.44 0.39 11.55 -0.96 11.13 10.29 1.01 12.09 0.99TWCUX American Century Ultra® Inv 34.62 84 Buy -1.14 0.26 12.77 -1.19 11.92 10.99 1.08 12.97 0.98TWGTX American Century All Cap Growth Inv 29.96 86 Buy -0.66 1.35 13.96 0.15 10.58 8.96 1.02 12.41 1.00TWHIX American Century Heritage Inv 21.05 71 Buy -0.85 2.38 16.81 -6.21 8.04 7.17 1.01 13.11 1.00TWNOX American Century New Opps Investor 9.60 61 Sell -3.23 2.24 17.79 -10.44 6.59 6.36 1.06 14.98 1.39TWVLX American Century Value Inv 7.97 78 Hold 5.51 3.64 14.89 -0.68 8.87 9.91 1.55 0.93 11.02 0.97UMBHX Scout Small Cap 21.36 65 Sell -1.11 1.28 17.11 -2.63 6.70 7.64 1.69 1.03 14.59 1.12UMBMX Scout Mid Cap 14.69 72 Buy 2.16 2.73 13.70 -1.26 8.45 7.95 0.91 11.63 1.04



Beta 3 Year

sd 3 Year



USAAX USAA Growth 24.22 83 Strong Buy 0.58 1.64 14.25 1.53 12.97 12.12 1.06 12.40 1.11USAUX USAA Aggressive Growth 38.20 74 Buy -2.50 0.84 11.83 -0.66 10.57 9.16 1.05 12.67 0.88USBNX Pear Tree Columbia Small Cap Ord 22.09 59 Hold 1.28 4.89 17.44 -2.55 4.45 5.72 1.09 14.85 1.50USCAX USAA Small Cap Stock 15.16 62 Hold 0.53 2.02 15.46 -8.08 6.01 6.61 1.10 14.72 1.15USCRX USAA Cornerstone Mod Agg 24.02 80 Buy 1.31 1.44 8.25 -6.21 1.88 2.60 1.03 7.47 1.16USGRX USAA Growth & Income 19.74 79 Buy -0.37 2.28 14.69 -4.58 9.40 8.69 1.08 12.50 0.93USISX USAA Income Stock 17.36 82 Buy 5.50 2.18 11.84 0.91 8.89 9.48 0.91 10.59 0.79USMIX USAA Extended Market Index 16.15 68 Hold 0.56 2.54 18.23 -7.43 6.89 7.81 1.07 13.74 0.48USNQX USAA NASDAQ-100 Index 12.48 88 Strong Buy -3.93 -1.58 11.13 -0.64 14.64 13.47 1.15 14.00 0.57USSPX USAA S&P 500 Index Member 29.76 83 Buy 2.66 1.88 13.04 0.43 10.46 11.05 1.00 11.37 0.25UVALX USAA Value 18.73 75 Buy 1.63 3.14 14.00 -5.53 7.62 8.35 1.00 11.80 1.09VALLX Value Line Larger Companies 25.52 81 Hold -2.78 2.45 17.33 -0.46 11.64 10.00 1.07 12.97 1.13VALSX Value Line Premier Growth 29.96 70 Buy 3.56 2.04 14.26 0.61 7.79 9.05 0.93 11.07 1.23VLEOX Value Line Small Cap Opportunities 42.38 69 Buy 0.90 2.17 13.29 -0.02 9.22 10.83 0.92 12.11 1.27VLIFX Value Line Fund 15.71 75 Buy 4.80 2.55 13.10 5.37 10.59 10.07 0.85 10.55 1.24WAMCX Wasatch Ultra Growth 16.77 57 Sell -6.73 0.48 19.27 -8.90 6.79 5.61 1.11 18.12 1.31WAMVX Wasatch Micro Cap Value 2.62 68 Buy -1.13 1.95 11.49 -1.16 9.05 9.16 0.85 12.99 1.96WASIX Wasatch Strategic Income 10.35 74 Sell 2.13 2.68 17.38 -12.77 5.78 7.96 4.38 0.98 12.46 0.95WBGSX William Blair Growth N 12.27 79 Buy -2.00 2.25 14.03 -1.38 9.58 9.43 1.01 12.33 1.19WBSNX William Blair Small Cap Growth N 22.61 61 Hold 0.62 3.57 20.78 -5.87 7.59 8.37 1.01 15.01 1.50WBVDX William Blair Small Cap Value N 17.49 65 Buy 4.86 3.80 16.52 -0.64 7.15 7.30 1.02 14.59 1.50WCGNX William Blair Mid Cap Growth N 11.20 70 Buy -0.71 2.66 14.64 -6.88 6.25 6.49 0.96 12.29 1.32WFCGX Wells Fargo Advantage Capital Growth A 14.44 68 Hold -1.03 2.05 14.60 -2.83 9.33 8.51 1.04 12.87 1.11WFDAX Wells Fargo Advantage Discovery A 27.73 71 Hold -2.15 2.29 18.91 -10.38 5.73 7.26 1.02 14.55 1.21WFILX Wells Fargo Advantage Index A 62.37 82 Buy 2.62 1.90 13.01 0.18 10.17 10.75 0.75 1.00 11.34 0.56WFIVX Wilshire 5000 Index Invmt 18.23 80 Buy 2.53 2.13 13.72 -0.64 9.74 10.19 1.00 11.40 0.64WFPAX Wells Fargo Advantage Spec Md Cp Val A 30.99 85 Buy 5.62 4.03 15.59 -1.58 10.44 10.86 0.95 11.71 1.24WFSMX Wells Fargo Advantage Intrns SmCpVal A 23.67 65 Hold 1.72 2.87 19.24 -7.62 5.96 7.23 1.16 15.46 1.40WGROX Wasatch Core Growth 51.56 71 Hold -2.59 1.84 14.22 -4.52 7.76 9.45 0.94 13.38 1.17WLCAX Wells Fargo Advantage Large Co Value A 14.13 74 Buy 1.31 2.69 14.56 -5.38 6.58 7.76 1.02 12.09 1.10WMCVX Wasatch Small Cap Value 5.89 82 Buy -0.51 3.70 15.26 -6.03 8.93 8.21 0.92 13.57 1.21WMICX Wasatch Micro Cap 6.31 53 Sell -3.81 1.12 17.72 -8.22 6.76 5.81 0.98 16.43 1.90WPOIX Weitz Partners III Opportunity Investor 13.83 68 Sell 2.75 1.47 12.90 -8.64 3.85 0.71 9.44 1.49WSBEX Wright Selected Blue Chip Equities 11.25 74 Buy 0.51 2.93 13.52 -4.63 8.55 9.11 0.03 0.98 12.82 1.40WSMNX William Blair Small-Mid Cap Gr N 18.47 74 Hold -0.32 3.24 17.20 -2.53 10.30 9.48 0.93 12.54 1.35

NTF SECTOR FUNDSBENFX Baron Energy and Resources Retail 7.40 48 Sell 5.26 8.19 31.21 -33.81 -10.52 1.50 24.49 1.35ICCCX ICON Consumer Discretionary S 14.02 77 Buy 4.47 1.89 18.91 1.17 8.31 12.82 1.42 0.92 12.92 1.43ICENX ICON Energy S 11.83 35 Sell 8.43 4.60 22.34 -20.92 -10.53 -5.73 0.01 1.19 20.58 1.42ICLEX ICON Consumer Staples S 7.95 91 Strong Buy 5.02 1.40 7.29 9.91 10.72 11.49 0.52 9.34 1.51ICTRX ICON Industrials S 11.79 71 Sell 5.65 3.51 15.70 -4.78 6.78 5.88 1.91 0.92 12.81 1.50TGLDX Tocqueville Gold 37.97 50 Hold 57.88 13.28 37.72 16.97 -3.88 -14.08 0.46 37.63 1.43

NTF INCOME FUNDSABHIX American Century High-Yield Inv 5.45 72 Hold 5.71 1.91 10.25 -3.19 0.68 3.98 5.37 0.67 6.17 0.85ACCNX American Century Core Plus Inv 10.88 74 Hold 3.90 0.60 2.89 2.60 2.16 3.52 2.40 0.97 3.03 0.65ACITX American Century Infl-Adj Bond Inv 11.80 57 Hold 4.80 0.25 3.51 1.67 -1.11 1.98 0.96 1.63 5.47 0.47ACSNX American Century Short Duration Inv 10.28 69 Buy 1.28 0.32 1.19 1.04 0.82 1.22 1.38 0.19 0.85 0.60ADFIX American Century Diversified Bond Inv 10.94 74 Hold 3.66 0.45 2.14 2.99 2.32 3.49 1.82 1.00 3.02 0.60AGIVX Invesco US Government Investor 9.07 58 Hold 2.78 0.03 0.43 2.26 1.41 2.40 1.15 0.89 2.74 0.92APOIX American Century Short Dur Inf PrBd Inv 10.16 66 Hold 2.21 0.30 2.32 0.59 -0.72 1.00 0.71 0.52 2.23 0.57ATMDX PIMCO Unconstrained Tax Managed Bd D 10.02 66 Sell 0.70 1.28 4.42 -0.56 -0.28 1.18 1.16 0.03 3.22 1.10BAGSX Baird Aggregate Bond Inv 11.30 78 Hold 3.97 0.52 2.07 3.32 2.78 4.25 2.24 1.05 3.13 0.55BAIAX Brown Advisory Intermediate Income Adv 10.51 72 Buy 2.53 0.42 1.21 2.26 1.16 2.12 1.64 0.74 2.26 0.70BCOSX Baird Core Plus Bond Inv 11.65 78 Hold 4.25 0.80 2.91 3.01 2.62 4.05 2.71 1.06 3.26 0.55BGNMX American Century Ginnie Mae Inv 10.80 62 Hold 1.88 0.18 0.58 1.63 1.68 2.50 1.56 0.71 2.47 0.55BIMSX Baird Intermediate Bond Inv 11.68 75 Buy 3.16 0.41 1.70 2.64 1.98 3.19 1.86 0.77 2.36 0.55BJBGX Aberdeen Total Return Bond A 13.61 76 Buy 3.75 0.50 2.53 2.68 1.57 3.22 2.44 1.07 3.35 0.69BJBHX Aberdeen Global High Income A 8.48 73 Sell 1.93 1.73 6.82 -9.21 -1.35 1.98 5.01 0.43 5.74 0.99BMBSX Baird Intermediate Muni Bd Inv 12.14 75 Hold 1.85 0.24 0.18 3.75 1.95 2.88 1.17 0.74 2.65 0.55BSBSX Baird Short-Term Bond Investor 9.72 73 Buy 1.67 0.41 1.38 1.47 1.31 1.60 0.25 0.91 0.55BTTRX American Century Zero Coupon 2025 Inv 99.63 80 Hold 6.39 0.02 0.16 6.17 3.68 8.22 1.66 2.57 8.04 0.55BTTTX American Century Zero Coupon 2020 Inv 104.33 73 Hold 3.41 0.05 0.34 3.05 1.38 5.12 0.89 1.47 4.61 0.55CFBNX Commerce Bond 20.12 77 Hold 3.47 0.68 2.34 2.62 2.44 3.96 2.78 0.87 2.72 0.68CFNLX Commerce Natl Tax Free Interm Bd 19.99 80 Strong Buy 2.57 0.34 0.73 5.08 2.13 4.61 1.50 0.96 3.41 0.64



Beta 3 Year

sd 3 Year


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


CFSTX Commerce Shrt-Term Government Instl 17.42 71 Buy 1.20 0.09 0.21 0.98 0.62 1.15 1.26 0.35 1.17 0.68CHTBX ASTON/TCH Fixed Income N 10.41 76 Hold 4.58 1.25 4.40 -0.50 1.27 3.64 2.96 1.02 3.88 0.94CPTNX American Century Government Bond Inv 11.33 59 Hold 2.88 0.05 0.34 2.71 1.69 2.60 1.21 0.86 2.63 0.47DLENX DoubleLine Emerging Markets Fixed Inc N 9.88 79 Hold 7.42 2.47 9.16 -1.08 1.38 3.71 6.48 0.83 7.16 1.15DLFNX DoubleLine Core Fixed Income N 10.95 83 Buy 3.57 0.59 2.28 2.22 2.51 4.68 3.09 0.96 3.08 0.71DLSNX DoubleLine Low Duration Bond N 10.02 73 Strong Buy 1.17 0.40 1.30 0.89 1.23 2.33 0.14 0.82 0.69DLTNX DoubleLine Total Return Bond N 10.89 82 Strong Buy 2.16 0.28 0.38 2.81 2.78 4.84 3.24 0.81 2.60 0.72DSTIX Dreyfus Short Term Income D 10.40 71 Buy 1.47 0.30 1.19 0.23 0.49 1.23 0.75 0.29 1.18 0.65EXCPX Manning & Napier Core Plus Bond S 10.33 74 Sell 2.33 0.78 3.04 0.02 0.78 3.26 2.62 0.77 3.03 0.75FOINX Tributary Income Instl 10.45 76 Buy 3.57 0.22 1.66 3.15 2.63 3.78 2.38 0.92 2.77 0.85FOSIX Tributary Shrt Interm Bond Instl 9.39 72 Buy 1.45 0.15 0.92 1.24 0.95 1.77 1.53 0.32 1.10 0.79HOSBX Homestead Short-Term Bond 5.21 72 Buy 1.12 0.12 0.57 1.05 1.10 2.02 0.01 0.21 0.83 0.74HOSGX Homestead Short-Term Government 5.23 71 Buy 1.25 0.06 0.19 1.15 0.65 1.00 0.01 0.34 1.15 0.77HYFIX Harbor High-Yield Bond Inv 9.71 79 Hold 4.42 1.68 7.98 -3.77 1.04 3.58 4.62 0.67 5.76 1.02IOBZX ICON Bond S 9.34 78 Buy 3.50 1.05 3.31 2.72 2.49 3.25 4.24 0.78 2.96 0.75LMWDX Western Asset Emerging Markets Debt FI 4.81 71 Hold 6.42 1.91 7.85 1.84 -1.11 4.64 1.28 8.27 1.12LSBRX Loomis Sayles Bond Retail 13.29 78 Hold 4.10 1.70 8.57 -3.62 0.51 3.50 3.92 0.67 6.25 0.89LZHOX Lazard US Corporate Income Open 4.78 77 Buy 3.89 0.63 5.84 -0.44 2.31 4.64 4.27 0.65 4.62 0.85MCIYX BMO TCH Corporate Income Y 12.49 86 Strong Buy 7.12 2.43 8.81 1.30 2.52 4.89 4.29 1.07 5.13 0.59MCYBX BMO TCH Core Plus Bond Y 11.52 77 Hold 4.94 1.29 4.56 0.90 1.90 4.21 3.19 1.07 3.87 0.58MFDAX AMG GW&K Enhanced Core Bond Investor 9.89 77 Hold 3.90 0.59 2.74 -0.63 1.44 3.07 2.19 0.94 3.44 0.84MGFIX AMG Managers Bond Service 27.02 75 Hold 4.19 1.04 5.17 1.56 1.94 4.30 2.79 0.89 3.72 0.99MGIDX AMG Managers Intermediate Duration Govt 10.99 78 Hold 2.11 0.30 0.71 2.13 2.98 3.06 1.22 0.70 2.36 0.88MGSDX AMG Managers Short Duration Government 9.65 70 Buy 0.51 0.21 0.71 -0.10 0.42 0.60 1.46 0.01 0.49 0.79MITFX BMO Intermediate Tax-Free Y 11.53 78 Hold 2.38 0.44 0.81 4.59 3.12 4.69 1.47 0.83 2.86 0.55MNHYX Manning & Napier High Yield Bond S 9.65 77 Buy 5.65 1.90 8.72 -1.35 1.97 5.09 6.66 0.53 5.57 1.11MSINX BMO Short-Term Income Y 9.38 71 Buy 1.25 0.20 0.70 1.15 0.77 1.43 0.98 0.24 0.84 0.60MTFYX BMO Short Tax-Free Y 10.22 74 Buy 0.63 0.08 0.13 1.42 1.49 0.69 0.30 1.10 0.55MUYSX BMO Ultra Short Tax-Free Y 10.07 70 Buy 0.15 0.04 0.01 0.23 0.43 0.76 0.37 0.05 0.27 0.55NHFIX Northern High Yield Fixed Income 6.49 83 Hold 2.30 1.39 7.75 -4.02 0.88 4.18 6.38 0.52 5.70 0.80NHYMX Northern High Yield Muni 9.10 87 Strong Buy 3.12 0.59 1.71 6.69 4.32 7.30 2.91 1.14 4.11 0.80NMHYX Northern Multi-Manager Hi Yld Opp 9.23 76 Hold 5.72 2.51 9.55 -4.12 0.65 3.87 7.44 0.71 6.08 0.90PAIUX PIMCO Short Asset Investment D 10.01 70 Buy 0.38 0.18 0.42 0.48 0.36 0.92 0.03 0.31 0.59PBDDX PIMCO Investment Grade Corp Bd D 10.26 92 Strong Buy 4.74 1.07 4.76 2.46 2.56 5.29 2.96 1.47 4.91 0.75PDCRX PIMCO Credit Absolute Return D 9.47 70 Buy 1.18 1.28 3.95 -3.51 -0.62 3.50 0.34 3.49 1.30PDVDX PIMCO Diversified Inc D 10.31 86 Strong Buy 4.37 1.94 6.94 0.89 1.22 4.08 4.14 1.10 5.67 1.15PEMDX PIMCO Emerging Markets Bond D 9.88 73 Hold 8.03 2.59 10.66 -0.51 -0.95 3.31 4.82 1.17 9.11 1.25PFIDX PIMCO Floating Income D 7.80 85 Strong Buy 1.54 2.01 7.30 -2.60 -0.74 1.14 4.27 0.06 5.69 0.95PGNDX PIMCO GNMA D 11.38 61 Hold 1.91 0.24 0.70 1.91 1.89 2.69 1.14 0.74 2.62 0.90PHSDX PIMCO High Yield Spectrum D 9.35 72 Buy 4.99 1.65 9.25 -1.57 1.86 5.08 6.16 0.65 5.93 0.95PHYDX PIMCO High Yield D 8.46 88 Strong Buy 4.31 1.25 8.03 -1.34 1.91 4.52 4.96 0.73 5.47 0.90PHYSX PIA High Yield Investor 9.76 88 Strong Buy 5.59 2.19 8.87 -0.03 2.67 5.33 8.30 0.42 4.92 0.75PLBDX PIMCO Emerging Local Bond D 7.19 59 Hold 10.12 0.71 9.77 -6.94 -9.64 -3.91 5.23 1.85 12.39 1.35PLDDX PIMCO Low Duration D 9.89 80 Strong Buy 0.82 0.36 1.34 0.60 0.30 1.35 1.71 0.35 1.75 0.75PMBDX PIMCO Municipal Bond D 10.00 81 Buy 2.95 0.75 1.88 6.61 3.92 5.82 1.76 1.24 4.32 0.75PMNDX PIMCO National Interm Muni Bond D 10.72 75 Hold 2.38 0.43 0.80 5.65 2.72 1.08 1.01 3.52 0.80PMZDX PIMCO Mortgage Opportunities D 11.01 79 Buy 1.74 0.69 1.72 2.39 2.99 2.78 0.46 1.92 1.00PONDX PIMCO Income D 11.88 93 Strong Buy 3.23 1.63 4.12 2.69 3.79 7.59 3.35 0.62 3.55 0.79PRFIX Parnassus Fixed-Income 16.81 74 Buy 2.93 0.28 1.29 2.68 1.70 2.55 1.67 0.85 2.55 0.68PRRDX PIMCO Real Return D 10.97 68 Hold 4.56 0.41 4.01 0.58 -1.71 1.81 1.62 1.80 6.23 0.85PSDDX PIMCO Short-Duration Muni Income D 8.48 70 Buy 0.64 0.18 0.08 1.00 0.56 0.60 0.39 0.16 0.68 0.73PSHDX PIMCO Short-Term D 9.71 78 Strong Buy 0.32 0.64 1.52 0.63 0.71 1.01 1.59 1.04 0.70PSRDX PIMCO Senior Floating Rate D 9.74 85 Strong Buy 2.85 0.98 4.09 -0.05 1.53 2.94 3.63 0.22 2.37 1.00PTMDX PIMCO Mortgage-Backed Securities D 10.60 76 Hold 2.19 0.54 0.89 2.65 2.44 3.04 1.52 0.72 2.40 0.90PUBDX PIMCO Unconstrained Bond D 10.34 72 Sell 1.00 1.55 4.55 -2.13 -1.03 1.09 3.00 0.30 3.28 1.30PYMDX PIMCO High Yield Municipal Bond D 9.07 87 Strong Buy 4.50 1.06 2.81 9.00 4.73 7.41 2.73 1.42 5.08 0.85SADAX Wells Fargo Advantage Ultra S/T Inc A 8.48 76 Strong Buy 0.81 0.31 0.97 0.72 0.49 0.66 1.19 0.03 0.37 0.70SBBVX Schroder Total Return Fixed Income Adv 9.98 75 Hold 3.40 0.80 3.15 1.02 1.21 3.14 2.50 1.00 3.38 0.65SCCYX Scout Core Bond Y 11.77 76 Buy 3.74 0.20 1.80 3.68 1.60 3.20 1.44 0.61 2.10 0.76SCPYX Scout Core Plus Bond Y 32.65 71 Buy 4.67 0.86 4.10 3.14 1.71 4.06 1.45 0.59 2.38 0.80SGVDX Wells Fargo Advantage Government Sec A 11.41 64 Hold 2.92 0.09 0.30 2.57 1.95 2.65 1.21 0.90 2.74 0.85SHBAX Wells Fargo Advantage High Income A 6.36 80 Sell 4.21 0.70 7.72 -3.38 -0.39 3.23 5.26 0.65 5.70 0.90SHYPX American Beacon SiM High Yld Opps Inv 9.12 86 Strong Buy 6.50 2.56 10.43 -1.56 2.47 5.85 8.08 0.69 5.78 1.19

NTF INCOME FUNDS (continued)


Beta 3 Year

sd 3 Year



NTF INCOME FUNDS (continued)

SMAVX Wells Fargo Advantage Ult S/T Mun Inc A 9.62 70 Buy 0.14 0.04 0.00 0.37 0.18 0.48 0.33 0.05 0.35 0.67SSTHX Wells Fargo Advantage S/T Hi-Yld Bd A 8.06 87 Strong Buy 2.04 0.48 2.74 1.67 2.09 3.13 2.44 0.27 2.03 0.81SSTVX Wells Fargo Advantage Short-Term Bd A 8.77 64 Buy 1.39 0.34 1.02 1.08 1.11 1.38 1.37 0.18 0.74 0.74STYAX Wells Fargo Advantage Income Plus A 12.40 80 Hold 4.45 0.75 3.84 3.15 2.78 3.94 2.90 1.13 3.55 0.84SUBYX Scout Unconstrained Bond Y 11.69 64 Hold 4.66 1.48 6.76 3.00 0.24 1.38 3.69 0.80TGFNX TCW Core Fixed-Income N 11.21 79 Buy 3.05 0.30 1.26 2.23 1.89 3.26 1.48 0.89 2.67 0.79TGINX TCW Emerging Markets Income N 10.16 76 Hold 7.19 2.68 8.94 2.44 -1.08 3.25 4.47 1.04 7.11 1.16TGMNX TCW Total Return Bond N 10.64 82 Strong Buy 2.51 0.17 0.32 2.39 2.55 4.77 2.36 0.79 2.58 0.79TGWNX TCW Emerging Markets Local Ccy Inc N 8.52 52 Hold 10.08 0.83 8.81 -5.33 -7.73 -2.37 6.10 1.75 11.17 0.99THOPX Thompson Bond 10.81 83 Strong Buy 3.05 2.37 6.78 -1.81 0.47 2.57 5.15 0.35 3.94 0.71TSDOX Touchstone Ultra Short Dur F/I Z 9.31 71 Buy 0.69 0.10 0.54 0.77 0.65 0.98 1.08 0.06 0.33 0.69TWUSX American Century Short-Term Govt Inv 9.66 63 Buy 0.84 0.05 0.15 0.44 0.30 0.45 0.39 0.19 0.70 0.55USAIX USAA Income 13.05 78 Buy 4.68 1.04 3.73 2.48 2.42 4.01 3.15 0.97 3.17 0.53USATX USAA Tax Exempt Intermediate-Term 13.70 79 Hold 2.53 0.44 1.14 5.11 3.23 5.12 1.55 0.81 2.78 0.55USFIX USAA Flexible Income 9.13 84 Strong Buy 11.48 3.43 8.56 0.44 3.20 0.97USGNX USAA Government Securities 10.04 74 Hold 2.49 0.49 0.74 2.24 2.04 2.34 2.05 0.64 2.04 0.51USHYX USAA High Income 7.57 76 Buy 6.16 2.98 10.81 -5.29 0.64 4.05 6.62 0.59 6.03 0.89USIBX USAA Intermediate-Term Bond 10.44 78 Buy 4.40 1.25 3.95 1.06 2.04 4.28 3.72 0.84 3.13 0.68USSBX USAA Short-Term Bond 9.14 73 Buy 1.90 0.52 1.72 1.20 1.20 1.97 1.94 0.30 1.17 0.62USSTX USAA Tax Exempt Short-Term 10.59 71 Buy 0.50 0.04 0.08 0.91 0.85 1.71 0.78 0.16 0.61 0.55USTEX USAA Tax Exempt Long-Term 13.82 79 Hold 2.69 0.60 1.51 5.74 3.85 6.50 1.80 1.14 3.98 0.55UUSTX USAA Ultra Short-Term Bond 9.97 72 Buy 0.76 0.33 1.03 0.00 0.76 1.35 1.35 0.11 0.69 0.59VMINX Invesco Municipal Income Investor 13.86 83 Strong Buy 3.00 0.57 1.67 6.35 1.97 1.16 3.97 0.75WACIX Western Asset Core Plus Bond FI 11.70 73 Hold 3.38 0.84 3.30 2.96 3.00 4.31 2.93 1.03 3.34 0.84WAPIX Western Asset Core Bond FI 12.50 75 Hold 3.82 0.67 2.63 3.39 3.06 3.92 2.18 1.00 3.12 0.82WARIX Western Asset Total Return Uncons FI 10.12 74 Hold 0.90 1.36 4.37 -0.66 0.70 2.16 3.15 0.14 2.81 1.18WBBNX William Blair Bond N 10.62 76 Buy 4.01 0.68 3.34 2.33 2.20 4.09 2.57 0.92 3.25 0.61WBLNX William Blair Low Duration N 9.17 77 Strong Buy 0.91 0.20 0.47 0.46 0.52 1.03 1.22 0.24 1.01 0.60WBRRX William Blair Income N 9.00 72 Buy 2.15 0.36 1.30 1.34 1.20 2.61 1.64 0.62 2.10 0.81WFTAX Wells Fargo Advantage Interm T/AmtF A 11.80 77 Hold 2.10 0.35 0.63 4.37 2.84 4.46 1.19 0.84 2.88 0.70WMFAX Wells Fargo Advantage Municipal Bond A 10.56 80 Hold 2.33 0.52 1.22 5.63 4.21 6.29 1.91 1.04 3.68 0.75WSHNX Weitz Short-Intermediate Income Investor 12.37 72 Buy 2.10 0.65 2.10 1.40 1.15 1.23 0.35 1.33 0.84WSMAX Wells Fargo Advantage S/T Muni Bd A 9.95 70 Buy 0.51 0.10 -0.01 1.04 0.92 1.50 0.79 0.13 0.59 0.60

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 17.19 68 Buy -1.85 2.52 10.89 -13.78 0.66 1.45 0.95 13.36 1.03AEMGX Acadian Emerging Markets Instl 15.01 53 Sell 0.67 -1.44 10.69 -21.93 -7.62 -5.07 1.02 15.80 1.51AGBVX American Century Global Bond Inv 10.13 71 Hold 3.79 0.40 2.84 3.19 2.72 1.16 0.84 2.79 0.87AGLOX Ariel Global Equity Investor 13.85 76 Buy 1.17 -1.14 9.57 -4.25 6.21 0.73 10.52 1.25AMDWX Amana Developing World Investor 9.29 49 Sell 5.93 0.43 10.33 -11.18 -5.93 -2.91 0.25 0.74 11.56 1.48BAHAX Brown Advisory WMC Strat Eurp Eq Adv 10.06 72 Hold -0.69 1.00 9.35 -4.46 1.53BEGBX American Century International Bd Inv 13.01 37 Buy 8.87 -0.23 4.25 4.77 -0.42 -0.58 0.34 0.85 6.46 0.81BEXFX Baron Emerging Markets Retail 10.56 59 Sell -0.09 0.48 10.46 -13.85 -1.05 1.35 0.88 13.25 1.45BUFIX Buffalo International 11.28 65 Hold -0.44 0.45 9.73 -8.04 2.03 2.31 0.80 11.74 1.05CAMIX Cambiar International Equity Inv 24.06 60 Hold -2.04 1.56 8.62 -8.11 3.68 3.56 1.40 0.78 11.48 1.09CRMIX CRM International Opportunity Inv 12.18 56 Hold 1.33 1.08 10.03 -3.02 1.15 0.31 0.78 11.28 1.50DOMIX Domini International Social Equity Inv 7.35 63 Hold 1.10 1.66 12.21 -7.42 3.00 3.93 0.91 12.86 1.59EGINX Invesco European Growth Investor 34.03 69 Hold -1.39 0.15 7.96 -6.62 3.06 4.35 0.80 11.72 1.35EMBOX Lazard Emerging Markets Equity Blnd Open 8.82 44 Sell 3.16 0.57 13.95 -14.95 -7.56 -5.83 1.14 17.41 1.54EMMOX Lazard Emerging Markets Multi Asset Open 7.66 47 Sell 1.86 0.39 10.06 -13.05 -6.94 -4.36 0.83 12.47 1.60EXITX Manning & Napier International S 7.63 58 Sell 2.69 2.28 10.74 -7.63 0.57 0.34 0.98 13.84 1.10EXWAX Manning & Napier World Opportunities A 6.92 50 Hold 2.22 -0.43 11.25 -11.66 -1.66 -1.34 0.97 13.88 1.08FMIJX FMI International 28.88 75 Hold 2.45 1.19 8.73 -3.36 6.15 8.78 0.49 8.11 0.98GLFOX Lazard Global Listed Infrastructure Open 14.22 84 Buy 6.11 2.01 8.95 6.44 13.55 13.32 0.50 8.47 1.23GOBFX Legg Mason BW Global Opportunities Bd FI 10.52 67 Hold 8.34 0.19 5.94 -0.55 -0.81 2.86 2.97 1.45 7.03 0.98HIGGX Madison Hansberger International Gr Y 14.78 57 Sell -3.15 1.30 12.05 -14.47 -1.14 -0.97 1.01 14.19 1.16HIIGX Harbor International Growth Inv 12.36 55 Hold 0.98 1.15 13.50 -7.60 0.66 1.21 0.99 13.94 1.22HIINX Harbor International Investor 59.53 64 Sell 1.02 1.62 12.38 -14.05 -0.96 0.65 1.00 13.92 1.11HISIX Homestead International Value 6.50 56 Hold 0.93 2.04 11.11 -11.25 -0.18 0.01 0.02 0.94 13.29 0.87HJPNX Hennessy Japan Investor 25.28 70 Strong Buy 6.58 5.86 16.98 7.48 11.23 10.96 0.06 0.71 13.26 1.53


Beta 3 Year

sd 3 Year


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


NTF INTERNATIONAL FUNDS (continued)ICARX ICON Emerging Markets S 13.27 77 Sell 1.69 -0.38 8.06 -8.48 -1.41 -0.13 1.65 0.76 11.95 1.55LDMOX Lazard Developing Markets Equity Open 9.49 42 Hold 4.86 1.50 18.63 -13.52 -7.54 -7.72 1.23 19.16 1.57LGFEX QS Batterymarch Intl Eq FI 14.02 59 Hold -2.37 2.26 10.31 -10.89 1.61 1.63 0.86 12.25 1.34LISOX Lazard International Strategic Eq Open 13.51 75 Hold 0.52 1.50 12.02 -9.50 2.06 4.85 0.86 12.37 1.08LSGLX Loomis Sayles Global Bond Retail 15.64 63 Sell 6.76 0.58 5.04 2.36 -0.29 0.86 1.78 0.99 4.94 1.00LWOFX Legg Mason BW International Opps Bd FI 11.14 68 Hold 8.05 0.00 6.30 -1.77 -1.48 3.05 1.41 7.48 1.00LZIOX Lazard International Equity Open 17.16 61 Hold -0.41 1.00 11.14 -9.26 2.04 4.24 0.87 12.35 1.14LZSMX Lazard International Small Cap Eq Open 10.87 74 Hold -0.55 0.37 12.53 -1.79 6.53 6.61 0.81 12.26 1.38MACSX Matthews Asian Growth & Inc Investor 16.63 76 Hold 3.74 0.36 7.92 -8.17 -1.92 2.59 0.76 11.36 1.09MAFSX Matthews Asia Focus Investor 8.95 57 Sell 2.99 -0.78 9.15 -13.83 -3.14 0.91 13.70 1.50MAKOX Matthews Korea Investor 6.09 74 Sell -0.98 0.66 5.18 -1.93 8.99 6.10 0.88 15.27 1.10MCDFX Matthews China Dividend Investor 13.24 57 Hold -3.99 -1.49 11.92 -14.36 3.64 5.28 0.98 18.27 1.19MCHFX Matthews China Investor 15.53 64 Sell -15.69 -4.14 5.79 -29.38 -4.02 -4.95 1.14 20.79 1.14MGGBX AMG Managers Global Income Opportunity 19.55 69 Hold 7.54 1.40 7.01 0.69 -0.13 2.05 3.44 0.90 5.83 0.89MGLBX Marsico Global 11.59 83 Buy -3.26 1.40 13.18 -6.42 7.38 7.48 0.80 13.19 1.54MINDX Matthews India Investor 26.21 81 Buy -0.83 3.27 9.90 -2.98 14.42 7.09 0.82 22.41 1.11MIOFX Marsico International Opportunities 14.86 54 Sell -5.35 0.61 13.00 -9.99 1.41 1.66 0.86 13.82 1.60MJFOX Matthews Japan Investor 19.69 67 Buy 3.80 3.47 17.06 5.58 8.11 10.06 0.65 13.70 0.99MNEMX Manning & Napier Emerging Markets S 8.39 48 Sell 1.57 0.96 11.13 -9.36 -5.66 1.07 16.64 1.15MNGSX Manning & Napier Global Fixed Income S 9.47 69 Hold 3.95 0.42 3.95 -1.45 -0.52 2.20 0.77 4.85 0.85MPACX Matthews Asia Growth Investor 21.42 55 Sell 1.56 2.19 11.04 -4.20 1.47 4.02 0.79 12.96 1.11MSMLX Matthews Asia Small Companies Inv 18.91 63 Sell -2.58 -1.82 6.54 -17.20 -1.64 0.52 0.81 14.11 1.47NMIEX Northern Multi-Manager Intl Equity 9.35 61 Sell -1.48 1.19 10.78 -14.75 -1.93 -0.52 0.94 12.92 1.21NMMEX Northern Multi-Manager Emerging Mkt Eq 15.01 57 Hold 3.45 -0.13 13.03 -19.42 -6.14 -4.09 1.07 15.92 1.35NOIGX Northern International Equity 8.20 60 Sell -0.73 2.63 13.57 -15.84 -0.99 0.34 1.10 15.18 1.09OBIOX Oberweis International Opportunities 20.80 72 Strong Buy -2.48 -0.19 10.99 -0.10 9.61 12.00 0.73 12.65 1.60PEFDX PIMCO EM Fdmtl IndexPLUS AR Strat D 7.71 52 Hold 9.83 1.45 21.42 -23.96 1.50 1.45 21.82 1.55PGBDX PIMCO Global Bond (Unhedged) D 9.26 68 Hold 6.18 0.28 3.72 3.65 0.76 1.89 1.51 1.14 4.87 0.95PGSDX PIMCO Global Advantage Strategy Bd D 10.06 48 Sell 3.03 0.28 3.67 -1.92 -2.53 -0.16 2.19 0.99 5.40 1.10PIPDX PIMCO Intl StksPLUS® AR Strat (USD-Hg) D 6.43 60 Sell -5.72 3.54 13.20 -15.45 1.38 5.82 1.77 0.91 14.20 1.15PLVDX PIMCO EMG Intl LowVol RAFI®-PLUS AR D 7.88 58 Hold 8.09 0.25 14.53 -21.96 1.25 1.40PLVRX PIMCO Intl LwVol RAFI®-PLUS AR D 9.36 68 Sell 3.20 2.63 13.04 -7.63 1.68 1.17PPUDX PIMCO Intl StkPLUS® AR Stra (Unhdgd) D 5.37 54 Sell -2.19 3.07 13.77 -15.21 -1.52 2.18 1.56 1.15 15.96 1.04PQDDX PIMCO EqS® Dividend D 5.55 60 Hold 1.64 1.45 13.12 -16.36 0.26 2.67 0.80 11.76 1.19QFVOX Pear Tree Polaris Foreign Value Ord 16.81 70 Hold -2.32 1.08 8.66 -12.70 1.65 3.20 0.91 13.18 1.52QUSOX Pear Tree Polaris Fgn Val Sm Cap Ord 12.05 80 Buy -2.03 2.03 8.46 -12.43 5.01 4.72 0.75 11.29 1.56SCVEX Schroder International Alpha Adv 10.85 56 Hold -1.45 2.07 10.38 -11.12 0.94 0.78 0.88 12.51 1.17SEMVX Schroder Emerging Market Equity Adv 10.96 48 Sell 0.46 -0.54 10.93 -18.67 -6.64 -4.61 1.04 15.57 1.49SIDVX Schroder International Multi-Cap Val Adv 8.33 67 Hold 3.17 2.21 12.18 -10.57 0.81 1.37 0.92 12.58 1.17SILAX Wells Fargo Advantage Divers Intl A 10.94 60 Hold -2.76 2.24 10.28 -14.30 0.33 1.84 0.92 12.92 1.40TIVFX Tocqueville International Value 14.42 75 Hold 2.71 3.15 13.63 -3.49 6.41 3.54 0.88 12.56 1.25TVFVX Third Avenue Value Investor 49.37 68 Hold 2.73 3.94 19.77 -9.45 1.51 2.62 0.89 13.59 1.34TVIVX Third Avenue International Value Inv 14.29 46 Hold 2.81 4.00 20.79 -16.00 -5.95 -2.80 1.14 17.28 1.65TWEMX Thomas White Emerging Markets Investor 9.08 40 Sell -0.66 -0.11 11.69 -19.02 -9.22 -5.48 1.04 15.78 1.27TWGGX American Century Global Growth Inv 10.84 66 Hold -1.72 2.17 13.63 -5.21 6.17 6.49 0.84 12.68 1.08TWIEX American Century International Gr Inv 11.03 72 Hold -3.08 1.19 9.21 -10.44 0.90 2.51 0.87 12.58 1.17TWMIX American Century Emerging Markets Inv 7.98 50 Sell 1.28 -1.36 9.77 -15.97 -3.82 -2.83 1.04 15.74 1.43TWWDX Thomas White International Investor 15.10 47 Sell -1.88 1.41 9.66 -12.01 -3.57 -0.60 0.88 12.38 1.24UCEQX USAA Cornerstone Equity 12.40 70 Hold 2.06 2.06 12.93 -6.30 4.11 0.82 11.58 0.10UGMVX USAA Global Managed Volatility 8.69 67 Hold 1.16 1.88 11.55 -7.71 0.72 10.12 0.90UMBWX Scout International 23.59 64 Sell 1.72 3.19 12.17 -10.67 -0.69 0.88 1.08 0.89 12.45 1.02USAWX USAA World Growth 27.24 84 Strong Buy 4.21 3.10 13.08 -3.26 6.42 7.97 0.82 12.18 1.17USCGX USAA Capital Growth 9.61 77 Buy -1.23 1.05 11.23 -5.27 8.01 7.33 0.79 11.56 1.23


Beta 3 Year

sd 3 Year



USEMX USAA Emerging Markets 14.14 48 Sell 3.89 0.35 13.85 -15.24 -6.87 -6.72 1.11 16.86 1.50USIFX USAA International 26.20 60 Hold -1.98 1.87 10.04 -11.58 1.09 2.28 0.91 12.81 1.12WAESX Wasatch Emerging Markets Select Investor 8.69 52 Sell 2.84 1.76 9.45 -13.88 -7.20 0.90 14.78 1.70WAGOX Wasatch Global Opportunities 3.22 82 Strong Buy -4.73 1.26 13.38 -3.91 2.89 5.30 0.79 13.42 1.81WAGTX Wasatch World Innovators 18.34 77 Strong Buy -2.60 0.88 10.08 -2.46 5.48 7.85 0.69 11.89 1.76WAIGX Wasatch International Growth 29.41 78 Strong Buy -2.68 1.13 11.19 1.41 3.08 7.40 0.79 12.42 1.50WELNX William Blair Emerging Mkts Ldrs N 7.61 50 Sell -1.55 -1.17 9.34 -20.12 -6.24 -3.28 1.04 15.85 1.64WFAAX Wells Fargo Advantage Asia Pacific A 11.26 50 Sell -1.40 0.18 10.61 -14.03 -0.09 3.09 0.88 13.26 1.60WGGNX William Blair Global Leaders N 11.37 66 Hold -1.81 1.88 13.81 -5.81 4.71 5.92 0.86 12.74 1.39WIENX William Blair International Equity N 13.51 63 Hold -2.45 2.12 10.92 -10.22 1.51 2.28 0.90 12.57 1.32WILNX William Blair International Ldrs N 12.59 60 Hold -2.33 0.96 11.42 -5.76 3.23 0.89 12.74 1.24WLCTX Wilshire International Equity Invmt 8.97 51 Hold 0.79 1.24 10.33 -9.01 -0.83 2.51 0.89 12.34 1.50

NTF INTERNATIONAL FUNDS (continued)

Fund Spotlight: PIMCO Diversified Income Fund (PDVBX)Since the start of 2016, the dollar has fallen against most major and emerg-ing market currencies. A debate has emerged around whether this downtick is a short break from its longer-term up-trend or the beginning of a new course lower. The fate of the greenback will have a tremendous global impact. The differences in exchange rates account for one-third of the total return derived from a basket of international stocks and twice that amount for international bond funds. Many leading commodities like copper and oil are also priced in U.S. dollars. Emerging market countries and various natural resource companies have borrowed dollars in order to conduct business. An appreciating U.S. currency places those who anticipated a stable or declining dollar on the wrong side of the trade.

cuRRencY TRendsThe dollar uptrend over the past several years has been the result of various cen-tral bank and government monetary and fiscal policies. Washington and the U.S. Federal Reserve responded early and aggressively to the 2008 financial crisis. The strong economic growth that resulted created a divergence between the U.S. and the rest of the world as other central banks waited several years before initi-ating their respective stimulus programs.

While the Fed has raised its interest rate targets and is tapering its bond-buying program, the European Central Bank (ECB) and the Bank of Japan (BOJ) are still engaged in their quantitative easing programs and lowering rates into nega-tive territory. U.S. banks also have far stronger balance sheets than those of their European counterparts. The recent pullback in the dollar oc-curred primarily in response to near-term policy changes by the BOJ. The central bank did not initiate easing as expected at its policy meeting in April. The BOJ was also blocked from intervening by the G-7 ahead of the group’s policy meeting in May. The yen has risen almost 10 percent this year. The latest rise in the price of oil and other commodities has strengthened the currency of many resource-exporting countries as well. The Canadian dollar has risen close to 9 percent this year.While there is near-term volatility, the longer-term divergence between the U.S. and the rest of the world’s economies is expected to continue as monetary policy disparities between the Fed and other central banks remain in place. Investors seeking higher income and growth op-portunities across multiple global bond sectors should consider the PIMCO Di-versified Income Fund (PDVBX). Invest-ing across various credit and emerging markets, PDVBX is a risk-managed, income-oriented fund that serves as a complement to a traditional core bond holding.

Fund OveRvIewWith $2.3 billion in assets under man-agement (AUM), PDVBX is a four-star Morningstar rated bond fund that seeks to maximize total return while preserv-ing capital through prudent investment choices. The fund typically invests at least 65 percent of AUM in a diversified portfolio of fixed income securities of varying maturities. While concentrat-ing primarily in investment-grade debt instruments, the fund may invest up to 10 percent of assets in high-yield debt. Fund managers look to take advantage of global bond sectors that may provide an incremental yield over the opportu-nities presented by developed market government bonds. These sectors are primarily investment-grade corporate and emerging market sovereign bonds. The fund uses three equally weighted in-dexes as benchmarks. They are the Bank of America Merrill Lynch Global High Yield BB-B Rated Constrained Devel-oped Markets Index USD Hedged, the Barclays Global Aggregate Credit Com-ponent excluding Emerging Markets USD Hedged and the J.P. Morgan EMBI Global USD Hedged indexes. PDVBX has an initial investment minimum of $1,000 and an expense ratio of 1.15 per-cent.

InvesTMenT sTRATeGYFund manager Curtis Mewbourne, who took over in 2005, and his team of ana-lysts rely on PIMCO’s “top-down, bot-

(continued on page 16)


Beta 3 Year

sd 3 Year


tom-up” research. Mewbourne estimates that the team’s asset-allocation and sector-rotation strategies drive approx-imately 50 to 60 percent of the fund’s returns. Security selection and currency management as well as portfolio dura-tion and yield-curve positioning account for the rest. Starting with macro cues from PIMCO’s investment committee, Mewbourne determines which of the benchmark sectors offer the best value. He then allocates assets to specialist managers who select individual secu-rities using analytics to ensure that the positions match the fund’s macro theme.Fund managers take a flexible approach to the portfolio’s sector weightings based on market and economic conditions. This strategy enables the portfolio to have a defensive stance and to take full advan-tage of compelling income opportunities across various regions and credit qual-ity ratings. This forward-looking global outlook creates attractive risk-adjusted returns. Fund managers prefer bank and pipeline debt when compared with the underlying benchmarks.

PORTFOlIO And hOldInGsThe portfolio has a 64.6 percent expo-sure to domestic debt securities. The re-mainder of the fund’s assets is primarily invested in European credit instruments. The fund has a small exposure to the Cayman Islands, Mexico and Indone-sia. The portfolio is heavily weighted toward corporate bonds and commercial mortgage-backed securities as well as other domestic government-related is-sues. The fund has an effective maturity of 9.47 years and an effective duration of 5.28 years. The portfolio is predom-inantly rated BB or better. PDVBX has a 30-day Securities and Exchange Com-mission yield of 4.34 percent.

hIsTORIcAl PeRFORMAnceAlthough somewhat more volatile over the past few years than its category av-erage, PDVBX has attained 3-, 5- and 10-year returns of 1.03, 4.06 and 6.03 percent, respectively. The fund’s returns are better than the returns of 50 percent of its counterparts listed in Morning-star’s multisector bond fund category.

A strong performance in the first half of 2015 as well as a surge in the fall en-abled the fund to beat 97 percent of its multisector peers on a 1-year basis. This performance was aided by the fund’s exposure to investment-grade and high-yield corporate bonds along with its neu-tral position in emerging market debt.

OuTlOOkSupported by strong personal consump-tion, low energy prices and healthy job gains, the U.S. economy is still on track for above-trend growth. Despite con-tinued stimulative actions by the ECB, European growth will remain mod-est. Based on the slowdown in China, emerging markets still face headwinds. As a result, the fund maintains a long bias toward the U.S. dollar. It will con-tinue to do so as long as the divergent monetary policies remain in effect. The fund will look for short-term opportuni-ties in the emerging markets and high-yield debt based on the value in these sectors caused by any selloffs. Managers expect company balance sheets to re-main strong and default risk to be mini-mal. They favor financials, high-quality industrial names and residential mort-gage-backed securities to take advan-tage of the strength in the U.S. housing sector. Emphasizing assets with a strong yield and low downside risk issued by rising corporations and other favorable sec-tors, PDVBX can add global bond ex-posure to an otherwise well-diversified income portfolio. For that reason, we have issued a Strong Buy recommen-dation along with a Rank of 86. If you have any questions pertaining to your Vanguard bond positions or increasing your portfolio’s yield, call us anytime at (888) 252-5372.

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].

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

THE Investor Guide TO VANGUARD FUNDS

Fund Spotlight: PIMCO Diversified Income Fund (PDVBX) (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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