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The Independent Adviser for Vanguard Investors
•
June 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
5/29
Price
May
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
$10.28
-0.2% 9.6% -0.4% — — 2.7% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $26.88
-3.4% 6.3% 2.8% 6.4% 4.5% 2.4% 1.57
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $19.52
-3.5% 6.7% -4.4% 6.7% — 1.3% 1.67
European Index (79)
VEURX
$3K
— Hold $30.41
0.2% 8.5% -4.1% 16.8% 11.0% 3.1% 1.41
Global Equity (129)
VHGEX
$3K
— Hold $25.51
0.8% 5.8% 5.5% 18.0% 13.2% 1.5% 1.05
Global Minimum Volatility (1194)
VMVFX
$3K
— Buy $11.73
1.4% 6.3% 14.9% — — 2.3% —
International Explorer (126)
VINEX
$3K
— Hold $18.44
0.9% 12.0% 2.9% 18.2% 12.0% 1.7% 1.14
International Growth (81)
VWIGX
$3K
— Buy $23.65
-0.1% 9.8% 2.4% 15.2% 10.9% 2.1% 1.36
International Value (46)
VTRIX
$3K
— Hold $36.82
-0.7% 8.5% -1.8% 15.1% 9.3% 2.6% 1.31
Pacific Index (72)
VPACX
$3K
— Hold $12.02
-0.8% 11.5% 6.0% 13.4% 8.5% 2.3% 1.17
Total International Stock Index (113)
VGTSX
$3K
— Hold $16.79
-0.9% 8.3% -0.3% 13.0% 8.5% 2.7% 1.23
Total World Stock Index (628)
VTWSX
$3K
— Hold $25.79
0.2% 5.9% 5.5% 16.1% 12.0% 2.2% 1.06
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$19.92
-1.1% 8.1% -0.2% 12.9% 8.4% 2.7% 1.23
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $39.91
0.1% 9.7% -1.6% 13.3% 9.5% 2.3% 1.33
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
5/29
Price
May
Return
YTD
Return
12-Mo.
Return
3-Year
Return
5-Year
Return Risk
Money Market Annuity (64)
— $1.90
-0.0% -0.1% -0.2% -0.2% -0.2% —
Short-Term Inv.-Grade Annuity (144)
Buy
$18.56
-0.0% 1.1% 1.1% 1.9% 2.4% 0.45
Total Bond Market Annuity (67)
Hold
$37.10
-0.4% 0.7% 2.5% 1.7% 3.4% 0.99
High-Yield Bond Annuity (146)
Buy
$30.32
0.2% 3.1% 3.2% 6.9% 8.4% 1.43
Conservative Allocation Annuity (801) Hold
$26.42
0.0% 2.4% 5.1% 8.0% — 0.45
Moderate Allocation Annuity (803)
Hold
$28.83
0.2% 3.3% 6.0% 11.1% — 0.63
Balanced Annuity (69)
Buy
$84.35
0.3% 2.2% 6.7% 13.4% 11.7% 0.64
Capital Growth Annuity (603)
Buy
$40.15
1.5% 3.2% 13.7% 23.8% 17.8% 0.93
Diversified Value Annuity (145)
Buy
$29.69
1.3% 3.0% 6.5% 17.1% 14.6% 0.98
Equity Income Annuity (8)
Buy
$72.09
0.9% 2.4% 7.9% 17.7% 16.3% 0.97
Equity Index Annuity (68)
Buy
$82.05
1.3% 3.1% 11.4% 19.1% 16.0% 1.00
Growth Annuity (10)
Sell
$42.04
2.0% 6.4% 17.1% 21.2% 17.5% 1.16
MidCap Index Annuity (143)
Buy
$49.32
1.0% 4.8% 13.5% 20.9% 16.7% 1.08
REIT Index Annuity (147)
Hold
$52.44
-0.3% -1.9% 9.6% 11.9% 13.6% 1.54
Small Company Growth Annuity (160) Hold
$68.92
1.9% 6.0% 15.9% 20.7% 17.9% 1.43
Total Stock Market Annuity (604)
Hold
$30.20
1.4% 3.5% 11.4% 19.4% 16.1% 1.02
International Annuity (86)
Buy
$40.67
-0.3% 9.6% 1.7% 14.8% 10.6% 1.37
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
5/29
Price
May
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% — — — — 0.1% 0.51% — — — — — —
Short-Term Treasury (32)
VFISX
Sell
2.6 $10.73
0.1% 0.6% 0.8% 0.5% 1.0% 0.6% 0.52% — — — — — 0.28
Short-Term Federal (49)
VSGBX Sell
2.9 $10.79 -0.0% 0.7% 0.9% 0.7% 1.4% 0.7% 0.66% — — — — — 0.33
Short-Term Inflation Index (1967)
VTIPX
Hold 2.6 $24.39 -0.2% 0.8% -1.8% — — 0.7% -0.91% — — — — — 0.62
Short-Term Investment-Grade (39)
VFSTX
Buy 3.2 $10.71 -0.0% 1.2% 1.4% 2.2% 2.6% 1.8% 1.53% — — — — — 0.43
Short-Term Bond Index (132)
VBISX Hold 2.7 $10.54
0.1% 1.1% 1.2% 1.1% 1.8% 1.1% 0.97% — — — — — 0.43
Inflation-Protected Sec. (119)
VIPSX Hold 8.8 $13.29 -1.0% 0.9% -0.7% -0.9% 3.5% 2.1% -0.17% — — — — — 1.76
Intermed. Treasury (35)
VFITX
Sell
5.9 $11.45 -0.1% 1.5% 3.0% 1.1% 3.5% 1.7% 1.41% — — — — — 1.19
Intermed. Investment-Grade (71)
VFICX
Buy 6.5 $9.88 -0.4% 1.8% 3.1% 3.6% 5.6% 3.0% 2.46% — — — — — 1.19
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.2 $11.54 -0.4% 1.8% 3.6% 2.6% 5.3% 2.6% 2.31% — — — — — 1.49
Total Bond Market (84)
VBMFX Hold 7.8 $10.85 -0.4% 0.8% 2.8% 1.9% 3.7% 2.3% 1.90% — — — — — 1.00
GNMA (36)
VFIIX
Hold 6.3 $10.77 -0.2% 1.0% 3.5% 2.0% 3.6% 2.4% 2.00% — — — — — 0.87
Long-Term Treasury (83)
VUSTX Sell 24.9 $12.63 -2.2% -1.4% 9.8% 1.6% 7.7% 2.8% 2.62% — — — — — 3.63
Long-Term Investment-Grade (28)
VWESX Hold 23.3 $10.33 -2.3% -1.6% 4.8% 4.8% 8.6% 4.3% 3.99% — — — — — 2.70
Long-Term Bond Index (522)
VBLTX
Sell 24.3 $13.85 -2.1% -1.3% 5.6% 3.3% 8.1% 4.0% 3.79% — — — — — 2.90
High-Yield Corporate (29)
VWEHX Buy 6.5 $6.02
0.3% 3.3% 3.5% 7.3% 8.8% 5.5% 4.85% — — — — — 1.46
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.6 $9.77 -0.2% 4.0% 1.4% — — 4.4% 4.31% — — — — — 2.07
Total International Bond Index (1231)
VTIBX Hold 8.9 $10.62 -0.7% 0.7% 5.6% — — 1.5% 0.95% — — — — — 0.87
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 57 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
(CLOSED)
VMFXX
— 46 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 44 $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
— 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% —
NJ Tax-Exempt MM (95)
VNJXX
— 53 $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
— 42 $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
— 39 $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% —
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 $15.80 -0.1% 0.0% 0.3% 0.5% 0.8% 0.7% 0.50% 0.7% 0.7% 0.8% 0.8% 0.9% 0.14
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.0 $10.98 -0.2% 0.1% 0.5% 1.0% 1.7% 1.5% 1.00% 1.3% 1.4% 1.6% 1.6% 1.8% 0.45
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $14.10 -0.3% 0.0% 2.3% 2.7% 4.0% 3.0% 1.81% 2.4% 2.5% 2.9% 3.0% 3.2% 1.10
Long-Term Tax-Exempt (43)
VWLTX Hold 6.1 $11.58 -0.3% 0.1% 3.7% 3.8% 5.0% 3.7% 2.40% 3.2% 3.3% 3.8% 3.9% 4.2% 1.49
High-Yield Tax-Exempt (44)
VWAHX Hold 6.8 $11.16 -0.3% 0.4% 4.1% 4.1% 5.4% 3.7% 2.74% 3.7% 3.8% 4.3% 4.5% 4.8% 1.56
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.3 $11.69 -0.3% 0.2% 2.7% 3.3% 4.6% 2.9% 1.65% 2.5% 2.6% 2.9% 3.0% 3.2% 1.17
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.4 $11.98 -0.2% 0.3% 4.3% 4.3% 5.4% 3.6% 2.25% 3.3% 3.5% 4.0% 4.1% 4.4% 1.58
MA Tax-Exempt (168)
VMATX Sell
6.2 $10.74 -0.3% 0.2% 3.6% 3.2% 4.4% 3.1% 2.22% 3.1% 3.3% 3.7% 3.8% 4.1% 1.50
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.2 $11.90 -1.0% -1.3% 1.7% 2.8% 4.2% 3.6% 2.79% 4.1% 4.3% 4.8% 5.0% 5.4% 1.49
NY Long-T. Tax-Exempt (76)
VNYTX Sell
5.9 $11.71 -0.1% 0.4% 4.0% 3.6% 4.6% 3.4% 2.19% 3.2% 3.3% 3.8% 3.9% 4.2% 1.42
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.1 $12.49 -0.2% 0.4% 4.1% 3.8% 4.8% 3.4% 2.43% 3.5% 3.6% 4.1% 4.2% 4.6% 1.57
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.6 $11.58 -0.2% 0.4% 4.1% 3.7% 4.8% 3.6% 2.42% 3.3% 3.5% 4.0% 4.1% 4.4% 1.42