(PUB) Morningstar FundInvestor

12

Markets Choppy in April Market Overview | Dan Culloton

Benchmark Performance

Total Return % Through

A N N U A L I Z E D

04-30-14

1Mo YTD 3Yr

5Yr

10Yr

Large Growth Large Blend Large Value

-1.4 -0.9 11.1 17.3 6.8 0.2 1.9 11.7 17.5 6.9 0.6 2.9 12.0 17.6 6.8 -2.8 -1.5 9.2 18.6 8.1 -1.1 1.5 11.0 19.5 8.6 -0.5 2.6 12.2 20.1 8.9 -5.2 -4.8 8.9 19.3 7.6 -2.6 -1.2 10.7 19.7 8.4 -1.8 -0.1 11.5 20.1 8.6 0.2 1.7 7.7 14.3 6.5 0.7 2.5 5.2 9.7 4.9 0.3 2.0 7.4 12.6 5.9 -0.8 -1.9 7.4 15.7 7.0 -2.1 -0.5 10.6 16.0 3.2 2.5 5.4 5.9 16.7 8.1 -3.3 3.0 20.4 22.9 10.1 3.1 5.9 -2.2 10.7 8.9 2.7 15.2 -25.0 -2.1 5.1 3.1 12.4 8.9 21.4 9.3 -3.6 -1.4 8.7 18.1 8.1 2.8 10.2 12.2 16.4 10.4 0.7 2.6 13.8 19.1 7.7 -1.6 1.4 11.8 21.1 10.3 -3.9 -2.8 10.7 19.8 8.67 -0.6 -2.8 1.5 11.3 6.7 0.6 -0.2 -3.3 11.2 9.9 1.2 3.0 5.6 15.7 7.7 0.7 0.8 4.0 12.9 6.4 0.2 -0.3 3.8 13.9 6.9 1.4 2.3 4.6 12.7 6.3 -1.0 0.6 6.9 18.6 9.9 0.0 3.0 6.2 17.3 8.0 0.1 1.6 7.4 15.4 7.2 1.5 2.1 5.7 13.6 6.9 1.0 2.3 9.1 16.0 7.2 0.1 -0.7 -6.2 8.5 8.5 2.5 4.7 6.5 15.0 7.8 2.7 3.0 -8.3 8.2 15.4 -0.7 -3.2 4.1 11.0 5.3 0.5 3.1 7.3 13.9 6.9 1.2 2.8 2.2 5.0 4.2 0.8 2.8 3.8 6.5 4.4 1.3 5.4 6.0 6.0 4.1 0.9 3.3 2.3 6.4 4.9 0.8 2.7 3.6 4.9 4.8 0.7 3.7 8.4 15.8 8.7 1.2 4.6 5.6 5.5 4.8

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

Turmoil in the Ukraine and a technology stock sell-off made for an eventful month. The U.S. stock market ended the period slightly down, while foreign stocks posted modest gains and long duration bonds rose as the 10 -year Treasury yield slipped. The broad stock market’s small loss in April belied turmoil. The Russell 2000 Index dropped more than 4% while large-cap stocks fared better; the S & P 500 Index gained about 0 . 4% . T. Rowe Price Media & Telecommunications PRMTX was in two of the worst spots of the month’s market, owning not only falling telecom firms like Vodafone VOD but also big helpings of correcting Internet stocks such as Amazon.com AMZN . Small- and mid-cap growth funds, such as Artisan Small Cap ARTSX and Baron Opportunity BIOPX , fell hard. Funds focused on energy, utilities, and real estate did well. Developed international markets, as measured by the MSCI EAFE Index, rose about 1% , shaking off tensions between the Ukraine and Russia and talks of harsher economic sanctions against Russia for stirring up trouble in the region. Vanguard European Stock Index VEUSX was the best-performing foreign fund in the M 500 . The MSCI Emerging Markets Index was also up modestly. Most bond sectors turned in positive performance in April. Longer-duration government bonds posted the strongest gains as some investors sought refuge from increased equity volatility. The 10 -year Treasury yield, though higher than a year ago, retreated some in April. The Barclays US Treasury Long Index and the Barclays Municipal Long 22 + Year Index gained around 1 . 5% . Investment-grade and high-yield credit benchmarks edged intermediate-term Treasury indexes, but both did better than the S & P 500 . œ

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

BarCap US Agg Bond BofAML US HY Master II

BarCap Municipal