The Independent Adviser for Vanguard Investors
•
August 2015
•
9
FOR CUSTOMER SERVICE, PLEASE CALL
800-211-7641
PERFORMANCE REV I EW
VANGUARD EQUITY FUNDS (CONT.)
Fund (fund #)
Ticker Minimum
Loads Advice
7/31
Price
July
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
$10.00
1.2% 7.9% -0.6% — — 2.7% 1.27
Emerging Markets Stock Index (533)
VEIEX
$3K
— Hold $24.24
-6.8% -3.3% -10.5% 1.3% 0.7% 2.6% 1.65
Emerging Markets Select Stock (752)
VMMSX
$3K
— Hold $17.66
-6.7% -3.5% -16.4% 1.5% — 1.4% 1.73
European Index (79)
VEURX
$3K
— Hold $29.71
2.5% 7.6% -0.8% 13.3% 8.4% 3.0% 1.34
Global Equity (129)
VHGEX
$3K
— Hold $25.06
0.3% 3.9% 3.8% 15.4% 11.9% 1.5% 1.03
Global Minimum Volatility (1194)
VMVFX
$3K
— Buy $11.91
3.0% 8.0% 16.8% — — 2.3%
International Explorer (126)
VINEX
$3K
— Hold $18.44
1.2% 12.0% 3.9% 16.8% 10.0% 1.7% 1.11
International Growth (81)
VWIGX
$3K
— Buy $22.72
-1.1% 5.5% -1.2% 11.4% 8.2% 2.2% 1.28
International Value (46)
VTRIX
$3K
— Hold $35.74
-0.2% 5.3% -4.4% 11.3% 6.8% 2.6% 1.28
Pacific Index (72)
VPACX
$3K
— Hold $11.58
-0.9% 8.1% -0.7% 10.1% 6.9% 2.3% 1.22
Total International Stock Index (113)
VGTSX
$3K
— Hold $16.04
-0.8% 4.5% -3.9% 9.3% 5.9% 2.7% 1.22
Total World Stock Index (628)
VTWSX
$3K
— Hold $25.15
0.4% 3.9% 3.3% 13.3% 10.4% 2.2% 1.03
World ex-U.S. Index (770)
VFWIX
$3K
— Sell
$19.06
-0.6% 4.6% -3.7% 9.2% 5.9% 2.7% 1.22
World ex-U.S. SmallCap Index (1684)
VFSVX
$3K
— Hold $37.77
-2.6% 4.5% -5.7% 10.1% 6.5% 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
7/31
Price
July
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
$18.53
0.2% 1.0% 1.1% 1.5% 2.0% 0.39
Total Bond Market Annuity (67)
Hold
$36.98
0.8% 0.4% 2.4% 1.1% 2.8% 1.00
High-Yield Bond Annuity (146)
Buy
$30.00
0.2% 2.0% 2.6% 5.0% 7.0% 1.29
Conservative Allocation Annuity (801) Hold
$26.26
0.9% 1.8% 4.3% 6.8% — 0.45
Moderate Allocation Annuity (803)
Hold
$28.60
0.9% 2.4% 4.9% 9.5% — 0.62
Balanced Annuity (69)
Buy
$84.12
1.7% 1.9% 6.1% 11.5% 11.0% 0.64
Capital Growth Annuity (603)
Buy
$39.69
1.7% 2.0% 10.8% 21.0% 17.2% 0.97
Diversified Value Annuity (145)
Buy
$29.34
1.1% 1.7% 5.8% 14.3% 14.1% 1.00
Equity Income Annuity (8)
Buy
$70.99
1.5% 0.9% 7.0% 14.5% 15.4% 1.01
Equity Index Annuity (68)
Buy
$82.11
2.1% 3.1% 10.8% 17.1% 15.7% 1.00
Growth Annuity (10)
Sell
$43.35
3.9% 9.7% 19.5% 21.3% 18.2% 1.15
MidCap Index Annuity (143)
Buy
$49.00
1.2% 4.1% 12.4% 19.7% 16.5% 1.07
REIT Index Annuity (147)
Hold
$52.81
5.6% -1.2% 9.1% 9.5% 12.9% 1.68
Small Company Growth Annuity (160) Hold
$68.94
-0.8% 6.0% 17.1% 19.5% 17.9% 1.42
Total Stock Market Annuity (604)
Hold
$30.16
1.6% 3.4% 10.7% 17.4% 15.8% 1.01
International Annuity (86)
Buy
$39.07
-1.2% 5.3% -1.8% 11.1% 7.9% 1.29
VANGUARD INCOME FUNDS
Fund (fund #)
Ticker Advice
Avg.
Mat.
7/31
Price
July
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 1.1 $9.99 -0.1% — — — — — 0.59% — — — — — —
Short-Term Treasury (32)
VFISX
Sell
2.6 $10.73
0.2% 0.7% 1.1% 0.5% 0.9% 0.6% 0.58% — — — — — 0.29
Short-Term Federal (49)
VSGBX Sell
2.9 $10.78
0.2% 0.7% 1.2% 0.6% 1.1% 0.7% 0.73% — — — — — 0.31
Short-Term Inflation Index (1967)
VTIPX
Hold 2.4 $24.32 -0.3% 0.5% -2.1% — — 0.7% -0.38% — — — — — 0.59
Short-Term Investment-Grade (39)
VFSTX
Buy 3.1 $10.66
0.2% 1.1% 1.3% 1.8% 2.3% 1.8% 1.74% — — — — — 0.38
Short-Term Bond Index (132)
VBISX Hold 2.8 $10.52
0.2% 1.1% 1.5% 0.9% 1.5% 1.2% 1.10% — — — — — 0.42
Inflation-Protected Sec. (119)
VIPSX Hold 8.6 $13.23
0.5% 0.4% -1.5% -1.4% 3.2% 1.2% 0.10% — — — — — 1.59
Intermed. Treasury (35)
VFITX
Sell
5.8 $11.43
0.8% 1.6% 3.6% 0.9% 2.9% 1.7% 1.53% — — — — — 1.20
Intermed. Investment-Grade (71)
VFICX
Buy 6.4 $9.77
0.6% 1.2% 2.6% 2.6% 4.6% 3.0% 2.73% — — — — — 1.08
Intermed.-Term Bond Index (314)
VBIIX
Hold 7.2 $11.44
0.9% 1.4% 3.5% 1.8% 4.3% 2.6% 2.61% — — — — — 1.43
Total Bond Market (84)
VBMFX Hold 7.9 $10.78
0.8% 0.5% 2.6% 1.4% 3.1% 2.3% 2.08% — — — — — 1.00
GNMA (36)
VFIIX
Hold 6.7 $10.71
0.6% 0.8% 3.4% 1.7% 3.1% 2.3% 1.98% — — — — — 0.88
Long-Term Treasury (83)
VUSTX Sell 25.0 $12.61
4.2% -1.1% 9.7% 1.1% 6.8% 2.8% 2.72% — — — — — 3.89
Long-Term Investment-Grade (28)
VWESX Hold 22.9 $10.18
2.6% -2.3% 3.4% 2.8% 7.3% 4.4% 4.09% — — — — — 2.71
Long-Term Bond Index (522)
VBLTX
Sell 24.3 $13.63
2.7% -2.2% 4.2% 1.7% 6.9% 4.0% 4.05% — — — — — 2.99
High-Yield Corporate (29)
VWEHX Buy 6.5 $5.90
0.3% 2.1% 3.0% 5.5% 7.5% 5.5% 5.23% — — — — — 1.32
Emerging Mkts. Gov’t Bond Idx. (1120)** VGOVX Buy 10.4 $9.58
0.4% 2.8% -0.2% — — 4.5% 4.48% — — — — — 1.87
Total International Bond Index (1231)
VTIBX Hold 8.9 $10.57
1.2% 0.4% 4.1% — — 1.5% 1.03% — — — — — 0.96
MONEY MARKET
Admiral Treasury MM (11)
(CLOSED)
VUSXX
— 60 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Federal MM (33)
VMFXX
— 57 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.01% — — — — — —
Prime MM (30)
VMMXX — 53 $1.00
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.04% — — — — — —
Tax-Exempt Money Market (45)
VMSXX
— 38 $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
— 50 $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
— 50 $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
— 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% —
OH Tax-Exempt MM (96)
VOHXX
— 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% —
PA Tax-Exempt MM (63)
VPTXX
— 41 $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 1.5 $15.81
0.1% 0.2% 0.3% 0.5% 0.8% 0.7% 0.51% 0.7% 0.7% 0.8% 0.8% 0.9% 0.12
Limited-Term Tax-Exempt (31)
VMLTX Buy 3.1 $11.00
0.3% 0.5% 0.9% 1.1% 1.6% 1.5% 0.96% 1.3% 1.3% 1.5% 1.6% 1.7% 0.41
Intermed.-Term Tax-Exempt (42)
VWITX Buy 5.2 $14.11
0.7% 0.6% 2.8% 2.5% 3.9% 3.0% 1.83% 2.4% 2.5% 2.9% 3.0% 3.2% 0.91
Long-Term Tax-Exempt (43)
VWLTX Hold 6.5 $11.59
0.8% 0.9% 4.3% 3.4% 4.9% 3.7% 2.53% 3.4% 3.5% 4.0% 4.1% 4.5% 1.21
High-Yield Tax-Exempt (44)
VWAHX Hold 7.0 $11.14
0.8% 0.9% 4.5% 3.6% 5.3% 3.7% 2.97% 4.0% 4.1% 4.7% 4.9% 5.2% 1.27
STATETAX-FREE
CA Intermed. Tax-Exempt (100)
VCAIX
Buy 5.4 $11.71
0.8% 0.8% 3.2% 3.1% 4.5% 2.9% 1.73% 2.6% 2.7% 3.1% 3.2% 3.4% 0.98
CA Long-T. Tax-Exempt (75)
VCITX
Sell
6.5 $11.99
0.9% 1.0% 4.6% 4.0% 5.4% 3.6% 2.35% 3.5% 3.6% 4.1% 4.3% 4.6% 1.27
MA Tax-Exempt (168)
VMATX Sell
6.3 $10.77
1.0% 1.1% 4.1% 2.9% 4.3% 3.1% 2.26% 3.2% 3.3% 3.8% 3.9% 4.2% 1.24
NJ Long-T. Tax-Exempt (14)
VNJTX Sell
6.3 $11.93
0.9% -0.4% 2.6% 2.7% 4.1% 3.6% 2.89% 4.2% 4.4% 5.0% 5.2% 5.6% 1.26
NY Long-T. Tax-Exempt (76)
VNYTX Sell
6.1 $11.73
0.9% 1.1% 4.4% 3.3% 4.5% 3.3% 2.30% 3.4% 3.5% 4.0% 4.1% 4.5% 1.14
OH Long-T. Tax-Exempt (97)
VOHIX
Sell
6.3 $12.50
0.9% 1.1% 4.4% 3.5% 4.7% 3.4% 2.56% 3.7% 3.8% 4.3% 4.5% 4.8% 1.30
PA Long-T. Tax-Exempt (77)
VPAIX
Sell
5.9 $11.60
0.9% 1.2% 4.6% 3.5% 4.7% 3.6% 2.57% 3.5% 3.7% 4.2% 4.3% 4.7% 1.15