635 / 772
The Independent Adviser for Vanguard Investors
•
April 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
3/31
Price
March
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
$9.90
-1.3% 5.5% -1.0% — — 0.0% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $25.81
-2.1% 2.1% 2.9% 0.4% 1.7% 2.5% 1.46
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $18.59
-2.1% 1.6% -4.5% 0.4% — 1.4% 1.51
European Index (79)
VEURX
$3K
— Hold $29.13
-2.4% 3.9% -5.1% 9.4% 6.6% 3.3% 1.40
Global Equity (129)
VHGEX
$3K
— Hold $25.01
-0.3% 3.7% 6.0% 13.3% 10.8% 1.5% 1.05
Global Minimum Volatility (1194)
VMVFX
$3K
— Buy+ $11.61
0.8% 5.3% 16.8% — — 2.3% —
International Explorer (126)
VINEX
$3K
— Hold $17.67
0.6% 7.3% -0.1% 11.5% 8.6% 1.7% 1.15
International Growth (81)
VWIGX
$3K
— Buy $22.72
-0.7% 5.5% 0.3% 8.8% 7.4% 2.2% 1.34
International Value (46)
VTRIX
$3K
— Hold $35.37
-1.2% 4.2% -2.7% 8.3% 5.2% 2.7% 1.31
Pacific Index (72)
VPACX
$3K
— Hold $11.65
0.4% 8.0% 5.7% 7.7% 5.5% 2.4% 1.35
Total International Stock Index (113)
VGTSX
$3K
— Hold $16.13
-1.5% 4.0% -1.1% 6.5% 4.8% 2.8% 1.23
Total World Stock Index (628)
VTWSX
$3K
— Hold $25.04
-1.3% 2.8% 5.4% 11.0% 9.1% 2.3% 1.06
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$19.18
-1.6% 4.1% -0.6% 6.4% 4.9% 2.8% 1.23
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $37.62
-1.5% 3.4% -5.7% 6.5% 5.9% 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
3/31
Price
March
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
$18.53
0.3% 1.0% 1.8% 2.0% 2.4% 0.43
Total Bond Market Annuity (67)
Hold
$37.40
0.4% 1.5% 5.2% 2.7% 4.0% 1.00
High-Yield Bond Annuity (146)
Buy
$30.00
-0.5% 2.0% 3.4% 6.5% 7.7% 1.37
Conservative Allocation Annuity (801) Hold
$26.31
-0.2% 2.0% 6.8% 7.1% — 0.47
Moderate Allocation Annuity (803)
Hold
$28.52
-0.5% 2.2% 7.2% 9.1% — 0.63
Balanced Annuity (69)
Buy
$83.17
-1.0% 0.7% 7.8% 11.3% 10.3% 0.65
Capital Growth Annuity (603)
Buy
$39.66
-1.3% 1.9% 14.7% 20.2% 15.5% 0.92
Diversified Value Annuity (145)
Buy
$28.70
-2.0% -0.5% 5.9% 13.4% 11.7% 0.99
Equity Income Annuity (8)
Buy
$70.19
-1.7% -0.3% 8.3% 14.5% 14.3% 0.98
Equity Index Annuity (68)
Buy
$80.30
-1.6% 0.9% 12.2% 15.6% 14.0% 1.00
Growth Annuity (10)
Sell
$41.21
-1.0% 4.3% 17.6% 16.9% 15.1% 1.15
MidCap Index Annuity (143)
Buy
$49.03
0.3% 4.2% 14.4% 17.4% 15.6% 1.06
REIT Index Annuity (147)
Hold
$55.92
1.7% 4.6% 23.5% 13.6% 15.3% 1.60
Small Company Growth Annuity (160) Hold
$68.31
0.8% 5.0% 9.1% 16.9% 16.9% 1.45
Total Stock Market Annuity (604)
Hold
$29.67
-1.1% 1.7% 11.8% 15.9% 14.2% 1.02
International Annuity (86)
Buy
$39.09
-0.7% 5.4% -0.4% 8.5% 7.1% 1.34
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
3/31
Price
March
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
0.0% — — — — — 0.53% — — — — — —
Short-Term Treasury (32)
VFISX
Sell
2.4 $10.73
0.3% 0.5% 1.1% 0.6% 1.2% 0.5% 0.49% — — — — — 0.27
Short-Term Federal (49)
VSGBX Sell
2.8 $10.80
0.3% 0.6% 1.5% 0.9% 1.6% 0.6% 0.69% — — — — — 0.33
Short-Term Inflation Index (1967)
VTIPX
Hold 2.5 $24.27 -0.3% 0.3% -1.1% — — 0.7% -0.77% — — — — — 0.59
Short-Term Investment-Grade (39)
VFSTX
Buy 3.1 $10.72
0.3% 1.0% 2.0% 2.2% 2.7% 1.8% 1.58% — — — — — 0.41
Short-Term Bond Index (132)
VBISX Hold 2.7 $10.55
0.4% 1.0% 1.8% 1.2% 2.0% 1.1% 1.00% — — — — — 0.41
Inflation-Protected Sec. (119)
VIPSX Hold 8.9 $13.34 -0.4% 1.2% 3.1% 0.5% 4.1% 2.1% -0.10% — — — — — 1.84
Intermed. Treasury (35)
VFITX
Sell
5.9 $11.52
0.8% 1.8% 4.9% 2.1% 4.2% 1.6% 1.38% — — — — — 1.17
Intermed. Investment-Grade (71)
VFICX
Buy 6.4 $9.97
0.4% 2.3% 5.7% 4.4% 6.0% 3.0% 2.39% — — — — — 1.19
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.2 $11.66
0.7% 2.4% 6.8% 3.9% 6.0% 2.6% 2.24% — — — — — 1.49
Total Bond Market (84)
VBMFX Hold 7.8 $10.98
0.4% 1.6% 5.5% 2.9% 4.2% 2.3% 1.89% — — — — — 1.00
GNMA (36)
VFIIX
Hold 5.4 $10.81
0.5% 1.0% 5.6% 2.4% 4.0% 2.5% 2.20% — — — — — 0.98
Long-Term Treasury (83)
VUSTX Sell 25.1 $13.38
1.1% 4.0% 21.1% 7.5% 10.3% 2.7% 2.32% — — — — — 3.58
Long-Term Investment-Grade (28)
VWESX Hold 23.5 $10.90
0.3% 3.1% 14.5% 8.4% 10.3% 4.1% 3.64% — — — — — 2.66
Long-Term Bond Index (522)
VBLTX
Sell 24.2 $14.59
0.5% 3.4% 15.7% 7.7% 10.1% 3.7% 3.48% — — — — — 2.90
High-Yield Corporate (29)
VWEHX Buy 6.4 $6.00 -0.6% 2.0% 3.8% 6.9% 8.2% 5.5% 4.98% — — — — — 1.38
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.7 $9.69
0.6% 2.4% 4.1% — — 4.4% 4.60% — — — — — 2.11
Total International Bond Index (1231)
VTIBX Hold 9.0 $10.80
0.7% 2.1% 8.7% — — 1.5% 0.77% — — — — — 0.81
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 59 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
(CLOSED)
VMFXX
— 53 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 50 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 40 $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% —
CA Tax-Exempt MM (62)
VCTXX
— 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% —
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
— 33 $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
— 38 $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
— 26 $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 $15.83 -0.1% 0.1% 0.5% 0.6% 0.9% 0.7% 0.42% 0.6% 0.6% 0.7% 0.7% 0.7% 0.13
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.0 $11.04 -0.0% 0.4% 1.6% 1.4% 1.9% 1.6% 0.88% 1.2% 1.2% 1.4% 1.4% 1.6% 0.42
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $14.28
0.3% 0.8% 5.3% 3.6% 4.6% 2.9% 1.63% 2.2% 2.3% 2.6% 2.7% 2.9% 1.05
Long-Term Tax-Exempt (43)
VWLTX Hold 6.1 $11.76
0.4% 1.1% 7.9% 4.8% 5.5% 3.7% 2.17% 2.9% 3.0% 3.4% 3.5% 3.8% 1.41
High-Yield Tax-Exempt (44)
VWAHX Hold 6.8 $11.32
0.3% 1.3% 8.3% 5.2% 6.0% 3.6% 2.53% 3.4% 3.5% 4.0% 4.1% 4.5% 1.45
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.4 $11.82
0.2% 0.8% 5.7% 4.2% 5.1% 2.9% 1.55% 2.3% 2.4% 2.7% 2.8% 3.1% 1.12
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.4 $12.17
0.5% 1.3% 8.4% 5.4% 6.1% 3.6% 1.99% 3.0% 3.1% 3.5% 3.6% 3.9% 1.49
MA Tax-Exempt (168)
VMATX Sell
6.3 $10.90
0.5% 1.2% 7.6% 4.2% 5.0% 3.1% 2.01% 2.8% 2.9% 3.4% 3.5% 3.7% 1.43
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.2 $12.20
0.2% 0.6% 6.4% 4.2% 5.0% 3.5% 2.41% 3.5% 3.7% 4.2% 4.3% 4.7% 1.39
NY Long-T. Tax-Exempt (76)
VNYTX Sell
5.8 $11.86
0.5% 1.1% 7.9% 4.6% 5.1% 3.3% 1.98% 2.9% 3.0% 3.4% 3.5% 3.8% 1.35
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.0 $12.66
0.4% 1.2% 8.0% 4.8% 5.3% 3.4% 2.22% 3.2% 3.3% 3.8% 3.9% 4.2% 1.50
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.6 $11.75
0.4% 1.2% 7.8% 4.6% 5.3% 3.6% 2.15% 3.0% 3.1% 3.5% 3.6% 3.9% 1.35