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The Independent Adviser for Vanguard Investors
•
July 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
6/30
Price
June
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
$9.88
-2.7% 6.6% -4.0% — — 2.8% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $26.01
-2.4% 3.8% -2.6% 3.9% 4.0% 2.4% 1.49
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $18.92
-3.0% 3.4% -9.9% 4.2% — 1.3% 1.57
European Index (79)
VEURX
$3K
— Hold $28.98
-3.3% 4.9% -7.2% 12.6% 10.5% 3.1% 1.37
Global Equity (129)
VHGEX
$3K
— Hold $24.98
-2.1% 3.6% 1.5% 15.3% 13.6% 1.5% 1.03
Global Minimum Volatility (1194)
VMVFX
$3K
— Buy $11.56
-1.4% 4.8% 11.8% — — 2.3% —
International Explorer (126)
VINEX
$3K
— Hold $18.23
-1.1% 10.7% 0.6% 16.3% 11.8% 1.7% 1.12
International Growth (81)
VWIGX
$3K
— Buy $22.98
-2.8% 6.7% -1.6% 12.3% 10.5% 2.1% 1.31
International Value (46)
VTRIX
$3K
— Hold $35.80
-2.8% 5.4% -6.2% 11.8% 9.2% 2.6% 1.29
Pacific Index (72)
VPACX
$3K
— Hold $11.69
-2.1% 9.1% 0.9% 10.3% 8.6% 2.3% 1.17
Total International Stock Index (113)
VGTSX
$3K
— Hold $16.17
-2.7% 5.4% -4.6% 9.8% 8.2% 2.7% 1.20
Total World Stock Index (628)
VTWSX
$3K
— Hold $25.04
-2.2% 3.5% 1.1% 13.4% 12.2% 2.2% 1.04
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$19.17
-2.7% 5.2% -4.5% 9.6% 8.1% 2.7% 1.20
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $38.78
-2.2% 7.3% -5.8% 11.0% 9.1% 2.4% 1.27
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
6/30
Price
June
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
$18.50
-0.3% 0.8% 0.7% 1.7% 2.1% 0.41
Total Bond Market Annuity (67)
Hold
$36.68
-1.1% -0.4% 1.3% 1.3% 2.9% 1.00
High-Yield Bond Annuity (146)
Buy
$29.94
-1.3% 1.8% 1.1% 5.7% 7.7% 1.35
Conservative Allocation Annuity (801) Hold
$26.02
-1.5% 0.9% 2.5% 6.9% — 0.44
Moderate Allocation Annuity (803)
Hold
$28.34
-1.7% 1.5% 2.7% 9.5% — 0.62
Balanced Annuity (69)
Buy
$82.70
-2.0% 0.2% 3.2% 11.4% 11.8% 0.65
Capital Growth Annuity (603)
Buy
$39.04
-2.7% 0.4% 8.0% 21.0% 18.6% 0.94
Diversified Value Annuity (145)
Buy
$29.02
-2.3% 0.6% 2.5% 14.5% 15.4% 0.99
Equity Income Annuity (8)
Buy
$69.97
-2.9% -0.6% 2.8% 14.7% 16.6% 1.00
Equity Index Annuity (68)
Buy
$80.43
-2.0% 1.0% 7.0% 16.8% 16.8% 1.00
Growth Annuity (10)
Sell
$41.72
-0.7% 5.6% 13.3% 19.8% 18.7% 1.13
MidCap Index Annuity (143)
Buy
$48.41
-1.8% 2.9% 8.2% 19.2% 17.7% 1.08
REIT Index Annuity (147)
Hold
$50.01
-4.6% -6.4% 3.4% 8.2% 13.7% 1.57
Small Company Growth Annuity (160) Hold
$69.48
0.8% 6.8% 11.5% 19.8% 19.6% 1.41
Total Stock Market Annuity (604)
Hold
$29.67
-1.7% 1.7% 6.7% 17.2% 17.0% 1.02
International Annuity (86)
Buy
$39.55
-2.8% 6.6% -2.2% 11.9% 10.2% 1.32
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
6/30
Price
June
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
0.1% — — — — — 0.58% — — — — — —
Short-Term Treasury (32)
VFISX
Sell
2.7 $10.72 -0.0% 0.6% 0.8% 0.6% 0.9% 0.6% 0.61% — — — — — 0.29
Short-Term Federal (49)
VSGBX Sell
3.0 $10.77 -0.2% 0.6% 0.9% 0.7% 1.2% 0.7% 0.84% — — — — — 0.31
Short-Term Inflation Index (1967)
VTIPX
Hold 2.5 $24.39 -0.0% 0.8% -2.1% — — 0.7% -0.65% — — — — — 0.62
Short-Term Investment-Grade (39)
VFSTX
Buy 3.1 $10.66 -0.3% 0.9% 1.0% 2.0% 2.4% 1.8% 1.71% — — — — — 0.39
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.51 -0.2% 0.9% 1.1% 1.0% 1.6% 1.2% 1.09% — — — — — 0.43
Inflation-Protected Sec. (119)
VIPSX Hold 8.7 $13.17 -0.9% -0.0% -1.9% -1.0% 3.1% 1.2% -0.01% — — — — — 1.61
Intermed. Treasury (35)
VFITX
Sell
6.0 $11.35 -0.7% 0.8% 2.4% 0.9% 2.9% 1.7% 1.57% — — — — — 1.20
Intermed. Investment-Grade (71)
VFICX
Buy 6.4 $9.74 -1.2% 0.6% 1.9% 3.1% 4.9% 3.0% 2.71% — — — — — 1.09
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.2 $11.36 -1.3% 0.4% 2.3% 2.1% 4.5% 2.7% 2.54% — — — — — 1.43
Total Bond Market (84)
VBMFX Hold 7.9 $10.72 -1.0% -0.2% 1.6% 1.6% 3.1% 2.4% 2.05% — — — — — 1.00
GNMA (36)
VFIIX
Hold 6.9 $10.67 -0.7% 0.2% 2.3% 1.8% 3.2% 2.4% 2.07% — — — — — 0.90
Long-Term Treasury (83)
VUSTX Sell 25.0 $12.13 -3.7% -5.1% 5.9% 0.8% 5.9% 2.9% 2.80% — — — — — 3.87
Long-Term Investment-Grade (28)
VWESX Hold 23.0 $9.96 -3.2% -4.8% 1.1% 3.7% 7.1% 4.5% 4.12% — — — — — 2.69
Long-Term Bond Index (522)
VBLTX
Sell 24.3 $13.32 -3.5% -4.7% 1.8% 2.3% 6.5% 4.1% 4.03% — — — — — 2.97
High-Yield Corporate (29)
VWEHX Buy 6.5 $5.91 -1.4% 1.8% 1.5% 6.1% 8.2% 5.6% 5.09% — — — — — 1.37
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.4 $9.58 -1.6% 2.4% -0.6% — — 4.5% 4.51% — — — — — 1.89
Total International Bond Index (1231)
VTIBX Hold 9.0 $10.45 -1.5% -0.8% 3.5% — — 1.5% 1.11% — — — — — 0.94
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 55 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
VMFXX
— 39 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 43 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.02% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 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% —
CA Tax-Exempt MM (62)
VCTXX
— 49 $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
— 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% —
OH Tax-Exempt MM (96)
VOHXX
— 48 $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
— 29 $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% 0.1% 0.3% 0.6% 0.8% 0.7% 0.52% 0.7% 0.7% 0.8% 0.8% 0.9% 0.12
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.0 $10.98
0.1% 0.2% 0.7% 1.1% 1.7% 1.5% 1.05% 1.4% 1.5% 1.7% 1.7% 1.9% 0.41
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $14.05 -0.1% -0.1% 2.3% 2.7% 4.0% 3.0% 1.88% 2.5% 2.6% 3.0% 3.1% 3.3% 0.94
Long-Term Tax-Exempt (43)
VWLTX Hold 6.4 $11.53 -0.1% 0.0% 3.7% 3.7% 5.0% 3.8% 2.51% 3.3% 3.5% 4.0% 4.1% 4.4% 1.29
High-Yield Tax-Exempt (44)
VWAHX Hold 7.0 $11.09 -0.3% 0.1% 3.8% 4.0% 5.4% 3.7% 2.88% 3.8% 4.0% 4.6% 4.7% 5.1% 1.35
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.4 $11.65 -0.1% 0.0% 2.7% 3.4% 4.6% 2.9% 1.75% 2.6% 2.7% 3.1% 3.2% 3.4% 0.99
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.6 $11.92 -0.2% 0.1% 4.0% 4.3% 5.5% 3.6% 2.35% 3.5% 3.6% 4.1% 4.3% 4.6% 1.35
MA Tax-Exempt (168)
VMATX Sell
6.5 $10.69 -0.2% 0.0% 3.4% 3.1% 4.4% 3.1% 2.32% 3.3% 3.4% 3.9% 4.0% 4.3% 1.31
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.4 $11.86 -0.0% -1.3% 1.9% 2.9% 4.2% 3.6% 2.93% 4.3% 4.5% 5.1% 5.3% 5.7% 1.31
NY Long-T. Tax-Exempt (76)
VNYTX Sell
6.1 $11.66 -0.1% 0.2% 3.8% 3.6% 4.6% 3.4% 2.30% 3.4% 3.5% 4.0% 4.1% 4.5% 1.21
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.2 $12.43 -0.2% 0.2% 3.8% 3.8% 4.8% 3.4% 2.55% 3.6% 3.8% 4.3% 4.5% 4.8% 1.38
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
6.0 $11.53 -0.1% 0.2% 4.0% 3.7% 4.7% 3.7% 2.53% 3.5% 3.6% 4.1% 4.3% 4.6% 1.22