Barron\'s Magazine. April 06, 2020

L40 BARRON’S•Funds Quarterly April 6, 2020

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Copyright Lipper

Municipal Bond Funds Data provided by

T ROWE PRICE NY TF BD NY 434.3 11.55 –1.11 2.88 3.18 2.74 3.93 11.22 –0.37

T ROWE PRICE SUM MIC GM 1606.4 11.80 –2.54 2.07 3.34 2.80 4.30 11.40 –0.45

T ROWE PRICE SUM MIT IMD 3089.3 11.94 –1.07 2.60 3.01 2.44 3.41 11.68 –0.27

T ROWE PRICE TF INC GM 1665.9 9.99 –1.80 2.62 3.27 2.65 3.98 9.67 –0.37

T ROWE PRICE TF INC;ADV GM 401.5 10.00 –1.88 2.29 2.94 2.33 3.65 9.67 –0.37

T ROWE PRICE TX-FR HY HM 3720.0 11.48 –6.16 –0.90 2.77 2.75 4.98 11.01 –0.50

T ROWE PRICE TX-FR GAB OTH 282.8 11.53 –1.11 3.02 3.27 2.59 3.78 11.21 –0.36

T ROWE PRICE TX-FR NJB NJ 404.1 11.99 –1.71 2.31 3.40 2.79 3.99 11.65 –0.38

T ROWE PRICE TX-FR VAB VA 1161.4 11.95 –1.18 2.84 3.18 2.73 3.83 11.58 –0.39

T ROWE PRICE TXFR SI SIM 1352.5 5.60 –0.51 1.61 1.63 1.27 1.73 5.55 –0.04

THORNBURG INT MUNI;A IMD 306.1 14.07 –1.00 2.41 2.62 1.95 3.20 13.78 –0.31

THORNBURG LTD MUNI;A SIM 880.1 14.36 –0.34 1.91 1.84 1.38 2.20 14.21 –0.15

THORNBURG LTD MUNI;C SIM 279.1 14.39 –0.40 1.65 1.60 1.14 1.94 14.23 –0.16

THORNBURG LTD MUNI;Ir SIM 4372.1 14.37 –0.21 2.22 2.14 1.69 2.51 14.21 –0.16

THRIVENT FDS MUN BD;An GM 1209.4 11.25 –1.03 3.28 3.18 2.48 3.72 10.92 –0.37

TIAA-CREF 5-15YLTEB;RTL IMD 264.2 10.51 –2.43 1.91 3.14 2.14 3.21 10.25 –0.25

USAA CA BOND;FUND CAG 676.7 11.17 –0.96 3.62 3.87 3.11 5.03 10.85 –0.35

USAA NY BOND;FUND NY 217.7 11.80 –1.63 2.60 3.15 2.60 4.01 11.43 –0.43

USAA TAX-EX INTM-TM;FUND IMD 4784.6 13.33 –1.60 2.55 3.69 2.73 3.91 12.99 –0.36

USAA TAX-EX LNG-TM;FUND GM 2400.9 13.22 –1.65 2.83 3.64 3.04 4.52 12.75 –0.49

USAA TAX-EX SHT-TM;FUND SMD 1270.2 10.32 –1.55 0.22 1.31 0.93 1.59 10.24 –0.05

USAA VA BOND;FUND VA 684.7 11.26 –1.18 2.39 3.10 2.64 3.89 10.98 –0.33

VANGUARD CA INTM-TRM;ADM CAT 15507.9 11.95 –0.57 3.55 3.62 2.93 4.07 11.70 –0.27

VANGUARD CA INTM-TRM;INV CAT 1916.3 11.95 –0.59 3.47 3.53 2.84 3.98 11.70 –0.27

VANGUARD CA LNG-TM;ADM CAG 4710.2 12.40 –0.43 5.00 4.70 3.77 4.97 12.04 –0.41

VANGUARD CA LNG-TM;INV CAG 720.5 12.40 –0.45 4.92 4.61 3.68 4.88 12.04 –0.41

VANGUARD HI YLD TXEX;ADM GM 15197.2 11.33 –2.70 2.75 4.58 3.86 4.96 10.93 –0.44

VANGUARD HI YLD TXEX;INV GM 2516.7 11.33 –2.72 2.67 4.49 3.77 4.88 10.93 –0.44

VANGUARD INT-TM TXEX;ADM IMD 73664.6 14.31 –0.49 3.59 3.59 2.90 3.77 13.99 –0.33

VANGUARD INT-TM TXEX;INV IMD 3745.5 14.31 –0.51 3.51 3.50 2.81 3.68 13.99 –0.33

VANGUARD LG-TM TX-EX;ADM GM 14019.8 11.75 –0.52 4.70 4.67 3.79 4.71 11.39 –0.40

VANGUARD LG-TM TX-EX;INV GM 1020.6 11.75 –0.54 4.62 4.58 3.70 4.62 11.39 –0.40

VANGUARD LTD-TM TXEX;ADM SIM 29613.4 10.97 –0.53 1.94 2.02 1.63 1.81 10.87 –0.10

VANGUARD LTD-TM TXEX;INV SIM 1360.5 10.97 –0.55 1.86 1.93 1.54 1.73 10.87 –0.10

VANGUARD MA TAX-EX;INV MA 2397.9 11.03 0.00 5.19 4.57 3.49 4.25 10.66 –0.43

VANGUARD NJ LNG-TRM;ADM NJ 2334.5 12.08 –2.13 3.38 5.06 3.92 4.49 11.67 –0.46

VANGUARD NJ LNG-TRM;INV NJ 319.7 12.08 –2.15 3.29 4.97 3.83 4.40 11.67 –0.46

VANGUARD NY LNG-TRM;ADM NY 4990.8 11.84 –0.46 4.42 4.28 3.58 4.40 11.44 –0.43

VANGUARD NY LNG-TRM;INV NY 592.4 11.84 –0.48 4.34 4.20 3.49 4.31 11.44 –0.43

VANGUARD OH LT TX-EX;INV OH 1513.0 12.79 0.54 5.49 4.81 3.93 4.61 12.38 –0.44

VANGUARD PA LNG-TRM;ADM PA 3845.8 11.82 0.43 5.76 5.21 4.10 4.74 11.47 –0.38

VANGUARD PA LNG-TRM;INV PA 397.4 11.82 0.41 5.68 5.12 4.01 4.65 11.47 –0.38

VANGUARD SH-TM TX-EX;ADM SMD 16345.7 15.77 –0.10 1.54 1.51 1.20 1.09 15.70 –0.07

VANGUARD SH-TM TX-EX;INV SMD 955.9 15.77 –0.12 1.46 1.42 1.11 1.00 15.70 –0.07

VIRTUS SEIX IG T/E;Ir IMD 275.7 11.70 0.30 4.34 3.44 2.60 3.61 11.47 –0.23

WA CA MUNI;A CAG 321.0 15.49 –3.07 1.57 2.83 2.20 3.87 15.03 –0.49

WA INT-TERM MUNI;A IMD 631.3 6.21 –3.13 0.54 2.16 1.78 2.99 6.05 –0.16

WA INT-TERM MUNI;C IMD 228.4 6.22 –3.25 –0.04 1.57 1.19 2.39 6.05 –0.17

WA INT-TERM MUNI;Ir IMD 1250.0 6.21 –3.09 0.70 2.32 1.96 3.15 6.04 –0.17

WA MANAGED MUNI;A GM 3041.7 15.62 –4.10 0.07 2.42 2.05 3.78 15.15 –0.50

WA MANAGED MUNI;C GM 227.5 15.63 –4.22 –0.49 1.85 1.48 3.20 15.16 –0.50

WA MANAGED MUNI;Ir GM 1037.5 15.65 –4.05 0.24 2.57 2.19 3.91 15.17 –0.51

WA MUNI HIGH INCOME;A HM 258.2 13.46 –5.24 –0.61 2.64 2.50 4.26 12.99 –0.48

WA MUNI HIGH INCOME;Ir HM 167.4 13.39 –5.16 –0.39 2.83 2.66 4.42 12.93 –0.47

WA NY MUNI;A NY 409.6 12.92 –1.71 2.46 3.04 2.24 3.28 12.54 –0.40

WA SH DUR MUNI INC;A SMD 345.0 5.04 –1.35 0.66 1.19 0.87 1.22 4.99 –0.04

WA SH DUR MUNI INC;C SMD 191.1 5.04 –1.43 0.32 0.84 0.52 0.89 4.99 –0.04

WA SH DUR MUNI INC;Ir SMD 275.8 5.04 –1.31 0.80 1.32 0.98 1.34 4.99 –0.04

WELLSFARGO CA TXFR;A CAG 466.2 11.73 –1.41 2.82 3.27 2.61 4.53 NA NA

WELLSFARGO CA TXFR;ADMr CAG 283.4 11.75 –1.44 3.02 3.48 2.82 4.74 NA NA

WELLSFARGO STR MUN B;A SIM 534.9 9.00 –1.52 1.16 2.35 1.96 2.64 8.87 –0.13

WELLSFARGO UL ST MI;A SMD 377.6 9.56 –0.10 0.99 1.10 0.67 0.70 9.53 –0.02

WELLSFARGO UL ST MI;Ir SMD 571.9 9.56 –0.13 1.29 1.41 0.97 1.00 9.53 –0.03

WILMINGTON MUNI BD;INSTr IMD 305.2 12.95 –2.42 1.72 2.66 2.20 3.31 12.65 –0.30

LATEST LATESTWK’SDATA

REPORTED NAV RETURNTHROUGH3/31 (asofThursday)

ASSETS ($SHR) QTR 1YR 3YRS 5YRS 10YRS CLOSE WK’S

NAME OBJ ($MIL) 3/31/20 (Annualized) NAV CHG

LIPPERMUTUALFUNDINVESTMENTPERFORMANCEAVERAGES

SpecialQuarterlySummaryReport:Thursday,April2,2020

AnnualizedTotalReinvestmentPerformance

NAV No. 3/31/05- 3/31/10- 3/31/15- 3/31/19- 12/31/19-

Mil.$ Funds 3/31/20 3/31/20 3/31/20 3/31/20 3/31/20

GeneralEquity

1,850.0 16 SpecialtyDvsfdEq +4.13% +12.01% +7.03% -7.76% -17.39%

348,388.1 113S&P500 +7.11 +9.95 +6.23 -7.33 -19.62

39,949.4 172Mid-CapValue +4.39 +5.17 -3.30 -27.49 -34.13

42,997.0 237Small-CapValue +3.14 +3.65 -4.58 -32.61 -37.60

104,518.1 356Mid-CapCore +5.31 +6.31 -.81 -20.74 -28.83

180,636.6 408Mid-CapGrowth +7.67 +9.88 +5.17 -9.57 -19.53

191,951.4 426Large-CapValue +4.96 +6.81 +1.44 -17.03 -26.94

141,788.4 453Multi-CapValue +4.32 +5.89 -.25 -20.97 -29.08

203,137.3 470EquityIncome +5.74 +7.18 +2.18 -15.06 -24.24

209,683.4 526Multi-CapGrowth +8.19 +10.59 +6.67 -5.06 -15.46

116,420.1 626Small-CapGrowth +7.40 +9.08 +3.10 -16.78 -23.70

578,809.7 634Large-CapCore +6.74 +8.99 +5.07 -8.28 -20.06

816,916.7 644Large-CapGrowth +8.82 +11.55 +8.91 -.97 -13.80

337,903.7 651Multi-CapCore +5.99 +7.97 +3.10 -11.69 -22.07

162,108.7 879Small-CapCore +4.89 +5.52 -2.05 -26.56 -32.97

3,478,918.5 6,710GeneralEquity +6.28 +8.04 +2.61 -15.08 -24.32

OtherEquity

915.1 17 LatinAmerican +3.49% -5.39% -3.86% -34.88% -45.93%

12,347.1 19 IntlSm/Mid-CapValue +3.38 +2.19 -3.84 -25.83 -29.99

16,696.2 21 IntlLarge-CapValue +1.57 +.56 -3.74 -20.18 -27.50

6,765.6 22 Telecommunication +5.00 +6.07 +2.89 -4.63 -13.03

3,360.1 25 PacificRegion +5.13 +4.17 +1.58 -13.66 -19.79

4,755.6 25 Japanese +3.83 +7.20 +3.45 -7.98 -18.75

5,448.0 39 GlobalLargeCapValue +4.72 +4.93 +.21 -16.86 -24.77

11,485.3 46 Utility +7.68 +8.69 +4.60 -7.06 -16.20

10,551.4 50 PacificExJapan +5.93 +3.90 +.74 -11.44 -17.89

14,968.0 57 IntlSm/Mid-CapCore +3.46 +2.26 -2.79 -23.19 -28.94

1,696.4 62 NaturalResources -3.82 -9.44 -19.28 -53.21 -49.58

4,532.0 62 FinancialServices +1.63 +4.15 -.72 -23.97 -35.14

7,155.0 63 PreciousMetal +1.88 -5.63 +4.17 +2.96 -20.97

88,950.4 63 GlobalLargeCapCore +5.60 +5.85 +2.44 -10.57 -20.74

8,165.9 70 EquityMktNeutral +2.29 +1.70 -2.35 -5.74 -2.39

4,445.9 71 EuropeanRegion +3.37 +2.84 -1.52 -14.24 -24.30

3,162.3 73 ChinaRegion +7.84 +4.47 +4.49 -3.42 -10.20

1,053.2 78 DedicatedShortBias -16.51 -17.68 -12.70 +4.85 +25.49

23,620.7 82 IntlLarge-CapCore +2.70 +1.59 -2.71 -16.72 -24.30

48,506.4 82 Health/Biotechnology +10.79 +12.87 +3.37 -2.77 -12.76

43,812.0 135Science&Technology +10.17 +12.62 +11.62 -.39 -14.01

19,626.2 142GlobalMulti-CapValue +3.36 +3.66 -.82 -17.48 -25.16

21,142.1 144GlobalMulti-CapCore +4.54 +5.31 +1.48 -13.27 -22.11

104,731.2 183GlobalLargeCapGrowth +6.80 +7.71 +5.27 -5.45 -17.07

63,326.3 198IntlMulti-CapValue +1.56 +.43 -4.06 -22.73 -28.63

42,014.1 216IntlSm/Mid-CapGrowth +5.07 +4.88 +.43 -16.82 -26.24

58,984.7 228GlobalMulti-CapGrowth +6.38 +7.63 +4.54 -7.02 -17.41

214,404.4 238IntlLarge-CapGrowth +4.12 +3.12 +.72 -10.12 -20.20

39,862.5 240RealEstate +5.79 +7.27 +.11 -15.89 -23.24

28,081.1 278Long/ShortEquity +2.67 +3.18 +.46 -8.87 -13.63

175,295.8 381IntlMulti-CapCore +2.31 +1.93 -1.68 -16.36 -23.74

285,440.9 495IntlMulti-CapGrowth +3.47 +3.55 +.68 -10.87 -20.82

273,992.8 754EmergingMarkets +5.07 +.73 -1.02 -18.08 -24.85

1,610,662.9 3,880WorldEquity +4.19 +3.35 +.12 -14.64 -22.92

5,467,942.113,238Equity -EFPA +5.42 +6.08 +1.18 -14.42 -22.55

Other

witha%Change 6,596 10,679 16,212 21,376 21,986

GlobalFlexiblePort

Long-TermMedian +4.91% +5.33% +1.80% -9.20% -18.21%

594.1 18 Specialty&Misc +6.78 +7.27 +2.86 -13.73 -19.36

7,401.7 77 ConvertibleSecurities +6.10 +6.76 +4.07 -2.18 -11.86

18,947.7 121Mixed-AssetTarget2010 +4.16 +4.87 +2.63 -1.63 -8.38

86,757.5 220Mixed-AssetTarget2020 +4.33 +5.30 +2.58 -3.19 -10.21

91,494.4 227Mixed-AssetTarget2030+ +5.05 +6.32 +2.84 -7.98 -16.71

130,003.9 243Mixed-AssetTarget2030 +4.73 +6.00 +2.84 -6.05 -14.17

47,654.9 327Mixed-AssetTargetAllocCons +3.84 +4.07 +1.72 -4.07 -10.00

340,960.0 475Mixed-AssetTargetAllocGro +5.11 +5.97 +2.48 -8.13 -16.46

173,766.0 553FlexiblePortfolio +4.29 +4.13 +.68 -8.91 -15.15

220,014.0 594Mixed-AssetTargetAllocMod +4.54 +5.08 +2.07 -6.31 -13.71

177,820.0 776WorldIncome +3.53 +2.25 +.93 -5.27 -10.35

1,890,591.0 3,799DomesticL-TFixedInc +3.70 +3.18 +1.82 +.39 -4.16

1,534,299.3 4,561MixedEquity +4.62 +5.36 +2.22 -7.02 -14.68

9,537,679.1 24,067L-TEquityandFixedTaxInc +4.96 +5.38 +1.50 -10.07 -17.46

SecuritiesMarketsIndexes

Value U.S.Equities

2,584.5 S&P500IndexP +5.36% +8.25% +4.56% -8.81% -20.00%

2,865.7 Russell2000IXP +4.28 +5.44 -1.64 -25.11 -30.89

3,581.2 S&PIndustrialsP +6.67 +9.04 +5.37 -6.83 -18.08

10,301.8 NYSECompositeP +2.45 +3.30 -1.12 -18.86 -25.96

21,917.1 DowJonesInd.AverageP +5.03 +7.28 +4.28 -15.47 -23.20

InternationalEquities

5,671.9 FTS-E100:PdIXP +.99% -.01% -3.49% -22.08% -24.80%

9,935.8 DAX:DmIXTr +5.66 +4.91 -3.65 -13.80 -25.01

18,917.0 Nikkei225Average:YenP +3.27 +5.49 -.30 -10.79 -20.04

AnnualizedPerformanceWithDividendsReinvested

Value

5,269.2 S&P500DailyReinv +7.58% +10.53% +6.73% -6.98% -19.60%

21,917.1 DowJonesIndMthReinv +7.70 +9.95 +6.83 -13.37 -22.68

P-Priceonlyindex.Calculatedwithoutreinvestmentofdividends. Source:Lipper

QUARTERLYDOWJONESUTILITYAVERAGE

This table lists the earnings of the Dow Jones Utility Average component stocks based upon generally accepted

accountingprinciples.Earningsincludediscontinuedandnonrecurringitemsbutexcludeextraordinaryitemsand

accountingchangesasreportedbythecompanyandadjustedbytheDowDivisorineffectatquarterend.Thetotal

dividendsofthecomponentstocksarebasedupontherecorddateandadjustedbytheDowDivisorineffectatquar-

ter end. The payout ratio is the latest 12-months dividends divided by the latest 12-months earnings. r-Revised.

Year Quarter Clos. Qtrly % Qtrly 12-Mo. P/E Qtrly 12-Mo. Divs Payout

Ended Ended Avg. Chg. Chg. Earns Earns Ratio Divs Divs Yield Ratio

2020 Mar. 31 756.16 —123.01 —13.99 NA NA NA 6.69 25.95 3.43 NA

2019 Dec. 31 879.17 + 0.51 + 0.06 6.69 38.15 23.0 6.45 25.61 2.91 0.6713

Sep. 30 878.66 + 68.00 + 8.39 12.44 35.38 24.8 6.41 25.24 2.87 0.7134

June 28 810.66 + 31.94 + 4.10 8.40 32.76 24.7 6.40 24.87 3.07 0.7592

Mar. 29 778.72 + 65.79 + 9.23 10.62 29.20 26.7 6.35 24.47 3.14 0.8380

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04-Apr-20 03:36:53

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