MUTUAL FUND Investor Guide THE Investor Guide TO VANGUARD FUNDS

MARCH 2017

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 Fund (VCVSX)

Market Perspective:

Improving Employment

to Benefit Stocks

Equities rallied over the past month, lifting yearto-date returns to near double digits. Rising rate hike expectations powered the financial sector, while a rebound in the biotechnology and pharmaceutical sectors was responsible for much of the strong health care advance.

The earnings growth rate for the fourth quarter of 2016 was 4.9 percent. Companies beat earnings estimates at a rate of 65 percent and sales estimates at a rate of 53 percent. Estimates for the first quarter of 2017 are much stronger. Analysts forecast S&P 500 earnings growth of 8.9 percent.

Initial claims for unemployment are at their lowest point since the early 1970s. At the end of February, initial claims for unemployment fell to a 44-year low. The Bureau of Labor Statistics' February employment report also reflects the improving labor market. Companies created 235,000 new jobs, and unemployment held steady at 4.7 percent. This was even more impressive as 176,000 people moved back into the labor force. The underemployment rate fell from 9.4 percent to 9.2 percent. Wages increased 0.2 percent in February and 2.8 percent over the past 12 months.

Strong labor markets have homebuilders betting on faster growth, with 148,000 job openings in January, a significant increase over January 2016. The BLS employment report also showed 58,000 new construction jobs, many in the residential housing sector. Toll Brothers (TOL), CalAtlantic (CAL), LGI Homes (LGIH) and Hovnanian (HOV) all beat earnings and sales estimates, elevating the homebuilder sector to a new 52-week high in March.

Technology shares have done well in 2017, with Vanguard Information Technology (VGT) gaining 10.89 percent through March 10. Automation is one force driving the sector. Wendy's

recently announced it will install 1,000 self-ordering kiosks in its stores after a rollout in 2016 proved successful. The machines help eliminate long lines and are popular with younger customers. They also help Wendy's cut 31 hours of labor per week per store. The labor savings alone will pay the cost of the $15,000 machine within two years.

The development of driverless trucks is also moving quickly. Daimler is testing trucks on German highways. A California company developed a technology that allows one human driver to control an entire caravan of trucks on the highway. Human drivers will then drive the goods to their final destination. These advances will propel higher earnings in some areas of the market over the coming years, although ultimately at the expense of a lower demand for workers.

For foreign asset exposure, funds such as Vanguard Global Minimum Volatility (VMVFX) will outperform if the dollar rallies. Over the past three years, VMVFX gained an annualized 9.81 percent. The MSCI ACWI fell an annualized 0.22 percent, a gap of 10.03 percent. Over this three-year period, VMVFX ranks first in the world stock category.

Vanguard Health Care (VGHCX) is at an 18month high and less than 5-percent away from its all-time high. It has gained 11.51 percent in 2017 in one of the best-performing sectors. Both the health care and technology sectors are beating the S&P 500 Index by 3 percent, and consumer discretionary is beating the S&P 500 Index by 1 percent.

Energy remains the clear market laggard. Oil prices broke to the downside in March. West Texas Intermediate Crude oil spent three months in a range between $51 and $54. On March 8 and 9 it plunged through the bottom of this range and briefly traded with a $48 handle. The energy sector is underperforming the S&P 500 Index by 13 percent year-to-date.

(Continued on page 2)

1

The Investor Guide to VANGUARD Funds

Market Perspective: Improving Employment to Benefit Stocks (continued)

The broader commodity rally is also questionable as China experiences disinflation. Although Chinese producer prices rose 7.8 percent year-on-year in February, the monthly inflation rate is down 60 percent from its peak in December. The U.S. presidential election caused a bump in commodity prices, particularly copper, as speculators anticipate infrastructure spending and faster U.S. economic growth.

Although market interest rates and interest rate expectations jumped during the past month, dividend funds continued to outperform the broader market. The S&P 500 Index climbed 2.44 percent. Vanguard Dividend Appreciation

(VIG) rose 3.19 percent, and Vanguard Dividend Growth (VDIGX) advanced 3.24 percent. Vanguard High Dividend Yield (VYM) and Vanguard Equity Income (VEIPX) increased 2.79 percent and 2.95 percent, respectively. This dichotomy makes sense in the context of rising earnings and rising interest rates. Analysts are looking for nearly 10 percent earnings growth in 2017. Dividend growth was in the double digits from 2013- to 2015, even with earnings growth falling from 5.2 percent to negative 5.9 percent. A double-digit increase in dividends is highly probable if estimates hold up, and companies in dividend growth funds are more likely to be on the high side of dividend increases.

As we expect rates to continue to climb over the coming months, investors should reevaluate their portfolios to ensure they have minimal long-term bond exposure. We continue to favor floating-rate securities, which pay a variable interest rate that rises and falls with a benchmark, often Libor. RidgeWorth Seix Floating Rate High Income (SAMBX) has a yield of 3.87 and has gained 0.67 percent over the past month. It has been able to benefit from increasing yields without the risk of falling bond prices. If you have questions regarding bond allocations in your investment portfolio, I invite you to call me at (844) 336-9878.

Model Portfolio Updates

The Dow Jones Industrial Average climbed 3.13 percent over the past month with rising rate hike expectations. The S&P 500 Index advanced 2.44 percent, the Nasdaq increased 2.23 percent and the MSCI EAFE Index returned 1.30 percent. The Russell 2000 Index fell 1.70 percent.

In 2017, the Nasdaq is up 8.89 percent. The S&P 500 Index has rallied 5.97 percent, the Dow Jones Industrial Average 5.77 percent, the MSCI EAFE 4.74 percent and the Russell 2000 0.60 percent.

We made changes to several Model Portfolios this month. In the NTF Balanced Growth Portfolio, NTF Conservative Income Portfolio and NTF Absolute Return/Down Market Portfolio, we sold PIMCO Low Duration (PFIDX) and purchased RidgeWorth Seix Floating Rate High Income (SAMBX). PFIDX recently changed from a floating rate objective to low duration. While still a solid option in a time of rising rates, floating rate funds offer greater asset diversification. Additionally, we currently hold the low duration

Vanguard Short-Term Investment Grade (VFSTX) in the portfolios.

The Vanguard Aggressive Growth Portfolio gained 2.75 percent last month. It is up 7.37 percent year-to-date. Health Care (VGHCX) rallied 5.06 percent due to strength in biotechnology and medical devices. Financials (VFH) advanced 3.48 percent on rising rate hike expectations.

The Vanguard Straight Growth Portfolio increased 1.25 percent last month and is up 4.19 percent in 2017. Dividend Growth (VDIGX) gained 3.24 percent. Mega Cap Value (MGV) increased 2.82 percent.

The Vanguard Balanced Growth Portfolio gained 2.20 percent last month, led by Dividend Growth (VDIGX) and Dividend Appreciation (VIG), up 3.19 percent. Equity Income (VEIPX) rose 2.95 percent. The portfolio is up 4.20 percent year-to-date.

The Vanguard Conservative Income Portfolio advanced 1.33 percent over the past month and has gained 2.91 percent year-to-date. Vanguard Dividend Appreciation's (VIG) 3.19 percent and Equity Income's (VEIPX) 2.95 percent delivered the bulk of the portfolio's gains.

Short-Term Investment Grade (VFSTX) is relatively immune from rising interest rates, but fell 0.22 percent on the month with the large jump.

The NTF Aggressive Growth Portfolio rose 3.55 percent last month and is up 7.66 percent this year. Vanguard Health Care (VGHCX) led the portfolio with an increase of 5.06 percent. Vanguard Financials (VFH) rose 3.48 percent, and PRIMECAP Odyssey Growth (POGRX) chipped in 3.05 percent.

The NTF Straight Growth Portfolio increased 1.65 percent last month. It is up 5.01 percent year-to-date. Vanguard Dividend Growth (VDIGX) climbed 3.24 percent, and Vanguard PRIMECAP (VPMCX) gained 3.10 percent on the month. Vanguard Equity Income (VEIPX) rose 2.95 percent.

The NTF Balanced Growth Portfolio climbed 1.48 percent last month, also led by Vanguard Dividend Appreciation's (VIG) 3.19 percent and Vanguard Equity Income's (VEIPX) 2.95 percent gain. Most dividend growth funds edged out straight dividend funds last month. The portfolio is up 2.93 percent in 2017.

(Continued on page 16)

2 MARCH 2017 | PHONE: (888) 252-5372

Model Portfolios

Vanguard Aggressive Growth

SYMBOL

Fund

VGHCX VGT VSTCX VCVLX VFH

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

TOTAL

Price

206.03 134.73 34.52 12.42 62.73

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

24.89 30.21 33.68 69.91 39.08

TOTAL

Vanguard Balanced Growth Portfolio

SYMBOL

Fund

Price

VEIPX VIG VDIGX

Vanguard Equity Income Vanguard Dividend Appreciation Vanguard Dividend Growth

34.21 90.87 24.89

VWINX VCSH

Vanguard Wellesley Income Vanguard ST Corp Bond

25.87 79.29

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

10.62 5.84 34.21 25.87 90.87

TOTAL

(Data provided as of 3/10/17)

Shares

170.60 233.71 525.16 863.46 568.99

Allocation 26.79% 24.00% 13.82% 8.18% 27.21%

100.00%

1 MONTH 5.06% 3.22% -2.60% 1.06% 3.48%

2.75%

YTD 11.51% 10.89% 0.06% 3.41% 5.70%

7.37%

Value $35,148.47 $31,487.72 $18,128.52 $10,724.15 $35,692.87

$131,181.72

Shares 1578.53 828.66 738.49

388.79 304.69

Shares 977.67 193.49 1315.44 912.98 202.54

Allocation 30.63% 19.51% 19.39% 21.19% 9.28%

100.00%

Allocation 27.09% 14.24% 26.52% 19.13% 13.01%

100.00%

1 MONTH 3.24% 0.40% -1.64% 2.82% -0.64%

1.25%

1 MONTH 2.95% 3.19% 3.24% 0.70% -0.25%

2.20%

Shares

1499.15 4787.90 977.67 905.78 193.49

Allocation 13.45% 23.63% 28.26% 19.80% 14.86%

100.00%

1 MONTH -0.22% -0.28% 2.95% 0.70% 3.19%

1.33%

YTD 6.23% 4.97% 0.27% 4.20% 4.41%

4.19%

Value $39,289.61 $25,033.82 $24,872.27 $27,180.06 $11,907.28

$128,283.05

YTD 4.87% 6.68% 6.23% 1.57% 0.22%

4.20%

Value $33,446.23 $17,582.52 $32,741.34 $23,618.73 $16,059.67

$123,448.48

YTD 0.21% 1.06% 4.87% 1.57% 6.68%

2.91%

Value $15,920.99 $27,961.33 $33,446.23 $23,432.64 $17,582.52

$118,343.71

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 2017 3

The Investor Guide to VANGUARD Funds

NTF Aggressive Growth Portfolio

SYMBOL

Fund

POGRX VEIPX VGHCX VFH

PRIMECAP Odyssey Growth Vanguard Equity Income Vanguard Health Care Vanguard Financials ETF

Price

31.12 34.21 206.03 62.73

Shares

1376.05 857.31 136.48 505.25

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

68.56 114.01 19.79 24.89 30.21

Shares

484.91 219.82 1652.66 789.28 604.74

TOTAL

NTF Balanced Growth Portfolio

SYMBOL

Fund

VFSTX VMNFX VIG LCEIX VEIPX SAMBX

Vanguard Short-Term Investment Grade Vanguard Market Neutral Vanguard Dividend Appreciation Invesco Diversified Dividend Investor Vanguard Equity Income RidgeWorth Seix Floating Rate

Price

10.62 12.02 90.87 19.79 34.21 8.77

Shares

1266.97 661.29 191.80 1322.12 977.71 2535.62

TOTAL

NTF Conservative Income Portfolio

SYMBOL

Fund

VFSTX SAMBX THOPX VWINX VDIGX VWELX

Vanguard Short-Term Investment Grade RidgeWorth Seix Floating Rate Thompson Bond Vanguard Wellesley Income Vanguard Dividend Growth Vanguard Wellington

Price

10.62 8.77 11.40 25.87 24.89 40.44

Shares

2530.15 1836.78 943.41 679.34

777.03 615.33

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

50.52 12.47 3.21 19.47 12.24 10.64

Shares

280.46 2694.99 3450.03 954.30 1232.22 2088.74

TOTAL

NTF Absolute Return/Down Market Portfolio

SYMBOL

Fund

Price

VMNFX VFSTX THOPX VSGBX SAMBX

Vanguard Market Neutral Vanguard Short-Term Investment Grade Thompson Bond Vanguard Short-Term Federal RidgeWorth Seix Floating Rate

12.02 10.62 11.40 10.66 8.77

Shares

2204.31 2949.97 2358.53 966.22 1644.15

TOTAL

Allocation 32.45% 22.22% 21.31% 24.02%

100.00%

Allocation 25.79% 19.44% 25.37% 15.24% 14.17%

100.00%

Allocation 11.15% 6.59% 14.44% 21.68% 27.72% 18.43%

Allocation 23.26% 13.94% 9.31% 15.21% 16.74% 21.54%

100.00%

Allocation 12.35% 29.29% 9.65% 16.19% 13.15% 19.37%

100.00%

Allocation 24.21% 28.63% 24.57% 9.41% 13.18%

100.00%

1 MONTH 3.05% 2.95% 5.06% 3.48%

3.55%

1 MONTH 0.78% 3.10% 1.23% 3.24% 0.40%

1.65%

1 MONTH -0.22% -1.31% 3.19% 1.23% 2.95% N/A

1.48%

1 MONTH -0.22% N/A 0.35% 0.70% 3.24% 1.63%

1.02%

1 MONTH 2.12% 1.88% 0.31% -0.31% 2.60% -0.03%

1.12%

1 MONTH -1.31% -0.22% 0.35% -0.29% N/A

-0.28%

4 MARCH 2017 | PHONE: (888) 252-5372

YTD 8.66% 4.87% 11.51% 5.70%

7.66%

Value $42,822.57 $29,328.67 $28,118.77 $31,694.56

$131,964.58

YTD 4.16% 8.51% 2.65% 6.23% 4.97%

5.01%

Value $33,245.76 $25,061.97 $32,706.05 $19,645.28 $18,269.06

$128,928.12

YTD 0.21% -2.99% 6.68% 2.65% 4.87%

N/A

2.93%

Value $13,455.22

$7,948.75 $17,429.07 $26,164.84 $33,447.35 $22,237.35

$120,682.58

YTD 0.21%

N/A 1.69% 1.57% 6.23% 3.53%

2.42%

Value $26,870.24 $16,108.57 $10,754.90 $17,574.48 $19,340.19 $24,884.01

$115,532.40

YTD 5.38% 4.44% 8.45% 4.90% 8.70% 1.44%

4.94%

Value $14,168.70 $33,606.57 $11,074.60 $18,580.16 $15,082.43 $22,224.20

$114,736.66

YTD -2.99% 0.21% 1.69% -0.11%

N/A

-0.09%

Value $26,495.84 $31,328.65 $26,887.26 $10,299.88 $14,419.19

$109,430.82

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 VTMSX VTSMX VTV VTWG VTWO

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 Tax-Managed Small Cap Vanguard Total Stock Mkt Idx Inv Vanguard Value ETF Vanguard Russell 2000 Growth ETF Vanguard Russell 2000 ETF

(Data provided as of 3/10/17)

NAV Rank

Advice

% Return (3 and 5 Years Annualized)

Beta SD Expense

YTD 1 Month 3 Month 1 Year 3 Year 5 Year Yield % 3 Year 3 Year Ratio

VANGUARD GROWTH FUNDS

117.21 77

Buy

4.63 0.27 3.27 23.61 8.31 12.42 1.02 0.95 11.60 0.20

115.21 82

Buy

3.50 -0.37 1.47 25.85 8.97 13.26 1.35 1.02 12.10 0.15

112.37 90 Strong Buy 1.97 -1.19 -0.55 27.30 9.14 13.86 1.60 1.08 13.32 0.20

81.38 91 Strong Buy 6.60 2.95 6.10 22.36 10.45 13.94 2.01 1.00 10.40 0.07

95.35 88 Strong Buy 9.46 3.14 8.66 21.49 10.28 13.81 1.48 1.08 11.73 0.07

69.91 93 Strong Buy 4.20 2.82 4.04 23.10 10.61 14.18 2.48 0.93 10.04 0.07

63.28 88 Strong Buy 2.48 -1.06 0.23 25.63 6.40 12.84 1.30 1.12 13.56 0.18

30.21 95 Strong Buy 4.97 0.40 2.96 25.47 6.95 13.55 1.36 1.06 12.50 0.35

132.10 81 Strong Buy 2.43 -1.08 0.22 25.72 6.52 12.99 1.43 1.12 13.56 0.08

138.97 91

Buy

4.38 -0.60 1.72 23.72 3.89 11.22 0.95 1.12 14.05 0.08

122.21 84

Buy

1.00 -1.40 -0.93 27.44 8.76 14.35 1.79 1.11 13.64 0.08

12.42 82 Strong Buy 3.41 1.06 1.74 25.13 1.05 10.57 1.87 1.29 15.31 0.25

36.34 92 Strong Buy 6.73 3.15 5.37 17.65 8.62 11.82 1.99 0.87 9.53 0.19

31.99 85

Buy

6.35 2.01 4.72 21.24 7.77 12.83 1.36 1.06 11.27 0.36

24.89 95 Strong Buy 6.23 3.24 4.99 14.85 9.13 12.47 1.90 0.86 9.34 0.33

34.21 99 Strong Buy 4.87 2.95 4.76 19.68 10.30 13.47 2.66 0.90 9.70 0.26

33.68 85 Strong Buy 0.27 -1.64 -1.92 23.82 6.47 12.86 0.98 1.09 13.88 0.57

75.17 78

Hold

3.31 -0.79 1.41 26.74 6.05 12.54 1.17 1.13 13.51 0.21

90.99 75

Buy

5.18 0.00 2.48 25.50 4.44 11.58 0.35 1.18 14.43 0.45

219.77 90

Buy

6.39 2.64 5.52 21.67 10.28 13.85 1.87 1.00 10.40 0.14

15.38 91

Buy

7.55 3.01 6.41 23.72 10.37 15.25 1.61 1.06 11.15 0.22

58.50 98 Strong Buy 8.68 2.61 8.43 29.26 10.82 17.84 0.64 1.10 13.28 0.45

31.17 98 Strong Buy 4.00 2.77 3.92 19.84 11.29 13.94 2.93 0.90 9.78 0.15

90.87 99 Strong Buy 6.68 3.19 5.42 17.81 8.74 11.92 2.08 0.87 9.53 0.09

62.41 86

Buy

8.88 2.66 7.78 20.40 9.48 13.23 1.25 1.07 11.63 0.18

37.96 86

Buy

5.68 0.61 3.34 21.04 8.13 12.94 1.35 1.03 11.42 0.18

129.29 82

Buy

0.69 -1.40 -0.91 28.44 8.49 14.36 0.89 1.05 14.62 0.20

123.66 83

Buy

-0.68 -2.04 -2.71 28.76 8.36 14.27 1.07 1.09 14.78 0.15

118.03 82

Hold

-2.01 -2.72 -4.85 28.36 7.90 13.81 1.17 1.12 15.35 0.20

39.08 87 Strong Buy 4.41 -0.64 1.71 23.58 3.75 11.07 0.83 1.12 14.04 0.19

29.29 89

Buy

1.00 -1.38 -0.90 27.29 8.62 14.19 1.67 1.11 13.65 0.19

37.84 92 Strong Buy 4.42 2.46 3.73 23.38 10.37 14.10 2.30 0.94 10.13 0.18

43.99 89

Buy

6.49 2.56 5.59 21.93 9.94 13.65 1.81 1.00 10.44 0.18

44.22 89 Strong Buy 6.50 0.43 4.51 18.35 6.65 11.25 0.68 1.06 12.15 0.19

23.69 82

Hold

5.76 0.89 3.64 14.48 4.37 9.87 0.41 1.05 12.32 0.36

12.02 85

Hold

-2.99 -1.31 -3.01 -3.01 2.61 2.94 0.35 0.01 5.51 0.22

26.48 92 Strong Buy 8.66 2.24 7.23 19.16 8.53 12.58 0.80 1.04 11.57 0.38

40.15 90

Buy

4.99 0.78 2.38 23.37 9.42 14.44 1.90 1.00 11.03 0.19

139.10 87

Buy

5.68 0.64 3.40 21.21 8.28 13.09 1.48 1.03 11.40 0.08

102.04 90

Buy

4.99 0.79 2.42 23.53 9.57 14.59 2.02 1.00 11.01 0.08

108.95 90

Buy

6.18 2.24 5.30 21.80 9.77 13.70 1.85 1.01 10.51 0.12

116.60 90 Strong Buy 8.43 2.84 7.49 20.27 10.45 13.74 1.41 1.04 11.09 0.12

101.72 90

Buy

4.03 1.79 3.13 23.54 9.20 13.69 2.29 0.98 10.54 0.12

218.17 90

Buy

6.26 2.63 5.55 21.75 10.39 13.97 1.97 1.00 10.40 0.05

117.90 91 Strong Buy 7.94 2.91 7.30 19.71 10.65 14.16 1.59 1.03 11.05 0.15

101.94 91 Strong Buy 4.46 2.26 3.51 23.29 9.59 13.48 2.23 0.97 10.51 0.15

112.51 92 Strong Buy 6.47 0.44 4.58 18.54 6.79 11.40 0.80 1.07 12.16 0.08

23.98 96 Strong Buy 8.12 2.79 7.47 26.32 11.54 16.23 1.19 1.04 11.41 0.46

114.01 96 Strong Buy 8.51 3.10 8.16 27.40 11.37 16.80 1.21 1.03 11.43 0.39

43.71 93 Strong Buy 5.53 2.27 4.12 20.64 10.46 14.13 1.78 0.98 10.20 0.34

32.96 94 Strong Buy 1.82 -1.99 -0.38 24.24 8.68 14.88 1.52 1.06 12.73 0.18

34.52 90

Buy

0.06 -2.60 -1.96 24.98 7.20 14.00 1.37 1.08 14.03 0.29

108.96 88

Buy

5.54 2.10 4.78 22.52 9.47 13.58 1.78 1.02 10.70 0.15

122.04 88

Buy

5.83 2.09 4.82 22.73 9.58 13.73 1.86 1.02 10.69 0.05

54.76 83

Hold

-0.73 -2.11 -2.88 27.84 8.31 14.23 1.21 1.08 14.59 0.09

59.33 88

Buy

5.83 2.03 4.76 22.55 9.44 13.59 1.76 1.02 10.69 0.15

97.03 92 Strong Buy 4.32 2.50 3.78 23.56 10.53 14.25 2.42 0.94 10.13 0.08

115.89 76

Buy

3.85 -0.28 1.30 27.92 4.94 12.09 0.57 1.28 16.70 0.20

108.89 70

Buy

0.85 -1.54 -1.31 30.36 5.93 12.42 1.19 1.18 15.69 0.15

| MARCH 2017 5

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