PDF MUTUAL FUND Investor Guide THE Investor Guide TO VANGUARD FUNDS

[Pages:16]MARCH 2016

MUTUAL FUND Investor Guide

THE Investor Guide TO VANGUARD FUNDS



Matthew D. Sauer

Founder & 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 Convertible Securities (VCVSX)

Market Perspective:

Stocks Look to Sustain

Rally

Investors have regained confidence and returned to equities over the last month as persistently strong data moderated the market. The S&P 500 Index enjoyed a 7.44 percent rally driven by energy and materials. Consumer discretionary and financials benefited from a rebound in interest rates and increasing rate hike expectations. Strong consumer data, wage growth and employment data are supportive of spending going forward. The U.S. is still among the fastest-growing, major developed economies, accelerating as growth and inflation stalls in Europe and Japan.

The European Central Bank's (ECB) March 10 decision to cut interest rates and increase quantitative easing will have a generally positive effect on financial markets, with European equities poised to benefit the most. After a brief decline following the ECB's expansion of its policies, including a reduction in interest rates to negative 0.40 percent, European shares rallied strongly. The U.S. dollar did not initially rally on the news, though central bank actions often take several weeks to visibly impact markets. The Bank of Japan and the Federal Reserve are both set to hold meetings in March.

Credit markets improved markedly over the past month due to rising oil prices. Mass bankruptcies threatened the sector when oil was below $30, but when oil was near $40, the concerns lessened. Only six months ago, many shale firms needed oil at $60 or $70 to earn a profit, but now some producers are cutting costs in an attempt to survive at prices under $50.

Fourth-quarter earnings season has concluded and investors are focusing on first-quarter earnings for 2016. Energy remains a major detractor for S&P 500 Index earnings, which are currently forecast to fall 8 percent versus yearago levels. Removing energy from the equation would moderate the forecast to a decline of 3.3 percent, though analysts tend to overestimate

losses. Other industries, such as telecom and consumer discretionary, have demonstrated solid growth. Overall, the current forecasts are bullish for stocks due to lowball forecasts and the improving outlook.

Unemployment in February held at 4.9 percent and corollary statistics such as quits indicate workers are confident in market mobility. Wage growth pulled back a bit in February following a very strong January, while labor force participation increased. Ironically, a rising unemployment rate over the next few months could signal a healthier labor market as the robust job market leads formerly discouraged workers to renew job searches.

Vanguard moved to secure its reputation among low-cost fund providers by cutting expenses on 42 of its mutual funds and ETFs in February. Global ex-U.S. Real Estate (VNQI) saw the largest cut of 6 basis points to 0.18 percent. Total International Bond (VXUS) dropped to 0.15 percent and the popular High Dividend Yield (VYM) was lowered to 0.09 percent. In all, seven ETF expense ratios were reduced. As for mutual funds, Global ex-U.S. Real Estate Admiral (VGRLX) and Institutional (VGRNX) received the largest fee cuts, to 0.18 percent and 0.16 percent, respectively.

Global Minimum Volatility Admiral (VMNVX) was increased 1 basis point to 0.21 percent. Expense ratios for International Explorer (VINEX) and International Value (VTRIX) were each increased 0.02 percent, and Windsor (VWNEX and VWNDX) increased by 1 basis point. These latter three funds were increased due to external advisers beating their benchmarks over the past three to five years.

Vanguard also launched the two international dividend funds covered in our December newsletter. Vanguard International High Dividend Yield is similar to Vanguard High Dividend Yield (VYM), while International Dividend Appreciation is comparable to Vanguard Dividend Appreciation (VIG). The funds take the same approach to individual stock

(continued on page 2)

1

The Investor Guide to VANGUARD Funds

Market Perspective: Stocks Look to Sustain Rally (continued)

selection and apply it to international stocks. International High Dividend has ETF, Admiral and Investor shares (VYMI, VIHAX and VIHIX), with expense ratios of 0.30 percent, 0.30 percent, and 0.40 percent, respectively. International Dividend Appreciation offers the same three classes (VIGI, VIAAX and VIAIX), with expense

ratios of 0.25 percent, 0.25 percent and 0.35 percent. Vanguard has yet to list any holdings for these funds.

Although both funds are new, they are likely to become good options for income and dividend investors. It's unclear if VIGI will be able to grow dividends as steadily as VIG as foreign firms tend to eschew fixed-dividend payouts. Steady,

rising payouts are a fixture in the U.S. market, but many foreign companies adjust dividends based on earnings and business conditions. This could lead to payout fluctuations. While this doesn't negate the funds' attractiveness, investors should not rely too heavily on them, at least until track records have been established.

Model Portfolio

Updates

Rebounding equities made for favorable comparisons this month. The struggling Russell 2000 Index powered back with a 10.43 percent gain to lead major indexes, and the Nasdaq stormed back 8.84 percent. The S&P 500 Index climbed 7.44 percent and the Dow Jones Industrial Average climbed 6.79 percent. Despite the benefit of a weaker U.S. dollar, the MSCI EAFE Index trailed with a gain of 6.60 percent.

Year-to-date, the Dow is down just 2.47 percent, while the S&P 500 Index has declined 2.66 percent this year. The other three are tightly grouped: the MSCI EAFE has lost 6.07 percent, the Russell 2000 Index has fallen 6.33 percent and the Nasdaq has declined 6.89 percent.

We made no changes to the portfolios this month.

The Vanguard Aggressive Growth Portfolio rallied 7.46 percent over the past month. Capital Value (VCVLX) powered ahead 11.12 percent. Limited exposure to energy pushed the fund ahead of Strategic Small Cap Equity (VSTCX), which rallied 10.68 percent. Consumer Staples (VDC) climbed 5.25 percent and is now up 3.07 percent this year. Health Care (VGHCX) trailed the field, rising 3.90 percent. Year-to-date, the portfolio is down 5.90 percent.

The Vanguard Straight Growth Portfolio advanced 8.28 percent on the month, down 1.99 percent in 2016.

Three funds gained more than 11 percent last month, all with small- or mid-cap exposure. On a relative basis, smallcaps have underperformed large-caps for nearly two years and have plenty of room to rally. Dividend Growth (VDIGX) gained only 5.24 percent on the month, but leads year-to-date with a small decline of only 0.58 percent.

The Vanguard Balanced Growth Portfolio increased 4.52 percent last month and is down 0.13 percent in 2016. Equity Income (VEIPX) gained 7.06 percent and is up 0.51 percent in 2016. Dividend Appreciation (VIG) rallied 6.57 percent and is up 1.36 percent this year. Wellesley Income (VWINX) climbed 2.30 percent and has the best performance year-to-date, up 1.47 percent.

The Vanguard Conservative Income Portfolio gained 4.36 percent last month. Year-to-date, it has increased 1.01 percent. In addition to the portfolio being up in 2016, every individual holding is also positive for the year. Equity Income (VEIPX) led this portfolio last month, followed by Dividend Appreciation (VIG), while High-Yield Corporate (VWEHX) came in third with a 4.79 percent advance.

The NTF Aggressive Growth Portfolio rallied 7.96 percent last month. It is down 7.47 percent this year. PRIMECAP Odyssey Growth (POGRX) advanced 10.20 percent to lead the portfolio, while ClearBridge Aggressive Growth (LMPFX) increased 9.17 percent. Vanguard Financials (VFH)

climbed 8.07 percent due to rising interest rates.

The NTF Straight Growth Portfolio advanced 7.55 percent last month and is down 0.94 percent this year. Vanguard Selected Value gained 11.43 percent to lead the portfolio. FAM Value (FAMVX) increased 7.99 percent and moved into the black for the year. Invesco Diversified Dividend Investor (LCEIX) rallied 6.85 percent and is now up 2.16 percent in 2016. Rising interest rates and rallying stocks typically dampen the demand for dividend payers, but investors continued buying last month.

The NTF Balanced Growth Portfolio increased 4.54 percent last month and is up 1.21 percent this year. Vanguard Equity Income (VEIPX), Invesco Diversified Dividend (LCEIX) and Vanguard Dividend Appreciation (VIG) led the portfolio. PIMCO Floating Income (PFIDX) advanced 4.17 percent as investors waded back into high-yield bonds.

The NTF Conservative Income Portfolio increased 2.89 percent in the past month and is down 0.17 percent in 2016. Vanguard Dividend Growth (VDIGX) climbed 5.24 percent. Vanguard Wellington (VWLEX) advanced 4.52 percent, while PIMCO Floating Income (PFIDX) increased 4.17 percent. Thompson Bond (THOPX) gained 2.64 percent as investors moved into corporate bonds, which had suffered from some credit risk concerns a month earlier.

(continued on page 16)

2 MARCH 2016 | PHONE: (888) 252-5372

Model Portfolios

Vanguard Aggressive Growth

SYMBOL

Fund

VGHCX VGT VSTCX VCVLX VFH VDC

Vanguard Health Care Vanguard Information Technology Vanguard Strategic Small-Cap Equity Vanguard Capital Value Vanguard Financials ETF Vanguard Consumer Staples ETF

Price

199.66 103.72

27.99 10.09 44.88 133.03

TOTAL

Vanguard Straight Growth Portfolio

SYMBOL

Fund

Price

VDIGX VASVX VEVFX MGV VISGX

Vanguard Dividend Growth Vanguard Selected Value Vanguard Explorer Value Vanguard Mega Cap Value Vanguard Small Cap Growth

22.30 25.16 27.81 58.36 31.94

TOTAL

Vanguard Balanced Growth Portfolio

SYMBOL

Fund

Price

VEIPX VIG VDIGX VWINX VCSH

Vanguard Equity Income Vanguard Dividend Appreciation Vanguard Dividend Growth Vanguard Wellesley Income Vanguard ST Corp Bond

29.71 78.82 22.30 24.88 79.08

TOTAL

Vanguard Conservative Income Portfolio

SYMBOL

Fund

Price

VFSTX VWEHX VEIPX VWINX VIG

Vanguard Short-term Investment Grade Vanguard High-Yield Corporate Vanguard Equity Income Vanguard Wellesley Income Vanguard Dividend Appreciation

10.58 5.56 29.71 24.88 78.82

TOTAL

(Data provided as of 3/10/16)

Shares

157.17 230.44 518.23 849.37 382.94

73.30

Allocation

29.80% 22.70% 13.78%

8.14% 16.32% 9.26%

Shares

1537.96 793.01 722.29 378.34 303.38

Allocation

32.32% 18.80% 18.93% 20.81%

9.13%

Shares

940.61 189.25 1281.63 877.45 198.33

Allocation

25.65% 13.69% 26.23% 20.04% 14.39%

1 MONTH 3.90% 9.65% 10.68% 11.12% 8.07% 5.25%

7.46%

1 MONTH 5.24% 11.43% 11.15% 6.44% 11.64%

8.28%

1 MONTH 7.06% 6.57% 5.24% 2.30% 0.25%

4.52%

YTD -9.39% -4.22% -3.42% -7.60% -7.37% 3.07%

-5.90%

Value $31,381.18 $23,900.92 $14,505.19 $8,570.16 $17,186.37 $9,751.21

$105,295.03

YTD -0.58% -2.67% -2.28% -1.14% -6.55%

-1.99%

Value $34,296.42 $19,952.10 $20,086.88 $22,079.85

$9,689.81

$106,105.06

YTD 0.51% 1.36% -0.58% 1.47% 0.01%

-0.13%

Value $27,945.46 $14,916.98 $28,580.35 $21,830.90 $15,683.89

$108,957.59

Shares

1469.36 4532.72 940.61 870.53 189.25

Allocation

14.77% 23.94% 26.55% 20.57% 14.17%

1 MONTH -0.03% 4.79% 7.06% 2.30% 6.57%

4.36%

YTD 0.51% 1.28% 0.51% 1.47% 1.36%

1.01%

Value $15,545.84 $25,201.91 $27,945.46 $21,658.91 $14,916.98

$105,269.09

User Guide

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

Advice: Based on technical and fundamental indicators, we issue buy, hold and sell recommendations based upon expected future performance. We often avoid recommending funds that are extraordinarily 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, returns 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 volatile as compared to those with a lower standard 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.

| MARCH 2016 3

The Investor Guide to VANGUARD Funds

NTF Aggressive Growth Portfolio

SYMBOL

Fund

POGRX LMPFX VGHCX VFH

PRIMECAP Odyssey Growth ClearBridge Aggressive Growth FI Vanguard Health Care Vanguard Financials ETF

Price

25.17 178.26 199.66 44.88

Shares

1330.47 141.56 125.74 495.49

TOTAL

NTF Straight Growth Portfolio

SYMBOL

Fund

FAMVX VPMCX LCEIX VDIGX VASVX

FAM Value Vanguard PRIMECAP Invesco Diversified Dividend Investor Vanguard Dividend Growth Vanguard Selected Value

Price

60.25 93.95 17.95 22.30 25.16

Shares

460.96 209.39 1586.26 769.00 594.76

TOTAL

NTF Balanced Growth Portfolio

SYMBOL

Fund

VFSTX VMNFX VIG LCEIX VEIPX PFIDX

Vanguard Short-term Investment Grade Vanguard Market Neutral Vanguard Dividend Appreciation Invesco Diversified Dividend Investor Vanguard Equity Income PIMCO Floating Income

Price

10.58 12.44 78.82 17.95 29.71

7.62

Shares

1241.79 1317.59 187.60 1269.01 940.64 1617.83

TOTAL

NTF Conservative Income Portfolio

SYMBOL

Fund

VFSTX PFIDX THOPX VWINX VDIGX VWELX

Vanguard Short-term Investment Grade PIMCO Floating Income Thompson Bond Vanguard Wellesley Income Vanguard Dividend Growth Vanguard Wellington

Price

10.58 7.62

10.50 24.88 22.30 36.55

Shares

2483.58 1849.20 903.53 652.90

757.05 588.48

TOTAL

NTF Global Portfolio

SYMBOL

Fund

VGK VMVFX WAGOX WAGTX MGLBX PDVDX

Vanguard European Stock Index Vanguard Global Minimum Volatility Wasatch Global Opportunities Wasatch World Innovators Marsico Global PIMCO Diversified

Price

47.33 11.24 3.07 17.77 10.96 10.03

Shares

270.86 2623.91 3160.45

919.37 1232.22 1996.79

TOTAL

NTF Absolute Return/Down Market Portfolio

SYMBOL

Fund

Price

VMNFX VFSTX THOPX TGLDX VSGBX PFIDX

Vanguard Market Neutral Vanguard Short-term Investment Grade Thompson Bond Tocqueville Gold Vanguard Short-Term Federal PIMCO Floating Income

12.44 10.58 10.50 32.00 10.76

7.62

Shares

2195.99 1268.25 2258.84

412.15 953.40 1655.27

TOTAL

4 MARCH 2016 | PHONE: (888) 252-5372

Allocation 31.57% 23.79% 23.67% 20.97%

Allocation 25.71% 18.21% 26.36% 15.87% 13.85%

Allocation 12.24% 15.27% 13.77% 21.22% 26.03% 11.48%

Allocation 25.15% 13.49% 9.08% 15.55% 16.16% 20.58%

Allocation 12.58% 28.95% 9.52% 16.03% 13.26% 19.66%

Allocation 27.18% 13.35% 23.60% 13.12% 10.21% 12.55%

1 MONTH 10.20%

9.17% 3.90% 8.07%

7.96%

1 MONTH 7.99% 7.19% 6.85% 5.24% 11.43%

7.55%

1 MONTH -0.03% -0.24% 6.57% 6.85% 7.06% 4.17%

4.54%

1 MONTH -0.03% 4.17% 2.64% 2.30% 5.24% 4.52%

2.89%

1 MONTH 6.50% 5.34% 8.10% 6.66% 7.03% 3.29%

5.76%

1 MONTH -0.24% -0.03% 2.64% 16.07% -0.39% 4.17%

2.90%

YTD -7.87% -5.00% -9.39% -7.37%

-7.47%

Value $33,487.94 $25,233.85 $25,104.95 $22,237.57

$106,064.32

YTD 0.32% -5.77% 2.16% -0.58% -2.67%

-0.94%

Value $27,772.74 $19,672.58 $28,473.39 $17,148.62 $14,964.08

$108,031.41

YTD 0.51% 2.56% 6.57% 2.16% 0.51% -1.54%

1.21%

Value $13,138.16 $16,390.87 $14,786.79 $22,778.71 $27,946.40 $12,327.89

$107,368.82

YTD 0.51% -1.54% -0.94% 1.47% -0.58% -0.65%

-0.17%

Value $26,276.33 $14,090.93

$9,487.11 $16,244.18 $16,882.31 $21,509.05

$104,489.91

YTD -5.11% -0.53% -9.17% -5.63% -8.51% 0.66%

-3.71%

Value $12,819.57 $29,492.76 $9,702.57 $16,337.12 $13,505.18 $20,027.83

$101,885.03

YTD 2.56% 0.51% -0.94% 25.93% 0.62% -1.54%

2.42%

Value $27,318.11 $13,418.04 $23,717.78 $13,188.69 $10,258.63 $12,613.16

$100,514.41

Data & Rankings

Symbol

Name

IVOG IVOO IVOV MGC MGK MGV NAESX VASVX VB VBK VBR VCVLX VDAIX VDEQX VDIGX VEIPX VEVFX VEXMX VEXPX VFINX VFTSX VHCOX VHDYX VIG VIGRX VIMSX VIOG VIOO VIOV VISGX VISVX VIVAX VLACX VMGIX VMGRX VMNFX VMRGX VMVIX VO VOE VONE VONG VONV VOO VOOG VOOV VOT VPCCX VPMCX VQNPX VSEQX VSTCX VTHR VTI VTSMX VTV VTWG VTWO VTWV VUG VUVLX VV VWNDX

Vanguard S&P Mid-Cap 400 Growth ETF Vanguard S&P Mid-Cap 400 ETF Vanguard S&P Mid-Cap 400 Value ETF Vanguard Mega Cap ETF Vanguard Mega Cap Growth ETF Vanguard Mega Cap Value ETF Vanguard Small Cap Index Inv Vanguard Selected Value Inv Vanguard Small-Cap ETF Vanguard Small-Cap Growth ETF Vanguard Small-Cap Value ETF Vanguard Capital Value Inv Vanguard Dividend Appreciation Idx Inv Vanguard Diversified Equity Inv Vanguard Dividend Growth Inv Vanguard Equity-Income Inv Vanguard Explorer Value Inv Vanguard Extended Market Idx Inv Vanguard Explorer Inv Vanguard 500 Index Inv Vanguard FTSE Social Index Inv Vanguard Capital Opportunity Inv Vanguard High Dividend Yield Index Inv Vanguard Dividend Appreciation ETF Vanguard Growth Index Inv Vanguard Mid Cap Index Inv Vanguard S&P Small-Cap 600 Growth ETF Vanguard S&P Small-Cap 600 ETF Vanguard S&P Small-Cap 600 Value ETF Vanguard Small Cap Growth Index Inv Vanguard Small Cap Value Index Inv Vanguard Value Index Inv Vanguard Large Cap Index Inv Vanguard Mid-Cap Growth Index Inv Vanguard Mid Cap Growth Inv Vanguard Market Neutral Inv Vanguard MorganTM Growth Inv Vanguard Mid-Cap Value Index Inv Vanguard Mid-Cap ETF Vanguard Mid-Cap Value ETF Vanguard Russell 1000 ETF Vanguard Russell 1000 Growth ETF Vanguard Russell 1000 Value ETF Vanguard S&P 500 ETF Vanguard S&P 500 Growth ETF Vanguard S&P 500 Value ETF Vanguard Mid-Cap Growth ETF Vanguard PRIMECAP Core Inv Vanguard PRIMECAP Inv Vanguard Growth & Income Inv Vanguard Strategic Equity Inv Vanguard Strategic Small-Cap Equity Inv Vanguard Russell 3000 ETF Vanguard Total Stock Market ETF Vanguard Total Stock Mkt Idx Inv Vanguard Value ETF Vanguard Russell 2000 Growth ETF Vanguard Russell 2000 ETF Vanguard Russell 2000 Value ETF Vanguard Growth ETF Vanguard US Value Inv Vanguard Large-Cap ETF Vanguard WindsorTM Inv

(Data provided as of 3/10/16)

NAV

95.79 92.88 89.45 68.01 79.71 58.34 51.12 25.16 106.77 113.60 97.77 10.09 31.54 28.40 22.30 29.71 27.81 60.14 75.73 184.29 12.66 47.78 26.80 78.84 52.51 31.80 101.69 96.95 93.16 31.94 23.43 31.44 36.79 37.63 20.83 12.44 23.47 33.17 116.51 84.30 91.24 98.43 84.46 183.01 99.97 84.68 95.71 20.02 93.95 38.74 27.35 27.99 90.65 101.47 49.35 80.61 91.52 84.70 77.57 102.02 15.82 91.11 18.03

% Return (3 and 5 Years Annualized)

Rank

Advice

YTD 1 Month 3 Month 1 Year 3 Year

VANGUARD GROWTH FUNDS

67

Buy

-3.21 8.72 -3.59 -4.60

71

Buy

-1.01 10.09 -1.78 -4.85

69

Buy

1.18 11.16 -0.04 -5.53

81

Buy

-2.51 7.27 -2.83 -0.79

79

Buy

-4.01 7.59 -5.16 -2.52

82 Strong Buy -1.17 7.12 -0.73 0.88

67

Buy

-3.60 11.08 -4.23 -8.39

83 Strong Buy -2.67 11.43 -3.44 -5.61

70

Buy

-3.50 11.17 -4.24 -8.31

81 Strong Buy -6.46 11.61 -6.83 -11.70

72 Strong Buy -1.01 10.67 -1.98 -5.39

68

Buy

-7.60 11.12 -8.07 -18.34

83 Strong Buy 1.35 6.55 1.52 0.17

76

Buy

-4.86 8.77 -5.31 -5.31

88 Strong Buy -0.54 5.24 -0.59 2.92

89 Strong Buy 0.51 7.06 0.81 3.17

70 Strong Buy -2.28 11.15 -3.62 -6.25

67

Hold

-5.46 11.14 -5.96 -10.40

60

Hold

-5.86 11.78 -6.43 -12.43

80

Buy

-2.22 7.67 -2.52 -0.67

80

Buy

-4.16 7.56 -4.64 -3.33

86 Strong Buy -7.04 8.86 -6.51 -6.86

89 Strong Buy 1.32 7.29 1.82 3.10

94 Strong Buy 1.39 6.58 1.51 0.19

78

Buy

-4.14 8.09 -5.09 -3.09

77

Buy

-3.02 10.38 -3.32 -5.77

70

Buy

-4.84 8.60 -5.72 -3.88

70

Buy

-2.22 10.12 -3.09 -4.31

66

Buy

-0.72 10.25 -0.94 -4.74

78 Strong Buy -6.55 11.64 -6.85 -11.76

72 Strong Buy -1.10 10.68 -2.04 -5.52

82

Buy

-1.19 7.60 -0.88 -0.25

80

Buy

-2.62 7.79 -2.92 -1.58

81 Strong Buy -4.05 11.17 -4.68 -7.79

76

Buy

-7.22 9.52 -7.86 -10.35

93 Strong Buy 2.64 -0.24 2.32 8.76

87 Strong Buy -5.82 7.56 -6.44 -2.24

79

Buy

-2.04 9.76 -2.03 -3.90

77

Buy

-3.00 10.42 -3.30 -5.70

79

Buy

-1.92 9.75 -2.02 -3.81

81

Buy

-2.55 8.10 -2.82 -2.07

82 Strong Buy -3.50 7.79 -4.15 -0.66

80

Buy

-1.40 8.56 -1.41 -3.17

81

Buy

-2.10 7.73 -2.46 -0.59

82 Strong Buy -3.67 7.16 -4.43 -0.02

80

Buy

-0.67 8.05 -0.50 -1.81

82 Strong Buy -4.01 11.15 -4.67 -7.76

85 Strong Buy -3.84 7.81 -4.26 -3.43

85 Strong Buy -5.77 7.19 -5.72 -4.53

84 Strong Buy -2.05 8.12 -2.38 -0.07

83 Strong Buy -3.36 11.00 -3.94 -6.32

79 Strong Buy -3.42 10.68 -4.36 -7.18

78

Buy

-3.14 7.99 -3.12 -2.70

78

Buy

-2.71 8.27 -3.10 -2.57

78

Buy

-2.82 8.25 -3.15 -2.63

82

Buy

-1.12 7.62 -0.88 -0.16

64

Sell -10.33 10.85 -10.92 -13.62

57

Hold

-6.11 10.52 -7.11 -10.77

59

Sell

-2.75 10.29 -3.35 -8.20

78

Buy

-4.11 8.09 -5.07 -3.05

82 Strong Buy -2.94 8.80 -3.23 -2.78

80

Buy

-2.56 7.82 -2.90 -1.51

79

Buy

-5.85 9.34 -6.90 -8.64

8.36 8.41 8.13 10.77 11.77 10.07 7.26 8.72 7.39 5.59 8.52 3.93 8.80 9.54 11.20 10.14 7.05 6.81 6.62 10.79 11.41 12.61 10.81 8.89 11.16 9.68 9.37 8.83 8.22 5.44 8.40 9.89 10.48 8.49 7.73 6.07 11.57 10.38 9.83 10.53 10.48 12.37 8.66 10.95 12.67 8.68 8.62 12.50 12.86 11.43 10.99 9.25 10.05 10.21 10.06 10.06 6.39 5.53 4.54 11.32 9.25 10.65 7.66

5 Year Yield %

9.17 1.10 9.28 1.63 9.20 2.03 11.25 2.28 12.24 1.58 10.38 2.86 8.75 1.63 9.68 1.89 8.88 1.75 7.84 1.12 9.57 2.27 4.56 1.54 10.05 2.30 10.08 1.42 11.98 2.02 12.15 3.05 8.97 1.15 8.34 1.44 7.92 0.42 11.16 2.15 11.78 1.82 12.02 0.76 12.53 3.30 10.16 2.40 11.57 1.33 9.89 1.50 10.60 1.01 10.06 1.37 9.74 1.66 7.71 1.00 9.44 2.15 10.29 2.67 10.92 2.07 8.77 0.78 9.04 0.51 4.90 0.07 10.45 0.78 10.86 2.13 10.02 1.62 11.01 2.25 10.96 2.10 11.86 1.59 9.99 2.65 11.28 2.26 12.50 1.59 9.66 2.69 8.90 0.90 11.92 1.33 12.27 1.44 11.84 1.95 12.05 1.76 10.48 1.51 10.54 2.04 10.80 2.14 10.67 2.03 10.44 2.81 7.84 0.65 7.24 1.50 6.44 2.23 11.72 1.47 11.44 2.55 11.07 2.19 9.14 2.00

Beta 3 Year

0.95 0.97 0.99 1.00 1.08 0.94 1.05 1.02 1.05 1.03 1.06 1.27 0.93 1.05 0.88 0.91 1.04 1.06 1.11 1.00 1.04 1.00 0.91 0.93 1.06 0.99 0.99 1.01 1.03 1.03 1.06 0.95 1.00 0.99 1.03 0.54 1.04 0.98 0.99 0.98 1.00 1.02 0.98 1.00 1.03 0.96 1.00 0.98 0.98 0.98 1.03 1.05 1.01 1.01 1.01 0.95 1.17 1.09 1.02 1.06 0.96 1.00 1.09

SD Expense 3 Year Ratio

12.02 0.20 11.91 0.15 12.42 0.20 10.99 0.09 12.12 0.09 10.52 0.09 13.21 0.20 12.18 0.39 13.22 0.09 13.85 0.09 13.12 0.09 15.83 0.50 10.56 0.20 11.77 0.40 10.00 0.32 10.21 0.26 13.25 0.56 13.31 0.22 14.42 0.48 10.95 0.16 11.52 0.25 12.53 0.45 10.31 0.16 10.57 0.10 11.90 0.22 11.53 0.20 13.84 0.20 13.70 0.15 13.92 0.20 13.83 0.20 13.12 0.20 10.57 0.22 10.96 0.20 12.10 0.20 12.75 0.43 4.60 0.25 12.00 0.40 11.25 0.20 11.52 0.09 11.25 0.09 11.00 0.12 11.44 0.12 10.92 0.12 10.95 0.05 11.47 0.15 10.77 0.15 12.11 0.09 11.12 0.47 11.29 0.40 10.79 0.34 12.37 0.21 13.50 0.34 11.12 0.15 11.10 0.05 11.10 0.16 10.58 0.09 16.35 0.20 14.89 0.15 13.97 0.20 11.91 0.09 10.92 0.26 10.96 0.09 12.41 0.39

| MARCH 2016 5

The Investor Guide to VANGUARD Funds

Symbol

Name

VWNFX VWUSX VXF VYM

Vanguard WindsorTM II Inv Vanguard US Growth Inv Vanguard Extended Market ETF Vanguard High Dividend Yield ETF

VAW VCR VDC VDE VFH VGENX VGHCX VGPMX VGSIX VGT VGXRX VHT VIS VNQ VNQI VOX VPU

Vanguard Materials ETF Vanguard Consumer Discretionary ETF Vanguard Consumer Staples ETF Vanguard Energy ETF Vanguard Financials ETF Vanguard Energy Inv Vanguard Health Care Inv Vanguard Precious Metals and Mining Inv Vanguard REIT Index Inv Vanguard Information Technology ETF Vanguard Global ex-US Rel Est Idx Inv Vanguard Health Care ETF Vanguard Industrials ETF Vanguard REIT ETF Vanguard Global ex-US Real Estate ETF Vanguard Telecommunication Services ETF Vanguard Utilities ETF

BIV BLV BND BSV EDV VBIIX VBISX VBLTX VBMFX VCIT VCLT VCSH VCVSX VFICX VFIIX VFISX VFITX VFSTX VGIT VGLT VGOVX VGSH VIPSX VMBS VMLTX VSGBX VTIBX VTINX VTIPX VUSTX VWAHX VWEHX VWESX VWITX VWLTX VWSTX

Vanguard Intermediate-Term Bond ETF Vanguard Long-Term Bond ETF Vanguard Total Bond Market ETF Vanguard Short-Term Bond ETF Vanguard Extended Duration Treasury ETF Vanguard Interm-Term Bond Index Inv Vanguard Short-Term Bond Index Inv Vanguard Long-Term Bond Index Inv Vanguard Total Bond Market Index Inv Vanguard Intermediate-Term Corp Bd ETF Vanguard Long-Term Corporate Bond ETF Vanguard Short-Term Corporate Bond ETF Vanguard Convertible Securities Inv Vanguard Interm-Term Invmt-Grade Inv Vanguard GNMA Inv Vanguard Short-Term Treasury Inv Vanguard Interm-Term Treasury Inv Vanguard Short-Term Investment-Grade Inv Vanguard Intermediate-Term Govt Bd ETF Vanguard Long-Term Government Bond ETF Vanguard Emerg Mkts Govt Bd Idx Investor Vanguard Short-Term Government Bond ETF Vanguard Inflation-Protected Secs Inv Vanguard Mortgage-Backed Securities ETF Vanguard Ltd-Term Tx-Ex Vanguard Short-Term Federal Inv Vanguard Total Intl Bd Idx Investor Vanguard Target Retirement Income Inv Vanguard Shrt-Term Infl-Prot Sec Idx Inv Vanguard Long-Term Treasury Inv Vanguard High-Yield Tax-Exempt Vanguard High-Yield Corporate Inv Vanguard Long-Term Investment-Grade Inv Vanguard Interm-Term Tx-Ex Inv Vanguard Long-Term Tax-Exempt Vanguard Short-Term Tx-Ex

VASGX VASIX VBINX VGSTX

Vanguard LifeStrategy Growth Inv Vanguard LifeStrategy Income Inv Vanguard Balanced Index Inv Vanguard STAR Inv

% Return (3 and 5 Years Annualized)

NAV Rank

Advice

YTD 1 Month 3 Month 1 Year 3 Year

VANGUARD GROWTH FUNDS (continued)

32.64 78

Buy

-2.57 8.29

27.83 79

Buy

-6.58 7.83

79.29 68

Hold

-5.38 11.21

67.67 89 Strong Buy 1.38 7.23

VANGUARD SECTOR FUNDS

94.46 71

Sell

0.29 10.56

119.29 76

Buy

-2.66 11.84

133.10 90 Strong Buy 3.12 5.28

84.33 53

Sell

1.46 13.04

44.91 79 Strong Buy -7.31 8.16

42.59 43

Sell

3.73 13.36

199.66 93 Strong Buy -9.39 3.90

8.40 31

Hold

32.08 22.09

26.36 68

Hold

-0.45 9.47

103.76 88 Strong Buy -4.18 9.66

20.45 54

Sell

-0.63 7.97

121.79 93 Strong Buy -8.35 4.69

100.61 78

Hold

-0.42 8.26

79.41 68

Hold

-0.40 9.53

50.99 54

Sell

-0.22 8.37

90.06 83 Hold

7.33 9.87

104.11 62

Hold

10.84 3.47

VANGUARD INCOME FUNDS

84.70 76

Hold

2.41 -0.58

90.71 81

Hold

5.18 0.59

81.83 75

Hold

1.75 -0.27

80.00 76 Strong Buy 0.77 -0.45

125.89 60

Sell

11.21 -3.56

11.44 76

Hold

2.10 -0.84

10.48 74 Strong Buy 0.74 -0.46

13.68 72

Hold

4.42 -0.56

10.77 75

Hold

1.69 -0.54

85.14 77 Hold

1.79 1.09

86.30 75

Hold

3.29 3.34

79.08 86 Strong Buy 0.43 0.25

11.68 83 Strong Buy -3.47 4.75

9.72 77

Hold

1.39 -0.18

10.75 77

Hold

1.33 -0.16

10.70 71

Buy

0.62 -0.40

11.46 73

Sell

2.08 -1.34

10.58 87 Strong Buy 0.57 -0.03

65.48 74

Sell

1.87 -1.27

79.25 72

Sell

6.62 -2.78

9.46 80 Hold

2.80 3.23

60.94 71

Buy

0.40 -0.36

13.11 67

Hold

2.10 0.31

53.22 77 Hold

1.26 -0.24

11.05 77 Strong Buy 0.55 -0.51

10.76 88 Strong Buy 0.65 -0.39

10.77 79

Hold

2.29 0.38

12.50 76

Hold

0.40 2.38

24.31 68 Hold

0.70 0.50

12.94 74

Sell

6.68 -2.80

11.34 95 Strong Buy 0.87 -0.67

5.56 85 Strong Buy 1.43 4.78

10.17 76

Hold

3.60 0.35

14.31 79

Hold

0.88 -0.89

11.77 78

Hold

0.85 -0.81

15.82 69

Buy

0.27 -0.13

VANGUARD ASSET ALLOCATION

26.73 72

Hold

-1.94 6.41

14.72 73

Buy

1.03 1.45

28.96 75

Hold

-0.89 4.66

22.78 73

Buy

-2.19 5.37

-2.97 -4.24 -6.37 -1.98 -5.91 -10.28 1.81 3.10

8.03 12.51 6.95 10.90

-2.28 -11.03 4.09 -4.11 0.48 13.77 4.64 9.86 13.50 -1.81 -17.96 -7.00 -7.22 -5.29 7.85 0.45 -14.55 -7.94 -8.05 -3.74 19.44 31.46 0.10 -15.46 3.48 1.91 8.40 -5.91 -0.85 13.91 0.65 -2.60 -0.03 -7.09 -6.62 16.24 -0.82 -3.23 9.90 3.48 2.07 8.56 0.24 -2.88 -0.20 7.98 9.65 10.79 16.00 14.43 12.04

2.14 3.98 1.55 0.67 9.49 1.76 0.59 3.35 1.34 1.47 2.23 0.38 -3.95 1.09 1.39 0.53 1.83 0.33 1.89 5.92 1.99 0.42 1.91 1.27 0.64 0.60 2.16 0.21 0.79 5.89 1.27 0.55 2.61 1.19 1.20 0.31

2.72 0.57 1.70 1.38 5.63 2.30 1.19 -0.10 1.37 1.58 -1.95 1.13 -7.90 1.76 2.40 0.96 3.11 1.08 3.16 4.66 3.52 0.76 0.47 2.30 1.87 1.24 1.86 -0.39 0.50 4.45 4.61 -1.65 0.35 3.86 4.76 0.65

2.61 4.55 2.22 1.04 9.88 2.43 0.95 4.37 2.06 2.91 3.66 1.54 3.08 2.55 2.48 0.60 1.82 1.36 1.91 6.33

0.56 -1.31 2.45 1.28 0.76

3.26 -0.89 6.28 4.12 2.59 4.87 3.04 4.07 0.53

-2.07 -3.60 5.88 0.79 0.51 3.46 -1.23 -0.83 6.93 -2.55 -3.16 5.67

5 Year Yield %

9.49 2.53 12.09 0.40 8.48 1.57 12.60 3.37

5.20 2.23 15.32 1.45 15.04 2.45 -2.80 3.17 8.07 2.64 -4.92 2.41 18.19 1.03 -16.76 10.80 2.69 11.69 1.47 4.33 17.29 1.50 10.20 2.09 10.94 2.83 4.33 10.31 3.28 12.40 3.47

4.69 2.38 7.98 3.86 3.39 2.26 1.55 1.28 15.38 2.60 4.53 2.31 1.45 1.21 7.76 3.79 3.24 2.16 5.08 3.54 7.07 4.83 2.50 2.31 3.73 2.07 4.43 2.73 3.20 2.60 0.88 0.65 3.31 1.17 1.98 2.00 3.35 1.25 9.10 2.39

4.92 0.67 0.69 2.31 0.13 2.89 2.12 1.87 0.75 1.21 0.89

0.74 4.69 1.95

9.12 2.28 6.59 2.48 5.33 6.20 7.96 4.03 4.70 1.38 6.14 1.99 0.84 0.44

6.60 2.33 4.10 2.14 7.88 2.00 6.80 2.17

Beta 3 Year

1.00 1.04 1.06 0.91

1.25 1.01 0.69 1.10 0.88 1.12 0.85 0.60 0.48 1.01 0.87 0.92 0.97 0.48 0.87 0.70 0.25

1.47 2.88 1.05 0.39 5.36 1.49 0.39 2.88 1.03 1.40 2.50 0.45 0.97 1.14 0.85 0.26 1.17 0.36 1.12 3.45

0.17 1.61 0.70 0.31 0.32

0.53 0.36 3.50 1.19 0.69 2.59 0.88 1.17 0.08

1.31 0.37 0.97 1.11

SD Expense 3 Year Ratio

11.13 0.34 12.22 0.47 13.32 0.10 10.31 0.09

16.42 0.10 13.13 0.10 10.66 0.10 17.96 0.10 12.27 0.10 18.06 0.37 12.68 0.34 26.98 0.29 14.78 0.26 12.78 0.10 13.39 0.36 13.66 0.09 12.97 0.10 14.79 0.12 13.40 0.18 12.05 0.10 13.89 0.10

4.44 0.10 8.97 0.10 3.12 0.07 1.31 0.10 17.83 0.10 4.48 0.16 1.31 0.16 8.97 0.16 3.07 0.16 4.39 0.10 8.16 0.10 1.54 0.10 7.30 0.38 3.54 0.20 2.86 0.21 0.95 0.20 3.68 0.20 1.26 0.20 3.53 0.10 11.07 0.10

0.49 0.68 0.10 5.34 0.20 2.28 0.10 1.24 0.20 1.07 0.20

0.17 3.88 0.14 1.75 0.17 11.27 0.20 4.14 0.20 4.82 0.23 8.26 0.22 3.08 0.20 4.06 0.20 0.41 0.20

8.81 0.15 3.28 0.12 6.66 0.22 7.49 0.34

6 MARCH 2016 | PHONE: (888) 252-5372

Symbol

Name

VPGDX VSCGX VSMGX VTENX VTTVX VTWNX VTXVX VWELX VWINX

Vanguard Managed Payout Investor Vanguard LifeStrategy Cnsrv Gr Inv Vanguard LifeStrategy Moderate Gr Inv Vanguard Target Retirement 2010 Inv Vanguard Target Retirement 2025 Inv Vanguard Target Retirement 2020 Inv Vanguard Target Retirement 2015 Inv Vanguard WellingtonTM Inv Vanguard Wellesley? Income Inv

VDVIX VEA VEIEX VEU VEURX VFSVX VFWIX VGK VGTSX VHGEX VIGI VINEX VMMSX VMVFX VPACX VPL VSS VT VTRIX VTWSX VWIGX VWO VXUS VYMI

Vanguard Developed Markets Idx Investor Vanguard FTSE Developed Markets ETF Vanguard Emerging Mkts Stock Idx Inv Vanguard FTSE All-World ex-US ETF Vanguard European Stock Index Inv Vanguard FTSE All-Wld ex-US SmCp Idx Inv Vanguard FTSE All-World ex-US Index Inv Vanguard FTSE Europe ETF Vanguard Total Intl Stock Index Inv Vanguard Global Equity Inv Vanguard Intl Div Appreciation ETF Vanguard International Explorer Inv Vanguard Emerg Mkts Sel Stk Inv Vanguard Global Minimum Volatility Inv Vanguard Pacific Stock Index Inv Vanguard FTSE Pacific ETF Vanguard FTSE All-World ex-US Sm-Cp ETF Vanguard Total World Stock ETF Vanguard International Value Inv Vanguard Total World Stock Index Inv Vanguard International Growth Inv Vanguard FTSE Emerging Markets ETF Vanguard Total International Stock ETF Vanguard Intl High Div Yield ETF

AAGPX AALIX ABCVX ACPVX ACTIX ACWDX ADSIX ADVTX AFDIX AKREX ALVIX AMAGX AMANX AMBEX AMPAX AMVIX ANOIX AOVIX ARDFX ARFFX ARGFX ARLSX ARSMX ARSVX ASCTX AVPAX BADAX BAFAX BAGAX

American Beacon Lg Cap Value Inv ASTON/Herndon Large Cap Value N American Beacon The London Co Inc Eq Inv American Century Core Equity Plus Inv American Century Capital Val Inv ASTON/LMCG Small Cap Growth N American Century Disciplined Growth Inv ASTON/River Road Div All Cap Val II N American Century Fundamental Equity Inv Akre Focus Retail American Century Large Company Val Inv Amana Growth Investor Amana Income Investor ASTON/Anchor Capital Enhanced Equity N American Beacon Mid Cap Value Inv American Century Veedot? Inv American Century Small Cap Growth Inv American Century One Choice? VryAgrsvInv Ariel Discovery Investor Ariel Focus Investor Ariel Investor ASTON/River Road Long-Short N ASTON/River Road Select Value N ASTON/River Road Small Cap Value N ASTON/Silvercrest Small Cap N American Beacon Small Cp Val Inv Brown Advisory Equity Income Adv Brown Advisory Flexible Equity Adv Brown Advisory Growth Equity Adv

% Return (3 and 5 Years Annualized)

NAV Rank

Advice

YTD 1 Month 3 Month 1 Year 3 Year

VANGUARD ASSET ALLOCATION (continued)

17.17 68

Buy

-0.22 4.62 -0.04 -1.60

17.86 72

Buy

0.11 3.12 -0.12 -0.71

22.84 72

Hold

-0.95 4.72 -1.08 -2.13

24.93 71

Hold

0.20 2.68 0.04 -0.61

15.43 72

Hold

-1.22 5.32 -1.40 -2.59

26.92 72

Hold

-0.85 4.62

-2.11

14.17 72

Buy

-0.42 3.81 -0.56 -1.46

36.55 84 Strong Buy -0.65 4.52 -0.87 -0.21

24.88 91 Strong Buy 1.47 2.30 1.38 3.13

VANGUARD INTERNATIONAL FUNDS

8.71 57

Hold

-4.81 6.87 -4.57 -7.63

35.07 60

Buy

-4.49 7.38 -4.33 -7.42

20.80 53

Hold

-0.05 10.11 1.04 -14.26

41.94 55

Sell

-3.39 8.33 -3.06 -9.15

25.43 64

Sell

-5.29 5.96 -5.46 -8.52

34.33 62

Hold

-3.00 8.19 -2.05 -4.38

16.55 55

Sell

-3.44 7.82 -3.16 -9.19

47.35 69

Hold

-5.07 6.55 -5.25 -8.49

14.00 56

Hold

-3.38 7.86 -3.04 -8.72

22.67 68

Hold

-4.10 8.16 -4.14 -5.32

51.98 84

Buy

15.93 76

Buy

-6.02 6.20 -4.76 -1.81

15.45 52

Hold

1.51 12.77 1.43 -12.94

11.24 92 Strong Buy -0.53 5.34 0.06 2.36

10.29 50

Sell

-4.72 7.86 -3.68 -7.05

53.89 53

Hold

-4.91 8.08 -3.90 -7.14

90.46 62

Sell

-2.60 9.46 -1.76 -4.15

55.71 70

Buy

-3.31 8.17 -3.29 -5.73

30.08 57

Hold

-3.25 8.63 -3.48 -10.51

22.74 69

Buy

-3.03 8.03 -3.08 -5.56

19.91 55

Sell

-5.64 9.16 -6.14 -8.11

32.89 44

Hold

0.55 11.19 1.75 -13.47

43.67 55

Sell

-3.19 8.23 -2.72 -8.62

52.90 82

Buy

NTF GROWTH FUNDS

22.18 76

Hold

-3.32 9.05 -4.40 -8.53

12.07 66

Hold

-4.89 10.84 -6.34 -11.70

14.02 80

Buy

-0.44 6.47 -0.29 -2.03

12.03 83

Buy

-2.12 7.51 -3.26 -4.59

7.96 75

Buy

-3.05 8.45 -3.13 -5.46

11.44 62

Sell -19.44 6.62 -21.20 -24.57

17.82 79

Buy

-3.15 7.80 -3.88 -5.02

12.90 80 Strong Buy 3.40 9.45 4.02 -0.27

20.30 76

Buy

-3.65 7.29 -4.20 -4.87

22.46 78

Buy

-2.85 8.40 -3.44 -1.62

8.33 75

Buy

-2.91 8.60 -3.12 -5.62

31.12 74

Buy

-1.98 7.31 -2.06 -2.88

42.64 79

Hold

0.57 6.52 -0.01 -0.98

9.07 66

Buy

4.01 8.10 3.20 -2.54

12.81 68

Hold

-3.83 10.82 -4.82 -8.34

9.04 79

Buy

-2.90 9.44 -3.58 -5.21

11.32 64

Sell

-11.77 9.69 -13.19 -17.79

14.41 70

Buy

-4.13 7.62 -4.45 -6.48

8.13 21

Hold

-0.73 14.99 -2.75 -23.07

10.31 70

Sell

-2.00 10.39 -4.69 -14.21

56.68 78

Hold

-4.63 12.93 -6.75 -10.99

10.65 57

Sell

-3.27 3.00 -2.67 -3.86

6.34 55

Hold

1.60 11.42 1.35 -2.11

11.01 54

Hold

-0.27 9.33 -0.94 -1.69

13.56 57

Sell

-3.21 9.80 -4.12 -5.09

21.27 72

Sell

-2.14 10.62 -3.57 -6.65

12.31 74

Buy

0.24 8.08 0.16 -4.52

14.76 73

Hold

-4.34 9.17 -5.16 -6.77

17.47 67

Buy

-6.48 7.24 -7.04 -2.68

4.98 4.36 5.14 3.99 5.60 5.31 4.73 7.20 5.64

1.36 -7.20 -0.85 1.37 1.03 -0.88 1.52 -0.61 5.75

6.57 -7.34

0.55 0.43 1.11 4.45 -0.22 4.49 1.25 -6.92 -0.59

6.93 2.32 9.91 9.51 7.85 3.09 10.20 8.74 9.17 12.11 7.97 8.92 8.31 3.30 7.56 10.99 3.91 6.23 -6.81 4.28 8.94 1.61 4.24 4.99 6.61 6.40 7.33 8.95 7.52

5 Year Yield %

5.82 1.85 4.99 2.21 5.95 2.27 5.28 1.98 6.52 2.29 6.27 2.25 5.84 2.11 8.24 2.65 7.47 2.82

2.15 -4.29 0.38 2.20 0.93 0.25 2.32 0.40 6.30

4.13

1.65 1.74 1.11 5.22 0.90 5.17 2.43 1.30 -4.02 0.44

8.43 5.10

1.86

9.47 5.61 10.90

2.51 10.47 14.41 9.60 1.70

8.13 0.63 8.75 1.60 3.69 2.66 9.13 10.97 5.94 7.30 0.94 -1.22 5.12 8.17

7.33 7.15

7.58 2.10

10.72 8.50

Beta 3 Year

0.99 0.69 1.00 0.64 1.13 1.01 0.86 1.05 0.60

0.97 0.97 1.02 0.97 1.00 0.89 0.97 1.00 0.96 0.80

0.80 1.09

0.92 0.92 0.89 0.84 1.03 0.84 1.07 1.02 0.96

1.09 1.02 0.88 0.97 1.04 1.10 1.02 0.88 0.99 0.98 1.05 0.98 0.96 0.46 1.08 1.03 1.09 0.97 1.11 1.04 1.31 0.49 0.92 0.87 1.02 1.05 0.87 1.05 0.93

SD Expense 3 Year Ratio

6.68 0.42 4.76 0.13 6.69 0.14 4.48 0.14 7.56 0.15 6.76 0.14 5.78 0.14 7.26 0.26 4.56 0.23

12.66 0.20 12.68 0.09 14.94 0.33 12.45 0.13 13.54 0.26 12.18 0.31 12.46 0.26 13.53 0.12 12.35 0.19 11.05 0.57

0.25 11.13 0.42 15.57 0.93

0.27 13.40 0.26 13.39 0.12 12.18 0.17 11.17 0.14 13.41 0.46 11.16 0.25 14.10 0.47 14.95 0.15 12.35 0.13

0.30

12.26 0.93 12.12 1.29 10.05 1.16 10.95 1.30 11.62 1.00 16.99 1.35 11.43 1.02 10.29 1.15 11.00 0.99 11.80 1.34 11.79 0.84 11.24 1.08 10.85 1.12 6.70 1.19 12.73 1.09 11.73 1.26 16.08 1.39 10.91 1.04 17.70 1.25 12.56 1.00 15.52 1.02 7.39 1.70 12.12 1.49 11.74 1.34 14.97 1.40 13.97 1.15 10.16 1.15 11.87 1.16 10.98 1.12

| MARCH 2016 7

The Investor Guide to VANGUARD Funds

Symbol

Name

BARAX BASAX BAUAX BAVAX BEQGX BFGFX BFTHX BGRFX BIGRX BIOPX BMDSX BPAVX BPSCX BPTRX BSCFX BUFGX BUFMX BUFTX BULLX BVAOX BVEFX BWLIX CAAPX CAMAX CBEAX CBMAX CCASX CFAGX CFGRX CFIMX CFVLX CRMAX CRMEX CRMSX DEFIX DGAGX DGRIX DRSVX DTLGX DTLVX DTSVX EGFFX EGOAX EKJAX ETGLX EXEYX EXTAX FAMEX FAMVX FFGRX FMIEX FMLSX FOGRX FOSCX FQUAX FRSPX FVALX GABAX GABEX GABSX HCAIX HDOGX HDPMX

Baron Asset Retail Brown Advisory Small-Cap Growth Adv Brown Advisory Sm-Cp Fundamental Val Adv Brown Advisory Value Equity Adv American Century Equity Growth Inv Baron Focused Growth Retail Baron Fifth Avenue Growth Retail Baron Growth Retail American Century Income & Growth Inv Baron Opportunity Retail Baird MidCap Inv Robeco Boston Partners All Cap Value Inv Robeco Boston Partners Sm Cap Val II Inv Baron Partners Retail Baron Small Cap Retail Buffalo Growth Buffalo Mid Cap Buffalo Discovery Roosevelt Multi-Cap Broadview Opportunity Becker Value Equity Retail American Beacon Bridgeway Lg Cp Val Inv Ariel Appreciation Investor Cambiar Aggressive Value Investor Wells Fargo Advantage C&B Lg Cap Val A Wells Fargo Advantage C&B Mid Cap Val A Conestoga Small Cap Investors Commerce MidCap Growth Commerce Growth Clipper Commerce Value CRM Small/Mid Cap Value Inv CRM All Cap Value Inv CRM Small Cap Value Inv Delafield Fund Dreyfus Appreciation Investor Dreyfus Growth & Income Dreman Contrarian Small Cap Value Retail Wilshire Large Company Growth Invmt Wilshire Large Company Value Invmt Wilshire Small Company Value Invmt Edgewood Growth Retail Wells Fargo Advantage Large Cap Core A Wells Fargo Advantage Prem Lg Co Gr A Eventide Gilead N Manning & Napier Equity Manning & Napier Tax Managed A FAM Equity-Income Inv FAM Value Inv Emerald Growth Investor Wasatch Large Cap Value Investor Wasatch Long/Short Investor Tributary Growth Opps Inst Tributary Small Company Instl AMG FQ US Equity Investor Dreyfus Mid-Cap Growth F Forester Value N Gabelli Asset AAA Gabelli Equity Income AAA Gabelli Small Cap Growth AAA Harbor Capital Appreciation Inv Hennessy Total Return Investor Hodges

% Return (3 and 5 Years Annualized)

NAV Rank

Advice

YTD 1 Month 3 Month 1 Year 3 Year

NTF Growth FUNDS (continued)

53.83 76

Buy

-5.79 9.52 -5.94 -5.94 8.15

13.39 69

Hold

-8.60 8.77 -8.35 -5.19 7.81

20.93 64

Hold

-3.37 8.56 -4.92 -8.54 7.05

13.37 73

Sell

-4.57 9.05 -5.01 -11.60 4.41

26.32 83

Buy

-3.27 8.00 -3.89 -6.12 8.53

12.31 57

Hold

-5.96 13.25 -6.81 -9.44 2.26

16.73 71

Sell

-9.52 9.63 -9.96 -7.57 10.12

60.41 70

Hold

-4.44 9.22 -5.37 -9.97 5.77

32.60 72

Sell

-0.28 8.59 -0.41 -4.05 9.55

14.58 63

Sell -12.38 11.21 -13.06 -12.58 3.39

13.81 61

Buy

-3.90 9.17 -4.75 -8.41 5.29

20.20 80

Buy

-4.54 8.19 -5.23 -4.05 10.34

18.91 79

Hold

-3.03 10.46 -3.97 -6.93 5.87

32.45 70

Hold

-8.90 18.69 -9.56 -10.44 6.87

26.14 69

Hold

-7.27 11.19 -7.40 -14.09 3.66

27.90 73

Hold

-2.99 7.31 -3.39 -3.08 10.93

14.64 76

Hold

-4.50 9.83 -5.75 -8.96 7.15

18.68 78

Buy

-4.79 8.79 -4.76 -3.89 11.86

13.20 53

Sell

-3.37 6.45 -4.65 -6.97 4.87

29.63 59

Sell

-5.37 9.90 -5.72 -13.97 4.24

15.90 70

Sell

-1.49 8.16 -2.67 -7.72 8.31

22.44 82

Buy

-0.87 9.21 -1.47 -1.81 10.72

43.71 72

Hold

-3.04 11.99 -4.92 -10.57 7.81

17.11 76

Hold

-7.51 10.82 -5.68 -4.79 12.40

11.81 77

Hold

-1.42 8.35 -1.42 -3.24 9.01

25.81 69

Buy

-0.46 8.90 -1.35 -4.38 7.84

33.01 58

Sell

-7.64 10.81 -8.15 -0.58 7.21

32.38 75

Buy

-0.58 8.15 -1.17 -0.74 10.13

26.05 83

Buy

-1.25 6.59 -1.30 2.79 13.01

98.32 71

Buy

-5.83 10.05 -5.84 -0.32 9.39

28.18 79

Hold

1.55 7.48 2.28 2.63 9.94

11.83 73

Sell

-2.47 9.03 -3.43 -10.67 4.20

7.65 66

Buy

-3.65 7.75 -3.65 -3.47 6.42

14.71 79

Buy

-3.03 9.29 -3.35 -5.09 6.84

24.02 67

Hold

0.29 14.76 -2.87 -14.04 -2.28

39.59 71

Hold

-0.93 6.31 -1.45 -2.38 6.12

17.82 75

Buy

-4.91 8.13 -5.66 -4.20 9.68

18.01 68

Hold

-0.94 12.77 -1.70 -6.14 7.32

35.24 63

Buy

-4.27 7.57 -4.83 -0.06 10.21

17.89 76

Hold

-3.92 8.82 -4.20 -6.71 7.20

20.22 60

Hold

-2.51 8.59 -3.10 -5.28 8.72

19.51 82

Buy

-8.45 8.09 -8.13 -0.47 13.15

14.15 79

Buy

-6.54 7.03 -7.88 -7.29 10.10

13.40 64

Sell

-8.22 8.15 -8.69 -8.34 8.11

22.21 54

Sell -13.07 11.78 -12.18 -18.67 11.42

11.10 58

Sell

-1.16 11.33 -2.11 -5.43 7.13

21.67 76

Buy

-2.17 9.11 -2.86 -6.68 6.49

24.72 91 Strong Buy 2.53 7.43 1.91 2.30 8.82

60.25 90 Strong Buy 0.32 7.99 -1.16 -2.05 10.42

16.73 61

Sell -10.44 10.58 -12.08 -14.32 8.54

8.33 73

Hold

-1.19 7.62 -1.28 -2.88 5.33

11.83 61

Buy

5.16 10.66 2.71 -10.58 -1.87

14.25 64

Hold

-3.13 10.29 -3.39 -10.18 7.00

22.04 69

Hold

-1.91 10.14 -3.20 -1.22 8.50

15.02 75

Buy

-3.16 5.92 -4.21 -3.85 7.63

7.77 69

Buy

-4.90 10.37 -5.37 -7.84 7.53

12.26 68

Buy

3.11 1.07 2.81 -0.59 1.73

53.65 70

Sell

-0.83 8.54 -1.51 -5.60 5.84

25.10 75

Hold

-2.02 7.57 -2.48 -5.66 5.88

44.67 80

Hold

-2.02 8.82 -2.85 -5.73 6.15

53.58 86

Hold

-9.62 8.16 -10.41 -4.11 12.20

13.25 77

Buy

2.47 4.91 3.29 4.08 6.33

34.12 71

Hold

1.82 21.64 -2.93 -8.96 9.61

5 Year Yield %

9.09 1.79 8.18

6.17 10.44 1.45 5.67 10.66 8.24 10.53 2.49 4.58

8.78 10.47

7.97 0.56 8.89 6.33 10.03 7.14 11.70 5.95 6.31 9.09

8.57 4.22 0.33 9.05 9.76 9.33 8.87 11.22 9.90 0.31 11.87 2.86 6.48 6.37 6.15 2.13 7.96 9.87 6.76 9.41 8.22 9.02 13.65 10.97 9.55 0.10 12.31 7.17 6.82 10.59 9.90

5.45 2.73 1.63 2.20 7.64 8.53 9.37 0.98 8.42 0.63 7.78 7.82 8.24 11.24 8.61 1.44 8.67

Beta 3 Year

0.99 1.01 0.98 1.08 1.02 1.07 1.13 0.91 0.99 1.15 0.94 1.07 1.02 1.22 1.06 0.92 0.95 0.91 0.92 0.97 1.02 1.00 1.22 1.24 0.97 1.01 1.07 0.91 0.95 1.08 0.88 0.99 1.03 1.06 1.20 1.00 1.08 1.02 1.01 1.05 1.06 1.07 1.04 1.03 1.16 1.07 1.03 0.81 0.90 0.94 0.98 0.70 1.09 0.95 0.79 1.05 0.14 1.05 0.99 0.99 1.10 0.62 1.26

SD Expense 3 Year Ratio

12.27 1.31 14.15 1.39 12.69 1.38 12.76 1.15 11.30 0.67 14.01 1.35 14.31 1.30 11.91 1.29 11.06 0.67 16.66 1.38 11.80 1.05 12.14 0.95 13.29 1.35 16.80 1.32 13.63 1.30 10.84 0.91 12.60 1.01 12.48 1.01 11.14 1.17 13.49 1.23 11.56 0.88 11.31 1.11 14.25 1.12 17.69 1.35 10.96 1.15 12.44 1.20 16.67 1.10 10.70 1.03 10.77 1.04 12.22 0.72 10.14 0.70 12.52 1.08 12.17 1.50 14.03 1.09 16.34 1.25 11.39 0.92 12.12 0.91 13.39 1.37 11.75 1.38 11.85 1.29 14.64 1.49 13.28 1.39 12.21 1.14 12.62 1.12 17.12 1.35 12.39 1.05 11.87 1.20 10.29 1.27 10.83 1.18 17.37 1.27 11.26 1.10 9.66 1.30 13.35 1.14 13.65 1.20 9.14 1.04 12.68 1.14 4.48 1.25 11.88 1.35 11.09 1.37 12.17 1.38 13.56 1.01 7.79 1.28 17.59 1.31

8 MARCH 2016 | PHONE: (888) 252-5372

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