(PUB) Investing 2015

Investing 2015

B UCKEYE A SSOCIATION O F S CHOOL A DMINISTRATORS

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January 2015 Vol. 23 No. 5

FundInvestor Research and recommendatio s for the s riou fund investo

SM

Where to Invest in 2015 and Beyond

spur redemptions in high-yield funds and, in turn, a broader sell-off in high-yield debt?

Although they may come at the cost of some unpre- dictable risks of cheap oil, there are some attractive opportunities out there. Let’s have a look. Where Do We Stand? Stepping back, you can see that we still haven’t given back much of the past five years‘ gains. U.S. equity funds boast robust double-digit annualized five-year returns, and bond funds have healthy single-digit annualized five-year returns. But the pain is greater on the periphery. Most com- modity and precious-metals categories are in the red for the trailing five years. The commodities broad basket Morningstar Category is down about 5% annu- alized for the past five years, and equity precious metals is down 14% annualized. The risk may out- weigh the opportunity at this point. More intriguing to me is the emerging-markets category, where the trailing five-year return is a mere 1% annualized despite pretty good growth in many emerging-markets economies. And even broad foreign-equity funds have produced gains that are just in line with intermediate bonds over the past five years. Losses in the U.S. small-cap and high-yield markets may spell opportunity as well. But those seeking safer bets will also find recom- mendations below. These are definitely long-haul picks as some involve quite a bit of short-term risk, so please only use these in places where you can tolerate short-term losses.

RusselKinnel, Director of FundResearch and Editor

Fund Reports 4 American Century Small Cap Val Causeway International Value Primecap Odyssey Stock Vanguard Wellington

It was a good year for the markets and the economy. Third quarter 2014 gross domestic product grew by 5% , a tremendous number that hasn’t been seen in a decade, and the S & P 500 gained 13 . 7% on the year. Yet we are looking at some uncertainty as oil prices plummeted dramatically in the final months of 2014 . The ripple effects are just starting to show up, and I wouldn’t be surprised if they continue through the new year. The oil news creates uncertainty, although there are obvious winners such as the economies of the United States, Europe, and Asia. Industries that are oil- and gas-dependent are going to enjoy a tailwind. That includes airlines, automakers, and even retailers like Wal-Mart WMT that need shoppers to drive that extra mile. The obvious losers are energy companies, natural-resources plays, Russia, Venezuela, Iran, and junk bonds. The big question is how much the troubles of the obvious losers will spread to the rest of the world. The collapse of the ruble has experts harkening back to 1998 , when a ruble crisis triggered a sharp decline in emerging markets throughout the world. Outside of energy, Russia’s economic ties with the rest of the world are fairly limited, but the situation bears watching. We’ll also watch the junk-bond market closely, as oil and gas companies make up a sizable chunk of that market. Could problems there

Morningstar Research Buy the Unloved

8

The Contrarian 10 Two Valuable Market Forecasts

Red Flags

11

Are Large Caps Overpriced?

Market Overview

12

Leaders & Laggards

13

Manager Changes and News

14

Portfolio Matters

16

IRA Inheritance Problems

Tracking Morningstar

18

Analyst Ratings

Income Strategist

20

A Year Full of Surprises

FundInvestor 500

22

FundInvestor 500 Spotlight

23

Follow Russ on Twitter @RussKinnel

Continued on Page 2

Where to Invest in 2015 and Beyond Continued From Cover

2

Morningstar Analyst Rating • • Œ Œ Œ • Œ • • • ´

Prospectus Net Expense Ratio %

10-Year Total Return %

10-Year Percentile Rank

15-Year Total Return %

15-Year Percentile Rank

Highest Manager Ownership Level

Top Ideas for 2015 and Beyond American Century Equity Income Artisan International Investor Causeway International Value

Ticker

TWEIX ARTIX CIVVX DFSCX SPHIX FNMIX FPACX HLEMX MACSX JSCVX PRIDX

0.93 1.20 1.20 0.52 0.72 0.86 1.23 1.46 1.08 0.83 1.23

7.08 7.13 4.80 8.05 7.06 8.12 8.50 9.19 8.90 8.99 9.19

38

8.88 4.43

3

$100k–$500k

7

18

>$1M >$1M

36 44 19 13 13 65 17 11 3

DFA US Micro Cap Fidelity High Income

9.90 5.76

39 69 28

$50k–$100k

>$1M

Fidelity New Markets Income

10.37 10.83

$50k–$100k

FPA Crescent

1

>$1M

Harding Loevner Emerging Markets Advisor Matthews Asian Growth & Inc Investor

9.38

12

$50k–$100k $100k–$500k

11.41 10.93

1

Perkins Small Cap Value

41 28

>$1M

T. Rowe Price International Discovery

6.73

$100k–$500k

Data as of 12/31/2014. These are well-run funds in areas that could outperform. As you can see from long-term returns, they’re all proven winners. Although Fidelity High Income’s 15-year record is unimpressive, Fred Hoff has produced solid performance since cleaning up the very aggressive portfolio left by his predecessor.

in emerging-markets debt. The fund has a cheap price tag to boot.

Emerging Markets Some emerging markets, particularly those in Asia, will be big beneficiaries from falling oil prices. That doesn’t ensure these markets won’t sell off in sympathy with Russia, but it should make them a rewarding place to invest over the longer term, given that share prices have gotten cheap. Matthews Asian Growth & Income MACSX is one of the best ways to bet on Asia. It’s cheap and well-run, and managers Robert Horrocks and Kenneth Lowe are mindful of risk. Buying convertible bonds, corporate bonds, and preferreds helps to take some of the extremes out of investing in Asia. Among common stocks, they look for solid dividend- payers rather than maximum growth. Harding Loevner Emerging Markets HLEMX offers the whole suite of emerging-markets investing from a seasoned team based in New Jersey. Management seeks high-quality companies with competitive advan- tages. From comanager Rusty Johnson’s start date in 1998 through November 2014 , the fund has generated a 13 . 1% annualized return compared with 9 . 8% for the peer group. If the sell-off in emerging-markets debt continues, Fidelity New Markets Income FNMIX could make a nice bet on a rebound. John Carlson is hitting his 20 -year mark at the fund, and he’s proven adept at sorting through the opportunities and hazards

Foreign Stocks While the U.S. has come back strong from the melt- down of 2008 , Europe remains stuck in the mud. That and the aforementioned challenges in emerging markets explain why foreign funds have lagged U.S. strategies. That leads me to one value play and two growth funds. On the value front, Causeway International Value CIVVX continues to impress. Sarah Ketterer and Harry Hartford have proved to be outstanding stock-pickers, but they are managing only $6 billion at this fund, which has a Morningstar Analyst Rating of Gold. The fund looks for good companies that have hit hard times such as Toyota TM and HSBC HSBC . Unlike most of its peers, though, the fund is barred from investing in emerging markets. If Europe isn’t growing overall, then seek out those companies that are still growing. That’s Mark Yock- ey’s philosophy. At Artisan International ARTIX , Yockey blends fast-growers with more-stable growth names to build a diverse portfolio. Over 19 years, he’s doubled the category’s return without taking an extreme amount of risk. The fund isn’t as nimble as Causeway, though, as Yockey runs $28 billion in this strategy.

January 2 015

Morningstar FundInvestor

3

Small-cap foreign stock had a rough year, so naturally I’m intrigued to see what T. Rowe Price Interna- tional Discovery PRIDX can do over the long haul. Justin Thompson has built a long and excellent record seeking out small-cap companies that produce high returns on investment. The strategy is aggres- sive enough that you need to have some tolerance for pain (the fund lost 50% in 2008 and gained 55 . 7% in 2009 ), but it ought to reward those in it for the long haul. U.S. Small Caps Small caps were pricey in the first half of 2014 , but they really got smacked in the second half and now aren’t so bad. See the “Buy the Unloved” article for my small-cap-growth picks, but here are a couple from the blend and value sides. Micro-caps really got stung, so naturally I’m proposing DFA US Micro Cap DFSCX as a comeback candidate. The fund offers cheap exposure to micro-caps, and few active micro- cap funds have been able to keep pace. Perkins Small Cap Value JSCVX has reopened for the first time in about a decade. Although the fund had strong relative performance in 2014 , its weak three- and five-year results have led to an exodus. Yet the longer-term record remains strong, and the fund has rebounded from past slumps quite nicely. Management plies a cautious value-driven strategy that generally unearths some great investments. High Yield Keep your favorite high-yield bond fund on your watchlist so you can take advantage of any further sell-offs. Fidelity High Income SPHIX is mine. Manager Fred Hoff avoids the more extreme risks that others in the category take on. He doesn’t own stocks or really low-rated debt. That’s held the fund back a bit, but I prefer more defensive high-yield funds such as this one because every seven years or so, high-yield bonds get taken to the woodshed. Cautious Funds While I’ve shared some relatively speculative ideas, it makes sense to find some cautious funds, particularly among funds investing in the U.S. FPA

Crescent FPACX , Vanguard Wellington VWELX , and American Century Equity Income TWEIX provide different ways around that problem. When the next bear market rolls around, you may be glad you own them. FPA Crescent is a quirky but conservative fund run by Steve Romick. The fund goes anywhere in a compa- ny’s capital structure depending on where the best risk/reward prospects are, and it will hold large cash stakes when opportunities are scarce. The U.S. has had a strong run, so defensive funds like this have appeal. Assets have grown, and I’d like to see it close, but it has been building staff. More staff means increased capacity, as you can cover more stocks. American Century Equity Income takes a cautious equity-income strategy and adds on convertible bonds and preferreds to pare risk and boost yield. The fund is a consistent outperformer in down markets— its 20% loss in 2008 was tops in the category. Vanguard Wellington is a more traditional balanced fund, but it is super cheap and quite well managed. That’s tough to beat. The fund keeps two thirds of assets in dividend-paying large-cap value names and one third in a bond portfolio benchmarked to the Barclays U.S. Aggregate Bond Index.

Buy the Unloved 2015 See Page 8 for more investment ideas. œ

4

Data through December 31, 2014 American Century Small Cap Value Inv

Ticker

Status Yield Total Assets

Mstar Category

ASVIX Closed 0.5% $1,890 mil

Small Value

Morningstar Analyst Rating 12-24-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Below Avg Above Avg

96% 96% 94% 94% 97% 96% 97% 98% 98%

ˇ

Manager Change Partial Manager Change

15.0 20.0 26.0 33.0

Morningstar Pillars Process Performance

Growth of $10,000

Neutral Neutral Neutral Neutral Neutral

¶ ¶ ¶ ¶ ¶

Investment Values of Fund Investment Values of S&P 500

People Parent Price

10.0

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

6.79

9.18

10.17

9.64

9.74

7.57

5.37

7.31

9.01 -6.73 -8.84 -1.23 0.76 -7.49 0.06 0.00 1.24 1.03 75

7.74

8.51

8.87 4.40 -9.29 0.18 0.60 3.80 0.05 1.21 1.22 0.62 111 842 45

NAV

36.11 7.43 -9.92 0.75 35.36

21.81 10.93 -0.44

8.40 3.49 3.69 0.65 7.75 0.03 0.95 1.25 0.32 108 28

15.52 -0.27 -7.96

-27.63 -2.72

38.75 12.29 18.17

24.15 9.09 -0.35 0.84 23.31

16.70 0.70 -1.35 1.54 15.16

34.91

Total Return %

-8.21 7.06 0.99

9.37 1.29 1.42

2.52 0.39 1.11

+/-S&P 500

+/-Russ 2000 Vl Income Return % Capital Return %

0.31

0.63

2.18

21.50

14.89

-29.05 -3.71

36.57

33.80

77

47

58

27

24

20

72

41

61

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.00 0.32 1.25 0.37 104 972

0.05 0.00 1.26 0.59

0.06 1.34 1.25 0.58 111

0.06 1.33 1.25 0.57 121 923

0.09 1.83 1.26 1.01 123 496

0.11 0.02 1.25 1.93 192 794

0.12 0.00 1.25 1.60 104

0.07 0.60 1.24 1.14 120 811

0.12 0.39 1.25 1.17 126 956

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

Performance 12-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

99

.

2010 2011 2012 2013 2014

9.71 -9.98 9.52 14.78 -6.73 5.22 -3.24 -19.99 14.51 16.70 11.24 -3.90 4.94 4.03 34.91 11.13 2.40 7.17 10.63 4.40 1.54 2.13 -8.26 . .

1,248

1,329

1,281

1,042

846

Portfolio Analysis 09-30-14 Share change since 06-14 Total Stocks:232 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

BankUnited Inc

Finan Svs 13.9 -8.81 1.64 Cnsmr Cyc 61.7 32.62 1.54 Technology 23.5 -8.64 1.29 Cnsmr Cyc 3.5 8.05 1.25 Technology 18.6 -8.31 1.22 Hlth care 64.5 -11.18 1.20 Technology 133.3 -25.05 1.12 Finan Svs 14.9 0.30 1.12 Finan Svs 19.7 -12.65 1.07 Finan Svs 21.8 -12.96 1.03 Cnsmr Cyc 29.0 7.49 0.99 Basic Mat 19.2 23.89 0.88 Industrl 25.4 47.38 1.44 Industrl 8.0 -19.58 1.07 Cnsmr Cyc 14.9 -34.63 0.82 Technology 111.1 12.89 0.80 Basic Mat 13.3 -23.35 0.79 Cnsmr Cyc 17.7 -45.28 0.78 Utilities 20.1 34.30 0.79 Utilities 22.6 20.73 0.86

1 Yr 3 Yr 5 Yr

4.40

Trailing

Total

+/-

+/- Russ %Rank Growth of

Berry Plastics Group Inc

Return% S&P 500 2000 Vl

Cat

$10,000

18.01 13.73

Avg Avg

-Avg -Avg -Avg

Multi-Color Corp

3 Mo 6 Mo 1 Yr

9.74 4.81 0.67 -5.45 4.40 -9.29 18.01 -2.40 13.73 -1.72 8.82 1.15 12.96 8.72

0.34 0.66 0.18 -0.28 -0.53 1.93 2.73

15 10,974 30 10,067 45 10,440 53 16,434 64 19,027 14 23,286 6 62,211

Evertec Inc

10 Yr Incept

8.82

+Avg

Entravision Communicatio Mentor Graphics Corp American Science & Engin Valley National Bancorp Global Brass & Copper Ho Texas Capital Bancshares Home BancShares Inc Albany International Cor Innophos Holdings Inc Haemonetics Corp

11.94

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index Russ 2000 Vl

S&P 500

Alpha

-4.0 1.12

0.6

Beta

0.92

R-Squared

70

97

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 13.82 72 3.55 94 10.97 72 2.43 92 6.13 49 2.47 98 Potential Capital Gain Exposure: 12% of assets Morningstar’s Take by Gretchen Rupp 12-24-14 American Century Small Cap Value is downgraded to a Morningstar Analyst Rating of Neutral from Silver following the departure of lead manager Ben Giele, who built the fund’s strong long-term record. The current comanagers, Jeff John and Miles Lewis, have a minimal track record managing investments. And although most of the team of analysts remains intact, there’s no guarantee the new managers will be able to replicate Giele’s success. Lewis joined American Century in 2010 as an analyst and had never managed a fund before being named a portfolio manager here in November 2014. John has been on the fund since 2012 and had more overlap with Giele. The duo has big shoes to fill. The fund achieved a solid long-term record under Giele. It gave up some gains in frothy, extended bull markets, but it delivered good downside protection. Over Giele’s tenure from July 1998 to November 2014, the fund’s returns topped the benchmark’s in 60% of three-year rolling periods. The team continues to use the same process. It first screens the universe of small-cap firms on such value

Standard Deviation

12.12 18.01

Mean

Laclede Group Inc Movado Group Inc

Sharpe Ratio

1.43

Riverbed Technology Inc NorthWestern Corp

LSB Industries Inc

measures as price/earnings ratio and dividend yield, looking to uncover businesses selling at a discount to its estimates of fair value with a path to close the discount. It then employs bottom-up fundamentals to make buy and sell decisions. The process favors firms with solid foundations and strong market positions, rather than riskier plays. The result has been milder-than-average volatility compared with the benchmark and category average over the three-, five-, and 10-year periods, as measured by standard deviation and Morningstar Risk ratings. The current team has demonstrated stock-picking skills in the past under Giele. It made a killing on an overweighting to financials in 2009, taking on a timely stake following the collapse of the sector. And the team has done well with its basic-materials picks in 2014, despite that sector’s struggles. Its picks here have returned an average of 6% for the year to date through Nov. 30, 2014, while the sector has lost 6.9%. Those are solid numbers, but the managers still need to prove they can consistently deliver over time.

Cumulus Media Inc Class

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 0.0 Large 0.0 Mid 5.9 Small 49.7 Micro 44.4 Avg $mil: 1,165

Value Blnd Growth

Large Mid Small

Cyclical 58.62 BasicMat 7.23 CnsmrCyc16.90 FinanSvs 21.53 Real Est 12.96 Sensitive 30.37 CommSrvs 0.22 Energy 5.73 Industrl 12.12 Technlgy 12.30 Defensive11.01 CnsmrDef 1.12 Hlthcare 4.28 Utilities 5.61

. .

h r t y u j i o p a k s d f

8 5

. 20 11 . 25 20 . 13 8

. . .

0 0 7 4

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

16.31 1.35 0.96 4.76 2.55

1.10 1.02 1.30 0.88 1.42 0.97 2.98 NMF 0.10 0.16

. 19 12 . 13 9

. . . .

4 1 8 2 6 3

% Rel Category

11.12 4.53 -2.14

Composition - Net

Cash 2.4 Stocks 97.6 Bonds 0.0 Other 0.0 Foreign 4.0

0.67 0.49

Address:

American Century Capital Portfolios Inc Kansas City, MO 64111 800-345-2021

Minimum Purchase: Min Auto Inv Plan:

Closed Closed No-load

Add: . Add: .

IRA: .

Profitability

% Rel Category

Sales Fees:

Return on Equity Return on Assets Net Margin

9.36 2.98 11.07

0.97 0.80 1.30

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

www.americancentury.com

Management Fee:

1.25% mx./1.00% mn. Mgt:1.22% Dist: .

(% of Stock)

07-31-98

Actual Fees:

American Century Inv Mgt, Inc.

Expense Projections: Income Distribution:

3Yr:$413 Quarterly

5Yr:$714 10Yr:$1567

None

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

EQ

January 2 015

Morningstar FundInvestor

5

Data through December 31, 2014 Causeway International Value Inv

Ticker

Status Yield Total Assets

Mstar Category Foreign Large Blend

CIVVX Open

2.3% $6,292 mil

Morningstar Analyst Rating 12-18-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Above Avg Above Avg

98% 99% 98% 99% 95% 99% 96% 95% 94%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.8 28.4

Morningstar Pillars Process Performance

Growth of $10,000

§ ∞ ∞ ∞ ∞

Positive Positive Positive Positive Negative

Investment Values of Fund Investment Values of MSCI WexUS

People Parent Price

10.0

NAV Total Return % +/-MSCI WexUS +/-MSCI WexUS Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

9.36

13.36 26.31

16.17 7.87 -8.75 -8.75 2.08 5.79

16.52 25.74 -0.91 -0.91

19.70

16.67

8.65

11.25

12.43

10.73 24.23

13.08 23.90

14.69 -6.50 -2.63 -2.63 2.11 -8.61

45.53

-42.06 7.64

32.01 -9.44 -9.44

-10.79 11.98

4.70 4.70 1.73

5.40 5.40 1.78

-9.01 -9.01 2.06

3.47 3.47 2.88

0.83 0.83 1.44

2.92 2.92 2.85

7.40 7.40 2.33

8.61 8.61 1.01

1.12

1.93

43.80

24.53

24.62

-44.94 5.58

30.08

-13.64 10.54

21.90

22.89

17

13

95

57

67

41

36

12

21

2

15

73

Pillar Spectrum Positive ∞

0.07 0.04 0.51 1.77

0.16 0.09 0.49 2.77 128

0.24 0.45 0.45 3.17

0.34 0.58 0.47 4.18

0.19 0.89 0.47 4.95

0.41 4.00 0.48 4.27

0.48 0.45 0.49 2.61 105

0.17 0.00 0.55 2.25

0.16 0.00 0.60 2.15

0.35 0.00 0.63 1.52

0.25 0.00 0.75 1.27 105

0.34 0.00 1.16 2.55

§ Negative

¶ Neutral

Performance 12-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

56 43

51 34

49 26

54 16

88 15

45 13

58 11

27

. 64

2010 2011 2012 2013 2014

3.64 -13.81 17.11 7.03 -10.79 5.87 1.67 -22.12 6.41 24.23 15.56 -7.02 8.50 6.55 23.90 1.38 2.56 11.99 6.41 -6.50 0.00 1.87 -3.42 . .

52

17

9

831

Portfolio Analysis 09-30-14 Share change since 06-14 Total Stocks:61 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Dreyfus Cash Management

United States Netherlands

5.70 3.35 3.20 3.17 3.13 3.06 2.72 2.62 2.58 2.52 2.35 2.21 2.11 2.07 2.02 2.00 1.97 1.93 1.86 1.81

.

1 Yr 3 Yr 5 Yr

-6.50 12.90

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Akzo Nobel NV Reed Elsevier NV

Basic Mat

Return% WexUS WexUS

Cat

$10,000

+Avg High

Avg High +Avg

Cnsmr Cyc Netherlands Hlth care France Hlth care Switzerland

3 Mo 6 Mo 1 Yr

-4.96 -1.09 -8.21 0.72 -6.50 -2.63 12.90 3.91 7.53 3.10 4.85 -0.28

-1.09 0.72 -2.63 3.91 3.10 -0.28

88 9,504 40 9,179 72 9,350 13 14,391 8 14,376

7.53 4.85 8.11

Sanofi

10 Yr Incept

Avg

Novartis AG KDDI Corp

Comm Svs Japan

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

British American Tobacco

Cnsmr Def

U.K.

Other Measures

Standard Index MSCI WexUS

Best Fit Index

SK Telecom Co Ltd

Comm Svs Korea

MSCI Eur

34 16,058 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Technip UBS AG

Energy

France

Alpha

4.1

2.6

Finan Svs Switzerland Comm Svs China Finan Svs France Finan Svs U.K. Hlth care Switzerland Finan Svs U.K. Technology France

Beta

0.94

0.84

China Mobile Ltd

R-Squared

88

92

BNP Paribas

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

12.15

9 6

0.66 0.72 1.42

36 55 84

Lloyds Banking Group PLC Roche Holding AG Dividen

Standard Deviation

13.08 12.90

6.76 3.36

Mean

Barclays PLC Legrand SA

43

Sharpe Ratio

0.99

Potential Capital Gain Exposure: -6% of assets

International Consolidat HSBC Holdings PLC

Industrl

Spain

Morningstar’s Take by Kevin McDevitt, CFA 12-18-14 This fund is lagging so far in 2014 but not because of the current correction. Although the fund has historically been more volatile than its average foreign large-blend peer, it’s faring slightly better than most during this downturn. Since June 19, the MSCI EAFE Index is down about 11.3%, but the fund has dropped 10.6%. That’s because the distressed companies the fund is known for sometimes holding are not as common these days given a dearth of attractive opportunities. Lead managers Harry Hartford and Sarah Ketterer keep the fund’s estimated prospective beta relative to EAFE at 1.0. The fund is still paying for its overweighting in the weak energy and materials sectors, two of this year’s worst-performing sectors. Despite cutting energy from 13.1% heading into this year to 9.1% in September, there’s still a 3.3 percentage point overweighting relative to EAFE. With oil down about 50% this year, these holdings have gotten whacked, especially French services company Technip, which is down nearly 40% after announcing an unanticipated acquisition. Partly

Finan Svs U.K. Technology Japan

Hitachi Ltd KT&G Corp

as a result of such positions, as well as underweightings in relatively strong health-care and utilities companies, it is on pace for its first bottom-half calendar-year finish since 2007. Usually a correction offers the silver lining of attractive valuations, but that’s not necessarily the case this time. That’s because the current correction owes almost entirely to the strong dollar. In local currency terms, EAFE has fallen less than 4%. As a result, Hartford and Ketterer have not been adding to the riskier companies that they’re known for. Indeed, much of the fund’s long-term success owes to their discipline in buying such names only when valuations are firmly in their favor, which isn’t the case currently. On the bright side, weakness in major currencies such as the euro and yen could help the earnings of export-oriented foreign companies. Investors should take the current underperformance in stride. This fund has been remarkably consistent over the years. The team’s current discretion is a reminder of the good judgment behind the record.

Cnsmr Def

Korea

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 65.9 Large 29.4 Mid 4.7 Small 0.0 Micro 0.0 Avg $mil: 40,768

Value Blnd Growth

Cyclical 44.46 BasicMat 11.01 CnsmrCyc12.97 FinanSvs 19.93 Real Est 0.55 Sensitive 37.41 CommSrvs10.00 Energy 8.63 Industrl 13.27 Technlgy 5.51 Defensive18.12 CnsmrDef 5.81 Hlthcare 10.68 Utilities 1.63

.

h r t y u j i o p a k s d f

Large Mid Small

. 11 8 . 14 11 . 21 17

1 1

. .

. 10 4 . 14 9 . 30 10

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

14.34 1.57 1.03 4.08 3.55

0.99 1.03 NMF 0.48 0.00 1.09 0.99 1.05 0.75 1.27

7 2

. . .

9 5

. 11 9

6 0

.

% Rel Category

10.96 2.92 -0.33

Regional Exposure UK/W. Europe 71 Japan 15 Asia X Japan 13

% Stock

7.82 0.22

N. America 1 Latn America 0 Other 0

Address:

Causeway Capital Management Trust Los Angeles, CA 90025 866-947-7000

Minimum Purchase: Min Auto Inv Plan:

$5000 $5000

Add: $0 IRA: $4000

Add: $100

Sales Fees:

No-load, 2.00%R 0.80%, 0.06%A

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

www.causewayfunds.com

Management Fee:

Country Exposure

% Stock

Cash

5.7

Bonds Other

0.0 0.0

10-26-01

Actual Fees:

Mgt:0.80% Dist: .

U.K.

20 17 15

Switzerland 14 Netherlands 9

Causeway Capital Management LLC

Expense Projections: Income Distribution:

3Yr:$381 Annually

5Yr:$660 10Yr:$1455

Stocks

94.3

None

France Japan

Foreign

100.0

(% of Stock)

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

EQ

6

Data through December 31, 2014 PRIMECAP Odyssey Stock

Ticker

Status Yield Total Assets

Mstar Category

POSKX Open

1.3% $3,802 mil

Large Blend

Morningstar Analyst Rating 12-19-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Below Avg Above Avg

93% 95% 88% 87% 92% 90% 89% 90% 90%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Positive

∞ ∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of S&P 500

10.0

People Parent Price

6.0

NAV Total Return % +/-S&P 500 +/-Russ 1000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

10.92 . . 11.05 . . 6.14 . . 4.78 . . 0.04 . . 11.01 . . 18 . . 0.00 . . 0.00 . . 1.25 . . -0.11 . . 12 . .

12.12 14.01 -1.78 -1.45

13.70

14.08

9.33

12.77 11.82 -3.24 -4.28

14.17 2.07 -0.04 0.57 1.26 0.81

14.28 13.62 -2.38 -2.80

15.98 34.39

23.66 15.04

-33.27 4.18

37.86 11.40

-1.31 -1.59 0.51

3.73 4.33 0.46

2.00 1.28 1.51

1.35 1.80 1.47

9.43 0.97

0.33

0.84

1.73

13.68

-33.73 3.67

36.89

10.98

11.89

32.88

13.57

7

90

6

35

81

13

70

25

8

Pillar Spectrum Positive ∞

0.00 0.00 0.99 0.41

0.04 0.08 0.81 0.59

0.07 0.12 0.79 0.51

0.06 0.00 0.80 0.96

0.09 0.00 0.71 1.37

0.11 0.00 0.66 1.25

0.18 0.00 0.66 1.57

0.25 0.00 0.63 1.65

0.31 0.35 0.62 1.34

§ Negative

¶ Neutral

Performance 12-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

4

6

10

34

3

24

11

15

8

2010 2011 2012 2013 2014

4.70 -11.07 2.07 5.15 1.28 -13.85 11.25 13.62 8.68 -2.77 4.37 3.02 34.39 12.20 4.02 6.11 8.52 15.04 3.83 3.55 1.98 . . 9.34 9.84

10

34

98

206

200

266

679

1,057

1,612

2,272

3,802

.

Portfolio Analysis 09-30-14 Share change since 06-14 Total Stocks:115 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Dreyfus Treasury Pr Cash

. . . Hlth care 27.6 39.12 3.97 Hlth care 21.5 -0.66 3.60 Hlth care 25.1 41.77 3.57 Finan Svs 32.3 17.04 3.15 Hlth care 17.3 17.19 3.09 Technology 18.2 27.24 2.66 Technology 23.2 24.58 2.48 10.10 Cnsmr Cyc 25.1 15.33 2.23 Cnsmr Cyc 26.6 43.75 2.13 Technology 18.9 27.31 2.02 Finan Svs 29.3 17.93 2.00 Finan Svs 13.4 23.72 1.80 Hlth care 24.9 27.89 1.78 Cnsmr Cyc 22.2 26.87 1.62 Technology 15.3 45.66 1.59 Hlth care 22.5 18.66 1.58 Hlth care 32.1 21.42 1.55 Industrl 25.6 125.80 2.36 Energy . -57.22 1.87

1 Yr 3 Yr 5 Yr

15.04 20.66 14.93

Trailing

Total

+/-

+/- Russ %Rank Growth of

Eli Lilly and Co

Return% S&P 500 4.93 0.00 7.00 0.88 15.04 1.35 20.66 0.25 14.93 -0.52 9.30 1.63

1000 0.05 1.43 1.80 0.04 -0.71 1.34

Cat

$10,000

+Avg +Avg High

Low -Avg -Avg

Roche Holding AG Dividen

3 Mo 6 Mo 1 Yr

32 10,493 10 10,700 8 11,504 25 17,567 29 20,052

Amgen Inc

10 Yr Incept

9.30

Charles Schwab Corp Johnson & Johnson Texas Instruments Inc Southwest Airlines Co Microsoft Corp Cisco Systems Inc CME Group Inc Class A Transocean Ltd Wells Fargo & Co Medtronic Inc Ross Stores Inc Hewlett-Packard Co Novartis AG ADR Biogen Idec Inc Carnival Corp L Brands Inc

10.09

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index

Best Fit Index

S&P 500

M* U.S. Core TR

3 24,333 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Alpha

3.0

2.2

Beta

0.85

0.83

R-Squared

89

92

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

19.83 14.35

15 19

0.69 0.50 0.36

30 27 10

Standard Deviation

8.18

Mean

20.66

8.90

1

Sharpe Ratio

2.35

Potential Capital Gain Exposure: 26% of assets

Morningstar’s Take by David Kathman, CFA 12-19-14 A new comanager won’t mean significant changes for Primecap Odyssey Growth. On Dec. 10, 2014, James Marchetti was officially named comanager of this fund and Primecap Odyssey Aggressive Growth POAGX and Odyssey Growth POGRX, effective Nov. 1, and he’s expected to be named comanager of the same team’s Vanguard funds, including Vanguard Primecap VPMCX, in the near future. This move doesn’t represent any change in how the funds are managed, as Marchetti has had portfolio responsibilities since the beginning of 2014 and has been a key analyst for several years, managing a sleeve of health-care stocks. This promotion comes at the end of a strong year in which this fund ranked in the large-blend category’s top 1% for the year to date as of mid-December. This is the third year of top-quartile returns out of the past four for this fund, which has also ranked in the category’s top 5% in the decade since its inception. These great results are hardly a surprise, given that the Primecap team has compiled one of the fund industry’s

most impressive track records over the past 30 years with Vanguard Primecap. They use the same patient contrarian growth strategy here, looking for stocks with good long-term growth potential but temporarily depressed valuations. Of the three Primecap Odyssey funds, this is the least aggressive, with a portfolio dominated by mega-caps, and the most similar to Vanguard Primecap. Like its siblings, this fund is especially heavy in health-care and technology stocks, which make up more than half of the portfolio. Many of the fund’s pharmaceutical and biotech stocks, in particular, struggled a few years ago, but the managers were patient, and most of those stocks have posted nice gains recently, contributing to the fund’s better performance. Since Primecap Odyssey Aggressive Growth closed to new investors in early 2014, this fund and Primecap Odyssey Growth are the only two of the team’s six funds that remain open. Both are excellent core funds with great track records and very low expenses; this fund is better suited for more-conservative investors.

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 43.6 Large 36.3 Mid 14.6 Small 4.1 Micro 1.3 Avg $mil: 44,084

Value Blnd Growth

Large Mid Small

Cyclical 27.43 BasicMat 3.40 CnsmrCyc11.10 FinanSvs 12.93 Real Est 0.00 Sensitive 42.94 CommSrvs 0.24 Energy 4.51 Industrl 12.16 Technlgy 26.03 Defensive29.63 CnsmrDef 1.07 Hlthcare 28.03 Utilities 0.53

. .

h r t y u j i o p a k s d f

5 3

. 11 9 . 15 10 . . .

. . .

1 0 7 5

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

18.49 2.57 1.95 10.93 2.17 10.98 5.68 2.49 1.71 6.41

1.29 1.26 1.55 1.54 1.00 1.06 1.07 0.86 0.25 0.36

. 14 11 . 26 19

. .

4 1

. 32 28

% Rel Category

2 1

.

Composition - Net

Cash 10.1 Stocks 89.9 Bonds 0.0 Other 0.0 Foreign 14.4

Address:

PRIMECAP Odyssey Funds Pasadena, CA 91101 800-729-2307 www.odysseyfunds.com

Minimum Purchase: Min Auto Inv Plan:

$2000 $2000

Add: $100 IRA: $1000

Add: $100

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

20.42 8.41 15.46

1.06 1.09 1.22

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.60% mx./0.55% mn. Mgt:0.55% Dist: .

(% of Stock)

11-01-04

Actual Fees:

PRIMECAP Management Company

Expense Projections: Income Distribution:

3Yr:$205 Annually

5Yr:$357 10Yr:$798

None

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

EQ

January 2 015

Morningstar FundInvestor

7

Data through December 31, 2014

Ticker

Status Yield Total Assets

Mstar Category Moderate Allocation

VWELX Closed 2.5% $89,540 mil

Morningstar Analyst Rating 12-19-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Below Avg Highest

66% 65% 62% 65% 66% 65% 65% 65% 64%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.0 26.0

Morningstar Pillars Process Performance

Growth of $10,000

∞ ∞ ∞

Positive Positive Positive Positive Positive

Investment Values of Fund Investment Values of M* MdTgRk

People Parent Price

10.0

∞

NAV Total Return % +/-M* MdTgRk +/-Mstr Md Ag Rk Income Return % Capital Return % Total Rtn % Rank Cat Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

24.56 20.75

28.81 11.17

30.19 6.82 -4.66 -7.25 3.01 3.81

30.35 14.97

32.44

32.62

24.43 22.20

28.85 10.94

31.10 3.85 -8.48

31.34 12.57 11.98 14.50

33.84 19.66

39.15

-22.30 8.34 -30.93 -4.61 -31.24 -7.65

9.82 4.93 4.85 2.66 7.16 1.00 1.50 11

-11.31 27.44 -17.97 33.05

7.93 6.12 3.27

-10.83 44.39

7.62 5.33 2.83

-11.07 -16.61 52.85

3.15

3.07 8.10 0.77 0.00 0.31 2.99 17

3.37

3.22

3.73

2.98 7.96 0.90 0.00 0.30 2.97 69

3.07 0.78 0.85 0.00 0.27 2.95 7

3.11 9.46 0.94 0.00 0.25 2.91 38

17.60

11.70

-25.52 4.97

18.47

16.83

43

20

8

22

13

62

22

Pillar Spectrum Positive ∞

0.84 0.00 0.36 3.00

0.88 0.91 0.29 2.93

0.90 0.97 0.30 3.10

0.98 1.40 0.27 3.14

1.08 1.42 0.29 3.44

1.04 0.00 0.34 3.59

0.96 0.44 0.26 2.61

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 12-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total 3.85

24

24

25

23

30

28

35

38

31

35

.

2010 2011 2012 2013 2014

3.68 -6.75 4.16 0.92 7.55 -0.97 7.05 1.55 2.36 4.00

8.51 5.74

23,377 26,920 26,746 25,506 26,691 28,290 23,233 30,979 29,675 26,251 28,328 24,326

-8.70 8.22 12.57 4.69 0.96 19.66

Rating and Risk Time Load-Adj

Portfolio Analysis 09-30-14 Total Stocks:99

3.55 6.30

9.82

0.02

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

. .

P/E

YTD % Net

Period Return % Rtn vs Cat

Share change since 06-30-14

Sectors

Ratio Return % Assets 13.4 -2.96 2.34 31.1 2.20 1.90 18.3 -3.15 1.70 10.1 -0.45 1.69 11.6 -2.60 1.64 11.6 -2.34 1.63 10.3 -3.65 1.55 17.3 -0.75 1.32

1 Yr 3 Yr 5 Yr

9.82

Trailing

Total

+/- M* +/- Mstr

%Rank Growth of

Wells Fargo & Co Merck & Co Inc Microsoft Corp

Finan Svs Hlth care

Return% MdTgRk Md Ag Rk

Cat

$10,000

13.94 11.25

+Avg +Avg High

-Avg -Avg -Avg

3 Mo 6 Mo 1 Yr

3.14 1.97 3.17 4.02 9.82 4.93 13.94 3.60 11.25 2.54 7.97 1.40 7.82 1.85

1.92 4.45 4.85 0.95 1.04 0.91 1.93

19 10,314 17 10,317 11 10,982 15 14,792 12 17,041 6 21,529 3 30,938

Technology 18.2 -0.27 1.81

10 Yr Incept

7.97 8.28

Comcast Corp Class A

Comm Svs

Verizon Communications In Comm Svs

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

JPMorgan Chase & Co Exxon Mobil Corporation

Finan Svs

Other Measures

Standard Index

Best Fit Index

Energy Energy

M* MdTgRk

S&P 500

Chevron Corp

Alpha

4.5

1.5

Johnson & Johnson

Hlth care

Beta

0.89

0.64

Date of Maturity

Amount

Value % Net

R-Squared

92

93

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 12.08 18 1.63 67 9.85 15 1.27 70 6.63 6 1.25 67 Potential Capital Gain Exposure: 30% of assets Morningstar’s Take by Alec Lucas 12-19-14 Vanguard Wellington charts a steady course. Stability, long a hallmark of this predepression era fund, has been the key to its recent success as well. That starts with veteran managers Edward Bousa and John Keogh. In July, they passed the eight-year mark in their shared tenure as leads of the equity and fixed-income portfolios, respectively. At this point, each one knows well how the other works. Bousa keeps equity exposure centered at 65% of the fund’s assets. He invests about half of that stake in stocks with above-average yields relative to the S&P 500 Index and whose firms are competitively positioned. Top-five holding Merck MRK, for example, has a stout dividend and revenue base, and Bousa believes the market is underestimating its current and future drug lineup’s growth potential. The equity portfolio’s other half is split between stocks poised to benefit from supply-and-demand dynamics, like the rising oil prices, and growth names bought on dips. For example, Bousa initiated a small position in Google GOOG during its brief share-price lull in the second quarter. The mix

Total Fixed-Income:1871 $000 Assets US Treasury Note 1.375% 09-30-18 953,900 948,091 1.10 US Treasury Bond 2.875% 05-15-43 784,297 734,792 0.85 US Treasury Note 0.5% 07-31-16 664,000 664,000 0.77 US Treasury Note 1.5% 06-30-16 506,905 515,857 0.60 FNMA 4.5% 04-01-41 289,799 313,246 0.36 US Treasury Note 0.25% 11-30-15 301,000 301,187 0.35 Freddie Mac Gold Single F 02-01-44 246,500 265,835 0.31 FNMA 4.5% 03-01-41 234,535 253,511 0.29 FNMA 4.5% 08-01-40 212,135 229,299 0.27 $000

Standard Deviation

6.00

Mean

13.94

Sharpe Ratio

2.21

results in a fairly all-weather equity portfolio. Keogh, meanwhile, invests his roughly 35% fixed-income stake in higher-quality issues, keeping duration within a year of the Barclays U.S. Credit A or Better benchmark. As of November 2014, duration stood at 6.5 years, a bit shorter than the index’s 6.7 but still above the typical moderate-allocation rival’s 4.4 years. While that leaves the fund potentially more vulnerable to rising interest rates than most peers, it’s been a boon lately, as, contrary to market sentiment, rates have fallen in 2014. Whether interest rates fall or rise management’s consistent process should lead to competitive long-term results. But that does not preclude a strong short-term showing either. Thus far in 2014, the fund has also benefited from its heavy equity stake in health care, one of the better performing sectors, and its tilt toward larger-cap stocks. Through November, both have helped the fund to a 10% top-decile year-to-date return. The fund’s investors should stay put.

Equity Style

Fixed-Income Style Duration: Moderate Quality: Medium Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon 1

Style: Value Size: Large-Cap Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs

6.3 Yrs 9.2 Yrs

Rel Category

15.28 2.10 1.50 6.12 2.76

1.06 1.10 1.23 0.89 1.16 0.85 6.32 0.43 4.57 0.19

A

3.97%

figure provided by fund as of 09-30-14 1

Sector Weightings

% of Stocks

Rel M* MdTgRk High

3 Year Low

% Rel Category

9.05 7.33 1.48 6.12 8.25

Cyclical 28.72 0.74 BasicMat 1.52 0.28 3 1 CnsmrCyc 5.99 0.53 7 6 FinanSvs 20.98 1.18 21 16 Real Est 0.23 0.05 0 0 Sensitive 41.53 1.11 CommSrvs 5.30 1.40 6 4 Energy 10.85 1.34 13 11 Industrl 12.62 1.06 15 12 Technlgy 12.76 0.95 14 11 Defensive29.75 1.24 CnsmrDef 5.98 0.71 10 6 Hlthcare 20.87 1.90 21 15 Utilities 2.90 0.64 5 3

h r t y u j i o p a k s d f

Market Cap % Giant 65.8 Large 33.7 Mid 0.5

Small Micro

0.0 0.0

Avg $mil:

98,628

Address:

Vanguard Wellington Fund Valley Forge, PA 19482 800-662-7447 www.vanguard.com

Minimum Purchase: Min Auto Inv Plan:

Closed Closed No-load 0.24% 3Yr:$84 Quarterly

Add: . Add: .

IRA: .

Composition - Net

Cash 0.9 Stocks 64.0 Bonds 34.6 Other 0.5 Foreign 13.5

Sales Fees:

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

07-01-29

Actual Fees:

Mgt:0.24% Dist: .

Wellington Management Company, LLP

Expense Projections: Income Distribution:

5Yr:$146 10Yr:$331

None

(% of Stock)

Vanguard NTF

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely.Past performance isnoguaranteeof future results.Accessupdated reports at To order reprints, call312-696-6100. mfb.morningstar.com.

EQ