(PUB) Vanguard Advisor
PERFORMANCE REVIEW
VANGUARD EQUITY FUNDS (CONT.)
3/31 Price
March Return
YTD Return
12-Mo. Return
3-Year Return
5-Year Return
12-Mo.
Fund (fund #)
Ticker Minimum
Loads Advice
Yield Risk
INTERNATIONAL/GLOBAL DevelopedMarkets Index (227) (CLOSED) EmergingMarkets Stock Index (533) EmergingMarkets Select Stock (752)
VDMIX VEIEX VMMSX VEURX VHGEX VMVFX VINEX VWIGX VTRIX VPACX VDVIX VGTSX VTWSX VFWIX VFSVX
— $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K $3K
— Sell
$11.62
-0.4% 0.4% 17.2% 7.3% 16.0% 2.6% 1.46 3.9% -0.4% -3.0% -3.7% 13.7% 2.7% 1.52 3.6% -0.7% 0.5% — — 1.3% 1.52 -0.7% 2.2% 24.9% 8.7% 17.7% 3.7% 1.58 0.6% 2.0% 20.3% 10.6% 20.3% 1.5% 1.16 0.7% 2.5% — — — — — 0.7% 4.3% 27.6% 7.9% 20.6% 2.2% 1.32 -0.2% -0.8% 18.4% 7.0% 18.2% 1.5% 1.47 0.1% -0.1% 19.5% 7.1% 15.6% 1.9% 1.46 -0.1% -2.6% 5.1% 5.1% 13.1% 2.4% 1.45 -0.5% 0.4% — — — — 1.50 0.4% 0.8% 12.7% 4.3% 15.4% 3.1% 1.40 0.4% 1.4% 17.1% 8.8% 18.0% 2.2% 1.16 0.4% 0.4% 12.3% 4.1% 15.5% 3.1% 1.41 0.1% 4.4% 17.3% 4.9% — 2.4% 1.37
— Hold $25.70 — Hold $19.74 — Hold $31.65 — Buy $23.95 — Hold $10.56 — Hold $19.22 — Buy $23.16 — Hold $37.35 — Hold $11.29 — Hold $16.76 — Hold $24.31 — Sell $10.27
European Index (79) Global Equity (129)
GlobalMinimumVolatility (1194) International Explorer (126) International Growth (81)
International Value (46) Pacific Index (72)
Tax-Managed International (1397) Total International Stock Index (113) TotalWorld Stock Index (628)
World ex-U.S. Index (770)
— Sell
$19.83
World ex-U.S. SmallCap Index (1684)
0.25%f&r
Hold $40.86
VANGUARD INCOME FUNDS
——TaxEquivalent Yield—— 25% 28% 36.8% * 38.8% * 43.4% *
Avg. Mat.
3/31 Price
March Return
YTD Return
12-Mo. Return
3-Year Return
5-Year Return
12-Mo. Yield
SEC Yield
Fund (fund #)
Ticker Advice
Risk
TAXABLE INCOME Short-Term Treasury (32) Short-Term Federal (49) Short-Term Inflation Index (1967) Short-Term Investment-Grade (39) Short-TermBond Index (132) Inflation-Protected Sec. (119) Intermed. Investment-Grade (71) Intermed.-TermBond Index (314) Long-Term Treasury (83) Long-Term Investment-Grade (28) Long-TermBond Index (522) High-Yield Corporate (29) Tax-ExemptMoneyMarket (45) CA Tax-ExemptMM (62) NJ Tax-ExemptMM (95) NY Tax-ExemptMM (163) OH Tax-ExemptMM (96) PA Tax-ExemptMM (63) TAX-FREE INCOME Short-Term Tax-Exempt (41) Limited-Term Tax-Exempt (31) Intermed.-Term Tax-Exempt (42) Long-Term Tax-Exempt (43) High-Yield Tax-Exempt (44) STATETAX-FREE CA Intermed. Tax-Exempt (100) CA Long-T. Tax-Exempt (75) MA Tax-Exempt (168) NJ Long-T. Tax-Exempt (14) NY Long-T. Tax-Exempt (76) OH Long-T. Tax-Exempt (97) PA Long-T. Tax-Exempt (77) Intermed. Treasury (35) Total BondMarket (84) GNMA (36) FederalMM (33) (CLOSED) PrimeMM (30)
VFISX Sell 2.2 $10.68 -0.2% 0.1% -0.0% 1.0% 1.2% 0.4% 0.33% — — — — — 0.24 2.5 $10.72 -0.2% 0.3% -0.1% 1.4% 1.8% 0.6% 0.54% — — — — — 0.34 VTIPX Hold 2.5 $24.72 -0.4% 0.2% -1.9% — — 0.0% -1.49% — — — — — 0.53 Buy 3.3 $10.73 -0.1% 0.8% 1.3% 2.5% 5.0% 1.8% 1.53% — — — — — 0.44 VBISX Hold 2.8 $10.50 -0.3% 0.4% 0.3% 1.7% 2.6% 1.0% 0.72% — — — — — 0.36 VIPSX Hold 8.5 $13.23 -0.5% 2.0% -6.8% 3.3% 4.7% 1.6% -0.26% — — — — — 1.97 Sell 5.5 $11.19 -0.6% 1.3% -2.1% 3.5% 3.1% 1.5% 1.55% — — — — — 1.16 Buy 6.5 $9.81 -0.0% 2.4% 0.6% 5.5% 9.1% 3.2% 2.73% — — — — — 1.27 VBIIX Hold 7.2 $11.28 -0.3% 2.5% -1.5% 5.3% 6.6% 2.9% 2.58% — — — — — 1.53 VBMFX Hold 7.6 $10.69 -0.1% 1.9% -0.3% 3.6% 4.6% 2.4% 2.06% — — — — — 1.00 Sell 8.3 $10.56 -0.3% 2.0% -0.3% 3.0% 4.0% 2.4% 2.61% — — — — — 1.06 0.5% 7.5% -4.6% 8.1% 4.7% 3.2% 3.25% — — — — — 3.85 0.4% 6.3% 0.7% 9.4% 11.4% 4.7% 4.38% — — — — — 2.86 0.7% 6.9% -1.3% 8.9% 9.0% 4.2% 4.20% — — — — — 3.13 0.1% 2.7% 5.5% 8.3% 14.5% 5.6% 3.97% — — — — — 1.45 0.9% 3.3% — — — 3.3% 4.68% — — — — — 2.67 0.3% 2.3% — — — 1.4% 1.44% — — — — — 0.89 VSGBX Sell VFSTX VFITX VFICX VFIIX VUSTX Sell 24.3 $11.62 VWESX Hold 23.9 $10.13 VBLTX Sell 24.0 $13.13 VWEHX Buy 6.5 $6.11 VTIBX Hold 8.3 $10.09
EmergingMkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.3 $9.72
Total International Bond Index (1231) MONEYMARKET Admiral TreasuryMM (11) (CLOSED) VUSXX
— 55 $1.00 — 55 $1.00 — 34 $1.00 — 29 $1.00 — 46 $1.00 — 33 $1.00 — 32 $1.00 — 17 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — — 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — — 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% — — — — — — 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% —
VMFXX
VMMXX — 54 $1.00
VMSXX VCTXX VNJXX VYFXX VOHXX VPTXX
VWSTX Buy 1.3 $15.86 -0.1% 0.2% 0.4% 1.0% 1.2% 0.8% 0.28% 0.4% 0.4% 0.4% 0.5% 0.5% 0.16 VMLTX Buy 2.8 $11.04 -0.5% 0.6% 0.7% 2.0% 2.4% 1.6% 0.71% 0.9% 1.0% 1.1% 1.2% 1.3% 0.44 VWITX Buy 5.2 $13.97 -0.1% 2.6% 0.7% 5.2% 5.0% 3.2% 2.02% 2.7% 2.8% 3.2% 3.3% 3.6% 1.26 0.3% 4.0% 0.6% 6.4% 6.1% 4.0% 3.02% 4.0% 4.2% 4.8% 4.9% 5.3% 1.65 0.3% 4.4% 0.4% 7.0% 7.5% 4.0% 3.32% 4.4% 4.6% 5.3% 5.4% 5.9% 1.69 VWLTX Hold 6.7 $11.34 VWAHX Hold 7.9 $10.85
VCAIX VCITX
Buy 5.2 $11.52
0.0% 3.0% 1.5% 6.0% 5.7% 3.2% 1.92% 2.9% 3.0% 3.4% 3.5% 3.8% 1.34 0.4% 4.5% 1.1% 7.3% 6.6% 3.8% 2.83% 4.2% 4.4% 5.0% 5.2% 5.6% 1.79 0.2% 3.8% 0.4% 5.4% 5.0% 3.3% 2.73% 3.8% 4.0% 4.6% 4.7% 5.1% 1.67 0.3% 3.9% 1.0% 6.2% 5.4% 3.6% 2.88% 4.2% 4.4% 5.0% 5.2% 5.6% 1.62 0.4% 3.8% 0.5% 5.7% 5.5% 3.5% 2.79% 4.1% 4.2% 4.8% 5.0% 5.4% 1.61 0.3% 4.2% 0.7% 6.1% 5.6% 3.7% 3.07% 4.4% 4.6% 5.2% 5.4% 5.8% 1.74 0.4% 4.0% 0.8% 5.9% 5.4% 3.7% 2.95% 4.1% 4.2% 4.8% 5.0% 5.4% 1.58
Sell
6.3 $11.64 7.2 $10.52 6.8 $11.92 6.3 $11.37 6.5 $12.19 6.1 $11.32
VMATX Sell VNJTX Sell VNYTX Sell
VOHIX VPAIX
Sell Sell
Minimum refers to the dollar amount (e.g., $3Kmeans $3,000) needed to open a new taxable account. Loads are denotedwith an “f” for front-end and “r” for back-end. Holding periods are noted for loads imposed on sales of shares held less than twomonths (<2mo.) or one year (<1). 3-year and 5-year returns are compound, annualized returns. Averagematurity is in years for bond funds and days for moneymarket funds. 12-month yields are based on trailing 12-month dividend/income distributions. SEC yields are reported 30-day yields. Taxableequivalent yields are based on SEC yields. For state funds, taxable equivalent yields incorporate state taxes. Risk is fund vola- tilitymeasured over the previous 24months. Equity fund risk ismeasured against the S&P 500 index. Bond fund risk is measured against the Barclays Aggregate Bond index. Annuity ratings May differ from taxable funds since choices in the annuity area aremore limited. * Tax equivalent yields incorporate the 3.8% health care sur-
VANGUARDVARIABLEANNUITIES
3/31 Price $18.21 $35.54 $29.01 $24.64 $26.61 $77.12 $34.58 $27.10 $64.81 $71.54 $35.02 $42.86 $45.26 $62.59 $26.54 $39.24
March Return
YTD Return
12-Mo. Return
3-Year Return
5-Year Return Risk
Fund (fund #)
Advice
MoneyMarket Annuity (64) Short-Term Inv.-GradeAnnuity (144) Total BondMarket Annuity (67) High-Yield BondAnnuity (146) ConservativeAllocationAnnuity (801) Hold ModerateAllocationAnnuity (803) Hold Buy Hold Buy
— $1.90
-0.0% -0.0% -0.2% -0.2% -0.1% — -0.2% 0.6% 1.0% 2.2% 4.6% 0.47 -0.2% 1.9% -0.6% 3.3% 4.3% 1.02 0.3% 2.7% 5.2% 7.9% 14.0% 1.45 0.1% 1.8% 7.3% — — 0.45 0.3% 1.7% 11.1% — — 0.65 0.9% 2.3% 14.3% 10.9% 15.7% 0.66 -0.0% 5.0% 27.3% 16.2% 21.3% 1.00 2.2% 2.9% 20.5% 14.5% 20.6% 0.94 2.3% 2.3% 19.3% 15.7% 21.1% 0.97 0.8% 1.7% 21.3% 14.2% 20.6% 1.00 -2.9% 0.6% 24.0% 14.5% 19.9% 1.20 -0.3% 3.2% 23.1% 13.1% 24.5% 1.08 0.5% 9.8% 3.8% 10.0% 28.1% 1.30 -2.3% -0.8% 29.2% 15.2% 26.6% 1.23 0.5% 1.9% 22.1% 14.1% 21.5% 1.01 -0.3% -0.9% 18.3% 6.9% 18.1% 1.47
BalancedAnnuity (69) Capital GrowthAnnuity (603) Diversified ValueAnnuity (145) Equity IncomeAnnuity (8) Equity Index Annuity (68) GrowthAnnuity (10) MidCap Index Annuity (143) REIT Index Annuity (147)
Buy Buy Buy Buy Buy Sell Buy Hold
tax into the 33%, 35% and 39.6% tax rates. ** Fund soldwith a 0.75% front-end load
Small Company GrowthAnnuity (160) Hold Total StockMarket Annuity (604) Hold
International Annuity (86)
Buy
The Independent Adviser for Vanguard Investors • April 2014 • 9
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