(PUB) Morningstar FundInvestor

12

Tapering at Home, Turmoil Abroad Weigh on Stocks in March Market Overview | Flynn Murphy

Benchmark Performance

Total Return % Through

A N N U A L I Z E D

03-31-14

1Mo YTD 3Yr

5Yr

10Yr

Large Growth Large Blend Large Value

-2.2 0.5 12.7 19.8 6.7 0.7 1.7 12.7 19.7 6.6 1.8 2.3 12.8 19.8 6.5 -2.0 1.3 11.4 22.0 8.0 0.4 2.6 12.4 23.0 8.4 1.2 3.1 13.3 23.5 8.7 -2.0 0.4 12.2 23.6 7.7 0.6 1.4 12.6 24.1 8.2 1.3 1.7 12.9 24.3 8.4 0.1 1.5 8.8 16.3 6.2 0.2 1.9 5.7 10.7 4.6 0.2 1.7 8.2 14.1 5.6 0.4 -1.1 8.9 18.6 6.5 2.0 1.7 12.1 20.2 2.8 0.2 2.8 6.7 19.9 6.4 -4.9 6.6 24.5 23.9 10.6 0.6 2.7 -2.7 12.4 8.3 -8.4 12.1 -24.7 -4.1 2.2 0.6 9.0 9.7 27.1 7.4 -2.6 2.3 11.1 22.0 7.7 2.6 7.3 12.6 16.6 9.8 0.8 1.8 14.7 21.2 7.4 0.4 3.0 13.4 24.9 10.1 -0.7 1.1 13.2 24.3 8.5 -0.7 -2.2 3.0 13.9 6.2 2.2 -0.8 -2.4 14.3 8.9 -1.1 1.8 7.3 18.4 7.4 -0.6 0.1 5.7 15.2 6.0 -1.0 -0.4 5.7 16.3 6.5 -0.5 0.9 6.1 15.0 6.0 -0.8 1.7 9.3 21.7 9.7 0.4 2.9 7.9 20.2 7.8 -0.2 1.4 8.9 17.7 6.9 -0.6 0.7 7.2 16.0 6.5 0.1 1.3 10.2 18.3 6.8 2.9 -0.8 -5.3 11.8 7.5 -1.0 2.1 8.4 17.5 7.4 8.6 -0.2 -11.7 8.0 10.6 0.1 -2.5 5.1 13.4 4.8 0.3 2.6 7.7 15.7 6.8 -0.5 1.6 2.6 4.5 3.6 -0.1 2.0 4.0 6.8 4.0 0.3 4.0 6.1 6.3 3.8

Mid-Cap Growth Mid-Cap Blend Mid-Cap Value

Equities were mixed in March. Turmoil in Ukraine and the Federal Reserve’s tapering of asset purchases weighed on the markets. In the U.S., large caps fared slightly better than small caps. The S & P 500 Index gained 0 . 8% , and the Russell 2000 Index lost 0 . 7% . The financial-services sector managed a gain in March. The average financials fund gained 1 . 9% . Davis Financial RPFGX ’s gain fell in line with its typical peer, as top holdings Wells Fargo WFC and Bank of New York Mellon BK gained 7% and 10% , respec- tively. Utilities and consumer defensive stocks also eked out gains. Franklin Utilities FKUTX returned 2 . 6% . Yacktman YACKX and Yacktman Focused YAFFX , which each hold roughly one third of their port- folios in consumer staples such as PepsiCo PEP , gained 1 . 6% and 1 . 7% , respectively. After a strong start to 2014 , precious-metals equities were among the month’s worst performers. Oppenheimer Gold & Special Minerals OPGSX lost more than 9% . Emerging-markets stocks outpaced international devel- oped markets in March. The MSCI Emerging Markets Index notched a 3% gain. Virtus Emerging Markets Opportunities HEMZX , which holds roughly half its assets in strong-performing India and Latin America equities, returned 4 . 7% . The MSCI EAFE Index de- clined by 0 . 6% during the month, as Europe equities struggled and Japan stocks fared worse. Taxable bonds and municipal bonds had an uneventful March. The intermediate-term bond category gained 11 basis points by month-end, while the intermediate- term muni-bond category lost 20 basis points. Long government bonds and emerging-markets bond funds were the best fixed-income performers. Vanguard Long-Term Treasury VUSTX gained 0 . 5% , while PIMCO Emerging Local Bond PELBX gained 2 . 7% . œ Contact Flynn Murphy at flynn.murphy@morningstar.com

Small Growth Small Blend Small Value

Aggressive Allocation Conservative Allocation Moderate Allocation

Communications

Financials

Global Real Estate

Health

Natural Resources Precious Metals

Real Estate Technology

Utilities

S&P 500

S&P MidCap 400

Russell 2000

Diversified Asia/Pac. Stock Diversified Emerg. Mkts.

Europe Stock

Foreign Large Blend Foreign Large Growth Foreign Large Value

Foreign Small/Mid Growth Foreign Small/Mid Value

World Stock

MSCI EAFE MSCI World

MSCI Emerging Markets

MSCI Europe

MSCI Latin America

MSCI Pacific

High-Yield Bond

Inflation-Protected Bond Intermediate-Term Bond

Muni National Long

World Bond 0.6 2.4 3.0 6.7 4.4 BarCap US Agg Bond TR USD -0.2 1.8 3.8 4.8 4.5 BofAML US HY Master II TR 0.2 3.0 8.7 18.2 8.5 BarCap Municipal TR USD 0.2 3.3 5.8 5.7 4.5