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The Independent Adviser for Vanguard Investors
•
January 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
12/31
Price
Dec.
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return
12-Mo.
Yield Risk
INTERNATIONAL/GLOBAL
Developed Markets Index (1397)
VDVIX
$3K
— Sell
$9.42
-3.7% -5.8% -5.8% — — 0.0% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $25.32
-5.0% 0.4% 0.4% 4.1% 1.7% 2.7% 1.58
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $18.30
-6.1% -6.6% -6.6% 4.9% — 1.4% 1.64
European Index (79)
VEURX
$3K
— Hold $28.19
-4.5% -6.7% -6.7% 12.0% 5.5% 4.5% 1.54
Global Equity (129)
VHGEX
$3K
— Hold-
$24.11
-1.6% 4.3% 4.3% 16.7% 11.0% 1.6% 1.13
Global Minimum Volatility (1194)
VMVFX
$3K
— Hold $11.03
-0.3% 13.7% 13.7% — — — —
International Explorer (126)
VINEX
$3K
— Hold $16.47
-0.6% -2.9% -2.9% 14.3% 8.0% 1.9% 1.21
International Growth (81)
VWIGX
$3K
— Buy $21.54
-4.6% -5.6% -5.6% 11.7% 6.8% 2.3% 1.45
International Value (46)
VTRIX
$3K
— Hold $33.95
-4.9% -6.7% -6.7% 11.1% 4.7% 2.8% 1.38
Pacific Index (72)
VPACX
$3K
— Hold $10.80
-2.5% -4.7% -4.7% 8.9% 5.2% 2.5% 1.46
Total International Stock Index (113)
VGTSX
$3K
— Hold $15.55
-3.7% -4.2% -4.2% 9.2% 4.3% 3.3% 1.30
Total World Stock Index (628)
VTWSX
$3K
— Hold $24.48
-1.8% 3.9% 3.9% 14.3% 9.2% 2.3% 1.10
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$18.48
-3.9% -4.2% -4.2% 9.0% 4.4% 3.4% 1.31
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $36.39
-1.5% -4.8% -4.8% 9.9% 6.1% 2.5% 1.36
Minimum
refers to the dollar amount (e.g., $3K means
$3,000) needed to open a new taxable account.
Loads
are
denoted with an “f” for front-end and “r” for back-end.
Holding periods are noted for loads imposed on sales of
shares held less than two months (<2 mo.) or one year (<1).
3-year
and
5-year returns
are compound, annualized
returns.
Average maturity
is in years for bond funds and
days for money market funds.
12-month yields
are based
on trailing 12-month dividend/income distributions.
SEC
yields
are reported 30-day yields.
Taxable equivalent
yields
are based on SEC yields. For state funds, taxable
equivalent yields incorporate state taxes.
Risk
is fund vola-
tility measured over the previous 24 months. Equity fund risk
is measured 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 are more limited.
* Tax equivalent yields incorporate the 3.8% health care sur-
tax into the 33%, 35% and 39.6% tax rates.
** Fund sold with a 0.75% front-end load
VANGUARD VARIABLE ANNUITIES
Fund (fund #)
Advice
12/31
Price
Dec.
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return Risk
Money Market Annuity (64)
— $1.90
-0.0% -0.2% -0.2% -0.2% -0.1% —
Short-Term Inv.-Grade Annuity (144)
Buy
$18.36
-0.4% 1.5% 1.5% 2.1% 2.6% 0.45
Total Bond Market Annuity (67)
Hold
$36.83
0.1% 5.6% 5.6% 2.2% 4.0% 1.01
High-Yield Bond Annuity (146)
Buy
$29.41
-0.4% 4.1% 4.1% 7.3% 8.0% 1.51
Conservative Allocation Annuity (801) Hold
$25.79
-0.3% 6.6% 6.6% 8.1% — 0.51
Moderate Allocation Annuity (803)
Hold
$27.92
-0.6% 6.7% 6.7% 10.9% — 0.68
Balanced Annuity (69)
Buy
$82.56
-0.3% 9.5% 9.5% 13.7% 11.0% 0.68
Capital Growth Annuity (603)
Buy
$38.90
-0.4% 18.1% 18.1% 23.4% 15.9% 1.01
Diversified Value Annuity (145)
Buy
$28.84
-1.0% 9.5% 9.5% 18.0% 13.1% 0.97
Equity Income Annuity (8)
Buy
$70.38
-0.5% 11.1% 11.1% 17.7% 15.4% 1.01
Equity Index Annuity (68)
Buy
$79.61
-0.3% 13.2% 13.2% 19.9% 14.9% 1.00
Growth Annuity (10)
Sell
$39.50
-0.8% 13.5% 13.5% 21.8% 14.8% 1.18
MidCap Index Annuity (143)
Buy
$47.06
0.2% 13.3% 13.3% 20.7% 16.5% 1.17
REIT Index Annuity (147)
Hold
$53.46
1.9% 29.7% 29.7% 15.7% 16.5% 1.67
Small Company Growth Annuity (160) Hold
$65.04
2.6% 3.1% 3.1% 19.9% 18.0% 1.55
Total Stock Market Annuity (604)
Hold
$29.17
-0.1% 12.0% 12.0% 19.9% 15.2% 1.05
International Annuity (86)
Buy
$37.10
-4.7% -6.3% -6.3% 11.3% 6.5% 1.46
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
12/31
Price
Dec.
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return
12-Mo.
Yield
SEC
Yield
—— Tax Equivalent Yield ——
Risk
25% 28% 36.8%
*
38.8%
*
43.4%
*
TAXABLE INCOME
Short-Term Treasury (32)
VFISX
Sell
2.5 $10.69 -0.2% 0.7% 0.7% 0.4% 1.2% 0.5% 0.56% — — — — — 0.25
Short-Term Federal (49)
VSGBX Sell
2.7 $10.76 -0.2% 1.2% 1.2% 0.8% 1.6% 0.6% 0.82% — — — — — 0.34
Short-Term Inflation Index (1967)
VTIPX
Hold 2.4 $24.19 -1.3% -1.3% -1.3% — — 0.0% -0.03% — — — — — 0.63
Short-Term Investment-Grade (39)
VFSTX
Buy 3.0 $10.66 -0.4% 1.8% 1.8% 2.4% 2.9% 1.9% 1.66% — — — — — 0.43
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.48 -0.3% 1.2% 1.2% 1.1% 2.0% 1.1% 0.98% — — — — — 0.38
Inflation-Protected Sec. (119)
VIPSX Hold 8.5 $13.18 -0.9% 3.8% 3.8% 0.3% 4.0% 2.1% 0.19% — — — — — 1.93
Intermed. Treasury (35)
VFITX
Sell
5.8 $11.37 -0.4% 4.3% 4.3% 1.3% 4.1% 1.6% 1.51% — — — — — 1.13
Intermed. Investment-Grade (71)
VFICX
Buy 6.3 $9.83 -0.3% 5.8% 5.8% 4.4% 6.2% 3.1% 2.63% — — — — — 1.23
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.2 $11.46 -0.3% 6.9% 6.9% 3.3% 5.9% 2.7% 2.39% — — — — — 1.51
Total Bond Market (84)
VBMFX Hold 7.8 $10.87
0.0% 5.8% 5.8% 2.4% 4.2% 2.4% 1.99% — — — — — 1.00
GNMA (36)
VFIIX
Hold 7.2 $10.82
0.2% 6.7% 6.7% 2.2% 4.2% 2.6% 2.18% — — — — — 1.12
Long-Term Treasury (83)
VUSTX Sell 24.9 $13.05
2.8% 25.3% 25.3% 4.1% 9.7% 2.8% 2.51% — — — — — 3.34
Long-Term Investment-Grade (28)
VWESX Hold 23.6 $10.75
1.6% 18.2% 18.2% 7.5% 10.0% 4.3% 3.84% — — — — — 2.68
Long-Term Bond Index (522)
VBLTX
Sell 24.1 $14.26
1.6% 19.7% 19.7% 5.7% 9.7% 3.9% 3.60% — — — — — 2.89
High-Yield Corporate (29)
VWEHX Buy 6.3 $5.97 -0.4% 4.6% 4.6% 7.7% 8.5% 5.6% 5.04% — — — — — 1.52
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.6 $9.57 -2.7% 5.0% 5.0% — — 4.3% 4.88% — — — — — 2.42
Total International Bond Index (1231)
VTIBX Hold 8.7 $10.61
0.8% 8.8% 8.8% — — 1.5% 0.94% — — — — — 0.88
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 58 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
(CLOSED)
VMFXX
— 60 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 59 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 41 $1.00
0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% —
CA Tax-Exempt MM (62)
VCTXX
— 35 $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% —
NJ Tax-Exempt MM (95)
VNJXX
— 51 $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% —
NY Tax-Exempt MM (163)
VYFXX
— 27 $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% —
OH Tax-Exempt MM (96)
VOHXX
— 33 $1.00
0.0% 0.0% 0.0% 0.0% 0.1% 0.0% 0.01% 0.0% 0.0% 0.0% 0.0% 0.0% —
PA Tax-Exempt MM (63)
VPTXX
— 28 $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% —
TAX-FREE INCOME
Short-Term Tax-Exempt (41)
VWSTX Buy 1.4 $15.84 -0.1% 0.6% 0.6% 0.7% 0.9% 0.7% 0.34% 0.5% 0.5% 0.5% 0.6% 0.6% 0.14
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.1 $11.04 -0.1% 1.8% 1.8% 1.3% 1.9% 1.6% 0.80% 1.1% 1.1% 1.3% 1.3% 1.4% 0.42
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $14.27
0.5% 7.2% 7.2% 3.7% 4.6% 3.0% 1.62% 2.2% 2.3% 2.6% 2.6% 2.9% 1.14
Long-Term Tax-Exempt (43)
VWLTX Hold 6.3 $11.74
0.8% 11.1% 11.1% 5.2% 5.5% 3.8% 2.26% 3.0% 3.1% 3.6% 3.7% 4.0% 1.53
High-Yield Tax-Exempt (44)
VWAHX Hold 6.9 $11.28
0.8% 11.6% 11.6% 5.7% 6.1% 3.7% 2.60% 3.5% 3.6% 4.1% 4.2% 4.6% 1.59
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.3 $11.81
0.5% 8.0% 8.0% 4.5% 5.2% 3.0% 1.51% 2.2% 2.3% 2.7% 2.8% 3.0% 1.21
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.4 $12.12
0.7% 11.8% 11.8% 5.9% 6.1% 3.6% 2.08% 3.1% 3.2% 3.7% 3.8% 4.1% 1.64
MA Tax-Exempt (168)
VMATX Sell
6.4 $10.85
0.7% 10.3% 10.3% 4.3% 4.9% 3.1% 2.10% 3.0% 3.1% 3.5% 3.6% 3.9% 1.54
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.4 $12.23
0.8% 9.9% 9.9% 4.7% 5.0% 3.5% 2.46% 3.6% 3.8% 4.3% 4.4% 4.8% 1.50
NY Long-T. Tax-Exempt (76)
VNYTX Sell
5.9 $11.83
0.8% 10.8% 10.8% 4.8% 5.1% 3.4% 2.03% 3.0% 3.1% 3.5% 3.6% 3.9% 1.48
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.0 $12.61
0.7% 11.2% 11.2% 5.0% 5.2% 3.5% 2.28% 3.3% 3.4% 3.9% 4.0% 4.3% 1.62
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.4 $11.71
0.7% 10.8% 10.8% 4.8% 5.3% 3.6% 2.23% 3.1% 3.2% 3.6% 3.8% 4.1% 1.47