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The Independent Adviser for Vanguard Investors
•
February 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
1/30
Price
Jan.
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
$9.51
1.0% 1.0% -0.3% — — 0.0% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $25.49
0.7% 0.7% 9.0% 0.8% 3.2% 2.6% 1.54
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $18.24
-0.3% -0.3% 0.0% 1.2% — 1.4% 1.58
European Index (79)
VEURX
$3K
— Hold $28.30
0.4% 0.4% -2.4% 10.3% 6.9% 4.4% 1.45
Global Equity (129)
VHGEX
$3K
— Hold-
$23.77
-1.4% -1.4% 6.7% 13.6% 11.5% 1.6% 1.07
Global Minimum Volatility (1194)
VMVFX
$3K
— Hold $11.19
1.5% 1.5% 17.4% — — 2.4% —
International Explorer (126)
VINEX
$3K
— Hold $16.45
-0.1% -0.1% -0.8% 11.0% 8.4% 1.9% 1.13
International Growth (81)
VWIGX
$3K
— Buy $21.59
0.2% 0.2% 0.3% 8.9% 8.0% 2.3% 1.37
International Value (46)
VTRIX
$3K
— Hold $33.63
-0.9% -0.9% -2.5% 8.2% 5.5% 2.8% 1.32
Pacific Index (72)
VPACX
$3K
— Hold $11.00
1.9% 1.9% 2.8% 7.2% 5.9% 2.5% 1.41
Total International Stock Index (113)
VGTSX
$3K
— Hold $15.57
0.1% 0.1% 0.7% 6.7% 5.4% 3.3% 1.24
Total World Stock Index (628)
VTWSX
$3K
— Hold $24.14
-1.4% -1.4% 6.7% 11.5% 10.0% 2.4% 1.06
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$18.53
0.3% 0.3% 1.2% 6.6% 5.6% 3.4% 1.25
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $36.17
-0.6% -0.6% -3.3% 6.6% 6.6% 2.5% 1.30
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
1/30
Price
Jan.
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return Risk
Money Market Annuity (64)
— $1.90
-0.0% -0.0% -0.2% -0.2% -0.1% —
Short-Term Inv.-Grade Annuity (144)
Buy
$18.51
0.8% 0.8% 1.7% 2.0% 2.5% 0.44
Total Bond Market Annuity (67)
Hold
$37.65
2.2% 2.2% 6.2% 2.6% 4.1% 1.00
High-Yield Bond Annuity (146)
Buy
$29.59
0.6% 0.6% 4.0% 6.4% 8.0% 1.37
Conservative Allocation Annuity (801) Hold
$25.93
0.5% 0.5% 7.8% 7.3% — 0.49
Moderate Allocation Annuity (803)
Hold
$27.84
-0.3% -0.3% 8.1% 9.5% — 0.65
Balanced Annuity (69)
Buy
$81.41
-1.4% -1.4% 9.7% 11.9% 11.0% 0.66
Capital Growth Annuity (603)
Buy
$38.26
-1.6% -1.6% 17.1% 20.5% 16.6% 0.95
Diversified Value Annuity (145)
Buy
$27.78
-3.7% -3.7% 9.4% 15.5% 12.8% 1.00
Equity Income Annuity (8)
Buy
$68.16
-3.1% -3.1% 12.1% 15.6% 15.4% 1.00
Equity Index Annuity (68)
Buy
$77.19
-3.0% -3.0% 13.7% 16.9% 15.1% 1.00
Growth Annuity (10)
Sell
$38.93
-1.4% -1.4% 15.1% 18.6% 15.9% 1.14
MidCap Index Annuity (143)
Buy
$46.13
-2.0% -2.0% 13.7% 17.4% 16.9% 1.10
REIT Index Annuity (147)
Hold
$57.03
6.7% 6.7% 32.8% 15.8% 19.3% 1.67
Small Company Growth Annuity (160) Hold
$63.11
-3.0% -3.0% 2.8% 16.2% 18.1% 1.50
Total Stock Market Annuity (604)
Hold
$28.34
-2.8% -2.8% 12.4% 16.9% 15.3% 1.03
International Annuity (86)
Buy
$37.13
0.1% 0.1% -0.7% 8.5% 7.7% 1.38
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
1/30
Price
Jan.
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
2.4 $10.75
0.6% 0.6% 1.0% 0.6% 1.2% 0.5% 0.47% — — — — — 0.26
Short-Term Federal (49)
VSGBX Sell
2.6 $10.82
0.6% 0.6% 1.4% 0.8% 1.6% 0.6% 0.59% — — — — — 0.33
Short-Term Inflation Index (1967)
VTIPX
Hold 2.4 $24.41
0.9% 0.9% -0.7% — — 1.4% 0.23% — — — — — 0.61
Short-Term Investment-Grade (39)
VFSTX
Buy 3.0 $10.73
0.8% 0.8% 2.0% 2.3% 2.8% 1.9% 1.56% — — — — — 0.42
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.58
1.1% 1.1% 1.7% 1.2% 2.0% 1.1% 0.86% — — — — — 0.40
Inflation-Protected Sec. (119)
VIPSX Hold 8.6 $13.59
3.1% 3.1% 4.8% 0.6% 4.3% 2.1% 0.07% — — — — — 1.89
Intermed. Treasury (35)
VFITX
Sell
5.8 $11.66
2.7% 2.7% 5.4% 1.9% 4.3% 1.6% 1.26% — — — — — 1.16
Intermed. Investment-Grade (71)
VFICX
Buy 6.2 $10.06
2.6% 2.6% 6.7% 4.6% 6.3% 3.0% 2.32% — — — — — 1.22
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.8 $11.81
3.3% 3.3% 7.9% 3.8% 6.2% 2.6% 2.11% — — — — — 1.51
Total Bond Market (84)
VBMFX Hold 7.5 $11.10
2.3% 2.3% 6.6% 2.9% 4.4% 2.4% 1.78% — — — — — 1.00
GNMA (36)
VFIIX
Hold 5.1 $10.88
0.7% 0.7% 5.3% 2.3% 4.1% 2.5% 2.22% — — — — — 1.01
Long-Term Treasury (83)
VUSTX Sell 25.0 $14.19
9.0% 9.0% 28.5% 7.1% 11.0% 2.6% 2.13% — — — — — 3.44
Long-Term Investment-Grade (28)
VWESX Hold 23.6 $11.34
5.8% 5.8% 20.0% 8.7% 10.9% 4.1% 3.54% — — — — — 2.66
Long-Term Bond Index (522)
VBLTX
Sell 24.1 $15.16
6.6% 6.6% 21.9% 7.5% 10.6% 3.7% 3.30% — — — — — 2.87
High-Yield Corporate (29)
VWEHX Buy 6.4 $5.98
0.6% 0.6% 4.6% 6.9% 8.5% 5.6% 4.99% — — — — — 1.38
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.4 $9.59
0.6% 0.6% 6.1% — — 4.4% 4.77% — — — — — 2.19
Total International Bond Index (1231)
VTIBX Hold 8.8 $10.79
1.8% 1.8% 9.2% — — 1.5% 0.84% — — — — — 0.83
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 53 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
(CLOSED)
VMFXX
— 54 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 49 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 37 $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
— 34 $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
— 44 $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
— 23 $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
— 30 $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
— 25 $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 $15.86
0.2% 0.2% 0.6% 0.7% 0.9% 0.7% 0.31% 0.4% 0.4% 0.5% 0.5% 0.5% 0.13
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.0 $11.12
0.9% 0.9% 2.1% 1.5% 2.0% 1.6% 0.73% 1.0% 1.0% 1.2% 1.2% 1.3% 0.42
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.1 $14.45
1.5% 1.5% 7.1% 3.5% 4.8% 3.0% 1.45% 1.9% 2.0% 2.3% 2.4% 2.6% 1.07
Long-Term Tax-Exempt (43)
VWLTX Hold 6.1 $11.93
1.9% 1.9% 10.5% 5.0% 5.9% 3.7% 2.03% 2.7% 2.8% 3.2% 3.3% 3.6% 1.43
High-Yield Tax-Exempt (44)
VWAHX Hold 6.7 $11.47
2.0% 2.0% 11.0% 5.4% 6.4% 3.7% 2.40% 3.2% 3.3% 3.8% 3.9% 4.2% 1.48
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.3 $11.97
1.6% 1.6% 7.6% 4.2% 5.4% 2.9% 1.36% 2.0% 2.1% 2.4% 2.5% 2.7% 1.14
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.3 $12.33
2.0% 2.0% 11.0% 5.6% 6.5% 3.6% 1.87% 2.8% 2.9% 3.3% 3.4% 3.7% 1.53
MA Tax-Exempt (168)
VMATX Sell
6.3 $11.05
2.1% 2.1% 10.0% 4.1% 5.2% 3.1% 1.84% 2.6% 2.7% 3.1% 3.2% 3.4% 1.46
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.3 $12.42
1.9% 1.9% 9.3% 4.4% 5.3% 3.4% 2.23% 3.3% 3.4% 3.9% 4.0% 4.3% 1.41
NY Long-T. Tax-Exempt (76)
VNYTX Sell
5.9 $12.01
1.8% 1.8% 10.3% 4.6% 5.4% 3.3% 1.82% 2.7% 2.8% 3.2% 3.3% 3.5% 1.38
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.0 $12.84
2.1% 2.1% 10.6% 4.9% 5.6% 3.4% 2.04% 2.9% 3.0% 3.5% 3.6% 3.9% 1.52
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.3 $11.90
1.9% 1.9% 10.3% 4.7% 5.6% 3.6% 1.99% 2.7% 2.9% 3.2% 3.4% 3.6% 1.38