mutual fund investor guide the investor guide to vanguard … · 2015-08-14 · tor. the dow jones...

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Market Perspective: Domestic Markets Remain Resilient Despite Concerns OverseasEquities were mixed over the past month, with the Nasdaq leading the fi eld with a 2.08 percent return, followed by the S&P 500’s gain of 1.33 percent. The Dow Jones Industrial Average fell 0.82 percent, while the Russell 2000 Index dipped 2.34 percent. These moves were insignifi cant compared to the volatility in the commodities market, where oil fell to its 2015 lows and threatened to break lower. Further pain was felt when China devalued the yuan and paved the way for even more devaluation over time.

China’s decision to weaken the currency is an admission that the yuan was overvalued versus the U.S. dollar. Relative to other currencies, the yuan has been rising since July because it is closely pegged to the U.S. dollar. The greenback has been in a bull market since July of last year, and the yuan piggybacked on that move. While the U.S. remains in an expansionary cycle, China has entered a contractionary one. This currency appreciation dealt a triple blow to China. Its exports became more expensive as the dollar rose against export competitors such as Europe, Japan and other emerging markets. Emerging markets were the main growth engine for exports, but many of those economies are resource dependent. The U.S. dollar rally accompanied a bear market in commodities, severely impacting economies such as Brazil. Finally, a slowdown in reserve growth led to a contractionary monetary policy in China.

Commodities sold off on the news of the devaluation, and the next shoe to drop may include other Asian currencies, most importantly the Japanese yen. West Texas Intermediate Crude oil fell to a new 52-week low, joining commodities such as copper and iron ore at multiyear lows. The euro rebounded on news of a new deal “in principle” for Greece. Details still need to be added, and the Greek parliament must approve the agreement.

While there was turmoil in the commodity and currency markets, domestic markets benefi ted by being a safe haven for investors. The 10-year Treasury

yield edged down from 2.5 percent a month ago to 2.2 percent. If a move toward the U.S. dollar continues, the Federal Reserve will have room to hike short-term rates without worrying about a signifi cant increase in long-term rates. In fact, a rate hike by the Federal Reserve in the current environment could exacerbate some of the weakness seen overseas and in commodities, pushing long-term yields lower even as short-term rates rise.

As for the U.S. economy, it remains on sound footing. Second-quarter GDP growth came in at 2.3 percent. The Atlanta Federal Reserve GDP Now model increased its GDP estimate throughout the quarter as stronger data was released. The trend points to a possible upward revision when the second estimate is released in late August. Unit labor costs increased 0.5 percent in the second quarter, down from a revised 2.3 percent in the fi rst quarter, but up from forecasts of a 0.1 percent decline. The Federal Reserve is most concerned about labor costs, and the rise, while small, pushes the Fed closer to a rate hike. Along with rising labor costs, jobless claims hit a four-decade low in July, payrolls are steady and income growth is solid.

Amazon (AMZN), Google (GOOG) and Netflix (NFLX) were among the companies rewarded with double-digit gains following strong earnings reports, while Tesla (TLSA) and Keurig Green Mountain (GMCR) were hit with double-digit losses. The Dow Jones Industrial Average was a victim of these earnings-related stock losses. Caterpillar (CAT), Disney (DIS), Procter & Gamble (PG), Exxon (XOM), Chevron (CVX), United Technologies (UTX) and International Business Machines (IBM), as well as underperformance by Apple (AAPL) and DuPont (DD), weighed on the index. Disney also sparked concerns across the entire media industry as investors worried about how competition from Netfl ix, Amazon and other streaming services would impact its future growth outlook.

With nearly 450 companies in the S&P 500 having delivered second-quarter earnings, FactSet Research reports earnings have fallen 1.0 percent from a year ago, with nearly all of the decline due to the energy sector. Fifty-one percent of fi rms beat sales estimates, while 73 percent beat earnings estimates. The energy sector reported a 56.4 percent decline in earnings thus

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

AUGUST 2015

Matthew D. SauerFounder & Chief Investment Offi cer

Matthew Sauer is the Founder and Chief Investment Offi cer 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 Offi cer 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 High Dividend Yield Index (VYM)

THE Investor Guide TO VANGUARD FUNDS

(continued on page 2)

2 AUGUST 2015 | PHONE: (888) 252-5372


Portfolio UpdatesStocks stayed in their trading range between July 10 and August 10, though there was some separation in index performance. The technology- and biotechnology-heavy Nasdaq powered ahead to a 2.08 percent gain thanks to strong earnings from Internet companies. The S&P 500 rallied 1.33 percent thanks to a solid earnings season that would have been much better overall if not for the energy sec-tor. The Dow Jones Industrial Average was hit by earnings weakness and concerning guid-ance, with a number of holdings performing poorly during the month and causing the index to slide 0.82 percent. The Russell 2000 fared worse, sliding 2.34 percent. The MSCI EAFE advanced 1.72 percent thanks to prog-ress toward a deal with Greece and a relatively steady euro and yen.Year to date, the Nasdaq is leading with a 7.72 percent gain. Not far behind, the MSCI EAFE has rallied 6.14 percent. The 2.20 percent ad-vance in the S&P 500 and the 1.49 percent increase in the Russell 2000 show how selec-tive investors have been. The Dow Jones In-dustrial average remains in negative territory, down 1.17 percent for the year. We will make several changes to the port-folios this month.In the Vanguard Aggressive Growth Portfo-lio we will sell Vanguard Energy (VGENX) and purchase Vanguard Financials ETF (VFH). In the NTF Aggressive Value Port-folio we will sell Baron Energy and Re-sources (BENFX) and purchase Vanguard Financials ETF (VFH).The Vanguard Aggressive Growth Portfo-lio declined 0.02 percent over the past month. Financials (VFH) and Information Technol-ogy (VGT) both delivered solid gains, rising 2.41 percent and 2.81 percent, respectively.

The slump in oil prices weighed on Energy (VGENX) and Capital Value (VCVLX) though, sending the former down 4.63 percent and the latter down 2.62 percent. Health Care (VGHCX) managed only a 0.08 percent gain. Year to date, the portfolio is up 5.45 percent.The Vanguard Straight Growth Portfolio increased 0.34 percent over the past month; the portfolio is now up 2.53 percent in 2015. Dividend Growth (VDIGX) led the portfo-lio with a 1.66 percent increase as defensive holdings outperformed and investors bid up dividend shares amid falling interest rates. Small caps were hurt by overall weakness, but Small Cap Growth (VISGX) outperformed the Russell 2000, losing only 0.66 percent, while Explorer Value (VEVFX) suffered a larger 1.52 percent decline but also outper-formed its benchmark.The Vanguard Balanced Growth Portfolio gained 0.99 percent last month and is up 1.40 percent in 2015. Dividend Growth (VDIGX) was the leader in this portfolio, rising 1.66 percent. Dividend Appreciation (VIG) ad-vanced a solid 0.87 percent, as did Equity In-come (VEIPX). Wellesley Income (VWINX) rallied 1.15 percent as bond prices rallied along with equities. The recently added U.S. Value (VUVLX) was nicked by falling energy prices but slipped only 0.06 percent. The Vanguard Conservative Income Port-folio increased 0.53 percent last month. Year to date, it has gained 1.12 percent. Wellesley Income (VWINX) led the portfolio with a 1.15 percent advance. Short-term Invest-ment Grade (VFSTX) and High-Yield Cor-porate (VWEHX) both fell on the month, the latter due to weakness in energy weigh-ing on the high-yield sector. Equity In-come (VEIPX) and Dividend Appreciation (VIG) both added gains of 0.87 percent.

The NTF Aggressive Growth Portfolio gained 0.19 percent over the past month and is up 5.68 percent this year. Vanguard Finan-cials (VFH) led the portfolio with a 2.41 per-cent gain, and PRIMECAP Odyssey Growth (POGRX) was close behind with a 2.09 per-cent increase. Baron Energy and Resources (BENFX) weighed on results, falling 10.85 percent as both energy and smaller compa-nies underperformed. ClearBridge Aggres-sive Growth (LMPFX) slipped 0.33 percent. The fund was exposed to losses in top holding Biogen (BIIB), some energy stocks and Com-cast (CMCSK), which fell along with other media shares. The NTF Straight Growth Portfolio rallied 1.52 percent last month and is up 3.69 percent this year. Invesco Diversified Dividend Inves-tor (LCEIX) led the portfolio for the second straight month, this time rising 2.44 percent. The fund is heavily exposed to the consumer staples category. FAM Value (FAMVX) deliv-ered a benchmark-beating 1.43 percent gain. Vanguard PRIMECAP (VPMCX) was in line with the S&P 500, up 1.33 percent.The NTF Balanced Growth Portfolio ad-vanced 0.59 percent last month and is up 2.09 percent this year. Vanguard Market Neutral (VMNFX) gained 1.30 percent, a very solid return. The fund’s long/short strategy was helped by the fact that investors sold compa-nies that reported or provided guidance lower than expected, while rewarding those that beat estimates. Invesco Diversified Dividend Investor (LCEIX) was the portfolio leader with its 2.44 percent gain. American Beacon SiM High Yield Opportunities (SHYPX) and PIMCO Floating Income (PFIDX) both dipped as high-yield debt traded lower. The NTF Conservative Income Portfolio in-creased 0.50 percent over the past month; it is now up 1.05 percent in 2015. Thompson Bond

far, while industrials, which may be suffering partially from lower spending by energy companies, reported a decline of 4.8 percent. In contrast, the healthcare sector remains the market leader in terms of performance and earnings, reporting growth of 15.4 percent, more than double analyst estimates. Consumer discretionary, telecom and financials were the next three strongest sectors for earnings.

Strong earnings, solid economic growth and instability overseas are positive for U.S. asset markets. The main risk to equities over the coming month will be from commodities or currency markets. Many shale oil producers will face bankruptcy concerns if oil prices dip into the $30 range, due to large borrowings used to finance capital investments. A currency crisis in emerging markets is possible for

similar reasons; many companies borrowed in U.S. dollars, expecting the currency to fall, but if the greenback surges to a new high, defaults could rise. The U.S. economy is insulated from emerging market currency troubles, but the financial markets are global. If investors start selling overseas, there is likely to be some spillover into the United States and other developed markets.

Market Perspective: Domestic Markets Remain Resilient Despite Concerns Overseas (continued)


www.MutualFundInvestorGuide.com | AUGUST 2015 3

Model Portfolios (Data provided as of 8/10/15)

VANGUARD AGGRESSIVE GROWTHSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVGHCX Vanguard Health Care 238.87 149.35 30.63% 0.08% 16.04% $35,674.92VGT Vanguard Information Technology 108.97 227.34 21.27% 2.81% 4.30% $24,773.59VSTCX Vanguard Strategic Small-Cap Equity 31.73 506.57 13.80% -0.60% 3.45% $16,073.40VCVLX Vanguard Capital Value 13.39 1532.09 17.61% -2.62% -0.22% $20,514.69VFH Vanguard Financials ETF 51.47 377.72 16.69% 2.41% 4.20% $19,441.24

TOTAL 100.00% -0.02% 5.45% $116,477.85

VANGUARD BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVEIPX Vanguard Equity Income 31.26 895.61 25.37% 0.87% 1.10% $27,996.82VIG Vanguard Dividend Appreciation 80.45 186.96 13.63% 0.87% 0.74% $15,040.39VUVLX Vanguard U.S. Value 17.82 955.32 15.43% -0.06% -1.00% $17,023.74VDIGX Vanguard Dividend Growth 23.21 1242.93 26.14% 1.66% 3.03% $28,848.37VWINX Vanguard Wellesley Income 25.45 842.36 19.43% 1.15% 1.00% $21,437.95

TOTAL 100.00% 0.99% 1.40% $110,347.27

VANGUARD CONSERVATIVE INCOME PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVFSTX Vanguard Short-term Investment Grade 10.64 1451.64 14.64% -0.02% 0.89% $15,445.41VWEHX Vanguard High-Yield Corporate 5.87 4391.69 24.43% -0.22% 1.47% $25,779.19VEIPX Vanguard Equity Income 31.26 895.61 26.53% 0.87% 1.47% $27,996.82VWINX Vanguard Wellesley Income 25.45 835.72 20.15% 1.15% 0.91% $21,269.05VIG Vanguard Dividend Appreciation 80.45 186.96 14.25% 0.87% 0.74% $15,040.39

TOTAL 100.00% 0.53% 1.12% $105,530.87

VANGUARD STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVDIGX Vanguard Dividend Growth 23.21 1491.51 30.96% 1.66% 3.03% $34,618.04VASVX Vanguard Selected Value 28.97 750.87 19.45% 0.17% 2.08% $21,752.68VEVFX Vanguard Explorer Value 31.68 679.79 19.26% -1.52% 1.86% $21,535.60MGV Vanguard Mega Cap Value 60.73 373.01 20.26% 0.80% 1.25% $22,652.88VISGX Vanguard Small Cap Growth 37.46 300.90 10.08% -0.66% 5.84% $11,271.73

TOTAL 100.00% 0.34% 2.53% $111,830.94

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 AUGUST 2015 | PHONE: (888) 252-5372


NTF BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVFSTX Vanguard Short-term Investment Grade 10.64 1226.81 12.11% -0.02% 0.89% $13,053.29VMNFX Vanguard Market Neutral 11.69 1317.38 14.29% 1.30% 1.65% $15,400.13SHYPX American Beacon SiM High Yld Opps Inv 9.50 1598.02 14.09% -1.55% 1.04% $15,181.19LCEIX Invesco Diversified Dividend Investor 19.28 1205.52 21.57% 2.44% 6.13% $23,242.49VEIPX Vanguard Equity Income 31.26 895.64 25.98% 0.87% 1.47% $27,997.76PFIDX PIMCO Floating Income 8.18 1574.05 11.95% -0.90% -1.13% $12,875.70

TOTAL 100.00% 0.59% 2.09% $107,750.54

NTF ABSOLUTE RETURN/DOWN MARKET PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVFH Vanguard Financials ETF 51.47 104.40 5.43% 2.41% 1.76% $5,373.25VMNFX Vanguard Market Neutral 11.69 2195.63 25.93% 1.30% 1.65% $25,666.88VFSTX Vanguard Short-term Investment Grade 10.64 1255.20 13.49% -0.02% 0.71% $13,355.34THOPX Thompson Bond 11.23 2202.28 24.99% -0.80% 0.33% $24,731.60TGLDX Tocqueville Gold 25.69 252.72 6.56% -10.36% -19.77% $6,492.29VSGBX Vanguard Short-Term Federal 10.77 945.75 10.29% 0.08% 0.63% $10,185.67PFIDX PIMCO Floating Income 8.18 1610.47 13.31% -0.90% -1.13% $13,173.65

TOTAL 100.00% -0.61% -2.61% $98,978.69

NTF CONSERVATIVE INCOME PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVFSTX Vanguard Short-term Investment Grade 10.64 2453.63 24.68% -0.02% 0.89% $26,106.57PFIDX PIMCO Floating Income 8.18 1799.16 13.91% -0.90% -1.13% $14,717.10THOPX Thompson Bond 11.23 880.91 9.35% -0.80% 0.33% $9,892.64VWINX Vanguard Wellesley Income 25.45 626.79 15.08% 1.15% 0.91% $15,951.79VDIGX Vanguard Dividend Growth 23.21 734.19 16.11% 1.66% 3.03% $17,040.62VWELX Vanguard Wellington 39.48 559.37 20.87% 1.28% 2.06% $22,083.97

TOTAL 100.00% 0.50% 1.05% $105,792.69

NTF STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueFAMVX FAM Value 68.86 423.17 25.86% 1.43% 3.42% $29,139.81VPMCX Vanguard PRIMECAP 105.52 197.87 18.53% 1.33% 2.60% $20,879.13LCEIX Invesco Diversified Dividend Investor 19.28 1506.90 25.78% 2.44% 6.13% $29,053.11VDIGX Vanguard Dividend Growth 23.21 745.78 15.36% 1.66% 3.03% $17,309.44VASVX Vanguard Selected Value 28.97 563.15 14.48% 0.17% 2.08% $16,314.51

TOTAL 100.00% 1.52% 3.69% $112,696.00

NTF AGGRESSIVE GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValuePOGRX PRIMECAP Odyssey Growth 27.79 1313.64 30.82% 2.09% 6.64% $36,506.17LMPFX ClearBridge Aggressive Growth FI 207.58 136.07 23.85% -0.33% 1.64% $28,244.96VGHCX Vanguard Health Care 238.87 119.48 24.10% 0.08% 16.04% $28,539.94VFH Vanguard Financials ETF 51.47 488.74 21.24% 2.41% 4.20% $17,928.94

TOTAL 100.00% 0.19% 5.68% $118,446.24

NTF GLOBAL PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVGK Vanguard European Stock Index 56.01 268.55 13.50% 1.23% 9.24% $15,041.40VMVFX Vanguard Global Minimum Volatility 11.96 2540.89 27.27% 2.40% 8.43% $30,389.01WAGOX Wasatch Global Opportunities 3.96 4176.04 14.84% 1.28% 6.74% $16,537.12WAGTX Wasatch World Innovators 21.85 1210.28 23.73% 2.82% 8.33% $26,444.56MGLBX Marsico Global 13.83 1663.68 20.65% 1.32% 6.80% $23,008.75

TOTAL 100.00% 1.95% 7.92% $111,420.85


VANGUARD GROWTH FUNDSIVOG Vanguard S&P Mid-Cap 400 Growth ETF 106.97 75 Buy 8.90 1.50 2.13 15.75 18.03 1.03 0.98 10.38 0.20IVOO Vanguard S&P Mid-Cap 400 ETF 102.02 78 Buy 4.71 0.52 -0.31 10.97 17.83 1.41 1.02 10.24 0.15IVOV Vanguard S&P Mid-Cap 400 Value ETF 96.70 76 Hold 0.09 -0.57 -2.79 5.89 17.31 1.73 1.07 10.79 0.20MGC Vanguard Mega Cap ETF 71.78 86 Buy 3.13 1.32 -0.05 10.60 16.45 15.67 2.05 0.99 8.52 0.11MGK Vanguard Mega Cap Growth ETF 85.52 85 Buy 5.90 2.19 1.29 14.14 17.38 17.24 1.42 1.02 9.32 0.11MGV Vanguard Mega Cap Value ETF 60.73 87 Strong Buy 1.23 0.80 -1.01 7.98 15.92 14.35 2.60 0.97 8.73 0.11NAESX Vanguard Small Cap Index Inv 57.67 75 Buy 3.28 -0.74 -0.89 8.89 17.73 16.21 1.36 1.07 10.97 0.23VASVX Vanguard Selected Value Inv 28.97 87 Strong Buy 2.08 0.17 -2.29 4.32 17.94 15.30 1.50 1.00 9.53 0.41VB Vanguard Small-Cap ETF 120.40 78 Buy 3.25 -0.77 -0.91 8.99 17.88 16.34 1.46 1.07 10.98 0.09VBK Vanguard Small-Cap Growth ETF 133.26 85 Strong Buy 5.84 -0.68 0.17 10.90 17.43 17.07 0.91 1.00 11.20 0.09VBR Vanguard Small-Cap Value ETF 106.83 79 Strong Buy 1.07 -0.83 -1.81 7.33 18.01 15.42 1.98 1.12 11.21 0.09VCVLX Vanguard Capital Value Inv 13.39 79 Buy -0.22 -2.62 -8.66 -1.38 18.43 13.64 0.90 1.14 12.26 0.47VDAIX Vanguard Dividend Appreciation Idx Inv 32.19 84 Strong Buy 0.15 0.85 -0.96 8.36 13.38 13.27 2.09 1.07 9.38 0.20VDEQX Vanguard Diversified Equity Inv 34.14 83 Buy 5.44 1.25 0.29 12.66 18.25 16.33 1.18 1.03 9.07 0.41VDIGX Vanguard Dividend Growth Inv 23.21 90 Strong Buy 3.03 1.66 0.49 12.05 15.35 15.12 1.96 0.93 8.26 0.32VEIPX Vanguard Equity-Income Inv 31.26 94 Strong Buy 1.47 0.87 -1.48 7.82 14.35 15.46 2.84 0.95 8.41 0.29VEVFX Vanguard Explorer Value Inv 31.68 77 Strong Buy 1.86 -1.52 -2.16 5.25 17.16 15.59 0.86 1.07 11.20 0.57VEXMX Vanguard Extended Market Idx Inv 69.32 76 Buy 4.07 -0.59 -0.63 9.68 18.24 16.23 1.13 1.05 10.78 0.23VEXPX Vanguard Explorer Inv 97.61 69 Buy 4.97 -0.66 -0.49 11.89 18.81 16.62 0.23 1.12 11.75 0.51VFINX Vanguard 500 Index Inv 194.49 86 Buy 3.37 1.45 -0.07 11.03 16.65 15.67 1.92 1.00 8.56 0.17VFTSX Vanguard FTSE Social Index Inv 13.89 87 Buy 4.75 1.83 0.80 14.91 20.60 17.01 1.52 1.03 9.01 0.27VHCOX Vanguard Capital Opportunity Inv 55.00 93 Strong Buy 4.29 0.55 -0.99 14.78 23.82 17.64 0.58 0.94 10.06 0.47VHDYX Vanguard High Dividend Yield Index Inv 27.04 94 Strong Buy 0.79 0.56 -1.89 7.76 14.41 15.50 3.15 0.95 8.64 0.18VIG Vanguard Dividend Appreciation ETF 80.45 84 Strong Buy 0.23 0.87 -0.93 8.49 13.50 13.38 2.19 1.07 9.38 0.10VIGRX Vanguard Growth Index Inv 56.69 84 Buy 6.08 2.09 1.11 14.09 17.49 17.03 1.12 1.02 9.24 0.23VIMSX Vanguard Mid Cap Index Inv 35.24 84 Buy 4.52 1.18 -0.62 12.68 19.06 16.54 1.22 1.01 9.31 0.23VIOG Vanguard S&P Small-Cap 600 Growth ETF 112.90 77 Buy 7.67 -0.43 2.83 15.43 18.46 1.03 1.02 12.01 0.20VIOO Vanguard S&P Small-Cap 600 ETF 105.42 77 Buy 2.75 -1.29 0.03 10.10 17.57 1.22 1.07 11.93 0.15VIOV Vanguard S&P Small-Cap 600 Value ETF 99.03 72 Buy -2.35 -2.25 -2.45 4.76 16.65 1.36 1.12 12.26 0.20VISGX Vanguard Small Cap Growth Index Inv 37.46 87 Strong Buy 5.84 -0.66 0.13 10.77 17.24 16.92 0.78 1.00 11.19 0.23VISVX Vanguard Small Cap Value Index Inv 25.61 79 Strong Buy 1.13 -0.81 -1.80 7.30 17.88 15.28 1.86 1.12 11.20 0.23VIVAX Vanguard Value Index Inv 32.98 87 Buy 1.22 0.76 -1.21 8.26 16.26 14.50 2.38 0.98 8.73 0.23VLACX Vanguard Large Cap Index Inv 39.11 86 Buy 3.46 1.37 -0.11 10.94 16.79 15.73 1.83 1.00 8.54 0.23VMGIX Vanguard Mid-Cap Growth Index Inv 42.34 83 Strong Buy 6.02 0.76 -0.49 14.73 18.48 16.63 0.59 1.01 9.87 0.23VMGRX Vanguard Mid Cap Growth Inv 26.19 82 Strong Buy 8.13 1.04 1.00 17.74 18.50 17.72 0.18 1.03 10.18 0.44VMNFX Vanguard Market Neutral Inv 11.69 88 Strong Buy 1.65 1.30 2.10 2.45 4.20 3.86 0.37 3.86 0.25VMRGX Vanguard Morgan™ Growth Inv 27.65 80 Buy 9.12 2.22 2.52 17.71 18.55 16.54 0.63 1.01 9.54 0.40VMVIX Vanguard Mid-Cap Value Index Inv 36.27 86 Buy 3.09 1.57 -0.74 10.72 19.48 16.28 1.82 1.02 9.23 0.23VO Vanguard Mid-Cap ETF 129.20 85 Buy 4.59 1.21 -0.57 12.84 19.24 16.69 1.32 1.01 9.30 0.09VOE Vanguard Mid-Cap Value ETF 92.22 86 Buy 3.15 1.59 -0.70 10.93 19.66 16.46 1.92 1.02 9.23 0.09VONE Vanguard Russell 1000 ETF 97.26 87 Buy 3.46 1.24 -0.15 11.05 17.07 1.83 1.00 8.58 0.12VONG Vanguard Russell 1000 Growth ETF 104.37 87 Buy 7.16 1.96 1.28 15.42 17.86 1.35 1.00 8.95 0.12VONV Vanguard Russell 1000 Value ETF 90.50 87 Buy 0.21 0.60 -1.48 6.62 16.19 2.36 1.00 8.89 0.12VOO Vanguard S&P 500 ETF 193.09 86 Buy 3.49 1.50 0.02 11.19 16.80 2.02 1.00 8.56 0.05VOOG Vanguard S&P 500 Growth ETF 105.47 88 Buy 6.27 2.33 1.50 15.08 17.57 1.49 1.00 8.82 0.15VOOV Vanguard S&P 500 Value ETF 89.42 86 Buy 0.29 0.23 -1.86 6.70 15.72 2.37 1.00 8.95 0.15VOT Vanguard Mid-Cap Growth ETF 107.75 83 Strong Buy 6.05 0.77 -0.49 14.85 18.65 16.78 0.70 1.01 9.87 0.09VPCCX Vanguard PRIMECAP Core Inv 22.03 95 Strong Buy 1.80 1.61 -1.48 11.78 20.02 16.49 1.16 0.91 8.43 0.50VPMCX Vanguard PRIMECAP Inv 105.52 96 Strong Buy 2.60 1.33 -1.21 12.14 21.02 17.09 1.18 0.92 8.58 0.44VQNPX Vanguard Growth & Income Inv 43.04 87 Strong Buy 4.03 1.61 0.54 11.84 17.28 16.19 1.72 0.98 8.47 0.37VSEQX Vanguard Strategic Equity Inv 33.58 90 Buy 4.35 -0.59 -1.29 11.49 21.31 19.07 1.29 1.04 9.97 0.27VSTCX Vanguard Strategic Small-Cap Equity Inv 31.73 83 Strong Buy 3.69 -0.60 0.06 10.12 19.95 18.22 1.09 1.09 11.45 0.38VTHR Vanguard Russell 3000 ETF 97.27 84 Buy 3.04 0.90 -0.38 11.07 17.14 1.65 1.01 8.70 0.15VTI Vanguard Total Stock Market ETF 108.77 84 Buy 3.54 1.09 -0.19 10.91 17.09 15.96 1.88 1.01 8.70 0.05VTSMX Vanguard Total Stock Mkt Idx Inv 52.92 84 Buy 3.46 1.03 -0.22 10.78 16.96 15.85 1.77 1.01 8.70 0.17VTV Vanguard Value ETF 84.55 87 Buy 1.27 0.77 -1.19 8.42 16.45 14.65 2.52 0.98 8.74 0.09VTWG Vanguard Russell 2000 Growth ETF 110.80 73 Buy 6.56 -1.67 1.71 17.05 19.71 0.37 1.11 13.07 0.20VTWO Vanguard Russell 2000 ETF 97.57 65 Buy 2.11 -2.27 -0.73 9.42 16.67 1.12 1.10 12.48 0.15VTWV Vanguard Russell 2000 Value ETF 85.35 66 Hold -3.05 -3.29 -3.33 2.79 13.54 1.80 1.10 12.44 0.20VUG Vanguard Growth ETF 110.10 84 Buy 6.08 2.06 1.11 14.18 17.66 17.19 1.26 1.02 9.25 0.09VUVLX Vanguard US Value Inv 17.82 89 Strong Buy 1.31 -0.06 8.59 17.87 16.54 2.09 0.99 8.94 0.29VV Vanguard Large-Cap ETF 96.82 86 Buy 3.52 1.37 -0.10 11.07 16.97 15.87 1.93 1.00 8.54 0.09VWNDX Vanguard Windsor™ Inv 22.02 88 Buy 3.50 1.29 -1.02 9.70 18.89 15.91 1.39 1.05 9.50 0.38

Data & Rankings (Data provided as of 8/10/15)% 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 AUGUST 2015 | PHONE: (888) 252-5372


VWNFX Vanguard Windsor™ II Inv 37.75 86 Buy 2.28 0.99 -0.78 8.30 15.34 14.70 2.19 0.98 8.63 0.36VWUSX Vanguard US Growth Inv 32.91 84 Buy 10.03 2.56 3.49 19.80 20.68 18.13 0.41 1.03 9.83 0.44VXF Vanguard Extended Market ETF 91.40 76 Buy 4.15 -0.57 -0.61 9.85 18.39 16.38 1.26 1.06 10.79 0.10VYM Vanguard High Dividend Yield ETF 68.28 94 Strong Buy 0.80 0.59 -1.87 7.80 14.50 15.60 3.22 0.95 8.64 0.10

VANGUARD SECTOR FUNDSVAW Vanguard Materials ETF 103.05 78 Sell -4.04 -2.57 -9.10 -4.86 10.78 10.82 1.97 1.16 11.62 0.12VCR Vanguard Consumer Discretionary ETF 127.19 81 Buy 8.82 1.11 2.82 19.39 22.84 21.56 1.22 1.03 11.10 0.12VDC Vanguard Consumer Staples ETF 131.48 92 Strong Buy 4.98 2.33 3.09 17.85 16.06 16.57 2.39 0.78 10.13 0.12VDE Vanguard Energy ETF 97.53 64 Sell -12.62 -6.21 -15.70 -28.22 -0.56 5.57 3.01 1.20 15.48 0.12VFH Vanguard Financials ETF 51.47 87 Strong Buy 4.19 2.41 3.20 15.22 20.05 13.44 2.18 0.79 9.60 0.12VGENX Vanguard Energy Inv 48.22 55 Sell -10.12 -4.63 -16.18 -28.68 -3.01 1.76 2.23 1.27 15.87 0.37VGHCX Vanguard Health Care Inv 238.87 99 Strong Buy 16.04 0.08 4.11 31.97 30.73 24.09 0.87 0.63 9.01 0.34VGPMX Vanguard Precious Metals and Mining Inv 7.42 19 Sell -17.66 -10.17 -22.55 -35.75 -21.15 -15.14 1.00 24.21 0.29VGSIX Vanguard REIT Index Inv 26.07 75 Sell -1.67 0.93 -1.56 8.73 10.18 12.75 2.69 0.36 13.92 0.26VGT Vanguard Information Technology ETF 108.97 93 Strong Buy 4.30 2.81 -0.32 13.66 16.29 16.44 1.31 0.94 10.89 0.12VGXRX Vanguard Global ex-US Rel Est Idx Inv 22.20 63 Sell 4.21 1.93 -5.21 0.48 8.24 1.00 12.59 0.37VHT Vanguard Health Care ETF 142.11 98 Strong Buy 13.15 0.59 4.11 29.47 28.29 23.65 1.20 0.67 9.78 0.12VIS Vanguard Industrials ETF 105.48 83 Hold -1.25 0.79 -2.67 6.88 17.47 15.13 1.87 0.97 10.68 0.12VNQ Vanguard REIT ETF 78.54 75 Sell -1.47 1.00 -1.43 8.96 10.32 12.89 2.83 0.36 13.94 0.12VNQI Vanguard Global ex-US Real Estate ETF 55.74 63 Sell 4.91 1.86 -5.08 0.62 8.33 1.00 12.59 0.24VOX Vanguard Telecommunication Services ETF 86.78 84 Hold 2.43 0.94 -0.98 3.09 10.16 11.70 3.18 0.85 11.37 0.12VPU Vanguard Utilities ETF 95.00 65 Sell -5.54 2.10 0.27 8.80 9.79 11.58 3.58 0.41 14.04 0.12

VANGUARD INCOME FUNDSBIV Vanguard Intermediate-Term Bond ETF 83.91 76 Hold 0.65 0.56 -0.96 2.22 1.94 4.06 2.63 1.47 4.29 0.10BLV Vanguard Long-Term Bond ETF 89.35 81 Sell -2.92 3.21 -1.92 2.65 2.18 6.67 4.01 2.97 8.93 0.10BND Vanguard Total Bond Market ETF 81.47 75 Hold 0.33 0.74 -0.54 1.93 1.55 3.02 2.16 1.04 3.00 0.07BSV Vanguard Short-Term Bond ETF 80.02 75 Strong Buy 0.87 0.02 -0.07 1.09 0.99 1.48 1.18 0.36 1.17 0.10EDV Vanguard Extended Duration Treasury ETF 118.67 58 Sell -2.90 9.53 1.61 13.23 2.50 10.97 2.91 5.45 17.86 0.12VBIIX Vanguard Interm-Term Bond Index Inv 11.38 75 Hold 0.91 0.64 -0.83 2.26 1.90 4.00 2.59 1.48 4.34 0.20VBISX Vanguard Short-Term Bond Index Inv 10.49 73 Strong Buy 0.86 -0.10 -0.17 1.05 0.89 1.38 1.12 0.36 1.17 0.20VBLTX Vanguard Long-Term Bond Index Inv 13.60 72 Sell -2.29 3.41 -1.25 3.15 2.26 6.73 3.97 2.97 8.93 0.20VBMFX Vanguard Total Bond Market Index Inv 10.75 75 Hold 0.31 0.74 -0.44 1.87 1.48 2.95 2.09 1.02 2.96 0.20VCIT Vanguard Intermediate-Term Corp Bd ETF 84.58 77 Hold 0.06 0.17 -1.82 1.21 2.88 4.89 3.45 1.44 4.35 0.12VCLT Vanguard Long-Term Corporate Bond ETF 86.54 75 Sell -3.99 2.43 -2.36 0.05 2.44 6.61 4.73 2.65 8.20 0.12VCSH Vanguard Short-Term Corporate Bond ETF 79.29 77 Strong Buy 0.68 -0.11 -0.43 0.78 1.92 2.59 1.94 0.44 1.52 0.12VCVSX Vanguard Convertible Securities Inv 13.11 83 Strong Buy 4.17 -0.91 -1.98 2.75 9.82 8.85 1.79 0.96 6.11 0.41VFICX Vanguard Interm-Term Invmt-Grade Inv 9.72 76 Hold 0.77 0.33 -0.98 1.65 2.54 4.34 2.72 1.16 3.49 0.20VFIIX Vanguard GNMA Inv 10.68 76 Hold 0.56 0.63 -0.49 2.65 1.70 3.01 2.03 0.86 2.83 0.21VFISX Vanguard Short-Term Treasury Inv 10.71 70 Buy 0.58 0.05 -0.01 0.79 0.49 0.81 0.60 0.22 0.77 0.20VFITX Vanguard Interm-Term Treasury Inv 11.39 72 Hold 1.28 0.56 -0.03 2.52 0.95 2.62 1.51 1.12 3.40 0.20VFSTX Vanguard Short-Term Investment-Grade Inv 10.64 84 Strong Buy 0.94 -0.04 -0.27 1.02 1.69 2.17 1.77 0.35 1.20 0.20VGIT Vanguard Intermediate-Term Govt Bd ETF 64.64 73 Hold 1.17 0.60 -0.03 2.59 1.10 2.66 1.62 1.07 3.25 0.12VGLT Vanguard Long-Term Government Bond ETF 75.94 71 Sell -0.83 5.28 0.76 8.16 2.12 6.82 2.75 3.46 10.93 0.12VGOVX Vanguard Emerg Mkts Govt Bd Idx Investor 9.52 80 Hold 2.11 -0.47 -1.98 0.18 4.48 0.49VGSH Vanguard Short-Term Government Bond ETF 61.02 71 Buy 0.58 -0.09 0.06 0.69 0.51 0.67 0.59 0.14 0.54 0.12VIPSX Vanguard Inflation-Protected Secs Inv 13.16 68 Sell -0.13 0.23 -0.98 -2.55 -1.34 2.81 0.14 1.62 5.22 0.20VMBS Vanguard Mortgage-Backed Securities ETF 53.07 76 Hold 0.92 0.84 -0.30 2.78 1.88 2.72 1.48 0.69 2.24 0.12VMLTX Vanguard Ltd-Term Tx-Ex 10.99 72 Buy 0.46 0.11 0.28 0.70 1.05 1.54 0.95 0.29 1.22 0.20VSGBX Vanguard Short-Term Federal Inv 10.77 76 Strong Buy 0.65 0.07 0.03 0.91 0.62 1.10 0.75 0.29 0.95 0.20VTIBX Vanguard Total Intl Bd Idx Investor 10.56 78 Sell 0.30 1.25 -0.26 3.72 1.03 0.23VTINX Vanguard Target Retirement Income Inv 12.99 78 Hold 1.43 0.70 -0.77 3.05 5.01 6.10 1.77 0.55 3.30 0.16VTIPX Vanguard Shrt-Term Infl-Prot Sec Idx Inv 24.25 68 Hold 0.25 -0.45 -0.53 -2.46 0.71 0.20VUSTX Vanguard Long-Term Treasury Inv 12.64 73 Sell -0.79 5.55 0.79 8.37 2.05 6.78 2.62 3.52 11.15 0.20VWAHX Vanguard High-Yield Tax-Exempt 11.13 91 Strong Buy 0.89 0.82 0.39 4.00 3.63 5.16 2.90 1.19 4.30 0.20VWEHX Vanguard High-Yield Corporate Inv 5.87 87 Strong Buy 1.75 -0.27 -1.17 2.57 5.23 7.34 5.28 0.74 4.06 0.23VWESX Vanguard Long-Term Investment-Grade Inv 10.16 75 Sell -2.43 3.37 -1.25 2.62 3.37 7.20 4.02 2.71 8.26 0.22VWITX Vanguard Interm-Term Tx-Ex Inv 14.10 78 Hold 0.57 0.57 0.44 2.38 2.50 3.75 1.80 0.88 3.20 0.20VWLTX Vanguard Long-Term Tax-Exempt 11.58 77 Sell 0.86 0.88 0.66 3.71 3.48 4.78 2.49 1.18 4.25 0.20VWSTX Vanguard Short-Term Tx-Ex 15.81 69 Buy 0.24 0.12 0.12 0.32 0.52 0.76 0.50 0.08 0.39 0.20

VANGUARD ASSET ALLOCATIONVASGX Vanguard LifeStrategy Growth Inv 29.46 78 Buy 3.26 0.86 -1.33 6.15 11.84 10.81 2.04 1.26 6.87 0.17VASIX Vanguard LifeStrategy Income Inv 14.93 74 Buy 1.11 0.88 -0.61 3.41 4.28 4.94 1.96 0.38 2.93 0.14VBINX Vanguard Balanced Index Inv 30.08 78 Hold 2.22 0.97 -0.26 7.26 10.61 10.76 1.79 0.92 5.31 0.23VGSTX Vanguard STAR Inv 25.21 78 Buy 3.12 1.08 -1.02 6.20 10.78 10.20 2.07 1.04 5.73 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 19.01 73 Buy 2.77 0.57 -1.26 4.01 8.95 9.15 1.75 1.04 5.72 0.42VSCGX Vanguard LifeStrategy Cnsrv Gr Inv 18.60 75 Buy 1.86 0.92 -0.79 4.40 6.80 6.92 1.98 0.68 3.90 0.15VSMGX Vanguard LifeStrategy Moderate Gr Inv 24.47 77 Hold 2.62 0.91 -1.04 5.30 9.33 8.98 2.01 0.97 5.29 0.16VTENX Vanguard Target Retirement 2010 Inv 26.76 74 Hold 1.67 0.72 -0.85 3.53 6.49 7.38 1.80 0.68 3.84 0.16VTTVX Vanguard Target Retirement 2025 Inv 16.99 77 Hold 2.78 0.89 -1.22 5.59 10.58 10.14 2.02 1.11 6.07 0.17VTWNX Vanguard Target Retirement 2020 Inv 29.17 77 Hold 2.49 0.86 -1.15 5.24 9.62 9.45 2.01 1.00 5.45 0.16VTXVX Vanguard Target Retirement 2015 Inv 15.62 75 Buy 2.16 0.77 -1.01 4.48 8.29 8.55 1.90 0.87 4.78 0.16VWELX Vanguard Wellington™ Inv 39.48 85 Strong Buy 2.06 1.28 -0.59 6.63 11.38 10.91 2.32 0.97 5.58 0.26VWINX Vanguard Wellesley® Income Inv 25.45 83 Strong Buy 0.91 1.15 -0.89 3.88 6.62 8.32 2.68 0.61 3.89 0.25

VANGUARD INTERNATIONAL FUNDSVDVIX Vanguard Developed Markets Idx Investor 10.09 58 Hold 8.88 1.71 -1.98 2.36 1.00 10.65 0.20VEA Vanguard FTSE Developed Markets ETF 40.63 68 Buy 9.09 1.50 -1.98 2.42 11.39 7.44 1.00 10.66 0.09VEIEX Vanguard Emerging Mkts Stock Idx Inv 24.17 66 Sell -3.58 -3.67 -12.10 -10.48 -0.03 0.43 1.11 13.76 0.33VEU Vanguard FTSE All-World ex-US ETF 48.77 66 Hold 5.58 0.39 -4.30 -1.27 8.32 5.68 1.01 10.61 0.14VEURX Vanguard European Stock Index Inv 30.05 74 Sell 8.80 1.49 -1.30 2.60 12.33 7.86 1.07 12.07 0.26VFSVX Vanguard FTSE All-Wld ex-US SmCp Idx Inv 38.08 70 Hold 5.34 0.21 -4.52 -3.05 9.37 6.27 1.02 11.35 0.37VFWIX Vanguard FTSE All-World ex-US Index Inv 19.19 66 Sell 5.27 0.52 -4.40 -1.34 8.23 5.52 1.01 10.61 0.29VGK Vanguard FTSE Europe ETF 56.01 79 Buy 9.16 1.23 -1.17 2.67 12.38 8.00 1.07 12.06 0.12VGTSX Vanguard Total Intl Stock Index Inv 16.15 67 Hold 5.24 0.50 -4.46 -1.54 8.41 5.50 1.01 10.58 0.22VHGEX Vanguard Global Equity Inv 25.17 76 Hold 4.40 0.60 -1.87 5.13 14.45 11.50 0.75 8.82 0.61VINEX Vanguard International Explorer Inv 18.57 83 Buy 12.75 2.54 0.43 6.78 16.18 9.79 0.83 9.49 0.40VMMSX Vanguard Emerg Mkts Sel Stk Inv 17.61 64 Sell -3.77 -3.93 -12.78 -15.90 0.16 1.22 14.41 0.96VMVFX Vanguard Global Minimum Volatility Inv 11.96 91 Strong Buy 8.43 2.40 2.66 17.51 0.30VPACX Vanguard Pacific Stock Index Inv 11.65 60 Hold 8.76 1.84 -3.30 1.61 9.48 6.66 0.87 11.22 0.26VPL Vanguard FTSE Pacific ETF 61.14 63 Hold 8.48 1.68 -3.60 1.59 9.65 6.77 0.87 11.22 0.12VSS Vanguard FTSE All-World ex-US Sm-Cp ETF 99.78 70 Sell 5.46 -0.11 -5.16 -3.34 9.24 6.45 1.02 11.34 0.19VT Vanguard Total World Stock ETF 62.05 78 Buy 4.48 0.68 -2.29 4.60 12.54 10.19 0.80 8.85 0.17VTRIX Vanguard International Value Inv 35.90 68 Hold 5.74 0.20 -4.47 -1.80 10.18 6.39 1.05 11.18 0.44VTWSX Vanguard Total World Stock Index Inv 25.24 78 Buy 4.32 0.80 -2.29 4.44 12.41 10.07 0.80 8.85 0.27VWIGX Vanguard International Growth Inv 22.85 65 Hold 6.08 -0.13 -4.59 0.63 10.32 7.83 1.30 1.04 11.25 0.47VWO Vanguard FTSE Emerging Markets ETF 38.18 58 Sell -3.53 -3.90 -12.30 -10.52 0.12 0.56 1.11 13.76 0.15VXUS Vanguard Total International Stock ETF 50.44 66 Hold 5.77 0.34 -4.44 -1.39 8.49 1.01 10.58 0.14

NTF GROWTH FUNDSAAFPX American Beacon S&P 500 Idx Inv 28.39 85 Buy 3.10 1.42 -0.16 10.56 16.13 15.13 1.00 8.57 0.58AAGPX American Beacon Lg Cap Value Inv 27.92 94 Buy 1.63 0.64 -2.21 6.42 16.24 14.16 1.03 9.24 0.93AALIX ASTON/Herndon Large Cap Value N 13.83 75 Hold 0.73 0.66 -3.62 -0.21 9.99 11.86 1.03 9.74 1.30ABCVX American Beacon The London Co Inc Eq Inv 14.68 86 Buy 1.84 0.06 -2.14 11.78 14.53 1.86 0.85 8.03 1.06ACPVX American Century Core Equity Plus Inv 14.12 90 Buy 0.83 1.29 -0.44 7.88 17.16 1.00 8.86 1.30ACTIX American Century Capital Val Inv 9.39 82 Buy 1.62 0.97 -0.95 8.41 15.65 14.54 1.02 9.12 1.00ACWDX ASTON/LMCG Small Cap Growth N 16.22 73 Buy 12.48 0.81 3.58 22.67 23.70 0.91 12.07 1.35ADSIX American Century Disciplined Growth Inv 19.60 86 Buy 3.41 1.45 0.45 10.62 16.87 17.21 1.02 9.07 1.02ADVTX ASTON/River Road Div All Cap Val II N 13.21 78 Buy -1.97 1.36 -2.96 4.31 11.77 2.22 0.99 9.06 1.25AEGDX AllianzGI US Small-Cap Growth D 16.93 62 Buy 5.35 -1.74 1.26 9.28 17.58 1.11 12.87 1.42AFDIX American Century Fundamental Equity Inv 22.07 83 Buy 1.89 0.55 -0.68 10.32 16.23 15.81 0.95 8.29 1.00AKREX Akre Focus Retail 24.27 85 Buy 7.63 1.51 2.84 14.38 19.97 19.52 1.02 9.88 1.35ALVIX American Century Large Company Val Inv 9.16 83 Buy 1.80 0.99 -0.96 8.50 15.87 14.71 1.26 1.03 9.25 0.84AMAGX Amana Growth Investor 35.26 84 Buy 2.92 2.26 0.03 13.42 13.73 12.32 0.48 1.02 9.41 1.08AMANX Amana Income Investor 46.14 89 Buy -0.43 -0.06 -2.42 6.08 13.28 11.93 1.34 1.00 9.00 1.12AMBEX ASTON/Anchor Capital Enhanced Equity N 9.26 69 Sell -3.77 -0.43 -4.47 -0.69 4.46 5.30 2.03 0.52 5.72 1.19AMPAX American Beacon Mid Cap Value Inv 15.24 76 Hold 3.17 0.43 -1.17 7.70 18.21 15.82 1.08 10.15 1.14AMVIX American Century Veedot® Inv 11.00 87 Buy 5.97 0.18 -1.08 12.64 19.06 17.76 1.00 9.09 1.25ANOIX American Century Small Cap Growth Inv 14.61 75 Buy 9.36 -1.08 2.96 20.05 19.50 17.31 1.04 12.73 1.40AOVIX American Century One Choice® VryAgrsvInv 18.48 78 Buy 4.47 0.71 -1.12 9.12 14.15 12.90 0.51 0.92 8.32 1.02ARDFX Ariel Discovery Investor 10.40 30 Sell -12.97 -5.28 -7.80 -11.04 3.96 1.38 16.44 1.33ARFFX Ariel Focus Investor 13.40 78 Sell -4.90 -1.18 -5.50 -2.39 14.60 11.66 1.03 10.15 1.08ARGFX Ariel Investor 73.39 81 Hold 2.19 -0.58 -3.55 9.37 22.12 15.84 1.23 12.24 1.03ARLSX ASTON/River Road Long-Short N 11.52 61 Sell 1.32 1.59 -0.17 -0.08 6.24 0.59 6.88 1.70ARSMX ASTON/River Road Select Value N 7.76 61 Hold 2.78 -1.15 -2.14 3.25 11.63 11.89 1.01 10.97 1.45ARSVX ASTON/River Road Small Cap Value N 12.22 59 Hold 2.60 -1.53 -1.37 4.62 12.16 11.48 0.96 10.80 1.33ASCTX ASTON/Silvercrest Small Cap N 15.32 65 Hold 1.52 -0.58 -0.39 8.37 15.29 1.06 13.22 1.40ATLVX ASTON/TAMRO Diversified Equity N 18.08 68 Buy 1.23 1.52 -0.11 9.03 14.54 14.55 1.10 10.04 1.20AVPAX American Beacon Small Cp Val Inv 24.48 82 Hold 0.74 -1.27 -1.36 5.70 16.41 14.36 1.15 12.41 1.16AZFDX AllianzGI Behavioral Advtg Lg Cp D 20.05 82 Hold 3.63 1.31 0.60 10.95 17.03 1.04 9.10 0.81BADAX Brown Advisory Equity Income Adv 13.21 80 Buy -0.72 -0.68 -2.69 5.99 12.30 2.00 0.86 8.19 1.17

VANGUARD ASSET ALLOCATION (continued)


Beta 3 Year

SD 3 Year


8 AUGUST 2015 | PHONE: (888) 252-5372


NTF GROWTH FUNDS (continued)

BAFAX Brown Advisory Flexible Equity Adv 16.24 81 Hold 1.63 1.82 -0.92 10.72 17.68 15.74 1.00 9.02 1.21BAGAX Brown Advisory Growth Equity Adv 20.27 73 Buy 8.22 3.26 3.00 13.81 14.62 14.83 0.90 9.00 1.14BARAX Baron Asset Retail 67.48 86 Buy 5.85 1.11 3.20 12.66 19.28 16.03 1.79 1.00 10.20 1.31BASAX Brown Advisory Small-Cap Growth Adv 17.50 75 Buy 10.06 -0.11 3.80 19.05 17.53 16.76 0.91 11.32 1.41BAUAX Brown Advisory Sm-Cp Fundamental Val Adv 23.28 72 Hold -1.02 -0.30 -0.56 5.11 16.81 0.96 10.61 1.40BAVAX Brown Advisory Value Equity Adv 17.60 82 Buy 0.51 0.23 -2.71 -0.07 12.92 12.33 1.04 10.14 1.17BEQGX American Century Equity Growth Inv 30.76 92 Buy 0.74 0.10 -1.54 7.90 16.01 15.87 1.30 1.02 8.84 0.67BFGFX Baron Focused Growth Retail 14.63 64 Buy 2.96 -3.62 -2.14 9.29 12.91 12.74 1.02 10.96 1.35BFTHX Baron Fifth Avenue Growth Retail 19.11 78 Buy 9.89 0.42 2.30 14.57 19.39 16.49 0.94 10.59 1.30BGRFX Baron Growth Retail 74.91 80 Hold 3.65 -0.12 0.98 11.42 16.61 15.94 0.92 10.17 1.29BIGRX American Century Income & Growth Inv 36.85 87 Buy -1.75 0.05 -2.99 4.92 15.11 14.93 2.14 1.03 9.06 0.67BIOPX Baron Opportunity Retail 19.26 70 Sell 5.71 -1.48 0.73 8.07 13.33 12.78 0.97 13.45 1.35BMDSX Baird MidCap Inv 15.89 70 Buy 6.22 2.12 2.45 11.28 14.84 16.39 1.02 10.32 1.10BPAVX Robeco Boston Partners All Cap Value Inv 23.47 87 Buy 4.92 1.69 0.17 11.98 19.06 15.82 1.07 9.66 0.95BPSCX Robeco Boston Partners Sm Cap Val II Inv 21.92 85 Buy 1.91 -1.97 -1.92 5.83 15.78 14.63 0.56 1.08 11.46 1.46BPTRX Baron Partners Retail 39.01 83 Buy 6.18 -0.38 1.80 11.17 23.26 18.07 1.25 13.05 1.32BSCFX Baron Small Cap Retail 34.58 80 Buy 3.81 -0.46 0.32 8.50 16.30 14.82 1.01 10.85 1.30BUFGX Buffalo Growth 35.44 80 Hold 6.52 1.93 -0.17 12.53 16.92 15.50 0.94 9.31 0.91BUFMX Buffalo Mid Cap 19.05 91 Strong Buy 9.17 0.74 1.11 12.50 16.75 13.68 0.97 10.94 1.01BUFTX Buffalo Discovery 22.02 84 Buy 10.10 1.15 1.94 16.71 19.21 18.09 1.00 11.32 1.01BULLX Roosevelt Multi-Cap 17.07 59 Sell 2.28 -0.06 -1.10 7.45 12.84 10.44 0.92 9.27 1.16BVAOX Broadview Opportunity 37.98 68 Hold 2.40 0.53 -0.47 7.75 17.65 14.87 1.12 12.01 1.25BVEFX Becker Value Equity Retail 18.61 78 Sell -1.06 -1.64 -4.91 5.46 16.19 14.05 1.00 9.04 0.93BWLIX American Beacon Bridgeway Lg Cp Val Inv 24.49 88 Buy 3.01 0.12 0.25 10.22 19.06 1.01 9.09 1.11CAAPX Ariel Appreciation Investor 54.70 90 Buy 1.98 -0.80 -4.22 7.93 20.42 15.77 1.24 11.75 1.12CAMAX Cambiar Aggressive Value Investor 19.11 85 Buy 13.95 2.80 -1.19 7.23 22.20 15.65 0.31 1.19 15.30 1.35CBEQX Wells Fargo Advantage C&B Lg Cp Val Inv 13.07 84 Hold 2.03 0.69 -0.91 10.56 15.82 13.54 0.47 0.99 8.86 1.20CBMDX Wells Fargo Advantage C&B Mid Cp Val Inv 27.81 77 Buy 3.77 -0.82 -1.14 8.26 16.62 15.44 2.00 1.06 10.46 1.25CCASX Conestoga Small Cap Investors 36.90 59 Buy 9.50 0.57 5.58 14.77 16.15 16.30 1.02 14.23 1.10CFAGX Commerce MidCap Growth 36.85 80 Buy 5.56 1.88 2.33 14.21 17.15 14.75 1.06 9.78 1.05CFGRX Commerce Growth 29.50 88 Buy 5.55 2.75 1.76 15.23 16.76 14.93 1.02 9.16 1.08CFIMX Clipper 107.61 80 Buy 8.93 3.74 2.80 13.13 18.40 15.12 0.31 1.02 9.17 0.74CFVLX Commerce Value 31.54 83 Hold -0.58 0.51 -2.05 6.22 13.23 15.14 2.73 0.93 8.55 0.70CRMAX CRM Small/Mid Cap Value Inv 15.09 85 Buy 2.65 -1.44 -1.05 4.67 14.84 13.87 1.00 10.27 1.07CRMEX CRM All Cap Value Inv 10.98 74 Buy 7.54 2.04 2.62 12.27 15.13 13.63 1.10 10.25 1.45CRMSX CRM Small Cap Value Inv 19.63 84 Hold 2.35 -1.16 -1.26 13.46 16.13 13.73 1.17 12.48 1.07DEFIX Delafield Fund 30.03 70 Sell -8.11 -4.45 -10.06 -11.96 7.61 8.73 1.16 13.45 1.21DGAGX Dreyfus Appreciation Investor 52.68 80 Buy 0.56 -0.15 -2.61 4.37 9.44 12.05 1.05 9.46 0.93DGRIX Dreyfus Growth & Income 21.68 81 Buy 5.13 1.83 0.96 11.96 18.20 15.79 1.07 9.63 0.92DMCNX AllianzGI Mid-Cap D 3.81 75 Buy 7.63 1.60 1.60 13.82 18.26 13.77 1.05 10.68 1.13DRSVX Dreman Contrarian Small Cap Value Retail 21.75 75 Hold 0.55 -1.49 -3.20 3.78 15.73 12.26 1.07 11.31 1.25DTLGX Wilshire Large Company Growth Invmt 41.48 69 Buy 7.29 2.60 2.34 14.09 14.83 14.71 1.00 9.64 1.38DTLVX Wilshire Large Company Value Invmt 21.34 84 Buy 0.71 0.90 -0.79 6.49 16.58 14.04 1.04 9.37 1.29DTSVX Wilshire Small Company Value Invmt 22.43 66 Hold -1.88 -2.73 -3.03 6.32 16.99 13.85 1.16 13.11 1.49EGFFX Edgewood Growth Retail 22.10 93 Buy 11.50 5.09 6.05 18.81 22.00 19.11 0.96 10.25 1.35ETGLX Eventide Gilead N 28.47 81 Hold 7.80 -2.23 -1.79 20.09 28.61 22.76 0.87 12.16 1.50EXEYX Manning & Napier Equity 17.06 68 Hold 0.26 -0.47 -2.37 -0.27 14.30 12.05 1.10 10.50 1.05EXTAX Manning & Napier Tax Managed A 27.21 83 Buy 0.77 -0.84 -2.86 0.49 14.21 11.85 1.03 9.85 1.20FAMEX FAM Equity-Income Inv 25.75 93 Buy 1.35 0.90 -0.17 7.79 13.58 13.45 0.98 9.61 1.26FAMVX FAM Value Inv 68.86 96 Strong Buy 3.42 1.43 0.73 13.35 17.07 14.40 1.01 9.59 1.18FFGRX Emerald Growth Investor 22.21 73 Buy 17.02 0.73 8.13 32.23 25.19 0.91 14.55 1.27FMIEX Wasatch Large Cap Value Investor 9.87 83 Hold 2.44 1.02 -1.34 3.63 12.02 10.35 2.73 0.99 9.23 1.11FMLSX Wasatch Long/Short Investor 13.63 61 Sell -8.52 -1.80 -9.13 -12.01 3.01 5.40 2.20 0.73 8.59 1.27FOGRX Tributary Growth Opps Inst 18.64 72 Hold 5.37 -1.01 -1.95 10.10 16.85 15.68 1.06 10.82 1.14FOSCX Tributary Small Company Instl 23.61 74 Hold 1.20 0.00 0.94 7.71 15.06 14.15 1.08 12.32 1.20FQUAX AMG FQ US Equity Investor 17.87 80 Buy 2.28 1.59 1.15 8.15 14.84 14.67 0.59 0.84 7.56 1.04FRSPX Dreyfus Mid-Cap Growth F 9.13 77 Buy 5.71 1.22 1.67 11.15 16.20 15.49 1.07 10.50 1.13FVALX Forester Value N 12.06 62 Sell -4.74 -1.79 -2.66 -1.57 0.97 1.32 0.35 4.67 1.25GABAX Gabelli Asset AAA 66.20 83 Hold 1.24 0.38 -0.88 4.27 14.31 13.41 1.06 9.67 1.35GABEX Gabelli Equity Income AAA 28.97 82 Hold 2.03 0.66 -1.62 5.29 13.65 13.16 1.02 9.02 1.37GABSX Gabelli Small Cap Growth AAA 50.01 85 Hold 1.92 -0.77 -0.95 6.24 16.24 14.10 1.00 10.36 1.38HCAIX Harbor Capital Appreciation Inv 64.35 97 Strong Buy 12.28 2.42 3.84 19.03 20.04 17.55 0.99 10.44 1.02HDOGX Hennessy Total Return Investor 14.09 76 Buy -0.14 -0.21 -2.39 2.12 6.99 9.94 1.47 0.65 6.63 1.24HDPMX Hodges 37.78 82 Sell -1.18 0.91 -6.81 -2.48 20.80 14.77 1.24 13.51 1.31


Beta 3 Year

SD 3 Year




HDPSX Hodges Small Cap 20.19 78 Buy 3.33 -0.15 -0.35 4.43 19.09 19.56 1.13 12.25 1.31HFCGX Hennessy Cornerstone Growth Investor 20.61 94 Buy 6.51 1.03 4.46 17.70 19.69 17.05 0.02 1.07 11.27 1.23HFCSX Hennessy Focus Investor 72.53 91 Buy 7.69 0.92 2.41 17.10 21.24 18.77 0.90 9.60 1.41HFCVX Hennessy Cornerstone Value Investor 17.77 77 Sell -2.42 -0.06 -4.82 0.75 10.98 11.42 2.50 0.87 8.52 1.17HFLGX Hennessy Cornerstone Large Growth Inv 13.43 86 Buy 0.45 1.28 -3.03 7.95 16.99 14.77 0.75 0.96 8.73 1.15HFMDX Hennessy Cornerstone Mid Cap 30 Inv 21.61 91 Buy 15.56 2.86 7.89 20.74 21.21 19.65 0.20 1.13 12.37 1.25HILVX Harbor Large Cap Value Inv 12.56 84 Buy 7.55 1.87 1.16 12.31 18.55 15.25 1.08 9.94 1.05HIMGX Harbor Mid Cap Growth Inv 10.01 68 Buy 8.92 1.32 2.35 14.23 18.03 15.64 1.00 11.10 1.20HIMVX Harbor Mid Cap Value Investor 20.99 87 Buy 1.50 0.19 -1.46 8.40 20.99 16.92 1.08 10.28 1.26HLVFX Hennessy Large Value Investor 34.84 79 Buy 2.47 0.96 -0.46 8.90 15.21 13.78 0.97 1.00 8.92 1.28HNASX Homestead Growth 8.59 83 Buy 11.51 4.00 4.03 18.62 21.47 18.41 0.01 1.02 10.80 0.95HOVLX Homestead Value 50.22 83 Hold -0.25 -0.26 -4.19 6.01 16.62 14.66 0.01 1.08 9.88 0.61HSCSX Homestead Small Company Stock 38.98 71 Hold -0.76 -4.11 -1.62 8.89 16.19 16.63 1.05 12.15 0.89HSTIX Homestead Stock Index 15.80 85 Buy 3.07 1.41 -0.19 10.58 16.20 15.23 0.02 1.00 8.58 0.54ICNZX ICON Fund S 15.51 77 Sell -2.94 -1.46 -4.85 6.82 11.54 11.87 0.97 10.17 1.10IOLZX ICON Long/Short S 20.48 67 Hold 0.54 -0.63 -2.66 11.91 12.56 12.08 0.92 9.78 1.32JENSX Jensen Quality Growth J 40.60 91 Buy 1.67 1.53 -0.83 13.05 16.00 13.28 0.98 8.94 0.87LBRIX ClearBridge Equity Income FI 19.63 69 Sell -2.07 0.67 -2.63 5.07 1.37 0.87 7.78 1.21LCEIX Invesco Diversified Dividend Investor 19.28 99 Strong Buy 6.13 2.44 2.82 14.62 17.49 14.73 1.68 0.83 7.78 0.76LCGNX William Blair Large Cap Growth N 11.45 85 Strong Buy 9.46 3.34 2.42 18.71 20.20 17.65 1.07 10.24 1.13LEVOX Lazard US Equity Concentrated Open 14.30 84 Buy 5.93 1.63 2.29 18.47 19.77 15.67 0.95 8.85 1.25LGASX ClearBridge Special Investment FI 48.46 68 Buy 2.32 -0.86 1.55 8.57 17.50 11.28 1.12 11.73 1.39LGSCX QS Batterymarch US Sm Cap Eq FI 13.29 70 Hold 3.01 -1.99 -1.45 13.40 18.06 16.60 1.09 12.22 1.20LHGFX American Beacon Holland Lg Cap Gr Inv 27.84 75 Buy 8.88 4.06 2.68 13.48 15.96 15.15 1.07 10.09 1.21LMGFX ClearBridge Global Growth FI 35.85 72 Buy 4.43 1.47 -2.10 10.07 14.95 13.01 0.68 9.46 1.15LMPFX ClearBridge Aggressive Growth FI 207.58 86 Strong Buy 1.64 -0.33 -3.02 5.85 19.76 18.91 1.05 10.48 1.13LMPIX ClearBridge Appreciation FI 21.10 80 Hold 2.88 1.15 -0.19 9.89 14.48 14.08 0.97 8.38 1.05LMUSX QS Batterymarch US Lg Cap Eq FI 17.31 82 Buy 2.49 1.05 -0.40 10.30 16.81 15.90 1.06 9.24 1.05LMVFX ClearBridge Value FI 76.04 82 Buy 0.61 0.56 -3.73 7.71 18.43 14.19 1.13 10.35 1.07LZCOX Lazard US Small-Mid Cap Equity Open 13.86 80 Buy 3.59 -1.84 -1.42 10.96 18.50 13.71 1.05 11.34 1.20LZUOX Lazard US Strategic Equity Open 12.55 78 Buy 0.56 0.97 -0.55 9.97 15.52 14.31 1.05 9.31 1.05MASTX BMO Large-Cap Growth Y 17.34 86 Buy 8.65 3.09 3.09 17.65 19.48 17.53 0.92 0.97 8.94 1.24MCGFX ASTON/Montag & Caldwell Growth N 27.29 81 Buy 7.95 2.79 4.40 14.63 14.18 13.91 0.15 0.90 8.78 1.03MCMAX AMG Managers Cadence Mid Cap Investor 32.24 78 Buy 6.68 0.94 1.32 15.36 16.34 14.97 0.32 1.10 10.67 1.12MDFSX Manning & Napier Dividend Focus S 12.01 84 Buy 2.10 1.44 -1.64 5.98 12.28 0.93 8.41 0.79MFCFX Marsico Flexible Capital 18.02 87 Buy 3.62 1.29 0.06 9.23 15.65 16.55 0.96 9.61 1.38MFOCX Marsico Focus 21.07 93 Buy 5.67 0.67 2.93 11.22 18.32 15.42 0.93 9.94 1.34MGRIX Marsico Growth 22.32 88 Buy 4.69 1.04 2.39 9.65 16.11 14.75 0.97 9.94 1.37MMCFX AMG Managers Emerging Opps Svc 44.43 60 Hold 1.55 -3.16 0.25 11.85 19.46 17.49 1.00 14.09 1.41MPAFX AMG Managers Cadence Cptl Apprec Inv 26.84 81 Buy 7.32 1.67 1.44 13.97 16.26 13.89 0.25 0.99 8.94 1.12MREIX BMO Large-Cap Value Y 16.18 84 Buy 2.35 0.43 -0.92 10.15 17.62 14.94 0.95 0.98 8.80 1.23MRMSX BMO Mid-Cap Growth Y 21.33 64 Hold 3.75 -0.88 -1.25 8.12 14.65 15.18 0.11 1.08 10.69 1.22MRVEX BMO Mid-Cap Value Y 15.99 83 Buy 0.82 0.31 -3.09 6.98 18.47 14.89 0.36 1.08 10.10 1.20MSYAX AMG Systematic Large Cap Value Investor 11.54 81 Buy 0.70 0.17 -1.70 5.84 15.59 13.25 0.99 9.14 1.00MTGVX AMG TimesSquare All Cap Growth Investor 16.69 70 Buy 7.89 2.52 1.46 15.99 17.92 15.07 1.11 10.96 1.25MXXIX Marsico 21st Century 22.97 92 Buy 6.59 0.92 2.50 13.60 18.43 13.31 0.95 9.94 1.42MYIFX Monetta Young Investor 21.44 79 Hold 3.83 1.04 0.47 10.38 16.02 15.37 0.97 8.48 1.16NBGAX Neuberger Berman Genesis Adv 29.22 70 Buy 5.83 1.56 3.21 9.85 14.80 14.27 0.99 10.60 1.37NBGEX Neuberger Berman Genesis Tr 62.81 71 Buy 6.03 1.58 3.32 10.16 15.12 14.58 0.99 10.60 1.10NEEGX Needham Growth 45.78 63 Hold -0.48 -1.95 -3.30 7.77 14.33 13.20 2.08 0.87 10.51 1.80NGWDX AllianzGI US Managed Volatility D 14.52 80 Buy 1.04 1.11 0.55 6.70 10.53 11.70 0.75 8.45 0.96NICSX Nicholas 71.94 89 Buy 8.71 1.22 1.72 20.79 24.01 20.53 0.99 9.04 0.72NMMLX Northern Multi-Manager Lg Cap 9.56 94 Buy 4.91 1.27 0.64 10.64 16.07 14.33 0.94 8.26 0.90NMMSX Northern Multi-Manager Small Cap 9.98 67 Hold 2.46 -0.40 1.22 9.39 16.04 14.60 1.02 11.32 1.10NNLEX Nicholas Limited Edition N 25.39 62 Hold 2.96 -1.51 0.51 11.48 14.42 14.98 0.99 11.17 1.21NNTWX Nicholas II N 27.78 80 Buy 9.03 1.57 1.80 18.47 18.90 16.19 0.96 9.23 0.97NOGEX Northern Large Cap Equity 23.06 81 Buy 5.72 2.35 1.12 12.81 15.27 15.16 8.13 1.06 9.34 0.86NOLCX Northern Large Cap Core 15.54 76 Hold 1.56 1.11 -1.07 8.48 17.14 16.18 1.04 9.05 0.62NOLVX Northern Large Cap Value 14.08 84 Hold 1.15 0.07 -1.95 8.35 15.38 12.10 1.06 9.53 0.86NOSGX Northern Small Cap Value 21.09 81 Buy -0.14 -1.77 -0.94 7.44 15.90 14.39 1.11 12.31 1.00NSGRX Northern Small Cap Core 21.85 69 Hold 2.82 -1.80 -0.09 10.81 17.63 16.02 1.05 11.79 0.75PARMX Parnassus Mid-Cap 27.47 71 Hold 0.26 1.14 -0.89 8.26 14.18 15.04 0.89 8.47 1.09PARNX Parnassus 50.71 87 Buy 5.45 2.38 1.41 15.34 20.29 17.67 1.13 11.13 0.84PARWX Parnassus Endeavor Fund 31.93 92 Buy 6.61 2.31 1.93 17.86 20.90 17.90 0.90 8.39 0.95


Beta 3 Year

SD 3 Year


10 AUGUST 2015 | PHONE: (888) 252-5372


PCKDX PIMCO Small Cap StocksPLUS® AR Strt D 9.14 93 Strong Buy 2.23 -2.77 -1.18 9.46 17.36 17.21 1.35 1.19 12.94 1.09PDLVX PIMCO LowVol RAFI®-PLUS AR D 10.80 76 Buy -0.55 -0.09 -1.37 7.70 1.18 1.19PEIDX AllianzGI NFJ Dividend Value D 17.06 79 Hold 0.09 1.55 -0.83 3.24 13.07 13.01 3.09 1.00 9.10 1.05PGRDX AllianzGI Focused Growth D 37.32 81 Buy 10.35 1.52 2.61 16.79 19.18 17.35 0.98 10.04 1.11PIXDX PIMCO Fundamental IndexPLUS AR D 6.22 86 Buy -0.64 -3.19 3.92 16.55 17.68 1.28 1.17 10.34 1.19PMHDX PIMCO EqS® Long/Short D 12.10 64 Buy 4.31 0.08 2.11 5.35 9.87 0.57 8.51 1.83PNBDX AllianzGI NFJ Large-Cap Value D 22.00 81 Hold 1.01 1.43 -0.13 6.41 14.90 13.66 2.69 1.05 9.27 1.11POGRX PRIMECAP Odyssey Growth 27.79 92 Strong Buy 6.64 2.09 1.68 15.79 20.74 16.92 0.96 10.09 0.63PRBLX Parnassus Core Equity Investor 41.23 93 Strong Buy 1.80 3.08 2.26 10.75 17.50 15.35 1.47 0.97 8.76 0.87PRCGX Perritt MicroCap Opportunities Investor 32.73 66 Hold -4.47 -4.02 -4.07 -0.82 15.24 11.24 0.95 12.18 1.19PREDX AllianzGI NFJ Mid-Cap Value D 26.47 74 Hold 2.96 1.34 -0.38 6.51 15.57 13.88 2.62 0.98 8.89 1.26PREOX Perritt Ultra MicroCap 14.42 64 Sell -2.70 -2.57 -2.50 -0.60 15.69 11.21 0.63 9.70 1.56PSPDX PIMCO StocksPLUS D 9.07 86 Buy 3.43 1.23 -0.31 11.00 17.32 16.74 0.72 1.02 8.79 0.90PSTDX PIMCO StocksPLUS Absolute Return D 9.64 94 Buy 2.70 0.84 -0.78 10.12 16.55 17.33 1.24 1.10 9.64 1.04PVFAX Paradigm Value 50.03 65 Hold 3.52 -0.95 0.62 3.26 9.81 10.82 1.03 11.95 1.50PXSCX Pax World Small Cap Individual Inv 14.08 81 Buy 1.25 -2.43 -1.58 6.41 18.26 15.37 0.78 9.41 1.24RBCGX Reynolds Blue Chip Growth 62.68 68 Buy 7.24 2.44 3.47 10.80 15.49 13.89 0.60 1.02 10.10 1.59RGFAX Royce Heritage Svc 15.17 61 Hold 0.00 -0.33 -2.07 0.23 10.63 9.80 0.97 10.24 1.40RIMEX Rainier Large Cap Equity Original 26.10 72 Hold 5.88 2.35 1.08 12.81 16.42 13.94 0.19 1.06 10.01 1.12RIMMX Rainier Mid Cap Equity Original 54.15 70 Buy 6.53 1.33 0.67 11.90 16.51 14.91 0.95 10.04 1.35RMCFX Royce Micro-Cap Svc 13.26 49 Sell -7.01 -4.19 -5.76 -7.36 4.90 4.96 0.96 12.70 1.66RPXFX RiverPark Large Growth Retail 18.92 76 Hold 4.01 1.50 -1.10 5.18 15.94 0.14 0.96 9.31 1.25RSEMX Royce Special Equity Multi-Cap Service 14.73 73 Sell -5.58 -1.54 -6.24 -0.86 11.96 1.08 10.53 1.24RVALX ASTON/Cornerstone Large Cap Value N 14.45 68 Sell -7.73 0.63 -4.87 -3.35 10.14 11.29 0.83 1.15 10.68 1.30RWGFX RiverPark/Wedgewood Retail 18.66 81 Hold 2.02 3.55 -0.85 7.62 14.17 0.02 0.96 9.27 1.05RYAWX Rydex S&P 500 Pure Growth H 56.23 83 Buy 5.08 2.22 0.54 9.60 20.11 17.82 1.07 10.36 1.50RYBHX Rydex S&P MidCap 400 Pure Growth H 55.64 81 Strong Buy 12.29 2.75 3.98 13.71 16.68 16.34 1.12 12.04 1.51RYDVX Royce Dividend Value Svc 8.31 69 Buy 1.82 0.48 -2.24 0.32 12.31 11.83 1.06 10.70 1.44RYLPX Royce Low Priced Stock Svc 9.07 46 Sell -4.12 -4.53 -6.59 -11.39 3.05 3.77 0.95 1.01 13.09 1.49RYOFX Royce Opportunity Svc 12.09 63 Sell -5.55 -4.20 -6.28 -3.27 13.87 12.06 1.20 13.96 1.47RYOHX Royce 100 Svc 8.40 57 Sell -2.89 -0.83 -3.89 -3.96 9.71 9.11 1.06 12.16 1.50RYPFX Royce Pennsylvania Mutual Svc 12.55 65 Sell -3.16 -1.80 -3.68 -1.55 11.61 11.07 1.12 12.20 1.23RYSRX Guggenheim Long Short Equity H 16.18 68 Buy 3.19 0.81 2.02 9.69 8.15 6.45 0.44 6.08 1.66RYTFX Royce Total Return Svc 14.79 72 Hold -0.84 -2.44 1.82 12.51 11.61 1.03 10.64 1.42RYVFX Royce Value Svc 11.54 66 Sell -1.87 -1.95 -5.10 -1.53 10.52 9.53 1.09 12.15 1.45RYVPX Royce Value Plus Svc 15.55 78 Buy 9.28 0.58 5.14 15.30 16.76 13.22 1.16 13.22 1.42RYWAX Rydex S&P SmallCap 600 Pure Growth H 60.10 87 Strong Buy 11.61 -0.48 3.00 16.29 17.50 17.10 1.04 12.98 1.49RYZAX Rydex S&P 500 Pure Value H 144.30 82 Hold -2.39 -0.48 -4.03 2.31 20.67 15.78 1.20 11.76 1.51SCNUX Invesco Low Volatility Equity Yield Inv 9.95 72 Sell -4.87 -0.80 -3.95 -2.10 10.92 11.95 2.81 0.91 9.36 1.14SCOVX Wells Fargo Advantage Intrns SmCpVal Inv 24.81 70 Hold 1.06 -2.59 -2.71 6.44 17.97 14.90 1.16 12.44 1.46SDVIX Wells Fargo Advantage Large Co Val Inv 16.57 79 Buy 1.23 -0.24 -1.13 5.54 14.57 12.55 1.33 1.01 9.27 1.16SENTX Wells Fargo Advantage Enterprise Inv 46.45 85 Hold 7.10 0.28 0.67 12.49 16.86 15.40 1.04 10.91 1.24SKSEX AMG Managers Skyline Special Equities 40.63 68 Hold 1.88 -1.29 -1.36 10.25 21.11 18.06 1.22 13.66 1.32SLASX Selected American Shares S 41.58 82 Buy 7.58 4.21 1.83 10.90 16.05 13.13 0.17 1.07 9.60 0.94SLGIX Wells Fargo Advantage Capital Growth Inv 17.07 70 Hold 3.71 1.13 0.18 10.08 16.00 14.55 5.80 1.01 10.16 1.17SMCDX Wells Fargo Advantage Spec Md Cp Val Inv 33.27 88 Buy 3.55 0.79 -0.42 9.01 20.00 16.93 0.99 9.62 1.31SOPFX Wells Fargo Advantage Opportunity Inv 48.86 90 Buy 2.32 0.85 -1.91 7.37 15.62 12.68 1.03 9.68 1.28SSMVX Wells Fargo Advantage Small Cap Val Inv 26.79 66 Sell -7.75 -3.56 -6.91 -10.67 3.79 5.88 0.96 12.96 1.30STCSX Wells Fargo Advantage Common Stock Inv 24.65 83 Hold 5.03 1.65 0.86 8.23 15.85 14.11 1.06 10.85 1.29STDIX Wells Fargo Advantage Discovery Inv 34.48 84 Buy 10.55 0.38 2.77 16.17 17.70 17.65 0.98 11.36 1.28STMGX American Beacon Stephens Mid-Cap Gr Inv 18.16 73 Buy 7.01 0.15 1.75 10.81 14.64 15.56 0.97 10.57 1.27STRAX Stralem Equity Adv 15.42 77 Buy 1.78 0.59 -0.84 5.56 11.54 11.59 0.94 8.45 1.23STRFX Wells Fargo Advantage Large Cap Gr Inv 49.25 76 Buy 6.58 2.18 1.36 14.22 16.49 16.11 1.02 10.25 1.13SYAMX AMG Systematic Mid Cap Value Investor 13.78 72 Hold 0.29 -0.07 -2.20 2.47 13.41 12.39 1.01 10.09 0.98TGDNX TCW Growth Equities N 12.21 61 Hold 3.39 -1.05 -0.57 10.40 14.98 11.13 0.59 1.11 12.85 1.20TGDVX TCW Relative Value Large Cap N 22.70 90 Buy 0.67 0.31 -2.11 6.46 16.54 15.04 0.77 1.18 10.66 1.12TGIGX TCW Relative Value Dividend Apprec N 17.24 90 Buy -0.37 1.47 -1.59 5.77 15.13 15.09 1.38 1.13 10.05 1.14THPGX Thompson LargeCap 52.62 81 Buy -1.94 -0.64 -3.41 5.73 17.11 14.39 1.09 10.13 1.15TMCGX Turner Emerging Growth Investor 33.31 68 Buy 11.78 -0.54 7.35 16.80 17.83 17.04 0.99 13.48 1.40TMCTX Touchstone Mid Cap Z 25.70 72 Hold 3.25 0.16 -0.89 11.06 17.55 16.75 1.08 10.72 1.23TMGFX Turner Midcap Growth Investor 24.03 74 Buy 6.42 -0.08 0.71 12.02 16.46 13.64 1.09 11.72 1.18TOCQX Tocqueville 32.95 81 Sell -3.29 0.55 -3.91 3.31 14.17 12.41 2.10 0.99 9.03 1.24TOPPX Tocqueville Opportunity 23.47 73 Buy 14.82 0.21 2.58 28.84 22.17 19.33 1.07 13.47 1.30TSCEX Turner Small Cap Growth 20.75 75 Buy 18.98 0.58 10.20 23.22 19.40 16.80 1.01 14.36 1.25



Beta 3 Year

SD 3 Year



TSELX Tocqueville Select 12.85 65 Sell -3.75 -4.74 -7.62 -1.30 13.72 10.94 1.14 13.34 1.32TVSVX Third Avenue Small Cap Value Investor 23.21 69 Buy 1.49 -2.07 -1.65 5.35 14.27 12.09 1.05 11.31 1.35TWCIX American Century Select Inv 61.19 84 Buy 8.78 0.96 1.51 17.27 16.22 16.46 0.96 9.23 1.00TWCUX American Century Ultra® Inv 38.11 88 Buy 9.54 2.72 3.14 16.91 18.74 17.28 1.03 9.99 1.00TWGTX American Century All Cap Growth Inv 32.82 93 Strong Buy 8.53 1.70 2.82 16.52 15.70 15.62 0.96 9.66 1.00TWHIX American Century Heritage Inv 25.79 79 Buy 9.65 1.10 1.78 17.22 16.84 15.69 1.00 10.38 1.00TWNOX American Century New Opps Investor 12.68 67 Buy 11.23 0.48 3.51 20.56 19.69 17.21 1.04 11.79 1.48TWVLX American Century Value Inv 8.49 92 Buy -0.84 0.47 -2.42 4.64 14.92 13.57 1.65 0.96 8.68 0.97UMBHX Scout Small Cap 26.91 70 Buy 7.51 1.20 5.20 14.70 18.28 16.59 1.69 1.00 11.70 1.12UMBMX Scout Mid Cap 16.22 77 Buy 5.10 0.68 0.17 7.06 15.89 15.33 1.06 10.58 1.02USAAX USAA Growth 25.93 85 Buy 6.49 3.39 1.77 17.10 20.32 17.24 1.05 9.61 1.00USAUX USAA Aggressive Growth 42.48 77 Buy 7.71 3.13 3.53 16.88 17.42 15.58 1.04 10.02 0.93USBNX Pear Tree Columbia Small Cap Ord 24.97 57 Buy 5.00 0.08 2.55 9.03 12.54 12.22 1.00 11.67 1.50USCAX USAA Small Cap Stock 17.61 67 Buy 1.38 -2.60 -2.11 7.61 15.08 14.23 1.08 11.95 1.14USGRX USAA Growth & Income 22.10 84 Buy 4.39 1.75 0.52 11.40 17.42 14.54 1.06 9.24 0.94USISX USAA Income Stock 17.87 85 Hold -0.50 1.36 -1.62 6.02 13.93 13.77 0.99 8.73 0.80USMIX USAA Extended Market Index 18.71 73 Buy 3.83 -0.58 -0.69 9.30 17.59 15.76 1.05 10.73 0.48USNQX USAA NASDAQ-100 Index 13.25 91 Buy 8.34 3.52 2.71 18.34 19.68 19.80 1.05 10.61 0.59USSPX USAA S&P 500 Index Member 30.11 86 Buy 3.30 1.45 -0.08 10.91 16.53 15.56 1.00 8.60 0.25UVALX USAA Value 20.69 80 Buy 2.73 0.73 -1.05 8.36 16.40 14.36 1.02 9.16 1.11VALLX Value Line Larger Companies 27.95 87 Strong Buy 10.56 3.94 3.02 18.98 18.62 16.35 0.94 8.68 1.13VALSX Value Line Premier Growth 35.53 74 Buy 4.99 1.78 1.75 10.27 14.55 15.34 0.93 8.76 1.23VLEOX Value Line Small Cap Opportunities 50.14 74 Buy 6.25 1.95 3.27 14.50 18.04 17.81 0.92 10.05 1.27VLIFX Value Line Fund 15.50 77 Buy 6.46 3.20 3.96 13.60 16.22 16.46 0.93 8.93 1.23WAMCX Wasatch Ultra Growth 20.15 62 Hold 5.72 -1.56 0.40 14.61 15.22 14.55 0.95 14.03 1.26WAMVX Wasatch Micro Cap Value 3.15 72 Buy 13.72 2.27 6.06 19.53 20.63 15.85 0.96 11.56 2.03WASIX Wasatch Strategic Income 11.93 80 Sell -1.38 -5.41 2.51 14.77 14.75 4.38 0.93 9.39 0.95WBGSX William Blair Growth N 14.38 85 Buy 6.13 2.20 1.41 12.06 16.42 15.23 1.05 10.19 1.18WBSNX William Blair Small Cap Growth N 26.08 66 Hold 1.84 -0.50 -0.31 6.20 19.04 14.03 1.10 12.93 1.50WBVDX William Blair Small Cap Value N 17.56 68 Hold -1.13 -1.51 -0.57 6.08 14.98 12.34 1.15 12.97 1.50WCGNX William Blair Mid Cap Growth N 15.07 75 Buy 6.13 0.80 -0.26 13.53 14.59 15.12 0.99 10.07 1.35WFIRX Wells Fargo Advantage Index Inv 67.60 86 Buy 3.21 1.44 -0.15 10.72 16.32 15.36 1.00 8.57 0.45WFIVX Wilshire 5000 Index Invmt 18.55 84 Buy 3.00 1.20 -0.27 9.99 16.32 15.08 1.00 8.59 0.65WFLNX Wells Fargo Advantage Lg Cp Core Inv 15.96 86 Buy 4.11 0.19 -0.75 12.30 18.64 17.03 1.00 9.54 1.20WFPNX Wells Fargo Advantage Prem Lg Co Gr Inv 16.10 71 Hold 5.37 1.45 0.88 12.75 15.96 16.11 1.03 10.44 1.18WGROX Wasatch Core Growth 63.45 76 Buy 10.75 0.35 4.46 22.26 17.92 18.12 0.95 10.99 1.18WMCVX Wasatch Small Cap Value 6.48 88 Buy 8.91 -1.07 2.86 11.15 20.43 16.89 0.94 10.95 1.20WMICX Wasatch Micro Cap 8.09 58 Hold 4.79 -1.22 1.13 11.92 15.51 15.20 0.90 13.44 1.97WPOIX Weitz Partners III Opportunity Investor 15.31 72 Hold 1.14 0.92 -2.71 4.71 13.48 0.83 8.48 1.49WSBEX Wright Selected Blue Chip Equities 13.17 79 Buy 8.19 0.84 2.89 17.07 20.38 17.34 0.03 1.10 11.15 1.45WSMNX William Blair Small-Mid Cap Gr N 20.98 79 Buy 12.07 2.49 4.90 21.09 21.35 18.45 1.01 10.54 1.35

NTF SECTOR FUNDSBENFX Baron Energy and Resources Retail 9.04 59 Sell -12.49 -10.85 -19.21 -32.54 -0.32 1.34 18.58 1.35ICCCX ICON Consumer Discretionary S 15.66 86 Buy 6.68 1.56 2.69 14.34 16.78 19.32 1.42 0.96 11.06 1.46ICENX ICON Energy S 12.44 31 Sell -12.33 -6.89 -17.72 -33.40 -4.59 1.27 0.01 1.38 17.83 1.28ICLEX ICON Consumer Staples S 9.52 93 Strong Buy 2.70 0.95 1.49 14.32 12.74 13.39 0.92 0.67 9.25 1.45ICTRX ICON Industrials S 12.00 83 Hold -2.52 0.42 -3.15 4.21 13.48 11.39 1.91 0.89 10.52 1.41TGLDX Tocqueville Gold 25.69 19 Sell -19.77 -10.36 -20.86 -42.24 -25.35 -16.67 0.69 34.11 1.36

NTF INCOME FUNDSAALPX American Beacon Shrt-Trm Bd Inv 8.62 70 Buy 0.05 -0.07 -0.18 -0.14 0.29 0.63 0.01 0.10 0.44 0.79ABHIX American Century High-Yield Inv 5.71 73 Hold 0.22 -1.17 -2.78 -0.94 4.20 6.29 5.05 0.59 4.31 0.85ABIPX American Beacon Intermediate Bd Inv 10.64 73 Hold 0.02 0.78 -0.70 1.28 1.13 2.48 1.44 0.97 2.82 0.79ABTPX American Beacon Treas Infl Prot Sec Inv 10.23 66 Hold 0.07 -0.39 -1.09 -3.41 -1.62 1.40 6.05 1.05 3.76 0.69ACCNX American Century Core Plus Inv 10.76 73 Hold 0.54 0.68 -0.69 2.40 1.61 3.32 2.39 0.96 2.85 0.65ACITX American Century Infl-Adj Bond Inv 11.55 59 Sell -0.31 0.17 -1.16 -3.29 -1.89 2.39 4.96 1.60 5.21 0.47ACSNX American Century Short Duration Inv 10.28 68 Buy 0.88 -0.08 -0.19 1.26 0.76 1.24 1.22 0.17 0.75 0.60ADFIX American Century Diversified Bond Inv 10.79 74 Sell 0.27 0.72 -0.58 1.96 1.49 3.14 1.80 1.00 2.91 0.60AGIVX Invesco US Government Investor 8.97 59 Sell 0.40 0.78 -0.22 1.72 0.51 2.00 1.24 0.88 2.63 0.92AHYPX American Beacon High Yld Bd Inv 8.16 70 Hold -0.71 -2.41 -4.42 -5.33 3.65 5.76 5.98 0.50 5.06 1.09APOIX American Century Short Dur Inf PrBd Inv 10.02 66 Hold 0.30 -0.60 -0.79 -2.44 -0.90 1.72 4.78 0.43 2.10 0.57ASHDX AllianzGI Short Duration High Inc D 15.46 77 Strong Buy 3.06 -0.32 -0.20 3.38 4.10 4.06 0.28 2.17 0.85ATMDX PIMCO Unconstrained Tax Managed Bd D 10.44 66 Buy -0.79 -0.81 -0.61 -0.63 0.89 1.34 1.88 0.09 2.28 1.10AYBDX AllianzGI High Yield Bond D 9.09 76 Buy 0.77 -1.76 -2.54 -1.52 4.45 6.49 5.80 0.39 4.01 1.01BAGSX Baird Aggregate Bond Inv 11.07 77 Hold 0.45 0.90 -0.39 2.05 2.53 4.19 2.18 1.04 3.04 0.55



Beta 3 Year

SD 3 Year


12 AUGUST 2015 | PHONE: (888) 252-5372


BAIAX Brown Advisory Intermediate Income Adv 10.43 71 Buy 0.40 0.45 -0.40 1.06 0.60 1.97 1.83 0.75 2.24 0.77BCOSX Baird Core Plus Bond Inv 11.45 79 Hold 0.44 0.71 -0.64 1.73 2.40 4.24 2.43 1.06 3.13 0.55BGNMX American Century Ginnie Mae Inv 10.74 61 Sell 0.27 0.36 -0.74 2.07 1.04 2.47 1.32 0.72 2.47 0.55BIMSX Baird Intermediate Bond Inv 11.53 74 Buy 0.90 0.24 -0.39 1.31 1.89 3.20 1.63 0.74 2.25 0.55BJBGX Aberdeen Total Return Bond A 13.31 76 Sell -0.17 0.87 -0.61 0.88 1.22 3.40 2.31 1.07 3.23 0.68BJBHX Aberdeen Global High Income A 9.37 83 Hold -0.63 -1.05 -3.03 -4.07 4.86 5.73 5.87 0.40 4.10 1.00BMBSX Baird Intermediate Muni Bd Inv 11.92 73 Hold 0.30 0.26 0.29 1.03 1.27 2.40 1.10 0.73 2.74 0.55BSBSX Baird Short-Term Bond Investor 9.67 72 Buy 0.74 0.00 -0.10 0.68 1.10 0.22 0.80 0.55BTTRX American Century Zero Coupon 2025 Inv 93.85 78 Sell 1.09 1.98 0.11 5.30 1.56 6.51 2.21 2.69 8.21 0.55BTTTX American Century Zero Coupon 2020 Inv 100.71 74 Sell 1.71 0.45 -0.26 3.02 0.68 4.45 1.45 1.53 4.68 0.55CFBNX Commerce Bond 20.03 76 Hold 0.50 0.64 -0.44 1.57 2.61 4.14 2.85 0.86 2.61 0.70CFNLX Commerce Natl Tax Free Interm Bd 19.40 70 Buy 0.78 0.54 0.30 2.62 1.57 3.86 1.72 0.94 3.52 0.67CFSTX Commerce Shrt-Term Government Instl 17.43 70 Buy 0.52 0.06 -0.05 0.53 0.63 1.18 0.81 0.31 1.06 0.68CHTBX ASTON/TCH Fixed Income N 10.47 75 Hold -0.38 -2.25 -0.49 2.37 4.26 2.89 1.01 3.41 0.94CPTNX American Century Government Bond Inv 11.15 60 Sell 0.48 0.85 -0.20 2.12 0.68 2.18 1.31 0.84 2.47 0.47DLENX DoubleLine Emerging Markets Fixed Inc N 10.22 79 Buy 1.64 -0.62 -1.43 -0.31 2.85 5.41 4.50 0.72 5.47 1.15DLFNX DoubleLine Core Fixed Income N 10.92 80 Strong Buy 1.39 0.66 -0.32 2.74 2.81 5.75 3.61 0.97 2.98 0.71DLSNX DoubleLine Low Duration Bond N 10.11 73 Strong Buy 1.16 0.09 0.08 1.29 1.59 1.98 0.13 0.70 0.69DLTNX DoubleLine Total Return Bond N 10.90 86 Buy 1.60 0.80 0.18 3.15 3.45 6.19 3.63 0.80 2.60 0.72DSTIX Dreyfus Short Term Income D 10.45 71 Buy 0.45 -0.12 -0.45 -0.19 1.10 1.51 1.29 0.26 1.09 0.65EXCPX Manning & Napier Core Plus Bond S 10.45 79 Sell 0.38 -0.19 -1.02 -0.02 2.32 4.07 2.19 0.81 2.95 0.75FOINX Tributary Income Instl 10.32 75 Buy 0.67 0.67 -0.24 2.19 2.29 3.66 2.20 0.89 2.62 0.85FOSIX Tributary Shrt Interm Bond Instl 9.40 71 Buy 0.73 -0.10 -0.13 0.73 1.35 1.95 1.37 0.29 1.10 0.79HOSBX Homestead Short-Term Bond 5.19 72 Buy 0.07 -0.09 -0.43 0.23 1.57 2.13 0.01 0.19 0.88 0.73HOSGX Homestead Short-Term Government 5.20 70 Buy 0.57 0.06 0.01 0.76 0.57 0.99 0.01 0.32 1.02 0.71HYFIX Harbor High-Yield Bond Inv 10.23 86 Strong Buy 1.84 -1.25 -2.43 0.40 4.10 5.73 5.03 0.64 4.19 1.01IOBZX ICON Bond S 9.30 77 Buy 0.90 0.46 -0.53 0.27 2.13 3.37 3.54 0.77 2.63 0.75LMWDX Western Asset Emerging Markets Debt FI 4.80 69 Sell -1.30 -1.23 -4.34 -6.69 -1.45 4.65 1.35 7.55 1.20LSBRX Loomis Sayles Bond Retail 14.04 71 Sell -3.43 -0.86 -3.81 -4.81 3.93 5.72 3.48 0.63 4.99 0.91LZHOX Lazard US Corporate Income Open 4.88 76 Buy 1.42 -1.04 -1.85 1.92 4.64 6.14 4.31 0.60 3.66 0.85MCIYX BMO TCH Corporate Income Y 12.45 79 Buy -1.14 -0.26 -2.21 -0.76 3.32 5.32 2.72 1.05 3.77 0.59MCYBX BMO TCH Core Plus Bond Y 11.48 76 Sell -0.58 0.04 -1.78 0.22 2.66 4.67 2.66 1.05 3.46 0.59MFDAX AMG GW&K Enhanced Core Bond Investor 9.93 76 Hold -1.15 -0.06 -2.13 -0.94 2.28 3.98 3.20 0.91 3.38 0.84MGFIX AMG Managers Bond Service 27.24 84 Buy -0.97 0.09 -1.35 -0.78 3.31 5.03 1.80 0.87 3.30 0.99MGIDX AMG Managers Intermediate Duration Govt 10.99 77 Hold 0.72 0.72 -0.35 2.72 2.17 3.09 1.24 0.69 2.30 0.89MGSDX AMG Managers Short Duration Government 9.66 70 Buy 0.23 -0.19 -0.23 0.13 0.45 0.84 0.88 0.00 0.47 0.80MITFX BMO Intermediate Tax-Free Y 11.25 77 Buy 0.71 0.32 0.25 2.74 2.62 4.03 1.69 0.83 3.01 0.55MNHYX Manning & Napier High Yield Bond S 10.06 77 Buy 2.09 -1.18 -1.44 0.03 5.40 7.10 5.07 0.46 4.10 1.11MSINX BMO Short-Term Income Y 9.34 71 Buy 0.58 -0.04 -0.07 0.55 0.96 1.83 0.77 0.21 0.78 0.60MTFYX BMO Short Tax-Free Y 10.20 73 Buy 0.52 0.08 0.19 1.41 1.11 0.55MUYSX BMO Ultra Short Tax-Free Y 10.09 70 Buy 0.09 0.02 0.07 0.36 0.58 0.90 0.21 0.06 0.28 0.55NHFIX Northern High Yield Fixed Income 6.94 90 Buy 1.55 -0.94 -1.79 -0.61 5.52 7.11 6.08 0.53 4.31 0.80NHYMX Northern High Yield Muni 8.79 80 Buy 1.42 0.66 0.39 4.76 3.78 5.73 3.46 1.11 4.23 0.80NMHYX Northern Multi-Manager Hi Yld Opp 9.76 77 Buy 0.34 -1.57 -3.26 -1.34 4.92 6.32 5.67 0.60 4.77 0.90PAIUX PIMCO Short Asset Investment D 10.03 70 Buy 0.36 0.04 0.13 0.21 0.51 0.54 0.03 0.29 0.59PBDDX PIMCO Investment Grade Corp Bd D 10.49 89 Buy 1.48 0.96 -0.61 3.14 3.95 5.96 2.97 1.52 4.68 0.75PDCRX PIMCO Credit Absolute Return D 10.01 71 Buy 1.38 -0.60 -0.52 0.66 2.47 2.99 0.36 2.49 1.30PDVDX PIMCO Diversified Inc D 10.69 85 Buy 2.98 -0.02 -1.29 0.90 2.86 5.03 4.06 1.16 4.99 1.15PEMDX PIMCO Emerging Markets Bond D 10.00 74 Sell 1.39 -1.47 -3.59 -3.92 -0.07 3.38 4.41 1.19 7.47 1.25PFIDX PIMCO Floating Income D 8.18 78 Strong Buy 2.17 -0.95 -1.26 -2.13 2.19 2.57 3.90 0.10 4.21 0.95PGNDX PIMCO GNMA D 11.29 60 Sell 0.38 0.45 -0.54 1.75 1.08 2.68 0.58 0.75 2.60 0.90PHSDX PIMCO High Yield Spectrum D 9.89 72 Buy 1.90 -0.45 -1.52 0.52 5.99 5.57 0.62 4.36 0.95PHYDX PIMCO High Yield D 9.03 89 Buy 1.94 -0.36 -1.42 1.86 5.06 6.52 4.78 0.72 4.07 0.90PHYSX PIA High Yield Investor 10.14 88 Strong Buy 2.94 -0.62 -1.04 1.19 5.88 6.51 0.35 3.58 0.98PLBDX PIMCO Emerging Local Bond D 7.42 53 Sell -8.44 -3.91 -7.23 -18.24 -7.33 -2.15 4.46 1.57 10.45 1.35PLDDX PIMCO Low Duration D 9.98 80 Strong Buy 0.69 -0.16 0.09 0.32 0.91 1.83 2.50 0.38 1.66 0.75PMBDX PIMCO Municipal Bond D 9.60 78 Hold 0.19 0.25 -0.15 2.47 3.12 4.49 2.23 1.26 4.61 0.75PMNDX PIMCO National Interm Muni Bond D 10.32 74 Hold -0.02 0.46 0.25 1.45 1.93 1.64 1.03 3.79 0.80PMZDX PIMCO Mortgage Opportunities D 11.13 79 Buy 2.03 0.26 0.46 2.88 2.93 1.00PONDX PIMCO Income D 12.29 94 Buy 2.75 -0.27 -0.06 3.23 7.69 9.26 3.23 0.60 3.92 0.79PRFIX Parnassus Fixed-Income 16.52 73 Buy 0.33 0.55 -0.61 1.09 0.63 2.13 1.81 0.88 2.64 0.68PRRDX PIMCO Real Return D 10.85 71 Sell -0.29 0.04 -0.97 -3.92 -1.66 2.53 5.50 1.78 5.93 0.85PSDDX PIMCO Short-Duration Muni Income D 8.45 70 Buy 0.15 0.06 -0.02 0.20 0.34 0.44 0.50 0.16 0.69 0.73PSHDX PIMCO Short-Term D 9.81 74 Strong Buy 1.07 -0.02 0.26 0.93 1.09 1.20 1.05 0.03 0.81 0.70

NTF INCOME FUNDS (continued)


Beta 3 Year

SD 3 Year



NTF INCOME FUNDS (continued)PSRDX PIMCO Senior Floating Rate D 9.98 74 Strong Buy 1.84 -0.09 -0.31 1.87 3.36 3.44 0.14 1.60 1.00PTMDX PIMCO Mortgage-Backed Securities D 10.48 75 Hold 0.77 0.49 -0.22 2.60 2.03 2.97 1.33 0.72 2.37 0.90PUBDX PIMCO Unconstrained Bond D 11.06 74 Hold 0.13 -0.78 -0.37 0.40 0.68 1.78 3.66 0.37 2.05 1.30PXMDX PIMCO Tax Managed Real Return D 9.87 65 Hold -0.84 -0.80 -5.76 -1.63 0.99 0.41 0.67 3.61 0.85PYMDX PIMCO High Yield Municipal Bond D 8.53 76 Buy 1.23 0.22 -0.39 5.38 3.78 5.38 3.54 1.37 5.27 0.85SBBVX Schroder Total Return Fixed Income Adv 10.00 74 Hold -0.28 0.19 0.33 1.48 3.27 2.55 1.03 3.13 0.65SCCYX Scout Core Bond Y 11.47 72 Buy 0.63 0.99 0.00 0.75 0.96 1.37 0.53 1.84 0.79SCPYX Scout Core Plus Bond Y 32.35 71 Buy 0.77 0.76 -0.39 1.14 1.38 4.04 1.31 0.50 1.89 0.78SHYPX American Beacon SiM High Yld Opps Inv 9.50 86 Strong Buy 1.63 -1.15 -2.05 1.03 6.92 4.85 0.56 4.46 1.11SIMBX Wells Fargo Advantage Interm T/AmtF Inv 11.49 76 Sell -0.19 0.41 -0.08 1.62 2.31 3.85 1.49 0.84 3.05 0.73SMUAX Wells Fargo Advantage Ult S/T Mun In Inv 9.63 70 Sell -0.17 0.02 -0.03 -0.08 0.16 0.56 0.17 0.01 0.30 0.70SSTBX Wells Fargo Advantage Short-Term Bd Inv 8.77 70 Buy 0.72 -0.05 -0.22 0.64 1.14 1.54 1.06 0.18 0.67 0.79STADX Wells Fargo Advantage Ultra S/T Inc Inv 8.46 74 Buy 0.08 -0.06 -0.17 -0.24 0.37 0.80 0.81 0.03 0.36 0.73STHBX Wells Fargo Advantage S/T Hi-Yld Bd Inv 8.09 74 Buy 2.32 -0.18 -0.17 2.33 2.78 3.79 2.63 0.26 1.78 0.84STHYX Wells Fargo Advantage High Income Inv 6.72 81 Hold 0.03 -1.24 -2.40 -2.84 2.99 5.71 5.14 0.59 4.37 0.93STSMX Wells Fargo Advantage S/T Muni Bd Inv 9.94 69 Buy -0.07 0.07 -0.07 0.25 0.88 1.60 0.66 0.12 0.58 0.63STVSX Wells Fargo Advantage Government Sec Inv 11.23 65 Hold 0.46 0.77 -0.26 2.17 0.98 2.25 0.93 0.89 2.61 0.89SUBYX Scout Unconstrained Bond Y 11.30 63 Hold 0.75 0.00 -0.44 -1.20 0.97 -0.48 3.43 0.78SXFIX Wells Fargo Advantage Municipal Bond Inv 10.28 78 Hold 0.07 0.71 0.05 2.82 3.77 5.38 2.48 1.03 3.81 0.79TFCVX Third Avenue Focused Credit Investor 8.84 63 Buy -5.34 -1.45 -4.66 -18.43 3.43 4.32 8.77 0.11 7.51 1.13TGFNX TCW Core Fixed-Income N 11.14 80 Sell 0.03 0.65 -0.47 1.36 1.83 3.59 1.59 0.88 2.61 0.80TGINX TCW Emerging Markets Income N 10.00 75 Hold -1.01 -0.47 -2.63 -5.43 0.48 4.34 10.55 0.97 6.60 1.13TGMNX TCW Total Return Bond N 10.61 83 Hold 0.71 0.73 -0.12 2.09 3.98 5.33 2.33 0.77 2.74 0.77TGWNX TCW Emerging Markets Local Ccy Inc N 8.40 56 Sell -7.65 -3.78 -6.67 -14.58 -5.42 6.05 1.44 9.15 0.99THOPX Thompson Bond 11.23 75 Strong Buy 0.33 -0.80 -1.57 -1.40 2.53 3.53 3.91 0.35 2.31 0.72TSDOX Touchstone Ultra Short Dur F/I Z 9.34 71 Buy 0.41 -0.02 0.08 0.31 0.72 1.06 0.95 0.05 0.30 0.69TWUSX American Century Short-Term Govt Inv 9.64 64 Hold 0.32 -0.07 -0.18 0.45 0.08 0.41 0.28 0.17 0.57 0.55USAIX USAA Income 12.95 76 Hold -0.05 0.47 -1.06 0.76 2.66 4.05 3.24 0.95 2.89 0.59USATX USAA Tax Exempt Intermediate-Term 13.40 77 Hold 0.41 0.55 0.30 2.25 2.88 4.31 1.82 0.81 2.97 0.55USFIX USAA Flexible Income 9.13 71 Sell -2.19 0.07 -3.52 -6.15 5.52 0.92USGNX USAA Government Securities 9.94 73 Hold 0.78 0.29 -0.40 2.12 1.19 2.25 2.46 0.61 1.92 0.47USHYX USAA High Income 8.11 81 Buy -1.01 -1.55 -3.41 -3.03 5.69 7.26 5.59 0.47 4.09 0.89USIBX USAA Intermediate-Term Bond 10.53 77 Hold -0.42 0.11 -1.34 -0.09 3.50 5.46 3.55 0.81 2.84 0.68USSBX USAA Short-Term Bond 9.14 72 Buy 0.57 0.01 -0.14 0.61 1.56 2.10 1.52 0.27 1.01 0.63USSTX USAA Tax Exempt Short-Term 10.60 71 Buy 0.08 0.12 -0.08 0.38 0.99 1.83 0.70 0.15 0.63 0.55USTEX USAA Tax Exempt Long-Term 13.60 77 Sell 1.14 0.78 0.78 3.30 3.57 5.26 2.39 1.15 4.22 0.55UUSTX USAA Ultra Short-Term Bond 10.05 72 Buy 0.61 -0.10 -0.17 0.60 1.32 1.26 0.11 0.51 0.58VMINX Invesco Municipal Income Investor 13.52 81 Hold 0.99 0.89 0.43 4.10 2.32 1.17 4.24 0.75WACIX Western Asset Core Plus Bond FI 11.57 72 Hold 0.97 1.17 -0.45 2.52 2.88 4.56 2.42 1.05 3.15 0.80WAPIX Western Asset Core Bond FI 12.26 74 Hold 0.86 1.07 -0.43 2.51 2.36 4.23 1.81 1.02 3.00 0.80WARIX Western Asset Total Return Uncons FI 10.38 74 Hold 1.21 0.32 -0.35 0.59 2.11 3.14 3.12 0.19 1.66 1.18WBBNX William Blair Bond N 10.54 75 Buy 0.31 0.21 -1.10 0.97 2.12 4.07 2.55 0.95 3.09 0.65WBLNX William Blair Low Duration N 9.24 75 Strong Buy 0.00 -0.14 -0.46 0.47 0.39 1.04 0.84 0.23 0.99 0.70WBRRX William Blair Income N 9.00 71 Buy 0.42 -0.09 -0.77 0.90 1.16 2.66 1.65 0.63 2.10 0.84WIPNX Wells Fargo Advantage Income Plus Inv 12.19 80 Hold 0.46 0.75 -0.74 2.21 2.17 3.77 1.66 1.11 3.23 0.86WSHNX Weitz Short-Intermediate Income Investor 12.34 71 Buy 0.27 -0.16 -0.35 0.53 1.28 1.23 0.31 1.16 0.84

NTF INTERNATIONAL FUNDSAAEPX American Beacon Emerging Mkts Inv 9.56 58 Sell -6.57 -4.24 -13.35 -18.16 -1.18 -1.40 1.18 14.48 1.79AAIPX American Beacon Intl Equity Inv 19.89 70 Hold 8.88 1.45 -2.32 2.98 11.69 7.65 0.98 10.68 1.05AEMGX Acadian Emerging Markets Instl 17.32 61 Sell -5.15 -3.67 -11.04 -10.42 0.52 1.24 1.01 12.88 1.50AFJDX AllianzGI NFJ International Value D 21.27 65 Sell 0.81 0.05 -6.36 -7.49 4.19 4.64 3.30 1.00 10.64 1.24AGBVX American Century Global Bond Inv 9.79 70 Sell -0.10 0.93 -0.71 2.51 2.37 1.03 0.84 2.68 0.96AGLOX Ariel Global Equity Investor 14.42 81 Buy 4.87 2.49 -1.10 4.93 14.87 0.69 8.09 1.29ALODX AllianzGI International Small-Cap D 37.37 67 Hold 16.31 1.73 0.13 11.81 15.46 11.08 0.84 10.29 1.45AMDWX Amana Developing World Investor 9.72 56 Sell -8.56 -2.02 -7.60 -12.58 -2.07 -1.23 0.58 0.75 9.40 1.48ANUDX AllianzGI NFJ Global Dividend Val D 18.93 73 Hold -0.54 0.52 -3.85 -4.07 7.88 7.35 3.24 0.84 9.55 1.28AOTDX AllianzGI Emerging Markets Opps D 24.40 57 Sell -5.28 -3.17 -12.48 -7.91 1.95 2.17 0.94 12.01 1.67BAHAX Brown Advisory WMC Strat Eurp Eq Adv 10.58 64 Sell 10.44 2.22 0.47 8.63 1.65BEGBX American Century International Bd Inv 12.28 39 Sell -6.33 0.00 -3.15 -12.74 -4.17 -1.14 0.58 0.73 5.59 0.80BEXFX Baron Emerging Markets Retail 11.43 68 Sell -4.03 -1.04 -6.85 -6.53 8.34 0.92 11.55 1.50BUFIX Buffalo International 12.11 71 Hold 5.94 0.08 -1.70 6.59 10.48 7.70 0.78 9.13 1.05CAMIX Cambiar International Equity Inv 26.38 67 Hold 14.65 2.37 -0.04 10.75 13.08 10.15 0.89 0.85 9.77 1.09CRMIX CRM International Opportunity Inv 13.68 61 Hold 10.59 2.32 -1.01 3.56 6.86 4.99 0.85 9.42 1.50DGSNX AllianzGI Global Small-Cap D 45.11 66 Hold 8.88 -0.29 0.47 9.94 16.36 17.37 0.67 10.49 1.61


Beta 3 Year

SD 3 Year


14 AUGUST 2015 | PHONE: (888) 252-5372


NTF INTERNATIONAL FUNDS (continued)DOMIX Domini International Social Equity Inv 8.06 70 Hold 10.60 2.14 -0.47 8.04 14.67 9.98 0.94 10.37 1.60EGINX Invesco European Growth Investor 37.85 65 Hold 9.39 0.40 -0.97 4.15 11.28 9.89 0.87 10.02 1.31EMBOX Lazard Emerging Markets Equity Blnd Open 9.53 53 Sell -4.60 -4.22 -9.84 -14.97 -3.44 -2.20 1.11 14.22 1.60EMMOX Lazard Emerging Markets Multi Asset Open 8.19 55 Sell -4.77 -3.19 -7.67 -12.45 -3.05 0.80 9.90 1.60EXITX Manning & Napier International S 8.27 65 Sell 2.10 -0.96 -4.61 -5.08 8.12 4.94 1.03 11.23 1.10EXWAX Manning & Napier World Opportunities A 7.48 57 Sell 2.05 -1.06 -6.27 -7.51 5.87 3.85 1.00 11.23 1.07FMIJX FMI International 29.92 79 Hold 7.55 1.91 -1.71 8.76 13.37 0.47 6.87 1.00GLFOX Lazard Global Listed Infrastructure Open 14.69 89 Buy 8.07 2.23 -0.60 16.62 20.62 14.27 0.52 8.11 1.29GOBFX Legg Mason BW Global Opportunities Bd FI 10.17 68 Sell -5.00 -0.59 -4.24 -6.38 0.43 3.75 2.82 1.30 6.16 1.00HIGGX Madison Hansberger International Gr Y 17.14 66 Hold 11.37 1.24 -2.56 3.65 8.90 5.07 0.95 10.42 1.16HIIGX Harbor International Growth Inv 13.04 62 Hold 7.15 0.69 -3.12 1.29 7.84 5.69 0.97 10.72 1.22HIINX Harbor International Investor 69.59 67 Hold 8.45 0.04 -3.72 1.97 8.52 7.14 0.98 10.76 1.10HISIX Homestead International Value 7.60 64 Hold 6.00 0.93 -3.43 -0.24 10.27 4.87 1.07 11.86 0.97HJPNX Hennessy Japan Investor 25.17 76 Buy 19.86 5.23 7.02 18.78 17.74 15.71 0.06 0.48 9.93 1.70ICARX ICON Emerging Markets S 13.92 77 Hold 4.43 -1.56 -4.00 0.29 5.49 4.01 1.65 0.74 9.57 1.88LDMOX Lazard Developing Markets Equity Open 9.92 50 Sell -4.89 -4.80 -9.74 -15.66 -4.49 -3.59 1.22 15.66 1.49LGFEX QS Batterymarch Intl Eq FI 15.89 66 Hold 10.65 1.73 -0.69 7.83 12.03 7.55 0.93 10.19 1.35LISOX Lazard International Strategic Eq Open 14.75 81 Hold 6.73 -0.27 -2.06 4.76 13.23 10.09 0.89 10.14 1.09LSGLX Loomis Sayles Global Bond Retail 14.85 64 Sell -4.01 -0.20 -2.81 -7.85 -1.36 1.27 1.65 0.91 4.22 0.98LWOFX Legg Mason BW International Opps Bd FI 10.81 69 Sell -5.68 -0.73 -4.68 -8.65 0.51 2.62 1.24 6.85 1.00LZIOX Lazard International Equity Open 18.90 67 Hold 10.72 1.34 -0.47 7.21 11.64 9.39 0.92 10.13 1.17LZSMX Lazard International Small Cap Eq Open 11.19 77 Hold 11.57 1.27 0.63 6.85 15.86 11.43 0.88 10.32 1.43MACSX Matthews Asian Growth & Inc Investor 18.14 76 Sell 1.88 0.33 -5.56 -5.06 5.39 5.92 0.77 9.29 1.08MAFSX Matthews Asia Focus Investor 9.48 64 Sell -5.29 -2.87 -9.89 -6.93 1.57MAKOX Matthews Korea Investor 6.61 65 Hold 16.99 3.77 0.61 6.48 13.35 11.96 0.93 13.70 1.11MCDFX Matthews China Dividend Investor 15.15 66 Sell 15.14 -0.59 -6.25 14.83 13.72 10.22 0.85 14.22 1.19MCHFX Matthews China Investor 23.42 65 Sell 9.13 -1.47 -10.75 5.28 7.13 2.10 0.91 15.77 1.11MGGBX AMG Managers Global Income Opportunity 19.11 67 Sell -2.90 -0.78 -3.04 -5.84 0.60 2.68 2.93 0.78 4.59 0.89MGLBX Marsico Global 13.83 92 Strong Buy 6.80 1.32 0.51 9.09 17.89 14.34 0.69 10.28 1.60MINDX Matthews India Investor 28.87 96 Buy 9.11 2.52 5.79 28.56 23.94 9.30 0.90 21.82 1.12MIOFX Marsico International Opportunities 16.50 59 Hold 8.84 2.42 -0.06 11.11 10.76 7.62 0.77 10.39 1.60MJFOX Matthews Japan Investor 19.43 73 Buy 23.76 4.13 4.18 17.43 18.72 13.59 0.59 13.27 1.03MNEMX Manning & Napier Emerging Markets S 8.52 55 Sell -7.79 -4.48 -8.39 -20.12 -1.22 1.11 13.93 1.15MNGSX Manning & Napier Global Fixed Income S 9.36 69 Sell -3.09 -0.64 -2.60 -6.69 2.06 0.85MPACX Matthews Asia Growth Investor 22.08 62 Hold 4.64 1.85 -1.25 2.52 10.63 8.14 0.73 10.48 1.11MSMLX Matthews Asia Small Companies Inv 21.12 73 Sell -1.58 -3.12 -7.65 -2.30 10.29 6.84 0.77 11.56 1.47NMIEX Northern Multi-Manager Intl Equity 10.57 67 Sell 4.86 0.38 -4.34 -1.14 7.64 5.08 0.97 10.20 1.21NMMEX Northern Multi-Manager Emerging Mkt Eq 17.14 62 Sell -5.04 -3.27 -11.88 -13.80 -0.39 1.10 1.07 12.88 1.35NOIGX Northern International Equity 9.47 69 Hold 5.69 -0.53 -4.73 -0.60 10.84 6.30 1.12 11.87 1.09OBIOX Oberweis International Opportunities 21.20 73 Buy 14.22 2.27 1.63 7.23 25.23 18.66 0.85 11.87 1.60PEFDX PIMCO EM Fdmtl IndexPLUS AR Strat D 8.60 65 Sell -8.99 -5.29 -15.19 -17.48 1.43 1.36 16.58 1.55PGBDX PIMCO Global Bond (Unhedged) D 8.88 66 Sell -3.23 0.50 -1.64 -6.42 -1.54 2.10 2.09 1.07 4.68 0.95PGSDX PIMCO Global Advantage Strategy Bd D 10.07 51 Sell -4.08 -0.82 -3.04 -9.66 -1.79 1.01 2.27 0.95 5.22 1.10PIPDX PIMCO Intl StksPLUS® AR Strat (USD-Hg) D 7.90 72 Hold 12.07 2.07 -0.21 17.78 16.85 11.79 1.02 0.77 9.75 1.15PLVDX PIMCO EMG Intl LowVol RAFI®-PLUS AR D 8.84 69 Sell -8.27 -4.95 -13.96 -15.38 0.99 1.40PLVRX PIMCO Intl LwVol RAFI®-PLUS AR D 10.43 76 Buy 8.76 3.06 -0.19 4.33 1.29 1.17PNIDX AllianzGI Intl Managed Volatility D 14.93 74 Hold 8.11 3.54 -0.13 3.49 8.53 6.58 0.73 9.01 0.96PPUDX PIMCO Intl StkPLUS® AR Stra (Unhdgd) D 6.44 65 Hold 7.29 1.10 -2.51 1.25 11.18 9.20 1.25 1.14 12.35 1.04PQDDX PIMCO EqS® Dividend D 7.32 70 Buy 1.99 0.09 -5.53 1.98 9.36 2.29 0.73 9.05 1.19QFVOX Pear Tree Polaris Foreign Value Ord 18.78 77 Hold 6.64 0.00 -4.04 3.37 12.93 9.76 0.94 10.88 1.52QUSOX Pear Tree Polaris Fgn Val Sm Cap Ord 13.47 86 Buy 5.73 -0.96 -4.06 4.68 17.34 10.14 0.68 8.30 1.56RISCX Royce European Smaller-Companies Svc 11.78 70 Buy 14.04 2.52 0.17 1.16 10.99 7.42 0.98 12.55 1.69RIVFX Royce Global Value Svc 13.52 68 Sell 6.88 1.35 -1.31 -6.27 5.19 4.45 0.87 10.71 1.69SASPX Wells Fargo Advantage Asia Pacific Inv 12.41 60 Sell 5.71 0.57 -5.56 3.40 10.96 8.61 0.79 10.04 1.65SCVEX Schroder International Alpha Adv 11.90 63 Hold 6.63 0.68 -3.41 2.51 9.43 6.42 0.91 10.05 1.23SEMVX Schroder Emerging Market Equity Adv 12.06 58 Sell -4.36 -3.98 -11.06 -12.15 -1.05 0.44 1.06 12.85 1.49SIDVX Schroder International Multi-Cap Val Adv 9.02 74 Hold 4.55 1.23 -4.64 -4.16 9.34 6.76 1.00 10.57 1.30TIVFX Tocqueville International Value 15.41 79 Hold 14.23 2.87 0.06 6.82 14.18 9.29 0.87 10.01 1.25TVFVX Third Avenue Value Investor 56.42 74 Hold -0.56 -0.86 -4.11 -2.34 10.38 7.34 0.72 8.66 1.32TVIVX Third Avenue International Value Inv 15.89 53 Sell -3.64 -2.28 -7.94 -12.37 3.74 3.44 1.02 12.08 1.65TWEMX Thomas White Emerging Markets Investor 10.11 50 Sell -4.80 -3.16 -10.69 -13.04 -1.88 -0.17 1.06 12.92 1.29TWGGX American Century Global Growth Inv 12.42 71 Hold 7.62 2.05 1.31 9.57 14.25 12.54 0.71 9.29 1.08TWIEX American Century International Gr Inv 13.06 79 Sell 8.86 1.32 0.00 6.37 12.07 9.06 0.89 10.16 1.18


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TWMIX American Century Emerging Markets Inv 8.70 60 Sell 1.12 -2.68 -8.52 -4.74 3.72 2.96 1.07 13.19 1.45TWWDX Thomas White International Investor 16.86 54 Sell 4.98 0.72 -2.99 -3.06 4.96 4.61 0.96 10.24 1.24UCEQX USAA Cornerstone Equity 13.30 75 Hold 3.26 0.00 -2.99 3.16 9.82 0.74 8.72 0.10UGMVX USAA Global Managed Volatility 9.24 73 Hold 3.01 0.43 -2.84 0.57 0.63 7.02 1.07UMBWX Scout International 33.65 66 Sell 4.68 -0.21 -3.76 1.61 7.73 6.31 1.08 0.83 9.21 1.01USAWX USAA World Growth 28.83 77 Hold 5.49 1.37 -0.45 8.76 15.28 13.22 0.76 9.47 1.19USCGX USAA Capital Growth 10.20 82 Buy 6.81 1.69 -0.58 12.19 16.96 12.68 0.71 8.57 1.28USEMX USAA Emerging Markets 15.20 57 Sell -4.88 -3.74 -9.63 -15.83 -2.33 -2.83 1.12 14.04 1.50USIFX USAA International 30.72 68 Hold 9.40 1.45 -1.85 5.92 11.09 8.56 0.92 10.25 1.12WAESX Wasatch Emerging Markets Select Investor 9.47 61 Sell -7.16 -3.27 -6.14 -9.24 1.69WAGOX Wasatch Global Opportunities 3.96 79 Strong Buy 6.74 1.28 4.21 8.44 13.83 12.64 0.66 10.00 1.78WAGTX Wasatch World Innovators 21.85 77 Strong Buy 8.33 2.82 2.15 9.94 12.59 15.17 0.62 9.85 1.73WAIGX Wasatch International Growth 30.24 69 Buy 15.29 2.82 4.28 8.60 14.63 13.28 0.87 10.87 1.46WELNX William Blair Emerging Mkts Ldrs N 8.63 63 Sell -4.75 -3.03 -9.54 -7.65 1.07 1.75 0.96 12.25 1.65WGGNX William Blair Global Leaders N 12.56 72 Buy 6.08 0.88 -0.71 9.11 11.80 12.14 0.70 8.60 1.50WIENX William Blair International Equity N 14.88 70 Hold 8.14 1.57 -1.98 4.87 10.73 7.36 0.86 9.46 1.38WIEVX Wells Fargo Advantage Divers Intl Inv 12.43 68 Hold 8.09 1.22 -3.12 4.23 11.22 8.20 0.94 10.14 1.46WILNX William Blair International Ldrs N 13.20 66 Hold 7.76 0.38 -1.93 7.34 1.45WLCTX Wilshire International Equity Invmt 9.58 58 Hold 5.74 1.27 -3.04 -0.08 6.25 8.34 0.92 10.39 1.50

NTF INTERNATIONAL FUNDS (continued)

Fund Spotlight: Vanguard High Dividend Yield Index (VYM)EIn the wake of the commodities sell-off, yields on energy giants such as Chevron (CVX) and Exxon (XOM) have reached 5 percent and 3.7 percent, respectively. Income-oriented inves-tors are no doubt tempted by those yields, but analysts are concerned about the dividend pay-ments from ConocoPhillips (COP), which yields 5.9 percent at recent prices. The primary risk for these energy companies would be falling oil prices, which would squeeze their ability to pay investors while making capital investments. Without those investments, future growth, and hence future dividend growth, would be at risk. In order to avoid that sector-specific risk, inves-tors may want to consider diversified dividend funds as a better option than individual stocks.

The Investor Class Vanguard High Dividend Yield Index Fund (VYM) is a large-cap, no-load mutual fund that seeks to track the performance of the underlying benchmark FTSE High Divi-dend Yield Index. It employs an index investing approach by allocating most of its assets in stocks that make up the index. These stocks are com-mon shares issued by companies that pay a high-er-than-average dividend. The fund’s low cost and historical performance earn it a Morningstar Analyst Rating of Silver. There is also a mutual fund class of this product, which trades under the

ticker symbol VHDYX. Approximately 75 per-cent of the $16 billion in assets under manage-ment are held in ETF shares.

INVESTMENT STRATEGYThe fund’s market cap-weighted portfolio com-prises more than 400 U.S. stocks that have been selected based on their yields. It has been led by Michael Perre since its inception in 2006, and its managers shy away from small- and mid-cap stocks that may offer greater returns but are also inherently more risky. The passive, market cap-weighting investment style reduces turnover. At 17 percent, the fund’s turnover is well below the 55 percent average for the large value cate-gory. Broad sector diversification mitigates risk.

Dividend-paying stocks are seen as defensive be-cause they have outperformed non-dividend-pay-ing stocks since 1926. The fund is not without risks; some companies that pay higher dividends can become distressed and cut their payments. To reduce this risk, the fund managers tilt their investments toward large global conglomerates with competitive advantages, such as Exxon Mobil, General Electric (GE) and Johnson & Johnson (JNJ), while avoiding potentially risk-ier names like Freeport-McMoRan (FCX). That strategy has paid off; FCX has declined 58 per-cent since May, while XOM has lost only 13 per-cent. VYM is fully invested in the market at all times.

The fund tracks the FTSE High Dividend Yield

Index, which is composed of dividend-paying stocks excluding micro-caps, MLPs and REITs. The managers sort stocks by dividend yield and add to the index starting with the highest-yield-ing issues until the index portfolio’s market cap equals 50 percent of the market cap of all dividend-paying stocks. The index is then mar-ket-cap weighted. The result is a value portfolio that encompasses approximately 38 percent of the total market.

PORTFOLIO COMPOSITION AND HOLDINGSThe fund has a 98.53 percent exposure to do-mestic shares, a 0.86 percent exposure to foreign stocks and a less than 1.0 percent cash position. With an average market cap of $73 billion, VYM has 58 percent of assets in giant caps as well as a 27.37 percent, 10.48 percent and 3.12 percent al-location to large-, medium- and small-cap shares, respectively. The mutual fund is overweight the consumer defensive sector, while underweight real estate and consumer discretionary. The port-folio has a P/E ratio of 16.66 and a price-to-book of 2.25, higher than those of the Russell 1000 Value Index. Stocks within the portfolio have an average dividend yield of 3.4 percent.

The fund has 30.48 percent of assets in its top 10 holdings. These include Exxon Mobil, Microsoft, Wells Fargo, Johnson & Johnson and General Electric. The next five in descending order are JPMorgan Chase, Procter & Gamble, Pfizer, Ver-



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16 AUGUST 2015 | PHONE: (888) 252-5372


izon and AT&T. It also holds 53 percent of assets in shares that have a wide Morningstar Economic Moat Rating, which compares with the category average of 37 percent.

HISTORICAL PERFORMANCE AND RISKThe fund’s managers have done their job well as VYM has less than a 10-basis-point tracking error. From its inception through April 2015, VYM has returned an annualized 6.9 percent. Although this is less than the 7.1 percent of the S&P 500, value has underperformed during the past decade. On the plus side, the fund has a lower standard deviation.

Over the same period, VYM beat the large value category’s average return of 5.1 percent. For its past 1-, 3- and 5-year periods, VYM has generated average return of 7.44 percent, 14.11 percent and 15.23 percent, respectively. The comparable cate-gory averages were 5.98, 14.55 and 13.04 percent. VYM has a 30-day SEC yield of 3.22 percent, while VHDYX has a 30-day SEC yield of 3.15 percent.

RISKS, FEES AND EXPENSESThe four-star Morningstar rated VYM has no minimum investment, but VHDYX has an initial minimum investment of $3,000. The fund has an average Morningstar risk rating with its 3-year beta of 0.90 and a standard deviation of 8.64. This com-pares with the category beta and standard devia-tions of 0.98 and 9.03. The expense ratio for VYM is 0.10 percent. VYM has a net expense ratio of 0.18 percent, with no 12b-1, initial, deferred or re-demption fees.

OUTLOOKVYM has seen a net inflow of $10 billion over the past five years as dividend-paying stocks have be-come increasingly popular with income investors. VYM may experience a sharp pullback if interest rates rise or there is a major sell-off in the market that causes investors to give up on income-ori-ented investments. The fund lagged the S&P in 2013 when interest rates rose and underperformed during the financial crisis. One reason for the latter was the inclusion of financial stocks, which used to be strong dividend payers. That sector is now un-derweight in the fund relative to the broader mar-ket. While the fund’s resources-related holdings may also be a drag on return in light of the recent sell-offs in oil and other commodities, VYM has a solid yield and good exposure to the healthcare and technology sectors.

The damage caused by the sell-off in the resource space, along with the recent bankruptcies in the coal industry, may not be over. The main catalyst appears to be an excess of supply in the face of an unanticipated slowdown in the Chinese economy, which may take several years to work off. VYM has a bit more exposure to the commodity space, mainly energy, than the broader market. As a re-sult, investors should be aware of the performance risk moving forward, as opposed to blindly chasing the fund’s attractive yield. For long-term investors looking for income-generating investments, any further pullbacks in energy or the broader market could provide some very attractive entry points in VYM.

Fund Spotlight: Vanguard High Dividend Yield Index (VYM) (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].

Portfolio Updates (continued)

(THOPX) fell 0.80 percent and PIMCO Floating Income (PFIDX) decreased 0.90 percent over the past month. Bond spreads narrowed, which weighed on THOPX. Vanguard Dividend Growth (VDIGX) led the portfolio with its 1.66 percent gain. The NTF Global Portfolio gained 1.95 percent last month and is up 7.92 per-cent this year. Wasatch World Innovators (WAGTX) rallied 2.82 percent to lead the portfolio, while Vanguard Global Mini-mum Volatility (VMVFX) advanced 2.40 percent on the back of a stronger U.S. dollar. Vanguard European Stock (VGK) gained 1.23 percent, aided by the appar-ent resolution in Greece. It was also the worst-performing holding in a generally good month for developed market shares. The NTF Absolute Return/Down Mar-ket Portfolio decreased 0.61 percent last month; the portfolio is down 2.61 percent for the year. Vanguard Financials (VFH) and Vanguard Market Neutral (VMNFX) led the portfolio with their gains of 2.41 percent and 1.30 percent, respectively. PIMCO Floating Income (PFIDX) and Thompson Bond (THOPX) both declined. Tocqueville Gold (TGLDX) dropped 10.36 percent as the dollar rallied and commodi-ties declined. However, gold rallied on the news of China’s currency devaluation, al-though other currencies tumbled. Turmoil in currencies is generally bullish for gold.

mutual fund investor guide the investor guide to vanguard … · 2015-08-14 · tor. the dow jones...

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