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Market Perspective: Market Correction Is No Cause For AlarmVolatility dominated the first trading sessions of 2016. The S&P 500 Total Return Index climbed 1.38 percent in 2015, while the Dow Jones Industrial Average eked out a marginal 0.21 percent rise, including dividends. The Nasdaq closed the year up 6.97 percent by harnessing gains in FANG stocks Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Google (GOOG), all of which had nearly doubled in value by the end of 2015.

Energy and commodities clearly dragged on last year’s market, though small- and mid-caps struggled as well. The Russell 2000 Index fell 4.41 percent, and most hits to the portfolios were attributable to small-cap frailty. The NTF Aggressive Growth Portfolio, loaded with large-cap growth funds, gained 2.27 percent due to healthcare sector exposure. We positioned the NTF Global Portfolio for U.S. dollar strength and it performed admirably, gaining 2.49 percent versus the MSCI EAFE Index 0.81 percent total return. The currency-hedged and globally invested Vanguard Global Minimum Volatility (VMVFX) finished with a 5.80 percent gain on the year, contributing mightily to the portfolio’s success.

Investors should be on the alert for continued selling as the year gets underway. While China’s stock market is not likely to impact the U.S. economy beyond specific subsectors, such as coal and aluminum, significant currency depreciation could eventually spell trouble for overseas markets.

In contrast to the negative outlook on China, the U.S. economy is quietly staying on track. December’s initial labor report indicated 292,000 new jobs and an upward revision of October and November jobs, pushing October’s new jobs figure over 300,000. Unemployment

held flat at 5 percent as optimism drove the previously discouraged to re-enter the labor force. In recent years, many simply stopped looking for work in a scarce job market. This led to artificially low unemployment figures as those not actively searching for work aren’t included in the government’s data. As these workers begin looking for work again, the unemployment figure could rise even if job growth accelerates.

Earnings season kicks off this month and analysts are forecasting a 5.3 percent decline in S&P 500 earnings, though actual earnings are likely to be marginally better. Energy is expected to report a 68 percent drop in earnings, followed by a 26 percent drop in materials. Technology is also forecast to decline 6.1 percent to pull S&P 500 earnings lower. Tech sector earnings growth will likely come down to Apple (AAPL), whose shares have fallen on reports of production cuts and layoffs at major Apple suppliers. Falling analyst estimates for AAPL make conditions ripe for an upside surprise.

A further pullback in early 2016 is not beyond the realm of possibility, given that no major corrections have occurred in over four years, though historical context is important. Stocks fell from their highs for three months going into October 1998 but fully rebounded less than two months later. Oil prices bottomed about a month later before setting out on a 10-year bull market. Any correction is likely to be brief and the best course of action is to stay the course, taking the opportunity to buy low if it presents itself.

There are a number of excellent values to be had in the market at the moment. While the ongoing volatility and recent sell-off have concerned many investors, moving from cash to equities will likely pay off over the coming year. If you have any questions pertaining to the reallocation of your portfolio, please call us at (844) 336-9878.

mutualfundinvestorguide.com

MUTUAL FUND Investor Guide

JANUARY 2016

Matthew D. SauerFounder & Chief Investment Officer

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

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

In ThIs Issue 1 Perspective

2 Portfolio Updates

3 Model Portfolios

5 Data & Rankings

15 Fund Spotlight: Vanguard High- Yield Corporate Investor Class Fund (VWEHX)

THE Investor Guide TO VANGUARD FUNDS

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

The Investor Guide To VANGUARD FUNDs

Model Portfolio UpdatesEquities were poised for a flat month until the opening of 2016. A sharp sell-off in equities, sparked by a tumble in the Chi-nese market, sent stocks to record-break-ing first-week lows. The MSCI EAFE Index was the best relative performer over the past month with a 5.56 percent drop. The S&P 500 Index declined 6.34 percent, while the Dow Jones Industrial Average sank 6.99 percent. The Nasdaq slid 7.96 percent and the Russell 2000 Index fell 8.95 percent. Year-to-date, the S&P 500 Index has experienced a 5.96 percent decline. The MSCI EAFE slid 6.15 percent and the Dow Jones Industrial Average lost 6.19 percent. The Nasdaq has retreated 7.26 percent and the Russell 2000 is down 7.90 percent.We will make one change to the port-folios this month. In the Vanguard Balanced Growth Portfolio, we sold Vanguard U.S. Value Fund (VUVLX) and added to our position in Vanguard Short-Term Corporate Bond Index Fund (VCSH). While we continue to recommend VUVLX for long-term in-vestors, it was prudent to add more bond exposure. VCSH is a conservative option that currently yields more than 2 percent.The Vanguard Aggressive Growth Portfolio fell 6.45 percent in the past month. Consumer Staples (VDC) led performance substantially, down a mild 1.73 percent. Health Care (VGHCX) held up well, declining only 4.14 percent. In-formation Technology (VGT) and Capi-tal Value (VCVLX) did not fare as well, down 8.93 percent and 9.17 percent, re-spectively, last month. Year-to-date, the portfolio is down 6.44 percent.The Vanguard Straight Growth Port-folio slid 6.44 percent in the past month; the portfolio is down 6.08 percent in 2016. For the third straight month, large-caps beat mid- and small-caps. Dividend Growth (VDIGX) led the portfolio again, but it lost 5.31 percent in a tough month for stocks. Mega Cap Value (MGV)

fell 5.41 percent. Small Cap Growth (VISGX) fell 7.73 percent and Explorer Value (VEVFX) sank 8.03 percent. The Vanguard Balanced Growth Port-folio decreased 4.34 percent last month and is down 4.38 percent in 2016. Short-Term Corporate Bond (VCSH) held up the best, sliding a small 0.04 percent in the past month. Dividend Appreciation (VIG) has performed well in down mar-kets and it held up well in the past month, losing only 4.94 percent. Wellesley In-come (VWINX) was aided by bond ex-posure, declining just 1.55 percent over the past month. The Vanguard Conservative Income Portfolio decreased 2.74 percent last month. Year-to-date, it has decreased 2.50 percent. Short Term Investment Grade (VFSTX) climbed 0.10 percent. Wellesley Income (VWINX) declined 1.55 percent and High-Yield Corporate (VWEHX) slid 1.58 percent. All deliv-ered good returns amid the market tur-moil.The NTF Aggressive Growth Portfo-lio slipped 6.21 percent last month. It is down 6.68 percent this year. Vanguard Health Care (VGHCX) led the portfolio with a 4.14 percent decline. PRIMECAP Odyssey Growth (POGRX) dropped 6.47 percent. ClearBridge Aggressive Growth (LMPFX) slid 7.26 percent.The NTF Straight Growth Portfolio fell 5.99 percent last month and is down 5.49 percent in 2016. Invesco Diversi-fied Dividend Investor (LCEIX) declined 4.44 percent over the past month, for the best return in the portfolio. It is also the best performer thus far in 2016. Vanguard Dividend Growth (VDIGX) fell 5.31 per-cent, a relatively good showing during a tough month. FAM Value (FAMVX) fell 7.05 percent in the past month, but it has done as well as the market in 2016, fall-ing 5.66 percent. The NTF Balanced Growth Portfolio decreased 2.68 percent last month and is down 2.34 percent this year. Vanguard Market Neutral (VMNFX) did its job

again and gained 0.51 percent in a down month for equities. In 2016, the fund is up 0.74 percent. Vanguard Equity Income (VEIPX) saw the worst return, down 5.13 percent, but still beat the S&P 500 Index by 1 percent. The NTF Conservative Income Port-folio slipped 2.20 percent in the past month; it is down 1.92 percent in 2016. Vanguard Short Term Investment Grade (VFSTX) was the best performer in the portfolio, rising 0.10 percent in the past month. Thompson Bond (THOPX) fell 1.43 percent in the past month as bond yields rose, but with investors turning more cautious to start 2016, the fund dipped only 0.28 percent. Vanguard Wel-lington (VWELX) fell 3.94 percent as the equity portfolio weighed on the fund. PIMCO Floating Income (PFODX) was hurt by the drop in higher-yielding bonds, falling 1.34 percent. The NTF Global Portfolio fell 4.78 percent last month and is down 4.37 percent this year. Vanguard Global Minimum Volatility (VMVFX) fell only 3.50 percent, aided by its currency hedging. Wasatch Global Opportunities (WAGOX) and Wasatch World Innova-tors (WAGTX) both traded in line with most major markets, falling 5.70 percent and 5.62 percent, respectively, in the past month. WAGOX dipped in the first week of 2016 though, falling 7.10 percent. PIMCO Diversified (PDVDX) gained 2.75 percent in the past month, but only 0.10 percent in 2016.The NTF Absolute Return/Down Mar-ket Portfolio decreased 1.34 percent last month; the portfolio is up 0.05 percent for the year. Tocqueville Gold (TGLDX) rallied 3.78 percent in the past month and 5.16 percent in 2016. While gold prices are still low, turmoil in the currency mar-ket has pushed resource-related curren-cies such as the South African rand and Canadian dollar to new lows. Vanguard Market Neutral (VMNFX) and Vanguard Short Term Investment Grade (VFSTX) also delivered positive results in the past month and year to date.

www.MutualFundInvestorGuide.com | JAnuARY 2016 3

Model Portfolios (Data provided as of 1/10/16)

Vanguard aggressiVe growthsYMBoL Fund Price shares allocation 1 Month Ytd ValueVGHCX Vanguard Health Care 208.15 157.17 31.25% -4.14% -5.54% $32,715.58VGT Vanguard Information Technology 100.42 230.44 22.10% -8.93% -7.27% $23,140.48VSTCX Vanguard Strategic Small-Cap Equity 26.91 518.23 13.32% -8.05% -7.14% $13,945.50VCVLX Vanguard Capital Value 9.97 849.37 8.09% -9.17% -8.70% $8,468.24VFH Vanguard Financials ETF 45.06 382.94 16.48% -7.00% -7.00% $17,255.30VDC Vanguard Consumer Staples ETF 124.99 73.30 8.75% -1.73% -3.16% $9,161.87

TOTAL -6.45% -6.44% $104,686.97

Vanguard BaLanced growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVEIPX Vanguard Equity Income 27.96 940.61 25.21% -5.13% -5.41% $26,299.40VIG Vanguard Dividend Appreciation 73.87 189.25 13.40% -4.94% -5.00% $13,980.17VDIGX Vanguard Dividend Growth 21.24 1281.63 26.09% -5.31% -5.31% $27,221.82VWINX Vanguard Wellesley Income 24.16 877.45 20.32% -1.55% -1.47% $21,199.14VCSH Vanguard ST Corp Bond 79.00 197.71 15.00% -0.04% 0.01% $15,619.33

TOTAL -4.34% -4.38% $104,319.87

Vanguard conserVatiVe incoMe PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.59 1464.60 15.26% 0.10% 0.28% $15,510.16VWEHX Vanguard High-Yield Corporate 5.52 4491.57 24.40% -1.58% -0.36% $24,793.49VEIPX Vanguard Equity Income 27.96 940.61 25.88% -5.13% -5.41% $26,299.40VWINX Vanguard Wellesley Income 24.16 870.53 20.70% -1.55% -1.47% $21,032.12VIG Vanguard Dividend Appreciation 73.87 189.25 13.76% -4.94% -5.00% $13,980.17

TOTAL -2.74% -2.50% $101,615.33

Vanguard straight growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVDIGX Vanguard Dividend Growth 21.24 1537.96 32.13% -5.31% -5.31% $32,666.19VASVX Vanguard Selected Value 24.18 793.01 18.86% -7.21% -6.46% $19,174.95VEVFX Vanguard Explorer Value 26.54 722.29 18.86% -8.03% -6.75% $19,169.57MGV Vanguard Mega Cap Value 55.66 378.34 20.71% -5.41% -5.71% $21,058.34VISGX Vanguard Small Cap Growth 31.64 303.38 9.44% -7.73% -7.43% $9,598.80

TOTAL -6.44% -6.08% $101,667.85

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 JAnuARY 2016 | PhOne: (888) 252-5372


ntF BaLanced growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.59 1237.77 12.66% 0.10% 0.28% $13,108.01VMNFX Vanguard Market Neutral 12.22 1317.59 15.55% 0.51% 0.74% $16,101.00SHYPX American Beacon SiM High Yld Opps Inv 8.71 1635.99 13.76% -2.46% -0.57% $14,249.50LCEIX Invesco Diversified Dividend Investor 16.82 1269.01 20.62% -4.44% -4.27% $21,344.73VEIPX Vanguard Equity Income 27.96 940.64 25.40% -5.13% -5.41% $26,300.28PFIDX PIMCO Floating Income 7.73 1607.29 12.00% -1.34% -0.77% $12,424.34

TOTAL -2.68% -2.34% $103,527.85

ntF aBsoLute return/down Market PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFH Vanguard Financials ETF 45.06 105.84 4.86% -7.00% -7.00% $4,769.09VMNFX Vanguard Market Neutral 12.22 2195.99 27.33% 0.51% 0.74% $26,834.99VFSTX Vanguard Short-term Investment Grade 10.59 1264.14 13.63% -0.08% 0.28% $13,387.24THOPX Thompson Bond 10.57 2258.84 24.31% -1.43% -0.28% $23,875.90TGLDX Tocqueville Gold 25.29 252.72 6.51% 3.78% 5.16% $6,391.21VSGBX Vanguard Short-Term Federal 10.74 951.97 10.41% 0.26% 0.28% $10,224.12PFIDX PIMCO Floating Income 7.73 1644.48 12.95% -1.34% -0.77% $12,711.84

TOTAL -0.50% 0.05% $98,194.39

ntF conserVatiVe incoMe PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVFSTX Vanguard Short-term Investment Grade 10.59 2475.54 25.54% 0.10% 0.28% $26,216.02PFIDX PIMCO Floating Income 7.73 1837.15 13.83% -1.34% -0.77% $14,201.18THOPX Thompson Bond 10.57 903.53 9.30% -1.43% -0.28% $9,550.36VWINX Vanguard Wellesley Income 24.16 652.90 15.36% -1.55% -1.47% $15,774.09VDIGX Vanguard Dividend Growth 21.24 757.05 15.66% -5.31% -5.31% $16,079.83VWELX Vanguard Wellington 35.42 588.48 20.30% -3.94% -3.72% $20,844.06

TOTAL -2.20% -1.92% $102,665.54

ntF straight growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueFAMVX FAM Value 56.66 460.96 25.34% -7.05% -5.66% $26,117.90VPMCX Vanguard PRIMECAP 93.37 209.39 18.97% -6.30% -6.35% $19,551.13LCEIX Invesco Diversified Dividend Investor 16.82 1586.26 25.89% -4.44% -4.27% $26,680.91VDIGX Vanguard Dividend Growth 21.24 769.00 15.85% -5.31% -5.31% $16,333.49VASVX Vanguard Selected Value 24.18 594.76 13.95% -7.21% -6.46% $14,381.21

TOTAL -5.99% -5.49% $103,064.65

ntF aggressiVe growth PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValuePOGRX PRIMECAP Odyssey Growth 25.35 1330.47 31.53% -6.47% -7.21% $33,727.42LMPFX ClearBridge Aggressive Growth FI 174.74 141.56 23.13% -7.26% -6.88% $24,735.58VGHCX Vanguard Health Care 208.15 125.74 24.47% -4.14% -5.54% $26,172.47VFH Vanguard Financials ETF 45.06 495.49 20.87% -7.00% -7.00% $22,326.76

TOTAL -6.21% -6.68% $106,962.23

ntF gLoBaL PortFoLiosYMBoL Fund Price shares allocation 1 Month Ytd ValueVGK Vanguard European Stock Index 46.75 270.86 12.51% -6.46% -6.28% $12,662.48VMVFX Vanguard Global Minimum Volatility 10.84 2623.91 28.11% -3.50% -4.07% $28,443.19WAGOX Wasatch Global Opportunities 3.14 3160.45 9.81% -5.70% -7.10% $9,923.81WAGTX Wasatch World Innovators 17.95 919.37 16.31% -5.62% -4.67% $16,502.60MGLBX Marsico Global 11.18 1232.22 13.61% -6.96% -6.68% $13,776.27PDVDX PIMCO Diversified 10.03 1981.68 19.64% -2.75% -0.10% $19,876.27

TOTAL -4.78% -4.37% $101,184.62


VANGUARD GROWTH FUNDSIVOG Vanguard S&P Mid-Cap 400 Growth ETF 92.78 66 Buy -6.21 -7.71 -7.16 -5.17 9.66 9.43 1.30 0.96 11.90 0.20IVOO Vanguard S&P Mid-Cap 400 ETF 87.78 70 Buy -6.45 -8.04 -8.82 -8.60 9.07 9.01 1.69 0.99 11.86 0.15IVOV Vanguard S&P Mid-Cap 400 Value ETF 82.98 68 Hold -6.14 -7.92 -10.03 -11.85 8.42 8.50 2.12 1.02 12.43 0.20MGC Vanguard Mega Cap ETF 66.51 80 Buy -5.86 -6.65 -3.49 -4.62 11.82 10.91 2.23 1.00 10.65 0.09MGK Vanguard Mega Cap Growth ETF 77.97 79 Buy -6.02 -7.97 -3.64 -2.67 12.84 11.87 1.58 1.05 11.54 0.09MGV Vanguard Mega Cap Value ETF 55.66 81 Strong Buy -5.71 -5.47 -3.47 -6.04 11.11 10.06 2.79 0.96 10.48 0.09NAESX Vanguard Small Cap Index Inv 49.32 67 Buy -7.00 -8.26 -9.40 -10.19 8.71 8.52 1.50 1.03 12.65 0.23VASVX Vanguard Selected Value Inv 24.18 83 Strong Buy -6.46 -7.81 -8.57 -9.64 9.98 9.41 1.92 0.98 11.28 0.39VB Vanguard Small-Cap ETF 102.98 69 Buy -6.93 -8.29 -9.37 -10.08 8.81 8.70 1.60 1.03 12.66 0.09VBK Vanguard Small-Cap Growth ETF 112.43 81 Strong Buy -7.42 -8.43 -9.07 -10.07 8.04 8.27 1.00 0.98 12.96 0.09VBR Vanguard Small-Cap Value ETF 92.18 71 Strong Buy -6.58 -8.21 -9.76 -10.21 9.26 8.84 2.13 1.06 12.82 0.09VCVLX Vanguard Capital Value Inv 9.97 68 Buy -8.70 -9.24 -12.54 -17.07 6.60 5.12 1.57 1.23 14.98 0.50VDAIX Vanguard Dividend Appreciation Idx Inv 29.56 82 Strong Buy -5.01 -5.58 -3.78 -7.24 8.84 9.36 2.27 0.99 10.82 0.20VDEQX Vanguard Diversified Equity Inv 27.83 76 Buy -6.77 -7.85 -5.94 -6.15 11.30 10.15 1.37 1.02 11.09 0.41VDIGX Vanguard Dividend Growth Inv 21.24 87 Strong Buy -5.26 -5.68 -3.35 -3.41 11.98 11.48 2.04 0.92 10.04 0.32VEIPX Vanguard Equity-Income Inv 27.96 88 Strong Buy -5.41 -5.37 -3.62 -4.89 10.69 11.51 3.11 0.94 10.27 0.26VEVFX Vanguard Explorer Value Inv 26.54 69 Strong Buy -6.75 -8.68 -8.44 -8.18 8.50 8.67 1.13 1.04 12.96 0.56VEXMX Vanguard Extended Market Idx Inv 59.04 67 Buy -7.18 -8.32 -9.02 -10.12 8.90 8.50 1.26 1.02 12.53 0.23VEXPX Vanguard Explorer Inv 74.32 60 Hold -7.61 -8.92 -9.13 -10.96 8.75 8.13 0.63 1.07 13.62 0.48VFINX Vanguard 500 Index Inv 177.35 80 Buy -5.91 -6.69 -4.04 -4.93 11.82 10.78 1.99 1.00 10.62 0.17VFTSX Vanguard FTSE Social Index Inv 12.35 80 Buy -6.51 -7.67 -4.61 -5.70 13.30 11.54 1.92 1.04 11.17 0.25VHCOX Vanguard Capital Opportunity Inv 47.86 89 Strong Buy -6.89 -6.76 -2.31 -4.69 16.62 12.09 0.85 0.95 11.60 0.45VHDYX Vanguard High Dividend Yield Index Inv 25.07 87 Strong Buy -5.22 -4.86 -3.45 -5.39 11.22 11.63 3.39 0.95 10.45 0.16VIG Vanguard Dividend Appreciation ETF 73.87 83 Strong Buy -5.00 -5.61 -3.78 -7.17 8.93 9.46 2.33 0.99 10.82 0.10VIGRX Vanguard Growth Index Inv 51.39 78 Buy -6.19 -7.93 -4.41 -3.38 12.40 11.31 1.21 1.03 11.29 0.23VIMSX Vanguard Mid Cap Index Inv 30.69 76 Buy -6.40 -7.39 -7.78 -7.93 11.29 9.78 1.34 0.97 10.94 0.23VIOG Vanguard S&P Small-Cap 600 Growth ETF 98.94 69 Buy -7.41 -9.02 -8.21 -4.12 11.00 10.80 1.22 0.98 13.44 0.20VIOO Vanguard S&P Small-Cap 600 ETF 92.15 69 Buy -7.06 -9.04 -8.92 -7.91 9.65 9.65 1.44 1.01 13.35 0.15VIOV Vanguard S&P Small-Cap 600 Value ETF 86.31 64 Buy -8.02 -8.98 -9.55 -11.60 8.09 8.61 1.63 1.04 13.60 0.20VISGX Vanguard Small Cap Growth Index Inv 31.64 78 Strong Buy -7.43 -8.34 -9.02 -10.10 7.90 8.12 0.87 0.98 12.95 0.23VISVX Vanguard Small Cap Value Index Inv 22.12 71 Strong Buy -6.63 -8.20 -9.76 -10.31 9.14 8.67 2.00 1.06 12.83 0.23VIVAX Vanguard Value Index Inv 29.98 81 Buy -5.78 -5.69 -4.22 -6.98 11.00 9.93 2.50 0.97 10.50 0.23VLACX Vanguard Large Cap Index Inv 35.53 79 Buy -5.96 -6.73 -4.28 -5.28 11.65 10.61 1.93 1.00 10.59 0.23VMGIX Vanguard Mid-Cap Growth Index Inv 36.73 81 Strong Buy -6.35 -7.78 -7.52 -7.73 10.46 8.96 0.67 0.96 11.39 0.23VMGRX Vanguard Mid Cap Growth Inv 20.81 77 Strong Buy -7.31 -8.62 -8.21 -7.15 10.46 9.77 0.54 0.98 11.67 0.43VMNFX Vanguard Market Neutral Inv 12.22 92 Strong Buy 0.83 -0.07 3.66 5.18 6.22 5.18 0.47 4.56 0.25VMRGX Vanguard Morgan™ Growth Inv 23.32 87 Strong Buy -6.42 -7.95 -3.61 -0.77 13.48 10.56 0.93 1.00 11.18 0.40VMVIX Vanguard Mid-Cap Value Index Inv 31.68 78 Buy -6.44 -7.06 -8.05 -8.27 11.95 10.49 1.94 0.97 10.85 0.23VO Vanguard Mid-Cap ETF 112.42 77 Buy -6.44 -7.45 -7.79 -7.87 11.42 9.92 1.45 0.97 10.93 0.09VOE Vanguard Mid-Cap Value ETF 80.36 78 Buy -6.42 -7.13 -8.07 -8.20 12.08 10.61 2.05 0.98 10.85 0.09VONE Vanguard Russell 1000 ETF 87.99 80 Buy -6.02 -6.80 -4.67 -5.44 11.72 10.62 2.08 1.00 10.63 0.12VONG Vanguard Russell 1000 Growth ETF 95.84 81 Strong Buy -6.04 -7.45 -3.09 -1.15 13.43 11.65 1.58 1.00 10.85 0.12VONV Vanguard Russell 1000 Value ETF 80.53 79 Buy -5.99 -6.20 -6.17 -9.70 9.78 9.53 2.63 1.00 10.83 0.12VOO Vanguard S&P 500 ETF 175.94 80 Buy -5.86 -6.70 -4.05 -4.84 11.94 10.90 2.12 1.00 10.62 0.05VOOG Vanguard S&P 500 Growth ETF 98.57 82 Strong Buy -6.01 -7.49 -3.07 -1.68 13.78 12.28 1.67 1.01 10.92 0.15VOOV Vanguard S&P 500 Value ETF 80.30 79 Buy -5.81 -5.90 -5.18 -8.54 9.68 9.16 2.69 0.99 10.75 0.15VOT Vanguard Mid-Cap Growth ETF 93.39 82 Strong Buy -6.32 -7.81 -7.52 -7.66 10.61 9.10 0.77 0.96 11.40 0.09VPCCX Vanguard PRIMECAP Core Inv 19.61 90 Strong Buy -5.81 -6.65 -2.54 -5.14 14.81 11.78 1.44 0.96 10.59 0.47VPMCX Vanguard PRIMECAP Inv 93.37 91 Strong Buy -6.35 -6.89 -2.26 -4.25 15.92 12.25 1.49 0.96 10.70 0.40VQNPX Vanguard Growth & Income Inv 37.27 83 Strong Buy -5.76 -6.75 -3.88 -4.43 12.44 11.47 2.05 0.97 10.39 0.34VSEQX Vanguard Strategic Equity Inv 26.33 83 Strong Buy -6.96 -8.39 -8.30 -8.44 12.92 12.02 1.86 1.00 11.68 0.21VSTCX Vanguard Strategic Small-Cap Equity Inv 26.91 78 Strong Buy -7.14 -9.20 -9.29 -9.50 10.97 10.52 1.59 1.03 13.02 0.34VTHR Vanguard Russell 3000 ETF 87.55 77 Buy -6.45 -7.08 -4.14 -5.86 11.26 10.37 2.03 1.00 10.73 0.15VTI Vanguard Total Stock Market ETF 97.92 78 Buy -6.07 -6.97 -4.98 -5.86 11.42 10.53 2.00 1.00 10.70 0.05VTSMX Vanguard Total Stock Mkt Idx Inv 47.66 77 Buy -6.14 -6.98 -5.02 -5.98 11.29 10.38 1.88 1.00 10.70 0.17VTV Vanguard Value ETF 76.84 81 Buy -5.72 -5.68 -4.19 -6.84 11.16 10.09 2.64 0.97 10.52 0.09VTWG Vanguard Russell 2000 Growth ETF 92.39 65 Hold -9.47 -10.96 -9.02 -9.62 9.75 8.52 0.71 1.09 15.16 0.20VTWO Vanguard Russell 2000 ETF 83.06 57 Buy -7.93 -9.73 -9.78 -11.31 7.53 7.26 1.47 1.05 14.16 0.15VTWV Vanguard Russell 2000 Value ETF 74.08 58 Sell -7.12 -8.29 -9.61 -12.95 5.31 5.92 2.23 1.02 13.65 0.20VUG Vanguard Growth ETF 99.72 78 Buy -6.16 -7.94 -4.36 -3.25 12.56 11.47 1.35 1.03 11.30 0.09VUVLX Vanguard US Value Inv 15.27 81 Strong Buy -6.32 -7.23 -6.32 -8.13 11.44 11.42 2.58 0.96 10.62 0.26VV Vanguard Large-Cap ETF 87.96 79 Buy -5.94 -6.81 -4.29 -5.17 11.79 10.76 2.02 1.00 10.59 0.09VWNDX Vanguard Windsor™ Inv 17.65 79 Buy -7.83 -9.21 -8.51 -10.60 9.74 9.20 1.89 1.06 11.67 0.39

Data & Rankings (Data provided as of 1/10/16)% return (3 and 5 Years annualized)

Yield %Beta

3 Yearsd

3 Yearexpense

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

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


VWNFX Vanguard Windsor™ II Inv 31.41 78 Buy -6.24 -7.01 -6.93 -9.18 8.89 9.28 2.61 1.00 10.76 0.34VWUSX Vanguard US Growth Inv 27.81 79 Buy -6.65 -7.35 -2.49 1.06 14.72 12.50 0.64 1.00 11.45 0.47VXF Vanguard Extended Market ETF 77.77 68 Buy -7.21 -8.35 -9.05 -9.99 9.02 8.63 1.40 1.02 12.54 0.10VYM Vanguard High Dividend Yield ETF 63.28 87 Strong Buy -5.20 -4.92 -3.48 -5.39 11.28 11.71 3.40 0.95 10.45 0.10

VANGUARD SECTOR FUNDSVAW Vanguard Materials ETF 86.91 69 Sell -7.73 -8.66 -9.44 -16.79 2.06 3.15 2.19 1.22 14.97 0.10VCR Vanguard Consumer Discretionary ETF 114.86 75 Buy -6.21 -8.39 -6.30 0.37 15.24 15.03 1.40 1.01 12.75 0.10VDC Vanguard Consumer Staples ETF 124.95 86 Strong Buy -3.16 -2.57 -0.75 0.80 14.33 14.13 2.52 0.77 11.03 0.10VDE Vanguard Energy ETF 77.20 51 Sell -7.15 -8.25 -19.46 -26.78 -7.64 -3.07 3.53 1.22 18.49 0.10VFH Vanguard Financials ETF 45.07 79 Strong Buy -7.00 -7.95 -5.24 -6.82 10.69 8.38 2.41 0.82 11.18 0.10VGENX Vanguard Energy Inv 38.15 40 Sell -7.09 -8.30 -19.62 -24.75 -10.08 -5.64 2.69 1.26 18.42 0.37VGHCX Vanguard Health Care Inv 208.15 96 Strong Buy -5.54 -4.56 1.57 3.41 24.22 19.98 0.98 0.75 11.12 0.34VGPMX Vanguard Precious Metals and Mining Inv 6.36 14 Sell 0.00 -0.16 -14.52 -31.59 -25.84 -21.80 0.72 22.81 0.29VGSIX Vanguard REIT Index Inv 25.72 68 Hold -2.87 -0.38 -0.80 -5.42 9.12 11.13 2.69 0.47 14.66 0.26VGT Vanguard Information Technology ETF 100.32 88 Strong Buy -7.27 -10.09 -3.92 -2.45 13.99 10.94 1.41 0.96 12.05 0.10VGXRX Vanguard Global ex-US Rel Est Idx Inv 19.49 53 Sell -5.30 -4.67 -6.87 -7.60 -0.52 3.04 0.87 13.08 0.36VHT Vanguard Health Care ETF 124.83 94 Strong Buy -6.06 -5.03 0.02 -2.69 20.44 18.45 1.43 0.85 12.52 0.09VIS Vanguard Industrials ETF 94.04 76 Hold -6.92 -7.26 -6.93 -8.99 10.60 9.38 2.04 0.98 12.56 0.10VNQ Vanguard REIT ETF 77.44 68 Hold -2.85 -0.34 -0.74 -5.28 9.26 11.28 2.83 0.47 14.67 0.12VNQI Vanguard Global ex-US Real Estate ETF 48.17 52 Sell -5.73 -5.98 -8.17 -8.66 -0.94 2.85 0.87 13.09 0.24VOX Vanguard Telecommunication Services ETF 80.89 81 Hold -3.60 -4.20 -0.75 -0.78 8.11 7.68 3.55 0.80 12.02 0.10VPU Vanguard Utilities ETF 93.34 59 Sell -0.55 2.47 -0.68 -6.37 10.95 10.61 3.75 0.39 13.95 0.10

VANGUARD INCOME FUNDSBIV Vanguard Intermediate-Term Bond ETF 83.99 76 Hold 1.12 0.58 0.03 1.26 1.96 4.57 2.67 1.47 4.35 0.10BLV Vanguard Long-Term Bond ETF 88.18 80 Hold 1.58 0.43 0.35 -4.24 2.59 7.40 4.04 2.94 8.97 0.10BND Vanguard Total Bond Market ETF 81.30 75 Hold 0.66 0.41 0.10 0.39 1.69 3.31 2.44 1.04 3.06 0.07BSV Vanguard Short-Term Bond ETF 79.89 75 Strong Buy 0.40 0.27 -0.21 1.05 0.95 1.54 1.45 0.37 1.22 0.10EDV Vanguard Extended Duration Treasury ETF 117.34 57 Hold 3.66 2.02 2.35 -5.42 5.59 13.82 3.01 5.36 17.59 0.10VBIIX Vanguard Interm-Term Bond Index Inv 11.38 75 Hold 1.12 0.62 0.18 1.31 1.92 4.48 2.65 1.49 4.41 0.20VBISX Vanguard Short-Term Bond Index Inv 10.47 73 Strong Buy 0.41 0.17 -0.28 0.96 0.85 1.45 1.39 0.37 1.22 0.20VBLTX Vanguard Long-Term Bond Index Inv 13.39 71 Hold 1.52 0.42 0.87 -3.96 2.49 7.37 4.01 2.94 8.97 0.20VBMFX Vanguard Total Bond Market Index Inv 10.72 75 Hold 0.80 0.36 0.20 0.41 1.56 3.19 2.33 1.03 3.01 0.20VCIT Vanguard Intermediate-Term Corp Bd ETF 84.57 77 Hold 0.58 0.10 0.14 0.60 2.23 5.20 3.68 1.45 4.42 0.10VCLT Vanguard Long-Term Corporate Bond ETF 84.93 74 Sell 0.76 -0.54 -0.04 -5.35 2.07 6.84 4.97 2.65 8.24 0.10VCSH Vanguard Short-Term Corporate Bond ETF 79.02 85 Strong Buy 0.01 0.01 -0.34 1.08 1.51 2.58 2.33 0.46 1.54 0.10VCVSX Vanguard Convertible Securities Inv 11.74 84 Strong Buy -2.98 -3.99 -4.91 -4.20 4.55 4.05 2.03 0.95 7.05 0.41VFICX Vanguard Interm-Term Invmt-Grade Inv 9.71 77 Hold 0.78 0.39 0.50 1.54 2.22 4.55 2.84 1.16 3.53 0.20VFIIX Vanguard GNMA Inv 10.72 76 Hold 0.61 0.58 0.52 1.72 2.05 3.21 2.42 0.86 2.83 0.21VFISX Vanguard Short-Term Treasury Inv 10.68 70 Buy 0.30 0.21 -0.32 0.65 0.48 0.86 0.89 0.24 0.84 0.20VFITX Vanguard Interm-Term Treasury Inv 11.37 73 Hold 1.01 0.68 -0.19 1.69 1.34 3.15 1.58 1.12 3.46 0.20VFSTX Vanguard Short-Term Investment-Grade Inv 10.59 87 Strong Buy 0.32 0.10 -0.02 1.13 1.35 2.07 2.08 0.36 1.23 0.20VGIT Vanguard Intermediate-Term Govt Bd ETF 65.01 73 Hold 0.88 0.83 -0.06 1.87 1.47 3.19 1.75 1.08 3.31 0.10VGLT Vanguard Long-Term Government Bond ETF 76.18 70 Hold 2.09 1.31 1.45 -1.93 3.80 8.35 2.82 3.41 10.81 0.10VGOVX Vanguard Emerg Mkts Govt Bd Idx Investor 9.26 79 Hold -0.11 -0.89 -0.66 1.47 5.41 0.49VGSH Vanguard Short-Term Government Bond ETF 60.88 71 Buy 0.20 0.18 -0.22 0.58 0.52 0.66 0.98 0.15 0.60 0.10VIPSX Vanguard Inflation-Protected Secs Inv 12.92 66 Sell 0.62 -0.03 -1.02 -1.74 -2.09 2.42 0.46 1.58 5.21 0.20VMBS Vanguard Mortgage-Backed Securities ETF 53.04 77 Hold 0.61 0.39 0.38 1.83 2.14 2.92 2.08 0.70 2.24 0.10VMLTX Vanguard Ltd-Term Tx-Ex 11.06 77 Strong Buy 0.39 0.48 0.63 1.51 1.32 1.90 0.94 0.30 1.20 0.20VSGBX Vanguard Short-Term Federal Inv 10.74 83 Strong Buy 0.30 0.26 -0.15 0.83 0.64 1.20 1.05 0.30 0.98 0.20VTIBX Vanguard Total Intl Bd Idx Investor 10.61 78 Hold 0.57 0.34 1.00 1.14 1.08 0.17VTINX Vanguard Target Retirement Income Inv 12.27 75 Hold -1.45 -1.86 -1.94 -1.92 3.04 4.56 2.22 0.55 3.86 0.16VTIPX Vanguard Shrt-Term Infl-Prot Sec Idx Inv 24.19 68 Hold 0.21 0.17 -0.62 -0.04 -0.97 0.32 0.32 1.72 0.17VUSTX Vanguard Long-Term Treasury Inv 12.44 72 Hold 2.10 1.29 1.43 -2.15 3.70 8.29 2.64 3.47 11.03 0.20VWAHX Vanguard High-Yield Tax-Exempt 11.40 92 Strong Buy 0.78 1.37 2.91 4.13 4.18 6.66 2.61 1.20 4.12 0.20VWEHX Vanguard High-Yield Corporate Inv 5.52 86 Strong Buy -0.26 -1.27 -2.25 -1.59 2.24 5.53 6.35 0.75 4.78 0.23VWESX Vanguard Long-Term Investment-Grade Inv 10.02 75 Hold 1.30 0.26 1.79 -2.65 3.42 7.80 4.14 2.68 8.29 0.22VWITX Vanguard Interm-Term Tx-Ex Inv 14.38 78 Hold 0.90 1.29 2.12 3.21 3.03 4.90 1.60 0.88 3.01 0.20VWLTX Vanguard Long-Term Tax-Exempt 11.85 78 Hold 0.92 1.54 2.95 4.14 4.07 6.29 2.17 1.17 4.02 0.20VWSTX Vanguard Short-Term Tx-Ex 15.82 69 Buy 0.14 0.19 0.17 0.51 0.57 0.85 0.58 0.08 0.39 0.20

VANGUARD ASSET ALLOCATIONVASGX Vanguard LifeStrategy Growth Inv 25.94 71 Buy -4.84 -5.33 -5.36 -5.93 6.37 6.36 2.37 1.30 8.52 0.17VASIX Vanguard LifeStrategy Income Inv 14.47 72 Buy -0.69 -1.12 -1.05 -0.93 3.09 3.95 2.55 0.39 3.29 0.14VBINX Vanguard Balanced Index Inv 28.24 74 Hold -3.35 -4.04 -2.92 -3.36 7.42 7.68 1.96 0.97 6.49 0.23VGSTX Vanguard STAR Inv 22.37 73 Buy -3.95 -4.66 -3.79 -4.21 6.22 6.74 2.16 1.09 7.17 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 16.73 67 Buy -3.46 -3.77 -4.36 -4.31 5.14 5.66 1.94 1.02 6.70 0.42VSCGX Vanguard LifeStrategy Cnsrv Gr Inv 17.47 72 Buy -2.07 -2.51 -2.46 -2.56 4.25 4.80 2.49 0.69 4.69 0.15VSMGX Vanguard LifeStrategy Moderate Gr Inv 22.26 71 Hold -3.47 -3.91 -3.87 -4.18 5.35 5.73 2.44 1.00 6.52 0.16VTENX Vanguard Target Retirement 2010 Inv 24.45 71 Hold -1.73 -2.11 -2.19 -2.19 4.02 5.18 2.30 0.66 4.47 0.16VTTVX Vanguard Target Retirement 2025 Inv 15.01 72 Hold -3.91 -4.37 -4.37 -4.78 5.99 6.30 2.46 1.13 7.38 0.17VTWNX Vanguard Target Retirement 2020 Inv 26.24 72 Hold -3.35 -3.81 -3.81 -4.15 5.61 6.06 2.45 1.01 6.62 0.16VTXVX Vanguard Target Retirement 2015 Inv 13.85 71 Buy -2.67 -3.12 -3.12 -3.31 4.93 5.68 2.40 0.87 5.71 0.16VWELX Vanguard Wellington™ Inv 35.42 80 Strong Buy -3.72 -4.29 -3.16 -3.94 7.65 8.03 2.75 1.06 7.14 0.26VWINX Vanguard Wellesley® Income Inv 24.16 81 Strong Buy -1.47 -1.67 -0.69 -0.79 5.41 7.28 3.00 0.63 4.60 0.23

VANGUARD INTERNATIONAL FUNDSVDVIX Vanguard Developed Markets Idx Investor 8.57 57 Hold -6.34 -6.31 -8.11 -5.41 0.98 12.28 0.20VEA Vanguard FTSE Developed Markets ETF 34.38 60 Buy -6.40 -6.47 -8.64 -5.53 2.17 2.38 0.98 12.31 0.09VEIEX Vanguard Emerging Mkts Stock Idx Inv 19.25 51 Sell -7.54 -7.69 -14.40 -22.70 -9.58 -6.35 1.02 14.63 0.33VEU Vanguard FTSE All-World ex-US ETF 40.46 54 Sell -6.82 -6.99 -10.48 -10.36 -1.08 0.02 0.98 12.10 0.14VEURX Vanguard European Stock Index Inv 25.12 64 Sell -6.44 -6.92 -9.49 -6.29 1.85 3.07 1.02 13.37 0.26VFSVX Vanguard FTSE All-Wld ex-US SmCp Idx Inv 33.49 61 Hold -5.37 -5.01 -6.61 -4.70 1.21 0.60 0.89 11.75 0.31VFWIX Vanguard FTSE All-World ex-US Index Inv 16.01 55 Sell -6.59 -6.70 -9.88 -10.23 -1.09 -0.04 0.98 12.11 0.26VGK Vanguard FTSE Europe ETF 46.75 69 Hold -6.28 -6.88 -9.94 -6.11 1.98 3.18 1.02 13.36 0.12VGTSX Vanguard Total Intl Stock Index Inv 13.56 56 Hold -6.42 -6.47 -9.51 -9.64 -0.71 0.13 0.97 12.00 0.19VHGEX Vanguard Global Equity Inv 22.11 68 Hold -6.47 -7.01 -6.19 -6.08 6.85 6.12 0.78 10.55 0.57VINEX Vanguard International Explorer Inv 16.08 76 Buy -5.13 -4.08 -3.91 4.55 8.91 4.56 0.78 10.39 0.42VMMSX Vanguard Emerg Mkts Sel Stk Inv 14.11 49 Sell -7.29 -7.79 -14.28 -22.21 -9.80 1.11 15.26 0.93VMVFX Vanguard Global Minimum Volatility Inv 10.84 85 Strong Buy -4.07 -4.57 -4.32 0.58 0.27VPACX Vanguard Pacific Stock Index Inv 10.15 50 Hold -6.02 -5.08 -5.34 -4.17 2.50 1.35 0.90 12.91 0.26VPL Vanguard FTSE Pacific ETF 52.98 53 Hold -6.51 -5.76 -6.12 -4.58 2.40 1.39 0.90 12.90 0.12VSS Vanguard FTSE All-World ex-US Sm-Cp ETF 87.50 61 Sell -5.78 -5.71 -7.32 -4.98 0.99 0.58 0.89 11.75 0.19VT Vanguard Total World Stock ETF 53.88 69 Buy -6.49 -7.06 -7.68 -7.82 4.95 4.91 0.84 10.77 0.17VTRIX Vanguard International Value Inv 29.08 56 Sell -6.47 -6.90 -10.54 -11.34 -0.39 0.57 1.05 13.16 0.46VTWSX Vanguard Total World Stock Index Inv 21.98 69 Buy -6.27 -6.76 -7.23 -7.78 4.93 4.85 0.84 10.76 0.25VWIGX Vanguard International Growth Inv 19.59 55 Sell -7.16 -8.08 -7.00 -7.17 1.95 2.29 1.30 1.06 13.51 0.47VWO Vanguard FTSE Emerging Markets ETF 29.98 41 Sell -8.28 -8.79 -16.22 -23.32 -9.80 -6.45 1.02 14.63 0.15VXUS Vanguard Total International Stock ETF 42.10 55 Sell -6.67 -6.63 -10.36 -9.83 -0.79 0.97 11.99 0.14

NTF GROWTH FUNDSAAGPX American Beacon Lg Cap Value Inv 21.35 79 Hold -6.92 -8.17 -9.06 -12.49 8.02 8.00 1.08 11.83 0.93AALIX ASTON/Herndon Large Cap Value N 11.85 66 Hold -6.62 -8.75 -9.99 -12.68 3.86 5.61 1.00 11.55 1.29ABCVX American Beacon The London Co Inc Eq Inv 13.44 79 Buy -4.79 -5.13 -5.51 -6.68 10.88 1.86 0.91 10.11 1.16ACPVX American Century Core Equity Plus Inv 11.58 82 Buy -5.78 -7.62 -6.43 -9.85 10.91 0.98 10.73 1.30ACTIX American Century Capital Val Inv 7.67 74 Buy -6.58 -7.18 -6.02 -9.80 9.15 9.12 1.04 11.33 1.00ACWDX ASTON/LMCG Small Cap Growth N 12.81 66 Sell -9.79 -12.06 -11.70 -11.09 10.06 7.97 0.93 14.08 1.35ADSIX American Century Disciplined Growth Inv 17.33 79 Buy -5.82 -7.32 -4.70 -7.53 11.42 10.56 1.01 10.93 1.02ADVTX ASTON/River Road Div All Cap Val II N 11.88 71 Buy -4.81 -4.69 -5.45 -9.91 8.37 2.38 0.94 10.45 1.15AFDIX American Century Fundamental Equity Inv 19.81 76 Buy -5.98 -7.04 -5.19 -7.77 10.83 10.48 0.97 10.45 0.99AKREX Akre Focus Retail 21.80 78 Buy -5.71 -7.31 -4.68 -2.24 13.13 13.94 0.98 11.48 1.34ALVIX American Century Large Company Val Inv 8.00 74 Buy -6.76 -7.38 -6.74 -9.95 9.17 9.18 1.45 1.04 11.45 0.84AMAGX Amana Growth Investor 29.96 76 Buy -5.64 -6.50 -4.84 -5.65 9.00 7.28 0.45 0.97 10.90 1.08AMANX Amana Income Investor 39.80 80 Hold -6.13 -6.83 -5.22 -9.04 8.20 7.65 1.49 0.99 10.82 1.12AMBEX ASTON/Anchor Capital Enhanced Equity N 8.56 64 Sell -1.83 -2.49 -5.88 -9.35 2.31 2.72 2.55 0.49 6.67 1.19AMPAX American Beacon Mid Cap Value Inv 12.39 67 Hold -6.97 -8.64 -9.82 -10.37 9.60 9.12 1.06 12.11 1.09AMVIX American Century Veedot® Inv 8.75 78 Buy -6.02 -7.21 -7.65 -6.05 12.34 10.92 1.02 11.27 1.26ANOIX American Century Small Cap Growth Inv 11.69 66 Sell -8.89 -11.31 -12.04 -12.70 7.88 6.65 1.01 14.89 1.39AOVIX American Century One Choice® VryAgrsvInv 14.10 70 Buy -6.19 -7.14 -6.46 -7.51 7.39 7.09 0.67 0.95 10.36 1.04ARDFX Ariel Discovery Investor 7.67 20 Sell -6.35 -8.03 -14.47 -29.54 -6.60 1.13 17.17 1.25ARFFX Ariel Focus Investor 9.81 69 Sell -6.75 -9.23 -10.34 -20.93 5.62 4.65 1.07 12.61 1.00ARGFX Ariel Investor 54.72 81 Hold -7.93 -9.14 -8.61 -10.96 11.02 8.49 1.31 15.22 1.02ARLSX ASTON/River Road Long-Short N 10.63 57 Sell -3.45 -2.77 -3.37 -2.51 3.35 0.50 7.50 1.70ARSMX ASTON/River Road Select Value N 5.89 53 Hold -5.61 -6.73 -9.30 -7.11 4.49 6.39 0.97 12.27 1.49ARSVX ASTON/River Road Small Cap Value N 10.48 53 Hold -5.07 -6.27 -8.12 -5.31 6.04 6.48 0.91 11.95 1.34ASCTX ASTON/Silvercrest Small Cap N 12.92 56 Sell -7.78 -9.69 -10.83 -9.14 7.25 1.00 14.40 1.40AVPAX American Beacon Small Cp Val Inv 20.10 74 Sell -7.53 -9.70 -11.34 -10.98 7.35 7.07 1.06 13.77 1.15BADAX Brown Advisory Equity Income Adv 11.65 73 Buy -5.13 -5.88 -7.21 -10.72 7.19 2.10 0.90 10.16 1.15BAFAX Brown Advisory Flexible Equity Adv 14.42 73 Hold -6.55 -7.70 -6.86 -9.15 10.37 10.70 1.01 11.14 1.16BAGAX Brown Advisory Growth Equity Adv 17.39 67 Buy -6.91 -8.33 -3.92 -0.42 9.56 9.03 0.89 10.31 1.12BARAX Baron Asset Retail 53.21 80 Buy -6.88 -7.65 -5.75 -6.29 11.04 9.67 1.79 0.96 11.70 1.31BASAX Brown Advisory Small-Cap Growth Adv 13.48 69 Buy -7.99 -8.54 -3.56 0.56 10.80 9.06 0.94 13.12 1.39

VANGUARD ASSET ALLOCATION (continued)


Beta 3 Year

sd 3 Year


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


NTF GROWTH FUNDS (continued)

BAUAX Brown Advisory Sm-Cp Fundamental Val Adv 20.38 64 Hold -5.91 -7.91 -8.16 -10.02 8.43 0.97 12.40 1.38BAVAX Brown Advisory Value Equity Adv 13.06 72 Sell -6.78 -8.00 -8.12 -13.05 5.97 5.84 1.07 12.40 1.15BEQGX American Century Equity Growth Inv 25.65 85 Buy -5.73 -6.94 -5.60 -9.88 10.07 10.31 1.38 1.01 10.89 0.67BFGFX Baron Focused Growth Retail 12.05 57 Sell -7.95 -9.19 -5.43 -8.56 4.21 5.71 1.04 13.08 1.35BFTHX Baron Fifth Avenue Growth Retail 17.05 72 Buy -7.79 -8.92 -3.01 -1.79 11.80 10.95 1.05 13.14 1.30BGRFX Baron Growth Retail 58.66 72 Hold -7.21 -8.84 -9.81 -10.88 7.62 8.64 0.91 11.72 1.29BIGRX American Century Income & Growth Inv 30.87 70 Sell -5.57 -6.25 -4.75 -11.32 10.16 9.73 2.36 1.01 10.94 0.67BIOPX Baron Opportunity Retail 15.25 68 Buy -8.35 -10.08 -4.53 -5.60 7.19 5.87 1.03 15.07 1.38BMDSX Baird MidCap Inv 13.50 61 Buy -6.05 -7.71 -9.08 -9.26 6.98 8.85 0.93 11.50 1.10BPAVX Robeco Boston Partners All Cap Value Inv 19.71 80 Buy -6.85 -8.18 -5.66 -5.83 12.49 10.44 1.05 11.61 0.95BPSCX Robeco Boston Partners Sm Cap Val II Inv 18.21 81 Hold -6.62 -8.45 -9.62 -9.70 6.34 7.88 0.56 1.01 12.88 1.35BPTRX Baron Partners Retail 31.80 74 Sell -10.72 -11.94 -11.17 -12.57 11.01 9.10 1.11 14.70 1.32BSCFX Baron Small Cap Retail 26.09 72 Hold -7.45 -8.20 -8.28 -11.45 6.21 7.27 1.01 12.74 1.30BUFGX Buffalo Growth 26.96 72 Hold -6.26 -7.48 -5.26 -3.61 11.57 9.46 0.91 10.45 0.91BUFMX Buffalo Mid Cap 14.34 79 Hold -6.46 -8.67 -9.53 -6.03 7.75 6.37 0.91 11.97 1.01BUFTX Buffalo Discovery 18.47 78 Buy -5.86 -6.40 -5.38 -0.25 13.59 12.03 0.86 11.69 1.01BULLX Roosevelt Multi-Cap 12.77 53 Sell -6.52 -8.20 -6.45 -9.74 5.89 5.07 0.93 10.97 1.16BVAOX Broadview Opportunity 29.07 59 Sell -7.15 -8.57 -9.48 -13.27 7.04 6.59 0.95 13.08 1.23BVEFX Becker Value Equity Retail 15.21 69 Sell -5.76 -7.15 -7.83 -12.15 9.12 8.65 1.04 11.39 0.93BWLIX American Beacon Bridgeway Lg Cp Val Inv 21.28 81 Buy -6.02 -7.06 -5.76 -7.56 12.45 1.01 11.11 1.11CAAPX Ariel Appreciation Investor 41.82 75 Sell -7.23 -9.65 -9.10 -12.44 9.78 8.67 1.27 14.43 1.12CAMAX Cambiar Aggressive Value Investor 16.98 76 Buy -8.22 -6.91 -5.14 2.97 14.81 5.88 0.21 1.22 16.90 1.35CBEAX Wells Fargo Advantage C&B Lg Cap Val A 11.25 76 Hold -6.09 -6.57 -5.75 -8.26 10.44 8.45 0.99 10.80 1.15CBMAX Wells Fargo Advantage C&B Mid Cap Val A 24.34 68 Buy -6.13 -7.64 -8.88 -7.36 8.51 9.04 1.03 12.18 1.20CCASX Conestoga Small Cap Investors 32.72 58 Hold -8.45 -10.33 -5.23 0.45 10.08 9.56 0.99 15.73 1.10CFAGX Commerce MidCap Growth 30.82 73 Buy -5.37 -6.78 -5.69 -4.20 10.80 8.16 0.94 10.72 1.05CFGRX Commerce Growth 25.01 82 Buy -5.19 -6.16 -1.52 -0.54 13.38 10.51 0.96 10.54 1.08CFIMX Clipper 97.04 74 Buy -7.06 -8.13 -4.27 -0.15 11.59 10.34 0.31 1.04 11.33 0.74CFVLX Commerce Value 26.32 77 Hold -5.15 -4.74 -4.24 -6.08 10.32 11.05 2.95 0.94 10.38 0.70CRMAX CRM Small/Mid Cap Value Inv 11.27 75 Sell -7.09 -8.74 -10.30 -13.14 4.99 5.80 1.00 12.41 1.08CRMEX CRM All Cap Value Inv 7.46 66 Buy -6.05 -6.59 -5.77 -4.28 7.85 6.28 1.04 11.98 1.50CRMSX CRM Small Cap Value Inv 14.16 81 Buy -6.66 -8.01 -7.87 -7.77 8.34 5.53 1.07 13.81 1.09DEFIX Delafield Fund 22.15 69 Sell -7.52 -10.47 -14.28 -22.40 -2.91 0.78 1.19 15.58 1.25DGAGX Dreyfus Appreciation Investor 37.69 73 Hold -5.68 -6.72 -4.82 -7.88 5.91 7.56 1.03 11.32 0.93DGRIX Dreyfus Growth & Income 17.49 75 Buy -6.67 -8.15 -4.75 -5.11 11.43 9.94 1.06 11.64 0.91DRSVX Dreman Contrarian Small Cap Value Retail 16.84 66 Sell -7.37 -8.96 -10.92 -10.92 7.30 5.66 1.01 12.89 1.37DTLGX Wilshire Large Company Growth Invmt 34.44 63 Buy -6.44 -8.08 -2.43 -0.19 10.91 9.12 0.98 11.22 1.38DTLVX Wilshire Large Company Value Invmt 17.35 75 Hold -6.82 -7.46 -7.00 -11.58 9.18 8.04 1.04 11.48 1.29DTSVX Wilshire Small Company Value Invmt 19.30 59 Hold -6.94 -8.42 -7.72 -9.11 9.94 8.07 1.07 14.44 1.49EGFFX Edgewood Growth Retail 19.80 86 Buy -7.09 -7.82 -1.14 3.30 15.83 14.05 0.80 1.00 12.12 1.35EGOAX Wells Fargo Advantage Large Cap Core A 14.18 79 Buy -6.34 -8.10 -5.37 -6.67 13.42 11.45 1.00 11.36 1.14EKJAX Wells Fargo Advantage Prem Lg Co Gr A 13.55 65 Hold -7.19 -8.65 -5.20 -4.77 10.20 10.02 0.10 0.96 11.43 1.12ETGLX Eventide Gilead N 23.36 56 Sell -8.57 -8.32 -8.53 -10.27 16.15 13.08 1.02 15.09 1.35EXEYX Manning & Napier Equity 10.58 59 Sell -5.79 -7.32 -5.60 -8.78 7.92 6.42 1.10 12.54 1.05EXTAX Manning & Napier Tax Managed A 21.00 75 Buy -5.19 -6.82 -4.36 -7.84 7.56 6.49 1.06 12.07 1.20FAMEX FAM Equity-Income Inv 22.83 89 Buy -5.31 -6.73 -6.40 -5.74 8.77 9.22 0.88 10.69 1.26FAMVX FAM Value Inv 56.66 91 Strong Buy -5.66 -7.76 -6.99 -6.68 10.74 8.98 0.94 10.96 1.18FFGRX Emerald Growth Investor 16.99 62 Sell -9.05 -11.84 -13.81 -8.12 12.54 0.83 16.17 1.27FMIEX Wasatch Large Cap Value Investor 7.93 75 Hold -5.93 -6.43 -6.22 -8.22 5.77 4.96 2.73 1.02 11.32 1.10FMLSX Wasatch Long/Short Investor 10.77 62 Sell -4.27 -5.90 -9.94 -19.25 -3.08 0.46 2.20 0.79 10.41 1.30FOGRX Tributary Growth Opps Inst 13.77 64 Hold -6.39 -7.24 -8.15 -9.20 8.01 7.83 1.08 12.90 1.14FOSCX Tributary Small Company Instl 20.93 68 Hold -6.85 -8.74 -7.05 -5.54 9.05 7.93 0.94 13.25 1.20FQUAX AMG FQ US Equity Investor 14.63 74 Buy -5.67 -7.40 -5.33 -7.88 9.10 9.17 0.81 0.79 8.86 1.04FRSPX Dreyfus Mid-Cap Growth F 7.62 69 Buy -6.73 -8.07 -6.31 -8.88 8.82 8.43 1.02 12.08 1.13FVALX Forester Value N 11.88 67 Hold -0.08 -0.37 -0.79 -6.39 2.04 0.32 0.19 4.55 1.25GABAX Gabelli Asset AAA 50.95 71 Sell -5.82 -7.06 -8.41 -10.22 6.41 7.27 1.08 11.84 1.35GABEX Gabelli Equity Income AAA 24.29 77 Hold -5.96 -6.97 -7.23 -9.80 6.93 7.47 1.02 11.08 1.37GABSX Gabelli Small Cap Growth AAA 42.65 82 Hold -6.45 -7.90 -8.30 -8.71 7.16 7.71 1.00 12.07 1.38HCAIX Harbor Capital Appreciation Inv 54.96 90 Buy -7.29 -9.18 -3.10 2.48 14.74 11.92 1.00 12.11 1.01HDOGX Hennessy Total Return Investor 12.51 75 Buy -3.25 -2.18 -0.76 -3.37 6.46 7.68 1.32 0.67 8.05 1.24HDPMX Hodges 29.99 68 Sell -10.50 -14.73 -22.30 -19.49 8.64 5.76 1.20 16.33 1.31HDPSX Hodges Small Cap 16.25 67 Sell -8.55 -12.25 -14.81 -15.61 7.20 10.07 1.10 14.43 1.31HFCGX Hennessy Cornerstone Growth Investor 17.75 85 Hold -7.17 -10.35 -11.25 -7.55 11.47 10.07 0.02 0.98 12.45 1.23


Beta 3 Year

sd 3 Year



NTF GROWTH FUNDS (continued)HFCSX Hennessy Focus Investor 64.85 84 Buy -6.22 -8.56 -6.77 -3.29 12.16 11.96 0.96 11.44 1.41HFCVX Hennessy Cornerstone Value Investor 15.67 69 Sell -5.77 -6.05 -7.61 -12.11 6.05 7.63 2.46 0.95 10.96 1.17HFLGX Hennessy Cornerstone Large Growth Inv 9.06 79 Hold -5.82 -7.10 -7.90 -12.69 10.58 9.17 0.90 1.00 11.03 1.15HFMDX Hennessy Cornerstone Mid Cap 30 Inv 17.16 75 Sell -7.44 -11.68 -14.89 -7.77 10.26 10.60 0.11 0.99 13.77 1.25HILVX Harbor Large Cap Value Inv 10.68 77 Buy -6.23 -7.28 -6.27 -3.43 10.39 10.37 1.06 11.83 1.05HIMGX Harbor Mid Cap Growth Inv 7.56 59 Buy -7.47 -8.20 -7.31 -6.70 9.34 7.78 0.98 12.91 1.21HIMVX Harbor Mid Cap Value Investor 17.74 78 Buy -6.04 -7.33 -9.31 -11.55 12.30 10.17 1.04 12.02 1.23HLVFX Hennessy Large Value Investor 27.95 70 Buy -6.43 -7.26 -7.32 -9.72 8.29 8.55 0.74 1.00 10.89 1.28HNASX Homestead Growth 7.39 78 Buy -7.63 -8.50 -3.51 1.09 15.32 12.20 0.02 1.00 12.26 0.95HOVLX Homestead Value 43.64 74 Hold -6.69 -7.48 -5.25 -7.66 11.50 10.13 0.02 1.11 12.35 0.61HSCSX Homestead Small Company Stock 33.07 64 Sell -6.71 -9.33 -10.80 -10.17 8.56 9.26 0.02 0.99 13.67 0.89HSTIX Homestead Stock Index 14.30 78 Buy -5.92 -6.76 -4.17 -5.36 11.39 10.36 0.02 1.00 10.63 0.54ICNZX ICON Fund S 12.91 70 Sell -8.76 -10.78 -10.03 -19.11 3.84 4.68 0.96 12.03 1.09IOLZX ICON Long/Short S 17.11 58 Sell -8.99 -11.02 -10.18 -15.92 5.21 6.33 0.90 11.41 1.28JENSX Jensen Quality Growth J 34.43 88 Buy -5.75 -6.86 -3.34 -5.11 11.38 9.62 0.98 10.83 0.87LBRIX ClearBridge Equity Income FI 18.14 62 Sell -4.43 -5.22 -3.87 -8.87 1.07 0.90 9.88 1.21LCEIX Invesco Diversified Dividend Investor 16.82 95 Strong Buy -4.27 -4.81 -5.11 -2.69 11.28 10.27 1.83 0.78 8.94 0.76LCGNX William Blair Large Cap Growth N 9.47 82 Strong Buy -6.70 -7.80 -4.07 -0.22 13.96 11.50 0.97 11.21 1.13LEVOX Lazard US Equity Concentrated Open 13.24 79 Buy -4.89 -4.21 -1.81 0.87 14.79 11.86 0.90 10.26 1.25LGASX ClearBridge Special Investment FI 40.75 60 Buy -6.49 -8.27 -9.64 -9.97 8.29 4.80 1.00 12.98 1.19LGSCX QS Batterymarch US Sm Cap Eq FI 10.62 62 Sell -7.97 -10.10 -10.18 -12.28 8.41 7.99 1.06 14.06 1.20LHGFX American Beacon Holland Lg Cap Gr Inv 22.82 69 Buy -6.40 -7.94 -4.37 -0.39 11.14 10.11 1.04 11.67 1.21LMGFX ClearBridge Global Growth FI 31.41 62 Buy -6.15 -6.99 -5.68 -8.05 7.28 7.22 0.80 11.68 1.15LMPFX ClearBridge Aggressive Growth FI 174.74 79 Strong Buy -6.88 -7.24 -8.20 -10.93 13.12 11.77 1.03 12.34 1.12LMPIX ClearBridge Appreciation FI 18.92 74 Hold -5.21 -6.07 -2.98 -3.97 10.42 9.99 0.98 10.40 0.97LMUSX QS Batterymarch US Lg Cap Eq FI 14.75 75 Buy -6.41 -7.42 -6.02 -8.41 10.85 10.12 1.04 11.22 1.05LMVFX ClearBridge Value FI 67.31 74 Hold -7.35 -7.40 -6.01 -10.40 10.84 8.72 1.16 12.93 1.09LZCOX Lazard US Small-Mid Cap Equity Open 11.34 73 Buy -6.74 -8.55 -8.41 -8.16 9.99 7.04 0.98 12.92 1.20LZUOX Lazard US Strategic Equity Open 10.37 71 Buy -5.81 -6.71 -7.02 -10.48 8.73 8.49 1.01 11.08 1.05MASTX BMO Large-Cap Growth Y 13.63 80 Buy -6.26 -8.40 -3.96 -0.78 14.08 11.71 0.91 1.00 11.09 1.21MCGFX ASTON/Montag & Caldwell Growth N 18.91 74 Buy -5.31 -5.18 -1.80 -0.64 10.18 9.65 0.34 0.88 10.22 1.05MCMAX AMG Managers Cadence Mid Cap Investor 25.25 71 Hold -5.50 -6.32 -4.90 -7.21 10.13 7.71 0.32 0.98 11.86 1.12MDFSX Manning & Napier Dividend Focus S 9.03 77 Buy -5.45 -5.68 -4.53 -7.15 8.33 0.91 10.09 0.79MFCFX Marsico Flexible Capital 14.40 83 Buy -4.89 -5.96 -3.05 -5.16 10.27 9.34 0.91 10.88 1.37MFOCX Marsico Focus 15.02 87 Buy -7.34 -9.38 -2.80 -6.40 12.15 9.14 0.99 12.09 1.31MGRIX Marsico Growth 14.51 79 Hold -7.46 -9.25 -3.20 -6.69 10.41 8.55 0.98 11.67 1.35MMCFX AMG Managers Emerging Opps Svc 32.58 52 Sell -8.15 -10.30 -12.10 -14.60 9.32 7.91 0.87 15.28 1.42MPAFX AMG Managers Cadence Cptl Apprec Inv 24.15 74 Buy -6.14 -7.76 -4.49 -3.28 11.08 8.23 0.25 1.00 10.87 1.12MREIX BMO Large-Cap Value Y 12.86 76 Buy -6.13 -6.83 -7.19 -9.09 10.94 9.65 1.26 0.96 10.53 1.21MRMSX BMO Mid-Cap Growth Y 14.82 54 Sell -6.73 -8.89 -10.93 -14.84 3.66 5.21 0.11 1.05 12.81 1.24MRVEX BMO Mid-Cap Value Y 12.51 87 Hold -6.57 -8.06 -8.48 -11.62 9.90 8.32 0.57 1.05 11.90 1.22MSYAX AMG Systematic Large Cap Value Investor 9.09 68 Sell -7.34 -8.17 -7.49 -13.07 7.71 6.43 1.04 11.54 1.00MTGVX AMG TimesSquare All Cap Growth Investor 13.56 62 Buy -7.19 -9.25 -7.58 -4.88 10.14 8.94 1.08 12.68 1.28MXXIX Marsico 21st Century 20.17 79 Hold -6.62 -8.48 -2.70 -6.84 12.02 6.72 0.95 11.81 1.38MYIFX Monetta Young Investor 17.84 73 Hold -6.06 -7.43 -4.46 -4.93 10.64 9.77 0.99 10.63 1.16NBGAX Neuberger Berman Genesis Adv 20.42 62 Buy -7.14 -9.54 -8.87 -6.23 7.12 7.70 0.96 12.21 1.39NBGEX Neuberger Berman Genesis Tr 49.93 66 Buy -7.09 -9.49 -8.78 -5.92 7.43 8.01 0.96 12.22 1.10NEEGX Needham Growth 38.03 56 Hold -7.15 -8.23 -7.88 -12.42 8.50 5.06 2.08 0.85 11.69 1.80NICSX Nicholas 59.16 80 Sell -5.66 -5.83 -9.72 -9.15 12.82 12.66 0.94 11.06 0.72NMMLX Northern Multi-Manager Lg Cap 6.68 91 Buy -6.31 -7.17 -5.24 -5.05 10.41 9.09 0.96 10.33 0.90NMMSX Northern Multi-Manager Small Cap 6.38 59 Hold -7.00 -8.44 -9.20 -9.20 8.24 7.05 0.95 12.70 1.10NNLEX Nicholas Limited Edition N 20.83 55 Hold -6.47 -7.46 -6.19 -7.39 8.00 7.43 0.95 12.73 1.21NNTWX Nicholas II N 22.56 72 Buy -6.58 -8.07 -7.86 -6.05 10.30 9.41 0.94 10.92 0.96NOGEX Northern Large Cap Equity 19.94 74 Buy -6.38 -7.41 -5.79 -5.79 9.52 9.17 8.13 1.02 11.08 0.86NOLCX Northern Large Cap Core 14.03 69 Hold -5.90 -7.26 -5.08 -7.55 12.14 11.16 1.02 10.96 0.62NOLVX Northern Large Cap Value 12.07 76 Sell -6.22 -7.09 -8.95 -11.89 8.76 6.24 1.02 11.28 0.86NOSGX Northern Small Cap Value 17.98 79 Hold -6.74 -8.76 -9.29 -9.77 8.14 8.02 1.01 13.57 1.00NSGRX Northern Small Cap Core 18.23 61 Sell -7.37 -9.15 -9.67 -10.66 8.44 8.32 1.02 13.47 0.75PARMX Parnassus Mid-Cap 24.13 66 Hold -5.61 -6.79 -5.88 -6.12 9.29 9.82 0.85 9.79 1.09PARNX Parnassus 37.60 80 Buy -7.09 -8.43 -8.55 -6.74 11.93 10.60 1.04 12.23 0.84PARWX Parnassus Endeavor Fund 26.49 86 Buy -5.62 -6.30 -4.79 -2.50 14.02 12.31 0.91 10.12 0.95PCKDX PIMCO Small Cap StocksPLUS® AR Strt D 7.01 78 Hold -8.60 -10.69 -10.59 -14.41 6.13 8.31 1.22 1.19 15.32 1.09PDLVX PIMCO LowVol RAFI®-PLUS AR D 9.99 69 Hold -4.22 -3.72 -2.05 -7.58 1.21 1.19


Beta 3 Year

sd 3 Year


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


PIXDX PIMCO Fundamental IndexPLUS AR D 5.22 76 Sell -6.12 -7.05 -6.57 -12.62 8.59 11.36 1.29 1.16 12.60 1.19PMHDX PIMCO EqS® Long/Short D 11.38 61 Buy -1.22 -3.24 -1.42 -1.33 8.73 0.49 8.57 1.84POGRX PRIMECAP Odyssey Growth 25.35 88 Strong Buy -7.21 -6.81 -1.63 -1.52 15.10 12.01 0.96 11.74 0.64PRBLX Parnassus Core Equity Investor 34.88 81 Buy -5.64 -6.89 -5.56 -6.35 11.99 10.96 1.47 0.92 10.23 0.87PRCGX Perritt MicroCap Opportunities Investor 29.48 60 Hold -6.86 -7.73 -7.22 -11.47 7.23 5.27 0.90 13.08 1.21PREOX Perritt Ultra MicroCap 13.61 63 Sell -4.83 -3.88 -3.28 -5.78 10.51 5.75 0.59 10.22 1.75PSPDX PIMCO StocksPLUS D 7.41 79 Buy -6.20 -6.97 -4.79 -6.60 11.32 11.24 0.97 1.04 11.08 0.90PSTDX PIMCO StocksPLUS Absolute Return D 8.11 85 Buy -6.67 -7.50 -4.92 -9.00 9.72 11.40 1.28 1.15 12.45 1.04PVFAX Paradigm Value 39.39 58 Sell -8.44 -9.05 -9.64 -5.60 4.57 3.94 0.88 12.47 1.50PXSCX Pax World Small Cap Individual Inv 12.59 75 Buy -5.34 -6.93 -7.75 -7.72 10.58 8.81 0.75 10.76 1.24RBCGX Reynolds Blue Chip Growth 52.35 61 Buy -6.10 -7.88 -4.66 -5.02 9.14 7.04 0.60 0.96 11.49 1.71RGFAX Royce Heritage Svc 12.00 53 Sell -6.54 -8.36 -8.30 -11.30 1.87 2.56 0.99 11.84 1.40RIMEX Rainier Large Cap Equity Original 18.75 65 Hold -6.81 -8.32 -5.21 -5.67 9.93 7.93 0.19 1.07 12.04 1.12RIMMX Rainier Mid Cap Equity Original 42.26 63 Buy -6.67 -8.27 -6.53 -6.96 8.85 7.43 0.91 11.52 1.35RMCFX Royce Micro-Cap Svc 10.00 40 Sell -8.26 -8.97 -10.55 -18.99 -3.05 -2.51 0.91 13.48 1.66RPXFX RiverPark Large Growth Retail 16.14 68 Hold -6.65 -8.91 -5.87 -8.29 7.74 9.41 1.04 11.85 1.23RSEMX Royce Special Equity Multi-Cap Service 11.55 64 Sell -6.70 -10.60 -10.92 -19.12 5.51 7.67 1.10 12.76 1.24RVALX ASTON/Cornerstone Large Cap Value N 12.20 58 Sell -7.58 -8.97 -9.24 -20.83 3.26 5.44 0.83 1.07 12.20 1.28RWGFX RiverPark/Wedgewood Retail 15.40 71 Sell -6.04 -6.93 -8.58 -12.23 6.44 9.31 0.22 0.94 10.94 1.16RYAWX Rydex S&P 500 Pure Growth H 49.08 77 Buy -6.75 -8.71 -6.84 -6.63 13.43 10.75 1.01 11.81 1.50RYBHX Rydex S&P MidCap 400 Pure Growth H 44.58 74 Strong Buy -6.78 -9.48 -9.39 -5.85 6.81 7.69 1.04 13.47 1.51RYDVX Royce Dividend Value Svc 6.51 60 Buy -6.47 -8.26 -9.42 -10.06 3.18 4.78 1.00 12.09 1.44RYLPX Royce Low Priced Stock Svc 7.11 47 Sell -8.26 -9.70 -10.95 -16.67 -4.28 -4.06 1.27 0.96 14.22 1.49RYOFX Royce Opportunity Svc 9.08 53 Sell -8.74 -11.06 -14.32 -19.99 2.62 3.13 1.12 15.45 1.47RYOHX Royce 100 Svc 5.71 46 Sell -8.05 -11.01 -11.91 -17.45 -0.43 1.20 1.08 14.13 1.50RYPFX Royce Pennsylvania Mutual Svc 8.67 61 Sell -7.17 -9.33 -11.15 -15.79 2.15 3.65 1.09 13.81 1.23RYSRX Guggenheim Long Short Equity H 15.39 66 Buy -2.96 -3.39 -1.79 -3.15 5.49 2.85 0.40 6.43 1.66RYTFX Royce Total Return Svc 11.36 69 Sell -6.27 -8.23 -9.45 -11.87 4.13 5.46 0.99 12.19 1.42RYVFX Royce Value Svc 8.06 60 Sell -7.36 -9.04 -14.30 -16.31 0.93 1.56 0.94 12.95 1.45RYVPX Royce Value Plus Svc 10.15 69 Sell -9.38 -11.21 -10.58 -10.01 6.14 5.13 1.04 14.70 1.42RYWAX Rydex S&P SmallCap 600 Pure Growth H 49.17 77 Buy -8.21 -11.28 -13.05 -8.89 7.70 7.84 1.02 14.66 1.49RYZAX Rydex S&P 500 Pure Value H 119.81 69 Sell -6.93 -8.18 -10.31 -14.21 9.91 9.45 1.16 13.29 1.51SCNUX Invesco Low Volatility Equity Yield Inv 9.05 65 Sell -3.31 -3.83 -5.23 -12.77 6.67 7.43 2.98 0.82 10.07 1.15SCSAX Wells Fargo Advantage Common Stock A 18.36 78 Hold -7.23 -8.64 -9.40 -7.79 6.60 7.49 1.01 12.06 1.26SENAX Wells Fargo Advantage Enterprise A 37.29 75 Hold -7.10 -8.28 -6.97 -8.30 9.26 7.24 1.01 12.61 1.18SKSEX AMG Managers Skyline Special Equities 33.11 60 Hold -7.25 -9.86 -12.40 -11.60 10.31 9.72 1.07 14.69 1.32SLASX Selected American Shares S 34.08 75 Buy -7.72 -8.86 -6.41 -3.12 9.36 7.63 0.17 1.06 11.58 0.94SMVAX Wells Fargo Advantage Small Cap Value A 16.66 67 Sell -6.56 -9.05 -7.23 -15.40 -1.10 0.82 0.99 14.54 1.29SOPVX Wells Fargo Advantage Opportunity A 36.20 85 Buy -6.51 -8.11 -8.01 -8.98 8.23 6.40 1.04 11.66 1.22STAFX Wells Fargo Advantage Large Cap Gr A 42.53 70 Buy -7.04 -9.00 -5.06 -2.76 11.71 10.25 0.98 11.48 1.07STMGX American Beacon Stephens Mid-Cap Gr Inv 14.71 65 Buy -6.90 -8.46 -7.35 -8.55 7.00 7.89 0.91 12.18 1.27SYAMX AMG Systematic Mid Cap Value Investor 10.91 62 Hold -7.23 -8.81 -8.74 -12.53 6.02 5.92 1.09 12.68 0.98TGDNX TCW Growth Equities N 7.75 52 Sell -8.28 -9.20 -9.86 -15.32 6.42 3.72 0.59 1.04 14.24 1.20TGDVX TCW Relative Value Large Cap N 18.68 74 Sell -6.79 -8.21 -9.69 -12.96 8.47 8.27 1.13 1.11 12.38 1.16TGIGX TCW Relative Value Dividend Apprec N 15.19 82 Buy -6.98 -7.74 -7.12 -11.74 8.23 8.81 1.54 1.11 12.02 1.14THPGX Thompson LargeCap 45.41 72 Sell -7.25 -7.59 -7.46 -14.37 8.83 8.10 1.09 12.18 1.15TMCGX Turner Emerging Growth Investor 15.07 59 Sell -6.98 -13.06 -9.97 -7.42 8.62 7.18 0.97 15.81 1.40TMCTX Touchstone Mid Cap Z 21.81 64 Sell -7.07 -9.83 -9.57 -12.79 7.85 9.15 1.05 12.45 1.24TMGFX Turner Midcap Growth Investor 16.78 64 Sell -7.85 -10.13 -8.41 -13.05 7.90 3.98 1.03 13.72 1.18TOCQX Tocqueville 30.30 70 Hold -6.83 -7.27 -2.07 -9.94 10.18 8.38 2.10 1.03 11.48 1.25TOPPX Tocqueville Opportunity 18.86 64 Sell -10.06 -12.85 -9.50 -9.20 11.77 9.75 1.13 16.10 1.31TSCEX Turner Small Cap Growth 11.72 71 Hold -8.15 -8.78 -8.63 -5.36 8.71 6.65 0.89 16.62 1.25TSELX Tocqueville Select 9.98 53 Sell -8.02 -11.81 -15.14 -20.98 2.71 1.94 1.22 15.95 1.36TVSVX Third Avenue Small Cap Value Investor 17.40 60 Buy -6.45 -8.71 -11.21 -11.64 4.83 5.44 1.02 12.98 1.39TWCIX American Century Select Inv 53.21 80 Buy -6.35 -8.42 -3.01 0.40 12.41 10.79 0.97 10.94 0.99TWCUX American Century Ultra® Inv 32.75 86 Buy -6.48 -8.39 -4.49 -1.10 13.42 11.30 1.03 11.80 0.98TWGTX American Century All Cap Growth Inv 28.22 88 Buy -6.43 -7.75 -3.09 -0.30 11.29 9.20 0.96 11.18 1.00TWHIX American Century Heritage Inv 19.81 72 Buy -6.69 -8.07 -7.35 -4.91 9.53 7.58 0.94 11.73 1.00TWNOX American Century New Opps Investor 9.15 58 Hold -7.76 -9.39 -9.70 -8.20 8.94 7.50 0.99 13.65 1.39TWVLX American Century Value Inv 7.15 76 Hold -5.80 -6.13 -6.66 -9.99 9.28 8.82 1.82 0.96 10.58 0.97UMBHX Scout Small Cap 19.86 63 Hold -8.06 -8.61 -5.09 -7.00 9.35 8.72 1.69 1.01 13.71 1.12UMBMX Scout Mid Cap 13.59 72 Buy -5.49 -6.27 -5.91 -4.41 10.02 8.62 0.94 11.48 1.04USAAX USAA Growth 22.51 80 Strong Buy -6.52 -8.05 -2.58 -1.62 14.41 12.00 1.04 11.45 1.11USAUX USAA Aggressive Growth 36.61 72 Buy -6.56 -8.16 -2.61 -1.38 12.94 9.79 1.02 11.60 0.88



Beta 3 Year

sd 3 Year



USBNX Pear Tree Columbia Small Cap Ord 20.15 55 Hold -7.61 -9.66 -6.46 -8.83 5.06 5.18 1.05 13.82 1.50USCAX USAA Small Cap Stock 13.96 59 Hold -7.43 -9.07 -9.42 -11.11 6.61 6.75 1.06 13.71 1.15USCRX USAA Cornerstone Mod Agg 22.82 78 Buy -3.75 -4.56 -5.55 -8.00 1.96 2.87 1.04 6.85 1.16USGRX USAA Growth & Income 18.54 76 Buy -6.74 -7.93 -5.84 -7.15 11.13 8.70 1.05 11.30 0.93USISX USAA Income Stock 15.73 78 Hold -5.24 -5.19 -5.48 -8.43 9.62 9.16 0.95 10.38 0.79USMIX USAA Extended Market Index 14.90 64 Buy -7.22 -8.37 -9.10 -10.51 8.39 8.00 1.02 12.50 0.48USNQX USAA NASDAQ-100 Index 12.08 87 Strong Buy -7.01 -8.97 -1.69 1.36 17.02 14.05 1.07 12.42 0.59USSPX USAA S&P 500 Index Member 27.45 79 Buy -5.93 -6.72 -4.10 -5.06 11.69 10.67 1.00 10.65 0.25UVALX USAA Value 17.23 72 Buy -6.51 -7.86 -7.52 -9.32 9.09 8.39 1.00 11.08 1.09VALLX Value Line Larger Companies 24.22 87 Strong Buy -7.73 -7.97 -1.65 1.26 13.18 10.86 0.98 10.94 1.13VALSX Value Line Premier Growth 27.20 66 Buy -5.98 -6.49 -6.46 -5.44 7.58 9.38 0.91 10.29 1.23VLEOX Value Line Small Cap Opportunities 39.44 67 Buy -6.10 -7.64 -7.28 -3.83 10.62 11.63 0.92 11.63 1.27VLIFX Value Line Fund 14.15 71 Buy -5.60 -6.04 -5.48 -2.41 10.18 10.60 0.84 9.95 1.23WAMCX Wasatch Ultra Growth 16.53 56 Hold -8.06 -8.70 -4.59 -4.84 9.05 7.06 0.91 15.45 1.31WAMVX Wasatch Micro Cap Value 2.52 66 Buy -4.91 -4.94 -4.61 2.30 12.18 9.49 0.83 12.38 1.96WASIX Wasatch Strategic Income 9.62 71 Sell -5.31 -5.17 -9.02 -14.71 7.03 8.11 4.38 0.94 11.33 0.95WBGSX William Blair Growth N 11.62 81 Buy -7.19 -7.77 -4.03 -1.68 11.15 9.62 0.95 11.06 1.18WBSNX William Blair Small Cap Growth N 20.86 58 Hold -7.17 -7.54 -6.66 -10.17 10.45 7.04 0.96 13.85 1.50WBVDX William Blair Small Cap Value N 15.62 61 Hold -6.35 -8.08 -9.15 -10.91 7.51 6.22 1.01 14.00 1.50WCGNX William Blair Mid Cap Growth N 10.50 67 Buy -6.91 -7.94 -6.58 -7.30 8.02 7.63 0.91 11.19 1.35WFCGX Wells Fargo Advantage Capital Growth A 13.63 65 Hold -6.58 -7.91 -1.84 -4.97 11.17 8.58 1.00 11.77 1.11WFDAX Wells Fargo Advantage Discovery A 26.10 72 Hold -7.90 -9.26 -9.67 -9.72 8.19 8.51 0.95 13.07 1.21WFILX Wells Fargo Advantage Index A 57.19 79 Buy -5.91 -6.72 -4.12 -5.29 11.38 10.36 0.75 1.00 10.62 0.56WFIVX Wilshire 5000 Index Invmt 16.71 77 Buy -6.02 -6.88 -4.83 -6.05 10.92 9.81 0.99 10.59 0.65WFPAX Wells Fargo Advantage Spec Md Cp Val A 27.65 80 Buy -5.76 -7.60 -8.51 -8.22 11.35 10.55 0.96 11.24 1.24WFSMX Wells Fargo Advantage Intrns SmCpVal A 21.75 62 Hold -6.53 -8.21 -11.30 -10.20 7.43 7.43 1.07 13.83 1.40WGROX Wasatch Core Growth 49.31 69 Buy -6.84 -9.42 -7.92 -2.42 9.39 10.91 0.88 12.22 1.17WLCAX Wells Fargo Advantage Large Co Value A 13.09 71 Buy -6.50 -7.73 -7.37 -10.17 7.94 7.44 1.00 11.11 1.10WMCVX Wasatch Small Cap Value 5.50 79 Buy -7.09 -8.32 -9.38 -6.46 10.56 8.72 0.85 12.31 1.21WMICX Wasatch Micro Cap 6.11 51 Sell -6.86 -7.31 -5.46 -7.55 9.14 6.85 0.84 14.61 1.90WPOIX Weitz Partners III Opportunity Investor 12.91 65 Sell -4.09 -4.54 -8.01 -10.96 5.93 0.75 9.56 1.49WSBEX Wright Selected Blue Chip Equities 10.70 71 Buy -6.39 -8.31 -8.75 -6.96 11.12 10.01 0.03 1.01 12.55 1.45WSMNX William Blair Small-Mid Cap Gr N 17.21 71 Buy -7.12 -7.94 -6.61 -3.02 13.12 10.52 0.88 11.37 1.35

NTF SECTOR FUNDSBENFX Baron Energy and Resources Retail 6.48 42 Sell -7.82 -6.49 -26.03 -33.68 -12.67 1.50 22.99 1.35ICCCX ICON Consumer Discretionary S 12.88 76 Buy -4.02 -6.32 -5.07 -2.92 11.31 13.61 1.42 1.01 12.81 1.43ICENX ICON Energy S 10.13 30 Sell -7.15 -6.92 -19.38 -24.21 -11.23 -6.90 0.01 1.24 19.65 1.42ICLEX ICON Consumer Staples S 7.38 88 Strong Buy -2.51 -1.98 -0.76 2.36 12.48 11.73 0.92 0.63 9.70 1.51ICTRX ICON Industrials S 10.38 70 Sell -6.99 -8.14 -9.90 -14.23 6.06 5.07 1.91 0.91 12.05 1.50TGLDX Tocqueville Gold 25.29 25 Hold 5.16 3.73 -6.23 -25.24 -26.01 -20.26 0.37 32.70 1.43

NTF INCOME FUNDSABHIX American Century High-Yield Inv 5.23 70 Sell -0.46 -1.59 -4.24 -5.96 0.07 3.66 6.42 0.63 5.50 0.85ABTPX American Beacon Treas Infl Prot Sec Inv 10.22 65 Hold 0.47 0.78 -0.58 -0.42 -1.93 1.18 1.02 3.71 0.69ACCNX American Century Core Plus Inv 10.64 73 Hold 0.62 0.14 -0.15 0.07 1.28 3.32 2.63 0.97 2.94 0.65ACITX American Century Infl-Adj Bond Inv 11.33 55 Sell 0.62 -0.19 -1.06 -2.13 -2.64 2.01 0.06 1.56 5.22 0.47ACSNX American Century Short Duration Inv 10.21 68 Buy 0.03 -0.07 -0.27 0.74 0.54 1.12 1.57 0.18 0.79 0.60ADFIX American Century Diversified Bond Inv 10.71 72 Hold 0.70 0.28 0.08 0.41 1.50 3.30 2.08 1.00 2.96 0.60AGIVX Invesco US Government Investor 8.93 57 Hold 0.60 0.37 -0.11 0.00 0.69 2.25 1.12 0.88 2.66 0.92APOIX American Century Short Dur Inf PrBd Inv 9.95 65 Hold 0.10 -0.10 -1.09 -0.50 -1.47 1.44 0.43 2.07 0.57ATMDX PIMCO Unconstrained Tax Managed Bd D 9.97 65 Buy -0.56 -0.20 1.41 -1.79 -0.23 1.12 1.32 0.03 2.65 1.10BAGSX Baird Aggregate Bond Inv 11.02 77 Hold 0.73 0.34 0.04 0.22 2.04 4.19 2.32 1.05 3.08 0.55BAIAX Brown Advisory Intermediate Income Adv 10.37 71 Buy 0.58 0.42 0.23 0.74 0.57 2.16 1.88 0.74 2.23 0.70BCOSX Baird Core Plus Bond Inv 11.33 76 Hold 0.62 0.06 -0.33 -0.18 1.76 4.00 2.65 1.07 3.18 0.55BGNMX American Century Ginnie Mae Inv 10.74 61 Hold 0.51 0.29 0.32 1.24 1.28 2.66 1.79 0.73 2.45 0.55BIMSX Baird Intermediate Bond Inv 11.46 74 Buy 0.61 0.32 -0.24 0.80 1.45 3.18 1.88 0.75 2.29 0.55BJBGX Aberdeen Total Return Bond A 13.23 75 Hold 0.53 0.05 -0.03 -0.64 0.83 3.16 2.19 1.07 3.27 0.68BJBHX Aberdeen Global High Income A 8.35 72 Sell -0.83 -3.04 -5.36 -9.30 -0.53 2.48 6.37 0.46 5.21 1.00BMBSX Baird Intermediate Muni Bd Inv 12.09 74 Hold 0.75 0.88 1.13 2.23 1.72 3.29 1.33 0.73 2.62 0.55BSBSX Baird Short-Term Bond Investor 9.62 72 Buy 0.21 0.11 -0.10 0.64 1.03 1.43 0.23 0.82 0.55BTTRX American Century Zero Coupon 2025 Inv 95.11 78 Hold 1.56 1.09 0.24 0.60 2.62 8.31 2.16 2.66 8.11 0.55BTTTX American Century Zero Coupon 2020 Inv 101.84 72 Hold 0.94 0.73 -0.09 1.80 1.10 5.23 1.43 1.51 4.63 0.55CFBNX Commerce Bond 19.77 76 Hold 0.57 0.07 -0.17 0.08 1.97 3.90 2.95 0.87 2.66 0.70CFNLX Commerce Natl Tax Free Interm Bd 19.82 71 Buy 0.97 1.37 2.07 3.42 2.01 5.00 1.78 0.96 3.40 0.67CFSTX Commerce Shrt-Term Government Instl 17.35 70 Buy 0.31 0.16 -0.32 0.40 0.44 1.16 0.81 0.32 1.07 0.68



Beta 3 Year

sd 3 Year


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


CHTBX ASTON/TCH Fixed Income N 10.09 74 Hold 0.40 -0.14 -1.58 -3.61 0.30 3.52 3.05 1.01 3.63 0.94CPTNX American Century Government Bond Inv 11.16 58 Hold 0.75 0.50 0.15 0.78 1.06 2.48 1.42 0.84 2.50 0.47DLENX DoubleLine Emerging Markets Fixed Inc N 9.36 75 Hold 0.00 -1.12 -3.10 -4.30 -0.73 2.91 5.84 0.75 6.22 1.15DLFNX DoubleLine Core Fixed Income N 10.73 82 Buy 0.56 0.18 -0.35 0.50 2.01 4.84 3.46 0.98 3.07 0.71DLSNX DoubleLine Low Duration Bond N 9.99 72 Strong Buy 0.10 0.00 -0.12 0.91 1.15 2.26 0.14 0.73 0.69DLTNX DoubleLine Total Return Bond N 10.85 81 Strong Buy 0.65 0.51 0.20 2.27 2.86 5.21 3.53 0.81 2.58 0.72DSTIX Dreyfus Short Term Income D 10.32 70 Buy 0.23 -0.05 -0.64 -0.32 0.28 1.26 1.60 0.28 1.14 0.65EXCPX Manning & Napier Core Plus Bond S 10.13 73 Sell 0.10 -0.16 -0.74 -1.06 0.72 3.51 2.91 0.80 2.95 0.75FOINX Tributary Income Instl 10.25 75 Buy 0.63 0.14 -0.25 0.18 1.86 3.68 2.68 0.91 2.71 0.85FOSIX Tributary Shrt Interm Bond Instl 9.34 71 Buy 0.24 -0.02 -0.36 0.55 0.76 1.79 1.62 0.30 1.09 0.79HOSBX Homestead Short-Term Bond 5.19 72 Buy 0.23 0.13 0.17 0.43 1.27 2.04 0.02 0.19 0.82 0.73HOSGX Homestead Short-Term Government 5.20 70 Buy 0.41 0.26 -0.20 0.65 0.49 0.95 0.02 0.33 1.07 0.71HYFIX Harbor High-Yield Bond Inv 9.37 77 Sell -0.32 -1.78 -3.77 -4.12 0.62 3.39 6.10 0.67 5.33 1.02IOBZX ICON Bond S 9.17 76 Buy 0.40 0.51 0.34 0.51 1.68 3.21 2.93 0.78 2.75 0.75LMWDX Western Asset Emerging Markets Debt FI 4.50 68 Hold -0.44 -1.31 0.38 -1.09 -2.97 5.28 1.30 7.99 1.20LSBRX Loomis Sayles Bond Retail 12.60 76 Sell -1.72 -2.64 -4.57 -8.59 -0.09 3.59 4.23 0.67 5.41 0.89LZHOX Lazard US Corporate Income Open 4.65 76 Buy -0.13 -1.10 -1.79 -1.19 2.17 4.62 5.30 0.62 4.48 0.85MCIYX BMO TCH Corporate Income Y 11.83 77 Buy 0.08 -0.88 -2.09 -4.68 0.75 4.25 3.67 1.06 4.08 0.59MCYBX BMO TCH Core Plus Bond Y 11.14 75 Sell 0.42 -0.24 -1.31 -2.73 0.79 4.02 3.18 1.06 3.58 0.58MFDAX AMG GW&K Enhanced Core Bond Investor 9.63 75 Hold 0.42 -0.67 -1.03 -3.48 0.83 3.24 3.14 0.93 3.37 0.84MGFIX AMG Managers Bond Service 26.15 74 Sell -0.19 -0.50 -1.11 -2.72 1.31 4.39 2.27 0.88 3.31 0.99MGIDX AMG Managers Intermediate Duration Govt 10.87 77 Hold 0.56 0.47 0.30 1.38 2.36 3.17 1.40 0.69 2.31 0.89MGSDX AMG Managers Short Duration Government 9.63 70 Buy 0.10 0.01 -0.08 -0.04 0.29 0.64 0.77 0.00 0.47 0.80MITFX BMO Intermediate Tax-Free Y 11.43 78 Buy 0.74 1.13 1.76 2.79 2.89 4.94 1.59 0.83 2.86 0.55MNHYX Manning & Napier High Yield Bond S 9.19 75 Buy -0.22 -0.97 -2.92 -3.40 1.50 4.71 6.44 0.49 5.02 1.11MSINX BMO Short-Term Income Y 9.32 71 Buy 0.24 0.08 -0.07 0.66 0.66 1.51 0.77 0.22 0.78 0.60MTFYX BMO Short Tax-Free Y 10.21 74 Buy 0.22 0.33 0.43 1.22 1.72 1.07 0.30 1.11 0.55MUYSX BMO Ultra Short Tax-Free Y 10.07 70 Buy 0.01 0.02 0.07 0.10 0.46 0.85 0.25 0.05 0.27 0.55NHFIX Northern High Yield Fixed Income 6.45 82 Hold -0.35 -2.07 -2.62 -3.16 1.73 4.70 6.29 0.57 5.16 0.80NHYMX Northern High Yield Muni 8.99 86 Strong Buy 0.74 1.55 3.12 4.58 4.16 7.30 3.23 1.14 4.11 0.80NMHYX Northern Multi-Manager Hi Yld Opp 8.87 74 Hold -0.34 -1.82 -4.29 -6.25 0.27 3.62 6.51 0.66 5.47 0.90PAIUX PIMCO Short Asset Investment D 10.00 70 Buy 0.00 -0.02 0.09 0.33 0.31 0.78 0.03 0.29 0.59PBDDX PIMCO Investment Grade Corp Bd D 9.96 90 Strong Buy 0.47 -0.05 -0.39 -0.37 2.02 5.29 3.28 1.50 4.83 0.75PDCRX PIMCO Credit Absolute Return D 9.33 69 Buy -0.32 -0.64 -1.77 -2.82 -0.37 3.08 0.36 3.05 1.30PDVDX PIMCO Diversified Inc D 10.03 84 Buy -0.02 -0.71 -0.60 0.74 0.52 3.87 4.34 1.14 5.45 1.15PEMDX PIMCO Emerging Markets Bond D 9.26 70 Sell -0.44 -1.99 -2.43 -2.80 -3.41 2.13 5.01 1.15 8.48 1.25PFIDX PIMCO Floating Income D 7.73 84 Strong Buy -0.70 -1.50 -0.91 -0.68 -0.76 0.99 4.43 0.09 4.92 0.95PGNDX PIMCO GNMA D 11.30 60 Hold 0.49 0.41 0.44 1.40 1.37 2.89 1.10 0.75 2.60 0.90PHSDX PIMCO High Yield Spectrum D 9.05 70 Hold -0.33 -1.27 -2.98 -3.22 1.63 4.95 6.16 0.64 5.25 0.95PHYDX PIMCO High Yield D 8.22 85 Strong Buy -0.38 -1.14 -2.76 -2.56 1.59 4.39 5.31 0.72 5.09 0.90PHYSX PIA High Yield Investor 9.42 86 Strong Buy -0.32 -1.45 -2.78 -1.74 2.44 5.17 8.45 0.39 4.29 0.98PLBDX PIMCO Emerging Local Bond D 6.50 44 Sell -2.02 -4.01 -7.78 -18.64 -12.24 -4.95 4.69 1.57 11.02 1.35PLDDX PIMCO Low Duration D 9.86 79 Strong Buy 0.02 -0.04 0.02 0.27 0.28 1.54 1.07 0.37 1.68 0.75PMBDX PIMCO Municipal Bond D 9.89 80 Hold 0.77 1.57 3.30 3.91 3.49 5.91 2.21 1.26 4.36 0.75PMNDX PIMCO National Interm Muni Bond D 10.61 75 Hold 0.76 1.36 2.69 3.20 2.43 1.46 1.03 3.61 0.80PMZDX PIMCO Mortgage Opportunities D 10.94 78 Buy 0.15 0.03 -0.12 2.22 3.23 2.88 0.47 1.91 1.00PONDX PIMCO Income D 11.70 92 Strong Buy -0.14 -0.73 -0.55 2.28 4.22 7.93 3.03 0.62 3.62 0.79PRFIX Parnassus Fixed-Income 16.52 73 Buy 0.49 0.40 0.10 0.59 1.14 2.38 1.97 0.88 2.62 0.68PRRDX PIMCO Real Return D 10.56 66 Sell 0.49 -0.44 -1.75 -3.22 -3.03 1.85 1.74 5.99 0.85PSDDX PIMCO Short-Duration Muni Income D 8.46 70 Buy 0.13 0.23 0.13 0.53 0.46 0.57 0.54 0.16 0.67 0.73PSHDX PIMCO Short-Term D 9.71 78 Strong Buy -0.18 -0.04 0.39 1.14 0.74 1.07 1.60 0.02 0.93 0.70PSRDX PIMCO Senior Floating Rate D 9.57 83 Strong Buy -0.10 -0.76 -1.69 -0.73 1.39 3.81 0.18 1.91 1.00PTMDX PIMCO Mortgage-Backed Securities D 10.49 75 Hold 0.42 0.31 0.35 1.66 1.94 3.06 1.42 0.73 2.37 0.90PUBDX PIMCO Unconstrained Bond D 10.26 72 Sell -0.45 -0.68 -0.39 -2.99 -1.12 0.95 2.80 0.33 2.55 1.30PYMDX PIMCO High Yield Municipal Bond D 8.87 85 Buy 0.98 1.66 3.82 5.85 4.20 7.10 3.19 1.39 5.04 0.85SADAX Wells Fargo Advantage Ultra S/T Inc A 8.44 74 Buy 0.01 -0.06 0.07 0.17 0.27 0.62 1.17 0.03 0.27 0.70SBBVX Schroder Total Return Fixed Income Adv 9.78 73 Hold 0.55 -0.48 -0.76 -1.56 0.69 3.03 3.12 1.04 3.27 0.65SCCYX Scout Core Bond Y 11.48 71 Buy 0.73 0.47 0.01 1.02 0.65 1.37 0.55 1.88 0.76SCPYX Scout Core Plus Bond Y 31.43 70 Buy 0.32 -0.27 -1.45 -0.20 0.37 3.64 1.71 0.53 2.00 0.80SGVDX Wells Fargo Advantage Government Sec A 11.21 62 Hold 0.82 0.55 0.06 0.57 1.31 2.57 0.69 0.89 2.63 0.85SHBAX Wells Fargo Advantage High Income A 6.20 77 Sell -0.22 -0.80 -3.00 -5.26 -0.54 3.32 5.49 0.61 5.35 0.90SHYPX American Beacon SiM High Yld Opps Inv 8.71 84 Strong Buy -0.42 -2.71 -4.35 -4.55 1.68 6.60 0.64 5.10 1.19SMAVX Wells Fargo Advantage Ult S/T Mun Inc A 9.62 70 Hold 0.01 0.04 0.10 0.11 0.24 0.54 0.18 0.04 0.34 0.67

NTF INCOME FUNDS (continued)


Beta 3 Year

sd 3 Year



NTF INCOME FUNDS (continued)

SSTHX Wells Fargo Advantage S/T Hi-Yld Bd A 7.98 86 Strong Buy 0.05 0.00 -0.01 2.13 1.94 3.11 2.89 0.27 1.94 0.81SSTVX Wells Fargo Advantage Short-Term Bd A 8.71 63 Buy 0.25 0.01 -0.14 0.76 0.86 1.43 1.46 0.17 0.65 0.74STYAX Wells Fargo Advantage Income Plus A 12.05 78 Hold 0.58 0.05 -0.05 -0.11 1.83 3.69 2.23 1.13 3.38 0.84SUBYX Scout Unconstrained Bond Y 11.14 62 Hold -0.27 -0.89 -1.94 -0.05 -0.88 1.92 -0.42 2.92 0.80TGFNX TCW Core Fixed-Income N 10.99 78 Hold 0.55 0.34 -0.04 -0.30 1.28 3.34 1.50 0.88 2.60 0.79TGINX TCW Emerging Markets Income N 9.58 73 Sell -0.41 -1.18 -1.29 -2.49 -2.88 2.72 5.21 0.96 6.61 1.16TGMNX TCW Total Return Bond N 10.51 81 Buy 0.57 0.37 0.05 0.91 2.68 4.86 2.71 0.78 2.55 0.79TGWNX TCW Emerging Markets Local Ccy Inc N 7.60 47 Sell -1.81 -3.68 -7.43 -16.99 -10.10 -3.27 6.20 1.49 9.72 0.99THOPX Thompson Bond 10.57 79 Strong Buy -0.28 -1.70 -2.50 -3.39 0.10 2.47 5.66 0.39 2.66 0.72TSDOX Touchstone Ultra Short Dur F/I Z 9.30 71 Buy 0.13 0.09 0.05 0.51 0.51 0.96 1.00 0.05 0.30 0.69TWUSX American Century Short-Term Govt Inv 9.62 62 Buy 0.22 0.15 -0.29 0.22 0.08 0.41 0.49 0.18 0.62 0.55USAIX USAA Income 12.67 76 Hold 0.56 -0.06 -0.58 -1.16 1.65 3.75 3.57 0.96 2.99 0.53USATX USAA Tax Exempt Intermediate-Term 13.60 78 Hold 0.65 1.18 2.03 2.86 3.10 5.36 1.69 0.80 2.77 0.55USFIX USAA Flexible Income 8.41 67 Sell 1.20 -0.36 -3.51 -8.42 4.89 0.92USGNX USAA Government Securities 9.91 73 Hold 0.44 0.38 -0.17 1.24 1.30 2.33 2.29 0.62 1.96 0.51USHYX USAA High Income 7.26 73 Hold -0.41 -1.84 -5.67 -9.05 0.40 3.94 7.31 0.55 5.17 0.89USIBX USAA Intermediate-Term Bond 10.19 76 Hold 0.47 -0.41 -0.96 -2.26 1.60 4.40 4.13 0.84 2.94 0.68USSBX USAA Short-Term Bond 9.04 72 Buy 0.14 -0.07 -0.46 0.13 0.89 1.86 2.10 0.28 1.04 0.62USSTX USAA Tax Exempt Short-Term 10.61 71 Buy 0.21 0.22 0.46 0.67 0.98 1.96 0.68 0.15 0.62 0.55USTEX USAA Tax Exempt Long-Term 13.73 78 Hold 0.59 1.10 2.13 3.27 3.63 6.75 2.10 1.15 4.03 0.55UUSTX USAA Ultra Short-Term Bond 9.94 71 Buy 0.03 -0.09 -0.37 0.02 0.73 1.40 1.92 0.11 0.60 0.58VMINX Invesco Municipal Income Investor 13.74 82 Buy 0.66 1.25 2.43 3.83 2.23 1.16 4.00 0.75WACIX Western Asset Core Plus Bond FI 11.46 72 Hold 0.23 -0.10 0.04 0.49 2.37 4.23 3.01 1.04 3.21 0.80WAPIX Western Asset Core Bond FI 12.20 73 Hold 0.53 0.12 0.04 0.76 2.14 3.94 2.29 1.01 3.04 0.80WARIX Western Asset Total Return Uncons FI 10.07 73 Hold -0.64 -0.85 -1.07 -0.51 0.74 2.20 3.16 0.18 1.89 1.18WBBNX William Blair Bond N 10.37 74 Buy 0.35 0.03 0.09 -0.29 1.30 3.84 2.72 0.93 3.11 0.65WBLNX William Blair Low Duration N 9.17 77 Strong Buy 0.15 0.08 0.11 0.12 0.27 1.07 1.04 0.23 0.99 0.70WBRRX William Blair Income N 8.92 71 Buy 0.27 0.13 0.03 0.51 0.75 2.59 1.71 0.62 2.08 0.84WFTAX Wells Fargo Advantage Interm T/AmtF A 11.73 77 Hold 0.73 1.13 2.04 2.31 2.65 4.78 1.50 0.84 2.89 0.70WMFAX Wells Fargo Advantage Municipal Bond A 10.49 79 Hold 0.62 1.16 2.76 3.25 4.13 6.57 2.28 1.05 3.69 0.75WSHNX Weitz Short-Intermediate Income Investor 12.20 71 Buy 0.25 -0.06 -0.39 -0.07 0.80 1.23 0.32 1.21 0.84WSMAX Wells Fargo Advantage S/T Muni Bd A 9.95 69 Buy 0.12 0.16 0.43 0.65 0.93 1.68 0.68 0.12 0.56 0.60

NTF INTERNATIONAL FUNDSAAIPX American Beacon Intl Equity Inv 16.39 68 Buy -6.44 -6.88 -9.32 -7.12 1.59 2.50 0.97 12.37 1.03AEMGX Acadian Emerging Markets Instl 13.87 51 Sell -6.98 -7.78 -13.14 -23.95 -9.34 -5.80 0.92 13.47 1.50AGBVX American Century Global Bond Inv 9.80 70 Hold 0.41 0.03 0.34 0.03 2.09 1.27 0.85 2.76 0.87AGLOX Ariel Global Equity Investor 13.05 74 Buy -4.67 -5.97 -4.19 -4.54 8.20 0.75 9.99 1.25AMDWX Amana Developing World Investor 8.42 45 Sell -3.99 -4.95 -7.24 -19.96 -7.41 -4.67 0.11 0.76 10.74 1.48BAHAX Brown Advisory WMC Strat Eurp Eq Adv 9.52 70 Hold -6.02 -6.58 -5.18 1.38 1.53BEGBX American Century International Bd Inv 12.04 34 Sell 0.75 0.69 -1.72 -4.91 -4.31 -0.44 0.53 0.72 5.68 0.81BEXFX Baron Emerging Markets Retail 9.90 57 Sell -6.34 -5.89 -7.29 -16.86 -0.97 0.19 0.87 12.11 1.50BUFIX Buffalo International 10.61 63 Hold -6.35 -6.85 -6.44 -5.78 2.79 2.37 0.80 10.70 1.05CAMIX Cambiar International Equity Inv 23.08 58 Hold -6.03 -5.40 -6.47 2.20 5.41 4.71 1.32 0.82 10.95 1.09CRMIX CRM International Opportunity Inv 11.39 53 Hold -5.24 -5.62 -5.98 2.48 1.15 0.07 0.78 10.32 1.50DOMIX Domini International Social Equity Inv 6.85 61 Hold -5.78 -6.52 -8.11 -3.59 5.11 4.52 0.93 11.96 1.59EGINX Invesco European Growth Investor 32.65 70 Buy -5.39 -5.22 -6.57 1.01 4.35 6.00 0.81 11.01 1.31EMBOX Lazard Emerging Markets Equity Blnd Open 7.93 40 Sell -7.25 -8.15 -10.30 -19.58 -10.39 -7.41 1.08 15.65 1.60EMMOX Lazard Emerging Markets Multi Asset Open 7.12 45 Sell -5.32 -6.17 -8.57 -16.74 -8.87 0.79 11.13 1.60EXITX Manning & Napier International S 6.98 55 Sell -6.06 -7.18 -7.06 -8.30 -0.09 0.66 1.03 13.19 1.10EXWAX Manning & Napier World Opportunities A 6.35 49 Sell -6.20 -7.32 -7.58 -10.28 -2.13 -0.78 1.02 13.22 1.07FMIJX FMI International 26.94 72 Hold -4.43 -4.95 -4.12 -1.39 8.44 8.47 0.53 8.25 0.98GLFOX Lazard Global Listed Infrastructure Open 12.99 84 Buy -3.42 -2.99 -2.85 4.42 15.58 12.44 0.49 8.67 1.29GOBFX Legg Mason BW Global Opportunities Bd FI 9.63 63 Sell -0.82 -1.64 -3.99 -9.93 -2.84 2.22 2.81 1.31 6.22 1.00HIGGX Madison Hansberger International Gr Y 14.11 54 Hold -7.54 -7.99 -10.06 -6.31 -0.73 -0.60 0.95 12.18 1.16HIIGX Harbor International Growth Inv 11.38 52 Hold -7.03 -7.65 -6.75 -5.28 0.17 0.28 0.99 12.85 1.22HIINX Harbor International Investor 54.91 64 Sell -6.82 -7.11 -9.83 -8.94 -1.33 0.88 1.03 13.11 1.11HISIX Homestead International Value 6.03 53 Hold -6.37 -6.50 -7.96 -8.35 0.29 -0.06 0.02 1.01 13.09 0.97HJPNX Hennessy Japan Investor 22.69 66 Strong Buy -4.34 -4.50 -0.83 8.62 13.33 10.23 0.06 0.77 13.52 1.70ICARX ICON Emerging Markets S 12.40 76 Sell -4.98 -4.76 -8.62 -8.15 -1.11 -1.18 1.65 0.72 10.78 1.55


Beta 3 Year

sd 3 Year


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


NTF INTERNATIONAL FUNDS (continued)LDMOX Lazard Developing Markets Equity Open 8.29 37 Sell -8.40 -8.27 -12.34 -20.40 -12.25 -10.16 1.14 16.85 1.49LGFEX QS Batterymarch Intl Eq FI 13.48 57 Hold -6.13 -6.37 -8.00 -3.60 3.70 2.32 0.91 11.69 1.34LISOX Lazard International Strategic Eq Open 12.70 76 Hold -5.51 -6.00 -6.55 -6.55 3.84 5.13 0.91 11.96 1.09LSGLX Loomis Sayles Global Bond Retail 14.73 60 Sell 0.55 0.14 -1.67 -4.41 -2.41 0.85 1.87 0.91 4.14 1.00LWOFX Legg Mason BW International Opps Bd FI 10.21 65 Sell -0.97 -2.11 -5.02 -10.68 -3.41 3.04 1.27 6.79 1.00LZIOX Lazard International Equity Open 16.26 58 Hold -5.63 -6.39 -7.46 -3.15 2.97 4.66 0.89 11.59 1.17LZSMX Lazard International Small Cap Eq Open 10.36 71 Hold -5.22 -3.63 -1.89 5.14 9.13 6.94 0.80 11.11 1.43MACSX Matthews Asian Growth & Inc Investor 15.27 75 Sell -4.74 -5.11 -5.67 -8.47 -1.85 1.36 0.77 10.60 1.08MAFSX Matthews Asia Focus Investor 8.22 54 Sell -5.41 -6.66 -6.13 -16.82 1.57MAKOX Matthews Korea Investor 5.93 74 Buy -3.58 -0.89 -2.12 11.04 6.61 6.60 0.75 13.53 1.11MCDFX Matthews China Dividend Investor 12.88 56 Hold -6.60 -5.19 -2.16 1.78 5.08 4.77 0.88 16.29 1.19MCHFX Matthews China Investor 16.56 68 Hold -10.10 -10.63 -7.58 -10.59 -2.59 -3.75 1.00 18.15 1.11MGGBX AMG Managers Global Income Opportunity 18.24 66 Sell 0.33 -0.18 -3.06 -5.48 -1.89 1.79 3.62 0.80 4.78 0.89MGLBX Marsico Global 11.18 85 Strong Buy -6.68 -7.79 -1.42 -4.23 11.23 7.57 0.81 12.18 1.54MINDX Matthews India Investor 25.48 80 Buy -3.59 -1.57 -7.85 -4.85 14.30 5.42 0.74 21.29 1.12MIOFX Marsico International Opportunities 14.64 53 Hold -6.75 -6.09 -1.68 -3.49 3.11 2.24 0.82 12.18 1.60MJFOX Matthews Japan Investor 18.00 65 Buy -5.11 -4.91 1.01 13.56 14.36 8.13 0.67 14.59 1.03MNEMX Manning & Napier Emerging Markets S 7.72 45 Sell -6.54 -6.88 -4.93 -15.50 -7.26 1.07 15.51 1.15MNGSX Manning & Napier Global Fixed Income S 9.10 67 Sell -0.11 -1.09 -2.57 -5.29 2.46 0.68 4.25 0.85MPACX Matthews Asia Growth Investor 19.94 52 Sell -5.45 -4.18 -0.55 -4.91 4.22 3.07 0.82 12.76 1.11MSMLX Matthews Asia Small Companies Inv 18.58 62 Sell -4.28 -2.64 -3.55 -13.26 1.01 0.36 0.78 13.25 1.47NMIEX Northern Multi-Manager Intl Equity 8.85 61 Sell -6.74 -7.21 -8.27 -10.65 -1.40 -0.59 0.96 11.92 1.21NMMEX Northern Multi-Manager Emerging Mkt Eq 13.45 55 Sell -7.31 -8.26 -14.78 -22.87 -9.48 -5.83 0.98 13.62 1.35NOIGX Northern International Equity 7.66 57 Sell -7.26 -8.82 -10.18 -11.70 -0.29 0.72 1.13 14.21 1.09OBIOX Oberweis International Opportunities 20.30 70 Strong Buy -4.83 -4.65 0.59 10.00 16.95 13.06 0.76 12.25 1.60PEFDX PIMCO EM Fdmtl IndexPLUS AR Strat D 6.49 46 Sell -7.55 -8.59 -16.79 -31.25 1.36 1.31 18.24 1.55PGBDX PIMCO Global Bond (Unhedged) D 8.80 66 Sell 0.48 0.23 -1.45 -3.52 -2.18 1.89 1.19 1.06 4.42 0.95PGSDX PIMCO Global Advantage Strategy Bd D 9.77 47 Sell -0.39 -0.99 -1.37 -5.78 -3.48 0.25 1.50 0.94 5.25 1.10PIPDX PIMCO Intl StksPLUS® AR Strat (USD-Hg) D 6.36 60 Hold -6.74 -6.75 -5.39 -5.30 6.22 6.28 1.41 0.95 13.35 1.15PLVDX PIMCO EMG Intl LowVol RAFI®-PLUS AR D 6.82 52 Sell -6.45 -6.16 -13.36 -27.69 1.03 1.40PLVRX PIMCO Intl LwVol RAFI®-PLUS AR D 8.64 65 Sell -4.74 -4.17 -6.11 -5.13 1.38 1.17PPUDX PIMCO Intl StkPLUS® AR Stra (Unhdgd) D 5.13 53 Sell -6.56 -6.47 -7.30 -8.76 0.46 3.34 1.43 1.17 14.83 1.04PQDDX PIMCO EqS® Dividend D 5.18 58 Sell -5.78 -5.81 -11.49 -15.90 0.40 2.99 0.82 11.28 1.19QFVOX Pear Tree Polaris Foreign Value Ord 16.12 68 Hold -6.33 -4.91 -7.85 -4.91 3.51 4.30 0.91 12.20 1.52QUSOX Pear Tree Polaris Fgn Val Sm Cap Ord 11.80 79 Buy -4.07 -3.14 -3.68 -4.90 7.44 5.29 0.71 9.89 1.56RISCX Royce European Smaller-Companies Svc 11.00 76 Strong Buy -4.60 -4.46 -4.79 9.78 3.07 2.15 0.78 12.28 1.69RIVFX Royce Global Value Svc 12.20 61 Hold -5.50 -6.29 -4.83 -2.95 -1.50 -2.33 0.78 11.06 1.69SCVEX Schroder International Alpha Adv 10.33 54 Hold -6.18 -6.58 -7.08 -5.48 1.74 0.95 0.92 11.84 1.17SEMVX Schroder Emerging Market Equity Adv 10.10 45 Sell -7.42 -8.11 -12.54 -20.72 -9.30 -5.46 0.95 13.48 1.49SIDVX Schroder International Multi-Cap Val Adv 7.57 63 Hold -6.43 -6.41 -10.57 -10.35 -0.24 1.00 0.93 11.66 1.17SILAX Wells Fargo Advantage Divers Intl A 10.52 58 Hold -6.49 -6.90 -7.47 -7.38 2.05 2.70 0.93 11.86 1.40TIVFX Tocqueville International Value 13.21 71 Hold -5.91 -5.97 -4.99 1.38 5.59 3.89 0.86 11.36 1.25TVFVX Third Avenue Value Investor 45.00 64 Sell -6.37 -8.56 -8.20 -13.30 1.33 0.83 0.81 11.42 1.34TVIVX Third Avenue International Value Inv 12.70 41 Sell -8.63 -9.09 -14.78 -20.86 -6.80 -3.41 0.98 13.55 1.65TWEMX Thomas White Emerging Markets Investor 8.46 37 Sell -7.44 -7.84 -10.19 -20.63 -10.47 -6.41 0.98 13.98 1.29TWGGX American Century Global Growth Inv 10.32 63 Hold -6.44 -7.11 -6.48 -3.23 7.87 7.06 0.80 11.24 1.08TWIEX American Century International Gr Inv 10.71 74 Hold -5.89 -6.53 -6.45 -4.22 3.19 3.62 0.87 11.52 1.18TWMIX American Century Emerging Markets Inv 7.39 47 Sell -6.34 -7.16 -10.96 -15.19 -5.51 -3.65 1.00 14.23 1.45TWWDX Thomas White International Investor 14.48 45 Sell -5.91 -6.82 -6.77 -7.71 -2.57 -0.24 0.91 11.57 1.24UCEQX USAA Cornerstone Equity 11.42 66 Hold -6.01 -6.84 -6.55 -8.00 3.25 0.79 10.45 0.10UGMVX USAA Global Managed Volatility 8.07 64 Hold -6.05 -6.63 -7.48 -8.72 0.70 9.07 1.07UMBWX Scout International 21.43 64 Sell -7.59 -7.96 -9.37 -9.59 -1.57 0.56 1.08 0.88 11.37 1.02USAWX USAA World Growth 24.64 68 Hold -5.74 -6.90 -6.72 -6.59 6.61 7.97 0.84 11.60 1.17


Beta 3 Year

sd 3 Year



USCGX USAA Capital Growth 9.13 75 Buy -6.17 -6.82 -4.81 -3.51 10.70 7.71 0.79 10.60 1.23USEMX USAA Emerging Markets 12.70 44 Sell -6.69 -7.54 -10.70 -20.36 -9.74 -8.57 1.05 14.96 1.50USIFX USAA International 25.07 59 Hold -6.21 -6.62 -7.47 -4.26 1.87 3.39 0.90 11.68 1.12WAESX Wasatch Emerging Markets Select Investor 8.01 48 Sell -5.21 -4.42 -6.43 -21.16 -7.82 0.86 13.35 1.70WAGOX Wasatch Global Opportunities 3.14 78 Strong Buy -7.10 -6.78 -1.91 -3.50 5.71 6.47 0.69 11.38 1.81WAGTX Wasatch World Innovators 17.95 77 Strong Buy -4.67 -6.37 -2.34 3.18 8.36 9.81 0.67 10.92 1.76WAIGX Wasatch International Growth 28.68 77 Strong Buy -5.10 -4.27 0.63 10.56 7.61 8.44 0.76 11.31 1.50WELNX William Blair Emerging Mkts Ldrs N 7.10 48 Sell -8.15 -8.85 -13.19 -22.64 -7.53 -4.91 0.95 13.78 1.65WFAAX Wells Fargo Advantage Asia Pacific A 10.74 49 Sell -5.95 -6.18 -6.82 -9.97 2.36 2.32 0.85 11.89 1.60WGGNX William Blair Global Leaders N 10.68 63 Buy -7.77 -8.49 -5.95 -4.99 5.31 6.13 0.80 11.04 1.50WIENX William Blair International Equity N 12.78 61 Hold -7.73 -8.11 -8.37 -4.79 2.75 2.18 0.87 11.21 1.38WILNX William Blair International Ldrs N 11.91 58 Hold -7.60 -7.63 -4.92 -1.16 4.23 0.84 11.13 1.45WLCTX Wilshire International Equity Invmt 8.34 48 Sell -6.29 -6.29 -6.50 -6.82 0.19 2.32 0.91 11.83 1.50

NTF INTERNATIONAL FUNDS (continued)

Fund Spotlight: Vanguard High-Yield Corporate Inves-tor Class Fund (VWEHX)As 2015 came to a close, the Federal Re-serve instituted its long-anticipated inter-est rate hike, causing capital to flow from the high-yield bond market. The precip-itous drop in high-yield was triggered primarily by the sell-off in commodities, specifically crude oil. Funds heavily in-vested in debt issued by companies in those sectors were hit the hardest, partic-ularly funds that used additional leverage to boost returns. Conversely, diversified funds with limited exposure to commod-ity- and energy-related entities fared com-paratively well.The broad high-yield market suffered rel-atively modest losses versus the energy, metal and mining sub-indexes. While the Bank of America/Merrill Lynch US High Yield Master II index was off 4.8 percent, the Barclay’s broad high-yield market index that excludes energy-related debt was down less than half that amount. If oil falls further in 2016, high-yield bond funds with exposure will continue to slip, but losses will remain concentrated as they were in 2015. The real downside risk in high-yield comes from rising default risk in a recession, which is currently not an issue as the broader economy remains on track.

High-yield bond funds have always of-fered the opportunity for higher levels of income coupled with an increased level of credit risk. While the high-yield market performs relatively well in good times, it can falter when the broad economy or significant subsectors come under sell-ing pressure. Outside of a scenario like the financial crisis of 2008, the average well-diversified high-yield fund may not face elevated domestic risk in 2016. The recent sell-off, however, may provide an opportunity for investors looking to real-locate a portion of their portfolios. In this case, the Vanguard High-Yield Corporate Investor Class Fund (VWEHX) is worth considering.InvesTMenT sTRATeGYEstablished in 1978, this four-star Morn-ingstar rated fund seeks to provide a high level of current income by investing in a diversified portfolio of corporate high-yield bonds with medium and lower quality ratings. Led by portfolio manager Michael Hong since 2008, the fund leans toward the conservative end of the junk bond market using an asymmetrical risk/reward profile. Relying heavily on credit analysis and risk analytics, Mr. Hong, with two decades of experience, has kept the fund heavily concentrated in debt issues rated BB while remaining below category averages in issues rated B or lower. He concentrates on high-quality names in in-

dustries generating stable, free cash flows. Hong looks for significant tangible asset coverage to counter cash-poor issuers. He also invests in Treasuries, short-term bonds and mid-quality corporate issues to provide liquidity during periods of vola-tility. Hong avoids industries that he feels offer a poor risk/reward ratio. With ap-proximately $1 million of his own money in the fund, Hong is assisted by a team that includes two dedicated bank loan special-ists as well as three London-based credit analysts who monitor overseas issuers.PORTFOlIO cOMPOsITIOn And hOldInGsThe $17 billion fund has 92 percent expo-sure to domestic corporate bonds as well as small holdings in foreign debt issues, government bonds, cash and securitized debt. VWEHX has 1.5 percent exposure to European bonds denominated in the euro and pound sterling. Compared with the category average, the portfolio is over-weight BB-rated debt and slightly under-weight B-rated issues. It is well below the category average for issues rated B or lower. The portfolio is concentrated in debt issues with coupon rates ranging from 4 to 10 percent. The fund’s average maturity ranges primarily from 3 to 10 years. Communication, technology and financial sectors make up approximately 50 percent of holdings. VWEHX has minimal expo-

(continued on page 16)


Beta 3 Year

sd 3 Year


sure to energy-related debt. With approximately 400 individual holdings and 9 percent of assets in its top 10 holdings, the fund is well diversified. Its 35 percent annual turnover stands in con-trast to a 75 percent category average.

hIsTORIcAl PeRFORMAnce And RIskWith a current 30-day SEC yield of 6.35 percent, the portfolio offers a substantial yield despite taking on less risk than its more aggressive rivals. Returns have also been strong, aided by holdings in financials, health care and steel producers as well as its limited exposure to the energy sector. Earning a positive performance rating, VWEHX has delivered solid returns com-pared with the category and underlying benchmark averages. Through the end of 2015, the fund delivered 1-, 3- and 5-year total returns of -1.40 percent, 2.54 percent and 5.72 percent, compared with the respective category averages of 0.14, 1.02 and 3.92 percent. The comparable benchmark returns are -4.01 percent, 1.28 percent and 4.11 percent. VWEHX features an above-average Morningstar return rating and a below-average risk rating. The fund has a 3-year beta and standard deviation of 0.86 and 4.78 compared with the category averages of 0.56 and 5.19, respectively.

Fees, exPenses And dIsTRIBuTIOnsThis no-load mutual fund has an extremely low 0.23 per-cent net-expense ratio, placing VWEHX well below the vast majority of its competitors. It is also less expensive than the lowest-cost high-yield exchange-traded fund. VWEHX has an initial investment minimum of $3,000 for taxable and non-taxable accounts. The fund pays a monthly income dividend that averaged $0.027 per share over the past four months. For investors considering tax implications, there was a $0.021 per share long-term capital gains distribution in December 2015.

OuTlOOkVWEHX’s conservative investment style has delivered solid returns and healthy yields. While VWEHX tends to lag its peers during periods of strong credit conditions, it stays ahead when concerns of credit quality and overall economic con-ditions place added pressure on the high-yield market, as re-flected in its long-term outperformance. VWEHX continues to top the category average for long-term total returns. The fund is among the best choices for investors looking for a relatively conservative option in the high-yield bond market. We have issued a Strong Buy rating for VWEHX, with a rank-ing of 86.

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

THE Investor Guide TO VANGUARD FUNDS

Fund Spotlight: Vanguard High-Yield Corporate Investor Class Fund (VWEHX) (continued)

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

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Mds Wealth Advisors: A New Private Service from Matthew Sauer

Over the years it has been our pleasure to provide you with responsible and timely investment advice, and we genuinely appreciate your loyalty to our newsletter. Since we began publishing our investment recommendations, we have been frequently asked to provide dedicated wealth management.

Due to the numerous inquiries and requests, I am incredibly pleased to announce we are now offering private wealth management services through MDS Wealth Advisors. Our objective is simple. We want to help our subscribers tailor their portfolios to their specific investment objectives. I will personally work with each member to build an investment portfolio that is aligned with their goals and risk tolerances. If you are considering a wealth manager or are concerned about who will oversee your investments if you are unable, I would welcome the opportunity to discuss our services.

If you are interested in utilizing our new service, call me directly at (844) 336-9878 and I will answer any questions you have. If email is more convenient, you can reach me anytime at: [email protected].

An Important Update from VanguardVanguard announced the February retirement of Pamela Wisehaupt Tynan, principal and head of the short-term municipal team within Vanguard Fixed Income Group. She has managed the $17.3 billion Vanguard Tax-Exempt Money Market Fund since 1988 and the $12.4 billion Vanguard Short-Term Tax-Exempt Fund since 1996, along with overseeing all six Vanguard tax-exempt money market portfolios. She will be succeeded by Justin A. Schwartz, CFA, who will manage the Short-Term Tax-Exempt and Tax-Exempt Money Market Funds. Mr. Schwartz joined Vanguard in 2004 and currently manages the $2.2 billion Vanguard New York Tax-Exempt Money Market Fund and $2.1 billion Vanguard Pennsylvania Tax-Exempt Money Market Fund. The funds’ investment policies, objectives and fundamental strategies will remain the same.

mutual fund investor guide the investor guide to vanguard …€¦ · and is down 4.38 percent in...

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