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The Independent Adviser for Vanguard Investors
•
March 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
2/27
Price
Feb.
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
$10.07
5.9% 6.9% -0.2% — — 0.0% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $26.39
3.5% 4.2% 9.1% 0.1% 3.7% 2.6% 1.47
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $18.98
4.1% 3.7% 1.0% 0.5% — 1.3% 1.53
European Index (79)
VEURX
$3K
— Hold $30.02
6.1% 6.5% -3.4% 10.4% 8.4% 4.2% 1.40
Global Equity (129)
VHGEX
$3K
— Hold $25.09
5.6% 4.1% 7.0% 13.9% 12.4% 1.5% 1.07
Global Minimum Volatility (1194)
VMVFX
$3K
— Hold $11.52
2.9% 4.4% 16.6% — — 2.3% —
International Explorer (126)
VINEX
$3K
— Hold $17.57
6.8% 6.7% 0.0% 11.5% 10.0% 1.7% 1.16
International Growth (81)
VWIGX
$3K
— Buy $22.87
5.9% 6.2% 0.8% 9.1% 9.1% 2.2% 1.35
International Value (46)
VTRIX
$3K
— Hold $35.80
6.5% 5.4% -1.4% 8.6% 6.9% 2.6% 1.32
Pacific Index (72)
VPACX
$3K
— Hold $11.62
5.6% 7.6% 5.2% 7.7% 6.6% 2.4% 1.38
Total International Stock Index (113)
VGTSX
$3K
— Hold $16.43
5.5% 5.7% 0.8% 6.8% 6.5% 3.1% 1.23
Total World Stock Index (628)
VTWSX
$3K
— Hold $25.50
5.6% 4.2% 7.2% 11.9% 10.8% 2.3% 1.06
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$19.54
5.5% 5.7% 1.3% 6.7% 6.6% 3.2% 1.24
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $38.22
5.7% 5.0% -4.2% 6.6% 7.8% 2.4% 1.29
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
2/27
Price
Feb.
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
$18.47
-0.2% 0.6% 1.3% 1.9% 2.4% 0.43
Total Bond Market Annuity (67)
Hold
$37.24
-1.1% 1.1% 4.6% 2.3% 3.9% 1.00
High-Yield Bond Annuity (146)
Buy
$30.16
1.9% 2.5% 4.3% 6.5% 8.4% 1.36
Conservative Allocation Annuity (801) Hold
$26.36
1.7% 2.2% 7.2% 7.3% — 0.47
Moderate Allocation Annuity (803)
Hold
$28.67
3.0% 2.7% 8.0% 9.6% — 0.64
Balanced Annuity (69)
Buy
$84.04
3.2% 1.8% 10.0% 12.2% 11.4% 0.65
Capital Growth Annuity (603)
Buy
$40.19
5.0% 3.3% 16.2% 21.5% 17.0% 0.93
Diversified Value Annuity (145)
Buy
$29.30
5.5% 1.6% 10.5% 15.7% 13.5% 1.00
Equity Income Annuity (8)
Buy
$71.38
4.7% 1.4% 12.7% 16.2% 15.9% 0.98
Equity Index Annuity (68)
Buy
$81.61
5.7% 2.5% 15.0% 17.5% 15.7% 1.00
Growth Annuity (10)
Sell
$41.64
7.0% 5.4% 15.4% 18.6% 16.7% 1.15
MidCap Index Annuity (143)
Buy
$48.88
6.0% 3.9% 13.6% 18.0% 17.1% 1.10
REIT Index Annuity (147)
Hold
$54.98
-3.6% 2.8% 22.1% 14.8% 17.1% 1.62
Small Company Growth Annuity (160) Hold
$67.78
7.4% 4.2% 5.8% 17.2% 18.8% 1.49
Total Stock Market Annuity (604)
Hold
$29.99
5.8% 2.8% 13.5% 17.5% 15.9% 1.03
International Annuity (86)
Buy
$39.36
6.0% 6.1% 0.0% 8.7% 8.8% 1.36
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
2/27
Price
Feb.
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
Ultra-Short-Term Bond (1492)
VUBFX
Buy 1.0 $10.00
— — — — — — — — — — — — —
Short-Term Treasury (32)
VFISX
Sell
2.5 $10.70 -0.4% 0.2% 0.6% 0.5% 1.0% 0.5% 0.50% — — — — — 0.27
Short-Term Federal (49)
VSGBX Sell
2.8 $10.78 -0.3% 0.3% 0.9% 0.7% 1.5% 0.6% 0.82% — — — — — 0.32
Short-Term Inflation Index (1967)
VTIPX
Hold 2.3 $24.35 -0.2% 0.7% -1.2% — — 0.7% -0.33% — — — — — 0.59
Short-Term Investment-Grade (39)
VFSTX
Buy 3.0 $10.70 -0.1% 0.7% 1.5% 2.1% 2.7% 1.9% 1.60% — — — — — 0.41
Short-Term Bond Index (132)
VBISX Hold 2.7 $10.52 -0.5% 0.6% 1.1% 1.1% 1.8% 1.1% 0.89% — — — — — 0.41
Inflation-Protected Sec. (119)
VIPSX Hold 8.6 $13.40 -1.4% 1.7% 3.0% 0.3% 4.2% 2.1% -0.08% — — — — — 1.84
Intermed. Treasury (35)
VFITX
Sell
5.8 $11.46 -1.6% 1.1% 3.5% 1.6% 3.8% 1.7% 1.32% — — — — — 1.17
Intermed. Investment-Grade (71)
VFICX
Buy 6.3 $9.96 -0.8% 1.8% 5.2% 4.1% 6.0% 3.1% 2.35% — — — — — 1.19
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.1 $11.61 -1.5% 1.7% 5.7% 3.3% 5.8% 2.7% 2.15% — — — — — 1.49
Total Bond Market (84)
VBMFX Hold 8.2 $10.96 -1.1% 1.2% 4.9% 2.6% 4.1% 2.4% 1.92% — — — — — 1.00
GNMA (36)
VFIIX
Hold 5.4 $10.83 -0.3% 0.5% 4.7% 2.3% 4.0% 2.5% 2.65% — — — — — 0.98
Long-Term Treasury (83)
VUSTX Sell 24.7 $13.36 -5.7% 2.8% 20.5% 5.8% 9.8% 2.8% 2.28% — — — — — 3.58
Long-Term Investment-Grade (28)
VWESX Hold 23.4 $10.97 -3.0% 2.7% 14.6% 7.4% 10.3% 4.2% 3.62% — — — — — 2.67
Long-Term Bond Index (522)
VBLTX
Sell 24.1 $14.57 -3.6% 2.8% 15.8% 6.4% 9.9% 3.8% 3.44% — — — — — 2.91
High-Yield Corporate (29)
VWEHX Buy 6.3 $6.07
1.9% 2.6% 4.6% 7.0% 8.9% 5.5% 4.66% — — — — — 1.37
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.4 $9.67
1.2% 1.8% 4.4% — — 4.4% 4.66% — — — — — 2.11
Total International Bond Index (1231)
VTIBX Hold 9.0 $10.74 -0.4% 1.5% 8.3% — — 1.5% 0.81% — — — — — 0.81
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
— 48 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 47 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 34 $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
— 30 $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
— 43 $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
— 21 $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
— 34 $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
— 31 $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 $15.85 -0.0% 0.2% 0.4% 0.6% 0.9% 0.7% 0.30% 0.4% 0.4% 0.5% 0.5% 0.5% 0.13
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.0 $11.06 -0.4% 0.4% 1.1% 1.2% 1.8% 1.6% 0.71% 0.9% 1.0% 1.1% 1.2% 1.3% 0.42
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.1 $14.28 -1.0% 0.5% 5.0% 3.2% 4.4% 3.0% 1.47% 2.0% 2.0% 2.3% 2.4% 2.6% 1.06
Long-Term Tax-Exempt (43)
VWLTX Hold 6.1 $11.75 -1.2% 0.7% 7.8% 4.5% 5.4% 3.8% 2.09% 2.8% 2.9% 3.3% 3.4% 3.7% 1.42
High-Yield Tax-Exempt (44)
VWAHX Hold 6.7 $11.32 -1.0% 0.9% 8.3% 4.9% 6.0% 3.7% 2.44% 3.3% 3.4% 3.9% 4.0% 4.3% 1.46
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.2 $11.83 -1.0% 0.6% 5.5% 3.8% 5.0% 3.0% 1.39% 2.1% 2.2% 2.5% 2.5% 2.7% 1.12
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.2 $12.15 -1.2% 0.8% 8.3% 5.0% 6.0% 3.6% 1.91% 2.8% 3.0% 3.4% 3.5% 3.8% 1.51
MA Tax-Exempt (168)
VMATX Sell
6.2 $10.87 -1.4% 0.7% 7.2% 3.7% 4.8% 3.1% 1.89% 2.7% 2.8% 3.2% 3.3% 3.5% 1.45
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.2 $12.21 -1.4% 0.4% 6.5% 3.9% 4.8% 3.5% 2.30% 3.4% 3.5% 4.0% 4.1% 4.5% 1.40
NY Long-T. Tax-Exempt (76)
VNYTX Sell
5.8 $11.84 -1.2% 0.6% 7.8% 4.2% 5.0% 3.4% 1.89% 2.8% 2.9% 3.3% 3.4% 3.7% 1.37
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
5.9 $12.64 -1.3% 0.8% 7.9% 4.4% 5.1% 3.5% 2.10% 3.0% 3.1% 3.6% 3.7% 4.0% 1.51
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.5 $11.73 -1.2% 0.7% 7.8% 4.2% 5.1% 3.6% 2.02% 2.8% 2.9% 3.3% 3.4% 3.7% 1.37