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Market Perspective: Stocks Hold Firm as Interest Rates RiseOverall it has been a good month for the markets, despite investors having to deal with rising inter-est rates and weaker than anticipated economic growth. Earnings were a bright spot, coming in well ahead of expectations. Aside from a small correc-tion in small- and mid-cap stocks, equities moved higher over the past month. Overseas, the European quantitative easing-fueled rally slowed as the euro rebounded against the U.S. dollar, while emerging markets were weighed down by a pullback in India and China. Economic growth was a disappointment in the fi rst quarter, coming in at only 0.2 percent. When the second estimate of fi rst quarter GDP comes out in late May, the U.S. government is likely to lower that number into negative territory. The Bureau of Economic Analysis reported its fi rst estimate at the end of April, but data out in early May, such as the higher than expected March trade defi cit, will cause the second estimate to decline. Stocks have already priced in the weaker than expected results, and it’s one reason why equities struggled this spring. Inves-tors may also be discounting the weak number be-cause in July, the government will revise economic data for the past 3 years, including the fi rst quar-ter of 2015. It’s possible the number will deviate greatly from whatever the government is reporting now, based on calculations that aren’t yet publicly available.The 0.2 percent fi rst quarter GDP growth rate ini-tially reported by the BEA was very close to the Atlanta Federal Reserve’s fi nal prediction of 0.1 percent growth. Currently, the model is forecasting GDP growth of 0.8 percent in the second quarter, but this is based on a very limited data sample. The model is not predictive in the same way as econ-omists who forecast GDP growth for the quarter; rather, it predicts growth based on data that is available. Right now, the average of economists’ forecasts falls in the mid 3 percent range. If the economists are right, the Atlanta Fed model will in-crease as the second quarter rolls on. Investors may be hoping the more conservative econ-omists are correct though. The stock market enjoyed one of its best days of the month on May 8, when the government reported solid labor market growth but weak wage growth. It was a “Goldilocks” result: strong enough to show the economy is improving, but

weak enough to give the Federal Reserve reason to delay interest rate increases. A delay in rate hikes will keep interest rates low and will keep bonds from com-peting with dividend paying shares. While the Federal Reserve is expected to raise rates in 2015, the Fed only controls the short-term vari-ety. The bond market pushed interest rates higher in the past month, from a low of about 1.85 percent on the 10-year Treasury to a high above 2.25 percent. Among equities, real estate and homebuilders were hurt the most by higher rates. Vanguard High Yield Corporate (VWEHX) increased over this period though, thanks to having a low duration. Improve-ment in the energy sector, which had weighed on high-yield bonds in 2014 and early 2015, contrib-uted to the strong performance. Bond funds with in-termediate and long-term durations declined during the month, such as Vanguard Total Bond (BND) and Vanguard Intermediate Term Treasury (VFITX).Although GDP growth and interest rates weighed on stocks, earnings were surprisingly strong. Heading into earnings season, the S&P 500 companies were expected to report an aggregate earnings decline of 4.7 percent, mainly due to huge losses in the en-ergy sector, a result of oil prices falling 50 percent from year-ago levels. Energy was projected to show an earnings decline of more than 60 percent in the fi rst quarter, but ended up reporting a decline of only 56.6 percent. The surprisingly strong earnings reports from the energy sector is why fi rst quarter earnings growth for the S&P 500 is positive 0.1 per-cent as of May 10.The rest of the sectors had been expected to be much better, with healthcare and fi nancials forecast to report some of the strongest growth. Healthcare ended up nearly doubling its estimates, coming in with earnings growth of 22.3 percent. This sector has been a market leader for several years now, and there’s no evidence from the earnings front to suggest it’s going to have a signifi cant pullback. Financials reported earnings growth of 13.5 percent, also much better than expec-tations. Higher interest rates are good news for this sector, and it is the best positioned to challenge health-care for leadership if the economy picks up steam. Of the 10 S&P 500 sectors, seven were expected to report earnings declines at the start of earnings season. Of those, utilities, consumer staples, technology and in-dustrials reported earnings growth. Telecom, materials and energy saw their losses narrow.

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

MAY 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: USAA World Growth Fund (USAWX)

THE Investor Guide TO VANGUARD FUNDS

(continued on page 2)

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


Turning ahead to the second quarter, analysts are again projecting a decline in S&P 500 earnings, again led by a huge forecast decline in energy. With another seven weeks to go in the quarter, rising oil prices could go a long way in lifting these estimates. Healthcare and financials are again expected to pull the aver-age up with strong growth. Overseas, Greece is again in trouble with its creditors, and this will continue as long as the “solution” to Greece’s debt problem is more debt. Starting this month, it will see a flurry of required debt repayments, each of which could trigger a default. At some point, Greece will be unable to make a payment. The most likely solution remains another bailout for Greece because a default will require a bank bailout in other nations. Politically, it makes more sense

to do the bailout rather than risk a financial and political crisis and then still need to provide a bailout. While that solution is likely, Germany’s finance minister warned of accidental default as European nations take this situation to the edge. It could be several weeks or months with a few near defaults before an agreement is reached. Hyperbolic headlines are likely during this time, so keep an eye on the euro instead. Unless it goes below its low for the year at $1.05, odds are a default will be avoided.In China, the soaring stock market received another fuel injection when the People’s Bank of China cut interest rates on May 11. While there may be some values to be had in the Chinese market, overall it looks like a speculation bubble. There’s one stock that has gone up the daily limit of 10 percent for

32 of 33 days, good for a return of several thousand percent. A real estate company an-nounced it would switch business models to peer-to-peer lending, and its shares jumped 10 percent. Investors who lived through the Internet bubble no doubt remember similar stories. Meanwhile, copper prices are still in a downtrend, and other industrial com-modities remain depressed as China rebal-ances away from infrastructure investment. The current goal of the government appears to be stabilizing the real estate market and using a stock market bubble to shift capi-tal investment into technology and other sectors. The recent rate cut signals it isn’t working as quickly as hoped, and if they end up furthering the bubble, the result might be more pain in the end.

Portfolio UpdatesStocks were in a relatively narrow trading range from April 10 to May 10. The S&P 500 Index was flirting with a negative return over the month until the last day of trading, when it rallied back into positive territory. For the month, the Dow Jones Industrial Average was the best performing domestic index, up 0.74 percent. The strong performance from the fi-nancial sector was one reason why the Dow led. Close behind was the S&P 500 Index with a 0.67 percent advance. The Nasdaq trailed as biotechnology and social media stocks dipped, holding the index to a 0.15 percent gain. The Russell 2000 fell 2.36 percent due to a small correction in small- and mid-cap shares. The MSCI EAFE was the best performing index, up 1.27 percent. Although overseas equities were wobbly, the decline in the U.S. dollar delivered the small boost that put the overseas index over the top. Year to date, the MSCI EAFE is still in the lead with its 8.48 percent return. Behind it is the Nasdaq, up 5.65 percent this year. The S&P 500 Index moved into third, with its 2.78 percent increase, followed by the Rus-sell 2000, up 2.51 percent. The DJIA is still trailing for the year, having gained a modest 2.06 percent. We will make no changes to the portfolios this month.The Vanguard Aggressive Growth Portfo-lio gained 0.44 percent over the past month.

Energy (VGENX) was the big winner for the second straight month, climbing 3.51 percent as oil prices advanced more than $10 during the period. Information Technology (VGT) did better than the Nasdaq thanks to avoiding sectors that weighed on the index. Financials (VFH) benefited from rising interest rates. Year to date, the portfolio is up 6.98 percent. The Vanguard Straight Growth Portfolio increased 0.20 percent over the past month; the portfolio is now up 3.47 percent in 2015. Large-cap value stocks outperformed for the second straight month thanks to energy and financials. Mega Cap Value (MGV) rallied 1.48 percent, and Vanguard Selected Value (VASVX) bucked the correction in mid-cap shares thanks to the strong performance from the overweighted financial sector. Dividend Growth (VDIGX) trailed in part because of rising interest rates. The Vanguard Balanced Growth Portfolio gained 0.46 percent last month and is up 2.30 percent in 2015. Equity Income (VEIPX) and High Dividend Yield (VYM) rallied for the same reason as the aforementioned win-ners: energy and financials performed well. Only Vanguard Wellesley Income (VWINX) fell during the month, as higher interest rates reflected lower bond prices. The Vanguard Conservative Income Port-folio increased 0.34 percent last month. Year to date, it has gained 2.17 percent. High-Yield Corporate (VWEHX) rallied 0.26 percent in the face of rising yields due to

its lower duration, as well as rising energy prices. Many shale oil producers loaded up on debt to finance operations, and high-yield bond funds were impacted when oil prices tumbled. Equity Income (VEIPX) was the best performer, up 1.11 percent on the month.The NTF Aggressive Growth Portfolio fell 0.20 percent in the past month but remains up5.95 percent this year. Baron Energy and Resources (BENFX) saw a subdued rally of 0.54 percent following last month’s big gain. Vanguard Financials (VFH) was up a solid 1.33 percent, but declines in PRIMECAP Odyssey Growth (POGRX) and ClearBridge Aggres-sive Growth (LMPFX) weighed on results. The NTF Straight Growth Portfolio slipped 0.05 percent last month and is now up 3.28 percent this year. FAM Value (FAMVX) slipped 1.06 percent, and that was offset by Vanguard Selected Value (VASVX), which rose 1.37 percent. The rest of the holdings saw small gains, with Invesco Diversified Dividend Investor (LCEIX) flat. The NTF Balanced Growth Portfolio in-creased 0.40 percent last month and is up 2.19 percent this year. Vanguard Equity Income (VEIPX) delivered the bulk of the gains with its 1.11 percent return, but Amer-ican Beacon SiM High Yield Opportunities (SHYPX) also contributed with a 0.72 per-cent advance. The NTF Conservative Income Portfolio increased 0.09 percent in the past month; it

Market Perspective: Stocks Hold Firm as Interest Rates Rise (continued)


www.MutualFundInvestorGuide.com | MAY 2015 3

Model Portfolios (Data provided as of 5/10/15)

VANGUARD AGGRESSIVE GROWTHSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVGHCX Vanguard Health Care 229.45 149.35 29.00% -0.56% 11.47% $34,268.06VGENX Vanguard Energy 57.53 155.30 7.56% 3.51% 7.23% $8,934.46VGT Vanguard Information Technology 109.32 227.34 21.03% 1.39% 4.63% $24,853.16VSTCX Vanguard Strategic Small-Cap Equity 31.71 506.57 13.59% -1.83% 3.38% $16,063.27VCVLX Vanguard Capital Value 14.66 1532.09 19.01% 0.96% 9.24% $22,460.45VFH Vanguard Financials ETF 50.11 231.12 9.80% 1.33% 0.96% $11,581.31

TOTAL 0.44% 6.98% $118,160.71

VANGUARD BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVEIPX Vanguard Equity Income 31.94 889.73 25.53% 1.11% 2.62% $28,418.01VIG Vanguard Dividend Appreciation 81.65 185.92 13.64% 0.06% 1.68% $15,180.30VYM Vanguard High Dividend Yield Index 70.15 247.99 15.63% 1.15% 2.73% $17,396.57VDIGX Vanguard Dividend Growth 23.30 1232.10 25.79% 0.13% 2.53% $28,707.88VWINX Vanguard Wellesley Income 25.86 836.44 19.43% -0.19% 1.91% $21,630.21

TOTAL 0.46% 2.30% $111,332.97

VANGUARD CONSERVATIVE INCOME PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVFSTX Vanguard Short-term Investment Grade 10.72 1444.67 14.52% 0.06% 1.16% $15,486.88VWEHX Vanguard High-Yield Corporate 6.02 4331.88 24.46% 0.26% 2.64% $26,077.89VEIPX Vanguard Equity Income 31.94 889.73 26.65% 1.11% 3.00% $28,418.01VWINX Vanguard Wellesley Income 25.86 829.85 20.13% -0.19% 1.82% $21,459.80VIG Vanguard Dividend Appreciation 81.65 185.92 14.24% 0.06% 1.68% $15,180.30

TOTAL 0.34% 2.17% $106,622.87

VANGUARD STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVDIGX Vanguard Dividend Growth 23.30 1478.52 30.52% 0.13% 2.53% $34,449.46VASVX Vanguard Selected Value 29.65 750.87 19.73% 1.37% 4.47% $22,263.28VEVFX Vanguard Explorer Value 32.38 679.79 19.50% -1.19% 4.12% $22,011.45MGV Vanguard Mega Cap Value 61.71 370.78 20.27% 1.48% 2.27% $22,880.85VISGX Vanguard Small Cap Growth 37.41 300.90 9.97% -1.66% 5.69% $11,256.68

TOTAL 0.20% 3.47% $112,861.72

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

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

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

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

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

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

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

4 MAY 2015 | PHONE: (888) 252-5372


NTF GLOBAL PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVGK Vanguard European Stock Index 57.56 264.25 13.90% 2.99% 10.47% $15,209.97VMVFX Vanguard Global Minimum Volatility 11.65 2540.89 27.04% -1.52% 5.62% $29,601.34WAGOX Wasatch Global Opportunities 3.80 4176.04 14.50% -3.80% 2.43% $15,868.96WAGTX Wasatch World Innovators 21.39 1210.28 23.65% 1.18% 6.05% $25,887.83MGLBX Marsico Global 13.76 1663.68 20.91% -1.29% 6.25% $22,892.30

TOTAL -0.58% 6.02% $109,460.39

NTF BALANCED GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVFSTX Vanguard Short-term Investment Grade 10.72 2441.85 24.27% 0.06% 1.16% $26,176.66VMNFX Vanguard Market Neutral 11.45 1317.38 13.99% -0.09% -0.43% $15,083.96SHYPX American Beacon SiM High Yld Opps Inv 9.83 1583.59 14.43% 0.72% 3.60% $15,566.73LCEIX Invesco Diversified Dividend Investor 18.82 1201.14 20.96% 0.00% 3.22% $22,605.39VEIPX Vanguard Equity Income 31.94 889.76 26.35% 1.11% 3.00% $28,418.96

TOTAL 0.40% 2.19% $107,851.69

NTF ABSOLUTE RETURN/DOWN MARKET PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVPU Vanguard Utilities ETF 95.62 57.08 5.41% -1.76% -5.78% $5,457.59VMNFX Vanguard Market Neutral 11.45 2195.63 24.92% -0.09% -0.43% $25,139.93VFSTX Vanguard Short-term Investment Grade 10.72 2498.36 26.55% 0.06% 0.74% $26,782.40THOPX Thompson Bond 11.53 2179.30 24.90% 0.52% 1.94% $25,127.33TGLDX Tocqueville Gold 32.46 252.72 8.13% 4.07% 1.37% $8,203.18VSGBX Vanguard Short-Term Federal 10.79 943.71 10.09% -0.03% 0.60% $10,182.61

TOTAL 0.34% -0.73% $100,893.04

NTF CONSERVATIVE INCOME PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueVFSTX Vanguard Short-term Investment Grade 10.72 2441.85 24.56% 0.06% 1.16% $26,176.66DLFNX DoubleLine Core Fixed Income 11.05 1364.33 14.15% -0.36% 0.98% $15,075.88THOPX Thompson Bond 11.53 871.72 9.43% 0.52% 1.94% $10,050.93VWINX Vanguard Wellesley Income 25.86 622.38 15.10% -0.19% 1.82% $16,094.85VDIGX Vanguard Dividend Growth 23.30 727.80 15.91% 0.13% 2.53% $16,957.64VWELX Vanguard Wellington 39.96 555.95 20.85% 0.40% 2.67% $22,215.69

TOTAL 0.09% 1.79% $106,571.65

NTF STRAIGHT GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValueFAMVX FAM Value 68.36 423.17 25.77% -1.06% 2.67% $28,928.22VPMCX Vanguard PRIMECAP 106.81 197.87 18.83% 0.03% 3.85% $21,134.38LCEIX Invesco Diversified Dividend Investor 18.82 1501.42 25.17% 0.00% 3.22% $28,256.73VDIGX Vanguard Dividend Growth 23.30 739.28 15.35% 0.13% 2.53% $17,225.15VASVX Vanguard Selected Value 29.65 563.15 14.88% 1.37% 4.47% $16,697.46

TOTAL -0.05% 3.28% $112,241.93

NTF AGGRESSIVE GROWTH PORTFOLIOSYMBOL Fund Price Shares Allocation 1 MONTH YTD ValuePOGRX PRIMECAP Odyssey Growth 27.33 1313.64 30.23% -0.18% 4.87% $35,901.90LMPFX ClearBridge Aggressive Growth FI 214.04 136.07 24.52% -0.99% 4.80% $29,123.96BENFX Baron Energy and Resources Retail 11.19 799.36 7.53% 0.54% 8.33% $8,944.84VGHCX Vanguard Health Care 229.45 119.48 23.08% -0.56% 11.47% $27,414.45VFH Vanguard Financials ETF 50.11 346.68 14.63% 1.33% 0.96% $17,371.96

TOTAL -0.20% 5.95% $118,757.11


VANGUARD GROWTH FUNDSIVOG Vanguard S&P Mid-Cap 400 Growth ETF 104.74 73 Buy 6.63 -1.10 4.25 16.24 16.92 1.01 0.97 11.22 0.20IVOO Vanguard S&P Mid-Cap 400 ETF 102.34 79 Buy 5.04 -0.70 3.39 14.04 17.86 1.31 1.02 11.13 0.15IVOV Vanguard S&P Mid-Cap 400 Value ETF 99.48 80 Buy 2.97 -0.18 2.36 11.30 18.99 1.61 1.08 11.52 0.20MGC Vanguard Mega Cap ETF 72.17 87 Buy 3.18 1.98 3.29 14.68 17.92 15.97 2.06 0.99 9.46 0.11MGK Vanguard Mega Cap Growth ETF 84.73 84 Buy 4.55 0.79 3.60 18.38 18.22 17.23 1.46 1.01 10.13 0.11MGV Vanguard Mega Cap Value ETF 61.71 89 Strong Buy 2.26 2.85 2.99 11.77 17.84 14.85 2.54 0.98 9.70 0.11NAESX Vanguard Small Cap Index Inv 58.19 77 Buy 4.21 -1.24 3.12 13.48 18.72 16.40 1.27 1.10 12.06 0.23VASVX Vanguard Selected Value Inv 29.65 90 Strong Buy 4.47 2.00 3.56 9.34 19.71 16.19 1.54 0.99 10.11 0.41VB Vanguard Small-Cap ETF 121.51 79 Buy 4.20 -1.30 3.11 13.57 18.87 16.51 1.41 1.10 12.07 0.09VBK Vanguard Small-Cap Growth ETF 133.04 85 Strong Buy 5.66 -1.43 3.56 15.28 17.99 17.15 0.87 1.07 12.46 0.09VBR Vanguard Small-Cap Value ETF 108.80 82 Strong Buy 2.94 -1.14 2.79 12.23 19.36 15.64 1.84 1.13 12.05 0.09VCVLX Vanguard Capital Value Inv 14.66 88 Strong Buy 9.24 1.81 8.27 12.15 22.10 16.09 0.74 1.22 13.30 0.47VDAIX Vanguard Dividend Appreciation Idx Inv 32.67 85 Strong Buy 1.12 0.74 1.37 9.63 14.94 13.93 2.05 0.98 9.72 0.20VDEQX Vanguard Diversified Equity Inv 34.04 84 Buy 5.13 0.98 4.71 16.09 18.86 16.46 1.16 1.06 10.34 0.41VDIGX Vanguard Dividend Growth Inv 23.30 90 Strong Buy 2.53 0.65 2.26 12.51 16.40 15.33 1.96 0.91 8.87 0.32VEIPX Vanguard Equity-Income Inv 31.94 96 Strong Buy 3.00 2.31 3.20 10.79 16.76 16.39 2.76 0.94 9.23 0.29VEVFX Vanguard Explorer Value Inv 32.38 80 Strong Buy 4.12 -1.04 3.82 9.57 18.28 16.33 0.80 1.11 12.15 0.57VEXMX Vanguard Extended Market Idx Inv 69.76 77 Buy 4.73 -1.33 3.38 14.06 18.62 16.65 1.09 1.08 11.87 0.23VEXPX Vanguard Explorer Inv 98.09 71 Hold 5.48 -1.39 4.66 15.31 18.50 17.09 0.19 1.15 12.93 0.51VFINX Vanguard 500 Index Inv 195.48 87 Buy 3.44 1.76 3.43 14.96 18.10 16.01 1.91 1.00 9.52 0.17VFTSX Vanguard FTSE Social Index Inv 13.78 87 Buy 3.92 1.55 4.16 18.66 20.92 16.72 1.67 1.06 10.26 0.27VHCOX Vanguard Capital Opportunity Inv 55.55 94 Strong Buy 5.33 0.56 4.73 23.34 25.80 17.61 0.52 0.97 10.96 0.47VHDYX Vanguard High Dividend Yield Index Inv 27.78 96 Strong Buy 2.72 2.51 2.76 12.42 17.24 16.40 3.06 0.93 9.32 0.18VIG Vanguard Dividend Appreciation ETF 81.65 85 Strong Buy 1.17 0.72 1.39 9.66 15.03 14.04 2.15 0.98 9.71 0.10VIGRX Vanguard Growth Index Inv 56.20 83 Buy 4.92 0.48 3.99 18.44 18.13 17.19 1.17 1.01 10.14 0.23VIMSX Vanguard Mid Cap Index Inv 35.46 85 Buy 5.18 -0.08 4.25 17.16 19.49 17.24 1.15 1.03 10.49 0.23VIOG Vanguard S&P Small-Cap 600 Growth ETF 109.79 75 Hold 4.70 -1.86 3.10 15.28 18.25 1.02 1.05 12.83 0.20VIOO Vanguard S&P Small-Cap 600 ETF 105.39 78 Hold 2.72 -1.53 2.44 12.83 18.28 1.19 1.11 12.85 0.15VIOV Vanguard S&P Small-Cap 600 Value ETF 101.51 75 Hold 0.10 -1.38 1.54 9.81 18.10 1.33 1.17 13.15 0.20VISGX Vanguard Small Cap Growth Index Inv 37.41 87 Strong Buy 5.69 -1.40 3.56 15.14 17.82 17.03 0.76 1.07 12.47 0.23VISVX Vanguard Small Cap Value Index Inv 26.08 81 Strong Buy 2.99 -1.06 2.74 12.13 19.23 15.53 1.74 1.12 12.04 0.23VIVAX Vanguard Value Index Inv 33.57 89 Buy 2.45 2.54 2.92 12.14 18.15 15.02 2.33 0.99 9.70 0.23VLACX Vanguard Large Cap Index Inv 39.32 86 Buy 3.57 1.55 3.41 14.97 18.09 16.08 1.78 1.00 9.51 0.23VMGIX Vanguard Mid-Cap Growth Index Inv 42.55 84 Strong Buy 6.54 -0.49 5.80 20.66 18.42 17.57 0.55 1.03 11.16 0.23VMGRX Vanguard Mid Cap Growth Inv 25.93 82 Strong Buy 7.06 -0.77 5.88 21.24 17.75 18.01 0.17 1.07 11.57 0.44VMNFX Vanguard Market Neutral Inv 11.45 85 Strong Buy -0.43 -0.43 -0.61 -0.17 4.02 3.30 0.33 3.87 0.25VMRGX Vanguard Morgan™ Growth Inv 26.97 79 Hold 6.43 0.78 5.31 19.91 17.59 16.38 0.74 1.04 10.70 0.40VMVIX Vanguard Mid-Cap Value Index Inv 36.54 87 Buy 3.86 0.33 2.72 13.87 20.41 16.75 1.76 1.03 10.27 0.23VO Vanguard Mid-Cap ETF 129.94 85 Buy 5.19 -0.11 4.22 17.35 19.65 17.39 1.30 1.03 10.48 0.09VOE Vanguard Mid-Cap Value ETF 92.87 87 Buy 3.88 0.36 2.74 14.01 20.56 16.92 1.89 1.03 10.26 0.09VONE Vanguard Russell 1000 ETF 97.85 87 Buy 3.62 1.44 3.46 14.97 18.33 1.83 1.00 9.56 0.12VONG Vanguard Russell 1000 Growth ETF 103.40 86 Buy 5.80 1.01 4.83 18.71 18.07 1.44 1.00 9.84 0.12VONV Vanguard Russell 1000 Value ETF 92.32 89 Buy 1.72 1.90 2.47 11.21 18.52 2.27 1.01 9.86 0.12VOO Vanguard S&P 500 ETF 193.95 87 Buy 3.47 1.73 3.41 15.03 18.23 2.01 1.00 9.52 0.05VOOG Vanguard S&P 500 Growth ETF 104.30 87 Buy 4.70 1.43 4.24 18.60 18.45 1.57 0.97 9.49 0.15VOOV Vanguard S&P 500 Value ETF 91.60 88 Buy 2.19 2.19 2.78 11.20 18.03 2.36 1.03 10.09 0.15VOT Vanguard Mid-Cap Growth ETF 108.28 84 Strong Buy 6.58 -0.45 5.81 20.86 18.61 17.72 0.68 1.03 11.16 0.09VPCCX Vanguard PRIMECAP Core Inv 22.36 97 Strong Buy 3.33 0.95 3.09 18.62 22.20 17.20 1.08 0.90 9.11 0.50VPMCX Vanguard PRIMECAP Inv 106.81 97 Strong Buy 3.85 1.03 3.08 19.44 23.15 17.82 1.12 0.93 9.47 0.44VQNPX Vanguard Growth & Income Inv 43.16 87 Strong Buy 3.48 1.27 3.08 15.55 18.59 16.40 1.68 1.00 9.53 0.37VSEQX Vanguard Strategic Equity Inv 34.02 92 Buy 5.72 -0.26 3.47 16.79 22.62 19.35 1.26 1.06 11.16 0.27VSTCX Vanguard Strategic Small-Cap Equity Inv 31.71 84 Strong Buy 3.63 -1.80 2.29 14.23 20.97 18.34 1.12 1.13 12.56 0.38VTHR Vanguard Russell 3000 ETF 98.06 85 Buy 3.43 1.37 3.71 15.03 18.58 1.80 1.01 9.72 0.15VTI Vanguard Total Stock Market ETF 109.45 85 Buy 3.75 1.13 3.42 15.04 18.36 16.36 1.86 1.01 9.72 0.05VTSMX Vanguard Total Stock Mkt Idx Inv 53.25 85 Buy 3.69 1.14 3.41 14.90 18.23 16.18 1.76 1.01 9.72 0.17VTV Vanguard Value ETF 86.08 89 Buy 2.49 2.59 2.97 12.29 18.33 15.20 2.48 0.99 9.71 0.09VTWG Vanguard Russell 2000 Growth ETF 108.94 72 Buy 4.78 -2.15 4.56 20.65 19.21 0.48 1.18 14.24 0.20VTWO Vanguard Russell 2000 ETF 98.29 66 Buy 2.87 -2.20 2.72 13.86 17.44 1.19 1.15 13.50 0.15VTWV Vanguard Russell 2000 Value ETF 88.28 69 Buy 0.29 -2.18 1.11 6.56 15.72 1.85 1.13 13.17 0.20VUG Vanguard Growth ETF 109.18 84 Buy 4.91 0.52 4.05 18.68 18.29 17.36 1.31 1.01 10.14 0.09VUVLX Vanguard US Value Inv 18.00 90 Strong Buy 2.33 1.35 2.33 11.97 19.98 16.80 1.96 1.01 10.05 0.29VV Vanguard Large-Cap ETF 97.36 86 Buy 3.61 1.55 3.43 15.15 18.25 16.28 1.92 1.00 9.52 0.09VWNDX Vanguard Windsor™ Inv 22.44 90 Buy 4.57 1.91 4.96 12.98 20.69 16.18 1.37 1.09 10.76 0.38

Data & Rankings (Data provided as of 5/8/15)% 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 MAY 2015 | PHONE: (888) 252-5372


VWNFX Vanguard Windsor™ II Inv 38.46 87 Buy 3.08 2.26 3.44 10.79 17.10 14.79 2.14 0.99 9.65 0.36VWUSX Vanguard US Growth Inv 31.80 82 Buy 6.32 0.54 5.58 21.60 19.60 17.27 0.46 1.08 11.23 0.44VXF Vanguard Extended Market ETF 91.96 78 Buy 4.79 -1.36 3.38 14.12 18.76 16.82 1.22 1.08 11.88 0.10VYM Vanguard High Dividend Yield ETF 70.15 96 Strong Buy 2.72 2.50 2.79 12.49 17.33 16.52 3.13 0.93 9.32 0.10

VANGUARD SECTOR FUNDSVAW Vanguard Materials ETF 113.36 86 Buy 5.56 3.44 3.66 8.33 15.02 13.81 1.78 1.07 12.29 0.12VCR Vanguard Consumer Discretionary ETF 123.70 79 Buy 5.84 -0.23 4.98 21.40 22.03 20.70 1.24 0.92 11.92 0.12VDC Vanguard Consumer Staples ETF 127.54 89 Strong Buy 1.84 -0.69 0.93 14.28 16.82 16.60 2.43 0.63 10.04 0.12VDE Vanguard Energy ETF 115.70 80 Hold 3.66 4.17 2.66 -12.25 7.30 9.42 2.47 1.17 15.90 0.12VFH Vanguard Financials ETF 50.11 86 Strong Buy 0.96 1.25 2.51 14.21 18.75 12.29 2.18 0.86 11.28 0.12VGENX Vanguard Energy Inv 57.53 76 Sell 7.23 5.15 5.19 -15.02 4.53 5.96 1.73 1.25 16.55 0.37VGHCX Vanguard Health Care Inv 229.45 98 Strong Buy 11.47 0.58 8.36 34.72 30.46 24.02 0.89 0.62 9.69 0.34VGPMX Vanguard Precious Metals and Mining Inv 9.58 41 Sell 6.31 8.49 2.61 -11.15 -15.86 -9.44 1.08 23.93 0.29VGSIX Vanguard REIT Index Inv 26.74 74 Sell -0.11 -4.53 -4.98 12.57 11.09 14.49 2.69 0.42 13.92 0.26VGT Vanguard Information Technology ETF 109.32 91 Strong Buy 4.63 2.25 5.38 23.48 17.34 16.71 1.32 0.90 11.85 0.12VGXRX Vanguard Global ex-US Rel Est Idx Inv 23.57 67 Sell 9.94 1.81 5.04 10.31 12.79 0.97 13.79 0.37VHT Vanguard Health Care ETF 136.50 98 Strong Buy 8.69 0.44 6.19 32.51 28.57 22.81 1.29 0.67 10.38 0.12VIS Vanguard Industrials ETF 108.37 86 Hold 1.45 0.98 2.21 8.84 19.02 16.29 1.80 0.88 11.40 0.12VNQ Vanguard REIT ETF 80.48 74 Sell -0.04 -4.57 -4.97 12.70 11.21 14.60 2.83 0.42 13.93 0.10VNQI Vanguard Global ex-US Real Estate ETF 59.13 67 Hold 10.52 1.35 5.23 10.64 12.88 0.97 13.80 0.24VOX Vanguard Telecommunication Services ETF 87.64 85 Hold 3.45 -1.14 -0.59 5.04 14.48 14.11 3.08 0.68 11.73 0.12VPU Vanguard Utilities ETF 95.62 70 Sell -5.79 -1.43 -4.53 5.95 12.03 13.30 3.48 0.27 13.30 0.12

VANGUARD INCOME FUNDSBIV Vanguard Intermediate-Term Bond ETF 85.30 75 Hold 1.63 -1.06 0.09 4.73 2.98 5.48 2.27 1.48 4.31 0.10BLV Vanguard Long-Term Bond ETF 92.06 78 Sell -1.02 -4.58 -3.91 7.90 4.78 8.42 3.74 3.03 9.15 0.10BND Vanguard Total Bond Market ETF 82.41 75 Hold 0.87 -1.07 -0.25 3.51 2.24 3.87 1.92 1.04 2.99 0.07BSV Vanguard Short-Term Bond ETF 80.34 75 Strong Buy 0.94 -0.08 0.54 1.50 1.16 1.88 0.97 0.37 1.18 0.10EDV Vanguard Extended Duration Treasury ETF 117.76 78 Sell -4.44 -9.73 -9.36 18.76 5.38 11.81 2.87 5.60 19.03 0.12VBIIX Vanguard Interm-Term Bond Index Inv 11.55 75 Buy 1.75 -1.06 0.17 4.57 2.89 5.39 2.17 1.49 4.36 0.20VBISX Vanguard Short-Term Bond Index Inv 10.54 73 Strong Buy 1.03 -0.08 0.62 1.41 1.07 1.82 0.90 0.37 1.18 0.20VBLTX Vanguard Long-Term Bond Index Inv 13.91 72 Sell -1.05 -4.86 -3.91 7.68 4.56 8.19 3.64 3.03 9.16 0.20VBMFX Vanguard Total Bond Market Index Inv 10.86 75 Hold 0.75 -1.17 -0.31 3.35 2.13 3.74 1.82 1.03 2.96 0.20VCIT Vanguard Intermediate-Term Corp Bd ETF 86.85 78 Buy 1.91 -1.14 0.03 4.60 4.43 6.50 2.95 1.44 4.37 0.12VCLT Vanguard Long-Term Corporate Bond ETF 89.65 76 Sell -1.67 -5.04 -3.94 4.59 5.41 8.49 4.38 2.72 8.42 0.12VCSH Vanguard Short-Term Corporate Bond ETF 80.02 77 Strong Buy 1.12 -0.19 0.57 1.73 2.41 3.20 1.59 0.44 1.58 0.12VCVSX Vanguard Convertible Securities Inv 13.41 85 Strong Buy 6.28 0.00 4.87 5.74 11.62 10.29 1.97 0.96 6.73 0.41VFICX Vanguard Interm-Term Invmt-Grade Inv 9.89 77 Hold 1.77 -0.84 0.33 3.80 3.63 5.57 2.34 1.16 3.53 0.20VFIIX Vanguard GNMA Inv 10.79 76 Hold 1.05 -0.28 0.53 4.14 2.15 3.78 2.08 0.84 2.79 0.21VFISX Vanguard Short-Term Treasury Inv 10.73 70 Buy 0.59 -0.04 0.43 0.93 0.54 1.06 0.42 0.23 0.79 0.20VFITX Vanguard Interm-Term Treasury Inv 11.44 72 Buy 1.32 -0.72 0.26 3.45 1.31 3.60 1.29 1.13 3.43 0.20VFSTX Vanguard Short-Term Investment-Grade Inv 10.72 84 Strong Buy 1.21 -0.02 0.84 1.70 2.11 2.59 1.50 0.34 1.22 0.20VGIT Vanguard Intermediate-Term Govt Bd ETF 64.92 72 Hold 1.20 -0.77 0.18 3.47 1.45 3.52 1.41 1.08 3.29 0.12VGLT Vanguard Long-Term Government Bond ETF 75.89 75 Sell -1.58 -5.54 -5.41 11.70 3.74 7.89 2.61 3.52 11.40 0.12VGOVX Vanguard Emerg Mkts Govt Bd Idx Investor 9.82 81 Hold 4.17 0.36 3.11 3.29 4.25 0.49VGSH Vanguard Short-Term Government Bond ETF 61.08 71 Buy 0.52 -0.05 0.36 0.73 0.53 0.82 0.48 0.15 0.55 0.12VIPSX Vanguard Inflation-Protected Secs Inv 13.29 68 Hold 0.86 -1.12 -0.57 0.78 -0.38 3.52 2.05 1.70 5.39 0.20VMBS Vanguard Mortgage-Backed Securities ETF 53.41 76 Hold 1.23 -0.10 0.79 3.89 2.16 3.33 1.22 0.66 2.18 0.12VMLTX Vanguard Ltd-Term Tx-Ex 11.00 72 Buy 0.18 -0.23 -0.52 0.93 1.12 1.81 0.88 0.29 1.22 0.20VSGBX Vanguard Short-Term Federal Inv 10.79 73 Strong Buy 0.62 -0.11 0.45 1.21 0.69 1.44 0.62 0.29 0.95 0.20VTIBX Vanguard Total Intl Bd Idx Investor 10.62 77 Hold 0.56 -1.64 -0.79 6.01 0.76 0.23VTINX Vanguard Target Retirement Income Inv 13.15 78 Hold 2.22 -0.15 1.28 5.44 5.98 6.92 1.78 0.48 3.40 0.16VTIPX Vanguard Shrt-Term Infl-Prot Sec Idx Inv 24.38 68 Hold 0.79 0.12 0.29 -1.35 0.71 0.20VUSTX Vanguard Long-Term Treasury Inv 12.63 80 Sell -1.57 -5.72 -5.24 11.75 3.61 7.88 2.47 3.58 11.61 0.20VWAHX Vanguard High-Yield Tax-Exempt 11.19 90 Strong Buy 0.50 -0.92 -0.76 5.27 4.25 5.56 2.59 1.18 4.36 0.20VWEHX Vanguard High-Yield Corporate Inv 6.02 88 Strong Buy 2.96 0.31 1.35 3.87 6.71 8.53 4.78 0.67 4.20 0.23VWESX Vanguard Long-Term Investment-Grade Inv 10.40 75 Sell -1.20 -4.67 -3.68 6.95 5.60 8.70 3.82 2.75 8.35 0.22VWITX Vanguard Interm-Term Tx-Ex Inv 14.14 77 Hold 0.13 -0.72 -0.73 3.17 2.77 4.19 1.66 0.88 3.26 0.20VWLTX Vanguard Long-Term Tax-Exempt 11.61 76 Sell 0.20 -0.95 -0.86 4.76 3.85 5.10 2.23 1.17 4.32 0.20VWSTX Vanguard Short-Term Tx-Ex 15.82 68 Buy 0.12 0.00 -0.07 0.38 0.58 0.87 0.42 0.08 0.39 0.20

VANGUARD ASSET ALLOCATIONVASGX Vanguard LifeStrategy Growth Inv 30.15 79 Buy 4.65 0.97 3.75 9.93 13.24 11.83 2.01 1.26 7.96 0.17VASIX Vanguard LifeStrategy Income Inv 15.10 74 Buy 1.72 -0.66 0.64 5.50 5.11 5.68 2.03 0.32 2.87 0.14VBINX Vanguard Balanced Index Inv 30.28 79 Hold 2.49 0.20 1.90 10.22 11.62 11.29 1.69 0.88 5.75 0.23VGSTX Vanguard STAR Inv 25.65 79 Buy 4.18 0.43 3.34 9.33 12.03 11.07 2.04 1.03 6.53 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 19.43 74 Buy 4.08 0.46 2.88 6.98 10.25 10.43 1.75 1.06 6.75 0.42VSCGX Vanguard LifeStrategy Cnsrv Gr Inv 18.85 75 Buy 2.67 -0.16 1.62 7.00 7.81 7.74 2.03 0.64 4.19 0.15VSMGX Vanguard LifeStrategy Moderate Gr Inv 24.97 77 Hold 3.70 0.44 2.71 8.49 10.54 9.94 2.02 0.95 5.99 0.16VTENX Vanguard Target Retirement 2010 Inv 26.99 74 Buy 2.55 -0.04 1.58 6.14 7.53 8.25 1.81 0.65 4.26 0.16VTTVX Vanguard Target Retirement 2025 Inv 17.20 79 Hold 4.05 0.64 3.12 9.09 11.90 11.10 2.01 1.11 7.01 0.17VTWNX Vanguard Target Retirement 2020 Inv 29.51 78 Hold 3.69 0.44 2.71 8.54 10.88 10.40 2.02 0.99 6.26 0.16VTXVX Vanguard Target Retirement 2015 Inv 15.78 76 Buy 3.20 0.25 2.27 7.43 9.46 9.47 1.91 0.86 5.42 0.16VWELX Vanguard Wellington™ Inv 39.96 85 Strong Buy 2.67 0.99 2.41 9.03 12.75 11.78 2.21 0.95 6.17 0.26VWINX Vanguard Wellesley® Income Inv 25.86 84 Strong Buy 1.82 0.08 1.15 5.92 8.27 9.45 2.40 0.53 3.95 0.25

VANGUARD INTERNATIONAL FUNDSVDVIX Vanguard Developed Markets Idx Investor 10.42 60 Hold 11.07 2.36 8.20 2.71 1.02 13.15 0.20VEA Vanguard FTSE Developed Markets ETF 41.97 70 Hold 11.29 2.39 8.48 2.95 13.00 10.09 1.02 13.16 0.09VEIEX Vanguard Emerging Mkts Stock Idx Inv 27.74 76 Hold 9.69 1.69 7.11 8.65 4.46 5.02 1.03 14.71 0.33VEU Vanguard FTSE All-World ex-US ETF 51.53 69 Hold 10.33 2.26 8.20 3.56 10.65 8.65 1.01 12.84 0.14VEURX Vanguard European Stock Index Inv 30.91 77 Sell 10.24 3.41 7.75 -1.84 13.87 11.25 1.09 14.55 0.26VFSVX Vanguard FTSE All-Wld ex-US SmCp Idx Inv 40.14 74 Hold 10.33 3.19 8.87 0.09 10.56 9.18 0.99 13.10 0.37VFWIX Vanguard FTSE All-World ex-US Index Inv 20.29 70 Sell 10.12 2.32 7.79 3.38 10.51 8.45 1.01 12.86 0.29VGK Vanguard FTSE Europe ETF 57.56 80 Buy 10.45 3.27 7.82 -1.77 14.02 11.52 1.09 14.54 0.12VGTSX Vanguard Total Intl Stock Index Inv 17.08 70 Hold 10.16 2.40 7.94 3.09 10.60 8.54 1.01 12.82 0.22VHGEX Vanguard Global Equity Inv 25.65 77 Hold 6.39 0.94 5.30 8.74 15.79 13.12 0.77 10.64 0.61VINEX Vanguard International Explorer Inv 18.49 83 Hold 12.26 1.65 10.52 4.88 14.93 11.47 0.90 12.21 0.40VMMSX Vanguard Emerg Mkts Sel Stk Inv 20.19 75 Hold 10.33 3.01 8.78 2.00 4.85 1.10 15.23 0.96VMVFX Vanguard Global Minimum Volatility Inv 11.65 88 Strong Buy 5.62 -1.02 3.01 16.62 0.30VPACX Vanguard Pacific Stock Index Inv 12.13 63 Hold 12.48 0.83 8.85 10.55 11.33 7.77 0.89 13.10 0.26VPL Vanguard FTSE Pacific ETF 63.88 66 Hold 12.53 1.06 9.30 11.13 11.59 8.09 0.89 13.08 0.12VSS Vanguard FTSE All-World ex-US Sm-Cp ETF 105.91 75 Hold 11.19 3.03 9.49 0.33 10.70 9.53 0.99 13.09 0.19VT Vanguard Total World Stock ETF 63.96 80 Buy 6.93 1.81 5.94 8.86 14.22 12.05 0.80 10.64 0.17VTRIX Vanguard International Value Inv 37.58 72 Hold 10.69 2.87 9.75 2.01 12.75 9.31 1.04 13.40 0.44VTWSX Vanguard Total World Stock Index Inv 26.01 80 Buy 6.76 1.80 5.56 8.76 14.10 11.87 0.80 10.64 0.27VWIGX Vanguard International Growth Inv 23.95 69 Hold 11.19 2.35 9.11 6.30 12.56 11.02 1.30 1.03 13.33 0.47VWO Vanguard FTSE Emerging Markets ETF 43.94 75 Hold 9.99 1.41 8.10 9.02 4.94 5.24 1.03 14.71 0.15VXUS Vanguard Total International Stock ETF 53.34 70 Hold 10.69 2.30 8.22 3.32 10.71 1.00 12.80 0.14

NTF GROWTH FUNDSAAFPX American Beacon S&P 500 Idx Inv 28.54 85 Buy 3.26 1.72 3.30 14.43 17.54 15.46 1.00 9.53 0.58AAGPX American Beacon Lg Cap Value Inv 28.55 96 Buy 3.92 2.35 4.31 10.97 18.42 14.99 1.07 10.51 0.93AALIX ASTON/Herndon Large Cap Value N 14.35 78 Hold 4.52 1.63 2.94 3.89 12.64 13.31 1.04 10.64 1.30ABCVX American Beacon The London Co Inc Eq Inv 15.07 88 Buy 4.07 1.33 2.57 16.88 1.86 1.06ACPVX American Century Core Equity Plus Inv 14.23 90 Buy 1.28 1.28 2.15 11.65 18.84 1.00 9.76 1.30ACTIX American Century Capital Val Inv 9.48 84 Buy 2.60 1.72 2.93 12.71 18.03 14.72 1.04 10.18 1.00ACWDX ASTON/LMCG Small Cap Growth N 15.66 70 Buy 8.60 0.13 5.74 27.25 22.97 1.02 13.63 1.35ADSIX American Century Disciplined Growth Inv 19.58 85 Buy 2.94 0.56 3.05 14.84 17.55 17.68 1.03 10.11 1.02ADVTX ASTON/River Road Div All Cap Val II N 13.67 81 Hold 1.02 0.57 1.39 10.12 1.93 1.25AEGDX AllianzGI US Small-Cap Growth D 16.72 62 Buy 4.04 -2.85 2.83 11.54 16.67 1.23 14.46 1.42AFDIX American Century Fundamental Equity Inv 22.22 83 Buy 2.59 1.14 2.49 15.28 17.82 16.18 0.97 9.38 1.00AKREX Akre Focus Retail 23.60 83 Hold 4.66 0.47 5.03 13.64 18.96 19.10 1.00 10.62 1.35ALVIX American Century Large Company Val Inv 9.28 85 Buy 2.79 1.53 3.01 13.08 18.23 14.97 1.21 1.05 10.34 0.85AMAGX Amana Growth Investor 35.25 84 Buy 2.89 1.03 3.80 16.56 14.09 12.86 0.42 0.98 9.95 1.09AMANX Amana Income Investor 47.59 91 Buy 2.04 1.99 2.28 8.09 14.95 13.23 1.34 0.96 9.52 1.14AMBEX ASTON/Anchor Capital Enhanced Equity N 9.74 73 Buy 0.73 1.04 0.73 5.13 6.15 6.52 1.92 0.53 5.93 1.19AMPAX American Beacon Mid Cap Value Inv 15.43 78 Hold 4.39 0.67 3.22 10.97 18.89 16.07 1.10 11.14 1.14AMVIX American Century Veedot® Inv 11.12 88 Buy 7.13 0.91 5.20 16.96 20.57 17.83 1.03 10.24 1.25ANOIX American Century Small Cap Growth Inv 14.19 70 Hold 6.21 -1.05 4.57 21.80 18.29 16.66 1.15 14.09 1.40AOVIX American Century One Choice® VryAgrsvInv 18.69 79 Buy 5.65 0.65 4.47 13.04 15.15 13.92 0.54 0.98 9.75 1.02ARDFX Ariel Discovery Investor 11.28 39 Sell -5.61 -1.83 -5.29 -3.12 6.96 1.27 16.20 1.33ARFFX Ariel Focus Investor 14.18 83 Hold 0.64 1.87 1.65 7.74 16.93 12.83 1.15 11.97 1.08ARGFX Ariel Investor 76.09 85 Hold 5.95 -1.28 2.98 21.39 23.79 16.80 1.27 13.78 1.03ARLSX ASTON/River Road Long-Short N 11.54 62 Sell 1.50 0.44 2.03 2.70 7.39 0.58 7.28 1.70ARSMX ASTON/River Road Select Value N 7.93 59 Hold 5.03 -0.25 3.80 8.68 13.08 12.21 1.00 11.51 1.45ARSVX ASTON/River Road Small Cap Value N 12.39 61 Hold 4.03 -0.40 2.91 7.34 13.22 11.13 0.99 11.49 1.33ASCTX ASTON/Silvercrest Small Cap N 15.38 67 Hold 1.92 -2.35 2.88 10.78 15.77 1.10 14.05 1.40ATLVX ASTON/TAMRO Diversified Equity N 18.10 69 Buy 1.34 -0.55 1.57 13.56 15.25 14.33 1.11 11.12 1.20AVPAX American Beacon Small Cp Val Inv 24.81 84 Hold 2.13 -1.30 2.14 8.97 17.45 14.33 1.21 13.43 1.16AZFDX AllianzGI Behavioral Advtg Lg Cp D 23.86 81 Hold 2.23 -0.08 1.71 12.99 17.67 0.98 9.60 0.81BADAX Brown Advisory Equity Income Adv 13.62 82 Buy 2.03 1.04 1.95 10.37 14.92 1.86 0.84 8.73 1.17

VANGUARD ASSET ALLOCATION (continued)


Beta 3 Year

SD 3 Year


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


NTF GROWTH FUNDS (continued)

BAFAX Brown Advisory Flexible Equity Adv 16.39 82 Hold 2.57 1.17 3.54 16.75 19.12 16.23 1.00 9.92 1.21BAGAX Brown Advisory Growth Equity Adv 19.68 71 Buy 5.07 0.72 5.02 15.27 13.96 15.09 1.01 10.91 1.14BARAX Baron Asset Retail 65.39 84 Buy 2.57 -1.61 3.35 14.16 17.67 15.59 1.79 1.07 11.71 1.31BASAX Brown Advisory Small-Cap Growth Adv 16.86 72 Buy 6.04 -2.09 4.79 15.33 16.19 15.74 0.99 12.50 1.41BAUAX Brown Advisory Sm-Cp Fundamental Val Adv 23.41 73 Hold -0.47 -3.74 -0.26 8.77 18.52 0.99 11.24 1.40BAVAX Brown Advisory Value Equity Adv 18.09 85 Buy 3.31 1.74 3.08 6.07 15.13 12.98 1.12 11.74 1.17BEQGX American Century Equity Growth Inv 31.34 94 Buy 2.32 1.82 3.12 12.92 17.99 16.36 1.25 1.04 9.96 0.67BFGFX Baron Focused Growth Retail 14.95 66 Buy 5.21 -0.13 6.63 12.69 14.36 13.53 1.04 11.89 1.35BFTHX Baron Fifth Avenue Growth Retail 18.68 77 Hold 7.42 0.86 5.00 21.69 17.62 15.66 1.02 12.12 1.30BGRFX Baron Growth Retail 74.18 79 Hold 2.64 -2.57 1.27 12.07 17.10 16.04 0.93 10.89 1.29BIGRX American Century Income & Growth Inv 38.18 90 Buy 1.28 1.41 1.69 10.67 17.65 15.66 2.04 1.02 9.92 0.67BIOPX Baron Opportunity Retail 19.12 70 Sell 4.94 -0.93 4.88 17.72 14.07 14.23 1.13 15.19 1.35BMDSX Baird MidCap Inv 15.51 68 Hold 3.68 -1.52 4.09 11.16 14.05 16.05 1.02 11.23 1.10BPAVX Robeco Boston Partners All Cap Value Inv 23.43 88 Buy 4.74 1.83 4.60 15.41 19.90 15.78 1.07 10.73 0.95BPSCX Robeco Boston Partners Sm Cap Val II Inv 22.35 87 Buy 3.91 -0.18 3.71 9.94 17.43 14.03 0.56 1.10 12.20 1.46BPTRX Baron Partners Retail 38.32 82 Hold 4.30 0.52 4.05 12.38 21.81 18.14 1.20 13.91 1.32BSCFX Baron Small Cap Retail 34.47 81 Buy 3.48 -2.90 2.07 11.24 16.09 15.17 1.08 12.32 1.30BUFGX Buffalo Growth 35.50 80 Hold 6.70 1.23 4.94 16.55 17.59 16.05 1.03 11.00 0.91BUFMX Buffalo Mid Cap 18.84 91 Strong Buy 7.97 -0.26 5.31 17.47 15.50 13.35 1.00 12.09 1.01BUFTX Buffalo Discovery 21.60 83 Buy 8.00 -0.96 5.31 21.24 19.16 18.46 1.08 12.68 1.01BULLX Roosevelt Multi-Cap 17.26 60 Sell 3.42 0.23 2.62 13.54 11.93 10.72 0.92 10.17 1.16BVAOX Broadview Opportunity 38.16 70 Hold 2.88 -1.80 2.80 9.40 17.06 15.15 1.20 13.34 1.25BVEFX Becker Value Equity Retail 19.57 84 Hold 4.04 2.14 4.32 13.77 19.39 15.40 1.02 9.95 0.93BWLIX American Beacon Bridgeway Lg Cp Val Inv 24.42 89 Buy 2.75 0.64 2.45 12.84 20.80 1.00 9.85 1.11CAAPX Ariel Appreciation Investor 57.11 94 Buy 6.47 0.95 4.77 18.27 22.36 16.77 1.27 13.16 1.12CAMAX Cambiar Aggressive Value Investor 19.34 89 Buy 15.32 4.71 10.33 10.85 23.99 17.41 1.22 17.92 1.35CBEQX Wells Fargo Advantage C&B Lg Cp Val Inv 13.19 85 Hold 2.97 0.92 3.37 12.52 16.58 13.90 0.47 1.02 10.04 1.20CBMDX Wells Fargo Advantage C&B Mid Cp Val Inv 28.13 78 Buy 4.96 0.50 4.11 11.54 17.78 15.34 2.00 1.10 11.44 1.25CCASX Conestoga Small Cap Investors 34.95 56 Hold 3.71 -1.83 3.16 12.06 13.83 15.46 1.08 15.18 1.10CFAGX Commerce MidCap Growth 36.01 78 Buy 3.15 -1.07 2.39 14.19 15.52 15.04 1.09 11.23 1.05CFGRX Commerce Growth 28.99 86 Buy 3.72 0.31 2.76 16.88 16.45 14.61 1.02 10.11 1.08CFIMX Clipper 104.68 78 Hold 5.96 3.39 4.41 12.29 17.23 14.68 0.34 1.00 9.96 0.74CFVLX Commerce Value 32.41 85 Hold 1.50 1.00 1.37 9.21 16.74 15.76 2.63 0.91 9.28 0.70CRMAX CRM Small/Mid Cap Value Inv 15.25 87 Buy 3.74 -1.23 2.83 7.87 15.43 14.18 0.99 10.76 1.07CRMEX CRM All Cap Value Inv 10.70 70 Buy 4.80 -0.28 4.09 10.03 15.05 12.70 1.06 10.86 1.45CRMSX CRM Small Cap Value Inv 19.88 85 Hold 3.65 -0.60 4.19 13.60 17.27 13.57 1.10 12.82 1.07DEFIX Delafield Fund 33.39 80 Sell 2.17 3.44 4.97 -2.39 10.65 10.83 1.19 13.66 1.21DGAGX Dreyfus Appreciation Investor 54.32 82 Buy 3.25 2.14 3.35 8.20 12.06 13.45 1.06 10.51 0.93DGRIX Dreyfus Growth & Income 21.52 81 Buy 4.13 0.89 4.03 15.17 18.68 16.19 1.09 10.77 0.92DMCNX AllianzGI Mid-Cap D 3.75 74 Buy 5.93 -0.53 4.46 16.55 16.44 13.76 1.15 12.76 1.13DRSVX Dreman Contrarian Small Cap Value Retail 22.47 79 Hold 3.88 -0.62 2.74 8.19 17.15 12.66 1.13 12.37 1.25DTLGX Wilshire Large Company Growth Invmt 40.53 67 Hold 4.84 0.35 4.67 18.94 14.50 14.79 1.02 10.64 1.38DTLVX Wilshire Large Company Value Invmt 21.51 85 Buy 1.51 1.65 2.43 9.58 17.82 14.01 1.10 10.93 1.29DTSVX Wilshire Small Company Value Invmt 23.13 70 Hold 1.18 -2.61 1.98 11.17 19.14 13.85 1.19 13.81 1.49EGFFX Edgewood Growth Retail 20.84 89 Buy 5.15 1.81 4.41 20.03 19.95 19.26 0.97 11.00 1.35ETGLX Eventide Gilead N 28.99 87 Hold 9.77 2.04 9.15 30.53 28.54 23.32 0.93 12.93 1.50EXEYX Manning & Napier Equity 17.49 70 Hold 2.70 0.98 3.25 7.46 16.44 12.31 1.10 11.43 1.05EXTAX Manning & Napier Tax Managed A 28.02 85 Buy 3.74 0.90 3.51 8.29 16.95 12.87 1.06 10.95 1.20FAMEX FAM Equity-Income Inv 25.86 94 Buy 1.53 -1.37 1.64 8.50 15.24 13.81 0.96 10.09 1.26FAMVX FAM Value Inv 68.36 96 Strong Buy 2.67 -0.80 2.32 14.86 16.83 14.14 0.93 10.01 1.18FFGRX Emerald Growth Investor 20.54 68 Buy 8.22 -1.82 7.20 27.32 21.01 1.12 16.18 1.34FMIEX Wasatch Large Cap Value Investor 10.04 85 Hold 3.82 3.08 4.80 8.24 13.18 10.71 2.73 1.00 10.17 1.11FMLSX Wasatch Long/Short Investor 15.00 77 Hold 0.67 1.21 -0.73 -2.46 7.39 7.32 2.20 0.75 8.67 1.27FOGRX Tributary Growth Opps Inst 19.01 75 Hold 7.46 -0.99 6.74 14.67 17.35 16.95 1.13 12.40 1.08FOSCX Tributary Small Company Instl 23.39 74 Hold 0.26 -2.70 2.01 8.76 14.20 13.55 1.12 13.29 1.19FQUAX AMG FQ US Equity Investor 17.70 80 Buy 1.12 0.45 1.46 9.97 14.64 14.65 0.72 0.87 8.69 1.04FRSPX Dreyfus Mid-Cap Growth F 8.98 76 Hold 3.97 -0.66 3.97 12.62 15.50 16.03 1.12 11.89 1.13FVALX Forester Value N 12.39 64 Sell -2.13 -1.43 -1.67 0.80 1.80 1.91 0.30 4.62 1.25GABAX Gabelli Asset AAA 66.79 85 Hold 2.14 0.07 2.94 6.19 15.47 14.62 1.06 10.55 1.35GABEX Gabelli Equity Income AAA 29.75 84 Hold 3.71 1.29 3.35 6.97 14.24 13.58 1.01 9.89 1.37GABSX Gabelli Small Cap Growth AAA 50.49 86 Hold 2.89 -1.94 2.98 7.89 17.11 15.09 1.04 11.38 1.38HCAIX Harbor Capital Appreciation Inv 61.97 94 Strong Buy 8.13 0.80 5.75 23.62 17.74 16.86 1.04 11.73 1.02HDOGX Hennessy Total Return Investor 14.49 78 Buy 2.30 2.11 1.88 6.16 9.67 11.27 1.49 0.61 6.96 1.24HDPMX Hodges 40.54 88 Hold 6.04 1.86 6.85 9.21 23.91 16.05 1.30 14.70 1.34


Beta 3 Year

SD 3 Year




HDPSX Hodges Small Cap 20.26 79 Buy 3.68 -1.51 4.06 10.67 20.24 19.90 1.19 13.46 1.35HFCGX Hennessy Cornerstone Growth Investor 19.73 92 Buy 1.96 -2.76 0.56 16.40 19.40 15.74 0.02 1.00 11.69 1.23HFCSX Hennessy Focus Investor 70.82 89 Buy 5.15 -1.49 4.47 19.56 19.53 18.27 0.90 10.44 1.41HFCVX Hennessy Cornerstone Value Investor 18.67 87 Hold 2.53 2.98 2.81 6.81 14.85 13.60 2.27 0.92 9.52 1.17HFLGX Hennessy Cornerstone Large Growth Inv 13.85 96 Strong Buy 3.59 0.36 2.97 13.65 18.34 15.94 0.75 1.00 10.10 1.15HFMDX Hennessy Cornerstone Mid Cap 30 Inv 20.03 85 Hold 7.11 0.55 6.20 17.80 20.27 18.60 1.06 12.72 1.25HILVX Harbor Large Cap Value Inv 12.46 84 Buy 6.31 2.38 5.59 13.94 18.95 15.07 1.13 11.35 1.05HIMGX Harbor Mid Cap Growth Inv 9.78 67 Buy 6.42 -0.31 5.62 17.18 17.70 15.47 1.08 12.50 1.20HIMVX Harbor Mid Cap Value Investor 21.30 89 Buy 3.00 -0.65 2.01 12.59 22.48 17.24 1.10 11.40 1.26HLVFX Hennessy Large Value Investor 35.00 80 Buy 2.94 0.95 2.67 12.49 16.87 13.96 0.73 1.03 10.06 1.28HNASX Homestead Growth 8.35 80 Hold 7.19 0.60 5.43 21.39 19.79 17.72 1.07 12.08 0.95HOVLX Homestead Value 52.88 87 Buy 4.11 2.14 3.46 15.00 19.34 15.82 1.05 10.50 0.61HSCSX Homestead Small Company Stock 39.62 74 Hold 0.87 -3.15 2.06 11.42 18.05 17.29 1.05 12.65 0.89HSTIX Homestead Stock Index 15.83 85 Buy 3.26 1.74 3.33 14.51 17.67 15.58 0.02 1.00 9.52 0.54ICNZX ICON Fund S 16.30 86 Hold 2.00 -1.39 2.19 12.34 15.03 12.76 1.00 11.03 1.10IOLZX ICON Long/Short S 21.04 70 Hold 3.29 -1.41 3.85 15.35 14.74 12.67 0.98 10.89 1.32JENSX Jensen Quality Growth J 41.08 92 Buy 2.52 0.59 2.72 14.47 17.12 13.75 0.97 9.78 0.87LBRIX ClearBridge Equity Income FI 20.27 71 Buy 0.57 1.15 1.07 9.64 1.06 0.83 8.22 1.21LCEIX Invesco Diversified Dividend Investor 18.82 97 Strong Buy 3.22 0.64 2.72 10.40 17.31 14.32 1.64 0.82 8.38 0.76LCGNX William Blair Large Cap Growth N 11.18 84 Strong Buy 6.88 0.18 5.47 22.28 19.04 17.12 1.10 11.57 1.13LEVOX Lazard US Equity Concentrated Open 13.98 83 Buy 3.56 -0.29 3.33 19.94 19.74 15.09 0.98 10.02 1.25LGASX ClearBridge Special Investment FI 47.76 68 Buy 0.76 -1.79 2.27 11.68 15.38 11.22 1.14 12.94 1.39LGSCX QS Batterymarch US Sm Cap Eq FI 13.62 72 Hold 4.53 -1.94 3.57 19.04 19.47 16.87 1.15 13.31 1.20LHGFX American Beacon Holland Lg Cap Gr Inv 27.12 74 Hold 6.04 1.31 5.57 16.28 14.74 15.24 1.07 10.97 1.21LMGFX ClearBridge Global Growth FI 36.62 74 Buy 6.67 1.36 7.26 16.96 15.69 14.40 0.69 10.87 1.15LMPFX ClearBridge Aggressive Growth FI 214.04 89 Strong Buy 4.80 0.22 4.27 16.17 22.48 20.72 1.06 11.34 1.13LMPIX ClearBridge Appreciation FI 21.14 80 Hold 3.07 1.73 3.32 13.10 16.23 14.52 0.95 9.15 1.05LMUSX QS Batterymarch US Lg Cap Eq FI 17.38 83 Buy 2.90 0.52 2.60 14.73 18.55 16.04 1.06 10.22 1.05LMVFX ClearBridge Value FI 78.99 86 Buy 4.51 2.70 5.90 16.57 20.44 15.19 1.11 11.27 1.07LZCOX Lazard US Small-Mid Cap Equity Open 14.06 82 Buy 5.08 -1.40 4.15 16.28 18.46 14.51 1.07 12.24 1.20LZUOX Lazard US Strategic Equity Open 12.62 80 Buy 1.12 0.56 2.44 13.96 16.92 14.31 1.07 10.47 1.05MASTX BMO Large-Cap Growth Y 16.82 84 Buy 5.39 0.96 4.28 20.36 19.07 16.82 0.04 0.99 9.92 1.24MCGFX ASTON/Montag & Caldwell Growth N 26.14 78 Hold 3.40 0.35 2.95 12.08 13.85 13.04 0.31 0.89 9.21 1.03MCMAX AMG Managers Cadence Mid Cap Investor 31.82 78 Buy 5.29 -1.64 4.33 18.18 15.15 15.26 0.32 1.15 12.32 1.11MDFSX Manning & Napier Dividend Focus S 12.31 86 Buy 3.80 2.24 3.11 9.43 14.71 0.93 9.36 0.79MFCFX Marsico Flexible Capital 18.01 87 Buy 3.57 0.22 2.91 14.53 16.64 17.99 0.91 10.13 1.38MFOCX Marsico Focus 20.47 94 Buy 2.66 -1.06 1.54 17.87 16.35 15.68 0.96 10.99 1.34MGRIX Marsico Growth 21.80 86 Hold 2.25 -0.55 1.58 15.12 14.47 15.02 0.98 10.94 1.37MLVYX BMO Low Volatility Equity Y 13.33 87 Buy 2.50 -0.60 0.72 14.20 1.12 0.90MMCFX AMG Managers Emerging Opps Svc 44.32 58 Hold 1.30 -3.13 3.87 15.38 19.05 17.36 1.12 15.36 1.41MPAFX AMG Managers Cadence Cptl Apprec Inv 26.46 80 Buy 5.80 1.03 5.21 17.21 15.26 13.69 0.25 1.07 10.74 1.09MREIX BMO Large-Cap Value Y 16.33 85 Buy 3.30 1.18 2.52 13.82 19.38 14.83 0.84 1.02 10.03 1.23MRMSX BMO Mid-Cap Growth Y 21.60 65 Hold 5.06 -0.60 5.73 12.53 14.60 15.61 0.11 1.14 12.26 1.22MRVEX BMO Mid-Cap Value Y 16.50 86 Buy 4.04 0.61 3.38 14.39 20.42 15.84 0.25 1.11 11.27 1.20MSYAX AMG Systematic Large Cap Value Investor 11.74 83 Buy 2.44 1.56 3.25 10.17 17.46 13.69 1.06 10.60 1.00MTGVX AMG TimesSquare All Cap Growth Investor 16.45 70 Hold 6.33 -1.08 4.51 19.05 17.50 1.12 12.02 1.25MXXIX Marsico 21st Century 22.41 90 Buy 3.99 -0.93 2.52 15.99 16.78 12.62 1.00 11.25 1.42MYIFX Monetta Young Investor 21.34 79 Hold 3.34 0.76 2.99 13.98 16.47 15.97 0.98 9.55 1.16NBGAX Neuberger Berman Genesis Adv 28.31 66 Hold 2.54 -2.14 2.28 8.35 13.42 13.64 0.98 11.29 1.37NBGEX Neuberger Berman Genesis Tr 60.79 69 Hold 2.62 -2.13 2.32 8.65 13.73 13.95 0.98 11.29 1.10NEEGX Needham Growth 47.34 68 Hold 2.91 -1.80 2.05 17.97 16.08 13.73 2.08 1.00 12.01 1.80NGWDX AllianzGI US Managed Volatility D 14.44 80 Buy 0.49 -0.96 -1.77 7.63 11.72 11.71 0.65 8.44 0.96NICSX Nicholas 73.06 88 Buy 6.88 1.16 5.76 21.48 23.58 20.07 0.99 10.24 0.73NMMLX Northern Multi-Manager Lg Cap 9.52 94 Buy 4.25 1.60 3.68 14.44 15.95 14.77 0.98 9.62 1.05NMMSX Northern Multi-Manager Small Cap 9.86 67 Hold 1.23 -2.57 2.07 11.26 16.11 14.06 1.11 12.74 1.25NNLEX Nicholas Limited Edition N 25.26 62 Hold 2.43 -1.98 2.43 13.76 14.51 15.00 1.07 12.47 1.21NNTWX Nicholas II N 27.29 79 Hold 7.10 0.07 6.60 20.08 17.91 15.89 0.96 10.31 0.97NOGEX Northern Large Cap Equity 22.85 82 Hold 4.55 1.83 5.66 15.29 16.69 15.07 1.07 10.43 0.85NOLCX Northern Large Cap Core 15.77 77 Hold 2.66 1.55 2.99 13.57 19.15 16.44 1.05 10.14 0.62NOLVX Northern Large Cap Value 14.36 86 Hold 3.16 1.77 3.31 13.40 17.84 12.60 1.11 10.85 0.85NOSGX Northern Small Cap Value 21.29 82 Buy 0.80 -1.84 0.80 10.21 16.61 14.57 1.14 13.18 1.00NSGRX Northern Small Cap Core 21.87 70 Hold 2.92 -2.45 2.24 14.45 18.36 16.18 1.11 12.81 0.75PARMX Parnassus Mid-Cap 27.72 73 Hold 1.16 -1.50 1.53 10.54 15.83 15.70 0.90 9.26 1.09PARNX Parnassus 50.00 87 Buy 3.98 0.59 3.83 18.28 21.94 16.56 1.17 12.43 0.84


Beta 3 Year

SD 3 Year


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


PARWX Parnassus Endeavor Fund 31.33 92 Buy 4.59 1.18 4.81 19.67 21.40 17.46 0.95 9.77 0.95PCKDX PIMCO Small Cap StocksPLUS® AR Strt D 9.28 95 Strong Buy 3.46 -2.52 2.77 14.43 19.49 18.46 1.19 13.67 1.09PDLVX PIMCO LowVol RAFI®-PLUS AR D 10.95 77 Buy 0.83 0.74 0.27 9.77 1.19PEIDX AllianzGI NFJ Dividend Value D 17.30 80 Hold 0.94 1.88 1.29 6.17 15.78 14.22 3.32 1.05 10.41 1.05PGRDX AllianzGI Focused Growth D 36.37 80 Buy 7.54 1.22 5.63 18.93 19.38 16.89 1.02 11.13 1.11PIXDX PIMCO Fundamental IndexPLUS AR D 6.47 95 Buy 2.27 1.25 2.27 10.36 19.95 19.70 1.11 10.89 1.19PMHDX PIMCO EqS® Long/Short D 11.85 63 Hold 2.16 -2.87 1.80 2.82 8.41 0.61 9.00 1.83PNBDX AllianzGI NFJ Large-Cap Value D 22.13 82 Hold 1.14 1.24 1.46 9.70 16.80 14.14 2.73 1.08 10.51 1.11POGRX PRIMECAP Odyssey Growth 27.33 92 Strong Buy 4.87 0.77 4.79 20.80 21.64 16.80 1.04 11.53 0.63PRBLX Parnassus Core Equity Investor 40.43 92 Strong Buy -0.44 -0.50 1.24 9.51 18.26 15.11 1.47 0.93 9.40 0.87PRCGX Perritt MicroCap Opportunities Investor 34.12 71 Buy -0.41 -0.90 1.52 5.66 15.93 12.17 1.13 13.85 1.19PREDX AllianzGI NFJ Mid-Cap Value D 26.57 75 Hold 3.35 1.22 2.47 9.74 17.09 14.98 2.41 1.05 10.53 1.26PREOX Perritt Ultra MicroCap 14.79 67 Sell -0.20 -0.47 0.96 -0.88 14.24 11.84 0.72 10.87 1.56PSPDX PIMCO StocksPLUS D 9.14 87 Buy 3.75 1.44 3.28 14.78 19.32 17.38 1.03 9.81 0.90PSTDX PIMCO StocksPLUS Absolute Return D 9.73 95 Buy 3.51 1.35 3.18 14.67 19.20 18.88 1.06 10.32 1.04PVFAX Paradigm Value 49.72 66 Hold 2.88 0.02 4.65 4.56 9.59 10.44 1.05 12.46 1.50PXSCX Pax World Small Cap Individual Inv 14.32 83 Buy 2.87 -1.78 1.70 10.95 18.87 15.87 0.85 10.28 1.24RBCGX Reynolds Blue Chip Growth 60.58 66 Sell 3.64 -0.46 3.19 12.33 14.30 13.68 0.60 1.05 11.22 1.59RGFAX Royce Heritage Svc 15.49 64 Hold 2.11 0.00 2.92 2.92 10.65 10.58 1.09 12.04 1.40RIMEX Rainier Large Cap Equity Original 25.82 71 Hold 4.75 0.58 4.96 17.83 15.90 14.26 0.19 1.09 11.18 1.12RIMMX Rainier Mid Cap Equity Original 53.79 70 Buy 5.82 -0.63 4.61 16.76 15.41 15.67 1.02 11.62 1.35RMCFX Royce Micro-Cap Svc 14.07 54 Sell -1.33 -2.49 -0.35 0.46 5.65 6.69 1.13 13.99 1.66RPXFX RiverPark Large Growth Retail 19.13 77 Hold 5.17 2.03 5.75 12.04 16.70 1.03 10.82 1.25RSEMX Royce Special Equity Multi-Cap Service 15.71 79 Hold 0.71 0.64 1.55 9.83 15.23 1.08 11.13 1.24RVALX ASTON/Cornerstone Large Cap Value N 15.19 73 Sell -3.00 2.43 0.80 3.31 13.48 12.78 0.83 1.15 11.69 1.30RWGFX RiverPark/Wedgewood Retail 18.82 82 Buy 2.90 1.07 4.67 12.26 15.78 0.97 10.18 1.05RYAWX Rydex S&P 500 Pure Growth H 55.93 83 Buy 4.52 -0.55 3.94 16.02 20.09 18.51 1.08 11.54 1.52RYBHX Rydex S&P MidCap 400 Pure Growth H 53.51 78 Strong Buy 7.99 -1.40 5.60 12.23 14.78 16.29 1.07 12.64 1.52RYDVX Royce Dividend Value Svc 8.53 72 Hold 4.15 1.79 4.28 3.13 13.33 12.93 1.10 11.66 1.44RYLPX Royce Low Priced Stock Svc 9.71 54 Sell 2.64 0.21 2.75 -2.32 4.34 5.55 0.82 1.17 14.36 1.49RYOFX Royce Opportunity Svc 12.90 69 Sell 0.78 -1.07 2.30 3.93 16.05 12.89 1.25 14.55 1.47RYOHX Royce 100 Svc 8.74 61 Sell 1.04 -0.57 2.94 1.80 10.36 9.84 1.14 13.29 1.50RYPFX Royce Pennsylvania Mutual Svc 13.03 69 Sell 0.54 -1.14 2.52 3.37 12.95 11.82 1.15 12.99 1.23RYSRX Guggenheim Long Short Equity H 15.86 64 Hold 1.15 -2.52 0.19 7.74 7.18 5.69 0.50 6.79 1.67RYTFX Royce Total Return Svc 15.19 75 Hold 1.64 -0.78 1.77 4.72 13.80 12.52 1.04 11.32 1.42RYVFX Royce Value Svc 12.16 71 Hold 3.40 -1.30 4.56 5.49 12.06 10.60 1.22 13.73 1.45RYVPX Royce Value Plus Svc 14.79 76 Hold 3.94 -2.89 4.08 13.27 14.92 11.67 1.24 14.41 1.42RYWAX Rydex S&P SmallCap 600 Pure Growth H 58.35 85 Strong Buy 8.36 -1.70 5.80 17.24 16.69 16.05 1.07 13.87 1.52RYZAX Rydex S&P 500 Pure Value H 150.36 89 Buy 1.71 2.32 2.26 7.58 23.35 16.51 1.26 13.23 1.52SCNUX Invesco Low Volatility Equity Yield Inv 10.46 84 Hold -0.96 -1.23 -1.43 3.85 14.22 12.76 2.71 0.90 9.94 1.14SCOVX Wells Fargo Advantage Intrns SmCpVal Inv 25.50 74 Hold 3.87 -0.43 4.00 12.04 18.87 13.96 1.20 13.34 1.48SDVIX Wells Fargo Advantage Large Co Val Inv 16.79 81 Buy 2.39 0.72 3.40 8.70 16.04 12.75 1.33 1.06 10.49 1.16SENTX Wells Fargo Advantage Enterprise Inv 46.14 85 Hold 6.39 -0.56 5.13 15.98 15.88 16.08 1.09 12.37 1.24SKSEX AMG Managers Skyline Special Equities 41.19 70 Hold 3.28 -0.41 4.65 11.51 22.11 17.82 1.27 14.54 1.32SLASX Selected American Shares S 45.60 82 Buy 5.65 2.22 4.80 11.51 15.70 12.87 0.22 1.05 10.45 0.94SLGIX Wells Fargo Advantage Capital Growth Inv 17.04 71 Hold 3.52 -0.35 3.09 15.97 15.70 15.28 5.80 1.02 11.11 1.17SMCDX Wells Fargo Advantage Spec Md Cp Val Inv 33.41 89 Buy 3.98 -0.30 2.64 12.47 21.01 16.97 1.02 10.73 1.31SOPFX Wells Fargo Advantage Opportunity Inv 49.81 93 Buy 4.31 0.12 4.27 12.48 16.31 13.21 1.07 11.04 1.28SSMVX Wells Fargo Advantage Small Cap Val Inv 28.78 73 Sell -0.90 0.81 -0.45 -1.63 8.91 7.84 0.99 12.85 1.33STCSX Wells Fargo Advantage Common Stock Inv 24.44 84 Hold 4.13 -0.33 3.74 9.57 16.16 14.29 1.09 11.97 1.29STDIX Wells Fargo Advantage Discovery Inv 33.55 82 Hold 7.57 0.21 6.41 20.12 16.34 18.29 1.08 12.80 1.28STMGX American Beacon Stephens Mid-Cap Gr Inv 17.85 65 Hold 5.17 -0.52 3.20 15.54 13.98 15.90 1.01 11.65 1.27STRAX Stralem Equity Adv 15.55 78 Buy 2.64 1.97 2.37 8.50 13.06 12.33 0.92 9.21 1.23STRFX Wells Fargo Advantage Large Cap Gr Inv 48.59 75 Hold 5.15 0.12 4.16 19.14 15.58 16.56 1.06 11.61 1.13SYAMX AMG Systematic Mid Cap Value Investor 14.09 74 Hold 2.55 -0.77 2.70 6.41 15.01 13.33 1.02 10.99 0.98TGDNX TCW Growth Equities N 12.28 61 Hold 3.98 -3.15 0.57 16.52 13.83 12.18 0.59 1.23 15.04 1.20TGDVX TCW Relative Value Large Cap N 23.19 93 Buy 2.84 1.53 3.43 11.99 18.96 15.33 0.70 1.21 11.99 1.12TGIGX TCW Relative Value Dividend Apprec N 17.60 95 Buy 1.24 1.03 1.59 10.24 17.49 15.65 1.29 1.16 11.40 1.14THPGX Thompson LargeCap 54.48 85 Buy 1.53 1.89 2.85 14.38 19.01 14.94 1.14 11.56 1.15TMCGX Turner Emerging Growth Investor 31.03 57 Hold 4.13 -1.65 4.90 11.34 15.23 15.41 1.09 14.06 1.40TMCTX Touchstone Mid Cap Z 25.93 73 Hold 4.18 -0.61 3.47 14.48 19.22 17.39 1.07 11.57 1.23TMGFX Turner Midcap Growth Investor 23.86 75 Buy 5.67 5.62 16.26 14.94 13.96 1.14 13.20 1.18TOCQX Tocqueville 34.29 85 Buy 0.65 0.82 1.00 11.01 16.95 13.63 2.10 1.02 10.19 1.24TOPPX Tocqueville Opportunity 22.88 73 Hold 11.94 -0.44 9.37 33.09 19.98 18.99 1.14 14.76 1.30



Beta 3 Year

SD 3 Year



TSCEX Turner Small Cap Growth 18.83 63 Buy 7.97 -1.21 6.63 19.92 15.92 15.10 1.16 14.88 1.25TSELX Tocqueville Select 13.91 72 Hold 4.19 3.81 8.33 11.99 16.40 13.08 1.20 13.94 1.32TVSVX Third Avenue Small Cap Value Investor 23.60 72 Hold 3.19 -0.97 3.74 9.43 15.14 12.81 1.08 12.01 1.35TWCIX American Century Select Inv 60.28 83 Hold 7.16 0.63 4.56 20.48 16.40 16.07 1.02 10.60 1.00TWCUX American Century Ultra® Inv 36.95 90 Hold 6.21 1.21 4.41 20.00 18.09 17.04 1.05 11.05 1.00TWGTX American Century All Cap Growth Inv 31.92 91 Buy 5.56 -0.28 3.80 18.55 14.59 15.68 1.01 10.92 1.00TWHIX American Century Heritage Inv 25.34 78 Buy 7.74 -1.05 4.49 19.10 15.60 16.18 1.05 11.78 1.00TWNOX American Century New Opps Investor 12.25 65 Hold 7.46 -0.81 5.88 19.66 17.97 16.75 1.13 13.28 1.48TWVLX American Century Value Inv 8.74 94 Buy 1.62 1.51 1.50 10.54 17.35 14.30 1.55 0.98 9.61 0.98UMBHX Scout Small Cap 25.58 64 Hold 2.20 -3.29 2.28 15.38 16.82 15.47 1.69 1.14 13.28 1.12UMBMX Scout Mid Cap 16.20 77 Buy 4.92 -1.88 3.18 10.46 15.53 16.01 1.14 12.40 1.02USAAX USAA Growth 25.48 85 Buy 4.64 1.23 4.64 20.13 20.48 17.49 1.06 10.62 1.00USAUX USAA Aggressive Growth 41.03 75 Buy 4.03 0.54 3.72 18.34 16.05 15.03 1.09 11.32 0.93USBNX Pear Tree Columbia Small Cap Ord 24.35 54 Hold 2.40 -2.13 2.10 8.66 10.46 11.55 1.07 12.90 1.53USCAX USAA Small Cap Stock 17.99 66 Hold 3.57 -1.26 3.09 12.07 16.38 14.68 1.15 12.84 1.14USGRX USAA Growth & Income 22.03 84 Buy 3.85 2.18 3.85 14.76 17.87 14.81 1.09 10.61 0.94USISX USAA Income Stock 18.28 87 Hold 1.14 2.24 1.93 9.57 15.87 14.37 0.96 9.38 0.80USMIX USAA Extended Market Index 18.84 74 Buy 4.55 -1.41 3.23 13.61 17.92 16.17 1.08 11.81 0.48USNQX USAA NASDAQ-100 Index 12.90 90 Buy 5.48 1.98 5.65 26.73 20.12 19.83 1.06 11.48 0.59USSPX USAA S&P 500 Index Member 30.26 86 Buy 3.38 1.71 3.38 14.82 17.97 15.89 1.00 9.56 0.25UVALX USAA Value 20.91 82 Buy 3.82 1.70 3.46 11.46 17.66 14.60 1.04 10.23 1.11VALLX Value Line Larger Companies 27.13 85 Buy 7.32 0.37 5.85 19.38 18.11 16.25 0.97 9.70 1.13VALSX Value Line Premier Growth 34.92 73 Buy 3.19 -0.23 2.86 9.42 14.11 16.05 0.97 9.89 1.23VLEOX Value Line Small Cap Opportunities 48.55 72 Buy 2.88 -2.22 1.27 11.95 17.01 17.71 0.91 10.77 1.26VLIFX Value Line Fund 14.91 75 Buy 2.40 -1.65 1.71 9.84 14.73 16.60 0.94 9.90 1.23WAMCX Wasatch Ultra Growth 20.07 59 Hold 5.30 -3.32 5.69 21.18 15.53 15.84 1.09 15.21 1.26WAMVX Wasatch Micro Cap Value 2.97 68 Hold 7.22 -0.34 6.83 11.96 19.18 14.09 1.09 13.05 2.03WASIX Wasatch Strategic Income 12.74 89 Buy 4.26 0.71 4.60 12.77 18.66 17.49 4.38 0.95 10.09 0.95WBGSX William Blair Growth N 14.18 84 Buy 4.65 -0.14 5.27 15.85 16.63 14.71 1.08 11.35 1.18WBSNX William Blair Small Cap Growth N 26.16 68 Hold 2.15 -2.75 2.43 11.16 19.62 12.42 1.17 13.95 1.50WBVDX William Blair Small Cap Value N 17.66 70 Hold -0.56 -2.91 0.46 6.74 15.26 12.92 1.17 13.63 1.50WCGNX William Blair Mid Cap Growth N 15.11 75 Buy 6.41 -0.59 5.00 19.37 14.42 15.01 1.05 11.53 1.35WFIRX Wells Fargo Advantage Index Inv 67.70 86 Buy 3.36 1.73 3.36 14.63 17.77 1.00 9.53 0.45WFIVX Wilshire 5000 Index Invmt 18.60 84 Buy 3.28 1.31 3.28 13.82 17.52 15.40 1.00 9.59 0.65WFLNX Wells Fargo Advantage Lg Cp Core Inv 16.08 87 Buy 4.89 0.94 4.76 16.75 20.23 1.03 10.42 1.20WFPNX Wells Fargo Advantage Prem Lg Co Gr Inv 15.96 71 Hold 4.45 -0.25 3.23 19.09 15.55 1.07 11.78 1.18WGROX Wasatch Core Growth 60.74 73 Buy 6.02 -1.57 4.72 18.40 17.31 17.06 1.01 11.76 1.18WMCVX Wasatch Small Cap Value 6.30 86 Buy 5.88 -2.48 3.11 10.72 19.30 16.07 1.06 12.27 1.20WMICX Wasatch Micro Cap 8.00 57 Hold 3.63 -4.65 3.76 17.02 15.22 14.72 1.04 14.79 1.97WPOIX Weitz Partners III Opportunity Investor 17.07 75 Hold 3.96 -1.10 3.14 7.13 15.23 0.81 8.94 1.68WSBEX Wright Selected Blue Chip Equities 12.80 78 Hold 5.15 -2.36 3.13 13.27 18.81 17.02 0.03 1.13 12.38 1.45WSMNX William Blair Small-Mid Cap Gr N 20.00 75 Buy 6.84 -1.33 5.15 19.69 20.09 17.21 1.11 12.32 1.35

NTF SECTOR FUNDSBENFX Baron Energy and Resources Retail 11.19 77 Buy 8.33 2.85 6.67 -12.85 5.73 1.20 18.28 1.35ICCCX ICON Consumer Discretionary S 15.25 83 Hold 3.88 0.86 5.03 13.65 16.43 18.25 1.42 0.80 11.38 1.46ICENX ICON Energy S 15.12 46 Sell 6.55 6.11 5.59 -18.50 4.34 5.51 0.01 1.29 18.23 1.28ICLEX ICON Consumer Staples S 9.38 91 Buy 1.19 -0.95 -0.42 13.95 13.99 13.80 0.92 0.52 9.16 1.45ICTRX ICON Industrials S 12.39 90 Buy 0.65 0.81 1.39 4.96 14.79 12.96 1.91 0.80 11.17 1.41TGLDX Tocqueville Gold 32.46 39 Sell 1.37 4.81 -4.73 -16.58 -18.71 -11.47 0.68 33.10 1.36

NTF INCOME FUNDSAALPX American Beacon Shrt-Trm Bd Inv 8.65 70 Buy 0.23 -0.02 0.16 0.02 0.55 0.87 0.09 0.11 0.48 0.79ABHIX American Century High-Yield Inv 5.95 75 Buy 3.09 0.29 1.49 1.61 6.14 7.84 4.43 0.46 4.50 0.85ABIPX American Beacon Intermediate Bd Inv 10.77 73 Hold 0.72 -1.14 -0.43 2.81 1.91 3.26 1.48 0.97 2.82 0.79ABTPX American Beacon Treas Infl Prot Sec Inv 10.34 66 Hold 1.18 -0.54 -0.18 -0.84 2.04 0.29 1.09 3.80 0.69ACCNX American Century Core Plus Inv 10.91 73 Hold 1.24 -1.02 0.10 3.88 2.45 4.15 2.19 0.96 2.85 0.65ACITX American Century Infl-Adj Bond Inv 11.72 59 Sell 0.86 -1.10 -0.59 0.00 -0.87 3.09 4.06 1.67 5.36 0.47ACSNX American Century Short Duration Inv 10.34 68 Buy 1.07 0.06 0.68 1.08 0.99 1.56 1.33 0.17 0.78 0.60ADFIX American Century Diversified Bond Inv 10.91 74 Sell 0.86 -0.99 -0.19 3.56 2.31 3.94 1.53 1.00 2.90 0.60AGIVX Invesco US Government Investor 9.02 59 Sell 0.62 -0.87 -0.21 2.90 0.99 2.62 1.10 0.89 2.69 0.90AHYPX American Beacon High Yld Bd Inv 8.66 73 Buy 3.88 0.93 2.47 -1.10 6.02 7.48 6.03 0.42 5.00 1.09APOIX American Century Short Dur Inf PrBd Inv 10.10 67 Hold 1.10 0.00 0.40 -1.41 -0.56 2.33 4.04 0.45 2.17 0.57ASHDX AllianzGI Short Duration High Inc D 15.67 77 Strong Buy 3.27 0.70 2.40 3.26 4.59 4.24 0.25 2.23 0.85ATMDX PIMCO Unconstrained Tax Managed Bd D 10.55 67 Hold -0.17 0.34 -0.18 0.88 1.43 1.54 2.10 0.13 2.34 1.10AYBDX AllianzGI High Yield Bond D 9.47 78 Buy 3.39 0.40 2.28 0.51 5.93 7.97 5.76 0.33 4.08 1.01



Beta 3 Year

SD 3 Year


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


BAGSX Baird Aggregate Bond Inv 11.17 77 Hold 0.84 -1.09 -0.28 3.78 3.41 4.98 1.99 1.04 3.05 0.55BAIAX Brown Advisory Intermediate Income Adv 10.52 71 Buy 0.81 -0.53 -0.08 1.96 1.00 2.66 1.48 0.74 2.22 0.77BCOSX Baird Core Plus Bond Inv 11.59 78 Hold 1.09 -0.09 3.62 3.37 5.11 2.12 1.06 3.12 0.55BGNMX American Century Ginnie Mae Inv 10.88 62 Sell 1.02 0.01 0.77 3.25 1.54 3.25 1.32 0.71 2.43 0.55BIMSX Baird Intermediate Bond Inv 11.63 74 Buy 1.30 -0.44 0.39 2.49 2.51 3.96 1.45 0.74 2.26 0.55BJBGX Aberdeen Total Return Bond A 13.44 76 Sell 0.45 -1.34 -0.51 2.62 2.14 4.21 1.87 1.03 3.23 0.68BJBHX Aberdeen Global High Income A 9.79 89 Strong Buy 2.48 -0.17 1.57 -1.10 6.60 7.04 5.86 0.29 4.16 1.00BMBSX Baird Intermediate Muni Bd Inv 11.95 73 Hold 0.02 -0.65 -1.03 1.64 1.37 2.93 1.30 0.73 2.79 0.55BSBSX Baird Short-Term Bond Investor 9.71 72 Buy 0.84 0.01 0.55 1.12 1.01 0.22 0.83 0.55BTTRX American Century Zero Coupon 2025 Inv 93.75 77 Sell 0.98 -2.35 -1.50 8.21 3.19 8.35 1.90 2.88 9.19 0.55BTTTX American Century Zero Coupon 2020 Inv 100.97 74 Sell 1.97 -0.51 0.65 4.57 1.71 6.28 1.18 1.66 5.16 0.55CFBNX Commerce Bond 20.30 76 Hold 0.95 -0.89 -0.02 3.31 3.39 4.89 2.50 0.86 2.61 0.70CFNLX Commerce Natl Tax Free Interm Bd 19.45 70 Buy 0.48 -0.74 -0.54 2.53 1.93 4.32 1.48 0.94 3.59 0.67CFSTX Commerce Shrt-Term Government Instl 17.50 70 Buy 0.57 -0.21 0.27 0.74 0.91 1.52 0.52 0.32 1.07 0.68CHTBX ASTON/TCH Fixed Income N 10.80 76 Buy 1.28 -0.46 0.26 2.96 3.93 5.40 2.16 0.99 3.37 0.94CPTNX American Century Government Bond Inv 11.22 60 Sell 0.68 -0.64 -0.02 3.09 1.14 2.86 1.16 0.84 2.48 0.47DLENX DoubleLine Emerging Markets Fixed Inc N 10.48 80 Buy 3.11 1.84 4.14 3.33 4.27 6.80 5.03 0.72 5.56 1.17DLFNX DoubleLine Core Fixed Income N 11.05 80 Strong Buy 1.72 -0.54 0.72 4.40 3.71 3.37 0.98 3.00 0.73DLSNX DoubleLine Low Duration Bond N 10.16 73 Strong Buy 1.08 0.37 0.92 1.64 1.82 1.89 0.13 0.72 0.72DLTNX DoubleLine Total Return Bond N 10.99 86 Buy 1.42 -0.32 0.65 4.25 4.15 7.37 3.49 0.78 2.56 0.73DSTIX Dreyfus Short Term Income D 10.55 71 Buy 0.90 -0.03 0.57 0.47 1.39 2.00 1.03 0.24 1.09 0.65EXCPX Manning & Napier Core Plus Bond S 10.63 80 Sell 1.41 -0.37 0.74 1.29 3.25 5.32 2.73 0.82 3.06 0.75FOINX Tributary Income Instl 10.41 75 Buy 0.88 -0.91 -0.11 3.45 3.01 4.28 2.35 0.89 2.61 0.81FOSIX Tributary Shrt Interm Bond Instl 9.45 71 Buy 0.86 0.04 0.62 1.13 1.71 2.26 1.35 0.30 1.13 0.79HOSBX Homestead Short-Term Bond 5.23 72 Buy 0.50 -0.07 0.16 0.99 2.08 2.56 0.01 0.19 0.86 0.73HOSGX Homestead Short-Term Government 5.21 70 Buy 0.56 -0.11 0.25 1.00 0.67 1.15 0.01 0.32 1.02 0.71HYFIX Harbor High-Yield Bond Inv 10.61 88 Strong Buy 4.37 0.47 2.57 2.52 5.66 7.04 4.34 0.55 4.33 1.01IOBZX ICON Bond S 9.45 77 Buy 1.44 -0.37 0.23 1.83 3.00 4.00 3.16 0.79 2.68 0.75LMWDX Western Asset Emerging Markets Debt FI 5.08 71 Sell 3.18 0.79 3.18 -1.62 1.18 4.59 1.27 8.24 1.20LSBRX Loomis Sayles Bond Retail 14.68 81 Sell 0.39 0.80 0.97 0.29 5.90 7.35 3.05 0.47 5.10 0.91LZHOX Lazard US Corporate Income Open 5.01 78 Buy 2.93 -0.19 1.19 3.09 5.75 7.34 3.61 0.51 3.74 0.85MAIBX BMO TCH Intermediate Income Y 10.58 74 Buy 1.23 -0.37 0.38 1.92 2.28 3.57 1.69 0.67 2.15 0.80MCIYX BMO TCH Corporate Income Y 12.82 80 Strong Buy 1.09 -1.22 -0.07 2.66 5.10 6.64 2.67 1.04 3.76 0.59MCYBX BMO TCH Core Plus Bond Y 11.77 77 Hold 1.22 -0.69 0.10 3.13 4.23 5.83 2.61 1.03 3.45 0.59MFDAX AMG GW&K Enhanced Core Bond Investor 10.22 77 Buy 1.00 -1.02 0.17 2.41 3.74 5.17 2.86 0.80 3.52 0.84MGFIX AMG Managers Bond Service 27.75 85 Buy 0.39 -0.60 -0.09 1.63 4.58 5.97 1.62 0.85 3.32 0.99MGIDX AMG Managers Intermediate Duration Govt 11.05 77 Hold 1.08 -0.13 0.46 4.03 2.59 3.80 1.15 0.66 2.24 0.89MGSDX AMG Managers Short Duration Government 9.69 70 Buy 0.46 0.23 0.35 0.71 0.66 0.88 1.77 0.01 0.47 0.80MITFX BMO Intermediate Tax-Free Y 11.28 76 Buy 0.46 -0.60 -0.65 3.88 2.99 4.45 1.58 0.84 3.10 0.55MNHYX Manning & Napier High Yield Bond S 10.32 78 Buy 3.58 1.08 2.56 1.47 6.74 8.36 5.01 0.41 4.28 1.11MSINX BMO Short-Term Income Y 9.37 71 Buy 0.65 0.00 0.53 0.70 1.20 2.12 0.93 0.22 0.83 0.60MTFYX BMO Short Tax-Free Y 10.21 73 Buy 0.34 -0.18 -0.18 1.86 0.86 0.55MUYSX BMO Ultra Short Tax-Free Y 10.09 70 Hold 0.02 0.03 -0.11 0.52 0.67 0.99 0.19 0.06 0.29 0.55NHFIX Northern High Yield Fixed Income 7.17 91 Buy 3.40 0.54 2.68 1.36 6.93 8.28 5.97 0.44 4.47 0.78NHYMX Northern High Yield Muni 8.84 79 Buy 1.02 -0.62 -0.25 6.66 4.62 6.13 3.42 1.13 4.36 0.80NMHYX Northern Multi-Manager Hi Yld Opp 10.26 79 Buy 3.72 1.01 2.22 1.82 6.89 7.90 5.49 0.50 4.93 0.90PAIUX PIMCO Short Asset Investment D 10.03 70 Buy 0.23 0.14 0.20 0.26 0.33 0.59PBDDX PIMCO Investment Grade Corp Bd D 10.65 94 Buy 2.11 -1.56 0.16 5.60 5.38 7.07 2.54 1.49 4.67 0.90PDCRX PIMCO Credit Absolute Return D 10.12 72 Buy 1.91 0.20 1.71 1.74 3.20 3.31 0.35 2.49 1.30PDVDX PIMCO Diversified Inc D 10.95 87 Hold 4.33 -0.08 2.65 2.51 4.41 6.60 4.47 1.14 5.05 1.15PEMDX PIMCO Emerging Markets Bond D 10.49 76 Hold 5.17 0.95 4.74 0.59 2.49 5.97 5.06 1.16 7.90 1.25PFIDX PIMCO Floating Income D 8.38 79 Strong Buy 3.47 1.11 3.23 -1.54 3.21 3.12 4.63 0.05 4.54 0.95PGNDX PIMCO GNMA D 11.41 60 Sell 0.93 -0.09 0.84 3.30 1.62 3.45 0.58 0.74 2.58 0.90PHSDX PIMCO High Yield Spectrum D 10.19 73 Buy 3.47 0.21 1.95 1.65 7.49 5.01 0.49 4.67 0.95PHYDX PIMCO High Yield D 9.28 90 Buy 3.40 0.12 1.41 3.04 6.40 7.75 4.11 0.60 4.26 0.90PHYSX PIA High Yield Investor 10.40 89 Strong Buy 4.02 0.99 3.36 2.14 6.99 5.89 0.28 3.72 0.98PLBDX PIMCO Emerging Local Bond D 8.09 58 Sell -1.30 -0.45 -1.81 -12.11 -4.33 0.97 4.67 1.45 11.41 1.35PLDDX PIMCO Low Duration D 10.04 80 Strong Buy 0.59 -0.34 0.18 0.30 1.30 2.16 1.09 0.43 1.77 0.75PMBDX PIMCO Municipal Bond D 9.69 78 Hold 0.33 -0.66 -0.58 4.34 3.67 5.04 1.87 1.25 4.67 0.75PMNDX PIMCO National Interm Muni Bond D 10.34 73 Hold -0.27 -0.81 -0.88 2.50 1.43 0.80PMZDX PIMCO Mortgage Opportunities D 11.16 78 Buy 1.56 0.23 0.87 3.52 2.36 1.00PONDX PIMCO Income D 12.45 93 Buy 2.82 0.20 2.28 4.95 9.35 10.64 3.49 0.61 4.00 0.77PRFIX Parnassus Fixed-Income 16.71 73 Buy 0.94 -0.74 0.02 2.56 1.27 2.97 1.57 0.92 2.80 0.68PRRDX PIMCO Real Return D 10.97 71 Sell 0.69 -1.57 -1.28 -0.54 -0.60 3.28 3.38 1.86 6.09 0.85

NTF INCOME FUNDS (continued)


Beta 3 Year

SD 3 Year



NTF INCOME FUNDS (continued)PSDDX PIMCO Short-Duration Muni Income D 8.47 69 Buy 0.17 -0.17 -0.38 0.47 0.49 0.62 0.27 0.16 0.69 0.58PSHDX PIMCO Short-Term D 9.81 73 Strong Buy 0.81 0.17 0.66 0.86 1.21 1.25 0.72 0.05 0.82 0.70PSRDX PIMCO Senior Floating Rate D 10.10 74 Buy 2.15 0.29 1.54 2.41 3.74 3.25 0.09 1.70 1.05PTMDX PIMCO Mortgage-Backed Securities D 10.55 75 Hold 0.99 -0.02 0.59 3.84 2.51 3.62 1.17 0.70 2.32 0.90PUBDX PIMCO Unconstrained Bond D 11.19 75 Sell 0.51 -0.18 0.22 1.01 1.51 2.03 1.93 0.43 2.26 1.30PXMDX PIMCO Tax Managed Real Return D 9.98 66 Hold -0.04 -0.10 -1.27 -3.37 -1.34 1.16 0.30 0.69 3.66 0.85PYMDX PIMCO High Yield Municipal Bond D 8.66 76 Buy 1.62 -0.33 0.03 6.54 4.78 5.97 3.36 1.35 5.31 0.85SBBVX Schroder Total Return Fixed Income Adv 10.17 74 Buy 0.72 -0.23 2.55 2.54 4.10 2.59 1.05 3.18 0.65SCCYX Scout Core Bond Y 11.51 71 Buy 0.62 -0.66 0.20 1.01 1.45 1.26 0.51 1.77 0.79SCPYX Scout Core Plus Bond Y 32.54 71 Buy 1.16 0.18 0.88 1.75 2.40 4.88 1.36 0.49 1.97 0.78SHYPX American Beacon SiM High Yld Opps Inv 9.83 88 Strong Buy 3.76 0.87 2.38 3.34 8.87 4.82 0.44 4.71 1.11SIMBX Wells Fargo Advantage Interm T/AmtF Inv 11.56 76 Sell -0.10 -0.76 -0.83 2.83 2.76 4.40 1.25 0.84 3.11 0.73SMUAX Wells Fargo Advantage Ult S/T Mun In Inv 4.82 69 Sell -0.13 0.02 -0.15 0.01 0.22 0.67 0.01 0.27 0.70SSTBX Wells Fargo Advantage Short-Term Bd Inv 8.81 70 Buy 0.94 0.10 0.75 1.14 1.34 1.80 1.17 0.19 0.69 0.79STADX Wells Fargo Advantage Ultra S/T Inc Inv 8.49 74 Buy 0.26 0.06 0.18 0.01 0.55 0.96 0.97 0.03 0.35 0.73STHBX Wells Fargo Advantage S/T Hi-Yld Bd Inv 8.16 74 Buy 2.50 0.26 1.53 1.96 3.20 4.28 2.66 0.24 1.86 0.84STHYX Wells Fargo Advantage High Income Inv 6.97 82 Hold 2.48 0.29 1.10 -1.05 4.79 7.20 4.54 0.55 4.46 0.93STSMX Wells Fargo Advantage S/T Muni Bd Inv 9.97 69 Buy 0.00 -0.02 -0.28 0.55 1.09 1.84 0.41 0.11 0.56 0.63STVSX Wells Fargo Advantage Government Sec Inv 11.28 65 Hold 0.72 -0.72 -0.08 3.29 1.45 2.94 0.99 0.88 2.59 0.89SUBYX Scout Unconstrained Bond Y 11.35 63 Sell 1.20 2.07 2.21 -2.04 1.60 -0.52 4.84 0.78SXFIX Wells Fargo Advantage Municipal Bond Inv 10.35 81 Buy 0.02 -0.62 -0.73 4.24 4.39 5.81 2.04 1.02 3.84 0.79TFCVX Third Avenue Focused Credit Investor 9.46 67 Hold -0.70 1.61 2.14 -14.11 5.69 6.00 7.72 -0.02 7.45 1.13TGFNX TCW Core Fixed-Income N 11.23 80 Sell 0.50 -0.86 -0.32 2.92 2.58 4.43 1.15 0.89 2.62 0.80TGINX TCW Emerging Markets Income N 10.40 76 Hold 1.66 0.70 2.42 -2.04 2.75 6.65 7.28 0.93 7.29 1.13TGMNX TCW Total Return Bond N 10.67 83 Hold 0.84 -0.51 0.22 3.51 5.21 6.07 2.19 0.80 2.87 0.77TGWNX TCW Emerging Markets Local Ccy Inc N 9.00 60 Sell -1.05 -0.44 -2.17 -9.67 -2.55 5.87 1.44 9.79 0.99THOPX Thompson Bond 11.53 76 Strong Buy 1.94 0.61 1.32 0.34 3.55 4.22 3.67 0.34 2.23 0.72TSDOX Touchstone Ultra Short Dur F/I Z 9.36 70 Buy 0.32 0.11 0.20 0.43 0.83 1.11 0.77 0.05 0.31 0.69TWUSX American Century Short-Term Govt Inv 9.67 64 Hold 0.51 0.05 0.35 0.64 0.17 0.66 0.26 0.17 0.58 0.55USAIX USAA Income 13.20 77 Hold 1.02 -0.98 -0.07 3.08 3.60 4.87 2.82 0.92 2.80 0.59USATX USAA Tax Exempt Intermediate-Term 13.47 76 Hold 0.26 -0.60 -0.44 3.43 3.34 4.73 1.64 0.81 3.01 0.55USFIX USAA Flexible Income 9.58 73 Sell 1.38 0.83 0.60 -0.26 5.14 0.92USGNX USAA Government Securities 10.04 73 Hold 1.19 -0.29 0.63 3.18 1.49 2.85 2.55 0.62 1.92 0.47USHYX USAA High Income 8.51 84 Strong Buy 2.49 0.72 1.75 1.35 7.82 8.66 4.86 0.39 4.07 0.89USIBX USAA Intermediate-Term Bond 10.78 78 Buy 0.94 -0.76 0.16 2.78 4.86 6.35 3.16 0.81 2.86 0.68USSBX USAA Short-Term Bond 9.19 72 Buy 0.71 -0.06 0.54 1.11 1.94 2.45 1.49 0.28 1.06 0.63USSTX USAA Tax Exempt Short-Term 10.65 71 Buy 0.16 -0.14 -0.18 0.93 1.19 2.12 0.62 0.15 0.64 0.55USTEX USAA Tax Exempt Long-Term 13.64 76 Sell 0.36 -0.58 -0.63 4.57 4.01 5.60 2.26 1.14 4.29 0.54UUSTX USAA Ultra Short-Term Bond 10.10 72 Buy 0.78 0.12 0.53 1.14 1.59 1.25 0.11 0.52 0.58VMINX Invesco Municipal Income Investor 13.61 80 Hold 0.55 -0.73 -0.46 5.46 2.07 1.17 4.32 0.73WACIX Western Asset Core Plus Bond FI 11.70 72 Hold 1.42 -1.20 -0.13 4.36 3.93 5.45 2.17 1.02 3.07 0.80WAPIX Western Asset Core Bond FI 12.38 73 Hold 1.29 -1.16 0.00 3.99 3.25 5.05 1.68 1.00 2.96 0.80WARIX Western Asset Total Return Uncons FI 10.50 74 Hold 1.57 0.45 1.23 1.31 2.92 3.62 2.53 0.20 1.78 1.16WBBNX William Blair Bond N 10.76 75 Buy 1.42 -0.67 0.43 3.10 3.26 4.99 2.61 0.96 3.14 0.65WBLNX William Blair Low Duration N 9.34 73 Strong Buy 0.46 0.01 0.33 1.28 0.73 1.28 0.96 0.24 1.04 0.70WBRRX William Blair Income N 9.14 72 Buy 1.21 -0.17 0.71 2.34 1.93 3.42 1.80 0.65 2.18 0.84WIPNX Wells Fargo Advantage Income Plus Inv 12.33 80 Hold 1.21 -0.98 -0.15 3.95 3.05 4.68 1.50 1.09 3.18 0.86WSHNX Weitz Short-Intermediate Income Investor 12.47 71 Buy 0.62 -0.24 0.22 1.16 1.65 1.23 0.31 1.18 0.81

NTF INTERNATIONAL FUNDSAAEPX American Beacon Emerging Mkts Inv 11.03 74 Sell 7.82 3.19 7.26 -0.23 3.53 3.31 1.07 15.28 1.79AAIPX American Beacon Intl Equity Inv 20.36 72 Hold 11.46 2.81 9.04 1.57 13.99 10.19 1.02 13.43 1.05AEMGX Acadian Emerging Markets Instl 19.47 70 Sell 6.63 1.20 4.79 5.84 4.48 5.56 1.02 14.43 1.50AFJDX AllianzGI NFJ International Value D 22.91 70 Sell 7.66 3.43 5.82 -0.88 8.03 7.83 3.26 0.98 12.69 1.24AGBVX American Century Global Bond Inv 9.86 70 Hold 0.61 -1.30 -0.50 4.39 3.21 0.53 0.80 2.51 0.96AGLOX Ariel Global Equity Investor 14.58 83 Buy 6.04 1.04 5.04 8.52 15.34 0.71 9.81 1.29ALODX AllianzGI International Small-Cap D 37.38 67 Hold 16.16 1.69 11.55 7.00 15.03 13.63 0.85 12.13 1.45AMDWX Amana Developing World Investor 10.52 64 Sell -1.03 0.10 -0.94 -2.40 0.54 0.93 0.56 0.67 10.03 1.54ANUDX AllianzGI NFJ Global Dividend Val D 20.54 76 Hold 3.44 2.24 2.47 1.82 10.37 9.86 3.25 0.87 11.71 1.28AOTDX AllianzGI Emerging Markets Opps D 27.88 67 Hold 8.23 0.36 5.37 10.05 5.99 6.66 0.93 13.17 1.67BAHAX Brown Advisory WMC Strat Eurp Eq Adv 10.53 64 Sell 9.92 2.23 7.23 1.99 1.65BEGBX American Century International Bd Inv 12.68 41 Sell -3.28 1.20 -0.86 -9.84 -3.14 0.94 0.31 0.72 5.48 0.80BEXFX Baron Emerging Markets Retail 12.27 74 Hold 3.02 -1.13 2.85 4.51 10.02 0.83 12.18 1.50BUFIX Buffalo International 12.32 72 Hold 7.78 1.40 5.93 4.87 11.15 9.82 0.79 10.81 1.07CAMIX Cambiar International Equity Inv 26.39 67 Hold 14.69 3.65 10.74 6.99 13.38 12.00 0.93 12.43 1.20


Beta 3 Year

SD 3 Year


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


NTF INTERNATIONAL FUNDS (continued)CRMIX CRM International Opportunity Inv 13.82 62 Hold 11.72 4.46 8.90 2.34 7.00 7.17 0.91 12.00 1.50DGSNX AllianzGI Global Small-Cap D 44.90 66 Sell 8.38 -0.44 6.45 10.27 17.34 17.54 0.70 11.75 1.61DOMIX Domini International Social Equity Inv 8.19 70 Hold 11.13 1.87 6.92 6.06 16.51 12.08 0.97 12.76 1.60EGINX Invesco European Growth Investor 38.22 66 Hold 10.46 5.12 8.46 0.31 12.74 12.81 0.90 11.94 1.31EMBOX Lazard Emerging Markets Equity Blnd Open 10.57 61 Sell 5.81 2.42 6.23 -2.18 -0.16 1.06 15.58 1.60EMMOX Lazard Emerging Markets Multi Asset Open 8.87 61 Hold 3.14 1.14 3.62 -3.04 -0.55 0.75 10.80 1.60EXITX Manning & Napier International S 8.67 69 Sell 7.04 0.81 4.71 -1.68 10.30 8.40 0.95 12.61 1.10EXWAX Manning & Napier World Opportunities A 7.98 63 Sell 8.87 3.64 6.68 -4.41 8.53 6.49 1.02 13.51 1.07FMIJX FMI International 30.44 81 Hold 9.42 0.10 5.18 11.91 16.05 0.46 7.40 1.00GLFOX Lazard Global Listed Infrastructure Open 14.89 95 Buy 8.73 -0.87 2.89 18.40 22.76 16.18 0.49 8.09 1.29GOBFX Legg Mason BW Global Opportunities Bd FI 10.73 70 Sell -0.79 -1.74 -1.96 -1.86 2.75 6.01 2.18 1.19 6.50 1.00HIGGX Madison Hansberger International Gr Y 17.59 68 Hold 14.30 2.63 10.91 5.46 9.43 7.48 1.01 13.23 1.16HIIGX Harbor International Growth Inv 13.46 66 Hold 10.60 0.00 8.03 3.20 8.47 8.51 0.96 12.79 1.22HIINX Harbor International Investor 72.28 71 Hold 12.64 3.45 10.62 1.96 10.30 10.22 0.96 12.59 1.10HISIX Homestead International Value 7.87 68 Hold 9.76 2.88 8.55 -2.64 11.51 7.42 1.10 14.62 0.97HJPNX Hennessy Japan Investor 23.52 70 Hold 12.00 -0.59 7.50 21.74 16.85 14.69 0.06 0.58 11.35 1.70ICARX ICON Emerging Markets S 14.50 82 Hold 8.78 -0.89 4.32 10.10 7.14 6.10 1.65 0.76 11.17 1.88LDMOX Lazard Developing Markets Equity Open 10.99 58 Hold 5.37 2.81 8.49 -3.56 -2.09 0.86 1.11 16.50 1.49LGFEX QS Batterymarch Intl Eq FI 16.00 67 Hold 11.42 2.43 8.99 7.43 13.05 9.40 0.99 12.86 1.35LISOX Lazard International Strategic Eq Open 15.06 82 Hold 8.97 1.28 7.57 4.03 15.13 13.18 0.94 12.65 1.09LSGLX Loomis Sayles Global Bond Retail 15.28 66 Sell -1.23 0.00 -0.91 -5.08 -0.22 2.94 1.40 0.84 4.29 0.98LWOFX Legg Mason BW International Opps Bd FI 11.35 72 Sell -1.05 -1.48 -1.65 -4.39 2.81 2.13 1.06 7.13 1.00LZIOX Lazard International Equity Open 18.99 67 Hold 11.25 2.37 9.39 5.05 13.19 11.40 0.98 12.83 1.17LZSMX Lazard International Small Cap Eq Open 11.12 77 Hold 10.87 2.68 9.02 5.39 15.33 13.20 0.85 11.87 1.43MACSX Matthews Asian Growth & Inc Investor 19.43 80 Sell 7.88 2.97 6.12 4.86 8.81 8.51 0.72 10.31 1.08MAFSX Matthews Asia Focus Investor 10.52 71 Buy 5.09 -0.19 3.14 5.86 1.57MAKOX Matthews Korea Investor 6.57 65 Hold 16.28 3.96 10.79 14.28 13.50 13.08 0.84 14.42 1.11MCDFX Matthews China Dividend Investor 16.42 77 Hold 22.81 7.88 21.99 32.03 16.45 13.67 0.77 13.44 1.19MCHFX Matthews China Investor 26.24 79 Hold 22.27 4.83 18.63 32.93 8.95 6.91 0.83 15.61 1.11MGGBX AMG Managers Global Income Opportunity 19.71 69 Hold 0.15 1.23 0.66 -2.88 2.20 4.36 2.52 0.71 4.89 0.89MGLBX Marsico Global 13.76 92 Strong Buy 6.25 -0.43 4.72 14.04 16.50 16.19 0.71 11.92 1.60MINDX Matthews India Investor 27.29 93 Buy 3.14 -10.20 -4.25 46.45 22.66 10.43 0.97 23.22 1.12MIOFX Marsico International Opportunities 16.51 60 Hold 8.91 0.92 8.69 12.54 10.51 9.76 0.87 12.72 1.60MJFOX Matthews Japan Investor 18.65 64 Hold 18.79 -1.79 12.96 21.80 17.54 12.64 0.65 14.22 1.03MNEMX Manning & Napier Emerging Markets S 9.30 61 Sell 0.65 -1.69 3.33 -9.28 1.73 0.99 14.41 1.15MNGSX Manning & Napier Global Fixed Income S 9.61 71 Sell -0.51 0.42 0.32 -4.56 1.96 0.85MPACX Matthews Asia Growth Investor 22.36 63 Hold 5.97 -3.54 4.34 11.28 11.51 10.44 0.72 11.65 1.11MSMLX Matthews Asia Small Companies Inv 22.87 80 Buy 6.57 0.84 6.32 14.16 12.24 11.30 0.65 11.34 1.47NMIEX Northern Multi-Manager Intl Equity 11.05 70 Sell 9.62 2.70 7.91 2.32 9.94 7.38 0.96 12.23 1.29NMMEX Northern Multi-Manager Emerging Mkt Eq 19.45 72 Sell 7.76 1.73 5.82 1.93 4.12 5.74 1.00 13.92 1.33NOIGX Northern International Equity 9.94 74 Hold 10.94 2.47 9.11 -0.11 12.90 9.45 1.09 14.04 1.06OBIOX Oberweis International Opportunities 20.86 73 Hold 12.39 1.96 10.96 7.86 25.55 21.35 0.93 14.37 1.60PEFDX PIMCO EM Fdmtl IndexPLUS AR Strat D 10.14 77 Sell 7.30 2.63 5.63 3.02 0.19 1.18 17.16 1.59PEQDX PIMCO EqS® Emerging Markets D 8.90 62 Hold 5.70 -0.56 4.95 4.83 2.94 1.48 0.96 13.62 1.61PGBDX PIMCO Global Bond (Unhedged) D 9.07 66 Sell -1.61 -0.74 -1.42 -4.57 -0.32 3.76 0.76 1.06 4.66 0.95PGSDX PIMCO Global Advantage Strategy Bd D 10.44 53 Sell -1.08 -0.19 -0.34 -6.94 -0.73 2.66 1.46 0.88 5.36 1.10PIPDX PIMCO Intl StksPLUS® AR Strat (USD-Hg) D 8.06 72 Hold 12.30 -0.98 7.59 17.50 19.39 13.68 0.10 0.72 10.19 1.15PLVDX PIMCO EMG Intl LowVol RAFI®-PLUS AR D 10.32 80 Hold 6.61 2.28 3.20 3.52 1.40PLVRX PIMCO Intl LwVol RAFI®-PLUS AR D 10.57 76 Buy 8.97 1.44 5.70 4.60 0.30 1.17PNIDX AllianzGI Intl Managed Volatility D 14.95 75 Hold 8.25 1.01 3.89 4.89 10.22 8.53 0.69 10.00 0.96PPUDX PIMCO Intl StkPLUS® AR Stra (Unhdgd) D 6.71 67 Hold 10.06 1.82 7.42 1.93 14.00 12.67 1.08 14.13 1.04PQDDX PIMCO EqS® Dividend D 7.78 74 Buy 7.97 3.38 7.22 8.64 13.10 1.70 0.63 9.28 1.19PTHDX PIMCO EqS Pathfinder D 10.00 86 Buy 9.53 2.88 7.18 6.65 11.27 8.58 0.81 0.70 9.68 1.24QFVOX Pear Tree Polaris Foreign Value Ord 19.57 80 Hold 11.13 1.66 6.59 0.51 15.54 12.92 0.94 12.88 1.54QUSOX Pear Tree Polaris Fgn Val Sm Cap Ord 14.04 91 Buy 10.20 2.33 7.92 6.66 18.47 12.26 0.71 10.07 1.58RISCX Royce European Smaller-Companies Svc 11.76 71 Buy 13.84 5.95 12.00 -8.46 8.73 10.37 1.03 14.93 1.69RIVFX Royce Global Value Svc 13.70 70 Sell 8.30 2.70 6.95 -2.84 3.81 6.43 0.94 13.29 1.69SASPX Wells Fargo Advantage Asia Pacific Inv 13.14 66 Hold 11.93 1.70 10.89 19.95 13.56 10.89 0.78 11.26 1.65SCVEX Schroder International Alpha Adv 12.32 66 Hold 10.39 2.84 7.88 3.73 11.43 9.79 0.94 12.30 1.23SEMVX Schroder Emerging Market Equity Adv 13.56 67 Sell 7.53 0.89 5.03 3.75 3.17 4.48 0.99 13.87 1.49SIDVX Schroder International Multi-Cap Val Adv 9.57 78 Hold 9.64 3.46 7.07 0.66 11.49 9.77 0.99 12.68 1.30TIVFX Tocqueville International Value 15.40 80 Hold 14.16 1.99 9.76 5.31 14.39 10.94 0.87 11.79 1.25TVFVX Third Avenue Value Investor 58.84 78 Buy 3.70 2.29 2.53 6.39 13.80 9.14 0.77 10.59 1.32TVIVX Third Avenue International Value Inv 17.26 60 Hold 4.67 5.12 5.50 -7.96 7.48 5.89 0.96 13.43 1.65


Beta 3 Year

SD 3 Year



TWEMX Thomas White Emerging Markets Investor 11.32 58 Sell 6.59 0.18 3.19 1.78 1.92 1.01 14.22 1.29TWGGX American Century Global Growth Inv 12.26 70 Hold 6.23 0.74 5.07 9.93 13.76 13.46 0.73 10.83 1.08TWIEX American Century International Gr Inv 13.06 79 Sell 8.86 1.95 7.61 3.39 12.79 11.35 0.94 12.48 1.18TWMIX American Century Emerging Markets Inv 9.51 67 Hold 10.53 0.74 7.54 10.02 6.39 6.49 1.04 14.57 1.45TWWDX Thomas White International Investor 17.38 57 Sell 8.22 1.70 6.11 -1.62 7.10 7.29 0.96 12.44 1.24UCEQX USAA Cornerstone Equity 13.71 78 Hold 6.44 1.86 4.98 7.98 0.10UGMVX USAA Global Managed Volatility 9.51 75 Hold 6.02 1.71 4.97 3.14 0.59 7.86 1.07UMBWX Scout International 35.45 69 Sell 8.78 1.93 7.39 3.76 9.61 8.99 1.08 0.86 11.36 1.01USAWX USAA World Growth 28.96 82 Buy 5.96 1.40 4.85 8.10 16.41 14.54 0.77 10.97 1.19USCGX USAA Capital Growth 10.26 83 Buy 7.43 1.48 5.88 16.51 18.21 13.78 0.76 10.60 1.28USEMX USAA Emerging Markets 16.82 65 Sell 5.26 2.00 5.45 -2.77 0.88 0.88 1.05 15.25 1.50USIFX USAA International 31.30 70 Hold 11.47 2.56 8.45 4.63 12.23 10.99 0.95 12.55 1.16WAESX Wasatch Emerging Markets Select Investor 10.09 65 Sell -1.08 -3.72 -2.23 2.48 1.69WAGOX Wasatch Global Opportunities 3.80 75 Strong Buy 2.43 -3.31 0.26 9.16 13.05 12.52 0.66 10.79 1.78WAGTX Wasatch World Innovators 21.39 77 Strong Buy 6.05 1.23 8.25 4.72 13.21 15.55 0.66 11.05 1.73WAIGX Wasatch International Growth 28.40 59 Sell 8.27 -0.39 7.05 1.55 12.57 14.67 0.85 12.17 1.46WELNX William Blair Emerging Mkts Ldrs N 9.54 70 Hold 5.30 -1.14 3.47 5.38 4.62 6.01 0.92 13.40 1.65WGGNX William Blair Global Leaders N 12.65 72 Buy 6.84 -0.55 5.95 11.34 11.90 13.57 0.72 10.35 1.50WIENX William Blair International Equity N 15.18 72 Hold 10.32 1.27 7.05 6.17 11.92 9.51 0.87 11.43 1.38WIEVX Wells Fargo Advantage Divers Intl Inv 12.83 71 Hold 11.57 2.80 9.75 6.80 13.28 10.80 0.94 12.12 1.46WILNX William Blair International Ldrs N 13.46 67 Hold 9.88 -0.15 7.68 7.88 1.45WLCTX Wilshire International Equity Invmt 9.88 60 Hold 9.05 1.54 7.63 2.62 8.43 8.71 0.82 11.25 1.50

NTF INTERNATIONAL FUNDS (continued)

Fund Spotlight: USAA World Growth Fund (USAWX)Central banks around the world continue to engage in various quantitative easing and li-quidity injection programs, with China the lat-est to cut interest rates. Year to date, over 20 central banks have cut interest rates or taken actions that could be described as monetary easing. The most important was the Euro-pean Central Bank. In January, it launched a quantitative easing program designed to end the continent’s long bout of deflation. Long-term economic effects cannot be evaluated after only a few months, but equity and bond markets responded. European equities mea-sured in local currencies are up strongly, with the German market experiencing a better than 30 percent advance from low to high in 2015. In Japan, the Bank of Japan continues long-standing quantitative easing programs and sporadically increases them, sending the yen lower and Japanese stocks higher. As a result of these expansionary monetary policies, continued equities appreciation in domestic and overseas markets is likely to take advantage of these opportunities. Inves-tors should take a second look at funds like the USAA World Growth Fund (USAWX). Al-

though USAA is unique in that it specifically markets its products to members of the armed forces, veterans and their families, anyone can buy their mutual funds. The company’s asset management division, with over $100 billion under supervision, oversees 46 funds. Some of these funds are managed in-house while others use a series of sub-advisors, including well-known firms like Wellington and MFS. David Mannheim and Roger Morley of MFS have advised USAA World Growth Fund since 2002. Under their guidance, USAWX seeks capital appreciation via common stock issued by domestic and foreign companies, in-cluding those in emerging markets. A five-star Morningstar rated fund, USAWX may also in-vest in depository receipts, preferred stock and convertible securities. By providing exposure to global markets, USAWX can help diversify a well-balanced domestic portfolio.

INVESTMENT STRATEGYFund managers use a bottom-up investment approach to buying and selling stocks for the portfolio. Quantitative models evaluate several factors, such as the issuer’s price and earnings momentum, cash flow, balance sheet, and market position. The managers then se-lect securities issued by well-established,

high-quality companies that they believe offer the best earnings growth potential and are un-dervalued in relationship to their peers. The team typically maintains long-term positions and adds during pullbacks when warranted. The result is a portfolio of 80 to 100 stocks whose country and sector weightings do not always align with the underlying MSCI World Index benchmark. This quality-oriented in-vestment strategy has delivered strong long-term risk adjusted returns while the portfolio has been less volatile than the average world stock fund and index over time.

PORTFOLIO COMPOSITIONAs a world large growth category fund, USAWX is primarily invested in stock issued by large market capitalization companies, which account for 94 percent of the portfo-lio’s assets. The fund has less than 5 percent exposure to mid-cap companies and no expo-sure to small-cap stocks. As of March 2015, the fund holds 3.6 percent of assets in cash or cash equivalents. As a result, USAWX is overweight large-cap stocks and underweight mid-cap stocks compared with the benchmark MSCI World Index, although the fund has an average market cap weighting of $45 billion compared with the benchmark’s $50 billion.



Beta 3 Year

SD 3 Year


is up 1.79 percent in 2015. Thompson Bond (THOPX) is betting on rising rates in 2015, which is why the fund ad-vanced 0.52 percent. In contrast, DoubleLine Core Fixed Income (DLFNX) is aiming for a flattening of the yield curve, so it slumped 0.36 percent, which is still a good return considering the rise in rates. Vanguard Short-term Investment Grade (VFSTX) delivered a small gain of 0.06 percent because short-term yields did not increase. The NTF Global Portfolio fell 0.58 percent last month and is up 6.02 percent for the year. Vanguard European Stock (VGK) increased 2.99 percent thanks to the stron-ger euro, which offset declining equity prices. The weaker U.S. dollar weighed on Vanguard Global Minimum Vola-tility (VMVFX) because it is currency hedged; it lost 1.52 percent. Wastach World Innovators (WAGTX) was the second best performer in the portfolio, up 1.18 percent. The NTF Absolute Return/Down Market Portfolio increased 0.34 percent last month; the portfolio is down 0.73 percent for the year. Vanguard Utilities (VPU) fell 1.76 percent due to rising interest rates. Tocqueville Gold (TGLDX) salvaged the portfolio with a 4.07 percent rally as gold prices firmed. Thompson Bond (THOPX) chipped in to the gain with its 0.52 percent return.

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


Though the majority of holdings fall into the growth category, fund manag-ers hold a 10 percent value position. The portfolio has a P/E ratio of 18.98 and a price-to-book ratio of 2.81.The portfolio is overweight the basic material, consumer cyclical, consumer defensive and industrial sectors, while underweight energy, financial ser-vices and technology. The fund has a domestic allocation of 52.25 percent and a 44.71 percent foreign exposure to Greater Europe and Asia, primarily concentrated in the United Kingdom, France and Germany as well as other developed European countries. Asian exposure is primarily in Japan. Al-though many of the fund’s holdings are headquartered in the developed world, a significant portion of its prof-its is generated in emerging markets. The top 10 holdings account for 24.9 percent of assets. In descending order, the largest holdings are Walt Disney, Time Warner, Nestlé, Honeywell and Thermo Fischer Scientific. Shares of Reckitt Benckiser Group, Linde AG, Bayer AG, and State Street and Visa Class A shares complete the top 10. While the average world stock fund has a portfolio turnover of 50 percent, USAWX is significantly lower at 13 percent.

HISTORICAL PERFOR-MANCE AND RISKThe fund has generated good returns over the past year as consumer cy-clical and healthcare picks, including Disney, Time Warner and Medtronic, have performed well. The portfo-lio of prominent international blue chip companies has relatively high metrics, such as return on assets and equity. As of the end of early May 2015, USAWX has posted trailing 1-, 3-, 5-year total annualized returns of 7.07 percent, 15.42 percent and 13.14 percent, respectively, which compare

with the benchmark average returns of 1.71 percent, 9.27 percent and 6.93 percent, respectively, over the same periods. A dividend yield of 1.9 per-cent compares with the benchmark yield of 2.61 percent. The 3-year beta and standard deviation of 0.77 and 10.97 are in line with the category av-erage ratings of 0.77 and 10.99, result-ing in a Morningstar below average risk rating. USAWX has seen positive returns in 17 of the 22 years since its inception. The fund has an above av-erage return rating from Morningstar.

EXPENSES, FEES AND DISTRIBUTIONThe fund’s 1.19 percent expense ratio places it slightly above the category average of 1.18 percent. A positive contributing factor to the expense ratio is the modest costs associated with the fund’s low portfolio turnover. This no-load fund has an initial investment minimum of $3,000 with a subsequent investment minimum of $50.

OUTLOOKFund managers believe the current global expansion is unsynchronized across regions and dependent on mon-etary and fiscal stimuli. They also see the equity market as being fair-to-fully valued and facing higher volatility in the future when interest rates rise in the U.S. and quantitative easing pro-grams are reduced overseas. As a re-sult, managers continue to believe that a well-balanced portfolio of high qual-ity companies is strongly positioned to outperform the overall market as var-ious stages of the business cycle play out in different regions of the world. The fund has a Morningstar Analyst Rating of Silver and is a solid global blue-chip investment vehicle for long-term investors looking for an actively managed option. Currently, we have a Buy recommendation on the fund with a ranking of 82.

Fund Spotlight: USAA World Growth Fund (USAWX) (continued) Portfolio Updates (continued)

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

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MDS Wealth Advisors: A New Private Service from Matthew Sauer

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